证券日报网讯12月30日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，近年来国际贸易摩擦 频繁升级，贸易去全球化趋势日益明显，在此背景下企业出海建厂是为了寻求更广阔的发展空间和业务 机会。公司未来一方面会对标优秀同行，全力提升研发、制造、营销、采购、服务等生产经营各环节的 效率和效益，促进现有产能利用率的持续释放，努力实现产品质量提升和成本压降的双重目标；另一方 面还将继续推进配套业务结构调整，逐步提高中高端产品和海外业务占比，同时通过全球产地和业务的 均衡布局增强市场竞争力和抵御风险能力，全方位推动公司整体盈利能力的改善和提升。 ...

近日， 中能电气 发布公告，计划以支付现金的方式收购山东达驰电气有限公司、山东达驰高压开关有 限公司及水发驰翔电气（山东）有限公司各65%的股权及相应债权，三笔交易的转让底价合计高达8.57 亿元。 中能电气在2024年经历了业绩滑铁卢。公司全年营业收入仅为11.48亿元，同比锐减30.85%，归母净利 润亏损高达7752.64万元。 这种下滑并非没有预兆。公司在年报中解释，业绩亏损主要受 新能源 行业政策变化及业务 结构调整 的 影响。 从行业对比看，中能电气的表现也不乐观。在已披露年报的同业公司中，其归母净利润排名第112位， 处于行业底部。 2025年，中能电气的业绩出现一丝转机，但这种复苏显得格外脆弱。公司前三季度实现营业收入9.57亿 元，仍同比下降4.30%，其中第三季度单季实现了1790.31万元的归母净利润，同比增长159.64%，正是 这一季的强势表现，帮助公司在连续两个季度亏损后，前三季度累计利润勉强转为正值511.24万元。 但扭亏背后，公司经营活动产生的现金流量净额为-1.56亿元。利润表上的盈利并未转化为真金白银的 流入，公司自身造血能力依然薄弱。 相比之下，中能电气此次收购的三家标 ...

ST晨鸣剥离亏损业务，33亿出售融资租赁资产回归造纸主业 在再生资源及造纸行业的发展浪潮中，企业的战略调整与业务布局时刻牵动着市场的神经。近日，ST 晨鸣（000488.SZ）的一项重大决策引起了广泛关注，该公司选择出售融资租赁业务资产，全力回归造 纸主业。 一、交易概况 12月12日，ST晨鸣发布了一则重磅公告。公告显示，公司拟以33.36亿元的对价，将全部融资租赁业务 资产转让给寿光市晟嘉投资有限公司。值得注意的是，寿光市晟嘉投资有限公司是寿光市财政局的全资 子公司。此次交易采用"股权 + 债权"的打包方式，并且分三期进行支付。而交易的标的资产，不仅包括 融资租赁公司100%的股权，还涵盖了与之相关的债权。这一交易的达成，标志着ST晨鸣在业务结构调 整上迈出了重要的一步。 二、剥离背景：融资租赁业务成业绩拖累 亏损严重 近年来，ST晨鸣的融资租赁业务表现不佳，已经成为公司业绩的沉重拖累。在2023 - 2024年期 间，晨鸣融资租赁业务累计亏损超过45亿元。资产减值损失更是高达28亿元，如此巨大的亏损使 得上市公司净利润连续两年为负。这一系列的数据清晰地反映出融资租赁业务的困境，也让公司 管理层不得不重新 ...

证券日报网讯 12月9日，中国交建（601800）在互动平台回答投资者提问时表示，公司将积极把握市场 机会，加快业务结构调整，努力实现更好股东回报。 ...

本次交易构成关联交易，不构成重大资产重组，已达到股东会审议标准，需提交股东会审议批 准。 中国中冶同时表示，将根据各项目实际进度与资金需求分配资金并向相关子公司进行增资，为 其提供实施以下用途所需的资金： 记者丨刘雪莹 编辑丨曾静娇 12月8日晚，中国中冶公告 (601618.SH) 称，公司拟将所持有的中冶置业100%股权及对中冶置 业的标的债权，有色院、中冶铜锌、瑞木管理100%股权，中冶金吉67.02%股权，以及华冶杜 达100%股权出售给五矿地产控股和中国五矿， 交易价格为606.76亿元。 1）强化其冶金建设核心业务，资金将主要用于建设先进研究平台、升级装备制造能力及 完善整体科研体系，旨在巩固公司在冶金建设核心业务领域的领导地位； 2）推进新型工业化和新型城镇化，并将所得款项用于研发先进建筑技术、升级装备，以 及实施响应建设制造业强国和促进高质量城市发展国家战略的项目； 3）用于发展工程服务、新型材料、高端装备、能源环保、数智应用业务。同时，部分资 金用于补充公司现金流、偿还债务等，以优化财务报表结构，进一步降低财务杠杆和债务 负担。 影响多大？ 中国中冶公告称，通过本次交易， 公司将剥离非核心资 ...

Core Viewpoint - Shenzhen Xinguodu Co., Ltd. is accelerating its transformation into a global payment technology service provider, with a key step being its application for a listing on the Hong Kong Stock Exchange [1][9] Group 1: Business Transformation and Strategy - The company is undergoing a strategic restructuring to optimize its business structure and global layout, focusing on providing integrated digital payment technology solutions [2][5] - Xinguodu's core business segments are experiencing a significant shift, with the revenue share of electronic payment devices increasing from 22.8% in 2022 to 35.2% in the first half of 2025, while the share of acquiring and value-added services is decreasing from 70.9% to 61.9% during the same period [5][6] Group 2: Financial Performance - The company's revenue decreased from 43.15 billion RMB in 2022 to 37.99 billion RMB in 2023, with a revenue of 15.27 billion RMB in the first half of 2024, reflecting intensified competition in the domestic payment market [2][4] - Xinguodu's gross profit for 2023 reached 14.37 billion RMB, a significant increase from 10.38 billion RMB in 2022, indicating effective cost control and a shift towards high-value-added businesses [3][4] Group 3: Internationalization Strategy - The internationalization strategy of Xinguodu is characterized by a clear progression, starting with hardware to open market access, followed by replicating the "device + service" model globally [7][8] - The company faces three main challenges in its globalization efforts: localized operations, compliance regulations, and global resource allocation [8][9] - The upcoming listing in Hong Kong is seen as a crucial step in the internationalization strategy, providing brand recognition, funding for technology development, and a platform for attracting global talent [9]

Core Viewpoint - In Q3 2025, the company experienced a decline in both revenue and net profit due to business restructuring and increased operational costs, indicating a phase of pressure on profitability [2][3]. Financial Performance - The company reported a revenue of 2.2 billion yuan in Q3 2025, representing a year-on-year decrease of 15% [2]. - The net profit attributable to shareholders was 12.67 million yuan, down 77% year-on-year [2]. - The gross margin decreased by 1.9 percentage points, while the sales expense ratio increased by 1.3 percentage points [2]. Inventory Management - The company has been optimizing inventory management, leading to a healthier business structure [2]. - Inventory reached 1.2 billion yuan, showing a slight decrease of 70 million yuan from the previous quarter [2]. - The company is implementing a systematic inventory screening and cleaning process to improve inventory structure [2]. Future Outlook - The company is expected to benefit from inventory structure optimization and new product introductions, leading to improved profitability [3]. - The management anticipates that the scale effect from new channel investments will gradually reduce expense ratios [3]. - Projected net profits for 2025, 2026, and 2027 are estimated to be 101 million yuan, 171 million yuan, and 334 million yuan, respectively [3].

风险提示：需求恢复不及预期，地产销售下滑，渠道拓展不及预期。 事项： 公司公布2025 年三季报。前三季度，公司实现营业收入/归母净利润/扣非归母净利润4.20/-0.08/-0.19 亿 元，YoY-37.27%/由盈转亏/亏损扩大。25Q3，公司实现营业收入/ 归母净利润/ 扣非归母净利润 1.52/0.05/0.01 亿元， 同比-30.2%/+34.2%/由亏转盈。 评论： 战略收缩大宗业务致营收承压，经营性现金流大幅改善。受房地产行业下行影响，公司主动收缩大宗业 务，通过工程直营+经销商的双轮驱动模式加强风控管理，一方面聚焦国央企、优质民企等战略客户， 提供一体化精装定制解决方案；另一方面拓宽地产拎包、酒店、医养、保障房等多元化业务渠道。截至 三季度末，公司经营活动产生的现金流量净额为1689 万，较去年同期-6334 万实现大幅转正，现金流表 现大幅改善。 Q3 盈利能力修复，营收下滑拖累费用率。1）25Q3，公司实现毛利率26.9%，同比+2.7pct/环 比-0.04pct。费用端，公司积极降本，但受营收下滑导致的经营杠杆影响，三季度销售/管理/研发/财务 费用率分别同比-0.1/+1.8/- ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16.0 CNY per share [2][7]. Core Insights - The company reported a turnaround in Q3 2025, achieving a non-GAAP net profit of 0.01 billion CNY, compared to a loss in the previous year. However, the overall revenue for the first three quarters of 2025 decreased by 37.27% year-on-year [2][3]. - The company is strategically reducing its exposure to high-risk bulk business, focusing instead on enhancing cash flow and improving operational quality. The net cash flow from operating activities turned positive at 0.1689 billion CNY, a significant improvement from a negative cash flow of 0.6334 billion CNY in the previous year [2][7]. - The report anticipates a gradual recovery in profitability, projecting net profits of -0.02 billion CNY, 0.67 billion CNY, and 1.00 billion CNY for 2025, 2026, and 2027, respectively [2][7]. Financial Summary - For 2025, the company is expected to generate total revenue of 6.27 billion CNY, a decrease of 29.2% compared to 2024. The net profit is projected to be -0.02 billion CNY, showing a significant recovery in subsequent years [3][8]. - The gross margin for Q3 2025 was reported at 26.9%, reflecting a year-on-year increase of 2.7 percentage points. The overall gross margin for the first three quarters was 24.7%, up by 1.1 percentage points year-on-year [7][8]. - The company’s total assets are projected to be 14.08 billion CNY in 2025, with a debt-to-equity ratio of 5.1% [8].

Core Insights - Net profit attributable to ordinary shareholders of Youdao was RMB 100,000, a decline of over 99% compared to RMB 86.3 million in the same period last year [1] - Youdao reported a net revenue of RMB 1.63 billion for Q3 2025, a year-on-year increase of 3.6% [1] - Online marketing services became the largest revenue source in Q3 2025, generating RMB 740 million, a growth of 51.1% year-on-year, accounting for 45.4% of total revenue [1] Financial Performance - The net profit attributable to ordinary shareholders for Q3 2025 was RMB 100,000, down from RMB 86.3 million in Q3 2024, representing a 99% decline [1] - Non-GAAP net profit attributable to ordinary shareholders was RMB 9.2 million, a decrease of 89.7% from RMB 88.7 million in the same quarter last year [1] - Total net revenue for Q3 2025 reached RMB 1.63 billion, reflecting a 3.6% increase year-on-year [1] Business Strategy - Youdao significantly reduced the scale and market investment in its quality education business, which had contributed high revenue and profit levels in the previous year [1] - The company views the impact of this reduction as a one-time effect, with structural adjustments now completed [1] - Increased investment was made in other business areas, such as Lingxi, during Q3 [1]