出品：新浪财经上市公司研究院 作者：郝显 1月7日，泉阳泉发布业绩预增公告，预计2025年实现归母净利润1522.36万元，同比增长147.89%。在 2023年大幅亏损后，实现了连续两年归母净利润为正。 公司在公告中表示，利润相关项目较上年同期增幅较大，主要原因是公司天然矿泉水主业的销量、收入 等业绩指标继续快速增长且增速较上年明显提高，随着销量的提升盈利能力增强。 不过值得注意的是，泉阳泉全年扣非仍在亏损，而且按照前三季业绩数据估算，四季度已经陷入亏损。 是否迎来拐点？ 近几年绿化工程业务一直是泉阳泉的拖累，2023年公司对园区园林剩余商誉进行全额计提，再加上应收 账款减值及存货跌价损失，计提各项资产减值准备共计4.52亿元，造成大幅亏损。2024年及2025年上年 年园区园林公司仍在亏损。 木门业务也类似，在房地产市场持续不景气的背景下，木门家居相关子公司陷入困难，持续亏损。2025 年上半年园区园林公司亏损3492.07万元，门业子公司"北京霍尔茨家居科技有限公司"则亏损225.22万 元。 2025年上半年业绩说明会上，有投资者提问，"公司园林业年年亏损，影响公司业绩，为什么迟迟不剥 离，管理层为什 ...

Core Insights - Approximately 130 A-share companies have disclosed their performance forecasts for 2025, with around 70 companies expecting positive results, including profit increases and turnaround from losses [2][4]. Company Performance Highlights - **Zhongke Lanyun**: Expected net profit of 1.4 billion to 1.43 billion yuan, a year-on-year increase of 366.51% to 376.51%, driven by strategic investments in high-growth areas like GPU and advanced packaging [4][5]. - **Chuanhua Zhili**: Forecasted net profit of 540 million to 700 million yuan, with a growth rate of 256.07% to 361.57%, supported by optimized marketing strategies and asset structure in logistics and chemical businesses [5]. - **Bai'ao Saitou**: Anticipated net profit of 135 million yuan, reflecting a 303.57% increase, attributed to favorable market conditions [4]. - **Kangchen Pharmaceutical**: Expected net profit of 145 million to 175 million yuan, with a growth of 243% to 315%, due to the absence of goodwill impairment losses in the reporting period [5]. - **Guangku Technology**: Projected net profit of 169 million to 182 million yuan, a growth of 152% to 172%, driven by product innovation and cost control [7]. - **Lixun Precision**: Forecasted net profit of 16.518 billion to 17.186 billion yuan, with a growth of 23.59% to 28.59%, supported by innovations in manufacturing and AI integration [6]. - **Daotong Technology**: Expected net profit of 900 million to 930 million yuan, with a growth of 40.42% to 45.10%, driven by AI-driven services [6]. - **Aibisen**: Anticipated net profit of 240 million to 290 million yuan, reflecting a growth of 105.32% to 148.09%, due to increased R&D investment [7]. - **Chaohongji**: Expected net profit of 436 million to 533 million yuan, with a growth of 125% to 175%, supported by a focus on brand optimization and digital transformation [9]. - **WuXi AppTec**: Forecasted net profit of 19.151 billion yuan, with a growth of approximately 102.65%, including gains from divesting joint ventures [9]. - **Hui Sheng Biological**: Expected net profit of 23.5 million to 27.1 million yuan, indicating a turnaround, driven by market expansion and improved production efficiency [9]. Industry Performance Insights - The electronics, semiconductor, pharmaceutical, and machinery sectors are showing strong performance among listed companies [3].

Market Overview - The beverage and dairy sector increased by 0.25% compared to the previous trading day, with Pinwo Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Aluminum Wine Foods (300892) with a closing price of 35.68, up 12.56% and a trading volume of 112,000 shares, totaling 380 million yuan [1] - Huanlejia (300997) closed at 31.80, up 6.32% with a trading volume of 248,700 shares, totaling 763 million yuan [1] - Zhuangyuan Pasture (002910) closed at 12.02, up 4.43% with a trading volume of 245,600 shares, totaling 290 million yuan [1] Capital Flow - The beverage and dairy sector experienced a net outflow of 74.61 million yuan from institutional investors, while retail investors saw a net inflow of 55.31 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks and their capital flow include: - Pinwo Food (300892) had a net outflow of 44.43 million yuan from institutional investors, with retail investors also showing a net outflow of 26.15 million yuan [3] - Zhuangyuan Pasture (002910) saw a net inflow of 15.69 million yuan from institutional investors, while retail investors had a net outflow of 11.63 million yuan [3] - Knight Dairy (920786) experienced a net inflow of 11.26 million yuan from institutional investors, with a small net inflow from retail investors [3]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Insights - The company, as the first publicly listed mineral water company in China, is expected to benefit from national expansion, which will provide significant growth opportunities [6][68]. - The company has a strong strategic focus on its core business of natural mineral water, with plans to reduce losses in non-core segments [27][28]. - The mineral water industry is projected to grow steadily, with the company positioned to capture market share due to its unique water source and regional brand strength [60][66]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1,122 million CNY, 2024A at 1,198 million CNY, 2025E at 1,274 million CNY, 2026E at 1,450 million CNY, and 2027E at 1,722 million CNY, with growth rates of -12%, 7%, 6%, 14%, and 19% respectively [2]. - The net profit forecast shows a significant turnaround from a loss of 457 million CNY in 2023A to a profit of 30 million CNY by 2027E, with growth rates of -900%, 101%, 137%, 40%, and 47% respectively [2]. - Earnings per share (EPS) are expected to improve from -0.64 CNY in 2023A to 0.04 CNY in 2027E [2]. Market Position and Competitive Landscape - The company holds a 5% market share in the national mineral water market, with a strong presence in the Northeast region, where it has a reputation for high-quality water [6][69]. - The mineral water market in China is characterized by high concentration, with the leading brand holding an 80% market share, while the company is the only one among the top five brands to achieve sales growth in the past year [60][63]. - The overall packaging water market is expected to reach 224.23 billion CNY in 2025, with a growth rate of 3% [54]. Strategic Initiatives - The company is focusing on expanding its production capacity, with plans to increase output by 400,000 tons from its core water source and an additional 2 million tons from a secondary strategic source, potentially leading to a revenue increase of 2.633 billion CNY [6][68]. - A new logistics model combining rail, sea, and road transport is set to enhance cost efficiency and improve profit margins [6][28]. - The company is actively pursuing partnerships and collaborations to enhance its market reach, including significant contracts with major airlines and retail platforms [6][68].

数据来源：国家统计局，智研咨询整理 2025年1-11月，吉林省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为3539 个，和上年同期相比，增加了142个，同比增长4.18%，占全国的比重为0.67%。 2016-2025年1-11月吉林省工业企业数统计图 上市公司：利源股份（002501），ST金鸿（000669），长春燃气（600333），泉阳泉（600189），通 化金马（000766），西点药业（301130），吉林碳谷（836077），中研股份（688716），致远新能 （300985），一汽解放（000800），吉林高速（601518），吉电股份（000875） 相关报告：智研咨询发布的《2026-2032年中国工业云行业市场深度评估及投资机会预测报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解 ...

Core Viewpoint - The company Quanyangquan (600189.SH) is expected to report significant growth in its 2025 performance, with projected revenue of 1.273 billion yuan and a net profit attributable to shareholders of 15.2236 million yuan, marking a year-on-year increase of 6.24% and 147.89% respectively [1][2]. Group 1: Financial Performance - For 2025, Quanyangquan anticipates total revenue of 1.273 billion yuan, up from 1.198 billion yuan in the previous year, reflecting a growth of 6.24% [2]. - The net profit attributable to shareholders is projected to reach 15.2236 million yuan, a substantial increase of 147.89% compared to 6.1412 million yuan in the previous year [2]. - The company has shown a consistent upward trend, with both revenue and net profit increasing in 2024, with growth rates of 6.77% and 101.34% respectively [2]. Group 2: Business Segments - Quanyangquan's core business has shifted to bottled mineral water, which has become the main revenue driver, contributing over half of the total revenue from 2022 to 2024 [1][8]. - The mineral water segment's revenue for 2022 to 2024 was 716 million yuan, 800 million yuan, and 822 million yuan, accounting for 56.44%, 71.28%, and 68.58% of total revenue respectively [8]. - The company expects mineral water sales to increase to 150,340 tons in 2025, representing a year-on-year growth of 33.84% [1][8]. Group 3: Historical Context and Strategic Developments - Quanyangquan has undergone significant transformations since its inception, including major asset restructurings that expanded its business into mineral water and landscaping [5][6]. - The company has faced periods of financial instability, with net profits fluctuating significantly from 2010 to 2018, including a loss of 1.485 billion yuan in 2019 [3]. - Recent strategic decisions have reinforced the commitment to strengthen the mineral water business, with plans to enhance production and expand market reach [8].

Core Viewpoint - The company, Quan Yang Quan, announced a significant increase in its 2025 performance, projecting total revenue of 1.273 billion yuan, a year-on-year growth of 6.24%, and a net profit attributable to shareholders of 15.22 million yuan, an increase of 147.89% compared to the previous year [1][5]. Group 1: Financial Performance - The projected mineral water sales for 2025 are expected to reach 1.5034 million tons, a 33.84% increase year-on-year [7]. - The company reported a total revenue of 1.022 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 13.68%, with a net profit of 24.67 million yuan, a 15.20% increase [7]. - Despite the projected net profit increase, the company anticipates a net loss of 9.45 million yuan in the fourth quarter of 2025 [8]. Group 2: Business Challenges - The company has faced continuous losses in its non-recurring net profit for four consecutive years, with figures of -47.73 million yuan, -508.5 million yuan, and -719.41 million yuan for the years 2022 to 2024 [8]. - The imbalance in business structure is evident, as the mineral water segment's profitability is insufficient to cover losses from other sectors, particularly the landscaping and home furnishing businesses, which reported losses of 34.92 million yuan and 4.39 million yuan respectively in the first half of 2025 [9]. - The company has not provided effective solutions for addressing the underperforming non-core business segments, focusing instead on minimizing losses [9]. Group 3: Market Environment - The bottled water market is highly competitive, with numerous brands entering the space, leading to price competition and pressure on margins [10]. - While the mineral water business has seen significant growth in regions like Liaoning, Heilongjiang, and Beijing, there remains a need to develop the southern market and enhance brand recognition on a national level [10].

Group 1 - Sumida plans to acquire 16.92% of Bluecore High-tech shares from its controlling shareholder, with a total transaction value of 403 million yuan, aiming to enhance its capabilities in energy, new storage, and shipbuilding sectors [1] - Sihuan New Materials' major shareholder plans to reduce its stake by up to 1.79%, equating to 144,450 shares [2] - Zhuhai Ming Technology's subsidiary will acquire 66,900 shares of Zhipu in its IPO, amounting to 7.77 million HKD [3] Group 2 - Maiwei plans to reduce its stake by up to 1.94%, totaling 5.4 million shares due to personal financial needs [4] - Shenling Environment will invest 50 million yuan in a private equity fund focused on data centers and related sectors [5] - Yingboer’s controlling shareholder intends to reduce its stake by up to 2%, totaling 611,930 shares [6] Group 3 - GAC Group reported a decline in December 2025 vehicle production and sales, with production down 20.23% and sales down 33.82% year-on-year [7] - Quanyuan Spring expects a net profit increase of 147.89% in 2025, driven by a 33.84% rise in mineral water sales [8] - Sinochem International anticipates a net loss for the entire year of 2025, with a net profit of -1.33 billion yuan as of Q3 2025 [9] Group 4 - Fulin Technology's shareholder plans to reduce its stake by up to 2%, equating to 24,442,100 shares [10] - Shichuang Securities received approval to issue up to 5 billion yuan in perpetual subordinated bonds [11] - Meibang Fashion's controlling shareholder plans to transfer 7.9% of its shares at a price of 1.76 yuan per share [12] Group 5 - Biyi Micro plans to transfer 1% of its shares through an inquiry transfer [13] - Gongda Koya signed a contract for a smart heating renovation project in Dongying District [14] - Jindi Group reported a significant decline in signed area and amount in December 2025, with a 60.81% drop in signed area year-on-year [15] Group 6 - Yijing Optoelectronics expects a net loss for 2025, with losses projected to exceed the previous year's audited net assets [16] - Zhizheng Co. elected Wang Qiang as chairman and appointed him as CEO [17] - Suwen Electric plans to acquire a 30% stake in Sinopec Wanbang for 748 million yuan [18] Group 7 - Anpei Long plans to raise up to 544 million yuan through a private placement [19] - Huizhong Co. renewed its strategic cooperation agreement with Avnet [20] - Fujia Co. plans to raise up to 700 million yuan through convertible bonds for various projects [21] Group 8 - Shaanxi Black Cat reported Q4 2025 coke sales of 1.23 million tons, with a revenue of 1.67 billion yuan [22] - Tianhong Co. plans to reduce its stake by up to 3% [23] - ST Sunshine's controlling shareholder is planning a change in control, leading to a stock suspension [24] Group 9 - Haitong Development proposed a cash dividend of 0.5 yuan per 10 shares for Q3 2025 [25] - Desai Xiwai's major shareholder plans to reduce its stake by up to 1.19% [26] - Guo New Energy expects a net loss for 2025 due to market fluctuations [27] Group 10 - Haitong Development's subsidiary plans to invest up to 900 million yuan in building multi-purpose heavy-lift vessels [28] - Tangrenshen reported a 8% increase in annual sales revenue for 2025, despite a decline in December sales [29] - Saiteng Co. plans to reduce its stake by up to 3% [30] Group 11 - Dazhong Mining plans to implement a lithium mining project with an investment of 3.688 billion yuan [31] - Liancheng Precision announced a share transfer agreement for 6.71% of its shares at a price of 15.12 yuan per share [32] - Tuo Jing Technology's shareholder plans to reduce its stake by up to 1.3% [33] Group 12 - Shuifa Gas expects a net loss for 2025 due to a legal dispute affecting its financials [34] - Tianhe Magnetic Materials plans to reduce its stake by up to 3% [35] - Huadian New Energy proposed a special dividend of 0.3 yuan per 10 shares [36] Group 13 - Wolong New Energy plans to sell a 100% stake in a subsidiary for 197 million yuan [37] - Bohai Automobile plans to acquire stakes in four companies for 2.728 billion yuan and raise up to 1.379 billion yuan in matching funds [38] - Hengshang Energy's shareholders plan to reduce their stakes by a total of 2.84% [39] Group 14 - Nanjing Chemical Fiber's major asset restructuring has been approved by the Shanghai Stock Exchange [40]

| 代码 | 简称 | 预告净利润同比 增长下限 | 申万行业 | 总市值 | | --- | --- | --- | --- | --- | | | | (%) | | (亿元) | | 688332 | 中科蓝讯 | 366.51 | 电子 | 161.25 | | 688796 | 百奧赛图 | 303.57 | 医药生物 | 223.18 | | 002010 | 传化智联 | 256.07 | 交通运输 | 171.37 | | 603590 | 康辰药业 | 243.00 | 医药生物 | 66.59 | | 300620 | 光库科技 | 152.00 | 通信 | 386.88 | | 600983 | 惠而浦 | 150.00 | 家用电器 | 77.72 | | 600189 | 泉阳泉 | 147.89 | 食品饮料 | 49.92 | | 300505 | 川金诺 | 144.24 | 基础化工 | 65.12 | | 002709 | 天赐材料 | 127.31 | 电力设备 | 925.22 | | 002258 | 利尔化学 | 113.62 | 基础化工 | 112.94 | ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升50%以上。 ●经初步测算，预计2025年度实现归属于上市公司股东的净利润1,522.36万元，较上年同期（法定披露 数据）614.12万元，预计上升147.89%。 ●本次依规披露的业绩数据，仅为初步测算数据，未经年审会计师事务所审计，最终以公司《2025年年 度报告》中披露的数据为准，提请投资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 ■ 注：上表中"本报告期""本报告期末"数据为初步测算后的预计快报数据，"上年同期""本报告期初"数据 来自公司《2024年年度报告》。 二、相关情况说明与本次业绩预增的原因 （一）经营业绩和财务状况情况说明 本报告期公司主业矿泉水板块继续实现业绩快速增长，本期矿泉水销量提升至150.34万吨，较上年同期 提升33.84%；园林绿化板块受市场环境影响，本期营业收入下滑；木门家居板块本期 ...