利安达会计师事务所（特殊普通合伙） 关于上海证券交易所《关于广东明珠集团股份有限公司 上海证券交易所： 我们通过广东明珠集团股份有限公司（以下简称"公司"、"上市公司"或"广东明珠"）收 悉上海证券交易所上市公司管理二部发来的《关于广东明珠集团股份有限公司 2024 年年度 报告的信息披露监管问询函》（上证公函【2025】0794 号，以下简称"问询函"），根据问询 函的要求，我所对相关事项进行了核查，现就问询函中要求我所发表核查意见的相关问题答 复如下： 的难度加大等导致业绩承诺期铁精粉的盈利不达预期。分产品看，铁精粉收入3.41亿元，毛 利率62.55%，砂石收入0.83亿元，同比增长132.08%。分季度看，第四季度收入环比增长 年业绩承诺合计完成率仅64.43%。 请公司补充披露：（1）铁精粉及砂石的产销量、销售价格、成本结构及变化情况，说 明铁精粉毛利率较高、砂石收入大幅增长的原因、与同行业可比公司是否存在差异；（2） 对比盈利预测，量化分析业绩承诺与实际业绩表现存在较大差异的具体原因，说明前期资 产评估是否充分考虑现有设计范围内的铁矿石储量等因素；（3）报告期内前五大客户基本 信息、销售金额、应收 ...

Group 1 - The U.S. Treasury Secretary has indicated potential changes to tariffs on Chinese goods, responding to pressure from 352 American companies facing supply chain disruptions and rising costs [1][3][5] - The proposed adjustments are likely to focus on non-strategic consumer goods and intermediate products, aiming to alleviate inflation and reduce production costs for U.S. businesses [5][9][11] - Despite the Treasury's intentions, significant political hurdles remain, including opposition from hawkish lawmakers and the U.S. Trade Representative, who views tariffs as a critical leverage point [7][9][19] Group 2 - The ongoing inflation in the U.S., which has exceeded 5% for 18 consecutive months, and supply chain issues are driving the need for tariff adjustments [3][11][15] - The U.S. manufacturing sector has seen average cost increases of 12%, with household appliance prices rising by 23%, impacting low-income families significantly [11][13] - China's response includes a willingness to engage in dialogue, with high-level officials indicating that any negotiations must respect China's core interests [9][15][19] Group 3 - The potential tariff changes reflect a broader shift in U.S.-China relations, moving from confrontation to tentative engagement, driven by economic pressures on both sides [15][19] - The complexity of political dynamics in the U.S. suggests that any significant tariff relief will require extensive negotiations and may not occur swiftly [19] - The global economic landscape is also affected, with the WTO warning that continued trade tensions could lower global growth by 0.8% by 2025 [13][15]

新能源车的屏幕在车辆运行中发挥着重要作用，一旦发生故障，会影响车辆的正常使用。如果刚买的新 能源车屏幕坏了，还修不好，能向销售方申请退车吗？上海市松江区人民法院就审理了一起因新能源车 屏幕损坏而引发的退车纠纷案件。 "车辆尤其新能源车属于技术密集型产品，一般消费者对于车辆可能存在的质量问题难以辨别具体类型 和程度"，顾凌之介绍，消费者如遇到严重安全性能故障，且多次维修仍无法排除的，可以通过向法院 起诉并申请鉴定的方式，确认车辆的故障程度，以更好维护自身合法权益。 "对汽车售后方来说，如车辆存在需要维修的问题，应当及时积极进行维修处理，做好和消费者的沟通 协调和解释说明工作，尽力解决消费者提出的问题，如发现问题确实多次长时间维修仍然无法解决的， 应当按照汽车三包规定退换。"顾凌之说。 （文章来源：人民日报） 法院认为，该案中，购车方为公司，实际使用人为公司负责人，该负责人对于路况、车辆行驶路线等的 判断依赖于导航，而新能源车导航需要依赖于智慧屏，车辆实际行驶过程中智慧屏的使用频率非常高。 一旦出现黑屏等情况，使用人会出现慌乱紧张等情况。 "鉴定机构认为，如果驾驶中屏幕突然黑屏重启，尤其是驾驶人员正处于不熟悉路段 ...

Core Insights - The company reported a total revenue of 3.398 billion yuan in 2024, representing a year-on-year growth of 37.06%, while net profit decreased by 8.14% to 197 million yuan, indicating challenges in cost control and profitability [1] - The company specializes in the research, production, and sales of power line components and special cables, with notable performance in the new energy electric vehicle charging connection products sector [1] Revenue Breakdown - The power line component business achieved revenue of 2.221 billion yuan, a year-on-year increase of 32.90%, driven by deepening cooperation with existing customers and expanding into new markets [4] - The special cable business generated revenue of 1.166 billion yuan, growing by 45.09%, with new energy electric vehicle charging products emerging as a significant growth driver [5] International Expansion - The company is advancing its international strategy, with the Thailand factory generating revenue of 903 million yuan, a year-on-year increase of 56.48%, enhancing production efficiency through smart and automated manufacturing [7] - The international expansion presents challenges, including operational costs and competition in the global market, necessitating improvements in brand influence and market penetration [7]

Core Viewpoint - The company is a leading player in the power cord assembly and specialty cable industry, focusing on research, production, and sales, with significant growth in revenue and net profit in 2024 compared to the previous year [3][8]. Company Overview - The company specializes in the research, production, and sales of power cord assemblies and specialty cables, serving clients in the computer and home appliance sectors, as well as in new energy electric vehicles [3][9]. - Major products include power cord assemblies for computers and home appliances, smart home power cords, and specialty cables for various industrial applications [3][9]. Business Model - The company employs a demand-driven procurement model, ensuring quality and timely delivery through a robust supplier management system [5]. - Production is organized based on customer orders, adhering to standardized management procedures to ensure product quality and delivery timelines [6]. - Sales are conducted directly with customers, establishing long-term relationships with major clients such as Dell, Haier, and LG [7]. Performance Drivers - In 2024, the company achieved a revenue of 3.398 billion yuan, a 37.06% increase year-on-year, with a net profit of 191.66 million yuan, up 28.40% [8]. - The power cord assembly segment generated 2.220 billion yuan in revenue, reflecting a 32.90% growth, while specialty cables, particularly for new energy electric vehicles, saw a revenue increase of 45.09% to 1.166 billion yuan [9][10]. - The company's international expansion, particularly through its Thailand factory, contributed significantly to revenue growth, achieving 902.62 million yuan, a 56.48% increase [11].