海闻社观察 不求永久，只争朝夕。 除管理费用外，公司其他成本指标同样不容乐观。公司的销售费用达到3167万元，同比增长7.38%，主要源于新产品投放相关费用增加；财务费用达到100.25万元，同比增长24.24%，主要受 期间费用总额达到9552.93万元，较上年同期增加1933.71万元，期间费用率高达16.65%，同比上升1.95个百分点。三费（销售、管理、财务费用）总计8460.25万元，占营收比14.74%，同 据了解，中路股份的海外困局与全球贸易环境变化密切相关。2025年4月，美国对台湾商品加征32%对等关税，虽后来降至20%，但8月7日正式实施。 关税政策对自行车行业造成严重冲击。美国市场占台湾自行车出口总量的33%，是仅次于欧盟的第二大市场。关税加征后，一般自行车输美税率达53%，电助力自行车（e-Bike）税率也达到42 中路股份在2024年年报中就曾表示，2025年将积极拓展市场，寻求出海机会。今年3月，公司宣布以千万美元级别投资高端自行车品牌Factor，正是其高端自行车出海战略的关键布局。 然而现实很残酷。中路股份在半年报中坦言："欧美市场整体需求仍然疲软"。美国市场受关税及商业不确定 ...

Core Points - The company held its shareholder meeting on June 20, 2025, to discuss various important matters and ensure the protection of shareholder rights [1][2][3] - The company reported a slight increase in revenue for 2024, achieving 976.09 million yuan, a year-on-year growth of 0.28% [5][23] - The net profit attributable to shareholders was -19.83 million yuan, reflecting a significant decline compared to the previous year [5][23] - The company aims to achieve a revenue target of 1.05 billion yuan for 2025, representing a 7.57% increase, primarily driven by stable growth in bicycle and children's vehicle businesses [26] Company Operations - The company has focused on promoting green and healthy living, enhancing product types and functions, and advancing the innovation of bicycle-related businesses [4][8] - The company has established an ESG team to drive sustainable development and create social value [8] - The bicycle business has seen efforts to combat counterfeiting and improve channel management, with the establishment of over 600 new retail stores [9][10] Financial Performance - The total assets of the company increased by 4.56% to 926.35 million yuan by the end of 2024 [5][23] - The net assets attributable to shareholders decreased by 3.26% to 589.28 million yuan [5][23] - The company reported a significant increase in accounts receivable, which rose by 83.74% to 90.04 million yuan [25] Future Plans - The company plans to continue its focus on the bicycle industry and high-altitude wind energy projects, aiming to enhance profitability and sustainable development [12][16] - The company intends to leverage its brand advantages to expand into international markets, particularly in Europe and North America [15][16] - The company will also pursue resource optimization through equity investments in the bicycle industry chain [16] Governance and Compliance - The company has proposed to cancel the supervisory board, transferring its responsibilities to the audit committee of the board of directors [34] - The company has maintained a commitment to transparent information disclosure, issuing 52 temporary announcements and 4 regular reports in the reporting period [7][18] - The company has engaged Zhongxinghua Accounting Firm for its auditing needs, ensuring compliance with relevant regulations [28][30]

Core Viewpoint - Zhonglu Co., Ltd. has faced regulatory scrutiny from the Shanghai Securities Regulatory Commission due to non-operational fund occupation involving its actual controller, Chen Rong, and its investment fund, Zhonglu Advantage [1] Group 1: Regulatory Actions - The Shanghai Securities Regulatory Commission issued an administrative supervision decision against Zhonglu Co., Ltd., requiring corrective actions due to a transfer of 3 million yuan to Anqing Kalafei IoT Technology Co., Ltd. without any goods or services in return [1] - The Shanghai Stock Exchange has also issued a regulatory warning to Zhonglu Co., Ltd., Anqing Kalafei, and Chen Rong [1] Group 2: Financial Performance - In 2024, Zhonglu Co., Ltd. reported a revenue of 976 million yuan, a year-on-year increase of 0.28%, but a net loss attributable to shareholders of 19.83 million yuan, marking a shift from profit to loss [1] - Zhonglu Advantage, in which Zhonglu Co., Ltd. holds a 99% stake, reported net losses of 10.29 million yuan in 2023 and 4.47 million yuan in 2024 [2] Group 3: Business Model Transition - Zhonglu Co., Ltd. has shifted its manufacturing model from primarily OEM (Original Equipment Manufacturer) to a combination of ODM (Original Design Manufacturer) and OEM, aiming to improve certification efficiency and reduce costs [3] - The company explained that under the ODM model, the production factory is primarily responsible for 3C certification, which streamlines the certification process for products [3] - The transition to ODM also helps mitigate patent infringement disputes, as the design responsibilities shift away from the company [3]