申科股份公告称，为加快转型，提升制造及服务能力，优化产能布局，公司拟在山东枣庄设立全资子公 司山东申科动力装备有限公司，注册资本2000万元。公司于2025年召开董事会审议通过该议案，投资在 决策权限内，无需股东会批准。公司持股100%，法定代表人为张晓非。出资为货币资金，来源为自有 或自筹。该投资预计对财务无重大影响，但面临多种不确定风险，公司将积极应对。 ...

证券日报网讯 12月18日，安利股份在互动平台回答投资者提问时表示，公平开放的市场竞争环境与严 格的环保监管要求，是行业高质量发展的重要驱动，随着市场竞争环境优化与国家环保政策趋严，将推 动行业资源向综合优势突出的头部企业集中，同时行业内部分经营不规范、技术实力薄弱的企业逐步被 淘汰。公司在技术开发、品牌、客户、生态环保等方面积累了长期优势，能够更好适配行业发展趋势， 有助于进一步巩固竞争优势、扩大市场份额。近年来，公司优化产能布局，在客户集中区域如越南设立 生产基地，贴近客户需求。 （编辑 袁冠琳） ...

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 活动参与人员 一、参与人员： 深圳市麻王投资集团有限公司 冯健饶 广州泽恩投资控股有限公司 曹盈盈 厦门国际银行股份有限公司 李福平 二、上市公司接待人员姓名： 董事会秘书：余俊乐 财务总监：曾立军 证券事务代表：高永恒 时间 2025 年 12 月 2 日（星期二）14:00-15:30 地点 公司二楼会议室 形式 现场会议 交流内容及具体 问答记录 1、 问：详细介绍一下在新兴领域，公司具体采取了 哪些市场开拓策略和技术应用措施，实现如此快速的增 长？ 答：公司在新兴领域的快速增长，主要得益于公司积 极把握国家在新能源光伏、水利、风电基础、港口码头、 海洋工程等领域的市场机遇，集中优势资源重点投向高潜 力的新兴领域。同时，通过参与重大基建项目，持续巩固 并提升品牌影响力。 | 技术上，近年来公司充分结合新兴领域的需求，持续 | | --- | | 加强高附加值新产品的研发与生产工艺创新，开发出海工 | | 超长超大直径预制桩等产品，显著提升了在复杂工程环境 | | 中的产品适配性与 ...

Core Viewpoint - The company announced a second optimization of the investment plan for its intelligent manufacturing project in Dongguan, reducing the total investment from 720 million yuan to 436 million yuan and further decreasing the construction land area [2][3] Group 1: Project Adjustments - The initial investment plan for the project was set at 1.8 billion yuan with a land area of approximately 130,500 square meters, aimed at expanding high-end intelligent equipment production capacity [2] - The first adjustment in August 2023 reduced the land area to 50,700 square meters and the investment to 720 million yuan due to macroeconomic conditions and industry challenges [2] - The latest adjustment further reduces the construction land to 31,583.3 square meters, with the unutilized land being reclaimed by the local government [2] Group 2: Financial and Operational Implications - The first phase of the project has been completed and is operational, with three factory buildings and two dormitories covering approximately 110,000 square meters and a cumulative investment of about 298 million yuan (excluding equipment and working capital) [3] - The adjustments are made to align with the company's overall strategic goals, considering the progress of the Shenzhen high-end CNC machine tool manufacturing base and current order structure [3] - The adjustments aim to optimize capacity layout, avoid resource idleness, and improve capital efficiency and return on investment [3] Group 3: Impact on Company Operations - The adjustments do not involve related party transactions or major asset restructuring and do not require board approval [3] - The company has established production bases in Suzhou, Yibin, Huzhou, and Vietnam, with the Shenzhen headquarters construction progressing smoothly, ensuring sufficient planned capacity [3] - The funds from land reclamation can be flexibly used for daily operations and R&D, helping to reduce capital expenditure pressure and enhance the company's risk resistance [3]

Core Viewpoint - Yida Co., Ltd. plans to acquire 85% equity of Wanquan Biotechnology (Taizhou) Co., Ltd. from Wanquan Co., Ltd. for 24.565 million yuan, aiming to enhance its production capacity and product line in the fine chemical sector [1] Group 1 - The acquisition will make Wanquan Biotechnology a subsidiary of Yida Co., Ltd. [1] - The purpose of the acquisition is to leverage Wanquan's production experience and sales channel advantages [1] - The collaboration aims to promote the construction and investment of epoxy propylene (ethylene) derivatives in the fine chemical field [1] Group 2 - The transaction is expected to optimize Yida's capacity layout and enrich its product offerings [1] - The acquisition is intended to effectively meet downstream customer demands [1]

Summary of the Conference Call for Minhua Holdings Company Overview - **Company**: Minhua Holdings - **Industry**: Furniture manufacturing, specifically focusing on sofas Key Points and Arguments Financial Performance - In the first half of 2025, Minhua Holdings experienced a slight revenue decline, but both gross margin and net profit improved. The net profit attributable to the parent company increased by 0.6 percentage points to HKD 1.145 billion, with a payout ratio maintained above 50% [4][3][2] Market Performance - **China Market**: - Revenue from the Chinese market accounted for 58.1% of total revenue, with sales volume stable but average prices down by 6.2%. The growth in e-commerce sales, which increased by 13%, contributed to the lower average price as e-commerce products are priced lower than offline sales. Despite the price drop, the company remains focused on the mid-to-high-end market without resorting to price cuts [5][2][3] - **North America Market**: - The North American market is significantly impacted by tariffs, with a 25% tariff implemented in April, expected to rise to 30% in January 2026. The company anticipates a single-digit revenue decline for the year and plans to counteract this through price increases, cost reductions, and efficiency improvements. There is also consideration for acquisitions in the U.S. to increase market share [6][7][8][2] - **European Market**: - Performance in Europe remained stable, with expectations for single-digit growth for the year [18][2] Product Innovation - Minhua Holdings is focusing on product innovation to stimulate consumer demand and enhance brand competitiveness. New products include sofas with built-in mini-fridges and speakers, as well as cat scratch-resistant faux leather sofas and elderly chairs [9][2] Capacity and Production - The company will not add new production capacity in China in the short term, as current capacity is sufficient. However, it will reassess production layouts in Vietnam and Mexico due to tariff issues and is exploring acquisition opportunities in the U.S. to optimize global capacity [10][11][2] - Production efficiency in U.S. factories is lower than in China and Southeast Asia, with costs at least 50% higher than in Vietnam, compounded by tariffs. Caution is advised for any acquisitions in the U.S. market [11][2] Government Policies - National subsidy policies have limited impact on the sofa industry due to long delivery cycles and high consumer spending on sofas compared to the subsidy amounts. Thus, the risk from such policies is considered low [12][2] E-commerce Strategy - The company plans to increase investment in e-commerce channels, shifting product offerings from low-end to mid-to-high-end to maintain overall market stability in China [13][2] Store Operations - Over 300 stores were closed in the first half of 2025, with no specific targets for future openings or closures. The focus is on improving the profitability of existing stores [14][2] Future Dividends and Capital Expenditure - The dividend payout ratio will remain at least 50% for the next two years, with potential increases as capital expenditures decrease [17][2] Market Outlook - The North American market is expected to face short-term revenue declines due to tariffs, but the long-term outlook remains positive due to stable demand and consumer behavior. The European market is projected to grow, while Japan and Korea markets are smaller but still show some activity [18][19][2] Product Focus - The company will continue to focus on functional sofas for export, particularly in the North American mid-to-high-end market [20][2]

Summary of Yuanyuan Group Conference Call Company Overview - Yuanyuan Group focuses on manufacturing sports and outdoor footwear, accounting for nearly 80% of its business, with major clients including Nike and Adidas [2][12] - The company has a diversified production capacity, with 54% in Indonesia and 32% in Vietnam, ensuring coverage for exports to the U.S. [2][12] - The company has a concentrated ownership structure, with the controlling shareholder being Pou Chen Corporation, holding 51% [3] Key Points and Arguments Manufacturing Business - The manufacturing segment is expected to achieve single-digit growth from 2024 to 2025, driven by increased concentration among the top five clients [2][12] - A recovery in demand from Nike is anticipated to accelerate manufacturing growth in 2026 [2][12] - The company has optimized its order structure and eliminated unprofitable production lines since 2024, leading to a rebound in profitability [5][12] Retail Business - The retail segment is undergoing a store optimization process, reducing the number of stores from approximately 10,000 to about 7,000, which has improved same-store sales [2][13] - The retail environment is expected to decline in 2024-2025 due to inventory pressures from Nike, but a bottoming out is projected in 2026, with potential growth in 2027 [2][13] - The company is increasing its focus on e-commerce and other channels to achieve higher returns [2][13] Financial Performance - Despite a 5% decline in shipment volume from 2019 to 2024, the company has managed to increase its average selling price by 4%, maintaining stable revenue [2][14] - The gross margin is relatively low, and the company is working on improving efficiency through dynamic capacity allocation and refined management [2][14] Challenges and Opportunities - Challenges include a pressured manufacturing environment and weak domestic demand affecting retail operations [7][10] - Opportunities arise from the expected recovery in demand from core clients and the gradual easing of tariff impacts [8][10] Additional Insights - The company has maintained a stable dividend payout ratio of around 70% for 2023, 2024, and 2025 [3] - The overall profit is expected to grow by approximately 10% in 2026, supported by improvements in both manufacturing and retail segments [20] - The company’s valuation is projected at 8 times earnings with a dividend yield of about 10% [20] Conclusion - Yuanyuan Group is positioned for a recovery phase, with internal management optimizations and external market improvements expected to enhance performance in the coming years [9][20]

Core Viewpoint - Nanchao Food, known as "China's first baking oil stock," reported a decline in both revenue and net profit for October, primarily due to rising raw material costs [1] Financial Performance - The company's consolidated revenue for October was 235 million yuan, a year-on-year decrease of 5.27% [1] - The net profit attributable to shareholders was 1.7053 million yuan, down 82.28% year-on-year [1] - For the first three quarters of 2025, the company reported a revenue of 2.268 billion yuan, a decline of 1.6% year-on-year, and a net profit of 28.82 million yuan, down 80.82% from the previous year [5][6] Operational Challenges - The company faced significant pressure on profit margins as the increase in product prices lagged behind the rise in raw material costs, leading to a substantial decline in overall profit levels [7] - The operating cash flow decreased dramatically by 102.60% to -4.7778 million yuan compared to the same period last year [7] Market Reaction - As of November 20, the company's stock price fell by 9.37% to 19.05 yuan per share, with a total market capitalization of approximately 8.083 billion yuan [7]

Investment Rating - The report does not explicitly state an investment rating for Yue Yuen International, but it provides insights into the company's performance and management expectations for future quarters [1][7]. Core Insights - Yue Yuen International reported a revenue of USD 6.02 billion for 9M25, a decrease of 1.0% year-on-year, and a net profit of USD 279 million, down 16% year-on-year. For 3Q25, revenue was USD 1.96 billion, down 5% year-on-year, marking the third consecutive quarter of sequential decline, with a net profit of USD 110 million, down 27% year-on-year [1][7]. - The management maintains a prudent dividend policy with a payout ratio of around 70% [1][7]. - The manufacturing segment faced pressure on footwear shipment volumes, but an increase in average selling price (ASP) partially offset revenue declines. The ASP for 3Q25 rose by 3.4% year-on-year to USD 21.4 per pair [2][8]. - Management expects retail performance to improve in 4Q25, with continued increases in ASP and gross margin [2][8]. Summary by Sections Manufacturing Business - In 3Q25, manufacturing revenue was USD 1.96 billion, down 4.5% year-on-year, with footwear manufacturing revenue at USD 1.35 billion, down 2% year-on-year. Footwear shipment volume was approximately 63 million pairs, down 5.3% year-on-year [2][8]. - The gross margin for manufacturing in 3Q25 was 19.4%, up 1.6 percentage points quarter-on-quarter but down 1.2 percentage points year-on-year, primarily due to uneven capacity loading and lower utilization rates [2][8]. - Management indicated that current order visibility is about 2-3 months, with some brands showing resilient demand for 1Q26 [2][8]. Retail Business - Pou Sheng recorded revenue of approximately RMB 3.74 billion in 3Q25, down 6.3% year-on-year, with a gross margin of 33.4% [3][9]. - The company is optimizing its offline network, reducing the number of self-operated stores to 3,338 as of September 2025, a decline of about 28% compared to the end of 2021 [3][9]. - Management expects the 4Q performance to improve, with a focus on new product launches and a lower discounting environment [3][9]. Future Outlook - Management views Indonesia and India as key markets for medium- to long-term expansion, anticipating improvements in manufacturing gross margins starting in 2026 [4][10]. - The overall industry is currently at a trough, with expectations for recovery in 2027 as the company continues to optimize its operations and seize opportunities in lower-tier markets [4][12].

Core Viewpoint - The company announced the approval of a proposal for its wholly-owned subsidiary to purchase assets from an affiliated party, enhancing its operational capabilities and optimizing its facility layout [2][4]. Group 1: Transaction Details - The subsidiary, Kunshan Huli Microelectronics Co., Ltd., will acquire production facilities and land use rights from the affiliated Kunshan Xianchuang Electronics Co., Ltd. for no more than 95 million yuan [2]. - The assets include two buildings with a total area of 47,231.43 square meters and land use rights covering 26,800 square meters, with clear ownership and no encumbrances [2][3]. - The transaction is structured to avoid asset idleness, as part of the facilities will be leased back to the seller for a period of 10 years at an estimated annual rent of no less than 2.5 million yuan [3]. Group 2: Financial Overview of Affiliated Party - As of December 31, 2024, the affiliated Kunshan Xianchuang Electronics reported total assets of 72.127 million yuan and net assets of 60.649 million yuan, with a revenue of 24.397 million yuan and a net profit of 1.867 million yuan for the same year [3]. - In the first three quarters of 2025, the affiliated company reported total assets of 73.084 million yuan, net assets of 61.259 million yuan, revenue of 14.095 million yuan, and a net profit of 0.610 million yuan [3]. Group 3: Strategic Implications - The acquisition aligns with the company's long-term development strategy and operational needs, ensuring no detriment to the interests of shareholders, particularly minority shareholders [4]. - The company has engaged in various related transactions with the affiliated party, totaling 68.3847 million yuan, with an expected maximum of 73.7 million yuan for the fiscal year 2025 [4].