1、大宗商品价格上涨，导致原材料成本上涨，毛利率下降。2、泰和电路科技（珠海）有限公司尚处于 客户陆续认证导入中，产能未能充分释放。 格隆汇1月26日丨天津普林(002134.SZ)公布，预计2025年归属于上市公司股东的净利润450万元–650万 元，比上年同期下降80.81%-86.71%，扣除非经常性损益后的净利润690万元–890万元，比上年同期下降 70.84%-77.39%。 ...

近日，欢乐家披露2025年度业绩预告，这家主营椰子汁饮料和水果罐头的食品企业，在2025年经历了业绩的"断 崖式"下滑。其归母净利润预计为3500万至5000万元，同比下降66.07%至76.25%。这份业绩预告与2024年同期实 现归母净利润1.47亿元形成鲜明对比，展现出公司当前面临的经营困境。业绩压力之下，一方面，欢乐家试图通 过终端涨价和布局上游产业链转移成本，另一方面，开拓了零食专营连锁等新渠道，但尚未实现规模效应。 原材料成本上涨压力 公告显示，欢乐家2025年度业绩下滑的主要原因之一，是原材料成本的持续上涨。公告中提到，"部分主要产品 原材料采购成本涨幅较大"，这对公司利润空间形成了挤压。 实际上，自2024年起，全球椰子原料供需失衡的现象越来越明显。原材料暴涨源于多个因素，一是气候与种植周 期，东南亚主产区受厄尔尼诺现象影响，产量下降，椰子种植周期长达7—8年，短期供给难以提升；二是需求结 构变化，中国市场的椰子水、椰奶咖等新兴品类爆发，争夺有限原料；三是供应链壁垒，椰子加工依赖人工剥 壳，自动化程度低，人力成本持续攀升。 值得注意的是，原材料涨价的影响已经传导到终端市场。2025年6月23日 ...

Core Viewpoint - Midea Building Technology is increasing the prices of its products by 5% due to rising costs of raw materials such as copper, iron, and aluminum, effective from December 15, 2025 [1] Group 1: Price Adjustment Details - Midea Building Technology has notified its distributors about a price increase of 5% across various product lines [1] - The company clarified that it has not issued a nationwide price increase notice, allowing regions to set their own pricing based on local market conditions [1] - A distributor indicated that orders placed before the end of December will be honored at the original price, but adjustments will take effect from January 1, 2025, for main models [1] Group 2: Business Performance - Midea Building Technology is part of Midea Group's ToB business segment, focusing on building products and services, including HVAC, smart elevators, energy management, and building control [1] - The segment has shown rapid growth, with Midea Group reporting a revenue of 364.716 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.85% [1] - Revenue from smart building technology reached 28.1 billion yuan, reflecting a 25% year-on-year growth and accounting for approximately 7.7% of total revenue [1] Group 3: Industry Context - Other HVAC companies, including Mitsubishi Heavy Industries, Haier, and others, have also raised prices due to increasing raw material costs [2] - This is not the first price adjustment for Midea Building Technology; a previous increase was implemented in April 2022 due to similar cost pressures [2]

Core Viewpoint - Midea Building Technology is increasing the prices of its product lines by 5% due to rising costs of raw materials such as copper, iron, and aluminum, effective from December 15, 2025 [1] Group 1: Price Adjustment Details - Midea Building Technology has notified its distributors about the price increase, which is attributed to the significant rise in manufacturing costs from upstream suppliers [1] - The company clarified that it has not issued a nationwide price increase notification, allowing regional discretion in pricing strategies based on local market conditions [1] - A distributor indicated that orders placed before the end of December will be honored at the original price, but adjustments will take effect from January 1, 2025, for main selling models [1] Group 2: Business Performance - Midea Building Technology is part of Midea Group's ToB business segment, focusing on building products and services, including HVAC, smart elevators, energy management, and building control [1] - The segment has shown rapid growth, with Midea Group reporting a revenue of 364.716 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.85% [1] - Specifically, the smart building technology segment generated revenue of 28.1 billion yuan, reflecting a 25% year-on-year growth and accounting for approximately 7.7% of total revenue [1] Group 3: Industry Context - Other HVAC companies, such as Mitsubishi Heavy Industries, Haier, and others, have also raised prices in response to increasing raw material costs [2] - This is not the first price adjustment for Midea Building Technology; a previous increase was implemented in April 2022 due to similar cost pressures, including raw material price hikes and shortages of key components [2]

新浪科技获悉，近日，有美的经销商收到通知函，美的楼宇科技各系列产品价格上调，调价幅度为 5%。此次调价核心原因系全球铜、铁、铝等原材料价格持续大幅上涨，导致上游厂商制造成本攀升， 执行时间自2025年12月15日起。对此消息，美的楼宇科技方面回应称，公司并未发布全国全线产品统一 涨价的通知，各区域可根据当地市场情况自主制定服务增值及销售支持政策。在实际销售层面，一位美 的经销商表示，"对于12月底前下单发货的原意向客户，我们公司仍执行原价。但自明年1月1日起，我 们也会对主销机型进行价格调整，具体价格将以最新报价单为准。"（新浪科技） ...

Core Viewpoint - The air conditioning industry is experiencing intensified competition and rising raw material costs, prompting companies like Meibo Group to raise their product prices, marking a significant shift in the market dynamics [2][4]. Price Adjustment - Meibo Group announced a 5% increase in the delivery price of air conditioning units starting December 16, based on November prices, to alleviate cost pressures and ensure product quality and supply [4][6]. - The price adjustment is attributed to the continuous rise in raw material costs, particularly copper, which has seen a price increase of over 22% for the year, with current prices exceeding 90,750 yuan per ton [4][5]. Market Conditions - The domestic air conditioning market is facing declining demand, with a reported 23.8% year-on-year drop in retail volume in October 2025, and a projected 29.9% decrease in production for December [6][7]. - The overall market sentiment is negative, with significant downward pressure on production levels [6]. Company Overview - Meibo Group, established in 2010, has developed a comprehensive presence in the refrigeration industry, with an annual production capacity of 8 million units across various brands [8]. - Despite having multiple brands, Meibo's market share in the domestic air conditioning sector is relatively low, at approximately 0.8% in 2023, with major competitors like Midea, Gree, and Haier dominating nearly 70% of the market [8][9]. Export Strategy - Meibo Group is focusing on expanding its overseas market presence, with a goal of reaching 300,000 units in overseas sales within five years [10]. - The company has reported consistent growth in its overseas sales, doubling its business scale for three consecutive years, with 2024 projected to see exports surpassing 150,000 units [10]. IPO Aspirations - Meibo Group has set a target to enter the domestic capital market within three years, with 2023 being the first year of its IPO guidance period, although no updates on the IPO progress have been disclosed [10].

Core Viewpoint - The company, Jin Zai Food, has shown a mixed performance in its financial results, with revenue growth in the third quarter but a decline in net profit, indicating challenges in maintaining profitability amidst rising costs and competitive pressures [1][3]. Financial Performance - For the third quarter, Jin Zai Food reported a revenue increase of 6.55% year-on-year, reaching 684.53 million yuan, while net profit decreased by 14.77% to 60.83 million yuan [1][3]. - In the first three quarters of the year, the company's revenue grew by 2.05% to 1.808 billion yuan, but net profit fell by 19.51% to 173 million yuan [3][5]. - The basic and diluted earnings per share for the current period were both 0.1362 yuan, reflecting a decrease of 15.03% [1]. Cost and Margin Analysis - The company's operating costs increased by 3.56% to 1.279 billion yuan in the first three quarters, leading to a decline in overall gross margin by 3.40 percentage points to 29.25% [2][5]. - In the first half of the year, the gross margin was reported at 29.45%, with only the gross margin for bean products showing an increase, while fish and poultry products experienced a decline greater than the overall average [2]. Strategic Responses - In response to rising raw material costs, Jin Zai Food has indicated a strategic approach to inventory management and supply chain optimization, particularly for fish products, by building strategic stockpiles and expanding global sourcing [2]. - The company has also focused on enhancing its upstream supply chain for quail eggs to meet product innovation needs, ensuring a supply of high-quality eggs that meet specific standards [2]. Expense Trends - Sales expenses increased by 13.18% to 250 million yuan in the first three quarters, with over 40% allocated to brand promotion [5]. - Management expenses rose by 19.06% to 74.92 million yuan, while research and development expenses increased by 11.09% to 38.54 million yuan [5].

Core Viewpoint - Qiaqia Food (002557.SZ) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the company's financial performance due to rising raw material costs and strategic adjustments in product and channel structures [2][4]. Financial Performance - The company achieved a revenue of 2.752 billion yuan, a year-on-year decrease of 5.05% [3]. - Net profit attributable to shareholders was 88.64 million yuan, down 73.68% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 43.09 million yuan, reflecting an 84.77% decline [3]. - The net cash flow from operating activities was 164.28 million yuan, a decrease of 76.12% [3]. - Basic earnings per share were 0.1748 yuan, down 73.63% [3]. - Total assets at the end of the reporting period were 8.39 billion yuan, a decline of 16.58% from the previous year [3]. - Net assets attributable to shareholders were 5.22 billion yuan, down 8.88% [3]. Product Performance - Revenue from sunflower seeds was 1.772 billion yuan, down 4.45%, accounting for 64.39% of total revenue [4]. - Revenue from nut products was 614 million yuan, down 6.98%, making up 22.32% of total revenue [4]. - Other products generated 304 million yuan, down 13.76%, representing 11.05% of total revenue [4]. - Production volume of leisure food decreased by 10.47% to 85,200 tons, while sales volume fell by 7.7% to 92,600 tons [4]. Cost and Pricing Strategy - The decline in profit was attributed to rising costs of sunflower seeds and core nut raw materials, alongside increased expenses for new product development and channel adjustments [4]. - The company has previously implemented price increases on various products, but consumer sensitivity to prices may hinder the effectiveness of this strategy [5]. - Gross margin has decreased from 30.43% in Q1 2024 to 20.31% in H1 2025, indicating challenges in maintaining profitability despite price adjustments [5]. Market Position and Stock Performance - The nut category is seen as a potential growth area for Qiaqia Food, but competition in this market is intensifying [6]. - The company's stock price has been in decline since September 2020, currently trading at 23.33 yuan per share, which is less than one-third of its peak value [6].

Core Viewpoint - Huajin International Holdings (02738.HK) anticipates a significant decline in revenue and a shift from profit to loss for the six months ending June 30, 2025, primarily due to weak market demand and increased competition [1][3]. Revenue and Profit Summary - The company expects revenue to be between approximately RMB 720 million and RMB 780 million, representing a decrease of about RMB 24.265 billion to RMB 24.865 billion compared to the previous period, a decline of approximately 75.7% to 77.5% [1]. - The expected loss attributable to shareholders is between RMB 490 million and RMB 530 million, contrasting with a profit of approximately RMB 16.9 million in the previous period [1]. Reasons for Revenue Decline - Weak market demand and intensified competition have led to a dual pressure on both domestic and international demand, resulting in insufficient order growth and price competition among industry players [3]. - The impact of trade environment and tariff policies has caused a significant drop in sales volume and average selling prices for downstream customers, further exacerbated by order cancellations from long-term clients [3]. - Rising raw material costs, particularly for hot-rolled steel coils, have not been matched by timely price adjustments for the company's products, leading to increased production costs [3]. - Low capacity utilization has resulted in higher unit processing costs due to fixed manufacturing expenses being spread over a significantly reduced production volume [3]. Company Overview - Huajin International Holdings is a cold-rolled carbon steel processing company located in Jiangmen City, Guangdong Province, China, primarily engaged in processing hot-rolled steel coils into customized cold-rolled steel strips, plates, welded steel pipes, and galvanized steel products [4][5]. - The company serves a wide range of industries, including light industry hardware, home appliances, furniture, motorcycle/bicycle parts, and LED lighting, providing customized processing, cutting, storage, and distribution services for cold-rolled and galvanized steel products [5].

Group 1 - The company expects to record revenue between approximately RMB 720 million and RMB 780 million for the six months ending June 30, 2025, representing a decrease of approximately RMB 2,426.5 million to RMB 2,486.5 million compared to approximately RMB 3,206.5 million for the six months ending June 30, 2024, indicating a decline of about 75.7% to 77.5% [1] - The company anticipates a loss attributable to shareholders ranging from RMB 490 million to RMB 530 million, in contrast to a profit of approximately RMB 16.9 million in the comparative period [1] - The board attributes the decline in revenue and resulting losses to several factors, including weak market demand and intensified competition, dual pressure from domestic and external demand, impacts from trade environment and tariff policies, rising raw material costs, and low capacity utilization leading to increased unit processing costs [1]