Core Viewpoint - The long-term strategy of Gree Titanium, led by Dong Mingzhu, has proven successful in the renewable energy sector, particularly through its comprehensive industrial chain layout, which has positioned the company as a key player in the trillion-level energy storage market [1][8]. Group 1: Industrial Chain Strategy - Gree Titanium aims to create a closed-loop ecosystem encompassing "materials-batteries-vehicles-storage-recycling," rejecting the role of a single battery supplier from its inception [1][3]. - The company has made strategic acquisitions and investments, including the purchase of American O-Titan in 2010 for core technology and the establishment of the world's largest titanium acid lithium production base in 2015 [1][3]. - Gree Titanium has established six research institutes and seven provincial technology platforms, enhancing its cost control and technological collaboration across the entire supply chain [3][5]. Group 2: Dual-Track Strategy - Gree Titanium employs a dual technology strategy with titanium acid lithium as its "shield" for safety and longevity, while lithium iron phosphate serves as its "spear" targeting the passenger vehicle market [5][6]. - The introduction of lithium iron phosphate batteries in 2020 marked the beginning of the "Titanium-Phosphorus Dual-Engine" era, successfully penetrating markets in Belgium and India [5][6]. - The product matrix spans from kW to MW levels, with applications in smart public transport, wind and solar energy storage, and household storage, achieving recognition in high-end European markets [5][6]. Group 3: Long-Term Value - The controversy surrounding Gree Titanium's decision not to distribute dividends reflects the tension between short-term profits and long-term strategic goals [6][7]. - Since becoming a subsidiary of Gree Holdings in 2021, Gree Titanium has seen continuous growth in revenue and patent numbers, leading the domestic market in user-side energy storage project installations [6][7]. - The company's success illustrates the value of long-termism, innovation, and persistence, positioning it to shine on the global stage as the renewable energy industry continues to evolve [7][8].

4月24日晚间，成都苑东生物制药股份有限公司(以下简称"苑东生物")发布2024年年度报告。报告期 内，公司实现营业收入13.5亿元，同比增长20.82%，营收规模创历史新高；实现归属于上市公司股东的 净利润2.38亿元，同比增长5.15%，剔除股权激励费用影响后的净利润增速达13.47%。公司拟向全体股 东每10股派发现金股利人民币4.3元(含税)。 公司2024年年报还显示，2024年，苑东生物加快推进数字化、智能化与制药产业融合。报告期内，公司 国际化产业基地二期工程鼻喷剂及预充针车间建成并完成产品工艺验证，高活性口服液车间建成并投入 使用。目前公司已获得数据管理能力成熟度二级认证，智能制造能力成熟度三级认证，全资子公司成都 硕德药业有限公司已被成都市经信局认定为"成都市智能工厂"。 在研发领域，苑东生物持续保持高比例研发投入，构建核心领域的产品集群，并加快由仿制药到创新药 的转型。年报显示，2024年，公司研发投入约2.88亿元，同比增长16.88%。其中，新药研发投入 8268.14万元，占总体研发投入比例近三成。目前，公司有超过10个1类新药处于研发进程中。 盘古智库(北京)信息咨询有限公司高级研 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant profit growth, with a 102.03% year-on-year increase in net profit for 2024, driven by rising alumina prices and production increases [6] - The company is expected to continue benefiting from its full industry chain layout, which mitigates the impact of fluctuating alumina prices [6] - New projects in Guinea and Guangxi are set to enhance the company's resource base and production capacity, contributing to future profit growth [6] Financial Performance Summary - In 2024, the company achieved total operating revenue of 280.89 billion yuan, a decrease of 3.06% year-on-year, while net profit reached 44.55 billion yuan [6] - The company's projected profits for 2025, 2026, and 2027 are 60 billion yuan, 64 billion yuan, and 62 billion yuan respectively, indicating a strong growth trajectory [6] - The gross profit margin is expected to rise significantly, with estimates of 28.6% in 2025 and 26.0% in 2026 [7] Production and Market Trends - The company produced 1.1759 million tons of electrolytic aluminum in 2024, a 1% increase year-on-year, and 2.2789 million tons of alumina, a 7.55% increase [6] - Alumina prices have shown a gradual increase in 2024, with average prices rising from 3,365 yuan/ton in Q1 to 5,312 yuan/ton in Q2 [6] - Despite a recent decline in alumina prices, the company is expected to maintain profitability due to improved margins in other segments of the industry [6]

以2023年交易总额计算， 老乡鸡在中国中式快餐市场排名行业第一。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，LXJ International Holdings Limited（以下简称"老乡鸡"）于2025年1月3日 正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和海通国际担任联席保荐人。 2022年5月和2023年2月，老乡鸡曾两次向上交所递交A股上市申请，后于2023年8月23日自愿撤 回其A股上市申请。老乡鸡认为，在香港联交所上市可让其获得全球认可，并为其提供直接接触海外 投资者和外资的渠道。 2003年，首家"肥西老母鸡"快餐店于安徽合肥开业。自2020年起，老乡鸡开始探索加盟模式，并 逐步形成"直营+加盟"的门店网络。 从单店表现来看，2022年、2023年以及2024年前三季度，老乡鸡直营店的单店日均销售额分别为 1.27万元、1.54万元以及1.60万元；加盟店的单店日均销售额分别为1.08万元、1.21万元以及 1.25万元。 2022年、2023年以及2024年前三季度，老乡鸡直营店的翻台率分别为3.8次/日、4.7 ...