2024年以来，全球光伏行业经历"冰火两重天"：一面是能源转型需求持续增长，另一面是阶段性产能过 剩引发的价格快速下滑。作为硅料、电池片双料全球龙头，通威股份（600438.SH）保持了一贯的稳健经 营步调。公司通过加强技术研发与生产降本增效，进一步巩固提升主要业务环节领先的技术、成本、品 质、品牌等核心竞争优势。虽业绩受行情影响未能独善其身，但其全年经营仍有诸多亮点值得关注。 经营指标显底色，现金流筑牢安全垫 行业对比视角下，通威的"抗跌性"依然突出，过去一年公司高纯晶硅、太阳能电池及组件等主要产品销 量稳步增长，产品结构持续优化，饲料及产业链业务全年稳中有进，整体市场地位在行业的惊涛骇浪中 持续稳固。 高纯晶硅方面，公司直面供需失衡和价格下降等市场挑战，持续提升产品质效，实现销量46.76万吨，同 比增长20.76%，全年产销量约占全国30%，市占率位居第一。公司顺应行业需求趋势，全年N型产出占比 超90%；在推动N型硅料提质增效同时，实现用于半导体产业的电子级多晶硅批量稳定供货，并新增通过 4家海外客户验证，深入践行电子级晶硅"通威智造"。 太阳能电池方面，公司加速存量PERC产能升级、完善研发平台系统 ...

Group 1: Financial Performance - The company's 2024 operating revenue reached ¥2,683,352,526.85, with a net profit attributable to shareholders of ¥94,699,367.09 [4] - In Q1 2025, the operating revenue was ¥717,565,468.02, with a net profit of ¥21,890,902.55 [4] - The net cash flow from investment activities increased by 83.59% compared to the same period last year, primarily due to a significant decrease in cash paid for fixed assets and other long-term assets [5] Group 2: Revenue Breakdown by Sector - Revenue from the new energy sector in 2024 was ¥43,595.65 million, a year-on-year increase of 102.78% [2] - Revenue from the automotive sector was ¥94,060.34 million, up 19.61% year-on-year [2] - Revenue from the home appliance sector decreased by 5.94% to ¥76,443.54 million, while the medical health sector saw a decline of 5.63% to ¥3,756.89 million [2] Group 3: R&D and Innovation - The number of R&D personnel increased to 201 in 2024, accounting for 11.14% of the workforce, with 2 PhD holders [2] - The company focuses on developing core products with dual technical and process barriers in the automotive parts sector, including IML grilles and lightweight products [5] - In the new energy sector, the company has developed a comprehensive range of liquid cooling plates for batteries [5] Group 4: Strategic Focus and Future Plans - The company aims for high-quality development in home appliance structural components while accelerating growth in automotive and new energy sectors [3] - Future capital expenditures will continue to focus on automotive, new energy, and medical health sectors [5] - The company plans to expand its market share in the field of in vitro diagnostic instruments and consumables [6]

Core Insights - In 2024, the company achieved operating revenue of 1.32 billion yuan, a year-on-year increase of 10.16%, while net profit attributable to shareholders was 63 million yuan, a decline of 22.39% [1] - The decline in profit is attributed to increased depreciation expenses after the completion of the animal health industrial park, a 17.49% rise in management expenses, and a 46.48% increase in financial expenses due to interest expenses being recognized as costs [1] Enzyme Business - The enzyme business generated revenue of 505 million yuan in 2024, a year-on-year growth of 14.34%, becoming the main driver of the company's revenue growth [2] - The gross profit margin reached 63.69%, an increase of 2.89 percentage points, driven by continuous investment in technological innovation and optimization of production processes [2] - The company is expanding into various fields including industrial enzymes, food enzymes, and pharmaceutical enzymes, and has established an AI technology development laboratory to enhance R&D efficiency [2] Animal Health Products - Revenue from the animal health products business was 308 million yuan in 2024, a slight increase of 3.56%, but the gross profit margin fell to 33.51%, down 8.23 percentage points [3] - The decline in gross profit margin is primarily due to increased depreciation after the industrial park's completion, but long-term benefits are expected from improved product structure and quality [3] - The company plans to focus on biological products, particularly pig vaccines and imported generics, while also expanding into the pet medicine sector [3] Capacity and R&D Investment - With the increase in new capacity utilization and the gradual release of new products, the profitability of the animal health business is expected to recover [4] - The company invested 118 million yuan in R&D in 2024, a year-on-year increase of 6.81%, accounting for 8.95% of revenue, with 266 R&D personnel [4] - The company has established six technology centers and two key laboratories, with major projects expected to be operational by 2025, laying a foundation for future growth [4] Profit Forecast and Investment Recommendation - The expected EPS for 2025-2027 is projected to be 0.44 yuan, 0.51 yuan, and 0.60 yuan, corresponding to dynamic PE ratios of 29, 24, and 21 times, respectively, maintaining a "hold" rating [4]

证券代码：301252 证券简称：同星科技 浙江同星科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 中信证券 王涛 | | 人员姓名 | 野村资管 李行杰 | | 时间 2025 | 年 4 月 30 日上午 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：梁路芳 | | 员姓名 | 证券事务代表：潘晨曦 | | | 1、公司 2025 年的工作重点和目标是什么？在客户拓展及新业 | | | 务开发上有哪些布局？ | | | 答：公司将积极围绕 2025 年度经营方针"降本增效 全员共担共 | | | 享，高效服务 获取市场机会，苦练内功 营造竞争优势"来制定工作 | | | 目标，推动公司稳步发展。同时，公司积极在海外市场进行布局，现 | | | 已在泰国设立公司，筹建海外生产基地，进一步加快全球化步伐，为 | | 投资者关系活动 | 公司可持续发展 ...

Group 1 - The core viewpoint of the reports indicates that Kangtai Medical achieved a revenue of 480 million yuan in 2024, with significant contributions from home-use products (184 million yuan) and hospital products (252 million yuan) [1] - In Q1 2025, Kangtai Medical reported a revenue of 112 million yuan, representing a year-on-year growth of 12.77%, and a net profit attributable to shareholders of 16 million yuan, up 277.67% year-on-year [1] - The company maintained a research and development investment exceeding 100 million yuan in 2024, despite overall performance pressures, and is advancing fundraising projects to deepen its industry chain layout [1] Group 2 - Kangtai Medical emphasizes technological innovation as its core competitiveness, with a research and development strategy focused on "innovation, efficiency, quality, cost reduction, and enhancement" [2] - The company invested 105 million yuan in R&D in 2024, resulting in 57 new domestic patents, including 11 invention patents and 46 utility and design patents, along with 15 software copyrights [2] - To address global business expansion and product diversification challenges, Kangtai Medical is implementing lean production models and optimizing production processes, including the introduction of SMT technology and automation in assembly [2] Group 3 - As of the end of the reporting period, Kangtai Medical had invested 92.53 million yuan from convertible bond fundraising, with the construction of the "Kangtai Industrial Park" project completed and entering the decoration phase [3] - The "Kangtai Medical Device Industrial Park" project in Beidaihe is set to commence construction in July 2024, with the main structure already topped out, providing critical support for future capacity ramp-up and large-scale production of new products [3] - Looking ahead to 2025, Kangtai Medical plans to continue its steady and innovative operational strategy, focusing on core business, maintaining R&D investment, enhancing product and service quality, and optimizing resource allocation to maximize shareholder and company benefits [3]

Core Viewpoint - Zhejiang Wuzhou New Spring Group Co., Ltd. reported a revenue increase of 5.10% in 2024, but net profit decreased significantly by 33.88%, primarily due to losses from overseas subsidiaries [1][3][22] Financial Performance Analysis - Revenue for 2024 reached 3.265 billion yuan, up from 3.106 billion yuan in the previous year, indicating a growth of 5.10% [2] - The automotive parts sector saw a revenue increase of 20.24%, while the thermal management system components grew by 11.70%. However, bearing products only grew by 0.22%, suggesting slower growth in traditional business areas [2] - Net profit attributable to shareholders was 91.37 million yuan, down from 138 million yuan in 2023, marking a decline of 33.88% [3] - Basic earnings per share fell to 0.25 yuan from 0.40 yuan, a decrease of 37.50% [4] Expense Analysis - Sales expenses increased by 30.22% to 109 million yuan, attributed to the consolidation of WJB Holdings, indicating a stronger market promotion effort [5] - Management expenses rose by 10.50% to 164 million yuan, reflecting increased operational costs [6] - Financial expenses surged by 122.21% to 33.04 million yuan, primarily due to increased short-term borrowings and the consolidation of WJB Holdings, indicating heightened debt pressure [7] Cash Flow Analysis - Net cash flow from operating activities decreased by 30.92% to 196 million yuan, mainly due to the consolidation of WJB Holdings, which may affect liquidity and operational efficiency [10] - Net cash flow from investing activities worsened to -374 million yuan from -119 million yuan, indicating increased investment efforts [11] - Net cash flow from financing activities turned positive at 140 million yuan, up from -69.12 million yuan, due to increased bank borrowings [12] R&D Investment - R&D expenses slightly decreased by 2.60% to 98.70 million yuan, representing 3.02% of revenue, showing continued commitment to innovation [8][13] - The company established a central research institute to enhance R&D capabilities and product upgrades [13] - The R&D team consists of 378 personnel, with a focus on attracting top talent for technological advancements [14] Overall Evaluation - Despite revenue growth, the significant decline in net profit highlights challenges in overseas operations and cost management. The company needs to enhance overseas business management and optimize its business structure to improve profitability while continuing to invest in R&D to address market competition [22]

"五一"假期前的最后一天，A股上市公司2024年年报及2025年一季报披露，已基本落幕。 数据显示，截至4月30日，5411家A股上市公司中，已有5402家披露2024年年报，5399家披露2025年一 季报。A股上市公司提交了年度营收近72万亿元的"成绩单"。 2024年：各行业间业绩分化明显 2024年全年，A股上市公司合计实现营业收入71.92万亿元，同比下降0.22%；实现归母净利润5.21万亿 元，同比下降2.96%。 其中，4029家实现盈利，占比约75%；2567家归母净利润同比增长，占比约48%，含548家上市公司净 利增超100%，1279家上市公司净利增超30%。正丹股份（300641）净利润同比增长近120倍，成为2024 年A股净利"增幅王"。 从板块来看，2024年主板营收、净利双降，分别同比下降0.39%、1.83%；创业板、科创板均呈现营收 正增长，净利润下降，其中创业板营收增速为2.72%，归母净利润同比下降13.47%，科创板营收同比增 加0.26%，归母净利润下降39.68%；北交所营收同比下降2.21%，归母净利润降幅为21.99%。 从营收来看，电子设备、信息技术和交通 ...

由上海市总工会、东方娱乐、SMG纪录片创制中心（真实传媒）联合打造的《上海工匠第十季——奋楫》将于5月1日至5日每天8:05在东方卫视两集连播。 节目海报 值此上海市总工会百年华诞之际，节目以"百舸争流，奋楫者先"的进取精神为核，聚焦临床医学、智慧港口、精密测量、海洋工程等领域的十位上海顶尖工 匠。 张蕾 这位非科班出身的"网络尖兵"，在看不见的维度演绎着攻防战。两会、进博会、党的二十大，她在数字洪流中筑坝，用渗透测试撕裂防御假象，以漏洞挖掘 构筑坚实护盾。五年间，她在虚拟战场淬炼出的不仅是技术利刃，更是守护光明的信念——每个补丁都在书写"此路不通"的宣言。 上海工业自动化仪表研究院有限公司张怀锁，正用中国力值重新定义世界测量体系。 在坚冰上镌刻中国精度 在灯火通明的城市背后，在洋山港的万吨巨轮旁，在新能源海域的长风波涛里，有这样一群以匠心为舟、以勇毅作楫的孤勇者，用毫厘必争的精度刻下中国 智造的高度。 张怀锁 面对钢铁、建筑、交通、航空航天等领域的"万吨级"力值检测空白，他带领团队用五年光阴浇筑出世界首台套100MN力标准测力机，在极限载荷下验证 了"中国芯"的硬核实力。其主导研发的最大量程70MN轧制力传 ...

近日，上海德凯工业技术有限公司(以下简称上海德凯)正式签约入驻企知道科创空间。上海德凯在工业技术领域 已深耕二十余载，是国内领先的散状固体物料工厂系统商。公司的主导产品"化学品领域用稀相气力输送系统"在 2023年和2024年市场占有率分别达到19.46%和25.71%，稳居行业前列。 同时，在聚烯烃弹性体(POE)物料输送领域，公司的POE物料输送技术以"防板结、低损耗、智能化"为核心，通过 动态涂覆、模块化集成及工业级防护设计，解决了高温粘连、粉尘污染和设备稳定性等行业痛点，同时为化工新 材料国产化提供了关键技术支持。其技术路线不仅提升了输送效率，还降低了能耗与维护成本，契合高端制造领 域对精细化生产的需求。 专注技术研发与创新，推动工业技术不断突破 上海德凯成立于2003年12月，位于上海市嘉定区，凭借专业的技术与不懈的努力，已成长为行业内颇具影响力的 企业。公司专注于特殊设备设计、生产以及系统成套服务，为客户提供从项目规划到最终交付的一站式解决方 案，主要产品围绕气力输送系统展开，涵盖了物料的输送、混合、分离、除尘等关键环节的设备与系统，深度涉 足石油化工、煤化工、天然气化工和环保等多个关键领域。特别 ...

Core Viewpoint - The Hubei Provincial Museum has launched a new VR experience project titled "Through the Bronze Age," allowing visitors to interact with historical artifacts like the Sword of Goujian and the Zeng Hou Yi chime, creating an immersive cultural experience [1][3][5]. Group 1: Project Overview - The VR theater spans 1,000 square meters, where visitors can don VR headsets to explore the details of the Bronze Age in China, guided by a virtual creature [3]. - The project features over 30,000 model assets, including characters, artifacts, and architecture, with a focus on high-fidelity restoration of museum collections [5][8]. - The project celebrates the 60th anniversary of the discovery of the Sword of Goujian, showcasing a "giant sword spectacle" that magnifies the sword by 10,000 times [5][8]. Group 2: Cultural Significance - The project represents a technological innovation in cultural heritage and aims to pass down the spirit of ancient artifacts to contemporary audiences [7]. - The team behind the project has dedicated nearly 400 days to its development, emphasizing the importance of craftsmanship and historical legacy [7][8]. Group 3: Technical Aspects - The project is produced by the Hubei Provincial Museum in collaboration with local cultural technology companies, utilizing award-winning technology previously used in notable animations [8]. - The music for the experience is developed in partnership with a team known for their work on the game "Black Myth: Wukong," enhancing the immersive experience [8]. Group 4: Visitor Engagement - The VR project is now available for ticket reservations, expected to attract significant interest during the upcoming May Day holiday [10].