人生处处都是博弈。 无论什么行业，什么地方，有人的地方就有人情江湖，就有利益算计，那如何在这个游戏里做到游刃有 余，让自己处于不败之地？ 结果你报了3轮，每轮都爽快答应降价50万，眼睛都不眨一下，作为甲方会怎么想？ 哟，你价格砍得倒挺爽快的，说明不痛不痒嘛，说明你还有利润可以赚嘛，那我还能往下砍。 很重要的一个原则，叫做不要轻易暴露自己的底线。 因为底线就是你的生死线，是你最后的底牌。所有的你来我往，尔虞我诈，大家都是在这个底线上跳 舞，谁先顶不住暴露了自己的底线，谁就先输了。 举个例子。 一场商务谈判，你是乙方，甲方要你做项目服务报价。你分别报了三轮：300万，250万，200万，一降 再降。 甲方说，报价还是太高了，我最多只能接受150万。乙方说，老板真不能降了，再降就一毛钱不赚纯纯 白打工了。 这种情形下，如果要继续合作，最后的结果，很可能是在200万和150万之间取个中间值，175万。看似 各退一步海阔天空，可实际上真是这样吗？ 当然不是。 甲方手里，一开始可能就有300万，但他不想那么轻易给你，所以一轮轮砍价，看你能退让到什么程 度。 而乙方呢？ 表面上看是纯纯傻白甜，每轮砍价都答应，最后把自己搞到 ...

英国政府：100个俄罗斯制裁目标包括 军事、能源、金融部门和那些"普京对乌克兰信息战"的执行者。 英国和合作伙伴也在努力收紧 油价上限。将社会设计机构14名成员列入制裁名单，该机构受克里姆林 宫资助开展信息战行动。 ...

英国政府：100个俄罗斯制裁目标包括军事、能源、金融部门和那些"普京对乌克兰信息战"的执行者。 ...

英国政府：将社会设计机构14名成员列入制裁名单，该机构受克里姆林宫资助开展信息战行动。 ...

法国《世界报》报道称，"涉毒"谣言借助低清晰度的视频画面误导公众。该报还特别提到，自2022年被 马斯克收购以来，X平台已沦为虚假消息的温床。法国《查理周刊》则在专栏中感慨道："在这个数字 时代，一张纸巾都能成为信息战的武器。" 据报道，视频流出后，一些社交媒体账号借助人工智能工具，恶意制作出法、英、德三国领导人疑 似"吸毒亢奋"的虚假画面，进一步加剧了舆论混乱。美国有名的阴谋论者亚历克斯·琼斯转发相关视频 后，更是迅速引发全球关注。截至5月13日下午，琼斯发布的马克龙"可卡因门"推文浏览量已突破2900 万次。面对谣言的迅速发酵，法国总统府已于5月12日在社交平台X上紧急发文澄清。官方明确表示， 视频中的白色物体不过是一张用来擤鼻子的纸巾，并严厉指出这一虚假消息由法国国内外的敌对势力传 播，呼吁公众保持警惕，切勿被不实信息操纵。 事实上，马克龙并非首次陷入"毒品谣言"风波。2017年法国总统大选时，其竞选团队邮件被盗，社交媒 体随即传出谣言，称"邮件中有他订购可卡因的证据"。 【环球时报驻法国特约记者 邵琦】近期，有关法国总统马克龙"藏匿毒品"的谣言在社交媒体上掀起轩 然大波。法新社12日报道称，上周六，法 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

| | 一、由众合科技副总裁兼董事会秘书何俊丽女士对 | | --- | --- | | | 公司概况、2024 年公司经营情况、业绩情况和未来发 | | | 展规划进行了介绍。要点如下： | | | 1.整体经营情况 | | | 公司实现营业收入 20.24 亿元，净利润 2,436.03 | | | 万元；在 2024 年中期实现现金分红 10,042,522.66 | | | 元；完成了 12,165,000 股的股份回购，其中注销 | | | 3,605,400 股，等同实现分红 19,985,166.60 元。同时 | | | 公司顺利完成约 6.84 亿元定增募资，并完成了立体交 | | | 通战略的初步布局。 | | | 2.各业务板块介绍 | | | 空天地立体交通场景：1）智慧轨交：公司智慧轨 | | | 交业务实现营业收入 15.30 亿元，新增订单金额约 | | | 31.5 亿元，刷新智慧轨交业务历史最好业绩，已经连 | | | 续三年新增订单超过 25 亿元。公司信号系统业务以 | | | 23.46%的市占率排名第二。2）低空：公司在 2024 年推 | | | 出了 UniTFC ...