Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its operational performance, revenue distribution, and business model adjustments in response to market conditions [1][2]. Group 1: Operational Performance - In 2024, the company's domestic revenue was 904 million yuan, a decrease of 6.51% year-on-year, while overseas revenue reached 209 million yuan, an increase of 49.22% [2][3]. - The domestic gross margin was 21.34%, down by 6.51 percentage points, and the overseas gross margin was 30.77%, down by 7.88 percentage points [2][3]. - The company has been innovating its sales model, promoting a comprehensive tool solution approach [2]. Group 2: Revenue and Gross Margin Analysis - The company provided a breakdown of revenue and gross margin by product type for the past three years, indicating that the overseas sales growth was primarily due to accelerated overseas channel development and the establishment of brand stores [3][5]. - The gross margin for domestic sales was lower due to a higher proportion of lower-margin products, while overseas sales were dominated by higher-margin CNC tool products [7][8]. Group 3: Sales Model and Market Strategy - The company has adopted a dual sales model of direct sales and distribution, with the distribution model yielding higher gross margins due to the sale of higher-margin CNC tools [9][10]. - The company is actively expanding its overseas market presence, establishing operational centers in Asia to enhance local marketing and service capabilities [5][6]. Group 4: Overall Solution Business Model - The overall solution business model focuses on providing customized cutting solutions, which includes a full range of products and technical services to optimize tool management for clients [12][14]. - The company has established a comprehensive quality assurance system and real-time monitoring of production and sales processes to enhance operational efficiency [12][13]. Group 5: Accounts Receivable and Credit Policy - The company's accounts receivable at the end of 2024 amounted to 416 million yuan, representing 36.91% of total revenue, which has been increasing due to slower payment progress from clients affected by macroeconomic conditions [21][22]. - The company maintains a cautious approach to bad debt provisions, aligning its policies with industry standards and ensuring sufficient coverage based on historical credit loss experiences [24].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response from its continuous supervision institution, Minsheng Securities, addressing various operational and financial aspects of the company. Group 1: Operational Performance - In 2024, the company's domestic revenue was 904 million yuan, a decrease of 6.51% year-on-year, while overseas revenue reached 209 million yuan, an increase of 49.22% year-on-year [2] - The domestic gross margin was 21.34%, down by 6.51 percentage points, and the overseas gross margin was 30.77%, down by 7.88 percentage points [2] - The company has been innovating its sales model, promoting comprehensive tool solutions, which has contributed to the changes in revenue and gross margin [2][3] Group 2: Revenue and Gross Margin Analysis - The company provided a breakdown of revenue and gross margin by product type for the past three years, indicating that the overseas sales growth was primarily due to accelerated overseas channel development and the establishment of local operational centers [3][4] - The company opened over 10 overseas brand stores from 2022 to 2024, achieving a compound annual growth rate of 65.97% in sales from these stores [3] - The gross margin for domestic sales was lower due to a higher proportion of lower-margin hard alloy products compared to higher-margin CNC tool products in overseas sales [6][7] Group 3: Sales Model and Margin Differences - The company reported that the gross margin for the distribution model was higher than that for the direct sales model, primarily due to the product structure differences, with CNC tools generally having higher margins than hard alloy products [8][9] - The company is actively promoting an overall solution business model, which, while having lower margins currently, is expected to enhance customer satisfaction and loyalty in the long term [10][13] Group 4: Accounts Receivable and Credit Policy - The company's accounts receivable at the end of 2024 amounted to 416 million yuan, an increase of 7.87% year-on-year, with accounts receivable and notes receivable accounting for 57.88% of total revenue [16][20] - The increase in accounts receivable as a percentage of revenue is attributed to slower payment progress from customers affected by macroeconomic conditions [20][21] - The company maintains a cautious approach to bad debt provisions, aligning with industry standards and ensuring sufficient coverage based on historical credit loss experiences [22]

Core Insights - The Ministry of Finance reported a decline in import value-added tax and consumption tax for the period from January to May, totaling 724 billion yuan, which represents a year-on-year decrease of 6.5% [1] - Customs duties collected amounted to 89.8 billion yuan, reflecting a year-on-year decrease of 9.2% [1] Tax Revenue Analysis - Import value-added tax and consumption tax decreased to 724 billion yuan, down 6.5% compared to the same period last year [1] - Customs duties fell to 89.8 billion yuan, showing a decline of 9.2% year-on-year [1]

y m 市 市 站 需 有 谨 风 慎 险 官 方 服 热 线 M www.itf.com.cn 400-8888-598 网 体报告中的信息均源于公开可获得的资料，国贸期货力求准确可靠，但不对上述信息的准确性及完整性权任何保证。本报告不拘成个人找资建议。也未针对个别投资者将殊的投资目标、财务状况或需要，投资 免责声 者需自行列近本就告中的任何意见或建议是否符合其特定材况。据此投资，责任自负。本报告仅同特定客户推进、未经国资期货授权许可，任何引用、转载以及同第三方传输的行为您的面倒数额度数， UH 我司将视情况追究法律责任。期市有风险,入市需谨慎。 ITC 国贸期货 世界500强投资企业 国贸期货有限公司 流的衍生品综合服务商 D7 7 - | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 | | | | | | | | | 农产品研究中心 | 杨璐琳 | 从业 ...

| | | | | 油脂数据日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | ITG国贸期货 | | | 国贸期货出品 | | 2025/06/20 | | | | 投资咨询业务资格 | | | 农产品中心 | 期货从业证号 | 116 | 投资咨询证号 | | | 证监会许可【2012】31号 | | 同分 杨璐琳 | | F3042528 | | Z0015194 | | | 24度棕櫚油 2025/06/19 | 2025/06/18 | 一口价变动 | | 棕榈油主力现货基差(华南) | | | | | 天津 8870 | 8900 | -30 | 5000 | | | | | | 8820 张家港 | 8900 | -80 | 4000 | | | | | | 黄浦 8800 | 8800 | 0 | 3000 | | | | | | | | | 2000 | | | | | | 级豆油 2025/06/19 | 2025/06/18 | 一口价变动 | 1000 | | | | | | 大津 8320 | 8250 | ...

s 疯皮期货 沥青早报 研究中心能化团队 2025/6/20 | | 指标 | 5/21 | 6/11 | 6/17 | 6/18 | 6/19 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3519 | 3461 | 3644 | 3695 | 3738 | 43 | 277 | | | BU06 | 3537 | 3530 | 3381 | 3416 | 3448 | 32 | -82 | | | BU09 | 3475 | 3461 | 3644 | રે કે રહ્યું હતું કે જે તે તે પ્રાપ્ય થયેલી છે. આ ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપા | 3738 | 43 | 277 | | 行 | BU12 | 3290 | 3299 | 3482 | 3527 | 3577 | 50 | 278 | | | BU03 | 3249 | 3251 | 3379 | 3434 ...

| | | 油脂产业期现日报 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年6月20日 | 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | | | | | | | | | | | | | 王凌辉 Z0019938 | | | | | | | 员知 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6月19日 | | | | | | | | | | | | | | | 6月18日 张跃 张跌幅 | | | | | | | | 现价 | 江苏一级 | | 8400 | | | | | | | | | | | | | | | 8350 50 0.60% | | ...

Group 1 - Fengyi Investment recently conducted research on listed company Siling Co., focusing on its differentiated product manufacturing and supply chain system to enhance equipment utilization and product quality [1] - Siling Co. plans to establish a robotics components division in 2024, concentrating on the research and mass production of harmonic reducers, with core equipment already in place and a second production line planned [1] - The Thailand factory of Siling Co. has obtained origin certification, and its North American business operates on an FOB model, with tariffs borne by customers, indicating limited impact due to product irreplaceability [1] Group 2 - Siling Co. has received ITF16949 certification and origin certification for its Thailand factory, and is currently investing in the third phase to expand capacity and establish local service capabilities in the North American market [1] - The company possesses extensive flexible manufacturing experience and mature customized production capabilities, planning to adjust production based on industry and customer demands in the future [1]

5月贸易盈余6.08亿美元，预期盈余10.50亿美元。 5月出口70.95亿美元，进口64.88亿美元。 阿根廷一季度失业率7.9%。 ...

Group 1 - India has imposed restrictions on the import of palladium, rhodium, and iridium alloys with a gold content exceeding 1% [1] - This regulation aims to control the quality and composition of imported precious metal alloys [1] - The move is expected to impact the supply chain and pricing of these metals in the Indian market [1] Group 2 - The decision reflects India's ongoing efforts to regulate precious metal imports and enhance domestic production [1] - Industry stakeholders may need to adjust their sourcing strategies in response to these new import restrictions [1] - The restrictions could lead to increased demand for locally sourced materials and potentially drive innovation in domestic alloy production [1]