每经记者｜舒冬妮 每经编辑｜张海妮 张玉祥不缺信徒，哪怕是南极电商（002127.SZ，股价4.9元，市值120.29亿元）净利润下跌312%之后。 南极电商2024年年报显示，公司去年全年营收为33.58亿元，同比增长24.75%，归属于上市公司股东的 净利润为-2.37亿元，同比盈转亏。其中，销售费用激增430%，对业绩造成明显拖累。 5月21日，南极电商在其上海总部举行2024年年度股东大会，离会议开始还有半小时，现场四十多个座 位就陆续坐满了人，一块显示屏上还有连线的投资者，他们关心公司业绩为何下滑，也关心公司自营业 务和线下门店的发展。 2024年注定是南极电商转型阵痛的一年，只不过，阵痛期延续到了2025年一季度。今年一季度公司营收 为7.29亿元，同比略有增长；归母净利润亏损1363万元，同比下降128.54%，销售费用激增仍是重要原 因。自营业务转型成效也尚未凸显，品牌授权和自营业务收入仅为1.01亿元。 销售费用何时能降下来，自营业务何时能带来利润增长，线下门店布局进展如何？这些问题成为此次股 东大会上的焦点。 在回答销售费用激增时，董事长张玉祥坦言，去年的营销有些激进，但今年营销费用就会大 ...

星标 ★ IPO日报 精彩文章第一时间推送 5月19日，广东锦龙发展股份有限公司（000712.SZ，下称"锦龙股份"）一纸公告宣告了历时近一年的重大资产重组计划终止。 公告第二天，锦龙股份股价微跌2.67%至12.75元/股，但较2024年6月出售计划公布次日8.22元/股的收盘价，累计上涨55.1%，市场情绪呈现分 化。 制图：佘诗婕 资产负债率高企 具体来看， 2024年6月5日，锦龙股份首次披露拟通过公开挂牌转让中山证券67.78%股权，构成重大资产重组。 彼时，公司同步推进的还有东莞证券20%股权转让计划，若两项交易完成，其证券资产将仅剩东莞证券20%股权。 2024年8月，东莞证券20%股权以22.72亿元对价转让给东莞金控的协议签署，但中山证券股权的出售却陷入僵局。尽管多家意向方参与尽调，但 始终未达成正式协议。 回顾锦龙股份此前的甩卖冲动，或源于公司岌岌可危的财务现状。 截至2024年12月31日，锦龙股份资产负债率高达81.09%，短期借款16.46亿元，长期借款42.72亿元。 而高负债导致利息支出巨大，2022年— 2024年，公司利息支出均超6.6亿元/年，其中，2024年均利息支出为 ...

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company with no specific operating business after the sale [2][4]. Group 1: Termination of Sale - On May 19, Jinlong Co., Ltd. announced the termination of the planned sale of its Zhongshan Securities stake, citing regulatory requirements that aim to enhance the company's sustainable operating capacity [4]. - The company's current main business is solely in the securities sector, and selling both Zhongshan Securities and Dongguan Securities would leave it without a core business [4]. - The announcement led to a slight decline in the company's stock price, which fell by 2.9% to 12.72 yuan per share by midday [2]. Group 2: Business Transformation Plans - Jinlong Co., Ltd. has been planning to exit the financial sector and focus on the real economy, specifically through investments in the intelligent computing center sector [6]. - The company signed a cooperation agreement in April 2024 to establish a project company for the construction and operation of intelligent computing centers in Guangdong [6]. - Despite these plans, there has been no significant progress reported on the intelligent computing center project, and the company has not provided further updates in its 2024 annual report [7]. Group 3: Financial Challenges - Jinlong Co., Ltd. is facing significant financial challenges, with a reported debt ratio of 81.09%, an increase of 3.92 percentage points year-on-year [9]. - The total liabilities of the company amount to 19.196 billion yuan, including short-term loans of 1.646 billion yuan and long-term loans of 4.272 billion yuan [9]. - The company is actively seeking to reduce its debt ratio and optimize its financial structure by pursuing the sale of Dongguan Securities [10].

多次财务造假，频遭监管处罚，淄博这家上市企业到底怎么了？ 5月15日，山东联创产业发展集团股份有限公司（下称：ST联创（300343））公告称，公司及相关责任 人因财务造假收到中国证监会山东监管局下发的《行政处罚决定书》，被责令改正并罚款60万元，时任 董事长李洪国被实施5年证券市场禁入。 这是继2025年3月因信息披露违规被实施其他风险警示（ST）后，这家淄博本土上市公司再次陷入舆论 漩涡。 事实上，此次处罚缘起于2017年一场跨界并购。 ST联创2015年启动"化工+互联网"双主业战略，通过高溢价收购上海新合、上海激创、上海麟动等数字 营销公司，快速切入互联网广告领域。 此外，投资者集体诉讼同步推进，济南中院已受理多起索赔案件，律师团队表示，在2018年4月14日至 2022年11月21日期间买入股票的投资者，目前仍可发起索赔。 值得注意的是，实控人李洪国在2016-2019年间通过减持套现超7.6亿元，甚至在监管调查期间违规减 持，进一步激化投资者矛盾。 此后，ST联创聚焦氟化工与新能源赛道。2021年起，公司剥离全部互联网业务，依托聚氨酯产业链优 势，构建从基础原料R142b、含氟制冷剂HFCs到高端 ...

Group 1: Financial Performance - The company's revenue for 2024 is projected to grow by 14.09% compared to 2023, driven by strong market demand and strategic focus on pharmaceutical packaging [2] - Research and development (R&D) investment for 2024 is set at 33.79 million RMB, reflecting a 12.16% increase from 2023 [3] Group 2: Business Strategy - The company aims to expand its production capacity and enhance market development efforts, particularly in pharmaceutical packaging [2][7] - Plans to accelerate the transformation of high borosilicate glass business and focus on new product development and channel expansion [4][7] Group 3: International Expansion - The company is prioritizing global development, with a focus on Latin America and the Middle East, having signed investment agreements in Egypt and Brazil [5][6] Group 4: Internal Management and Risk Mitigation - Continuous improvement in internal management is a key focus, including the introduction of high-level talent and enhancement of digital and automated processes to reduce production costs [8] - The company plans to establish independent subsidiaries for brand promotion and sales, enhancing its market presence [4][8] Group 5: Share Buyback Plan - The company has approved a share buyback plan, intending to repurchase between 50 million and 100 million RMB worth of its A-shares [9][10]

2025 年 05 月 16 日 工业硅：弱势基本面依旧，盘面具备下行驱动 多晶硅：下游继续跌价，盘面弱势 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2506收盘价（元/吨） | 8,410 | -80 | 95 | -1,145 | | | | Si2506成交量（手） | 209,778 | -172,858 | -187,080 | 52,987 | | | | Si2506持仓量（手） | 124,014 | -22,511 | -57,097 | -18,844 | | | 工业硅、多晶硅期货市场 | PS2506收盘价（元/吨） | 37,920 | -500 | 970 | - | | | | PS2506成交量（手） | 136,753 | -99,329 | -318,288 | - | | | | PS2506持仓量（手） | 37 ...

Group 1 - Burberry plans to cut 1,700 jobs globally, representing 18% of its workforce, to reduce costs and facilitate business transformation [1][3] - The company aims to save an additional £60 million (approximately $80 million) over the next two years, with the layoffs primarily affecting office positions [3] - The layoffs are part of a broader cost-saving initiative that includes procurement and real estate, with one-time costs expected to total around £80 million, mostly in cash [3] Group 2 - In the last fiscal year, Burberry reported an adjusted operating profit of £26 million, exceeding analyst expectations of £11 million, but significantly down from £418 million in the previous year [4][5] - Comparable sales in the fourth quarter fell by 6%, better than the average analyst expectation of a 7% decline, with sales in the Americas and Europe, Middle East, India, and Africa down by 4%, and Asia-Pacific down by 9% [5] - The company faces challenges due to geopolitical developments and a weakening consumer confidence, particularly affecting its appeal to aspirational consumers [5][8] Group 3 - Burberry is in the early stages of a business transformation plan led by CEO Joshua Schulman, who joined in 2024 [6][7] - Schulman is focusing on enhancing the popularity of trench coats and scarves while reducing emphasis on handbags, which are not traditional strengths of the brand [7] - The American market accounts for about 19% of Burberry's global business, and while there was initial momentum, the situation has become more volatile as the company approaches February 2025 [7][8]

Core Viewpoint - China National Pharmaceutical Group (China Pharmaceutical) is expanding its e-commerce operations through the acquisition of 100% equity in Beijing Jinsui Technology Development Co., Ltd. for 302 million yuan, aiming to enhance its capabilities in e-commerce and transition from a pharmaceutical company to a health enterprise [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 302 million yuan for the complete ownership of Jinsui Technology, which specializes in e-commerce operations and has established partnerships with well-known brands like Philips and Omron [1]. - Jinsui Technology's core business includes brand authorization and distribution of personal health consumer products, with operational channels across major e-commerce platforms such as JD.com, Alibaba, Douyin, and offline channels [1]. Group 2: Financial Performance of Jinsui Technology - As of March 2025, Jinsui Technology's total assets are reported at 890 million yuan, with a net asset value of 225 million yuan [2]. - The company's revenue has significantly declined from 1.747 billion yuan in 2021 to 1.018 billion yuan in 2023, marking a decrease of 41.72% over two years [2]. - Despite the revenue decline, net profit has remained relatively stable, with figures of 46.13 million yuan in 2021, 48.19 million yuan in 2022, 52.16 million yuan in 2023, and 41.49 million yuan for the first eleven months of 2024 [2]. Group 3: China Pharmaceutical's Business Overview - China Pharmaceutical has experienced consecutive revenue and net profit growth in 2022 and 2023, but in 2024, revenue dropped to 34.148 billion yuan, a year-on-year decrease of 12.04% due to a decline in temporary medical supplies business [3]. - The company's net profit for 2024 was reported at 535 million yuan, down 48.91% compared to the previous year, influenced by non-operating land disposal gains in the prior period [3]. - In the first quarter of 2025, China Pharmaceutical's profitability showed signs of recovery, achieving a net profit of 166 million yuan, a year-on-year increase of 14.27% [3].

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $12.7 million, a 13.8% increase from $11.2 million in the same period last year, driven primarily by strong defense program product shipments [11] - Gross margins for Q1 2025 were 42.5%, a decrease of 20 basis points from 42.7% in Q1 2024, attributed to higher manufacturing costs from initial production runs of new products [11] - Net income was $1.6 million or $0.56 per diluted share in Q1 2025, compared to $1.5 million or $0.53 per diluted share in Q1 2024 [12] - Adjusted EBITDA was $2.5 million in Q1 2025, up from $2.3 million in Q1 2024, primarily due to higher revenues [12] - Backlog increased to $55.5 million as of March 31, 2025, compared to $47.2 million as of December 31, 2024, and $46.1 million as of March 31, 2024, reflecting strong demand for products [13] Business Line Data and Key Metrics Changes - The company reported continued strength in sales driven by defense-related orders, with growth also noted in the commercial avionics market [7] - The initial impact of federal tariffs on imports was observed, affecting manufacturing costs, but demand for products remained unaffected [14] Market Data and Key Metrics Changes - The defense budget is expected to increase by $150 billion through a reconciliation process, with significant investments in next-gen aircraft, shipbuilding, and precision-guided munitions, which will require RF subsystems and components [10] - The company is well-positioned to benefit from anticipated changes in military procurement focus due to the growing need for its products [10] Company Strategy and Development Direction - The company is focusing on strategic investments in research and development and enhancing its market profile through rebranding and advertising initiatives [8] - There is a strong emphasis on moving into more program business, which constitutes a significant portion of aerospace and defense revenues [18] - The company is pursuing complementary acquisitions and strategic partnerships to strengthen its financial performance and customer base [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth throughout the year, supported by the resolution of labor disputes at Boeing and expected increases in orders from major airframe manufacturers [7] - The company has not experienced disruptions in business due to the defense market's choppiness and anticipates improved yields and margins as new products ramp up [24][26] Other Important Information - The company distributed warrants to stockholders, which are exercisable to purchase common stock at an exercise price of $47.5 per share [16] - The annual meeting is scheduled for June 10, 2025, at the Harvard Club in New York City, open to all shareholders [22] Q&A Session Summary Question: How will gross margins develop with new large contract wins? - Management indicated that gross margins were impacted by product mix and initial production inefficiencies, but improvements are expected as new products ramp up [24][25] Question: Are the new programs expected to have higher margins? - Yes, the new programs are expected to be higher margin products, but initial production runs may affect margins temporarily [32] Question: What does the pipeline look like for large deals? - The company has a strong pipeline for the year, with expectations for significant bookings in missile programs and avionic space [34]

An Equestrian Knight Device logo on a flag outside the Burberry Group Plc luxury boutique in London, UK, on Tuesday, May 13, 2025.Burberry on Wednesday announced a slew of organizational changes, amid continued turnaround efforts at the embattled luxury house.The company said the measures could lead to a "reduction in people-related costs which could impact around 1,700 roles globally" over the lifetime of the program, set to complete in 2027.Burberry sales fell slightly less than expected in the fourth qua ...