2025年4月17日，壹石通发布2024年年报。报告显示，公司全年营业总收入为5.05亿元，同比增长 8.60%；归属净利润为1200万元，同比下降51.05%；扣非净利润为-2371.39万元，亏损同比扩大 179.08%。尽管公司在锂电池涂覆材料勃姆石市场保持全球领先地位，但主要产品售价下降及原材料价 格波动导致毛利率下滑，叠加存货跌价准备计提增加，净利润大幅缩水。 一、主营业务表现：市场份额提升，但盈利能力承压 2024年，壹石通在锂电池涂覆材料勃姆石领域继续保持全球领先地位，市场份额稳居第一。公司小粒径 勃姆石产品出货量显著增长，满足了隔膜轻薄化趋势的需求，并提升了锂电池的充放电效率。此外，无 机功能粉体材料和聚合物材料的营业收入同比均有所增长，推动整体营收增长8.60%。 然而，公司盈利能力却大幅下滑。主要产品售价下降及原材料价格波动导致毛利率同比下降6.56%，叠 加存货跌价准备计提增加，归属净利润和扣非净利润分别下降51.05%和179.08%。尽管公司在技术创新 和产品优化方面取得进展，但市场环境的不确定性对盈利能力造成了显著冲击。 二、创新与研发：技术突破与产业化推进 2024年，壹石通在研 ...

Core Insights - The company reported a revenue of 972.27 million yuan in 2024, representing a year-on-year growth of 17.70%, while the net profit attributable to shareholders decreased by 47.26% to 73.12 million yuan, indicating a significant divergence between revenue growth and profit decline [1][3]. Financial Performance - Revenue Growth: The company's revenue reached 972.27 million yuan, up from 826.06 million yuan in the previous year, driven by market expansion and increased sales, with notable growth in the general testing industry (up 96.94%), precision testing power products (up 36.02%), and overseas revenue (up 500.75%) [2]. - Net Profit Decline: The net profit attributable to shareholders was 73.12 million yuan, down from 138.64 million yuan, primarily due to increased R&D investments, rising operating costs, and intensified market competition leading to a decrease in overall gross margin [3]. - Non-recurring Profit Drop: The net profit excluding non-recurring items was 60.14 million yuan, a decrease of 51.95% from 125.17 million yuan, indicating challenges in core business profitability [4]. Earnings Per Share - Basic Earnings Per Share (EPS): The basic EPS was 0.64 yuan, down 56.76% from 1.48 yuan, attributed to the significant drop in net profit and an increase in share capital from 82.48 million shares to 115.39 million shares [5]. Expense Analysis - Cost Increase: Operating costs rose to 631.16 million yuan, a 32.56% increase; sales expenses were 69.05 million yuan (up 7.29%); management expenses were 64.01 million yuan (up 28.58%); and R&D expenses surged to 141.91 million yuan (up 59.00%) [6][11]. - Sales Expenses: Sales expenses increased due to higher sales personnel compensation and market service fees, reflecting the need for more resources to maintain and expand customer relationships [7]. - Management Expenses: Management expenses rose due to the company's expansion, necessitating more resources for operational efficiency [8][9]. R&D Investment - R&D Investment Growth: R&D expenses reached 141.91 million yuan, a 59.00% increase, representing 14.60% of revenue, highlighting the company's commitment to innovation and product development [12]. - R&D Achievements: The company holds 192 patents, including 61 invention patents, and has received several awards for its projects in the testing power and power quality fields, enhancing its market competitiveness [13]. Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities increased to 69.96 million yuan, up 55.25% from 45.06 million yuan, indicating improved sales collection [15]. - Investment Cash Flow: The net cash flow from investing activities significantly decreased to -840.71 million yuan, primarily due to investments in new headquarters and projects [16][17]. - Financing Cash Flow: The net cash flow from financing activities turned negative at -119.56 million yuan, compared to a positive 1.14 billion yuan in the previous year, due to the absence of large fundraising activities [18].

4月17日，博科测试（301598）发布2024年年报，公司营业总收入达到5.15亿元，同比增长9.86%；归属 净利润为1.02亿元，同比增长6%；扣非净利润为1.01亿元，同比增长7.24%。尽管公司整体业绩呈现增 长态势，但归属净利润的滚动环比增长率却大幅下滑18.98%，显示出公司在盈利能力上的波动性。博 科测试作为国内伺服液压测试设备和汽车测试试验设备的领先供应商，其业务覆盖土木建筑、轨道交 通、航空航天等多个行业，但在海外市场的布局仍显不足，成为其未来发展的一大隐忧。 盈利能力波动与市场挑战 尽管博科测试在2024年实现了营收和净利润的双增长，但归属净利润的滚动环比增长率却大幅下滑 18.98%，显示出公司在盈利能力上的不稳定性。这一波动可能与公司在研发和市场拓展上的高投入有 关。报告期内，公司研发投入持续增加，尤其是在伺服液压测试设备和汽车测试试验设备的技术创新 上，公司投入了大量资源。虽然这些投入有助于提升公司的长期竞争力，但在短期内对盈利能力造成了 一定压力。 此外，公司在海外市场的布局相对薄弱，与欧美跨国企业相比存在明显差距。尽管公司在英国设有子公 司，并在美国设有销售和服务机构，但其海外 ...

Core Viewpoint - The financial report of Jiuquan Technology for 2024 indicates a decline in both revenue and profit, highlighting the pressure the company faces in a changing market environment [4][8]. Revenue and Profit Decline - In 2024, the total revenue of the company was 592 million yuan, a year-on-year decrease of 1.85% [4]. - The net profit attributable to the company was 94 million yuan, down 28.79% year-on-year, while the non-recurring net profit saw a significant drop of 42.00% to 52.55 million yuan [4][8]. - This performance contrasts sharply with the company's previous years of rapid growth, where in 2022, total revenue increased by 42.17% and net profit surged by 97.29% [4]. Market Position and Competition - Despite maintaining a leading position in the smart electric meter chip market, the company faces intensified competition and changing customer demands, which negatively impact profitability [4][5]. - The significant decline in gross profit by 12.71% indicates weakened cost control capabilities [4]. BMS Chip Development - In 2024, the company achieved its first order in the BMS chip sector, marking a significant step in expanding into new markets [5]. - The BMS chips are utilized in battery management systems for electric two-wheelers, vacuum cleaners, and outdoor power sources, with the HT3310X and HT32F106 chips offering high precision and low power consumption [5][6]. - However, the BMS chip market is highly competitive, and the company must enhance product performance and cost-effectiveness to secure a foothold [6]. R&D Investment and Innovation - The company increased its R&D expenditure to 181 million yuan in 2024, reflecting a year-on-year growth of 18.02% [7]. - A high proportion of R&D personnel, at 79%, underscores the company's commitment to technological innovation [7]. - The company applied for 12 patents during the reporting period, with a focus on energy metering chips, smart electric meter MCU chips, and BMS chips [7]. - New products launched include a new generation of three-phase metering chips and advancements in smart electric meter MCU chips based on RISC-V architecture [7]. Future Outlook - The company's ability to reverse its declining trend through technological innovation and market expansion remains to be seen [8].

Core Insights - The company achieved a revenue of 1,843,447,034.94 yuan in 2024, reflecting a year-on-year growth of 1.86%, indicating stable business growth [1] - The net profit attributable to shareholders was 229,331,122.93 yuan, up 3.29% year-on-year, showcasing enhanced profitability [1] - The company reported a significant increase in net cash flow from operating activities, amounting to 106,579,128.61 yuan, compared to a negative cash flow of -47,216,721.69 yuan in the previous year, marking a 325.72% increase [3] Revenue and Profitability - Revenue from nuclear engineering valve products reached 838,718,216.67 yuan, accounting for 45.50% of total revenue, with a year-on-year growth of 35.50% [1] - Revenue from oil and petrochemical products was 479,331,521.88 yuan, representing 26.00% of total revenue, with a decline of 20.62% year-on-year [1] - Basic earnings per share increased to 0.60 yuan, up 3.45% year-on-year, indicating a solid operational performance [1] Expenses and R&D - Sales expenses decreased by 27.58% to 63,795,920.44 yuan, primarily due to reductions in modern service fees and business entertainment expenses [2] - Research and development expenses fell by 9.77% to 65,592,210.14 yuan, with R&D investment as a percentage of revenue decreasing from 4.02% to 3.56% [2] - The company has a total of 120 undergraduate R&D personnel, a decrease of 3.23%, while the number of master's degree holders increased by 63.33% to 49 [2] Cash Flow and Investment - The net cash flow from investment activities was 69,029,631.75 yuan, a growth of 1.57% year-on-year, supported by dividends received from other companies [3] - The net cash flow from financing activities was -5,182,616.98 yuan, an increase of 93.54% compared to the previous year, primarily due to changes in short-term and long-term borrowings [3] Management and Strategy - The company has implemented measures to address risks, including enhancing project management for non-nuclear key projects and expanding into emerging markets [4] - Management compensation is linked to company performance, with the chairman receiving a pre-tax remuneration of 975,700 yuan, aligning incentives with company growth [5][6] - The company aims to strengthen internal management and enhance technological innovation capabilities to navigate future challenges [6]

Summary of the Conference Call Company Overview - The conference call was held by YouRan Dairy, focusing on the company's annual performance and future outlook for 2024. The call included presentations from the CEO and CFO, followed by a Q&A session [1][20]. Key Points Industry Context - The raw milk industry faced significant challenges in 2024, with a decrease in dairy product consumption and a prolonged oversupply situation. Raw milk prices have been declining for three consecutive years [1][3]. - The overall sales of dairy products in China decreased by 27% in 2024, with production down by 1.9% according to Nielsen data and National Bureau of Statistics [3][12]. - The number of dairy cows in the country decreased by approximately 5% in 2024, leading to a 9% decline in total raw milk production in the last quarter of the year [3][12]. Financial Performance - YouRan Dairy achieved a revenue of nearly 20.1 billion RMB in 2024, a year-on-year increase of 7.5%. The gross profit margin improved by 4.9 percentage points to 28.8% [2][13]. - The company reported a net loss of 690 million RMB, a reduction of 34.2% compared to the previous year's loss of 1.05 billion RMB [13][19]. - Cash flow from operations increased significantly, reaching 5.32 billion RMB, up 38.3% from 3.85 billion RMB in 2023 [13][17]. Operational Highlights - The average price of raw milk sold by YouRan was 4.12 RMB per kilogram, a decrease of 5.9% compared to the previous year, which is lower than the industry average price drop of 13.5% [5][16]. - The company maintained a gross margin of 32.7% for its raw milk business, reflecting effective cost control measures [6][15]. - YouRan's solution business revenue reached 5 billion RMB, with a gross margin of 16.8%, indicating a positive trend in this segment despite overall sales volume pressure [6][17]. Strategic Initiatives - YouRan Dairy is focusing on technological innovation and sustainable practices, having been recognized in the S&P Global Sustainability Yearbook [2][12]. - The company is enhancing its operational efficiency through improved management practices and the promotion of exemplary farm management models [4][6]. - YouRan is also expanding its product offerings in the feed sector, with a focus on developing new feed products and enhancing its brand portfolio [6][7]. Future Outlook - The company anticipates continued industry consolidation and expects to optimize production capacity in response to market pressures [12][23]. - There is an expectation for a recovery in the dairy market in the second half of 2025, driven by consumer confidence and government stimulus policies [23][24]. - YouRan aims to maintain its competitive edge through ongoing technological advancements and strategic management of its resources [12][19]. Additional Insights - The company has implemented a comprehensive quality management system to ensure product quality and compliance with industry standards [10][11]. - YouRan's focus on sustainable development includes the construction of solar-powered farms and the establishment of a carbon credit system [11][12]. - The management emphasized the importance of maintaining a balanced pricing strategy for both regular and specialty milk products, adapting to market conditions while ensuring profitability [42][43]. This summary encapsulates the key discussions and insights from the conference call, highlighting YouRan Dairy's performance, strategic direction, and the broader industry context.

Core Viewpoint - Bettery, a global leader in new energy materials, demonstrated strong operational resilience and market competitiveness in its 2024 annual report, achieving a revenue of 14.237 billion yuan and a net profit of 930 million yuan despite facing significant industry challenges [2] Group 1: Financial Performance - In 2024, Bettery reported total assets of 33.347 billion yuan, a year-on-year increase of 13.49%, and net assets of 12.227 billion yuan, up 5.67% [2] - The company’s revenue from negative electrode materials reached 10.692 billion yuan, with sales volume exceeding 430,000 tons, maintaining a global market share of over 21% [3] Group 2: Industry Context - The global new energy materials industry is experiencing a dual scenario, with negative electrode material production exceeding 2 million tons (up 35%) while demand growth is only 20%, leading to an average industry operating rate below 60% and a 30% drop in prices [3] - New technologies such as solid-state batteries and sodium-ion batteries are accelerating commercialization, prompting major companies to increase patent acquisitions [3] Group 3: Innovation and R&D - Bettery emphasizes innovation as a core driver of development, with R&D investment reaching a historical high of 5.42% of revenue, totaling 692 authorized patents [4] - The company has developed a unique "research generation, reserve generation, production generation" model for silicon-based negative electrode materials, achieving an effective capacity of 5,000 tons per year [4] Group 4: Strategic Expansion - Bettery is actively expanding its global presence, with significant projects in Indonesia and Morocco aimed at enhancing its competitive edge in international markets [6] - The company has initiated the construction of an integrated project in Indonesia with an annual capacity of 80,000 tons for lithium battery negative electrode materials, marking a significant step in Southeast Asia [6]

我刚加入公司时，航天振邦就已是国内涉足航天航空零部件等制造领域的先行者之一，但当时的发展环 境与如今相比，有着天壤之别。那时候，我们面临着技术封锁、设备落后等诸多难题，每前进一步都异 常艰难，但我们凭借着骨子里的那股韧劲，硬是从荆棘中踏出了一条路。 为了掌握先进的生产加工工艺，我们一头扎进技术研发中。就拿图纸3D设计和数控编程这两项核心能 力来说，团队成员夜以继日守在电脑前，反复试验、优化。我们对零部件加工工艺、技术参数、精度要 求等进行数控编程，通过程序对精密机床进行精准控制，并经过加工、测量、组装等工序，最终形成伽 马刀、质子治疗中心产品，使其成为市场上"人无我有"的拳头产品。 技术创新从来不是坦途。在研发高硬度钨合金加工技术时，过程同样充满艰辛。实验一次次失败，材料 浪费了一批又一批，资金压力也越来越大。但我们坚信，只要坚持就能成功。团队成员不断调整工艺参 数，尝试新的加工方法，终于实现突破。相关技术稳定应用于伽马刀刀片加工制作，为公司开拓了新的 业务领域。 来源：光明网-《光明日报》 【一线讲述】 研发攻关，从荆棘中踏出一条路 讲述人：河北航天振邦精密机械有限公司技术工程师 智慧礼 在航天振邦数控加工 ...

每经编辑 陈楠 深耕农化领域二十余载的南通泰禾化工股份有限公司（以下简称泰禾股份）成功登陆深交所创业板。本 次泰禾股份发行价格定为10.27元/股，开盘价45.00元/股。 长期以来，凭借深厚的技术底蕴，泰禾股份在百菌清、嘧菌酯、2,4-D三大核心产品领域独占鳌头，无 论是生产规模，还是综合技术水平，均屹立于行业潮头。 技术创新，无疑是泰禾股份持续领跑的核心驱动力。作为国内农药行业中为数不多拥有自主创制能力的 企业，近年来，泰禾股份已推出新农药环丙氟虫胺以及四氯丙烯、1,4-BAC等新物质，不断拓宽技术边 界，为行业发展注入新的活力。 在迈向国际化的进程中，泰禾股份已然成为中国农化行业国际化发展的一面旗帜。"新一轮科技革命带 来的生产变革将深刻影响泰禾乃至全球科技的发展。"泰禾股份董事长田晓宏表示，"我们唯有不断创 新，才能在竞争中脱颖而出。" 三大核心单品构筑护城河 泰禾股份成立于2004年4月。成立二十余年来，公司已从一家初创企业成长为手握多个农药"冠军产 品"的行业领军者。 围绕百菌清、嘧菌酯、2,4-D三大核心产品，泰禾股份构建起完整的产业链布局——旗下新河农用坐稳 全球百菌清原药生产龙头地位，江西天 ...

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]