比亚迪去年在销量上超越特斯拉，但在利润率承压、海外市场风险上升，以及在一套具有争议的融资模式之下，市场开始质疑，比亚 迪是否仍能持续为股东创造价值 ▶ 比亚迪全球销量大幅攀升，却未能同步带动获利成长。在内地 电动车价格战持续及利润下滑的情况下，公司整体盈利空间受压 ▶ 随着比亚迪逐步收缩其供应商融资安排，加上海外经营环境挑 战增加，可能推高负债比率，并削弱其扩张动能 Image Key takeaways: 比亚迪 （1211.HK；002594.SZ）或许刚刚实现了一个宏大愿望，那就是在电动车销量上超越马斯克的 特斯拉 （TSLA.US），成为全 球最大电动车销售商。然而，实现这个梦想所付出的代价，就是在激进扩张之下，比亚迪的获利能力正落入一条充满风险的下行轨 道。 这家总部位于深圳的企业本月初站上全球聚光灯下——公布2025年全球售出226万辆电动车，海外市场销量同比暴增145%，成为主要 推动力。相比之下，特斯拉去年纯电动车交付量下跌8.6%，降至160万辆，创下历来最大年度跌幅。 这场角色互换，比亚迪似乎赢得一场全面胜利。在中国市场，这个本土品牌早已占据主导地位，特斯拉销量首次下滑超过5%，降至约 6 ...

江南时报讯"鼠标一点，1425万元货款秒到供应商账上，再也不用一张张填单子、一家家手工打 款！"2025年12月末，随着一笔笔应付账款顺利清分，蜂巢能源科技股份有限公司财务相关人员张岩在 电脑前长舒一口气。当天，兴业银行南京分行下辖常州分行通过"常链平台"一次性完成10笔清分业务， 总金额1425.3万元。 (欣仁) 让数据多跑路，企业少跑腿。兴业银行常州分行交易银行部总经理周蓉透露，为进一步优化常链平台资 金结算服务，该行创新性地提出清分系统优化方案：采用SaaS直联模式，与"常链平台"无缝对接，既保 留企业自主支付权限，又堵住人工操作风险。 这是兴业银行总行首次与第三方供应链数字平台——常州市供应链公共服务平台合作开展清分业务。早 在2024年8月，为支持常州市实体经济发展，兴业银行总行率先与新生的全国首个设区市政府主导平台 ——常州市供应链公共服务平台对接，成为常州市首家"上链"且落地融资投放的银行。 常链平台相关负责人臧立星表示："目前，常链平台对接15家银行，累计开立'常链一方数债凭证'13亿 元，累计发放融资10亿元。其中，兴业银行常州分行累计发放融资6.63亿元，推荐上链核心企业27家， 稳居同 ...

Group 1: Company Overview - The company has over 40 years of experience in foreign trade, with "Jiaxin Silk" being a well-known brand in the international women's clothing market, focusing on mid-to-high-end silk products [2][3] - The company operates three major supply chain bases in Jiaxing, mainland China, and overseas, with a production capacity of approximately 1,700,000 garments [2][3] Group 2: Domestic Brand Performance - The domestic brand "Jin San Ta," established in 1926, aims to be an affordable "national silk" brand, offering products such as silk underwear, homewear, and cultural gifts [4] - In 2025, "Jin San Ta" experienced sales and profit growth, driven by the rise of "national style" trends and new sales channels [4] Group 3: "Jin Can Wang" Platform - "Jin Can Wang" is a key platform in the silk industry, providing services such as online trading, financial services, and logistics, enhancing the efficiency of the silk supply chain [5] - The platform has a strong position in the industry, offering predictive insights on raw silk prices and transaction volumes, and has established a comprehensive supply chain service [5][6] Group 4: Supply Chain Financing - "Jin Can Wang" addresses financing challenges for small and medium-sized enterprises in the silk industry by leveraging its industry position and establishing stable partnerships [6] - The platform mitigates financing risks through collateral management of silk raw materials, facilitating connections between enterprises and financial institutions [6] Group 5: Hardware Business - The company's hardware business has evolved from apparel hardware to high-end automotive parts and smart home components, maintaining stable profitability [7] - The subsidiary Tianxin Hardware is a key supplier for IKEA, with increasing collaboration and product development [7] Group 6: Asset Overview - The company has substantial assets, including a headquarters with over 70,000 square meters, primarily for rental purposes, and an industrial park covering over 500 acres [8] - The company owns over 20 silkworm stations/warehouses in Jiaxing, with low book costs, which are expected to generate additional income as urbanization progresses [8] Group 7: Dividend Policy - The company has distributed a total of 1.452 billion yuan in dividends since its listing, exceeding the total amount of raised funds, and plans to continue a high dividend policy to reward shareholders [9]

● 本公告中涉及的相关数据如无特殊说明，所指币种均为人民币。本公告中涉及的外币担保额度按2025 年11月28日中国人民银行公布的汇率中间价进行折算。 证券代码：600839 证券简称：四川长虹 公告编号：临2025-095号 四川长虹电器股份有限公司关于预计2026年度对外担保额度的公告 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。 重要内容提示： ● 担保对象及基本情况 ■ 一、担保情况概述 （一）担保的基本情况 根据《公司法》《上市公司监管指引第8号一一上市公司资金往来、对外担保的监管要求》《上海证券 交易所股票上市规则》等有关规定和公司生产经营需要，公司2026年度拟为下属部分控股子公司提供合 计不超过930,298.97万元担保额度，公司下属全资子公司零八一电子集团有限公司（以下简称"零八一集 团"）拟为其子公司提供合计不超过8,000万元担保额度，公司下属控股子公司四川长虹新网科技有限责 任公司（以下简称"新网科技"）拟为其子公司提供合计不超过20,000万元担保额度，新网科技下属全资 子公司四川长虹网络科技有限 ...

该企业是广州南方测绘科技股份有限公司的供应商之一。今年8月，企业向南方测绘交付了两笔总计超 598万元的货物。按照过去的合作模式，货款由对方直接支付，但账期长达60—180天，其间，购买原材 料、生产制造等资金成本由该企业先行垫付，资金周转压力较大。 为满足对公客户多银行资金管理需求，建行财资云系统将跨行财资管理功能模块及相关配套服务整合， 可解决客户跨银行现金管理中面临的系统割裂、响应迟缓、数据安全等问题。 今年7月，建行广东省分行向南方测绘及其上游供应商提供了建行科技e信通供应链贷款产品，首批专项 授信额度为8000万元。在该模式下，南方测绘需要向上游供应商支付货款时，供应商可以线上申请应收 账款融资，快速拿到货款，融资到期后再由南方测绘向银行支付结清贷款。 广东制造业发达，科技型企业众多。建行广东省分行围绕科技型企业不同发展阶段的金融需求，持续丰 富产品供给、创新服务模式，为企业提供综合金融服务。 围绕一些资质好、潜力大的科技型企业，建行广东省分行通过供应链融资将服务延伸至上游供应商，打 通货款账期较长等产业链堵点问题。"供应链贷款由南方测绘的供应商共享，只要发生了真实交易，供 应商即可申请应收账款融资 ...

Core Insights - A major Chinese fintech company is negotiating to acquire the technology solutions of Venom Foundation to integrate into its digital financial services ecosystem [1] - This development aligns with the recently released guidelines on financial support for new industrialization, which encourage financial institutions to adopt blockchain and AI technologies to enhance services for the real economy [1] Group 1: Venom Foundation Technology Features - Venom represents a high-performance Layer-0 blockchain platform capable of processing up to 150,000 transactions per second (TPS) with transaction completion times of less than three seconds [1][2] - Key features attracting Chinese partners include built-in KYC/AML mechanisms, parallel smart contract execution, enterprise-level scalability, fair ordering layer, cross-chain compatibility, and a scale-speed consensus mechanism [2] - Initial information suggests Venom technology may be deployed in critical sectors such as digital stablecoins, supply chain financing, and smart risk assessment [2] Group 2: Strategic Implications - The potential acquisition highlights the practical implementation of China's national strategy to position blockchain as a core financial infrastructure [3] - Venom's ability to operate within diverse regulatory frameworks while maintaining high performance is crucial for Chinese enterprises planning international expansion under the Belt and Road Initiative [3] - The transaction is expected to be completed between late 2025 and early 2026, marking a significant example of blockchain technology integration within the financial system [3]

Market Overview - On August 28, the market experienced a V-shaped rebound in the afternoon, with the ChiNext Index rising nearly 4% and the Sci-Tech 50 Index increasing over 7%. Notably, companies like Cambrian and SMIC reached historical highs [3] - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, a decrease of 194.8 billion yuan compared to the previous trading day. The market saw over 2,800 stocks rise, with sectors like computing power and semiconductors leading the gains [3] Domestic Developments - The All-China Federation of Industry and Commerce released the "2025 China Top 500 Private Enterprises" list, with JD.com, Alibaba, and Hengli Group taking the top three spots. Jiangsu province had 90 private enterprises on the list, an increase of one from last year, with Hengli Group ranking third nationally with 871.5 billion yuan in revenue [6] - The National Bureau of Statistics reported that the data industry in China has surpassed 5.8 trillion yuan, with an expected annual growth rate of over 15% from 2025 to 2030 [7] Global Insights - Following the dismissal of Federal Reserve Governor Lisa Cook by Trump, concerns about the independence of the Federal Reserve have persisted, leading to a decline in the US dollar. European Central Bank board member Lane indicated that Trump's pressure on the Fed could significantly impact global financial markets and the real economy [5] - On August 28, Japan's Ministry of Finance reported the lowest demand for 2-year government bonds since 2009, with a bid-to-cover ratio of 2.84, indicating reduced investor interest amid expectations of a potential interest rate hike by the Bank of Japan [8] Company Performance - Didi released its Q2 2025 earnings report, showing a total transaction value (GTV) of 109.6 billion yuan, a year-on-year increase of 15.9%. The number of orders rose to 4.464 billion, with significant growth in both domestic and international business orders [8] - A16z published a list of the top 100 consumer-grade generative AI applications, highlighting that Chinese developers secured 22 spots in the mobile Top 50. Notable mentions include Meitu's five applications and ByteDance's Doubao and imaging tool Hypic [8]

Core Viewpoint - The recent financial report of Keli Equipment (301552) shows moderate growth in revenue and net profit, but declining profitability margins and significant accounts receivable levels raise concerns about financial health and operational efficiency [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 318 million yuan, a year-on-year increase of 12.41% compared to 283 million yuan in 2024 [1]. - Net profit attributable to shareholders was 82.78 million yuan, up 4.88% from 78.93 million yuan in the previous year [1]. - The gross profit margin decreased to 37.48%, down 10.71% year-on-year, while the net profit margin fell to 26.87%, a decline of 7.81% [1]. - The company reported a significant increase in accounts receivable, which accounted for 111.16% of the latest annual net profit [1][4]. Cost and Expense Analysis - Total operating expenses, including sales, management, and financial costs, amounted to 4.85 million yuan, representing a decrease of 50.29% year-on-year [1]. - Operating costs increased by 21.12%, attributed to growth in sales scale [3]. - Management expenses rose by 28.62% due to increased employee compensation and business entertainment costs [3]. Cash Flow and Investment Insights - The net cash flow from operating activities decreased by 57.88%, primarily due to the repayment of maturing payables [3]. - The net cash flow from investment activities increased by 164.9%, driven by the redemption of financial products [3]. - The net increase in cash and cash equivalents rose by 62.48%, reflecting improved cash inflows from investment activities [3]. Strategic Considerations - The company maintains a strong return on invested capital (ROIC) of 17.32%, indicating robust capital returns despite a historical median ROIC of 25.97% [4]. - The company has implemented strategies to mitigate risks associated with the US-China trade competition, including localized production and diversified customer bases [5].

Group 1 - The core viewpoint of the news is that Ulanqab City is actively promoting financial support for enterprises, particularly through innovative financing models and collaboration with banks to address financing challenges faced by businesses [1][2][3][4] - Jitie Ferroalloy Co., a leading enterprise in the ferroalloy industry, has successfully utilized the "1+N" supply chain financing model, which has enabled over 10 upstream companies to secure loans, enhancing their bargaining power [1] - Ulanqab City has implemented a comprehensive financial assistance strategy, including establishing a financing demand push mechanism and conducting regular financial matching events, resulting in a total loan issuance of 1.322 billion yuan [1][2] Group 2 - The city has upgraded its services by organizing financial service teams to conduct direct visits to key enterprises, ensuring that financial policies and support reach the market effectively [2] - Ulanqab City has introduced innovative guarantee models, such as the "Smart Livestock Loan" and "Smart Inventory Loan," which have provided 51 million yuan in loans to 11 enterprises, addressing collateral shortages for small and micro enterprises [3] - The city has launched targeted financial service plans for specific industries, including the ferroalloy and potato industries, facilitating a total of 5.042 billion yuan in financing for the ferroalloy sector and implementing a "Pledge Model" for the potato industry [4]

Core Viewpoint - Ningbo Bank is actively fulfilling its mission by leveraging digital supply chain finance to meet the financing needs of upstream and downstream enterprises, thereby supporting high-quality development of businesses [1][2] Group 1: Supply Chain Financing - Ningbo Bank utilizes the "Unified Registration and Publicity System for Movable Property Financing" to efficiently complete accounts receivable pledge registrations, supporting supply chain financing [1] - The "Government Procurement Loan" product is a key offering from Ningbo Bank, designed to provide credit to suppliers based on government procurement contracts, addressing their funding needs [1] - The bank's supply chain financial platform allows enterprises to initiate financing applications online, streamlining the process for businesses [1] Group 2: Case Study - Zhejiang GY Technology Co., Ltd., a small enterprise focused on emergency services, experienced increasing financing needs as it expanded operations [1] - Ningbo Bank's Yinzhou branch conducted a thorough analysis of the company's sales model and settlement situation, recommending the "Government Procurement Loan" product [1] - The bank provided a short-term working capital loan of 5 million yuan to the enterprise, facilitating its financing process [1] Group 3: Commitment to Innovation - Ningbo Bank plans to continue focusing on supply chain financing products and actively engage in digital government reforms to support local enterprises [2] - The bank aims to innovate financial products and service models to break through financing bottlenecks for businesses [2] - By advancing in digital supply chain finance, Ningbo Bank seeks to provide high-quality and efficient financial services to the real economy [2]