长江商报消息 ●长江商报记者 汪静 国轩高科（002074.SZ）向市场交出了一份亮眼的业绩答卷。 1月30日晚间，国轩高科公告，预计2025年归母净利润为25亿元—30亿元，同比增长107.16%— 148.59%。奇瑞港股上市带来约17亿元的公允价值变动收益是盈利大涨的主要原因之一。 这离不开国轩高科创始人、董事长李缜"绑定大客户、绑定本地产业生态"的战略远见。在宁德时代、比 亚迪双王称霸的行业格局下，在动力电池行业竞争日益白热化的背景下，通过绑定大客户，国轩高科实 现快速发展。 李缜的人生轨迹与中国产业转型升级同频共振，作为从安徽桐城走出的书生商人，李缜勇闯动力电池赛 道，将国轩高科从一家初创企业，一步步打造成全球前五的动力电池企业。 李缜十分重视技术研发，他曾在演讲中指出，无需过多争论技术路线，无需争论对错，企业领导人只需 考虑明天产业的发展；也曾与同行共勉，在关注满地都是六便士时，别忘了抬头看月亮。 目前，国轩高科正在攻坚固态电池赛道，欲实现产业突围。 2025年业绩大幅增长后，2026年李缜与国轩高科会如何发力？值得期待。 坚持技术为本 李缜的骨子里，既有文人的沉稳，也有商人的敏锐。 李缜出生于1 ...

Core Viewpoint - GAC Group is facing significant challenges in its transformation, resulting in an unprecedented annual loss for the first time in nearly 20 years, with projected net losses of 8 billion to 9 billion yuan for 2025 [2][3]. Financial Performance - For 2025, GAC Group anticipates a net profit attributable to shareholders of -80 billion to -90 billion yuan, marking a shift from profit to loss year-on-year [3]. - The company expects a non-recurring net profit of -89 billion to -99 billion yuan, indicating a substantial increase in losses compared to previous years [3]. - In the first three quarters of 2025, GAC Group reported a net profit attributable to shareholders of -43.12 billion yuan and a non-recurring net profit of -47.75 billion yuan [4]. - The fourth quarter is projected to see losses close to the sum of the first three quarters, with net profit estimates ranging from -36.88 billion to -46.88 billion yuan [5]. Sales Performance - GAC Group's total vehicle sales for 2025 are estimated at approximately 1.72 million units, a decline of 14.06% year-on-year, falling short of the 2.3 million sales target [9][6]. - The company has experienced a continuous decline in sales, with 2023 and 2024 revenues reported at 129.7 billion yuan and 107.8 billion yuan, respectively, reflecting changes of -17.62% and -16.90% [6]. Strategic Initiatives - GAC Group initiated the "Panyu Action" in November 2024, focusing on operational reforms, including the establishment of a management headquarters and integrated operations for its self-owned brands [10]. - The company is entering a "wartime state" to tackle future challenges, emphasizing three key battles: user demand, product value, and service experience [11]. - Recent personnel changes include the appointment of a new general manager and a chief accountant, with a focus on enhancing efficiency and decision-making processes [12]. Future Outlook - GAC Group's transformation efforts are expected to improve operational efficiency by approximately 50%, with a reduction in new vehicle development cycles from 26 months to 18-21 months [12]. - The company is deepening its collaboration with Huawei to accelerate the smart transformation of the automotive industry [12]. - The automotive industry is undergoing rapid changes, with GAC Group's performance in 2026 being closely watched for signs of recovery and competitiveness in the global market [14].

中国铝业（601600）(601600.SH、02600.HK)拟收购海外铝资源。 1月30日，中国铝业发布公告称，拟与国际矿业巨头力拓斥资62.86亿元，联合收购巴西铝业68.596%股 权。其中，中国铝业拟出资42.11亿元。 2025年以来，下游需求旺盛，中国铝业业绩延续增长，前三季度盈利108.72亿元。与此同时，公司股价 大幅上涨。K线图显示，中国铝业的A股股价2025年1月底报7.5元/股，2026年1月底最高触及15.85元/ 股，一年涨幅达111%。 资产规模增长的同时资产质量进一步优化。截至2025年三季度末，中国铝业总资产达2304亿元，资产负 债率为46.38%，创出十年新低。 此外，该公司还控股或参股21座水电站和4个风电站，年权益发电量约70亿度，全部为可再生能源，吨 铝碳排放处于全球领先水平。财务数据显示，2024年巴西铝业实现营业收入81.74亿雷亚尔；2025年前9 月营业收入65.95亿雷亚尔，净利润3.93亿雷亚尔。 中国铝业表示，本次交易契合公司优化全球产业布局的发展方向，将结合公司在铝行业的技术、管理及 全产业链运营优势与力拓的可持续发展、国际化经营经验，在巴西打造新的 ...

1月12日，知名连锁餐饮品牌袁记云饺的母公司袁记食品集团股份有限公司(简称"袁记食品")递交招股书，计划在 港股主板上市。 袁记食品冲击港股市场的信心，是资本加注及看似稳定的盈利能力。黑蚁资本、金龙鱼（300999）等入股，公司 估值已达35亿元。2025年前三季度，公司实现营业收入接近20亿元，净利润1.42亿元，双双保持两位数的速度增 长。 港股市场或将迎来"中式饺子云吞第一股"。 成立于2012年的袁记食品，借助加盟模式实现了蒙眼狂奔，跃升为中国最大的饺子云吞企业。在两年零九个月的 时间内，公司门店净增加2276家。截至2025年9月末，公司门店数达4266家，其中，自营店仅19家。 不过，袁记食品已经面临门店扩张窘境。2025年前九个月，公司每开3家加盟店就有1家关闭。 值得一提的是，袁记食品频频被投诉食安问题，主要涉及食品中吃出异物。2024年，因为消费者在食品中吃出蚯 蚓，袁记食品旗下一门店曾被立案调查。 长江商报记者还注意到，袁记食品向10家关联方进行采购，其中4家为联营公司，另外6家由实控人袁亮宏的妻子 杨煜持股，2023年、2024年及2025年前九个月，公司向这6家公司采购金额合计约为1. ...

Group 1 - The public fund industry in China reached a record high of 37.71 trillion yuan by the end of 2025, marking a significant increase from 32.83 trillion yuan at the end of 2024, with a growth rate of 14.88% [3] - The number of public fund management institutions in China totaled 165 by the end of 2025, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The stock fund sector was a major driver of growth, with the total assets of stock funds increasing from 4.45 trillion yuan at the end of 2024 to 6.05 trillion yuan at the end of 2025, representing a substantial increase of 1.6 trillion yuan and a growth rate of 35.93% [3][4] Group 2 - Bond funds also saw significant growth, with total assets rising from 6.84 trillion yuan at the end of 2024 to 10.94 trillion yuan at the end of 2025, reflecting a growth rate of 59.79% [2] - Money market funds maintained their position as the largest fund category, increasing from 13.61 trillion yuan to 15.03 trillion yuan, continuing to serve as a core liquidity management tool for public funds [4] - The total dividend distribution of public funds in 2025 approached 250 billion yuan, with notable large dividends concentrated in leading ETF products [4][5] Group 3 - The technology and high-end manufacturing sectors were favored by public funds, with manufacturing consistently holding the largest share of the portfolio at 53.17% [6] - Zhongji Xuchuang became the largest holding in active equity funds by the end of 2025, with a market value of 78.42 billion yuan, surpassing Ningde Times [7] - The overall market saw active trading, with the Shanghai Composite Index rising from 3,351.76 points at the beginning of the year to 3,968.84 points by the end of 2025, an increase of 18.41% [8]

Core Viewpoint - The leading brokerage firms are demonstrating strong competitive advantages in the current bull market, with significant profit growth expected in 2025, particularly for China International Capital Corporation (CICC) [1][2]. Group 1: CICC's Performance Forecast - CICC anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, representing a year-on-year increase of 50% to 85% [1][2]. - The net profit, excluding non-recurring items, is expected to be between 8.428 billion and 10.351 billion yuan, reflecting a growth of 49% to 83% compared to 2024 [1][2]. - CICC's performance is expected to surpass 10 billion yuan for the first time since 2021 [3]. Group 2: Revenue and Profit Growth - CICC's subsidiary, CICC Wealth Securities, is projected to achieve revenue of 8.349 billion yuan and a net profit of 1.76 billion yuan in 2025 [4]. - The company is focusing on supporting national strategic development and enhancing financial services, which has led to robust growth in investment banking, stock trading, and wealth management sectors [4]. - In the first three quarters of 2025, CICC's revenues were 5.721 billion yuan, 7.107 billion yuan, and 7.933 billion yuan, with year-on-year growth rates of 47.69%, 41.1%, and 74.78% respectively [4]. Group 3: Industry Trends and Mergers - The securities industry is experiencing accelerated mergers and acquisitions, with CICC currently pursuing a merger with Xinda Securities and Dongxing Securities, which will elevate it to a "trillion-level" brokerage [8][9]. - The merger is expected to enhance CICC's market position and operational capabilities, allowing for better service to national strategies [8]. - As of September 2025, the asset sizes of CICC, Dongxing Securities, and Xinda Securities were 764.941 billion yuan, 116.391 billion yuan, and 128.215 billion yuan respectively, with the merger expected to push CICC's total assets over one trillion yuan [9]. Group 4: Market Activity and IPOs - The A-share and Hong Kong IPO markets have regained vitality, with CICC participating in 53 out of 117 IPOs in the Hong Kong market, achieving a market coverage rate of 45% [1][9]. - CICC served as the sponsor for 42 projects, capturing a market share of 36% in the Hong Kong IPO market [9]. - In the A-share market, CICC ranked fourth in underwriting, with a total underwriting income of 580 million yuan and a market share of 7.35% in 2025 [9].

"奶酪女王"柴琇，被自己一手创办的公司"踢"出局。 1月25日晚间，中国"奶酪第一股"妙可蓝多（600882）(600882.SH)发布了一份措辞充斥寒意的公告：创始人柴琇 被免去副董事长、总经理及法定代表人职务。 "商界女强人""东北女首富""奶酪女王"，柴琇曾经拥有多个亮眼标签。 柴琇起家于地产，2015年，携广泽乳业借壳登陆A股市场。在伊利和蒙牛双寡头时代，柴琇独辟蹊径，闯进奶酪 这一细分领域。借助大张旗鼓的烧钱营销，柴琇成功了。妙可蓝多奶酪棒家喻户晓，市占率长期稳居中国市场首 位。 然而，当行业进入"内卷"周期，柴琇的应对失策。2022年、2023年，妙可蓝多的经营业绩接连下滑。 绊倒柴琇的是资金之困。2019年，因为家族企业问题，柴琇违规拆借妙可蓝多资金被监管关注。柴琇恭请蒙牛乳 业入局，解了燃眉之急。 柴琇没有想到的是，五年后，仍然是因为资金问题，她被踢出妙可蓝多。 进入柴琇后时代的妙可蓝多，将全面融入蒙牛乳业体系，但也将面临挑战。 2025年前三季度，妙可蓝多归母净利润创了近五年新高，但其股价累跌逾70%。 妙可蓝多的未来将走向何方？ 一笔烂账压垮"东北女富豪" 柴琇以一种不太体面的方式告别妙可 ...

化工行业巨头万华化学（600309）(600309.SH)筹划大手笔资本运作，优化资源配置。 1月30日晚间，万华化学公告，拟对全资子公司万华化学集团(烟台)烯烃有限公司(以下简称"万华烯烃公司")进行 高达190.86亿元的增资。 不断扩张之下，万华化学的投资现金流净流出额维持在百亿规模以上，2018年至2025年前三季度合计净流出 2227.1亿元。截至2025年三季度末，公司总资产达3283亿元。 "资产+债权"组合拳优化资源配置 万华化学称，此举旨在实现万华化学碳二产业在同一法人主体万华烯烃公司集中运营管控，进一步提升公司碳二 产业的竞争力。 长江商报记者注意到，近年来，万华化学持续进行投资布局，当前已构建起"聚氨酯+石化+新兴材料"三大核心板 块协同发展的全产业链布局。其中，作为公司营收第二大来源的石化业务，则重点布局碳二产业链。 加速扩张总资产达3283亿 多元业务支撑的稳健发展格局形成的背后，是万华化学围绕产业链不断加快扩张步伐。 早在2022年4月，万华化学就曾披露公告称，投资231亿元建设高性能新材料一体化及配套项目实现公司化工产业 链深度延伸，承接自主研发创新成果转化，打造一流的绿色低碳高 ...

《哪吒之魔童闹海》及IP运营贡献显著，光线传媒（300251）(300251.SZ)2025年赚翻了。 根据业绩预告，光线传媒预计2025年全年实现归属于上市公司股东的净利润(以下简称"归母净利润")为 15亿元—19亿元，将创下年度新高，同比增长413.67%—550.65%。 据了解，光线传媒正处于从"高端内容提供商"向"IP的创造者和运营商"转型的过程中，公司围绕IP运营 进行了多维度的布局与能力建设，持续不断夯实自身能力。 光线传媒财务状况较好，手握大量现金，截至2025年9月底资产负债率仅为12.63%。而公司从2018年到 2025年这8年期间，无股权再融资。 长江商报记者注意到，前几年，受市场环境等因素影响，光线传媒经营业绩承压。 2021年及2022年，光线传媒的归母净利润和扣非净利润均陷入亏损，其中归母净利润两年累计亏超10亿 元；2023年经营向好实现了扭亏为盈，但2024年又出现增收不增利，2023年及2024年的归母净利润分别 为4.18亿元、2.92亿元，实现扣非净利润3.88亿元、2.44亿元。 对比来看，光线传媒在2025年交出归母净利润超过15亿元、扣非净利润超过14亿元的业绩 ...

半导体业务加速放量，精测电子（300567）（300567.SZ）盈利能力显著增强。 然而自2023年开始，受全球经济下行、消费电子市场需求疲软等不利因素影响，显示面板行业面临较大 的压力，公司当年业绩出现大幅下滑。2024年，市场需求疲软，显示、新能源领域继续面临较大的挑战 和压力，尤其是新能源领域营业收入和毛利率下滑明显，导致该板块亏损约8900万元，公司全年归母净 利润亏损9760万元。 公开资料显示，精测电子2006年成立于湖北武汉，靠模组检测设备起家，2010年进入检测自动化领域， 2013年通过收购将产品拓展至AOI、OLED检测等领域，逐步成为国内面板检测设备领域覆盖最全的公 司之一。2016年，公司在创业板挂牌上市，成为国家认可的细分市场龙头企业。 1月31日，精测电子发布业绩预告，2025年公司预计实现归母净利润8000万元至9000万元，同比增长 181.97%至192.21%，同比扭亏为盈。 精测电子表示，报告期内，公司在半导体领域主要产品均实现规模化量产，交付能力显著增强，收入确 认规模同比大幅增长。随着业务结构优化及经营效率提升，公司半导体板块盈利能力显著改善，新签订 单、营业收入、 ...