二、本次股东大会以现场加网络的形式召开，会议表决采用现场投票加网络 投票相结合的方式，其中现场表决采取记名方式。 三、股东参加股东大会现场会议依法享有发言权、质询权和表决权等权利， 同时也必须履行法定义务，不得扰乱会议秩序和侵犯其他股东合法权益。 湖南天雁机械股份有限公司 2024 年年度股东大会会议资料 证券代码：600698（A 股） 证券简称：湖南天雁（A 股） 湖南天雁机械股份有限公司 二〇二五年五月 湖南天雁机械股份有限公司 2024 年年度股东大会会议资料 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，根据 《中华人民共和国公司法》、《上市公司股东大会规则》、《湖南天雁机械股份有限 公司章程》、《股东大会议事规则》等有关规定，特制定本须知。 一、本公司设立大会会务组，具体负责大会有关程序方面的办理。 四、股东要求大会发言，请于会前十五分钟向大会会务组报名，出示持股有 效证明，填写"发言登记表"。在会议召开过程中，股东临时要求发言应提前向大 会会务组报名，并填写"发言登记表"，经大会主持人许可后，予以发言。 五、股东发言应围绕本次会议议题，简明扼要，时间不超过五分钟，大会安 ...

公 司 研 究 伊利股份（600887.SH）：轻舟已过 万重山，期待持续改善 2025 年 5 月 9 日 推荐/维持 伊利股份 公司报告 事件：公司发布 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 1157.80 亿元，同比-8.24%；实现归母净利润 84.53 亿元，同比-18.94%；扣 非归母净利润 60.11 亿元，同比-40.04%。25Q1 公司实现营业总收入 330.18 亿元，同比+1.35%；实现归母净利润 48.74 亿元，同比-17.71%；实现扣非归 母净利润 46.29 亿元，同比+24.19%。24 年公司收购的澳优计提 30.37 亿商 誉减值准备，转让控股子公司昌吉盛新实业有限责任公司股权获得 25.80 亿， 剔除此两项，公司 24 年归母净利润同比-13.34%。 奶粉及奶制品为亮点，带动公司增长。液体乳 24/25Q1 收入为 750.03/196.40 亿元，分别同比-12.32%/-3.06%，其中销量/吨价分别同比-7.92%/-4.78%，24 年量价齐跌，但公司持续做大高端低温白奶品类，高端低温白奶营收同比增长 30%以上。25 ...

公 司 研 究 伊利股份（600887.SH）：轻舟已过 万重山，期待持续改善 2025 年 5 月 9 日 推荐/维持 伊利股份 公司报告 事件：公司发布 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 1157.80 亿元，同比-8.24%；实现归母净利润 84.53 亿元，同比-18.94%；扣 非归母净利润 60.11 亿元，同比-40.04%。25Q1 公司实现营业总收入 330.18 亿元，同比+1.35%；实现归母净利润 48.74 亿元，同比-17.71%；实现扣非归 母净利润 46.29 亿元，同比+24.19%。24 年公司收购的澳优计提 30.37 亿商 誉减值准备，转让控股子公司昌吉盛新实业有限责任公司股权获得 25.80 亿， 剔除此两项，公司 24 年归母净利润同比-13.34%。 奶粉及奶制品为亮点，带动公司增长。液体乳 24/25Q1 收入为 750.03/196.40 亿元，分别同比-12.32%/-3.06%，其中销量/吨价分别同比-7.92%/-4.78%，24 年量价齐跌，但公司持续做大高端低温白奶品类，高端低温白奶营收同比增长 30%以上。25 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in Q1 2025 met expectations, with revenue of 2.06 billion yuan, showing a year-on-year increase of 12.5% in core business revenue after excluding other businesses [1]. - The profitability indicators for Q1 2025 were strong, with a gross margin of 26.8% and a net margin of 14.0%, reflecting year-on-year increases of 4.2 percentage points and 2.9 percentage points, respectively [1]. - The company is benefiting from cost reduction and efficiency improvement initiatives, which are expected to continue driving performance [1][2]. Financial Performance Summary - Revenue is projected to grow from 8.074 billion yuan in 2023 to 15.039 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.8% [3]. - Net profit is expected to increase from 816 million yuan in 2023 to 1.868 billion yuan in 2027, with a CAGR of about 20.4% [3]. - The earnings per share (EPS) is forecasted to rise from 0.96 yuan in 2023 to 2.20 yuan in 2027 [3]. Business Development - The company is expanding its global footprint, particularly in the new energy transmission gear business, which is expected to enhance the value per vehicle significantly [2]. - Collaborations with leading domestic manufacturers in the smart home and automotive sectors are expected to drive growth in the smart actuator business [2]. - The company has established stable delivery of projects for international clients, which is anticipated to accelerate growth beyond the industry average [2].

5月8日，佳隆股份发布公告称，针对"公司成立佳隆（开平）食品有限公司的目的是什么？主要是为了酱油业务 吗？"问题，佳隆股份回应，公司设立佳隆（开平）食品有限公司，是为了全面实施公司发展战略，完善和提升公司 产业发展布局，扩大经营规模及市场占有率，酱油业务是佳隆开平子公司的主要业务。 关注到公司去年实现扭亏为盈，并谈及"公司业绩增长的主要因素是什么？"，佳隆股份称，公司业绩增长的主要因素 有：一是报告期内，公司主要大宗材料味精、呈味核苷酸二钠等原材料价格大幅度下降，公司产品销售成本同比下 降，毛利率同比上升；同时公司根据市场情况，调整经营思路，制定营销策略，进行市场改革，取得明显效果，主营 业务发展持续向好；另一方面公司继续加强内部开源节流管理工作，扎实推进各项降本增效工作，降低产品成本，提 高经济效益。 围绕"未来在市场推广和品牌影响力提升方面有什么规划？"问题，佳隆股份指出，2025年公司在市场推广和品牌影响 力提升方面规划如下：开拓酱油新业务，制定并实施联合推广方案；调整优化经销商结构，强化优势产品市场地位， 扩大销售区域；顺应电商趋势，探索抖音、天猫等新媒体宣传推广模式，提升品牌知名度与曝光率，精准触达 ...

Core Viewpoint - Company faces challenges in visibility for the second half of the year, particularly in the latter half of Q3 and towards year-end due to production fluctuations and unexpected events impacting revenue guidance [1][5] Financial Performance - In Q1 2025, the company reported revenue of 16.301 billion yuan, a year-on-year increase of 29.4% [2] - Net profit attributable to shareholders was 1.356 billion yuan, up 166.5% year-on-year, with a non-GAAP net profit of 1.17 billion yuan, an 88% increase [2] - Basic earnings per share were 0.17 yuan, compared to 0.06 yuan in the same period last year [2] Revenue Composition - Wafer business accounted for 95.2% of total revenue, an increase of 2.2 percentage points year-on-year [2] - Revenue from consumer electronics made up 40.6% of wafer income, followed by smartphones at 24.2% and computers/tablets at 17.3% [2][3] Production and Capacity - In Q1, the company sold 2.2922 million wafers, up from 1.7949 million in the same period last year [3] - Monthly capacity at the end of Q1 was equivalent to 973,300 8-inch wafers, with a utilization rate of 89.6%, an increase of 8.8 percentage points year-on-year [3] Regional Revenue Distribution - Revenue from China accounted for 84.3% of total revenue, a year-on-year increase of 2.7 percentage points [4] - Revenue from the U.S. decreased to 12.6%, down 2.3 percentage points year-on-year, while revenue from the Eurasian region fell to 3.1%, down 0.4 percentage points [4] Future Guidance - The company provided guidance for Q2, expecting a revenue decline of 4% to 6% quarter-on-quarter, with gross margin projected between 18% and 20% [4] - Management noted positive signals of recovery in industrial and automotive sectors, with a focus on localizing supply chains and increasing domestic wafer demand [4]

中芯国际赵海军：公司将通过降本增效来抵抗价格波动的压力 金十数据5月9日讯，中芯国际联席CEO赵海军在一季报电话会议上表示，一季度公司毛利率为22.5%， 环比持平；产能利用率89.6%，环比增长了4.1个百分点；其中，12英寸产能利用率保持稳健，8英寸产 能利用率也上升至12英寸厂的平均水平，抵消了平均销售单价下降和折旧上升对毛利率的影响。赵海军 同时表示，今年二季度，公司给出的收入指引为环比下降4%到6%，其中，出货数量预计相对稳健，平 均销售单价预计下降。二季度，公司给出的毛利率指引为18%到20%，比一季度指引降了1个百分点。 公司将通过降本增效来抵抗价格波动的压力，但二季度设备折旧费用继续上升，导致毛利率指引在一季 度的基础上有所下降。 ...

Core Viewpoint - The company benefits from improved profitability in cross-border e-commerce, with strong profit performance and potential for further expansion of overseas factory advantages [1] Investment Highlights - The company raises its earnings forecast and maintains a "Buy" rating, adjusting the 2025-2026 earnings expectations to EPS of 0.49/0.57 yuan (previously 0.41/0.49 yuan), and introducing a 2027 earnings forecast of 0.77 yuan. The target price is raised to 9.84 yuan based on a 20x PE for 2025, reflecting the valuation premium from the company's diversified overseas factory layout [2] - The company reports a revenue of 2.043 billion yuan in Q1 2025, a year-on-year increase of 12.31%. North American revenue reached 1.02 billion yuan, up 10.04%, with positive results in new customer development after ceasing cooperation with a major client. European revenue was 513 million yuan, growing 17.36% [2][3] - The company's proprietary brand, Mengbaihe, saw offline and online sales increase by 3.45% and 6.43% respectively, with improved losses in Shanghai Mengbaihe. Overseas online revenue surged by 64.46%, and excluding specific online businesses, the organic overseas e-commerce revenue grew over 70% [3] Cost Reduction and Efficiency Improvement - The company achieved a net profit of 58.72 million yuan in Q1 2025, a year-on-year increase of 196.22%, with a non-recurring net profit of 58.22 million yuan, up 206.80%. The gross margin was 39.37%, an increase of 0.84 percentage points, while the management expense ratio decreased to 5.96% from 7.59% in 2022. Interest expenses also fell by 23.93% [3] Overseas Capacity Advantage - The company's global capacity layout has matured, enabling localized supply and a robust channel structure overseas. The operational status of factories in the U.S. is strong, with the West Coast factory under construction and sufficient production capacity in the U.S. The trade tensions have provided opportunities for the company to enhance its market share in the U.S. [3]

Core Viewpoint - Haidar (836699) has demonstrated strong growth in its overall performance for 2024, driven by its expertise in precision slide rails and a solid customer base in the home appliance and server sectors [1][2]. Group 1: Financial Performance - In Q1 2025, Haidar's non-net profit increased by 40.53%, significantly outpacing revenue growth, with an improvement in gross margin attributed to product upgrades and changes in sales structure [1]. - The company has successfully optimized its product mix, increasing the sales proportion of high-value-added products while implementing cost-reduction measures in production [1]. Group 2: Market Expansion - Haidar has established long-term partnerships with several well-known domestic home appliance and server manufacturers, including BSH, Haier, Hisense, and Electrolux, which provide a solid foundation for business development [2]. - The company is actively expanding its customer base in the server market, aiming to enhance its market share [2]. - Haidar is diversifying its product applications beyond traditional sectors, with collaborations in the automotive industry, including applications in foldable tables and plans to expand into car refrigerators [2]. Group 3: Future Outlook and Investment Returns - The company plans to leverage its scale advantages in home appliance and server slide rails, increase R&D investment, and explore new products and applications [2]. - Haidar aims to optimize product design and production processes to enhance overall competitiveness and maintain market leadership [2]. - The company will consider various factors, including annual profitability, future funding needs, and shareholder returns, when formulating profit distribution and capital expansion plans [3].

• 招商积余持续推进资产优化策略，逐步出售部分投资性房地产。公司希望 随着债务结构优化、负债持续压缩以及业绩逐渐攀升，逐步提高股东回报。 Q&A 今年以来，稳定现金流的公司备受关注。在地产行业中，物业管理是否是一个 较好的赛道？招商积余在这方面的表现如何？ 物业管理确实是地产行业中相对稳定且具有潜力的赛道。招商积余是一家以物 业管理和资产管理为主营业务的公司。去年（2024 年），公司的营业收入为 171.72 亿元，同比增长 9.89%，归母净利润为 8.4 亿元，同比增长 14.24%。其中，物业管理业务占整体营收的 97%，资管业务占 3%。基础物 管占整体物管业务营收的 81%，增值服务占 19%。非住宅物业在市场拓展方 面具有优势，占比更高，其中办公业态占 40%左右，公共物业占 15%左右， 园区 16%左右，政府和学校约 10%，城市空间服务约 5%。今年（2025 年） 一季度，公司营收为 40.64 亿元，同比增长 19.87%；净利润为 2.19 亿元， 同比增长 15.06%；扣非归母净利润为 2.14 亿元，同比增长 18%。 招商积余的大股东对公司的管控、考核要求及支持情况如何？ 招 ...