冲泡奶茶龙头香飘飘再现业绩亏损。 7月11日晚间，香飘飘发布2025 年半年度业绩预亏公告。公告指出，2025年上半年香飘飘营收约10.35亿 元，同比下滑12.21%；归母净利润预计亏损9739万元，与上年同期（-2950万元）相比，将增加亏损 6789万元左右。也就意味着，香飘飘上半年较2024年同期亏损扩大230%，扣非净利润亏损进一步增至 1.11亿元，亏损幅度创近年新高。 香飘飘方面表示，2025 年上半年度整体营收同比有所下降，主要系受一季度收入下降的影响。第二季 度，公司在品牌、产品、渠道等多方位加大投入与创新，二季度营收同比略有增长，但净利润亏损额度 有所增加。 业绩承压背后，除了销售节点、渠道库存等因素影响，还源于战略转型的阵痛。 众所周知，香飘飘以冲泡奶茶业务起家，但该业务近年来增速放缓甚至出现下滑。根据财报数据，冲泡 类产品占香飘飘收入70%以上，但受现制茶饮冲击及消费习惯转向健康化、便捷化影响，2024年该业务 收入已下滑15.42%至22.71亿元，2025年一季度同比再降37.18%。 对此，香飘飘的战略转型早已开启，将增长希望更多寄托于即饮板块（以Meco果汁茶为主）。 对于业绩 ...

一位熟悉湖北资本市场人士分析，良品铺子控股股东筹划公司控制权变更或源于企业战略转型需求，目的在于引入更专业的管理团队和战略投资者，为公司 带来新的发展思路和资源，变更控制权亦是公司战略转型的一部分。 （经济观察网 程久龙/文） 经济观察网 程久龙 7月10日晚间，良品铺子（603719.SH）对外公告，因公司控股股东宁波汉意创业投资合伙企业（有限合伙）（以下简称"宁波汉意"）正 在筹划重大事项，该事项可能导致公司控制权发生变更。 良品铺子在公告中表示，公司近日收到控股股东宁波汉意通知，其正在筹划重大事项，该事项可能导致公司控制权发生变更。鉴于该事项正在洽谈中，尚存 在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第4号——停复牌》等有关规定，经公司向上海证券交易所申请，公司股票（证券代码：603719，证券简称：良品铺子）自2025年7月11日（星期 五）上午开市起停牌，预计停牌时间不超过2个交易日。 今年6月，良品铺子在接受机构调研时曾表示，公司的中长期的发展战略是夯实良品铺子高端零食的品牌定位。未来将持续加大 ...

7月7日至11日，顾家家居全国购物中心816全民顾家日启动大会暨财富招商大会，在杭州主会场成功举 行，呼和浩特、成都分会场同步联动。本次大会深度聚焦购物中心渠道战略转型，通过趋势洞察、产品 革新、模式验证及生态赋能四大维度，为全国购物中心意向商与老商绘制清晰增长路径。 当前家居行业正经历深刻重构。传统卖场面临同质化竞争加剧等挑战，而购物中心凭借其"高频带低 频"的天然场景优势，成为撬动新增量的黄金入口。会上，顾家家居中国营销事业本部执行总经理林春 旺在主题演讲中指出："短期业绩不代表未来，核心在于能否抓住渠道变革的战略机遇。" 据悉，本次会议以"赢战新模式·打出新态势"为行动纲领，汇集全国200+家经销商代表，通过可复制的 商业模式验证、差异化产品矩阵及全域流量解决方案，为合作伙伴开辟第二增长曲线。 一、趋势定锚：解码消费变革，重塑渠道价值 大会首日，顾家购物中心举办了家居行业高定私享沙龙，其以"店态参观+行业趋势峰会"为核心，特邀 知名趋势营销专家肖明超、小红书家居行业平台专家烟幕，以及顾家家居用户洞察及场景力赋能负责人 尤珍等嘉宾分享家居趋势与用户洞察。活动聚焦行业前沿资源整合，参与者沉浸式体验购物中心最 ...

Financial Data and Key Metrics Changes - The company reported record high sales of $422 million for Q1 2026, a 2.1% increase from $413.2 million in the same quarter last year [12][13] - Adjusted EBITDA for the quarter was $106.4 million, representing a margin of 25.2%, up from $94.1 million or 22.8% in the prior year [17][18] - Net income for Q1 was $170.9 million compared to $39.6 million in the prior year, with adjusted net income of $53.8 million or adjusted diluted EPS of $1.78, up from $44 million or $1.46 [17][19] Business Line Data and Key Metrics Changes - The Metal Coatings segment saw a 6% increase in sales due to higher steel volume processed, while Precoat Metals experienced a slight decline of 0.8% in sales due to inventory challenges [12][13][14] - Adjusted EBITDA margins for Metal Coatings were 32.9%, while Precoat Metals had margins of 20.7% [6][12] - The company incurred a $3.8 million restructuring charge related to the closure of a powder coating facility and divestiture of a plating facility [14] Market Data and Key Metrics Changes - Demand from infrastructure-related projects benefited the company across multiple end markets, particularly in construction and electrical sectors [20] - The aluminum transition in food and beverage packaging remains a key growth driver, with the new Greenfield plant ramping production [20] - Prepainted imports fell 38% year-over-year in May, indicating a positive impact from tariffs on domestic sourcing [38] Company Strategy and Development Direction - The company is focused on disciplined execution of its strategic plan, including market share expansion and converting customers from post-paint to prepay [23] - Recent acquisitions, such as Canton Galvanizing, are aimed at scaling the galvanizing business and enhancing customer relationships [9][10] - The company plans to pursue regular and opportunistic share repurchases and has increased its quarterly cash dividend by 17.6% [19][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and growth trajectory, despite ongoing tariff uncertainties [56] - The company anticipates continued demand growth driven by infrastructure spending and reshoring initiatives [20][21] - Future sales and EBITDA guidance remains unchanged, with adjusted diluted EPS expected to increase by 10-20% over the previous fiscal year [24][23] Other Important Information - The company generated cash flow from operations of $314.8 million, including $273.2 million from the Avail divestiture [18] - The net leverage ratio improved to 1.7 times, down from 2.8 times in the prior year [19] - The company is committed to maintaining a disciplined capital allocation strategy focused on debt reduction and strategic acquisitions [19] Q&A Session Summary Question: Did Q1 benefit from normalization in volumes? - Yes, about half of the recovery was from Q4 and the other half was organic growth [27] Question: What drove improved zinc utilization for Metal Coatings? - The team has been focusing on digital tools, training, and operational excellence, nearing theoretical zinc efficiency levels [28][29] Question: How are customer inventory levels impacting Precoat? - Customers are pulling down inventory, indicating true demand, despite overall market declines [36] Question: What is the outlook for Precoat given tariff impacts? - Precoat has been affected by tariffs, but margins are up, demonstrating adaptability in cost structure [72] Question: Will share repurchases increase in future quarters? - Yes, the company is committed to share buybacks and has a $100 million facility approved for this purpose [46] Question: What is the outlook for solar projects? - There is an expectation of a pull forward in solar projects due to recent legislative changes [81]

7月10日晚间，秦安股份（603758）披露了发行股份及支付现金购买资产并募集配套资金暨关联交易预 案，经申请，该上市公司股票将于7月11日（星期五）开市起复牌。 公告显示，秦安股份拟通过发行股份及支付现金的方式，向饶亦然、深圳亦高、远致星火、西藏华建、 珠海亦高、吉城光电、长业亿立、君汇鑫亦、穗满时时、清显科技、李俊华、尤俊衡共12名交易对方， 购买其合计持有的安徽亦高光电科技有限责任公司（以下简称"亦高光电"）99%股权，发行价格不低于 定价基准日前20个交易日的上市公司股票交易均价的80%（12.74元/股）。同时，秦安股份计划募集配 套资金，不超过以发行股份方式购买资产交易价格的100%。 目前，秦安股份专注于为整车（机）制造企业提供发动机核心零部件、变速器关键零部件及电机壳体的 一级供应商，已建成汽车发动机动力系统和传动系统细分领域年产百万件规模的铸造与机加工一体化集 成生产基地。当前，秦安股份主营业务所处行业竞争格局稳定，基于现有业务稳健发展态势，该上市公 司将着力培育第二增长曲线。 资料显示，亦高光电主要从事高端真空镀膜业务，主要产品有超硬镀膜、超硬AR镀膜、消影ITO玻 璃、NCVM颜色镀膜等 ...

动力新科并购时的募投项目也陷入困境。"智慧工厂"项目虽已结项，但"新一代智能重卡"项目进度仅 6.33%，预计2027年才达预定可使用状态。更糟的是，上汽红岩存放在银行的2.8亿元募集资金被法院强 制扣划，原因是金融借款合同纠纷诉讼。 破产重整：债务危机下的唯一出路？ 债权人重庆安吉红岩物流的申请理由直指核心：不能清偿到期债务且严重资不抵债，但仍具备重整价值 及可行性。这一判断基于上汽红岩的技术资产：其拥有全球首张智能网联重卡示范运营牌照，纯电动牵 引车通过欧盟认证，成为全国首家将纯电重卡出口到国外的企业。2025年4月，公司曾与多家物流企业 签订重启生产订单。 对动力新科而言，重整若成功实施，将直接化解上汽红岩的债务包袱。根据动力新科公告，2025年一季 度其货币资金同比减少24.43%至40.96亿元，资产负债率攀升至74.90%。剥离亏损源后，公司可集中资 源发展发动机与发动机配件业务。 2025年7月1日，上海新动力汽车科技股份有限公司（简称"动力新科（维权）"，股票代码600841.SH） 一纸公告震动资本市场：其全资子公司上汽红岩汽车有限公司被债权人重庆安吉红岩物流有限公司向重 庆市第五中级人民法 ...

Core Viewpoint - Yunnei Power has received an administrative penalty notice from the Yunnan Securities Regulatory Bureau, indicating a need for regulatory compliance and governance improvement, while the company is actively working on rectification measures to mitigate the impact and plans to apply for the removal of risk warnings when conditions permit [1] Group 1: Business Operations and Strategic Transformation - The company emphasizes that its production and operational activities are currently normal and orderly, focusing on consolidating its traditional internal combustion engine business while actively expanding into intelligent and green manufacturing sectors [2] - The company has achieved small-scale sales in unmanned intelligent delivery vehicles and smart agricultural machinery, which are expected to become new growth points for performance in the future [2] - To enhance sustainable operational capabilities, the company is optimizing its business structure through various measures, including refining marketing strategies and promoting product differentiation in the diesel engine sector [2] Group 2: New Energy and Emerging Business - The company is accelerating the development of gasoline engine range-extended powertrains, natural gas range-extended powertrains, and hydrogen fuel cell powertrains to achieve breakthroughs in the new energy market [3] - The company continues to promote L4-level intelligent delivery vehicles and smart rubber tapping machines, broadening application scenarios and adaptability [3] Group 3: International Market Expansion - The company is focusing on Southeast Asia, Africa, South America, and the Middle East for international market expansion, increasing the export of its products alongside automotive manufacturers or trading companies [3] Group 4: Governance and Long-term Competitiveness - Despite the short-term impact of regulatory measures on the company's market image, it is expected to enhance governance, internal control systems, and management levels in the long run, contributing to improved quality and sustainable development of the listed company [4] - The company aims to use this rectification as an opportunity to further improve internal governance, strengthen compliance operations, and enhance the quality of financial accounting and information disclosure for long-term stable development [4]

Core Insights - SAIC Maxus has demonstrated strong market performance amidst industry challenges, achieving a sales increase of 31% year-on-year in June 2025, with total sales reaching 107,467 units in the first half of the year, marking an 11.2% growth [1][10] - The company has successfully launched a new strategy, focusing on product innovation and market expansion, which has led to significant growth in its electric vehicle segment, with a 69% increase in sales of new energy models [1][11] Market Performance - In the first half of 2025, SAIC Maxus's light commercial vehicles showed positive growth, particularly the "Danna" series, which saw a remarkable 66% increase in sales, reaching 8,394 units [2][5] - The company has also reported a doubling of sales for its electric light trucks in June, with a year-on-year increase of 132.9%, contributing to an 89.1% growth in the first half of the year [5][6] Strategic Developments - The new strategy emphasizes resource integration and innovation, aiming to enhance competitiveness across the light commercial vehicle sector [7][11] - The company has launched a 1 billion yuan entrepreneurship fund to lower barriers for users, enhancing the overall value proposition [9][11] Global Expansion - SAIC Maxus has established a strong presence in international markets, with its electric light commercial vehicles leading in countries like Chile, Australia, and Turkey, and achieving significant sales in Europe [6][10] - The company aims to double its sales within five years, targeting 500,000 units annually and aspiring to become the leader in the domestic light commercial vehicle market [11][13] Product Innovation - The "Danna" series is highlighted for its versatility and cost-effectiveness, catering to various entrepreneurial needs and achieving high safety ratings [3][9] - The company continues to release high-quality new models to meet diverse market demands, reinforcing its commitment to user value [9][11]

本报（chinatimes.net.cn）记者吴敏 北京报道 在利率持续下行的阴云笼罩下，在投资端收益下滑与新会计准则落地的双重挤压中，2025年上半年的中 国保险业，迎来了一场规模空前的人事更迭潮。 据本报记者不完全统计，仅上半年就有88起（仅包括董事长、总经理、副总经理3类职务，涵盖已获得 监管批复的正式任命、拟任、临时负责人、内部官宣以及等待监管核准的任职事项）核心高管职务变 动，涉及68家保险机构，从头部巨擘到中小险企，从传统寿险到资管平台，人事版图的重构正成为行业 转型最直白的注脚。当经营压力渗透至毛细血管，换帅不再仅是权力交接，更是险企在深水区改革中寻 求破局的集体转身。 "本轮高管更替潮，是对保险行业战略焦点的重塑信号。"北京大学应用经济学博士后、教授朱俊生在接 受《华夏时报》记者采访时表示，从高增长到高质量，从规模为王到精细化运营，从业务主导转向技术 +资产+治理的三元驱动。真正决定险企能否实现战略转型的关键，不是表面上的人事调整，而是真正 理解影响险企运行的潜在规则、制度安排、权力格局、利益分配机制、组织文化等，将战略思想变成具 体可执行的机制、流程、角色重构、激励重设与资源分配，真正改变险 ...

达飞集团的媒体部门CMA Media，计划全盘收购欧洲知名媒体Brut.。 达飞集团在媒体领域又有新布局。 近日，达飞集团的媒体部门CMA Media宣布，已就收购欧洲知名媒体Brut.进入独家谈判阶段。 达飞相关公告 据了解，Brut.是法国知名数字媒体，总部位于巴黎，业务遍及全球100多个国家，并通过YouTube、TikTok、Instagram、Facebook和Snapchat等国际社交媒 体平台，每月触达观众超5亿人。 达飞称，过去两年间，其只持有Brut.的少数股权，尽管此次并未明确收购的具体股权份额，但有媒体报道称，CMA Media此次计划全盘收购（full control）这个以年轻群体为核心的媒体品牌，同时保留Brut.的编辑独立性和现有管理团队。 达飞强调，此次收购将是CMA Media战略转型的一个重要里程碑，与达飞的全球战略布局相一致。 达飞集团董事长兼首席执行官鲁道夫·萨德 达飞集团董事长兼首席执行官鲁道夫·萨德（Rodolphe Saadé）表示："Brut.是国际领先媒体，随着它的加入，将增强CMA Media在数字媒体领域的影响 力。此次合作能够帮助我们加速发展，重塑信息生 ...