消息面上，南南资源午间发盈警，集团预期将由截至2024年9月30日止6个月取得约4710万港元溢利，转 盈为亏至截至2025年9月30日止6个月不多于1000万港元亏损。主要由于公司于2008年发行2亿港元的零 票息可换股债券(将于2026年3月13日到期)的公平值变动亏损，该债券于2025年中期被指定为按公平值 列账并在损益内处理的金融负债，金额约为3170万港元。其他产生净影响的因素包括：汇兑亏损净额， 而于2024年中期为汇兑收益净额，以及毛利减少，主要源于煤矿业务的销售成本上升及平均单位售价下 降。 南南资源(01229)午后跌近4%，截至发稿，跌3.92%，报0.245港元，成交额14.68万港元。 ...

Core Insights - The company reported a revenue of 6.082 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 272 million yuan, a decrease of 2.09% [1] - The company is increasing investment in the Amazon VC channel, which has led to a revenue of 460 million yuan in the first half of 2025, a year-on-year increase of 59.50% [2] - The company has successfully completed about 50% of its capacity transfer to Southeast Asia for shipments to the U.S., with an order rate of approximately 70% [3] Financial Performance - For Q3 2025, the company achieved a revenue of 2.037 billion yuan, a year-on-year increase of 1.53%, but the net profit attributable to shareholders fell to 81 million yuan, a decrease of 23.31% [1] - The gross margin and net profit margin for Q3 2025 were 35.2% and 4.0%, respectively, showing a decline of 0.27 and 1.29 percentage points year-on-year [1] - The company’s operating expenses increased due to higher personnel costs from talent acquisition and salary adjustments, with the financial expense ratio affected by foreign exchange fluctuations [1] Market Dynamics - The European market continues to drive revenue growth, with a reported income of 2.57 billion yuan in H1 2025, a year-on-year increase of 12.8%, accounting for 64% of total revenue [2] - North America is expected to recover growth as the supply chain transition progresses, with revenue of 1.37 billion yuan in H1 2025, a year-on-year increase of 1.9%, accounting for 34% of total revenue [2] Supply Chain Strategy - The company has locked in shipping prices for 2025 through negotiations with shipping companies and freight forwarders, optimizing logistics costs [3] - The transition of the supply chain to Southeast Asia is expected to mitigate the impact of tariffs and improve sales in the U.S. market in Q4 2025 [3] Profit Forecast - The company's net profit forecasts for 2025-2027 have been adjusted to 330 million, 450 million, and 540 million yuan, respectively, reflecting a year-on-year growth of 0%, 35%, and 20% [3] - The company maintains a "buy" rating due to its low valuation and strong brand and supply chain advantages [3]

Group 1 - The core issue raised by investors is the significant increase in financial expenses, which reached 121 million yuan, representing a year-on-year growth of 384.92%, leading to a substantial erosion of net profit [2] - The company attributed the rise in financial expenses primarily to foreign exchange gains and losses [2] - The increase in interest-bearing debt is mainly due to the utilization of bank loans for production and construction purposes [2]

Core Viewpoint - FSM HOLDINGS (01721) anticipates a significant increase in losses for the six months ending June 30, 2025, projecting a loss attributable to shareholders of approximately 3.8 million to 4.2 million Singapore dollars, compared to a loss of about 413,000 Singapore dollars in the same period of 2024 [1] Financial Performance - The expected increase in losses is primarily attributed to a foreign exchange loss of approximately 2.9 million Singapore dollars during the period, resulting from the appreciation of the Singapore dollar against the US dollar and Hong Kong dollar [1] - In contrast, the same period in 2024 recorded a foreign exchange gain of approximately 1.181 million Singapore dollars [1]

Group 1 - The core focus of the company's collaboration with Nintendo is the supply of backlight modules for the Switch2 [1] - The primary currency for settlement in this partnership is USD, which indicates potential exposure to foreign exchange fluctuations [1] - The appreciation of the RMB may have a certain impact on the company's exchange gains and losses [1]

Group 1 - The company is collaborating with Nintendo, focusing on the supply of backlight modules for the Switch 2, with the primary settlement currency being USD. The appreciation of RMB may impact the company's exchange gains and losses [1][3] - After the reduction, the shareholding ratio of Jinfuyuan No. 5 Fund has decreased to 4.5958%, no longer qualifying as a major shareholder (5% or more), thus not required to disclose shareholding changes [1][3] Group 2 - Investors inquired about the company's stock performance amidst a rising market, questioning the impact of USD depreciation on potential exchange losses and future profits [3] - The company confirmed that the recent reduction in shareholding by Jinfuyuan No. 5 Fund means that any further reductions do not require announcements, and there are no new reductions reported from this shareholder [1][3]

Core Viewpoint - The company is experiencing stock price stagnation despite a market rally, raising concerns about its financial performance and shareholder actions [1] Group 1: Currency Impact - The company's collaboration with Nintendo primarily involves the supply of backlight modules for the Switch2, with transactions mainly settled in USD. The recent depreciation of the USD may lead to significant foreign exchange losses for the company [1] - The appreciation of the RMB could also impact the company's foreign exchange gains and losses, with detailed data to be disclosed in future periodic reports [1] Group 2: Shareholder Actions - Following the recent announcement, the Jinfuyuan No. 5 Fund and its concerted parties have completed a reduction of approximately 0.4% in their holdings, bringing their stake to 4.5958%, which is below the 5% threshold for mandatory disclosure of shareholding changes [1] - As the Jinfuyuan No. 5 Fund is no longer classified as a major shareholder, it is not required to disclose further shareholding changes unless specified in the company's periodic reports [1]

Group 1: Financial Performance and Projections - The company experienced a slight decline in revenue in Q1, attributed to delayed purchases and shipments, with expectations for growth in the upcoming half-year report [3][7] - The projected profit growth for 2025 is expected to exceed revenue growth due to strategic planning [7] - The total dividend payout for 2024 is expected to maintain a ratio of over 30% relative to net profit, despite lower overall profits [5] Group 2: Production Capacity and Investment - The company’s original drug production capacity is not meeting expectations primarily due to market changes rather than funding issues [1][2] - The production line for the herbicide Sulfentrazone has been launched, with updates available through company announcements [2] - The company plans to enhance its production capacity in the future, with a focus on strategic investments [9] Group 3: Market Strategy and Management - The company is shifting its management approach from strategic control to operational control for better oversight of global subsidiaries [5][6] - The company aims to improve its gross profit margins by increasing the proportion of higher-margin products and expanding into more profitable markets [9] - The company is committed to maintaining a diverse product portfolio to facilitate one-stop procurement for customers [8] Group 4: Investor Relations and Communication - The company conducts quarterly earnings calls and engages in various investor activities to enhance communication with stakeholders [8] - The company encourages feedback from investors regarding its investor relations activities and is open to suggestions for improvement [8] - The company has launched a WeChat public account to provide timely and accurate information to investors [9]

Core Insights - The company reported a revenue of 13.296 billion yuan for 2024, a year-on-year increase of 15.77%, but a decline in net profit attributable to shareholders by 41.63% to 450 million yuan [1] - The agricultural protection industry is nearing a bottom, with product prices continuing to decline but at a slower rate than in 2023 [2] - The company is expanding its global marketing network, with a significant increase in revenue from its To C business model [3] Financial Performance - In Q4 2024, the company achieved a revenue of 3.511 billion yuan, a year-on-year increase of 18.38%, but a quarter-on-quarter decrease of 14.44% [1] - For Q1 2025, the company reported a revenue of 2.686 billion yuan, a slight year-on-year decrease of 0.26% and a quarter-on-quarter decrease of 23.49% [1] - The gross profit margins for herbicides, insecticides, and fungicides decreased in 2024 due to falling product prices, with respective declines of 0.7 percentage points, 6.0 percentage points, and 0.1 percentage points [2] Cost and Expenses - Sales expenses increased by 51.1% to 654 million yuan in 2024, primarily due to higher overseas employee salaries and increased consulting, travel, advertising, and export credit insurance costs [2] - Financial expenses rose significantly due to increased foreign exchange losses, impacting the company's overall performance [2] - In Q1 2025, the gross margin decreased by 0.8 percentage points to 19.3% year-on-year, but improved by approximately 1.1 percentage points compared to Q4 2024 [2] Market Expansion - The company has established six manufacturing bases and over 110 subsidiaries globally, operating in more than 100 countries [3] - By the end of 2024, the company held over 7,700 pesticide registration certificates, with 1,000 new registrations obtained during the year [3] - Revenue from the company's To C business model reached 5.01 billion yuan in 2024, a year-on-year increase of 28.9%, with its revenue share rising by 3.8 percentage points to 37.65% [3] Profit Forecast - Due to the decline in agricultural product prices and increased expenses, the company's 2024 performance was below previous expectations [4] - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 979 million yuan, 1.228 billion yuan, and 1.520 billion yuan respectively [4]