长江商报消息●长江商报记者 徐佳 上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银行并设立分 支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 根据苏农银行发布的《关于吸收合并江苏张家港渝农商村镇银行股份有限公司并设立分支机构的议 案》，苏农银行拟吸收合并张家港渝农商村镇银行并设立分支机构。 本次吸收合并后，张家港渝农商村镇银行解散并注销法人资格，其全部业务、财产、债权债务及其他一 切权利义务由苏农银行承继。 据了解，张家港渝农商村镇银行由重庆农商行在2010年4月发起设立，注册资本2亿元，其中主发起行持 股比例90%。截至2024年末，张家港渝农商村镇银行总资产5.37亿元，总存款1.54亿元，总贷款4.69亿 元，年度净利润2033万元，不良率0.73%，拨备覆盖率930.51%。 通过本次吸收合并，苏农银行将进一步整合经营资源及优化网点布局，以进一步增强对区域经济发展的 金融服务能力。 1月15日，苏农银行召开2026年第一次临时股东会，上述"村改支"议案获得表决通过。但从投票 ...

Core Viewpoint - The real estate industry is undergoing a deep adjustment, and Xinda Real Estate is facing significant challenges, with a projected net loss of 7.5 billion to 8.1 billion yuan for 2025, marking a nearly tenfold increase from the previous year's loss of 784 million yuan [1][2]. Financial Performance - Xinda Real Estate's net profit for 2025 is expected to be a loss of 75 billion to 81 billion yuan, a substantial increase from the 2024 loss of 7.84 billion yuan, indicating severe financial strain [2]. - The company's revenue has been declining for four consecutive years since reaching a peak of 25.86 billion yuan in 2020, with 2024 revenue dropping to 8.028 billion yuan, reverting to levels seen a decade ago [2]. - For the first three quarters of 2025, the company's revenue fell to 2.692 billion yuan, reflecting ongoing challenges in traditional real estate development [2]. Asset Impairment - A significant factor contributing to the losses is a 6.189 billion yuan asset impairment provision, which is expected to reduce the company's total profit for 2025 by the same amount [2][3]. - The impairment provision encompasses various asset categories, including bad debts, investment losses, inventory write-downs, and investment property impairments, highlighting the severe challenges faced by the company in its previous real estate investments [2][3]. Debt Situation - Xinda Real Estate currently has 17 outstanding bonds with a total value of 18.13 billion yuan, indicating a substantial debt burden [3]. - The company has a large exposure to debt and equity investments in real estate projects, which poses risks of impairment and recovery amid the industry's downturn [3]. Strategic Shift - In response to financial and debt pressures, Xinda Real Estate is pivoting towards a light-asset model focused on construction management, aiming to reduce reliance on traditional real estate development [4][5]. - The company has significantly increased its efforts in construction management since 2025, viewing it as a critical strategy to navigate operational challenges [4][5]. - The construction management business has become a major component of new project acquisitions, with 67.5% of new project area in 2025 being attributed to this segment [5]. Market Position and Competition - Despite the growth in construction management, traditional real estate development revenue fell by 27.6% in the first half of 2025, indicating that the new business model has not yet compensated for the decline in core operations [6]. - The construction management sector is becoming increasingly competitive, with major real estate firms and specialized companies entering the market, necessitating ongoing efforts in brand, management, and resource integration for Xinda Real Estate to secure a competitive position [6].

Core Viewpoint - Dongpeng Beverage is experiencing significant growth in performance and is continuing its dual-line expansion both domestically and internationally [1] Group 1: Expansion and Investment - Dongpeng Beverage announced plans to build a new production base in Chengdu with a total investment of 1.1 billion yuan [2] - The Chengdu production base will be the company's 14th production facility in China, enhancing its supply capacity in the southwest region [3][5] - The project will include six high-end beverage production lines and is expected to be completed within 40 months [4] Group 2: Financial Performance - Dongpeng Beverage forecasts a revenue of 20.76 billion to 21.12 billion yuan for 2025, representing a year-on-year growth of 31.07% to 33.34% [3][7] - The company expects a net profit attributable to shareholders of 4.34 billion to 4.59 billion yuan for 2025, an increase of 30.46% to 37.97% compared to the previous year [7] - The company achieved a revenue of 11.263 billion yuan in 2023, marking a significant milestone as it crossed the 10 billion yuan mark in just two years [8] Group 3: International Expansion - Dongpeng Beverage is preparing for an IPO in Hong Kong, with part of the raised funds allocated for building supply chain infrastructure in Southeast Asia [3][9] - The company plans to invest 200 million USD in Indonesia to establish a production base, using Hainan as a hub for exports to Southeast Asia [10] - As of 2025, Dongpeng's overseas revenue is still in the early stages, accounting for only 0.14% of total revenue [8]

近日，上汽集团（600104.SH）发布的销量数据显示，2025年，上汽通用五菱销量达161.51万辆，同比 增长20.52%。 长江商报消息●长江商报记者 黄聪 上汽通用五菱销量中高速增长的背后，是负债率攀升。 长江商报记者注意到，上汽通用五菱2025年销量与巅峰期2017年相比，相差约53.5万辆。 而且，2025年的"金九银十"后，上汽通用五菱当年11月和12月销量分别为16.61万辆和17.96万辆，同比 分别下降7.73%和31.29%，连续两个月下滑。 截至2025年上半年底，上汽通用五菱总资产达655.95亿元，净资产达96.85亿元，资产负债率达 85.24%，这也是公司近年来负债率首次超过85%。 2025年销量达161.51万辆 上汽通用五菱的前身是1958年成立的柳州动力机械厂。20世纪80年代，公司转产微型汽车；到1998年， 五菱微车年产销已突破10万台，跃居国内微车行业榜首。 2002年，上汽通用五菱正式成立，这也开创了汽车行业"中中外"合资模式的先河。合资之后，在上汽、 通用和原柳州微车厂三方股东的支持下，上汽通用五菱不仅保留并发展了民族品牌"五菱"，还自创了乘 用车品牌"宝骏" ...

国家知识产权局近日发布中国2025年知识产权情况，截至2025年底，中国国内发明专利有效量达到532 万件，每万人口高价值发明专利拥有量达到16件。专利密集型产业增加值占GDP比重升至2024年的 13.38%，超额完成知识产权"十四五"规划预期目标。2025年，全国共授权发明专利97.2万件，实用新型 专利146.1万件，专利复审和无效结案9.6万件。截至2025年底，全球前5000个品牌中，中国品牌价值达 1.81万亿美元，位居全球第二。 知识产权，是"基于创造成果和工商标记依法产生的权利的统称"，最主要的三种知识产权是著作权、专 利权和商标权，其中专利权与商标权也被统称为工业产权。"每万人口高价值发明专利拥有量"是国 家"十四五"规划中衡量创新产出的一个重要指标。设置这个指标主要是强化专利的质量导向，引导发明 专利从追求数量向提高质量转变。 截至2025年底，中国国内高价值发明专利拥有量达到229.2万件，占国内有效发明专利总量的比重达到 43.1%，较"十三五"末提高2.9个百分点。这表明中国专利结构正在向优转变，技术含量更高、市场价值 更高、权利状态更加稳定的发明专利占比不断提升。同时，高价值发明专 ...

Group 1: E-commerce Development - In 2025, China's e-commerce continues to develop steadily, maintaining its position as the world's largest online retail market for 13 consecutive years, contributing to consumption, industrial transformation, international cooperation, and social benefits [1][2] - The online retail of physical goods is projected to grow by 5.2% in 2025, contributing 36.2% to the total retail sales of consumer goods, with significant growth in digital products such as mobile phones and smart robots, which saw increases of 20.5% and 18% respectively [1] - The number of partner countries in the "Silk Road E-commerce" initiative has expanded to 36, with new collaborations established with Kenya, Bangladesh, and Egypt, and an upgraded cooperation mechanism with Kazakhstan [2] Group 2: Wholesale and Retail Industry - The value added of China's wholesale and retail industry reached 14.6 trillion yuan in 2025, growing by 5.0% year-on-year, accounting for 10.4% of GDP, marking a historical high [3] - The retail sales of consumer goods in China are expected to reach 44.3 trillion yuan in 2025, with a year-on-year growth of 3.8%, an increase of 0.6 percentage points compared to 2024 [3] - In the wholesale sector, the transaction volume of key commodity markets is projected to grow by 3.6% year-on-year, with profits increasing by 9.7%, particularly in the industrial consumer goods market, which is expected to grow by 9.1% [3]

Core Viewpoint - Yibai Pharmaceutical (600594.SH) is facing significant operational challenges, with projected net losses for 2025 and a substantial decline in total assets over the past seven years [1][12]. Financial Performance - The company expects a net profit attributable to shareholders of between -285 million to -342 million yuan for 2025, indicating a loss [2]. - Revenue is anticipated to decrease by 14% in 2025 due to reduced sales of key products, despite a projected 18% decrease in costs [2]. - Historical performance shows that from 2022 to 2024, Yibai Pharmaceutical reported revenues of 2.735 billion, 2.821 billion, and 2.174 billion yuan, with significant year-on-year declines [3]. Product Issues - The core product, Aidi Injection, has faced production halts due to regulatory investigations, impacting revenue significantly [4]. - The company has also received a suspension notice for another product, Pediatric Cough Syrup, due to compliance issues [6][7]. Asset Decline - Total assets have decreased from 7.465 billion yuan in Q3 2018 to 3.838 billion yuan in Q3 2025, a reduction of over 3.6 billion yuan, or approximately 49% [1][12]. Cost Structure - Sales expenses for the company reached 621 million yuan in the first three quarters of 2025, accounting for about 43% of total revenue, while R&D expenses were only 62.4 million yuan, approximately 4.3% of revenue [9][10]. - Cumulatively, sales expenses from 2018 to 2024 exceeded 10.527 billion yuan, indicating a heavy reliance on sales over research and development [11].

Core Viewpoint - The company Jiajiayue (603708.SH) is expected to achieve significant profit growth in 2025, with projected net profit increasing by 50.06% to 72.79% compared to the previous year, indicating a strong recovery and operational improvement in the retail sector [1][3]. Group 1: Financial Performance - Jiajiayue forecasts a net profit attributable to shareholders of 198 million to 228 million yuan for 2025, marking an increase of 66.05 million to 96.05 million yuan year-on-year [3]. - The company anticipates a non-net profit of 180 million to 210 million yuan for 2025, representing a year-on-year increase of 55.61% to 81.55% [3]. - The projected profit level for 2025 is the highest in the past five years, reflecting a significant turnaround from previous years of fluctuating performance [2][4]. Group 2: Operational Strategy - Jiajiayue is enhancing store efficiency by upgrading key stores and optimizing the closure of underperforming locations, leading to improved overall store quality and efficiency [2][4]. - The company is focusing on adjusting its product mix and enhancing customer experience, which is expected to drive a 2% year-on-year increase in comparable store traffic for 2025 [4]. - The company has completed the upgrade of 30 stores, improving service capabilities and operational efficiency, which supports ongoing store improvement initiatives [7]. Group 3: Market Position and Competition - The retail industry is facing both challenges and opportunities, and Jiajiayue is adapting to market changes by innovating its business model and optimizing store layouts to enhance competitiveness [10][11]. - The company is also leveraging AI technology to improve customer service and operational management efficiency, indicating a commitment to technological advancement in retail [9]. Group 4: Future Plans and Adjustments - Jiajiayue has adjusted the completion timeline for certain fundraising projects from December 2025 to December 2027, reflecting a cautious and flexible management approach to ensure the safety and compliance of raised funds [10]. - The company has returned 30 million yuan of temporarily used funds to its dedicated account, demonstrating a commitment to financial prudence and effective fund utilization [10].

长江商报消息 ●长江商报记者 黄聪 当下，益佰制药（600594.SH）的经营指标大多正在大滑坡。 1月21日晚间，益佰制药公告显示，公司预计2025年度实现归属于母公司所有者的净利润（简称"归母净 利润"）为-2.85亿元至-3.42亿元；实现归属于母公司所有者的扣除非经常性损益后的净利润（简称"扣 非净利润"）为-2.8亿元至-3.36亿元。 益佰制药介绍，2025年，公司主要产品销售减少，导致公司收入预计下降14%。 2024年4月，益佰制药公告显示，监管部门对公司开展检查时，发现公司涉嫌在艾迪注射液前提取过程 中部分工序未严格按照工艺规程进行操作，不符合《药品生产质量管理规范》的规定，公司被依法立案 调查。 艾迪注射液为益佰制药的核心产品，目前，公司尚未发布其复产消息。 长江商报记者发现，2018年三季度末，益佰制药资产总额达74.65亿元，而截至2025年三季度末，公司 资产总额仅有38.38亿元，7年间减少超过36亿元，降幅约49%，几近腰斩。 归母净利最高预亏3.42亿 长江商报记者发现，近四年来，益佰制药有三年出现巨额亏损。 2022年至2024年，益佰制药营业收入分别为27.35亿元、28. ...

Core Viewpoint - Shanghai Electric is expected to achieve a significant turnaround in its financial performance, projecting a net profit of 1.1 billion to 1.32 billion yuan for 2025, marking a substantial increase compared to previous years [1][5]. Financial Performance - The company anticipates a net profit increase of 348 million to 568 million yuan, representing a growth rate of 46.28% to 75.53% year-on-year [5]. - For the first three quarters of 2025, the company expects a non-net profit exceeding 200 million yuan, ending four consecutive years of losses [1][5]. - Shanghai Electric's contract liabilities reached 65.984 billion yuan as of September 2025, an increase of 21.777 billion yuan year-on-year [2][9]. Business Focus and Strategy - The company is concentrating on three main business areas: smart energy, intelligent manufacturing, and digital integration, with a global operational footprint [3][10]. - Shanghai Electric is committed to optimizing its industrial structure to enhance profitability and has positioned itself as a leading provider of industrial-grade green intelligent system solutions [10]. Competitive Advantages - Shanghai Electric boasts three core competitive advantages: extreme manufacturing capabilities supported by process technology, the ability to realize first-of-a-kind equipment through integrated innovation, and comprehensive solution capabilities through industrial and energy synergy [11]. - The company has invested over 5 billion yuan in R&D annually from 2021 to 2024, with a total exceeding 4 billion yuan in the first three quarters of 2025, indicating a strong commitment to innovation [4][12]. Historical Context - The company faced significant losses in previous years, with net profits of -9.988 billion yuan in 2021 and -3.566 billion yuan in 2022, primarily due to asset impairment and credit losses [6][7]. - After two years of substantial losses, Shanghai Electric returned to profitability in 2023 and continued to grow in 2024, indicating a positive trend in its financial recovery [8].