全国首例！上市公司董监高违反公开承诺案今宣判 上海金融法院4月25日公开宣判原告刘某某、郑某某诉被告上海金某泰化工股份有限公司、袁某、罗某 证券虚假陈述责任纠纷一案。该案是2019年修订《中华人民共和国证券法》以来，全国首例因上市公司 董监高未履行公开增持承诺引发的证券侵权纠纷案件。上海金融法院经审理认为，本案中，袁某、罗某 在首次作出增持承诺时并无资金准备，在后续延期过程中亦未积极筹措资金，且在面对交易所质询时以 过桥资金制作"虚假"存款证明，故难以认定其有增持的真实意愿。从增持主体、承诺增持金额、市场影 响力等角度看，袁某、罗某公开增持承诺信息的披露，对证券市场和投资者预期产生严重误导，其所主 张的未能履行增持承诺的抗辩理由明显不合理，故虚假陈述行为成立且具有重大性。再次，公开承诺人 袁某、罗某为法定信息披露义务人，而非金某泰。 从信息披露的全过程看，金某泰尽到了基本的审查义务，亦无证据证明金某泰明知或应知袁某、罗某存 在虚假陈述，故不应承担案涉虚假陈述行为的民事赔偿责任。综上，经委托第三方机构损失核定，上海 金融法院一审判令被告袁某、罗某共同赔偿原告刘某某投资损失506,130.96元，共同赔偿原告郑某 ...

中国电信：一季度净利润88.64亿元 同比增长3.11% 4月25日晚，中国电信（601728）发布2025年第一季度报告，公司2025年第一季度实现营业收入1345.09 亿元，同比增长0.01%；实现归属于上市公司股东的净利润88.64亿元，同比增长3.11%；基本每股收益 为0.10元/股。 资料显示，中国电信成立于2002年9月，主营业务是提供移动通信服务、固网及智慧家庭服务、产业数 字化服务。 所属行业：通信–通信服务–电信运营商 兴业证券：一季度净利润5.16亿元 同比增长57.32% 4月25日晚，兴业证券（601377）发布2025年第一季度报告，公司2025年第一季度实现营业收入27.92亿 元，同比增长17.48%；实现归属于上市公司股东的净利润5.16亿元，同比增长57.32%；基本每股收益为 0.0568元/股。 资料显示，兴业证券成立于2000年5月，主要业务分为四大板块，分别是财富管理业务、机构服务业 务、自营投资业务、海外业务。 所属行业：非银金融–证券Ⅱ–证券Ⅲ 洛阳钼业：一季度净利润39.46亿元 同比增长90.47% 4月25日晚，洛阳钼业（603993）发布2025年第一 ...

资料显示，大摩景气智选混合基金募集期为2025年4月21日至5月14日，该基金的备案条件是基金募集份额总额不少于2亿份，基金募集金额不少于2亿元，且 基金份额持有人的人数不少于200人。 近期，摩根士丹利基金发行新产品大摩景气智选混合基金引起市场关注，该基金由2024年度权益类基金冠军基金经理雷志勇管理。 | 基金信息 基金经理 档案 基金费率 公告 | | 更多新发基金专题内容> | | --- | --- | --- | | . | | | | 类型：混合型-偏股 中高风险 | 规模：--亿元(-- ) | 基金经理: 雷志勇 | | 成立日:- | 管理 人:摩根士丹利基金 | 基金评级:暂无评级 | 大摩景气智选混合基金的股票投资策略是通过对具备较高景气度的行业以及个股的选择，力争实现较好的投资回报。公司和行业基本面盈利能力的提升，或 持续保持较高的盈利能力，是高景气特征的典型代表。除此之外，行业景气度的判断方式可通过"业绩验证"及"订单跟踪"等做出判断，同时考察绝对景气度 和其边际变化；当绝对景气度高但边际下行时，进一步考察行业渗透率，即行业进展空间。 值得注意的是，雷志勇管理的其他基金的净值近期均 ...

今年新发基金规模已超3000亿元 权益类占比近半 今年以来新发基金规模突破3000亿元，多达45只权益类基金募集规模超过10亿元。从近期基金销售情况 看，股债跷跷板效应显现，权益类基金发行显著提速，部分债券基金遭遇赎回。（上证报） 银行股热度持续攀升 去年四季度业绩改善"强势出圈" 4月以来，9只银行股股价盘中创历史新高，行业热度持续攀升。2024年四季度，银行股业绩明显改善， 今年一季度亦有多股报喜。行业现金分红总额有望再创新高，12只银行股年度分红金额均超百亿元。 （证券时报） 银行理财首季减少8100亿 4月强势回升 存款搬家带来增量资金 受债市阶段性调整、季末理财回表等多因素叠加影响，银行理财一季度末规模较年初明显回落。日前， 银行业理财登记托管中心发布的《中国银行业理财市场季度报告（2025年一季度）》显示，截至2025年 一季度末，全市场银行理财存续规模为29.14万亿元，较年初下降约8100亿元，其中理财公司规模较年 初减少约5700亿元。此外，证券时报记者此前获得的数据显示，规模排名前14的理财公司及其母行存续 产品规模，仅今年3月单月的存续余额就减少逾1万亿元。值得注意的是，进入4月，银行理 ...

2025年4月24日，汽车仪表"隐形冠军"——天有为正式登陆上交所主板（证券代码：603202），以93.5元/股的发行价，为目前A股市场年内发行价最高的新 股，也是近14个月来发行价最高的新股。首日开盘股价即飙升至140元，涨幅达49.73%，市值突破220亿元。 从仪表供应商到智能座舱整合者 天有为的第二曲线想象空间 随着中美贸易摩擦长期化，中国制造业正加快"自主可控"步伐，核心技术国产替代步伐显著提速。汽车电子作为车用信息化的中枢系统，是汽车"智能化大 脑"的核心。天有为在液晶仪表、光学贴合、双联屏等方向不断打破海外技术垄断，逐步实现国产替代。 天有为深耕汽车仪表行业20年，积累了丰富的行业经验和技术优势，凭借其深厚的技术积累、优质的客户资源以及精准的战略布局，正逐渐崭露头角，成为 行业内备受瞩目的企业。 作者：七佰 天有为在技术研发方面投入巨大，拥有三大研发中心和EMC实验室。截至2024年6月30日，其已取得专利135项，其中发明52项、国际专利1项，获得软件著 作权18项，年均申请专利超50项，转化成700余种产品，研发人员占比达31%，技术密度在国产汽车电子企业中位列前15%。 尤其在复合屏技术 ...

Group 1 - Yilida plans to repurchase shares worth 30 to 50 million yuan for employee stock ownership plans, with a maximum price of 6.5 yuan per share [1] - Yinglian shares two major shareholders plan to reduce their holdings by up to 5% [1][2] - Zhongbing Hongjian reports a net loss of 327 million yuan for 2024, with a revenue decline of 25.29% [2][3] Group 2 - Zhongke Electric reports a net profit increase of 626.56% for 2024, with a revenue growth of 13.72% [3][4] - Yong'an Futures reports a net profit decline of 21.07% for 2024, with a revenue decrease of 8.76% [5][6] - Yongjie New Materials reports a net profit increase of 34.28% for 2024, with a revenue growth of 24.71% [7][8] Group 3 - Xibu Securities reports a net profit increase of 20.38% for 2024, despite a revenue decline of 2.64% [9][10] - Jinying Heavy Industry reports a net profit decline of 35.54% for 2024, with a slight revenue increase of 1.13% [10][11] - Haineng Industry reports a net profit decline of 40.45% for 2024, despite a revenue growth of 16.26% [12][13] Group 4 - Penghui Energy reports a net loss of 252 million yuan for 2024, with a revenue increase of 14.83% [14][15] - Weiming Pharmaceutical reports a net loss of 137 million yuan for 2024, with a revenue decline of 16.14% [16][17] - Huachang Technology reports a net profit increase of 184.26% for 2024, with a revenue growth of 6.74% [18][19] Group 5 - Ancar Detection reports a net loss of 213 million yuan for 2024, with a revenue decline of 3.05% [20][21] - Saiwei Intelligent reports a net loss of 507 million yuan for 2024, with a significant revenue decline of 68.03% [22][23] - Qinglong Pipe Industry reports a net profit increase of 976.43% for 2024, with a revenue growth of 36.71% [24][25] Group 6 - Huayin Electric reports a net loss of 113 million yuan for 2024, with a revenue decline of 16.00% [26][27] - Zhongqi New Materials reports a net profit decline of 61.59% for 2024, with a revenue decrease of 22.88% [28][29] - Guangzheng Eye Hospital reports a net loss of 175 million yuan for 2024, with a revenue decline of 16.94% [30][31] Group 7 - Zhenlan Instrument reports a net profit increase of 2.16% for 2024, with a revenue growth of 11.63% [32][33] - Zaiseng Technology reports a net profit increase of 137.99% for 2024, despite a revenue decline of 10.87% [34][35] - Haitai High-tech reports a net profit increase of 51.34% for 2024, with a revenue growth of 25.26% [36][37] Group 8 - Runze Technology reports a net profit increase of 1.62% for 2024, with a revenue growth of 0.32% [38][39]

紫燕食品战略转型的阵痛同样显著。紫燕食品2024年研发费用同比大增91.78%，推出"小胖桶""麻辣兔腿"等新品，但预包装产品毛利率暴跌6.29个百分点， 且2024年四季度因菌群不合格舆情引发消费者信任危机。 渠道端，紫燕食品试图通过校园特渠战略打开年轻市场，已入驻62所高校并计划新增350家大学店，但2024年四季度营收环比骤降33.91%、单季亏损2489万 元，显示短期投入尚未转化为业绩支撑。 紫燕食品全球化布局成为新的叙事焦点。墨尔本首店开业引发的排队热潮，以及尼泊尔生产基地的跨境产业链规划，虽为"中国味道"出海铺路，但2024年海 外收入仅为678.36万元，占总营收的比例不足0.2%，规模化效益仍需时间验证。 紫燕食品2025年一季度业绩骤降71.8%的预警，为这份年报蒙上阴影。消费复苏乏力、行业"价格战"加剧，紫燕食品能否在成本控制与创新投入间找到平衡 点，或将决定其能否穿越行业周期。 紫燕食品交出了一份矛盾的2024年业绩答卷。根据年报，紫燕食品全年营收同比下降5.28%至33.63亿元，但归母净利润逆势增长4.5%至3.46亿元，成为卤味 上市公司中少数实现利润增长的企业。这一"增利不增收 ...

Core Insights - Panda Dairy's 2024 annual report shows a significant decline in revenue and a smaller decrease in net profit, indicating a divergence in performance amid a deep adjustment cycle in the dairy industry [2] - The company's traditional condensed milk business is contracting, raising questions about the ability of emerging product categories to support the company through this cycle [2] Financial Performance - The company achieved an operating income of 764 million yuan, down 19.29% year-on-year, and a net profit attributable to shareholders of 102 million yuan, down 5.98% [2] - A decline in raw material costs has provided a buffer for profits, with the gross margin increasing by 5.27 percentage points to 28.40% despite pressure from the tea beverage sector [2] - The fourth quarter saw a year-on-year net profit decline of 10.45%, reflecting intensified market competition [2] Market Trends - The growth rate of the new tea beverage industry is expected to slow from 18.7% in 2023 to 12.4% by 2025, posing long-term pressure on Panda Dairy's core condensed milk products [2] Business Segments - The coconut product line has emerged as a highlight, generating 76.7 million yuan in revenue, marking it as one of the few growth areas in the performance report [2] Channel Challenges - The company faces challenges from channel transformation, with over 40% of sales coming from the top five customers, increasing structural risk amid slowing industry growth [3] - To adapt to channel changes, Panda Dairy is accelerating its expansion into e-commerce and community retail, although online business has a gross margin 5-8 percentage points lower than traditional channels [3] - The company must navigate the dual challenges of brand recognition and high logistics costs while balancing channel expansion and profit margins [3] Strategic Outlook - The transition from scale expansion to value competition in the dairy industry will test Panda Dairy's strategic resilience as it seeks to balance traditional business contraction with the cultivation of new growth areas [3]

Core Insights - In 2024, Alede's revenue decreased by 9.31% year-on-year to 351 million yuan, while net profit attributable to shareholders fell by 19.28% to 45.78 million yuan [2] - The company reported a basic earnings per share of 0.46 yuan [2] Business Segment Performance - Revenue from RF and wave-transmitting protective devices dropped by 24.67% to 171 million yuan, significantly impacting overall revenue [5] - Revenue from electronic thermal management devices increased by 12.96% to 83.91 million yuan [5] - Revenue from EMI and IP protective devices rose by 25.09% to 61.46 million yuan [5] - In Q4 2024, Alede achieved revenue of 98.25 million yuan, a year-on-year increase of 28.75% and a quarter-on-quarter increase of 1.28% [5] - Q4 net profit attributable to shareholders surged by 3339.16% to 18.14 million yuan, with a quarter-on-quarter increase of 70.16% [5] Profitability Metrics - In 2024, Alede's gross margin was 37.66%, down by 2.65 percentage points year-on-year [6] - The net profit margin was 12.67%, a decrease of 1.66 percentage points year-on-year [6] - Total operating expenses for 2024 were 73.21 million yuan, a reduction of 15.36 million yuan year-on-year [6] - The expense ratio was 20.84%, down by 2.03 percentage points year-on-year [6] Profit Distribution - Alede plans to distribute 5 yuan in cash for every 10 shares, totaling 50 million yuan, which accounts for 109.22% of net profit attributable to shareholders [6] - The company intends to increase its total share capital to 120 million shares by converting 2 shares for every 10 shares from capital reserves [6] Company Background - Alede was established on June 1, 2004, and went public on February 9, 2023, focusing on the R&D, production, and sales of polymer material communication equipment components [6]

近日，天润乳业（600419.SH）发布2024年报。根据年报，天润乳业2024年实现营业收入28.04亿元，同比增长3.33%，但净利润仅为4365.9万元，同比大幅 下滑69.26%，陷入"增收不增利"的尴尬局面。这一业绩表现引发市场关注，在乳制品行业集体承压的背景下，区域乳企的成长空间是否已被挤压？ 从财报数据看，成本端压力与行业价格战的"双杀"成为天润乳业利润下滑的主因。尽管天润乳业通过疆外市场拓展带动营收增长，但激烈的市场竞争迫使企 业加大促销力度，拖累全年毛利率同比下降2.35个百分点至16.76%。 面对盈利困境，天润乳业正试图通过产品结构调整寻找突破口。天润乳业低温乳制品收入保持稳中有增的态势，2024年该业务营收同比增加3.447%，常温 产品营收则同比下滑2.03%，其明确将低温鲜奶、特色产品奶啤作为重点培育方向。 天润乳业这一战略与近年消费升级趋势相契合，但低温奶对冷链物流和渠道管控的高要求，也考验着区域乳企的精细化运营能力。 此外，得益于活牛和大包粉销售贡献，天润乳业的现金流改善显著，2024年经营活动现金流净额同比增长89.45%，为6.52亿元。 当前乳制品行业已进入存量竞争阶段， ...