据赢商研究中心独家消息，近日，原合生商业总裁赵泽生加入大连新达盟（珠海万达商管的母公司），任银翼投资公司总裁。 公开资料显示，赵泽生于2010年加入合生创展，2017年合生商业成立后作为主要创始人统筹日常经营管理，主导打造北京朝阳合生汇、上海五角场合生汇 等标杆项目，整合产业综合体、精品办公、高端酒店及服务式公寓等多元业务线，构建以缦合为代表的高端物业产品线，业务覆盖北上广深核心一线城 市。 在之前的8月底，赢商研究中心率先披露了珠海万达商管宣布新的管理架构调整及相关人事任命： 公司总部设立运营、财务、人力资源三大体系。 任命王志彬先生担任公司副董事长，负责公司战略、对外合作、连接董事会与管理层等相关工作。任命许粉女士担任公司首席运营官（COO），负责运 营体系工作。 早前7月，肖广瑞因个人原因辞去大连新达盟及珠海万达商管首席执行官职务，同时，黄德炜和胡正伟先共同担任大连新达盟及珠海万达商管联席董事长 职务，黄德炜兼任大连新达盟及珠海万达商管首席执行官职务。 7月人事变动后，大连新达盟及珠海万达商管联席董事长胡正伟在首次讲话主要强调以下内容： "聚焦经营本质，纲举目张。既要目标达成，也要消费者满意。组织架构倒 ...

编辑 | 虞尔湖 出品 | 潮起网「于见专栏」 乳业大洗牌之下，国内首屈一指的巨头蒙牛巨头也扛不住了。2025年8月，蒙牛乳业披露的中期业绩报告显示，公司上半年实现营业收入415.7亿元，同比下 降6.9%；权益股东应占利润20.455亿元，同比减少16.4%。 值得注意的是，这已经是蒙牛连续两年交出营收、净利润双降的半年报成绩单。尤其是从营收角度来看，2025年上年的营收水平，甚至不及2023年同期的 511.2亿元，规模缩水近百亿。纵向对比，更是创近三年同期新低。 尽管财报中8.5%的经营利润率、41.7%的毛利率彰显出一定盈利韧性，但营收利润双降的核心表现，暴露了这家乳业巨头在行业周期低谷期的深层困境。那 么，这个曾经的乳业巨头，如何破局？ 周期反噬与成本传导带来双重挤压 乳制品行业"奶价决定利润"的特性，使上游原奶市场波动成为乳企核心风险。2025年上半年，蒙牛在产业链上游遭遇的周期反噬与成本传导压力尤为严峻， 直接拖累利润表现。 原奶价格持续下行对蒙牛联营牧场造成致命冲击。自2021年9月达阶段性高点后，国内生鲜乳价格累计下跌近三成。 与此同时，本轮周期中，扩产主体多为资金实力较强的规模化企业，凭借 ...

Core Viewpoint - The industrial park sector is undergoing a significant transformation, shifting from "policy arbitrage" to "market survival," and from "real estate thinking" to "industrial thinking," indicating a deep-rooted revolution rather than a simple cyclical adjustment [1][2]. Industry Overview - The industrial park industry is currently facing deep adjustment pains due to external macroeconomic conditions and internal operational challenges, with the entire sector experiencing a fundamental logic reshaping [1]. - The introduction of important policies in the first half of 2025 has guided the transformation of operational and investment models in industrial parks, emphasizing service and ecological collaboration over mere policy competition [3]. Company Performance - China Electric Guoguang (中电光谷) reported a revenue of 1.471 billion RMB for the first half of 2025, a slight increase of 0.79% year-on-year, with a net profit of 2.109 million RMB, maintaining profitability [1]. - The company's operating service revenue reached 1.038 billion RMB, accounting for 70.6% of total revenue, with design and construction services and property management services contributing significantly [4]. Strategic Initiatives - The "one body, two wings" strategic transformation has proven effective, allowing the company to achieve stable development in a challenging industry environment [3][4]. - The company has adopted a light asset development model, which provides stable cash flow and reduces operational risks, while also leveraging industrial investment to activate the entire industrial ecosystem [3][4]. Market Positioning - China Electric Guoguang has established a differentiated core competitiveness by focusing on high-tech and high-end manufacturing sectors, which has allowed it to achieve double-digit growth in park development services despite market pressures [7][8]. - The company has expanded its market presence through cross-regional industrial cooperation and resource sharing, enhancing its competitive edge [8]. Future Outlook - The industry environment is expected to improve, with macroeconomic conditions stabilizing and potential monetary and fiscal policy support anticipated in the second half of 2025 [11][14]. - The company has seen a significant increase in new contract signings, with a total of 1.539 billion RMB in new signed amounts, indicating a positive trend for future performance [12][14]. Investment Value - The market has significantly undervalued China Electric Guoguang, with a price-to-book (PB) ratio of only 0.2, suggesting potential for valuation recovery as the company's fundamentals stabilize [16]. - The company has engaged in continuous share buybacks, reflecting confidence in its intrinsic value and future growth prospects [16].

Core Viewpoint - The industrial park sector is undergoing a significant transformation, shifting from "policy arbitrage" to "market survival," and from "real estate thinking" to "industrial thinking," indicating a deep-rooted revolution rather than a simple cyclical adjustment [1][2] Group 1: Company Performance - China Electric Power Valley (中电光谷) reported a revenue of 1.471 billion RMB for the first half of 2025, a slight increase of 0.79% year-on-year, with a net profit of 2.109 million RMB, maintaining profitability [1] - The company's pre-tax profit reached 72.239 million RMB, marking a significant growth of 104.37% year-on-year [1] - The company's strategic foresight has allowed it to gain a competitive edge during the industry's restructuring, establishing a solid foundation for its development and providing a successful model for the transformation of the entire industrial park sector [2] Group 2: Strategic Transformation - The "one body, two wings" strategic transformation has shown significant results, with the park operation service developing steadily [3] - The park operation service generated 1.038 billion RMB in revenue, accounting for 70.6% of the total revenue, with design and construction services and property management services contributing 25.3% and 28.4% respectively [4] - The company has implemented a comprehensive operational service model in its design and construction business, which has been well-received by local governments, leading to a revenue of 372 million RMB in this segment [5] Group 3: Market Position and Competitive Advantage - The park development service achieved a revenue of 431 million RMB, a year-on-year increase of 22.8%, becoming a key driver for the company's overall revenue growth [7] - The company has focused on high-tech and high-end manufacturing sectors, identifying structural opportunities in the market [8] - The company has established a differentiated core competitiveness by promoting cross-regional industrial cooperation and resource sharing, enhancing its market competitiveness [8] Group 4: Future Outlook - The industry environment is expected to improve, with the company poised for a recovery in performance in the second half of 2025 [11] - The company achieved a new contract amount of 1.539 billion RMB in the first half of 2025, a year-on-year increase of 8%, indicating a positive trend for future performance [12] - The company plans to continue its business transformation and innovation, focusing on building a "second curve" to adapt to long-term market adjustments [13]

Core Viewpoint - The company is a well-known independent third-party testing technology service provider focusing on integrated circuit testing, implementing a "one body, two wings" strategy to drive growth [1][2]. Group 1: Business Overview - The company's main business includes integrated circuit testing solution development, wafer testing, and chip finished product testing services [1]. - The "one body, two wings" strategy consists of integrated circuit testing as the core, with wafer laser grooving, dicing, thinning as the left wing, and all-weather ultra-wide spectrum layered image sensor chips for autonomous driving and robotics as the right wing [1]. Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 284 million yuan, a year-on-year increase of 23.09%, with a net profit attributable to shareholders of -7.06 million yuan, indicating a narrowing loss [2]. - In Q2 2025, revenue reached 154 million yuan, up 35.29% year-on-year and 18.38% quarter-on-quarter, with a net profit of 523,400 yuan, marking a return to profitability for the quarter [2]. - The growth in performance is attributed to sustained strong demand for certain testing categories, improved terminal demand from existing customers, and new product introductions from newly acquired clients [2]. Group 3: Strategic Initiatives - The company is expanding into the autonomous driving and robotics sectors, having signed a strategic cooperation agreement with a subsidiary to provide ultra-wide spectrum layered image sensor chips and related testing services [3]. - The "TerraSight" chip, developed in collaboration with a partner, successfully demonstrated its capabilities in a mining truck, showcasing the company's advancements in technology [3]. - The company leverages its accumulated testing solutions in automotive electronics, high computing power, storage, and sensors to support the rapid reuse and customization of solutions in the robotics testing business [3]. Group 4: Future Outlook - Revenue is projected to grow by 24.6%, 24.2%, and 23.0% from 2025 to 2027, reaching 608 million, 756 million, and 930 million yuan respectively, with net profit expected to turn positive by 2027 [3].

证券代码：002320 证券简称：海峡股份 海南海峡航运股份有限公司 投资者关系活动记录表 | 编号：20250916 | | --- | | 投资者关系活动类别 | 特定对象调研 分析师会议 ☐ | ☐ | | --- | --- | --- | | | 媒体采访 ☐ | 业绩说明会 | | | 新闻发布会 ☐ | 路演活动 ☐ | | | ☐ 现场参观 | | | | ☐ 其他（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 线上参与公司2025年半年度业绩网上说明会的投资者 | | | 时间 | 2025年09月16日 15:00-17:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 董事长 王然 | | | 上市公司接待人员姓名 | 总经理兼董事会秘书 蔡泞检 | | | | 独立董事 王宏斌 | | | | 1.尊敬的董事长您好，我想问的问题是您预计到今年年底公司 净利润大概是多少？另外东南亚航线明年会推出吗？ | | | 投资者关系活动主要内容 | 答:2025年下半年，公司将趁着市场回暖的契机，围绕"增收、 ...

9月15日下午3点至5点，同兴科技通过全景网"投资者关系互动平台"，以网络远程方式举办投资者网上 集体接待日活动。董事会秘书初宏洲、董事兼钠电研发总监沈博磊、CCUS事业部副总经理黄钟斌出 席，就公司业务布局、股权激励、钠电池发展等多方面问题，与投资者展开交流。 业务布局与技术路线 同兴科技早期聚焦非电行业脱硫脱硝，因其市场空间大且技术要求高。电力行业技术成熟、市场饱和， 未成为重点。如今，公司在CCUS领域将拓展电力、石化等多行业。 在钠电池业务上，公司目前聚焦低速车、小动力及储能领域。聚阴离子路线虽不受资本市场青睐，但在 低成本、安全性等方面优势显著，在储能等下游场景潜力大。公司已完成钠电池正极材料生产基地初步 规划，正与多地政府对接选址。 股权激励与财务影响 公司限制性股权激励方案出台近2个月，目前正在中国结算深圳分公司办理非交易过户手续，本周内完 成。预计本年产生部分股份支付费用，对报表利润有相应影响，投资者需关注后续公告。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考， ...

Group 1: Company Performance - The company achieved a revenue of approximately 405 million CNY in the first half of 2025, representing a year-on-year growth of 33.49% [9] - The net profit attributable to shareholders was about 52.48 million CNY, showing a year-on-year increase of 166.07% [9] Group 2: Shareholder Information - As of September 10, 2025, the number of shareholders was 15,933 [3] Group 3: Sodium Battery Business - The company’s sodium battery business is currently focused on low-speed vehicles, small power, and energy storage, with no immediate plans for commercial vehicles due to lower energy density [4] - The third-generation sodium battery cathode material (NFPP) has been successfully trialed in a 50Ah short blade cell, with plans for further testing on safety and electrochemical performance [10] - The first phase of the sodium battery cathode material production base is planned with an investment of 300 million CNY [11] Group 4: Carbon Capture Utilization and Storage (CCUS) - The company has received three orders for absorbents in the 10,000-ton ship carbon capture device market [12] - The company is actively developing a compact and efficient carbon capture system tailored for the shipping industry, responding to the EU's emissions trading system [8] - The company is involved in a joint bid for a 350,000-ton CCUS project in Europe, with expectations for order conversion and project implementation in the second half of the year [12] Group 5: Strategic Development - The company is pursuing an "integrated two wings" strategy to enhance its growth curve and expand into international markets [9] - The company is exploring potential acquisition targets to boost stock prices and has established an overseas division to support this strategy [11]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company focuses on integrated circuit testing and has shown a significant revenue growth of 23.09% year-on-year, reaching 284 million yuan in the first half of 2025, with a notable improvement in profitability as it reported a net profit of 523,400 yuan in Q2 2025 [1][2] - The "One Body, Two Wings" strategy is beginning to yield results, with the integrated circuit testing business generating 277.29 million yuan in revenue, a 21.85% increase year-on-year, and the wafer thinning business seeing a remarkable 111.61% growth [1][3] - The company is strategically enhancing its capacity in high-end integrated circuit testing, particularly in automotive electronics, high-performance computing, 5G communications, AI, storage, sensors, and robotics [2][4] Financial Performance - In the first half of 2025, the company reported a net loss of 7.06 million yuan, but achieved a quarterly profit of 0.523 million yuan in Q2 2025, indicating a potential turning point in profitability [1][6] - Revenue projections for 2025-2027 are estimated at 604.16 million yuan, 744.94 million yuan, and 920.05 million yuan respectively, with expected net profits gradually improving from a loss of 18.59 million yuan in 2025 to a profit of 22.13 million yuan in 2027 [5][11] Business Strategy - The company is expanding its testing capabilities to include advanced technologies such as ultra-thin chip processing and laser grooving, which enhance production efficiency and reduce costs [3][4] - Collaborations with partners like Dieling Optoelectronics are aimed at developing advanced testing processes for heterogeneous integration, which is expected to drive future growth in autonomous driving and robotics [4][6] Market Position - The company is well-positioned to capture market share in the rapidly growing automotive chip sector, driven by the demand for electric vehicles and advanced driver-assistance systems [2][3] - The strategic focus on domestic production and deepening testing specialization is expected to enhance the company's competitive edge and profitability in the semiconductor industry [2][4]

Core Viewpoint - Jifeng Technology has completed a board re-election, with Tian Gangqiang appointed as chairman, aiming to strengthen its core agricultural machinery business while exploring new opportunities in the low-altitude economy [2][3] Business Foundation - In July, Jifeng Technology's controlling shareholder changed to Anhui Lanshi Enterprise Management Consulting Co., Ltd., which holds 19.65% of the voting rights [3] - The company plans to continue its "one body, two wings" development strategy, focusing on expanding its agricultural machinery business and enhancing its technological and low-altitude attributes [3] - Jifeng Technology is the largest and most powerful agricultural machinery circulation chain enterprise in China, deeply involved in the modernization of agriculture [3] Financial Performance - Jifeng Technology's revenue has remained stable, but profitability has fluctuated, with revenues of 2.708 billion yuan, 2.650 billion yuan, 2.709 billion yuan, and 1.462 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - The company aims to solidify and expand its existing business, focusing on enhancing revenue scale and market share in the agricultural machinery sector [4] Low-altitude New Business Development - Jifeng Technology plans to establish a wholly-owned subsidiary, Jifeng Aviation Technology (Sichuan) Co., Ltd., with an investment of 50 million yuan to develop its low-altitude industry investment and operation platform [5] - The company aims to leverage its strengths in channels, services, and project operations to rapidly develop low-altitude new business, creating a second growth curve [5] - The low-altitude economy is projected to have significant growth potential, with Jifeng Aviation focusing on various applications such as logistics, emergency services, and agriculture [5] Strategic Insights - The company recognizes that reducing air transport costs is crucial for the growth of the low-altitude economy, with plans to enhance operational safety and lower prices [5] - Jifeng Technology's partner, United Aircraft, has seen revenue growth, with expectations of reaching around 1 billion yuan this year, indicating a strong market position [5]