Group 1: Agricultural Development - The apple and rose industries in Xiaojin County are significant agricultural products recognized nationwide [2] - The "shared farm" model allows consumers to adopt apple trees, enhancing the apple industry's value chain and attracting tourists [3][4] - The apple industry revenue has increased by 200% compared to 2019, benefiting local farmers through various income channels [4] Group 2: Rose Industry Expansion - Xiaojin County cultivates over 10 varieties of roses across 15,000 acres, with a processing facility that includes multiple production lines for rose products [5][6] - The rose industry generates over 50 million yuan, positively impacting 13 townships and 46 villages [6] - The annual rose harvest festival attracts over 200 guests, promoting collaboration and quality assurance in the rose supply chain [6][7] Group 3: Tourism Integration - The integration of research, processing, and tourism in the rose industry has led to the establishment of a national 3A-level tourist attraction and a provincial industrial tourism demonstration base [7] - Educational tourism projects have engaged over 4,000 participants, generating significant revenue for the local economy [7] - The local government plans to enhance educational tourism by developing various cultural and historical routes across the region [7]

Core Viewpoint - The credit rating of Jiangxi Wannianqing Cement Co., Ltd. remains stable at AA+, reflecting its strong market position and financial stability despite challenges in the cement industry [3][4][6]. Company Overview - Jiangxi Wannianqing Cement is a leading cement producer in Jiangxi Province, with a significant market share of approximately 25% in the province's cement production [4][12]. - The company has 11 clinker production lines and 32 cement mills, with an annual cement production capacity of 26 million tons and clinker capacity of 13.75 million tons [12][14]. Financial Performance - In 2024, the company's revenue decreased by 27.27% year-on-year, with net profit significantly declining due to falling demand and prices in the cement market [7][18]. - The company's total assets were reported at 162.35 billion yuan, with total liabilities at 34.33 billion yuan, indicating a relatively low debt level and strong debt repayment capacity [5][6]. - EBITDA for 2024 was 840 million yuan, and FFO was 243 million yuan, reflecting a solid cash flow position [6][18]. Market Environment - The cement market is experiencing a downturn due to reduced demand from the real estate sector and increased competition, leading to a decline in both volume and price for major products [7][10]. - The company is actively extending its industrial chain into ready-mixed concrete and aggregates, with a new ready-mixed concrete plant added in 2024 [12][14]. Operational Challenges - The company faces challenges with accounts receivable, particularly in its ready-mixed concrete business, where the aging of receivables has increased, leading to a significant provision for bad debts [7][18]. - The overall production capacity utilization has declined, particularly in the ready-mixed concrete segment, due to market saturation and intense competition [14][18]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating that its strong brand recognition and regional competitive advantages will support its business continuity [7][10]. - The company plans to continue expanding its ready-mixed concrete business and enhance its operational efficiency to mitigate the impact of market challenges [12][18].

江苏雷利（300660）(300660.SZ)进一步提升公司的核心竞争力。 6月24日晚，江苏雷利公告称，公司计划发行可转换公司债券募集资金总额不超过12.86亿元，用于激光 雷达电机、激光设备振镜系统、汽车微电机与组件等的生产建设项目，以及机器人运控组件研发中心、 海外生产基地建设、智慧工厂升级改造等项目。 据了解，江苏雷利是微特电机产品及智能化组件制造行业的领先企业。公司根据内延外伸的双轮战略， 通过自主研发和产业投资，促进公司高质量、可持续发展。 2025年一季度，江苏雷利业绩保持稳健增长，为全年业绩开了个好头。当季公司实现营业收入9.08亿 元，同比增长25.81%；归母净利润0.94亿元，同比增长28.15%；扣非净利润0.87亿元，同比增长 12.76%。 加码新业务及海外产能建设 根据可转债预案，江苏雷利拟向不特定对象发行可转换公司债券，募集资金总额预计不超过12.86亿元 (含本数)，扣除发行费用后将用于智能感知激光雷达与车载热管理微电机、激光装备振镜系统生产建设 项目、汽车微电机与组件生产基地及试验室建设项目、海外生产基地建设项目、智慧工厂升级改造项 目、机器人运控组件研发中心建设项目及补充 ...

长江商报奔腾新闻记者杨蝶 芯联集成(688469.SH)大手笔收购再有新进展。 6月23日晚间，芯联集成发布公告称，公司拟发行股份及支付现金购买芯联越州72.33%股权项目，获上 海证券交易所并购重组审核委员会审核通过。后续尚需取得中国证监会同意注册的决定后方可实施。 长江商报奔腾新闻记者注意到，此次收购始于一年前，2024年6月，芯联集成公告，拟通过发行股份及 支付现金的方式向绍兴滨海新区芯兴股权投资基金合伙企业(有限合伙)、深圳市远致一号私募股权投资 基金合伙企业(有限合伙)等15名交易对方购买其合计持有的芯联越州72.33%股权。2024年末，芯联集成 宣布，上述交易价格达58.97亿元。 此前，芯联集成直接持有芯联越州27.67%的股权，并与其一致行动人合计可实际支配芯联越州股东会 表决权的51.67%。在本次收购完成之后，芯联越州将成为芯联集成的全资子公司，芯联越州股东权益 将100%纳入芯联集成合并范围。 资料显示，芯联越州主要从事功率器件等领域的晶圆代工业务，而芯联集成是全球领先的集成电路晶圆 代工企业之一，车规级芯片营收占公司整体营收的50%以上，其中由此次交易标的公司芯联越州生产的 车规级S ...

Core Viewpoint - The company, Huanlejia, announced plans to invest up to $21 million in a coconut processing project in Indonesia, marking a significant step in extending its supply chain and expanding into overseas markets [1][2] Group 1: Project Overview - The total investment for the coconut processing project in Indonesia is not to exceed $21 million [1] - The project aims to enhance the stability and control of raw material supply for the company's core products, ensuring food safety [1] Group 2: Strategic Importance - The project aligns with national and ASEAN development cooperation strategies, leveraging Indonesia's position as a major coconut producer [1] - By utilizing local resources and industry structure, the project is expected to create significant market value [1] Group 3: Market Competitiveness - The establishment of the processing project will improve the competitiveness of related raw material products in local and export markets, including China [2] - The company has accumulated extensive experience in the coconut juice sector, which will support the successful implementation of the project [2] Group 4: Supply Chain Enhancement - The decision to build the processing project reflects the company's commitment to extending its supply chain and expanding into international markets [2] - The project is anticipated to enhance the company's upstream supply chain layout and boost competitiveness in raw material supply [2]

长江商报消息营收、净利润双双下滑之时，欢乐家（300997）(300997.SZ)拟出海投资谋出路。 6月23日晚间，欢乐家发布的公告显示，公司将在印度尼西亚共和国建设椰子加工项目，该项目总投资 不超过2100万美元(约1.51亿元人民币)。 欢乐家介绍，经初步测算，本项目财务内部收益率39.08%，静态投资回收期3.51年。 业绩方面，2025年一季度，欢乐家实现营业收入4.49亿元，同比下降18.52%；净利润3425.33万元，同 比下降58.27%。 需要注意的是，2025年一季度，欢乐家销售费用达5879.01万元，同比下降17.61%，占营业收入比例为 13.09%。 同期，欢乐家研发费用仅67.33万元，同比下降33.61%，占营业收入比例为0.15%。 静态投资回收期3.51年 6月23日晚间，欢乐家发布的公告显示，根据公司战略规划及业务发展需要，公司将在印度尼西亚共和 国建设椰子加工项目，该项目总投资不超过2100万美元(约1.51亿元人民币)，由公司向全资子公司欢乐 家(香港)国际控股有限公司(以下简称"欢乐家香港")增资不超过2100万美元，再由欢乐家香港出资不超 过3397.56亿印尼 ...

为延伸上游产业链，民营涤纶龙头斥资超61亿元在新疆建设露天煤矿。 6月20日，桐昆股份（601233）公告称，公司正式启动新疆鄯善县七克台矿区长草东露天煤矿项目建 设，总投资约61.44亿元，年产能500万吨。 涤纶长丝也称"聚酯纤维"，上游原料以石油化工类产品为主，下游产品包括纱线、面料等。2023年6 月，"85后"浙商二代陈蕾接棒董事长后，桐昆股份开始斥巨资押注上游市场。 此外，后续新疆中昆新材料有限公司计划投资约10亿元，对现已建成的天然气制乙二醇项目（一期）进 行煤炭清洁高效利用技术改造，以煤为原料，满足年产60万吨乙二醇的用气需求，预计年使用煤炭量 140万吨（原料煤）。项目的实施，可以实现公司煤炭资源的就地转化，切入煤制乙二醇领域，打破现 有天然气制乙二醇装置原料来源单一的限制，有利于提升聚酯化纤主业原料的自给保障度。 桐昆股份称，从效益分析来看，项目达产后年平均产值约18亿元，企业年平均税后利润约44221.72万 元。项目预计能直接解决500人左右就业，间接带动就业4000人左右。 桐昆股份前身是成立于1981年的桐乡县化学纤维厂，2011年上市，主营业务包括民用涤纶长丝的研发、 生产和销售 ...

限公司向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【87】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

证券研究报告 | 2025年06月18日 邦基科技（603151.SH） 事件点评：拟并表瑞东农牧旗下养猪资产，有望实现向下游养殖环节延伸 |  | 公司研究·公司快评 |  | | 农林牧渔·饲料 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 鲁家瑞 | 021-61761016 | lujiarui@guosen.com.cn | | 执证编码：S0980520110002 | | 证券分析师： | 李瑞楠 | 021-60893308 | | liruinan@guosen.com.cn | 执证编码：S0980523030001 | | 证券分析师： | 江海航 | 010-88005306 | | jianghaihang@guosen.com.cn | 执证编码：S0980524070003 | 事项： 邦基科技 2025 年 6 月 16 日发布复牌公告，公司正在筹划以发行股份及支付现金相结合的方式购买 Riverstone Farm Pte.Ltd.（以下简称"瑞东农牧"）所持有的山东北溪农牧有限公 ...

Project Overview - Jiangxi Shilong Industrial Co., Ltd. plans to invest approximately 102.56 million yuan to construct a project with an annual production capacity of 100,000 tons of percarbonate and 30,000 tons of soda ash [1] - The investment will cover equipment procurement, material purchases, civil construction, corrosion protection, and installation costs [1] Strategic Asset Acquisition - The company has purchased relevant assets from Jiangxi Bohaiyuan Chemical Co., Ltd. for 37.51 million yuan, which aligns well with the percarbonate and soda ash project, enhancing the company's industrial chain and overall competitiveness [2] - The acquired assets have been fully upgraded and are now operational, contributing to the production of qualified products [3] Project Impact and Development - The investment in the percarbonate project is expected to extend the industrial chain, increase product added value, and enhance economic benefits, thereby laying a solid foundation for the company's sustainable high-quality development [2] - The project is still in the phase of construction, and the completion of the annual production capacity of 100,000 tons of percarbonate and 30,000 tons of soda ash is yet to be finalized [3]