"从2024年10月到现在，'国补'一直在进行，促进了整体的消费，公司收到了很多的订单。"在5月28日 的2024年年度股东大会上，欧派家居（603833.SH）财务负责人王欢说，按照会计核算规则，以后会逐 步转成收入。根据真实发货情况，出仓之后才能形成收入。 2024年下半年，在"国补"政策下，积压多时的消费需求有所释放，已经形成的合同负债将会在收入体 现，形成一定的时间差，比如某些客户，一季度下订单后，实际装修可能在二、三季度甚至更晚。该负 责人称，各地补贴政策不一样，也有一定的额度限制，比如某些地区固定额度后，很多企业都加大营销 力度来争取这些有限的补贴额度。 关于2024年业绩，该负责人称，全年收入虽然有所下滑，没有实现预定目标，但这是因为行业和公司出 现了意料以外的变化。尽管收入下滑，但该公司的毛利率有所提升。 根据2024年年报，该公司全年实现营业收入189.25亿元，同比下降16.93%；净利润实现25.99亿元，同 比下降14.38%；为成立三十年以来的首次收入、利润双下滑。毛利率则从2023年的34.16%上升到2024 年35.91%。 该负责人称，海外业务的收入，目前占比大约为2%，该公 ...

牧原股份（002714）向港交所提交上市申请书，联席保荐人为摩根士丹利、中信证券、高盛。公司此前 公告显示，赴港上市意在进一步推动海外业务发展。对此，牧原股份董秘秦军回应记者表示，此前公司 已在越南成立子公司，推进海外业务。目前，公司计划利用在克服包括非洲猪瘟在内的各类疾病过程中 积累的疾病防控经验、生猪养殖技术、智能化装备、数字化生产管理系统等优势，向海外输出生猪养殖 整体解决方案。(中证金牛座) ...

证券代码：600166 证券简称：福田汽车 编号：临2025一042 北汽福田汽车股份有限公司 对外投资公告 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。 重要内容提示： ● 投资标的名称：北京福田亿纬新能源科技有限公司（暂定名，最终以市场监督管理部门核准为准，以 下简称"合资公司"） 2025年5月16日，公司以电子邮件和专人送达的方式，向全体董事发出了《关于召开通讯董事会的通 知》及《关于与亿纬锂能合资设立电池银行公司的议案》。本次会议以通讯表决的方式召开，应出席董 事11名，实际出席董事11名。会议的召集召开符合《公司法》和《公司章程》的规定。 公司董事会投资管理委员会召开了会议，对该议案发表了同意意见。 ● 投资金额：合资公司注册资本50,000万元，其中福田汽车出资25,000万元，持股比例50%；惠州亿纬 锂能股份有限公司（以下简称"亿纬锂能"）出资25,000万元。 ● 本次交易不构成关联交易，也不构成《上市公司重大资产重组管理办法》所规定的重大资产重组。 ● 本次交易无需提交股东大会审议。 ● 风险提示：该投 ...

每经记者｜陈鹏丽 每经编辑｜张海妮 邦彦技术（SH688132，股价18.19元，市值27.69亿元）筹划了半年的收购，最终以失败告终。 5月25日晚，邦彦技术宣布，由于交易相关方未能对本次交易的最终合作方案达成一致意见，经公司充分审慎研究及与交易相关方协商，公司拟终止本次发 行股份及支付现金购买资产并募集配套资金事项暨关联交易，并授权公司管理层办理终止相关事宜。 今年5月25日晚，邦彦技术宣布终止收购星网信通100%股权，原因是交易相关方未能就本次交易的最终合作方案达成一致意见。 《每日经济新闻》记者注意到，5月26日开盘后，邦彦技术的股价大幅下挫，盘中最大跌幅达17.59%；截至收盘，股价有所回升，跌幅收窄至14.68%。 《每日经济新闻》记者获悉，去年11月底，邦彦技术对外"官宣"拟向金证股份（SH600446，股价14.91元，市值141.1亿元）、章海新等16名交易对方购买深 圳星网信通科技股份有限公司（以下简称星网信通）100%股权，并向不超过35名特定投资者发行股份募集配套资金。当时公司称，收购星网信通是为了更 快切入民品市场，开辟第二增长曲线。 从体量上看，星网信通2022年、2023年及20 ...

福田汽车（600166）公告，公司拟与惠州亿纬锂能（300014）股份有限公司共同出资设立北京福田亿纬 新能源科技有限公司，注册资本5亿元，其中福田汽车出资2.5亿元，持股比例50%；亿纬锂能出资2.5亿 元。合资公司将拓展新能源重卡业务，提供电池租赁解决方案，支持动力电池降本，提高新能源重卡利 润率。本次投资不构成关联交易，也不构成重大资产重组，无需提交股东大会审议。 ...

截至2025年5月23日收盘，尚荣医疗（002551）报收于3.71元，较上周的3.81元下跌2.62%。本周，尚荣 医疗5月20日盘中最高价报3.86元。5月23日盘中最低价报3.63元。尚荣医疗当前最新总市值31.37亿元， 在医疗器械板块市值排名95/126，在两市A股市值排名4020/5148。 本周关注点 业绩披露要点 报告期内，尚荣医疗实现营业总收入144,820.63万元，同比增长21.40%；营业利润3,353.73万元，同比 增长127.67%；归属于上市公司股东的净利润2,228.20万元，同比增长114.97%。资产总额387,788.91万 元，负债总额110,204.64万元，资产负债率28.42%。 机构调研要点 2024年四季度公司收入增长主要是由于医院工程项目完工及收入结转所致；此外，公司的一次性医疗耗 材业务在4季度是一个高峰期，故2024年四季度公司的营业收入出现了较大的增长。 公司将持续以医疗服务为主导，搭建医疗产品、医疗服务和医疗健康产业三大板块平台。公司还将利用 自身优势，寻求兼并重组、强强联合的发展机会，不断实现跨越式发展。 公司本期盈利水平会在保持稳定的情况下，逐 ...

Financial Data and Key Metrics Changes - Total passenger traffic grew by over 7% year over year, exceeding 9% when excluding the discontinued Natal concession [5][6] - Revenues increased by 6% year over year, and nearly 12% on an ex IAS 29 basis [6][19] - Adjusted EBITDA reached $156 million, up 4% excluding IAS 29, with a margin of 38.2% [7][24] - Total revenues ex IFRIC 12 increased by 6.4% year on year or 11.5% on an ex IAS 29 basis [19] - Total costs and expenses excluding IFRIC 12 rose by 17.7% year over year [22] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 6.8% year over year, or 12.7% when excluding IAS 29, driven by strong performance in Argentina [20] - Commercial revenues grew by 6.1% year over year, primarily from parking facilities, VIP lounges, and duty-free stores [21] - Cargo volumes were up 9% year over year, with strong growth in Uruguay and Argentina [17][18] Market Data and Key Metrics Changes - In Argentina, passenger traffic rose over 12%, with international traffic increasing by 21% year over year [10][11] - Italy saw traffic growth of over 10%, with international traffic accounting for roughly three-quarters of total volume [12] - Brazil experienced mid-single-digit traffic growth year over year, with international traffic up 28% [13] - In Uruguay, total traffic increased in low single digits, benefiting from new international routes [14] Company Strategy and Development Direction - The company is focused on pursuing both organic and inorganic growth opportunities to expand its airport portfolio [26][30] - Ongoing negotiations with the Argentine government regarding the revision of the AA2000 concession agreement [30] - Expansion plans in Italy are progressing, with a positive environmental review for the Florence Master Plan [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of passenger demand, particularly in Argentina and Italy [28][44] - The company anticipates continued positive traffic trends, supported by new operations and strong demand [30][44] - Management remains committed to maintaining strict cost discipline, especially in Argentina [22][51] Other Important Information - The company closed the quarter with a liquidity position of $524 million and a net leverage ratio of 1.1 times [25][26] - Recent awards for operational excellence were received by Carrasco International Airport and Brasilia Airport, highlighting the company's commitment to quality service [31][32][33] Q&A Session Summary Question: Information on the Montenegro proposal and traffic outlook for Argentina - Management provided details on the Montenegro proposal, highlighting its potential for tourism growth and targeting mid-teens IRR [39][41] - Traffic in Argentina is expected to remain strong, with several new routes starting operations [43][44] Question: Cost control initiatives and potential impacts of government changes in Argentina - Management discussed ongoing cost control measures and the expectation of normalized cost growth in line with inflation [51][52] - The impact of government changes on the concession process is uncertain, but management does not foresee significant delays [55][56] Question: Update on expansions in Italy - Management indicated that the environmental impact approval process is progressing well, with updates expected by the third quarter [67][68]

Financial Data and Key Metrics Changes - Total passenger traffic grew by over 7% year over year, exceeding 9% when excluding the discontinued Natal concession [5][6] - Revenues increased by 6% year over year, and nearly 12% on an ex IAS 29 basis [6][21] - Adjusted EBITDA reached $156 million, up 4% excluding IAS 29, with a margin of 38.2% [7][25] - Total revenues ex IFRIC 12 increased by 6.4% year on year or 11.5% on an ex IAS 29 basis [21] - Total costs and expenses excluding IFRIC 12 rose by 17.7% year over year [24] Business Line Data and Key Metrics Changes - Domestic traffic increased by 4% year over year, or nearly 8% when excluding Natal [9] - International traffic rose by close to 13% year over year, with Argentina and Italy leading the growth [10] - Aeronautical revenues were up 6.8% year over year, or 12.7% when excluding IAS 29, driven by strong performance in Argentina [22] - Commercial revenues increased by 6.1% year over year, primarily from parking facilities and duty-free stores [23] Market Data and Key Metrics Changes - In Argentina, passenger traffic rose over 12%, with domestic traffic growing by 9% and international traffic increasing by 21% [10][12] - Italy saw traffic up over 10%, with domestic traffic growing over 17% year over year [13] - Brazil experienced mid-single-digit growth in traffic year over year, with international traffic growing by 28% [14] - In Uruguay, total traffic was up low single digits, benefiting from new international routes [15] Company Strategy and Development Direction - The company is focused on pursuing both organic and inorganic growth opportunities to expand its airport portfolio [29][33] - Ongoing negotiations with the Argentine government regarding the revision of the AA2000 concession agreement [32] - Expansion plans in Italy are progressing, with a positive environmental review for the Florence Master Plan [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of passenger demand, particularly in Argentina and Italy, with expectations for continued positive traffic trends [31][45] - The company anticipates a strong summer season in both Italy and Armenia [34] - Management highlighted the importance of maintaining strict cost discipline, especially in Argentina [24][52] Other Important Information - The company closed the quarter with a total liquidity position of $524 million and a net leverage ratio of 1.1 times [28][29] - Cargo volumes increased by 9% year over year, with a new cargo business model implemented in Argentina [18][20] Q&A Session Summary Question: Information on the Montenegro proposal and traffic outlook for Argentina - Management provided details on the Montenegro proposal, highlighting its potential for tourism growth and targeting mid-teens IRR [42][43] - Traffic in Argentina is expected to remain strong, supported by new routes and healthy demand [45] Question: Cost control initiatives and potential impacts from government changes in Argentina - Management discussed ongoing cost control measures and expected normalized cost increases, emphasizing a focus on maintaining costs despite inflation [52] - The impact of government changes on the concession process is uncertain, but management does not foresee significant delays [58] Question: Update on expansions in Italy - Management indicated that the environmental impact approval process is progressing well, with expectations for updates by the third quarter [74]

[Table_Title] 研究报告 Research Report 23 May 2025 滔搏国际 Topsports International Holdings (6110 HK) 24/25 财年营收利润承压，现金强劲派息稳定 Revenue and Profit Under Pressure in the 24/25 Fiscal Year, with Strong Cash Flow and Stable Dividends 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 5 月 22 日，滔搏国际控股有限公司（简称"公司"）举行 2024/25 财年业绩发布会。 公司业务营收表现承压，零售业务调整成效初显。 公司 24/25 财年营业收入为 270.1 亿元，同比下降 6.6%。其中 下半年同比下滑 5.4%，相比上半年 7.9%的跌幅有所收窄。主要因素是消费环境疲 ...

据报道，AT&T(T.US)同意以57.5亿美元收购Lumen Technologies(LUMN.US)的消费者光纤业务，扩大其 在丹佛和拉斯维加斯等主要城市的快速宽带服务。根据周三的一份声明，AT&T将为Lumen支付现金。 这笔交易还有待监管部门的批准，预计将于明年上半年完成。 瑞银指出，该交易将巩固AT&T"作为美国最大融合光纤供应商的地位"，其目标是在2030年前实现覆盖 6000万个家庭，而Verizon(VZ.US)的目标为3500万至4000万个，T-Mobile US(TMUS.US)则为1200万至 1500万个。瑞银维持AT&T"买入"评级。 瑞银补充称，这笔交易对Lumen来说也是利好，关键在于其能否实现收入和EBITDA表现的稳定，这对 于提振投资者信心和实现公司长期价值增长至关重要。 美国银行表示，该交易符合AT&T专注于连接性的战略重点、拓展光纤覆盖范围的目标以及通过捆绑产 品提升市场份额的战略方向。美国银行在报告中指出："AT&T现有业务正在实现稳健的无线和消费者 宽带增长，我们预计此次宣布的交易将进一步加强和延伸这一增长趋势。AT&T已为此次交易预留足够 的财务灵活性，纳入其 ...