Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Core Viewpoint - The company, Sumida Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and confirming that the report has not been audited [1][5]. Financial Data - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which has been included in the consolidated financial statements, leading to retrospective adjustments in previous financial data [1]. - The net profit of the acquired entity before the merger was reported as 0 yuan, consistent with the previous period [5]. Shareholder Information - The report indicates that there were no changes in the major shareholders or the top ten shareholders due to the transfer of shares for margin trading [4]. Meeting Resolutions - The board of directors held a meeting on April 22, 2025, where the first quarter report was approved unanimously with 7 votes in favor [9]. - The supervisory board also convened on the same day and approved the first quarter report, confirming that the report complied with all relevant regulations and accurately reflected the company's situation [14].

苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-020 苏美达股份有限公司 2.公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息能真实地反映出公司当期情况； 第十届监事会第十三次会议决议公告 3.公司董事会及相关工作人员严格遵守《上海证券交易所股票上市规则》及 信息披露管理制度中有关保密要求的规定，在提出本意见前，未发现参与报告编 制和审议的人员有违反保密规定的行为。 表决结果：赞成票 3 票，反对票 0 票，弃权票 0 票，通过本议案。 特此公告。 苏美达股份有限公司监事会 2025 年 4 月 23 日 苏美达股份有限公司（以下简称"公司"）第十届监事会第十三次会议通知 及相关资料于 2025 年 4 月 17 日分别以书面、电子邮件方式向全体监事发出，于 2025 年 4 月 22 日下午在公司会议室以现场结合通讯方式召开。会议应到监事 3 人，实到监事 3 人（以通讯方式出席监事 1 人）。本次会议由监事会主席刘小虎 先生主持，会议的通知、召开、表决程序符合相关法律法规及《公司章程》的规 定，会议合法有效。会议审议并通 ...

一、 关于《公司 2025 年第一季度报告》的议案 苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-019 苏美达股份有限公司 第十届董事会第十四次会议决议公告 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。 苏美达股份有限公司（以下简称"公司"）第十届董事会第十四次会议通知 及相关资料于 2025 年 4 月 17 日分别以书面、电子邮件方式向全体董事发出，会 议于 2025 年 4 月 22 日下午在公司会议室以现场结合通讯方式召开。本次会议应 出席董事 7 人，实际出席董事 7 人（其中现场+视频方式出席董事 5 人，通讯方 式出席董事 2 人，无委托出席董事），公司部分监事及高级管理人员列席了会议。 本次会议的通知、召开及表决程序符合《中华人民共和国公司法》等有关法律、 行政法规、部门规章、规范性文件和《公司章程》的有关规定，决议合法有效。 本次会议由公司董事长杨永清先生主持，审议通过了以下议案： 本议案在董事会审议前已经公司董事会审计与风险控制委员会审议通过。 具体内容请见同日在上海 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,565,422.39 thousand, representing a year-on-year increase of 7.99% compared to CNY 2,374,486.00 thousand in the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY 29,306.12 thousand, up 9.58% from CNY 26,587.00 thousand in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 27,452.50 thousand, reflecting a significant increase of 17.95% from CNY 23,123.52 thousand year-on-year[4]. - Total revenue for Q1 2025 reached ¥25,654,223,897.64, an increase of 8.4% compared to ¥23,755,593,597.58 in Q1 2024[18]. - Net profit for Q1 2025 after tax was ¥733,007,638.67, up from ¥675,796,987.54 in Q1 2024, representing an increase of 8.4%[18]. - The net profit attributable to shareholders of the parent company was ¥293 million, up from ¥267 million, reflecting a growth of 9.6%[20]. - Total comprehensive income for Q1 2025 was ¥889 million, compared to ¥545 million in Q1 2024, indicating a significant increase of 62.9%[20]. Cash Flow and Assets - The net cash flow from operating activities was CNY 142,379.57 thousand, a substantial recovery from a negative cash flow of CNY -231,532.42 thousand in the same period last year[4]. - Operating cash flow for Q1 2025 was ¥1.42 billion, a turnaround from a negative cash flow of ¥2.31 billion in Q1 2024[22]. - Cash inflow from operating activities was ¥30.78 billion, slightly higher than ¥30.24 billion in Q1 2024, showing a growth of 1.8%[22]. - Cash and cash equivalents rose to ¥14,492,881,733.66 as of March 31, 2025, from ¥13,653,958,774.80 at the end of 2024, showing a growth of 6.1%[14]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥12.63 billion, up from ¥8.64 billion at the end of Q1 2024, representing a year-over-year increase of 46.4%[24]. - Total assets at the end of the reporting period were CNY 5,984,419.20 thousand, marking a 9.00% increase from CNY 5,490,409.39 thousand at the end of the previous year[4]. - Total assets as of March 31, 2025, amounted to ¥59,844,192,018.30, compared to ¥54,904,093,851.55 at the end of 2024, marking a growth of 9.4%[15]. Shareholder Information - The equity attributable to shareholders of the listed company was CNY 781,568.82 thousand, which is a 4.43% increase from CNY 748,433.79 thousand at the end of the previous year[4]. - The top two shareholders are China National Machinery Industry Corporation holding 41.60% and Jiangsu Agricultural Reclamation Group Co., Ltd. holding 13.92% of the shares[9]. - Earnings per share for Q1 2025 was ¥0.22, up from ¥0.20 in Q1 2024, reflecting a growth of 10%[20]. Costs and Expenses - Total operating costs for Q1 2025 were ¥24,818,676,403.11, up from ¥23,044,683,588.50 in Q1 2024, reflecting a year-over-year increase of 7.7%[18]. - The company reported a decrease in research and development expenses to ¥88,563,054.01 in Q1 2025 from ¥117,209,632.84 in Q1 2024, a reduction of 24.5%[18]. Non-Recurring Items - Non-recurring gains and losses totaled CNY 18,536,174.84, with significant contributions from government subsidies and asset disposals[7]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. Acquisitions - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which was included in the consolidated financial statements, leading to retrospective adjustments in previous financial data[5].

公司报告 | 年报点评报告 苏美达（600710） 证券研究报告 24 年归母净利+12%，柴发及造船业务高景气 2024Q4 业绩稳健增长，全年盈利能力持续提升 2024Q4：营收 302 亿元/yoy+12.2%，归母净利 1.47 亿元/yoy+9.4%，扣非 归母净利1.49 亿元/yoy+15.64%。经营活动产生的现金流量净额11.85 亿元， 较上年同期有所下降。 2024 全年：营收 1172 亿/yoy-4.75%，归母净利 11.48 亿/yoy+11.69%，扣非 归母净利 10.42 亿/yoy+25.46%，盈利能力提升。产业链板块主营业务收入 334.64 亿/yoy+6.75%，利润同比增长 15.67%，利润贡献约占 70%。公司毛 利率为 6.80%，同比提升 1.11pct；归母净利率为 0.98%，同比提升 0.14pct。 产业链利润结构优化，多业务协同高增，"双链"能力显优势 产业链板块利润总额占公司利润总额比例逐年提升，2024 年增长到 70%。 其中船舶制造与航运业务积极拓展行业领先客户，利润总额同比增长 90%； 柴油发电机组业务大力优化客户结构，利润总额同比 ...

2024 全年：营收 1172 亿/yoy-4.75%，归母净利 11.48 亿/yoy+11.69%，扣非 归母净利 10.42 亿/yoy+25.46%，盈利能力提升。产业链板块主营业务收入 334.64 亿/yoy+6.75%，利润同比增长 15.67%，利润贡献约占 70%。公司毛 利率为 6.80%，同比提升 1.11pct；归母净利率为 0.98%，同比提升 0.14pct。 产业链利润结构优化，多业务协同高增，"双链"能力显优势 产业链板块利润总额占公司利润总额比例逐年提升，2024 年增长到 70%。 其中船舶制造与航运业务积极拓展行业领先客户，利润总额同比增长 90%； 柴油发电机组业务大力优化客户结构，利润总额同比增长 40%；服装业务 国内国际双轮驱动，实现高位增长，利润总额同比增长 16%； 公司报告 | 年报点评报告 苏美达（600710） 证券研究报告 24 年归母净利+12%，柴发及造船业务高景气 2024Q4 业绩稳健增长，全年盈利能力持续提升 2024Q4：营收 302 亿元/yoy+12.2%，归母净利 1.47 亿元/yoy+9.4%，扣非 归母净利1.49 亿元/yoy ...

长江商报消息●长江商报记者 沈右荣 央企中国机械工业集团有限公司（简称"国机集团"）旗下资产整合。 4月16日晚，苏美达（600710.SH）发布公告称，公司与国机资产管理有限公司（以下简称"国机资产"）签署股份 转让协议，拟出资约4.03亿元收购蓝科高新（601798.SH）16.92%的股权。 本次交易完成后，苏美达将持有蓝科高新21.72%的股权，成为其控股股东。 苏美达与蓝科高新的实际控股股东均为国机集团，本次交易属于关联交易。 近几年，蓝科高新的经营承压明显，2021年至2024年连续四年亏损。 与之相比，苏美达的经营表现出色，公司实现的归属母公司股东的净利润（以下简称"归母净利润"）连续5年增 长。 苏美达为何要收购一家"绩差"公司？苏美达表示，蓝科高新底蕴深厚，收购之后，公司与其核心业务间的协同发 展关系，能强化公司核心功能。 备受关注的是，蓝科高新正在积极动作。4月16日晚，蓝科高新公告称，拟收购两家公司，提高公司核心竞争优 势。 苏美达的财务状况较好。截至2024年底，公司货币资金超136亿元。 国机集团旗下资产"A吃A" 国机集团旗下资产大整合。 根据公告，苏美达与国机资产签署股份转让协议 ...

苏美达 2025041720250416 摘要 • 苏美达通过调整产品和业务结构，长期储备产业链资源，并在 2018 年行 业底部并购优质航运、造船资产，受益于行业回暖，2024 年船舶制造利 润释放显著，同时积极拓展 AI 基础设施等多元领域。 • 苏美达自 2006 年进入大环保行业，采取差异化双循环模式，利用外贸优 势消化国内过剩产能，如在巴拿马建立新能源汽车零部件仓库，支持产品 和服务快速跟进，规避国内市场激烈竞争。 • 苏美达 ROE 表现出色，自 2021 年以来持续增长，在已披露年报的 1,200 多家企业中排名前十，营收规模不断好转，大宗业务回暖，为产业链提供 稳定现金流支撑。 • 苏美达进出口总额同比增长约 5%，其中出口增长 11.7%，扣非后增速约 25%，显示产业结构优化和经营质量提升的成效。通过"一带一路"战略 布局非美国市场，如中亚、哈萨克斯坦等地。 • 苏美达产业链利润总额占比接近 60%，2023 年突破至 63%，船舶板块贡 献利润总额达 70%。尽管营收主要来自供应链和大众业务，利润主要由产 业链贡献，显示经营韧性。 Q&A 苏美达公司 2024 年的业绩情况如何？未来的经 ...

每经记者 梁枭 每经编辑 董兴生 国机集团旗下两家上市公司同时宣告重要的资产架构调整。 4月16日晚间，苏美达（600710.SH）公告称，公司与国机资产管理有限公司（以下简称"国机资产"）签署股份转让协议，拟通过非公开协议转让方式购买国 机资产所持蓝科高新6000万股（约占蓝科高新总股本的16.92%）。截至目前，苏美达持有蓝科高新4.80%股份。而此次交易完成后，公司持有蓝科高新 21.72%的股权，蓝科高新将成为公司控股子公司。 《每日经济新闻》记者注意到，蓝科高新将连续四个年度亏损，苏美达为何仍要拿下其控制权？ 4月17日上午，记者以投资者身份致电苏美达方面。工作人员表示，蓝科高新在特种设备工程行业积累了很多优势，会跟公司工程板块有协同作用。另外， 此前外界认为苏美达是供应链公司，给的估值比较低，并购蓝科高新后，市场对公司产业链的认识会更明确，估值水平也会更往产业链靠近。"蓝科高新所 属行业的估值水平，其实是比我们这种供应链（公司）的水平要高的。" "绩优生"要并购"绩差生" 据公告披露，此次苏美达购买蓝科高新股权的转让价格为6.71元/股，交易总价款为4.026亿元。中国机械工业集团有限公司（以下简 ...