Core Viewpoint - The company expects a decline in net profit for the first half of 2025, primarily due to external factors affecting its performance [1][2]. Group 1: Performance Forecast - The company anticipates a net profit of approximately 1.83 billion yuan for the first half of 2025, a decrease of about 321 million yuan compared to the same period last year, representing a year-on-year decline of around 15% [1][2]. - The expected net profit, excluding non-recurring gains and losses, is approximately 1.81 billion yuan, which is a decrease of about 242 million yuan year-on-year, equating to a decline of around 12% [1][2]. Group 2: Previous Year Performance - In the same period last year, the net profit attributable to shareholders was 2.15 billion yuan, and the net profit after excluding non-recurring gains and losses was 2.05 billion yuan [2]. - The earnings per share for the previous year was 0.66 yuan [2]. Group 3: Reasons for Performance Change - The decline in net profit is attributed to international trade barriers, raw material prices, and market conditions, which have led to a decrease in the company's gross profit margin [2]. - The company plans to optimize its overseas production capacity and increase the promotion of high-value-added products to mitigate the impact of these factors on its performance [2].

Variety Views - On May 28, A-share market's three major indices fluctuated. The Shanghai Composite Index dropped 0.02% to 3339.93, the Shenzhen Component Index fell 0.26% to 10003.27, and the ChiNext Index declined 0.31% to 1985.38. The trading volume in Shanghai and Shenzhen stock markets reached 1.01 trillion yuan, with a slight increase of 11 billion yuan compared to the previous day. The CSI 300 Index closed at 3836.24, down 3.16 [1]. - On May 28, the weighted index of coke was weak, closing at 1339.7 yuan, down 25.8 [2]. - On May 28, the weighted index of coking coal remained weak, closing at 780.0 yuan, down 17.5 [3]. - Affected by concerns about increased exports from India and waiting for sugar production data from Brazil, the Zhengzhou sugar 2509 contract tumbled on May 28. India's monsoon rainfall in 2025 is expected to be 106% of the long - term average [4]. - With the start of rubber tapping in major producing countries and concerns about tire demand, the spot price in Southeast Asia dropped significantly. The Shanghai rubber futures fell sharply on May 28 [5]. - On May 28, palm oil rebounded slightly within the range and then fell back. The reference price of crude palm oil in Indonesia for June was lowered to $856.38 per ton, and the export tariff was reduced to $52 per ton [7]. - On May 28, CBOT soybean futures were weak. The planting rate of US soybeans as of May 25 was 76%. The domestic soybean meal futures closed up 0.54% to 2966 yuan/ton. The supply of soybean meal is expected to be loose [8]. - On May 28, the hog futures fluctuated at the bottom. The market is in a state of loose supply in the long - term, and the futures price is bearish [9]. - The Shanghai copper futures showed a narrow - range fluctuation. The supply of raw materials is expected to be stable. The price is supported by downstream restocking [10]. - On May 28, the iron ore 2509 contract closed down 0.14% to 698.5 yuan. The supply - demand fundamentals are weakening, and the futures price will fluctuate in the short term [10]. - On May 28, the asphalt 2507 contract closed down 0.91% to 3481 yuan. The supply - demand fundamentals may weaken, and the futures price will fluctuate [11]. - On May 28 night, the Zhengzhou cotton futures closed at 13245 yuan/ton. The cotton price is at a near - three - year low, and weather changes should be monitored [12]. - On May 28, the log futures opened at 754, closed at 758, and decreased in positions by 1356 lots. The spot market is in the off - season, and the supply - demand relationship has no major contradiction [12]. - On May 28, the rb2510 of steel closed at 2964 yuan/ton, and hc2510 closed at 3100 yuan/ton. The black - series market will remain in a "bottom - grinding" pattern [13]. - On May 28, the ao2509 of alumina closed at 2991 yuan/ton. The price is near the cost line, and the upside space is limited [13]. - On May 28, the al2507 of Shanghai aluminum closed at 20095 yuan/ton. The inventory is low, and the price will fluctuate at a high level in the short term [13].

美国关税风暴可能深度影响，甚至严重冲击全球储能江湖。 据24潮产业研究院 (TTIR) 统计，两个交易日 （4月7-8日） ，仅国内储能上市公司总市值蒸发近 4500亿元，降幅达15.92%！ 目前之所以在资本层面产生如此大的冲击与破坏力，与美国在全球储能江湖地位有很大关系。据 中信建投证券统计，2024年美国储能装机需求约40GWh，占比全球装机的20%，对应储能电池要 货80-100GWh。 根据海关总署数据显示，2024年中国向美国出口锂电池153.15亿美元 （约1100亿人民币） ，占 国内锂电池出口总额的25%。另外据CESA储能应用分会产业数据库不完全统计，就中国企业出 海情况来看，2024年中国企业跟美国企业签订储能订单最多，规模最大，达24个，总规模超 65.78GWh，占中国企业全球出海订单规模的33.63%。 很明显，为了实现争夺储能领域的全球话语权与定价权，美国在政策层面正在全力 "封堵" 中国 储能企业，以实现 "将完整的电池供应链带回美国" 的战略目标。 当前美国储能江湖，对中资企业而言即意味着巨大的发展空间与机遇，也预示着激烈的竞争与博 弈风险，而留给企业破局的时间已经非常紧迫了 ...