Core Insights - In Q1 2025, the company achieved a revenue of 800 million yuan, representing an approximate 18% year-on-year growth, and significantly reduced its net loss to 4.28 million yuan [1] - The overseas market showed strong growth, with revenue from international clients reaching 609 million yuan, a year-on-year increase of about 30%, while domestic revenue declined by approximately 8% to 192 million yuan [1] - The small molecule API business generated 761 million yuan in revenue, up about 20% year-on-year, while new businesses collectively contributed 40.59 million yuan [1] Business Performance - The company's core small molecule API business demonstrated a notable improvement in profitability [1] - New businesses negatively impacted the net profit by approximately 58 million yuan, with specific contributions from small molecule formulations, gene cell therapy, and ADC business reducing net profit by 27 million yuan, 16 million yuan, and 15 million yuan respectively [1] Strategic Focus - The company aims to enhance its management capabilities, strengthen marketing, and improve core business competencies to navigate external uncertainties [2] - The goal is to restore revenue growth and gradually achieve profitability by focusing on "certainty to strengthen and adapt" in response to market volatility [2]

Core Insights - The company reported a revenue of 10.99 billion yuan for the year 2024, a year-on-year decrease of 17.49%, but achieved a net profit attributable to shareholders of 21.62 million yuan, marking a turnaround from losses [1] - The recovery in pig and pork market prices contributed to a significant reduction in losses in the traditional business segment, while the sale of a wholly-owned subsidiary generated investment income [1] - The company has a food processing capacity of 330,000 tons, achieving a nationwide production layout covering various regions [1] Financial Performance - The food segment generated revenue of 1.90 billion yuan, a decrease of 14.45% year-on-year, but the gross margin improved to 11.23%, an increase of 1.11 percentage points [1] - The revenue contribution from the food segment increased from 16.69% to 17.31% [1] Traditional Business Adjustments - The company reduced the scale of operations in underperforming and loss-making slaughterhouses, focusing resources on advantageous regions such as East China and Southwest [2] - Investments in automation equipment improved product yield and labor efficiency, enhancing product quality [2] - In the breeding segment, the company eliminated inefficient and non-compliant farms, investing in standardized breeding facilities and differentiating into black pig breeding to enhance gross margins [2] New Retail Strategy - The company strengthened brand exposure and focused on new retail channels, leveraging product potential and creating popular products [2] - Online sales revenue surpassed 159 million yuan, reflecting a year-on-year growth of 7.64% [2]

报告期内，公司依托自身客户、资源优势在氢能、光伏业务布局上取得了阶段性进展，通过传统燃气业 务与新能源业务的协同发展，推动公司向多能互补的综合能源服务商转型升级，进一步增强和巩固公司 在区域市场的竞争优势。 报告期内，公司通过持续开拓下游市场，创新业务模式，强化基础设施建设，构建多元化供气体系，强 化气源保障能力，提升服务品质，稳步拓展城市燃气业务，未来公司将继续深化城市燃气业务精细化管 理和运营，推动业绩稳健增长。公司通过获取优质资源和产业链布局，提升LNG业务竞争力。综合能 源业务方面，公司与用户进行深度合作，加快多能互补业务布局，提升竞争力。 中证报中证网讯（王珞）4月25日晚间，德龙汇能（000593）发布的2024年年度报告显示，公司实现营 业收入17.37亿元，同比增长8.53%；实现归属于上市公司股东的净利润1904.71万元，扣非净利润 1129.93万元，同比均大幅增长且扭亏为盈。 展望未来，公司将围绕国家持续推进能源转型及"双碳"的目标，推广天然气在多领域的广泛应用，抓好 我国城市发展由增量建设转向存量提质改造，增量结构调整的契机，继续聚焦清洁能源主业，夯实燃气 业务基本盘，升级传统业务， ...

中证报中证网讯（记者 罗京）4月26日，南都电源发布了2024年年报和2025年一季报，并举行投资 者交流会。2024年及2025年一季度，公司分别实现营业收入79.84亿元和11.39亿元。 在通信与数据中心储能领域，公司表示，近几年，随着智算中心、超算中心等建设布局加速，政 府、金融企业、第三方数据中心等不断兴起，公司客户结构更加全面，业务规模迅速增长。截至目前， 公司通信与数据中心储能已签未发订单额约38亿元。 会上，南都电源表示，一季度营业收入大幅下降主要系再生铅板块的减产导致，较同期减少 了约10亿元。公司自2020年开始战略转型，铅酸电池的产能通过处置、融合升级等形式大幅减 少，同时公司加大锂电产能建设，公司已由铅电为主转型为锂电为主的储能公司。 在民用锂电业务领域，公司2024年开始积极布局，目前为电动三轮车、低速四轮车提供大容量、高 安全、长寿命的锂电池产品，或将成为公司新的业绩增长点之一。 据介绍，2025年初，南都电源进行了战略调整，主动进行再生铅业务减产，大幅减少了再生铅业务 的营业收入，公司预计全年回收板块营业收入将从50%占比下降至20%占比，上述转型的完成有望大幅 改善公司的经营质 ...

改良型新药方面，ALKA016-1、NHKC-1的Ⅲ期临床试验顺利推进中，BM2216完成了Ⅰ期临床试验。 创新药方面，公司与亲合力就ALK-N001/QHL-1618的授权达成一致，公司获得了该产品在中国(含港、 澳、台地区)的全部权益，并推动该产品顺利完成了临床前研究。 报告期内，公司及子公司共有25个产品完成药品再注册，新获得发明专利19项，公司子公司科瑞生物参 与起草了《胆固醇国家药用辅料标准》，其"制备胆固醇、其衍生物及类似物的方法"的PCT专利已在日 本和欧盟获得授权。 中证报中证网讯(王珞)4月25日晚间，昂利康（002940）发布2024年年报。2024年公司实现营业收入 15.38亿元，实现净利润8033.45亿元，实现扣非净利润4840.59万元。报告期内，公司持续加大研发投 入，总计研发投入为2.31亿元，同比增长33.74%，占当期营业收入比例为14.99%。 公告表示，公司自成立以来坚持研发和创新，坚定不移推动研发投入，历经多年发展，在化学制药领域 已积累了一批核心技术，并通过自主研发成功掌握了口服头孢类原料药的酶法生产工艺、缓控释制剂生 产工艺。数据显示，近年来公司研发投入持续保持 ...

中证报中证网讯(记者罗京)4月25日晚间，海亮股份（002203）披露2024年年报和2025年一季报。业绩 报告显示，公司全年实现营业收入873.87亿元，其中，有色金属加工材销量101.05万吨，海外营收占比 持续提升，核心业务收入增速领跑行业；2025年第一季度，公司实现营收205.04亿元，归母净利润3.45 亿元，同比增长9.46%，迎来"开门红"。 全球布局持续深化构建供应链"安全壁垒" 海亮股份早在2007年便以越南首个铜管厂为起点，开启全面、深入的全球化布局。通过"自建+并购"的 双轮驱动模式，目前公司已在全球建成23个生产基地，实现全球资源的高效配置。截至2025年3月31 日，公司全球总产能规模突破148万吨，其中国际产能占比超36%。 全球化布局为生产服务过程中的协同效应提供了有力支撑。据悉，印尼铜箔基地仅用208天建成投产， 创下"海亮速度"新标杆。此外，公司通过并购HME基地强化欧洲市场服务能力，美国3万吨铜管产能实 现本土制造，越南、泰国基地通过BIS认证撬动印度市场，摩洛哥工业园借力自贸协定网络覆盖欧美非 三大洲。这种分布式产能布局不仅有效应对供应链风险，更通过贴近客户实现快速响 ...

面对市场竞争加剧，贝泰妮持续加码研发投入构筑护城河。2024年研发投入达3.37亿元，连续三年 保持年均超5%的投入强度。公司在植物科技领域取得突破性进展，全年完成12款化妆品植物新原料备 案，累计发表SCI及核心期刊论文493篇，立项研发国家标准样品4个，制定6项国家标准及68项团体标 准，技术转化效率显著。 中证报中证网讯（王珞）4月25日，云南贝泰妮生物科技集团股份有限公司（300957.SZ）发布2024 年年报。报告显示，公司全年实现营业收入57.36亿元，归母净利润5.03亿元。 经营底盘稳健夯实 股东回报持续兑现 年报数据显示，截至2024年末，贝泰妮资产总额达83.04亿元，较2021年上市时增长67.02亿元；净 资产规模突破60.50亿元，实现四年超四倍增长，展现出强劲的资本积累能力。经营活动现金流净额连 续三年为正，报告期内同比增长13.83%，财务健康度持续提升。 在行业整体承压的环境下，贝泰妮通过精细化管理实现经营质量优化。公司平均总资产回报率 （ROA）与加权平均权益回报率（ROE）持续处于行业优势区间，成本收入比保持同业领先水平。值 得关注的是，公司延续高分红传统，2024年拟派 ...

资金储备方面，截至2025年一季度末，君实生物货币资金及交易性金融资产余额合计约30.22亿元，充 足资金为后续高潜力管线快速推进提供保障。 目前，君实生物正在加快推进抗BTLA单.jpgcemalimab(TAB004/JS004)、抗IL-17A单抗(JS005)、PD- 1/VEGF双抗(JS207)等后期阶段管线的研发。早研管线亦储备不少潜在重磅产品，包括抗 Claudin18.2ADC(JS107)、PI3K-α口服小分子抑制剂(JS105)、抗CD20/CD3双特异性抗体(JS203)、抗 DKK1单抗(JS015)等早期阶段管线。君实生物计划于2025年推动多款管线进入关键注册临床。 今年3月，君实生物EGFR/HER3双抗ADC(JS212)获批临床。这是君实首个推进至临床阶段的双抗ADC 产品，也是全球第二个进入临床的EGFR/HER3双抗ADC。君实生物多项创新管线将在4月25日至30日期 间召开的2025AACR大会上"首秀"，其中DKK1抑制剂(JS015)用于胃肠道肿瘤的早期研究数据入选大 会"重磅研究"，Claudin18.2ADC(JS107)和创新双抗药物CD20×CD3双抗( ...

Core Insights - Kangfang Biopharma announced the approval of its independently developed PD-1/VEGF bispecific antibody drug, Iwosimab (generic name: Iwosimab injection), for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) with PD-L1 positive (TPS≥1%) and negative EGFR mutations and ALK [1][2] - Iwosimab is the first drug to achieve significant positive results in a head-to-head Phase III clinical study against the leading drug, Pembrolizumab, providing a new, more efficient, and safer "chemotherapy-free" treatment option for first-line NSCLC [1] - The approval of Iwosimab for first-line treatment of PD-L1 positive NSCLC marks its second indication, allowing Chinese patients to access the world's best treatment options first [1] Clinical Recognition and Future Prospects - Iwosimab has gained widespread recognition among clinicians and patients for its efficacy in treating EGFR-TKI resistant NSCLC since its market launch nearly a year ago [2] - Recent Phase III studies comparing Iwosimab combined with chemotherapy against Tremelimumab combined with chemotherapy for first-line treatment of squamous NSCLC have also shown significant positive results, establishing Iwosimab as a new standard treatment [2] - Kangfang Biopharma's founder, Dr. Xia Yu, highlighted that Iwosimab has a forward-looking layout in multiple core tumor immunotherapy indications, with nearly 30 clinical studies underway, including Phase III and Phase II trials, covering nearly 20 indications, creating a leading advantage for its clinical and commercial value globally [2]

Group 1 - The core viewpoint of the articles highlights the significant growth in revenue and profitability for Yueda Investment in Q1 2025, driven by its focus on new energy and other sectors [1][2] - Yueda Investment reported a revenue of 683 million yuan for Q1 2025, with a year-on-year increase of 25.08% after excluding the impact of Yueda Zhixing [1] - The company achieved a turnaround in net profit, with a year-on-year increase of 53.67 million yuan, primarily due to growth in the new energy sector and reduced management expenses [1] Group 2 - Since 2022, the company has actively implemented the national "dual carbon" strategy, optimizing its equity structure and divesting from automotive and highway industries [2] - Yueda Investment's revenue from the "electricity and heat production and supply industry" reached 37.94 million yuan, a year-on-year increase of 2570% with a gross margin of 46.37% [2] - The company has set ambitious quantitative targets for its new energy business, aiming for a cumulative installed capacity of 1-2 GW and a compound annual growth rate of net profit of no less than 50% over the next three years [2]