Core Viewpoint - Jinyu Group (601992) reported significant expected losses for 2024 and 2025, leading to a decline in stock price by over 4% [1] Financial Performance - The company anticipates a net loss attributable to shareholders of 0.9 to 1.2 billion yuan for 2025, and a net loss excluding non-recurring items of 3.45 to 3.75 billion yuan [1] - For 2024, the expected net loss attributable to shareholders is approximately 0.555 billion yuan, with a net loss excluding non-recurring items around 2.859 billion yuan [1] Business Segments - The building materials and real estate sectors are currently experiencing an industry downturn, impacting overall performance [1] - The cement business has managed to turn a profit year-on-year through strategic optimization and cost reduction efforts [1] - The real estate segment is facing challenges due to weakened market demand and pressure on sales prices, adversely affecting operating profits [1]

报告期内，公司建材及房地产业务均处于行业下行周期。水泥业务，持续优化战略布局，扎实推进降本 增效工作，经营业绩同比实现扭亏为盈;房地产业务受市场影响，需求减弱，销售价格承压，影响公司 房地产业务经营利润。 金隅集团（601992）(601992.SH)发布公告，公司预计2025年度实现归属于上市公司股东的净利润为亏 损9亿元至12亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 本公告乃北京金隅集團股份有限公司（「本公司」)按香港聯合交易所有限公司證券上市規則 第13.10B條發出。 茲載列本公司於二零二六年一月十四日在中華人民共和國上海證券交易所網站刊登之2025 年度業績預虧公告，僅供參閱。 北京金隅集团股份有限公司 2025 年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二六年一月十四日 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為孔慶輝、顧鐵民及 趙新軍；以及獨立非執行董事為劉太剛、洪永淼、譚建方及尹援平。 * 僅供識 ...

格隆汇1月14日｜金隅集团公告，经本公司财务部门初步测算，预计2025年度实现归属于上市公司股东 的净利润为-90,000—-120,000万元之间。经本公司财务部门初步测算，预计2025年度实现归属于上市公 司股东的扣除非经常性损益的净利润为-345,000—-375,000万元之间。报告期内，公司建材及房地产业 务均处于行业下行周期。水泥业务，持续优化战略布局，扎实推进降本增效工作，经营业绩同比实现扭 亏为盈；房地产业务受市场影响，需求减弱，销售价格承压，影响公司房地产业务经营利润。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" due to strong brand power and relatively low historical valuation levels, with projected PE ratios for 2025-2027 at 20x, 19x, and 18x respectively [6]. Core Insights - The company is expected to achieve net profits of 11.67 billion, 12.27 billion, and 13.33 billion for the years 2025-2027, reflecting a year-on-year change of -4.6%, +5.1%, and +8.7% respectively [6]. - The company has a robust product matrix and competitive advantages in various price segments, maintaining a healthy channel state even during industry downturns, indicating significant growth potential if the industry rebounds [6]. - The marketing strategy for 2026 focuses on national expansion, targeting core customers and channels, and enhancing brand presence through differentiated marketing strategies aimed at various consumer demographics [6]. Financial Data and Profit Forecast - Total revenue is projected to be 36.03 billion in 2025, with a year-on-year growth rate of 0.1% [5]. - The net profit attributable to the parent company is forecasted at 11.67 billion for 2025, with a slight decrease from the previous year [5]. - The gross profit margin is expected to remain stable around 75.7% for 2025, with a return on equity (ROE) of 29.9% [5].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company held its 2025 dealer conference recently, indicating ongoing engagement with its distribution network [4] - The company is expected to achieve stable growth despite industry adjustments, with a focus on high-quality development and maintaining reasonable inventory levels [6] - The financial forecast for 2025-2027 shows expected net profits of 11.67 billion, 12.27 billion, and 13.33 billion respectively, with a slight decline in 2025 followed by growth in subsequent years [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 36,032 million, with a year-on-year growth rate of 0.1% [5] - The net profit for 2025 is estimated at 11,674 million, reflecting a decrease of 4.6% compared to the previous year [5] - The earnings per share for 2025 is forecasted to be 9.57 yuan, with a projected price-to-earnings ratio of 20 [5] - The company maintains a gross margin of approximately 75.7% for 2025 [5] Market Performance - The company's stock closed at 192.16 yuan, with a market capitalization of 234,428 million [1] - The stock has a dividend yield of 3.15%, calculated based on the most recent dividend announcements [1] - The company’s price-to-book ratio stands at 6.0, indicating a relatively high valuation compared to its book value [1]

Group 1 - The global chemical industry is experiencing stagnation, characterized by a down cycle due to oversupply and weak demand, with the top 50 companies' sales remaining nearly flat for two consecutive years [1][2] - BASF leads the ranking with sales of $70.612 billion, followed by Sinopec at $58.131 billion and Dow at $42.964 billion, with total sales for the top 50 companies amounting to $1.014 trillion, a slight decrease of 0.07% from the previous year [1] - The profits of the top 50 companies reached $56.8 billion in 2024, an increase of 8.1% compared to 2023, following a significant drop of 44.1% in the previous year [1][3] Group 2 - Capital expenditures for the top 50 companies increased by 3.5% to $73 billion, while R&D spending rose by 3.0% to $12.3 billion, indicating a slight recovery in executive confidence [2] - Many companies are downsizing operations, particularly in Europe, due to high energy and other costs, with companies like LyondellBasell and Dow closing or selling facilities [2] - The profitability of the petrochemical sector is mixed, with some companies like ExxonMobil and SABIC showing profit growth, while others like LyondellBasell and Dow experienced declines [3]

Core Viewpoint - The dairy giant Yili (600887.SH) has ended its 30-year growth streak due to unprecedented industry pressures, with significant declines in revenue and profit expected in 2024 [1][2]. Financial Performance - Yili's 2024 revenue is projected to be 115.78 billion yuan, a year-on-year decline of 8.24%, while net profit is expected to drop to 8.45 billion yuan, down 18.9% [2]. - In Q4, Yili made a substantial impairment provision of 5.2 billion yuan, resulting in a quarterly loss of 2.42 billion yuan, further pressuring annual profits [3]. Impairment and Asset Valuation - A major component of the impairment was a goodwill write-down of 3.04 billion yuan related to the acquisition of Ausnutria (1717.HK), which has seen a significant decline in performance [4]. - Other impairment provisions included 1.23 billion yuan for inventory and 370 million yuan for fixed assets due to market demand changes and technological obsolescence [5]. Industry Challenges - The dairy industry has faced negative retail growth since 2022, with a 2.7% decline in overall sales in 2024, exacerbating supply-demand imbalances [9][10]. - Yili's liquid milk segment saw a revenue drop of 12.3% in 2024, with a decrease in both sales volume and price [11]. Market Strategy - To protect distributor profits, Yili began channel inventory clearance in Q2 2024, leading to a significant revenue drop of 16.5% in Q2, which narrowed to 6.7% in Q3 [12][13]. - By Q3, Yili completed channel clean-up, stabilizing sales during peak seasons [14]. Future Outlook - Yili anticipates a potential turnaround in 2025, with Q1 revenue showing a slight increase of 1.35% and net profit rising by 24.19% [17]. - The company remains cautious about demand recovery, projecting only a 2.8% increase in full-year revenue for 2025 [18]. Market Share and Growth Engines - Yili's liquid milk revenue has stagnated, with a slight increase to 85.54 billion yuan in 2023, but its market share in this segment is declining [21][22]. - Conversely, the infant formula segment is experiencing growth, with a 7.53% increase in revenue to 29.675 billion yuan in 2024, driven by rising birth rates [26][29]. Diversification Efforts - Yili is exploring diversification beyond dairy, including launching new tea and mineral water products, while also focusing on functional dairy products [40][43]. - The company is also investing in health-related sectors and has established a venture capital fund targeting high-tech innovations in the health industry [48].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a total operating revenue of 174.14 billion yuan in 2024, representing a year-on-year growth of 15.7%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.4% year-on-year [1][3] - The company aims for a revenue growth of approximately 9% in 2025, actively seeking to adapt to changing demand environments and pursuing three transformations for more effective consumer engagement [3] - The company maintains a stable profitability with a gross margin of 91.93% for the year, despite a slight decrease of 0.03 percentage points year-on-year [3] Financial Performance Summary - In 2024, the company reported a total revenue of 174.14 billion yuan, with a year-on-year growth rate of 15.7% [4] - The net profit attributable to shareholders for 2024 was 86.23 billion yuan, reflecting a year-on-year increase of 15.4% [4] - The gross margin for 2024 was 91.9%, with a slight decrease from the previous year [4] - The company’s earnings per share (EPS) for 2024 was 68.64 yuan, with projections of 75.12 yuan, 81.93 yuan, and 89.24 yuan for 2025, 2026, and 2027 respectively [4][3] Revenue Breakdown - The revenue from Moutai liquor reached 145.93 billion yuan in 2024, growing by 15.3% year-on-year, with a volume increase of 10.2% and a price increase of 4.6% [3] - Series liquor revenue was 24.68 billion yuan, up 19.7% year-on-year, with a volume increase of 18.5% and a price increase of 1.0% [3] - The company’s direct sales revenue was 74.88 billion yuan, reflecting an 11.4% increase year-on-year, while the proportion of direct sales slightly decreased [3] Future Outlook - The company is expected to maintain a dividend payout ratio of no less than 75% from 2024 to 2026, indicating a projected dividend yield close to 4% [3] - The company is positioned to navigate through industry adjustments effectively, leveraging its strong product mix and market management strategies [3]

Investment Rating - The investment rating for Guizhou Moutai is "Buy" [1] Core Views - The company achieved a total revenue of 174.14 billion yuan in 2024, representing a year-on-year growth of 15.7%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.4% year-on-year [2] - The company aims for a revenue growth of approximately 9% in 2025, actively seeking to adapt to changing demand environments and pursuing three transformations for more effective consumer engagement [2] - Despite the industry being in an adjustment phase, Guizhou Moutai is expected to maintain stable development due to its strong product mix and market management strategies [2] Financial Summary - Total revenue for 2023 was 150.56 billion yuan, with a growth rate of 18.0%, and is projected to reach 190.13 billion yuan in 2025, with a growth rate of 9.2% [3] - The net profit attributable to shareholders for 2023 was 74.73 billion yuan, with a growth rate of 19.2%, expected to increase to 94.36 billion yuan in 2025, with a growth rate of 9.4% [3] - The gross margin for 2024 is reported at 91.9%, with a slight decrease projected to 91.8% in 2025 [3] Operational Insights - In 2024, the revenue from Moutai liquor was 145.93 billion yuan, a year-on-year increase of 15.3%, while series liquor revenue reached 24.68 billion yuan, up 19.7% [2] - The company’s direct sales revenue was 74.88 billion yuan, reflecting an 11.4% increase, with a slight decrease in direct sales proportion to 43.88% [2] - The company plans to maintain a dividend payout ratio of no less than 75% from 2024 to 2026, indicating a projected dividend yield close to 4% [2]