证券代码：002840 证券简称：华统股份 浙江华统肉制品股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系 活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | 其他（2024年年度及2025年一季度业绩电话交流会） | | | 华泰保兴基金 王语嫣；京管泰富基金 王欣伟；国泰租赁 田永新，杭州热联 黄 震宇；玄卜投资 韦琦；嘉富行远私募基金 周辉；绿能(北京)私募基金 汪涵；江 | | | 西金控 王宏；国海证券 王思言；国海证券 熊子兴；太平洋证券 程晓东；华鑫 | | 参与单位名 | 证券 卫正；西部证券 高林峰；国信证券 李瑞楠；国泰君安 王艳君；开源证券 | | 称及人员姓 | 王高展；光大证券 于明正；国盛证券 沈嘉妍；招商证券 李秋燕；财通证券 肖 | | | 珮菁；甬兴证券司 江路；海通证券 巩健；兴业证券 潘江滢；华福证券 申钰 | | 名 | 雯；开源证券 陈雪丽；华源证券 冯佳文；广发证券 李雅琦；华源证券 顾超； | | | 中信证 ...

Financial Performance - In 2024, the company's operating revenue was CNY 45.29 billion, a year-on-year decrease of 18.4% [1] - The net profit attributable to shareholders was CNY 3.11 billion, down 54.1% year-on-year [1] - Earnings per share were CNY 0.5475 [1] - In Q1 2025, operating revenue was CNY 9.026 billion, a decline of 14.46% year-on-year [1] - Net profit for Q1 2025 was CNY 681 million, down 28.33% year-on-year [1] Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.2 per 10 shares (including tax), totaling CNY 1.25 billion, which accounts for 40.19% of the net profit attributable to shareholders for the year [2] - The board has proposed to authorize the formulation of a mid-term profit distribution plan for 2025 [2] Sales and Market Outlook - The sales model combines long-term contracts and market sales, with a 1.2 million ton increase in coal sales year-on-year despite a decline in sales prices [1] - The company expects improved sales performance due to stable steel prices and ongoing national policies [1] Cost Control Measures - The company employs monthly operational analysis and dynamic adjustments to enhance efficiency [3] - Focus on cash flow management and strict budget control to minimize unnecessary expenditures [3] - Continuous cost analysis to control fixed and variable costs effectively [3] Power Generation Sector - The company has optimized coal cost management and marketing strategies in response to the rising share of renewable energy and declining spot electricity prices [4] - Achieved CNY 140 million in revenue from carbon quota trading in 2024 [4] Production and Sales Strategy - The company adheres to a "price stability and volume-price linkage" principle, enhancing production and sales coordination [5] - Focus on contract fulfillment and improving collection of receivables to maximize benefits [5] Market Value Management - The company has established a market value management system in line with regulatory requirements [6] - Plans to conduct capital operations and potentially inject quality assets when appropriate [6]

证券代码：002641 证券简称：公元股份 2025 年 4 月 29 日投资者关系活动记录表（二） 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 公元股份2024年度业绩说明会采用网络远程方式进行，面向全体投资 者 时间 2025 年 4 月 29 日 15:00-17:00 地点 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访 谈"栏目 公司接待人员 姓名 董事长：卢震宇 副总经理兼财务负责人：杨永安 董事兼董事会秘书：陈志国 独立董事：王旭 投资者关系活动 主要内容介绍 1.公司在成本控制方面有哪些具体措施？这些措施对提升净利润有何 贡献？ 答：您好！公司在成本控制方面采取的措施有：一是通过物控大宗原 料集中采购，以及现货和期货结合进行成本锁定，降低原材料采购成 本。二是通过智能化、数字化改革减少生产成本和人工成本，提升效 率；三是通过技术配方优化，降低产品成本。以上措施对公司提高产 品市场竞争力起到 ...

3 | | 公司接待人员就与会人员提出的以下问题进行了逐一解 | | --- | --- | | | 答： | | | 1、公司毛利率上涨的原因是什么。 | | | 第一，公司旗下品牌涵盖中端、中高端及高端定位，多年 | | | 运营积累了一定的品牌效应，公司在成本控制和产品定价方面 | | | 具有一定优势，毛利率维持了一个较高位的水平。第二，2024 | | | 年暇步士（Hush Puppies）品牌男女装品类开始自营，男女装 | | | 相较于童装品类具有更大的利润空间，自营男女装业务给公司 | | | 利润率的提升也带来了一定的拉动效应。第三，公司 2024 年 | | | 以来坚持的价格策略也筛选出了符合品牌定位的消费者，他们 | | | 愿意在可接受的价格范围内尽量选择自己喜欢的品牌。毕竟人 | | | 们已经从单纯的追求物质提升到了追求高品质的生活方式，更 | | | 好的购物体验、品牌效应带来的情绪价值是他们更为看重的方 | | | 面。 | | | 2、公司现阶段男女装设计及供应链情况如何。 | | | 经过两季的不断尝试，公司现阶段已经与暇步士（Hush | | | Puppies）品牌 ...

Core Insights - The company demonstrated operational resilience in a complex market environment, with significant growth in net profit despite a decline in operating cash flow [1] Financial Performance Summary - Revenue showed steady growth, reaching CNY 4,066,719,390.71 in 2024, a 9.95% increase from CNY 3,698,698,929.53 in the previous year, indicating successful market expansion and sales [2] - Net profit attributable to shareholders increased significantly to CNY 472,876,416.35, up 27.53% from CNY 370,808,626.75 in 2023, driven by effective cost control and favorable market conditions [3] - Deducting non-recurring gains, the net profit was CNY 482,269,470.66, reflecting a 26.17% increase from CNY 382,244,672.31, indicating enhanced core business profitability [4] - Basic earnings per share rose to CNY 0.94, a 27.03% increase from CNY 0.74, while the diluted earnings per share increased to CNY 0.96, up 26.32% from CNY 0.76, showcasing improved returns for shareholders [5] Expense Analysis - Sales expenses slightly decreased to CNY 38,054,212.16, a minor drop of 0.02% from CNY 38,060,535.31, indicating stable cost management [6] - Management expenses also saw a slight decline to CNY 265,428,135.66, down 0.51% from CNY 266,793,810.71, reflecting effective administrative cost control [7] - Financial expenses decreased by 12.08% to CNY 28,906,852.36 from CNY 32,880,377.29, likely due to optimized debt structure and increased interest income [8] - Research and development expenses increased to CNY 128,345,946.19, an 11.98% rise from CNY 114,610,064.25, highlighting the company's commitment to innovation and product upgrades [9] Cash Flow Analysis - Operating cash flow net amount decreased by 15.87% to CNY 333,426,615.89 from CNY 396,313,628.35, potentially due to increased cash payments for goods and services or longer accounts receivable collection periods [11] - Investment cash flow net amount was negative at CNY -363,939,933.53, worsening from CNY -274,208,180.24, indicating significant cash outflows for fixed asset acquisitions and capacity expansion [12] - Financing cash flow net amount turned positive at CNY 197,954,308.94, compared to CNY -138,212,278.80 in the previous year, reflecting improved cash inflows from borrowing and reduced debt repayments [13] R&D and Personnel Insights - Total R&D investment was CNY 128,345,946.19, accounting for 3.16% of revenue, emphasizing the importance of technological advancement for future growth [14] - The R&D team consisted of 281 personnel, representing 13.53% of the total workforce, with a stable educational and age structure, ensuring a strong foundation for innovation [15]

兴齐眼药专注于眼科药物领域，是一家主要从事眼科药物研发、生产、销售的专业企业。公司产品包括 延缓儿童近视进展药、干眼治疗药、眼用抗感染药、眼用抗炎/抗感染药、散瞳药和睫状肌麻痹药、眼 用非类固醇消炎药、缩瞳药和抗青光眼用药等，覆盖十个眼科药物细分类别，公司已建立了"系列全、 品种多"的眼科药物产品体系。 公司2024年实现营业收入19.43亿元，同比增长32.42%；实现净利润3.38亿元，同比增长40.84%；扣非 净利润3.48亿元，同比增长44.54%；基本每股收益1.94元。分配预案为每10股转增4股派发现金红利10 元(含税)。 据兴齐眼药介绍，公司自创立以来，始终重视新产品的研发，将开发具有自主知识产权的新产品作为公 司持续进步和创新的目标，加快推进研发管线的全面化、差异化布局。公司近三年(2022年—2024年)公 司的研发投入分别为1.90亿元、1.81亿元、2.35亿元，占营业收入的比例分别为15.22%、12.38%、 12.11%。未来公司将继续加大研发投入力度，丰富公司眼科细分领域的产品线，进一步加强在眼底疾 病治疗领域的生物药布局。 "公司将根据研发计划和研发预算，借助眼用凝胶、眼用 ...

Group 1: Financial Performance - In 2024, the company's operating revenue was 922.73 million, a year-on-year decrease of 37.16% [2] - The net profit attributable to shareholders was -501 million, a decline of 617.17% compared to the previous year [3] - In Q1 2025, the operating revenue reached 233 million, showing a year-on-year growth of 16.75% [3] Group 2: Revenue Composition and Business Segments - The company's revenue is primarily derived from integrated circuits (IC), power supply products, and motor products [3] - Integrated circuits include special power management chips and motor driver chips, used in high-reliability fields such as aerospace and power generation [3] - Power supply products are utilized in various sectors, including aviation, communication, and data centers [3] Group 3: Research and Development - In 2024, R&D expenses amounted to 390.18 million, an increase of 17.41% year-on-year [2] - The focus areas for R&D in the next 3-5 years include integrated circuit micro-modules and AI device power supplies [3] - The company is actively expanding its product categories and application fields, particularly in integrated circuits and data centers [2] Group 4: Market Challenges and Strategies - The company faces challenges from insufficient downstream demand and cyclical fluctuations in the communication industry [2] - Strategies to enhance competitiveness include increasing market expansion efforts and accelerating the conversion of new research products [2] - The company plans to balance debt and equity financing to optimize its capital structure, maintaining a debt ratio below 50% historically [4] Group 5: International Business Development - In 2022 and 2023, overseas business revenue accounted for approximately 20% of total revenue, with 270 million in 2023 [3] - In 2024, overseas revenue declined to 83 million due to industry impacts [3] - The company has a subsidiary in Singapore and aims to actively expand its overseas market presence [3]

证券代码：600436 证券简称：片仔癀 公告编号：2025-014 漳州片仔癀药业股份有限公司 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披 露》（2022年修订）《上市公司行业信息披露指引第六号——医药制造》 （2022年修订）等相关法律法规，漳州片仔癀药业股份有限公司（以下简 称"公司"）现将2025年第一季度主要经营数据披露如下： 一、 公司 2025 年第一季度主营业务分行业情况 1 / 4 单位：万元 人民币 行业 主营业务 收入 主营业务 成本 毛利率 （%） 主营业务 收入增长 率（%） 主营业务 成本增长 率（%） 毛利率增 减情况 医药 制造业 187,387.69 70,765.30 62.24 13.31 44.95 减少8.24 个百分点 医药 流通业 101,395.09 90,529.53 10.72 -19.11 -15.38 减少3.93 个百分点 医药行 业小计 288,782.78 161,294.83 44.15 -0.67 3.52 减少2.26 个百分点 化妆品业 19,724.96 6,440.66 67.35 -1.17 1.68 减少0.91 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Views - The company's operational trends are improving, leading to a release in profitability [1]. - The total revenue for 2024 reached 3.835 billion yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders was 268 million yuan, up 267% year-on-year [4][9]. - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5]. - New product launches in supermarkets are performing well, particularly in the cream category, which is expected to continue driving growth [6][8]. - The company is adjusting its distribution channels to capitalize on new opportunities in supermarkets [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.835 billion yuan, with a net profit of 268 million yuan, reflecting significant growth [4][11]. - For Q1 2025, total revenue was 1.046 billion yuan, a 14% increase year-on-year, with a net profit of 88 million yuan, up 15% [4]. Profitability Metrics - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, with slight fluctuations due to changes in product mix and raw material costs [5]. - The net profit margin for 2024 was 6.87%, while for Q1 2025, it was 8.20% [5]. Revenue Breakdown - Revenue from frozen baking products in 2024 was 2.133 billion yuan, a decrease of 4%, while cream revenue increased by 62% to 1.058 billion yuan [6]. - The company plans to expand its cream product matrix and optimize profitability through domestic raw material substitution [6]. Channel Strategy - Revenue from distribution channels in 2024 was 2.221 billion yuan, a 13% increase, driven by cream product sales [7]. - The company is actively exploring new channel clients and adjusting its supermarket strategies to enhance growth opportunities [8]. Earnings Forecast - The company expects EPS of 1.97, 2.31, and 2.75 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 16, and 14 times [9][11].