【导读】民商基金销售公司公募销售牌照正式注销 中国基金报记者 张燕北 孙晓辉 此前因基金公司密集解约，民商基金销售（上海）有限公司（以下简称民商基金）一度引发 关注。如今，随着证监会一纸公告 " 落地 " ，这家第三方基金销售机构的基金销售牌照正式 注销。 民商基金正式注销基金销售牌照 民商基金正式退出公募代销市场。 中国证监会上海监管局日前披露的信息显示，近期民商基金销售（上海）有限公司向中国证 监会提交了注销公开募集证券投资基金销售业务许可证的申请。根据有关规定，上海证监局 决定注销民商基金的相关业务资格。 公开资料显示，民商基金成立于 2016 年 1 月 29 日， 2017 年 10 月获得证监会基金销售 牌照，是一家由银行业专业人士发起成立的基金销售公司。 事实上，民商基金决定退出基金代销江湖，已早有迹象。今年 5 月以来，基金公司接连密集 发布终止与民商基金的代销业务合作的公告。当时即有业内知情人士透露，民商基金系主动 退出基金代销业务，欲向私募基金业务转型。 Wind 数据显示，截至 7 月 7 日，民商基金代销基金数量为 828 只，代销基金公司数量为 23 家，代销产品数量在 125 家独 ...

欢迎扫描下方二维码关注： 数据, 税率自动带出免税，点击【发票开具】。 开票信息 STEP 7 ■预览信息无误后,点击【开具发票】。（发票样 式如图）。 常见问题解答 Q1: 适用增值税免税范围的自产农产品包括哪 些呢? "农业生产者销售的自产农业产品"是指直接从 事植物的种植、收割和动物的饲养、捕捞的单 位和个人销售的《农业产品征税范围注释》 (财税字〔1995〕52号）所列的自产农业产 0倍 Q2:个人销售自产自销农产品如何开票? 可在"粤税通"、电子税务局APP等渠道申请代 开发票。 荔枝清晨摘,发票同步开! 销售自产农产品开票全程 办,指尖办税一次不用跑! 政策依据 ■《中华人民共和国增值税暂行条例》第十五条 ■《财政部 国家税务总局关于印发〈农业产品征税 范围注释》的通知》（财税字〔1995〕52号） 支持单位：国家税务总局梅州市税务局 来源广东税务 欢迎扫描下方二维码关注： STEP 3 ■ 首页→【我要办税】→【发票使用】→【发票开 具】→【蓝字发票开具】→【立即开票】。 视范电子税务局 ◎厂短 (1340.501 我要办税 发票使用 发展规则 发票开具 蓝字发票开具 发源业（交）ll 发票业（ ...

Group 1 - The core viewpoint of the announcement is the sales performance of the company's pig farming operations in June 2025, highlighting significant year-on-year growth in both sales volume and revenue [2][3][5] - In June 2025, the total pig sales volume from the company's controlled and affiliated companies reached 666,100 heads, with a total sales revenue of 1.078 billion yuan [2] - The average selling price of commercial pigs in June 2025 was 14.09 yuan per kilogram, with the average weight of pigs sold being 125.88 kilograms for the controlling company and 123.27 kilograms for the affiliated company [2][3] Group 2 - For the first half of 2025, the controlling company sold a total of 2.1449 million pigs, representing a year-on-year increase of 24.21%, with total sales revenue of 3.398 billion yuan, up 28.13% year-on-year [2][3] - The affiliated company reported a total of 1.6898 million pigs sold in the first half of 2025, marking a year-on-year increase of 50.71%, with total sales revenue of 2.983 billion yuan, also up 50.73% year-on-year [3] - The changes in sales volume and revenue in June 2025 are attributed to fluctuations in the domestic pig market and the gradual release of production capacity [5]

Financial Data and Key Metrics Changes - Net revenues for the first quarter were $7.1 million, down from $10 million in the prior year [6] - Average active brand partners decreased to 7,700 from 13,400 year-over-year [6] - Loss before income taxes improved to a negative $1.4 million from a negative $1.7 million [6] - Net loss decreased to $1.1 million compared to a loss of $1.3 million last year [6] - Loss per share improved to $0.13 from $0.15 on a fully diluted basis [6] - Net inventories decreased by $2.7 million from $44.7 million to $42 million [7] Business Line Data and Key Metrics Changes - The decline in sales was primarily driven by reduced brand partner levels in the paper pie division [4] - Customer sales events were implemented to promote paper pie sales and generate cash [4] Market Data and Key Metrics Changes - The company faced a challenging sales environment due to high inflation and reduced disposable income among families with small children [4] - The direct sales industry, particularly in the product sector, has experienced difficulties in recruiting new consultants [4] Company Strategy and Development Direction - The company is focusing on strategic changes to support brand partners and has launched new incentive programs [7] - A successful partnership with Ticket to Dream has allowed the company to distribute thousands of books to foster children [9] - The company is planning a phased approach to purchasing new titles and replenishing best sellers to energize the sales force [10][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current downturn in the industry but expressed confidence in emerging stronger and more resilient [13] - The company is working on a sale leaseback of its headquarters, with expectations to complete the sale before September [12] - Management is optimistic about the ongoing sale process and has developed a contingency plan (Plan B) in case the primary sale does not go through [22][23] Other Important Information - The company has executed an agreement to sell the Hilti Complex, with a 90-day due diligence period [12] - Proceeds from the sale are expected to fully pay back the bank, leaving the company with no debt [13] Q&A Session Summary Question: What is the contingency plan if the sale of the Hilti Complex falls through? - Management has a viable Plan B that includes other offers with quick close contingencies, which would also help eliminate bank debt [22][23] Question: Can you provide more details about the buyer group for the Hilti Complex? - The buyer group is a real estate company, and management is optimistic about the ongoing due diligence process [26][27] Question: What is the strategy behind buying new titles given the current inventory levels? - The strategy involves a conservative approach to introduce new titles to energize the sales force without significantly increasing inventory levels [40][41] Question: What is the target net revenue run rate and average from partners during normalization? - Management indicated that rebuilding will take time, and they are implementing various strategies to improve sales and recruitment [44][45] Question: Has there been any serious interest in acquiring the company? - Management has not received any serious unsolicited offers for acquisition, but they would entertain such discussions in the future [47][50] Question: What is the current relationship with the bank? - The relationship has been good, with the bank supporting the company through the process, although amendments have become more restrictive [51][53]

Core Viewpoint - The company, Shandong Lukang Pharmaceutical Co., Ltd., has shown significant growth in sales revenue and net profit during the reporting period, with a notable increase in sales profit margin attributed to product structure changes and asset disposal gains from land recovery [1][12]. Financial Performance - The company's operating revenue for the reporting periods was 562.14 million yuan, 614.67 million yuan, and 623.31 million yuan, while the net profit attributable to shareholders was 138.01 million yuan, 246.17 million yuan, and 394.62 million yuan, respectively [1][2]. - The sales profit margins were recorded at 2.55%, 4.18%, and 6.55% for the respective years, indicating a steady increase [1][3]. Sales Profit Margin Analysis - The increase in sales profit margin is primarily due to changes in product structure, market competition, and cost variations, with the gross profit margin showing a trend of increase followed by stabilization [2][5]. - The gross profit margins for the reporting periods were 22.19%, 24.65%, and 23.96%, reflecting the impact of product mix and cost management [3][5]. Product Segmentation - The company’s human medicine segment showed a steady increase in gross profit margin for formulation drugs, with margins of 33.68%, 38.02%, and 41.46% over the reporting periods, driven by the introduction of high-margin products and improved production efficiency [5][6]. - The raw material drug segment experienced fluctuations in gross profit margins, with rates of 12.53%, 5.46%, and 8.53%, influenced by market competition and cost changes [10][11]. Export and Revenue Matching - The company’s export revenue showed a strong correlation with customs declaration data, with minor discrepancies deemed reasonable due to small sample exports and internal sales classifications [15][16]. - The total export revenue for the reporting periods was 76.71 million yuan, 78.03 million yuan, and 104.08 million yuan, with the export tax refund amounting to 107.34 million yuan, 69.40 million yuan, and 86.95 million yuan, respectively [16][19]. Market and Competitive Landscape - The company’s external sales were diversified across several countries, including the UK, Netherlands, and Egypt, with stable trade and tariff policies that did not adversely affect export operations [19][20]. - The sales expense ratio for the company was significantly lower than that of comparable companies, recorded at 8.45%, 9.40%, and 9.11% over the reporting periods, reflecting efficient cost management strategies [22][23].

进入2025年之后，随着"国家喊你减肥"这一话题深入人心，越来越多人意识到，超重和肥胖是诱发心脑 血管疾病、糖尿病和部分癌症等疾病的重要危险因素，而肥胖本身也有可能发展成为一种需要长期干预 的慢性病。 《中国居民营养与慢性病状况报告（2020年）》结果显示，我国 18 岁及以上居民超重率为34.3%，肥 胖率为16.4%。国家卫健委曾援引研究对公众提出警示：如果得不到有效遏制，2030年我国成人超重肥 胖率将达到70.5%。 药物治疗是肥胖症人群的主要医学干预方式之一，已被写入国家卫健委的诊疗指南。在治理药物中，以 GLP-1类创新药物为主导新药研发竞争日益白热化，成为国内外各大药企押注的未来赛道，也为肥胖和 超重患者带来更多可能性。 需求的觉醒、供给的增多，让药企更重新审视具有专业服务能力的线上平台的价值。如何利用线上渠 道，快速连接药品与患者，提供专业的医疗健康支持服务，成为药企筛选合作伙伴的重要条件。 在围绕减重药物的"线上渠道大战"中，京东健康做对了什么，能够迅速出圈，占据绝对的市场份额？ 药企和线上平台的"双向奔赴" 7月3日，京东健康官宣信达生物自主研发的减重创新药物信尔美®（通用名：玛仕度肽注射 ...

分析公司：亚马逊Prime Day或推动美国在线销售额飙升 金十数据7月7日讯，分析公司奥多比周一预测，在本周为期96小时的亚马逊Prime Day会员日活动期 间，美国零售商在线销售额预计将飙升至238亿美元。7月8日至11日的销售额预计较去年同期增长 28.4%。 ...

2025年07月07日 证券研究报告 | 房地产行业2025年中期策略 审慎观察，积极博弈 行业研究 · 行业投资策略 房地产·房地产开发 投资评级：优于大市（维持） 证券分析师：任鹤 010-88005315 renhe@guosen.com.cn S0980520040006 证券分析师：王粤雷 0755-81981019 wangyuelei@guosen.com.cn S0980520030001 证券分析师：王静 021-60893314 wangjing20@guosen.com.cn S0980522100002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 • 上半年回顾 当前"924"热度渐散，市场重回下行趋势，景气度回到了"924"之前。我们预计若无增量政策出现，短期内市场销售 端无自发修复的可能。 • 下半年展望 当前库存供需关系未明显好转，如回收存量土地计划全部落地，当前能消化约14%的超量闲置土地。如果不考虑增量政策， 我们预计2025全年销售额-5.8%，销售面积-3.6%，投资-9.3%，新开工-2%，竣工-26%。 请务必阅读正文之后的免责声明及其项下所有内容 目录 ...

Group 1 - The Eurozone retail sales data for May will be released at 17:00 Beijing time [1]

Group 1 - The total contract sales amount of the company is approximately RMB 250,549,896 as of June 2025 [1] - The total contracted construction area of the company is approximately 27,636 square meters [1] - The average contract price per square meter is approximately RMB 9,066 [1]