《每日经济新闻》记者注意到，星光股份同日发布了2024年年报，年报中提到，年审机构为公司出具了 带强调事项段的无保留意见内部控制审计报告，从具体强调事项来看，也与公司2024年业绩预告的修正 有关。 每经记者 吴泽鹏 每经编辑 杨夏 4月27日晚间，星光股份（002076.SZ，股价1.85元，市值20.52亿元）发布公告称，因《2024年度业绩预 告》预计的业绩金额与实际差异较大，盈亏性质发生变化，且未在会计年度结束后一个月内披露公司股 票交易可能被实施退市风险警示的风险提示公告，公司及相关人员收到了广东证监局的警示函。 公司董事长戴俊威、总经理兼财务总监李振江、董事会秘书张桃华未能履行勤勉尽责义务，对公司上述 违规行为负有主要责任。 因此，公司及上述三名责任人被广东证监局采取出具警示函的行政监管措施。 记者注意到，星光股份在4月27日晚间同时发布的年报称，公司年审机构政旦志远（深圳）会计师事务 所（特殊普通合伙）为公司出具了带强调事项段的无保留意见内部控制审计报告。 年审机构认为，星光股份披露《2024年度业绩预告修正公告》，表明星光股份在投资管理方面的内部控 制存在缺陷，星光股份已就上述缺陷实施了整改。 ...

Core Viewpoint - Shanghai Jahwa has been undergoing significant operational adjustments since Lin Xiaohai took over in the second quarter of last year, resulting in substantial financial losses in 2024, with a focus on strategic realignment for future profitability [1][2][3]. Financial Performance - In 2024, Shanghai Jahwa reported a revenue of 5.679 billion yuan, a year-on-year decline of 13.93%, and a net loss attributable to shareholders of 833 million yuan, a decrease of 266.60% compared to the previous year [2][3]. - The previous year (2023), the company had a revenue of 6.598 billion yuan and a net profit of 500 million yuan, highlighting a stark contrast in performance [3]. - The significant losses in 2024 were primarily due to a 613 million yuan impairment charge related to goodwill from previous acquisitions in the baby care and maternal products sector [3][6]. Business Strategy and Adjustments - Since the second half of 2024, the company has adopted a strategy focused on core brands, brand building, online presence, and operational efficiency, leading to various organizational changes and business adjustments [4]. - The company’s business segments include personal care, beauty, innovation, and overseas operations, with beauty and innovation segments experiencing notable revenue declines of 29.81% and 19.38%, respectively [5]. Inventory and Pricing Strategies - Starting from the fourth quarter of 2024, Shanghai Jahwa implemented aggressive discounting strategies to clear inventory, which continued into the first quarter of 2025 [9]. - Average selling prices for personal care, beauty, and innovation products saw significant declines, with beauty products dropping by 39.16% to 7.20 yuan per unit in the fourth quarter of 2024 [11][13]. Online and Offline Channel Performance - In 2024, the company’s online revenue was 2.539 billion yuan, down 9.66%, while offline revenue was 3.136 billion yuan, down 16.97%, indicating a stronger performance in online channels despite overall declines [15][18]. - The company is committed to enhancing its online transformation and expanding into emerging offline channels, with plans to add over 100 new strategic partners in the first quarter of 2025 [17][18]. Future Outlook - Despite the challenges faced in 2024, the company aims to achieve a turnaround in profitability by the first quarter of 2025, with a reported revenue of 1.704 billion yuan, a decline of 10.59%, and a net profit of 217 million yuan, down 15.25% [19].

Core Viewpoint - The domestic beauty market shows a stark contrast, with Proya becoming the first domestic brand to exceed 10 billion yuan in revenue, while Shanghai Jahwa faces a significant decline in net profit, marking a challenging period for the company [1][2]. Financial Performance - Shanghai Jahwa reported a revenue of 5.679 billion yuan for 2024, a year-on-year decrease of 13.93% [1]. - The company experienced a net loss of 833 million yuan, a staggering decline of 266.6% compared to the previous year, marking the largest loss since the company began publishing annual reports [1][2]. - The overseas business revenue was 1.415 billion yuan, down 11.43% year-on-year, contributing to the overall decline in profit [2][3]. Strategic Adjustments - The new CEO, Lin Xiaohai, initiated significant organizational reforms aimed at shifting the business model from "channel-driven" to "brand-driven" [1][9]. - The company undertook strategic adjustments, including reducing inventory in department stores and transitioning from an agency model to a self-operated model for online distributors, which negatively impacted current revenue [2][3]. Goodwill Impairment - The company recorded a goodwill impairment of 610 million yuan related to the acquisition of the UK infant care brand "Tommee Tippee," which was purchased for nearly 2 billion yuan in 2017 [2][3]. - The impairment was attributed to factors such as low birth rates overseas, intensified competition in the infant product category, and reduced inventory by distributors [3]. Market Position - Shanghai Jahwa's revenue has significantly lagged behind Proya, which has seen its revenue gap widen to 5 billion yuan, with Proya achieving over 10 billion yuan in annual revenue [6]. - The beauty segment of Shanghai Jahwa has been particularly underperforming, with a revenue decline of 29.81%, while the personal care segment remains the largest contributor at 2.379 billion yuan, down 3.42% [6]. Online vs. Offline Sales - The company's online revenue for 2024 was 2.539 billion yuan, a decrease of 9.66%, while offline revenue was 3.136 billion yuan, down 16.97% [6]. - The online gross margin increased by 1.8 percentage points to 63.58%, compared to 52.78% for offline channels, indicating a more favorable cost structure for online sales [6][7]. Future Outlook - Despite the poor performance in 2024, the first quarter of 2025 showed signs of recovery, with total revenue of 1.704 billion yuan, a year-on-year decline of 10.59% but a quarter-on-quarter increase of 41.73% [12]. - The company aims to enhance its online capabilities and adapt to changing consumer behaviors by focusing on interest-based e-commerce and developing content-driven online operations [10].

继2024年度业绩暴雷后，神州信息一季报继续亏损。 一季度增收不增利 神州信息最新公布的2025年一季报显示，一季度公司营业总收入21.6亿元，同比上升22.13%；归母净利润-9294.26万元，同比下降 64.63%；归属于上市公司股东的扣除非经常性损益的净亏损为1亿元，同比扩大74.68%。基本每股亏损为0.0967元。 财务费用增加：利息支出从255万元增至1,141万元，推高财务费用137.85%。 成本上升：营业成本同比增长26.15%，高于收入增速。 大额商誉悬顶 日前，公司公布2024年度业绩显示，2024年营业总收入100.03亿元，同比下降17.03%%；归母净利润为5.24亿元，由盈转亏，同比 大降353.01%。 回溯近几年财报数据，不难发现，神州信息正陷入业绩增长乏力的窘境。 | 按报告期 | 按年度 | 按单季度 | | | | | 显示同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 科目 年度 | | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024- ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price adjusted to RMB 32.50 [1][9]. Core Insights - The company has cleared goodwill impairment risks and is expanding its plasma collection stations through both organic growth and acquisitions, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9]. - The company reported a full-year revenue of RMB 1.74 billion in 2024, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9]. - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion in 2024, despite a slight decline in gross profit margin [1][9]. Financial Summary - Revenue and profit forecasts for the upcoming years have been adjusted, with 2025 EPS projected at RMB 1.16 and 2026 EPS at RMB 1.33, while a new forecast for 2027 EPS is set at RMB 1.50 [1][9]. - The company is expected to maintain a steady growth trajectory, with plasma collection volume projected to reach 630.6 tons in 2024, reflecting a 10.4% increase [1][9]. - The financial outlook includes a projected net profit of RMB 585 million for 2025, with a net profit margin expected to improve over the years [1][9].

根据2025年4月25日发布的公告，石基信息拟通过发行股份方式收购控股子公司深圳市思迅软件股份有 限公司（证券代码：838758.NQ）13.50%的股份（对应思迅软件14，312，500股）。 思迅软件成立于2004年4月27日，是一家专注于零售行业数字化领域的知名标准化软件产品开发商及相 关支付技术服务商，主要产品包括智慧零售、SaaS、数字运营和思迅Pay等。 思迅软件主营零售数字化系统，与石基信息最主要的酒店信息化业务关联度或有限。历史案例显示，阿 里集团2017年收购的石基零售业务因整合不力导致阿里集团六年后亏损近80%退出。 截至2024年三季度，石基信息货币资金较上年减少2.76亿元，而本次交易采用股份支付虽不直接消耗现 金，但稀释每股收益。 注：本文创作借助AI工具收集整理市场数据和行业信息，结合辅助观点分析和撰写成文。 责任编辑：AI观察员 思迅软件2023年曾尝试北交所IPO但终止。2024年前三季度数据显示，其营业收入同比下降10.79%，扣 非归母净利润下降12.38%。但石基信息停牌前市值达244亿元，市盈率高达-236倍，可能存在估值泡 沫。历史上，石基信息对中电器件的两次收购（2 ...

Core Viewpoint - Yingkang Life announced the acquisition of 51% equity in Changsha Kexin Oncology Hospital for 357 million yuan, with an overall valuation of approximately 700 million yuan, resulting in a premium rate of 1429.99%, significantly exceeding the average merger premium in the healthcare industry [1][2] Group 1: Acquisition Details - The acquisition price of 357 million yuan corresponds to Changsha Kexin's net assets of 46.14 million yuan as of September 2024, indicating a high premium rate [1] - The acquisition will create approximately 280 million yuan in goodwill, accounting for 78% of the purchase price [2] Group 2: Financial Performance and Risks - Changsha Kexin has committed to net profits of 57 million, 58 million, and 60 million yuan for the years 2025 to 2027, respectively, but has only achieved a net profit of 33.42 million yuan in the first three quarters of 2024, indicating challenges in meeting these targets [2] - The realization of these profit commitments is dependent on uncontrollable factors such as local medical insurance policies and competition from public hospitals, which adds uncertainty to the performance outlook [2] Group 3: Historical Context and Concerns - Yingkang Life has previously faced issues with high premium acquisitions, such as the 2015 acquisition of Maxip, which resulted in 947 million yuan in goodwill and 804 million yuan in impairments by 2021 [3] - High premium acquisitions lead to increased goodwill on the balance sheet, which is essentially a prepayment for the future profitability of the acquired entity; if performance does not meet expectations, goodwill impairment will directly impact the company's profits [3] Group 4: Strategic and Operational Challenges - The strategic synergy of the acquisition is questionable, as Yingkang Life's core competencies lie in medical device R&D and oncology treatment technology, while Changsha Kexin operates as a regional hospital reliant on localized medical services [4] - The acquisition may dilute core business resources, as the high cash outflow could affect the development of key projects like high-end imaging equipment and AI diagnostic algorithms, leading to a diversion of management focus [4] - The regional oncology market is highly competitive, with public hospitals attracting patients away from private facilities, making it difficult for Changsha Kexin to maintain its market position [5]

星标 ★ IPO日报 精彩文章第一时间推送 自去年10月首次官宣并购，近半年后，日播时尚集团股份有限公司（下称"日播时尚"，股票代码603196)终于披露了最新进展，公布了本次交 易的价格和具体方案等。 3月23日晚间，日播时尚发布公告称，公司拟通过发行股份及支付现金的方式购买远宇投资等10名交易对方持有的茵地乐71%股权，对应交易价格 为14.2亿元，其中，股份对价11.61亿元，现金对价2.59亿元。 本次交易完成后茵地乐将成为公司控股子公司。同时，日播时尚将向控股股东梁丰及其控制的上海阔元发行股份募集配套资金。 然而，市场对于本次收购或许并不看好。 3月24日、25日，日播时尚的股价持续大跳水：24日跌停，25日下跌8.62%。 制图：佘诗婕 商誉增加6.4亿元 据悉，茵地乐主营业务为锂离子电池粘结剂的研发、生产与销售，主要产品包括锂电池负极粘结剂、正极边涂粘结剂及隔膜粘结剂，广泛应用于 动力电池、储能电池、3C消费电池、涂覆隔膜及涂碳铝箔等领域。 据GGII统计，2024年国内锂电池PAA类粘结剂市场中，标的公司的市场占有率高达49%。 财务数据方面，2023年—2024年，标的公司实现的营业收入分别 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【柳工（000528.SZ）】工程机械老牌国企，拥抱电动化、国际化浪潮——投资价值分析报告 公司成立于1958年，最早从事装载机的生产制造工作，历经60余年的发展公司已成为涵盖挖掘机械、铲土 运输机械、起重机械、工业车辆等十余类产品的机械制造厂商。2023年公司实现营收275.2亿元，位居全球 工程机械厂商第19位、国内第4位，装载机国内市占率稳居行业前列。2024Q1-Q3公司实现归母净利润13.2 亿元，同比增长59.8%。 （黄帅斌/陈佳宁/李佳琦） 2025- 03-19 您可点击今日推送内容的第1条查看 【石化油服（600871.SH/1033.HK）】24年新签合同额创历史新高，降本增效改善经营效率——202 ...

星标 ★ IPO日报 精彩文章第一时间推送 又一单跨界收购来袭！ 近期，北京汉邦高科数字技术股份有限公司（代码：300449，下称"汉邦高科"）公告称，其正在筹划发行股份购买资产并募集配套资金事项，公司股票自 2025年3月14日开市起停牌，公司预计在不超过10个交易日的时间内披露本次交易方案。 据悉，汉邦高科是一家安防企业，而标的公司专注智慧交通领域。此次并购，汉邦高科以图产业突围。此次，汉邦高科拟以发行A股股份方式，购买深圳 高灯计算机科技有限公司（下称"深圳高灯"）持有的安徽驿路微行科技有限公司（下称"驿路微行"）51%股权，并募集配套资金。此次交易的最终股份转 让数量、比例、交易价格由交易双方另行签署正式协议确定。 制图：佘诗婕 三年亏损10亿元 资料显示，汉邦高科主要围绕"智能安防"、"音视频监测"、"数字水印技术"三大业务开展经营，为客户提供贴合行业特点的安防整体解决方案，升级音视 频监测技术，拓展行业应用，开发数字水印的衍生应用场景。 2015年，汉邦高科在深交所创业板上市。自上市以后，汉邦高科的业绩表现不佳。 上市当年，公司实现的营业收入、归母净利润分别为4.79亿元、0.45亿元，同比双双下 ...