（来源：中国改革报） 转自：中国改革报 □ 龚阔英 数字化技术的广泛渗透促使学术出版领域发生全方位、深层次的变革。编辑作为学术期刊内容生产与传 播的核心主体，其角色功能、工作模式和能力要求均随之发生显著变化。传统学术期刊编辑以文字加 工、格式规范、审稿校对为核心的角色定位，已难以满足数字化转型背景下期刊对内容创新、传播优 化、用户服务等方面的多元化需求。在此背景下，学术期刊编辑需重构角色定位，探索科学有效的能力 提升路径。 数字化转型对学术期刊出版全流程、全要素提出新要求，其核心在于实现以内容为核心向以用户为中心 的转变，从单一出版向多元服务的延伸。因此，学术期刊编辑的角色重构必须围绕数字化转型的核心需 求，以提升期刊内容质量、传播效率和用户服务水平为目标，实现从传统被动加工者向新型主动赋能者 的转型。具体的角色定位涉及以下三个方面。其一，复合型信息管理者。学术期刊编辑需具备较强的信 息筛选能力，能够从海量的学术信息中筛选出具有学术价值、符合期刊定位的优质稿件和选题方向，提 升稿件审核的效率和质量；具备信息整合与加工能力，不仅要对稿件的文字内容进行加工优化，还要根 据数字化传播的需求，将文字内容与图片、视频、 ...

Core Insights - The article highlights the transformation and growth of the Sichuan cuisine industry, particularly focusing on the development of Pixian Douban as a key product and the establishment of the China Sichuan Cuisine Industrial City as a hub for modernization and innovation in traditional food production [1][2]. Industry Development - Pixian Douban has become a billion-yuan industry since receiving national geographical indication product status in 2005, and it is now a pillar of the local food and beverage industry [2]. - The China Sichuan Cuisine Industrial City has attracted 155 enterprises, aiming for an industrial output value of 11.76 billion yuan by 2025 [2]. - The industrial city promotes a model of "leading enterprises + precise investment attraction" to enhance the collaboration within the supply chain, achieving a 15% to 20% reduction in raw material costs and a quality compliance rate of over 98% [2]. Technological Innovation - Sichuan Tianwei Food Group has implemented a fully automated and digitally controlled manufacturing process, addressing industry challenges such as food safety and product quality [3]. - The Pixian Douban Group has secured 73 independent intellectual property rights, significantly increasing production efficiency and reducing labor costs through advanced manufacturing techniques [3]. Global Expansion - The Sichuan cuisine industry is actively pursuing international markets, with local enterprises adapting to global food safety standards and regulations [4][5]. - The establishment of a public service system for "going global" has facilitated trade processes for local companies, leading to significant contracts at international food exhibitions [5]. - Companies like Pixian Douban and Yang Guofu have successfully expanded overseas, with Yang Guofu's store count nearly doubling in three years [6][5]. Digital Empowerment - Many enterprises in Pixian have embraced e-commerce and digital platforms, enhancing their market reach and production capabilities [8][9]. - Yang Guofu has developed a comprehensive sales system integrating stores, e-commerce, and retail, utilizing data-driven approaches for production and distribution [9]. Cultural Integration - The China Sichuan Cuisine Industrial City is also focusing on cultural tourism, integrating agricultural production, industrial standardization, and cultural promotion to enhance the overall value chain [10].

Core Viewpoint - Chengdu is focusing on high-quality development through industrial chain enhancement and innovation, aiming to establish a modern industrial system and improve its competitive edge in the global market [1][6]. Group 1: Industrial Cluster Development - Chengdu is promoting industrial clustering as a core form of high-quality development, transitioning from dispersed layouts to concentrated clusters through systematic policy design [2]. - The city has implemented a "chain leader + special class" mechanism to establish a focused industrial chain promotion system, creating a multi-level industrial cluster framework [2]. - Chengdu has formed trillion-level industrial clusters and hundreds of billion-level industrial chains, leading in the number of national advanced manufacturing clusters among sub-provincial cities [2]. Group 2: Innovation and Digital Transformation - Innovation is identified as the primary driver for high-quality industrial development, with Chengdu focusing on integrating innovation chains with industrial chains [3]. - The city has launched the "Smart Transformation" initiative, establishing a policy support system to facilitate digital transformation for small and medium-sized enterprises [4]. - Chengdu has achieved significant results in digital transformation, becoming the only city in the western region to win three national-level digital transformation pilot projects [4]. Group 3: Element Supply and Business Environment - Chengdu is addressing enterprise development challenges through institutional innovation to optimize resource allocation and enhance service efficiency [5]. - The city has introduced financial tools and investment funds to support key projects and small and medium-sized enterprises, ensuring land supply for priority industrial chains [5]. - Continuous improvement of the business environment has led to increased vitality in the private economy, fostering a favorable development landscape for state-owned, private, and foreign enterprises [5]. Group 4: Strategic Focus Areas - Chengdu is focusing on key areas to deepen the "building circles and strengthening chains" initiative, emphasizing innovation, ecological cultivation, and open collaboration [6][7]. - The city aims to enhance the overall competitiveness of industrial chains by promoting differentiated development of specialized industrial parks and supporting leading enterprises [7]. - Efforts are being made to accelerate industrial transformation and cultivate new productive forces, including the development of green manufacturing and strategic emerging industries [8]. Group 5: Global Integration - Chengdu is enhancing international industrial cooperation through initiatives like the China-Europe Railway Express and the Western Land-Sea New Corridor [8]. - The city is actively engaging in international capacity cooperation and promoting the "Chengdu-made, global sales" campaign to strengthen its manufacturing brand [8]. - Chengdu is working to align with international high-standard trade rules to create a market-oriented, law-based, and international business environment [8].

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-009 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 陕西斯瑞新材料股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为陕西斯瑞新材料股份有限公司（以下简称"公司"）初步核算数据， 未经会计师事务所审计，具体数据以公司2025年年度报告中披露的数据为准，提请投资者注意投资风 险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 三、风险提示 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司正式披露 的2025年年度报告为准，公司不存在影响本次业绩快报内容准确性的重大不确定因素，敬请广大投资者 注意投资风险。 特此公告。 报告期内，公司实现 ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 30% year-over-year to over $192 million, with marketplace revenue at $178 million and supplier services revenue at $13.9 million [43][44] - Full year 2025 revenue growth accelerated by 800 basis points to 26%, with adjusted EBITDA of $18.5 million compared to a loss of $9.7 million in 2024 [42][56] - Q4 gross profit was $75.2 million, a 27% increase year-over-year, with a gross margin of 39.1% [47] Business Line Data and Key Metrics Changes - Q4 marketplace revenue increased 33% year-over-year, driven by strong execution and expansion of buyer and supplier networks [43][44] - Marketplace gross margin expanded by 80 basis points year-over-year to 35.3%, reflecting the economic value generated by the AI-native marketplace [18][47] - Revenue from marketplace accounts with last twelve-month spend of at least $500,000 increased by over 40% year-over-year [19] Market Data and Key Metrics Changes - Q4 active buyers increased 20% year-over-year to 81,821, with a net addition of 3,539 active buyers [44] - The number of accounts with last twelve months spend of at least $50,000 increased 18% year-over-year to 1,760 [45] - Enterprise growth remained robust, with over 140 accounts having last twelve months spend of at least $500,000 [45] Company Strategy and Development Direction - The company is focused on product-led growth, expanding marketplace offerings, and driving structural growth for enterprise accounts [22][28] - Xometry aims to enhance its marketplace capabilities, including AI-powered design for manufacturing and expanding high-performance materials [25][27] - The transition in leadership is seen as a strategic move to continue the company's growth trajectory and innovation [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026, with expectations for robust growth despite macroeconomic uncertainties [56][72] - The company anticipates continued improvement in international segment operating leverage in 2026 [52] - Management highlighted the importance of resilient supply chains and digital transformation in driving future growth [14][106] Other Important Information - The company plans to invest in technology and product rollouts, with a focus on improving working capital efficiency and cash flow conversion [53][55] - Xometry's AI-native marketplace is positioned to capitalize on the growing demand for digital solutions in custom manufacturing [106][134] Q&A Session Summary Question: Why now for the CEO change? - The transition is a result of a deliberate succession process, reflecting the strength of the company's position and record results in 2025 [62][63] Question: What initiatives could have the most meaningful impact on growth this year? - Focus on executing growth initiatives, expanding marketplace offerings, and driving structural growth for enterprise accounts [67][68] Question: Can you elaborate on the guidance for Q1 2026 and the potential deceleration? - The company is mindful of the macro environment but has raised guidance for Q1, indicating strong momentum [72][73] Question: What are the expectations for international profitability? - The unit economics in international markets are similar to the U.S., with expectations for international growth to become a larger part of the business [80][81] Question: How is brand awareness being built among buyers? - The company is balancing profitability with marketing spend, focusing on integrating into customer workflows to enhance brand awareness [115][120]

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 30% year-over-year to over $192 million, with marketplace revenue increasing 33% year-over-year to $178 million [41][15] - Full year 2025 revenue growth accelerated by 800 basis points to 26%, with adjusted EBITDA of $18.5 million compared to a loss of $9.7 million in 2024 [40][48] - Q4 gross profit was $75.2 million, a 27% increase year-over-year, with a gross margin of 39.1% [45][40] Business Line Data and Key Metrics Changes - Marketplace gross margin expanded by 80 basis points year-over-year to 35.3%, reflecting the economic value generated by the AI-native marketplace [16][45] - Revenue from marketplace accounts with last twelve-month spend of at least $500,000 increased by over 40% year-over-year [17] - The number of accounts with last twelve months spend of at least $50,000 increased 18% year-over-year to 1,760 [43] Market Data and Key Metrics Changes - Active buyers increased by 20% year-over-year to 81,821, with a net addition of 3,539 active buyers in Q4 [42] - Marketplace revenue per active buyer increased by 11% year-over-year, primarily due to strong enterprise growth [42] - Marketplace growth was robust across verticals including aerospace, defense, electronics, and automotive [41] Company Strategy and Development Direction - The company is focused on product-led growth, expanding marketplace offerings, and driving structural growth for enterprise accounts [20][21] - A leadership transition is planned, with Sanjiv Singh Sahni becoming CEO on July 1, 2026, to drive the next stage of innovation and profitable growth [8][12] - The company aims to enhance its technology solutions and deepen its global supplier network to meet increasing customer demands [21][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026, with expectations for robust growth despite a mindful approach to the uncertain macro environment [54][70] - The company anticipates continued improvements in profitability and growth, with a focus on maintaining at least 20% incremental adjusted EBITDA margins [56][122] - Management highlighted the importance of resilient supply chains and digital transformation in the manufacturing sector as key drivers for future growth [13][104] Other Important Information - The company invested $10.3 million in CapEx in Q4, primarily for technology-related initiatives [51] - Cash and cash equivalents at the end of Q4 were $219 million, with operating cash flow of $6.1 million generated in 2025 [50][52] - The company is enhancing its marketing capabilities, particularly through AI, to improve brand awareness and customer engagement [118][119] Q&A Session Summary Question: Why now for the CEO change? - The transition is a result of a deliberate succession process, reflecting the strength of the company's position and record results in 2025 [60][61] Question: What initiatives could have the most meaningful impact on growth this year? - Focus on expanding marketplace offerings and driving structural growth for enterprise accounts [66] Question: Can you elaborate on international profitability expectations? - The unit economics in international markets are similar to the U.S., with expectations for international growth to become a larger part of the business [78][79] Question: What are the biggest tailwinds to growth on an industry vertical standpoint? - The company is well diversified across multiple verticals, with a significant total addressable market (TAM) and a trend towards digitization [102][104] Question: How is the company balancing profitability and sales/marketing spend? - The company is optimizing for both growth and profitability, with a focus on becoming embedded in customer workflows to enhance brand awareness without excessive marketing spend [114][115]

（文章来源：证券日报） 证券日报网讯 2月24日，国投资本在互动平台回答投资者提问时表示，公司将通过优化业务结构、加强 成本管控、加快数字化转型、提升运营效率等多项举措，系统提升盈利能力。推动各金融子企业加快业 务转型，改善收入结构，严格全面预算管理，严控各项费用支出，持续降低融资成本，着力提升人均效 能，以扎实的经营业绩回报投资者。 ...

报告期内，公司秉持"新材料引领未来"的使命，充分发挥核心竞争优势，持续推进技术创新和产业升 级。同时深化数字化转型升级，全面提升管理运营效率。面对下游需求持续增长的有利态势，公司主动 优化产业布局与产品结构，提升高附加值产品占比，带动收入和利润稳步增长。报告期内，公司完成向 特定对象发行A股股票，目前有序推进募投项目建设，募投项目产能逐步释放。同时，公司新的产业方 向开始放量增长，贡献效益增加。此外，欧元汇率上升对销售收入及汇兑收益产生积极影响。 斯瑞新材(688102.SH)发布2025年度业绩快报，报告期内，公司实现营业收入15.64亿元，同比增长 17.66%;实现归属于母公司所有者的净利润1.54亿元，同比增长35.04%。 斯瑞新材(688102.SH)发布2025年度业绩快报，报告期内，公司实现营业收入15.64亿元，同比增长 17.66%;实现归属于母公司所有者的净利润1.54亿元，同比增长35.04%。 ...

智通财经APP讯， 斯瑞新材(688102.SH)发布2025年度业绩快报，报告期内，公司实现营业收入15.64亿 元，同比增长17.66%;实现归属于母公司所有者的净利润1.54亿元，同比增长35.04%。 报告期内，公司秉持"新材料引领未来"的使命，充分发挥核心竞争优势，持续推进技术创新和产业升 级。同时深化数字化转型升级，全面提升管理运营效率。面对下游需求持续增长的有利态势，公司主动 优化产业布局与产品结构，提升高附加值产品占比，带动收入和利润稳步增长。报告期内，公司完成向 特定对象发行A股股票，目前有序推进募投项目建设，募投项目产能逐步释放。同时，公司新的产业方 向开始放量增长，贡献效益增加。此外，欧元汇率上升对销售收入及汇兑收益产生积极影响。 ...

格隆汇2月24日丨斯瑞新材(688102.SH)公布2025年度业绩快报，报告期内，公司实现营业收入15.64亿 元，同比增长17.66%；实现归属于母公司所有者的净利润1.54亿元，同比增长35.04%；实现归属于母公 司所有者的扣除非经常性损益的净利润1.46亿元，同比增长41.26%。 报告期内，公司秉持"新材料引领未来"的使命，充分发挥核心竞争优势，持续推进技术创新和产业升 级。同时深化数字化转型升级，全面提升管理运营效率。面对下游需求持续增长的有利态势，公司主动 优化产业布局与产品结构，提升高附加值产品占比，带动收入和利润稳步增长。报告期内，公司完成向 特定对象发行A股股票，目前有序推进募投项目建设，募投项目产能逐步释放。同时，公司新的产业方 向开始放量增长，贡献效益增加。此外，欧元汇率上升对销售收入及汇兑收益产生积极影响。 ...