Core Viewpoint - Jinlong Co. has decided to terminate the major asset restructuring plan to sell its 67.78% stake in Zhongshan Securities, citing concerns over potential loss of operational business and increased cash assets post-sale [2][6][9]. Company Overview - Jinlong Co.'s main business is in the securities sector, primarily through Zhongshan Securities, which contributes significantly to its revenue [3][9]. - As of 2024, Zhongshan Securities reported an operating income of 811 million yuan, a 76.40% increase year-on-year, and a net profit of 153 million yuan, up 237.61% from the previous year [3][11]. Financial Context - Jinlong Co. has been under financial pressure, leading to attempts to divest both Zhongshan Securities and Dongguan Securities [4][8]. - The company’s debt levels are high, and selling Zhongshan Securities could exacerbate its financial situation by leaving it with insufficient operational assets [6][9]. Recent Developments - The initial plan to sell Zhongshan Securities began in June 2024, with interest from potential buyers, but has now been halted [6][10]. - Jinlong Co. is also in the process of selling a 20% stake in Dongguan Securities for 2.272 billion yuan, which may help alleviate some of its debt pressure [7][8]. Business Performance - In 2024, Jinlong Co. reported total revenue of 663 million yuan, a 245.16% increase year-on-year, but still posted a net loss of 89.23 million yuan [9][11]. - The revenue breakdown shows that securities brokerage and investment business accounted for 42.76% and 52.08% of total income, respectively [9]. Future Outlook - Jinlong Co. plans to strengthen its control over Zhongshan Securities and improve its internal management and risk control mechanisms [12]. - The company is exploring new business strategies, including potential investments in computing power sectors, although no recent updates have been provided on these initiatives [9][12][13].

Core Insights - Yoshinoya aims to become the world's largest ramen restaurant by the fiscal year ending February 2035, as stated in its latest mid-term business plan (2025-2029) [1] - The company plans to transform its ramen business into a significant third business segment alongside its existing domestic and overseas operations, targeting a fourfold increase in ramen revenue within five years [1][2] Business Strategy - Yoshinoya has set a target to increase ramen sales from 8 billion yen (approximately 0.4 billion RMB) to 40 billion yen (approximately 1.99 billion RMB) by the fiscal year 2029, representing an annual growth rate of 38% [1][2] - The company aims to expand its ramen store count to 500 locations by 2029, increasing the ramen segment's contribution to total sales from 4% to 13% [1][2] Financial Goals - The ramen business's profitability is expected to grow tenfold, from 400 million yen to 4 billion yen over the next five years [2] - Yoshinoya's overall sales target is set at 300 billion yen by 2029, with a compound annual growth rate (CAGR) of 7.9% [2] Recent Acquisitions - The company has acquired 17 ramen brands, including Setagaya and Kirameki, to strengthen its ramen supply chain [3][5] - Yoshinoya's acquisition of Takara Sangyo, a supplier of noodles and sauces, is intended to enhance production capacity and sales resources for its global ramen expansion [5] Market Challenges - Yoshinoya's previous attempts to expand its Udon brand in China were unsuccessful, leading to its exit from the market in 2022 [8][9] - The company faces challenges in the Chinese market, where Japanese ramen has struggled with issues such as lack of cost-effectiveness and insufficient product innovation [9]

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its 67.78% stake in Zhongshan Securities, pausing a significant restructuring effort that has been ongoing for nearly a year [1][2]. Group 1: Termination of Sale - The termination of the sale is aimed at preventing the company from becoming primarily cash-based or lacking specific operational business post-sale [1]. - Jinlong Co. has issued 12 progress announcements regarding the restructuring over the past year, with the latest indicating that the transaction was still in the "pre-listing" phase as of May 6, 2025 [2][3]. - The company's stock price fell to 12.64 yuan per share following the announcement of the termination [6]. Group 2: Historical Context and Stock Performance - Jinlong Co.'s stock has historically experienced significant price increases during major asset restructuring announcements, with a 30% rise in late 2023 and a 75% increase from June to October 2024 following the announcement of the Zhongshan Securities sale [3]. - The company had previously indicated a cautious approach to the sale in its 2024 financial report, highlighting concerns about potential asset composition post-restructuring [4]. Group 3: Financial and Operational Challenges - Jinlong Co. has faced ongoing operational pressures, including a high debt ratio, which has increased from 74.86% in 2021 to 81.09% in 2024 [7]. - The company has been involved in multiple borrowing disputes, including a lawsuit related to a loan of 66.03 million yuan [7]. - Jinlong Co. has reported continuous net losses over the past four years, with losses of 1.31 billion yuan, 3.92 billion yuan, 3.84 billion yuan, and 892.3 million yuan from 2021 to 2024 [8].

Core Viewpoint - Nike plans to increase prices on certain footwear, apparel, and sports equipment in the U.S. due to profit pressures from new tariffs affecting the retail industry [1][2] Group 1: Price Adjustments - Nike's adult apparel and accessories will see price increases ranging from $2 to $10, with footwear priced between $100 and $150 increasing by $5, and shoes over $150 increasing by $10 [1] - Classic Air Force 1 shoes will maintain their price at $115, while Jordan brand apparel and accessories will not see price hikes, although Jordan sneakers will [1][2] - The price adjustments will apply to Nike's official website and branded retail stores, with notifications sent to wholesale partners [2] Group 2: Tariff Impact - Approximately half of Nike's footwear products are manufactured in China and Vietnam, both of which are affected by new U.S. tariffs [2] - Chinese exports to the U.S. are subject to a 30% tariff, while Vietnamese goods face a 10% import tax [2] - The implementation of these tariffs is expected to erode Nike's profit margins, prompting the company to pass on costs through price increases [2]

每经记者｜舒冬妮 每经编辑｜张海妮 张玉祥不缺信徒，哪怕是南极电商（002127.SZ，股价4.9元，市值120.29亿元）净利润下跌312%之后。 南极电商2024年年报显示，公司去年全年营收为33.58亿元，同比增长24.75%，归属于上市公司股东的 净利润为-2.37亿元，同比盈转亏。其中，销售费用激增430%，对业绩造成明显拖累。 5月21日，南极电商在其上海总部举行2024年年度股东大会，离会议开始还有半小时，现场四十多个座 位就陆续坐满了人，一块显示屏上还有连线的投资者，他们关心公司业绩为何下滑，也关心公司自营业 务和线下门店的发展。 2024年注定是南极电商转型阵痛的一年，只不过，阵痛期延续到了2025年一季度。今年一季度公司营收 为7.29亿元，同比略有增长；归母净利润亏损1363万元，同比下降128.54%，销售费用激增仍是重要原 因。自营业务转型成效也尚未凸显，品牌授权和自营业务收入仅为1.01亿元。 销售费用何时能降下来，自营业务何时能带来利润增长，线下门店布局进展如何？这些问题成为此次股 东大会上的焦点。 在回答销售费用激增时，董事长张玉祥坦言，去年的营销有些激进，但今年营销费用就会大 ...

星标 ★ IPO日报 精彩文章第一时间推送 5月19日，广东锦龙发展股份有限公司（000712.SZ，下称"锦龙股份"）一纸公告宣告了历时近一年的重大资产重组计划终止。 公告第二天，锦龙股份股价微跌2.67%至12.75元/股，但较2024年6月出售计划公布次日8.22元/股的收盘价，累计上涨55.1%，市场情绪呈现分 化。 制图：佘诗婕 资产负债率高企 具体来看， 2024年6月5日，锦龙股份首次披露拟通过公开挂牌转让中山证券67.78%股权，构成重大资产重组。 彼时，公司同步推进的还有东莞证券20%股权转让计划，若两项交易完成，其证券资产将仅剩东莞证券20%股权。 2024年8月，东莞证券20%股权以22.72亿元对价转让给东莞金控的协议签署，但中山证券股权的出售却陷入僵局。尽管多家意向方参与尽调，但 始终未达成正式协议。 回顾锦龙股份此前的甩卖冲动，或源于公司岌岌可危的财务现状。 截至2024年12月31日，锦龙股份资产负债率高达81.09%，短期借款16.46亿元，长期借款42.72亿元。 而高负债导致利息支出巨大，2022年— 2024年，公司利息支出均超6.6亿元/年，其中，2024年均利息支出为 ...

Core Viewpoint - Jinlong Co., Ltd. has decided to terminate the sale of its stake in Zhongshan Securities to avoid the risk of becoming a company with no specific operating business after the sale [2][4]. Group 1: Termination of Sale - On May 19, Jinlong Co., Ltd. announced the termination of the planned sale of its Zhongshan Securities stake, citing regulatory requirements that aim to enhance the company's sustainable operating capacity [4]. - The company's current main business is solely in the securities sector, and selling both Zhongshan Securities and Dongguan Securities would leave it without a core business [4]. - The announcement led to a slight decline in the company's stock price, which fell by 2.9% to 12.72 yuan per share by midday [2]. Group 2: Business Transformation Plans - Jinlong Co., Ltd. has been planning to exit the financial sector and focus on the real economy, specifically through investments in the intelligent computing center sector [6]. - The company signed a cooperation agreement in April 2024 to establish a project company for the construction and operation of intelligent computing centers in Guangdong [6]. - Despite these plans, there has been no significant progress reported on the intelligent computing center project, and the company has not provided further updates in its 2024 annual report [7]. Group 3: Financial Challenges - Jinlong Co., Ltd. is facing significant financial challenges, with a reported debt ratio of 81.09%, an increase of 3.92 percentage points year-on-year [9]. - The total liabilities of the company amount to 19.196 billion yuan, including short-term loans of 1.646 billion yuan and long-term loans of 4.272 billion yuan [9]. - The company is actively seeking to reduce its debt ratio and optimize its financial structure by pursuing the sale of Dongguan Securities [10].

证券代码：000712 证券简称：锦龙股份 公告编号：2025-33 广东锦龙发展股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广东锦龙发展股份有限公司（下称"公司"）第十届董事会第十 五次（临时）会议通知于 2025 年 5 月 16 日以书面结合通讯的形式发 出，会议于 2025 年 5 月 19 日以现场结合通讯方式在公司会议室召开。 会议应出席董事 9 人，实际出席董事 9 人，公司监事列席会议，会议 由公司董事长张丹丹女士主持，符合《公司法》及《公司章程》的规 定。会议审议通过了以下议案： 一、审议通过了《关于向广东华兴银行股份有限公司申请授信和 借款展期的议案》。同意 9 票，反对 0 票，弃权 0 票。 通过了《关于向广东华兴银行股份有限公司申请授信的议案》，公司 向广东华兴银行股份有限公司（下称"华兴银行" ）申请不超过人民 高额质押担保。2025 年 1 月 21 日，公司第十届董事会第十一次（临 时）会议审议通过了《关于向广东华兴银行股份有限公司借款的议案》 为加快推进公司业务转型，并为公司向实体经济转型和拓展新质 生产力创 ...

证券代码：603887 证券简称：城地香江 公告编号：2025-059 上海城地香江数据科技股份有限公司 关于公司未弥补亏损超 实收股本总额三分之一的公告 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。 上海城地香江数据科技股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召开公司第五届董事会第十六次会议，会议审议通过了《关于公司未弥补亏损 超实收股本总额三分之一的议案》，根据《公司法》《公司章程》的规定，该议 案尚需提交股东大会审议。具体情况如下： 一、情况概述 根据容诚会计师事务所（特殊普通合伙）出具的公司《2024 年度审计报 告》，截至 2024 年 12 月 31 日，公司合并财务报表未分配利润为-661,850,669.54 元，实收股本为 608,944,421.00 元，公司未弥补亏损金额超过实收股本总额的三 分之一。 二、导致亏损的主要原因 且不再承接新业务，导致相应的利润急剧下降。 响进一步增加，对本期的利润产生了一定程度的影响。 计提减值准备。 （二）其他影响 计提可转债相关财务费用。 号 ...

Core Viewpoint - The company ST Lianchuang has faced significant regulatory penalties and financial misconduct allegations, leading to a drastic decline in stock value and ongoing legal challenges from investors [1][4][6]. Group 1: Regulatory Actions and Financial Misconduct - ST Lianchuang was fined 600,000 yuan and its former chairman was banned from the securities market for five years due to financial fraud [1]. - The penalties stemmed from a 2017 acquisition where the company inflated revenues and profits through fraudulent practices, leading to multiple distorted financial reports from 2017 to 2019 [2][3]. - The inflated revenues included 95.65 million yuan in 2017, 252.05 million yuan in 2018, and 75.11 million yuan in 2019, significantly impacting the company's reported financial health [3]. Group 2: Impact on Financial Performance - The fraudulent activities resulted in a 1.7 billion yuan goodwill impairment in 2019, leading to a net loss of 1.96 billion yuan for that year [3]. - Following the exposure of the fraud, the company was forced to divest from its digital marketing ventures, selling off assets worth 3.27 billion yuan, which constituted over 50% of its total assets [3]. Group 3: Business Transformation and Current Operations - Since 2021, ST Lianchuang has shifted its focus to the fluorochemical and new energy sectors, with the fluorochemical segment projected to contribute over 80% of revenue by 2024 [4][6]. - The company has successfully developed lithium battery-grade PVDF products, achieving over 50% year-on-year sales growth and ranking among the top five in market share [4]. - Despite the ongoing challenges from past financial misconduct, the company reports stable operations and maintains relationships with major clients like CATL and BYD [6].