公司代码：601163 公司简称：三角轮胎 三角轮胎股份有限公司 三角轮胎股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人丁木、主管会计工作负责人钟丹芳及会计机构负责人（会计主管人员）赵利波 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的对未来发展战略、业务发展、经营计划、财务状况等前瞻性陈述，是基于当前能够 掌握的信息与数据对未来所做出的估计或预测，不构成公司对投资者的实质承诺，投资者及相关 人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法 ...

Report Industry Investment Ratings - Cotton: ★★★ [1] - Pulp: ★☆☆ [1] - Sugar: ★☆★ [1] - Apple: Not rated - 20 - rubber: Not rated - Natural rubber: Not rated - Synthetic rubber: Not rated - Log: Not rated Core Views - The market sentiment of various soft commodities is generally weak, with most commodities showing downward trends or lack of clear upward momentum. It is recommended to adopt a wait - and - see approach for most commodities, while maintaining a bullish view on logs [2][3][6][7]. Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton continued to decline, with the 09 contract reducing positions and the 01 contract increasing positions at a slower rate. The enthusiasm for long - positions was hit. - In July, cotton inventory digestion slowed, downstream demand was weak, and processing profits were under pressure. - Warehouse receipts were digested slowly, and there were concerns about their quality. - The anti - involution trading cooled down, and the 9 - 1 spread dropped significantly. - There is a strong expectation of increased production in Xinjiang in the new season. - It is recommended to wait and see or conduct intraday operations [2]. Sugar - Overnight, US sugar fluctuated. The production data of Brazil's central - southern region in the first half of July was moderately bearish. - In China, Zhengzhou sugar also fluctuated. After July, rainfall in Guangxi was good but may decrease later, increasing the uncertainty of the 25/26 sugar production in Guangxi. - US sugar is in a downward trend, and Zhengzhou sugar lacks positive factors. It is expected that sugar prices will fluctuate in the short term, and it is recommended to wait and see [3]. Apple - The futures price fluctuated. Early - maturing apples had a high opening price, but there were quality problems due to high - temperature weather. - As of July 24, the national cold - storage apple inventory was 648,100 tons, a year - on - year decrease of 44.57%. The weekly cold - storage apple destocking volume last week was 86,000 tons, a year - on - year decrease of 20.66%. - The market is focused on the new - season apple production estimate. There are still differences in the production forecast. It is recommended to wait and see [4]. 20 - rubber, Natural rubber & Synthetic rubber - RU&MR continued to decline, and BR fluctuated weakly. International trade risks increased, and the sentiment in the rubber market weakened. - Global natural rubber supply is entering the high - yield period, and there is heavy rainfall in Southeast Asian producing areas. - The operating rate of domestic butadiene rubber plants increased this week, but some plants will be under maintenance in early August. - The operating rates of domestic all - steel and semi - steel tires declined. - Rubber inventories increased. It is recommended to wait and see [6]. Pulp - Pulp futures continued to decline. As of July 31, 2025, the inventory of China's main pulp ports was 2.105 million tons, a decrease of 38,000 tons from the previous period, a month - on - month decrease of 1.8%. - Domestic port inventory is relatively high year - on - year, supply is relatively loose, demand is weak, and it is in the traditional off - season. - The price may return to low - level fluctuations. It is recommended to wait and see [7]. Log - The futures price fluctuated. Spot prices remained stable. - The shipment of New Zealand logs was at a low level, and the supply was low. - As of July 25, the average daily outbound volume of logs at 13 national ports was 64,100 cubic meters, a week - on - week increase of 1,700 cubic meters, an increase of 2.72%. - The total log inventory at national ports was 3.17 million cubic meters, a month - on - month decrease of 120,000 cubic meters. - The supply - demand situation has improved, and the spot price is relatively low. It is expected that the futures price will continue to rise, and a bullish trading strategy is recommended [8].

Core Viewpoint - Jiangxi Aifenda HVAC Technology Co., Ltd. has made progress in its IPO journey, with its application for the ChiNext board being registered as effective, despite facing challenges such as performance volatility and doubts about its R&D capabilities [1][3]. IPO Journey - Aifenda's IPO process has been complicated, with its application accepted on June 20, 2022, entering the inquiry stage on July 17, 2022, and being approved on April 27, 2023. The review was suspended in May 2024 due to a change in the reporting accountant, but resumed in August 2024, leading to the registration application submitted on May 26, 2025, and the status changing to "registered effective" on June 11, 2025 [3]. - The company aims to raise approximately 665 million yuan, which will be used for upgrading automated production lines and supplementing working capital [3]. Financial Performance - Aifenda's revenue grew from 762 million yuan in 2022 to 1.05 billion yuan in 2024, with a compound annual growth rate of 17.36%. However, its net profit fluctuated significantly, with a 76.04% increase in 2023 to 164 million yuan, followed by a 28.04% decrease in 2024 to 118 million yuan [4]. - In 2023, Aifenda's other income, primarily from government subsidies, reached 59.87 million yuan, and asset disposal income was 53.87 million yuan. After excluding these non-recurring gains, the company's net profit attributable to the parent was 87.40 million yuan, indicating a decline from 2022 [5]. Accounts Receivable and Inventory - Aifenda's accounts receivable increased from 180 million yuan in 2022 to 293 million yuan in 2024, while inventory value rose to 206 million yuan, accounting for 29.73% of current assets. The rapid growth in accounts receivable may pressure cash flow and increase bad debt risk [5]. - As of the end of 2024, Aifenda had cash and cash equivalents of 136 million yuan, but short-term borrowings and current portion of non-current liabilities totaled 232 million yuan, resulting in a short-term funding gap of 96 million yuan [5]. Dependence on Overseas Markets - Aifenda is heavily reliant on overseas markets, with international sales accounting for 92.37% to 95.53% of its revenue from 2022 to 2024, and over 60% of this revenue coming from the UK market. This dependence poses risks amid increasing global economic uncertainties and potential trade protectionism [6]. - The company has faced foreign exchange losses due to settlements in USD, EUR, and GBP, with losses of 8.35 million yuan, 11.45 million yuan, and 6.42 million yuan from 2022 to 2024, respectively [7]. R&D Capabilities - Aifenda's R&D expenditure as a percentage of revenue was below the average of comparable companies, at 3.31%, 3.53%, and 3.18% from 2022 to 2024 [8]. - The educational background of Aifenda's R&D personnel raises concerns, with only 12 individuals holding a bachelor's degree or higher, making up 6.35% of the total R&D staff, while 72% have below college-level education [9][10]. Overall Assessment - Aifenda's performance is unstable, with excessive reliance on overseas markets and questioned innovation capabilities. If the company successfully goes public, it will face significant challenges in addressing these issues [11].

证券代码：605118 证券简称：力鼎光电 公告编号：2025-026 厦门力鼎光电股份有限公司 关于近期经营情况说明 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 二、公司应对措施 公司自成立起就专注于国际市场的开拓，长期在国际市场上为众多国际知名 光学光电子终端品牌客户提供产品和服务，获得了众多地区客户的认可与好评， 并早已替代了部分国际市场竞争对手的市场份额，同时因产品定制化程度高，与 客户合作时间长，构建了较强的客户粘性，合作稳定。公司一直以来执行跨应用 领域、定制化及多品种少量化的产品市场策略，公司销售市场区域广，产品细分 应用领域多，研发技术积累厚，具备较强的市场开拓能力，单一地区的订单变化 不会对公司经营造成重大不利影响。公司马来西亚生产基地建设也正在稳步地推 1 进中，目前已购置了相应土地厂房，预计 2025 年下半年将进行厂房洁净车间建 设，未来能进一步分散国际贸易风险。 未来，公司坚定不移走高质量发展路线，持续围绕高端定制化、跨应用领域、 多品种的经营策略开展营销、研发及生产活动，通过大量前沿性、定 ...