证券代码：688367 证券简称：工大高科 公告编号：2026-005 合肥工大高科信息科技股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以合肥工大高科 信息科技股份有限公司（以下简称"公司"）2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终数据以公司2025年年度报告中披露的数 据为准。 二、经营业绩和财务状况情况说明 （一）报告期内公司经营情况、财务状况及影响经营业绩的主要因素 1、报告期内经营情况、财务状况 2025年度，公司实现营业总收入197,571,204.79元，同比下降33.38%；实现营业利润9,024,537.51元，同 比下降66.45%；利润总额为8,546,436.09元，同比下降68.19%；归属于母公司所有者的净利 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the fiscal year 2025, attributed to industry cyclical adjustments and increased competition [1] Financial Performance - The company achieved total operating revenue of 198 million yuan, a year-on-year decrease of 33.38% [1] - The net profit attributable to the parent company's shareholders was 10.08 million yuan, down 61.63% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 2.66 million yuan, reflecting a year-on-year decline of 86.92% [1] - Basic earnings per share were reported at 0.12 yuan [1] Industry Context - The decline in revenue and profit is linked to a slowdown in overall market demand and more cautious investment decisions from clients [1] - The company faced challenges in acquiring new orders and advancing existing projects, leading to a contraction in revenue [1] - Increased competition during the adjustment period has impacted the company's bidding strategies, product pricing, and overall profitability [1]

Core Viewpoint - The company, Fujian Tianma Technology Group Co., Ltd., anticipates a significant loss for the fiscal year 2025, with projected net profit attributable to shareholders ranging from -180 million to -120 million yuan, indicating a downturn compared to the previous year [1][2]. Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [1]. - The expected net profit attributable to shareholders for 2025 is projected to be between -180 million and -120 million yuan, representing a loss compared to the previous year's net profit of 26.03 million yuan [2]. - The anticipated net profit, excluding non-recurring gains and losses, is expected to be between -200 million and -140 million yuan [1][2]. Previous Year Performance - In 2024, the net profit attributable to shareholders was 26.03 million yuan, with a net profit of 9.85 million yuan after excluding non-recurring gains and losses [2]. Reasons for Performance Change - The decline in performance is attributed to macroeconomic fluctuations, cyclical adjustments in the industry, and intensified market competition. Additionally, an increase in supply expectations due to a bumper harvest of Japanese eel fry has led to a downward trend in sales prices for live and grilled eel, placing the eel industry in a low point [4]. - Despite maintaining a stable output of live eels and grilled eel product sales, the company faces pressure on product sales prices and rising production costs due to the cyclical downturn in the industry. The feed sector is also experiencing declining gross margins due to market structural adjustments and increasing competition, compounded by rising period expenses and asset impairment provisions, resulting in a temporary loss for the company [4].

Core Viewpoint - Tianma Technology (603668.SH) is expected to report a net loss attributable to shareholders of the listed company ranging from -180 million to -120 million yuan for the fiscal year 2025, indicating a decline compared to the previous year [1] Financial Performance - The projected net profit excluding non-recurring gains and losses for 2025 is estimated to be between -200 million and -140 million yuan [1] - The company is facing a challenging financial outlook due to macroeconomic fluctuations, cyclical adjustments in the industry, and intensified market competition [1] Industry Context - The eel industry is currently in a downturn, with a decrease in sales prices for live eels and grilled eel products due to an expected increase in supply from Japan's abundant eel fry production in 2025 [1] - The company has experienced losses in both the farming and grilled eel food segments as a result of these industry challenges [1] Operational Insights - Despite the adverse market conditions, the company has managed to maintain stable output of live eels and sales volume of grilled eel products [1] - However, the company is facing pressure on product sales prices and rising production costs, leading to a decline in gross margins for the feed segment [1] - Increased operating expenses and provisions for asset impairment have also contributed to the company's projected losses for the year [1]

Core Viewpoint - Tianma Technology expects a significant net loss for the fiscal year 2025, projecting a loss between 120 million to 180 million yuan, compared to a net profit of 26.03 million yuan in the same period last year [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be a loss between 140 million to 200 million yuan for 2025 [1] Industry Context - The company cites macroeconomic fluctuations, cyclical adjustments in the industry, and intensified market competition as contributing factors to its financial outlook [1] - The eel industry is currently experiencing a downturn, with a decrease in sales prices for live eels and grilled eels due to an expected increase in market supply from a bumper harvest of eel fry in Japan [1] - Both the farming sector and the grilled eel food segment are facing losses during this low point in the industry [1]

Group 1 - The company expects a net loss attributable to shareholders of 120 million to 180 million yuan for the year 2025, compared to a net profit of 26.03 million yuan in the same period last year [1] - The anticipated net profit, excluding non-recurring gains and losses, is projected to be a loss of 140 million to 200 million yuan for 2025 [1] - The company is facing challenges due to macroeconomic fluctuations, cyclical adjustments in the industry, and intensified market competition, leading to a downturn in the eel industry [1] Group 2 - The increase in supply expectations due to a bumper harvest of eel fry in Japan is contributing to a downward trend in sales prices for live eels and grilled eels [1] - Both the farming sector and the grilled eel food segment are experiencing losses during this low point in the eel industry [1]

报告期内，受主营业务所处行业周期性调整影响，下游市场整体需求释放节奏放缓，客户投资决策更为 审慎，致使公司新订单获取及存量项目的推进速度均低于预期，收入规模同比收缩；同时，行业竞争在 调整期内进一步加剧，对公司投标策略、产品定价、整体盈利造成阶段性影响。此外，基于财务审慎性 与现金流安全考量，公司在报告期内执行了更为严格的客户信用管理，对经评估存在较高回款风险的业 务机会作出了战略性取舍。前述因素共同导致公司本期营业收入与净利润同比出现下滑。面对当前行业 挑战，公司将继续保持研发投入强度，加速产品升级与技术创新，强化运营效率与成本管控，努力提升 经营韧性，为长远发展夯实基础。 格隆汇1月16日丨工大高科(688367.SH)公布，经财务部门初步测算，公司预计2025年年度实现归属于母 公司所有者的净利润800.00万到1,150.00万元，同比减少56.23%到69.55%。预计归属于母公司所有者的 扣除非经常性损益的净利润210.00万元到310.00万元，同比减少84.76%到89.68%。 ...

报告期内，受主营业务所处行业周期性调整影响，下游市场整体需求释放节奏放缓，客户投资决策更为 审慎，致使公司新订单获取及存量项目的推进速度均低于预期，收入规模同比收缩；同时，行业竞争在 调整期内进一步加剧，对公司投标策略、产品定价、整体盈利造成阶段性影响。此外，基于财务审慎性 与现金流安全考量，公司在报告期内执行了更为严格的客户信用管理，对经评估存在较高回款风险的业 务机会作出了战略性取舍。前述因素共同导致公司本期营业收入与净利润同比出现下滑。面对当前行业 挑战，公司将继续保持研发投入强度，加速产品升级与技术创新，强化运营效率与成本管控，努力提升 经营韧性，为长远发展夯实基础。 格隆汇1月16日丨工大高科(688367.SH)公布，经财务部门初步测算，公司预计2025年年度实现归属于母 公司所有者的净利润800.00万到1,150.00万元，同比减少56.23%到69.55%。预计归属于母公司所有者的 扣除非经常性损益的净利润210.00万元到310.00万元，同比减少84.76%到89.68%。 ...

Core Viewpoint - Shaanxi Black Cat is expected to continue incurring losses in 2025, with a projected net profit attributable to shareholders ranging from -1.19 billion to -1.09 billion yuan, reflecting a year-on-year decline of 2.73% to 5.90% [1][7]. Company Performance - In the first half of 2025, Shaanxi Black Cat reported total operating revenue of 5.234 billion yuan, a decrease of 32.46% year-on-year, and a net loss of 462 million yuan [5]. - By the third quarter, the company faced continued operational pressure, with quarterly revenue of 2.619 billion yuan, down 28.67% year-on-year, leading to a cumulative revenue of 7.852 billion yuan for the first three quarters, a decline of 31.24% [5]. - The third quarter alone saw a loss of 284 million yuan, an increase of 44.32% year-on-year, resulting in a total loss of 746 million yuan for the first three quarters [5]. Industry Context - The coking coal industry is under pressure due to rising upstream raw material prices and a sluggish downstream market, which is expected to persist into 2025 [3]. - Shaanxi Black Cat's performance is heavily influenced by the volatility of coking coal prices, which have declined, leading to reduced gross margins and losses in its main business [2][5]. Financial Management - Despite declining performance, the company has shown positive signals in cash flow management, with a net cash flow from operating activities turning positive at 53 million yuan in the first half of 2025, and a cumulative improvement of 174.58% year-on-year for the first three quarters [6]. - The improvement in cash flow is attributed to a reduction in expenses related to raw material purchases, although this has been accompanied by increased borrowing to maintain operations [6][8]. Strategic Adjustments - To address funding needs amid industry fluctuations, Shaanxi Black Cat has engaged in asset disposals, including a 600 million yuan capital increase to Xinjiang Black Cat Coal Industry and the transfer of production capacity to its subsidiary [9][10]. - The company plans to sell its 100% stake in Hongneng Coal Industry and related debts for a total of 1.137 billion yuan, which is expected to enhance cash flow and alleviate debt burdens [11][13]. - The asset sales are part of a strategic shift to focus resources on key production bases in Shaanxi, Inner Mongolia, and Xinjiang, despite concerns about the long-term viability of its core business amid ongoing losses [12][13].

Core Viewpoint - Guizhou Moutai has implemented a series of price control strategies in response to the wholesale price of its flagship product, Flying Moutai, dropping below 1499 yuan, marking a significant shift in its pricing policy [1][3]. Price Control Strategies - From December 13 to 14, Guizhou Moutai announced it would stop supplying all Moutai products to distributors by the end of the year, except for those with completed prepayments [1]. - The company plans to significantly reduce the quotas for non-standard products like 15-year and 1-liter Flying Moutai in the coming year, shifting to a market-driven supply model based on demand [1]. - East Wu Securities reported that Moutai's growth focus for next year will be on three core products: Moutai 1935, Flying Moutai, and Premium Moutai, targeting price bands of 600 yuan, 1500 yuan, and 2000 yuan respectively [1]. Market Reaction - Following the announcement of price control measures, the wholesale price of Flying Moutai rebounded from a low of 1485 yuan to 1570 yuan, indicating a short-term recovery in pricing [3]. - However, the overall market sentiment remains cautious, with concerns that the lack of significant improvement in white liquor consumption and ongoing industry adjustments may hinder Moutai's return to previous high premium pricing [4]. Financial Performance - In the first three quarters of the year, Guizhou Moutai reported revenue of 130.9 billion yuan, a year-on-year increase of 6.32%, and a net profit of 64.63 billion yuan, also up 6.25%, marking the lowest growth rates in nearly 11 years [5]. - To boost market confidence, the company announced a substantial interim dividend of over 30 billion yuan, with a distribution of 23.957 yuan per share (tax included) scheduled for December 18 [5].