专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 名人名言 如果你想寻找非比寻常的交易，不能只在本国股市寻找，要到处寻觅。 数据来源：Wind，截至 日期：2025.9.8。 ——全球传奇逆向投资大师约翰·邓普顿 为何要投资全球权益市场？ 在全球化经济格局下，单一国家或区域的权益市场往往受限于本地经济周期、产业结构单一性及地缘政 策波动，难以实现长期稳健的收益增长。投资全球权益市场，正是突破这一局限的关键选择，通过覆盖 不同经济体，既能精准捕捉各区域的差异化增长机遇，避免因单一市场行业集中导致的收益短板；又能 借助不同地域股市的低相关性，对冲局部风险冲击。长期来看，全球权益市场涵盖了更多具备全球竞争 力的优质企业，能更全面地分享全球经济增长的红利，为财富的长期保值增值筑牢基础。 投资全球权益市场看什么？——估值 投资全球权益市场时，"估值"是判断资产性价比、平衡风险与收益的核心标尺，它的本质是衡量"市场 价格"与"资产内在价值"的匹配度，尤其在跨地域、跨行业的全球配置中，估值更是筛选优质标的、对 比不同市场吸引力的关键工具之一。 具体来看，估值包含市盈率和市净率，它们就如同两把不同的尺子，一把量时 ...

对于投资者而言，理解这一科目的性质至关重要。一方面，它能体现企业资产配置的市场敏感度；另一 方面，因其不具备持续性和可预测性，过度依赖公允价值变动收益的利润增长往往缺乏稳定性。因此， 在分析企业盈利能力时，建议剔除该部分影响，重点关注扣除非经常性损益后的净利润以及主营业务的 现金流状况。 在阅读上市公司财务报表时，投资者常会注意到"公允价值变动收益"这一项目。它指的是企业持有的金 融资产或负债因市场价格波动而产生的未实现损益。这类资产通常包括交易性金融资产、投资性房地产 以及部分衍生工具等。由于这些资产按公允价值计量，其账面价值需随市场行情定期调整，由此带来的 增值或减值便体现在"公允价值变动收益"中。 与主营业务带来的收入不同，公允价值变动收益具有较强的外部依赖性和波动性。它并不直接反映企业 的经营能力，而是受利率、股市、汇率、大宗商品价格等多种市场因素影响。例如，在资本市场活跃时 期，相关资产估值上升，可能大幅推高当期利润；而在市场下行阶段，则可能转为亏损，拖累整体业绩 表现。 总之，公允价值变动收益是观察企业财务表现的一个窗口，但不宜作为评估长期价值的核心依据。理性 看待其波动性，有助于更准确地把握企业 ...

在分析企业盈利能力时，投资者常会关注多个财务指标，其中息税前利润（EBIT）是一个重要参考。 EBIT指的是企业在扣除利息和所得税之前的利润，计算公式通常为营业收入减去营业成本和营业费 用，但不扣除利息支出和税费。这一指标的核心价值在于它剥离了融资结构和税收政策的影响，更纯粹 地反映企业的主营业务经营成果。 为什么需要排除利息和税收？因为不同企业可能采用不同的资本结构——有的依赖债务融资，利息负担 较重；有的则以自有资金为主，财务成本较低。若直接比较净利润，可能会因利息支出差异而扭曲对企 业真实经营能力的判断。EBIT恰好规避了这一点，使我们在评估不同企业的运营效率时更具可比性。 对于普通投资者而言，理解EBIT的意义在于学会"穿透"财务表象，识别企业真正的经营实力。当看到 一家公司EBIT持续增长，往往意味着其主营业务正在增强，无论其融资方式如何，都具备较强的内在 盈利能力。但在实际应用中，仍需结合行业特点和整体财务状况全面分析，避免片面解读。 此外，税收受地域、优惠政策等因素影响较大，同一行业企业在不同地区可能面临截然不同的税负水 平。通过剔除所得税，EBIT有助于投资者聚焦于企业核心业务的盈利潜力，而非 ...

Core Viewpoint - The company is facing increasing inventory clearance pressure despite maintaining a leading position in the industry, with a notable decline in profit margins and overall financial performance [2][3][21]. Sales Performance - In the first half of 2025, the company achieved total sales of 145.17 billion yuan, a year-on-year decrease of 16.25%, with a sales area of 7.1354 million square meters, down 25.23% [2][5]. - The sales amount from inventory projects acquired in 2021 and earlier was 51.4 billion yuan, accounting for 35.4% of total sales, indicating a focus on inventory clearance [2][5]. - The company maintained a high signing ratio of 78.7% for signed building area rights, slightly down from 79.3% the previous year, which supports revenue and scale matching [5][11]. Land Acquisition Strategy - The company significantly increased its land acquisition efforts, with new land area of 2.28 million square meters and acquisition costs of 50.9 billion yuan, representing year-on-year growth of 96.6% and 304% respectively [12][13]. - The proportion of land acquired in first-tier cities reached 23.8%, indicating a strategic focus on these markets [15][19]. - The average land acquisition cost was 22,325 yuan per square meter, slightly up by 0.5% compared to the previous year [15]. Financial Performance - The company reported operating revenue of 116.857 billion yuan in the first half of 2025, a decrease of 16.08% year-on-year, with pre-received housing payments reaching 330.301 billion yuan, indicating a solid reserve for future revenue [3][21]. - Gross profit margin fell to 14.6%, down 1.4 percentage points year-on-year, while net profit margin and attributable net profit margin decreased to 5.6% and 2.3%, respectively [21][22]. - The company’s cash holdings increased by 3.3% to 138.562 billion yuan, with a non-restricted cash to short-term debt ratio of 1.19, indicating a stable liquidity position [24]. Debt and Financing - The company maintained a net debt ratio of 59.64%, down 3.03 percentage points from the beginning of the year, and the asset-liability ratio after excluding pre-received payments was 64.56%, a decrease of 1.31 percentage points [24]. - The comprehensive financing cost decreased to 2.89%, reflecting the company's ability to secure low-cost financing [24].

Core Viewpoint - The article provides a comprehensive analysis of the revenue and profit per employee of 52 listed instrument companies in China for the year 2024, highlighting the disparities in operational efficiency and management capabilities within the industry [1][2]. Revenue Per Employee Ranking - The top company, Mindray Medical, achieved a revenue per employee of 1.94 million yuan, with total revenue of 36.73 billion yuan and 21,667 employees [4][7]. - Titan Technology and Meiya Optoelectronics follow with revenue per employee of 1.66 million yuan and 1.65 million yuan, respectively, indicating strong operational performance in their respective fields [4][7]. - A total of 10 companies reported revenue per employee exceeding 1 million yuan, showcasing their leading positions in technology innovation and market expansion [7]. - The overall average revenue per employee for the 52 companies is 770,000 yuan, suggesting significant room for improvement across the industry [7]. Profit Per Employee Ranking - Mindray Medical also leads in profit per employee with 620,000 yuan, reflecting its strong brand and diversified product matrix [10][13]. - Meiya Optoelectronics ranks second with a profit per employee of 460,000 yuan, demonstrating effective cost control and profitability [12][13]. - Notably, 9 companies reported negative profit per employee, indicating challenges in maintaining profitability amidst competitive pressures [13][14]. - The overall data reveals that only 3 companies have a profit per employee exceeding 300,000 yuan, highlighting the profitability challenges faced by the majority of listed instrument companies [14]. Industry Insights - The analysis indicates that many companies struggle with low revenue and profit per employee, emphasizing the need for enhanced operational efficiency and management practices [16]. - Companies are encouraged to invest in talent development, optimize product structures, and enhance research and development efforts to improve competitiveness [16]. - The article suggests that government and industry associations should play a role in fostering innovation and creating a fair competitive environment to support the growth of the instrument industry [16].

Group 1 - The core viewpoint emphasizes that marketing is the most critical and challenging aspect of business operations, directly impacting whether products can be sold and the value of producers' labor [1] - Companies that excel in marketing, like Huawei and Xiaomi, integrate marketing into the product development phase, indicating the importance of marketing in the overall business strategy [1] - From a financial perspective, the ultimate goal of all businesses is profitability, which is influenced by industry choice, strategic approach, and execution [2] Group 2 - The article highlights that merely choosing a good industry or strategy does not guarantee profitability; effective execution of the chosen strategy is the key determinant of a company's ability to generate profit [2]

Core Viewpoint - The company, Liuzhou Two-Sided Needle Co., Ltd., is under scrutiny regarding its financial disclosures, particularly concerning its cash management, interest income, and borrowing practices, as highlighted in the inquiry from the Shanghai Stock Exchange [1][4][21]. Financial Disclosure and Cash Management - The company is required to disclose details about its cash holdings, including the institutions where funds are stored, amounts, account types, and interest rates [1][2]. - The total cash holdings amount to approximately 1.27 billion yuan, with interest income reported at 40.72 million yuan, reflecting an average annual interest rate of 3.26% [2][3]. - The company has a significant amount of cash but has also taken on new short-term borrowings, which raises questions about the rationale behind this borrowing given the cash reserves [3][4]. Borrowing Practices - The company has taken out loans totaling 65 million yuan from various banks, with interest rates ranging from 2.60% to 4.15% [3][4]. - The rationale for new borrowings includes taking advantage of government subsidies and maintaining good relationships with financial institutions for future financing needs [3][4]. Industry Context and Competitive Position - The company operates primarily in the daily chemical products sector, focusing on oral care products and hotel supplies, with a significant portion of revenue derived from these segments [6][8]. - The overall industry is experiencing growth, driven by increasing consumer awareness of oral health and rising disposable incomes, although the company faces challenges such as rising operational costs and intense competition [8][9]. - The company's main products include household toothpaste and hotel toiletries, with the household segment contributing significantly to revenue [8][16]. Financial Performance and Profitability - The company's revenue for 2024 is reported at 1.05 billion yuan, with a gross margin of 16.69%, which is lower than competitors in the industry [6][8][17]. - The company has been struggling with profitability, primarily due to high sales and management expenses, which have increased significantly compared to revenue growth [6][14]. - The company plans to improve its profitability through various strategies, including enhancing product quality, optimizing product structure, and expanding market reach [18][19]. Advertising and Marketing Expenses - The company's advertising expenses for 2024 are reported at 113 million yuan, accounting for 10.73% of total revenue, which is lower than some competitors [14][20]. - The company has detailed its advertising expenditures, ensuring that there are no funds flowing to related parties, which is a point of scrutiny in the inquiry [20][21].

Core Insights - Triangle Tire Co., Ltd. reported a decline in both revenue and profit for Q1 2025, indicating operational challenges for the company [2] Financial Performance - The company's revenue for Q1 2025 was 2.24 billion yuan, a year-on-year decrease of 5.92% and a quarter-on-quarter decrease of 11.78% [5] - Net profit attributable to shareholders was 166 million yuan, representing a significant year-on-year decline of 43.54% and a quarter-on-quarter decline of 24.23% [5] - The net profit after excluding non-recurring gains and losses was 108 million yuan, down 55.28% year-on-year and 34.61% quarter-on-quarter [5] - The gross profit margin for Q1 2025 was 15.45%, a decrease of 5.20 percentage points year-on-year and 0.16 percentage points quarter-on-quarter [5] - The net profit margin was 7.39%, down 4.94 percentage points year-on-year and 1.22 percentage points quarter-on-quarter [5] Expense Analysis - Total operating expenses for Q1 2025 were 175 million yuan, a slight decrease of 1.66 million yuan year-on-year, but the expense ratio increased to 7.82%, up 0.39 percentage points year-on-year [5] - Sales expenses decreased by 7.53% year-on-year, while management expenses increased by 4.50% and R&D expenses rose by 19.63% [5] - Financial expenses decreased by 26.98%, indicating a mixed impact on overall profitability due to changes in expense structure [5] Market Context - In 2024, Triangle Tire's annual revenue was 10.16 billion yuan, down 2.55% year-on-year, with net profit decreasing by 21.03% to 1.10 billion yuan [6] - The increase in raw material prices, particularly natural and synthetic rubber, which rose by 30% and 19% respectively, contributed to the profit pressure [6] - Despite price increases to counteract rising costs, the company faced challenges in fully passing on these costs to consumers, leading to continued profit pressure into Q1 2025 [6]

Revenue Performance - The top three companies in terms of revenue growth are 德瑞锂电 with a revenue of 5.20 billion and a growth of 50.12%, 华阳集团 with 101.58 billion and a growth of 42.33%, and 胜宏科技 with 107.31 billion and a growth of 35.31% [1] - The bottom three companies in revenue growth include TCL科技 with 1648.23 billion and a decline of 5.47%, 红墙股份 with 6.75 billion and a decline of 11.23%, and 利元亨 with 24.82 billion and a decline of 50.30% [1] Net Profit Performance - The top three companies in net profit growth are 格林精密 with 0.53 billion and a growth of 308.51%, 德瑞锂电 with 1.51 billion and a growth of 182.47%, and 胜宏科技 with 11.54 billion and a growth of 71.96% [2] - The bottom three companies in net profit include 科翔股份 with -3.44 billion and a decline of 115.71%, 骏亚科技 with -1.54 billion and a decline of 324.83%, and 利元亨 with -10.44 billion and a decline of 455.32% [2] Overall Financial Metrics - As of April 30, 2024, the total assets of 20 listed companies in 惠州 reached 592.1 billion, a year-on-year increase of 13.5 billion, or 2.3% [4] - The total net assets amounted to 142.5 billion, with a year-on-year increase of 6.6 billion, or 4.9% [4] - The total revenue for the year reached 298.566 billion, with a year-on-year increase of 3.7 billion, or 1.25% [4] - The net profit attributable to shareholders was 8.616 billion, a year-on-year decrease of 784 million, or 8.34% [4] Profitability Indicators - Five companies have total assets exceeding 100 billion, with 华阳集团 being the fifth to surpass this mark [5] - 德瑞锂电 has the highest net profit margin at 28.95%, followed by 胜宏科技 with a margin exceeding 10% [11] - The net profit margin for companies like 中京电子, 利元亨, and others is negative [11] Earnings Per Share - Five companies, including 德瑞锂电, 胜宏科技, and others, have earnings per share exceeding 1 yuan [10] - Six companies, including 科翔股份 and 九联科技, report negative earnings per share [10] Operational Efficiency - Companies like 德赛西威 and 仁信新材 have total asset turnover ratios exceeding 1, indicating high operational efficiency [13] - 红墙股份 has a poor accounts receivable turnover ratio, suggesting inefficiencies in management [12][13]