（编辑 袁冠琳） 证券日报网讯 名臣健康8月26日在互动平台回答投资者提问时表示，公司中近期仍以游戏业务和日化业 务为主，目前游戏业务收入占整体营收已超70%。未来公司将加强游戏业务的研发及发行投入，力求做 大做强，详情请见公司信披报告。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司对今后几年内在产业布局和方向规划上是怎 样的？ 名臣健康（002919.SZ）8月26日在投资者互动平台表示，公司中近期仍以游戏业务和日化业务为主，目 前游戏业务收入占整体营收已超70%。未来公司将加强游戏业务的研发及发行投入，力求做大做强，详 情请见公司信披报告。 （文章来源：每日经济新闻） ...

强国必先强农，农业强国是社会主义现代化强国的根基。中共中央、国务院印发的《加快建设农业强国 规划(2024－2035年)》文件指出，要全链条推进农业产业体系升级，依托农业农村特色资源，充分开发 农业多种功能，深度挖掘乡村多元价值，加快构建产加销贯通、农文旅融合的现代乡村产业体系。这一 规划为农业发展指明了方向，也为政企合作推动农业产业升级提供了广阔空间。 在助力优质特色农产品品牌打造、促进农产品消费方面，7月7日，农业农村部、国家发展改革委等部门 联合印发《促进农产品消费实施方案》，强调开展产销区域合作，建立产销优势互补的合作机制，整合 农业展会、产销对接、营销促销、品牌推介等资源，全方位支持农业品牌培育、管理与发展。这一方案 的出台，为政企携手推动农产品消费升级注入强大动力。 作为农粮行业的"国家队"，中粮集团积极响应国家农业强国规划与促进农产品消费相关政策，积极发挥 央企品牌优势，深度对接优质农村产业资源。在近期与天津市蓟州区的合作中，中粮油脂餐饮事业部围 绕特色农产品产业链融合、餐饮产品样板示范村建设等方面先行先试，探索出一条政企携手推动农产品 消费与产业升级的创新之路，成为央企品牌促进农产品消费的典型 ...

Summary of Wanchen Group Conference Call Company Overview - **Company**: Wanchen Group - **Industry**: Retail, specifically in the discount supermarket and new consumption sectors Key Points and Arguments 1. **Store Expansion**: Wanchen Group is rapidly expanding its store count, expected to approach 20,000 by the end of 2025, with new store sizes increasing to 200 square meters and introducing new product categories such as frozen goods, baked foods, toys, and daily chemical products to cater to young women and mothers [2][3][4] 2. **Profitability and Efficiency**: The company has improved profit margins and operational efficiency through collaborations with suppliers and private label customization, employing a tiered pricing strategy to enhance market competitiveness [2][4][6] 3. **Franchisee Feedback**: Franchisees generally recognize the new store model, although the payback period has extended from 1.5 years to 2-2.5 years. Despite this, the model remains competitive compared to other formats, and franchisees are willing to cooperate with headquarters for expansion [2][7] 4. **Financial Performance**: In Q1, the gross margin increased by 1% year-on-year, with a net profit margin of 3.8% after excluding share-based payment expenses, significantly higher than the previous year. The company expects to maintain a high level of performance in Q2 and the second half of the year [2][9] 5. **Market Positioning**: Wanchen Group and Mingming Hen Mang are likely to form a duopoly, with a challenge to reach 20,000 stores by year-end and potentially 50,000 stores next year, enhancing their bargaining power with consumers and suppliers [2][9] 6. **New Consumption Trends**: The company has successfully transitioned to a new consumption model, particularly in the snack wholesale business, with over 14,000 stores and annual revenue exceeding 30 billion yuan by the end of 2024 [3][11] 7. **Product Strategy**: The new store model focuses on selected categories and partnerships with leading brands to provide better value products, aligning with consumer trends for value [5][11] 8. **Future Outlook**: The company is expected to continue its steady expansion and optimize its product structure to enhance same-store sales growth, despite a slight decline in same-store sales growth due to rapid expansion [8] 9. **Competitive Landscape**: The discount supermarket sector is performing well, with stable selection strategies and standardized store formats. The competition with traditional supermarkets is expected to intensify, but the company is well-positioned to maintain profitability [9][10] Additional Important Insights - **Stock Performance**: Wanchen Group's stock has increased tenfold, and while market sentiment is high, it is advised not to chase prices. Current holders are encouraged to maintain their positions until year-end, with a projected profit of 900 million yuan and a valuation of approximately 30 times earnings [5][12] - **Supply Chain Management**: The company's advantages in supply chain management are expected to further solidify its market position and improve profitability [8]

Core Viewpoint - The company, Liuzhou Two-Needles Co., Ltd., has faced a decline in profitability and has taken on new short-term loans to benefit from government policies, while also planning to improve its financial performance through innovation and restructuring [1][2]. Company Announcements - The company reported a total cash balance of 1.273 billion yuan at the end of the reporting period, which accounts for 46.78% of total assets, with short-term loans increasing by 55.17% year-on-year to 90 million yuan [1][2]. - The company achieved a net profit of 8.95 million yuan after deducting non-recurring items in 2024, representing a year-on-year decline of 37.13%, with a gross margin of 13.84% for its main business in daily chemical products [1][2]. - The company plans to hold its 2024 annual shareholders' meeting on June 26, 2025, to review six proposals, including the annual report and profit distribution plan [3][5]. Financial Performance - In 2024, the company reported operating revenue of 1.053 billion yuan, a year-on-year increase of 5.82%, and a total profit of 110 million yuan, up 264.59% year-on-year [3][5]. - The total assets of the company amounted to 2.721 billion yuan, with total liabilities of 539 million yuan, resulting in a debt-to-asset ratio of 19.80% [3]. - The company has increased its R&D investment by approximately 10% and has completed several new product development and upgrade projects [3].

Group 1: Core Themes - The fourth China-Central and Eastern European Countries (CEEC) Expo is taking place in Ningbo, showcasing a new paradigm of cross-regional cooperation with a focus on economic, technological, and cultural integration [1][2] - The expo serves as a platform for Central and Eastern European products to enter the Chinese market, with significant participation from various exhibitors [2][3] Group 2: Economic Cooperation - Since the establishment of the China-CEEC cooperation mechanism in 2012, trade between China and CEEC countries has grown at an annual rate of 8.8%, with imports from CEEC countries increasing by 7.4%, both surpassing China's overall trade growth [2] - A total of 126 agricultural products from 14 CEEC countries have gained access to the Chinese market, with 3,430 foreign agricultural enterprises registered [2] Group 3: Technological Collaboration - The expo highlights deepening technological cooperation between China and CEEC countries, featuring innovations in various fields such as artificial intelligence and renewable energy [4][5] - A new exhibition area called "Smart CEEC" showcases advanced technologies, attracting interest from businesses seeking partnerships and development opportunities [4] Group 4: Cultural Exchange - Cultural events, such as a long-table banquet, emphasize the importance of humanistic exchanges in fostering mutual understanding and economic opportunities [7][8] - The launch of the Ningbo-CEEC International Cultural and Art Exchange Center aims to enhance educational cooperation and youth exchanges between China and CEEC countries [8]

Core Viewpoint - The company is undergoing a significant transformation from a nut-focused business to a comprehensive consumer goods retailer, with ambitious plans for future growth and diversification [1][2][3]. Group 1: Strategic Direction - The company aims to build a "super supply chain system" and a "full-category, all-channel" business model, moving away from its previous "OEM" label to become a "manufacturing retail brand" [2][5]. - The company has set clear sales targets for various product categories by 2025, including 250 million yuan for convenience food, 100 million yuan for alcoholic beverages, and 50 million yuan for coffee [4][5]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 10.622 billion yuan, representing a year-on-year growth of 49.3%, and a net profit of 408 million yuan, up 85.5%, successfully reaching its goal of "returning to 10 billion" [3][4]. Group 3: Product and Market Expansion - The company has launched over 1,000 new SKUs in the snack category in 2024 and is expanding into various sectors, including ready-to-eat meals, beverages, and personal care products [4][6]. - The company is focusing on building a distribution network in the vast county market, emphasizing the importance of small retail outlets in reaching consumers [5][6]. Group 4: Supply Chain Development - The company plans to use IPO proceeds to strengthen its supply chain by establishing new processing plants across various regions in China and setting up a factory in Vietnam to achieve economies of scale [6][7]. - The company is pursuing investment partnerships to enhance supply capabilities, aiming to improve product quality and reduce costs through collaborative efforts [6][7].

Core Viewpoint - The chemical sector in China is maintaining its development momentum despite external challenges, supported by strong domestic demand and favorable policies, with a notable recovery in product demand driven by various industries [1][6]. Group 1: Industry Performance - In Q1, the chemical sector's 529 listed companies reported a total revenue of 621.73 billion yuan, a year-on-year decline of 15.33%, while net profit reached 36.208 billion yuan, showing a slight increase of 1.58% [1]. - The refrigerant industry benefited from regulatory policies, leading to a revenue increase of 23.31% to 14.654 billion yuan and a net profit surge of 140.16% to 1.77 billion yuan [2]. - The chlor-alkali industry saw a net profit increase of 84.55% to 3.117 billion yuan, despite a revenue decline of 13.98% to 45.922 billion yuan [2]. - The food and feed additive sector achieved a revenue of 37.773 billion yuan, up 4.21%, with net profit rising 75.57% to 5.369 billion yuan [3]. - The agricultural chemical sector reported a revenue of 49.378 billion yuan, down 6.51%, but net profit increased by 25.12% to 3.093 billion yuan [3]. Group 2: Industry Challenges - The organic silicon industry faced significant challenges, with net profit dropping by 37.74% despite stable revenue [4]. - The titanium dioxide sector experienced a revenue decline of 14.35% and a net profit drop of 35.61% due to high production levels and weak downstream demand [4]. - The nitrogen fertilizer industry reported a revenue decrease of 4.28% and a significant net profit decline of 56.82% [4]. - The tire industry showed a revenue increase of 6.34% but faced a net profit decline of 24.84%, attributed to rising production costs [4][5]. Group 3: Future Outlook - The refrigerant industry is expected to maintain its growth cycle due to quota systems and increasing downstream demand [6]. - The agricultural chemical market is anticipated to stabilize as the peak usage season approaches, with active trading expected [6]. - The chemical industry must navigate challenges such as increased competition in the titanium dioxide market and the need for innovation in the daily chemical sector [6].

Core Viewpoint - The article discusses the historical evolution of tariffs as a policy tool, highlighting the lessons learned from past tariff implementations and their impacts on the economy, particularly in the context of the current trade tensions between the U.S. and China. Group 1: Historical Context - The Smoot-Hawley Tariff Act of 1930 significantly raised import tax rates, increasing the average tariff level in the U.S. from 13.5% in 1929 to 19.8% in 1933, leading to a 45% decline in nominal GDP and a 67% drop in total exports over four years, with unemployment reaching nearly 25% [1]. - Compared to the 1930s, the current global trade is characterized by international value chains, making the imposition of trade barriers more challenging and likely to disrupt supply chains [4]. Group 2: Current Trade Policies - Starting in 2018, the U.S. initiated multiple rounds of tariffs against China, escalating from $50 billion to $200 billion with a tax rate of 25%, resulting in a weakening of U.S.-China export ties and a temporary "export rush" effect in certain industries [6]. - The 2025 tariff policy under the Trump administration is expected to be more intense, with an average effective tariff rate projected to reach 22.4%, surpassing the levels seen during the Great Depression, and covering a broader range of products from consumer goods to high-tech items [10]. Group 3: Economic Impact - The macroeconomic impact of tariffs is typically gradual, with initial market reactions being severe, leading to a "rush to export" effect, as seen in 2018 when China's exports to the U.S. surged [12]. - In the medium term, as tariffs take effect, profit margins for companies reliant on imported raw materials will be squeezed, leading to reduced capital expenditure and declining consumer confidence [15]. - Long-term effects may include a restructuring of global supply chains as companies seek to mitigate costs and risks, potentially leading to a decrease in U.S.-China trade and a shift towards regionalization [18]. Group 4: Investment Recommendations - Companies in high-risk export industries, such as home appliances, automotive, and textiles, should be avoided due to their vulnerability to profit margin compression from tariffs [19]. - Focus should be on brand-name consumer goods with strong pricing power, as these companies can often pass on costs to consumers, mitigating the impact of tariffs [22]. - Industries with localized production capabilities, such as HVAC systems and large appliances, are less sensitive to tariff fluctuations and should be prioritized for investment [23]. - Sectors driven by domestic consumption, like food and beverage, exhibit relative stability and should be considered for medium to long-term investment [24]. - Technology and high-end manufacturing sectors, particularly those with domestic substitution potential, are key areas for investment focus [25]. - Resilient consumer sectors, including low-cost, high-frequency items and elder care products, are expected to perform well despite economic uncertainties [26].