长江商报消息 ●长江商报记者 徐佳 业绩亏损、不良率攀升、资本充足率跌为负值，近年来，山西榆次农村商业银行股份有限公司（以下简 称"榆次农商行"）的经营困境成为中小银行风险化解的典型样本。 数据显示，2024年，榆次农商行的营业收入为-2231.7万元，净利润-2.06亿元，连续两年营业收入和净 利润均为负数。 长江商报记者注意到，受有效信贷需求不足影响，榆次农商行贷款增长乏力。同时，信贷资产质量恶 化，贷款利息回收水平低，叠加市场利率下行影响，该行盈利能力压力较大。 截至2024年末，榆次农商行不良贷款余额37.56亿元，较上年末增加10.97亿元，增幅超过41%；不良贷 款率进一步攀升至34.43%，较上年末提升11.51个百分点。 而因盈利持续亏损导致资本内生能力严重不足，且贷款损失准备缺口持续扩大，近年来榆次农商行资本 净额持续下滑。截至2024年末，该行核心一级资本充足率、资本充足率分别为-23.87%、-21.26%。 不过，今年一季度，在投资收益影响下，榆次农商行意外实现盈利，透露出触底反弹的微弱信号。未 来，榆次农商行如何在改革和转型中实现重生，其命运不仅关乎自身存续，更折射出区域性中小银行在 ...

国信证券和万和证券均为深圳国资委控制下的券商。对于此次收购，国信证券表示，本次交易有利于完 善上市公司跨区域布局。 业绩方面，今年一季度，国信证券受益于投资收益和经纪业务大增，公司营业收入为52.82亿元，同比 增长57.1%；归母净利润23.29亿元，同比增长89.52%，增幅近九成。 长江商报消息 ●长江商报记者 潘瑞冬 国信证券收购万和证券有了新进展。 6月19日晚间，国信证券（002736.SZ）披露公告称，其收购万和证券96.08%股权交易已获交易所并购重 组委审核通过。 长江商报记者注意到，本次收购在审核层面较为速度。该笔交易于4月10日获深交所受理，次日，深交 所即向国信证券发布问询函；6月10日，国信证券完成反馈答复，仅经历一轮问询便顺利上会，从受理 到"过会"仅耗时2个多月。 整体而言，万和证券盈利能力相对较弱。2024年财务报表显示，万和证券2024年营业收入为5.14亿元， 归母净利润仅为6431.73万元。 "国信+万和"整合案持续推进 2024年8月21日，国信证券发布《关于筹划发行股份购买资产事项的停牌公告》，正式披露了收购万和 证券的初步计划。 据了解，最初国信证券仅计划以发行A ...

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is attempting a second IPO on the ChiNext board after withdrawing its previous application for the Sci-Tech Innovation Board, with a reduced fundraising target of 587 million yuan, down approximately 40% from the previous target of 1 billion yuan [1][2] Group 1: Company Overview - Shangshui Intelligent specializes in intelligent equipment for the new energy battery industry, particularly in the manufacturing of battery electrode sheets and new material preparation [1] - The company has a significant reliance on its largest customer, BYD, with sales to BYD increasing from 31.73% in 2020 to 65.78% in 2024 [1][3] Group 2: Financial Performance - The company's revenue has shown growth, with operating income rising from 1.09 billion yuan in 2020 to 6.37 billion yuan in 2024, but net profit has decreased by approximately 35% in 2024 compared to the previous year [6] - The gross profit margin has declined from 57.08% in 2023 to 48.72% in 2024, indicating a trend of increasing revenue but decreasing profitability [6][7] Group 3: Market Dynamics - Increased competition in the market has led the company to lower prices to secure large orders from major clients, contributing to rising production costs and declining gross margins [7] - The high customer concentration is consistent with industry norms, as the new energy battery sector is characterized by a few dominant players, with BYD being a leading enterprise [4]

Core Viewpoint - Changlan Technology plans to expand production capacity to enhance market competitiveness through a private placement fundraising of up to 460 million yuan [2][3]. Group 1: Fundraising and Expansion Plans - The company intends to raise a total of up to 460 million yuan through a private placement, with 230 million yuan allocated for high and ultra-high voltage cable accessory capacity expansion and other power equipment technology transformation projects [3]. - The expansion will directly increase the production capacity of ultra-high voltage cable accessories, meeting the demand from high-end markets such as UHV projects, offshore wind power, and pumped storage [3][4]. - The company aims to add an annual production capacity of 5,000 sets of ultra-high voltage cable accessories, with an expected annual output value of 800 million yuan by 2026 [4]. Group 2: Market Position and Competitiveness - Changlan Technology has achieved an international leading level in the ultra-high voltage cable accessory field, with its products filling domestic gaps and being applied in key national projects [3][4]. - The company's market share in the ultra-high voltage cable accessory market is expected to increase from 25% to 35% following the capacity expansion [4]. - In the first batch of cable accessory centralized bidding results by the State Grid in 2025, Changlan Technology ranked first among 17 bidders with a bid amount of 10.0742 million yuan for 110 kV products [4]. Group 3: Focus on New Energy Markets - With the global "dual carbon" goals, the offshore wind power and photovoltaic markets are experiencing explosive growth, and Changlan Technology is actively expanding into these markets [5]. - The company has developed ±400 kV flexible DC cable accessory products for offshore wind power projects, including the largest flexible DC offshore wind project globally [5]. - In the charging pile sector, the company has seen a 50% year-on-year increase in orders in the first quarter of 2025, indicating a new growth point for performance [5]. Group 4: R&D Investment and Financial Performance - From 2020 to 2024, the company plans to invest nearly 400 million yuan in R&D, with annual expenditures increasing each year [6]. - In 2024, the company achieved an operating income of 1.242 billion yuan and a net profit of 74.682 million yuan, reflecting year-on-year growth of 19.18% and 3.53%, respectively [6]. - However, in the first quarter of this year, the net profit attributable to shareholders decreased by 84.88% due to reduced sales revenue from high-margin high-voltage products [7].

Core Viewpoint - Lantu Automotive, a high-end electric vehicle brand under Dongfeng Group, is focused on upward brand development and exploring new mechanisms, with significant growth in sales and product offerings since its inception [2][7]. Group 1: Product Launch and Development - The Lantu FREE+ model was officially launched on June 21, 2023, with pre-sales starting on June 24, 2023 [3][5]. - Since its brand launch in July 2020, Lantu Automotive has introduced one new model each year, with plans to release over four new or updated models by 2025 [4][8]. - The Lantu FREE+ underwent an investment of over 500 million, enhancing 1,366 product features across design, comfort, performance, and intelligence [5][6]. Group 2: Sales Performance - In the first five months of 2025, Lantu Automotive achieved cumulative sales of 46,100 units, marking an 85% year-on-year increase [4][16]. - The company recorded a significant sales milestone in May 2025, surpassing 10,000 units sold in a single month, representing a 122% year-on-year increase [4][16]. - Lantu Automotive's total sales for 2023 reached 50,300 units, a 159.08% increase compared to the previous year, making it one of the few companies to meet its annual sales targets [11]. Group 3: Market Position and Achievements - Lantu Automotive is recognized as the first high-end new energy brand among central state-owned enterprises to achieve cumulative production of over 200,000 vehicles [16]. - The Lantu Dreamer model has become a bestseller in the high-end MPV market, with a user recommendation rate of 84.2% [16]. - The brand has expanded its presence in over ten European countries, positioning itself as a leading high-end new energy brand in international markets [16].

Core Viewpoint - The resignation of Xiao Wei, the chairman and actual controller of Kangyuan Pharmaceutical, marks a significant transition for the company, which has faced declining performance in recent years despite a history of innovation and growth [1][5][19]. Group 1: Company Background and Achievements - Xiao Wei has been with Kangyuan Pharmaceutical since 1985, transforming it from a near-bankrupt small enterprise into a leading modern Chinese medicine company over 34 years [2][8]. - Under Xiao's leadership, the company achieved 17 consecutive years of profit growth from 2002 to 2019, with a peak revenue of 45.66 billion yuan and a net profit of 5.07 billion yuan in 2019 [4][19]. - The company has developed several innovative products, including Guizhi Fuling capsules, which captured approximately 24% of the domestic market share for similar products [11]. Group 2: Recent Challenges - Since 2020, Kangyuan Pharmaceutical has experienced a decline in performance, with 2024 revenues and net profits dropping to 38.98 billion yuan and 3.92 billion yuan, respectively, representing year-on-year decreases of 19.86% and 15.58% [19]. - The company's core products have seen significant sales declines, with the sales volume of the Hot Poison Ning injection decreasing by 30.98% and the Ginkgo Terpene injection down by 47.86% in 2024 [19]. - Inventory levels have surged, with the Hot Poison Ning injection's inventory increasing by 759.11% and the Ginkgo Terpene injection's by 140.77% [19]. Group 3: Strategic Shifts and Future Directions - Kangyuan Pharmaceutical has invested heavily in R&D, with expenditures exceeding 10% of annual revenue from 2021 to 2024, including a notable 16.78% in 2024 [18]. - The company has undergone multiple sales strategy adjustments, including a shift to a "specialist approach" in 2021, but these changes have not effectively improved sales efficiency [20]. - Xiao Wei's resignation may be linked to the company's operational pressures and the need for a strategic pivot in response to a challenging market environment [21].

Core Viewpoint - Zhongyan Chemical (600328.SH) has successfully acquired a natural soda mining right in Inner Mongolia for approximately 6.8 billion yuan, aiming to strengthen its core soda ash business [2][3]. Group 1: Acquisition Details - Zhongyan Chemical won the bidding for the natural soda mining rights after a third party withdrew, allowing the company to fully own the asset [3][5]. - The mining site is located in Tongliao City, Inner Mongolia, with a natural soda resource estimated at 2.077 billion tons, making it the largest known soda mine in China [6][8]. - The acquisition aligns with the company's strategy to focus on its core business and expand its natural soda production capacity, which is not subject to strict industrial policy restrictions [6][8]. Group 2: Financial Position - As of March 2025, Zhongyan Chemical's debt-to-asset ratio is 28.65%, indicating a relatively low level of debt and strong medium to long-term repayment capability [9][10]. - The company has a history of profitable operations, with cumulative profits of 7.681 billion yuan and cash dividends of 2.364 billion yuan since its listing [10]. - To finance the acquisition, Zhongyan Chemical plans to explore various funding options, including attracting strategic investors, utilizing its own funds, bank loans, and capital market financing [10]. Group 3: Industry Position - Zhongyan Chemical is currently the third-largest soda ash producer in China, with a production capacity of 3.9 million tons [8]. - The company has a competitive edge due to its resource advantages, scale, and integrated industrial chain, which includes various chemical products [8]. - The development of the natural soda industry is expected to optimize the company's product structure and enhance its core competitiveness in the soda ash market [8].

Core Viewpoint - Company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance international strategy and attract talent [3][8] Financial Performance - In 2024, the company achieved a net profit of 1.412 billion yuan, a year-on-year increase of 213.1%, marking the highest level since its listing [1][8] - The company's revenue for 2024 was 3.639 billion yuan, up 59.2% year-on-year, with overseas revenue contributing 2.577 billion yuan, accounting for 70.8% of total revenue [1][10] - The gross profit margin for overseas sales was 62.82%, an increase of 0.77 percentage points year-on-year [1][10] Shareholder Returns - The company has announced a share repurchase plan of 200 million to 400 million yuan, which will bring total cash dividends and share repurchases to 3.349 billion yuan since its listing [2][7] - The company has consistently implemented dividends over the past six years, totaling approximately 2.14 billion yuan [4][5] R&D and Innovation - Approximately 75% of the company's employees are engaged in research and development, with R&D expenses in 2024 amounting to 763 million yuan, representing 20.98% of total revenue [8][10] - The company holds 187 authorized invention patents and has maintained a high R&D expense ratio exceeding 15% for three consecutive years [10] Market Position and Growth - The company is a leading player in the memory interface chip market, benefiting from the growing demand for DDR5 memory interface chips and high-performance computing chips driven by the AI industry [9][10] - As of April 22, 2025, the company expects to deliver interconnect chips with a total order value exceeding 1.29 billion yuan [9]

Core Viewpoint - Lakala is facing significant operational challenges and is exploring a secondary listing in Hong Kong while accelerating the application of digital currency in cross-border scenarios to enhance its international competitiveness [1][8]. Group 1: Company Background - Founded in 2005 by Sun Taoran, Lakala was a pioneer in the domestic third-party payment sector, starting with card terminals in convenience stores and expanding to a global cross-border payment network covering over 100 countries [1]. - At its peak, Lakala achieved an annual net profit exceeding 1 billion yuan [1]. Group 2: Business Challenges - Lakala is currently experiencing a decline in both revenue and net profit, with a further drop in Q1 2024 [1][6]. - The company has faced increased competition and regulatory scrutiny, particularly from major players like Alipay and WeChat Pay, which have adopted a "card-binding" model for cashless payments [5]. Group 3: Strategic Initiatives - In response to operational pressures, Lakala is pursuing a strategy that integrates "payment + SaaS + AI" and is expanding its cross-border payment services [7]. - The company reported a year-on-year increase of 76% in the number of cross-border merchants and an 85% rise in cross-border payment transaction volume [7]. Group 4: Financial Performance - In Q1 2025, Lakala's revenue decreased by 13.02% to 1.3 billion yuan, while net profit fell by 51.71% to 101 million yuan, with a non-recurring net profit decline of 62.97% [6].

Core Viewpoint - Jidian Co., Ltd. is making significant investments in green hydrogen-based energy, with a total investment of 4.92 billion yuan in the Lishu Green Methanol Innovation Demonstration Project, marking a key step in its transition to renewable energy [1][2][4]. Investment Details - The Lishu Green Methanol Innovation Demonstration Project has a total investment of 4.92 billion yuan, with a construction period of approximately 27 months [2][3]. - The project includes a wind power installation of 400,000 kW and a methanol synthesis facility with a capacity of 200,000 tons [2][3]. - The financial internal rate of return for the project is estimated at 8.88%, with a payback period of 13.86 years [2]. Renewable Energy Expansion - Jidian Co., Ltd. has announced a total investment of around 11 billion yuan in major renewable energy projects for 2024 [1][6]. - The company's clean energy installed capacity reached 11.14 million kW by the end of 2024, accounting for 77.15% of its total installed capacity [1][6]. Financial Performance - The company's net profit excluding non-recurring gains has shown continuous growth from 2020 to 2024, with a net profit of over 600 million yuan in the first quarter of this year, representing a year-on-year increase of 5.65% [1][7]. - Financial expenses have decreased significantly, from 1.84 billion yuan in 2022 to 1.447 billion yuan in 2024 [1][7]. Strategic Importance - The Lishu project is the first green methanol innovation demonstration project for Jidian Co., Ltd., which is expected to play a leading role in the company's overall layout and accelerate the development of its green hydrogen energy platform [4][5].