战略布局金矿，资源化协同打开第二成长曲线 20251123 Q&A 高能环境公司近期的经营情况如何？ 高能环境公司近期的经营情况依然以资源化、金属资源化回收作为核心发展战 略，不断提升竞争力和盈利能力。今年（2025 年）的利润预计在 7.5 亿至 8 亿元之间，符合市场预期。与过去两年不同，今年第四季度不会出现业绩负增 长，全年业绩预期可以达成。 公司在出海战略和矿业战略方面有哪些进展？ 在出海战略方面，公司主要集中在东南亚、拉丁美洲、非洲和中亚等地区。上 周，公司中标了泰国北大年的垃圾焚烧项目，这是出海战略的重要标志。此外， 公司在泰国和印尼还有多个项目正在跟踪和谈判阶段。 在矿业战略方面，公司 目前集中于中小型金矿、铜矿、银矿及多金属、小金属矿的开发。上周五，公 危废资源化与传统冶炼技术相似，但原料来源不同，危废资源化成本主 要来自原材料采购，价格依据大宗商品市场价格并按一定折扣系数计算。 公司通过提取稀有小金属，如铂钯等，保持较高利润率。 高能环境近期项目经营效率和盈利有所提升，新业务拓展顺利，并进军 黄金领域。公司存量资产有进一步挖掘潜力，矿业和海外业务具备充足 成长空间，预计明年利润可能达到 10 ...

图片来源官方 在上游元器件价格异动下，消费电子正迎来新的调整。从全球市场来看，当下手机、PC都处于上行通道，但国内由于国补的退潮，手机已经开始出现负增 长的情况。而新机市场的变动，也让外界对二手回收产业产生了担忧。 日前，二手消费电子产品交易和服务平台万物新生（爱回收）集团发布了2025年第三季度业绩报告，从数据上来看，新机市场的变动暂未对其业绩造成较大 负面影响，而黄金的大涨倒是促进了其多品类回收业务的增长。 财报显示，爱回收该季度总收入51.5亿元，同比增长27.1%；集团non-GAAP经营利润达1.4亿元，同比增长34.9%，创下历史新高；non-GAAP净利润为1.1亿 元，同比增长22.3%。 截至2025年9月30日，现金及现金等价物、受限资金、短期投资以及第三方支付平台应收账款合计25.4亿元。同时，第三季度，爱回收使用了约210万美元回 购近50万股ADS。万物新生首席财务官陈晨表示，"我们会持续评估集团整体利润的达成情况，在适当的时机更新股东回报方案。" 翻新收入翻倍增长，降低服务费率推动黄金回收 从营收结构来看，爱回收的收入包括1P（自营）产品销售收入和3P（平台）服务收入，集团总收入的 ...

Core Viewpoint - Longbai Group's financial performance in Q3 2025 shows a decline in revenue and net profit, primarily due to falling titanium dioxide prices, indicating short-term pressure on the company's earnings [1][2]. Financial Performance - For the first three quarters of 2025, the company's revenue was 19.436 billion yuan, a year-on-year decrease of 6.86%, while the net profit attributable to shareholders was 1.674 billion yuan, down 34.68% year-on-year [1]. - In Q3 2025, the company's revenue was 6.105 billion yuan, a quarter-on-quarter decline of 2.74%, and the net profit was 289 million yuan, down 58.64% quarter-on-quarter [1]. - The gross profit margin for the first three quarters of 2025 was 22.29%, a decrease of 4.66 percentage points year-on-year [1]. Price Trends - The average price of domestic rutile and anatase titanium dioxide in Q3 2025 was 11,785.38 yuan/ton and 14,359.23 yuan/ton, respectively, with year-on-year changes of -15.55% and -11.47% [1]. - The price of sponge titanium in Q3 2025 was 51,303.03 yuan/ton, showing a year-on-year increase of 4.00% [1]. Expense Management - Sales expenses decreased by 26.14% year-on-year, with a sales expense ratio of 1.46%, down 0.38 percentage points [2]. - Financial expenses fell by 28.88% year-on-year, with a financial expense ratio of 1.10%, down 0.34 percentage points [2]. - Management expenses increased by 6.75% year-on-year, with a management expense ratio of 4.02%, up 0.51 percentage points [2]. Cash Flow and Receivables - The net cash flow from operating activities for the first three quarters of 2025 was 2.539 billion yuan, a year-on-year decrease of 2.07% [2]. - The ending cash and cash equivalents balance was 3.065 billion yuan, an increase of 33.90% year-on-year [2]. - Accounts receivable decreased by 10.91% year-on-year, while inventory increased by 1.01% year-on-year [2]. Strategic Acquisition - The company plans to acquire titanium dioxide assets from Venator UK for 69.9 million USD, which will enhance its global industrial layout and product matrix in chloride titanium dioxide [3]. - Venator UK is the only plant under Venator that produces chloride titanium dioxide, with a designed annual capacity of 150,000 tons [3]. Future Outlook - Revenue projections for Longbai Group from 2025 to 2027 are 26.863 billion yuan, 30.228 billion yuan, and 33.087 billion yuan, with year-on-year growth rates of -2.4%, 12.5%, and 9.5% respectively [4]. - Net profit projections for the same period are 2.067 billion yuan, 2.657 billion yuan, and 3.246 billion yuan, with year-on-year growth rates of -4.7%, 28.5%, and 22.2% respectively [4].

36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 理想进入重新校准的周期。 以下文章来源于36氪汽车 ，作者肖漫 文 ｜ 肖漫 编辑 ｜ 李勤 杨轩 来源｜ 36氪汽车（ID：EV36Kr） 封面来源 ｜ IC Photo 理想汽车正经历前所未有的压力时刻。今年10月，理想卖出31767辆车，同比环比都在下滑。 在这之前，理想已经把今年能打的产品牌都打完了 ，新的 纯电车型i8表现平淡，肩 负起销 量重担的i6虽订单高涨，但因产能瓶颈无法全力交付。而明年，显然是更激烈的战场。 36氪从多位产业人士处获悉，今年10月中旬，理想汽车在北京雁栖湖开了三天的秋季闭门战略会，对销量下滑、研发、产品等方方面面的问题进行了反 思，从而调整车型、产品和研发策略，以及加快出海节奏和加大AI投入力度。 战略会上，这家曾因节奏稳、判断准而在新能源车竞争前半程占据优势的公司，第一次在内部与外部同时承认"效率慢了"，产品节奏、组织节奏都难以匹 配当前的竞争强度。美团CEO王兴（理想汽车董事）只参与了第一天关于产品、战略的讨论，发言并不多。 另一个深刻反思和复盘的重点业务是出海。 理想在官方的出海节奏上屡次摇摆，一 ...

（可公开）以盈利为帆，配置下一轮阿尔法 基 金 研 究 ——公募基金 2026 上半年投资策略 2025 年 11 月 20 日 投资要点 今年以来市场回顾:今年以来海外美元流动性持续宽松,全球资金再平 衡，大类资产中除了原油外均表现亮眼。映射到基金市场，基金市场整 体表现较好，各类型基金总指数均录得正收益，其中权益类基金表现靠 前。如果从投资策略来看，主动投资策略跑赢被动投资策略基金3%左右， 这也是主动投资策略基金在经历过去三年的相对落后之后首年取得超 额，但与之形成鲜明对比的是公募基金被动化进程显著加快，被动股票 型指数基金规模开始超越主动权益基金，新发市场也呈现同样的特征， ETF市场迎来跨越式发展，新发数量和规模均突破历史纪录。 分析师：李荣 SAC 执业证书编号： 基金从业资格证书编号： 基 金 专 题 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340521010001 F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 20250 ...

Core Insights - The article discusses the growth and strategic initiatives of the electric vehicle (EV) and battery industry, particularly focusing on companies like BYD and CATL, highlighting their expansion into international markets and advancements in technology [1][3]. Group 1: International Expansion - BYD is increasing its presence in Southeast Asia, with significant sales growth expected in Europe, Asia-Pacific, and Latin America, each accounting for approximately one-third of its international sales [1]. - The new factory in Hungary is set to commence operations in early next year, which will further boost sales in Europe [1]. Group 2: Product Development and Innovation - The company is focusing on high-end product lines, with new offerings in the Fangchengbao Titanium series and significant updates to the Tengshi brand's design and interior [1]. - The introduction of cloud systems, intelligent driving, and fast charging technologies is part of the company's strategy to enhance its product base [1]. Group 3: Inventory and Supply Chain Management - Current inventory levels are low, reflecting lessons learned from last year's unsold stock that hindered new product launches [1]. - The procurement strategy for battery cells is aimed at balancing performance and cost, which is crucial for maintaining competitiveness in the market [1]. Group 4: Market Trends and Projections - The energy storage market is projected to grow faster than the power market, indicating a shift in focus for companies like CATL [3]. - Internal estimates suggest that energy storage shipments could reach approximately 50 GWh this year, with expectations for continued rapid growth next year [1].

Group 1 - The core viewpoint of the article is that Li Auto acknowledges its mistake of delaying its international expansion strategy, which it now aims to accelerate [1][2] - Li Auto held a strategic meeting in mid-October to reflect on various issues including declining sales, R&D, and product strategies, leading to a decision to enhance its overseas market presence and increase AI investments [1] - Previously, Li Auto had relied on parallel exports to markets like Russia and Central Asia, achieving a peak monthly export volume of 4,000 vehicles, but this has significantly decreased due to new restrictions [1][2] Group 2 - The Chinese government has imposed strict controls on new car exports under the guise of used cars, which will effectively cut off Li Auto's parallel export line starting January 1, 2026 [2] - Other competitors like Xpeng, Leapmotor, and NIO have prioritized international expansion during the two years that Li Auto hesitated, while Li Auto's own overseas strategy remained unclear [2] - Li Auto has recently clarified its intention to focus on expanding into the Middle East, Central Asia, and Europe, establishing R&D centers in Germany and the U.S., and retail centers in Uzbekistan and Kazakhstan [2]

Core Insights - Li Auto is facing unprecedented pressure with a decline in vehicle sales, selling 31,767 units in October, showing both year-on-year and month-on-month decreases [1] - The company acknowledges a slowdown in efficiency and is adjusting its product and research strategies, including accelerating its overseas expansion and increasing AI investments [1][3] Sales Performance - In October, Li Auto's sales dropped significantly, with the i8 model underperforming and the i6 model facing delivery challenges due to production capacity constraints [1] - The L series, which previously achieved over 50,000 monthly sales, has now fallen to around 20,000 units [3] Strategic Adjustments - Li Auto held a three-day closed-door strategy meeting to reflect on various issues, including sales decline and product development [1] - The company plans to shorten its product iteration cycle from four years to two years to better compete in the market [4] Competitive Landscape - Li Auto is facing intensified competition from rivals like Xiaomi and Huawei, with Xiaomi's YU7 model emerging as a significant competitor [4][6] - The company recognizes that its previous strategy of relying on parallel exports for overseas sales is no longer viable due to increasing restrictions [6][7] AI and Technology Investments - Li Auto is increasing its investment in AI, focusing on enhancing reasoning computing power, with current capabilities at 10 EFLOPS for training and 3 EFLOPS for reasoning [10] - The company plans to launch its second-generation AI chip in two years, emphasizing reasoning capabilities over training [10][11] Organizational Changes - Li Auto is shifting its focus away from strict cost-effectiveness in R&D to ensure adequate resource allocation for innovation [5] - The company is also considering establishing an independent R&D system to enhance product innovation [5] Overseas Expansion Strategy - Li Auto has recognized the need to accelerate its overseas expansion plans, previously delayed until 2028, and is now focusing on markets in the Middle East, Central Asia, and Europe [6][7] - The company is setting up retail centers in various countries and adapting new models to meet international regulations [7] Future Outlook - Li Auto is recalibrating its strategies to enhance competitiveness, focusing on agile product development, increased AI investment, and a more robust overseas presence [12]

2025年11月，达利食品集团官宣，创始人许世辉之女许阳阳正式接任集团总裁，全面执掌这家"食品帝国"。 "接班"这条路，许阳阳已经走了17年。自2008年英国留学归国后，许阳阳便进入达利食品历练，从车间主任做起，历经生产统筹、产品开发、品牌运营等 基层岗位，直至担任集团执行董事及副总裁。 她接手的是一个巅峰时期年营收超200亿元、终端网点达280万的食品帝国，也是一个正面临业绩连续下滑、渠道变革冲击的行业巨头。 "跟随战略"创造商业奇迹 许世辉的创业故事堪称一代闽商传奇。 1989年，许世辉投入全部身家买下一条二手饼干生产线，在惠安老家租下一间石头房，成立了达利食品的前身"惠安美利食品厂"。在零食并不丰富的年 代，许世辉敏锐地抓住市场痛点，为饼干设计了独立包装，使"美利"牌饼干迅速打开了市场。 1992年，许世辉成立福建惠安达利食品有限公司，投建第一个自有产权基地，"达利"品牌正式面世。但随着旺旺、乐事、好丽友等品牌相继进入中国，达 利面临巨大冲击。 面对外资品牌，许世辉形成了独特的"达利模式"：爆款跟随+明星代言+平价覆盖+渠道下沉。 2002年，面对当时相对高价的韩国好丽友派，达利食品开发出达利园巧克力派 ...

在创始人许世辉的带领下走过36年岁月后，达利食品集团有限公司（以下简称"达利食品"）迎来交接时 刻。近日，许世辉之女许阳阳已正式接任达利食品集团总裁，完成"二代接班"。 在业界看来，如今许阳阳接棒达利食品集团总裁一职，面临着一定的挑战。在业绩方面，达利食品自 2021年营收达到222.94亿元的历史新高后，便出现回落。公开信息显示，2022—2024年，达利食品的营 收连续三年下滑，分别为199.57亿元、188.6亿元、180.7亿元。同时，因公司股价长期在相对较低区间 交易、成交量有限，未能充分反映集团的真实价值，达利食品于2023年9月1日正式从港交所退市。 产品方面，许阳阳主导推出的豆本豆、美焙辰此类创新性更为明显的品牌及产品，曾被视为达利食品转 型的希望。但据2022年财报披露，豆本豆、美焙辰品牌所在的家庭消费分部收入同比上升1.9%至37.05 亿元，较2021年22.7%的增速已出现明显放缓；休闲食品分部收入同比下滑9.2%至90.3亿元，即饮饮料 分部收入也同比下滑22.3%至51.23亿元。 达利食品前身是许世辉于1989年在福建泉州创立的惠安美利食品厂。早年间，达利食品通过模仿已被市 场验 ...