印尼这次玩得够狠。1700多种美国商品关税直接砍到接近零，电子设备、化工产品、医疗器材全在清单上。作为交换，美国拿到三张关键门票：每年100万 吨小麦的硬性采购指标（比去年暴增35%），美军装备优先采购权，最要命的是镍矿资源合作准入。全球最大镍储量国的印尼，去年刚被中企拿下60%开采 权，如今却向美国开放"后门"。这就像邻居借你家厨房做饭，转头把食材卖给了你的对手。 340亿美元撬动地缘棋局！印尼倒戈破中国稀土锁链，美国暗度陈仓得手了？ 镍矿换关税！印尼对美340亿献礼，中国稀土底牌被拆解？东盟变天倒计时 340亿美元！这个数字像炸弹一样在南海炸开。印尼首席部长艾尔朗加一句"即将与美国达成协议"，把中国与印尼的贸易默契撕开了一道口子。刚拿到中国 投资承诺的印尼，转头就在白宫签下涵盖关键矿产、粮食采购、军事装备的超级订单。更让北京警觉的是，协议里藏着破解中国稀土封锁的密码——印尼镍 矿资源正被美国当作"替代方案"。 340亿大单背后的算计 稀土的攻防战开打 中国4月对钐、钆等七类稀土实施出口管制时，五角大楼急得跳脚——F-35战机每架消耗417公斤稀土，核潜艇更要吞下4吨。现在美国找到破局点：印尼镍 矿。虽然镍 ...

2024年4月24日，欧盟宣布对中国医疗设备领域公共采购在IPI下进行为期9个月的调查，成为IPI措施下 首起调查。当天，欧盟中国商会就发表声明主张，欧方启动调查应基于全面客观的事实。欧方对中国保 障内外资企业平等参与政府采购以及积极促进医疗领域招商对接的最新政策可能了解不足。 在6月2日最新发表的声明中，欧盟中国商会特别指出，一味追求所谓"市场平等"并不能脱离历史与现实 的逻辑。长期以来，欧洲医疗器械企业在中国市场享受到了高度的开放红利，深度参与中国医疗体系的 现代化进程，取得了显著发展。欧方6月2日的决定未能充分考虑这一背景，将对中欧多年来在医疗领域 积累的互信与合作基础造成冲击。 【环球时报报道 记者 倪浩】英国《金融时报》2日报道称，欧盟成员国投票决定，依据《国际采购工 具》（IPI）限制中国医疗器材进口，以反制北京在公共采购中对外国制造商的所谓"歧视"。根据IPI， 中国企业未来5年将被禁止参与价值超过500万欧元的欧盟医疗器械公共招标项目。 欧盟中国商会2日发表声明，"对欧方这一决定深表失望，对欧方将限制中企参与欧洲当地医疗采购市场 表示严重关切"。欧盟中国商会指出，IPI是欧方的单边工具，欧方这 ...

Core Viewpoint - Nanjing Pharmaceutical Co., Ltd. maintains a stable credit rating of AA+ with a stable outlook, supported by its strong market position, revenue growth, and shareholder backing [2][4][12]. Company Overview - Nanjing Pharmaceutical is a leading player in the pharmaceutical distribution sector in the Jiangsu, Anhui, Fujian, and Hubei regions, with a significant market share and a robust logistics network [14][17]. - The company has a total asset value of 306.74 billion yuan as of 2024, with total liabilities of 228.86 billion yuan and total debt of 125.35 billion yuan [7][10]. Financial Performance - The company reported total revenue of 536.96 billion yuan in 2025, with a net profit of 7.43 billion yuan [7][29]. - The operating margin has shown slight fluctuations, with a gross profit margin of 6.28% in 2025 [29]. - The company’s EBITDA interest coverage ratio is 4.57, indicating a reasonable ability to cover interest expenses [9]. Market Position - Nanjing Pharmaceutical ranks sixth among the top ten pharmaceutical wholesale companies in terms of revenue, indicating a strong competitive position [16]. - The company has a diverse customer base, with 3.44 million total customers, including hospitals and retail pharmacies [21]. Growth Strategy - The company is focusing on expanding its retail pharmacy network, with plans to open new stores and enhance its online presence through e-commerce initiatives [25][28]. - Nanjing Pharmaceutical is also investing in logistics and supply chain improvements, with 56 logistics centers and a fleet of 400 vehicles to enhance distribution efficiency [24][30]. Industry Context - The pharmaceutical distribution market is experiencing a growth rate of 5.58%, driven by increasing health awareness and an aging population [13]. - However, the industry faces challenges such as increasing competition and pressure on profit margins due to policy changes and market dynamics [14][22]. Risk Factors - The company is facing certain risks related to its internal management and the competitive landscape of the pharmaceutical distribution industry [6][8]. - High levels of accounts receivable and inventory are putting pressure on working capital, necessitating careful management [8][30]. Future Outlook - The credit rating agency expects Nanjing Pharmaceutical's credit quality to remain stable in the near term, supported by its market position and operational capabilities [4][5]. - The company is well-positioned to leverage its strengths in a growing market, although it must navigate the challenges posed by industry competition and regulatory changes [14][22].

证券代码：870357 证券简称：雅葆轩 公告编号：2025-042 芜湖雅葆轩电子科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 参会单位及人员：通过网络方式参加公司 2024 年年度业绩说明会的投资者 上市公司接待人员： 公司董事长：胡啸宇先生 公司董事、总经理：胡啸天先生 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 16 日 活动地点：芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）通过中 证网"投资者关系互动平台"(https://www.cs.com.cn/roadshow/)网络方式举 办 2024 年年度报告业绩说明会。 公司董事、董事会秘书：张娟娟女士 公司财务负责人：何维明先生 国元证券保荐代表人：樊俊臣先生 三、 投资者关系活动主要内容 本次业绩说明会通过年报视频解读对公司情况及 2024 年度经营业绩 ...

Group 1 - Philips has lowered its profit margin expectations for 2025 due to the impact of U.S. tariffs, estimating a net effect of €250 million to €300 million (approximately $283 million to $340 million) [1] - The company's Q1 sales amounted to €4.1 billion, a 2% year-over-year decline on a comparable basis, but above analysts' average expectation of €4.02 billion [1] - The U.S. is Philips' largest market, expected to account for about 40% of its 2024 sales and one-third of its tax payments [1] Group 2 - Philips has adjusted its full-year core profit expectations, now forecasting an adjusted EBITA margin between 10.8% and 11.3%, down from the previous forecast of 11.8% to 12.3% [1] - Despite the decline in sales, the company maintains its expectation for comparable sales growth of 1% to 3% for the year [1] - Strong performance in the North American market has offset sales declines in China, resulting in a 2% increase in comparable order volume [1] Group 3 - Analysts expect that once tariffs are implemented, companies may have to absorb related costs in the short term [2] - Philips paid €38 million in tariffs in the U.S. last year and plans to mitigate tariff impacts through relief measures and the Nairobi Protocol [2] - Since June 2021, Philips has been working to rebuild investor confidence due to claims related to defective sleep apnea devices, which have pressured the company's stock price [2]