在很多大型民营房企还没有爆雷的 2022 年 ， 龙湖就敏锐感知到市场风向的转变，主动进行一系 列调整，主要表现在收缩开发业务 、 提升运营及服务业务占比 、 降杠杆并调整债务结构 。 可以说 ， 在看到冰山之前 ， 龙湖就已提前转弯 。 但即便如此 ， 龙湖依然感受到了巨大的寒意 ：过去两年间，龙湖集团交出的成绩单难言乐观， 营收 与净利连续下滑。基于 当前 较低的销售 规模， 预计未来几年的营收仍将处于下降通道 ，盈利 能力也依然会 受到房地产开发业务的拖 累。 此外 ， 今年龙湖依然还会面临大额的债务到期 ， 在龙湖管理层看来 ， 今年 是龙湖债务结构转 换的最后一年，也是最 为 关键的一年。 资料图。 龙湖"瘦身"两年：营收规模退至6年前 王琳 根据 Wind 数据，龙湖集团收入、净利已经连续两年 下降 ， 除 2024 年之外 ， 2023 年收入 同比 下降 27 . 8% ，净利 同比下 降 47 . 3% 。 与过去几年相比 ， 龙湖 2024 年 的 收入规模仅比 2018 年略高，净利规模仅比 2016 年略高。 龙湖集团 2024 年累计实现总合同销售面积 712.4 万平方米，同比 下 ...

Core Viewpoint - The vaccine industry is undergoing significant adjustments, and the company is focusing on high R&D investment, risk mitigation, and diversified business layout to navigate through the industry volatility and share in the market recovery benefits [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan and a net profit attributable to shareholders of 2.018 billion yuan; in Q1 2025, the operating revenue was 2.374 billion yuan [2]. - The company's self-developed product revenue reached 1.182 billion yuan in 2024, a year-on-year increase of 14.98%; the net cash flow from operating activities in Q1 2025 was 304 million yuan, up 107.12% year-on-year [3]. - The accounts receivable balance decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, addressing a common industry issue [3]. R&D Investment and Product Pipeline - The company invested 1.391 billion yuan in R&D in 2024, with the number of R&D personnel increasing to 1,072, and cumulative R&D investment exceeding 5.1 billion yuan over the past five years [3]. - Significant progress has been made in self-developed pipelines, including the approval of the quadrivalent influenza virus split vaccine and the acceptance of production registration applications for the freeze-dried human rabies vaccine and trivalent influenza virus split vaccine [3][4]. Market Strategy and Risk Mitigation - The company has optimized its strategic cooperation with GlaxoSmithKline (GSK) to enhance flexibility in procurement and supply of the shingles vaccine, extending exclusive rights until the end of 2034 [5][6]. - Adjustments in collaboration with Merck have been made to phase the delivery schedule based on consumer demand, improving supply chain efficiency and risk resilience [6]. - The company has taken significant steps to gain control over Chanan Bio, expanding its pipeline in GLP-1 and insulin analogs to mitigate single-business risks [6][7]. Global Expansion - The company is actively pursuing overseas clinical trials and registrations, with products like the tuberculosis diagnostic reagent "Yika" approved in Indonesia and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [7].

近期以来，黄金价格也因创新高屡屡刷屏——4月22日，金价又一次因涨价刷屏热搜，伦敦金(现货黄 金)价格一度触及3500.12美元/盎司的历史高点，COMEX黄金价格则再次刷新历史纪录至3509.9美元/盎 司，两者均是首次突破3500美元大关。当天，国内部分品牌金店的克重黄金价格也一度因上涨到1082元 左右冲上热搜。 在此之际，洛阳钼业这一笔"买金"行为也可谓带来实质性利好。 从盘面上来看，近两日洛阳钼业AH股价录得不俗涨势——4月22日，洛阳钼业H股强势拉升，盘中一度 涨超12%，截止收盘大涨9.58%报于6.06港元;洛阳钼业A股当日股价也一度涨超6%，而后收涨4.05%至 7.2元。 然而，虽然"买金"行为强势凸显公司的现金实力，但从估值水平来看，洛阳钼业A股市盈率TTM为11.35 倍，洛阳钼业H股市盈率TTM为8.65倍，均处于历史地位且低于行业平均水平。 故此，令人好奇的是，洛阳钼业这一次"买金"行为能否增加公司价值砝码，带动公司估值向上呢? 年营收突破2000亿元，财务状况显著改善 国际、国内金价再创历史新高之际，铜钴龙头洛阳钼业(03993，603993.SH)豪掷近"万金"买金矿。 4月2 ...

Core Viewpoint - CATL has established six new companies as part of its strategy to diversify its business and enhance regional market penetration, particularly in the new energy technology and service sectors [1][4]. Group 1: New Company Establishments - CATL has formed 宜丰润安新能源有限公司 with a registered capital of 7.59 million yuan, focusing on research and development in new energy technologies [1]. - Other newly established companies include 宜宾润铭新能源有限公司 with a registered capital of 2.84 million yuan, and two companies under the name 时代电服科技有限公司, each with a registered capital of 5 million yuan [3]. - 罗源时代新能源科技有限公司 was established with a significant registered capital of 2 billion yuan, fully owned by CATL [3]. Group 2: Business Strategy and Market Penetration - The establishment of these new companies aims to enhance CATL's business layout and improve supply chain efficiency, particularly in the charging and battery swapping sectors [4]. - CATL's subsidiary, 时代骐骥, has successfully built battery swapping stations in multiple regions, including Shandong, Shanxi, Sichuan, Fujian, and Guangdong, indicating a strong regional presence [4]. - The new companies are expected to strengthen local operational capabilities and further CATL's commitment to new energy technology and services [4].