思考乐教育(01769)再跌超6%，盘中低见2.22港元，较年内高点5.23港元已腰斩。截至发稿，跌6.67%， 报2.38港元，成交额2373.07万港元。 消息面上，近日，思考乐教育发布截至2025年6月30日止六个月业绩，收益4.39亿元(人民币，下同)，同 比增长10.1%；公司拥有人应占溢利6293.3万元，同比下降23.9%；撇除基于股份的薪酬开支，公司拥有 人应占经调整净溢利0.81亿元，同比减少13.1%。 光大证券指出，公司上半年毛利率为34.3%，同比-10.1pcts，主要系广州新学习中心处于提速爬坡阶 段，前期租金、薪酬等成本投入较大，而体验课程导致初期收入相对较低，对毛利及净利产生短期负面 影响。此外，上半年收入增速较24年放缓，主要受深圳大本营拖累。今年以来，深圳市场竞争加剧，同 时公司推进人员迭代与管理层调整，多重因素叠加导致深圳市场收入增速放缓。 ...

重要子公司业绩承压 明冠新材成立于2007年，是宜春市经开区培育的第一家上交所科创板上市企业。公司致力于新能源电池 封装用高分子材料研究，开发了太阳能电池组件背板、太阳能电池封装胶膜、多功能薄膜、锂电池封装 铝塑膜等特种功能复合材料。 目前，公司拥有宜春、苏州、越南、合肥（在建）四大制造基地。据官网信息，公司在江西拥有13GW 的胶膜产能、18GW的背板产能以及4500万平的铝塑膜产能，在越南拥有11GW的胶膜产能和4GW的背 板产能，公司在安徽和江苏分别规划了21GW和10GW的胶膜产能。 半年报显示，对公司净利润影响达10%以上的参股公司有8家，其中，越南明冠收入最高，达20,715.04 万元，净利润为69.03万元，该子公司是明冠新材重要的境外经营实体，主要生产电池背板、铝塑膜等 产品。但与2024年同期相比，其业绩遭遇"滑铁卢"，去年同期，该子公司收入39,395.24万元，净利润达 3417.42万元。此外，苏州嘉明、深圳明冠、明冠合肥和苏州嘉清四家子公司上半年未产生收入。 图为明冠新材背板产品。图源：公司官网 本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 今年上半年，光 ...

Core Viewpoint - Jin Hong Gas (688106) reported a revenue of 1.314 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.65%, while the net profit attributable to shareholders decreased by 48.65% to 82.2013 million yuan [1] Financial Performance - The company achieved an operating income of 1.314 billion yuan, which is a 6.65% increase compared to the previous year [1] - The net profit attributable to shareholders was 82.2013 million yuan, showing a significant decline of 48.65% year-on-year [1] - Basic earnings per share were reported at 0.17 yuan [1] Market Strategy - In response to a complex and changing market environment, the company actively expanded its market presence, resulting in a continuous and rapid increase in sales [1] - The company faced intensified market competition, which led to a decline in the selling prices of some products and a decrease in overall gross profit margin compared to the same period last year [1] Investment and Asset Management - The company is strategically increasing capital expenditures and enhancing research and development investments despite the challenging market conditions [1] - There was a decline in asset disposal income compared to the same period last year [1]

Core Viewpoint - The article discusses the challenges faced by Zhongjing Food, particularly in its main business segments of seasoning foods and seasoning ingredients, highlighting a decline in revenue and market share due to increased competition and changing consumer preferences [4][5][6]. Group 1: Business Performance - Zhongjing Food reported a revenue of 524 million yuan and a net profit of 101 million yuan for the first half of the year, representing a year-on-year decline of 2.50% and a slight increase of 0.29% respectively [5]. - The company's two main business segments, seasoning foods and seasoning ingredients, generated revenues of 310 million yuan and 212 million yuan, showing declines of 2.31% and 1.31% year-on-year [6]. - The gross profit margin for the period was 45.04%, an increase of 1.28 percentage points compared to the previous year [5]. Group 2: Market Challenges - The seasoning market is becoming increasingly competitive, with many imitators entering the market, particularly affecting the sales of Zhongjing's Shanghai scallion oil [4][9]. - The company has faced pressure from rising raw material costs, particularly for mushroom stems and soybean oil, which has impacted profit margins [15]. - Despite efforts to expand channels and product offerings, both online and offline sales have not shown growth, with direct sales revenue declining by 2.90% [10][11]. Group 3: Strategic Adjustments - In response to declining performance, the company has launched new products, including garlic sauce and zero-fat chili sauce, to meet consumer demand for convenient cooking options [18]. - Zhongjing Food has decided to divest its blueberry business, which has been a financial burden due to continuous losses, and is focusing on optimizing asset allocation [19][21]. - The company is also exploring new growth avenues through the development of health products, such as the "Zhongjing Vitality Ginseng," leveraging its expertise in traditional Chinese medicine [22].

Financial Data and Key Metrics Changes - The company reported a profit after tax of AUD 4.9 million, with normalized profit before tax of AUD 13.9 million on revenue of AUD 152.1 million, which is similar to AUD 14.3 million in the previous corresponding period [3][4] - Revenue increased by 25% compared to the prior period, reflecting a 6.6% increase from the period ended December 2024 [4][7] - Underlying EBITDA for the period was AUD 26.9 million, consistent with AUD 26.8 million reported in the prior period, while the reported EBITDA was AUD 14.6 million [10][18] Business Line Data and Key Metrics Changes - North America revenue was AUD 83.1 million, a 225% increase on the prior period, with recurring revenue contributing 47% of segment revenues [11][12] - Latin America and Europe revenues were AUD 31.6 million, an increase from AUD 29.3 million in the prior period but a reduction of 16% compared to the prior half [13] - The digital segment reported revenue of AUD 2.08 million, down from AUD 5.1 million in the prior period due to the termination of the GAN exclusivity contract [17] Market Data and Key Metrics Changes - International revenues accounted for 80% of total revenue, down from 86% in the prior period due to stronger domestic contributions [6] - The Asia Pacific segment achieved revenue of AUD 34.6 million, an increase of 8147% from prior periods, benefiting from the release of new products [14] Company Strategy and Development Direction - The company aims to maintain its investment in product development to compete effectively against larger industry participants [5] - There is a focus on technology, development, and culture to improve product performance and staff retention [19][21] - The company is pursuing opportunities in existing and new markets, particularly in North America and Latin America [26][28] Management Comments on Operating Environment and Future Outlook - Management expressed caution due to competitive factors and challenging economic conditions that may impact operations [5] - The company remains optimistic about its infrastructure and strategies to compete against larger providers [28] - Future growth opportunities are anticipated, particularly following the release of new game titles and hardware [26][27] Other Important Information - The company has a net cash position of AUD 1.4 million with borrowings of AUD 11.4 million, reflecting a reduction in net cash due to inventory purchases [21][24] - Inventory levels increased by 14% to AUD 78.2 million, with 34% represented by finished goods [22] Q&A Session Summary Question: Inquiry about the automatic transaction - The management referred to the ASX announcement regarding the automatic takeover bid and indicated that further details would be provided to shareholders [2][29] Question: No further questions were raised during the session - The operator confirmed that there were no additional questions from participants [32]

Group 1: Core Insights - The 2025 Asia-Pacific Risk Focus Report identifies digital disruption, market competition, and climate change as the three key forces reshaping the regional business ecosystem [1][16] - Internal audit functions are transitioning from traditional risk gatekeepers to important strategic advisors for corporate upgrades [1][5] Group 2: Digital Disruption - Currently, 36% of Asia-Pacific companies list digital disruption as one of their top five risks, expected to rise to 55% in the next three years, making it the third-largest risk area [2][19] - AI technology is being widely adopted across various sectors, enabling companies to shorten product cycles and optimize production processes, but it also increases cybersecurity risks and compliance dilemmas [2][5] - Internal audit departments are adapting by updating audit plans regularly, dedicating about 20% of their time to address ad-hoc projects related to digital transformation [2][5] Group 3: Market Competition - 49% of companies in the Asia-Pacific region currently consider market changes and competition as one of their top five risks, with a slight decrease to 44% expected in the next three years [3][19] - The manufacturing sector, which comprises 30% of the surveyed companies, is particularly sensitive to market fluctuations, intensifying competitive pressures [3][5] - Companies are leveraging digitalization to respond to market demands, with examples including a media group transitioning to digital content creation and a hotel using AI for dynamic pricing [3][5] Group 4: Climate Challenges - 26% of Asia-Pacific companies currently view climate change as a major risk, projected to increase to 47% in the next three years, making it the fourth-largest risk area [4][19] - Regulatory pressures are driving companies to integrate environmental requirements into their operations, with new regulations emerging globally [4][5] - Internal audit functions are taking on the role of "gatekeepers" to ensure the accuracy of sustainability reports and evaluate the execution of environmental plans [4][5] Group 5: Transformation of Internal Audit - The role of internal audit is evolving to focus more on supporting strategic decision-making rather than just compliance checks [5][19] - Different industries and regions have varying focuses, with manufacturing prioritizing supply chain and market competition, while energy and mining sectors are more sensitive to climate risks [5][19] - Overall, cybersecurity, operational resilience, and human capital remain high-risk areas across all sectors, forming the foundation for stable operations [5][19]

影石创新在公告中表示，该产品计划于2026年发售，目前并未产生实际收入，预计不会对2025年度的经 营业绩产生重大影响。而对本次事件造成的社会舆论影响表达歉意。公司将持续深化规范措施，努力为 广大投资者持续带来更好的回报。 8月15日，影石创新发布《关于相关媒体报道的说明公告》，回应公司董事长在内部活动中的撒钱行 为。此前，一段影石Insta360创始人兼董事长刘靖康向员工撒钱的视频在网上流传。画面中，刘靖康站 在高一层的楼上，向楼下的员工撒钱，员工伸手接钱。 事情的背景是，8月14日21时，影石创新全景无人机品牌宣布产品开启公测，并发布相应宣传视频。当 晚，该无人机项目团队的百余名员工（以研发人员为主）在公司深圳办公室内举行小规模团建活动。活 动过程中，公司董事长以个人薪金通过现金红包派发的方式参与互动。 影石创新表示，公司管理层在获悉媒体报道后，深刻认识到该事件在社会公众中可能造成的影响，以及 对公司品牌形象的潜在影响，并针对该事件，公司已全面检视内部管理行为规范漏洞，立即强化相关行 为规范，对员工及管理层进行教育，确保全体员工和管理层在任何场合的言行均能符合上市公司公众形 象的要求。 事实正如其料想，大 ...

8月15日，影石创新发布《关于相关媒体报道的说明公告》，回应公司董事长在内部活动中的撒钱行 为。此前，一段影石Insta360创始人兼董事长刘靖康向员工撒钱的视频在网上流传。画面中，刘靖康站 在高一层的楼上，向楼下的员工撒钱，员工伸手接钱。 事情的背景是，8月14日21时，影石创新全景无人机品牌宣布产品开启公测，并发布相应宣传视频。当 晚，该无人机项目团队的百余名员工（以研发人员为主）在公司深圳办公室内举行小规模团建活动。活 动过程中，公司董事长以个人薪金通过现金红包派发的方式参与互动。 影石创新表示，公司管理层在获悉媒体报道后，深刻认识到该事件在社会公众中可能造成的影响，以及 对公司品牌形象的潜在影响，并针对该事件，公司已全面检视内部管理行为规范漏洞，立即强化相关行 为规范，对员工及管理层进行教育，确保全体员工和管理层在任何场合的言行均能符合上市公司公众形 象的要求。 影石创新在公告中表示，该产品计划于2026年发售，目前并未产生实际收入，预计不会对2025年度的经 营业绩产生重大影响。而对本次事件造成的社会舆论影响表达歉意。公司将持续深化规范措施，努力为 广大投资者持续带来更好的回报。 今年6月11日，影 ...

Core Viewpoint - The company,影石创新, has responded to media reports regarding its chairman's controversial behavior of throwing money at employees during a team-building event, acknowledging the potential negative impact on its brand image and committing to strengthen internal management practices [1][3][4]. Group 1: Company Response and Management Actions - The company has recognized the social impact of the chairman's actions and is taking steps to reinforce internal management behavior standards, ensuring that all employees and management adhere to the public image requirements of a listed company [3][4]. -影石创新 has expressed regret over the social media backlash and is committed to implementing deeper regulatory measures to enhance investor returns [4]. Group 2: Product Launch and Market Position - The company announced that its panoramic drone product, "影翎 Antigravity," is set to officially launch in January 2026, and it has not yet generated actual revenue, indicating that it will not significantly impact the 2025 financial performance [4]. - Following its listing on the Sci-Tech Innovation Board,影石创新's stock price surged by 276.56%, reaching a market capitalization of 71.38 billion yuan, and has since approached 90 billion yuan [4]. - The company aims to enter the consumer drone market, which is dominated by DJI, and acknowledges the challenges of competing against such a strong player, while also expressing a belief in the potential for market differentiation through innovation and user experience [4].

Group 1 - A pool robot manufacturer focuses on in-house production and rigorous testing, including extreme environment tests, to ensure product quality [2] - The founder plans to invest 20 million to develop a prototype for a small submarine targeting tourist attractions [2] - A small home appliance company misjudged the market, leading to an 80 million loss on its second product due to high marketing costs and poor sales performance [3][4] Group 2 - A cleaning brand's cross-industry hardware line struggles with product definition and internal team conflicts, leading to a lack of progress [4] - The brand's strategy of securing orders before product development has proven ineffective in the hardware sector [4] - A 3D printer company ended its investment collaboration with a laser engraving company after only four months, leading to competition between the two [5] Group 3 - A personal care company failed to protect its product innovation with patents, resulting in competitors replicating its features and launching negative marketing campaigns [5] - An intelligent appliance company's overseas market struggles are compounded by frequent leadership changes and declining profit margins [6][7] - A smart garden robot company maintains strict confidentiality about its operations and has reportedly shipped over 100,000 units this year [6] Group 4 - A laser engraving company faced significant losses due to leaked core technology, which allowed competitors to release similar products ahead of its planned launch [7] - A storage giant's performance is heavily reliant on external factors like natural disasters and geopolitical events, leading to unstable revenue [7] - An industrial manufacturer is cautiously entering the smart lawn mower market with a modest investment, aiming for realistic sales targets [8] Group 5 - A lawn mower manufacturer faced poor market reception in North America due to technical failures in its high-end product, resulting in negligible sales [9] - User feedback highlighted severe operational issues, including frequent malfunctions and inability to recognize obstacles [9]