AI基金广发沪港深新机遇股票（001764）披露2025年一季报，第一季度基金利润4214.76万元，加权平均基金份额本期利润0.0675元。报告期内，基金净值 增长率为7.97%，截至一季度末，基金规模为6.37亿元。 该基金属于标准股票型基金。截至4月18日，单位净值为1.028元。基金经理是李耀柱，目前管理9只基金。其中，截至4月18日，广发港股通成长精选股票A 近一年复权单位净值增长率最高，达15.32%；广发聚优灵活配置混合A最低，为-7.17%。 基金管理人在一季报中表示，操作方面，本季度我们重点配置中国的新消费行业，特别是港股的新消费行业。随着中国高质量发展，人们的消费观念从满足 基础生活需求的消费转变为注重生活品质的消费，从单纯的物质需求转变为丰富的精神需求。消费类型的公司也由原来主要依靠渠道优势转变为品牌优势， 这些转变必然会诞生新的消费巨头，所以基金重点挖掘具有品牌优势且能够提供优质产品的上市公司。不仅如此，我们认为注重精神需求的优质产品未来也 会持续供不应求。当前，中国文化认同度和热度在全球范围提升，潮流玩具、黄金首饰奢侈品、茶饮、化妆品和医美等行业中突出中国元素的优质公司持续 获得消费 ...

Core Viewpoint - The performance of the CSI 500 Quality Growth Index and its constituent stocks has shown significant upward movement, indicating a positive market sentiment and potential investment opportunities in the sector [1][2]. Group 1: Index Performance - As of April 21, 2025, the CSI 500 Quality Growth Index rose by 1.15%, with notable increases in constituent stocks such as Chifeng Jilong Gold Mining (up 7.35%) and Hunan Gold (up 6.56%) [1]. - The CSI 500 Quality Growth ETF experienced a 0.87% increase, reaching a latest price of 0.92 yuan [1]. Group 2: Fund Growth Metrics - The CSI 500 Quality Growth ETF saw a significant scale increase of 7.91 million yuan over the past week, ranking in the top third among comparable funds [1]. - The latest share count for the CSI 500 Quality Growth ETF reached 575 million, marking a one-month high and also placing it in the top third among comparable funds [1]. - The ETF recorded a net inflow of 913,900 yuan, with a total of 14.67 million yuan net inflow over the last five trading days, averaging 2.93 million yuan per day [1]. Group 3: Market Outlook - According to Huaxi Securities, the Chinese equity market is expected to benefit from a valuation advantage compared to major global indices, with supportive policies anticipated from the upcoming political bureau meeting [2]. - The central government has emphasized its commitment to stabilizing the stock market, which is expected to bolster investor confidence [2]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.26% of the index, with Chifeng Jilong Gold Mining being the highest at 3.13% [3][5].

Core Points - The company Ninebot Limited will hold its 2024 Annual General Meeting (AGM) on May 9, 2025 [1][5] - The voting rights for special voting shares will be equal to those of ordinary shares [1][8] - The record date for shareholders to participate in the AGM is set for May 6, 2025 [1][6] Voting Process - Voting will be conducted through the Shanghai Stock Exchange's online voting system [4][11] - Voting will be available from 9:15 AM to 3:00 PM on May 9, 2025, with specific time slots for different voting methods [4][11] - Shareholders must provide voting instructions to the custodian to exercise their voting rights [2][3] Shareholder Rights - The company has a dual-class share structure, with Class B shares having five times the voting power of Class A shares [8] - Major shareholders control 59.24% of the voting rights [8] - Certain shareholders must abstain from voting on related party transactions [9] Agenda Items - Key agenda items for the AGM include amendments to the company’s articles of association, changes to voting rights, and the appointment of independent directors [9][10] - Specific resolutions will require separate voting for minority investors [10]

存托凭证代码：689009 存托凭证简称：九号公司 公告编号：存托人2025-001 存托人中国工商银行股份有限公司关于九号有限公司召 开2024年年度股东大会2025年第1次征求存托凭证持有人 投票意愿的通知 本存托人保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 2025 年 4 月 18 日，本存托人中国工商银行股份有限公司接到九号有限公司（以下 简称上市公司）关于召开2024 年度股东大会的通知（具体内容见附件）。根据该通知， 上市公司将于2025 年 5 月 9 日在北京市海淀区西小口路 66 号中关村东升科技园 A4 栋 召开2024 年度股东大会。上市公司董事会已将2025 年 5 月 6 日（北京时区）确定为股 权登记日。截至股权登记日（北京时区）下午收市时（或者营业结束时），持有上市公 司普通股的在册股东，有权出席股东大会及其任何延期会议并投票。 截至登记日2025 年 5 月 6 日（北京时区）下午沪市收市时，在中国登记结算有限 公司上海分公司（以下简称中国结算上海分公司）登记在册的境内存托凭证持有人， 九号 ...

证券代码：689009 证券简称：九号公司 公告编号：2025-030 九号有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 股东大会召开日期：2025年5月9日 本次股东大会涉及每一特别表决权股份享有的表决权数量应当与每一普 通股份的表决权数量相同的议案 存托人征求存托凭证持有人投票意愿采用的网络投票系统：上海证券交易 所股东大会网络投票系统 本公司是发行中国存托凭证（以下简称"存托凭证"）并在科创板上市的 红筹企业，依据本公司与存托人中国工商银行股份有限公司（以下简称"存托人"） 签署的《九号有限公司存托凭证存托协议》，存托人将代理存托凭证持有人在本 公司的股东大会上行使投票权。鉴于此，在中国证券登记结算有限责任公司上海 分公司（以下简称"中国结算上海分公司"）登记在册的存托凭证持有人，拟行 使其所持存托凭证对应的基础普通股投票权，须通过存托人进行投票。存托人将 收集到的投票结果发送给境外托管人，由境外托管人将投票结果传递至本公司完 成投票，并由股东授权代表根 ...

九号公司系列 车中旭霞 行业深度： 《 电动两轮车行业深度：政策发力叠加格局优化，行业高景气拐点渐近 》—— 202 41224 相关个股： 《九号公司-WD（689009.SH）-年报点评-2024年利润高增长，电动两轮车、割草机等业务有望快速放量》——20250417 核心观点 2024年营业收入及净利润快速增长 九号公司2024年营业收入142.0亿元，同比增长38.9%，2016-2024年复合增速36.9%；2024年净利润10.8亿元，同比增 长81.3%，2020-2024年复合增速96.3%，受益于电动两轮车、割草机、全地形车等较快放量，营收及利润高增长，净 利润增速高于收入增速，主要是销量提升产生规模效应，利润率改善。 2024年利润率改善，费用率下降 2024年电动两轮车、全地形车、机器人业务快速放量产生规模效应，电动两轮车毛利率21.1%，同比增长2.1个百分 点，机器人毛利率51.1%，同比增长2.1个百分点，2024年公司综合毛利率28.2%，同比增长1.3个百分点，净利率 7.7%，同比增长1.8个百分点。新业务放量促进销售、管理费用率下降，2024年销售费用率7.8%，同比下降2 ...

核心观点 2024年营业收入及净利润快速增长 九号公司2024年营业收入142.0亿元，同比增长38.9%，2016-2024年复合增速36.9%；2024年净利润10.8亿元，同比增 长81.3%，2020-2024年复合增速96.3%，受益于电动两轮车、割草机、全地形车等较快放量，营收及利润高增长，净 利润增速高于收入增速，主要是销量提升产生规模效应，利润率改善。 九号公司系列 车中旭霞 行业深度： 《 电动两轮车行业深度：政策发力叠加格局优化，行业高景气拐点渐近 》—— 202 41224 相关个股： 《九号公司-WD（689009.SH）-年报点评-2024年利润高增长，电动两轮车、割草机等业务有望快速放量》——20250417 2024年利润率改善，费用率下降 2024年电动两轮车、全地形车、机器人业务快速放量产生规模效应，电动两轮车毛利率21.1%，同比增长2.1个百分 点，机器人毛利率51.1%，同比增长2.1个百分点，2024年公司综合毛利率28.2%，同比增长1.3个百分点，净利率 7.7%，同比增长1.8个百分点。新业务放量促进销售、管理费用率下降，2024年销售费用率7.8%，同比下降2 ...

Industry Overview - The lawn mower robot market has rapidly evolved, experiencing significant financing, entry, and exit of major players within just three years, with a market size of billions [2] - The global market for lawn mower robots is still in its infancy, with only about one million units sold compared to traditional lawn mowers [1][2] - Major companies like Ninebot, Ecovacs, and others have seen substantial increases in overseas sales, with Ninebot's Navimow generating nearly 600 million RMB in revenue in the first three quarters of 2024 [2] Challenges for Startups - Startups face significant challenges, including tight funding and the inability to achieve scale production, which deters investors due to lack of revenue visibility [4][5] - The average cost for a startup to reach a production scale is estimated to be around 100 million RMB, with initial stages requiring 30-40 million RMB for development and testing [6][7] - Recruitment is difficult for startups due to the industry's novelty and the limited pool of experienced talent, leading to challenges in building effective teams [5][7] Competitive Landscape - The industry is characterized by a fierce competition for funding, with hardware startups needing substantial capital to survive and grow [3][8] - Price wars are emerging, but quality and brand value are also critical factors influencing consumer choices, especially in overseas markets [10][11] - Major players are focusing on product quality and long-term planning rather than rushing to market, which reflects a more cautious investment approach [11] Technological Developments - The industry is exploring various technological solutions, with many companies opting for RTK (Real-Time Kinematic) positioning due to its maturity and accuracy in most scenarios [14][16] - However, some startups are focusing on visual solutions to reduce costs and improve adaptability in various environments, believing this approach can yield better long-term results [16][17] - Current visual solutions can effectively handle about 80% of tasks, utilizing multiple cameras for comprehensive coverage, which enhances performance in diverse conditions [18]

九号公司 2025041720250416 摘要 • 九号公司预计毛利率提升 1-2 个百分点，但国内市场毛利率长期可能在 25%左右触顶，利润率仍有改善空间，规模效应释放和 OTA 订阅增加将 提升盈利能力，电动两轮车净利润率有望提前至 2025 年达到 10%的目标。 • 割草机器人业务一季度终端需求强劲，目标为全年翻倍增长。公司将通过 在欧洲市场发力，并根据关税走向调整生产策略，选择关税低洼国家代工 生产，以应对美国市场的关税壁垒。 • 电动滑板车业务上半年预计超过 10%的增长目标，受益于市场整体增长和 地面材料业务超预期表现。公司对电动滑板车业务持乐观态度，至少上半 年表现良好。 • 九号公司在中高端电动车市场保持领先优势，并计划发布针对女性用户的 新车型，目标是将女性用户占比提升 10 个百分点。对中高端市场竞争充 满信心。 • 面对割草机器人行业竞争加剧，九号公司凭借 SEGWAY 品牌知名度和渠 道优势保持领先，已进入欧洲 2000 多家门店。公司将增加营销和研发投 入，维持净利润率或略微下降，但绝对数预计上涨。 Q&A 2025 年公司在电动两轮车业务方面的收入发展趋势和规模效应如何？ 20 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, indicating strong performance in the smart short-distance transportation sector, particularly in electric scooters and two-wheelers [1][5]. Financial Performance - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 14.2 billion, 1.1 billion, and 1.1 billion yuan, respectively, representing year-on-year increases of +38.87%, +81.29%, and +157.24% [1]. - For Q4 2024, the figures were 3.3 billion, 100 million, and 100 million yuan, with year-on-year changes of +22.05%, -47.77%, and +91.67% [1]. - The gross profit margin for 2024 was 28.24%, with a decrease in Q4 to 23.45%, showing a year-on-year increase of +1.34% but a decline of -4.23% in Q4 [3][4]. Product Performance - Revenue from electric balance bikes and scooters, electric two-wheelers, robots, all-terrain vehicles, and accessories was 3.38 billion, 7.21 billion, 900 million, 980 million, and 1.73 billion yuan, with year-on-year changes of -3.07%, +70.38%, +254.76%, +39.77%, and +11.69% respectively [1][2]. - The sales volume for these products was 157,060, 259,890, 16,480, 2,380 units, with year-on-year changes of -7.02%, +76.61%, +323.46%, and +34.12% [2]. Regional Performance - Domestic and overseas revenues were 8.42 billion and 5.77 billion yuan, reflecting year-on-year growth of +55.62% and +20.03% [2]. - The gross profit margin for domestic and overseas markets was 23.07% and 35.77%, with year-on-year increases of +1.49% and +6.55% [3]. Cost and Expenses - The expense ratios for sales, management, R&D, and financial costs were 7.75%, 5.89%, 5.82%, and -0.77%, showing year-on-year changes of -2.26%, -0.72%, -0.21%, and +0.56% [3]. - In Q4 2024, these ratios were 2.93%, 7.52%, 8.45%, and -1.27%, with year-on-year changes of -9.76%, +0.84%, +2.97%, and -0.67% [3]. Dividend Policy - The company plans to distribute a total cash dividend of 800 million yuan, which accounts for 73.85% of the net profit attributable to shareholders [5]. Investment Outlook - The company is positioned as a leader in the global smart short-distance transportation sector, with strong product innovation capabilities and a focus on expanding its global sales network [5]. - Projected net profits for 2025-2027 are expected to be 1.634 billion, 2.248 billion, and 3.031 billion yuan, with corresponding PE ratios of 24.1, 17.5, and 13.0 times [5].