Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Sichuan Jiuzhou, indicating a significant decline in revenue and profit in the first quarter of 2025 compared to the previous year [1][2] - Sichuan Jiuzhou's stock closed at 15.87 yuan, down 1.61%, with a rolling PE ratio of 90.28 times, and a total market value of 16.232 billion yuan [1] - The company ranks 80th in the home appliance industry, which has an average PE ratio of 21.66 times and a median of 25.98 times [1][2] Group 2 - In the first quarter of 2025, the company reported an operating income of 813 million yuan, a year-on-year decrease of 8.16%, and a net profit of 21.856 million yuan, down 40.11% year-on-year, with a gross profit margin of 17.94% [2] - The company specializes in smart terminals, air traffic control products, and microwave radio frequency, with key products including ultra-high-definition set-top boxes and AI set-top boxes [1] - Sichuan Jiuzhou has been recognized as a national-level specialized and innovative "little giant" enterprise and a "national high-tech enterprise," and has received accolades as one of the top 100 digital economy enterprises in Sichuan Province [1]

Core Viewpoint - Sichuan Jiuzhou Electric Co., Ltd. has announced its profit distribution plan for the year 2024, which includes a cash dividend of 1.00 yuan per 10 shares, totaling approximately 102.28 million yuan, to be distributed to all shareholders [1][2]. Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on April 29, 2025, with a cash dividend of 1.00 yuan per 10 shares, amounting to a total cash distribution of 102,280,664.60 yuan (including tax) [1]. - No bonus shares will be issued, and the remaining undistributed profits will be carried forward to the next year [1]. Equity Distribution Scheme - The equity distribution scheme is based on the existing total share capital of 1,022,806,646 shares, excluding the 0 shares repurchased [1]. - Different tax rates will apply for individual shareholders based on their holding periods, with specific provisions for Hong Kong investors and domestic investors [1][2]. Key Dates - The record date for the equity distribution is set for June 11, 2025, and the ex-dividend date is June 12, 2025 [2]. Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies on the ex-dividend date [2]. Adjustment of Parameters - The repurchase price ceiling will be adjusted from 26.37 yuan per share to 26.27 yuan per share following the distribution of cash dividends [3].

证券代码：000801 证券简称：四川九洲 公告编号：2025034 四川九洲电器股份有限公司 2024 年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 四川九洲电器股份有限公司（以下简称公司）2024年度利润 分配方案已获2025年4月29日召开的2024年度股东大会审议通过， 现将具体实施事宜公告如下： 一、股东大会审议通过的利润分配方案情况 1.具体方案为：以公司 2024 年末总股本 1,022,806,646 股 为基数，向全体股东按每 10 股派发现金红利 1.00 元（含税）， 合计现金分红 102,280,664.60 元（含税），不送红股，不以公 积金转增股本，剩余未分配利润结转下一年度。若在利润分配方 案公告后至利润分配方案实施前，公司出现股份回购注销等事项 导致公司总股本发生变动的，公司将按照分配总额不变，调整分 配比例的原则相应调整。 2.自本次分配预案披露至实施期间，公司股本总额未发生变 化。 3.本次实施的分配方案与公司股东大会审议通过的分配方 案及其调整原则一致。 4.本次实施分配方案距离股东大会审议通过的时 ...

Group 1 - The company has approved a share repurchase plan with a total fund amount not less than RMB 100 million and not exceeding RMB 200 million [1] - The repurchase price will not exceed RMB 26.37 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1] - The implementation period for the share repurchase is within twelve months from the approval date at the 2024 annual general meeting [1] Group 2 - As of May 31, 2025, the company has not yet implemented the share repurchase, and the progress aligns with the established plan and legal requirements [1] - The company will continue to assess market conditions to implement the share repurchase plan within the designated period [2]

证券代码：000801 证券简称：四川九洲 公告编号：2025033 四川九洲电器股份有限公司 关于回购公司股份的进展公告 依照《上市公司股份回购规则》《深圳证券交易所上市公司 自律监管指引第 9 号——回购股份》等相关规定，公司应当在回 购期间每个月的前三个交易日内披露截至上月末的回购进展情 况。现将公司回购股份进展情况公告如下： 一、回购公司股份的进展情况 截至 2025 年 5 月 31 日，公司暂未实施回购，进展情况符合 既定的回购方案和相关法律法规的要求。 二、其他说明 公司后续将根据市场情况在回购期限内择机继续实施本次 回购股份计划，并将在回购期间根据相关法律、法规和规范性文 件的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 四川九洲电器股份有限公司（以下简称公司）分别于 2025 年 4 月 17 日、2025 年 4 月 29 日召开公司第十三届董事会 2025 年 度第三次会议及 2024 年度股东大会，会议审议通过了《关于公 司回购注销部分股份的议案》，同意公司以集中竞价 ...

资金面上看，今日F5G概念板块获主力资金净流入8.40亿元，其中，22股获主力资金净流入，6股主力 资金净流入超5000万元，净流入资金居首的是中际旭创，今日主力资金净流入3.85亿元，净流入资金居 前的还有太辰光、华脉科技、仕佳光子等，主力资金分别净流入1.35亿元、1.18亿元、6732.82万元。 资金流入比率方面，华脉科技、意华股份、德科立等流入比率居前，主力资金净流入率分别为 43.87%、11.59%、7.94%。（数据宝） 截至6月4日收盘，F5G概念上涨2.35%，位居概念板块涨幅第10，板块内，33股上涨，华脉科技涨停， 太辰光、德科立、中际旭创等涨幅居前，分别上涨14.88%、11.56%、6.04%。跌幅居前的有四川九洲、 上港集团、梅安森等，分别下跌2.42%、1.20%、0.87%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 啤酒概念 | 3.85 | 兵装重组概念 | -0.34 | | 铜缆高速连接 | 2.90 | 草甘膦 | -0.26 | | 烟草 | 2.65 | ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the low-altitude logistics sector, particularly involving drones and counter-drone technologies [1][2][4]. Core Insights and Arguments - The National Postal Bureau of China has emphasized the development of drone technology for branch transportation and last-mile delivery, aiming to enhance the low-altitude economy in postal and express services [1][2]. - There is an exploration of cross-province and intercity drone transportation to scale up last-mile delivery applications, improving service efficiency and customer experience [3][4]. - Low-altitude logistics can be categorized into last-mile logistics (within 20 km) and branch logistics (50-500 km), with small multi-rotor drones used for last-mile delivery and fixed-wing drones for longer distances [4]. - A comprehensive drone delivery network is being established, as outlined in the "General Aviation Equipment Innovation Application Implementation Plan" released in March 2024 [4]. - Meituan has received the first nationwide low-altitude logistics coverage operational certificate in April 2025 [4]. Related Companies and Investment Opportunities - **Logistics Drone Companies**: - Guanglian Aviation (supplier for Baijing Airlines) - Zongshen Power (suppliers for Tengdun, Rainbow, and Zhong UAV) - Zongheng Co. (engaged in drone logistics demonstration applications) - Green Energy Huichong (heavy-duty drones in collaboration with China Post) - Aerospace Rainbow (YH1000 logistics drone first flight) [5]. - **Other Low-Altitude Economy Companies**: - Shenzhen Urban Transport - Sichuan Chuang Electronics - Lais Information - Wanfeng Aowei [5]. Additional Important Insights - The Ukrainian National Security Bureau reported the deployment of 117 FPV drones to attack multiple airports in Russia, destroying several strategic bombers [6]. - The tactic employed by Ukraine involves concealing drones in modified containers, which are then delivered to specified locations by unsuspecting truck drivers, showcasing a low-cost and high-concealment strategy that may increase global focus on drone technology and countermeasures [6][7]. Related Companies in Counter-Drone Technology - **Drone Companies**: - Zongshen Power (aviation piston engines) - Aerospace Electronics - Zhong UAV - Aerospace Rainbow - Guanglian Aviation - Zongheng Co. [7]. - **Counter-Drone Companies**: - Sichuan Chuang Electronics - Lianchuang Optoelectronics - Aerospace Nanhu - Guorui Technology - Lais Information - Sichuan Jiuzhou [7].

Investment Rating - The report suggests a positive outlook for the home appliance industry, indicating strong growth potential in both domestic and emerging markets [4][54]. Core Insights - In April, home appliance exports showed a mixed performance, with a slight increase in quantity (+1.5%) but a decrease in value (-1.7%). Notably, air conditioner exports rose significantly by 14.5% [11][13]. - Emerging markets, particularly Southeast Asia and Africa, demonstrated robust growth in appliance exports, with increases of 70% and 43% respectively [13][16]. - The domestic air conditioner production is expected to increase by 35% in June 2025, driven by improved consumer confidence and government policies [21][23]. Summary by Sections 1. Export Performance - In April, air conditioner exports reached 10.68 million units, a year-on-year increase of 14.5%, while refrigerator exports slightly declined by 0.7% [11][12]. - Southeast Asia and Africa led the growth in appliance exports, with significant increases in export values [13][14]. 2. Production Insights - Air conditioner production in June 2025 is projected at 20.75 million units, a 17% increase year-on-year, with domestic production up by 35.4% [21][23]. - Factors contributing to this growth include enhanced retail market dynamics and government incentives [23]. 3. Market Trends - The home appliance retail sector has maintained high growth, supported by domestic demand and favorable government policies [4][54]. - The report emphasizes the importance of focusing on domestic demand and subsidy-driven growth opportunities in the white goods sector [4][54]. 4. Investment Recommendations - The report recommends focusing on three main lines: domestic demand and subsidies, structural upgrades in the black goods sector, and opportunities in small appliances [4][54].

Investment Rating - The report suggests a positive outlook for the home appliance industry, particularly focusing on domestic demand and emerging market exports [4][54]. Core Insights - In April, home appliance exports showed a mixed performance with a slight increase in quantity (+1.5%) but a decrease in value (-1.7%). Air conditioner exports rose significantly by 14.5% [11][13]. - The report highlights strong growth in emerging markets, particularly Southeast Asia and Africa, with export values increasing by 70% and 43% respectively [13][16]. - The air conditioning production for June is projected to increase by 35%, driven by domestic demand and favorable market conditions [21][23]. Summary by Sections 1. April Home Appliance Export Performance - Home appliance exports in April showed a quantity increase of 1.5% but a value decrease of 1.7%. Air conditioners, refrigerators, washing machines, and LCD TVs had varied performances with air conditioners and washing machines showing notable growth [11][12][14]. 2. Regional Export Trends - Southeast Asia and Africa led the growth in exports, while North America and Europe experienced significant declines. For instance, air conditioner exports to South America and the Middle East grew by 37% and 31% respectively [16][18]. 3. Production Insights - The report indicates that air conditioning production in June is expected to reach 20.75 million units, a 17% increase year-on-year, with domestic production rising by 35.4% [21][23]. 4. Market and Sector Tracking - The report tracks market performance, noting a slight decline in the Shanghai Composite Index but a 0.4% increase in the home appliance sector index. Key stocks showed varied performance, with notable gains in companies like Stone Technology and Aishida [24][27]. 5. Investment Recommendations - The report recommends focusing on domestic demand and subsidy-driven growth in the white goods sector, as well as opportunities in the black goods sector and small appliances [4][54].

Summary of Key Points Core Viewpoint - Sichuan Jiuzhou Electric Co., Ltd. plans to repurchase shares using self-raised funds and loans, with a total repurchase amount between 100 million and 200 million RMB, aiming to enhance shareholder value and stabilize stock price [1]. Company Performance - As of May 23, 2025, Sichuan Jiuzhou's stock closed at 15.7 RMB, down 2.55% from the previous week's 16.11 RMB [1]. - The stock reached a weekly high of 16.64 RMB and a low of 15.68 RMB during the week [1]. - The company's current total market capitalization is 16.058 billion RMB, ranking 4th in the black home appliance sector and 944th among all A-shares [1]. Share Repurchase Plan - The company intends to use 100 million to 200 million RMB for the repurchase of its A-shares, with a maximum repurchase price set at 26.37 RMB per share [1]. - The repurchase period will last for twelve months from the date of approval at the annual general meeting [1]. - Sichuan Jiuzhou has secured a loan commitment of up to 180 million RMB from Bank of China, with a loan term of three years [1]. - The board of directors has committed that the repurchase will not harm the company's debt servicing ability or ongoing operations [1].