以下文章来源于硬氪 ，作者张子怡 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 非洲兄弟的生意还好做吗？ 文 ｜ 张子怡 编辑 ｜ 袁斯来 来源｜ 硬氪（ID： south_36kr） 封面来源 ｜ 企业官网 手机市场的战火，如今在没什么利润的地方也烧得铺天盖地。 在传音控股每一年的年报里，都能看到他们为了海外用户耗费心力。 尤其是，传音引以为傲的大本营非洲市场中，小米和Realme的增速都异常迅猛，Realme同比增速超89%。传音在非洲独特的分销渠道网络建设，曾经让 国内手机厂商望而却步，但在今天，各家逐渐学会了传音的路数。 对于业绩的增收不增利，传音回应称，受市场竞争以及供应链成本综合影响，毛利率有所下降，扣非净利润因此有所减少。 简单解释原因，就是新兴市场竞争显著加剧。传音在受到巨头持续的冲击。 小米除性价比之外，还着力结合本地化拉动"米粉"；Vivo则主攻本土化出海战略；Realme则主打年轻潮流人群。 东南亚、拉美、中东市场同样如此。各家的目标很明确：瓜分传音的份额。 低价路线是传音的优势，也使得其难以向上做高端化。智能手机供应链高度成熟的今天，大厂一旦下定决心要流血占地，传音很难抵御 ...

钱江世纪城地块也是杭州这次土拍唯一的一宗热门地块，杭州贝壳研究院院长上官剑对智通财经记者表示，"核心板块未来新房补涨预期较为强烈，具备 区位、资源优势等条件的优质地块，销售去化安全度高，对房地产企业还是具有较大吸引力，积极参与竞拍"。 钱江世纪城奥体一度被杭州誉为杭州楼市"第二中心"，保利竞获的地块一路之隔就是车位一位难求的奥体印象城。 角逐了168轮、耗时近三个半小时后，保利发展以51611元/平米夺下了钱江世纪城奥体印象城南地块，这是杭州第四高楼面价，世纪城第一楼面价。 4月28日，杭州土地出让上架了6宗宅地，分别位于钱江世纪城、市北、云城、运河新城、双浦和下沙，总起拍价高达103亿元。 连续几年来，杭州土地市场核心地段一直是开发商们激烈争夺的高地。杭州土地市场取消摇号、恢复价高者得后，核心板块的核心地段更被开发商们抢红 了眼，这些地块地王频现。 除了滨江一家民企外，杭州核心地块均被央企拿下。一位杭州央企相关人士对智通财经记者表示，"一方面，央企担当要求下，央企下场拿地。另一方 面，杭州市场仍然是全国为数不多的几个好市场，杭州拿地也是我们的战略"。 另外，5万以上楼面价地块大部分为2025年出让地块，为杭 ...

2024年基本每股收益为0.09元，2023年为0.54元，同比下降83.33%；扣非每股收益为0.04元，同比下降 幅度同样巨大。这意味着股东每持有一股所获得的收益大幅减少，公司为股东创造价值的能力减弱，对 投资者的吸引力下降。 费用分析 2024年，南玻集团面临诸多挑战，营业收入和净利润均出现较大幅度下滑，其中净利润同比下降 83.89%，扣非净利润更是同比下降92.14%。这些数据的变化，反映出公司在经营过程中遭遇的困境， 值得投资者密切关注。 关键财务指标解读 营收下滑，市场竞争压力显现 2024年南玻集团营业收入为15,455,386,401元，相较于2023年的18,194,864,366元，下降了15.06%。从各 业务板块来看，玻璃行业营收13,755,566,623元，占比89%，同比下降6.33%；电子玻璃与显示行业营收 1,407,968,511元，占比9.11%，同比下降10.47%；太阳能及其他行业营收592,199,240元，占比3.83%，同 比下降73.66%。营收的下降，显示出公司在各业务领域均面临市场竞争压力，尤其是太阳能及其他行 业下滑幅度巨大，可能与行业整体环境及公司业 ...

Core Viewpoint - Zhonglan Environmental Technology Co., Ltd. faces significant challenges in its 2024 annual report, with major declines in key financial indicators, including a 144.48% decrease in net cash flow from operating activities and a 54.35% drop in net profit attributable to shareholders [1][2]. Financial Performance Overview - Revenue: The company reported operating revenue of 645.75 million yuan, a decrease of 22.75% year-on-year, primarily due to project delays in the pollution isolation system and renewable resource utilization segments, which saw declines of 48.10% and 60.52% respectively [2]. - Net Profit: The net profit attributable to shareholders was 13.10 million yuan, down 36.12% year-on-year, influenced by project delays and increased accounts receivable aging, leading to higher credit impairment losses [2]. - Basic Earnings Per Share: The basic earnings per share decreased to 0.13 yuan, a decline of 38.10% from the previous year, reflecting reduced profitability [3]. Expense Analysis - Overall Expenses: The company successfully reduced various expenses, with sales expenses down 27.25% to 17.53 million yuan and management expenses down 16.06% to 57.18 million yuan, attributed to strict cost control measures [4][5]. - Sales Expenses: The reduction in sales expenses was due to optimized sales strategies and adjustments in the compensation structure for sales personnel [5]. - Management Expenses: The decrease in management expenses resulted from meticulous management practices, including significant reductions in rent and utility costs [5]. Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities was -57.11 million yuan, a decline of 144.48% year-on-year, indicating weakened cash collection capabilities [6][7]. - Investment Cash Flow: The net cash flow from investment activities improved to 34.05 million yuan from -148.41 million yuan, reflecting increased financial activities and recovery of investments [8]. - Financing Cash Flow: The net cash flow from financing activities decreased to -10.90 million yuan, down 315.95% year-on-year, primarily due to cash dividend payments [9]. Risk Insights - Industry Policy Risk: The environmental protection industry is heavily influenced by policy changes, which could significantly impact order acquisition and project implementation [10]. - Market Competition Risk: Increased competition from well-capitalized firms poses a risk to market share and profitability [11]. - Accounts Receivable Recovery Risk: The growing accounts receivable may lead to liquidity risks if external economic conditions affect customer payment capabilities [12].

关键财务指标解读 营收下滑，市场竞争压力显现 2024年，翔腾新材实现营业收入639,961,144.45元，与2023年的713,961,869.55元相比，下降了10.36%。 从业务板块来看，偏光片、光学膜、功能性胶粘类产品等主营业务收入均有不同程度下滑。如偏光片业 务收入为168,908,805.23元，同比下降16.06%；光学膜业务收入342,806,099.54元，同比下降6.63%；功 能性胶粘类产品收入125,071,664.05元，同比下降12.19%。公司表示，受部分客户产业战略调整缩减液 晶面板业务等因素影响，销售收入有所下降。这表明公司所处市场竞争激烈，客户需求的变动对公司营 收产生了较大冲击。 净利润大幅下降，盈利能力面临挑战 归属于上市公司股东的净利润为12,268,880.65元，相较于2023年的35,232,972.78元，降幅高达65.18%。 扣除非经常性损益后的净利润为11,223,209.11元，同比下降66.52%。净利润的大幅下降，除了营收减少 外，还受到毛利率下降以及业务开发相关费用增长的影响。同行业竞争加剧导致毛利率下降，而公司为 拓展市场，销售费用等业务开 ...

Core Insights - The company reported a significant decline in net profit despite an increase in revenue, indicating underlying challenges in profitability [1][2][6] Financial Performance - Revenue for 2024 reached approximately 3.57 billion yuan, a 13.37% increase from 2023's 3.15 billion yuan, driven by higher sales of standard equipment and smart packaging production lines [2] - Net profit attributable to shareholders was approximately 15.58 million yuan, a drastic decline of 78.08% year-over-year, primarily due to decreased gross margins and increased asset impairment losses [2] - The company's non-recurring net profit fell by 98.55% to about 1.73 million yuan, highlighting significant challenges in core business profitability [2] - Basic earnings per share decreased by 78.93% to 0.0316 yuan, reflecting a substantial reduction in shareholder returns [2] Expense Analysis - Sales expenses increased by 9.0% to approximately 288.13 million yuan, attributed to higher personnel costs due to increased revenue and orders [3] - Management expenses rose by 16.83% to about 211.25 million yuan, driven by increased depreciation and salaries [3] - Financial expenses surged by 51.89% to approximately 48.16 million yuan, mainly due to decreased interest income from bank deposits [3] - R&D expenses grew by 5.85% to about 253.90 million yuan, reflecting the company's commitment to innovation [3] Cash Flow Overview - Net cash flow from operating activities increased by 21.41% to approximately 261.08 million yuan, benefiting from improved sales collections [4] - Net cash flow from investing activities was negative at approximately -323.21 million yuan, primarily due to cash outflows for fixed and intangible asset acquisitions [4] - Net cash flow from financing activities was also negative at approximately -21.94 million yuan, reflecting a decrease in bank borrowings [4] R&D Investment - Total R&D investment for 2024 was approximately 253.90 million yuan, accounting for 7.12% of revenue, indicating a strong focus on technological innovation [4] - The R&D team consisted of 723 personnel, with about 64.2% holding bachelor's degrees or higher, and a majority aged between 30 and 40 [4] Potential Risks - The company faces risks from macroeconomic fluctuations that could impact demand in the food and beverage sector [5] - Intense market competition may lead to price reductions and further compression of sales margins [5] - Fluctuations in raw material prices could adversely affect product costs and profitability [5] - High inventory levels pose a risk of losses and increased working capital requirements [5] - Management risks associated with recent acquisitions could hinder overall development [5]

Core Insights - NVIDIA has maintained a high market share in the graphics card sector, particularly in the flagship segment, but is currently facing supply shortages and product issues with the RTX 50 series [1] - AMD's Radeon RX 9070 series has seen significant sales growth due to NVIDIA's supply constraints, prompting NVIDIA to ramp up production to meet demand [1][6] Supply and Demand Dynamics - Previously, NVIDIA's supply to distributors was limited to a few dozen graphics cards, but recent shipments have increased to hundreds, alleviating the demand from gamers [4] - The supply boost includes models from the GeForce RTX 5080 to the newly released GeForce RTX 5060 Ti, although the GeForce RTX 5090 and the controversial GeForce RTX 5060 Ti 8GB remain in short supply [4][5] Competitive Response - NVIDIA's increased supply of consumer-grade graphics cards is a strategic response to the success of AMD's Radeon RX 9070 series, which has pressured NVIDIA to maintain its market share [6] - The company has shifted some production capacity from compute cards to consumer-grade graphics cards to enhance output [6]

财务指标解读 营收增长显著，业务拓展见成效 2024年，威奥股份实现营业收入1,527,834,472.45元，较上年同期的1,179,596,328.23元上涨29.52%。公 司表示，这主要得益于轨道交通设备及其延伸产业相关订单增加，以及富氧健康舱业务的持续增长。从 业务板块来看，动车组车辆配套产品收入679,065,550.07元，同比增长44.90%；检修业务收入 226,749,613.48元，增长48.50%；富氧健康舱产品收入57,833,071.28元，增长14.06%。这些数据表明公 司在主营业务上的市场拓展取得了一定成效。 净利润大幅下滑，需关注盈利持续性 归属于上市公司股东的净利润为55,375,500.17元，较上年同期的256,436,321.06元下降78.41%。公司解 释称，主要系上年同期收购唐山汽车及其子公司，产生较大营业外收入所致。若剔除这一非经常性因 素，公司的盈利能力变化更值得关注。扣除非经常性损益后的净利润为47,106,328.62元，上年同期为 -21,803,428.73元，这表明公司核心业务的盈利能力有所提升，但仍需关注盈利的持续性。 费用增长各有因，成本控制 ...

紧急声明。 4月27日早间，美团官方微信公众号"小团有话说"发布《"双开App被封号""外卖柜排他""买到缩水餐"？关于三类网络不 实信息的声明》（简称"声明"）。 声明称，在澄清"去其他平台跑单会被美团永久封号"的谣言后，社交平台上依旧出现了骑手App显示"永久停止接单原因 为：存在使用双开或京东软件的行为"的谣言图片。经核实，该图片源自平台封禁违规抢单外挂的正常提示页，但IP地址 在广东的个别网民，对图片进行恶意P图后，极少数网民在微信群内进行传播。目前公司已针对谣言传播情况进行证据 固定，将通过法律手段维护自身权益。对于恶意发布上述不实图片，持续散播谣言的虚假摆拍账号、幕后推手，公司也 会加大固证和打击力度。 声明还指出，社交平台上，出现水军账号发帖称，"有骑手指出，若扫码放入外卖柜内，平台会获取跑单骑手的账号信 息，对多平台跑单骑手的账号进行封禁"等不实信息。美团第一时间联系相关部门同事，对发生此类现象的区域进行线 下核实发现，美团外卖柜设施的使用情况一切正常，产品端的存和取，均有"非美团骑手/订单"的设置，线下还设有"所 有平台均可微信扫码正常使用，为避免丢失，请存放入柜"的提示牌。现场看到有8—9 ...

过去一个月，美团和京东股价表现弱于基准指数，主要原因是投资者担忧京东激进进入中国外卖市场，以及美团可能采取的应 对措施。 摩根大通认为，京东的入局不会显著改变当前市场结构(美团 / 饿了么分别占据 75%/25% 的市场份额)。预计京东在 2025/26 年 将获得约 5% 的市场份额，2025 年底订单量 / 市场份额将提升至 10%，2026 年订单量 / 市场份额将回落。 摩根大通指出，尽管京东的入局对两家公司的短期盈利前景都带来潜在下行风险，但美团的短期盈利可能比京东更具韧性，因 为美团并未采取价格补贴策略。估值方面，美团的相对上行空间更大，其可持续的两位数盈利前景使其成为中国互联网一线标 的，通常交易估值为 15-20 倍远期市盈率。维持对两家公司的 "增持" 评级，但短期更看好美团。 报告主要内容如下： 一、市场结构观点 尽管京东在两个月内迅速抢占了中国外卖市场 5% 的份额，但我们认为其深度补贴的增长策略不可持续，原因如下： 外卖业务的较大亏损对京东集团利润造成压力; 难以通过交叉销售活动完全抵消外卖业务的亏损。 我们认为，新进入者通过深度补贴策略在中国移动（600941）互联网外卖市场获取显著 ...