Financial Performance - In 2024, the company achieved operating revenue of 318.79 million yuan, a decrease of 33.97% year-on-year [4] - The net profit attributable to shareholders was -45.31 million yuan, down 202.85% compared to the previous year [4] - The non-recurring net profit was -57.03 million yuan, a decline of 284.54% year-on-year [4] - In Q1 2025, the company reported a net profit of 3.80 million yuan, an increase of 9.32% year-on-year, and a non-recurring net profit of 1.12 million yuan, up 57.08% [4][5] Business Challenges - The company faces significant growth pressure due to the shrinking traditional planning market, declining customer payment capabilities, and intensified industry competition [2][7] - The revenue decline is attributed to the ongoing investment in new urban operation and smart city projects, which have not yet contributed significantly to performance [7] Strategic Initiatives - The company aims to enhance profitability through several measures, including focusing on core businesses with short-term revenue potential, optimizing R&D efficiency, and strengthening financial management [3][4][14] - R&D investment reached 45.31 million yuan, accounting for 14.21% of operating revenue, indicating a commitment to innovation despite financial challenges [21] Market Position and Opportunities - The company is positioned as a leading player in the planning and design industry, with a market share in the planning design sector estimated between 50-65 billion yuan [8] - Future growth points include expanding traditional business segments, leveraging AI products, and exploring overseas markets [9][26] Cost Control Measures - The company has implemented strict cost control measures, including reducing expenses related to rent, utilities, and travel, while utilizing AI products to enhance project efficiency [3][11] ESG and Social Responsibility - The company integrates ESG principles into its operations, ensuring compliance with environmental regulations and actively engaging in community support initiatives [22][23] Communication with Investors - The company maintains diverse communication channels with investors, ensuring transparency and protecting the rights of shareholders [24][32]

Group 1: R&D Progress - The company has 330 R&D personnel and invested approximately ¥85.6 million in R&D in 2024, achieving 43 software copyrights and 3 invention patents during the reporting period [1][2]. Group 2: Financial Performance - In 2024, the company reported a revenue of ¥1,609,728,713.24 and a net loss of ¥117,992,735.20, with a basic earnings per share of -0.2816 [2][8]. - The first quarter of 2025 showed a revenue of ¥464,316,060.82 and a net profit of ¥22,104,204.93, indicating a positive growth trend [8]. Group 3: Revenue Decline Reasons - The significant decline in net profit in 2024 was attributed to slowed investment in financial client information technology and increased industry competition, leading to a decrease in overall revenue scale and gross margin [2]. - The company also recognized a long-term equity investment impairment of ¥17,047.52 million during the reporting period [2]. Group 4: Business Expansion Plans - The company plans to expand into new business areas, focusing on digital transformation and self-controlled solutions, while actively developing computing power services to create a second growth curve [4][5]. - In 2024, the total contract amount for computing power projects reached ¥468 million, with computing power service revenue of ¥3,048.58 million [4][5]. Group 5: Market Competition Strategies - The company aims to maintain its market position by adhering to a "technology leadership" strategy, enhancing project management systems, and fostering strong partnerships with suppliers and clients [2][6]. - Continuous innovation and talent development are emphasized to keep pace with industry advancements and maintain competitive advantages [6][7]. Group 6: Shareholder Engagement and Value Management - The company is committed to transparent information disclosure and has established a stable dividend policy to ensure reasonable returns for shareholders while supporting sustainable development [7].

Investment Rating - The report maintains a "Buy" rating for Lianhua Holdings [1] Core Views - Lianhua Holdings' 2024 annual report and Q1 2025 report meet expectations, showing significant revenue and profit growth [7] - The company's main business in seasoning products is performing well, while its computing power services are also gaining traction [7] - The company has successfully launched high-margin new products and expanded its distribution channels, indicating strong growth potential [7] Financial Performance Summary - Total revenue for 2024 is projected at 2,646 million RMB, a year-on-year increase of 25.98% [1] - Net profit attributable to shareholders for 2024 is expected to reach 202.58 million RMB, reflecting a year-on-year growth of 55.92% [1] - Earnings per share (EPS) for 2024 is estimated at 0.11 RMB, with a price-to-earnings (P/E) ratio of 60.04 [1] Business Segment Performance - The food manufacturing segment achieved revenue of 2,563 million RMB in 2024, up 22.15% year-on-year, with specific products like monosodium glutamate and compound seasonings showing strong sales growth [7] - The computing power service segment generated revenue of 0.81 million RMB in 2024, marking a substantial increase of 10,447.11% year-on-year [7] Growth Strategy - The company has implemented a brand revitalization strategy, successfully launching new high-margin products and expanding its retail and online sales channels [7] - Lianhua Holdings plans to continue its double-digit growth in the seasoning business through new product launches and channel expansion [7] Profitability Metrics - The gross margin for 2024 is projected to increase to 25.30%, with net profit margin expected to reach 7.54% [7] - The company is optimizing its business structure, leading to improved profitability metrics [7]

Investment Rating - The investment rating for Lianhua Holdings is "Buy" (maintained) [1] Core Views - Lianhua Holdings reported revenue and net profit for 2024 at 2.646 billion and 202.58 million respectively, representing year-on-year growth of 25.98% and 55.92% [7] - The company's main business in seasoning products performed well, while its computing power services are gaining traction [7] - The company has successfully launched high-margin new products and expanded its distribution channels, indicating strong growth potential in the seasoning segment [7] - The computing power business has already secured over 1.1 billion in orders, with a revenue target of around 400 million for 2024 [7] Financial Performance Summary - Total revenue is projected to grow from 2.101 billion in 2023 to 4.476 billion by 2027, with a compound annual growth rate (CAGR) of approximately 16.05% [1] - Net profit is expected to increase from 129.93 million in 2023 to 401.63 million by 2027, reflecting a CAGR of about 20.78% [1] - The earnings per share (EPS) is forecasted to rise from 0.07 in 2023 to 0.22 by 2027 [1] - The company’s gross margin is expected to improve, reaching 26.87% by 2027 [9] Business Segment Performance - The seasoning products segment achieved revenue of 25.63 million in 2024, up 22.15% year-on-year, with specific products like monosodium glutamate and compound seasonings showing significant growth [7] - The computing power services segment generated 0.81 million in revenue in 2024, marking a substantial increase of over 10,447% year-on-year [7] - The company has established a dedicated team for new retail and has expanded its distribution network significantly, adding over 2,000 new retail points in 2024 [7] Profitability Metrics - The gross margin for 2024 is projected to be 25.30%, with a net profit margin of 7.65% [9] - The company’s operating profit is expected to grow steadily, reaching 551 million by 2027 [9] - The return on equity (ROE) is forecasted to improve from 11.94% in 2024 to 15.22% by 2027 [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600186 证券简称：莲花控股 公告编号：2025一032 莲花控股股份有限公司 关于修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 莲花控股股份有限公司（以下简称"公司"），于2025年4月28日召开第九届董事会第三十一次会议审议 通过了《关于修订〈公司章程〉的议案》。 根据新的《公司法》《上市公司章程指引（2025年修订）》等有关法律法规的规定和要求，并结合公司 实际情况，公司决定修订《莲花控股股份有限公司章程》，以满足规范公司运作的要求。具体修订条款 及修订内容情况如下： ■ 上述事项尚需公司股东大会审议通过，同时提请股东大会授权公司董事会及相关人员办理工商变更登 记、章程备案等相关事项。除以上修订内容外，《公司章程》其他条款均不变，修订后的《公司章程》 详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 莲花控股股份有限公司董事会 ● 股东大会召开日期：2025年5月22日 ● 本次股东大会采用的网络投票系统：上海证 ...

广脉科技公告，公司于2025年4月27日与上海燧原科技股份有限公司签署了《经销商合作合同》。根据 合同，广脉被燧原指定为【A级】经销商，授权在【中国大陆地区】范围内非独家推广和销售燧原产 品。合同有效期为一年。合同的签署有利于交易双方建立合作伙伴关系，或将推动公司在算力业务的发 展，有助于加快公司在算力业务的战略布局，对公司发展算力业务有积极影响。 ...

Core Viewpoint - In 2024, Huace Film & TV experienced a decline in revenue and net profit, but made significant progress in content creation, overseas expansion, and technological innovation [1][6]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 1.939 billion yuan, a year-on-year decrease of 14.48% [1]. - The net profit attributable to shareholders was 243 million yuan, down 36.41% year-on-year [1]. Group 2: Content Creation - The company launched 7 new series totaling 222 episodes, with 7 series premiering 249 episodes, covering various themes such as reality, major historical events, and cultural heritage [4]. - Notable series included "I Am a Criminal Police Officer," "Cheng Huan Ji," and "Jin Xiu An Ning," which received positive audience feedback [4]. - "Guo Se Fang Hua" became a cultural phenomenon at the beginning of 2025, significantly impacting overseas markets [4]. Group 3: Overseas Expansion - Huace Film & TV enhanced its overseas distribution matrix, operating over 200 accounts and establishing 15 language versions of Huajuchang, covering regions like Southeast Asia, the Middle East, Latin America, and Europe [5]. - The company has over 40 million overseas user subscriptions and has localized Chinese stories through adaptations in various countries [5]. Group 4: Copyright and Operator Business - The company integrated with Senlian Company, achieving over 50,000 hours of copyright reserves, providing a solid content foundation for long-term development [6]. - The operator business for video ringtones made breakthroughs, establishing a business team covering expansion, operations, and traffic, and forming a strategic partnership with China Mobile's Migu Company [6]. Group 5: Technological Innovation - In 2024, the company advanced technological innovation through the AIGC Research Institute, applying AI and big data in various aspects of film and television creation and management [7]. - The company developed two industry-specific AI models and launched tools for scriptwriting assistance, script evaluation, facial optimization, intelligent narration, multilingual translation, video retrieval, cloud platform image matching, and intelligent style transfer [7]. - By the end of 2024, the company had a computing power scale of 2000P and began exploring the computing power business as an independent unit [7].

Core Viewpoint - The recent share transfer agreement signed by He Wenhui, the controlling shareholder of Taihe Water Technology Development Co., Ltd., indicates a significant change in control for the company, which has been facing continuous losses in recent years [2][3]. Group 1: Share Transfer Details - He Wenhui signed a share transfer agreement with Beijing Xinxin Xuancan Technology Center to transfer 13.5896 million shares at a price of 29.18 yuan per share, totaling 397 million yuan, which represents 12% of the company's total share capital [3]. - After the transfer, He Wenhui's shareholding will decrease to 10.56%, while Beijing Xinxin will become the new controlling shareholder with an 18% stake [3]. - A voting rights delegation agreement was also signed, where He Wenhui delegated voting rights for 6.7948 million shares to Beijing Xinxin, effectively allowing the new shareholders to control 20.3845 million shares, or 18% of the total share capital [3]. Group 2: Financial Performance and Challenges - Taihe Water has faced declining performance since its listing, with revenue dropping from 460 million yuan in 2021 to 205 million yuan in 2022 and further to 183 million yuan in 2023, resulting in net losses of 160 million yuan and 287 million yuan respectively [6]. - The company is projected to incur a net loss of between 273 million yuan and 330 million yuan in 2024, which could trigger delisting risk if financial indicators do not meet standards [6][7]. - The decline in performance is attributed to factors such as the impact of COVID-19, natural disasters, and slow project progress due to local government funding constraints [6][7]. Group 3: Strategic Implications of New Shareholders - The new controlling shareholders, who have extensive experience in equity investment and mergers and acquisitions, may bring fresh strategic directions and resources to Taihe Water [4]. - The transfer of shares and voting rights indicates He Wenhui's intention to leverage the new shareholders' strengths to restructure and plan the company's business for better growth potential [4]. - The company has attempted to diversify into computing power business but has not achieved significant results, leading to increased operational costs and further complicating its financial situation [7].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the coming months [1][7]. Core Insights - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.08%, and a net profit of 692 million yuan, which is a significant increase of 140.80% compared to the previous year [3][9]. - The company's business segments, including data storage, AIoT terminals, server remanufacturing, and computing cloud services, are all experiencing rapid growth, contributing to an overall improvement in profitability [4][5]. - The gross margin for 2024 reached 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and improved supply chain management [4]. Financial Performance - The company reported a basic earnings per share (EPS) of 2.83 yuan for 2024, with projections for EPS of 4.43, 5.80, and 7.47 yuan for 2025, 2026, and 2027 respectively [2][7]. - The net profit margin for 2024 was 9.27%, up by 3.13 percentage points from the previous year, indicating enhanced operational efficiency [4][9]. - The company is expected to continue its growth trajectory, with projected revenues of 10.19 billion yuan in 2025, 13.18 billion yuan in 2026, and 16.76 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 37.5% from 2024 to 2025 [9][11]. Business Segments - The data storage segment generated 4.46 billion yuan in revenue in 2024, a year-on-year increase of 54.98%, supported by investments in self-developed storage chips and server storage [4]. - The AIoT terminal segment saw revenues of 2.26 billion yuan, growing by 60.82%, with notable contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is expanding its production capacity, while the computing cloud services are establishing partnerships with leading companies in various sectors [5][6].