2024年至今，全球天然铀市场面临不小的挑战。天然铀现货受到采购商观望情绪、铀矿供给释放等因素 影响，价格明显波动，对比长贸形成了较大的折价。 加上如今铀资源的合理利用与保障成为能源安全的关键一环，关乎核能发展的战略布局，正成为全球关 注的焦点，也给产业发展带来了些许不确定性。 尽管如此，中核国际(02302.HK)在铀贸易业务上保持稳步推进，仍交出一份含金量颇高的2024年全年财 报，无惧外部环境带来的压力。 财报显示，公司扩大铀贸易规模，全年销售约577万磅天然铀，总收入达18.41亿港元，同比大幅增长 217%。全年净利润为1.95亿港元，同比增长83.4%。 可以看到，中核国际的核心财务指标不断突破，在全球铀贸易领域表现出强大的增长势能。这背后是中 核国际积极探索国际市场潜在机会，合理优化资产结构，并依托母公司释放协同效应的结果。 毛利净利双增长，ROE和现金流水平向好 在供应链受阻，地缘政治发展影响显著带来铀价格波动等多重影响下，相关企业要想取得持平甚至进 步，都并非易事。但总结中核国际近几年的财务数据，公司的盈利能力已迈入上行通道，呈现高质量发 展。 2021年-2024年，公司毛利分别为2061 ...

Group 1 - *ST Aonong (603363.SH) issued its fifth risk warning on March 28, 2025, regarding the potential termination of its stock listing if it fails to meet the criteria set by the Shanghai Stock Exchange for the 2024 fiscal year [1] - *ST Jiayu (300117.SZ) released its tenth risk warning on March 28, 2025, indicating that its stock has closed below 1 yuan for eighteen consecutive trading days, facing the risk of termination of listing [1] - *ST Gongzhi (000584.SZ) announced its fifth risk warning on March 28, 2025, stating that its stock may be terminated if it falls under the conditions specified in the Shenzhen Stock Exchange listing rules for the 2024 fiscal year [1] Group 2 - *ST Furun (600070.SH) issued a risk warning on March 28, 2025, about the potential termination of its stock listing due to its stock price being below 1 yuan and market capitalization below 500 million yuan, having closed below 1 yuan for eleven consecutive trading days [1] - *ST Xulan (000040.SZ) published its tenth risk warning on March 28, 2025, noting that its stock has also closed below 1 yuan for eighteen consecutive trading days, facing termination risk [2] - *ST Pengbo (600804.SH) released a risk warning on March 28, 2025, indicating that if its 2024 financial report receives a qualified opinion, disclaimer, or adverse opinion, the Shanghai Stock Exchange may decide to terminate its listing [2]

Core Viewpoint - The company, Zibuyu, has successfully crossed a performance inflection point in 2024, achieving significant revenue growth and a substantial improvement in net profit, indicating a transformation in investment value [1][4]. Financial Performance - In 2024, Zibuyu reported a revenue of 3.33 billion RMB, representing a year-on-year increase of 10.8% [1]. - The net profit reached 150 million RMB, a significant recovery from a loss of 266 million RMB in the previous year [1]. - Operating cash flow surged to 260 million RMB, an increase of 240% compared to 2023 [1]. - The gross margin improved to 74.3%, up by 9.1 percentage points year-on-year [3]. Operational Enhancements - The company underwent a comprehensive organizational restructuring under the leadership of the new CEO, enhancing operational efficiency [2]. - Zibuyu established a brand division focusing on nine core brands and accelerated its transition from "product export" to "brand export" [2]. - A self-developed digital platform and BI system were implemented to streamline the cross-border supply chain, improving operational efficiency and reducing reliance on domestic warehouses [3]. Strategic Focus - Zibuyu is prioritizing globalization as a core long-term development strategy, aiming to enhance its global supply chain integration and brand originality [5]. - The company plans to establish an overseas division to increase overseas production capacity and invest in global talent [5]. - Zibuyu is exploring new sales channels such as Temu and TikTok while integrating AI technology into its business processes [5]. High-End Brand Development - The company aims to strengthen its high-end brand segment as a second growth driver, with a goal to build internationally recognized fashion brands within three years [6]. - The focus on high-end brands is expected to enhance overall profitability and growth potential [6]. ESG Commitment - Zibuyu is committed to improving its performance in environmental, social, and governance (ESG) aspects, recently implementing a 4.5-day workweek to enhance employee well-being [6]. - The company's focus on ESG reflects a strategic vision to convert humanistic values into core competitive advantages, supporting sustainable high-quality development [6]. Market Outlook - The latest financial report validates the effectiveness of Zibuyu's operational adjustments, indicating stronger growth momentum and a commitment to long-term globalization goals [7]. - The company is expected to enter a phase of accelerated value realization, which is likely to be well-received by investors in the secondary market [7].

鸭及鸭副产品仍是周黑鸭的主要收入来源，占比达79.8%。总销量则由2023年的31453吨降至2024年的 26159吨。与此同时，公司积极发力会员经济，通过数智化手段精细化运营，活跃会员数突破550万，成 为业绩的重要支撑点。 深圳商报·读创客户端记者 李薇 周黑鸭（01458.HK）于3月27日晚间发布2024年全年业绩报告。数据显示，公司全年总收益为24.51亿元 人民币，同比下降10.7%；归属于母公司股东的净利润为9820.4万元，同比下滑15.0%。 对于收益下滑，周黑鸭表示，主要由于经济环境有效需求不足，消费不振，导致销售量下降，收益随之 减少；同时，集团调整门店策略，合理优化关闭低效门店，亦产生一定销售损失。 公告称，公司完成了从追求规模扩张到聚焦质量提升的关键转变，以提升单店持续盈利能力作为核心目 标。一方面，公司对核心市场资源倾斜、低潜市场战略收缩，果断优化门店结构。公司合理闭店，坚决 关闭位置不佳、长期亏损等低质门店，同时通过调整经营策略、强化营销推广等方式盘活低效门店，不 断提升运营效率与盈利能力。另一方面，聚焦存量门店提质。2024年，公司关闭785家低效门店，使总 门店数从2023 ...

报告期内，碧桂园服务主要为业主、住户及物业开发商提供一系列物业管理服务，包括保安、清洁、绿 化、园艺及维修保养服务等。公司共管理7895项物业，这些物业遍布国内31个省、直辖市、自治区和香 本报记者 陈婷 赵毅 深圳报道 3月27日，碧桂园服务（6098.HK）发布2024年业绩公告。报告期内，碧桂园服务收入约439.93亿元，同 比增长3.2%，毛利约84亿元，同比下降3.8%，净利润约18.75亿元，同比增长262.8%，股东应占核心净 利润约30.38亿元，同比下降22.9%。 碧桂园服务主要从事物业管理服务、社区增值服务、非业主增值服务及"三供一业"业务、城市服务、商 业运营服务。2024年，碧桂园服务来自物业管理服务的收入约259.1亿元，同比增长4.9%，占总收入比 重提升至58.9%。报告期内，公司非业主增值服务收入同比出现大幅下滑，收入占比进一步降至1.6%。 碧桂园方面表示，这主要是因为公司主动压降关联方交易规模所致。 2025年3月27日，碧桂园服务管理层在业绩会上对包括《中国经营报》在内的媒体记者表示："此前大家 一直担心我们与兄弟公司形成的业务影响。在2024年年初，公司已经设定关联交 ...

Core Viewpoint - The restaurant industry has faced significant challenges over the past year, including product homogenization, price wars, and rising costs, leading to a sustained pressure on performance. However, Dashijia (01405), the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, has successfully turned around its performance in FY2024, demonstrating resilience amid market turmoil [1][3]. Industry Overview - In 2024, China's total restaurant revenue is projected to reach 55,718 billion RMB, reflecting a growth of 5.3%, which is the lowest growth rate in the past decade excluding the pandemic impact. The number of restaurant openings and closures has both increased, with closures rising to 4.09 million and a closure rate of 61.2%, indicating intensified market competition [1]. Company Performance - Dashijia reported a significant turnaround in its financial performance for FY2024, achieving a revenue growth of 41.4% to 4.314 billion RMB and a net profit of 131.6 million RMB, marking a staggering year-on-year growth of 1,394.2%. The adjusted EBITDA also increased by 64.1% to 495.2 million RMB, with an EBITDA margin of 11.5% [3][4]. - The company has successfully expanded its store network, reaching a milestone of 1,008 stores across 39 cities in mainland China, with a net addition of 240 new stores in 2024. The new market revenue grew by 77.0% to 2.665 billion RMB, while existing market revenue increased by 6.8% to 1.650 billion RMB [6][7]. Market Position and Brand Strength - Dashijia has established itself as a leading brand in the pizza delivery market, ranking third in terms of store count within the Domino's global network and second in China's pizza sales. The company has maintained a strong brand presence through innovative product offerings and effective marketing strategies [8][9]. - The company has introduced over 100 new products since 2018, including regionally inspired pizzas, enhancing brand recognition and customer loyalty. The number of loyal members increased by 67.8% to 24.5 million, contributing to 64.5% of total revenue [9][10]. Future Outlook - The company is in a growth phase, with significant potential in lower-tier cities where pizza penetration remains low. The ongoing expansion and operational efficiency are expected to drive further revenue growth and enhance market valuation [11].

Core Viewpoint - The Chinese government emphasizes the importance of expanding domestic demand as a long-term strategy to drive economic growth amidst increasing external uncertainties [1] Company Strategy - Huitongda Network (09878) is actively seizing the opportunity presented by the national strategy to expand domestic demand, optimizing its business structure since 2024 to promote sustainable and high-quality development [2] - The company has significantly improved its gross margin from 3.3% in 2023 to 3.8% in 2024, with the second half of 2024 reaching a high of 4.3%, reflecting a 23% quarter-on-quarter increase [2] - Huitongda Network has maintained positive operating cash flow for six consecutive years, indicating a strengthening of its financial health [2] Customer Structure Improvement - The company focuses on enhancing member store density and loyalty by targeting 21 provinces, 25,000 towns, and over 248,000 member stores, while advancing its AI+ strategy to drive internal growth [3] - Huitongda Network anticipates an increase in member store numbers and transaction scale, projecting a rise from 39% in 2023 to 44% in 2024 in terms of member store transaction scale [3] Supply Chain Enhancement - The company is implementing three major projects to improve supply chain capabilities, including enhancing partnerships with top brands and developing its own brand ecosystem [3] - Huitongda Network aims to increase its gross margin through these strategies, with plans to expand strategic cooperation with 5-10 top brands by 2025 [3] Growth Outlook - Huitongda Network is positioned to enter a new growth cycle, driven by a dual growth engine of "internal and external" strategies, targeting a compound annual revenue growth rate of no less than 10% and a net profit growth rate of no less than 30% over the next three years [4] - The company plans to initiate a dividend plan by 2025 to enhance shareholder returns, indicating a focus on long-term growth and profitability [4] Market Position - The company's stock price has adjusted to a relatively low level, presenting a potential historical opportunity for a bottom reversal, supported by strong growth momentum and favorable policies [5] - The anticipated dividend plan will allow investors to benefit from the company's high-quality growth [5]

Group 1: Qingdao Housing Fund Policy Adjustment - Qingdao Housing Fund Management Center announced an adjustment to the housing fund loan policy, allowing a 10% increase in loan limits for homebuyers applying for housing fund loans [1] - The maximum loan limit after combining with other policies can reach 1.5 million yuan [1] - The age limit for borrowers has been adjusted, with male borrowers not exceeding 68 years and female borrowers not exceeding 63 years, or within 5 years post-retirement age [1] Group 2: Longguang Group Financial Performance - Longguang Group reported a net loss of 6.62 billion yuan for 2024, with contract sales of 7.18 billion yuan and recognized revenue of 23.26 billion yuan [2] - The continuous losses are attributed to a sluggish real estate market, declining project gross margins, and inventory impairment provisions [2] - The company achieved significant progress in restructuring its offshore debt, with over 80.8% of creditors supporting the agreement on 6.207 billion USD of total offshore debt [2] Group 3: Financial Street Property Performance - Financial Street Property reported a revenue of approximately 1.752 billion yuan for 2024, an increase of about 15.65% year-on-year [3] - The net profit for the year was approximately 1.32 billion yuan, a decrease of about 7.87% year-on-year [3] - Shareholder profit was approximately 1.16 billion yuan, down about 9.39% year-on-year [3] Group 4: Country Garden Services Financial Results - Country Garden Services achieved total revenue of 43.99 billion yuan in 2024, representing a year-on-year growth of 3.2% [4] - Adjusted revenue from property management, community value-added services, and "three supplies and one industry" business grew by 10.2% year-on-year [4] - The adjusted gross profit for core businesses increased by 6.4% to 9.2 billion yuan [4] Group 5: Hongyang Real Estate Financial Results - Hongyang Real Estate reported revenue of approximately 11.306 billion yuan for 2024, a year-on-year decrease of 42.9% [5] - The company incurred a net loss of 5.5256 billion yuan during the reporting period [5] - The gross loss margin for the period was 1.6%, compared to 3.4% in the same period last year [5]

Group 1 - The education sector is experiencing a rise in stock prices, with notable increases in companies such as China Oriental Education, which rose by 11.52% to HKD 4.84, and Neusoft Ruixin Group, which increased by 5.23% to HKD 3.22 [1] - China Oriental Education reported its 2024 annual performance, with revenue of CNY 4.116 billion, a year-on-year increase of 3.5%, and a net profit of CNY 513 million, up 88% [1] - Huaxin Securities believes that the education industry is currently in a phase of rigid demand, supply clearance, and reduced policy risks, presenting a good opportunity for leading companies with successful business transformations [1] Group 2 - CITIC Securities notes that since the second half of 2024, concerns about industry demand and competition have increased, leading to stock price fluctuations for many companies [2] - Despite the slowdown in growth for some companies, the majority of the education sector's companies are expected to maintain revenue growth of over 20%, with valuations having dropped to near two-year lows [2] - Recent stimulus policies, including fertility subsidies and consumption enhancement plans, are expected to boost confidence in the education sector [2]

出品：新浪财经上市公司研究院 业绩多年增长放缓后双双掉头向下 毛利率创下近五年来新低 尽管九号、小牛曾经为传统两轮电动车赛道打响高端化、智能化的新一轮竞争，但如今市场已经走向存量竞争阶段，增 量消费需求减弱，商品明显同质化。2024年电动两轮车国内总销量为4950万台，同比下滑11.6%，国内电动两轮车保有量 超4.2亿辆，渗透率几近饱和，新增需求减少而更多为替换需求。 实际上，上市以来到2020年，雅迪控股的业绩表现都相对稳健，营收、净利润均保持了较为持续的增长，而在2020年还 曾实现了89.64%、61.76%的高速增长。然而在这之后，从图中可以看出，在2024年营收净利润双双负增长之前，雅迪控 股的业绩增速已经连续多年明显放缓。 作者：坤 近日，传统两轮电动车厂商雅迪控股发布2024年财报，营收、净利润表现双双大幅下滑。2024年实现营业收入282.36亿 元，同比减少18.8%，而归母净利润正如之前的盈利预警所示，12.72亿元的净利润相比去年同期"腰斩"51.8%。需要注意 的是，这是雅迪控股自披露业绩以来除2016年以外为数不多的出现营收下滑、更是唯一一次出现净利润规模的缩水，过 去一年的业绩表 ...