Core Viewpoint - Phoenix Shipping reported a significant increase in cargo volume and turnover for 2024, but faced substantial losses due to declining profit margins and increased competition in the market [1][2] Financial Performance - In 2024, the company achieved a cargo volume of 32.26 million tons, an increase of 2.01 million tons or 6.64% year-on-year [1] - The cargo turnover reached 46.15 billion ton-kilometers, up by 4.34 billion ton-kilometers, reflecting a growth of 10.37% compared to the previous year [1] - The net profit attributable to shareholders was -82.7 million yuan, indicating an expanded loss [1] Business Operations - Phoenix Shipping's main operations include dry bulk shipping and port logistics services, with a focus on self-operated, time-chartered, and voyage-chartered shipping models [1] - The company has a self-owned capacity of nearly 400,000 tons, which is significantly lower compared to leading shipping companies [1] Market Challenges - The company has experienced a decline in gross profit margins due to insufficient market demand, intensified industry competition, and provisions for asset impairment [1][2] - The main business revenue for 2024 was 799 million yuan, with an overall gross margin turning negative for the first time, decreasing by 3.41% year-on-year [2] - Coastal transportation faced severe challenges, with gross margins dropping to -7.43%, a reduction of 8.49% year-on-year, significantly impacting overall performance [2] Strategic Initiatives - In response to the declining margins, the company has initiated a project to convert domestic vessels for international operations, aiming to improve asset structure and profitability [2] - A new foreign trade vessel was added to the fleet, which helped the ocean transportation segment achieve a gross margin of 4.71%, indicating a relatively stable performance [2]

4月15日晚间，深圳至正高分子材料股份有限公司（以下简称"至正股份（603991）"或"公司"）发布 2024年年度报告。公司2024年实现营业收入3.65亿元，较上年同期增加52.27%。归属于上市公司股东的 净亏损3053.38万元，归属于上市公司股东的扣除非经常性损益的净利润-3558.68万元，较上年同期亏损 有所减少。公司2024年度合并报表实现归属于母公司所有者的净利润-3053.38万元，母公司期末可供分 配利润为2737.39万元。这也是至正股份自2019年以来连续6年亏损，2023年度公司的归母净利润为亏损 4442万元。 综观至正股份2024年年报，尽管全年营收同比增长超五成，但净利润亏损仍在持续。这家以高分子材料 和半导体设备为主业的公司，在规模扩张与盈利能力的平衡木上走得颇为艰难。年报数据显示，公司全 年营收增长主要得益于线缆用高分子材料和半导体设备两大板块的双位数增长，但增收不增利的矛盾依 然突出。核心业务线缆用高分子材料虽贡献超六成营收，却因产品价格持续走低陷入"增产不增收"的怪 圈。部分特种材料产品年内售价同比跌幅超三成，直接导致毛利率空间被压缩。与此同时，半导体设备 业务虽保持 ...