Core Viewpoint - The article discusses the peculiar case of *ST Hengli, which is facing delisting due to failure to disclose its annual report on time, and highlights the company's attempts to blame its auditing firm for the situation [3][5][14]. Group 1: Company Background and Financial Issues - *ST Hengli received a delisting notice from the Shenzhen Stock Exchange due to not disclosing over half of its board's assurances regarding the accuracy of its 2024 annual report by the legal deadline [5][6]. - The company has been under "ST" and "*ST" designations due to continuous financial losses, with a cumulative loss of 670 million yuan since 2003 [31][34]. - In 2024, *ST Hengli projected a revenue of 300 million to 350 million yuan, a significant increase from 111.47 million yuan in the previous year, but still expected a net loss of 33 million to 43 million yuan [8][30]. Group 2: Auditing and Reporting Issues - The company changed its auditing firm to Xutai CPA shortly before the annual report deadline, which raised concerns about the adequacy of the audit process [10][20]. - There were significant discrepancies between the company's performance forecasts and the audit results, leading to a failure to submit the annual report on time [11][12]. - After receiving the delisting notice, *ST Hengli filed a lawsuit against Xutai CPA, claiming damages of 38.27 million yuan, which corresponds to the market value loss on the day of the notice [14][38]. Group 3: Market Reaction and Implications - Following the delisting notice, *ST Hengli's stock price dropped by 4.81%, leading to three consecutive trading halts [38][42]. - The article suggests that retail investors, who are often the last to bear the financial consequences, are the biggest losers in this situation [38][42].

陈茂波：合资格大宗商品贸易活动半税优惠条例将尽快提交立法会 金十数据5月21日讯，香港财政司司长陈茂波表示，行政长官去年施政报告提出，建立大宗商品交易生 态圈，今年1月香港获伦敦金属交易所纳入全球仓库网络内许可交付地点，使仓储设施更接近内地工业 中心和消费中心，他形容进度良好，至今已经有7个仓库获得许可，最快今年7月起陆续投入营运，特区 政府会继续推展政策，推动相关发展，为合资格大宗商品贸易活动提供半税优惠的条例草案，将尽快提 交立法会。 ...

浙江省乐清市针对中小低压电器企业在白银采购中面临的成本高、风险大等问题，构建了以商品期货为核心的"乐清模 式"。该模式通过整合期货市场与现货交易，解决中小企业原材料采购的关键难题，在确保供应稳定的前提下显著降低 采购成本与原材料供应风险，树立了新形势下金融工具服务实体经济的应用典范，具有推广价值。 党的二十届三中全会通过了《中共中央关于进一步全面深化改革、推进中国式现代化的决定》，明确提出深化金融体制 改革的战略方向，强调改革应聚焦于服务实体经济、防范和化解金融风险，并推动金融体系实现高质量发展。这一指导 方针不仅为中国金融领域的未来发展指明了路径，也为应对当前复杂多变的经济形势提供了政策依据。 近年来，中国经济呈现出一系列新特征，包括产业结构转型升级加速、国内外宏观经济环境不确定性增加，以及区域经 济发展不平衡进一步凸显等。与此同时，中小企业作为国民经济的重要支柱，其生存与发展面临的风险日益加剧，传统 的风险管控手段已难以满足现实需求。根据相关政策要求，如何通过金融体制改革创新机制，为中小企业纾困解难并助 力其可持续发展，成为当前经济发展中的一项关键挑战。中小企业在推动经济增长、促进就业和激发创新活力方面具 ...

Core Viewpoint - The financial performance of Beijing Jinyu Group Co., Ltd. for the year 2024 shows significant losses, with a reported revenue of 110.71 billion yuan and a net profit attributable to shareholders of -0.555 billion yuan, indicating a deterioration compared to the previous year [2][4]. Financial Performance Summary - The company achieved an operating income of 110.71 billion yuan in 2024, with a net profit attributable to shareholders of -0.555 billion yuan and a net cash flow from operating activities of -5.316 billion yuan [2][4]. - In comparison, the previous year's net profit was 0.025 billion yuan, with a net cash flow from operating activities of 7.141 billion yuan [2][4]. - The new green building materials segment generated a revenue of 78.265 billion yuan, while the real estate development and operation segment contributed 32.737 billion yuan [2][4]. Non-Recurring Gains and Losses - The net amount of non-recurring gains and losses attributable to shareholders was 2.304 billion yuan, significantly impacting performance, primarily due to non-current asset disposal gains of 1.169 billion yuan and fair value changes of financial assets and liabilities of 0.633 billion yuan [2][4]. Audit Findings - The audit firm, Ernst & Young Huaming, issued an unqualified audit opinion on the financial statements, confirming compliance with accounting standards [1][5]. - The audit procedures included verifying cash flow from operating activities, investment activities, and financing activities to ensure accurate representation in the financial statements [4][5]. Accounting Estimates and Changes - The company plans to change the depreciation period for machinery and equipment from 15 years to a range of 5-20 years, which is expected to increase profits by 0.36 billion yuan, 0.41 billion yuan, and 0.49 billion yuan for the years 2022, 2023, and 2024 respectively [10][11]. - The total book value of machinery and equipment as of the end of 2024 was 36.379 billion yuan, with a book value of 16.709 billion yuan [10][11]. Commodity Trading Business - The company reported revenue of 41.124 billion yuan from its commodity trading business, reflecting a year-on-year increase of 4.84%, although the gross margin was only 0.31%, down by 2.57 percentage points from the previous year [13][14]. - The audit confirmed that the revenue recognition for the commodity trading business was in accordance with accounting standards [16][21]. Real Estate Projects - The company reported a gain of 0.676 billion yuan from fair value changes in investment properties, with a book value of 45.050 billion yuan at the end of the reporting period [21][22]. - The company also reported a significant increase in inventory impairment provisions, totaling 0.753 billion yuan for the period [21][24].

Core Viewpoint - The increasing regulatory penalties and disclosures from listed companies are exposing the significant issue of false trading as a method of financial fraud, revealing a growing trend in the scale and duration of such activities [1][2]. Group 1: Characteristics of False Trading - False trading is characterized by the creation of a financial maze through circular transactions or fund lending, leading to financial fraud that reflects a combination of uncontrolled capital operations, ineffective internal controls, and audit failures [1][2]. - Recent cases show that the scale of transactions has increased, and the duration of concealment has lengthened, indicating new trends in false trading practices [1][3]. - The case of *ST Jinguang highlights that the company has been involved in false trading since at least 2018, with fraudulent activities persisting for over seven years [3][4]. Group 2: Regulatory Response - Regulatory bodies, including judicial, state-owned assets, and securities authorities, are intensifying their crackdown on false trading, with many A-share companies now prioritizing compliance in this area [1][10]. - The state-owned enterprise system has issued strict guidelines prohibiting various forms of false trading, emphasizing a zero-tolerance approach to violations [10][12]. - Companies are increasingly incorporating self-checks and financial audits focused on false trading into their compliance frameworks, as seen in the practices of companies like China Zhongche and Datang Telecom [10][11]. Group 3: Financial Implications - False trading practices have been linked to significant financial misreporting, with companies like Dongfang Group inflating revenues by over 16.1 billion yuan from 2020 to 2023 [3][9]. - The phenomenon of financing-type false trading has emerged, where companies use trade as a facade for lending funds, often leading to legal disputes and financial losses for involved parties [8][9]. - The pressure to meet performance metrics, especially in state-owned enterprises, drives the motivation for engaging in false trading, as it can artificially enhance revenue and improve financial statements [9][12]. Group 4: Audit and Compliance Challenges - Auditors are increasingly scrutinizing transactions for signs of false trading, focusing on the commercial substance of trades and the legitimacy of revenue recognition [11][12]. - The involvement of financial companies as "reservoirs" for funds has raised concerns about the potential for misuse in false trading schemes, prompting companies to enhance their disclosure practices regarding financial flows [5][6]. - The need for improved regulatory frameworks and investor protection mechanisms is emphasized to prevent the recurrence of financial fraud in the future [12].

Investment Rating - The investment rating for Xiamen Guomao (600755.SH) is "Buy" and is maintained [7] Core Views - In Q1 2025, the company achieved operating revenue of 70.53 billion yuan, a year-on-year decrease of 27.2%, while the net profit attributable to the parent company was 420 million yuan, reflecting a year-on-year increase of 2.8% [5][10] - The decline in revenue was attributed to adjustments in operational strategy, weakened market demand, and price drops in certain product categories [10] - The company is focusing on solidifying its operations and optimizing its business structure, with expectations for demand recovery [10] Summary by Sections Financial Performance - In Q1 2025, the company's operating revenue was 70.53 billion yuan, down 27.2% year-on-year, while the net profit attributable to the parent company was 420 million yuan, up 2.8% year-on-year [5][10] - The gross profit margin for the period improved by 0.4 percentage points to 2.6% despite a 13.7% decline in estimated gross profit due to reduced operational volume [10] Operational Strategy - The company is implementing a "three-chain integration" development model to optimize its business structure and adjust risk preferences [10] - It has established stable partnerships with over 90,000 enterprises across more than 170 countries and regions, enhancing its global commodity resource channel network [10] Future Outlook - The company is expected to see net profits of 1.19 billion, 1.48 billion, and 1.82 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.4, 9.2, and 7.5 times [10]

Core Viewpoint - The global commodity market is entering a high volatility era due to geopolitical restructuring, accelerated energy transition, and intensified climate change, presenting both challenges and opportunities for companies to innovate trade strategies and undergo digital transformation [1]. Group 1: Structural Changes in the Market - The global commodity flow is undergoing significant adjustments, with geopolitical factors reshaping supply chains, as seen in the disruption of grain exports from Ukraine and the shift of soybean imports from North America to South America [2]. - Logistics costs have surged, with the shipping price index increasing by 400% compared to pre-pandemic levels, prompting companies to establish dynamic route optimization mechanisms [2]. - Price volatility has escalated, with natural gas prices fluctuating over 30% in a single day due to the Russia-Ukraine conflict, creating both risk challenges and arbitrage opportunities for companies [2]. Group 2: Procurement Management System Transformation - Traditional procurement models are evolving through a "three-level leap," transitioning from supply assurance (1.0) to risk management and lean procurement (2.0), ultimately reaching data-driven decision-making (3.0) [4]. - A pig farming company exemplified this transformation by integrating supply-demand balance sheets, cost models, and logistics networks into a "procurement decision cockpit," achieving a cost reduction of 230 million RMB over 12 months [4]. Group 3: Trade Value Creation Strategies - Companies are extending their trade capabilities by integrating warehousing and logistics assets into comprehensive services, enhancing profitability through strategies like "time arbitrage + basis trading" [7]. - The sophistication of arbitrage strategies has increased, with companies employing advanced analytics and machine learning to optimize trading strategies, achieving a success rate of 68% in agricultural products [11]. Group 4: Systematic Upgrade of Organizational Capabilities - A multinational mining group developed a "five-dimensional radar chart" assessment model to evaluate trade capabilities across risk management, market analysis, and operational skills, identifying areas for improvement [13]. - Leading companies are adopting agile trading organizations, compressing decision-making chains and enhancing operational efficiency through collaborative front, middle, and back-office structures [21]. Group 5: Future Strategic Choices - Companies face four strategic imperatives, including balancing physical delivery and financial derivatives, establishing regional hubs in emerging markets, and innovating organizational structures to enhance team performance [23]. - The essence of this transformation is the reconstruction of business logic, shifting from resource competition to data and talent competition, emphasizing the need for a "dynamic capability system" to capture opportunities amid volatility [23][24].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating challenges in the market, particularly in the commodity sector [3][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 366.7 billion yuan, a year-on-year decrease of 20.12%, and a net profit attributable to shareholders of 1.419 billion yuan, down 9.86% year-on-year [3]. - The fourth quarter of 2024 saw a revenue of 68.97 billion yuan, a decrease of 23.70% year-on-year and 26.80% quarter-on-quarter, while net profit for the quarter was 529 million yuan, an increase of 34.71% year-on-year and 377.95% quarter-on-quarter [3]. Group 2: Commodity Business Performance - The company's commodity trading business generated revenue of 345.3 billion yuan in 2024, down 21.4% year-on-year, primarily due to falling commodity prices [4]. - The total operating volume for 2024 was 224 million tons, a slight decline of 0.3% year-on-year, with notable performance in metal minerals, which saw a 6.5% increase to 140 million tons [4]. - The gross margin for the commodity business improved by 0.43 percentage points to 1.83% in 2024, attributed to better resource management and operational efficiency [4]. Group 3: Shipbuilding Business Growth - The manufacturing segment reported revenue of 11.1 billion yuan in 2024, a year-on-year increase of 2.54%, with the shipbuilding business alone generating 5.9 billion yuan, up 24.76% [5]. - The company holds a total of 89 shipbuilding orders, with production scheduled through 2029, and has enhanced its shipbuilding capacity by over 25% through technological upgrades [5]. Group 4: Incentive Plan for Long-term Growth - The company announced a 2025 stock incentive plan, proposing to grant approximately 173 million restricted shares at a price of 2.96 yuan per share to up to 991 participants, including key management [6]. - The performance targets for the incentive plan include net profit growth rates of 15%, 30%, and 50% for 2025-2027, with specific thresholds for unlocking the shares [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

Core Insights - The company, Zall Smart Commerce, reported a revenue of 162.36 billion yuan for the fiscal year 2024, marking a year-on-year growth of 29.59% and a net profit of 93.36 million yuan, up 42.15%, demonstrating strong operational resilience [1] - The core business of supply chain trade and management achieved a revenue of 161.74 billion yuan, reflecting a growth of 29.71%, solidifying its position as a leader in digital trading of bulk commodities [1] - The overseas revenue reached a historical high of 40.67 billion yuan, showcasing significant growth in international operations [2] Revenue Growth - The company has consistently surpassed the 100 billion yuan revenue mark for four consecutive years, with revenue increasing from 103.61 billion yuan in 2021 to 162.36 billion yuan in 2024 [2] - Domestic bulk business also saw stable growth, with overall revenue increasing by 37.05 billion yuan compared to the previous year [4] Business Expansion - The establishment of the World Commodity Intelligent Trading Center (CIC) in Singapore has been pivotal, focusing on coal, nickel, and copper trading, and utilizing blockchain technology to enhance digital trade solutions [2] - The CIC platform has registered over 16,000 users and facilitated transactions exceeding 29.3 billion USD, indicating robust international engagement [2] Supply Chain Innovations - The company is actively integrating online and offline supply chain services, with the Han Kou Bei International Trade City achieving a total transaction volume exceeding 200 billion yuan in 2024 [6] - The company has developed multiple modern supply chains, including flower, seafood, and coffee chains, enhancing consumer experience and market reach [6][8] Technological Advancements - The company has applied for 365 patents and obtained 173, focusing on integrating digital technologies like AI and big data into its operations [9] - The launch of the digital management platform 2.0 and the establishment of low-altitude ports for drone logistics signify the company's commitment to enhancing operational efficiency and service quality [12]