国泰海通证券股份有限公司 关于苏州瀚川智能科技股份有限公司 上海证券交易所： 根据贵所出具的《关于对苏州瀚川智能科技股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证科创公函【2025】0088 号，以下简称"问询 函"）的要求,国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐 机构"或"持续督导机构"）作为苏州瀚川智能科技股份有限公司（以下简 称"瀚川智能"或"公司"）2022 年向特定对象发行股票的保荐机构，对瀚 川智能就《问询函》相关问题的回复进行了核查，现发表意见如下： 母净利润-11.03 亿元，同比下降 1205%，扣非净利润-10.98 亿元，同比下降 率分别为-2.34%、-106.98%。 请公司：（1）分业务板块量化分析营业收入下滑、持续亏损的原因及合 理性，结合同行业可比公司情况，说明主营产品是否面临盈利能力弱化风险； （2）列示负毛利率项目的客户名称、合同金额、成本构成等情况，量化分析 毛利率为负的原因，说明开展负毛利率项目是否具有商业合理性。 回复： （一）分业务板块量化分析营业收入下滑、持续亏损的原因及合理性，结 合同行业可比公司情况，说明主营产品是否面临盈利能 ...

当前委内瑞拉经济环境面临多重挑战，自美国特朗普政府收紧允许外国企业参与该国石油开采的豁免政 策后，当地经济状况持续恶化，高通胀率与货币市场失衡严重制约企业日常运营。 过去十年间，委内瑞拉市场已见证多家跨国企业撤离，包括家乐氏(K.US)、金佰利(KMB.US)、高露洁 (CL.US)及Cargill Inc.等知名企业。部分企业虽未完全退出，但也大幅缩减业务规模或转交当地合作伙 伴负责产品分销。 值得注意的是，联合利华旗下多芬等个人护理品牌在中国市场仍由该公司代理运营，目前尚未有证据表 明其已退出该领域业务。联合利华在声明中强调，旗下涵盖全球与本土品牌的多元产品组合将持续为委 内瑞拉消费者提供服务。 此次交易折射出委内瑞拉私营部门在复杂经济环境下的生存困境，也反映出跨国企业在地缘政治波动与 高通胀压力下的战略调整趋势。联合利华通过剥离非核心资产聚焦核心业务，而Mack作为汽车领域企 业跨界接盘，其后续经营策略与市场表现值得持续关注。 智通财经APP获悉，联合利华(UL.US)近日将其在委内瑞拉的冰淇淋业务出售给哥伦比亚汽车企业Mack de Colombia CA，交易自7月3日起正式生效。此次出售涉及Tio ...

Core Viewpoint - The recent wave of executive changes in the liquor industry reflects a broader trend of management turnover amid deep adjustments within the sector, with over 10 major liquor companies experiencing core management changes in the past year [2][11]. Group 1: Executive Changes - He Xiuxia, the general manager of Jinzhongzi Liquor, resigned in early July, returning to China Resources Beer headquarters, following the departure of Hou Xiaohai from the chairman position at China Resources Beer [2][3]. - The resignation of He Xiuxia is indicative of a larger trend, as her tenure saw Jinzhongzi Liquor continue to struggle, with a reported revenue of 925 million yuan in 2024, a 37.04% decline year-on-year, and a loss of 258 million yuan, which is over ten times the loss from 2023 [2][11]. - The internal adjustments within China Resources have led to significant personnel changes across its liquor subsidiaries, with recent shifts at Shanxi Fenjiu and Jinsha Liquor, among others [7][10]. Group 2: Strategic Implications - The turnover of executives is not merely a personnel issue but is closely tied to strategic shifts within companies, as the liquor market faces structural changes and declining demand [11][14]. - Jinzhongzi Liquor's management attempted various reforms under He Xiuxia, including eliminating low-end products and focusing on mid-to-high-end offerings, but these efforts did not yield the desired results [11][13]. - The ongoing changes in leadership are seen as a response to performance pressures and the need for strategic realignment, with new leaders often bringing fresh perspectives and approaches to the market [14][17]. Group 3: Industry Trends - The liquor industry is experiencing a shift towards professional management, with an increasing number of experienced professionals and younger executives being appointed to leadership roles [15][17]. - The trend of internal promotions and the appointment of individuals with market experience is becoming more prevalent, as companies seek to enhance their operational effectiveness [16][17]. - The current environment necessitates a more scientific approach to management, as the industry grapples with challenges such as market contraction and changing consumer preferences [15][17].

对于一些收缴率低、长期亏损的小区，当下很多物业公司选择主动撤场。 《每日经济新闻》记者了解到，湘阴六建溪上桃花源，即恒大溪上桃花源项目，总占地面积约2500亩， 总建筑面积约180万平方米。但2021年9月恒大集团"爆雷"，项目延期交付，后来湘阴县成立恒大工作专 班，开展保交楼工作，直到2024年底基本完成交付，累计交付3134套，而这也为后来的物业费收缴埋下 隐患。 有业主在湘阴县人民政府县长信箱公示平台表示，从2024年底起，物业就不断打电话或发短信催促缴纳 物业费，"只要对方提供竣工验收表达到收房条件并正式通知，我就立刻去办理收房手续并缴纳相应费 用，但物业只谈要钱不谈解决问题"。 另据该项目工作人员透露，金碧物业于2022年12月正式入驻小区，由于延期交房、开发商遗留问题所导 致的额外支出，小区前两年物业费收缴率不到60%，累计亏损几十万元。 金科服务也于今年5月底在重庆恒春凤凰城小区张贴退出公告。据记者了解，金科服务于2015年2月18日 进驻该项目，运营10年后将在8月31日正式撤离。 金科服务在公告中表示，近半年时间，小区一直在降物业费选续聘物企，尽管金科服务多次表达愿意以 原价续签服务合同，但 ...

Group 1 - The core point of the news is that Dongfang Jiafu Life Insurance Co., Ltd. Ninghai Branch has been approved to exit the market, with the exit date set for July 4, 2025, as part of the company's strategic adjustment [2][4] - The exit involves specific arrangements for policy transfers and customer service continuity, which are currently being carried out under regulatory guidance [2] - The Ninghai Branch was established on March 1, 2018, and has been involved in various personal insurance businesses, including life, health, and accident insurance [3][4] Group 2 - The exit of the Ninghai Branch is part of a broader trend in the insurance industry, where over 20 insurance company branches have been approved for closure since the beginning of 2023, indicating a common phenomenon of contraction among small and medium-sized insurance enterprises during the industry's transformation period [4] - Dongfang Jiafu Life Insurance, originally known as Zhonghan Life Insurance Co., Ltd., was founded in November 2012 with an initial registered capital of 500 million yuan [4] - The company has faced significant financial challenges, reporting losses exceeding 700 million yuan from 2021 to 2023, highlighting issues such as long-term losses, governance shortcomings, and insufficient market competitiveness [4]

在经历了超过两个月的关税冲突后，美国存储的稀土资源开始逐渐耗尽，导致多家汽车和军火制造企业被迫暂停生产。为了避免工业运转的全面停滞，中美 双方在6月27日达成了一项重要协议。美国为了恢复中国对稀土的出口，被迫做出了让步。这一妥协不仅仅是商业利益的考量，更是在全球经济复杂形势下 的一次战略调整。 与此同时，正当美国由于稀土问题向中国妥协时，另一世界大国俄罗斯却对此感到深深的忧虑。担心稀土资源未来也可能被用于针对自身的制裁，俄罗斯迅 速着手调整与优化其产业结构，以减少对中国的依赖。7月2日，俄罗斯工业贸易部长安东·阿里哈诺夫对外宣称，为了保护国家冶金行业的战略利益，俄罗 斯正在迅速推进24个稀有金属与稀土的产业链开发计划。 其实，早在苏联时期，俄罗斯便在稀土领域迈出了先行的步伐。当时，俄罗斯就已经建立起初具规模的稀土产业链，至今仍然拥有全球近20%的稀土储量， 约380万吨，这一数字使其在全球稀土资源国中排名第五。然而，这一产业链的问题在于资源的开采和加工存在明显的地域分散：虽然开采主要集中于中亚 的哈萨克斯坦和塔吉克斯坦，但相应的加工却主要集中在乌克兰和爱沙尼亚，导致苏联解体后这一产业链陷入崩溃的境地。 此外， ...

英特尔(INTC.O)跌近6%，据悉该公司首席执行官正在考虑改变其晶圆厂代工业务的战略。 ...

Core Viewpoint - The launch of the Lantu FREE+ marks a significant strategic shift for the company, aiming to strengthen its presence in the competitive SUV market and address previous shortcomings in product lifecycle management and user engagement [2][3][4]. Product Development - The Lantu FREE+ has undergone extensive upgrades, with over 5 billion yuan invested and 1,366 enhancements, including 82 features that are first in its class, indicating a comprehensive technological advancement [2][3]. - The vehicle is positioned as a new model rather than a mere facelift, reflecting a shift from an engineering-led approach to a market-oriented strategy [3][4]. Market Positioning - The introduction of FREE+ is a response to the growing competition in the high-end electric vehicle market, particularly against models like Li Auto L6 and AITO M7, which have gained significant traction [4][11]. - Lantu aims to leverage external technologies such as Huawei's ADS 4.0 and Harmony OS 5 to enhance its product offerings and user experience [3][4]. Brand Strategy - The company is actively working to improve its brand presence and user engagement through targeted marketing strategies, including collaborations with public figures and a focus on family-oriented features [13][14]. - Lantu's goal is to achieve a sales target of 200,000 units by 2025, which requires a significant increase in monthly sales, particularly in the competitive SUV segment [14][15]. User Engagement - The development of FREE+ emphasizes user feedback, with many upgrades based on direct consumer input, showcasing a commitment to creating a responsive product development cycle [10][11]. - However, there are concerns that an overemphasis on user suggestions could dilute the product's unique positioning and brand identity [10][15]. Competitive Landscape - Lantu's current market presence is heavily reliant on its MPV model, the Dreamer, which has achieved notable sales but lacks a strong SUV offering, making the FREE+ critical for brand diversification [11][14]. - The company faces challenges in establishing a sustainable brand identity and must navigate the complexities of market demands while maintaining a clear product vision [15].

燕东微表示，此次股份转让是公司战略调整的一部分，旨在集中资源发展公司的核心业务，提升公司的 长期价值。公司将继续致力于半导体领域的技术创新和业务拓展，为股东创造更大的价值。 此次股份转让的顺利完成，标志着燕东微在战略调整和业务优化方面迈出了重要一步。未来，燕东微将 继续加强与各方的合作，推动公司的持续健康发展，为半导体产业的发展贡献力量。 燕东微于6月27日发布公告，宣布公司已将其持有的上海新相微电子股份有限公司（以下简称"新相 微"）6.27%的股份，以人民币600,166,458元的价格通过协议转让的方式转让给控股股东北京电子控股 有限责任公司（以下简称"北京电控"）。此次交易已于2025年6月26日完成过户登记手续。 此次股份转让是燕东微在优化资产配置和聚焦核心业务发展方面的重要举措。根据公告，燕东微于2025 年3月19日首次披露了此次股份转让的计划，并在3月21日获得了北京电控的正式批复。随后，公司在4 月10日召开的2025年第三次临时股东大会上审议通过了相关议案，为此次股份转让的顺利实施奠定了基 础。 股份转让完成后，燕东微不再持有新相微的股份，而北京电控的持股比例则从5.67%上升至11.94 ...

Core Viewpoint - The company has decided to terminate the investment agreement for the Yangzhong Mineral Processing and Commodity Trade Base Project and to dissolve its wholly-owned subsidiary, Dazhong Mining (Yangzhong) Co., Ltd, due to changes in market conditions and strategic focus [2][6]. Summary by Sections Investment Agreement Termination - The board of directors approved the termination of the investment agreement for the Yangzhong project, which included plans for a terminal with a throughput of approximately 15 million tons per year and various processing and trading facilities with a total investment of no less than 1.52 billion RMB [2][5]. - The agreement was originally signed on March 27, 2023, and aimed to establish a comprehensive project in Yangzhong City [2][3]. Wholly-Owned Subsidiary Dissolution - Dazhong Mining (Yangzhong) Co., Ltd was established specifically for the project, with a registered capital of 1 billion RMB and a focus on mineral processing and sales [3][4]. - The company has decided to dissolve this subsidiary as the project no longer has a basis for continuation following the termination of the investment agreement [6]. Financial Impact - The investment plan outlined in the original agreement has not been implemented, and the decision to terminate the agreement and dissolve the subsidiary is based on objective changes in the market and a strategic reassessment by the company [6]. - The dissolution will not adversely affect the company's existing operations, financial status, or future strategic planning [6]. Agreement Details - The termination agreement was reached amicably among the parties involved, and all parties have agreed to waive any claims for compensation or damages related to the termination [5][6].