Group 1 - The company reported a significant decline in revenue for 2024, with total revenue of 237 million yuan, a year-on-year decrease of 33.55%, marking the third consecutive year of revenue decline [4][6] - The net profit attributable to shareholders was -89.94 million yuan, an improvement of 43.53% compared to the previous year's loss of 159 million yuan, indicating some progress in cost control and internal management [5][6] - Despite improvements in gross margin from 6.21% in 2023 to 11.44% in 2024, the absolute gross profit was only 27.1 million yuan, insufficient to cover operating costs due to the sharp decline in revenue [4][5] Group 2 - The company has faced continuous losses since 2021, with a cumulative loss exceeding 500 million yuan, highlighting ongoing concerns regarding profitability [5] - The net cash flow from operating activities was -70.45 million yuan, although this represented a 9.6% year-on-year improvement, it still indicates significant cash flow pressure [5] - In response to the risk of delisting, the company plans to implement measures such as revitalizing fixed assets, accelerating inventory turnover, and exploring new market opportunities, while also acquiring a 51% stake in a clean energy company to seek new growth points [6]

文 | 《 BUG 》栏目 徐苑蕾 2025 年对于 TVB 而言可谓多事之秋，多位资深艺人公开炮轰公司内部管理问题，将长期 积累的矛盾彻底暴露，最引人注目的是近期两位老戏骨的连续发声。 老牌演员鲁振顺在内部会议上向管理层大吐苦水，指出近年因不时裁节目致收入大减。他其 后接受媒体采访时表示，"我也要交租和正常生活，全职洗碗都比我钱多。" 曾经叱咤华语影视圈的 TVB （香港电视广播有限公司），如今正深陷艺人流失、业绩下滑 与转型困局的多重危机。 近日，有老牌演员公开控诉 TVB 收入微薄，直言"全职洗碗都比当演员赚得多"，也有演员 炮轰公司内部派系斗争激烈，犹如现实版《甄嬛传》。这些争议不仅暴露了 TVB 长期存在 的管理问题，更折射出香港影视行业的整体萎缩。 在此背景下，近年来， TVB 头部艺人加速离巢，包括多位"视帝""视后"相继出走，导致公 司核心人才断层。与此同时， TVB 业绩持续低迷， 2024 年营收仅 33.23 亿港元，较 2014 年巅峰时期缩水超 40% ，并已连续 7 年亏损，累计亏损额高达 34.84 亿港元。 为寻求新增长点， TVB 押注电商与直播带货，但效果不尽如人意。 20 ...

星标 ★ IPO日报 精彩文章第一时间推送 又一家上市公司的并购重组项目发生变化。 深交所4月17日披露，2025年4月11日，宝塔实业股份有限公司（下称"宝塔实业"，000595.SZ）及独立财务顾问申请撤回重 大资产重组申请文件。根据相关规则，深交所决定终止对其申请重大资产置换及发行股份购买资产并募集配套资金的审核。 IPO日报发现，根据公司此前公告，公司虽然撤回了上述重组申请，但并未放弃此次资产置换，而是将对原重大资产重组方案进 行重大调整。 最早在2024年7月，公司首次披露了重组方案。 据悉，宝塔实业原重大资产重组方案为公司拟将除保留货币资金、其他流动资产（待抵扣进项税）、长期股权投资（桂林海威 75%股权、北京西轴销售45%股权）、其他权益工具投资（西北亚奥16%股权）、无形资产（柴油机土地）以外的全部资产负 债作为置出资产，与宁夏电力投资集团有限公司（以下简称"宁夏电投"）持有的宁夏电投新能源有限公司（以下简称"电投新能 源"）100%股权即置入资产的等值部分进行置换。针对置入资产和置出资产的差额部分，由上市公司发行股份向宁夏电投购买。 同时，公司拟向不超过35名特定对象发行股份募集配套资金。 ...

Core Viewpoint - China Communications Real Estate Company Limited (中交地产) reported a significant decline in performance for 2024, with a revenue of 18.302 billion yuan, a year-on-year decrease of 44.59%, and a net loss of 5.179 billion yuan, marking a substantial increase in losses by 221.44% [2][3] Financial Performance - The company experienced a continuous decline in performance over the past two years, accumulating losses of 6.8 billion yuan [2][4] - In 2023, the company reported a revenue of 32.468 billion yuan, down 15.60% year-on-year, and a net loss of 1.673 billion yuan [4][6] - Real estate sales revenue for the previous year was 17.181 billion yuan, a decrease of 46.69% [4][6] - The total sales amount for the company was 15.643 billion yuan, down 58.13% year-on-year, with a signed sales area of 853,200 square meters, a decrease of 52.51% [4][5] Business Strategy and Transition - In January 2024, the company announced its exit from the real estate business, focusing on light asset businesses such as property services and asset management [2][6] - The company plans to transfer its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group [6][7] - The company has restructured its real estate operations, reducing the number of city companies from 16 to 9 and simplifying management layers [4][6] Asset Management and Property Services - As of the end of 2024, the company held 117 real estate projects, primarily cooperative projects, with a total land area reduced to 10.45 million square meters [7] - The company reported a revenue of 172 million yuan from property leasing and 728 million yuan from property management, with the latter showing a year-on-year increase of 56.82% [7][8] - The company acquired 100% equity of a property company from its parent company, which contributed to the expansion of its property management business [8] Stock Market and Risk Warning - The company was placed under delisting risk warning and its stock name changed to "*ST中地" after a one-day suspension [2][8] - As of the end of 2024, the company's total assets were 107.698 billion yuan, with a net asset value of -3.579 billion yuan, leading to the delisting risk [8]

Financial Data and Key Metrics Changes - The total processing value (TPV) for the digital remittance business reached $5.14 billion in 2024, a 13.2% increase from $4.54 billion in 2023 [10][15] - Total revenues excluding TNG Asia and GEA were $42 million in 2024, reflecting a 3.4% decline compared to 2023, primarily due to a 23.8% drop in global airtime revenue [16][18] - The net loss for the year was $38.8 million, largely attributed to a $32 million loss from headquarters operations and adjustments [37] Business Line Data and Key Metrics Changes - The digital remittance business processed 11.4 million transactions in 2024, with revenues of $18.2 million, marking a 6.4% increase from the previous year [10][18] - The global airtime transfer revenue was $9.3 million in 2024, representing a 23.8% decline compared to 2023, driven by changing market conditions and increased availability of free Wi-Fi [21][24] Market Data and Key Metrics Changes - Strong demand was noted in key corridors such as the UK, Hong Kong, Singapore, and Korea, contributing to the growth in remittance transactions [11] - The company is exploring new markets in Africa and other regions for potential growth in the global airtime transfer business [22][24] Company Strategy and Development Direction - The company is focusing on AI-driven solutions to enhance operational efficiency and customer experience, while continuing to prioritize the digital remittance business [9][39] - A strategic shift is underway to streamline operations and enhance profitability by reducing emphasis on the lower-margin airtime transfer business [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust demand for digital remittance services and the potential synergies from AI initiatives [39][40] - The company aims to maintain profitability while growing remittance revenue by at least 12.5% in the coming year, without further sacrificing the take rate [66] Other Important Information - Total operating expenses for 2024 were $42 million, significantly higher than $24 million in 2023, primarily due to non-cash items related to incentive shares [27][28] - The gross profit margin for the digital remittance business improved to 62% in 2024, up from 58% in 2023, despite a decline in overall take rates [26] Q&A Session Summary Question: What are the expectations for the partnership with CONCOF in 2025? - The company is working on the details of the partnership and expects to see revenue streams in the second half of 2025, with additional clients anticipated by the end of the year or early next year [52][53] Question: Can you provide details on the 500-megawatt AI data center project? - The company is collaborating with a renowned operator for the AI data center, focusing on sourcing land and government support in Malaysia, with potential for high returns [61][62] Question: What is the strategy for maintaining margins in the Triangle business? - The company plans to stabilize the take rate and grow remittance revenue without further sacrificing margins, while also selecting more competitive payout agents to reduce costs [66][68] Question: How is the company progressing in expanding into new countries? - The company is leveraging AI solutions to reach small financial institutions in the Middle East and Africa, which will help expand Triangle's remittance network [71]

据梳理，上述25家上市券商经纪业务手续费净收入合计为814.21亿元，同比增长8.77%。其中，有21家 上市券商全年经纪业务手续费净收入实现同比增长，14家上市券商经纪业务净收入同比增长超10%。有 6家券商2024年经纪业务手续费净收入超过60亿元，其中行业龙头中信证券（600030）经纪业务净收入 超过100亿元。 具体来看，中信证券以107.13亿元的经纪业务手续费净收入居首，同比增长4.79%；其次是国泰海通， 经纪业务净收入为78.43亿元；广发证券（000776）、华泰证券（601688）、中国银河（601881）、招 商证券（600999）等头部券商经纪业务也表现较好，2024年经纪业务净收入分别为66.5亿元、64.47亿 元、61.89亿元、61.83亿元。 一直以来，作为券商"基本盘"的经纪业务的表现备受市场关注。从2024年年报整体情况来看，受益于市 场交投活跃度大幅提升，券商经纪业务收入向好。同时，券商正不断强化自身专业服务能力，通过丰富 金融产品货架、做精做细客户运营体系、优化投顾队伍、提升金融科技水平等方式，持续推进经纪业务 向财富管理业务转型。 6家上市券商 经纪业务收入超60 ...

文 | 新浪科技 张俊 曾经因暴力催收被调查的51信用卡，近年来一直在推进业务转型，试图自救。 51信用卡创始人孙海涛将重心放在了造车业务上，推出了房车Vala。他曾豪言"想让Vala成为汽车行业的 iPhone"。但是由于定位小众，以及外观设计被吐槽，Vala的销量并不理想——数据显示，今年第一季 度，其仅交付Vala汽车99辆，约每天卖出一辆。 虽然采用轻资产模式，但造车还是让51信用卡的财务数据急剧恶化。2024年该公司净亏损为6901.8万 元，同比扩大2092.4%。51信用卡还计划把上市公司名称改为Vala，但目前来看，汽车业务难以承载它 的转型希望。 在2024年3月，51信用卡创始人孙海涛正式对外公布了新能源多功能车Vala，成为又一个造车新势力。 与其他造车新势力相似，51信用卡也为Vala找到了一个具备造车资质的主机厂。不同的是，Vala将产品 定位在了多功能车上，相当于MPV和房车的结合，对外喊出了"重新定义汽车生活方式"的口号。据孙 海涛介绍，Vala的大小相当于一辆轻型MPV，可以自由通行于城市和小区车库；另外其内部暗藏了升顶 结构，升顶之后的空间感相当于房车。 2024年4月，Va ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has mandated securities firms to report on their off-exchange securities business for 2024, emphasizing compliance, risk management, and innovative profit models [1][2]. Group 1: Off-Exchange Business Reporting Requirements - Securities firms are required to provide detailed reports on six categories of off-exchange business, including financial derivatives trading, income certificate issuance, cross-border business, and more [1]. - Firms must disclose their business models, risk management measures, and actual profitability related to off-exchange derivatives trading [1][2]. - Specific attention is given to compliance management, including reporting major events such as defaults and significant business risks [1][2]. Group 2: Industry Trends and Developments - The off-exchange business has become a crucial driver for the high-quality transformation of securities firms, optimizing income structure and enhancing risk management [2][3]. - The securities industry achieved a revenue of 451.17 billion yuan in 2024, with a year-on-year growth of 11.2%, and proprietary business income grew by 43% [1][2]. - The shift towards customer-demand-driven business models has allowed firms to mitigate the impact of market volatility on overall profitability [3]. Group 3: Regulatory Focus and Market Impact - The CSRC's requirements reflect a regulatory focus on promoting standardization, preventing risks, and enhancing practical effectiveness in the industry [2]. - Off-exchange derivatives trading provides a differentiated business model that supports investor services and fulfills functional missions [3][4]. - The integration of off-exchange derivatives into the business ecosystem enhances the intermediary role of securities firms, aligning with their market development goals [4].

2025年4月12日，豫能控股（001896）发布了2024年年报。报告显示，公司实现营业总收入121.55亿 元，同比增长1.43%；毛利润为8.65亿元，较上一年度显著提升。然而，归属净利润仍为负值，亏损 1.21亿元，尽管同比减亏78.07%，扣非净利润同样为负，达到-1.64亿元，同比减亏75.45%。从环比数据 来看，营业总收入下滑3.47%，归属净利润和扣非净利润分别下降85.38%和18.77%，表明公司在短期内 面临较大的经营压力。 豫能控股在火电业务方面拥有7,660MW的总装机容量，包括多个超临界和超超临界发电机组。尽管公 司在火电领域的技术改造和效率提升方面取得了一定进展，但火电业务的盈利能力仍然不足。2024年， 公司火电业务虽然发电量有所增加，但由于煤炭价格波动和市场竞争加剧，火电业务的利润贡献有限。 此外，火电行业整体面临环保压力和能源结构调整的挑战，豫能控股在这一领域的未来发展仍需谨慎。 新能源业务：装机规模扩大，但项目推进缓慢 豫能控股在新能源领域的布局逐步扩大，截至2024年底，公司在运新能源装机容量达到707.92MW，包 括风电、生物质热电和光伏发电等多种形式。然而，新能 ...

后台支持与数字化建设：投入巨大但效果待观察 2024年，第一医药在后台支持和数字化建设方面投入巨大。公司通过优化商品采购成本、引入JBP供应 商和打造OEM系列产品，提升了供应链效率。此外，公司上线会员慢病管理服务系统，全年累计建档 超43,000人次，并启动现代化智能物流中心建设项目，预计于2025年完成。 2024年，第一医药在零售门店扩展方面取得显著进展，全年净增门店35家，零售门店总数达到206家。 其中，新增2家宠物特色门店和53家医保门店，医保门店占比超过60%，高于上海市场平均水平。此 外，公司通过加盟模式拓展业务，全年净增24家加盟店，加盟店销售额超过5000万元。 然而，门店数量的增长并未带来相应的盈利能力提升。尽管公司通过多样化店型和营销活动吸引客流， 但扣非净利润的暴跌表明，门店运营成本高企，盈利能力不足。特别是宠物特色门店和健康小镇等创新 店型，虽然满足了多样化消费需求，但其盈利模式尚不清晰，短期内难以贡献显著利润。 线上业务与跨境销售：增长显著但贡献有限 2024年，第一医药线上业务持续增长，O2O销售排名位列上海市前4名，较往年有明显提升。公司通过 加深与平台合作，利用丰富的营销资 ...