"中国的造船企业技术水平不断提高，质量也在改善，如果维持当前的建造量，差距只会越来越大"，今 治造船相关人士表现出危机感。如果成功将JMU收为子公司，则二者的总建造量将跃居全球第4…… 日本联盟将跃居世界第四 如果今治造船成功把JMU纳为子公司，那么今治的年建造量将提高至约500万总吨，达到可竞争全球第 二的规模。此次举措旨在通过在材料采购上发挥规模优势，在成本层面对抗中韩企业。造船在日美关税 谈判中成为重要筹码，在国家安全保障领域的重要性越来越高，今治造船将把建造的船型扩大至舰艇， 以此来满足市场需求。 根据日本国土交通省海事局的数据，2024年今治造船的建造量为328万总吨，位居世界第6位，JMU为 141万总吨，位居世界第12位。如果将今治造船和JMU的数据简单相加，则总量达到469万总吨，将超越 韩国韩华海洋（Hanwha Ocean，370 万总吨），跃居全球第4位。 虽然与总吨位为1333万吨的中国船舶集团（CSSC）相比尚有差距，但规模已接近排名第二的韩国HD现 代（614万吨）和排名第三的韩国三星重工（561万吨）。 由于全球海运景气，日本国内造船业乍看起来表现良好。JMU的2024财年（截至 ...

中国不但不解除管制，还加强了对稀土走私的严厉打击。国际稀土价格一路狂飙猛进，我们不需要大量出口稀土，赚到的钱就比以前更多了。因为限制供 应，全球稀土迅速进入供不应求的状态。欧美日韩印，全都在抢购中国稀土，稀土价格也是越打越高。很多高科技产业的竞争，归根到底都是成本的竞 争。 你无法想象，因为稀土短缺，大批海外电动汽车厂要停产了！ 第一个宣布停产的，就是日本铃木汽车。在国内，铃木汽车已经基本退出了，很难再看见了。可在印度，铃木市占率却雄踞第一。它也是日本五大车厂之 一。可因为稀土短缺，铃木位于印度的一座电动汽车厂，将被迫停产。 面临这一危机的，不仅有铃木，印度塔塔、马恒达三大汽车集团，均宣布，稀土库存告急，要求莫迪赶紧想办法，让中国开放稀土许可。不然，整个印度 的汽车厂都要停摆了。 为什么中国管制稀土，对印度汽车厂影响这么大呢？根源就在于，汽车工业对稀土的需求非常大。不只是电动汽车，油车也一样。像电机、转向器、音响 系统、车窗升降系统等，都离不开稀土。稀土供应不上来，印度汽车厂就停摆了。除了印度外，欧洲、美国的汽车厂，稀土库存也告急了。其中，最为短 缺的还不是印度，而是美国！ 因为美国高科技产业发达，它对稀土的 ...

Core Viewpoint - The company aims to establish a low-cost competitive system to smooth out the fluctuations of the pig cycle and create better returns for investors [2] Industry Development Outlook - Pork is the primary source of animal protein for Chinese residents and will maintain a dominant position in meat consumption in the long term, making it a stable and evergreen industry [2] - The pig farming market experiences cyclical price fluctuations due to factors such as growth cycles, inventory levels, feed prices, and market supply and demand [2] Cost Reduction Strategy - The company is focusing on reducing costs as a systematic project rather than merely cutting individual costs [2] - In 2024, the company plans to reduce fattening costs by 1.59 yuan per kilogram and weaning pig costs by 46.34 yuan per head compared to the previous year [2] - The company emphasizes technological innovation in genetic breeding, feed nutrition, and health farming to continuously lower pig farming costs and enhance profitability [2] Management and Operational Innovations - The company is committed to management innovation, enhancing internal management through project systems, and advancing digital transformation [2] - The company is accelerating the promotion of the "company + farmer" fattening model in consumption areas such as Hunan, Guangdong, and Guangxi [2] Environmental Considerations - The company is investing in environmental measures such as ventilation, odor control, and wastewater treatment, and has established a specialized environmental department [3] - The company aims to lower comprehensive costs without sacrificing the interests of stakeholders or increasing social and environmental costs [3] Business Structure and Strategy - The company has a clear division of its three main business segments: biological feed, healthy farming, and branded meat products [3] - The company follows a full industry chain operation strategy, focusing on professional development, industrial collaboration, and value prioritization to enhance profitability [3]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 5.973 billion, representing a year-on-year growth of 22.40% [4] - The net profit attributable to shareholders was CNY -0.077 billion, with a year-on-year increase of 60.99% [4] Group 2: Challenges and Responses - The decline in feed business revenue was primarily due to a decrease in raw material prices and changes in the structure of downstream breeding groups, with a 11.33% year-on-year drop in feed sales volume [2] - The company plans to accelerate customer transformation and adjust its product structure towards high-margin, cost-effective feed products [2] Group 3: Market Strategy and Competitiveness - The company has a strong competitive advantage through a comprehensive industry chain strategy, advanced products and breeding technology, and digital transformation capabilities [3] - The company aims to maintain and enhance its market share amidst increasing competition by leveraging its 37 years of experience in the pig farming industry [3] Group 4: Cost Management and Risk Mitigation - The company implements a low-cost competitive system and comprehensive disease prevention management to address the cyclical fluctuations in pig prices [5] - In 2024, the company plans to reduce the cost of fattening pigs by CNY 1.59 per kilogram and the cost of weaned piglets by CNY 46.34 per head compared to the previous year [8] Group 5: Expansion Plans - The company focuses on national expansion, particularly in regions such as Hunan, Guangdong, Guangxi, and Shandong for its feed and pig production businesses [6][9] - The meat processing business is being developed through a combination of online and offline strategies for nationwide coverage [6] Group 6: Research and Development - The company continues to invest in product research and development, aiming for a 100% coverage of the new breeding sow system by 2025 [7] - Emphasis is placed on enhancing the quality of pork products and promoting regional specialties to increase the added value of the pig industry chain [7]

来源：红星资本局 农夫山泉大跌！钟睒睒：遭受了历史性的考验 红星资本局3月26日消息，今日，农夫山泉（09633.HK）股价开盘跳水，盘中跌超11%，随 后跌幅有所放缓。截至发稿，农夫山泉跌7.211%，报34.1港元/股，总市值3835亿元。 截图自东方财富网 消息面上，3月25日晚间，农夫山泉公布2024财年业绩显示，公司营收、净利润均同比微 增，不足1%。其中，此前贡献最大的包装饮用水产品板块，营收同比下滑21.3%，占总营收 的比例下滑至37.2%。茶饮料产品取而代之，以39%的营收占比成为农夫山泉的第一大业务 板块。 去年4月，农夫山泉推出绿瓶纯净水新品，部分渠道价格低至0.66元/瓶，搅动市场。怡宝、 娃哈哈等头部品牌饮用纯净水亦出现降价，单瓶价格降至1元上下，瓶装饮用水价格战打 响。据怡宝母公司华润饮料（02460.HK）2024年业绩报告，其小规格瓶装水产品营收由 2023年的77.16亿元下滑至2024年的70.28亿元，同比下滑8.9%。 包装饮用水收入下滑两成 茶饮料产品成第一大业务板块 3月25日晚间，农夫山泉公布2024财年业绩。财报显示，公司去年营收428.96亿元，同比增 长0. ...