GPLP犀牛财经注意到，上海固生堂同保康中医门诊部曾在2024年5月和2025年1月两次因过度诊疗、重复收费等被罚。对此，固生堂告诉GPLP犀牛财经，关 于上海同保康处罚，该处罚涉及金额相对较低，"参照该机构收入规模及其所处行业标准，其处罚程度本身即可视为合规管控水平相对较好的体现"。 在固生堂看来，其始终将合规经营置于首要地位，并持续投入构建长效机制。具体举措包括：将核心医疗及医保合规要求深度内嵌至核心医疗信息系统 （HIS），通过系统性信息化管控手段降低操作合规风险。"但鉴于医疗服务的高度复杂性，在实际服务过程中，不排除会出现个别问题的可能性。对此， 固生堂建立了主动沟通与申诉机制，在面临存疑情形时将主动与相关部门沟通澄清或进行合规申诉。"固生堂强调，任何个案均不意味着公司合规管理体系 失控，公司也将持续强化合规监管力度，以最大限度降低问题发生率。 近日，港股上市公司固生堂（02273.HK）在境内的主体公司"广东固生堂中医养生健康科技股份有限公司"被法院列为被执行人一事受到市场关注。7月16 日，固生堂方面回应GPLP犀牛财经称，该案件源于一项历史并购交易中关于特定付款条款的履约争议。交易双方就该条款的 ...

Financial Performance - The company reported a revenue of 20.093 billion RMB for the first half of 2025, an increase of 3.89% compared to the same period last year [1][2] - The net profit attributable to shareholders reached 11.662 billion RMB, reflecting a growth of 16.67% year-on-year [1][2] - The basic earnings per share increased to 1.75 RMB, up by 6.71% from 1.64 RMB in the previous year [1] Asset and Liability Overview - As of June 30, 2025, total assets amounted to 223.5595 billion RMB, representing a 5.83% increase from the end of the previous year [2] - Total loans reached 100.9418 billion RMB, marking a growth of 7.67% [2] - Total deposits were reported at 133.8282 billion RMB, which is a 5.17% increase [2] Asset Quality - The non-performing loan ratio stood at 0.76%, unchanged from the previous year [1] - The provision coverage ratio decreased to 520.89%, down by 20.56 percentage points [1] - The loan-to-deposit ratio was reported at 3.95%, a decrease of 0.16 percentage points [1]

| A H | | | | | | | --- | --- | --- | --- | --- | --- | | | 股代码：601390 股代码：00390 | | | | | | | | A H | | | | | | | | 股简称：中国中铁 股简称：中国中铁 | | | | | | | | 公告编号：临 | 2025-045 | 中国中铁股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 一、主要经营情况 1.按业务类型统计 | 业务类型 | 2025 年 | 4-6 月 | 本年累计 | | 同比 | | --- | --- | --- | --- | --- | --- | | | 新签项目 数量（个） | 新签 合同额 | 新签项目 数量（个） | 新签 合同额 | 增减 | | 设计咨询 | / | 64.4 | / | 126.6 | -12.2% | | 工程建造 | 1884 | 3178.1 | 3078 | 7392.4 | -5.3% | | 装备 ...

上半年经济运行情况近日出炉，国家统计局同步发布了上半年居民收入和消费支出情况。 数据显示，上半年，全国居民人均可支配收入21840元，比上年同期名义增长5.3%，扣除价格因素，实际增长5.4%。分城乡看，城镇居民人均可支配收入 28844元，农村居民人均可支配收入11936元。城乡居民人均可支配收入的差距逐步缩小。农村居民收入名义增速和实际增速分别快于城镇居民1.2和1.5个 百分点，城乡居民人均可支配收入之比由上年同期的2.45降至2.42。 居民可支配收入是指居民可用于最终消费支出和储蓄的总和，也就是居民可用于自由支配的收入，包括现金收入和实物收入。居民家庭有多大的购买力主 要看居民人均可支配收入这个指标。 从中位数来看，上半年，全国居民人均可支配收入中位数18186元，增长4.8%，中位数是平均数的83.3%。其中，城镇居民人均可支配收入中位数25380 元，增长4.0%；农村居民人均可支配收入中位数10060元，增长5.5%。 注：图片来源于国家统计局网站 按照收入的来源，可支配收入包括工资性收入、经营净收入、财产净收入和转移净收入。"工资性收入、转移净收入和经营净收入较快增长，是支撑居民 收入增长的 ...

智通财经7月17日电，第二轮土地承包到期后再延长30年整省试点范围扩大到7个省份，农村集体"三 资"监管长效机制不断健全。培育壮大新型农业经营主体和社会化服务主体，全国家庭农场近400万个、 农民合作社210多万家，109.4万个经营性主体开展社会化服务。总的看，上半年农业农村经济发展势头 良好，为国民经济平稳运行提供坚实支撑。 第二轮土地承包到期再延30年试点扩大 ...

Core Viewpoint - In 2025, under the backdrop of tight raw material supply and volatile market prices, the company is implementing a strategic transformation guided by the "accounting management" concept, promoting integrated operations in procurement, production, and sales, and achieving significant results in its copper smelting system [1][2] Group 1: Strategic Transformation - The company is focusing on increasing production and efficiency by shifting employee attention from merely output to comprehensive cost, energy consumption, and key performance indicators [1] - The "accounting management" concept is being integrated throughout the entire production and operational chain, with various levels of accounting being conducted to optimize production organization and control consumption [1] Group 2: Budget Management and Cost Analysis - A mechanism of "daily statistics, weekly reports, and monthly analysis" has been established to enhance budget management and cost analysis, allowing for timely identification of deviations from production and budget [2] - The company has revised nearly 200 workshop-level assessment criteria to create a three-in-one management system of "indicators - responsibilities - assessments," making unit cost accounting more operational [2] Group 3: Employee Engagement and Incentives - The company has introduced a mid-to-long-term incentive model for frontline teams, adding different project contribution scores to promote a more scientific and reasonable compensation structure, thereby enhancing employee motivation [2] - Each position has operational indicators for assessment, fostering a strong atmosphere of cost control participation among all employees [2] Group 4: Technological Advancements - The year 2025 marks a pivotal year for the intelligent factory construction in the copper smelting system, with the upcoming automation of the copper warehouse production process led by robotic arms and automated cranes [2]

记者丨贺泓源 李晴 编辑丨张伟贤 大窑饮品被卖的传闻似乎将成真。 重庆市市场监督管理局官网显示，在《2025年6月30日-2025年7月6日无条件批准经营者集中 案件列表》中，KKR公司收购远景国际有限公司股权案在列，该案审结时间为2025年7月4 日。 诸多细节指向， 远景国际背后运营实体便是大窑饮品。 比如，重庆市市场监督管理局此前公布的KKR收购远景国际股权案简易公示表，就与大窑高度 雷同。 公示表提到，KKR通过其新设特殊目的公司Dynamo亚洲控股II私人有限公司间接收购远景国 际85%的股权。远景国际通过其关联公司在中国境内主要从事饮料业务。远景国际于2024年在 开曼群岛成立。该公司通过其关联公司在中国境内主要从事饮料业务。目标公司的最终控制人 为自然人，主要业务为在中国境内主要从事饮料业务。据媒体报道，开曼群岛工商信息显示， 远景公司注册的董事名为"WANG， QINGDONG"，和大窑汽水董事长王庆东的拼音拼写高度 雷同。 另外，公示表披露，远景国际2024年在中国境内碳酸饮料市场占比达到5%～10%。线下零售 监测网络马上赢披露数据显示，在2024年，碳酸饮料市场排名第一的是可口可乐，占比 ...

记者注意到，顺德农商行近年对外扩张动作频频。财报显示，顺德农商行此前已吸收合并佛山高明顺银 村镇银行，2025年3月18日，该行在佛山高明顺银村镇银行原址改建的高明支行开业。 6月4日，顺德农商行公告称，已于2025年5月29日收到《广东金融监管局关于广东顺德农村商业银行吸 收合并三水珠江村镇银行的批复》，该行将根据相关工作安排，合法合规履行吸收合并相关工作。 7月16日，广东金融监管局官网披露，同意顺德农商行吸收合并佛山南海新华村镇银行、东莞常平新华 村镇银行、广州番禺新华村镇银行、江门新会新华村镇银行。据此前公告，顺德农商行拟将上述4家村 镇银行改建为分支机构。 记者注意到，去年来，顺德农商行对外扩张动作频频，已计划或完成吸收合并7家村镇银行，进一步扩 展经营空间。另一方面，据财报，2024年顺德农商行净利润下降8.5%至31.7亿元，已经连续3年下滑， 不良率连续4年上升至1.61%；2024年，该行董事、监事、高管人员薪酬合计2348.57万元，同比下降 16.3%。7月4日，据深交所公告，顺德农商行及保荐人撤回IPO申请。 吸收合并4家村镇银行获批 7月16日，广东金融监管局发布的行政许可批复显示， ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The National Development and Reform Commission and the National Energy Administration have issued a notice regarding the renewable energy power consumption responsibility weight for 2025, which is set at 34.9%, an increase of 3 percentage points from 31.9% in 2024. The target for 2026 is projected to be 35.8% [4] - A new cross-regional trading mechanism for electricity has been approved, promoting interconnection in the electricity market [4] Industry Data Tracking - **Electricity Price**: The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year but up 0.4% month-on-month [39] - **Coal Price**: As of July 11, 2025, the price of thermal coal at Qinhuangdao was 632 RMB/ton, an increase of 8 RMB/ton week-on-week, but down 25.82% year-on-year [44] - **Water Conditions**: The water level at the Three Gorges Reservoir was 157 meters, with inflow and outflow rates decreasing by 18% and 24% year-on-year, respectively [56] - **Electricity Consumption**: Total electricity consumption from January to May 2025 was 3.97 trillion kWh, a year-on-year increase of 3.4% [13] - **Power Generation**: Cumulative power generation from January to May 2025 was 3.73 trillion kWh, with a year-on-year increase of 0.3% [21] - **Installed Capacity**: As of May 31, 2025, the cumulative installed capacity of thermal power reached 1.46 billion kW, with an increase of 4% year-on-year [49] Investment Recommendations - **Thermal Power**: Focus on regional thermal power investment opportunities, recommending companies such as China Power Investment and Huadian International [4] - **Hydropower**: Highlighting the benefits of low-cost hydropower, with a strong cash flow and dividend capacity, recommending companies like Yangtze Power [4] - **Nuclear Power**: Emphasizing growth potential with recent approvals for new units, recommending China National Nuclear Power and China General Nuclear Power [4] - **Green Energy**: Noting improvements in asset quality and growth potential, recommending Longyuan Power and others [4] - **Consumption**: Attention to the smart grid and ultra-high voltage industries, recommending companies involved in these sectors [4]

Group 1: Wastewater Treatment Business Overview - The wastewater treatment business is the core of the company's operations, utilizing a concession model for daily processing and fee collection [2] - In 2024, the company processed approximately 936 million tons of wastewater, averaging about 2.56 million tons per day [2] - The main cost components of wastewater treatment include electricity, chemicals, equipment maintenance, safety management, depreciation, personnel costs, and laboratory expenses [2] Group 2: Pricing and Contractual Aspects - The company can apply for price adjustments based on the concession agreement when the pricing mechanism is triggered [3] - The typical concession agreement duration for wastewater treatment projects in Zhengzhou is 30 years, with options for transfer, repurchase, or renewal upon expiration [3] Group 3: Upgrading and Compliance - Recent upgrades have been made to meet higher discharge standards, such as the upgrade of certain plants to the Yellow River Basin's first-level discharge standards [3] - The company has completed the upgrade of the first phase of the Ma Taogang wastewater treatment plant to first-level A standards [3] Group 4: Financial and Operational Insights - The company enjoys a national tax incentive policy of three exemptions and three reductions for its wastewater treatment business [3] - The average financing cost is around 3%, with a focus on cost reduction as a key task for 2025 [4] - The company is actively monitoring external market opportunities for strategic acquisitions, assessing projects based on IRR/ROE criteria [4] Group 5: Accounts Receivable and Cash Flow - Accounts receivable primarily consist of government debts related to wastewater treatment and PPP projects, with ongoing efforts to ensure timely collections [4] - Current cash flow is under pressure due to issues with accounts receivable collections [4]