故事与钱相关，但又不完全是这样。 文 ｜ 朱秋雨 编辑 ｜ 赵佳佳 来源｜ 南风窗（ID：SouthReviews） 封面来源 ｜ 郭嘉亮 摄 以下文章来源于南风窗 ，作者朱秋雨 钟诗艺 南风窗 . 冷静地思考，热情地生活。 李晓明的世界很久没有那么吵闹过。 在窗帘紧闭、工友来来去去、缝纫机喋喋不休的工厂里，24岁的平车工李晓明度过了非常忙碌的夏天。他要上班，每天做重复性的活——缝裤袋和腰带， 从早上9时一直到晚上9时。在成品服装堆积而成的世界中间，他没有太大的野心和欲望，心愿都是很微小的： 身体不出差错； 夏天多出点汗（这样才能多喝水）； 想看看大海。 这些心愿是他抵达广州后，才开始一步步在脑海里畅想的。两年前，他得了靠透析机才能续命的尿毒症，终日体会到人生的虚无，曾以为"人生完了，以 后干啥也干不了"。他想过从七楼的家跳下去，但没付诸行动。"说白了，还不敢死，还想活。" 2024年，想活下去的李晓明，与35岁的阿苏、18岁的林敏、54岁的宝姨，都在互联网刷到了同一类信息——在广州，有几家特殊的民营血液透析中心 （以下简称：血透中心）。到这些血透中心透析的病人，可以获得"惊喜福利"：一份工作。 处在绝境里的 ...

Core Points - The company has reported its major operating data for the third quarter of 2025, highlighting a focus on optimizing management efficiency and business layout [6][9] - The company has closed one retail store, resulting in a total of 16 self-operated retail stores with a combined area of 4,536.65 square meters, primarily located in the Jing'an District of Shanghai [6][9] - The total revenue for the first three quarters of 2025 reached 807.50 million yuan, with the pharmaceutical segment contributing 776.23 million yuan and the clothing segment contributing 26.43 million yuan [6][7] - The company has undergone a capital change, increasing its registered capital from 243 million yuan to 262.65 million yuan following the issuance of 19,651,945 A-shares [9][10] - The company has decided to abolish its supervisory board, transferring its responsibilities to the audit committee of the board of directors [10] Business Segment Summary - **Pharmaceutical Segment**: Generated revenue of 776.23 million yuan with a gross profit of 113.69 million yuan [6][7] - **Clothing Segment**: Generated revenue of 26.43 million yuan with a gross profit of 2.50 million yuan [6][7] - **Other Segments**: Contributed 4.84 million yuan in revenue [6][7] Store Operations - The company closed one retail store during the reporting period, with no new stores opened, maintaining a total of 16 stores [6][9] - The total area of self-operated retail stores is 4,536.65 square meters [6][9] Capital Changes - The company issued 19,651,945 A-shares, leading to an increase in total shares from 243 million to 262.65 million [9][10] - The registered capital increased from 243 million yuan to 262.65 million yuan [9][10] Governance Changes - The supervisory board has been abolished, with its functions now under the audit committee of the board of directors [10] - The company plans to revise its articles of association to reflect these changes [10]

Core Viewpoint - The article discusses the challenges in purchasing genuine down jackets for under 300 yuan, highlighting the production costs and quality standards associated with down jackets in the market [3][4]. Cost Analysis - The main components of down jacket production costs include down materials, fabrics, labor, design, logistics, marketing, and taxes [3]. - Down material costs can vary significantly, with goose down accounting for approximately 50% of the total cost, ranging from 35% to 70%, while duck down constitutes about 30% to 40%, ranging from 15% to 65% [3][4]. - The estimated core cost of a down jacket, assuming 90% down content and a filling weight of 150 grams, is between 126 yuan and 248 yuan, making a retail price below 300 yuan unlikely [4]. Quality Standards - The article emphasizes the difficulty consumers face in identifying the quality of down jackets, which can lead to counterfeit products [5]. - A new standard titled "Waterfowl Silk and Products" was introduced to clarify the distinction between genuine down and synthetic alternatives, aiming to protect consumer rights [5]. - China's down jacket standards are reported to be on par or even stricter than international standards, with detailed classifications based on product characteristics [6]. Market Insights - The city of Pinghu in Zhejiang Province is identified as a major production and supply chain center for down jackets, with an expected output of over 300 million units and a value exceeding 50 billion yuan in 2024 [6]. - The market regulatory authority plans to implement a nationwide product quality grading pilot program to enhance quality standards and curb irrational low-price competition [7].

Core Insights - The company, Youngor (600177.SH), reported a total operating revenue of 6.777 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 19.32% [1] - The net profit attributable to shareholders of the parent company was 2.349 billion yuan, down 6.48% year-on-year [1] - The basic earnings per share stood at 0.51 yuan [1]

Core Insights - The company's total revenue is 2.025 billion yuan, a decrease of 169 million yuan compared to the same period last year, representing a year-on-year decline of 7.69% [1] - The net profit attributable to shareholders is 403 million yuan, with a net cash inflow from operating activities of -31.1366 million yuan, ranking 34th among disclosed peers [1] - The latest debt-to-asset ratio is 31.94%, and the gross profit margin is 54.43% [3] - The return on equity (ROE) stands at 5.90% [3] - The diluted earnings per share are 0.59 yuan [4] - The total asset turnover ratio is 0.19 times, ranking 40th among disclosed peers, a decrease of 0.01 times year-on-year, representing a decline of 6.95% [4] - The inventory turnover ratio is 1.08 times, ranking 26th among disclosed peers, a decrease of 0.09 times year-on-year, representing a decline of 7.79% [4] - The number of shareholders is 43,200, with the top ten shareholders holding 369 million shares, accounting for 52.39% of the total share capital [4] - The largest shareholder is Fujian Qipilang Group Co., Ltd., holding 36.76% of the shares [4]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.291 billion CNY, representing a year-on-year growth of 8.23% [2] - The net profit attributable to shareholders reached 0.91 billion CNY, with a year-on-year increase of 25.62% [2] - The net profit after deducting non-recurring gains and losses was 0.75 billion CNY, reflecting a year-on-year growth of 13.41% [2] - From the beginning of 2025 to the end of Q3, the total revenue was 3.719 billion CNY, showing a year-on-year increase of 22.94% [3] - The net profit attributable to shareholders for the same period was 2.78 billion CNY, a year-on-year decrease of 13.38% [3] - The net profit after deducting non-recurring gains and losses was 2.56 billion CNY, with a year-on-year increase of 13.81% [3] - The net cash flow from operating activities was 4.30 billion CNY, marking a significant year-on-year increase of 258.66% [3] Strategic Decisions - The company decided to further acquire 20% of Shanghai Jiale's shares to enhance control and management efficiency, completing the transaction on October 9, 2025 [3] - The acquisition aims to optimize resource allocation and improve operational and decision-making efficiency [3] Profitability Improvement - The gross profit margin for Q3 2025 was 23.80%, an increase of 1.84 percentage points year-on-year [3] - The improvement in gross margin is attributed to enhanced production management through automation, digitization, and lean management, as well as better collaboration with top global brands [3] Convertible Bond Plans - The company decided not to adjust the conversion price of the "Kairun Convertible Bond" and will not propose any downward adjustment plans during its remaining term [4]

Core Insights - The company reported third-quarter revenue of 281 million, representing a year-on-year increase of 4.54% [1] - Net profit for the third quarter was 9.3 million, showing a year-on-year growth of 28.17% [1] - For the first three quarters, total revenue reached 805 million, reflecting a year-on-year increase of 2.51% [1] - However, net profit for the first three quarters was 23.8591 million, which is a year-on-year decline of 54.88% [1]

Core Viewpoint - The article discusses the tax deduction rules for business entertainment expenses incurred by companies at different stages of their operational lifecycle, particularly focusing on the differences between the construction period and the normal operation period [2][4]. Group 1: Business Entertainment Expenses in Different Stages - During the construction period, companies can deduct 60% of the actual business entertainment expenses related to the establishment activities, even if there is no operational income [4]. - The normal operation period allows for different deduction rules, where business entertainment expenses are capped at 60% of the incurred amount, with a maximum limit of 0.5% of the annual sales revenue [3][4]. Group 2: Deduction Procedures and Regulations - Companies can choose to deduct the accumulated business entertainment expenses in the year they commence operations or treat them as long-term deferred expenses, but this choice is irrevocable once made [4]. - It is essential for companies to classify and document different types of expenses accurately to avoid violations of tax regulations [4]. Group 3: Advertising and Promotion Expenses - Companies can deduct advertising and promotional expenses up to 15% of their annual sales revenue, with any excess being carried forward to future tax years [12]. - Specific industries, such as cosmetics and pharmaceuticals, have higher deduction limits of up to 30% of sales revenue for advertising expenses, while tobacco companies are prohibited from deducting any advertising expenses [14].

Group 1 - The article discusses the distinction between small-scale taxpayers and small micro-profit enterprises regarding VAT benefits, emphasizing that only small-scale taxpayers can enjoy VAT reductions [3][7]. - Small-scale taxpayers who are also classified as small micro-profit enterprises can benefit from VAT exemptions if their monthly sales do not exceed 100,000 yuan or quarterly sales do not exceed 300,000 yuan [4]. - If a small-scale taxpayer exceeds the sales threshold, they will still benefit from a reduced VAT rate of 1% instead of the standard 3%, resulting in significant savings [5]. Group 2 - General taxpayers classified as small micro-profit enterprises do not qualify for the same VAT benefits and must calculate VAT based on the standard method of output tax minus input tax [6]. - The article clarifies that the VAT benefits are specifically tied to the small-scale taxpayer status, not directly to the small micro-profit enterprise classification [7]. - The policy basis for these VAT reductions is outlined in the announcement from the Ministry of Finance and the State Taxation Administration [8].

Group 1 - A new company, Jiangxi Kunyao Trading Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Xia Meng [1] - The business scope includes manufacturing of clothing accessories, clothing, retail of hats and shoes, sales of daily necessities, and wholesale of daily necessities [1] Group 2 - The company is also involved in the manufacturing of paper products, sales of machinery and equipment, and production of special ceramic products [1] - Additional activities include the processing and manufacturing of daily-use ceramic products, building ceramic products, and sales of furniture and furniture parts [1] - The company is engaged in the sales of lighting products, manufacturing of sports goods and equipment, domestic trade agency, import and export of goods, and technology import and export [1]