证券之星 吴凡 自2020年开启"男裤专家"战略转型以来，九牧王(601566.SH)近五年业绩表现仍不乐观。2024年，公司营 收实现4.13%的微增至31.81亿元，虽连续两年实现收入增长，但考虑到同期公司花费超13亿元的销售费 用，这份成绩单难言合格。九牧王董事长林聪颖在2024年年报中直言，公司经营承压，整体业绩未达到 预期目标。 证券之星注意到，除裤子主业外，九牧王近年对一二级市场的金融投资愈发热衷。2022年至2024年，公 司金融资产及股权投资规模占其总资产规模较高，达到44%、39%、40%。与此同时，投资风险性在财 报中持续显露，公司近三年金融资产及股权投资净收益持续为负，利润空间被进一步挤压，除2023年盈 利回暖外，2022年和2024年公司归母净利润分别下滑148.01%和7.86%。 投资业务近年连吞苦果 九牧王投资业务始于2014年，彼时传统服装零售行业受到电商等新模式、新技术的冲击，行业面临转 型，九牧王期望通过跨界投资探索第二条增长曲线，其中参与Pre-IPO项目成为其获益的重要方式。 例如在2014年，公司通过其子公司九盛投资斥资1.85亿元认购了财通证券6200万股。此后在 ...

问道者 | 杜一用 由于电子商务和新技术给传统服装零售带来的冲击，九牧王从2014年开始尝试"实业+投资"，希望通过上下游相关产业投资助推服装主业发展，或者通过跨 界投资探索第二条增长曲线。 九牧王不是服装行业跨界投资的第一个吃螃蟹者。雅戈尔1992年就跨界房地产，2000年后又进军股权投资，把服装、地产和金融投资确定为"三驾马车"。 雅戈尔的跨界投资称得上传统服装零售行业的榜样。董事长李如成曾经公开表示，"雅戈尔投资房地产和金融赚的钱，做30年服装都赚不到。"从2001-2022 年获得的投资收益总共是将近470亿元，雅戈尔现在的市值也不过337亿元。 李如成2019年宣布"聚焦时尚主业"。现在回头去看，雅戈尔对跨界投资时机的把握相当精准，进入时房地产牛市刚启动，退出时恰逢巅峰，进退自如让雅戈 尔赚得盆盈钵满。 "男装第一股"雅戈尔收获41亿元投资回报时，"男裤专家"九牧王却因为跨界投资问题收到了上交所的问询函。由于最近三年跨界投资导致财富不断缩 水，"男裤专家"已决心戒掉跨界投资。 上交所的问询函让外界知道了"男裤专家"的家底。到2024年底，九牧王总资产57亿元，投资账面价值22.7亿元，在总资产中占比 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 7月2日，风范股份公告，拟以自有资金4800万元，收购控股子公司苏州晶樱光电科技有限公司（以下 称"晶樱光电"）旗下8个光伏电站项目公司100%股权。 风范股份的业绩已亮起红灯。2025年一季报显示，公司实现营业总收入5.72亿元，同比暴跌42.55%；归 母净利润-4247.8万元，由盈转亏且骤降165.88%。这份成绩单与两年前公司雄心勃勃跨界光伏的豪情形 成鲜明对比。 公司将原因归咎于"光伏板块订单减少"。事实上，当前困境的种子，早在2022年那场备受争议的收购中 就已埋下。 当年12月，风范股份宣布以9.6亿元现金收购晶樱光电60%股权，跨界进军光伏单晶硅片制造。彼时公 司账上货币资金仅7.7亿元，前三季度净利润同比下滑57.25%，大额现金支付能力引发质疑。 晶樱光电在柬埔寨的在建项目陷入尴尬境地。3GW产能的海外子公司"尚未投产"，而美国市场大门已 然关闭。公司在业绩说明会中坦承，"东南亚产能已很难向美国出口"。 在业绩大幅下滑的同时，风范股份的债务负担日益沉重。截至2025年一季度末，公司资产负债率高达 63.83%，同比 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 需要指出的是，上市公司透过投资业务与实控人体外公司及其女儿公司产生交织。 公告显示，杭州慕华股权投资基金合伙企业（有限合伙）共同投资人陈培泉为公司董事陈加贫之子；宁 波君度景弘股权投资合伙企业（有限合伙）等关联共同投资人为山南置立方投资管理有限公司，属于公 司董事林聪颖间接控制的企业；LapamBiotechFundI，LP关联共同投资人为CopiousGainGlobalLimited， 属于公司董事林聪颖女儿控制的企业。需要强调的是，九牧王的实际控制人是林聪颖，林聪颖通过九牧 王国际投资控制上市公司53.73%的股份。 具体关系如下： 出品：新浪上市公司研究院 文/夏虫工作室 核心观点：九牧王逾20亿规模的投资业务背后，疑似与实控人及其女儿体外公司产生交织，是否需要警 惕利益输送风险？上市公司资金安全性究竟如何？与此同时，公司一边举债，一边又出现"清仓式"分红 现象。需要指出的是，在公司一股独大的公司治理结构下，公司常年大比例现金分红将主要流向实控人 林聪颖家族口袋。 近日，九牧王就2024年年报问询回复监管。此次监管主要就公司资金结构安排合理性、非主业投 ...

在风云变幻的金融市场，能连续46年实现年化14%收益、管理规模从130万美元跃升至720亿美元的投资 者凤毛麟角，保罗·辛格正是其中传奇。这位被称为华尔街"秃鹫"的维权投资人，以独特的投资哲学和 精准的策略，在资本市场刻下不可磨灭的印记。其8条投资原则，不仅是财富积累的密码，更蕴含着对 抗市场不确定性的深层智慧。 一、风险为本：资本保护的生存法则 1974年熊市的重创，让辛格深刻领悟到资本保护的重要性，这一认知与现代投资组合理论中"风险控制 优先"的理念不谋而合。马克维茨的投资组合理论强调，投资者应在风险与收益间寻求平衡，而不是盲 目追求高回报。辛格"不惜一切代价保护本金"的原则，正是对这一理论的极致践行。他深知，重大亏损 不仅会侵蚀资产，更会摧毁投资者的决策理性。在实践中，这意味着严格的止损机制、分散化投资以及 对风险的敏锐预判。 二、策略创新：非相关性回报的构建艺术 1977年，辛格运用可转换债券套利策略，展现出对市场无效性的深刻洞察。这一策略基于可转债与正股 间的价格关系，通过多空组合对冲系统性风险，实现非相关性收益。这与夏普的资本资产定价模型 （CAPM）形成有趣对照，CAPM假定投资者只能通过承担市 ...

6月19日，百达精工（603331.SH，股价9.91元，市值20.04亿元）回复了上交所的2024年年报问询函。 《每日经济新闻》记者注意到，百达精工控股子公司江西百达新能源有限公司（以下简称"江西百达"） 此前跨界投资的超13亿元光伏项目遭遇重挫。 百达精工表示，未来若太阳能电池片市场行情持续无法回暖，项目无法如期建设完成并投产，基于谨慎 性原则，公司将对相关资产进一步计提资产减值准备，影响公司利润。 跨界光伏遭遇重挫 2023年4月，百达精工召开董事会会议审议通过了投资建设13.5GW（吉瓦）太阳能电池片项目的相关议 案。 由此，百达精工跨界光伏的项目被提上日程。 据百达精工公告，上述项目由江西百达操刀，项目一期投资建设年产4.5GW TOPCON（隧穿氧化层钝 化接触）电池片，建设期10个月，预计投资金额为13.31亿元。 值得注意的是，中来股份（SZ300393，股价5.31元，市值57.86亿元）也加入了上述项目，充当"领路 人"角色。 据上交所问询函，2024年，因上述项目推进不及预期，投入后未投产，百达精工计提在建工程减值准备 7224.23万元。 上交所要求百达精工补充披露上述项目的具体实施 ...

Core Viewpoint - Zhejiang Baida Precision Engineering Co., Ltd. (the "Company") reported a significant decline in its 2024 annual performance, primarily due to asset impairment provisions related to its solar cell project, which is currently on hold and not yet completed [1] Group 1: Project Investment and Progress - The Company has invested in a 4.5GW TOPCON solar cell project through its subsidiary, Jiangxi Baida New Energy Co., Ltd., with an expected investment of 1.331 billion yuan and a construction period of 10 months [1] - As of the end of the reporting period, the project was 62% complete, with a construction balance of 663 million yuan, accounting for approximately 50% of the Company's net assets [1] - The Company has recognized an impairment provision of 72.24 million yuan for the project due to slower-than-expected progress and the project not being operational [1] Group 2: Financial Impact and Future Outlook - The Company plans to further assess the project and may recognize additional impairment provisions based on the prudence principle, which could adversely affect its profits [1] - The Company has established a partnership with Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. to enhance its technical capabilities, although it acknowledges the risks associated with cross-industry operations [1] - The Company has decided to suspend the remaining 1.5GW of the TOPCON solar cell project investment due to intensified competition and significant price declines in the photovoltaic industry [5] Group 3: Market Conditions and Strategic Decisions - The solar cell market has experienced rapid fluctuations, leading the Company to slow down its project construction pace, with plans to resume based on market conditions [5] - The management has conducted feasibility studies and believes that the investment decision was reasonable and prudent, considering existing asset utilization and local government support [5] - The Company expects that the solar cell market will stabilize and improve by 2026, with a gradual return to normal profitability levels by 2029-2032 [8]

Group 1 - The core point of the news is that Beijing Fuhao Enterprise Management Partnership is acquiring a 23% stake in Yiming Pharmaceutical from its controlling shareholder, Gao Fan, at a price of 15.1 yuan per share, totaling 662 million yuan [1] - After the completion of this equity change, the controlling shareholder will shift from Gao Fan to Beijing Fuhao, and the actual controller will change from Gao Fan to Yao Jinbo [1] - Yiming Pharmaceutical primarily engages in the research, production, and sales of chemical drugs and traditional Chinese medicine, focusing on products for chronic diseases such as diabetes and cardiovascular diseases [1] Group 2 - In terms of financial performance, Yiming Pharmaceutical reported a total revenue of 652 million yuan for the year 2024, a decrease of 2.27% year-on-year, while net profit attributed to shareholders was 46 million yuan, showing a significant increase of 198.50% [2] - Despite the impressive net profit growth, the company's revenue has declined for the second consecutive year, with a revenue of 667 million yuan in 2023, down 22.14% year-on-year, indicating significant competitive pressure in the market [2] Group 3 - Yao Jinbo, the new actual controller, is the founder of 58 Group, which has completed various capital operations and has a diverse business portfolio covering real estate, automotive, recruitment, finance, and local services [4] - Yao Jinbo's companies under his control have an annual revenue exceeding 1.5 billion yuan, indicating a strong financial background and potential for strategic growth [4] - Yiming Pharmaceutical's stock price increased by 10.20% today, reaching 13.40 yuan per share, reflecting positive market sentiment following the announcement [5]

中核钛白称，此次调整是由于下游市场供需关系发生较大变化，需求增速放缓所致。2021年，中核钛白宣布计划建设年产50万吨的磷酸铁锂项目，投资总额 为38.2亿元，项目预计在2024年11月投用。 截至目前，中核钛白在磷酸铁项目上的投资额已达到13亿元，年产能为10万吨的一期项目于2023年建成投产，处于新产品验证阶段。 去年全年，中核钛白磷酸铁项目的产能利用率不到2%，远低于其钛白粉产品约83%的产能利用水平。 19 0 P Times e . AN P 99 智通财经记者 | 庄键 中核钛白(002145.SZ)成为又一家对锂电跨界投资作出重大调整的钛白粉上市公司。 6月2日，中核钛白公告称，拟终止包括年产50万吨磷酸铁在内的募投项目，并将剩余16.66亿元募集资金用于提高公司流动性。 这成为钛白粉企业跨界锂电业务的立足点，在上述钛白粉上市企业中，不乏在锂电领域计划投资数十亿乃至上百亿的案例。 金浦钛业2022年就曾宣布，计划投资，建设年产20万吨电池级磷酸铁和20万吨磷酸铁锂等项目。同年，惠云钛业也宣布将投资约62亿元，建设磷酸铁、磷酸 铁锂项目及配套投资上下游产业的规划。 但在过去一年间，上述项目均已相继 ...

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, reflecting ongoing challenges in the integrated stove industry due to a sluggish real estate market and changing consumer preferences [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.376 billion yuan, down 35.68% year-on-year, with a net profit of 11 million yuan, down 95.49% [1]. - Q4 2024 revenue was 363 million yuan, a decrease of 36.15% year-on-year, with a net profit of -4 million yuan [1]. - For Q1 2025, revenue was 163 million yuan, down 53.31% year-on-year, with a net profit of -54 million yuan [1][2]. Industry Context - The integrated stove market in China is experiencing a downturn, with a retail market value of 17.3 billion yuan in 2024, down 30.6% year-on-year, and online retail sales declining by 38.84% [2]. - The decline is attributed to reduced demand for new home renovations due to the ongoing adjustment in the real estate market and a shift in consumer preference towards more cost-effective alternatives [2]. Profitability and Cost Management - The company's net profit for 2024 fell significantly due to revenue decline and relatively fixed costs [2]. - In Q1 2025, the gross profit margin was 40.18%, showing a slight improvement of 0.02 percentage points quarter-on-quarter, despite a year-on-year decline [2]. - The expense ratios for sales, management, and R&D increased to 45.92%, 17.25%, and 14.48% respectively in Q1 2025, influenced by reduced revenue scale [3]. Strategic Initiatives - The company is focusing on the stock housing market by establishing a renovation division aimed at promoting kitchen upgrades in older homes, with a target of over 200 demonstration stores by 2025 [3]. - The company is also developing a second growth curve through water washing products and exploring new product lines such as gas water heaters and water purifiers [3]. - Additionally, the company is investing in emerging industries through its Super Fund, which has already invested in three projects [3]. Investment Outlook - The company, as a leader in the integrated stove sector, is facing significant pressure from the real estate market downturn and weakened consumer demand [4]. - EPS estimates for 2025 and 2026 have been lowered to 0.23 yuan and 0.27 yuan respectively, with a new estimate for 2027 at 0.34 yuan [4]. - The target price is set at 14.8 yuan, maintaining a "recommended" rating based on long-term market penetration and strategic adjustments [4].