海螺（安徽）节能环保新材料股份有限公司 2025 年年度报告全文 海螺（安徽）节能环保新材料股份有限公司 Conch （Anhui） Energy Saving and Environment Protection New Material Co., Ltd. 2025 年年度报告 2026 年 3 月 1 海螺（安徽）节能环保新材料股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人李晓波、主管会计工作负责人张广杰及会计机构负责人（会 计主管人员）王中友声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异，敬请投资者注意投资风险。 公司已在本报告中详细描述公司经营中可能面临的市场需求风险、原材 料价格风险、新项目收益不及预期的风 ...

许昌远东传动轴股份有限公司 2025 年年度报告全文 1 许昌远东传动轴股份有限公司 许昌远东传动轴股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 2025 年年度报告 2026-004 【2026 年 3 月 28 日】 | ਲ | | --- | 公司负责人刘延生、主管会计工作负责人李茹及会计机构负责人（会计 主管人员）吴晓凡声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 如公司在年度报告中涉及未来计划等前瞻性陈述，同时附有相应的警示 性陈述，该计划不构成公司对投资者的实质性承诺，投资者及相关人士均应 当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司存在商用车、工程机械以及乘用车行业周期波动、主要原材料价格 上涨、未来国际市场业务开拓不力、环境保护和募集资金投资项目无法实现 预期收益等风险因素，敬请广大投资者注意风险。公司已在本报告中详细描 述公司存在的风 ...

Financial Performance - In 2025, the company achieved a revenue of CNY 51.429 billion, representing a year-on-year growth of 16.20%[5] - The net profit attributable to shareholders was CNY 2.288 billion, an increase of 30.34% compared to the previous year[5] - Operating cash flow reached CNY 4.433 billion, reflecting a year-on-year growth of 10.40%[5] - The company's revenue for 2025 reached approximately ¥51.43 billion, representing a 16.20% increase compared to the previous year[29] - Net profit attributable to shareholders for 2025 was approximately ¥2.29 billion, marking a 30.34% increase year-over-year[29] - The net profit after deducting stock incentive amortization expenses was approximately ¥2.60 billion, reflecting a 40.30% increase from the previous year[29] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥1.75 billion, a 7.41% increase compared to the previous year[29] - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is ¥2,063,496,270.35, representing a 19.47% increase compared to ¥1,727,260,235.48 in 2024[30] - The operating cash flow for 2025 is ¥4,432,801,652.65, which is a 10.40% increase from ¥4,021,271,442.69 in 2024[30] - The basic earnings per share for 2025 is ¥0.33, up 32.00% from ¥0.25 in 2024[30] - Total assets at the end of 2025 amount to ¥57,900,451,001.32, reflecting a 28.12% increase from ¥45,161,192,304.34 at the end of 2024[30] - The net assets attributable to shareholders at the end of 2025 are ¥24,040,141,759.83, a 21.50% increase from ¥19,807,670,030.84 at the end of 2024[30] Strategic Goals and Market Position - The company aims to become a top 3 global manufacturer of embodied intelligent hardware, with significant achievements in humanoid robotics, including winning two gold and one bronze medal at the World Humanoid Robot Games[6] - The company plans to enhance its core competitive advantages in AI hardware and accelerate the layout of new growth engines in AI terminals, humanoid robots, and automotive sectors[9] - The company has successfully transformed from a traditional consumer electronics manufacturer to an AI hardware manufacturing platform, focusing on providing comprehensive intelligent manufacturing services and solutions[27] - The company is actively engaged in the development of new products and technologies, particularly in the AI and 5G sectors[27] - The company plans to expand its market presence and enhance its capabilities through strategic acquisitions and partnerships[27] - The company has undergone significant changes in its main business since 2018, shifting to precision functional parts, structural components, modules, and premium assembly[27] - The company’s major shareholder has changed to Lingsheng Investment (Jiangsu) Co., Ltd. as of July 2023[27] - The company is committed to maintaining transparency and has established multiple channels for information disclosure, including the Shenzhen Stock Exchange and various financial media[25] Acquisitions and Partnerships - The company completed acquisitions of Zhejiang Xianglong and Jiangsu Keda, transitioning from Tier 2 to Tier 1 in the automotive sector, which significantly improved profitability and business synergy[6] - The acquisition of Readore has enabled the company to penetrate the core supply chain for North American computing power clients, with bulk shipments of AMD high-end graphics card cooling modules[45] - The company has signed strategic cooperation agreements with multiple partners to establish assembly lines for humanoid and embodied robots, enhancing production capabilities[73] - The company has established a joint venture for robot innovation, further solidifying its position in the market[73] Product Development and Innovation - The company is focusing on AI glasses and XR wearable devices, aiming to become a leading supplier of core hardware and key technologies in the smart wearable device sector[58] - The company has developed a 3D dual heat source uniform heat plate, enhancing heat dissipation efficiency with a significant increase in heat transfer area[57] - The company has successfully launched ultra-thin titanium alloy folding screen support components and carbon fiber support components, achieving mass production and shipment for high-end VC cooling projects in North America[45] - The AI hardware segment focuses on AI terminals, robotics, and enterprise-level servers, providing comprehensive solutions from core components to smart manufacturing services for leading global clients[48] - The company has established a robust product matrix for thermal management, including ultra-thin heat spreaders and heat pipes, successfully mass-producing these solutions for mid-to-high-end smartphones[55] - The company has introduced advanced carbon fiber and titanium alloy support solutions, enhancing durability and user experience while achieving mass production for various folding devices[52] - The company has developed high-performance GPU cooling solutions that ensure stable cooling performance under high load conditions[86] - The company’s AI terminal power products focus on high reliability and efficiency, featuring multi-device fast charging technology for laptops and smartphones[67] Manufacturing and Production Efficiency - The company has implemented a non-stop material change technology in die-cutting processes, doubling the operational efficiency of the equipment[106] - The high-speed precision stamping technology increases production speed by over 10 times compared to conventional stamping methods, enhancing efficiency and reducing costs[108] - The company’s automated assembly line developed in-house supports large-scale customized production with stable quality and efficient cycles[130] - The introduction of CAE analysis and multi-body dynamics analysis supports the optimization of product performance throughout its lifecycle[129] - The company has achieved significant improvements in production efficiency and reduced costs through the integration of automation and modular design in its manufacturing processes[123] - The intelligent control system allows for high-level integration and remote control of equipment, significantly improving operational efficiency and reducing production costs[122] Market Trends and Projections - The AI hardware market is experiencing a mild recovery, with innovative categories like foldable devices and AI glasses driving growth[160] - By 2025, the shipment volume of AI smartphones is expected to reach 369 million units, with a projected penetration rate of 54% by 2028[161] - The foldable smartphone segment is anticipated to capture 39% of the high-end smartphone market share by 2027[163] - The humanoid robot market is expected to see significant growth in 2025, with an estimated shipment of 18,000 units and sales revenue of approximately $44 million, representing a year-on-year increase of 508%[180] - Cumulative sales orders for humanoid robots are projected to exceed 35,000 units in 2025, laying the foundation for future deliveries and market expansion[180] - By 2040, the global humanoid robot deployment is expected to reach 137 million units, with the core components market size projected to reach $780 billion[180] Environmental and Social Responsibility - The company has implemented a sustainable supply chain management process, including the development of green product management standards to minimize ecological impact[150] - The company has been rated "A" for three consecutive years by a leading global ESG rating agency, highlighting its commitment to environmental, social, and governance standards[139] - The company has optimized supplier management practices, requiring suppliers to fulfill social and environmental responsibilities[150]

江铃汽车股份有限公司 2025 年年度报告全文 江铃汽车股份有限公司 2025 年年度报告 2026 年 03 月 1 江铃汽车股份有限公司 2025 年年度报告全文 第一节 重要提示、目录和释义 报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 本报告第三节"管理层讨论与分析"中描述了公司可能存在的风险和应对 措施，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 854,581,922为基数，向 全体股东每 10 股派发现金红利 5.5581 元（含税），送红股 0 股（含税），不 以公积金转增股本。 2 | | | . | | --- | --- | --- | | | | 4 | | | . | | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 10 | | 第四节 | 公司治理、环境和社会 | 26 | | 第五节 | 重要事项 | 44 | | 第六节 | 股份变动及股东情况 | 50 | | ...

云铝股份 云南铝业股份有限公司 2021 年年度报告全文 2025 年年度报告 2026 年 03 月 国家环境友好企业 云铝股份·中国绿色铝 1 年薪安全环保管理水平 云南铝业股份有限公司 2025 年年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人张得教、主管会计工作负责人马颜及会计机构负责人（会计主 管人员）王冀奭声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 年度报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。公司在本报告第三节"管理层讨论与分 析"中"十一、公司未来发展的展望"部分，详细描述了公司可能面对的风险 及应对措施，敬请广大投资者关注相关内容。 公司经第九届董事会第二十三次会议审议通过的2025年度利润分配预案为： 以公司现有总股本 3,467,957,405 股为基数，向全体股东每 10 股派发现金红利 3.79 元（含税），共派发现金红利 1,314,3 ...

Financial Performance - The company reported a net profit of ¥20,015,763.06 for the year 2025, a decrease of 28.79% compared to ¥28,106,860.36 in 2024[5]. - Total revenue for 2025 was ¥1,949,489,050.82, reflecting a decline of 3.57% from ¥2,021,623,118.68 in 2024[19]. - Basic earnings per share decreased by 28.71% to ¥0.0303 in 2025, down from ¥0.0425 in 2024[19]. - The weighted average return on equity was 1.70% for 2025, a decrease of 0.74% from 2.44% in 2024[19]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥14,168,146.72, up 128.18% from ¥6,209,280.77 in 2024[19]. - The company achieved operating revenue of CNY 1,949.49 million in 2025, a decrease of 3.57% compared to CNY 2,021.62 million in 2024[55]. - The net profit attributable to shareholders was CNY 20.02 million, down 28.79% from CNY 28.11 million in the previous year[55]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to ¥62,793,164.48, compared to a negative cash flow of ¥123,812,436.96 in 2024, marking a 150.72% increase[19]. - The company's total assets increased by 12.68% to ¥2,560,619,900.30 at the end of 2025, up from ¥2,272,545,846.61 at the end of 2024[19]. - Cash and cash equivalents increased to ¥669,262,042.26, representing 26.14% of total assets, up from 21.26% in the previous period[83]. - The net increase in cash and cash equivalents rose by 192.57% from -¥166,805,704.37 in 2024 to ¥154,409,568.88 in 2025[80]. - The company's inventory accounted for 97.84% of the total cost of sales, showing a decrease of 3.80% year-on-year[68]. Dividends and Retained Earnings - The company plans not to distribute cash dividends or issue bonus shares due to accumulated losses, with retained earnings at -¥2,331,981,220.59[5]. - The company has indicated that it will not distribute dividends due to negative retained earnings, which do not meet the legal requirements for cash dividends[5]. Business Segments and Market Position - The company operates in three main business segments: enterprise services, IoT and big data, and life sciences, focusing on digital transformation solutions across various industries[27][28]. - The company has been recognized as a leader in digital transformation services, winning several awards such as "2025 IDC China Industry Service Provider Leader" and "2024 Top Ten AI Products"[30][31]. - The company is positioned to benefit from national strategies promoting digital transformation and the integration of AI and data technologies, as outlined in recent government reports[32][33]. Research and Development - The company has established a comprehensive innovation and R&D system, holding a total of 418 software copyrights and various patents as of the end of the reporting period[44]. - The company's R&D personnel decreased by 9.65% from 228 in 2024 to 206 in 2025, with the proportion of R&D personnel dropping from 44.36% to 40.97%[76]. - R&D investment amount decreased by 14.44% from ¥121,788,823.11 in 2024 to ¥104,202,136.10 in 2025, with the proportion of R&D investment to operating revenue falling from 6.02% to 5.35%[76]. Strategic Initiatives and Partnerships - The company plans to continue expanding its market presence and enhancing its product offerings through ongoing innovation and strategic partnerships[30]. - The company has deepened strategic cooperation with major industry clients in finance, government, internet, smart manufacturing, and biomedicine, focusing on transforming client business needs into IT requirements[47]. - The company has upgraded its strategic partnership with Huawei, becoming a diamond distributor and achieving breakthroughs in industry solutions and AI large model collaboration[49]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, enhancing internal control and promoting sustainable development[111]. - The board of directors consists of 8 members, including 3 independent directors, meeting legal requirements and enhancing governance structure[112]. - The company has implemented a comprehensive information disclosure management system, adhering to legal requirements and ensuring timely and accurate information dissemination[113]. Social Responsibility and Environmental Commitment - The company emphasizes the importance of social responsibility and environmental information disclosure as part of its corporate mission[149]. - The company is committed to promoting green development and achieving the "dual carbon" goals through digital transformation in the industry[149]. - The company actively supports academic and scientific training, contributing to rural education development by donating learning supplies to Hequ Village Hope Primary School[149]. Market Trends and Projections - The global cloud computing market is projected to reach $6.929 trillion by 2024, with a year-on-year growth rate of 20.3%[97]. - The global AI market is forecasted to grow to $315.9 billion in 2024, with a compound annual growth rate (CAGR) of 31.9%[98]. - The digital solutions market in China's life sciences sector is expected to grow from 36.91 billion RMB in 2023 to 55.98 billion RMB by 2028, reflecting a CAGR of 8.7%[101].

易普力股份有限公司 2025 年年度报告全文 1 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人付军、主管会计工作负责人邓小英及会计机构负责人（会计 主管人员）宋龙梅声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告中涉及的未来经营计划等前瞻性内容是基于现有业务结构未 发生重大变化的谨慎性预估，并不代表公司对未来年度的盈利预测，也不构 成公司对投资者的实质性承诺，能否实现取决于市场状况变化、经营团队的 努力程度等多种因素，存在不确定性。投资者及相关人士均应对此保持足够 的风险认识，理解计划、预测与承诺之间的差异。敬请投资者注意投资风险。 公司已在本报告第三节管理层讨论与分析的公司未来发展的展望中详述 了公司可能面对的风险因素，敬请查阅。 公司经本次董事会审议通过的利润分配预案为：以 1,240,440,770 股为 基数，向全体股东每 10 股派发现金红利 2.56 元（含税），送红股 0 股（含 税） ...

Financial Performance - The company's operating revenue for 2025 was approximately ¥3.18 billion, representing a 1.03% increase compared to ¥3.15 billion in 2024[21]. - Net profit attributable to shareholders for 2025 was approximately ¥468.81 million, a significant increase of 100.17% from ¥234.21 million in 2024[21]. - The net profit after deducting non-recurring gains and losses for 2025 was approximately ¥420.61 million, a decrease of 14.57% compared to ¥492.32 million in 2024[21]. - The net cash flow from operating activities for 2025 was approximately ¥405.59 million, down 43.39% from ¥716.43 million in 2024[21]. - The total assets at the end of 2025 were approximately ¥6.15 billion, an increase of 8.01% from ¥5.69 billion at the end of 2024[21]. - The company's basic earnings per share for 2025 was ¥0.83, a 97.62% increase from ¥0.42 in 2024[21]. - The company achieved a revenue of 3.18 billion yuan, representing a year-on-year growth of 1.03%[54]. - The net profit attributable to shareholders reached 469 million yuan, a significant increase of 100.17% year-on-year[54]. - The domestic acquiring business processed a transaction volume of approximately 14.7 trillion yuan, remaining stable compared to the previous year[55]. - The cross-border payment transaction amount exceeded 2.4 billion yuan, with a quarterly average growth rate of over 100%[59]. Dividend Distribution - The company plans to distribute a cash dividend of 3 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The board approved a profit distribution plan based on the total share capital on the equity registration date[3]. - For the first half of 2025, the cash dividend plan is set at ¥3 per 10 shares (before tax), with a total cash dividend amounting to ¥170,189,736.90[164]. - The total distributable profit for the year is ¥431,986,748.58, with the cash dividend representing 100% of the profit distribution[164]. Business Strategy and Operations - The company is focused on enhancing its core competitiveness and expanding its market presence through innovative business strategies[5]. - Future development strategies and operational plans will be discussed in the management's analysis section[5]. - The company has established a cross-border business group to handle cross-border payment and global acquiring services, obtaining licenses in Luxembourg, Hong Kong, and the USA[33]. - The company launched its cross-border payment brand PayKKa, offering B2B and B2C payment services supporting over 10 global currencies and 150+ currencies for acquiring[33]. - The company aims to empower small and micro businesses through a comprehensive service system that integrates payment with business operations[33]. - The company is actively investing in R&D for new technologies such as SoftPOS and unattended devices, aiming to enhance operational efficiency and product reliability[62]. - The company aims to deepen its "Payment + Terminal" business and enhance global operations through technological innovation and ecosystem collaboration, focusing on creating a comprehensive digital service capability[111]. - The company will continue to invest in cross-border payment and global acquiring services, focusing on the PayKKa brand to optimize cross-border settlement networks and enhance fund turnover efficiency[112]. Market and Industry Trends - The electronic payment industry is expected to maintain growth, with increasing bank account numbers and non-cash payment volumes projected by 2025[102]. - The overall payment system in China is projected to operate smoothly, with a focus on innovation and risk management in financial services[101]. - The global payment industry is projected to reach $3 trillion in revenue by 2029, with an average annual growth rate of around 4%[104]. - The digital RMB's application in cross-border payments is expanding, with the mBridge project facilitating efficient cross-border settlements, where digital RMB transactions accounted for 96% of the total[40]. Research and Development - Research and development expenses for 2025 are ¥286,790,299.17, which is an increase of 3.67% compared to ¥276,645,931.45 in 2024[75]. - The proportion of R&D expenses to operating revenue for 2025 is 9.02%, up from 8.79% in 2024[77]. - The number of R&D personnel decreased by 3.20% to 545 in 2025, while the proportion of R&D personnel increased to 39.15%[77]. - The company is exploring AI applications to improve operational efficiency for enterprises and merchants, indicating a strategic focus on innovation[63]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring equal treatment of all shareholders and maintaining operational independence from its controlling shareholder[128][129]. - The company has implemented measures to prevent fund occupation by controlling shareholders and related parties, maintaining operational independence[132]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors through designated channels[131]. - The company has established a performance evaluation and incentive mechanism for directors and executives, which is continuously improving to align with the company's development[130]. Risks and Challenges - The company acknowledges potential risks related to future plans and performance forecasts, urging investors to remain aware of investment risks[3]. - The company faces risks from stringent industry regulations, which could impact its operational capabilities if it fails to maintain necessary business qualifications[114]. - Increased competition in the POS market, particularly in overseas markets, poses a risk to the company's market position if it cannot adapt to changing market dynamics[115]. - The company has increased financial risks associated with mergers and acquisitions, including valuation risks and integration challenges, necessitating enhanced financial management and risk control measures[118]. Employee and Management - The total number of employees at the end of the reporting period is 1,392, with 106 from the parent company and 1,286 from major subsidiaries[156]. - The company has established a compensation system that balances internal fairness and external competitiveness, focusing on performance-driven principles[157]. - The management team includes several key figures with advanced degrees and professional certifications, such as CFA and CPA, enhancing the company's financial oversight capabilities[139]. - The company has a structured approach to balancing the interests of shareholders, employees, and society, promoting sustainable development[131]. Internal Control and Audit - The internal audit department conducts independent evaluations of the internal control processes of major subsidiaries, ensuring compliance and operational integrity[169]. - The company emphasizes the importance of internal control systems to safeguard shareholder interests and promote sustainable development[169]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2025[172]. - The company reported zero significant defects in financial and non-financial internal controls during the reporting period[171].

1 北京中科江南信息技术股份有限公司 2025 年年度报告全文 2025 年年度报告 北京中科江南信息技术股份有限公司 2025 年年度报告全文 北京中科江南信息技术股份有限公司 2025 年年度报告 【披露时间】2026-03-28 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 10 | | 第四节 公司治理、环境和社会 29 | | 第五节 重要事项 49 | | 第六节 股份变动及股东情况 66 | | 第七节 债券相关情况 74 | | 第八节 财务报告 75 | 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人罗攀峰、主管会计工作负责人杨成玢及会计机构负责人(会计 主管人员)曹乃华声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相 ...

拓新药业集团股份有限公司 2025 年年度报告全文 拓新药业集团股份有限公司 2025 年年度报告 2026-010 【2026 年 3 月】 1 拓新药业集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人杨西宁、主管会计工作负责人焦慧娟及会计机构负责人(会计 主管人员)于振伟声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司实现营业收入 37,834.36 万元，较上年同期下降 10.28%，归属于上 市公司股东的净利润-6,966.10 万元，较上年同期下降 250.32%。受市场环境 影响：受部分原料药产品终端需求波动及市场价格下行的影响，公司相关产 品的销售收入规模及毛利率水平均出现一定程度下降，直接影响了公司整体 盈利表现。受经营发展布局影响：一方面，公司募投项目完成转固后，新增 产能尚处于逐步释放的爬坡阶段，导致单位固定成本较高；另一方面，为拓 展大健康业 ...