中证智能财讯力生制药（002393）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润4亿元至4.4亿元，同比增长116.77%-138.44%；扣非净利润预 计1.6亿元至1.9亿元，同比增长55.34%-84.47%；基本每股收益1.5元/股-1.8元/股。以1月23日收盘价计算，力生制药目前市盈率（TTM）约为13.22倍-14.54 倍，市净率（LF）约1.17倍，市销率（TTM）约4.41倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 350 327.17 @00 250 200 150 100 50 28:07 28.55 30825 4:86 0 2020-12-37 1 2027-12-37 022-12-37 2-06-30 2n- 公司 -{○- 行业均值 100 95 58 07 ହ 90 80 70 ed 2 60 50 45.02 44616 40 30 20 10 7.63 0 2021-12-37 1 2020-12-37 ' <022-72-37 ' 5-12-37 . -06-30 2-06-30 2n- ← ...

Core Viewpoint - Company ST Zhongzhu (600568) expects a net loss attributable to shareholders of 1 billion to 1.5 billion yuan for the year 2025, an improvement from a loss of 6.2 billion yuan in the previous year [4] Financial Performance - The forecasted net profit loss for 2025 is between 1 billion and 1.5 billion yuan, while the non-recurring net profit loss is expected to be between 1.1 billion and 1.6 billion yuan, compared to a loss of 6.24 billion yuan in the previous year [4] - Historical net profit and non-recurring net profit figures show a consistent decline, with the company reporting a net loss of 6.2 billion yuan in 2023 and 7.99 billion yuan in 2022 [15] - The company's price-to-book ratio (LF) is approximately 3.16 times, and the price-to-sales ratio (TTM) is about 9.5 times based on the latest closing price [4] Business Operations - The company's main business areas include pharmaceutical manufacturing, medical services, medical devices, and real estate [14] - The decline in performance is attributed to the impact of the real estate market environment, leading to a decrease in property prices and significant asset impairment losses from commercial assets [14] - The Beijing Loyal Oncology Hospital project has incurred losses due to its inability to operate normally, and the company is currently executing a court ruling for its vacating [14]

规则突出基准对产品的表征作用，强化基准对投资的约束作用，发挥基准对考核的指导作用，强化基准 的外部监督。 证监会1月23日消息，证监会近日发布了《公开募集证券投资基金业绩比较基准指引》，基金业协会同 步发布了《公开募集证券投资基金业绩比较基准操作细则》，这标志着《推动公募基金高质量发展行动 方案》又一重要成果落地。 要 点概览 明确业绩比较基准应充分体现产品定位和投资风格，与投资策略、投资方向和风险收益特征相匹配 要求管理人根据产品定位、投资风格和业绩比较基准任命具备相关管理经验的基金经理，且基准一经选 定不得随意变化，不得仅因基金经理变化、市场短期变动、业绩考核或者排名而变更基准 要求管理人建立健全覆盖业绩比较基准选取、披露、监测、纠偏和问责等全流程管控机制，为业绩比较 基准发挥功能作用提供保障 提高基准选取的决策层级，由公司管理层对基准选取进行决策，并对选取基准承担主要责任 由独立部门负责监测基金偏离情况，由投资决策委员会对偏离进行判断，从而对投资形成监督约束 明确管理人应建立以基金投资收益为核心的考核体系，体现产品业绩和投资者盈亏情况，健全与基金投 资收益相挂钩的薪酬管理机制 在衡量主动权益基金业绩时， ...

近年来市盈率变化情况（倍） 中证智能财讯优德精密（300549）1月23日晚间披露2025年度业绩预告，预计2025年营业收入同比下降9%；归母净利润720万元至920万元，同比下降 32.84%-47.44%；扣非净利润预计160万元-220万元，同比下降75.82%-82.42%。以1月23日收盘价计算，优德精密目前市盈率（TTM）约为292.77倍-374.09 倍，市净率（LF）约4.88倍，市销率（TTM）约8倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 制图数据来自恒生聚源数据库 350 @00 250 200 188.97 176.68 150 123.26 100 103.07 56 50 7-2- 25-96 0 2020-12-37 1 2021-12-37 022-72-3- 2n- - 公司 -{}- 行业均值 100 ହି ୨୦ 87c39 8202 80 70 60 65022 60 53b21 50 40 33983 30 30-3 30497 20 10 0 2027-12-37 ' 2020-12-37 -12-37 2-12-3- -06-> 2n ...

中证智能财讯联化科技（002250）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润3.5亿元至4.2亿元，同比增长239.35%-307.22%；扣非净利润 预计3.3亿元至4.1亿元，同比增长171.87%-237.78%；基本每股收益0.39元/股-0.47元/股。以1月23日收盘价计算，联化科技目前市盈率（TTM）约为38.61 倍-46.33倍，市净率（LF）约2.44倍，市销率（TTM）约2.69倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 6,000 5000 4,000 3,000 2,000 1,000 304.17 0 23. ros of 370 -1,000 2020-12-3- '-12 -> n ○- 行业均值 公司 100 95.88 ହ 90 d 1058 87084 80 70 70-35 60 85 50 40 30 20 15~39 10 0 2020-12-37 -12-37 2n- -〇- 行业均值 必当 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହି ୨୦ 80 70 70 ...

中证智能财讯新强联（300850）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润7.8亿元至9.2亿元，同比增长1093.07%-1307.21%；扣非净利润 预计6.8亿元至8.2亿元，同比增长356.18%-450.1%。以1月23日收盘价计算，新强联目前市盈率（TTM）约为22.37倍-26.38倍，市净率（LF）约3倍，市销率 （TTM）约4.48倍。 市销率=总市值/营业收入。市销率估值法通常用于亏损或微利的成长型公司。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 资料显示，公司主营业务为大型回转支承的设计、制造；精密轴承的设计、制造；中高频淬火，轴承滚子来料加工；锻件、铸件、法兰及锁紧盘的设计、制 造。 据公告，公司业绩变动原因为， 1、受益于风电行业需求回暖，装机需求持续释放，公司依托技术优势进一步扩大了市场份额。在产能利用率保持较高水平 的背景下，公司通过优化成本管控、提升高附加值产品比重，实现了产品毛利率的稳步提高。2、报告期内非经常性损益预计对净利润的影响额约为9500- 11000万元，其中主要系持有金融资产产生的公允价值变动损益以及处置金融资产产 ...

Company Performance - The company, Yueyang Xinchang (000819), expects a net loss attributable to shareholders of 50 million to 65 million yuan for the year 2025, compared to a profit of 63.13 million yuan in the same period last year [4] - The expected loss for the non-recurring net profit is between 53 million to 68 million yuan, down from a profit of 54.87 million yuan in the previous year [4] - The basic earnings per share are projected to be between -0.14 yuan and -0.18 yuan [4] Valuation Metrics - As of the latest closing price, the company's price-to-book ratio (P/B) is approximately 2.99 times, and the price-to-sales ratio (P/S) is about 1.79 times [4] - The company's recent price-to-earnings ratio (P/E) trends indicate significant fluctuations, reflecting the company's financial instability [5][6] Industry Context - The chemical industry is currently undergoing a bottom adjustment phase, with multiple pressures on costs affecting profitability [15] - Key raw material prices, such as liquefied petroleum gas, have increased, while product prices have not fully covered the rising costs, leading to a continuous contraction in gross margins [15]

Core Viewpoint - The company, Bo Wen Technology (600883), has announced a significant decline in its expected net profit for 2025, forecasting a decrease of 60%-70% year-on-year, with net profit projected between 21.64 million to 28.86 million yuan [4]. Financial Performance - The expected non-recurring net profit for 2025 is estimated to be between 15.04 million to 21.99 million yuan, reflecting a year-on-year decline of 62%-74% [4]. - As of January 23, the company's price-to-earnings ratio (TTM) is approximately 69.7 to 92.95 times, with a price-to-book ratio (LF) of about 2.05 times and a price-to-sales ratio (TTM) of around 35.72 times [4]. Historical Performance - The company has experienced a notable decrease in its long-term equity investment income and fair value changes in trading financial assets, which are the primary reasons for the anticipated decline in performance [13]. - Historical data indicates a trend of fluctuating net profit and non-recurring net profit, with significant changes observed in recent years [14].

中证智能财讯芯原股份（688521）1月23日晚间披露2025年度业绩预告，预计2025年实现营业收入31.53亿元，同比增长35.81%；归母净利润亏损4.49亿元， 上年同期亏损6.01亿元；扣非净利润亏损6.27亿元，上年同期亏损6.43亿元。以1月23日收盘价计算，芯原股份目前市盈率（TTM）约为-241.97倍，市净率 （LF）约30.54倍，市销率（TTM）约34.46倍。 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ ( 80 74o28 71078 70 68a74 60 56.3 50 40 30 26.86 2337 20 1 4849 10 0 2020-12-37 1 2021-06-30 ' 2027-12-37 ' 022-12-37 2n~ 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 5,000 0 - 1,000 -10,000 -15,000 -20,000 -25,000 -30,000 33 83.82 -35,000 J-06-30 · -1-06-30 0-1 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed unprecedented administrative penalties on Zhejiang Ruifengda Asset Management Co., Ltd. and its related private equity institutions for serious violations of private fund laws and regulations, marking the heaviest penalties in history [1][4]. Regulatory Actions - The total fines and confiscations against Ruifengda and its related institutions exceed 41 million yuan, surpassing the previous record of 35 million yuan in the Yuce case, indicating a "zero tolerance" stance by the CSRC towards severe violations in the private fund sector [4]. - The CSRC has taken measures to revoke the management registration of the related private equity institutions by the Asset Management Association of China [7]. Enforcement and Compliance - In 2025, the regulatory authorities took administrative measures against over 600 institutions and individuals, initiated around 30 investigations, and referred approximately 40 criminal leads to public security agencies [5]. - The CSRC plans to continue enhancing educational outreach and compliance checks in 2026, urging private equity institutions to self-examine and rectify various non-compliant behaviors [5]. Multi-faceted Accountability - The accountability framework includes self-regulation by the Asset Management Association, administrative penalties by the CSRC, and potential criminal referrals to law enforcement agencies [8].