? 本次交易不构成重大资产重组。 ? 本次交易已经公司于 2025 年 5 月 26 日召开的第四届董事会第十九次会 议审议通过，无需提交股东大会审议。 证券代码：603856 证券简称：东宏股份 公告编号：2025-029 山东东宏管业股份有限公司 关于转让参股公司股权的公告 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。 重要内容提示： ? 山东东宏管业股份有限公司（以下简称"公司"）拟将持有的天津市管 道工程集团有限公司（以下简称"管道集团"）7.296%的股权转让给天津水务集 团有限公司（以下简称"水务集团"），转让价格为人民币 156,191,068.00 元。 本次交易完成后，公司将不再持有管道集团的股权。 ? 本次交易不构成关联交易。 二、交易对方情况介绍 公司名称：天津水务集团有限公司 公司类型：有限责任公司 ? 其他需要提醒投资者重点关注的风险事项： 本次交易尚未签署正式协议，公司将根据交易进展情况及时履行信息披露义 务，敬请广大投资者注意投资风险，理性投资。 一、交易概述 为进一步优化资产结构与资源配置，公 ...

中办、国办发布关于完善中国特色现代企业制度的意见，国有企业要根据功能定位逐步调整优化股权结 构，形成股权结构多元、股东行为规范、内部约束有效、运行高效灵活的经营机制。鼓励民营企业构建 简明、清晰、可穿透的股权结构。 ...

近期，科德教育（300192）(300192.SZ)对外公告，公司控股股东、实际控制人吴贤良与十堰中经和道 企业管理合伙企业(有限合伙)(以下简称"中经和道")签署了《吴贤良与十堰中经和道企业管理合伙企业 (有限合伙)关于苏州科德教育科技股份有限公司的股份转让协议》。 根据协议，吴贤良拟将其持有的科德教育无限售条件流通股77,584,267股以每股14.72元合计11.42亿元的 价格协议转让给中经和道。 若本次股份转让事项顺利实施并完成，中经和道将成为科德教育控股股东，十堰市人民政府国有资产监 督管理委员会(以下简称"十堰市国资委")将成为公司实际控制人。 公开资料显示，科德教育于2011年在创业板上市，目前主营业务包含职业教育和油墨两大板块。其中， 教育板块涵盖中等职业学校、全日制学校以及职业技能培训等；油墨板块主要是胶印油墨和UV油墨的 研发、生产和销售。 据了解，近年来油墨行业环保门槛不断提高，生产环保要求越来越严。与此同时，更环保的新型油墨产 品更新速度加快，逐渐抢占传统油墨的市场份额。再加上行业竞争激烈，原材料价格不稳定，企业既要 应对成本上涨难题，又要守住市场份额，面临双重挑战。 根据公告披露的 ...

华夏时报（www.chinatimes.net.cn）记者 刘佳 北京报道 为贯彻落实新修订的《中华人民共和国公司法》（下称：公司法），做好有关监管制度与公司法的衔接，国家金 融监督管理总局（下称：金融监管总局）近日发布《关于修改部分规章的决定》（下称《决定》）。 《决定》修改了《信托公司管理办法》《信托公司股权管理暂行办法》中监事会设置有关规定，明确董事会中设 置由董事组成的审计委员会行使监事会职权的，可不再设置监事会。 金融监管总局相关司局负责人表示，《决定》对监事会设置要求的主要修订与公司法保持一致，机构可以结合自 身实际，选择继续保留监事会履行职责或者由审计委员会履行监事会职责，有利于优化公司治理结构，提升内部 监督的效率。 在用益信托研究员喻智看来，信托公司监事会不是被取消，而是可以由审计委员会行使职权。主要是和公司法的 规定保持一致，使信托行业的监管与公司法的衔接更加顺畅、提升内部监督的效率。 监事会设置调整 在金融机构中，不再设置监事会的规划源于公司法的修改，这也意味着信托公司治理结构将迎来实质性进展。 新修订的公司法于2024年7月1日正式实施。公司法在监事会设置以及董事、监事、高级管理人员的 ...

Core Insights - The company reported a revenue of 36.011 billion yuan for 2024, representing a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 12.243 billion yuan, up 17.29% year-on-year [1] - For Q1 2025, the company achieved a revenue of 16.523 billion yuan, reflecting a year-on-year growth of 7.72%, and a net profit of 6.648 billion yuan, which is a 6.15% increase year-on-year [1] Revenue Breakdown - In 2024, the revenue from mid-to-high-end liquor and other liquor categories was 26.532 billion yuan and 9.342 billion yuan, respectively, with year-on-year growth of 14.35% and 9.40% [1] - Revenue from the domestic market reached 13.500 billion yuan, while the revenue from the external market was 22.374 billion yuan, showing year-on-year increases of 11.72% and 13.81% respectively [1] - The number of distributors increased significantly, with 835 in the domestic market and 3,718 in the external market, net additions of 15 and 598 respectively compared to the end of 2023 [1] Profitability and Cost Structure - The company's gross margin for 2024 was 76.20%, an increase of 0.90 percentage points year-on-year, attributed to product mix improvements [2] - The expense ratios for sales, management, R&D, and finance were 10.35%, 4.02%, 0.41%, and -0.03% respectively, with slight increases year-on-year [2] - The net profit margin for 2024 was 34.00%, up 1.31 percentage points year-on-year, indicating improved profitability [2] Growth Potential and Market Strategy - The company demonstrated strong operational resilience with double-digit growth in revenue and net profit in 2024, and positive growth in Q1 2025, reflecting strong brand equity and growth momentum [3] - The product strategy focuses on enhancing the "Qinghua" series, strengthening mid-tier products, and maintaining the market position of "Guangping" liquor [3] - The company is expanding its market presence, particularly in southern regions, by targeting county-level markets and focusing on core distributors to increase terminal numbers [3] Investment Outlook - Based on the operational performance in 2024 and Q1 2025, profit forecasts for 2025, 2026, and 2027 are adjusted to 13.63 billion yuan, 15.11 billion yuan, and 16.67 billion yuan respectively, with year-on-year growth rates of 11.4%, 10.8%, and 10.4% [3] - The current stock price corresponds to price-to-earnings ratios of 17, 16, and 14 for the years 2025, 2026, and 2027 [3]

Financial Performance - In 2024, the company's operating revenue increased by 9.12% year-on-year, but the net profit attributable to shareholders was 93.45 million, a year-on-year loss expansion of 64.47% due to high R&D and equipment depreciation costs [1] - In Q1 2025, operating revenue grew by 6.77%, but the net profit loss expanded to 38.46 million, attributed to ongoing R&D and sampling costs, as well as increased equipment depreciation [2] - The company's financial expenses in 2024 rose by 1080.22% to 6.43 million, primarily due to new bank loans and discounts [5] Asset Management - Asset impairment losses in 2024 increased by 80.99%, mainly due to inventory write-downs and fixed asset impairments [3] - The inventory turnover rate in Q1 2025 decreased by 62.94%, prompting plans for improved inventory management [4] Cash Flow and Debt Management - In Q1 2025, net cash flow from operating activities increased by 230.25%, while cash reserves decreased by 27.13% due to increased investment expenditures [10] - The company's interest-bearing debt grew by 25.80%, with short-term loans amounting to 155 million, but the overall scale remains manageable [13] Market Strategy and Innovation - The company faces challenges from U.S.-China decoupling and increased competition, but plans to stabilize core resources and explore new markets [6][7] - The company aims to enhance R&D investment and improve product quality to increase gross margins, which were -14.13% in Q1 2025 [8][9] - The company has achieved significant results in market expansion, becoming a qualified supplier for major clients [7] Accounts Receivable Management - Accounts receivable increased significantly in 2024, with credit impairment losses rising by 230.18%, but the company maintains a strategy to control customer credit risk [7]

近日我们参加老白干酒股东大会，就2024 年公司经营情况、2025 年公司经营规划等与管理层进行交 流，核心总结如下： 推进费用精细化管理，费投结构向C 端转型。公司持续推进精细化费用管理，通过优化费用投放结构与 绩效考核体系，提升费用使用效率。销售费用和管理费用整体聚焦"精准投入、直投C 端"的策略方向， 弱化渠道端粗放式投放，强化消费者触达与终端拉动的实际成效。C 端倾斜对于销售人员队伍整体素质 与品牌触达的响应能力提出更高要求，预计人员费用将维持上升趋势。同时当前公司处于高端化品牌形 象建设期，产品升级提升成本+品牌培育期持续市场投放下，毛利率预计中短期维稳或微升。长期来 看，随着升级产品占比提升及品牌力加强带来的规模效应，叠加费用端费效比持续提升，公司整体净利 率水平具备改善空间。 多品牌协同推进全国化布局，持续渠道去库维持稳态运营。公司以本部老白干销售为基石，推进多品牌 协同发展，形成"核心品牌夯实+区域品牌突破"的格局。旗下武陵酒持续推进圈层营销与短链直销模 式，24 年实现双位数增长，全国化拓展进程加速，短链模式下渠道库存水平保持低位。 25 年，武陵酒将继续依托品质优势与品牌积淀，对并对产品线 ...

股份制银行和中小银行也纷纷跟进，平安银行、兴业银行等均下调了大额存单利率，部分中小银行大额存单利率已逼近1%关口。中原银行当前发行的大额 存单中，1个月、3个月利率均为1.4%，6个月为1.6%，1年期为1.7%，且该行预计后续或将对大额存单利率进行调整。 【环球网财经综合报道】近期，银行存款利率下调持续，大额存单也未能幸免，部分银行大额存单利率已降至"1字头"。值得注意的是，相较于普通存款， 大额存单利率调降幅度更大，中长期产品降幅尤为明显。 业内人士指出，多家银行大额存单利率降至"1字头"，主要源于银行净息差收窄压力，需通过压降高成本负债如大额存单，优化负债结构，稳定经营。 从具体数据来看，多家国有大行的大额存单利率已全面跌破"2字头"。中国银行5月20日公告发售的2025年第一期个人大额存单，1个月、3个月大额存单年化 利率降至0.9%，6个月、1年期、2年期、3年期年化利率分别降至1.1%、1.2%、1.2%和1.55%。工商银行、农业银行、建设银行等也纷纷下调了大额存单利 率，且下调幅度较大。 南开大学金融发展研究院院长田利辉表示，多家银行大额存单利率降至"1字头"，受政策传导机制驱动、存款定期化趋 ...

Board Resignation - The board of directors of Shaanxi Light Optical Materials Co., Ltd. received resignation letters from five directors, including Xue Zhen, Dong Zhenhua, Fan Qihui, Ma Ruopeng, and independent director Li Xianggao, to optimize the corporate governance structure [1][2] - The company will reduce the number of board members by four, including at least two directors who also serve as senior management, in compliance with the Company Law and the company's articles of association [2][3] Impact of Resignation - The resignations will not lead to a decrease in the board's membership below the legal minimum, nor will it affect the proportion of independent directors or the presence of accounting professionals on the board [4] - The resignations are effective immediately upon delivery to the board, except for Li Xianggao, whose resignation will take effect after the election of a new member to the nomination committee [3][4] Election of Employee Director - The company has elected Zhao Xiaohui as the employee director, whose term will last until the end of the current board's term [5] - Zhao Xiaohui has a background in chemical engineering and has held various positions in procurement and management within the company and other organizations [5][6]

公司研究 证 券 研 究 报 告 可靠股份（301009）2024 年报及 2025 年一季报点评 推荐（维持） 成本结构持续优化，自有品牌加速培育 目标价：16.1 元 事项： 公司公布 2024 年年报及 2025 年一季报。2024 年，公司实现营收/归母净利润 /扣非归母净利润 10.8/0.3/0.2 亿元，同比-0.3%/+54.4%/+33.1%。25Q1，公司实 现营收/归母净利润/扣非归母净利润 2.8/0.2/0.2 亿元，同比-1.0%/+1.4%/-3.5%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,079 | 1,152 | 1,256 | 1,393 | | 同比增速(%) | -0.3% | 6.8% | 9.0% | 10.9% | | 归母净利润(百万) | 31 | 32 | 51 | 68 | | 同比增速(%) | 54.4% | 3.5% | 59.6% | 32.1% | ...