云南白药集团股份有限公司 2025 年年度报告全文 云南白药集团股份有限公司 2025 年年度报告 2026 年 03 月 1 云南白药集团股份有限公司 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人张文学、主管会计工作负责人马加及会计机构负责人（会计主 管人员）徐静声明：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。 本公司请投资者认真阅读本年度报告全文，并特别注意报告第三节"管理 层讨论与分析"第十一部分"公司未来发展的展望"，该部分不构成公司对投 资者的实质承诺，敬请投资者注意投资风险。 公司本次拟实施的现金分红与 2025 年已实施的特别分红合并计算，2025 年度累计现金红利总额占 2025 年度公司归属于上市公司股东净利润的 90.09%， 累计现金红利总额合计为 4,642,651,293.01 元（含税）。公司已于 2025 年 9 月完 成 2025 年特别分红利润分派，每 ...

瑞达期货股份有限公司 2025 年年度报告全文 瑞达期货股份有限公司 2025 年年度报告 2026 年 03 月 1 瑞达期货股份有限公司 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。 公司负责人林志斌、主管会计工作负责人葛昶及会计机构负责人(会计主 管人员)曾永红声明：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。 本年度报告中涉及公司未来计划及经营目标等前瞻性陈述，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。 公司业务经营受各种风险因素影响，存在市场风险、信用风险、流动性 风险、操作风险等相关风险因素，公司在本报告第四节"公司治理、环境和 社会"之"十六、风险管理情况"部分就此做了专门说明，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：以实施权益分派股权登 记日登记在册的总 ...

Financial Performance - The revised total operating revenue for 2025 is between CNY 508.05 million and CNY 620.95 million, a decrease of 6.35% compared to the previous year [3]. - The net profit attributable to the parent company is revised to a loss of CNY 5.65 million, a decrease of 140.41% from the previous estimate [6]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is revised to a loss of CNY 14.72 million, a decrease of 433.34% from the previous estimate [6]. - The company reported a basic earnings per share of CNY 0.16, a decrease of 114.89% compared to the previous year [3]. - The net profit margin has significantly declined, reflecting challenges in the company's operational performance [6]. Asset Management - The total assets at the end of the reporting period are CNY 1,923.75 million, an increase of 2.47% compared to the beginning of the period [5]. - The weighted average return on net assets is revised to 0.97%, a decrease of 3.20 percentage points from the previous year [3]. - The company has made a provision for credit impairment of CNY 21.91 million based on prudent assessment of customer credit risk [7]. Communication and Reporting - The company emphasizes the importance of accurate financial reporting and will strengthen communication with auditors to ensure the reliability of future earnings forecasts [11]. - The company expresses apologies for any inconvenience caused to investors due to the revisions in financial data [11].

上海锦江航运（集团）股份有限公司2025 年年度报告 公司代码：601083 公司简称：锦江航运 上海锦江航运（集团）股份有限公司 2025 年年度报告 1 / 217 上海锦江航运（集团）股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，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。 二、公司全体董事出席董事会会议。 三、普华永道中天会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人沈伟、主管会计工作负责人陈燕及会计机构负责人（会计主管人员）邱倩声明： 保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司第二届董事会第八次会议审议通过，公司2025年末期以实施权益分派股权登记日登记 的总股本为基数分配利润，拟向全体股东每10股派发现金红利6.12元（含税）。截至2025年12月 31日，公司总股本1,294,120,000股，以此计算2025年末期拟派发现金红利792,001,440.00元（含 税），加上2025年中期已 ...

Financial Performance - The net profit attributable to shareholders for 2025 was CNY 441,236,300.09, with total distributable profits at CNY 3,415,879,609.08[6] - The company plans to distribute a cash dividend of CNY 0.314 per 10 shares, totaling CNY 132,645,701.94[6] - The company's operating revenue for 2025 reached ¥2,644,781,668.57, representing a 4.08% increase compared to ¥2,541,123,963.72 in 2024[23] - The total profit for 2025 was ¥612,199,536.96, a decrease of 7.34% from ¥660,712,556.28 in 2024[23] - The net profit attributable to shareholders was ¥441,236,300.09, down 2.92% from ¥454,492,823.77 in 2024[23] - The net profit after deducting non-recurring gains and losses increased by 69.39% to ¥392,270,617.32 from ¥231,583,273.34 in 2024[24] - The basic earnings per share for 2025 was ¥0.1044, a decrease of 2.97% from ¥0.1076 in 2024[24] - The weighted average return on net assets was 2.7864%, down from 2.9224% in 2024[24] - The total assets at the end of 2025 were ¥22,406,144,635.90, a slight decrease of 0.03% from ¥22,412,943,899.49 in 2024[23] - The net assets attributable to shareholders increased by 1.66% to ¥15,987,842,870.32 from ¥15,726,863,659.32 in 2024[23] - The company achieved a revenue of CNY 2.645 billion in 2025, representing a year-on-year increase of 4.08%[52] - The net profit attributable to shareholders was CNY 441 million, a decrease of 2.92% compared to the previous year[52] - Total assets reached CNY 22.406 billion, with a net asset value of CNY 15.988 billion and a debt-to-asset ratio of 9.63%[52] Risk Management - The company reported no significant risks that could materially affect its operations during the reporting period[9] - There were no non-operating fund occupations by controlling shareholders or related parties[8] - The company has no violations of decision-making procedures regarding external guarantees[8] - The company faces market expansion risks due to increased competition and economic downturns, which may hinder new business development[87] - International business expansion is subject to risks from international political and economic environments, which could adversely affect overall business performance[87] - The company has established a communication satellite system to mitigate risks associated with satellite operational failures, ensuring business continuity[87] Governance and Compliance - The audit report issued by Lixin Certified Public Accountants was a standard unqualified opinion[5] - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[3] - The company adheres to strict governance practices, ensuring compliance with laws and regulations while maintaining an independent operational structure[90] - The company has not faced any penalties from securities regulatory authorities in the past three years, reflecting a stable compliance record[105] - The company has established measures to ensure that commitments are fulfilled, including public disclosure of any failures to meet commitments and compensation for any resulting losses[151] Research and Development - The company’s R&D expenses amounted to CNY 76.20 million, accounting for 4.19% of total revenue, with 31.28% of R&D costs capitalized[63] - The company has 128 R&D personnel, accounting for 20.4% of the total workforce[64] - The innovation research institute was upgraded to enhance satellite application technology and product innovation[49] - The company has established a technology innovation leadership group and a satellite application innovation research institute to enhance its innovation capabilities[41] Employee and Management Compensation - The total pre-tax compensation for the board members and senior management during the reporting period includes the performance bonuses for 2024[97] - The chairman, Sun Jing, received a total pre-tax compensation of 92.73 million yuan[94] - The general manager, Ma Haiquan, received a total pre-tax compensation of 23.69 million yuan[94] - The total remuneration for all directors and senior management at the end of the reporting period amounted to CNY 743.48 million[102] - The company has implemented a strict annual salary system for senior management, with performance evaluations for 2024 tied to economic indicators such as profit, revenue, and new contract amounts[123] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 249,905, a decrease from 365,735 at the end of the previous month[181] - The largest shareholder, China Aerospace Science and Technology Corporation, holds 2,651,691,416 shares, representing 62.77% of total shares[182] - The second-largest shareholder, Aerospace Technology Group - Zhongjin Company - 24 EB, has decreased its holdings by 241,472,552 shares, now holding 295,935,960 shares, which is 7.01%[182] - The total number of shares held by the top ten shareholders is significant, with the first three shareholders alone accounting for over 74% of total shares[182] - The report indicates no pledged, marked, or frozen shares for the top shareholders, ensuring liquidity[182] Operational Highlights - The company successfully signed nearly 5,000 high-throughput access points and nearly 1,000 IoT access points during the reporting period, enhancing revenue-generating capabilities[39] - The company launched 19 commercial communication satellites, covering over 95% of global maritime routes with its "Haixing Tong" global network service[36] - The company aims to develop over 10 million satellite communication users by 2030, as outlined in the Ministry of Industry and Information Technology's guidelines[35] - The company has successfully expanded its international market, with the launch of the Zhongxing 26 satellite in Laos and the first overseas commercial operation of high-throughput services[39] Legal and Regulatory Matters - There are no significant lawsuits or arbitration matters reported for the current year, indicating a stable legal standing[160] - The company and its major stakeholders have maintained a good integrity status, with no significant debts or court judgments unmet during the reporting period[161] - The company has not reported any significant changes in shareholding structure or restrictions on share reductions[193] Future Outlook - By 2026, the company plans to ensure the completion of all project targets while expanding its customer base and promoting industry ecosystem prosperity[85] - The company is committed to innovation by optimizing its satellite application innovation research institute and developing an integrated service platform[86] - The company intends to maintain a long-term holding of its shares, viewing the public offering as a significant financing method rather than a short-term speculative action[138]

宁波球冠电缆股份有限公司 2025 （Ningbo Qrunning Cable Co.,Ltd） 年度报告 官微二维码 二维码（如 有） 1 球冠电缆 920682 公司年度大事记 5 月，球冠电缆中心实验室顺 利通过中国合格评定国家认可委 员会（CNAS)审核，荣获 CNAS 体系 认可证书。CNAS 认可机构出具的检 测报告将获全球100余个国家和经 济体互认，成为企业参与国内及国 际市场竞争的"技术通行证"。 8 月，中国电线电缆行业年度 大会隆重发布"2025 年度中国线缆 产业最具竞争力企业"百强榜单， 球冠电缆荣获榜单 26 位，较上年 排名再进 3 位，彰显了公司在技术 创新、产品质量、市场服务及绿色 发展等方面的卓越进步。 2025 年度公司在国家电网、南 方电网市场开拓再度实现突破。在 国家电网(及区域联合招标)、南方 电网平台集中招标中，实现中标 28.52 亿元，创出历史新高，标志 着公司市场竞争力继续增强，行业 地位稳步提升。 2025 年度，公司全年累计获 得国家专利授权 17 项，其中发明 2 项，年度专利授权数量创下历史 新高，公司在技术研发领域厚积深 耕、持续发力，成果显著， ...

Financial Performance - The company's operating revenue for 2025 reached ¥763,844,482, representing a 7.13% increase from ¥713,035,811 in 2024[20] - Total profit for 2025 was ¥94,982,499, a significant increase of 56.35% compared to ¥60,751,793 in 2024[20] - Net profit attributable to shareholders was ¥82,385,311, reflecting a 66.91% increase from ¥49,359,425 in the previous year[20] - The basic earnings per share for 2025 was ¥0.82, up 67.35% from ¥0.49 in 2024[21] - The company's total assets as of the end of 2025 amounted to ¥942,242,438, a 7.13% increase from ¥879,505,893 in 2024[20] - The net assets attributable to shareholders increased to ¥633,042,950, marking a 9.43% rise from ¥578,485,274 in 2024[20] - The cash flow from operating activities for 2025 was ¥101,813,183, a slight decrease of 2.09% from ¥103,987,457 in 2024[20] - The weighted average return on equity for 2025 was 13.68%, an increase of 4.97 percentage points from 8.71% in 2024[21] - The company achieved an operating revenue of 764 million RMB, representing a year-on-year growth of 7.13%[58] - The net profit for the period was approximately 82 million RMB, reflecting a significant increase of 64.73% compared to the previous year[58] - The core business in thermal management generated revenue of about 708 million RMB, with a year-on-year growth of approximately 7.78%[53] - The total revenue for the period reached 523,229,477.27, an increase of 9.56% compared to 477,593,709.04 in the previous year[1] - The total operating revenue for 2025 reached CNY 763,844,482, an increase of 7.1% compared to CNY 713,035,811.94 in 2024[199] - The total operating costs for 2025 were CNY 679,916,365.17, up from CNY 633,658,859 in 2024, reflecting a growth of 7.3%[199] - The operating profit margin for 2025 was approximately 11.0%, compared to 11.1% in 2024, indicating a slight decrease[199] Cash Flow and Investments - The cash flow from operating activities for 2025 was ¥101,813,183, a slight decrease of 2.09% from ¥103,987,457 in 2024[20] - The net cash flow from operating activities for Q1 2025 was ¥8.81 million, which increased significantly to ¥38.02 million in Q2, then decreased to ¥30.70 million in Q3, and finally to ¥24.29 million in Q4[25] - The net cash flow from operating activities was about 101.8 million RMB, a decrease of 2.09% compared to the previous year[58] - The net cash flow from investing activities was negative CNY 105.77 million, a significant increase of 148.16% in outflows compared to the previous year[1] - The company reported an increase in investment income of CNY 6.42 million, a substantial rise of 2,843.13% year-on-year[1] Research and Development - The company has developed lithium battery PACK products since 2021, targeting sectors such as power, engineering machinery, and special trucks[27] - The company is focusing on high-performance cooling solutions for various industries, including renewable energy, with customized heat exchange components and cooling systems[44] - The company aims to enhance its R&D investment in high-efficiency heat exchange technology and green materials, particularly in emerging fields like data center liquid cooling and hydrogen energy[92] - The company’s research and development expenses slightly increased by 1.39% to CNY 33.61 million[1] - The company employed 152 R&D personnel, making up 15.75% of the total workforce[76] Market and Competitive Landscape - The company is positioned in a competitive landscape dominated by multinational corporations like Alfa Laval and Tranter, focusing on high-value sectors such as LNG and large chemical projects[86] - Approximately 60% of the company's sales revenue comes from overseas markets, indicating a high dependency on international markets[102] - The market competition is shifting from product cost-performance to a comprehensive competition involving technology, supply chain, and localized services[89] Governance and Management - The company has conducted two shareholder meetings and six board meetings during the reporting period, ensuring compliance with legal requirements[108] - The company has not experienced any significant changes in business, products, or services during the reporting period[70] - The company is undergoing internal governance structure adjustments, which include changes in key management positions[113] - The company has a strategic focus on enhancing its governance structure and management efficiency through these changes[113] - The total compensation for the management team amounted to 5,495,100 CNY, with the highest individual compensation being 140.51 CNY million for the departing Vice General Manager[111] Risk Management - The company has identified various industry and policy risks that may impact future performance, as detailed in the management discussion section[10] - The company faces risks related to macroeconomic fluctuations, which could impact order demand and cash flow[102] - The price of aluminum, constituting about 50% of manufacturing costs, poses a risk if prices rise significantly without the ability to pass costs onto customers[103] - The company has established a risk identification and monitoring system to mitigate various potential risks, including financial and operational risks[105] Environmental and Social Responsibility - The company has actively implemented environmental protection measures, including increasing solar power capacity to 1.2 megawatts[147] - The company has conducted regular environmental monitoring to ensure compliance with emission standards[148] - The company has engaged in social responsibility initiatives, contributing CNY 20,000 to community projects[149] Future Outlook - The company plans to achieve a revenue of 1 billion yuan and a net profit of 100 million yuan by 2026[99] - The company aims to enhance its sustainable development capabilities through capital increases and strategic investments in subsidiaries[127] - By 2026, the company expects to achieve solid growth in scale while continuously improving profitability and sustainable development capabilities[101]

Financial Performance - In 2025, the total operating revenue was CNY 28.399 billion, a decrease of 4.43% compared to the previous year[2] - The net profit attributable to shareholders was CNY 3.669 billion, down 39.94% year-on-year[2] - The operating profit decreased by 40.80% to CNY 5.045 billion compared to the previous year[2] - The total profit fell by 41.55% to CNY 5.002 billion year-on-year[2] Assets and Equity - The total assets at the end of the reporting period reached CNY 387.114 billion, an increase of 8.43% from the beginning of the period[3] - The equity attributable to shareholders increased to CNY 88.611 billion, reflecting a growth of 2.12%[3] - The asset-liability ratio increased to 71.92%, up by 0.97 percentage points from the beginning of the period[4] Non-Recurring Items and Mergers - Non-recurring gains and losses increased by CNY 466 million due to the disposal of equity and related debts of a small hydropower company[5] - The company conducted a merger with China Three Gorges Group (Yingkou) Energy Investment Co., Ltd., leading to retrospective adjustments in financial data[5] Revenue Impact Factors - The average on-grid electricity price decreased year-on-year, impacting overall revenue[5]

Dividend Distribution - The company plans to distribute a cash dividend of 2.3 RMB per 10 shares and to convert 3 shares from capital reserves for every 10 shares held[6]. - The company has no unfulfilled losses affecting dividend distribution[7]. - The total cash dividend amount (including tax) is 83,656,993.80 RMB, which accounts for 30.05% of the net profit attributable to ordinary shareholders in the consolidated financial statements, amounting to 278,380,063.24 RMB[150]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) is 207,468,986.50 RMB, with an average annual net profit of 226,810,585.43 RMB, resulting in a cash dividend ratio of 91.47%[152]. Financial Performance - The company's operating revenue for 2025 reached ¥1,375,754,147.23, representing a 21.24% increase compared to ¥1,134,763,595.78 in 2024[24]. - The total profit for 2025 was ¥319,648,895.32, up 23.01% from ¥259,845,841.06 in 2024[24]. - Net profit attributable to shareholders for 2025 was ¥278,380,063.24, reflecting a 20.90% increase from ¥230,249,414.19 in 2024[24]. - The net cash flow from operating activities for 2025 was ¥279,096,128.72, a significant increase of 33.18% compared to ¥209,563,020.57 in 2024[24]. - The company's total assets grew to ¥3,247,454,118.01 by the end of 2025, marking a 46.74% increase from ¥2,213,007,030.88 at the end of 2024[24]. - Basic earnings per share for 2025 were ¥0.77, a 22.22% increase from ¥0.63 in 2024[25]. - The weighted average return on equity for 2025 was 14.41%, up from 13.22% in 2024[25]. - The net profit after deducting non-recurring gains and losses for 2025 was ¥254,749,900.53, an 18.80% increase from ¥214,433,115.34 in 2024[24]. Risk Management - There are no significant risk events reported during the reporting period[9]. - The company has detailed various risks and countermeasures in the management discussion section of the report[9]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has not faced any issues with a majority of directors being unable to ensure the accuracy of the annual report[8]. Audit and Governance - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[5]. - The board of directors has confirmed the authenticity and completeness of the annual report[3]. - The company has established a robust internal control system to ensure effective execution and protect investor interests, with regular evaluations of key business processes[120]. - The board consists of 8 members, including 3 independent directors, ensuring compliance with legal requirements and effective governance practices[119]. - The company has not reported any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[121]. Research and Development - R&D expenses for the reporting period amounted to CNY 65.4711 million, representing 4.76% of total revenue, supporting continuous product optimization and innovation[46]. - The company has established multiple innovation platforms, including provincial-level research institutes and high-tech R&D centers, and has undertaken several key provincial and municipal research projects[46]. - The company is committed to deepening collaborative research and development with customers, particularly in the fields of new energy vehicles and robotic components[100]. - The company plans to enhance its technological innovation capabilities by integrating internal and external resources, focusing on the new energy vehicle sector[104]. Market Expansion - The company is expanding its international sales network in key markets such as Germany, Sweden, and the USA to enhance local operational capabilities[52]. - A new production base in Thailand is set to commence in 2024 to boost international manufacturing capacity for mica series products and precision components[52]. - The company is expanding global production capacity for mica products in the new energy sector to seize opportunities in the electric vehicle and energy storage industries[100]. - The company plans to establish new production bases in Southeast Asia, introducing advanced production equipment and management systems to create a leading manufacturing platform for key components in electric vehicles[103]. Strategic Acquisitions - The company successfully expanded its business into precision structural components through the acquisition of Diz Precision, enhancing its product offerings[36]. - The company acquired a 41.20% stake in Diz Precision for CNY 164.8 million, increasing its ownership to 51.00% after a capital increase of CNY 80 million[63]. - The company has completed the acquisition of 51% of Shanghai Diz Precision Machinery Co., Ltd. for a total consideration of ¥164.8 million, enhancing its capabilities in precision transmission products[82]. Employee and Management - The total number of employees in the parent company is 625, while the total number of employees in major subsidiaries is 1,413, resulting in a combined total of 2,038 employees[141]. - The company has established a complete compensation management system, emphasizing performance-based pay linked to employee performance and capabilities[142]. - The management team has extensive experience in the high-temperature insulation mica materials sector, providing a solid foundation for the company's sustainable development[52]. Compliance and Legal Matters - The company has not faced any penalties or claims related to employee social insurance and housing fund contributions during the reporting period[181]. - There were no significant lawsuits or arbitration matters reported during the fiscal year[186]. - The company has committed to ensuring fair pricing in related party transactions to protect the interests of shareholders, especially minority shareholders[180]. Future Outlook - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange in 2025, aiming to raise funds for production capacity enhancement, smart manufacturing, R&D, marketing, and strategic investments[45]. - The company anticipates sustained growth in sales revenue from new energy vehicle customers, driven by increasing safety performance requirements[103]. - The company aims to expand its market presence in high-growth areas, including precision components for new energy vehicles, energy storage, and robotics[104].

深圳市沃尔核材股份有限公司 2025 年年度报告全文 深圳市沃尔核材股份有限公司 2025 年年度报告 2026 年 4 月 1 日 1 深圳市沃尔核材股份有限公司 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。 公司负责人周和平、主管会计工作负责人姚晨航及会计机构负责人（会 计主管人员）赵飞艳声明：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。 本报告中涉及的未来发展计划等前瞻性陈述属于计划性事项，不构成公 司对投资者的实质性承诺，敬请投资者注意投资风险。 公司已在本报告的"第三节 管理层讨论与分析"之十一中的"公司未来 发展的展望"部分，描述了公司经营中可能存在的风险及应对措施，敬请广 大投资者仔细阅读。 公司经本次董事会审议通过的利润分配预案为：以公司现有总股本 1,399,887,362 股剔除回购专用证券账户中已回购股份 10,283,600 股后的股 本 1,389,603,762 股为基数，向全体股东每 10 ...