Core Viewpoint - The report highlights the financial performance and challenges faced by Shanghai Kangpeng Technology Co., Ltd., particularly in its new materials and CDMO (Contract Development and Manufacturing Organization) businesses, indicating a decline in revenue and profit margins due to market competition and pricing pressures [1][2][3]. New Materials Business - The overall gross margin for new materials in Q1 2025 was 1.19%, a decrease of 1.51 percentage points compared to 2024, with specific segments showing varied performance [1][2]. - Display materials saw a gross margin increase of 0.26 percentage points, while new energy battery materials and electronic chemicals decreased by 1.89 percentage points, and organic silicon materials decreased by 0.71 percentage points [1][2]. - Revenue from new materials for 2022 to 2024 was reported as 683 million, 570 million, and 295 million respectively, with the decline attributed to insufficient downstream demand and intense market competition [3][18]. CDMO Business - CDMO business revenue for 2024 was 295 million, a 48.29% decrease from 2023, while Q1 2025 revenue was 161 million, showing a 77.55% year-on-year increase [2][18]. - The gross margin for CDMO business in 2024 was 23.17%, down 16.06 percentage points from the previous year, primarily due to fluctuations in customer order plans and price reductions from centralized procurement [18][19]. - The company is facing risks related to customer dependency and potential revenue declines due to changes in client orders and market conditions [19]. Customer Analysis - The report includes a detailed breakdown of the top five customers for new materials from 2022 to 2024, highlighting the sales methods, pricing models, and revenue recognition practices [3][19]. - The competitive landscape for the new energy battery materials and electronic chemicals segment is intensifying, with significant changes in market share among the top ten companies in the industry from 2023 to 2024 [8][12]. Strategic Measures - The company plans to improve gross margins through cost reduction, technological innovation, and product diversification, including the introduction of new catalysts and materials in its product line [15][16].

关于对上海康鹏科技股份有限公司 年报问询函的回复 关于对上海康鹏科技股份有限公司 众会字（2025）第 09109 号 上海证券交易所科创板公司管理部： 众华会计师事务所(特殊普通合伙)(以下简称"本所"或"我们")接受上海 康鹏科技股份有限公司(以下简称"康鹏科技"或"公司")的委托，按照中国注 册会计师审计准则(以下简称"审计准则")审计了康鹏科技 2024 年 12 月 31 日 的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表及相关财务报表附注(以下简称"财 务报表")，并于 2025 年 4 月 16 日出具了无保留意见的审计报告(报告号为众会 字(2025)第 03601 号)。我们的目标是对财务报表整体是否存在由于舞弊或错误 导致的重大错报获取合理保证，并不是对上述财务报表中的任何个别账户或项目 的余额或金额、或个别附注单独发表意见。 贵部向上海康鹏科技股份有限公司下发的问询函《上证科创公函〔2025〕第 公司（以下简称："康鹏科技"或"公司"）已执行的审计程序及相关资料，对 有关问题回复如下： 问题一、关于新材料业务 年报显示， ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its annual report disclosure, particularly focusing on accounts receivable and contract assets, which are significant factors in its financial performance and potential risks [1]. Group 1: Accounts Receivable - The company's accounts receivable at the end of the period amounted to 7.323 billion, with a cumulative provision for bad debts of 3.811 billion, and a current period provision for bad debts of 1.091 billion, which is a major reason for the company's losses this year [2]. - The provision for bad debts on accounts receivable increased by approximately 1.215 billion compared to the previous year, with a total of 2.787 billion provided on a single-item basis [2]. - The company was asked to disclose detailed information regarding the top ten accounts receivable, including transaction details, payment history, aging of receivables, and credit management measures [2][3]. Group 2: Contract Assets - The company's contract assets at the end of the reporting period were valued at 5.231 billion, with a cumulative provision for bad debts of 0.094 billion, representing a provision rate of only 1.8% [2]. - The company was requested to provide details on the top five contract assets, including project names, transaction details, counterparties, contract amounts, aging, and expected settlement times [2]. - The company has a structured approach to classify customers based on their credit risk, which influences the provision for bad debts [16]. Group 3: Inventory - The company's inventory at the end of 2024 was recorded at 8.630 billion, reflecting a year-on-year increase of 6.44%, with work-in-progress and finished goods accounting for 6.621 billion [19]. - The increase in inventory is attributed to the long production cycles of the company's products, which are primarily custom-made for large enterprises [19][22]. - The company has identified specific reasons for inventory aging beyond typical production cycles, including project delays and new product failures, and has taken measures to assess and provision for potential inventory impairments [23][25].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its construction projects and financial disclosures [1][2]. Summary by Sections Construction Projects - The company reported a significant balance of construction in progress at CNY 35.113 billion, accounting for nearly 39% of total assets, with a solidification amount of CNY 13.772 billion during the period [1][2]. - The Yunnan Hydro-Silicon Circular Economy Project has a budget of CNY 3.976 billion, while the Coal-Electricity Silicon Integration Phase II Project has a book balance of CNY 134 million, with slow progress over the past three years [1][2][3]. - The company is required to provide detailed information on the impact of solidified construction on production capacity, including the main content and purpose of the projects, and the status of major suppliers [2][3]. Financial Disclosures - The company clarified the sources of funding for the Yunnan Hydro-Silicon Circular Economy Project, which included self-funding and bank loans totaling CNY 508 million, with a specific interest rate structure [13][14]. - The capitalized interest for 2024 increased compared to 2023 due to a larger average loan principal, which is justified by the timing of the loan disbursements [13][14][22]. - The company confirmed that the funding and construction progress of the Yunnan Hydro-Silicon project are aligned, with a total investment of CNY 369.503 million in 2023 and CNY 59.461 million in 2024 [15][22]. Production Capacity Impact - The solidified construction projects are expected to add significant production capacity, including 50,000 tons of polysilicon, 5 GW of photovoltaic components, and 375,000 tons of photovoltaic glass [22]. - The company reported that the construction projects do not impact the production capacity of industrial silicon and organic silicon monomers [22]. Supplier Information - The top ten suppliers for the Yunnan Hydro-Silicon project accounted for CNY 733.176 million, representing 88.91% of the total project investment, with no related party transactions [8][22]. - For the Coal-Electricity Silicon Integration Phase II project, the top ten suppliers accounted for CNY 1.875 billion, or 51.73% of the total investment, also with no related party transactions [8][22]. Project Progress and Challenges - The Coal-Electricity Silicon Integration Phase II project has been constructed in two phases, with the first phase completed and operational since 2022, while the second phase faced delays due to technical challenges and public health events [17][19][23]. - The company indicated that future progress on the Yunnan Hydro-Silicon project is not expected to face substantial obstacles despite market pressures affecting construction timelines [15][22].

金十数据6月11日讯，6月11日，舍得酒业股份有限公司发布关于上海证券交易所《关于公司2024年年度 报告的信息披露监管问询函》的回复公告。上交所主要就2024年舍得酒业的主营业务、货币资金、存货 规模、在建工程等问题进行了问询。舍得酒业在公告中表示，因为公司产品的采购生产周期需要2—3个 月左右，从库存商品的周转情况来看，库存商品不存在积压，在合理的范围内。结合近3年市场均价及 终端销售情况，以及公司的老酒储备战略，公司的存货周转率下降是合理的。同时根据采购生产周期， 公司库存商品库存在合理范围内，不存在积压情况。 舍得酒业针对上交所问询进行回复：公司库存未积压 ...

威海广泰空港设备股份有限公司 第一章 总则 第一条 为加强威海广泰空港设备股份有限公司（以下简称"公司"）财务管理， 规范财务行为，提高经济效益，保护公司及相关方的合法权益，促进公司健康可持 续发展，结合公司实际情况，制定本制度。 第二条 公司财务行为和财务管理工作必须遵守国家有关法律法规和公司章 程等制度规定，并接受国家有关部门及公司审计委员会的检查和监督。 第三条 本制度适用于公司及所属子公司。 第二章 财务管理体系 第五条 公司及各子公司法定代表人是财务管理工作的最终负责人，对会计 资料的真实性、合法性、完整性负责，按照相关法律法规的规定对公司的财务管理 工作承担最终责任。 第六条 公司及各子公司日常财务管理工作由总经理领导并全面负责，财务 财务负责人负责组织实施财务管理工作，建立完善各项财务制度，向董事长、总经 理提出经营建议及整改措施，落实董事会与财务管理相关的决议。 第七条 公司对下属子公司财务会计工作实行垂直统一管理，委派财务管理 人员，并依照公司相关规定聘任和解聘。 第八条 公司实行统一财务管理，执行统一会计政策、统一会计核算体系。 第九条 公司结合经营特点和管理要求，建立内部管理会计制度，使 ...

机构简介： 上海重阳投资管理有限公司（简称重阳投资）是在成立于2001年的上海重阳投资有限公司的基础上于 2009年设立的采用合伙经营模式的有限责任公司。重阳投资运用各种规范的金融工具为客户管理金融财 富，以管理资产的可持续成长为己任，致力于成为一家有竞争力的专业资产管理公司。在业务目标上， 重阳投资通过有效的风险控制，把握相对确定的投资机会，追求财富的长期复合增长。在投资方法上， 重阳投资注重研究驱动的投资，强调严谨科学的投资流程在投资中的重要性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及6月9日披露的机构调研信息，知名私募重阳投资近期对1家上市公司进行了调研， 相关名单如下： 1）华侨城Ａ （重阳投资参与公司特定对象调研） 调研纪要：华侨城A在存货减值方面，根据成本与可变现净值孰低计量，计提跌价准备。今年以来销售 情况好转，1-4月合同销售面积同比增加11%，金额同比增加2%。公司维持总体债务规模稳中有降，截 至2024年末综合融资成本为3.62%，较年初压降了29个BP。股份公司每年获批华侨城集团公司委 ...

杭州网营科技股份有限公司 财务报表附注 杭州网营科技股份有限公司 财务报表附注 （除特别说明外，金额单位为人民币元） 一、公司基本情况 杭州网营科技股份有限公司（以下简称"本公司"或"公司"）于2009年7月10日 注册成立，注册地址为浙江省杭州市西湖区双龙街199号杭政储出【2013】51号地 块商业商务用房5#10层1080室，办公地址为杭州西湖区金色西溪B座。杭州网营 科技股份有限公司及其所有子公司以下合称为"本集团"。 本集团主要从事品牌零售、渠道分销和品牌运营管理业务，实际控制人为袁 震星、付元元。 二、财务报表的编制基础 本集团财务报表以持续经营假设为基础，根据实际发生的交易和事项，按照 财政部发布的《企业会计准则——基本准则》（财政部令第33号发布、财政部令 第76号修订）、于2006年2月15日及其后颁布和修订的具体会计准则、企业会计准 则应用指南、企业会计准则解释及其他相关规定（以下合称"企业会计准则"）编 制。 根据企业会计准则的相关规定，本集团会计核算以权责发生制为基础。除某 些金融工具外，本财务报表均以历史成本为计量基础。资产如果发生减值，则按 照相关规定计提相应的减值准备。 三、遵循 ...

相关机构表示，5月PMI为49.5%，环比提高0.5个百分点，但化学原料及化学制品制造业PPI同比降幅扩 大至4.1%，化学纤维制造业PPI同比降6.5%，反映行业价格压力持续。固定资产投资端，化学原料及化 学制品制造业增速下滑至1.3%，而化学纤维制造业投资增速提升至17.6%。产成品存货数据显示化学原 料及化学制品制造业、化学纤维制造业库存环比小幅降低。上游原材料价格方面，5月WTI原油均价同 比下跌19.55%，天然气同比上涨43.57%，动力煤均价同比下跌6.69%，显示下游需求偏弱，行业以价换 量特征明显。估值层面，基础化工板块PB较上月及年初均有所提升，石油化工板块PB虽环比上升但仍 低于年初水平。 化工龙头ETF（代码：516220）跟踪的是细分化工指数（代码：000813），该指数由中证指数有限公司 编制，从沪深市场中选取化学制品、化学纤维等细分领域的代表性上市公司证券作为指数样本，以反映 中国化工行业细分领域上市公司的整体表现。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议， ...

离任期结束仅一个多月时间，新集能源（601918.SH）董事长辞职。 6月3日晚间，新集能源发布公告，公司董事会收到董事长王志根的书面辞职报告，王志根因年龄原因申 请辞去公司董事长等职务。 需要注意的是，王志根的离任显得有些突然，虽然他是因年龄原因离职，但其原定任期到2025年7月6日 结束，离目前仅一个多月时间。 而且，王志根1966年9月出生，现年不满59岁。即便按照60岁到龄退休计算，王志根退居二线的时间也 应该是2026年9月。 长江商报记者注意到，王志根之前，新集能源两任董事长陈培、杨伯达均因涉嫌严重违纪违法被查。算 上此次，公司四年三换董事长。 业绩方面，受煤炭市场价格影响，2025年一季度，公司实现营业收入29.10亿元，同比下降4.85%；净利 润5.32亿元，同比下降11.01%。截至一季度末，新集能源存货达5亿元，同比增长62.59%。 董事长王志根离任 长江商报消息 ●长江商报记者 黄聪 6月3日晚间，新集能源发布公告，公司董事会收到董事长王志根的书面辞职报告，王志根因年龄原因申 请辞去公司第十届董事会董事、董事长和董事会战略发展委员会主任委员职务。 新集能源表示，王志根在担任公司董事、 ...