在云南省文山壮族苗族自治州麻栗坡县的仓储库里，一袋袋标着编号的三七正安静地躺在阴凉干燥的货架上。这些曾被视作"沉睡资产"的中药 材，如今却成为撬动500万元贷款的"金钥匙"，在金融体系中拥有了真正的价值。 近年来，云南红塔银行股份有限公司（以下简称"云南红塔银行"）通过创新贷款，助力当地企业摆脱资金困境，银企合作完成了一次次金融"破 冰"，让企业产品实现了从"沉睡库存"到"流动资本"的转变。 一场关于三七的融资困局 2024年10月，云南红塔银行以创新性的"三七存货质押贷"，为高新技术赞七科技注入流动资金。 文山赞七科技有限公司拥有17项专利，是国家级科技型中小企业，也有全国唯一的三七国家级示范社资源。可在金融机构的风控列表中，它仍是 一家"难贷户"——公司免税额度高、纳税少，传统线上贷款额度低；法定代表人房产早已抵押在另一笔贷款中，公司手中最值钱的，是大量三七 存货。但这些三七存货在传统金融体系眼中并不是标准意义上的"抵押物"。 "银行问我要不动产，问我要现金流，由于企业正处在发展期，都难以满足要求。"赞七科技董事长周枫凌回忆说。而农产品不能抵押，资金链常 年紧绷，也是农业领域企业的普遍困扰。 云南文山州麻 ...

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to clarify issues related to its construction projects and investment performance, particularly concerning the erythritol production project which has underperformed financially due to market conditions [1][2]. Summary by Sections Construction Projects and Investment - In 2024, the company invested 1.43 billion yuan in fixed assets, intangible assets, and other long-term assets, marking a 106.99% increase year-on-year. The fixed assets reached 2.25 billion yuan, up 45.13%, while construction in progress surged by 357.58% to 1.33 billion yuan, primarily due to the Zhoushan Huakang project [1]. - The erythritol production project generated revenue of 72.44 million yuan in 2024 but incurred a gross loss of 1.72 million yuan, continuing to fall short of initial projections since its trial operation began in May 2022 [1][2]. Erythritol Project Details - The total investment for the erythritol project is estimated at 350.41 million yuan, with cumulative investment reaching 362.68 million yuan by the end of 2024. The project aims to produce 30,000 tons of high-purity erythritol annually [5][6]. - In 2024, the company produced 6,834.50 tons of erythritol, achieving a sales rate of 97.96%. The market price for erythritol was approximately 13,000 yuan per ton by December 2024 [6][11]. Market Conditions and Competition - The erythritol market has faced significant challenges, including declining prices and increased competition, leading to a supply-demand imbalance. The price of erythritol has been under pressure since 2023, with some manufacturers exiting the market [7][11]. - The company noted that the market for erythritol was initially promising, but the influx of new competitors and expanded capacities led to a significant drop in prices, affecting profitability [7][11]. Inventory and Trade Business - By the end of 2024, the company's inventory reached 697 million yuan, a 147.26% increase year-on-year, primarily due to increased raw material reserves for the Zhoushan project. The raw materials accounted for 448 million yuan, up 385.15% [15][16]. - The cash flow from trade business payments was 1.15 billion yuan, reflecting a 198.58% increase, driven by the anticipated demand for corn from the Zhoushan project [15][16].

现场探访：部分产品依旧蒙尘，5年前生产的白兰地待售 为核实投资者反馈，新黄河记者5月16日实地探访了济南市两家大型连锁超市。 在经八路附近的一家超市内，记者找到了张裕的多款产品。其中，一款张裕VS白兰地生产日期标注为2020年，其余几款如三星白兰地、金奖 白兰地及解百纳的生产日期多为2023年。部分酒瓶瓶身虽有湿抹布擦拭过的痕迹，但瓶底依然积有一层不薄的灰尘。更有甚者，一款张裕干红 葡萄酒被孤零零地置于果酒货架的最高层，几乎无人问津。 在经十路附近的另一家大型超市，红酒货架的显眼位置被长城等品牌占据，张裕葡萄酒礼盒则被挤在货架最底层，礼盒表面落满灰尘，其内葡 萄酒瓶身显示的生产日期为2022年。 近日，有投资者在互动平台向百年酒企张裕（000869.SZ；200869.SZ）发问，称其产品在线下商超"难觅踪影，即使有也是在角落蒙着厚厚的 尘土"，质疑公司是否计划放弃该渠道。对此，张裕管理层回应"一直在努力做好商超渠道，没有放弃该渠道的计划"。 口头承诺背后，是张裕2024年一份营收、净利双双大幅下滑的成绩单，以及线下渠道真实存在的尴尬景象。 更令人担忧的是其存货状况。2024年，张裕存货规模达29.04亿元， ...

导 读 | 24 | 美的置业 | 2233. 0 | | --- | --- | --- | | 25 | 华发股份 | 2130. 3 01 | | 26 | 合生创展 | 2122. 6 | | 27 | 中梁控股 | 2020. 5 | | 28 | 招商蛇口 | 2015. 0 | | 29 | 珠江投资 | 1732.6 | | 30- 20 | 金辉集团 | 1718 4 | | 31 | 明发集团 | 1701. 2 | | 32 | 越秀地产 | 1571. 8 | | 33 | 荣盛发展 | 1331. 3 | | 34 | 一一年北 | 1313. 9 | | 35 | 宝龙地产 | 1286. 2 | | 36 | 建发房产 | 1243. 1 | | 37 | 卓越集团 | 1213.0 | | 38 | 融信集团 | 1188. 9 | | 39 | 研究中合景泰富 | 1164. 4 | | --- | --- | --- | | 40 | 首创城发 | 1145. 1 | | 41 | 金融街 | 1081.8 | | 42 | 首开股份 | 1069.8 | | 43 | 力 ...

2月13日，中策橡胶集团股份有限公司（中策橡胶）IPO顺利过会，当月28日注册批文获批，申购日期是5月23日，保荐机构是中信建投。 中策橡胶主要从事全钢胎、半钢胎、斜交胎和车胎等轮胎产品的研发、生产和销售，是国内外销售规模最大的轮胎制造企业之一，拥有"朝阳"、"好 运"、"威狮"、"全诺"、"雅度"、"金冠"、"WESTLAKE"、"GOODRIDE"、"CHAOYANG"、"TRAZANO"等多个国内外知名品牌。 梳理来看，实际控制人仇建平和仇菲持股比例近47%，需预防不当控制；股改前存在密集转让，还有股份代持情况；募集项目变更，金额缩减，取消28.5亿 元的补流项目；短债压力大，还分红28亿元；业绩保持良好增长，应收、存货保持在高位，坏账损失不低；研发费用率有所下滑，销售费用率超过行业均 值。 父女为实际控制人 1992年6月，中策橡胶前身中策橡胶有限在浙江杭州成立，是由杭州橡胶总厂和中策投资合资设立的中外合资企业，持股比例分别为49%、51%。 据短平快解读了解，2021年10月，中策橡胶有限变更为股份制企业，前四大股东分别是中策海潮、杭实集团、杭州金投、彤程新材，持股比例分别为 41.08%、25%、 ...

Core Viewpoint - The financial performance of Jin Hong Gas Co., Ltd. has been impacted by a significant decline in gross profit margins, particularly in the specialty gas segment, despite an increase in revenue [2][3]. Financial Performance - The company's overall gross profit margin decreased by 36.12% year-on-year, primarily due to a drop in gross margins for both bulk and specialty gas businesses [2]. - In 2024, the gross margin for bulk gas was 31.26%, down by 2.94 percentage points, while the specialty gas gross margin was 27.69%, down by 12.67 percentage points [2]. Sales and Revenue Breakdown - The sales volume and revenue for major products in 2024 were as follows: - Bulk gas: 956,037.01 tons, with a revenue of 97,293.39 million yuan and a gross margin of 31.26% [3]. - Specialty gas: 261,898.03 tons, with a revenue of 96,261.97 million yuan and a gross margin of 27.69% [3]. Specialty Gas Segment Analysis - The decline in specialty gas gross margins was attributed to various factors, including increased production costs and decreased sales prices due to market conditions [6][10]. - Specific products such as ultra-pure ammonia, hydrogen, and nitrous oxide experienced significant gross margin declines, with ultra-pure ammonia's margin dropping by 12.77 percentage points [7][9]. Market Trends and Risks - The specialty gas market is influenced by the semiconductor and photovoltaic industries, which are currently facing challenges such as overcapacity and price declines [11][12]. - Despite the current challenges, the semiconductor market is projected to grow, with a compound annual growth rate (CAGR) of 5.6% expected from 2023 to 2028 [10]. Customer Base and Strategic Initiatives - The company has expanded its customer base, adding 21 new semiconductor clients in 2024 and 16 in the first quarter of 2025 [12]. - Jin Hong Gas is focusing on enhancing its service capabilities and product offerings to meet the evolving needs of its clients in the semiconductor and photovoltaic sectors [14][15].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the significant decline in profit margins despite revenue growth, primarily due to a drop in gross margins in both bulk and specialty gas segments [1][2]. Summary by Sections Gross Margin Analysis - The company's gross margin for bulk gas business in 2024 was 31.26%, down by 2.94 percentage points, while the specialty gas business gross margin was 27.69%, down by 12.67 percentage points [2][3]. - The inquiry requested detailed sales data for 2022, 2023, and 2024, including sales revenue, sales volume, average selling price, and gross margin for both bulk and specialty gases [2]. Specialty Gas Business Challenges - The decline in specialty gas gross margin was attributed to various factors, including increased production costs and market competition, particularly in the photovoltaic sector, which affected demand and pricing [4][5]. - Specific products like ultra-pure ammonia and hydrogen saw significant gross margin declines of 12.77 and 11.00 percentage points, respectively, due to lower selling prices and increased costs [6][7]. Market Trends and Customer Base - The specialty gas market is influenced by the semiconductor and photovoltaic industries, with expected growth in semiconductor materials driven by AI demand, while the photovoltaic sector faces challenges due to overcapacity and price declines [9][10]. - The company has established relationships with major clients in the semiconductor and photovoltaic sectors, including significant new customer acquisitions in 2024 [10][11]. Customer Dynamics - The company’s top five customers have changed significantly over the past three years, with new entrants like Northern Integrated Circuit and Peak View International, reflecting shifts in market demand and customer needs [14][18]. - The sales model primarily involves direct sales to end-users and gas companies, with no significant related party transactions noted [17]. Acquisition Strategy - The company has engaged in multiple equity acquisitions from 2022 to 2024, with a total goodwill of 334 million yuan, indicating a strategic focus on expanding market share and enhancing operational capabilities [20][21].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年4月30日，日化护肤上市公司已完成2024年财报的披露，对此我们挑选了14家具有代表性的 上市公司进行库存状况分析。 在我们所选取的日化护肤公司中，2024年，从存货规模及存货占总资产比例变化来看水羊股份存货占全 部资产的比重较高，约为19.52%；从存货周转效率来看，仅有丸美股份、青松股份2家公司存货周转状 况有所改善，其余8家公司存货周转天数均不同程度变长，相应的存货周转效率不同程度下降。 其中最值得一提的便是锦波生物、华熙生物、贝泰妮这三家上市公司，首先，这三家上市公司的存货规 模及存货占总资产的比例均有所提升；其次，这三家上市公司的存货周转天数均超出了270天（9个月） 且存货周转效率仍进一步下降。 存货规模&占比：过半数公司存货规模及占比双增 水羊股份存货占比最高 | | | 存货规模(亿)及同比变动 | | | --- | --- | --- | --- | | | 2023年 | 2024年 | 同比 | | 创尔生物 | 7.97 | 6.61 | 62 ...

每经记者｜赵李南 每经编辑｜陈俊杰 5月14日，天承科技（688603.SH，股价68.88元，市值57.83亿元）回复上交所年报问询函。 《每日经济新闻》记者注意到，截至去年末，天承科技"年产30000吨专项电子材料电子化学品项目"和"珠海研发中心建设项目"投入进度均为0。 天承科技回应称，由于公司尚未取得"珠海研发中心建设项目"实施所需的土地（使用权），导致两个项目的建设工作均未能如期启动。 回应两IPO募投项目进度为0 天承科技2024年年报披露，其IPO（首次公开募股）项目中的"年产30000吨专项电子材料电子化学品项目"和"珠海研发中心建设项目"投入进度均为0。 上交所要求天承科技分项目说明募投项目进展缓慢的具体原因，以及募集资金项目进展是否符合募集资金使用计划和募集资金使用制度的相关规定。 天承科技表示，公司基于"年产30000吨专项电子材料电子化学品项目"和"珠海研发中心建设项目"之间的高度关联性和协同性，决定在募投项目实施及推进 过程中实行"统一立项规划、同步深化设计、基础设施共享"的开发策略。 天承科技称，由于公司尚未取得"珠海研发中心建设项目"实施所需的土地（使用权），导致两个项目的建设工 ...

受下游市场需求减弱以及激烈市场竞争影响，康泰医学（300869）主要产品的销量及销售价格同比下 降，2024年净亏损7790.26万元，同比由盈转亏。而自2021年起，康泰医学净利润已经连续四年下滑。 就在此时，公司实控人披露减持计划。康泰医学5月8日公告，控股股东、实际控制人胡坤因为自身资金 需求，计划以集中竞价和大宗交易方式合计减持公司股份不超过1200万股(即不超过公司总股本的 2.9865%)。其中，以集中竞价方式减持本公司股份不超过400万股(即不超过公司总股本的0.9955%)，以 大宗交易方式减持本公司股份不超过800万股(即不超过公司总股本的1.9910%)。 截至公告披露日，胡坤持有康泰医学股份1.88亿股，占公司总股本的比例为46.8362%。 康泰医学是一家专业从事医疗诊断、监护设备的研发、生产和销售的高新技术企业。经过多年发展，康 泰医学已经形成院线类、家用类和其他类三大产品体系，涵盖血氧类、心电类、超声类、监护类、血压 类、分析测试类等多类产品以及数字化医疗健康服务，产品广泛应用于各级医院、门诊部、社区卫生服 务中心、村卫生室、体检中心、养老机构、企事业单位、家庭和个人等多个场合。 ...