2025年非经常性损益对归属于母公司股东的净利润的影响金额预计为550万元左右，主要是政府补助和 单独进行减值测试的应收款项减值准备转回所带来的收益，具体数据以2025年年度报告中披露数据为 准。 剔除股份支付费用的影响后，2025年扣除非经常性损益后归属于母公司股东的净利润预计为5,273.22万 元-6,273.22万元，比上年同期增长18.05%至40.44%，主要系公司2025年营业收入比上年同期增长 24.58%-31.91%。2025年公司营业收入增长主要有以下原因：①消费电子行业延续复苏态势，公司圆柱 电池精密结构件销量增长；②公司抓住储能市场的快速增长机遇，积极开拓方形电池精密结构件业务， 公司方形电池精密结构件销量增长。 格隆汇1月30日丨金杨精密(301210.SZ)公布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润4,550万元-5,550万元，同比减少1.35%-19.12%；公司2025年扣除非经常性损益后归属于母公司股东 的净利润预计4,000万元-5,000万元，比上年同期增长-7.31%至+15.87%，主要系2025年公司计提了 1,273.22万元的股份 ...

| 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,031 | 5,482 | 6,546 | 7,772 | | 增长率（%） | 18.3 | -9.1 | 19.4 | 18.7 | | 归属母公司股东净利润（百万元） | 677 | 1,004 | 510 | 581 | | 增长率（%） | 45.8 | 48.4 | -49.3 | 14.0 | | 每股收益（元） | 1.29 | 1.91 | 0.97 | 1.10 | | PE | 12 | 8 | 16 | 14 | | PB | 1.7 | 1.6 | 1.6 | 1.6 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 29 日收盘价） 钱江摩托（000913.SZ）系列点评七 2025 年业绩承压 持续聚焦产品定义+出口战略 glmszqdatemark 事件概述。公司披露 2025 年年度业绩预告，公司预计 2025 年实现归母净利润 9.6-10.3 亿元，同比增长 4 ...

智通财经APP获悉，赣锋锂业(01772)早盘跌超8%，截至发稿，跌6.77%，报63.3港元，成交额4.4亿港 元。 东吴证券发布研报称，25Q4业绩亮眼，扣非净利略好于预期；25Q4锂盐出货环比持平，涨价贡献弹 性。展望26年，该行预计公司锂盐出货量21万吨，同比+25%，资源自供规模13-14万吨，若按照碳酸锂 价格15万元/吨，对应可贡献90亿元+利润。 消息面上，赣锋锂业近日发布年度业绩预告，预计全年实现净利润11亿元至16.5亿元，同比增长 153.04%至179.56%，去年同期亏损20.74亿元。值得注意的是，公司持有的Pilbara Minerals股票价格变 动带来的公允价值变动收益贡献约10.3亿元利润，期内扣非净利润亏损3亿元至6亿元。 ...

据悉，影响本期经营业绩的主要因素包括：根据政府有关文件，广佛公司代垫的管养支出资金来源明 确，转回已计提的坏账准备;公司控股路段京珠高速公路广珠段和佛开高速受区域路网变化影响，通行 费收入同比减少。 智通财经APP讯，粤高速A(000429.SZ)披露2025年度业绩快报，公司实现归属于上市公司股东的净利润 18.01亿元，同比增加2.38亿元，增幅15.27%;实现归属于上市公司股东的扣除非经常性损益的净利润 15.22亿元，同比减少1.22亿元，减幅7.44%。 ...

Core Viewpoint - The company is experiencing significant negative impacts on its non-operating income due to the fair value changes of financial assets and liabilities, which are exacerbated by the rising silver prices [1] Group 1: Financial Performance - The company's non-operating income related to financial assets and liabilities has been consistently negative, with increasing losses each quarter [1] - The surge in silver prices is expected to further worsen the non-operating losses in the fourth quarter [1] Group 2: Operational Insights - The company has been questioned about the typical lease duration for silver, indicating a focus on operational practices related to silver leasing [1]

Group 1 - The company Shenzhen Yinbao Shanjin Technology Co., Ltd. announced a loan of up to RMB 100 million from its controlling shareholder Shanghai Dongxing Investment Holding Development Co., Ltd. to support business development and improve financing efficiency [1][2] - As of the announcement date, the company has received RMB 50 million of the loan, which is interest-free and does not constitute a major asset restructuring according to relevant regulations [2] - The company has been experiencing continuous losses for six years from 2019 to 2024, with a reported revenue of approximately RMB 1.829 billion for the first three quarters of 2025, an increase of 8.98% year-on-year [2][3] Group 2 - The company's total assets as of September 30, 2025, amounted to RMB 3.634 billion, with total liabilities of RMB 3.438 billion, resulting in a high debt-to-asset ratio of 94.60% [3] - The company has seen an increase in accounts receivable, which reached RMB 451 million, a year-on-year growth of 23.24% [3] - The stock price of Yinbao Shanjin has decreased by 8.43% over the year, closing at RMB 8.47 per share on December 23, with a total market capitalization of RMB 4.198 billion [3]

Core Insights - Anfu Technology achieved significant net profit growth in Q3 despite a decline in revenue, driven by improved gross margins and reduced financial expenses [1][3]. Financial Performance - Q3 revenue was approximately 1.18 billion, a decrease of 7.89% year-on-year, while net profit attributable to shareholders rose by 19.5% to approximately 67.88 million [2][8]. - For the first three quarters, revenue slightly increased by 0.39% to approximately 3.61 billion, with net profit growing by 16.32% to approximately 174.43 million [2][8]. - The gross margin improved to 49.39% from 48.51% year-on-year, with operating costs decreasing by 1.33% [3][8]. Profitability and Cost Management - The improvement in profitability was attributed to better cost control and a significant reduction in financial expenses, which fell by 40.19% to approximately 18.84 million [3][4]. - The net profit excluding non-recurring items for the first three quarters was approximately 168 million, reflecting a 13.92% increase, which was lower than the overall net profit growth [4][5]. Return on Equity - The weighted average return on equity (ROE) was 8.77%, showing a slight increase of 0.16 percentage points year-on-year, while the Q3 ROE was 3.05%, down by 0.51 percentage points [6]. Stock Performance - Anfu Technology's stock price closed at 38.5 per share, down 1.28%, and has decreased nearly 20% from its year-to-date high of 47.94 [7].

Core Viewpoint - The lithium battery company, XINWANDA, has reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit, indicating a bifurcation in performance among leading firms in the industry [1][2]. Financial Performance - XINWANDA achieved a revenue of 26.99 billion yuan, a year-on-year increase of 12.8%, while the net profit attributable to shareholders was 860 million yuan, up 3.9% [1]. - The company's non-recurring net profit fell by 28.0% year-on-year to 580 million yuan, highlighting challenges in its core business profitability [1]. - The revenue from energy storage batteries was 7.6 billion yuan, with a unit price of approximately 0.5 yuan per Wh and a gross margin of 9.8%, down 1.9 percentage points year-on-year [1]. Cash Flow and Financial Health - Operating cash flow decreased by 39.8% to 1.04 billion yuan, with a significant drop in the second quarter to -490 million yuan, reflecting severe cash flow issues [2]. - Capital expenditures rose by 27.5% to 4.16 billion yuan, indicating increased investment despite cash flow challenges [2]. - Accounts receivable reached 16.4 billion yuan, a 20.6% increase year-on-year, with collection pressure evident as the accounts receivable turnover days increased to 107 days [2]. Debt and Financial Strategy - The asset-liability ratio increased to 65.46%, up 5.18 percentage points year-on-year, with interest-bearing liabilities at 25.81 billion yuan, a 26.25% increase [2]. - Plans for a spin-off listing of XINWANDA Power were halted due to cumulative losses exceeding 5 billion yuan, which impacted the parent company's profits [2]. - XINWANDA has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming to become the third lithium battery company to achieve an "A+H" listing [2]. Production Capacity and Market Conditions - The overall capacity utilization rate for XINWANDA has declined, with consumer battery utilization dropping from 94.2% in 2022 to 84.3% in Q1 2025, and power battery utilization falling from 83.5% to 53.6% [3]. - The mismatch between production capacity and demand has led to resource wastage, compounded by increasing competition and ongoing losses in the power battery segment [3].

Core Viewpoint - The company achieved a significant increase in net profit despite a decline in revenue, primarily due to the sale of equity in a subsidiary, indicating a strategic shift in asset management [1][3]. Financial Performance - The company reported a revenue of 2.65 billion yuan for the first half of 2025, a decrease of 33.15% compared to the same period last year [2]. - The net profit attributable to shareholders reached 1.93 billion yuan, marking a substantial increase of 193.08% year-on-year [1][2]. - The total profit for the period was approximately 2.27 billion yuan, which is a 203.22% increase from the previous year [2]. Profitability Analysis - The significant rise in net profit was largely due to a tax-adjusted gain of 1.31 billion yuan from the transfer of a 12% stake in Tianjin Schering Pharmaceutical Co., Ltd. [3]. - The net profit excluding non-recurring gains was 596 million yuan, reflecting a decrease of 5.93% year-on-year, primarily due to the absence of investment income from the previously held stake in Tianjin Schering [3]. - After adjusting for the impact of the subsidiary's investment income, the net profit excluding non-recurring items increased by 12.86% [3]. Asset Management - As of the end of the reporting period, accounts receivable reached 1.23 billion yuan, representing a year-on-year increase of 62.07% [3][4]. - The company's total assets amounted to approximately 12.85 billion yuan, a growth of 19.36% compared to the previous year [2][4]. - The net assets attributable to shareholders increased by 12% to approximately 8.78 billion yuan [2][4].

Core Viewpoint - Jinlong Automobile is facing significant challenges despite previous growth, with a recent announcement of share reduction by its second-largest shareholder indicating potential concerns about the company's future performance [1][8]. Financial Performance - Jinlong Automobile's sales in Q1 2025 reached 11,000 units, a year-on-year increase of 11.79%, but subsequent months showed negative growth, with sales of 3,611 and 3,575 units in April and May, respectively, resulting in a slight overall increase of 0.21% for the first five months [6][8]. - The company reported a historical high asset-liability ratio of 85.9% as of the end of Q1 2025, indicating increasing financial pressure [7][8]. - From 2019 onwards, Jinlong Automobile has accumulated a non-recurring net profit loss of 2.156 billion yuan over six years [5]. Management Changes - The company has undergone multiple management changes, with the latest being the appointment of Chen Feng as chairman following the resignation of Xie Siyu in April 2025 [3][8]. - Chen Feng's experience in the automotive industry is seen as crucial for navigating the company's current challenges, including declining sales and ongoing financial difficulties [8]. Historical Context - Jinlong Automobile has experienced fluctuating performance since its establishment in 1988, with significant management turnover and a notable "subsidy fraud" incident impacting its reputation and financial stability [1][2][4]. - The company achieved its best performance in terms of revenue growth from 2022 to 2024, but still faced challenges with non-recurring net profit losses during this period [5].