格隆汇10月26日丨双星新材(002585.SZ)披露2025年度第三季度报告，公司第三季度实现营业收入12.67 亿元，同比减少15.92%；净亏损7342.37万元。前三季度实现营业收入38.93亿元，同比减少10.16%；净 亏损2.23亿元。 公告显示，营业收入同比下降 10.16%，主要系本期行业产能释放，竞争加剧，产品销售价格下降，光 伏背板基材销售量减少所致。 ...

Airbnb（纳斯达克代码：ABNB）将于 2025 年 11 月 6 日发布 2025 年第三季度财报，投资者 不妨重点关注其业绩是否达到此前指引水平。 之所以持谨慎态度，是因为本季度初旅游行业指标喜忧参半，核心原因在于 "非传统住宿需求 增长放缓"。 此外，尽管嘉年华邮轮（CCL）在 2025 年第三季度初财报中表示消费者需求依然坚挺，但邮 轮行业也出现了类似的回调趋势。 不过，Airbnb 投资逻辑中的一大亮点在于其极为健康的资产负债表，以及持续的股票回购计 划 —— 这一举措正在为长期股东创造价值。 在出现新的增长催化剂之前，由于估值偏高且成交量表现不一，其可能会继续跑输市场。 增长催化剂未现， Airbnb 或持续承压 近期Airbnb 股价已下跌 14.7%，而同期大盘上涨 39.2%。显然，其一方面受制于此前偏高 的估值，另一方面，随着缤客（Booking，代码 BKNG）、亿客行（Expedia，代码 EXPE） 等更多玩家入局，非传统住宿领域竞争加剧，Airbnb 也因此受到冲击。 尽管竞争优势有所减弱，但管理层加大对 "服务 / 体验" 板块投入的决策，确实推动了 2025 年第二季度多项 ...

Core Viewpoint - The company is experiencing significant financial decline, prompting major shareholders to reduce their stakes despite recent fundraising efforts. [1][3] Financial Performance - In the first half of 2025, the company reported total revenue of 471 million yuan, a year-on-year decrease of 13.81% [1] - The net profit attributable to shareholders was only 13.18 million yuan, down 81.15% year-on-year [1] - The gross margin fell to 8.13%, a significant drop of 11.73 percentage points compared to the previous year [1] - The net profit margin was 2.8%, down approximately 10 percentage points year-on-year [1] - The company's cash flow from operating activities was negative at -57.06 million yuan, a decrease of 249 million yuan year-on-year [1] Inventory and Receivables - As of mid-2025, the company's inventory value reached 178 million yuan, an increase of 43.09% compared to the end of the previous year [2] - Accounts receivable grew by 25.54% compared to the beginning of the year, significantly outpacing the revenue decline [2] Capital Raising and Expansion Plans - The company completed a record-speed private placement in April 2025, raising 186 million yuan at a price of 29.00 yuan per share [2] - The funds are primarily allocated for the construction of photovoltaic junction box bypass protection modules and energy storage connectors and harness production projects [2] Production and R&D Challenges - The company has a high balance of construction in progress, amounting to 163 million yuan as of Q3 2024, an increase of 280.25% since the beginning of the year [3] - The company acknowledged significant fluctuations in the monthly operating rates of downstream component manufacturers, adversely affecting production and sales [3] - R&D expenses decreased by 40.44% year-on-year in the first half of 2025, raising concerns about the company's long-term competitiveness in the technology-intensive photovoltaic industry [3] Industry Context - The company's struggles reflect broader challenges in the photovoltaic industry, characterized by overcapacity and intensified competition [3]