Core Viewpoint - Yunnan Tin Company Limited maintains a stable credit rating of AA+ due to its leading position in the tin industry, significant resource reserves, and strong financial performance, despite facing challenges from industry cyclicality and declining resource grades [1][2][3]. Company Overview - Yunnan Tin Company is recognized as a global leader in the tin industry, with substantial resource reserves and production capacity [1][7]. - The company has a strong market share, with a domestic market share of 47.98% and a global market share of 25.03% for tin products in 2024 [12][13]. Financial Performance - The total assets of the company were reported at 366.43 billion yuan as of March 2025, with total liabilities at 148.03 billion yuan [3][26]. - The company achieved a net profit of 15.70 billion yuan in 2024, reflecting a growth of 40.51% compared to the previous year [23][26]. - Operating revenue for 2024 was 519.98 billion yuan, with a slight decrease attributed to a reduction in trade business scale [23][26]. Industry Context - The tin market is experiencing price fluctuations, with prices rising from 230,000 yuan/ton to 280,000 yuan/ton, influenced by tightening global supply and recovering demand [6][7]. - The overall economic environment in China is expected to support continued growth, although external uncertainties may pose risks [5][6]. Resource Management - The company has significant mining resources concentrated in the Honghe and Wenshan regions, with proven reserves of tin, copper, zinc, and indium [10][11]. - Resource reserves for tin have decreased from 66.70 million tons in 2022 to 62.62 million tons in 2024, indicating a need for ongoing exploration and resource management [11][12]. Risk Factors - The company faces risks from the cyclical nature of the non-ferrous metals industry, which can impact profitability due to price volatility [6][7]. - Declining grades of resources and lower processing fees are also potential challenges that could affect the company's financial performance [1][12]. Future Outlook - The credit rating agency expects Yunnan Tin Company to maintain its credit rating over the next 12 to 18 months, provided it can enhance its capital structure and sustain profitability [1][2]. - The company is focused on strategic initiatives to enhance resource exploration and modernize mining operations, aiming to solidify its position as a key supplier of non-ferrous metals [9][10].

丨2025年5月29日星期四丨 NO.1泸州老窖董事离任 5月28日，泸州老窖（000568）发布公告称，公司于近日收到董事钱旭递交的书面辞职报告。钱旭因个 人原因申请辞去公司第十一届董事会董事及审计委员会委员职务。钱旭原定任期至公司第十一届董事会 届满时止。其辞职后不在公司及控股子公司担任任何职务。 NO.3酒鬼酒（000799）回应内参品牌营收下滑67%：当前战略以稳价为主，短期不追求量 5月27日下午，在酒鬼酒的业绩说明会上，公司党委书记、总经理程军在回答《每日经济新闻》记者以 投资者身份提出的"如何破局营收下降，特别是高端的内参系列销售大幅下滑"问题时表示，受行业弱周 期影响，高端白酒整体需求下降明显，且价格带受头部企业挤压，竞争压力增大，在当前环境下内参品 牌战略以稳价为主，短期内并不追求量的大幅提升。 财报显示，2024年，酒鬼酒业绩几乎腰斩，营业总收入14.23亿元，同比下降49.7%；归母净利润 1249.33万元，同比下降97.72%。特别是高端品牌内参出现67%的大幅下滑。 NO.2会稽山股价本周连续三天涨停 截至5月28日，会稽山（601579）收盘价格为25.81元，根据中证指数有限公 ...

作者 | 柯阳明 编辑 | 杨锐 排版校对 | 甘惠淇 01 2024年，陕西黑猫交出了一份惨不忍睹的年报：营收同比下滑21.58%，净利润从上一年亏损5.12亿元， 进一步扩大到亏损11.58亿元，创下上市以来最大单年亏损。 并且据最新2025年一季度报显示，陕西黑猫一季度营业收入为25.85亿元，同比下滑37.31%；净利润 为-2.616亿元，同比下滑23.21%，亏损还在加剧。 这家曾经的焦炭龙头，在2021年高光时期坐拥两百亿营收、超15亿净利润，如今却跌进亏损的深坑。对 于这前后的变化，资本市场也给出了直接反馈，在2021年陕西黑猫股价最高达到过11.04元，市值超两 百亿，现在股价跌至3元出头，市值缩水到60来亿元。 资料显示，陕西黑猫成立于2003年，是一家主要从事煤焦化及化工产品生产和销售的企业，其主营产品 包括焦炭、甲醇、粗苯、硫胺、煤焦油、硫磺等。成立了10余年后，2014年陕西黑猫在上交所成功上 市，是陕西渭南地区第一家民营上市公司，其实控人为为李保平。 在2021年的胡润百富榜上，李保平家族以20亿元财富排在第605位，位居渭南地区首位，在陕西上榜富 豪中排第5位。2022年，李保平 ...

Core Viewpoint - The company, Qingdao High-tech Technology Co., Ltd. (referred to as "High-tech Co."), is facing significant financial challenges due to the downturn in the photovoltaic industry, leading to losses in 2024 and the first quarter of 2025. The founder, Zhang Xu, announced plans to diversify into the screw grinding equipment sector to explore new business opportunities [1][3]. Financial Performance - High-tech Co. experienced a net profit of 1.461 billion yuan in 2023, but the company has since entered a deep adjustment phase in the photovoltaic industry, resulting in a substantial decline in performance. By the fourth quarter of 2024, the company reported a single-quarter loss that wiped out profits from the first three quarters, leading to an annual loss and a net cash flow from operating activities dropping to -1.261 billion yuan [3]. - As of the end of 2024, accounts receivable aged 1-2 years surged 13 times to 886 million yuan, with bad debt provisions reaching 261 million yuan [3]. Industry Context - The photovoltaic industry is currently experiencing a severe downturn, exacerbated by oversupply in the silicon wafer segment, which has caused prices to plummet. High-tech Co.'s market value has decreased from over 23 billion yuan at its peak in 2022 to less than 6 billion yuan [3]. - The company has previously navigated industry challenges, such as the 2018 "531 photovoltaic policy," which temporarily led to losses. However, it managed to recover due to increased demand and product orders [3]. Strategic Shift - High-tech Co. is now focusing on the development of precision grinding technology for humanoid robots, aiming to enhance its research and development capabilities in this area. The company plans to develop screw grinding products that meet international standards, hoping to support domestic replacements in the industry [3]. - The market for screw grinding equipment is projected to reach 50 billion yuan over the next five years, indicating a significant opportunity for High-tech Co. in this new sector [3]. Industry Response - The challenges faced by High-tech Co. reflect broader pressures on photovoltaic equipment manufacturers. To alleviate accounts receivable pressure, the company has recently engaged in a debt-to-equity swap worth 100 million yuan with Runyang Co. This strategy has been adopted by other peers in the industry as well [4]. - The shift towards new business avenues is becoming a common consensus among industry players, with High-tech Co. aiming to replicate its previous successful transitions from tire testing to photovoltaic cutting and now to robot grinding [4].

文 | 嬴横眉 5月16日，茅台集团党委副书记、总经理王莉一行到访五粮液，与五粮液集团（股份）公司党委书记、董事长曾从钦等高层深入座谈交流，共话行业发 展。 2017年至今，茅台历任多位董事长带队赴五粮液考察，多年间，两家企业保持着深厚情谊与密切交流，共同用行动诠释着"竞合共生"的行业新生态。 如今，白酒行业正在经历深度调整，处于宏观经济周期、白酒行业周期及酒企和产品自身周期"三期叠加"时期，茅台、五粮液不仅是行业龙头企业，更是 行业定盘星，它们如何看待行业发展态势、如何度过本轮周期，引发了行业广泛讨论与关注。 那么，此次"茅五"再相会，到底谈了些什么？对于中国酒业未来格局和其他企业发展有何影响和意义？ 从这次会谈透露的信息来看，两家企业在诸多方面达成了共识。 从会谈的结果来看，作为白酒行业双子星，茅台与五粮液的深度交流，有利于提振各方信心，引领行业穿越周期，并为白酒这一"经典产业"焕发生机提供 了无限可能。 如何看待行业现状？ 双方一致认为，应对当前白酒行业周期性调整，离不开攻坚克难的精神，更需要团结一心的合力。未来，双方将进一步完善常态化交流合作机制，在更高 层次、更大范围协作共进，携手为中国白酒行业高质 ...

证券研究报告| 公司动态点评 2025 年 05 月 20 日 合盛硅业（603260.SH） 公司盈利能力承压，静待行业周期性复苏及公司新产能扩张-合盛硅 业 2024 年报及 2025 年一季报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 26,584 | 26,692 | 27,888 | 31,217 | 33,447 | | 增长率 yoy（%） | 12.4 | 0.4 | 4.5 | 11.9 | 7.1 | | 归母净利润（百万元） | 2,623 | 1,740 | 1,785 | 2,741 | 3,371 | | 增长率 yoy（%） | -49.1 | -33.6 | 2.6 | 53.5 | 23.0 | | ROE（%） | 8.0 | 5.2 | 5.2 | 7.6 | 8.7 | | EPS 最新摊薄（元） | 2.22 | 1.47 | 1.51 | 2.32 | 2.85 | | P/E（倍） | 22.9 | 3 ...

持有贵州茅台（600519）二十多年，珠海人老马第一次决定到股东大会来看看。 父亲持有贵州茅台十几年后，四川人单健前些年也"子承父业"成为茅台的股东，今年又一次来到茅台 镇。 5月19日，贵州茅台召开2024年度股东大会，参会人数超过1400人，再次因为报名人数超预期临时调整 了会议地点。不少到场的股东像老马一样，对"600519"这只股票很长情，买入以来一直持有。像单健这 样家里两三代人都成为茅台投资者的，也并不少见。 面对跨越山海而来的新老股东，茅台再次以招待家人的标准相待：接站车队在茅台机场随时待命，"欢 迎回家"的标语在茅台国际大酒店一路排开，开设临时通道方便未提前报名参会的股东…… 茅台管理层也保持低姿态，在股东大会前后的餐叙、茅友嘉年华等环节多次主动走近股东开展交流。在 股东们抵达首日的餐叙期间，贵州茅台酒股份有限公司党委书记、董事长张德芹到场后多次向股东行礼 表示感谢。 不辞辛劳赶来的投资者，最关心的正是管理层对经营的思考。很多投资者都想知道，管理层将如何应对 当下的白酒调整周期，从而保证茅台这艘千亿级巨轮继续稳定前行？ 在5月19日下午股东大会的投资者交流环节，管理层提前搜集了股东关心的热点议 ...

Core Viewpoint - Guizhou Moutai's annual shareholder meeting highlighted the company's strong financial performance in 2024, showcasing resilience and high-quality growth despite challenges in the liquor industry [2][3][5]. Financial Performance - In 2024, Guizhou Moutai achieved total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.38% [3][6]. - The company's operating cash flow reached 92.46 billion yuan, reflecting a significant increase of approximately 38.85% compared to the previous year [3][6]. - The revenue from Moutai liquor, the core growth driver, was 145.93 billion yuan, marking a 15.28% increase, while the revenue from the Moutai sauce-flavored liquor series exceeded 24.6 billion yuan, with a growth rate of 19.65% [6]. Dividend Distribution - Guizhou Moutai plans to distribute a record cash dividend of approximately 64.67 billion yuan for 2024, which represents 75% of the net profit attributable to shareholders [8][9]. - The company has a cumulative profit of 558.72 billion yuan since its listing, with total cash dividends distributed amounting to 336.11 billion yuan, resulting in an average dividend payout ratio of 60.16% [9]. International Expansion - In 2024, Guizhou Moutai's overseas revenue surpassed 5 billion yuan for the first time, reaching 5.19 billion yuan, indicating a growing international presence [7]. - The company's marketing network now spans 64 countries and regions, with a focus on increasing penetration in Belt and Road Initiative markets [7]. Financial Health - As of the end of 2024, Guizhou Moutai's total assets amounted to 298.94 billion yuan, a year-on-year increase of 9.62%, while net assets reached 233.11 billion yuan, up 8.09% [7]. - The company's debt-to-asset ratio stood at 19.04%, with cash and cash equivalents totaling 169.97 billion yuan, indicating a strong financial position [7]. Future Outlook - For 2025, Guizhou Moutai has set a revenue growth target of approximately 9%, reflecting a more conservative outlook amid industry adjustments [11]. - The company acknowledges the current liquor industry cycle characterized by a transition to rational consumption and the need for channel upgrades [11].

以下文章来源于e公司 ，作者证券时报 唐强 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价 的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 在万众瞩目中，贵州茅台（600519）2024年度股东大会于5月19日下午正式召开，贵州茅台党委书记、董事长张德芹携上市公司董事会及经营团队出席。 三个相信 贵州茅台年度股东大会堪称中国白酒圈和投资圈的"朝圣"大会，大会开幕前夕（5月18日），来自全国各地的茅台股东及"茅友"齐聚茅台镇。 因登记参会人数超过原定会议召开地点会场容量，贵州茅台将股东大会现场会议召开地点调整至茅台会议中心。记者了解到，贵州茅台股东大会当天，现场出席投 资者超过1400人。 2024年年报显示，贵州茅台实现营业总收入1741.44亿元，同比增长约15.66%；实现净利润约862.28亿元，同比增长约15.38%；分红金额将达347亿元，再创历史新 高。2025年一季度，贵州茅台实现营业总收入514.43亿元，同比增长10.67%；实现净利润268.47 ...

茅台集团与五粮液集团交流座谈。 近年来，白酒行业步入调整期，整体业绩增速放缓。证券时报记者根据Wind数据统计，2024年A股白酒上市公司实现营业总收入4422.27亿元，同比增长2.28%；实 现归属上市公司股东的净利润1666.31亿元，同比增长4.32%。 不过，头部企业凭借品牌、渠道优势，仍保持业绩稳健增长。 贵州茅台（600519）2024年实现营业总收入1741.44亿元，同比增长15.66%；归属于上市公司股东的净利润862.28亿元，同比增长15.38%，主要经济指标持续保持两 位数增长。今年一季度，公司营收、净利继续保持两位数增长，实现营业收入506.01亿元，同比增长10.54%；归属于上市公司股东的净利润268.47亿元，同比增长 11.56%。 座谈会上，双方分别介绍了企业发展近况，回顾了多年来的交流合作情况，对彼此的发展成绩给予充分肯定，并就行业未来发展深入交流。双方一致认为，应对当 前白酒行业周期性调整，离不开攻坚克难的精神，更需要团结一心的合力。未来，双方将进一步完善常态化交流合作机制，在更高层次、更大范围协作共进，携手 为中国白酒行业高质量发展作出更大贡献。 王莉对五粮液的热情 ...