Core Points - The company has established a system to effectively prevent and mitigate asset loss risks, enhancing its risk resistance capabilities [1] - The system is based on relevant financial accounting standards and guidelines, tailored to the company's actual situation [1] Group 1: Asset Impairment - Asset impairment refers to the difference when the recoverable amount of an asset is less than its book value [1] - The company recognizes impairment losses for various assets, including financial assets, inventory, long-term equity investments, fixed assets, and goodwill [2][11] - The company calculates expected credit losses based on historical data, current conditions, and future economic forecasts [3][6] Group 2: Financial Asset Impairment - The company measures expected credit losses for financial instruments based on their credit risk stages [3][4] - Financial instruments are categorized into three stages based on credit risk changes, affecting how expected credit losses are calculated [3][4] - The company assumes that financial instruments with low credit risk have not significantly increased in credit risk since initial recognition [5] Group 3: Inventory Impairment - Inventory is valued at the lower of cost and net realizable value, with impairment recognized for damaged or obsolete items [9][10] - The company conducts inventory checks at the end of the reporting period to assess potential impairment [10] Group 4: Long-term Equity Investment Impairment - Long-term equity investments are assessed for impairment based on their recoverable amount compared to book value [11][12] - The company must conduct a detailed review of long-term equity investments at the end of the reporting period [12] Group 5: Approval and Reporting - The company requires written reports for the recognition and write-off of impairment losses, detailing the methods and impacts on financial status [17][19] - Impairment loss recognition and write-off must be disclosed in periodic reports [19]

Group 1 - The core viewpoint of the news is that the well-known private equity firm, Chongyang Investment, has conducted research on a listed company, China Overseas Land & Investment Ltd (华侨城A), highlighting its financial performance and strategic initiatives [1] - China Overseas Land & Investment Ltd has improved its sales performance, with a 11% year-on-year increase in contracted sales area and a 2% increase in sales amount from January to April this year [1] - The company maintains a stable debt scale with a projected comprehensive financing cost of 3.62% by the end of 2024, which is a reduction of 29 basis points from the beginning of the year [1] - The company has an annual approved loan quota of 40 billion yuan from its parent company, with borrowing rates not exceeding the rates of financial institutions [1] - In the tourism business, the company is innovating its operational concepts by introducing leading IPs and launching a series of themed festival activities throughout the year [1] - The real estate sector is experiencing an upturn, and the company will focus on core first-tier cities and some strong second-tier cities for land auctions [1] - The company has established a full-cycle value system in its real estate business, focusing on "demand insight - technology iteration - quality fulfillment" [1] - China Overseas Land & Investment Ltd's parent company has completed a round of share buybacks in the second half of 2024, accumulating 64,877,064 shares [1]

日前，因赛集团发布重组草案，拟作价6.416亿元通过发行股份及支付现金的方式购买智者同行品牌管理顾问(北 京)股份有限公司(以下简称"智者同行")80%股权，并募集配套资金不超过3.21亿元。 长江商报记者注意到，本次重组为同行业间的并购整合。因赛集团将通过本次交易完善营销产业链，并改善当前 的盈利能力。 因赛集团（300781）(300781.SZ)推高溢价并购，商誉规模将大幅提升。 数据显示，2024年，受商誉减值等因素影响，因赛集团实现营业收入8.83亿元，归属于上市公司股东的净利润(归 母净利润，下同)亏损4504.29万元，为公司上市后首次亏损。 而在本次交易中智者同行整体估值增值率达513.62%。这意味着，交易完成之后，因赛集团将新增5.28亿元商誉， 新增商誉金额占2024年末上市公司总资产的比例达46.84%。 高溢价的收购中，交易对手方作出业绩承诺，2025年至2027年，智者同行实现的净利润(以经审计的扣非归母净利 润为准)合计不低于2.16亿元。 需警惕的是，智者同行存在"大客户"依赖症。2024年，智者同行前五大客户的收入占比接近九成，其中第一大客 户收入占比超过52%。 新增商誉将 ...

Core Insights - Novaturas Group reported audited revenues of EUR 201 million for 2024, a 3.6% decline from 2023, with a total of 239,000 travelers served, down 8% from 259,000 in 2023 [1][17] - The company experienced a net loss of EUR 7.6 million for the year, primarily due to a one-off goodwill impairment of EUR 5.7 million [3][15] - Despite challenges in the first half of 2024, the company returned to profitability in the fourth quarter with an adjusted EBITDA of EUR 2.3 million [1][2] Financial Performance - Revenue for 2024 was EUR 200.9 million, compared to EUR 208.3 million in 2023 [15] - Gross profit decreased to EUR 20.7 million from EUR 26.2 million in 2023 [15] - The adjusted annual EBITDA was reported at EUR -449,000, while the net loss reached EUR -7.6 million [3][15] Operational Highlights - The first half of 2024 was marked by a challenging oversupplied market, leading to a negative EBITDA of EUR -1.6 million [1] - A stronger autumn and winter season improved results, with unaudited EBITDA at EUR -863,000 and a net loss of EUR -2.5 million [2] - The company successfully increased traveler numbers to popular destinations, with a 149% increase in trips to Spain and significant growth in long-haul travel sales [12][13] Strategic Developments - In early 2025, Novaturas entered a partnership with strategic investor Neset Kockar, acquiring a 23.2% stake, with plans for further acquisition to 33.19% [7][8] - The company plans to review its strategy and develop collaborations with the new shareholder's businesses to enhance offerings for Baltic travelers [9] - Novaturas is testing a hybrid travel packaging solution to provide a wider range of hotel options and pricing for clients [10] Market Trends - The company adjusted its travel offerings based on customer preferences, leading to higher operational efficiency [11] - Group travel segments, particularly sports and activity-based trips, gained popularity, with Turkey and Greece being favored destinations [13] - The share of last-minute bookings was successfully reduced, and the aircraft load factor increased to 98.9% in the fourth quarter [14]

Company Overview - Hangzhou Wangying Technology Co., Ltd. was established on July 10, 2009, and is primarily engaged in brand retail, channel distribution, and brand operation management [1] - The actual controllers of the company are Yuan Zhenxing and Fu Yuanyuan [1] Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the accounting standards issued by the Ministry of Finance [1][2] - The accounting period is divided into annual and interim periods, with the fiscal year running from January 1 to December 31 [2] Accounting Policies and Estimates - The company has established specific accounting policies and estimates based on its operational characteristics, particularly regarding revenue recognition [2] - The company uses the accrual basis for accounting, except for certain financial instruments, and measures assets at historical cost unless impairment occurs [2] Financial Instruments - Financial assets are classified into categories based on the business model and cash flow characteristics, including those measured at amortized cost and those measured at fair value [3][4] - Financial liabilities are classified as either measured at fair value with changes recognized in profit or loss or other financial liabilities measured at amortized cost [6][7] Impairment and Credit Losses - The company assesses expected credit losses for financial assets and recognizes loss provisions based on the risk of default [11][12] - Expected credit losses are calculated based on historical loss experience and current economic conditions [13][14] Inventory and Costing - Inventory is measured at the lower of cost and net realizable value, with costs including procurement, labor, and other expenses [15][16] - The company uses a perpetual inventory system and applies a weighted average method for inventory valuation [15] Non-Current Assets - Non-current assets held for sale are not depreciated or amortized, and any impairment losses are recognized if the carrying amount exceeds the fair value less costs to sell [20][18] - Fixed assets are depreciated using the straight-line method over their useful lives, which are reviewed annually [21][22] Intangible Assets - Intangible assets are initially measured at cost, and development costs are recognized as intangible assets if specific criteria are met [23][24] - The company reviews the useful lives and amortization methods of intangible assets at year-end [23]

近日，力盛体育发布定增预案（第四次修订稿），公司拟募资不超过3.3亿元，用来建设海南新能源汽 车体验中心国际赛车场项目。 作为中国首家上市的赛车运营企业，力盛体育曾头顶"中国赛车第一股"的光环，却在上市8年后陷入持 续亏损、频繁融资、并购暴雷的争议漩涡。2023年至2025年间，公司扣非净利润累计亏损超3亿元，定 增计划三度缩水，并购标的暴雷导致商誉减值近1.5亿元。这场资本盛宴背后，是战略失误还是其他原 因？ 2021-2024年，公司扣非净利润分别为-0.09亿元、-0.76亿元、-1.96亿元、-0.6亿元，累计亏损达3.4亿 元。力盛体育自2017年上市以来从未分红，未分配利润累计-1.59亿元。 力盛体育上市后三次募资（2017年IPO 1.69亿元、2021年定增3.9亿元、2023年拟募6亿元后缩至3.3亿 元），但募投项目屡现"烂尾"。 如 Xracing（汽车跨界赛）定增项目原定于 2022 年 12 月 31 日达到预 定可使用状态，因发行人拟将部分参赛用车进行电动化改装，达到预定可使用状态日期调整为 2024 年 12 月 31 日。 2021年，力盛体育以1.77亿元收购杭州峻石持有的 ...

长江商报消息 ●长江商报记者 徐佳 如今易主广东国资失败，作为国内综合性大型医药企业的海王生物当前仍处于困境。 长江商报记者注意到，2022年至2024年，海王生物已连续三年业绩亏损，归属于上市公司股东的净利润 （净利润，下同）合计为-39.1亿元。且自2019年以来，海王生物已连续六年未分红。 前期密集对外并购扩张产生高额，如今海王生物计提商誉减值损失，则成为拖累公司业绩的主要因素。 2022年至2024年，海王生物计提商誉减值损失共计18.78亿元。 值得一提的是，截至今年3月末，海王集团持有海王生物46.23%股份，质押率高达99.83%。 终止易主广东国资 早在2024年初，广东国资就有意与海王生物"联姻"。 彼时，海王生物的控股股东海王集团拟以3.13元/股的价格，向丝纺集团转让所持公司2.75亿股，占公司 总股本的10%，对应交易总价约为8.61亿元。 逾半年后，交易双方再次约定，海王集团拟作价2.43元/股，将其持有的海王生物3.16亿股转让给丝纺集 团，占公司当时总股本的11.48%，交易总价为7.67亿元。同时，海王集团及其一致行动人张思民、张 锋、王菲将放弃其持有的海王生物股份对应的表决权 ...

Core Viewpoint - The company, Kaiyuan Education Technology Group, has responded to the Shenzhen Stock Exchange's inquiry regarding its annual report, highlighting significant changes in revenue across its business segments, particularly in educational training and intermediary services. Group 1: Educational Intermediary Business - The educational intermediary business generated revenue of 0.17 billion yuan, a year-on-year increase of 6.99%, while costs rose by 43.15% to 0.1 billion yuan [1][6] - The increase in revenue is attributed to the self-study business, despite a decline in average transaction amounts and student numbers compared to the previous year [5][6] - The company faces potential refund risks due to its revenue recognition method, which considers historical refund rates when accounting for income [5][11] Group 2: Educational Training Business - The educational training business reported revenue of 1.17 billion yuan, a significant decrease of 52.85% year-on-year, primarily due to the completion of prior year contracts and a decline in student numbers [1][9] - The average price per student and the number of students enrolled in training courses have also decreased, contributing to the revenue drop [8][9] - Refund policies for both online and offline courses are in place, with specific conditions under which refunds can be requested [10][11] Group 3: Franchise Business - The number of franchise campuses and their revenue contributions have declined, attributed to financial constraints affecting promotional activities and operational management [13] - The company has seen a reduction in the number of franchise campuses, impacting overall revenue from this segment [13][14] - The revenue recognition policy for franchise income is based on net collections from campuses, which have also decreased [12][13] Group 4: Book Sales Business - The book sales business has a low gross margin, influenced by procurement costs and sales strategies [16] - The company engages in both retail and wholesale book sales, with revenue recognized upon customer confirmation of receipt [15][16] - The sales model includes a mix of purchased and self-published educational materials, with a focus on maintaining control over inventory and sales processes [15][16]

Core Viewpoint - The company has decided to terminate its plan for a specific issuance of A-shares for 2024 after discussions with strategic investors, indicating a strategic adjustment in its operations [1][2]. Group 1: Termination of A-share Issuance - The termination of the A-share issuance will not have a substantial impact on the company's normal operations or harm shareholder interests [1]. - The decision was made after friendly consultations with Shenzhen Haiwang Group Co., Ltd. and Guangdong Silk Textile Group Co., Ltd. [1]. Group 2: Business Strategy and Performance - The company has been focusing on restructuring its business, particularly in the medical device sector, while divesting non-core and underperforming assets to enhance operational efficiency [1][2]. - In 2024, the company achieved a revenue of 30.317 billion yuan, maintaining steady growth despite a complex market environment [1]. - The company has completed goodwill impairment provisions, laying a solid foundation for future development [1]. Group 3: Medical Device Business - The company has established a comprehensive supply chain network covering over 20 provinces and cities in China, maintaining long-term stable partnerships with international brands like Siemens and Mindray Medical [2]. - Future plans include expanding the scale of its medical device agency business and deepening strategic cooperation with high-quality domestic and international suppliers [2]. Group 4: Financial Management and Outlook - As of the end of 2024, the company's goodwill was valued at approximately 379 million yuan, allowing it to focus on high-value-added business areas [2]. - The company has successfully completed equity transfers of several subsidiaries, optimizing its asset structure and supporting its transformation [2]. - Although facing short-term financial pressures, the effective release of goodwill risks and the strengthening of core businesses are expected to improve the company's operational status and create sustainable value for investors [2].

公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants , SGP 中国.江苏.无锡 Wuxi. Jiangsu . China 关于苏州新锐合金工具股份有限公司 2024 年年度报告 的信息披露监管问询函的核查意见 上海证券交易所科创板公司管理部： 苏州新锐合金工具股份有限公司（以下简称"新锐股份"或"公司"）于近 日收到上海证券交易所科创板公司管理部下发的上证科创公函【2025】0150 号 《关于苏州新锐合金工具股份有限公司 2024 年年度报告的信息披露监管问询函》 （以下简称"《问询函》"）。公证天业会计师事务所（特殊普通合伙）（以下 简称"年审会计师"或"公证天业"）作为新锐股份的年审会计师就《问询函》 有关问题逐项进行了认真核查，核查意见如下： 说明：在下述相关问题的回复中，若合计数与各分项数值相加之和在尾数上 存在差异，均为四舍五入所致。 问题 1：关于经营情况。年报披露，（1）公司 2024 年境内收入 10.31 亿 元，同比上升 34.56%，境外收入 7.82 亿元，同比上升 6.02%；境内毛利率 分点。（2） ...