中经记者 苏浩 卢志坤 北京报道 （通化东宝2024年年报问询函回复公告 公司公告/图） 商标诉讼败诉、研发项目终止、集采价格腰斩，这家老牌胰岛素龙头在行业变革浪潮中艰难转身。 近期，通化东宝（600867.SH）发布长达数十页的公告，回复上交所对其2024年年报的问询。2024年，这家成立40年的胰岛素龙头企业遭遇了近20年首次 亏损，金额约4272万元。 其业绩预告的戏剧性"变脸"更是令市场错愕，从2025年1月预告盈利4052.77万元，到2月修正为盈利1164.21万元，再到最终年报确认为亏损4272.32万元。 短短三个月内业绩预期两度"跳水"，这也随即引发监管关注。 细究年报，通化东宝业绩亏损源于三重打击。首当其冲的是与甘李药业（603087.SH）长达13年的"长舒霖"商标侵权诉讼败诉，终审判决赔偿6131.21万 元。其次是可溶性甘精赖脯双胰岛素研发项目终止，计提减值损失及确认预付款损失合计约3.2亿元。最后是叠加胰岛素集采价格腰斩带来的收入下滑， 形成三重利空。 通化东宝与甘李药业的商标纠纷堪称中国医药知识产权史上的标志性案例。这场始于2011年的"双霖之战"，在2025年2月落下帷幕。彼时 ...

"截至6月底，'十四五'时期中国实际使用外资累计达7087.3亿美元，提前6个月完成商务发展规划提出的 7000亿美元引资目标。"7月18日上午，在国务院新闻办公室举行的"高质量完成'十四五'规划"系列主题 新闻发布会上，商务部副部长兼国际贸易谈判副代表凌激表示，我国"十四五"引资预期目标已顺利完 成。 "十四五"期间，全球利用外资的外部环境持续趋紧，我国引资形势也出现较大波动，但总体来看，无论 在引资规模还是利用外资质量方面，均取得了亮眼成绩。 有关数据显示，我国"十四五"期间累计新设外资企业22.9万家，比"十三五"期间增加了2.5万家。外资企 业贡献了全国约1/3的进出口、1/4的工业增加值和1/7的税收，创造了超过3000万个就业岗位，为我国经 济社会发展作出了重要贡献。 凌激介绍，我国利用外资的质量也显著提升。2024年，高技术产业引资占比达到34.6%，比2020年提升 6个百分点。许多跨国公司在中国设立地区总部和全球研发中心。 在服务消费方面，"十四五"期间我国进入快速增长通道。2020至2024年间，居民服务性消费支出年均增 长9.6%，增速超过商品消费。家政、健身、旅游、美容、教育、医疗等领 ...

Core Viewpoint - The recent incident involving Shenzhen Yidingyi Gold Industry Co., Ltd. highlights the risks in the gold trading market, particularly due to the rapid fluctuations in gold prices leading to financial instability and potential business failures [1][2]. Company Summary - Shenzhen Yidingyi Gold Industry Co., Ltd. has announced a suspension of all trading activities and will delay customer account settlements by 60 days while seeking the whereabouts of its legal representative [2][3]. - The company was established in June 2025 with a registered capital of 10 million yuan [3]. Industry Summary - The incident has triggered a chain reaction affecting upstream suppliers, downstream retailers, and end consumers: - Upstream suppliers face financial crises and trust issues as they may not recover debts from the defaulting company, especially in a market characterized by informal transactions [3]. - Downstream retailers are experiencing cash flow problems and brand crises due to unsold inventory and potential returns from consumers [3]. - End consumers are at risk of purchasing low-purity gold at high prices due to misleading pricing practices and face difficulties in seeking redress from defaulting merchants [3]. Risk Mitigation Strategies - To prevent similar incidents, companies should establish comprehensive risk management systems, including clear contractual obligations and secure payment methods [4][5]. - Implementing credit assessment systems and collateral mechanisms can help mitigate risks associated with supplier and customer relationships [4][5]. - The use of blockchain technology for transaction tracking and quality assurance can enhance transparency and trust in the industry [5]. Industry Infrastructure Recommendations - The industry should focus on upgrading regulatory mechanisms, including establishing credit databases and implementing joint penalties for defaulting businesses [5]. - Innovations in supply chain finance and standardization of quality measures are essential for reducing competitive risks and ensuring market stability [5].

Core Insights - The report by Omdia indicates that the shipment of smartphones using flexible AMOLED displays reached 151 million units in Q1 2025, marking a 15% year-on-year increase, with a stable annual growth rate of around 20% over the past three years [1] - Flexible AMOLED displays have captured 51% of the smartphone display market, signaling a significant shift in display technology as they gradually replace traditional LCDs [1][3] Market Trends - The demand for lighter and more flexible screens among consumers has significantly boosted the shipment of flexible AMOLED displays, with more mid-to-high-end models adopting this technology due to technological maturity and cost reduction [1][3] - The market share of smartphones with AMOLED displays has risen to 63% in Q1 2025, up from 57% in the same period last year, while LCD-equipped smartphones have seen their market share decline to 37% [3][4] Technological Advantages - Flexible AMOLED displays offer superior display quality, including near-infinite contrast ratios and high peak brightness levels exceeding 1800 nits, making them ideal for high-definition content and mobile office use [2] - The foldable feature of flexible AMOLED displays is a key highlight, enabling larger screen sizes for multitasking and entertainment while maintaining portability [3] Competitive Landscape - The competition in the flexible AMOLED market is intensifying, with Chinese manufacturers like BOE, Tianma, and Visionox rapidly advancing in technology and production capacity, challenging the dominance of South Korean firms [5][6] - Omdia forecasts that by 2024, Chinese manufacturers will ship 36.4 million AMOLED panels, a significant increase of over 12 million units from 2023, indicating a growing presence in the global market [6] Future Outlook - Industry experts predict that the penetration of flexible AMOLED technology in smartphones will continue to rise, with expectations of over 750 million units shipped by the end of 2025 [4] - The competition will increasingly focus on technological innovation, production efficiency, and supply chain integration, benefiting consumers through enhanced product offerings [6][7]

Core Viewpoint - The company, SANY Heavy Industry, is intensifying its efforts in the international market by acquiring 16 DHC-8-300 aircraft from Qantas Airways for a total price of $51.14 million, aiming to capitalize on the recovery of the global aviation industry and the growth of the regional aviation market [1][2]. Acquisition Details - The acquisition involves 16 DHC-8-300 turboprop aircraft, with a total price of $51.14 million excluding tax, and $56.26 million including tax, which translates to over 400 million RMB at the current exchange rate [2]. - The aircraft will be delivered in batches by December 31, 2025, at designated airports in Australia [3]. - The payment structure includes a 15% deposit and 85% to be paid upon delivery [2][3]. Strategic Rationale - The acquisition is aimed at enhancing the company's competitiveness in the global regional aviation leasing market, with a focus on short-haul routes in the Asia-Pacific and North American markets [1][3]. - The company plans to introduce new generation environmentally friendly aircraft to meet the demand for short-haul routes in emerging markets [1][3]. Market Context - The global aviation industry is gradually recovering, with a sustained growth in the regional aviation market driven by increasing middle-class demand in emerging markets and environmental policies promoting turboprop aircraft [5]. - The current supply of aircraft is tight due to production constraints and aging fleets, which has increased the demand for aircraft leasing and purchases [5]. Business Performance - The aviation segment's revenue share has been recovering, reaching 14.24% in 2024, up from a low of 5.41% in 2021 [7]. - The company aims to expand its aviation business by enhancing its fleet and diversifying its operations, including aircraft leasing, maintenance, and parts supply [7][8]. International Expansion - Since acquiring Avmax in 2016, the company has seen a significant increase in its overseas revenue share, which exceeded 60% in 2024 [8]. - The company plans to maintain growth in North America and Europe while expanding into emerging markets in Africa and Latin America [8].

王文涛表示，"十四五"期间，消费作为经济增长主引擎和稳定器的作用持续增强，强大国内市场的优势 进一步凸显。我国消费市场规模稳居全球第二，近四年社会消费品零售总额年均增长5.5%。社会消费 品零售总额从2020年的39.1万亿元，提升到2024年48.3万亿元，2025年将超过50万亿元。从实际购买力 来看，我国社会消费品零售总额已超过美国，是美国的1.6倍。 中经记者 孟庆伟 北京报道 "过去四年，我国社会消费品零售总额年均增长5.5%，今年有望突破50万亿元人民币。"7月18日，商务 部部长王文涛在国务院新闻办公室举行的发布会上表示，"十四五"期间，中国消费市场规模稳居全球第 二。 在"高质量完成'十四五'规划"系列主题新闻发布会上，商务部介绍了"十四五"期间商务领域高质量发展 的成就，并就相关问题答记者问。 王文涛指出，"十四五"期间，商务发展顶住了一轮又一轮冲击，经受住了历史性考验。消费、外贸、外 资、对外投资与合作等各项主要目标指标进展顺利，重大任务扎实推进，商务高质量发展取得显著成 效，为"十四五"圆满收官作出了重要贡献。 服务性消费保持较快增长，居民服务性消费支出占比提升3.5个百分点，达到46. ...

Core Viewpoint - The company, Nichiha Precision Machinery (002520.SZ), is facing significant financial challenges, with expected losses in the first half of 2025 projected to increase by over 800% year-on-year due to the poor performance of its overseas subsidiaries, Airwork and MCM [1][3][4]. Financial Performance - The company has experienced a decline in revenue for three consecutive years since 2022, with net losses of CNY 1.53 billion, CNY 903 million, and CNY 675 million from 2022 to 2024 respectively [2]. - For the first half of 2025, the company anticipates a net loss of CNY 224 million to CNY 333 million, representing an increase of 855.45% to 1323.55% compared to the previous year [3]. Overseas Subsidiaries - The losses are primarily attributed to the underperformance of Airwork and MCM, both of which are overseas subsidiaries acquired by the company [1][4]. - Airwork's aircraft leasing business has significantly contracted due to global economic fluctuations and geopolitical conflicts, leading to a substantial decline in revenue and profits [4]. - MCM is also facing severe operational challenges, exacerbated by the European economic downturn and rising costs, resulting in an expanded loss in the first half of 2025 [4][7]. Asset Management and Debt - Airwork has been taken over by a syndicate due to failure to reach an agreement on asset sales to repay loans, with a remaining loan balance of approximately USD 88.31 million (around CNY 632 million) as of June 30, 2025 [5][6]. - The company has recognized the need for asset impairment provisions due to the forced disposal of Airwork's collateral assets for debt repayment [7]. - MCM has initiated bankruptcy protection procedures due to liquidity crises and operational difficulties, further complicating the company's financial situation [7][8]. Long-term Borrowing - Airwork has maintained substantial long-term borrowing, primarily for operational funding and capital expenditures, which is typical in the capital-intensive aircraft operation industry [11]. - The company has faced scrutiny regarding the necessity of maintaining high levels of long-term debt, which has been used for aircraft purchases and upgrades [11].

大有能源证券部人士接受《中国经营报》记者采访时表示，主营商品煤炭价格持续走低是业绩亏损加大 的主因。公告显示，今年上半年，商品煤平均售价同比下降约29%，导致煤炭销售收入同比减少约7.46 亿元，进而造成当期利润同比增亏。 7月14日晚间，大有能源（600403.SH）发布2025年半年度业绩预告。公告显示，预计上半年归属于上 市公司股东的净利润亏损8.2亿元，而上年同期亏损4.9亿元，亏损幅度进一步扩大。 卓创资讯动力煤分析师赵丽向记者分析指出，"供强需弱"矛盾突出是导致煤价下行的核心因素，当前煤 价已跌至近五年低点。她表示，2025年上半年国内动力煤市场整体持续下挫。以山东地区Q5000大卡动 力煤到厂价格为例，截至6月27日收盘价格报535—560元/吨，较2024年年底累计下跌162.5元/吨，降幅 达22.89%；上半年均价约619.35元/吨，较2024年同期下跌184.37元/吨，降幅为22.94%。 煤价下跌导致大有能源业绩承压。2025年上半年，大有能源的商品煤产量为521.04万吨，同比增长 10.17%；商品煤销量为508.05万吨，同比增长9.66%。虽然产销量均实现增长，但无法抵消煤 ...

分领域看，基础设施投资增长2.0%，制造业投资增长8.9%，房地产开发投资下降7.5%。高技术产业投 资保持活跃，增长72.9%，其中，信息传输、软件和信息技术服务业，汽车制造业，计算机、通信和其 他电子设备制造业投资分别增长1.6倍、41.7%和9.4%。 上半年，北京市房屋施工面积9896万平方米，同比下降8.0%，其中住宅施工面积4904.6万平方米，下降 8.8%。全市新建商品房销售面积537.6万平方米，同比增长5.4%，其中住宅销售面积352.3万平方米，下 降0.8%，住宅中的纯商品住宅销售面积增长33.8%。 上半年，北京市市场总消费额同比增长0.9%；居民消费价格同比下降0.3%。其中，消费品价格下降 0.7%，服务价格上涨0.1%。 二季度以来，外部环境更加复杂严峻，从国家到各地都在加力实施各项宏观经济政策，稳定经济发展， 稳定市场预期。朱燕南表示，上半年北京GDP增长5.5%，呈现出运行平稳、稳中向好的发展态势。 7月17日，《中国经营报》记者在2025年上半年北京经济运行情况新闻发布会上获悉，上半年北京市新 建商品房销售面积增长了5.4%，其中纯商品住宅增长33.8%，二手住宅网签面积 ...

（通化东宝2024年年报问询函回复公告公司公告/图） 商标诉讼败诉、研发项目终止、集采价格腰斩，这家老牌胰岛素龙头在行业变革浪潮中艰难转身。 近期，通化东宝（600867.SH）发布长达数十页的公告，回复上交所对其2024年年报的问询。2024年， 这家成立40年的胰岛素龙头企业遭遇了近20年首次亏损，金额约4272万元。 其业绩预告的戏剧性"变脸"更是令市场错愕，从2025年1月预告盈利4052.77万元，到2月修正为盈利 1164.21万元，再到最终年报确认为亏损4272.32万元。短短三个月内业绩预期两度"跳水"，这也随即引 发监管关注。 针对公司业绩变化及后续提振措施，《中国经营报》记者日前向通化东宝方面致函并致电采访，但截至 发稿，暂未收到公司方面回应。 业绩"变脸" 官网显示，通化东宝始建于1985年，是集药品研发、生产及销售为一体的药品生产企业，主要研发中成 药、化学药及生物制品，主要产品有镇脑宁胶囊、东宝甘泰片、重组人胰岛素、甘精胰岛素、门冬胰岛 素、利拉鲁肽注射液等系列产品。1994年8月，公司在上交所挂牌上市。 2024年，通化东宝交出了令市场错愕的年报：公司实现营收20.1亿元，同比大幅 ...