在房地产行业深度调整的当下，当多数房企收缩战线、以去库存为主时，一家民营企业却以"黑马"之姿 逆势突围。在中指研究院近日发布的《2025年1—4月全国房地产企业拿地TOP100排行榜》中，邦泰集 团以124万平方米的拿地面积位列全国第二，成为前10名中仅有的两家民营房企之一。从四川出发到布 局全国11省39城，从区域深耕到全国化扩张，四川邦泰用18年时间走出了一条"稳健与进取并存"的独特 发展路径。 | | | | 2025年1-4月中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | | 权益拿地金额与面积TOP100 | | | | 排名 | राह नार | 拿地金额 (亿元) | 排名 | राह नार | 拿地面积 (万m4) | | 1 | 绿城中国 | 313 | 1 | 绿城中国 | 139 | | 2 | 中海地产 | 273 | 2 | 邦泰集团 | 124 | | 3 | 滨江集团 | 270 | 3 | 衡南县发展集团 | 122 | | 4 | 建发房产 | 256 | 4 | 保利发展 | 120 | | 5 | 保 ...

Core Viewpoint - The company's capacity construction is steadily advancing, and refined management along with energy-saving measures are continuously enhancing, indicating resilience in the company's performance [1] Investment Highlights - The rating is maintained at "Buy". Due to external environmental impacts on the prices of some chemical products, the EPS for 2025-2026 is revised down to 0.97/1.31 yuan (previously 1.19/1.4 yuan), with a new EPS for 2027 set at 1.36 yuan. Based on comparable company valuations and considering the company's growth potential, a 13x PE valuation for 2025 is given, corresponding to a target price of 12.61 yuan [2] - In 2024, the company's performance is expected to grow by 147.79% year-on-year. The projected revenue is 29.763 billion yuan, a year-on-year increase of 17.37%; net profit attributable to shareholders is 2.029 billion yuan, a year-on-year increase of 147.79%; and the net profit after deducting non-recurring items is 1.962 billion yuan, a year-on-year increase of 126.90%. For Q4 2024, revenue is expected to be 8.184 billion yuan, a year-on-year increase of 10.36% and a quarter-on-quarter increase of 8.57%; net profit attributable to shareholders is projected at 454 million yuan, a year-on-year increase of 45.50% and a quarter-on-quarter increase of 12.46% [2] - In 2024, revenue growth for various product categories is projected as follows: new chemical materials +26.83%, basic chemical products -7.41%, fertilizers +17.85%, and other products +21.84%. Gross profit margins are expected to change as follows: +1.36 percentage points, +2.68 percentage points, -1.41 percentage points, and +2.73 percentage points respectively [2] Performance Resilience - In Q1 2025, the company demonstrated resilience with revenue of 7.290 billion yuan, a year-on-year increase of 7.96% but a quarter-on-quarter decrease of 10.92%. Net profit attributable to shareholders was 413 million yuan, a year-on-year decrease of 27.30% and a quarter-on-quarter decrease of 9.04%. The net profit after deducting non-recurring items was 384 million yuan, a year-on-year decrease of 33.81% and a quarter-on-quarter decrease of 2.40%. The primary reason for the decline was the drop in prices of some chemical products, which fell more than the decrease in raw material procurement prices [3] - The company is steadily advancing its capacity construction, with refined management and energy-saving measures continuously enhancing operations. In 2024, production facilities are expected to operate safely and stably, with successful full-load operation of the caprolactam and nylon 6 phase I project, smooth integration of the silicone project, and orderly progress of the ethylene downstream integration project and 150,000 tons of propionic acid project [3] - The equipment manufacturing business is deeply integrating resources and promoting market-oriented operations of the Luxi Engineering Company, transitioning from serving Luxi to serving Sinochem. The company is expanding exports of new energy equipment and promoting capacity expansion and efficiency improvement [3] - The main raw materials for the company's chemical products include coal, propylene, pure benzene, and methanol. The company focuses on stable cooperation with large state-owned producers to secure channels and strive for price advantages, while also leveraging the proximity of local refining enterprises for cost-effective procurement [3]

摘要 • 招商蛇口一季度营收增长主要归因于上海项目结算权益比例较高，但整体 毛利率同比下降 2.47 个百分点至 12%，反映行业利润率承压，公司通过 精细化管理和夯实资产质量应对。 • 公司现金储备充裕，一季度末货币资金达 881 亿元，同比增长 49 亿元。 通过补充权益资本和调整债务结构，有息负债综合资金成本降至 2.99%， 资产负债结构稳固。 • 一季度签约销售面积和规模同比下降 12%，受可售货值规模影响。但核心 城市房地产市场呈现复苏态势，北京、杭州、成都等地项目表现优于预期。 • 一季度在北京、上海、成都等地获取七宗地块，总建筑面积 72 万平方米， 总地价 200 亿元，坚持区域聚焦和以销定投策略，关注核心城市土地供应。 • 资产运营业务短期内难以迅速贡献利润，但长期来看能带来稳定现金流。 物业管理服务板块持续优化服务质量，增强竞争力，推动业绩增长。 • 公司通过长租公寓 REITs 上市和博时蛇口产园 REITs 扩募计划，推动资产 盘活，平衡业务现金流。同时，地方政府收储及退换地政策有助于盘活存 量资源。 • 公司综合融资成本持续下降，得益于宏观环境改善和招商局品牌优势。未 来 1-3 ...

理工光科投资者关系活动记录表（2025 年度） | | 特定对象调研 分析师会议 | | --- | --- | | | 媒体采访 ☑业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | | | 人员姓名 | 线上参与公司 年度业绩说明会的全体投资者 2024 | | 时间 | 2025 年 5 月 8 日（星期四） 15:00-17:00 | | 地点 | 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn）"云访谈" | | | 栏目 | | 上市公司接待人 | 董事长、总经理：江山先生 董事会秘书兼财务总监：林海先生 | | 员姓名 | 独立董事：唐建新先生 | | | 保荐代表人：赵煦铮女士 1、请问贵公司本期财务报告中，盈利表现如何？ | | 投资者关系活动 | | | | 2024 年公司围绕"立志向、拓增量、做精品、提质量、建队 | | | 伍、强管理、控风险"，持续加强 "三抢、两降、四加强"，推动 | | | 公司规模指标稳步增长、质量效益持续优化，为做强做优做大奠 | ...

在宏观经济波动与产业变革的交织影响下，中国酒业当前已进入深度调整期，面临增长放缓、产能过剩以及社会库存积压等诸多困境。 2024年，水井坊实现营业收入52.17亿元，同比增长5.32%；实现净利润13.41亿元，同比增长5.69%。 2025年第一季度，公司业绩延续向好趋势，实现营收9.59亿元，同比增长2.74%；实现归母净利润1.90亿元，同比增长2.15%。 水井坊总经理胡庭洲表示："2024年和2025年一季度，公司上下贯彻'以消费者为导向'的精神，在实现健康、稳定的发展的同时，更为我们高质量落地五年 战略规划打下了坚实的基础。" 如今，"以消费者为导向"的战略指引下，水井坊的势能正在不断积累，托举企业的长期、稳健发展。 "美酒"入人心 中国酒业协会理事长宋书玉曾表示，存量竞争阶段，消费市场进入"饮酒理性、买什么价格酒理性、买什么风味酒理性"三理性时代，酒业核心命题已从"企 业主导"转向"消费者定义价值"。 理性消费回归倒逼行业增长逻辑重塑。传统以商务宴请为核心的增量红利逐步退潮，如何撬动新消费场景成为存量时代的增长关键。 水井坊调研发现，近年来，寿宴、升学宴、升职宴及地方特色文化宴席增长显著，日常情 ...

| 数据概览 ● 选择自定义时间，指标按天累加，暂不去重 | | | | | ● 环比(月) ○ 同比(年) | 之下一 | | --- | --- | --- | --- | --- | --- | --- | | 访客散 | 刘尚是 | 人均浏览量 2 | 平均停留时长（秒） 2 | | | | | 29.788 | 137,201 | 4.61 | 108.63 | 46.69 % | | | | 较前一月 7.14%↑ | 较前一月 24.90% ↑ | 较前一月 16.71% ↑ | 较前一月 7.13% ↑ | 较前一月 9.62%↓ | 下单转化室 ? 2.53 % | | | 下单室户数 ① | 下单单是 | 下单金额 | 下单商品件数 2 | | 较前一月 15.00% ↑ | | | 754 | 1.059 | ¥ 2,238,446 | 1.260 | | | | | 绞前一目 23.00% ↑ | 绞前一月 33.38% ↑ | 较前一月 27.75%↑ | 绞前一月 22.09% ↑ | | | 成交转化室 ? 1.54% | | 成交客户数 (2 | 成交单量 | 成交金额 | 成 ...

来源：环球网 今年"五一"假期，出行热度再创新高。 数据增长的同时，出行市场复苏背后呈现出行业结构性变化。以用车需求为例，中长线旅游需求激增， 带动了自驾游需求的增加，高端车型用量增长，理想、蔚来、小米等国产豪华品牌车型销量实现同比翻 倍；县域旅游带动县域出行，出入境旅游增长，给出行行业带来新的增长机会。 近年来，中国网约车市场规模保持快速增长趋势，网约车用户规模人数逐年增加，网约车企业营收增势 强劲。随着自动驾驶商业化落地步伐加速，网约车运力饱和、合规压力增大等多重挑战，行业调整进入 到精细化发展阶段。 滴滴作为网约车的头部企业，以"守擂者"的姿态，在快车、专车、代驾、租车等领域实现全品类覆盖， 动态定价算法优化供需的同时，也因"算法挟持"而被网约车司机所诟病，反映的问题主要集中在单价下 调、抽成提高、运单量下降等。 聚合平台作为后起之秀，近年来单量显著提升。以曹操出行为例，其在4月30日公布的招股书显示，其 市场份额从2023年的4.8%增长至2024年的5.4%，目前已跃居行业第二的地位，仅次于滴滴出行。曹操 出行的市场份额增长，得益于其接入了各种聚合平台，从而实现订单规模的迅速增长。以高德、美团打 车 ...

Core Insights - The rapid growth of the instant retail industry is driven by technological advancements and the need for efficiency, with a focus on local networks and consumer habits [2][4][5] Group 1: Industry Dynamics - Instant retail has transformed consumer behavior with the promise of "30-minute delivery," creating a competitive landscape that prioritizes speed but requires long-term strategies for sustainability [2][6] - The cost structure of instant retail is heavily reliant on subsidies and operational efficiencies, with platforms needing to attract a large volume of orders to cover costs [3][6] - The industry is transitioning from a focus on rapid expansion to profitability, with companies reducing subsidies and optimizing operations to survive in a more competitive environment [6][7] Group 2: Competitive Advantages - Building a robust local network is essential for instant retail, requiring significant time and investment to establish a presence within 3-5 kilometers of consumers [4][5] - Consumer habits create a barrier to switching platforms, with high-frequency usage leading to brand loyalty that is difficult for new entrants to disrupt [5][6] - Data-driven operations enhance efficiency and customer satisfaction, with companies leveraging analytics to optimize delivery and inventory management [5][6] Group 3: Future Outlook - The future of instant retail will depend on the ability to deliver not just speed but also value, focusing on product quality and customer experience [6][7] - Collaboration among companies will become increasingly important, as partnerships can enhance service capabilities and address supply chain challenges [6][7] - The industry is expected to mature, leading to improved service quality and more reasonable pricing for consumers as competition shifts from aggressive expansion to sustainable practices [7]

"聚焦主责主业，探索更加契合城市商业银行发展规律的经营 模式，坚持走'想明白的路'。"成都银行董事长王晖在年报致 辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以 专注、创新与勤勉，在周期跌宕中铸就'成行信念'"……这些 或可一窥成都银行绩优的"密码"。 作者：程诚 封图：图片资料室 年报季临近尾声，各家城商行2024年年报陆续出炉。作为中西部规模、业绩领先的城商行，成都 银行(601838.SH) 再次凸显绩优股底色。该行4月28日晚披露的年报显示，至2024年末该行资产总 额突破1.25万亿元，全年营收、净利润均保持较快速度增长。 2024年，商业银行面临净息差收窄趋势，资产质量承压，外部环境变化亦带来多重挑战。在此背 景下，成都银行主动融入战略大局，在服务区域经济发展中发挥自身优势，在延续近年来高质量增 长的同时，不良贷款率九年连降至0.66%，资产质量保持行业优等。 "聚焦主责主业，探索更加契合城市商业银行发展规律的经营模式，坚持走'想明白的路'。"成都银 行董事长王晖在年报致辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以专注、创新与 勤勉，在周期跌宕中铸就'成行信念'"……这些或可 ...

Core Viewpoint - Chengdu Bank demonstrates strong performance as a leading city commercial bank in the central and western regions of China, with significant growth in total assets, revenue, and net profit for 2024, despite challenges in the banking sector [1][2]. Financial Performance - As of the end of 2024, Chengdu Bank's total assets reached 1.25 trillion yuan, an increase of 158.9 billion yuan, or 14.56%, compared to the beginning of the year [2] - The bank's operating income for 2024 was 22.982 billion yuan, a year-on-year increase of 5.89%, while net profit attributable to shareholders was 12.858 billion yuan, up 10.17% [2] - The bank's non-performing loan ratio decreased to 0.66%, maintaining a leading position in the industry [3] Strategic Focus - Chengdu Bank emphasizes quality and efficiency, risk and return coordination, and dynamic balance between total volume and structure in its operations [2] - The bank is committed to reducing internal competition and focusing on innovation and diligence to enhance value creation [1] Transformation Initiatives - The bank is pursuing three major transformations: large retail, digitalization, and precision management, to adapt to changes in the banking environment [4][5][6] - In large retail, the bank expanded its customer base to over 10 million and achieved a record increase in savings deposits [4] - Digital transformation efforts include the implementation of a management platform and automation tools to enhance operational efficiency [5] - Precision management focuses on industry research to improve marketing and risk control, leading to better business quality [6] Regional Economic Integration - Chengdu Bank integrates its development with national strategies, focusing on the Chengdu-Chongqing economic circle and supporting key projects in urban construction and major industries [7][8] - The bank has provided financing for significant projects in various sectors, including intelligent manufacturing and biotechnology [7] Cross-Border Financial Services - The bank supports cross-border financial services, enhancing the efficiency of enterprises' capital turnover and promoting international business capabilities [8][9] - As of the end of 2024, the bank's "Free Trade通" financial service has supported 101 enterprises in cross-border transactions totaling 569 million USD [9]