Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 9.6 yuan based on a projected 2025 performance, corresponding to a PE ratio of 20x [1][20]. Core Insights - The company, Xinhua Du, is a leading player in the liquor e-commerce sector, focusing on internet marketing after divesting its retail business in April 2022. In 2023, the internet marketing segment generated revenue of 2.824 billion yuan, a year-on-year increase of 27.75%, with a net profit of 217 million yuan, up 27.48% [1]. - The online liquor market is experiencing significant growth, with a market size exceeding 120 billion yuan in 2023, reflecting a 56.4% increase. The penetration rate for online liquor, particularly for baijiu, remains low, indicating substantial growth potential [1]. - The company has established deep partnerships with major liquor brands such as Luzhou Laojiao and Shanxi Fenjiu, securing official online sales rights and enhancing its competitive edge in the market [1]. - The company is capitalizing on the rapid growth of live-streaming e-commerce, particularly on platforms like Douyin, where sales of baijiu have surged, with growth rates of 82.42% and 290.8% on Douyin and Kuaishou, respectively [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.824 billion yuan, with projections for 2024, 2025, and 2026 at 3.884 billion, 4.910 billion, and 6.006 billion yuan, respectively [11]. - The net profit for 2023 is reported at 201 million yuan, with forecasts of 269 million, 344 million, and 424 million yuan for the following years [11]. - The earnings per share (EPS) are projected to be 0.28 yuan in 2023, increasing to 0.37 yuan in 2024, 0.48 yuan in 2025, and 0.59 yuan in 2026 [11]. Market Trends - The online liquor market is projected to continue its rapid growth, driven by the increasing penetration of e-commerce in the liquor sector, which is currently at a low single-digit percentage [1]. - The company is well-positioned to benefit from the trend of online sales, particularly as consumer preferences shift towards digital platforms for purchasing liquor [1]. Strategic Initiatives - The company is expanding its presence on live-streaming platforms and has developed a strong supply chain and logistics network across major regions in China [1]. - Future growth is expected to be supported by the company's established relationships with leading liquor brands and its ability to attract new partnerships [1].

Group 1: Company Overview - Stock Code: 002264 [1] - Stock Abbreviation: Xinhua Dou [1] Group 2: Investor Relations Activity - Activity Type: Performance briefing held on May 16, 2024 [2] - Participation: Investors from the "Xiamen Listed Companies 2023 Annual Report Performance Briefing and Investor Network" [2] - Format: Conducted via "Panorama Roadshow" website [2] Group 3: Attendees - Key Participants: Chairman and General Manager Ni Guotao, Board Secretary Guo Jiansheng, Financial Director Zhang Shibao, Independent Directors Zhang Huili and Zhang Bin [2] Group 4: Communication Details - Content of Communication: No specific Q&A records available [2] - Disclosure of Major Information: No significant information requiring disclosure [2]

证券代码：002264 证券简称：新华都 公告编号：2024-035 新华都科技股份有限公司 股票交易异常波动公告 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。 一、公司股票交易异常波动的情况介绍 新华都科技股份有限公司（以下简称"公司"、"本公司"）（股票简称：新华 都，股票代码：002264）股票连续三个交易日内（2024 年 5 月 13 日、2024 年 5 月 14 日、2024 年 5 月 15 日）日收盘价格涨幅偏离值累计超过 20%。根据深圳证 券交易所的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况 针对公司股票异常波动，公司对有关事项进行了核查，核查情况说明如下： 1、2024 年 5 月 7 日，公司公告了《关于参加厦门辖区上市公司 2023 年年 报业绩说明会暨投资者网上集体接待日活动的公告》（公告编号：2024-034）。活 动将采用网络远程的方式举行，活动时间为 2024 年 5 月 16 日（周四）14:00— 17:00，公司高管将在线就公司 2023 年度业绩、公司治理、发展战略、经营状况、 融资计划、 ...

国浩律师（福州）事务所 关于 新华都科技股份有限公司 2023 年年度股东大会 法律意见书 北京•上海•深圳•杭州•广州•昆明•天津•成都•宁波•福州•西安•南京•南宁•济南•重庆•苏州•长沙•太原•武汉•贵阳•乌鲁木齐•郑州•石家 庄•合肥•海南•青岛•南昌•大连•香港•巴黎•马德里•硅谷•斯德哥尔摩•纽约 福州市台江区望龙二路 1 号 IFC 福州国际金融中心 43 层 邮编：350005 43/F,Intern ation al Financial Center,No.1 Wanglo n g 2nd Avenue, Taijian g District, Fuzho u,3 50 00 5,P.R.Ch in a 电话/Tel: (+86)(591) 88115333 传真/Fax: (+86)(591) 88338885 网址/Website:http://www.gran d all.co m .cn 二〇二四年五月 法律意见书 国浩律师（福州）事务所 关于新华都科技股份有限公司 2023 年年度股东大会法律意见书 致：新华都科技股份有限公司 法律意见书 一、本次会议的召集、召开程序 （一）本次会 ...

证券代码：002264 证券简称：新华都 公告编号：2024-033 新华都科技股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 3、本次股东大会采取现场表决和网络投票相结合的方式进行。 一、会议召开和出席情况 1、会议召开情况 （1）会议的召开日期、时间 现场会议时间：2024 年 5 月 6 日（星期一）14:30； 网络投票时间：2024 年 5 月 6 日； 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 5 月 6 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为 2024 年 5 月 6 日上午 9:15 至 2024 年 5 月 6 日下午 3:00。 （2）现场会议地点：福建省福州市鼓楼区五四路 162 号新华都大厦北楼 7 层； （3）会议召开方式：采用现场表决和网络投票相结合的方式； （4） ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,401,564,065.16, representing a 106.90% increase compared to ¥677,416,896.38 in the same period last year[5] - Net profit attributable to shareholders was ¥93,691,153.13, up 47.06% from ¥63,710,310.13 year-on-year[5] - Basic earnings per share increased by 44.44% to ¥0.13 from ¥0.09 in the previous year[5] - Net profit for Q1 2024 was ¥93,948,917.56, representing a 47.5% increase from ¥63,711,576.21 in Q1 2023[20] - The company's total equity rose to ¥1,683,966,068.24, compared to ¥1,636,823,044.28 in the previous year[20] Cash Flow - The net cash flow from operating activities decreased by 64.25%, primarily due to an increase in bank acceptance bill guarantees[9] - The net cash flow from operating activities for Q1 2024 was ¥148,346,739.53, a decrease of 64.3% compared to ¥414,904,867.92 in Q1 2023[23] - Total cash outflow from operating activities amounted to ¥1,711,379,731.28, significantly higher than ¥759,621,599.66 in the same period last year[23] - The company reported a cash outflow from financing activities of -¥56,241,068.63, an improvement from -¥109,805,237.44 in the previous year[23] - The net increase in cash and cash equivalents for Q1 2024 was ¥91,403,146.74, compared to ¥304,900,427.48 in Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,205,637,742.95, reflecting an 8.41% increase from ¥2,956,908,543.44 at the end of the previous year[5] - The company's total liabilities increased by 52.73% due to an increase in short-term borrowings related to internal procurement[11] - The total liabilities increased to ¥1,521,671,674.71 from ¥1,320,085,499.16, indicating a rise in financial obligations[20] - The company's cash and cash equivalents increased to RMB 1,220,385,684.19 from RMB 893,602,349.23, representing a growth of about 36.6%[16] - Short-term borrowings increased to RMB 238,034,954.00 from RMB 155,850,574.89, reflecting a rise of about 52.6%[17] Operating Costs and Expenses - The company's gross profit margin was impacted by a 119.50% increase in operating costs, correlating with the rise in revenue[11] - Operating costs for the same period were ¥1,299,704,445.35, up 110.8% from ¥615,758,618.37 year-over-year[19] - Research and development expenses rose by 51.65%, attributed to an increase in R&D personnel[11] - Research and development expenses increased to ¥2,724,581.86, up from ¥1,796,627.97, reflecting a focus on innovation[20] - The company paid ¥40,039,491.93 to employees, an increase of 17.5% from ¥33,923,349.15 in Q1 2023[23] Other Financial Metrics - The weighted average return on equity improved to 5.65%, up from 4.28% in the previous year[5] - The company has a negative retained earnings balance of ¥354,191,966.49, improved from a deficit of ¥447,883,119.62 last year[20] - The company reported a significant increase in contract liabilities, rising by ¥7,032,400, indicating growth in advance payments received[11] - The company reported a decrease in other receivables from RMB 137,207,666.32 to RMB 90,806,886.64, a decline of about 33.7%[17] - The company has not yet audited the Q1 2024 report[24]

国投证券股份有限公司 关于 新华都科技股份有限公司 重大资产出售暨关联交易 之 2023 年度独立财务顾问持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二四年四月 1 声明与承诺 国投证券股份有限公司（以下简称"国投证券"或"独立财务顾问"）接受 新华都科技股份有限公司（以下简称"新华都"、"上市公司"或"公司"）的委 托，担任新华都重大资产出售暨关联交易的独立财务顾问。国投证券根据《公司 法》《证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问 业务管理办法》等法律、法规的相关规定，按照证券行业公认的业务标准、道德 规范，本着诚实信用、勤勉尽责的态度，经审慎核查，出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方对所 提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记 载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本持续督导意见不构成对上市公司的任何投资建议或意见，对投资者根 据本持续督导意见作出的任何投资决策可能产生的风险，本独立财务顾问不承担 任何责任。 3、本独立财务顾问未委托或授权其他任何机构 ...

国投证券股份有限公司 关于新华都科技股份有限公司 国投证券股份有限公司1（以下简称"国投证券"、"保荐机构"）作为新华 都科技股份有限公司（以下简称"新华都"、"公司"、"发行人"）2021 年度 向特定对象发行股票的保荐机构，履行持续督导责任期间至 2023 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关法律法规和 规范性文件的要求，出具本持续督导保荐工作总结报告书。 一、保荐机构基本情况 | 保荐机构名称 | 国投证券股份有限公司 | | --- | --- | | 注册地址 | 深深深深深深深深深深深深深深119深深深深深深深 | | 法定代表人 | 段文务 | | 保荐代表人 | 黄璇、邬海波 | | 项目联系人 | 黄璇 | | 联系电话 | 021-55518593 | 二、发行人基本情况 | 发行人名称 | 新华都科技股份有限公司 | | --- | --- | | 证券代码 | 002264.SZ | | 股本 | 719,922,983股（深深2023深12深31深） | | ...

| 保荐人名称：国投证券股份有限公司 | 被保荐公司简称：新华都 | | --- | --- | | 保荐代表人姓名：黄璇 | 联系电话：021-55518593 | | 保荐代表人姓名：邬海波 | 联系电话：021-55518593 | 国投证券股份有限公司关于 新华都科技股份有限公司 2023 年度保荐工作报告 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1. 公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2. 督导公司建立健全并有效执行规章制度的 | | | 情况 （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3. 募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | ...

Financial Performance - The company's operating revenue for 2023 was CNY 2,823,921,610.91, representing a decrease of 6.55% compared to CNY 3,021,899,373 in 2022[25]. - The net profit attributable to shareholders of the listed company was CNY 200,737,573.53, a decline of 1.97% from CNY 204,797,058.01 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was CNY 200,996,192.84, showing a significant increase of 199.59% compared to CNY 67,091,359.90 in 2022[25]. - The net cash flow from operating activities reached CNY 177,228,678.72, a remarkable increase of 665.54% from CNY 23,150,901.70 in the previous year[25]. - Basic earnings per share for 2023 were CNY 0.28, down 6.67% from CNY 0.30 in 2022[25]. - The company sold 100% equity of 11 wholly-owned subsidiaries in the retail business to its controlling shareholder, which slightly impacted overall revenue and net profit in 2023[27]. - Total assets at the end of 2023 were 2.957 billion yuan, reflecting a 10.58% increase from the end of 2022[26]. - The net assets attributable to shareholders of the listed company reached 1.626 billion yuan, up 11.67% from the previous year[26]. - The diluted earnings per share for 2023 were 0.28 yuan, a decrease of 6.67% compared to 2022[26]. - The weighted average return on net assets was 12.97%, down 3.69% from the previous year[26]. Business Transformation and Strategy - The company underwent a business transformation in April 2022, shifting its main business focus from retail to internet marketing[22]. - The company completed a strategic transformation in 2023, focusing on internet marketing and divesting from traditional retail businesses, achieving growth in both scale and profit for four consecutive years[46]. - The company is positioned in the "Internet and Related Services" sector, which is experiencing steady growth due to the increasing internet penetration rate[39]. - The company aims to enhance its integrated data service platform and improve marketing efficiency through increased investment in digital technology[114]. - Future strategies include deepening existing internet marketing business and expanding into new market segments through brand partnerships and capital cooperation[113]. Market and Industry Insights - The online retail market in China reached 15.43 trillion yuan in 2023, with a year-on-year growth of 11%[40]. - The penetration rate of online retail for physical goods grew by 8.4%, accounting for 27.6% of total retail sales, marking a historical high[40]. - The overall e-commerce market in China is experiencing a slowdown in growth, but there remains significant long-term potential demand[110]. Operational Developments - The company has established deep strategic partnerships with major e-commerce platforms such as JD.com, Tmall, Douyin, and Pinduoduo, enhancing its market influence[47]. - The company has invested in live e-commerce and short video sectors, operating nearly 4,000 square meters of live streaming bases and 41 live streaming rooms in key cities[50]. - The company has developed customized products in collaboration with leading brands, enhancing its profitability and aligning with diverse consumer trends[51]. - The company has established a digital supply chain system with a total warehouse area of over 60,000 square meters, capable of handling a peak daily shipment volume of 40,000 orders[58]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[4]. - The company acknowledges the potential impact of macroeconomic fluctuations on consumer spending and overall business performance[123]. - The company faces risks related to market competition, including potential price reductions by competitors to gain market share[117]. - There is a risk of consumer preference changes impacting the company's performance if it fails to adapt quickly[118]. Governance and Management - The company has established a governance structure that complies with legal regulations, holding five shareholder meetings during the reporting period[131]. - The board of directors has been re-elected, ensuring compliance with legal requirements and maintaining independent operations[132]. - The company has a complete organizational structure that operates independently from its controlling shareholders[135]. - The company is committed to respecting the rights of stakeholders, including creditors, employees, and consumers, to promote sustainable development[134]. Employee and Talent Management - The company has focused on talent acquisition, hiring 238 new employees, with an average employee age of 28 years[66]. - The company has established a competitive compensation system to enhance employee performance and align with market standards, focusing on performance-driven goals[166]. - The company emphasizes talent development through innovative training programs to enhance team capabilities and industry standards[167]. Stock and Incentive Plans - The company has implemented the "Navigator Plan" employee stock ownership plan, repurchasing 8,335,900 shares, which accounts for 1.16% of the total share capital[66]. - The "Navigator Plan (Phase II)" stock incentive plan has successfully unlocked 480,000 restricted shares for 12 participants as of February 8, 2023[171]. - A total of 66,800 restricted shares were repurchased and canceled for 4 departed incentive participants, approved by the shareholders' meeting on May 16, 2023[172]. Internal Control and Audit - The company has established a comprehensive internal control system to mitigate operational risks and ensure stable operations, with updates to various internal regulations throughout 2023[193][194]. - The internal control audit report issued a standard unqualified opinion, confirming effective financial reporting internal controls as of December 31, 2023[198]. - The internal control evaluation report indicates that 100% of the total assets and operating income of the evaluated units are included in the company's consolidated financial statements[196].