超900倍认购创纪录，资本抢筹凸显信心 本次IPO发行价为36.3港元／股，发行2.79亿股，发行规模达14.8亿美元，不仅是2025年全球消费领域规模最大IPO，更是创下近25年全球调味品行业融资纪 录。 转自：海天味业 【新华企业资讯6月19日】6月19日，海天味业（03288.HK）正式登陆港股，成为首家实现"A+H"双上市平台的调味品企业。上市首日，公司股价表现强 劲，开盘高开超3%，总市值突破4000亿人民币，超越国际同行成为全球市值最高的调味品企业。这一里程碑事件，标志着中国消费品企业在全球市场的话 语权进一步提升。 券商分析指出，海天持续领先的关键在于其构建了"规模+品牌+渠道"的三重"护城河"。一方面，公司通过规模效应实现了成本优化，实现更高质价比；另一 方面，公司品牌渗透率达80%，远高于行业。更值得关注的是，公司已建成覆盖全国100%地级市的销售网络，渠道深度远超竞争对手。这些优势的叠加， 为海天未来的持续增长提供了有力保障，也成为俘获投资者的核心因素。 政策市场双驱动，全球布局提速 在全球资本市场的瞩目下，海天味业正迎来政策与市场的双重机遇。一方面，中国证监会优化沪深港通机制，港交所推出 ...

Group 1: 2024 Market Characteristics - The liquor industry is undergoing a deep adjustment period in 2024, showing a "declining volume but increasing profit" trend, with production down 1.8% to 4.145 million kiloliters, while sales revenue increased by 5.3% to 796.38 billion yuan [1][21][22] - The profit total reached 250.87 billion yuan, a year-on-year increase of 7.8%, with A-share listed liquor companies reporting a total revenue of 442.23 billion yuan, up 7.3% [1][22] - The CR6 companies (Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanghe, and Gujinggong) accounted for 86% of the industry's total profit, indicating a significant increase in industry concentration [1][22][27] Group 2: 2025 Market Conditions - In Q1 2025, liquor production fell by 7.2% to 1.032 million kiloliters, continuing the trend of declining production [2][40] - Listed companies showed resilience with a revenue of 153.42 billion yuan, up 1.7%, and a net profit of 64.91 billion yuan, up 2.3% [2][40] - The industry faces challenges with "declining volume and price, and rising costs," as 59.7% of companies reported reduced operating profits [2][49] Group 3: Market Environment Changes and Competitive Landscape - The revised regulations in May 2025 expanded the ban on alcohol consumption, impacting market sentiment and causing a 2-3% overall decline in the liquor sector [3] - The CR6 brands accounted for 87.6% of the revenue of the 20 A-share liquor brands in Q1 2025, indicating further concentration in the market [4] - The younger consumer demographic is emerging, with those born between 1985 and 1994 becoming a key market segment, although business and management personnel still represent 85.1% of the consumer base [4] Group 4: Market Outlook and Development Suggestions - Companies are adopting pragmatic strategies, with 64.9% focusing on core products and 40.4% targeting the mass market [5] - Recommendations for industry health include optimizing capacity and focusing on high-quality development, with a shift from quantity-driven growth to quality-driven strategies [6] - Emphasis on digital marketing and technological innovation is crucial, with 34.9% of companies prioritizing instant retail channel expansion [7] Group 5: Online Sales and Consumer Behavior - Online sales in the first five months of 2025 exceeded 60 million bottles, generating over 30 billion yuan, although national brands are struggling with growth [2][53] - The average online sales revenue for A-share listed companies was 5.0% of total revenue, reflecting a slight increase from the previous year [53] - Consumer behavior is shifting, with a notable decline in traditional consumption scenarios, leading to a decrease in demand during holiday periods [63][70]

"速冻食品第一股"安井食品（603345.SH）赴港IPO，并于6月11日通过港交所聆讯。不过，自去年12月 发布赴港上市的公告后，企业便被质疑赴港上市是为了"圈钱"，而六成中小股东对企业赴港上市持反对 意见。 该负责人称，去年4月19日中国证监会发布的《5项资本市场对港合作措施中明确表示支持内地行业龙头 企业赴香港上市。企业看到在当前宏观背景和政策支持下，中国优质企业国际化布局加速，港股成为其 构建全球募资和发展平台的关键枢纽，"走出去"亦成为中国企业提高对外影响力的必由之路。 南都湾财社记者注意到，2024年12月20日，安井食品发布的公告显示，在港股上市议案表决中，安井食 品获70.63%股东支持，议案顺利获得通过，不过，仍有28.77%的股东投了反对票，其中，持股5%以下 的中小股东60.51%投了反对票。 | 股东 | 同意 | | 反对 | | 弁权 | | | --- | --- | --- | --- | --- | --- | --- | | 类型 | 票数 | 比例(%) | 票数 | 比例(%) | 票数 | 比例(%) | | A 股 | 119, 974, 403 | 70. 629 ...

广合科技（001389）主营算力服务器PCB，客户涵盖全球前十大服务器制造商中的八家。公司计划通过 H股上市推进国际化布局，募资用于泰国基地二期及研发能力提升等项目。 在深交所主板上市仅一年多，PCB龙头广合科技（001389.SZ）近期递表港交所，谋求"A+H"两地上 市。 这家企业曾是濒临破产的工厂，在肖红星夫妇的带领下，十年间实现逆袭，如今成为年营收37亿元的细 分行业巨头，为全球前10大服务器制造商中的8家供货。 据弗若斯特沙利文数据，以2022-2024年累计收入计算，广合科技在中国大陆算力服务器PCB制造商中 位居榜首，全球排名第三，占据4.9%的全球市场份额。PCB作为"电子产品之母"，是电子设备承载和连 接电子元器件的基础部件。 然而，高速发展背后暗藏隐忧。 广合科技前五大客户贡献超六成收入，客户集中度较高；同时，其应收账款三年内暴涨83%。 此次冲刺港交所，广合科技意在推进国际化布局，以应对潜在风险，寻求更广阔的发展空间。 截至6月16日收盘，公司A股总市值为245亿元。 肖红星夫妇持股53.81% 广合科技的实际控制人是肖红星、刘锦婵夫妇。截至目前，二人通过臻蕴投资、广生投资及广财投资共 ...

账期压缩至60天内，成为汽车产业破除供应链挤压的"第一枪"。6月10日晚间到6月11日，包括上汽、广汽、一汽、东风、长安、比亚迪、吉利等16家主流车 企宣布，将供应商的支付账期控制在60天以内。这一举措恰逢新修订的《保障中小企业款项支付条例》正式实施，条例明确要求大型企业向中小企业采购 时，付款期限不得超过货物交付后60日。 供应链生态挤压、恶性价格战，这些曾经在家电、手机行业反复上演的"内卷式困局"，如今在汽车产业重演。这种以透支产业链健康为代价的竞争模式，曾 让家电行业在2000年代陷入价格血战，让手机行业在2015年后出现"山寨机"泛滥，最终只有少数具备核心技术、供应链掌控力和品牌溢价的企业能够穿越周 期。 站在相似的十字路口的并非只有汽车行业，众多行业都处于"规模扩张"与"质量升级"的关键抉择期，品牌建设成为高质量发展之下的企业制高点，持续将品 牌价值转化为消费者忠诚度与产业链话语权，才能在存量博弈中开辟新增长空间。 中石化原董事长傅成玉在近期的一次采访中就表示，不要为短期利益而伤害长期利益，要及时制止头部开始挤压产业链的中小企业，一种形式是不断降价， 另一种是付款期拉长，最终会把产业链搞崩溃；中国企 ...

6月11日，"麻醉一哥"人福医药（600079.SH）发布公告称，公司董事李杰先生、董事兼总裁邓霞飞 先生、副总裁李莉娥女士因到龄退休提交辞职报告。与此同时，公司聘任原副总裁杜文涛先生为新任总 裁。 公告显示，上述三人离任的原因均为到龄退休，三人将逐步从下属控股子公司职务中办理离任手 续。 人福医药管理层此番大换血并不让人意外。今年4月25日，人福医药发布公告称，其控股股东当代 科技的重整计划已获湖北省武汉市中级人民法院批准。根据重整计划，招商局创新科技（集团）有限公 司通过全资子公司招商生命科技（武汉）有限公司（招商生科），以118亿元入局，从当代科技手中接 过了人福医药。 重整计划实施完成后，招商生科合计控制人福医药3.87亿股股份，占总股本的23.7%，并享有相应 表决权。人福医药的控股股东将由当代科技变更为招商生科，实际控制人从艾路明变为招商局集团有限 公司。当时外界就预测，人福医药可能会迎来管理层变动。 不过，市场也同时预期，新股东的国资背景与产业协同能力将为人福医药带来更广阔的发展空间， 麻醉药龙头在政策壁垒与创新驱动的双重护城河下，或迎来新一轮增长周期。而招商局集团的正式入主 和高管层的洗牌，标 ...

证券代码：300995 证券简称：奇德新材 广东奇德新材料股份有限公司 投资者活动记录表 编号：2025-059 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ☑现场参观 □电话会议 | | | □其他： | | 参与单位名 | 华西基金管理有限责任公司李健伟；江苏有为资本管理有限公司 乔峰； | | 称及人员姓 | 北京盛华鼎鑫投资有限公司郭钊；郑家虎。 | | 名 | 以上排名不分先后 | | 时间 | 2025 年 6 月 6 日（星期五）下午 14:30 至 16:00 | | 地点 | 广东省江门市江海区连海路323号奇德新材办公楼 | | 公司接待人 | 董事会秘书：陈云峰 | | 员姓名 | 证券事务代表：赵美美 | | | 问答交流主要内容： | | 投资者关系 | 1、公司碳纤维产品的竞争优势有哪些？ | | 活动 | 回复：公司碳纤维制品聚焦新能源汽车行业的轻量化及高端化的产业应用， | | | 通过持续的研发投入及工艺提升，为主机厂提供从结构设计，原材料开发及 ...

近日，易思维（杭州）科技股份有限公司（证券简称：易思维）在上海证券交易所科创板的首次公开发 行（IPO）申请正式获得受理。作为深耕智能制造、在汽车制造机器视觉领域实现技术突破的重点"小 巨人"企业，易思维此次迈入资本市场，标志着公司发展步入新阶段，也为我国高端装备自主可控增添 坚实力量。 在技术成果转化方面，2022至2024年，公司研发投入累计超3.1亿元，占营收比重超过32%。截至2024 年底，公司已累计获得授权专利387项，其中发明专利192项，另拥有软件著作权108项。2021年，其牵 头研发项目被院士专家鉴定为"整体水平国际先进，部分核心技术国际领先"，并荣获天津市科技进步特 等奖。 据弗若斯特沙利文统计，2024年公司在中国汽车整车制造机器视觉市场的份额达到22.5%，位列行业第 一；全国该细分市场国产化率为31.7%，其中超过七成来自易思维，堪称国产替代的主力担当。 客户结构优质，国际化布局稳步推进 凭借稳定的产品性能与深厚的行业经验，易思维赢得了大量优质客户信赖。当前，公司客户已覆盖一 汽-大众、广汽丰田、上汽通用、北京奔驰、比亚迪（002594）、东风、奇瑞等主流合资与自主品牌整 车厂，以 ...

Core Viewpoint - The company is convening its second extraordinary general meeting of shareholders in 2025 to discuss and vote on proposals related to providing guarantees for its associated companies, specifically for projects in Kazakhstan and Brazil [1][2][3]. Group 1: Shareholder Meeting Details - The meeting is scheduled for June 16, 2025, at 14:30 in Beijing, with voting available through the Shanghai Stock Exchange and internet platforms [1][2]. - The agenda includes the election of monitors, discussion of proposals, and a Q&A session for shareholders [1][2]. Group 2: Proposal for Kazakhstan Project - The company plans to provide a guarantee for its associated company, China National Materials Group Corporation, which aims to invest in a cement production line in Kazakhstan [3][4]. - The total investment for the project is approximately $12.62 million, with the company providing a guarantee of up to $3.53 million for bank loans [4][6]. - The project involves acquiring a 70% stake in QazCement Industries LLP and constructing a cement production line with a capacity of 3,500 tons per day [4][5]. Group 3: Proposal for Brazil Project - The company’s subsidiary, China National Materials Overseas Technology Development Co., Ltd., plans to provide financial support and guarantees for its associated company, Sinoma Wind Power Blade (Brazil) Ltd. [11][12]. - The financial support amounts to $2.4 million, with a guarantee of up to $720,000 based on the company's shareholding [11][12]. - The Brazilian company is in its early operational phase and requires these guarantees to secure financing and ensure stable production [16][17]. Group 4: Financial Overview of Associated Companies - As of December 31, 2024, QazCement Industries LLP reported total assets of approximately 220.78 million RMB and a net loss of 55.90 million RMB [5]. - Sinoma Wind Power Blade (Brazil) Ltd. had total assets of approximately 34.21 million RMB and a net loss of 3.57 million RMB as of December 31, 2024 [14]. Group 5: Risk Management and Approval Process - The company emphasizes that the guarantees are necessary for supporting international expansion and that associated companies will provide counter-guarantees to mitigate risks [7][10]. - The proposals have been reviewed and approved by the board of directors and independent directors, ensuring compliance with regulations and protection of shareholder interests [10][17].

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," experienced its first performance decline since its listing in 2024, with both revenue and net profit decreasing due to a significant drop in zongzi sales, intensified market competition, and weak consumer demand [1][5] Financial Performance - In 2024, Wufangzhai achieved revenue of approximately 2.251 billion yuan, a year-on-year decline of 14.57% - The net profit attributable to shareholders was about 142 million yuan, down 14.24% year-on-year - The net profit after deducting non-recurring gains and losses was around 130 million yuan, a decrease of 9.66% year-on-year - In Q1 2025, the company reported revenue of 243 million yuan, an increase of 17.2% year-on-year, but the net profit attributable to shareholders remained in a loss position [1][5] Core Business Challenges - The core business of Wufangzhai, particularly its zongzi series, faced unprecedented market pressure in 2024, with sales heavily reliant on holiday demand - Increased market competition and heightened consumer price sensitivity, coupled with economic uncertainty, led to a significant decline in zongzi sales - The changing competitive landscape, with the rise of new brands and the proliferation of e-commerce platforms, weakened Wufangzhai's traditional channel advantages [2][3] Strategic Transformation - To address the weak core business, Wufangzhai proposed a multi-brand strategy in 2024, aiming to cover more niche markets with high-end and cost-effective brands - However, the implementation of this strategy has not yielded the expected results, with new product lines underperforming and traditional seasonal products like mooncakes failing to compensate for the decline in zongzi sales - International expansion offers new growth opportunities, but Wufangzhai's brand influence and channel development in overseas markets remain in the early stages, requiring significant resource investment [3][4] Brand and Channel Restructuring - In 2024, Wufangzhai undertook a large-scale channel adjustment, closing underperforming stores and optimizing its distribution network - While this adjustment improved channel quality, the contraction of offline channels and the expansion of online channels created a balancing act, with online profitability not sufficient to offset offline losses - The brand's recognition among younger consumers is declining, necessitating increased investment in brand marketing and product innovation to regain market favor [4][5] Summary and Outlook - Wufangzhai's 2024 financial report highlights the survival challenges faced by traditional food brands amid changing market conditions and intensified competition - The company must focus on brand innovation, market expansion, and product structure optimization while accelerating its internationalization efforts to identify new growth points - A comprehensive strategic transformation and enhancement of innovation capabilities are essential for Wufangzhai to regain a competitive edge in the market [5]