中材科技 20250701 摘要 光伏板块受益于 LDK 电子部带来的紧急度和扩圈效应，以及下游 AV 链 条的推动，电子属性是热度高涨的关键因素，下游市场变化迅速，新规 划频繁出台。 高端光伏产品市场由中材科技、红核及部分国际公司主导，凭借技术、 成本和客户关系优势占据重要地位，其他公司多处于测试或未供货阶段。 光伏板块价格相对稳定，上下游企业有长期合作关系，不会因短期紧缺 而大幅提价，更关注新产品进入主流供应链及全体系打法。 中材科技在光伏行业占据绝对龙头地位，是唯一一家拥有完整技术路径 并得到下游高度认可的企业，其二代产品已进入主流供应链。 技术路线不确定性导致供应链对未来放量情况存在不确定性，过度宣传 提价不合理，但目前价格相对稳定，放量趋势明显，去年上半年价格达 到峰值，今年上半年价格保持稳定。 二代产品目前行业规模较小，仍处于备货状态，但对未来渗透率提升持 乐观态度；三代产品仍在送样过程中，技术路线尚未完全确定。 需求展望方面，行业每月出货量快速增长，预计到 2025 年底可能达到 1,000-1,200 万米/月，到 2026 年底有望达到 3,000-4,000 万米/月， 根本驱动因素是新需 ...

在推进产业转型的过程中，亚星化学（600319）(600319.SH)获得国资助力。 5月28日晚间，亚星化学披露子公司融资计划。公司全资子公司潍坊亚星新材料有限公司(以下简称"亚 星新材料")拟按照约7亿元的投前估值融资，引入4家战略投资者共计2.2亿元投资，亚星化学放弃本轮 融资的优先认购权。 本轮融资完成后，亚星化学持有亚星新材料的股权比例将由100%变更为76.08%，亚星新材料仍为公司 的控股子公司，仍纳入公司的合并报表范围。 长江商报记者注意到，亚星新材料作为亚星化学产能搬迁复建主体，目前已建成首期CPE项目、12万 吨/年离子膜烧碱项目和15万吨/年双氧水项目。而本次引入的4家战投有着地方国资背景。 本次为亚星新材料引入战投，亚星化学意在进一步优化产业布局，推进公司新项目尤其是PVDC项目建 设。当前亚星化学正在由传统化工向新材料产业转型。 数据显示，2023年和2024年，亚星化学已连续两年扣除非经常性损益后的净利润(扣非净利润，下同)亏 损，累计亏损约2.68亿元。同期，亚星新材料净利累亏1.38亿元。 截至2025年3月末，亚星化学资产负债率进一步升至80.5%。自2009年以来，亚星化学 ...

5月28日，亚星化学（600319）发布公告，拟通过全资子公司潍坊亚星新材料有限公司(以下简称"亚星 新材料")引入战略投资者，以优化产业布局和资本结构，推动企业高质量发展。 据公告，本次融资总金额为2.2亿元，其中1.89亿元增加亚星新材料注册资本，剩余3140万元计入资本公 积。资金主要用于亚星新材料的主营业务支出。亚星新材料的投前估值为7亿元。 资料显示，亚星化学主营业务包括离子膜烧碱、高端新材料(如PVDC树脂)及水合肼等化学产品的研发 与生产，属于国有控股企业。 从认购情况看，山东动能嘉元创业投资基金合伙企业(有限合伙)(简称"动能嘉元")拟投资1亿元，认购亚 星新材料新增注册资本8572.7353万元；国运综改致胜(青岛)投资合伙企业(有限合伙)(简称"国运综改") 拟投资8000万元，认购6858.1882万元；山东省国控资本投资有限公司(简称"国控资本")拟投资2500万 元，认购2143.1838万元；山东国投资产管理有限公司(简称"国投资产")拟投资1500万元，认购 1285.9103万元。亚星化学、亚星新材料正与动能嘉元、国运综改、国控资本、国投资产签署相关协 议。 亚星化学表示，本次 ...

Summary of Key Points Core Viewpoint - The company, Shaanxi Beiyuan Chemical Group Co., Ltd., has decided to adjust the implementation schedule of its fundraising investment projects due to objective factors such as macroeconomic conditions and industry cycle fluctuations, while ensuring that the project content, investment total, and scale remain unchanged [1][11][12]. Group 1: Fundraising Overview - The company approved the public offering of up to 361,111,112 new shares, with total fundraising amounting to 343,999.07 million yuan [1][2]. - As of December 31, 2024, the actual use of the raised funds is 102,829.73 million yuan [4][10]. Group 2: Project Delay Details - The completion dates for several projects, including the 120,000 tons/year glycine project and the intelligent factory basic platform construction, have been extended to June 2025 due to various delays [6][10]. - The company plans to further adjust the completion dates for several projects to June 2027, including the 100,000 tons/year CPE and 20,000 tons/year CPVC projects [6][10]. Group 3: Reasons for Delay - The glycine project is delayed due to the immature industrial production setup of the mixed solvent method and the need for further testing and equipment selection [7][10]. - The intelligent factory project is affected by the need for system optimization and compliance with safety standards [8][10]. - The salt production project faces market challenges due to limited demand and economic viability [9][10]. Group 4: Measures to Ensure Completion - The company is actively working on plans to utilize by-products from the glycine project and is optimizing project management to ensure timely completion [7][8]. - Detailed optimization plans and strategies are being developed to ensure the intelligent factory project progresses smoothly [8][10]. - The company is conducting thorough market analysis and technical research to validate the feasibility of the salt production project [9][10]. Group 5: Impact of Project Delay - The delay in fundraising investment projects is based on careful consideration of objective circumstances and does not involve changes to project implementation subjects, fundraising purposes, or investment scales, thus not adversely affecting the company's operations or shareholder interests [10][11].

Group 1 - The company held its seventh meeting of the third supervisory board, which complied with legal and regulatory requirements [1] - The supervisory board unanimously agreed to abolish the supervisory board and transfer its powers to the audit committee, with amendments to the company's articles of association to take effect upon approval by the shareholders' meeting [1] - The voting results showed 10 votes in favor, 0 against, and 0 abstentions [1] Group 2 - The company agreed to adjust the completion dates for several fundraising investment projects, including the 120,000 tons/year glycine project and the smart factory infrastructure project, to June 2027 [2] - The supervisory board confirmed that the adjustments do not constitute a disguised change in the use of raised funds and are in the best interest of the company and all shareholders [2] - The voting results for this decision were also 10 votes in favor, 0 against, and 0 abstentions [2] Group 3 - The supervisory board approved the continued use of idle raised funds for cash management, allowing for investment in safe and liquid financial products up to RMB 2.6 billion [3] - This decision aims to enhance the efficiency of fund utilization without affecting the construction of fundraising projects [3] - The investment products include structured deposits, time deposits, and agreement deposits, with individual investment terms not exceeding 12 months [3]

近日，随身WiFi行业领军品牌飞猫凭借卓越的市场表现与深厚的技术积淀，一举斩获艾瑞咨询官方认 证，成为连续16年随身WiFi全国销量领先品牌。此前，飞猫凭借自主研发的飞猫分身专利技术（专利 号ZL202310960519.3），成功摘得全球权威市场研究与咨询机构灼识咨询（CIC）授予的"多网融合自 由切换随身Wi-Fi技术服务首创者"称号。这两项荣誉，是对飞猫过往成就的高度认可，更是其在行业内 无可撼动领导地位的有力见证。 作为中国商业数据研究领域的权威机构，艾瑞咨询依托覆盖全球200余个细分行业的专业洞察，通过深 度调研企业、供应链专家及全渠道销售网络，对比中国大陆市场（不含港澳台）全量销售数据，最终核 定飞猫品牌自2009年起持续保持随身WiFi品类销量冠军地位。这一认证体系包含零售终端监测、电商 平台数据抓取及行业专家访谈等多维度验证，确保结果的专业性与公信力。 飞猫深知，技术创新的价值在于应用。为此，飞猫随身WiFi将创新技术深度融入丰富多元的产品矩阵 中，推出了一系列具有市场竞争力的热销产品。UFi系列产品凭借小巧的设计和简单的操作，深受年轻 群体和对便捷性有较高要求用户的喜爱；MiFi系列以出色的 ...

针对此次融资事宜，《中国经营报》记者联系亚星化学方面采访，但截至发稿未获回应。不过，亚星化 学方面在公告中表示，募集资金主要用于偿还有息负债及其他合规用途，旨在优化负债结构，缓解资金 压力。 财报数据显示，2024年，亚星化学实现营业收入9.10亿元，同比增长10.37%，但扣非净利润为-1.56亿 元，同比下降39.53%。截至2025年一季度末，其资产负债率已攀升至80.50%。 缓解债务压力 亚星化学于2001年在上海证券交易所上市，是一家省管国有控股上市公司，控股股东为潍坊市城投集 团。其主营氯化聚乙烯（CPE）、聚氯乙烯（PVC）、烧碱等化工产品及其延伸品的生产、加工、销 售、研究开发和综合技术服务。 此次发行的公司债券，面值为100元/张，发行规模上限为2.2亿元，债券期限不超过7年。 亚星化学方面表示，募集资金主要用于偿还有息负债及其他合规用途，旨在优化公司及其下属子公司的 有息负债结构，缓解资金压力。 中研普华研究员柯壮宾向记者表示，亚星化学此次发行债券，核心目的是通过置换高成本债务（如融资 租赁、短期借款等）优化负债结构，降低财务费用压力。通过发行低利率债券，可缓解利息支出压力， 同时补充流 ...

金融界5月13日消息，有投资者在互动平台向中兴通讯提问：您好，近段时间公司股价距离高点回调接 近25%，有所属板块调整的需要，诚然公司年报不太理想也加速了下跌，尤其四季度亏损出乎投资者意 料，能否说明一下公司业务在四季度出现如此巨大波动的详细情况。近期，三大运营商都公布了25年的 资本开支情况，令人遗憾的是资本开支仍下滑，公司面对这一局面有何办法化解？针对有起色的消费者 业务，如何能打响名气，与华为小米这些相庭抗礼，有何路径思路？AI领域如何破局加深应用？ 三是，国际运营商。在无线现代化改造，4G在南亚、非洲的渗透率分别为62%、38%，5G渗透率更 低，预计今明两年印尼、土耳其、摩洛哥、秘鲁等国家将会发放5G牌照或频谱，国际市场仍然有无线 现代化改造的机会；在光纤建设方面，南亚、非洲的光纤化率分别为11%、2%，拉美、东南亚、中东 等的光纤化率都不到40%。2025至2028年国际运营商投资年复合增长率近5%，公司国际运营商网络收 入将会有比较稳健的表现。 四是，国际大国算力基础设施建设。海外大国对数据中心、能源、服务器等算力基础设施的投资也是快 速增加的，2025年公司在聚焦大国主流运营商的同时，会在有业 ...

Core Insights - Inseego Corp. reported Q1 2025 revenue of $31.7 million, with a positive Adjusted EBITDA of $3.7 million, marking the ninth consecutive quarter of positive Adjusted EBITDA, while experiencing a GAAP net loss of $1.6 million [1][6]. Financial Highlights - Revenue for Q1 2025 was $31.7 million, down from $37.5 million in Q1 2024 [6][21]. - Adjusted EBITDA for Q1 2025 was $3.7 million, an increase of $2.2 million year-over-year [6][29]. - GAAP gross margin for Q1 2025 was 47.3%, up 12.0% year-over-year [6][21]. - The company reported a net loss of $1.6 million for Q1 2025, compared to a net loss of $4.5 million in Q1 2024 [21][27]. Business Developments - Juho Sarvikas was appointed as the new CEO, focusing on driving durable growth and long-term stockholder value [2][6]. - The company launched several new products, including the Next-Generation Fixed Wireless Access outdoor CPE FW3000 and the Inseego Wavemaker 5G cellular router FX3110 [6][8]. - Inseego joined T-Mobile's Partner Plus Channel Subsidy Program to enhance accessibility and affordability of 5G technology for businesses [6][8]. Guidance and Future Outlook - For Q2 2025, Inseego expects revenue in the range of $37.0 million to $40.0 million and Adjusted EBITDA between $2.5 million and $3.5 million [6][4]. - The company remains focused on optimizing its capital structure, having fully repaid $15 million of convertible debt [2][6].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 28 April 2025 | 4:57PM CST BYD Co. (002594.SZ/1211.HK) 1Q25 Earnings Review: Resilience amid macro uncertainty & ongoing competition; Buy BYD reported in-line 1Q25 result with net profit of Rmb9.2bn, near mid-point of pre-announcement range of Rmb8.5bn-Rmb10bn (First Take). Looking ahead, we see BYD as one of the most resilient auto OEMs amid macro uncertainty and ongoing competition. (1) Volume: we believe BYD is capable of navigating the uncertain macro economy and competition ...