《华为的冬天》一文开始就强调居安思危的重要性： "十年来我天天思考的都是失败，对成功视而不见，也没有什么荣誉感、自豪感，而是危机感。也许是这样才存活了十年。" 有这种意识的人就不会骄傲，骄傲其实就是自我膨胀，然后必然面临"满招损"的情况。 成功从来是短暂的，就像人生的快乐是短暂但苦难是永恒一样，没有什么人或什么公司可以永远处于成功的状态，盛极而衰是规律，不可避免。 所以《北国之春》里对成功有个定义： "什么叫成功？是像日本那些企业那样，经九死一生还能好好地活着，这才是真正的成功。华为没有成功，只是在成长。" 生于忧患：从任正非到黄仁勋，一流企业家的"心法"都是一致的！ 以百年为尺度衡量的话，华为是企业界少有的在"三四十岁"还能仍然保持开拓进取的公司之一，很多企业发展到了这个"岁数"都面临官僚主义、熵增的难 题，无论中西都是如此。 经历大量的痛苦和磨难。黄仁勋给年轻人的建议就是在逆境中磨砺自己，适者生存，适应环境的能力比成功重要。 黄仁勋表示当CEO大多时候并不那么有趣，"你时刻承受着压力，33年来每一天、每一分钟我都在压力中度过。整整33年里的每一秒，我都感受着公司、客 户和市场的重担，这种压力从未离开过我， ...

投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 兴业证券股份有限公司：郭亚男、王萍 富国基金管理有限公司：董治国、于鹏、顾飞飞、罗松 时间 2025 年 12 月 04 日（星期四）9:30 地点 泉水基地综合楼 108 会议室 上市公司 接待人员 董事、高级副总裁、首席财务官、董事会秘书陆朝昌 战略发展本部副总经理李楠 大连华锐国际工程有限公司副总经理王麟 营销管理本部客户服务中心主任李野 财务管理本部总账会计郑芷辛 董事会办公室证券事务代表李慧 投资者关系活动 主要内容介绍 一、签署《调研承诺书》； 二、投资者问答： 1.请问在 2022 年重工装备集团重组之后，公司主要有哪些方面的 变化？这两年净利率持续提升，主要是哪些方面带来的？后续公司净利 率提升的目标是什么？在哪些方面还有优化的空间？ 回答：自公司控股股东大连重工装备集团有限公司（以下简称"重 工装备集团"）重组以来，大连重工紧跟集团战略脚步，坚持强基固本， 借鉴一流企业管理改革成功经验，系统实施"六大"管理变革。一是实 ...

Group 1 - The core idea is that merely adopting management methods from successful companies like Huawei does not guarantee employee motivation; true motivation comes from fair profit distribution and recognizing employee contributions [1][4] - Companies must provide opportunities for employee growth, which relies on the leadership's insight and ability to create value [3] - Profit distribution is a critical aspect of a company's competitive edge, and fair internal distribution mechanisms are essential for effective management [4] Group 2 - Even with the ability to identify opportunities and distribute profits fairly, it may not be sufficient to inspire employees to work as hard as those at Huawei [5] - The culture of hard work is exemplified by leaders like Ren Zhengfei, who practices what he preaches, thereby setting a standard for employees [6][7] - Laziness and complacency are seen as detrimental to a company's success, and continuous improvement in management is necessary to avoid stagnation [7] Group 3 - The emphasis on a culture of striving is not unique to Huawei; companies like Amazon also promote a similar ethos, encouraging a mindset of continuous growth and vigilance [8] - Both Ren Zhengfei and Jeff Bezos highlight that success is an illusion, and ongoing effort is required to avoid being left behind in a competitive market [9]

Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company has shown significant improvements in management reforms, enhancing resource allocation efficiency while driving innovation for industrial upgrades. The acceleration of self-developed technology conversion is expected to strengthen the company's competitiveness in the polyurethane sector and its technological innovation capabilities in new materials [4][6] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of RMB 90.901 billion, a year-on-year decrease of 6.35%. The net profit attributable to the parent company was RMB 6.123 billion, down 25.10% year-on-year. In Q2 2025, revenue was RMB 47.834 billion, a decline of 6.04%, with a net profit of RMB 3.041 billion, down 24.30% year-on-year [4][10][11] - The company's revenue from the polyurethane, petrochemical, and fine chemicals segments for the first half of 2025 was RMB 36.888 billion, RMB 34.934 billion, and RMB 15.628 billion, reflecting year-on-year changes of +4.04%, -11.73%, and +20.41% respectively [9] Valuation Metrics - The estimated EPS for 2025-2027 is projected to be RMB 4.29, RMB 5.61, and RMB 5.61 respectively. The current stock price corresponds to a PE ratio of 15.9x for 2025, 12.2x for 2026, and 12.2x for 2027, indicating a favorable valuation outlook [6][8] Shareholder Information - The major shareholder is Yantai Guofeng Investment Holding Group Co., Ltd., holding 21.59% of the shares [2]

Group 1 - The core viewpoint of the articles highlights the proactive measures taken by Dagang Oilfield to innovate and develop unconventional energy resources, including shale oil and geothermal projects, while maintaining stable production in traditional areas [1][2] - Dagang Oilfield is focusing on accelerating the development of new production capabilities that are characteristic of the company, aiming for high-quality development through a second entrepreneurial effort [1] - The company is committed to technological innovation and management transformation to control costs and enhance production efficiency in both conventional and unconventional oil and gas sectors [1] Group 2 - Dagang Oilfield is leveraging its rich geothermal resources and strategic location in the Bohai region to promote the rapid development of new energy and gas storage businesses, contributing to a multi-energy complementary and low-carbon energy system [1] - The company is advancing its digital transformation by implementing smart oilfield initiatives, including the rollout of smart oilfield 1.0 and the development of smart oilfield 2.0 [2] - As a pilot unit for the Beidou project, Dagang Oilfield is integrating Beidou technology with oil and gas production to enhance safety and operational efficiency [2]

Core Viewpoint - The article discusses the controversy surrounding Hyaluronic Acid giant Huaxi Bio (688363.SH), following accusations of financial fraud and bond issuance fraud made by a former employee, Li, who previously served as the marketing director of a subsidiary [1][2]. Group 1: Allegations and Company Response - Li, the former marketing director, accused Huaxi Bio of "financial fraud" and "fraudulent bond issuance" [1]. - In response, Huaxi Bio issued a strong statement denying the allegations, labeling them as "morally bankrupt fabrications" and asserting that they severely damage the company's reputation [1][7]. - The company reported that it has filed a police complaint against Li and intends to pursue legal action against those spreading the allegations [1][7]. Group 2: Historical Context and Internal Issues - Huaxi Bio revealed that in 2018, Li had embezzled 9 million yuan (approximately 1.3 million USD) through a third-party company he registered, which was meant for a brokerage firm [3][4]. - Following the discovery of this embezzlement, Huaxi Bio reported the incident to the police [3]. - Li had previously written an apology letter, promising to return the embezzled funds and offering an additional compensation of 1.5 million yuan (approximately 220,000 USD) [4]. Group 3: Management Changes and Company Performance - Recently, Huaxi Bio has undergone significant management changes, with the CEO emphasizing a strict governance approach to address internal issues and corruption [7][9]. - The company announced the resignation of three senior executives as part of its restructuring efforts [9]. - Huaxi Bio's financial performance has declined, reporting a revenue of 5.371 billion yuan (approximately 800 million USD) in 2024, a decrease of 11.6% year-on-year, and a net profit of 164 million yuan (approximately 24 million USD), down 72.27% year-on-year [10].

Investment Rating - The investment rating for Shandong Steel is "Buy" [1][8] Core Views - The report highlights that Shandong Steel is gradually turning losses into profits, with future performance improvements expected [1][4] - The company reported a total revenue of 82.094 billion yuan in 2024, a year-on-year decrease of 9.26%, and a net profit attributable to shareholders of -2.258 billion yuan, indicating an expanded loss compared to the previous year [1][2] - The first quarter of 2025 showed signs of recovery with a significant increase in steel production and a slight rise in steel prices, suggesting a potential turnaround in performance [4][8] Financial Performance Summary - In 2024, the company achieved a total revenue of 82.094 billion yuan, down 9.26% year-on-year, and a net profit of -2.258 billion yuan, which is a 465% increase in loss compared to 2023 [1][7] - The first quarter of 2025 saw a revenue of 19.255 billion yuan, a 15.66% decrease year-on-year, but a significant reduction in losses with a net profit of -0.14 billion yuan [2][4] - The company’s steel production in 2024 was 14.83 million tons, a slight decrease from the previous year, but a notable recovery in the first quarter of 2025 with production reaching 4.04 million tons, a year-on-year increase of 22,000 tons [4][8] Strategic Developments - The introduction of China Baowu Steel Group has led to significant improvements in operational efficiency, with a focus on management reforms and cost reductions [4][5] - The company aims to achieve profitability through strategic goals such as "turning losses into profits" and enhancing operational quality [4][8] - Shandong Steel has actively engaged in share buybacks and stock purchases by major shareholders to bolster market confidence [8]

Investment Rating - The investment rating for Shandong Steel is "Buy" [1][8] Core Views - The report highlights that Shandong Steel is gradually turning losses into profits, with future performance improvements expected [1][4] - The company reported a total revenue of 82.094 billion yuan in 2024, a year-on-year decrease of 9.26%, and a net profit attributable to shareholders of -2.258 billion yuan, indicating an expanded loss compared to the previous year [1][4] - The first quarter of 2025 showed signs of recovery with a significant increase in steel production and a reduction in losses [2][4] Financial Performance Summary - In 2024, the company’s steel production was 14.83 million tons, a slight decrease of 0.012 million tons year-on-year [4] - The average selling price of steel in 2024 was 3,643 yuan per ton, down 7% from 2023 [4] - The first quarter of 2025 saw a rebound in production to 4.04 million tons, a year-on-year increase of 0.22 million tons [4] - The report projects net profits for 2025-2027 to be -0.33 billion yuan, 0.723 billion yuan, and 1.009 billion yuan respectively, with EPS expected to be 0.00, 0.07, and 0.09 yuan per share [8] Strategic Developments - The introduction of China Baowu Steel Group has led to significant improvements in operational efficiency and management practices [4][5] - The company is focusing on management reforms and cost reductions, aiming for a turnaround with clear goals set for profitability [4][5] - Shandong Steel has actively engaged in share buybacks and has received support from its controlling shareholder to boost market confidence [8]

Core Viewpoints - In 2024, the company's product shipment volume and operating revenue both reached historical highs, driven by continuous market share growth in new products and new market areas, leading to an increase in overall gross margin. The company is also advancing management reforms and digital construction in R&D, enhancing both R&D and management efficiency, further solidifying profitability [1][3] - The company is proactively expanding into the industrial and automotive sectors, continuously broadening its customer base and industry depth and breadth. Several products in the high-performance mixed-signal, power management, and signal chain business lines have successfully penetrated industrial and automotive clients, indicating promising future growth [1][3] Financial Performance - In 2024, the company achieved operating revenue of 2.93 billion yuan, a year-on-year increase of 15.9%; net profit attributable to shareholders was 250 million yuan, a year-on-year increase of 399.7%; gross margin was 30.43%, an increase of 5.58 percentage points year-on-year [2] - In Q1 2025, the company reported operating revenue of 640 million yuan, a year-on-year decrease of 17.5% but a quarter-on-quarter increase of 12.9%; net profit attributable to shareholders was 64 million yuan, a year-on-year increase of 78.9%; gross margin was 35.06%, an increase of 7.82 percentage points year-on-year and 1.53 percentage points quarter-on-quarter [2] Business Lines Performance - The company’s three main business lines—high-performance mixed-signal, power management, and signal chain—achieved record revenue in 2024, with gross margins improving year-on-year. The company has enriched its product matrix and continuously launched new products, with over 1,400 main product models by the end of 2024 [4] - High-performance mixed-signal business achieved revenue of 1.39 billion yuan in 2024, a year-on-year increase of 10.9%, accounting for 47.5% of total revenue, with a gross margin of 30.28%, up 2.52 percentage points year-on-year [4] - Power management chips generated revenue of 1.05 billion yuan in 2024, a year-on-year increase of 15.2%, accounting for 35.7% of total revenue, with a gross margin of 36.83%, up 8.93 percentage points year-on-year [5] - Signal chain chips achieved revenue of 490 million yuan in 2024, a year-on-year increase of 40.9%, accounting for 16.8% of total revenue, with a gross margin of 16.92%, up 12.76 percentage points year-on-year [6][7] Technological Advancements - The company is accelerating the construction of its process platform to strengthen product competitiveness. In the wafer manufacturing segment, breakthroughs in COT processes have been achieved, enhancing the core process competitiveness of mixed-signal products. The company is also exploring advanced packaging technologies to improve product performance and quality while optimizing costs [8]

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者 | 华商韬略 来源 | 华商韬略 导 语：许连捷被先后评为全国劳动模范、改革开放40年百名杰出民营企业家，其商业思想影响了很多企业家。 刚刚，那个创造中国纸业奇迹的人，走了。 福建晋江安海镇有一座工业园，名为恒安工业城，是恒安集团总部所在地。 你可能没有听过恒安集团，但你一定听过安尔乐、心相印、七度空间……这些品牌都是恒安集团的。 恒安集团不但品牌强大，而且业绩出众。 2024年，其全年营收226亿元，净利润超过22亿元，是国内最大的生活用纸和妇幼卫生用品制造商。 其生产的心相印纸巾，市场占有率连续多年位居全国第一。 执掌恒安集团的创始人许连捷，是国内第一批做卫生巾的企业家，推动了我国女性卫生习惯的转变。 2025年4月18日凌晨，恒安集团官微发布消息称： 恒安国际集团有限公司创始人许连捷，因病医治无效，于4月17日16时50分逝世，享年73岁。 这个曾蝉联福建首富，被誉为"福建商业教父"的大佬级人物，在过去三十余年，将恒安集团从一个乡镇小厂，打造成国内生活用纸的龙头企业。 他被先后评为全国劳动模范、改革开放40年百名 ...