近期钢研纳克（300797）发布2025年一季报，证券之星财报模型分析如下： 经营概况 资本结构与融资分红 钢研纳克的有息负债为1.27亿元，较去年同期大幅增长372.75%，显示出公司在融资方面的积极态度。 自上市以来，公司累计融资总额为2.79亿元，累计分红总额为1.13亿元，分红融资比为0.4，表明公司在 回报股东方面保持了一定的力度。 商业模式与未来发展 公司业绩主要依赖于研发及营销驱动。未来，投资者应密切关注这类驱动力的实际效果以及公司如何应 对现金流和应收账款带来的挑战。 费用控制 公司在费用控制方面也表现出色，销售费用、管理费用、财务费用总计为6739.29万元，三费占营收比 为30.76%，同比下降了3.57个百分点。这说明公司在优化内部管理、降低运营成本方面取得了一定进 展。 资产与现金流状况 尽管盈利能力有所提升，但公司的现金流状况仍需关注。每股经营性现金流为-0.27元，虽然同比改善 了21.68%，但仍为负值。此外，应收账款为3.03亿元，较去年同期增长22.49%，应收账款与利润的比例 达到了208.72%，提示公司可能存在一定的回款压力。 钢研纳克在2025年一季度实现了营业总收入 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.5500 | 0.4900 | -212.24 | -0.5200 | | 每股净资产（元） | 0.47 | 1 | -53 | 0.49 | | 每股公积金(元) | 1.2 | 1.19 | 0.84 | 1.19 | | 每股未分配利润(元) | -1.97 | -1.42 | -38.73 | -1.82 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 22.21 | 23.22 | -4.35 | 25.97 | | 净利润(亿元) | -2.72 | 2.45 | -211.02 | -2.58 | | 净资产收益率(%) | -75.42 | 67.32 | -212.03 | -69.41 | | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | ...

前十大流通股东累计持有： 39031.88万股，累计占流通股比： 40.68%，较上期变化： 620.31万股。 | 占总股本比例 | 名称 | 持有数量(万股) | | 增减情况(万 | | --- | --- | --- | --- | --- | | (%) | | | | 股) | | 陶安祥 | | 26579.37 | 27.70 | 不变 | | 陶兴 | | 7183.23 | 7.49 | 不变 | | 博时成长领航混合A | | 1463.63 | 1.53 | 新进 | | 博时成长优势混合A | | 913.34 | 0.95 | 新进 | | 南方中证1000ETF | | 556.99 | 0.58 | -209.55 | | 国泰中证军工ETF | | 551.49 | 0.57 | -20.86 | | 陶良凤 | | 488.48 | 0.51 | 不变 | | 顾纪龙 | | 450.00 | 0.47 | 不变 | | 沈义成 | | 428.80 | 0.45 | 不变 | | 全国社保基金一零二组合 | | 416.55 | 0.43 | 新进 | | 较上个报告期退 ...

Financial Performance - The company reported a basic earnings per share of -0.0091 yuan for Q1 2025, a decrease of 5.81% compared to -0.0086 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 71 million yuan, down 18.39% from 87 million yuan in Q1 2024 [1] - The net profit for Q1 2025 was -5 million yuan, representing a 25% decline from -4 million yuan in Q1 2024 [1] - The return on equity was -1.76% in Q1 2025, slightly worse than -1.70% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 19,818.17 million shares, accounting for 38.72% of the circulating shares, with an increase of 1,678,500 shares compared to the previous period [1] - The largest shareholder is Nanning Yiran Elderly Care Industry Partnership, holding 15,360 million shares, which is 30% of the total share capital [2] - New entrants to the top ten shareholders include Dai Xue Rong with 228.23 million shares and Barclays Bank PLC with 203.46 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Core Viewpoint - Zhongyuan New Materials (603527) has announced the termination of its plan to issue convertible bonds to unspecified investors, citing a reassessment of its financing strategy in light of current market conditions and company circumstances [1][2]. Group 1: Announcement Details - The company held its fifth board meeting on April 25, 2025, where it approved the resolution to terminate the issuance of convertible bonds [1]. - In previous meetings, the company had planned to issue convertible bonds totaling up to RMB 700 million, intended for projects including a high-precision copper alloy production line and a battery foil project [1]. Group 2: Reasons for Termination - The decision to terminate the bond issuance was based on a comprehensive evaluation of the current capital market environment, policy changes, and the company's operational status and development plans [2]. - The company stated that the termination would not adversely affect its production and operations, nor would it harm the interests of shareholders, particularly minority shareholders [2].

经过多年发展，合作区已成为共建"一带一路"倡议和"苏伊士运河走廊经济带"对接的示范项目，构 建起化工、建材、纺织、电工电气、金属加工、工程机械六大主导产业，吸引投资超30亿美元，累计销 售额超53亿美元，缴纳税费近3亿美元，直接解决就业近万人。目前，已有180余家企业入驻合作区，中 国巨石、大运摩托、美的、新兴铸管、中国玻璃等多家中国各行业龙头企业，以及来自埃及、阿联酋、 加拿大等多个国家的企业在此投资兴业，有力带动了埃及相关产业快速发展，并为当地培养了一批专业 技术工人和企业管理人才。 作为对非投融资合作主力银行，国开行一直积极支持中埃·泰达苏伊士经贸合作区建设。国开行青 岛分行、中非发展基金共向合作区提供信贷和投资资金7400万美元，有力支持了起步区及扩展区一期标 准厂房、服务中心、培训基地、市政基础设施等建设。 据国家开发银行官方消息，近日国开行天津分行向中埃·泰达苏伊士经贸合作区扩展区二期项目发 放首笔2858万元人民币贷款，用于支持合作区完善基础设施建设。这是国开行落实去年中非合作论坛北 京峰会成果，服务中非携手推进现代化十大伙伴行动的又一具体举措。 中埃·泰达苏伊士经贸合作区是中国政府批准的国家级 ...

本次公司募集资金投资项目围绕主营业务展开，着眼于提高公司产品产量，提升公司产品性能与质量，减少关联交 易，向钛及钛合金材料高附加值应用领域延伸。 | 本次发行募集资金扣除发行费用后的净额将全部用于以下项目: | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | | 单位: 万元 | | 正式备案项目名称 | 总投资金额 | 拟投入募 集资金 | 备案情况 | 环评手续 | 实施主体 | | 年产 3,000 吨高端钛及钛合 | 40.000.00 | 36.000.00 | 蜀行审备 | 镇句环审 | 天工股份 | | 金棒、丝材生产线建设项目 | | | (2023) 7 号 | (2023) 22 号 | | | 合计 | 40.000.00 | 36.000.00 | | | | 财务方面，于2022年度、2023年度及2024年度，公司实现营业收入分别约为3.83亿元、10.35亿元、8.01亿元;公司净利 润分别约为7036.69万元、1.75亿元以及1.74亿元人民币。 智通财经APP获悉，4月28日， 天工股份(920068.BJ ...

Core Viewpoint - The recent financial report of Jiuli Special Materials (002318) shows strong growth in revenue and net profit for Q1 2025, indicating a positive performance despite challenges in the market environment [1][5]. Financial Performance - Total revenue for Q1 2025 reached 2.883 billion yuan, a year-on-year increase of 20.67% compared to 2.389 billion yuan in Q1 2024 [1]. - Net profit attributable to shareholders was 389 million yuan, up 18.59% from 328 million yuan in the same period last year [1]. - The gross profit margin improved to 28.08%, an increase of 4.00% year-on-year, while the net profit margin decreased to 13.82%, down 4.54% [1]. - The company reported a significant increase in operating cash flow per share, which rose to 0.04 yuan, a remarkable increase of 693.75% [1]. Accounts Receivable and Financial Health - Accounts receivable amounted to 1.479 billion yuan, representing 99.21% of the net profit, indicating a high level of receivables relative to earnings [1][3]. - The company’s cash and cash equivalents decreased by 36.38% to 2.501 billion yuan, raising concerns about liquidity [1][3]. - The total expenses for sales, management, and finance were 193 million yuan, accounting for 6.71% of revenue, which is an increase of 6.76% year-on-year [1]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 16.89%, reflecting strong capital efficiency [3]. - Analysts expect the company to achieve a revenue of 1.714 billion yuan and an average earnings per share of 1.75 yuan for the year 2025 [3]. - Jiuli Special Materials has been favored by prominent fund managers, with increased holdings noted in several funds [4]. Strategic Response to Market Challenges - The company is actively monitoring macroeconomic conditions and adjusting its strategies to maintain stable performance amid market volatility and international trade tensions [5]. - Emphasis is placed on technological innovation and market expansion to optimize product structure and enhance collaboration with quality clients [5]. - The company aims to provide long-term returns to shareholders through steady operational performance and potential share buybacks and dividends [5].

Financial Performance - The company reported total revenue of 878 million yuan for Q1 2025, a decrease of 15.34% year-on-year compared to 1.037 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was 26.26 million yuan, down 46.57% from 49.14 million yuan in the same quarter last year [1] - The gross margin was 11.1%, reflecting a decline of 13.54% year-on-year, while the net margin decreased by 33.29% to 3.65% [1] - Total expenses (selling, administrative, and financial) amounted to 37.82 million yuan, representing 4.31% of revenue, an increase of 22.21% year-on-year [1] Accounts Receivable and Cash Flow - The company's accounts receivable reached 730 million yuan, accounting for 362.52% of the net profit, indicating a significant concern regarding cash flow [1][4] - The cash and cash equivalents decreased to 499 million yuan, down 41.32% from the previous year [1] Business Model and Market Position - The company specializes in various types of pipes and fittings, which are widely used in water supply, drainage, firefighting, gas, oil and gas transportation, construction, and communication sectors [4] - The company has maintained a stable operation despite a decline in performance due to external factors, particularly in the real estate sector [4] - The company has a low debt ratio and healthy financial status, with a cumulative financing amount of 1.237 billion yuan and cumulative dividends of 1.004 billion yuan since its listing [3]