北方国际 20250708 摘要 北方国际在承包商 250 强中排名提升至第 66 位，显示其行业地位增强。 公司采取投建营一体化战略，业务多元化，涵盖货物贸易、工程建设与 服务、金属包装容器及发电。 2024 年，货物贸易收入占比 44%，毛利占比也为 44%，毛利占比提升 显著。工程建设与服务收入和毛利占比均为 37%。现金流保持良好，但 净流入同比小幅下降 0.5 亿元，现金分红总额为 1.6 亿元，股利支付率 为 25%。 蒙古煤炭贸易是北方国际的重要收入来源。蒙古炼焦煤对华出口依赖度 高，2024 年出口量同比增长 14%至 7,800 万吨。中澳煤炭贸易政策变 化，增加了蒙古煤炭的进口需求。 北方国际在蒙古开展综合项目，包括 TK 重载公路项目（总金额 3.7 亿 美元），已于 24 年底全线贯通，将极大提升蒙煤出口量。收购内蒙古 满都拉矿业股权，推进蒙煤贸一体化。 北方国际积极布局电力运营，在"一带一路"沿线国家落地多个项目， 包括老挝南拜水电、克罗地亚赛尼风电、孟加拉超超临界火电站和波黑 科曼耶山光伏项目。 但 2024 年同比下降 0.5 亿元。分红比例方面，公司 2024 年的现金分红总额 ...

关于上海证券交易所对公司2024年年度报告的 证券代码：600107 证券简称：ST尔雅 公告编号：2025043 湖北美尔雅股份有限公司 公司回复： 公司销售渠道主要包括直营店、加盟联营店、出口加工、团购订单。其中， 直营店是指公司直接设立和经营管理的专卖店，店铺形式一般为底商；加盟联 营店主要指商场专柜。报告期内，公司直营渠道平均销售收入275.58万元，较 加盟联营店平均门店收入76.93万元多198.65万，主要原因包括：直营店店面 规模大于加盟联营店；直营店产品品类多于加盟联营店；直营店客户更多是对 公司品牌认可度较高的老客户，而加盟联营店是商场设置专柜，商场品牌多， 品牌竞争激烈，客户购买品牌服装选择范围广。基于以上缘由，直营渠道平均 销售收入高于加盟联营店平均收入。在同行业可比公司中，也存在直营店平均 营收高于加盟店平均营收的情况，详见以下公司相关可比数据。 信息披露监管工作函的回复公告 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、准确性和完整性承担法律责任。 "上市公司"）收到上海证券交易所发来的《关于湖北美尔雅股份有限公司2024 年 ...

Core Viewpoint - The company, Hubei Meierya Co., Ltd., reported a significant decline in revenue for the year 2024, with total revenue of 330 million yuan, a year-on-year decrease of 27.42% [2][3]. Business Operations - The company's revenue breakdown includes 286 million yuan from clothing business, 29.8 million yuan from medical business, and 13.6 million yuan from other businesses [2]. - The average revenue per store for direct-operated stores was 2.7558 million yuan, while for franchise stores, it was 769,300 yuan, indicating a substantial difference in performance between the two channels [3]. Customer and Supplier Analysis - The top five customers in the clothing segment for 2022-2024 were identified, with significant contributions from long-term partners [4][5]. - The company reported a total sales amount of 28.609 million yuan from its top customers, accounting for 27.27% of total sales [4]. - The medical segment's top suppliers were also highlighted, with a total procurement amount of 1.38465 million yuan, representing 79.31% of the total procurement for the first four months of 2024 [9]. Revenue Recognition Policies - The company follows a revenue recognition policy based on the transfer of control, confirming revenue when the customer obtains control of the goods [10][12]. - The revenue recognition practices for both the clothing and medical segments were confirmed to comply with the relevant accounting standards [12][13]. Financial Performance and Adjustments - The company reported a total of 371.44 million yuan in revenue deductions for non-main business income and income lacking commercial substance [14]. - The company’s internal control received a negative opinion due to issues related to commercial acceptance bills lacking commercial substance, which affected the accuracy of financial reporting [15].

穿行、定位、推焦、熄焦……在山东能源集团旗下兖矿能源焦化厂区，7.63米顶装焦炉持续运转，单孔 焦炉日产优质焦炭可达28吨。仔细观察，赤红的焦炭从炭化室推出的瞬间，现场操作人员早已退至中央 控制室。百米外的智能化平台上，工作人员轻点触控屏，就可实时调整煤气配比的参数。 从无人采掘到智能预警，从远程集控到智慧物流，这样的智能化场景，在山东能源集团下属企业的生产 线上比比皆是。 营销与贸易是山能营贸的核心业务，特别是在煤焦产业链中，山能营贸处于集团业务发展承上启下的关 键环节。作为全国第二大、华东第一大炼焦煤供应商，2024年山东能源集团自产及贸易炼焦煤销量接近 6000万吨。 "几年前，面对原料与库存的跌价风险，企业往往处于被动的境地，只能无奈接受市场的波动，缺乏有 效的应对策略。"山能营贸兖矿国际焦煤业务部部长张宁表示，双焦价格波动较大，钢厂采购价调整也 比较频繁。尤其是近两年，焦炭市场整体呈弱势运行态势，为了有效应对自有库存或已采购但未到货的 焦炭面临的市场价格下行带来的跌价风险，公司需要精准判断采销时机，同时择机对冲库存的减值风 险，避免"买高卖低"的被动局面。 2024年，山能营贸利用期货工具对焦炭现货 ...

Core Viewpoint - The company, Yunnan Yunwei Co., Ltd., has conducted an inventory impairment test for its coal inventory, resulting in a provision for inventory impairment of 10.8561 million yuan, which is 33.86% of the inventory's carrying amount [1][2][4]. Inventory Analysis - The year-end inventory balance is 32.0628 million yuan, with an inventory turnover period of approximately 21 days, which has significantly decreased compared to previous years [1][4]. - The inventory consists mainly of chemical coal (silicon coal) and cement coal (smoky coal), with the company providing a detailed breakdown of inventory composition and impairment testing processes [2][4]. Impairment Testing Process - The company uses the lower of cost or net realizable value method for inventory impairment testing, with the net realizable value based on market sales prices determined through market inquiries [4][5]. - The impairment provision calculation includes a detailed assessment of market prices and sales costs, resulting in a net realizable value of 21.2067 million yuan for the year-end inventory [1][4]. Market Conditions - The coal market has experienced cyclical price fluctuations in 2023, with no significant sustained declines observed, indicating that the company's inventory does not show obvious impairment signs [4][5]. - The company has engaged in market inquiries with key suppliers to ensure the accuracy of the pricing used for impairment testing, confirming that the prices align with market trends [2][4]. Inventory Turnover Justification - The company maintains a low inventory turnover period due to its business model, which includes a sales-based procurement strategy that minimizes inventory holding risks associated with price fluctuations [5][6]. - The inventory turnover days for the company are 17.79 days and 17.34 days for 2023 and 2024, respectively, which are slightly above the average of comparable companies, indicating a reasonable inventory management strategy [5][6].

证券代码：002072 证券简称：凯瑞德 5、什么时候能转型？ 回复：尊敬的投资者您好，公司管理层积极探索商业模式清 晰、发展方向稳定、盈利趋势明显、估值合理的优质资产发 感谢您的关注。 | 展公司主业，进一步优化公司业务结构、提升公司盈利能力， | | --- | | 相关事项以公司公告为准。感谢您的关注。 | | 6、纪总您好！上市公司被立案调查，在调查结果没出来之 | | 前公司是否可以进行资产重组。 | | 回复：尊敬的投资者您好，关于公司被证监会立案调查的进 | | 展情况，请关注公司发布的进展公告。公司积极配合有关部 | | 门的调查工作，并始终与各方保持紧密沟通，协调推动调查 | | 进展推进，尽早解决公司历史遗留问题。目前，公司各项生 | | 产经营活动正常有序开展，本次立案预计不会对公司生产、 | | 经营和管理造成重大影响。感谢您的关注！ | | 7、请问纪总，公司立案调察什么时候有结果？ | | 回复：尊敬的投资者您好，关于公司被证监会立案调查的进 | | 展情况，请关注公司发布的进展公告。公司积极配合有关部 | | 门的调查工作，并始终与各方保持紧密沟通，协调推动调查 | | 进展推进 ...

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司深度报告 投建营一体化发展，"一带一路"有望提升公司业绩 报告摘要： [公司Table_Summary] 稳步拓展投建营一体化业务，业绩阶段性承压。2025 年 Q1，公司 业绩阶段性承压，实现营收 36.5 亿元，同比下降 27%；归母净利润 1.8 亿元，同比下降 33%。分业务看，2024 年公司货物贸易、工程建设与服 务、发电业务毛利占比分别为 44.1%、36.5%、11.0%。 蒙煤贸易一体化进展良好，贸易增量具备较大确定性。采掘业稳居蒙古 经济支柱地位，煤炭贸易高度依赖中国市场，2024 年蒙古采掘业 GDP 占 比 27%，2023 年蒙古煤炭出口中国数量占比 96.5%。从中国视角看，2024 年主要焦煤上市公司商品煤产、销量均出现下降，供需整体均呈偏弱态 势，但钢材出口量同比高增，2024 年中国出口钢材量 1.1 亿吨，同比增 加 23%，东南亚人均钢材需求增长潜力较大。公司蒙煤贸易一体化进展 良好，2024 年公司采矿量为 5056 万吨，2021-2024 复合增长率为 304%； 销售量 512 万吨， ...

凯瑞德控股股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑ 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他(请文字说明其他活动内容) | | 活动参与人员 | 投资者网上提问 | | 时间 | 2025 年 4 月 29 日（星期二）15:00—17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https:// ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人员 | 1、董事长、总经理纪晓文 | | 姓名 | 2、董事会秘书、副总经理、财务总监朱小艳 | | | 3、独立董事邢伟 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、针对当前未分配利润为负的情况，公司计划如何实现扭 | | | 亏为盈？ | | | 回复：尊敬的投资者您好，公司未分配利润为负主要原因为 | | | 公司以前年度经营亏损较大且前前实控人经营管理不善、涉 | | | 及 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, primarily due to falling coal prices impacting its core coal trading business [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 44.709 billion yuan, a year-on-year increase of 0.86%, while net profit attributable to shareholders was 739 million yuan, a decrease of 30.25% [1]. - For Q1 2025, the company reported operating revenue of 9.949 billion yuan and net profit of 155 million yuan, representing declines of 4.91% and 35.44% year-on-year, respectively [1]. Coal Trading Business - The coal trading business, which contributes over 90% of the company's revenue, generated 41.487 billion yuan in 2024, a slight increase of 0.95% year-on-year [2]. - Coal sales volume reached 59.5837 million tons in 2024, up 7.39% year-on-year, but revenue was negatively impacted by a decrease in coal prices, resulting in a gross profit of 1.074 billion yuan, down 446 million yuan from 2023 [2]. - The gross profit margin for coal trading was 2.59%, a decrease of 1.11 percentage points year-on-year [2]. Thermal Power and New Energy Business - The thermal power generation business reported revenue of 3.135 billion yuan in 2024, a year-on-year increase of 0.29%, with a gross profit of 773 million yuan, reflecting a slight increase [3]. - The gross profit margin for the thermal power business improved to 24.68%, up 0.55 percentage points year-on-year [3]. - The new energy business generated revenue of 56 million yuan, a decrease of 7.30% year-on-year, but the gross profit margin for this segment increased significantly by 19.81 percentage points [3]. Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders after deducting non-recurring gains and losses [4]. - In 2024, the dividend payout ratio was 45.32%, resulting in a dividend yield of 4.64% [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.47 billion yuan, 4.56 billion yuan, and 4.71 billion yuan for 2025-2027, with year-on-year changes of -0.03%, +2.00%, and +3.32%, respectively [4]. - The price-to-earnings (PE) ratios for the stock as of April 25, 2025, are estimated to be 9.73, 8.82, and 8.16 for the years 2025, 2026, and 2027 [4].

文/飞云 3月21日，上海智汇未来医疗服务股份有限公司（证券代码：400167 简称：未来股份）披露关于相关责任人收到《行政处罚决定书》的公告。2022 年下半年，未 来股份通过关联方及第三方公司伪造煤炭贸易合同、单据、资金流转及物流信息，虚构煤炭贸易业务，以此虚增收入、利润，导致公司2022年第三季度虚增营业 收入9.56亿元，虚增利润1184万元；2022年度虚增营业收入1.1亿元，虚增利润总额1.1亿元。公司实际控制人谢某彤因组织、指使造假被罚款700万元，并处10年证 券市场禁入。 此前谢某彤曾申辩称称造假动机为"挽救公司"，主观恶意较小；同时公司已提示退市风险、审计机构出具"无法表示意见"、高管声明不保证报告真实性，投资者未 被误导，行为危害性较小；此外谢某彤系初次违反监管规定，本案处罚畸重，与部分处罚案例不符。请求从轻、减轻处罚。 | 姓名/名称 | | 类别 | 具体任职/关联关系 | | --- | --- | --- | --- | | 谢某彤 | 退市公司 | | 实际控制人 | 一、虚增营收超10亿元，实控人申辩"为挽救公司" 《行政处罚决定书》显示，2022年下半年，未来股份通过安排其 ...