根据公告披露，2024年3月12日，ST世龙收到中国证监会江西监管局（以下简称江西证监局）出具的《行政处罚事先告知书》。2019年至2020年期间，世 龙实业全资子公司江西世龙供应链管理有限公司通过与相关客户开展无实物流转、不具有商业实质的虚假贸易业务，虚增营业收入、营业成本和利润，导 致公司2019年年度报告和2020年年度报告存在虚假记载。 2024年5月15日，ST世龙收到江西证监局下发的《行政处罚决定书》〔2024〕1号。根据相关规定，公司股票自2024年5月17日起被实施"其他风险警示"， 股票简称由"世龙实业"变更为"ST世龙"。 5月20日晚间，ST世龙发布公告称，公司股票自5月22日开市起撤销其他风险警示，证券简称由"ST世龙"变更为"世龙实业"，证券代码仍为"002748"。撤销 其他风险警示后，公司股票交易的日涨跌幅限制由5%变为10%。 ST世龙股票将于5月21日停牌一天，5月22日开市起复牌。 针对上述情况，ST世龙已就行政处罚决定所涉事项对相应年度财务会计报告进行追溯重述，且已出具标准无保留意见的审计报告。另外，自中国证监会 作出行政处罚决定书之日起已满十二个月期限。 ST世龙表示， ...

Core Viewpoint - Geely Automobile is confident in achieving or exceeding its annual sales targets, with a strong performance in Q1 2025, showcasing significant revenue and profit growth driven by improved profitability in new energy vehicles and effective cost control [2][3]. Financial Performance - In Q1 2025, Geely reported total revenue of 72.5 billion yuan, a year-on-year increase of 25%, and a net profit attributable to shareholders of 5.67 billion yuan, up 264% [2]. - The gross profit for Q1 reached 11.4 billion yuan, reflecting a 26% increase year-on-year, with a gross margin of 15.8%, up 0.2 percentage points from the previous year [2]. Sales and Market Strategy - Geely's Q1 sales reached 703,800 units, marking a historical high and a 48% year-on-year increase, achieving 26% of its annual target of 2.71 million units [3]. - The company plans to accelerate its product launch strategy, focusing on both fuel and new energy vehicles, with multiple new models set to be introduced in 2025 [3][4]. Product Development - Geely's new fuel vehicle, the fourth-generation Boyue L, has been launched with a price range of 92,900 to 119,900 yuan, emphasizing intelligent features [4]. - The Geely Galaxy brand aims to introduce five new products in 2025, including two SUVs and three sedans, targeting annual sales of one million units [4]. Cost Control and Efficiency - Geely has implemented significant cost control measures, with sales and administrative expense ratios decreasing by 2.1 and 0.6 percentage points, respectively [2]. - The company has initiated a strategic integration process under the "Taizhou Declaration," focusing on brand, supply chain, and operational efficiencies, which has begun to yield positive results [6][9]. Brand Integration and Market Position - The merger of Zeekr and Lynk & Co has led to improved financial performance for Zeekr, with Q1 revenues of 22 billion yuan and a gross margin of 19.1% [6][7]. - The "One Geely" strategy aims to eliminate redundant investments and enhance operational efficiency, positively impacting the company's stock performance [8][9].

Core Viewpoint - The company has entered into a subscription agreement with Alibaba Network China Limited to issue convertible bonds worth $250 million, with a 1% annual interest rate and an initial conversion price of HKD 6.00 per share. This partnership aims to enhance the company's capital structure and operational flexibility while establishing a long-term strategic collaboration with Alibaba [1][4]. Group 1: Financial Details - The total amount of the convertible bonds issued is $250 million, with a net amount of approximately $249.6 million after deducting related expenses, translating to a net issuance price of about HKD 5.82 per share [4]. - The company commits to purchasing cloud services totaling RMB 560 million within 36 months from the signing of the business cooperation agreement [3]. Group 2: Business Cooperation - The partnership includes domestic and international e-commerce collaboration, where Alibaba will prioritize promoting the company's AI e-commerce tools on its global platforms [1]. - The collaboration will involve the joint development of various foundational models and vertical large language models, including video generation, image generation, multimodal, and voice models [2]. - The parties will explore innovative initiatives to create differentiated experiences and opportunities for participants on both platforms [3][4].

Group 1 - Morgan Stanley has initiated an overweight rating for Pop Mart with a target price of HKD 250, indicating a potential upside of 20% [1]

美图公司计划与阿里巴巴展开合作，将向阿里巴巴发行约2.5亿美元的可转换债，初始转换价格为每股6 港元。 ...

5月20日晚间，大润发母公司高鑫零售发布截至3月31日的2025财年业绩报告，公司实现营收715.52亿 元，净利润3.86亿，同比上财年扭亏为盈。高鑫零售实现同店销售的持续增长，从上半财年0.3%的增幅 提升至全年增长0.6%。线上B2C业务表现强劲，自有APP"大润发优鲜"占比提升和新增即时零售渠道， 带动线上营收增长6%。报告期内门店数量达到505家，覆盖207个城市。（全天候科技） ...

Core Viewpoint - Huamao Technology plans to acquire 100% equity of Shenzhen Fuchuang Youyue Technology Co., Ltd, which is expected to constitute a major asset restructuring, leading to the suspension of its stock trading starting May 21, 2025 [2][3]. Group 1: Acquisition Details - The acquisition involves purchasing 19.4519% equity from Fuchuang Youyue and 100% equity from its shareholders, including Shenzhen Yinrui Technology Co., Ltd and Shenzhen Fuchuang Youyue No.1 Enterprise Management Partnership [3]. - Prior to this transaction, Huamao Technology held 42.1602% equity in Fuchuang Youyue through its wholly-owned subsidiary Huamao (Dongyang) New Materials Co., Ltd [3]. - Upon completion of the transaction, Huamao Technology will directly and indirectly hold 100% equity in Fuchuang Youyue [3]. Group 2: Strategic Importance - The acquisition aligns with Huamao Technology's strategic focus on the semiconductor and computing power manufacturing sectors, which are identified as key growth areas for the company [4][6]. - The company has been increasing its stake in Fuchuang Youyue over the past year, indicating a commitment to integrating and expanding its operations in this sector [5][6]. Group 3: Financial Performance - Huamao Technology has shown steady financial performance, with revenue and net profit increasing year-on-year for three consecutive years from 2022 to 2024 [6]. - In the first quarter of this year, the company reported revenue of 537 million yuan, a 14% increase year-on-year, and a net profit of 86 million yuan, reflecting a 60% growth [6]. - As of May 20, 2025, Huamao Technology's stock price was 41.65 yuan, with a market capitalization of 13.7 billion yuan [7].

A股又一例主动退市。 5月20日晚间，玉龙股份（601028）发布的公告显示，公司当日收到上交所作出的《关于山东玉龙黄金股份有限公司股票终止上市的决定》，上交所决定 终止公司股票上市。公司股票将于2025年5月27日(下周二)终止上市暨摘牌。 值得注意的是，这是A股市场又一起主动终止上市案例。 玉龙股份主动终止上市5月27日将摘牌 5月20日晚间，玉龙股份发布股票终止上市暨摘牌的公告。 公告称，2025年5月20日，公司收到上交所作出的《关于山东玉龙黄金股份有限公司股票终止上市的决定》，上交所决定终止公司股票上市。 值得注意的是，玉龙股份此番并非强制终止上市，而是主动终止上市。 此前，玉龙股份决定以股东大会决议方式主动撤回A股股票在上海证券交易所的上市交易，并申请股票进入全国中小企业股份转让系统退市板块继续交 易。本次终止上市事项已于2025年4月7日经公司2025年第二次临时股东大会审议通过。根据《上海证券交易所股票上市规则》的相关要求，公司于2025年 4月25日向上交所提交了《山东玉龙黄金股份有限公司关于撤回公司股票在上海证券交易所交易的申请》。 根据《上海证券交易所股票上市规则》第9.7.11条规定， ...

广告收入方面，b站的ads实现高增长，超过行业，Q1广告增长20%，主要得益于基于效果的广告收入强 劲增长。其中，效果ads增速超过30%，是一季度收入持续提升的原因。ads增长的原因，来自b站核心竞 争力，优质内容心智+高用户价值，26岁的用户，可支配收入增高+消费场景(生活类内容新增)公司在各 个品类的内容和用户有了链接，进而单个dau带来更多收入。 展望看25H2，B站表示，有信心继续高于行业的的广告增速，优质内容心智+用户高价值=驱动广告长 期持续的增长。 毛利率方面，Q1的毛利率36.3%，主要提升是游戏、广告收入，超5成收入，相关的花费是相对稳定 的。 【B站2025Q1|QA】 Q 关于内容，上一季度加强优质内容建设，今年如何进一步加强其心智?AI应用，后续有无进展期待? A 视频内容现在供给过剩，拼多多都可以看短剧，视频哪里都可以看，用户痛点不是缺视频内容，而是 缺优质内容，后续用户，会在优质内容上花时间，消费趋势和实体消费趋同，消费更好的、更优质的物 品。 这是b站一直坚持的方向，在用户心中代表优质内容完善平台之一，在平台消费的，是长期获得感，精 神反馈，不是短期猎奇，不是短期寻刺激。这也是 ...