Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an annual revenue of 6.5 billion yuan, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 330 million yuan, down 54% year-on-year [2][4]. - In the first quarter, the company reported a revenue of 1 billion yuan, a decline of 2% year-on-year, with a net profit of -30 million yuan, a decrease of 164% year-on-year [2][4]. - The ongoing price war in the industry is expected to continue, with a significant impact on profitability and revenue [11]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to decline by 17%, with tile revenue down 18% due to weak terminal demand and a 9% decrease in tile sales volume [11]. - The average price of tiles fell by approximately 10%, while production costs decreased by 7%, leading to a decline in gross margin from 33.5% in 2023 to 31.0% in 2024 [11]. - The net profit margin for 2024 is estimated to be around 5.1%, down 4.2 percentage points year-on-year [11]. Market Conditions - The first quarter showed a slight recovery in revenue decline, but profitability remains under pressure due to the ongoing price war [11]. - The construction area is expected to decline by about 28% in 2024, impacting overall demand in the industry [11]. Future Projections - The company is expected to achieve net profits of approximately 340 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to valuation multiples of 21 and 15 times [6]. - The cash flow performance is strong, with a net cash flow from operating activities of 860 million yuan in 2024 [11]. Industry Dynamics - The supply side of the tile industry is experiencing significant exits, with production expected to decrease by 12% in 2024 compared to previous years [11]. - Environmental policies are pushing the industry towards green production and smart manufacturing, which may further influence supply dynamics [11].

Core Insights - The article discusses the impact of U.S. tariffs on Chinese foreign trade enterprises and the subsequent support measures being implemented to help these companies transition from export to domestic sales [1][2][3] - It highlights the initial success of initiatives like "Export to Domestic Sales" and "Integration of Domestic and Foreign Trade," while emphasizing the need for long-term systemic changes within foreign trade enterprises to adapt to domestic market demands [1][5] Group 1: Support Initiatives - Major domestic supermarkets and e-commerce platforms are actively assisting foreign trade enterprises in expanding their domestic sales channels, with initiatives showing early positive results [1][2] - The "Export to Domestic Sales" project by RT-Mart has received proposals from 157 foreign trade companies, with 91 expressing intent to cooperate, and 52 already establishing partnerships [2] - JD.com plans to invest 200 billion yuan in domestic procurement of export products over the next year, providing various support measures to facilitate the transition for foreign trade enterprises [3][7] Group 2: Market Adaptation - Foreign trade enterprises are facing challenges in adapting their products to meet domestic consumer preferences, necessitating changes in product design and marketing strategies [5][8] - Companies like Zhejiang Wei Laoda are adjusting their product lines to better align with domestic market demands, indicating a shift from a focus on export markets to local consumer needs [6][8] - The need for foreign trade companies to familiarize themselves with domestic market rules and enhance their online operational capabilities is emphasized as a critical factor for successful market entry [7][8] Group 3: Sales Performance - The "Export to Domestic Sales" initiatives have led to significant sales successes, such as the rapid sale of 9,000 units of a ceramic product within 11 hours on JD's platform [4] - Companies like Qingdao Litai Agricultural Products have successfully sold 1.2 tons of ginger on the first day of their product launch in RT-Mart, showcasing the effectiveness of these initiatives [2][4] Group 4: Long-term Strategy - The article stresses that transitioning from export to domestic sales is not a short-term endeavor but requires sustained investment and continuous transformation [7][8] - Companies are encouraged to develop a comprehensive understanding of domestic consumer preferences and to innovate in product design and branding to ensure long-term success in the domestic market [7][8]

◎记者 祁豆豆 在退市新规实施后的首个年报季，新修订的组合类财务退市指标正式"亮剑"，将一批净利润亏损且营收 不足3亿元的主板公司精准"圈出"，充分揭示这些公司持续经营能力羸弱的风险，部分公司因此被实施 退市风险警示（*ST），还有多家*ST公司将直接退市。 据上海证券报记者统计，截至4月29日21时，触发组合类财务退市指标的主板公司共有48家。初步来 看，触发该指标的公司所属行业以社会服务、机械设备、纺织服饰居多。从公司基本面看，多家公司亏 损年份超过3年，且主营业务多次转型仍效果不佳，个别公司甚至面临财务类、规范类、重大违法强制 类等多重退市风险。 上海市君和律师事务所律师季凌昊向记者表示，针对主板公司的组合类财务退市指标精准识别"壳公 司"，将加速"劣币"出清，有助于引导资金流向盈利稳定、基本面良好的公司。同时，退市新规的威慑 力也会倒逼上市公司"提质增效"，让更多上市公司专注于可持续性的核心竞争力的构建。 收紧营业收入指标 多家主板公司"披星戴帽" 4月29日，艾艾精工发布2024年年报，因公司2024年度经审计的扣除非经常性损益前后的净利润均为负 值，且扣除与主营业务无关的业务收入和不具备商业实质的 ...

4月25日，由中国建筑材料流通协会主办的陶瓷卫浴行业年度盛会——第十四届中国陶瓷卫浴品牌供需合作峰会、第十一届全国陶瓷卫浴经销服务商大会 在江西南昌圆满召开。此次两会聚焦存量房，聚焦新赛道，行业精英、头部企业代表、陶卫经销大商代表、采购方及专家齐聚一堂，通过深度思想交流与 碰撞，共同探寻推动行业发展的新路径。华耐家居集团董事长贾锋在大会中发表重要致辞，并参与了2025首届中国家居产业链出海国际合作大会的启动仪 式。 01贾锋致辞：资金成本、流通效率和服务创新三方面应形成强大合力 华耐家居集团董事长贾锋深入分析了当前陶瓷卫浴流通环节的发展态势。他指出，近年来，陶瓷卫浴流通环节正迈入数字化协同的新阶段，企业内部效率 因此得到显著提升。尽管当前市场面临着下行压力，但他认为这只是阶段性波动，房地产等固定资产价格的回调反而有助于释放消费潜力，为行业带来新 机遇。贾锋进一步强调，流通商若要提升整体竞争力，需在资金成本、流通效率和服务创新三方面形成强大合力。他还分享了华美立家在租金理性化方面 的实践经验，强调构建长期稳定、低成本的流通环境对经销商的发展至关重要。 02 2025中国家居产业链出海国际合作大会启动 随着全球经 ...

300年才出一位的瓷界传奇， 不仅作品 一瓷难求， 而且还被授予" 陶瓷世家"。 在中国陶瓷艺术史上，诞生过无数伟大的大师，然而有 一位是永远的神话！ 他凭借一己之力 ， 首次将现代瓷拉入 "千万元时代"。 他与 妻子徐亚凤 ，被称为 陶瓷界"伉俪双泰斗"， 将 一生都献给挚爱的陶瓷事业。 恰逢今年 故宫建院百年， 二人携手打造出 国之宝器传世四绝杯 ，作为故宫 百岁的耀世巨献 —— 描绘了北宋徽宗时期，汴河两岸的自然风光、 和城内的建筑特征、以及民生景象 四杯代表了 4幅国宝名画 的传承 故为 四绝—— 1. 世界画史独一无二·清明上河图 具有很高 史料 和 艺术价值 2. 中国古画最高峰·韩熙载夜宴图 代表了 中国画发展的分水岭 绘写的是一次完整的韩府夜宴过程 分为琵琶演奏、观舞、宴间休息、 清吹、欢送宾客 5段 画面 3. 近千年第一神 作·千 里江山图 我国画史上 青绿山水代表作 18岁天才少年半年绘就 每段景色之间，以桥梁、游船、渔舟衔接或呼应 4. 中西合璧的新风格·百骏图 此图共绘有 百匹 骏马，或立、或奔、或跪、或卧 此画具有开拓性的意义 创造了一种 "中西合璧" 的新风格 拿在手上，每次使用 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][5] Core Views - Guocera Materials reported a steady growth in Q1 2025, achieving a revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit of 136 million yuan, up 1.80% year-on-year [3] - The company has established a platform model in the ceramic materials industry, with six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and digital printing [5] - The core business segments are showing robust development, with significant growth potential in electronic materials, catalytic materials, and biomedical materials [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, Guocera Materials achieved a comprehensive gross margin of 39.67%, a decrease of 2.05 percentage points year-on-year, impacting net profit growth [3] - The company forecasts net profits of 744 million, 824 million, and 925 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.93 yuan [5][6] Business Segments - **Electronic Materials**: Continued recovery in MLCC dielectric powder, with successful market expansion in various specifications and applications [4] - **Catalytic Materials**: Breakthroughs in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [4] - **Biomedical Materials**: Increased R&D investment in new products, with some already applied in client settings [4] - **New Energy Materials**: Strategic positioning with high-purity alumina and other materials, launching core additives for lithium battery cathodes [4] - **Precision Ceramics**: Focus on creating a comprehensive ceramic substrate industry platform, promoting domestic substitution [4] Market Outlook - The report indicates a positive market outlook for the company's key business segments, with expectations for continued sales growth [4][5]

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][5] Core Views - Guocera Materials reported a steady growth in Q1 2025, achieving a revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit of 136 million yuan, up 1.80% year-on-year [3] - The company has established itself as a platform company in the ceramic materials industry, with six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and digital printing [5] - The report highlights the positive development prospects of key business segments, particularly in electronic materials and catalytic materials, with successful product development and market expansion [4][5] Summary by Sections Financial Performance - In Q1 2025, Guocera Materials achieved a comprehensive gross margin of 39.67%, a decrease of 2.05 percentage points year-on-year, impacting net profit growth [3] - The company forecasts net profits of 744 million, 824 million, and 925 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.93 yuan [5][6] Business Segments - **Electronic Materials**: Continued recovery in MLCC dielectric powder and successful market expansion in electronic pastes [4] - **Catalytic Materials**: Breakthroughs in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent vehicle emission standards [4] - **Biomedical Materials**: Increased R&D investment in new products, with some already applied in client settings [4] - **New Energy Materials**: Strategic positioning with high-purity alumina and barium stone, launching core materials for lithium battery additives [4] - **Precision Ceramics**: Focus on creating a comprehensive ceramic substrate industry platform, promoting domestic substitution [4] Market Outlook - The report indicates that the market capacity and industry ceiling for Guocera Materials are gradually opening up, enhancing its competitive edge [5] - The company is expected to continue increasing product sales across its key business segments [4][5]

位于江苏的艾瑞服饰有限公司业务经理孙青告诉智通财经，4月28日晚有进口商客户打电话告诉她，他们认为关税会在5月底之前有着落，大概率是会降低， 而且降低后的关税也不是沃尔玛全部承担，而是由中国的工厂、对接的进口商，以及沃尔玛共同承担；孙青的公司被要求承担20%-30%。 该公司生产的90%产品大部分出口至美国销售，目前在手订单400万件，还有一半处在积压状态，原因是此前被要求降价50%而暂停发货。 她向智通财经展示的邮件截图也显示，其对接的进口商客户希望她通过降价30%来生产，以此减少已经购入的原材料亏损，"降低30%的价格算下来已经亏 损了，但原料已经开始做了，只能做一件亏一件。"她说，做完后不再以这一价格接单了。 特朗普关税政策造成的供应链中断或出现转机。有日用品公司已收到美国客户承担关税的发货通知。 江苏华腾个人护理用品有限公司此前为美国沃尔玛以及其他零售贴牌生产牙刷、牙线等日用品，其负责人穆龙生告诉智通财经，目前尚未收到沃尔玛的发货 通知，不过最近已经有其他美国客户向他下单了，价格仍然按照美国此次加征关税之前的价格，关税成本由客户承担。 "沃尔玛那边还没下单，是因为他们年前突击下了大量的订单，估计还有一 ...

Core Viewpoint - *ST Songfa has changed its stock name to "*ST Songfa" due to being on the brink of delisting, with a potential delisting in 2025 if financial indicators are not met. The company is attempting to avoid this by acquiring 100% of Hengli Heavy Industry Group Co., Ltd. [1][3][20] Group 1: Financial Performance and Risks - In 2024, *ST Songfa reported an operating income of 275 million, a year-on-year increase of 33.34%, but still posted a net loss of 77 million, marking four consecutive years of losses [3][18] - The company has triggered delisting risk warnings due to its audited net profit being negative when excluding non-recurring gains and losses, and its revenue falling below 300 million [3][4] Group 2: Acquisition and Capital Operations - The acquisition of Hengli Heavy Industry has been approved, but the Shanghai Stock Exchange requires further clarification on the 2.5 billion capital increase and its implications on asset evaluation [4][5] - The 2.5 billion capital increase on September 30, 2024, was reportedly used to repay debts to related parties, raising concerns about potential capital withdrawal by the actual controller [6][12] Group 3: Related Party Transactions and Concerns - The vague references to "related parties" in disclosures have led to investor skepticism regarding the legitimacy of the capital increase and potential capital withdrawal [2][11] - The company and intermediaries have been criticized for not clearly identifying the related parties involved in the 2.5 billion capital increase, which could clarify the situation and alleviate investor concerns [13][17] Group 4: Historical Context and Management - *ST Songfa has faced declining profits since its IPO in 2015, with significant losses in its education segment leading to its exit from that business [18][19] - The actual controllers, Chen Jianhua and Fan Hongwei, have been involved in frequent capital operations, including the acquisition of Hengli Heavy Industry, which may be aimed at alleviating debt pressures within the Hengli group [20]

4月24日，2025年全国行业职业技能竞赛第六届轻工大赛动员大会在杭州举行。会上，第四届全国工业 设计职业技能大赛冠军选手代表、优秀组织单位代表、轻工大赛突出贡献单位代表、轻工人才培育突出 贡献单位代表以及轻工大赛优秀裁判员代表等纷纷发言。他们从参赛经历、组织经验、产业推动、人才 培养及裁判工作等多维度，分享见解与展望，为轻工行业发展注入新动力。 □ 本报记者 王薛淄 第四届全国工业设计职业技能大赛冠军选手代表、广州市轻工技师学院教师郑永康：大赛让万千轻工巧 匠找到绽放人生的聚光灯 优秀组织单位代表、中国眼镜协会副秘书长康颖：发挥技能竞赛引领 筑牢行业技能根基 "这是协会第三次被评为全国行业职业技能竞赛轻工大赛优秀组织单位。"在第六届轻工大赛动员大会 上，中国眼镜协会副秘书长康颖自豪地说道。 轻工职业技能竞赛工种丰富、体系完备。开展轻工大赛离不开行业协会的全力协助。多年来，中国眼镜 协会在人社部、中国财贸轻纺烟草工会和中国轻工业联合会的支持和指导下，锚定眼视光行业转型升级 和高质量发展战略需求，充分发挥职业技能竞赛和职业能力建设的引领示范作用，持续推动眼视光行业 技能人才队伍建设和高质量发展。 自2012年起 ...