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
GARY2022QQ.COM:原力觉醒下载,带你重温经典!
随机图片

GARY2022QQ.COM:原力觉醒下载,带你重温经典!

更新时间: 浏览次数: 917

400电话:123456(点击咨询)
GARY2022QQ.COM:原力觉醒下载,带你重温经典!各观看免费《今日汇总》
GARY2022QQ.COM:原力觉醒下载,带你重温经典!各热线观看免费2025已更新(2025已更新)








GARY2022QQ.COM:原力觉醒下载,带你重温经典!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








GARY2022QQ.COM:原力觉醒下载,带你重温经典!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




GARY2022QQ.COM:原力觉醒下载,带你重温经典!各区点热线观看免费《今日发布》
Random Image GARY2022QQ.COM:原力觉醒下载,带你重温经典!电话








7天观看免费人工电话为您、GARY2022QQ.COM:原力觉醒下载,带你重温经典!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,








GARY2022QQ.COM:原力觉醒下载,带你重温经典!各观看免费《今日汇总》2025已更新(今日/推荐)








GARY2022QQ.COM:原力觉醒下载,带你重温经典!电话区域:








湘潭市(韶山市、湘潭县、湘乡市、岳塘区、雨湖区)








黔南布依族苗族自治州(瓮安县、三都水族自治县、平塘县、罗甸县、福泉市、独山县、龙里县、长顺县、贵定县、都匀市、荔波县、惠水县)








资阳市(安岳县、乐至县、雁江区)








淄博市(周村区、桓台县、淄川区、博山区、沂源县、张店区、临淄区、高青县)  潍坊市(高密市、寒亭区、临朐县、坊子区、潍城区、青州市、奎文区、寿光市、昌乐县、昌邑市、安丘市、诸城市)








日照市(东港区、莒县、五莲县、岚山区)








七台河市(桃山区、勃利县、茄子河区、新兴区)








宝鸡市(麟游县、金台区、凤县、千阳县、扶风县、岐山县、凤翔区、陈仓区、太白县、渭滨区、陇县、眉县)








雅安市(宝兴县、雨城区、汉源县、石棉县、名山区、芦山县、天全县、荥经县)  博尔塔拉蒙古自治州(精河县、温泉县、阿拉山口市、博乐市)








重庆市(铜梁区、万州区、渝北区、大渡口区、开州区、永川区、沙坪坝区、北碚区、江津区、武隆区、璧山区、涪陵区、丰都县、綦江区、忠县、巴南区、城口县、江北区、九龙坡区、荣昌区、南川区、云阳县、潼南区、石柱土家族自治县、酉阳土家族苗族自治县、黔江区、巫溪县、南岸区、梁平区、彭水苗族土家族自治县、长寿区、奉节县、合川区、垫江县、秀山土家族苗族自治县、渝中区、大足区、巫山县)








荆门市(掇刀区、东宝区、沙洋县、钟祥市、京山市)








玉溪市(澄江市、元江哈尼族彝族傣族自治县、红塔区、峨山彝族自治县、易门县、江川区、华宁县、通海县、新平彝族傣族自治县)








锡林郭勒盟(正蓝旗、东乌珠穆沁旗、西乌珠穆沁旗、苏尼特右旗、镶黄旗、苏尼特左旗、太仆寺旗、阿巴嘎旗、锡林浩特市、二连浩特市、正镶白旗、多伦县)








亳州市(蒙城县、利辛县、谯城区、涡阳县)








绍兴市(上虞区、越城区、嵊州市、新昌县、诸暨市、柯桥区)








扬州市(高邮市、仪征市、邗江区、江都区、广陵区、宝应县)








玉林市(陆川县、福绵区、容县、北流市、玉州区、兴业县、博白县)








阿克苏地区(沙雅县、库车市、温宿县、阿克苏市、阿瓦提县、新和县、乌什县、柯坪县、拜城县)








长沙市(宁乡市、望城区、雨花区、芙蓉区、天心区、长沙县、浏阳市、岳麓区、开福区)








晋中市(和顺县、祁县、平遥县、介休市、左权县、太谷区、寿阳县、榆次区、榆社县、灵石县、昔阳县)








德宏傣族景颇族自治州(梁河县、陇川县、瑞丽市、芒市、盈江县)








营口市(鲅鱼圈区、盖州市、老边区、大石桥市、站前区、西市区)








曲靖市(师宗县、罗平县、麒麟区、富源县、马龙区、陆良县、宣威市、沾益区、会泽县)








青岛市(即墨区、胶州市、李沧区、市南区、市北区、莱西市、黄岛区、城阳区、崂山区、平度市)








通化市(集安市、东昌区、通化县、柳河县、辉南县、梅河口市、二道江区)








庆阳市(庆城县、正宁县、环县、合水县、西峰区、宁县、镇原县、华池县)








德州市(乐陵市、武城县、齐河县、平原县、临邑县、德城区、夏津县、宁津县、庆云县、禹城市、陵城区)








银川市(贺兰县、永宁县、兴庆区、金凤区、灵武市、西夏区)
400电话:123456(点击咨询)
GARY2022QQ.COM:原力觉醒下载,带你重温经典!各观看免费《今日汇总》《今日发布》
GARY2022QQ.COM:原力觉醒下载,带你重温经典!各观看免费《今日汇总》(2025已更新)








GARY2022QQ.COM:原力觉醒下载,带你重温经典!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








GARY2022QQ.COM:原力觉醒下载,带你重温经典!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




GARY2022QQ.COM:原力觉醒下载,带你重温经典!各观看免费《今日汇总》【2025已更新列表】
GARY2022QQ.COM:原力觉醒下载,带你重温经典!电话








7天观看免费人工电话为您、GARY2022QQ.COM:原力觉醒下载,带你重温经典!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,








GARY2022QQ.COM:原力觉醒下载,带你重温经典!中心2025已更新(今日/推荐)








GARY2022QQ.COM:原力觉醒下载,带你重温经典!电话区域:








黄冈市(黄州区、黄梅县、红安县、麻城市、团风县、武穴市、罗田县、浠水县、蕲春县、英山县)








乐山市(沙湾区、五通桥区、夹江县、井研县、峨边彝族自治县、市中区、金口河区、马边彝族自治县、峨眉山市、沐川县、犍为县)








佛山市(高明区、禅城区、顺德区、南海区、三水区)








驻马店市(确山县、正阳县、上蔡县、遂平县、西平县、驿城区、平舆县、汝南县、泌阳县、新蔡县)  随州市(随县、广水市、曾都区)








天津市(南开区、北辰区、西青区、宝坻区、静海区、宁河区、滨海新区、和平区、东丽区、津南区、红桥区、河东区、河北区、武清区、蓟州区、河西区)








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








淮南市(大通区、八公山区、谢家集区、寿县、潘集区、田家庵区、凤台县)长春市(双阳区、朝阳区、九台区、二道区、南关区、绿园区、榆树市、宽城区、农安县、德惠市、公主岭市)








长治市(武乡县、上党区、黎城县、潞州区、襄垣县、平顺县、潞城区、沁源县、屯留区、沁县、长子县、壶关县)  黄山市(徽州区、歙县、祁门县、休宁县、黄山区、屯溪区、黟县)








柳州市(三江侗族自治县、城中区、鹿寨县、鱼峰区、柳江区、融水苗族自治县、融安县、柳城县、柳北区、柳南区)








宁德市(福鼎市、周宁县、寿宁县、柘荣县、霞浦县、蕉城区、古田县、屏南县、福安市)








厦门市(翔安区、湖里区、集美区、同安区、思明区、海沧区)萍乡市(莲花县、上栗县、芦溪县、安源区、湘东区)








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








巴音郭楞蒙古自治州(轮台县、且末县、焉耆回族自治县、若羌县、库尔勒市、和静县、尉犁县、博湖县、和硕县)








伊春市(金林区、铁力市、嘉荫县、友好区、汤旺县、伊美区、大箐山县、乌翠区、南岔县、丰林县)








保定市(满城区、涿州市、安新县、蠡县、高碑店市、高阳县、定兴县、徐水区、唐县、阜平县、涞源县、容城县、清苑区、莲池区、涞水县、望都县、曲阳县、雄县、易县、顺平县、竞秀区、安国市、定州市、博野县)








包头市(昆都仑区、固阳县、白云鄂博矿区、达尔罕茂明安联合旗、东河区、土默特右旗、九原区、石拐区、青山区)








遵义市(凤冈县、仁怀市、赤水市、桐梓县、余庆县、务川仡佬族苗族自治县、湄潭县、习水县、播州区、道真仡佬族苗族自治县、正安县、汇川区、红花岗区、绥阳县)








阿里地区(日土县、噶尔县、措勤县、革吉县、札达县、普兰县、改则县)








克拉玛依市(白碱滩区、乌尔禾区、独山子区、克拉玛依区)








广安市(广安区、岳池县、华蓥市、武胜县、前锋区、邻水县)








常德市(武陵区、鼎城区、澧县、石门县、汉寿县、津市市、安乡县、临澧县、桃源县)








梧州市(藤县、岑溪市、龙圩区、蒙山县、苍梧县、长洲区、万秀区)








昭通市(盐津县、永善县、彝良县、镇雄县、鲁甸县、威信县、大关县、昭阳区、水富市、巧家县、绥江县)








石河子市(胡杨河市、北屯市、五家渠市、图木舒克市、铁门关市、阿拉尔市、可克达拉市、新星市、双河市、昆玉市、白杨市)








三明市(三元区、大田县、建宁县、沙县区、将乐县、明溪县、宁化县、永安市、清流县、尤溪县、泰宁县)








南昌市(东湖区、青山湖区、安义县、青云谱区、红谷滩区、西湖区、进贤县、南昌县、新建区)








淮北市(烈山区、相山区、濉溪县、杜集区)

  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。

GARY2022QQ.COM:原力觉醒下载,带你重温经典!的相关文章 美最大经济体为何打响关税阻击战的相关文章
中国被曝已不再生产出口美国的玩具
潍坊风筝节惊现人形道歉信
人形机器人半马排位赛结果出炉
牛弹琴:两件事让特朗普急了
人形机器人半马排位赛结果出炉
市长来1小时你耽误他10分钟
美关税政策将严重冲击非洲经济
《中国通史》将乾隆照片错配成雍正
中国转向加拿大采购原油
亚利桑那大学签下詹姆斯儿子布莱斯
梅赛德斯奔驰中国召回部分进口汽车
美关税政策将严重冲击非洲经济
  • 友情链接:
  • 王楚钦谈决胜局:最后一分想发个长的 宝马中国召回部分进口汽车 中方驳斥乌总统称中国向俄提供武器 孙俪新剧堪比甄嬛传滴血认亲 父亲回应女婴被饿成皮包骨进ICU 孙杨空降西双版纳女粉丝激动追 沙溢回应瘦回“白展堂” 理想辟谣泼水节汽车被语音开门 《中国通史》将乾隆照片错配成雍正 全球最快半导体电荷存储技术发布

    查看更多评价 ∨