（文章来源：每日经济新闻） 新宙邦（300037.SZ）12月23日在投资者互动平台表示，公司境外业务毛利率高于境内业务，主要得益 于海外生产基地的建设、海外服务网点的本地化以及公司品牌和知识产权带来的溢价。公司在海外销售 的有机氟化学品、高端电容器化学品等产品技术壁垒高、附加值高，拉动了整体毛利率水平。同时，公 司波兰工厂已实现电解液本地化生产和供应，有效降低了物流与关税成本，对电池化学品业务的业绩有 积极贡献。在全球布局方面，公司坚持以客户为中心，为构造一个稳定、高效的供应体系，公司拥有一 支专业、高效的国际化精干团队，在全球进行了广泛的布局以满足客户需求。目前公司在欧美、东南 亚、日韩、中东等地均设有子公司，已构建了覆盖主流市场的全球化销售与服务网络。公司正在实施全 球化、一体化产业链布局的战略，积极把握中国电池企业在海外建厂带来的新机遇。未来，公司将继续 深化全球化布局，提升本地化服务能力，以抓住全球新能源产业链发展的机遇。关于公司的具体经营业 绩情况请关注公司在巨潮资讯网发布的定期报告并请注意投资风险。 每经AI快讯，有投资者在投资者互动平台提问：看到公司的2025年半年财务报告显示，公司境外销售 ...

Core Insights - Stone Technology has won the "Annual Brand Value Award" in the 2025 "Golden Grid Award - Annual Excellence Company" list, highlighting its brand differentiation, market reputation, and user recognition [1] - The award reflects the company's long-term operational capabilities and core competitiveness, especially as the smart cleaning appliance industry shifts from "parameter competition" to "value competition" [1] Group 1: Brand Value Foundation - The brand value of Stone Technology is primarily built on long-term commitment to technological research and development, with a core team from renowned tech companies like Microsoft, Huawei, and Intel [2] - From 2016 to 2024, the company invested a total of 3.238 billion yuan in R&D, with 1.028 billion yuan in the first three quarters of this year, marking a year-on-year increase of 60.56% [2] - The R&D investment as a percentage of revenue has consistently been at a leading level in the industry, resulting in a series of innovative products and technological achievements [2] Group 2: Market Validation of Brand Value - In the domestic market, during the 2025 "Double Eleven" shopping festival, Stone Technology held a 34.75% market share in the robotic vacuum segment and 25.02% in the washing machine segment [3] - From October 9 to November 11 this year, the net sales of the brand's vacuum cleaners increased nearly 23 times year-on-year [3] - Globally, the company’s products are available in over 170 countries and regions, serving more than 20 million households, with a shipment of 3.788 million robotic vacuums in the first three quarters, securing a 21.7% global market share [3] Group 3: Global Expansion and Brand Influence - Stone Technology has expanded its product line to include washing machines and other smart home appliances, enhancing its market position and overall brand value [4] - The company is well-positioned to benefit from the global market's growth, with data indicating a rise in both volume and price for overseas robotic vacuums [5] - The brand's competitive edge is reinforced by its full-channel layout, localized operational strategies, and product innovation, maintaining a leading position in the global robotic vacuum market [6] Group 4: Future Growth Opportunities - Stone Technology is expected to continue growing as a leading Chinese brand in the global market, with its brand value anticipated to rise [7] - The company is poised to enjoy the beta benefits of the expanding global smart home market, balancing brand marketing and R&D investments to maintain its technological advantage [7] - The potential for revaluation of the company’s stock is significant as it transitions from a niche appliance brand to a mainstream technology brand [7]

Core Insights - Stone Technology has won the "Annual Brand Value Award" in the 2025 "Golden Grid Award - Annual Excellence Company" list, highlighting its brand differentiation, market reputation, and user recognition [1] - The award reflects the company's long-term operational capabilities and core competitiveness, especially as the smart cleaning appliance industry shifts from "parameter competition" to "value competition" [1] Group 1: Brand Value Foundation - The brand value of Stone Technology is primarily built on its long-term commitment to technological research and development, with a core team from renowned tech companies like Microsoft, Huawei, and Intel [3] - From 2016 to 2024, the company invested a total of 3.238 billion yuan in R&D, with 1.028 billion yuan in the first three quarters of this year, marking a year-on-year increase of 60.56% [3] - The R&D investment as a percentage of revenue has consistently been at a leading level in the industry, resulting in a series of innovative products and technological achievements [3] Group 2: Market Validation of Brand Value - In the domestic market, during the 2025 "Double Eleven" shopping festival, Stone Technology held a 34.75% market share in the robotic vacuum segment and 25.02% in the washing machine segment [4] - The company's global product reach extends to over 170 countries and regions, serving more than 20 million households, with a global shipment of 3.788 million smart robotic vacuums in the first three quarters, securing a 21.7% market share [4] - The brand's recognition is further validated by significant sales growth, with vacuum cleaner net sales increasing nearly 23 times from October 9 to November 11 this year [4] Group 3: Global Competitive Landscape - Stone Technology has evolved into a global smart home appliance brand, with a focus on robotic vacuums and washing machines, leveraging core technology and brand influence to meet diverse cleaning needs [6] - The company is positioned to benefit from the competitive landscape as international brands like iRobot exit the market, allowing Chinese brands to capitalize on growth opportunities [6] - The brand's comprehensive channel strategy and localized operations have solidified its leading position in the global robotic vacuum market [7] Group 4: Future Growth Opportunities - Stone Technology's expansion into new product categories is strategic, enhancing its market position and overall brand value [6] - The company is expected to continue enjoying high growth in overseas markets, particularly as consumer preferences shift towards upgrading products [6] - The focus on localized marketing and high-end product differentiation in markets like South Korea demonstrates the company's commitment to meeting regional consumer demands [7][8]

Core Viewpoint - Longqi Technology's IPO on the Hong Kong Stock Exchange marks a significant step in its international capital strategy, aimed at enhancing its capital strength and global brand influence while supporting AI innovation and multi-business collaboration [1] Group 1: Globalization Strategy - The core strategic goal of Longqi Technology's IPO is to enhance capital strength and competitiveness, improve international brand image, and support global business development [2] - The company has established a "China R&D + Global Manufacturing" collaborative system, positioning itself as a leader in the global consumer electronics ODM market [2] - Longqi has set up production centers in Huizhou, Nanchang, Vietnam, and India, and has branches in the US, South Korea, and Japan, allowing for flexible capacity allocation to meet global demand and mitigate geopolitical risks [2] Group 2: R&D and Customer Support - Longqi has optimized global resource allocation by creating a "domestic R&D hub + overseas localized support" system, ensuring 24/7 technical service for overseas clients [3] - The company has established R&D centers in multiple Chinese cities, focusing on core technology and product innovation, which enhances customer loyalty and supports business expansion [3] Group 3: Fundraising and Investment Focus - The IPO funds will be directed towards expanding overseas production capacity, enhancing local production in Vietnam to meet growing demand from European and North American clients [4] - Investments will also focus on improving production efficiency and building overseas R&D and marketing teams to support business development [4] - Strategic investments or acquisitions will be pursued to strengthen technological positioning and expand the ecosystem [4] Group 4: Business Strategy and Growth - Longqi's "1+2+X" product strategy aims to create a growth pattern characterized by core stability, emerging explosions, and diversified collaboration [5] - The company is the second-largest consumer electronics ODM globally and the largest smartphone ODM, with a projected shipment of 173 million smartphones in 2024, capturing a market share of 32.6% [5] - The AI PC and automotive electronics sectors are emerging growth areas, with expectations for significant market expansion by 2026 [6] Group 5: Emerging Technologies and Partnerships - Longqi is actively involved in the smart hardware sector, particularly in smart glasses, and has secured orders for new AI smart glasses projects [7] - The company collaborates with leading internet clients and has established strategic partnerships in the AI/AR industry to enhance technological capabilities [7] - Longqi is also exploring opportunities in AI robotics, partnering with Zhiyuan Robotics to develop industrial-grade intelligent robot solutions [7] Group 6: Future Outlook - As the IPO progresses, Longqi aims to further enhance its global layout and deepen its core and emerging business strategies, benefiting from trends in AI terminal penetration and ODM industry consolidation [8] - The company is transitioning from a traditional ODM leader to a core supplier in the AI sector, with growth potential continuing to expand [8]

Core Insights - Zhongwei Co., Ltd. is a leading enterprise in the global new energy materials sector, focusing on significant development during the "14th Five-Year Plan" period through capital market empowerment [1][2] Group 1: Product Development and Market Position - Zhongwei has established a diversified product matrix including nickel-based, cobalt-based, phosphate-based, and sodium-based materials, with nickel and cobalt materials ranked first globally for five consecutive years, achieving market shares of 20.3% and 28.0% respectively by 2024 [1] - The company has made key breakthroughs in phosphate materials, with exports expected to rank first globally in Q1 2025, and has secured the industry's first thousand-ton order for sodium-based materials, applicable in traditional fields like electric vehicles and emerging sectors such as low-altitude aircraft and humanoid robots [1] Group 2: Technological Innovation - Technological innovation is a core driver for Zhongwei, which has invested over 4.4 billion yuan in R&D during the "14th Five-Year Plan" period, developing proprietary technologies such as high-nickel ternary precursor materials [1] - The company is focusing on two main technical routes in solid-state battery electrolyte materials: oxides and sulfides, and is developing a comprehensive technological capability across key processes from precursors to cathode materials and solid-state electrolytes [1] Group 3: Globalization and Industry Chain - Zhongwei has built a comprehensive global supply chain from resource acquisition to recycling, with significant resource holdings including over 10 million tons of lithium resources and nearly 100 million tons of phosphate rock [2] - The company has established production bases in four countries and expects overseas revenue to account for 50.58% by mid-2025, collaborating with leading global firms like LG Energy and Tesla [2] - Zhongwei is set to be listed on the Hong Kong Stock Exchange on November 17, 2025, becoming the first "A+H" stock in the new energy materials industry and the first dual-listed company in Guizhou Province [2] Group 4: Future Outlook - Looking ahead to the "15th Five-Year Plan," Zhongwei aims to leverage capital market empowerment to enhance its supply chain synergy, accelerate the industrialization of cutting-edge technologies like solid-state batteries, and deepen its global green value chain layout [2]

本报（chinatimes.net.cn）记者石飞月 北京报道 文渊智库创始人王超就此对《华夏时报》记者表示，当前大模型企业普遍处于巨额亏损阶段，这两家公 司的财务情况也都不算好，都在严重亏损，在此背景下，毛利率数字的一些差异很可能是财务处理方式 不同所致，而非业务效率的本质差别，所以其重要性有限，不一定能真实、公允地反映其业务效率与核 心竞争力。 另据招股书披露的数据，MiniMax毛利率低与其高昂的销售成本有很大关系。2023年、2024年和2025年 前三季度，该公司销售成本占总收入的比例分别达到124.7%、87.8%和76.7%，销售成本主要包括与推 理相关的云计算服务的费用以及平台佣金费用。 在智谱闯关港股成功后，同为"AI六小虎"的MiniMax也等来了好消息。12月21日晚间，港交所公布 MiniMax聆讯后资料集，今年前三季度，该公司已经实现超5300万美元的收入（合人民币约为3.76亿 元），对于一家成立仅四年的初创企业而言，这样的营收规模已属亮眼表现。不可忽视的是，与很多 AI公司一样，伴随其高速增长的营收一同浮现的，还有持续扩大的亏损。 与其他国内大模型厂商相比，MiniMax最显著的 ...

证券日报网讯12月22日，英思特（301622）在互动平台回答投资者提问时表示，英思特稀磁新材料越南 有限公司作为公司的间接控股子公司，其详细的年度收入及利润数据已在公司的合并财务报表中一并披 露，未在年度报告中单独列示。越南子公司是公司全球化布局的重要生产基地，产品主要服务于公司合 作的国际知名消费电子品牌商。当前生产经营状态良好，项目已规模量产。 ...

Investment Rating - The report indicates a positive outlook for the engineering machinery industry, expecting a significant increase in both quantity and quality during the "14th Five-Year Plan" period and beyond [1][19]. Core Insights - The engineering machinery industry is positioned as a core pillar of equipment manufacturing, crucial for national infrastructure development and economic growth, reflecting the overall strength and competitiveness of a country's manufacturing sector [1]. - The industry is transitioning from scale expansion to quality and efficiency improvement, driven by policy support, technological advancements, and international market expansion [2][3]. - The report forecasts that the industry's revenue will reach 910 billion yuan by 2025, representing a 17.4% increase from 2020, with strong recovery momentum [3]. Policy Drivers - A series of policies have been implemented to create a favorable environment for the engineering machinery industry, including large-scale equipment updates and long-term special bonds, which are expected to stabilize market demand [4][20]. - Major infrastructure projects and the rise of county economies are providing substantial support for industry demand, with significant growth in orders for large equipment in western regions [4]. Technological Advancements - The industry is experiencing a wave of innovation focused on high-end, intelligent, and green technologies, with leading companies achieving breakthroughs in key technologies [8]. - Notable advancements include the development of electric and intelligent machinery, which significantly reduce energy consumption and enhance operational efficiency [8]. International Expansion - Chinese engineering machinery companies are actively expanding into global markets, successfully breaking into high-end markets in Europe and North America, with exports projected to reach or exceed 59 billion USD by 2025 [12][19]. - The report highlights the importance of overseas markets as a growth engine, with a significant increase in the share of overseas revenue for major companies [12][19]. Market Trends - The report identifies a shift from new machine sales to after-market services, including maintenance and remanufacturing, as a new growth area for the industry [38]. - The domestic market is transitioning from an incremental to a stock market, with a strong demand for remanufactured machinery expected to emerge during the "14th Five-Year Plan" period [39][40]. Future Outlook - The engineering machinery industry is anticipated to achieve a dual increase in quantity and quality during the "15th Five-Year Plan" period, driven by policy support and technological advancements [19]. - The report emphasizes the potential for significant market space and growth opportunities, estimating an additional market space of approximately 10 trillion yuan over the next five years [19].

_Bert 赵永坡宣布自己已被任命为魏牌CEO @哈弗赵永坡 以创始人魏建军姓氏命名的魏牌于2016年成立，承载着长城汽车向高端市场进军的雄心。然而，这个被寄予厚望的品牌自诞生以来，便陷入了高管频繁更替 的怪圈。从曾在奥迪工作30年的严思，到拥有多家龙头企业背景的冯复之，再到如今的赵永坡，魏牌CEO的位置此前从未有人坐热。 【文/观察者网 潘昱辰 编辑/高莘】"从今天开始，我就是魏牌的CEO了。"12月21日，原哈弗总经理赵永坡在社交媒体上宣布了自己的新职位，并为即将上市 的魏牌蓝山智能进阶版预热造势。这位在长城汽车体系内成长超过20年的技术干将，成为魏牌自2016年成立以来的第9位掌舵者。 而CEO的屡屡更迭，也是魏牌成立近10年来战略摇摆、定位失准、转型受困的一个缩影。 频繁换帅 品牌成立9年来，魏牌已经更换了8位CEO，任期最长的为初代CEO严思，长达两年；最短的只有两个月，为兼任魏牌CEO的坦克CEO刘艳钊。 梳理过去魏牌CEO的更换规律可以看出：除初代CEO严思外，外来的职业经理人任期往往较短，而长城系老将则常被委以"救火"任务。 魏牌的初代CEO严思，曾在奥迪效力30年。作为品牌的初创者，魏牌（当 ...

编号：2025-034 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | √现场参观 □其他： | | 参与单位名称及 | 兴全基金：徐留明 | | 人员姓名 | | | 时间 | 2025 年 12 月 17 日 | | 地点 | 临海 | | 上市公司接待人 员姓名 | 黄志强、郑婷燕、邱逸远 | | | 1、当前快反订单占比有多少？公司的举措？ | | | 答：随着经济的发展，人民生活水平的不断提升，消费者对于服装个性化的 | | | 需求日益凸显；此外品牌客户为了降低库存风险，提高运营质量，受前述原因综 | | | 合影响，服装品牌客户对于快反的需求越来越明显。 | | | 针对小批量、多批次、快交期的行业订单趋势，公司除了增强服务意识之外， | | | 还不断通过智能制造和柔性制造体系的打造来保障生产效率，多方面的举措形成 | | | 了公司较强的快反能力。 | | | 2、公司海外工业园情况如何？未来规划？ | | 投资者关系活动 | 答：目前孟加拉和越南两家海外工厂均呈现 ...