Industry Overview - In 2024, the growth of sow production capacity is expected to be slow, leading to limited growth in pig supply in 2025, which may result in better-than-expected pig prices [1] - The average national pig price in Q1 2025 is reported at 15.0 CNY/kg, showing a year-on-year increase of 3.9% and a quarter-on-quarter decrease of 9.6% [1] - The total pig output from listed companies in Q1 2025 reached 47.59 million heads, a year-on-year increase of 26% and accounting for 24% of the national output [1] Company Performance - Major listed pig companies turned profitable in Q1 2025, primarily due to favorable pig prices, declining feed costs, and improved production efficiency [2] - The total profit for 16 listed pig companies in Q1 2025 was 8.2 billion CNY, with operating cash flow reaching 13.1 billion CNY, leading to a reduction in the debt-to-asset ratio by 0.2 percentage points to 60% [2] - The construction projects and capital expenditures of major listed pig companies continued to decline, with year-on-year decreases of 41% and 25%, respectively, due to cautious expectations regarding future pig prices [2] Investment Recommendations - The company recommends focusing on high-quality pig companies with significant cost advantages and strong performance delivery capabilities, specifically highlighting Muyuan Foods and Wens Foodstuff Group [1] - Other companies to watch include Shennong Group and Dongrui Co., Ltd. [1]

Core Viewpoint - The report from China Merchants Securities emphasizes the gradual clearing of the industry and reaffirms the investment value in the liquor sector, noting that the industry is currently in a challenging period with signs of adjustment among second and third-tier companies [1] Group 1: Industry Performance - The revenue, net profit, and cash collection for the liquor industry in Q4 and Q1 were 255.6 billion, 98.3 billion, and 275.1 billion yuan respectively, showing year-on-year growth of 1.5%, 0.2%, and 4.0% [1] - For the entire year of 2024, the liquor industry's revenue, net profit, and cash collection are projected to be 442.2 billion, 166.6 billion, and 478 billion yuan, reflecting year-on-year increases of 7.3%, 7.4%, and 5.3% [1] - The Q4 performance showed revenue, net profit, and cash collection of 102.2 billion, 34.9 billion, and 122.1 billion yuan, with year-on-year changes of 1.2%, -3.4%, and -7.4% respectively, indicating a continued adjustment phase for many companies [1] Group 2: Company Resilience and Cash Flow - Leading companies exhibit stronger resilience, with high-end liquor maintaining stability, such as Moutai showing double-digit growth and Wuliangye managing inventory effectively [2] - The overall contract liabilities for the liquor sector in Q1 2025 were 43.8 billion yuan, reflecting a year-on-year increase of 10.0% but a decrease of 10.4 billion yuan compared to Q4, indicating a release of channel leverage risk [2] - Cash flow performance is slightly better than revenue, as companies manage to maintain stable prepayments despite the challenges [2] Group 3: Profitability and Cost Pressures - The overall gross margin is under pressure, with high-end liquor experiencing some decline and regional liquor facing structural upgrades [3] - Companies are increasing sales expenses to cope with competition, with Wuliangye and Shui Jing Fang benefiting from reduced sales expenses leading to improved profitability [3] - The dealer structure is diversifying, with strong brands like Fenjiu and Gujing seeing rapid growth in their dealer networks [3]

Group 1: Management Changes in Securities Firms - Zhang Haochuan, Vice President of China Merchants Securities, resigned for personal reasons, and will not hold any position after resignation [1] - The resignation follows the retirement of President Wu Zongmin, who announced his retirement due to age on May 7, leading to concerns about management stability [1] - The company confirmed that there are no significant disagreements with the board and has completed the necessary work handover, indicating limited long-term impact [1] Group 2: Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission announced support for the issuance of technology innovation bonds, including securities firms as eligible issuers [2] - Eleven securities firms, including CITIC Securities and China Merchants Securities, have confirmed the issuance of technology innovation bonds, with a total scale exceeding 10 billion [2] - This initiative is expected to enhance financing channels for securities firms and direct more funds towards technology innovation, benefiting related industry sectors [2] Group 3: Growth of Billion-Level Private Equity Firms - As of May 12, the number of billion-level private equity firms reached 87, an increase of 3 since the end of March, indicating a recovery in the issuance market [3] - Four firms exited the billion-level category while seven new firms entered, reflecting increased competition in the industry [3] - The growth in both subjective and quantitative billion-level private equity firms suggests a restoration of market confidence and potential for increased capital inflow [3] Group 4: Restrictions on Dividend Funds - Several dividend-themed equity funds have announced subscription limits due to increased interest in low-valuation, stable assets amid market fluctuations [4] - China Europe Fund and Western Li De Fund have implemented subscription limits to protect the interests of fund holders and ensure stable operations [4] - The restrictions may lead investors to reassess dividend assets, potentially impacting market fund flows and increasing attention on related industry sectors [4]

Group 1 - The core viewpoint of the news is that Shandong Heda Group Co., Ltd. is actively engaging with investors through an online event and has undergone continuous supervision training for its management team to ensure compliance and improve governance [1][2][3][4][5][6][9]. Group 2 - The company will participate in the "2025 Shandong Listed Companies Investor Online Reception Day" on May 15, 2025, to enhance interaction with investors [1][2]. - Key executives, including the chairman and financial director, will address investor concerns regarding the company's performance, governance, and sustainable development during the event [2][3]. - The continuous supervision training conducted by the sponsor, China Merchants Securities, covered new regulations and compliance responsibilities for the company's board and management [3][4][5][6][10][12]. Group 3 - The company issued 6 million convertible bonds with a total fundraising amount of 600 million yuan, netting approximately 592.75 million yuan after deducting related expenses [9][10]. - The bonds were approved by the China Securities Regulatory Commission and began trading on July 19, 2023, under the name "Heda Convertible Bonds" [9][10]. - The company has complied with all regulatory requirements regarding information disclosure and the use of raised funds, ensuring transparency and accountability [12][17][18].

招商证券股份有限公司 关于山东赫达集团股份有限公司 向不特定对象发行可转换公司债券 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为山东赫 达集团股份有限公司（以下简称"山东赫达"、"发行人"或"公司"）向不特 定对象发行可转换公司债券的保荐人，负责本次可转债发行上市后的持续督导工 作，持续督导期自 2023 年 7 月 19 日至 2024 年 12 月 31 日止。招商证券根据《证 券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易 招商证券股份有限公司关于山东赫达可转债项目持续督导保荐总结报告书 所上市公司自律监管指引第 13 号——保荐业务》等有关规定，出具本持续督导 保荐总结报告书，具体内容如下： 一、保荐人及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 （三）保荐人及保荐代表人自愿接受中国证 ...

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。 | 姓名 | 离任职务 | 离任时间 | | 原定任期到 期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具 体 职务 | 是 否存 履 行完 | 在未 毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | | 公开承诺 | | | 张浩川 | 副总裁 | 2025 年 | 5 月 | 2027 年 月 | 1 | 个人原因 | 否 | 无 | 否 | | | | | 12 日 | | 18 日 | | 辞职 | | | | | 一、提前离任的基本情况 二、张浩川先生离任对公司的影响 张浩川先生已按照公司相关规定做好工作交接。 证券代码：600999 证券简称： 招商证券 编号： 2025－023 招商证券股份有限公司 关于公司副总裁离任的公告 公司董事会谨向张浩川先生在担任公司副总裁期间对公司所做出的积极贡献表示 衷心感谢！ ...

| 招商证券股份有限公司 | | | | | --- | --- | --- | --- | | 关于昆山亚香香料股份有限公司 | | | | | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：亚香股份 | | | | 联系电话：0755-83084021 保荐代表人姓名：覃建华 | | | | | 保荐代表人姓名：程建新 联系电话：0755-83084021 | | | | | 一、保荐工作概述 | | | | | 项目 工作内容 | | | | | （1）是否及时审阅公司信息披露文件 | | 是 | | | （2）未及时审阅公司信息披露文件的次数 | | | 无 | | （1）是否督导公司建立健全规章制度（包括但 | | | | | 不限于防止关联方占用公司资源的制度、募集资 | | | | | 是 | | | | | 金管理制度、内控制度、内部审计制度、关联交 | | | | | 易制度） | | | | | （2）公司是否有效执行相关规章制度 | | 是 | | | （1）查询公司募集资金专户次数 | | 8次 | | | （2）公司募集资金项目进展是否与信息披露文 | | | | | 是 | ...

招商证券关于概伦电子首次公开发行股票并在科创板上市持续督导保荐总结报告书 招商证券股份有限公司 理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 项目 内容 关于上海概伦电子股份有限公司 首次公开发行股票并在科创板上市持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为上海 概伦电子股份有限公司（以下简称"概伦电子"或"公司"）首次公开发行股票 并上市持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》等有 关规定，对概伦电子首次公开发行股票并在科创板上市进行尽职推荐和持续督导， 持续督导期限自 2021 年 12 月 28 日至 2024 年 12 月 31 日。目前，持续督导期限 已满，本保荐机构根据《证券发行上市保荐业务管理办法》的有关规定对概伦电 子出具保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 的任何质询和调查。 保荐机构名称 招商证券股份有限公司 注册地址 深圳市福田区福田街道福华一路111号 主要办公地址 深圳市福田区福田街道福华一路111号 法定 ...

Core Viewpoint - The report outlines the continuous supervision and compliance of Shanghai Gaolun Electronics Co., Ltd. by the sponsor institution, emphasizing the company's adherence to regulations and the effectiveness of its internal controls and governance structures [1][2][3]. Continuous Supervision Work - The sponsor institution has established a comprehensive and effective continuous supervision system, including a work plan tailored to specific supervisory tasks [1]. - A continuous supervision agreement has been signed with Gaolun Electronics, detailing the rights and obligations of both parties during the supervision period [1]. - The sponsor institution conducts regular communication, site inspections, and due diligence to monitor the business situation of Gaolun Electronics [2]. Compliance and Governance - The sponsor institution ensures that Gaolun Electronics and its management comply with laws, regulations, and commitments made [2]. - The company has been urged to establish and effectively implement internal control systems, including financial management and auditing processes [2]. - The sponsor institution has reviewed the company's information disclosure documents and confirmed their accuracy and completeness [3][5]. Financial Performance - In 2024, Gaolun Electronics reported a revenue of approximately 419 million yuan, a 27.42% increase from 2023 [16]. - The net profit attributable to shareholders was approximately -96 million yuan, indicating a loss compared to the previous year [16]. - The company's cash flow from operating activities was negative, reflecting a significant decline from the previous year [16]. Research and Development - The company invested approximately 28.87 million yuan in R&D in 2024, with R&D expenses accounting for 68.90% of revenue, a decrease of 3.15 percentage points from the previous year [17]. - Continuous R&D investment is crucial for maintaining competitive advantages in the EDA industry, with a focus on core technologies and product innovation [17]. Market Position and Competition - The EDA market is characterized by a high concentration of major players, with Gaolun Electronics facing significant competition from established firms [6][10]. - The company aims to enhance its market position through strategic acquisitions and investments, although it faces challenges in identifying suitable targets [11][12]. Risks and Challenges - The company faces various risks, including increased R&D costs, potential technology obsolescence, and challenges in achieving market recognition for new products [6][7][8]. - The limited scale of the EDA market and the company's relatively small size may hinder its growth and competitive capabilities [10]. Corporate Governance - The company has no controlling shareholder, and its equity is relatively dispersed among shareholders, with no reported pledges or freezes of shares [20].

Core Viewpoint - The company, Edifier (漫步者), reported a revenue increase in 2024 but faced a slight decline in Q1 2025 due to insufficient high-end consumer demand and expectations of household income recovery [2][3]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 2.943 billion yuan, a year-on-year increase of 9.27%, with a gross margin of 40.35%, up by 3.02% from the previous year [2]. - The earphone and headset series generated revenue of 1.841 billion yuan, a 2.79% increase, while the audio series saw revenue of 999 million yuan, a 20.39% increase [2]. - For Q1 2025, the company reported a gross margin of 40.94%, an increase of 1.64% year-on-year, despite a slight decline in revenue and net profit compared to the same period last year [3][5]. Group 2: Product Development and Market Strategy - The company is focusing on high-end and differentiated product development, with new releases such as the Halo Nano portable speaker and advancements in wireless earphones featuring Bluetooth 6.0 [3][4]. - The open-ear headphone market is a key growth area, with the company launching various models and maintaining significant investment in this product line [4]. - The company has established a multi-brand strategy, introducing brands like "IRPULSE" for Hi-Fi audio and "HECTE" for esports, aiming to leverage product differentiation to reach a broader consumer base [4]. Group 3: Investment Insights - Recent ratings from four institutions indicate two buy ratings and two hold ratings, with an average target price of 17.48 yuan over the past 90 days [6]. - Profit forecasts for 2025 predict a net profit of approximately 580 million yuan, with growth expected in subsequent years [7].