高端酒卖不动，口子窖（603589）2025年净利润预计迎来"腰斩"，或是其上市以来最大的净利跌幅。 1月7日，口子窖发布2025年度业绩预告，经财务部门初步测算，预计2025年年度实现归母净利润为6.62亿元到8.28亿元，与上年同期相比，预计减少8.28 亿元到9.93亿元，同比减少50%到60%。 扣非净利润为6.45亿元至8.11亿元，与上年同期相比，将减少7.99亿元至9.65亿元，同比减少49.65%至59.93%。 对于业绩预减，口子窖的解释是，报告期内白酒行业市场分化与渠道变革加剧，叠加需求下行及政策变化影响，核心利润来源高端窖产品销量大幅下滑， 导致营业收入减少，同时为保证公司运营及市场持续投入，管理费用、销售费用下降幅度均小于营业收入下降幅度致利润总额下降幅度较大。 资料显示，口子窖是安徽省内白酒行业的龙头企业之一，公司生产的口子窖系列产品香气独特，是我国兼香型白酒的代表。公司生产和销售口子窖、老口 子、口子坊、口子酒等系列品牌产品。 记者注意到，自2020年开始，口子窖的净利呈现"涨跌互现"的波动趋势，从公司2025年业绩预告来看，50%到60%的净利跌幅，将会是口子窖上市以来最 大的净 ...

中国香港特区警方2025年11月宣布，警方已经冻结一个涉嫌参与国际电信诈骗和洗钱活动的犯罪集团价值27.5亿港元(约合人民币25.2亿元)的资产。据报 道，该集团系柬埔寨"太子集团"。 美国司法部在2025年10月8日提交、10月14日启封的起诉书中指控，陈志是这起"庞大的网络欺诈帝国"的幕后黑手。他面临包括电信欺诈和洗钱在内的多 项密谋罪名，如果罪名成立，最高可判处40年监禁。 广西国际传播中心(柬埔寨)国际传播联络站记者获悉，据《柬中时报》报道，太子集团(Prince Group)创始人兼董事长陈志在柬埔寨被捕，并已被遣送回中 国，接受有关部门调查。 警方在声明中称，被冻结的资产包括其通过犯罪所得的现金、股票、基金等。声明称，当局仍在就此进行调查，但目前暂未逮捕任何人。 同时，中国台湾检方表示，他们已查封与"太子集团"相关的总价值超45亿新台币(约合人民币10.3亿元)的资产并拘留了25名嫌疑人。声明称，以陈志为首 的"太子集团"在柬埔寨从事诈欺犯罪，并于多地建立庞大企业网络进行洗钱。 陈志图片来源北京日报客户端 报道称，目前已查封18处不动产，其中包括11处豪华公寓。此外，还有48个停车位及包括劳斯莱斯 ...

Core Viewpoint - The recent announcement of the "15th Five-Year Plan" for high-quality development in Shenzhen's Henggang Street highlights the intention to leverage the Shuiguan Expressway and other transportation projects to promote regional development, with the long-standing toll dispute regarding the Shuiguan Expressway expected to conclude in April this year [1][3]. Group 1: Shuiguan Expressway Overview - The Shuiguan Expressway, designated as S28, is a crucial vertical road in Shenzhen's "seven horizontal and thirteen vertical" network, connecting major areas from Shuijian Village in the west to Guanjingtou Village in the east [3]. - Built in February 2002 and expanded to a ten-lane highway in July 2011, the expressway has faced public calls for toll cancellation since 2008 due to heavy traffic congestion and increased travel costs for citizens and businesses [3][5]. Group 2: Financial Performance - In 2024, the Shuiguan Expressway generated revenue of 633 million yuan, a decrease of 0.49% year-on-year, accounting for 12.5% of the total revenue from Shenzhen's toll roads [5]. - In the first half of 2025, the expressway reported an average daily toll income of 1.675 million yuan, a year-on-year increase of 1.3%, with an average daily traffic volume of 256,000 vehicles, also up by 1.3% [5]. Group 3: Future Developments - The operational period for the Shuiguan Expressway is set to end in January 2026, with the potential for toll cessation in April 2024, leading to discussions on its municipal transformation [5]. - Shenzhen has prior experience with the municipalization of expressways, including the Meiguan Expressway and Longda Expressway, which have undergone similar transitions after toll cancellations [6].

Core Viewpoint - Baismei's subsidiary, Jiangsu Yong'an Chemical Co., has been indicted for environmental pollution, with the prosecution suggesting leniency in sentencing due to mitigating circumstances [1][4]. Group 1: Legal Issues - Jiangsu Yong'an Chemical received an indictment from the Lianshui People's Procuratorate for interfering with automatic pollution monitoring, leading to distorted data and environmental pollution [1]. - The case has been filed with the court, and the prosecution recommends leniency for the company and involved personnel [1]. Group 2: Company Operations - As of the announcement date, Yong'an Chemical's operations are normal, and the impact of the case on profits is currently indeterminate [4]. - Yong'an Chemical has completed rectifications and plans to reapply for its pollution discharge permit by February 25, 2025, after passing third-party monitoring [4]. Group 3: Financial Performance - Baismei's main business includes pesticide production and sales, with a reported revenue of 1.11 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.29% [4]. - The net profit for the same period was 31.17 million yuan, showing a significant year-on-year increase of 1257.94%, with a turnaround in net profit excluding non-recurring items [4]. Group 4: Management Issues - The actual controller of Baismei, Chen Feng, has been placed under residential surveillance as of December 11, 2025, following a notice from the police [4]. - Chen Feng had previously resigned from all company positions on July 21, 2025, amid regulatory scrutiny from the China Securities Regulatory Commission for alleged violations related to mandatory tender offers and information disclosure [5].

| 姓名 | 性别 | 年龄 | 眼多 | 任职状态 | 从公司获得的 税前报酬总额 | 是否在公司关 联方获取报酬 | | --- | --- | --- | --- | --- | --- | --- | | 张宏清 | ਜੇਤੇ | 63 | 重事长 | 现任 | 0 | 合 | | 証学 | 女 | 60 | 副董事长 | 现任 | 107 | 否 | | 肖海三 | 女 | 46 | 重事 | 现任 | 0 | 否 | | 李艳萍 | 女 | 52 | 重量 | 现任 | 0 | 否 | | 廖俊雄 | 場 | 67 | 独立董事 | 现任 | 5 | 否 | | 黄贤畅 | 男 | 60 | 独立董事 | 现任 | 5 | 否 | | 苏镜权 | 男 | 56 | 独立童事 | 现任 | 4. 6 | 否 | | 黄绚绚 | 女 | 41 | 监事会主席 | 现任 | 57. 3 | 否 | | 吴桓相 | 女 | 39 | 農事 | 现任 | 59. 36 | 否 | | 陈建华 | 開 | 51 | 监事 | 现任 | 11.99 | 否 | | 肖海三 | 女 | 46 | 总经理 | 现任 ...

永和智控（002795）6次甩卖子公司，从3000万元逐次降价到只有1元，这次终于有人报价了，不过最高报价只有101元…… 1月6日晚间，永和智控发布公告，关于公开挂牌转让普乐新能源科技(泰兴)有限公司(下称"泰兴普乐")51%股权及债权的进展情况。公告称，第六轮挂牌 转让期间确认一名待定受让方，最高报价101元。 公司于2025年10月10日和10月29日召开会议，审议通过了公开挂牌转让控股子公司泰兴普乐51%股权及全部债权的议案。首次挂牌的价格为3049万元，但 截止到2025年11月17日，未能征集到意向受让方。 经过多次挂牌尝试，第二次挂牌底价为2439万元，第三次挂牌底价为1829万元，第四次挂牌底价为1220万元，第五次挂牌底价为610万元，均未能吸引到 意向受让方。 最终，第六次挂牌底价降至1元，目前已确认一名待定受让方，最高报价为101元，正在进行股东征询环节，若其他股东放弃优先购买权，则该报价方将成 为受让方。 公开资料显示，永和智控主营业务是水暖阀门管件业务、肿瘤精准放射治疗业务、光伏电池业务，公司的主要产品是黄铜类有铅、无铅水/暖/燃气阀门和 近年来，永和智控业绩承压，公司2022年~2 ...

Core Viewpoint - The resignation of the Vice Chairman and Vice President of Huatian Hotel, Deng Yongping, is attributed to dissatisfaction with the company's operational results, highlighting ongoing financial struggles and a lack of strategic direction [1][2]. Group 1: Resignation Details - Deng Yongping submitted his resignation due to personal reasons, effective immediately upon delivery to the board [1]. - His resignation does not affect the minimum number of board members required by law, and he held no shares in the company at the time of his departure [1]. - Deng Yongping had a history of voting against company proposals, indicating his discontent with the company's performance [1]. Group 2: Financial Performance Concerns - The company has reported a continuous decline in revenue, with a net loss of 128 million yuan in the third quarter of 2024, representing a 9.3% increase in losses compared to the previous year [2]. - Over the past decade, the company has recorded negative net profits, with a cumulative loss of 3.576 billion yuan from 2014 to 2024 [4]. - The company has not paid dividends to shareholders for ten consecutive years, which has negatively impacted investor confidence [3]. Group 3: Strategic and Operational Issues - Deng Yongping criticized the company's failure to meet its strategic goals, particularly in the hotel sector, where nine out of fourteen directly operated hotels continue to incur losses [3]. - The company’s asset-liability ratio stands at 78%, raising concerns about its financial stability and the potential for increased debt [3]. - The company’s revenue for the first three quarters of 2025 was 398 million yuan, a decrease of 12.52% year-on-year, with a net loss of 156 million yuan, down 39.99% from the previous year [4].

Group 1 - The company Zhejiang Jian Sheng Group announced the termination of its investment project in Vietnam, which was planned to produce 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing, with a total investment of 180 million RMB [1] - The termination was primarily due to significant uncertainties from the partner, as the land lessor unilaterally delayed the issuance of the land use rights certificate, constituting a substantial breach of the core terms of the agreement [1] - The project is still in the preliminary land leasing stage, and the company has not made any actual financial investment; both parties have agreed to terminate the agreement without pursuing any compensation [1] Group 2 - The company has been actively expanding its global presence and upgrading domestic industries, with two major investment projects planned for 2025: an investment of approximately 818 million RMB in Egypt to establish a base for producing 180 million pairs of cotton socks and 12 million seamless underwear, and an investment of 35 million RMB in Jiangshan, Zhejiang, to build a smart manufacturing base for producing 100 million pairs of high-end cotton socks [2] - In 2025, the company achieved a revenue of 1.886 billion RMB and a net profit attributable to shareholders of 309 million RMB, representing a year-on-year growth of 17.25% [2] - In the third quarter of 2025, the company reported a single-quarter revenue of 715 million RMB and a net profit of 167 million RMB, showing a significant year-on-year increase of 71.16% [2]

Core Insights - 博锐生物 is preparing for an IPO on the Hong Kong Stock Exchange, showing consistent revenue growth in recent years but a declining gross margin [1] Financial Performance - Revenue for 2023 and 2024 is projected at 1.257 billion and 1.623 billion respectively, with operating profits of 61.65 million and 158 million, and net profits of 19.01 million and 91.3 million [1] - For the first nine months of 2025, revenue reached 1.379 billion with a net profit of 122 million [1] - Gross margins have declined from 82.2% in 2023 to 74.4% in the first nine months of 2025, a total decrease of 7.8 percentage points [1] - Adjusted net margins have increased from 2.5% in 2023 to 11.3% in the first nine months of 2025, indicating effective cost control and expense management [2] Customer and Supplier Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for over 60% of total revenue in recent years [2][3] - The largest customer contributed 28.2%, 32.3%, and 27.7% of revenue in 2023, 2024, and the first nine months of 2025 respectively [2] - Supplier concentration is also high, with the top five suppliers accounting for 30.4%, 34.1%, and 46.0% of total purchases in the same periods [3] Related Party Transactions - 博锐生物 has multiple related party transactions with its controlling shareholder, 海正药业, including asset leasing and technical services, with rental expenses of 2.8 million and 3.2 million for 2023 and 2024 respectively [2] - The company has applied for and received a three-year exemption from the Hong Kong Stock Exchange regarding certain related party transaction approvals [2]

Core Viewpoint - Shenzhen Kejinming Electronics Co., Ltd. (Kejinming) has responded to the first round of inquiry letters from the Beijing Stock Exchange, addressing issues related to its innovative characteristics, market space, operational compliance, and the necessity and rationality of fundraising projects [1][2]. Group 1: Innovation and Market Space - Kejinming focuses on the research and sales of smart visual terminal products, including smart micro-projectors, smart cloud photo frames, and smart portable players, aiming to provide immersive visual experience solutions across various scenarios [4]. - The company claims that its performance growth is primarily driven by technological innovation, accumulation of global brand clients, and a dual-driven business model of ODM (Original Design Manufacturer) and OBM (Original Brand Manufacturer) [8]. Group 2: Operational Compliance and Risks - Kejinming operates its OBM business through cross-border e-commerce platforms like Amazon and Walmart, which has raised regulatory concerns regarding the operation of multiple storefronts [11]. - The company asserts that the closure of certain storefronts was based on operational needs and does not involve asset or personnel disposals, and that its multi-store operation aligns with industry norms [11]. Group 3: Financial Performance and Profitability - The gross profit margin of Kejinming's smart micro-projectors has shown a declining trend, while the gross profit margin for smart cloud photo frames has increased significantly [12]. - The company has shifted its sales focus from OBM to ODM products, leading to a decrease in revenue and gross margin for OBM smart micro-projectors, which are now in a marginal profit state [13][14]. Group 4: Sales and Market Dynamics - Kejinming's overseas sales accounted for a significant portion of its revenue, with percentages of 87.40%, 81.58%, 80.05%, and 75.69% over the reporting periods, indicating a slight decline due to increased domestic market penetration [18]. - The company has established a strong presence in overseas markets, particularly in North America, Europe, and Japan, and plans to continue expanding its foreign sales [17]. Group 5: Accounts Receivable and Liquidity - The company has experienced an increase in accounts receivable and notes receivable, with asset-liability ratios of 58.21%, 51.71%, and 59.62%, which are higher than the industry average [19]. - Kejinming has provided sufficient impairment provisions for accounts receivable exceeding one year, and its payment terms and accounts payable are aligned with industry standards, indicating no significant liquidity risks [19].