Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!
随机图片

赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!

更新时间: 浏览次数: 545

400电话:123456(点击咨询)
赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各观看免费《今日汇总》
赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各热线观看免费2025已更新(2025已更新)








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各区点热线观看免费《今日发布》
Random Image 赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!电话








7天观看免费人工电话为您、赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各观看免费《今日汇总》2025已更新(今日/推荐)








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!电话区域:








淮北市(杜集区、烈山区、濉溪县、相山区)








朝阳市(喀喇沁左翼蒙古族自治县、朝阳县、建平县、龙城区、北票市、双塔区、凌源市)








武汉市(江岸区、新洲区、武昌区、洪山区、蔡甸区、青山区、东西湖区、江夏区、黄陂区、汉南区、硚口区、汉阳区、江汉区)








凉山彝族自治州(喜德县、会东县、甘洛县、金阳县、美姑县、布拖县、雷波县、德昌县、木里藏族自治县、宁南县、西昌市、昭觉县、越西县、盐源县、会理市、冕宁县、普格县)  金华市(兰溪市、义乌市、金东区、永康市、浦江县、武义县、东阳市、婺城区、磐安县)








亳州市(蒙城县、利辛县、谯城区、涡阳县)








伊犁哈萨克自治州(特克斯县、新源县、伊宁市、伊宁县、霍尔果斯市、察布查尔锡伯自治县、巩留县、霍城县、尼勒克县、奎屯市、昭苏县)








宿州市(萧县、灵璧县、泗县、砀山县、埇桥区)








七台河市(勃利县、桃山区、新兴区、茄子河区)  钦州市(浦北县、钦南区、钦北区、灵山县)








黄南藏族自治州(尖扎县、河南蒙古族自治县、同仁市、泽库县)








齐齐哈尔市(甘南县、梅里斯达斡尔族区、泰来县、克山县、碾子山区、依安县、铁锋区、拜泉县、建华区、龙江县、龙沙区、讷河市、富拉尔基区、克东县、富裕县、昂昂溪区)








惠州市(惠城区、龙门县、博罗县、惠阳区、惠东县)








徐州市(新沂市、睢宁县、丰县、泉山区、贾汪区、沛县、铜山区、鼓楼区、云龙区、邳州市)








桂林市(灌阳县、荔浦市、阳朔县、七星区、叠彩区、灵川县、永福县、兴安县、全州县、资源县、雁山区、临桂区、秀峰区、象山区、平乐县、龙胜各族自治县、恭城瑶族自治县)








资阳市(乐至县、安岳县、雁江区)








百色市(隆林各族自治县、德保县、平果市、田阳区、靖西市、田东县、右江区、乐业县、西林县、田林县、凌云县、那坡县)








聊城市(阳谷县、临清市、高唐县、冠县、东阿县、茌平区、莘县、东昌府区)








苏州市(吴中区、相城区、常熟市、姑苏区、昆山市、虎丘区、太仓市、吴江区、张家港市)








甘南藏族自治州(迭部县、合作市、卓尼县、临潭县、碌曲县、舟曲县、夏河县、玛曲县)








定西市(岷县、通渭县、渭源县、安定区、临洮县、陇西县、漳县)








十堰市(张湾区、丹江口市、郧阳区、茅箭区、竹溪县、郧西县、竹山县、房县)








阳江市(阳东区、江城区、阳西县、阳春市)








泉州市(南安市、德化县、洛江区、晋江市、丰泽区、安溪县、石狮市、鲤城区、惠安县、金门县、泉港区、永春县)








三亚市(天涯区、吉阳区、崖州区、海棠区)








宣城市(郎溪县、宁国市、旌德县、泾县、绩溪县、广德市、宣州区)








三门峡市(渑池县、陕州区、卢氏县、湖滨区、灵宝市、义马市)








济南市(槐荫区、历下区、市中区、商河县、莱芜区、章丘区、长清区、平阴县、钢城区、济阳区、天桥区、历城区)








上海市(徐汇区、金山区、静安区、浦东新区、黄浦区、虹口区、普陀区、松江区、崇明区、闵行区、宝山区、杨浦区、青浦区、奉贤区、嘉定区、长宁区)
400电话:123456(点击咨询)
赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各观看免费《今日汇总》《今日发布》
赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各观看免费《今日汇总》(2025已更新)








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!各观看免费《今日汇总》【2025已更新列表】
赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!电话








7天观看免费人工电话为您、赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!中心2025已更新(今日/推荐)








赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!电话区域:








阜阳市(临泉县、太和县、颍泉区、颍上县、界首市、颍州区、阜南县、颍东区)








大兴安岭地区(呼玛县、漠河市、塔河县)








沈阳市(浑南区、康平县、沈河区、于洪区、和平区、大东区、苏家屯区、皇姑区、沈北新区、法库县、辽中区、新民市、铁西区)








韶关市(乳源瑶族自治县、始兴县、翁源县、武江区、南雄市、新丰县、曲江区、浈江区、仁化县、乐昌市)  威海市(环翠区、荣成市、文登区、乳山市)








沧州市(新华区、南皮县、肃宁县、东光县、泊头市、献县、河间市、黄骅市、沧县、吴桥县、任丘市、盐山县、孟村回族自治县、青县、运河区、海兴县)








衡水市(景县、枣强县、安平县、武邑县、深州市、桃城区、饶阳县、武强县、故城县、冀州区、阜城县)








崇左市(大新县、凭祥市、扶绥县、龙州县、江州区、宁明县、天等县)阿里地区(札达县、日土县、噶尔县、措勤县、普兰县、改则县、革吉县)








漳州市(诏安县、华安县、东山县、芗城区、漳浦县、长泰区、龙海区、云霄县、平和县、南靖县、龙文区)  辽源市(东辽县、东丰县、西安区、龙山区)








乌兰察布市(察哈尔右翼中旗、化德县、察哈尔右翼前旗、四子王旗、察哈尔右翼后旗、商都县、卓资县、集宁区、丰镇市、凉城县、兴和县)








攀枝花市(米易县、东区、仁和区、西区、盐边县)








烟台市(海阳市、莱州市、栖霞市、龙口市、莱阳市、莱山区、牟平区、蓬莱区、招远市、芝罘区、福山区)景德镇市(浮梁县、昌江区、乐平市、珠山区)








兴安盟(扎赉特旗、科尔沁右翼中旗、突泉县、阿尔山市、乌兰浩特市、科尔沁右翼前旗)








娄底市(涟源市、双峰县、新化县、娄星区、冷水江市)








山南市(扎囊县、桑日县、贡嘎县、措美县、琼结县、曲松县、加查县、错那市、隆子县、乃东区、浪卡子县、洛扎县)








张家口市(涿鹿县、蔚县、宣化区、下花园区、桥东区、万全区、阳原县、怀安县、桥西区、张北县、赤城县、怀来县、尚义县、沽源县、康保县、崇礼区)








安阳市(林州市、龙安区、北关区、安阳县、内黄县、汤阴县、殷都区、滑县、文峰区)








巴中市(南江县、平昌县、恩阳区、通江县、巴州区)








内蒙古自治区








眉山市(青神县、洪雅县、丹棱县、仁寿县、彭山区、东坡区)








丹东市(东港市、宽甸满族自治县、振安区、凤城市、振兴区、元宝区)








杭州市(西湖区、淳安县、滨江区、萧山区、临安区、上城区、建德市、富阳区、余杭区、桐庐县、拱墅区、临平区、钱塘区)








鄂州市(华容区、鄂城区、梁子湖区)








营口市(盖州市、站前区、老边区、西市区、鲅鱼圈区、大石桥市)








丽江市(古城区、永胜县、华坪县、宁蒗彝族自治县、玉龙纳西族自治县)








银川市(兴庆区、永宁县、西夏区、金凤区、贺兰县、灵武市)








济宁市(金乡县、兖州区、任城区、曲阜市、泗水县、邹城市、汶上县、嘉祥县、微山县、鱼台县、梁山县)








西藏自治区

  美国运通(AmericanExpress)首席财务官ChristopheLeCaillec表示,公司的富裕持卡人几乎没有表现出削减支出的迹象,同时,年轻客户推动了第一季度交易总量的增长。

  公司周四发布报告称,在此期间,美国运通卡的签账业务增长了6%,如果考虑到闰年的影响,调整后的增长率为7%。LeCaillec表示,这表明去年年底的消费增长势头延续到了2025年。

  LeCaillec称,尽管本月由于担心特朗普总统的关税政策会引发经济衰退,美股下跌,但以上趋势在4月份仍在持续。这使得第一季度的盈利超预期,意味着较富裕的客户群体或许能使该公司免受对关税和顽固通胀的担忧的影响。

  美国运通的增长来自年轻持卡人,千禧一代和Z世代会员在本季度的支出增加了14%。而X世代和婴儿潮一代的持卡人则更加谨慎,支出分别增长了5%和1%。

  LeCaillec表示,很难判断持卡人是否像摩根大通高管上周所说的那样,因为即将到来的关税而提前进行购买,从而人为地推高了购买量。但他补充说,一些小企业可能出于对关税会增加成本的担忧提前囤货。

  有一个特别的消费类别让LeCaillec相信这种消费趋势可能会持续下去。“餐厅消费增长了8%。这是一种最典型的可自由支配的消费,你无法提前消费,所以这确实是我们持卡人基础实力以及他们信心的一个很好的指标。”

  港股白酒第一股珍酒李渡日前披露了2024年财报,这也是其在港交所上市后交出的第二份年报,然而这一次的答卷不甚理想。在营收微增0.5%至70.67亿元的情况下,归母净利润却遭遇43.1%的断崖式下滑,仅为13.24亿元,呈现出增收不增利的态势。

  第一增长引擎销量连续4年下滑

  具体来看,2024年珍酒李渡营收出现明显失速,同比微增0.5%,营收增速创下近4年新低。而此前三年珍酒李渡一直处于高歌猛进的阶段,2021年-2023年,其营收增速分别为112.7%、14.8%、20.0%。

  影响营收增速急速下滑的一大原因是核心产品表现不佳。珍酒李渡旗下共有珍酒、李渡、湘窖、开口笑四大品牌,其中珍酒营收贡献占比超6成,是第一增长引擎。

  财报显示,作为公司核心收入来源的珍酒品牌2024年营收44.79亿元,同比下降2.3%,占总营收比重由也65.2%下滑至63.4%。事实上,珍酒的销量已经连续四年出现下滑。2021年至2024年,珍酒的销量分别为14761吨、12856吨、12630吨、12284吨。

  湘窖和开口笑同样表现不佳,营收分别下滑3.7%和12.3%。唯一亮点来自第二大增长引擎李渡,营收同比增长18.3%至13.13亿元。

  2024年,珍酒李渡毛利同比微增1.5%至41.43亿元,毛利率为58.6%,几乎与去年持平,但净利润同比下滑43.1%,这一剧烈波动还是引起了市场的普遍关注。

  对此珍酒李渡给出的解释是,主要受金融工具公允价值变动、股权激励费用等非经营性因素影响。

  据了解,2023年第四季度,珍酒李渡公布了一份股权激励计划,以1港元/股价格向718名核心员工授予1.17亿股,按授出日股价计算,该部分股权总价值达12.20亿港元。

  对于这一业绩表现,董事长吴向东似乎早有准备。“白酒行业很奇怪,赚几年钱,就会下行几年,我都经历了五六次了,习以为常。”他在二月底举行的贵州珍酒50周年庆典暨经销商大会上曾这样说。

  高端化承压,库存高企

  高端化一直是珍酒李渡想要转型的方向。从优化高档酒事业部的组织架构到为发展珍酒的主力单品“珍三十”而单独成立了珍三十事业部,珍酒李渡在高端化上不可谓不努力,吴向东此前还曾透露,珍酒将推出一款对标飞天茅台的年份酒,预计6月前上市。

  但从业绩表现来看,其高端化战略似乎受到了不小的阻力。2024年珍酒李渡高端产品营收17.09亿元,同比下滑10.82%;次高端产品营收29.95亿元,同比增长8.77%;中端及以下产品营收23.63亿元,同比微增0.87%。

  去年高端产品、次高端、中端及以下产品的营收占比分别约24%、42%、33%。次高端和中低端依然是营收主力。

  具体产品来看,李渡品牌营收虽实现了18.3%增长,但其千元价位带的核心产品仍难以突破茅台、五粮液等品牌壁垒。

  同时,珍酒李渡的库存风险不容忽视。2024年,公司存货达到75.03亿元,同比增长17.54%,与2020年的17.37亿元相比,激增332%。

  库存高企可能导致渠道利润压缩,进而影响厂商合作稳定性。虽然2024年珍酒李渡经销商数量增至7635家,但单店年均销售额降至92万元,终端动销效率持续承压。

  东吴证券给出的风险提示就提到,次高端价格及费用竞争加剧,渠道库存消化不及预期等。

  在全行业增速放缓、马太效应凸显的情况下,如何在保持战略定力的同时加速库存周转无疑是珍酒李渡面临的一大挑战。但持续优化产品矩阵,同时灵活调整渠道策略也正是破局之路。

  在3月业绩说明会上,吴向东表示,白酒行业已经触底,但是拐点难以精准预测,在存量竞争趋势下,品牌化、品质化,将是未来发展的核心要素。

  2025年4月18日,广州瑞立科密汽车电子股份有限公司(下称“瑞立科密”)迎来深交所上市审议的关键时刻。这家自称“商用车主动安全系统龙头”的企业,IPO进程却因信披矛盾、财务数据争议及关联交易疑云深陷舆论漩涡。从招股书低级错误到业绩“注水”质疑,从关联方利益输送到估值泡沫争议,瑞立科密的上市之路堪称一场“带病闯关”的

  信披质量如何?

  瑞立科密的招股书质量暴露了公司治理与中介机构执业能力的双重漏洞。核心问题集中在信披不实与数据矛盾:

  分红信息“消失”数据。

  2023年12月26日,瑞立科密披露的第一版招股书显示,2021年,该公司曾现金分红4100万元,而当期净利润为1.99亿元。2024年6月29日,瑞立科密披露的第二版招股书显示,2021—2023年,该公司的现金分红金额均为0元,并且在此后更新的招股书中,2021年现金分红均为0元。

  招股书低级错误频现,保荐机构中信证券执业质量受拷问。

  在最新招股书中,瑞立科密将“2024年12月31日”误写为“204.12.31”,且保荐人中信证券未发现该错误。此类低级失误暴露信披审核流于形式。

  在审核中心意见落实函中,深交所指出,瑞立科密在招股书“风险因素”部分,虽然对公司面临的风险进行了披露,但部分信息披露有待完善。深交所要求该公司结合实际情况,全面梳理风险披露情况,对风险因素进行定性、定量分析论证。

  此外,招股书数据疑似与官方口径存出入。

  2022年10月15日,瑞立科密在其官网发布题为《瑞立科密这十年》的文章,回顾了公司过去十年的发展成就。文章宣称:“从2012年近10万套的ABS产销量,到2022年预计实现产销量超200万套”。根据瑞立科密招股书(上会稿),2022年瑞立科密气压电控制动系统销量为59.21万套,液压电控制动系统销量为49.95万套,两者合计仅109.16万套,远低于官方宣传中“超200万套”的预期目标。

  业务模式隐忧:关联交易输血、业绩波动

  瑞立科密的业务增长背后,暗藏结构性风险与市场天花板:

  关联交易撑起半壁江山,独立性存疑:

  控股股东瑞立集团长期身兼第一大客户与供应商双重角色。2021-2023年,瑞立科密向瑞立集团采购金额占营业成本最高达12.88%,关联销售占比一度达27.8%。尽管2023年后瑞立集团退出前五大客户,但应收账款余额仍高达2.67亿元,占应收账款总额的39.21%,被质疑通过关联方虚增收入。

  商用车周期波动与业绩“过山车。公司核心产品气压电控系统高度依赖商用车市场,2022年因商用车销量暴跌31.14%,其收入锐减30.76%,净利润腰斩至0.97亿元。尽管2023年业绩反弹,但商用车年销量已从2020年峰值513万辆降至403万辆,行业天花板触手可及。值得一提的是,深交所多次发函要求瑞立科密量化分析原材料价格波动风险。公司最终补充披露:若芯片、铝锭涨价5%,毛利率将下降2.84%-2.06%。

  注:此文为AI工具生成,不构成任何投资建议。

赵峰天眼通之王在线阅读,畅享最热影视资源,尽在掌握!的相关文章 明朝的火器在东亚这边算什么水平?的相关文章
世体:弗里克决定国王杯夺冠也不庆祝
爱马仕宣布在美国全线涨价,以「完全抵消新关税带来的影响」,会有更多品牌跟进吗?如何从商业角度解读此举?
家里有一个阿尔茨海默症的老人,是一种怎样的体验?
释新闻|加州诉特朗普政府:美国最大经济体为何打响关税阻击战?
新疆维吾尔自治区政协原副主席窦万贵一审被控受贿超2.29亿
孩子每天都学到很晚,但是为什么就是成绩不好呢?
怎么看待《银河英雄传说》的结尾和未来走向?
华泰证券:3月财政宽松再加码
金价“又双叒”创新高,国内金饰迈入千元时代,还能上车吗?
习近平主席访问柬埔寨精彩瞬间
按照崩铁 3.2 版本那刻夏老师的理论,翁法罗斯再创世后开拓者是不是需要留下来当岁月泰坦?
假如周杰伦的专辑发布时间倒置一下,结果会如何?
  • 友情链接:
  • 如何评价京东美团「互抢饭碗」 美联储主席鲍威尔否认美联储会救市,称特朗普对等关税超过了美联储的设想情境,还有哪些信息值得关注? 天工机器人CEO回应半马第一名 新疆维吾尔自治区政协原副主席窦万贵一审被控受贿超2.29亿 如何应对国际贸易形势变化?长三角四省市主要领导密集部署 中国被曝已不再生产出口美国的玩具, 玩具在美国或将成为奢侈品,美国对中国玩具依赖有多大? 员工对客户说「加班没有加班费」,被公司发通告降薪 4000 元,这一处罚合法吗?员工该如何维权? 甲亢哥的Master梁回应走红 分析|开门红:一季度GDP增长5.4%超预期,市场活力信心增强 芬兰宣布将大幅增加国防开支

    查看更多评价 ∨