4月28日晚间，至纯科技（603690）披露了2024年年度报告。年报显示，公司2024年营业收入36.05亿 元，同比增长14.40%。归属于上市公司股东净利润2359.75万元。年报还显示，2024年公司取得新增订 单总额为55.77亿元，其中5年以上长期订单总额为1.17亿元。 年报显示，2024年至纯科技研发投入达4.42亿元，较2017年的0.13亿元实现大幅提升，过去五年公司累 计研发投入超过15亿元。高研发投入下，公司构建起覆盖湿法工艺全环节的四大技术平台，覆盖湿法几 乎全部工艺，并在仍然被国际厂商垄断的部分机台环节保持了国内领先的验证及交付进度。公司自主研 发的高纯特气设备、化学品设备全年累计出货量突破3.6万台，单年出货量超1万台，其中88.46%服务于 12英寸先进制程客户，成为国内一线晶圆厂的核心供应商。 当前，至纯科技的创新图谱不断拓展，正向半导体全产业链延伸。公司践行LAB2FAB 战略，通过产业 基金构建的生态投资体系，已形成对半导体产业链的创新赋能网络，持续推动产学研深度融合。这 种"技术研发+产业协同"的双轮驱动模式，为企业打开了穿越产业周期的成长空间。 根据年报，至纯科技正筹 ...

4月26日，凯龙股份发布《关于实际控制人股权转让完成暨公司控制权变更的公告》。公告披露，公司 于近日收到通知，获悉长江产业集团以 277,624.41 万元的交易对价受让荆门市政府国资委合法持有的中 荆集团 75%股权已办理完成股权过户登记手续。 本次股权转让前，公司控股股东为中荆集团，实际控制人为荆门市政府国资委。本次股权转让后，中荆 集团仍为公司的控股股东，湖北省政府国资委成为公司的实际控制人。 分析人士表示，湖北省政府国资委通过长江产业集团间接控股，标志着凯龙股份从地方国企晋升为省级 战略平台。国资背书带来的不仅是融资便利，更是产业链整合的主动权。未来，凯龙股份有望获得更多 跨区域、跨所有制整合的机会。 目前，凯龙股份的民爆业务进入全国大部分区域，公司在新疆的民用爆炸物品产能已经增长至6.01万 吨，市场份额逐步增加。3月25日下午，凯龙股份全资子公司湖北凯龙工程爆破有限公司在新疆承接的 首个爆破项目成功实施首爆作业，充分展示了凯龙爆破的专业实力和爆破成果，为进一步开拓新疆市场 奠定了良好基础。在西藏，凯龙股份也有民爆产品进入当地市场。 未来，在民爆行业景气度不断提升的机遇期，凯龙股份有望通过"内生增长 ...

Core Viewpoint - The company, New Dairy Industry (002946.SZ), has demonstrated a better market performance than the industry average despite the overall downturn in the dairy sector, particularly through its focus on low-temperature milk products. Group 1: Financial Performance - In 2024, the company's revenue is projected to be 10.665 billion yuan, reflecting a slight decline of 2.93%, while the dairy product segment still achieved a growth of 0.83% [2] - The overall sales of dairy products across all channels fell by 2.7% in the past year, with major competitors like Mengniu (2319.HK) and Yili (600887.SH) experiencing revenue declines exceeding 10% and 12% respectively in their liquid milk segments [4] - New Dairy Industry achieved a net profit of 538 million yuan, marking a year-on-year increase of 24.8%, attributed to a higher proportion of low-temperature milk and declining raw milk costs [4] Group 2: Market Dynamics - The low-temperature milk segment has seen its penetration rate increase from 23% in 2020 to 41% in 2024, with nearly 60% of households in first-tier cities purchasing fresh milk more than twice a week [8] - Over half of New Dairy Industry's revenue comes from low-temperature products, capitalizing on the growth opportunities in this niche market [9] - The company has experienced a rise in gross margin to 28.36%, an increase of 3.8 percentage points over the past four years, driven by a higher proportion of high-margin products [12] Group 3: Competitive Landscape - The low-temperature milk market remains competitive, with no clear leader, as major brands are rapidly expanding their market shares [13] - In the second half of 2024, Guangming (600594.SH) is expected to catch up to Yili in market share, while Mengniu's high-end low-temperature brand "Daily Fresh" is gaining traction through aggressive marketing [14] - Price wars are looming, putting pressure on New Dairy Industry's mid-to-high-end products, as promotional expenses increased by 100 million yuan, while revenue growth for the "24-hour" series slowed from 40% to 15% year-on-year [15] Group 4: Strategic Initiatives - New Dairy Industry has pursued a national expansion strategy through acquisitions, having spent over 3.3 billion yuan on acquisitions since its listing, which has allowed it to operate 15 sub-brands [24][25] - The company is now focusing on "internal growth" and aims for a compound annual growth rate of double digits and a 10% reduction in debt ratio over the next five years [30] - The company plans to enhance operational quality in existing businesses while remaining open to acquisition opportunities, particularly in the growing low-temperature milk markets in second and third-tier cities [31]