证券日报网讯1月20日，嘉华股份（603182）在互动平台回答投资者提问时表示，公司境外市场包括欧 盟等全球近百个国家和地区，2024年度境外收入占营业收入的比例为35.22%，截至2025年第三季度外 销占比36.60%。欧盟地区一直是公司主要境外市场之一，销售方式以境内主体直接向欧盟市场出口为 主。 ...

Core Viewpoint - The company plans to establish wholly-owned subsidiaries in Hong Kong and the Cayman Islands, with a subsidiary in Australia, investing approximately 280 million AUD to build a production base and expand its market presence [1] Group 1 - The company has received the overseas investment certificate and filing notice [1] - The Hong Kong and Cayman Islands subsidiaries have completed their registration [1] - The Australian subsidiary, named Sanquan Foods Australia Limited, has completed company and tax registration and is wholly owned by the Cayman subsidiary [1]

Group 1 - The company has received the Traditional Chinese Medicine Registration Certificate for "An Gong Niu Huang Wan" from the Macao SAR Government's Drug Regulatory Authority, allowing the product to be sold in Macao [1] - "An Gong Niu Huang Wan" is a classic traditional Chinese medicine with indications for clearing heat and detoxifying, used for conditions such as high fever, convulsions, and coma [1] - The product's traditional manufacturing technique has been included in the national intangible cultural heritage list [1] Group 2 - According to data from Minet, the sales revenue of "An Gong Niu Huang Wan" in Chinese urban and county-level public hospitals and online pharmacies is projected to be RMB 498,242 million in 2024 [2] - The approval for the product is expected to help the company expand its overseas market presence and enhance brand and product competitiveness, although it will not have a significant impact on the company's current performance [3] - The sales of the product are subject to national policies and market environment changes, indicating a degree of uncertainty [3]

Core Viewpoint - Yimikang Technology Group Co., Ltd. has successfully turned a profit in the first half of 2025, achieving a net profit of 14.92 million yuan, primarily due to the divestment of loss-making environmental governance business and a focus on core information data sectors [1][2][7]. Performance Fluctuation - The company has shown a trend of "narrowing losses to profitability" from 2022 to the first half of 2025, with net profits of -32.45 million yuan, -216.46 million yuan, and -87.14 million yuan in the previous three years [2]. - In the first half of 2025, the company reported operating revenue of 736.77 million yuan, with key equipment business revenue reaching 474.81 million yuan, accounting for 64.45% of total revenue, and a gross margin of 16.46% [2]. Debt Repayment Ability - As of June 2025, the company's debt-to-asset ratio stands at 81.40%, with a current ratio of 0.97 and a quick ratio of 0.75, all below industry averages [3]. - The company has secured a bank credit line of 625 million yuan, with 189 million yuan unused, and its operating cash flow net amount accounts for 104.93% of operating revenue, indicating sufficient short-term and long-term debt repayment capacity [3]. Overseas Revenue - The company's overseas sales have rapidly increased since 2024, with foreign sales reaching 62.32 million yuan in the first half of 2025, primarily from Malaysia (98.55% of total) and Thailand [4]. - The gross margin for overseas business is 30.33%, significantly higher than the domestic margin of 16.07%, due to strong demand for high-power temperature control equipment in overseas data centers [4]. Accounts Receivable and Inventory - As of June 2025, accounts receivable amounted to 765.91 million yuan, with 55.33% aged within one year, and a bad debt provision ratio of 23.31%, higher than the industry average [5]. - Inventory value stands at 285.10 million yuan, with 67.71% aged within one year, and a write-down provision ratio of 14.95%, also above the industry average, indicating sufficient impairment provisions [5]. Other Important Matters - The company's dealer model accounts for 7.11% of revenue with a gross margin of 35.26%, while subcontracting business represents 7.01% [6]. - The goodwill balance is 2.89 million yuan, with minimal impact from further impairment on performance, and the value of the medical industry park's operating rights is 274.80 million yuan, unaffected by business adjustments [6]. Conclusion - Yimikang indicates a clear trend of performance improvement and enhanced competitiveness in core business areas, with manageable risks [7].

Core Viewpoint - The company, Dali Long, reported significant growth in overseas revenue for 2023 and projected continued growth for 2024, driven by demand from various international markets [2] Group 1: Financial Performance - In 2023, the company's overseas revenue reached 440 million yuan, accounting for 34.28% of total revenue, representing a year-on-year increase of 51.81% [2] - For 2024, the company anticipates overseas revenue to rise to 659 million yuan, which will constitute 43.33% of total revenue, with a projected year-on-year growth of 49.62% [2] Group 2: Market Drivers - The increase in overseas orders over the past two years has been primarily driven by demand from markets in South Asia, Southeast Asia, the Americas, the Middle East, and Africa [2]

Core Viewpoint - The company, Huawei Technology, announced plans to invest up to €20 million in two German subsidiaries for the development, production, and sales of spring products in Germany [1] Group 1: Investment Strategy - The investment will be made through the wholly-owned subsidiary Huawei Supply Chain (Hainan) Co., Ltd. [1] - The funding will be sourced from the company's own funds or raised funds [1] Group 2: Market Expansion - The investment aims to further expand the company's presence in overseas markets [1] - The two German subsidiaries will focus on research and development, production, and sales of spring-related products [1]

Core Viewpoint - China Railway's net profit attributable to shareholders and net profit after deducting non-recurring gains and losses for the first half of the year were 11.827 billion and 10.268 billion yuan, respectively, representing a year-on-year decline of 17.17% and 21.59% [1] Financial Performance - Q2 net profit attributable to shareholders and net profit after deducting non-recurring gains and losses were 5.801 billion and 4.715 billion yuan, respectively, with year-on-year declines of 14.65% and 20.45% [1] - The decline in performance is primarily due to a decrease in gross profit margin and an increase in credit impairment losses [1] Revenue Breakdown - Domestic and overseas business revenues were 475.531 billion and 36.971 billion yuan, showing year-on-year changes of -6.83% and +8.34%, respectively [1] Contract Growth - New contract amounts in overseas railway, construction, municipal, design consulting, and equipment manufacturing sectors continued to grow [1] - Key projects won include the Tambor Railway, the China-Kyrgyzstan-Uzbekistan Railway, and the Senegal Kedougou Lithium Mine [1] Market Position - The company maintains a leading position in infrastructure construction, including railways, highways, and urban transit systems [1] - Continuous expansion in overseas markets and emerging businesses supports future profitability [1]

Investment Overview - The company plans to establish a wholly-owned subsidiary in Japan to expand its overseas market presence and implement its long-term strategic plan, using 30 million Japanese yen of its own funds for the investment [1][2] - The investment will be made through its wholly-owned subsidiary, Yuhao Technology (Hong Kong) International Limited, and the actual investment amount will be subject to approval by Chinese and local authorities [1] Subsidiary Details - The proposed subsidiary will be named Yu Tong Optical (Japan) Co., Ltd. (tentative name), with a registered capital of 10 million Japanese yen [1] - The subsidiary will operate as a limited liability company, focusing on research, production, sales, consulting services related to optical products, and import-export trade [1] Strategic Purpose and Impact - The investment aims to enhance the company's international competitiveness and aligns with its business layout and strategic development plan [2] - The funds for this investment are entirely from the company's own resources, ensuring no adverse impact on its operating results or shareholder interests [2] Approval and Risks - The investment is subject to approval and registration by relevant national authorities, introducing a degree of uncertainty [2] - Potential risks include political, economic, social, and environmental factors that may affect overseas operations and investment returns [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - Short-term profitability is under pressure, but overseas expansion opens new opportunities [6] - The company has a strong order backlog, which supports future revenue growth despite current performance challenges [8] Financial Performance - In Q1 2025, the company achieved revenue of 248.564 billion yuan, a year-on-year decrease of 6.21%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.46% year-on-year [8] - The company’s gross margin for Q1 2025 was 8.46%, a decrease of 0.13 percentage points year-on-year [8] - The company’s total uncompleted contract amount reached 7.234 trillion yuan, an increase of 5.1% compared to the end of the previous year, indicating a solid order book [8] Business Segments - Revenue from infrastructure construction, design consulting, equipment manufacturing, and real estate development for 2024 was 216.796 billion, 4.670 billion, 6.246 billion, and 6.671 billion yuan respectively, with year-on-year changes of -7.99%, -2.21%, -5.77%, and +59.48% [8] - The company signed new contracts worth 560.1 billion yuan in Q1 2025, a year-on-year decrease of 9.9%, with domestic contracts down 13.6% and overseas contracts up 33.4% [8] Profitability and Valuation - The company’s projected net profit for 2025-2027 is 28.7 billion, 29.7 billion, and 30.9 billion yuan respectively, with year-on-year growth rates of +2.88%, +3.70%, and +3.94% [8] - The current price-to-earnings ratio (P/E) is projected to be 4.78, 4.61, and 4.43 for 2025, 2026, and 2027 respectively [8]