Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The company has demonstrated significant revenue growth and profit elasticity, with total revenue and net profit for 2024 reaching 3.676 billion and 260 million yuan, respectively, reflecting year-on-year increases of 30% [5]. - The company is actively expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [6]. - The earnings forecast for 2025-2027 indicates a steady increase in earnings per share (EPS), projected at 0.48, 0.60, and 0.74 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 times [8][10]. Summary by Sections Financial Performance - In 2024, the company's total revenue, net profit, and net profit excluding non-recurring items were 3.676 billion, 260 million, and 235 million yuan, respectively, with year-on-year growth rates of 30% for revenue and net profit [5]. - The fourth quarter of 2024 saw total revenue of 901 million yuan, with net profit increasing by 68% year-on-year [5]. - The gross margin and net margin for 2024 were 25% and 7%, respectively, showing slight declines compared to the previous year [5]. Product Development and Sales Channels - The company is focusing on developing new products in collaboration with well-known brands, which is expected to enhance growth [6]. - Internet sales and services generated revenues of 362.9 million and 4.7 million yuan in 2024, with internet sales growing by 32.1% year-on-year [6]. Earnings Forecast - The company is projected to achieve a revenue growth rate of 30.2% in 2024, with net profit growth of 29.6% [10]. - The forecast for 2025-2027 indicates continued growth in both revenue and net profit, with expected figures of 4.55 billion and 343 million yuan in 2025 [10].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company has demonstrated significant revenue growth and profit elasticity, with total revenue and net profit for 2024 reaching 3.676 billion and 260 million yuan respectively, both showing a year-on-year increase of 30% [5] - The company is expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [6] - The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.48, 0.60, and 0.74 yuan, respectively, indicating a strong growth trajectory [8] Summary by Sections Financial Performance - In 2024, total revenue, net profit, and net profit excluding non-recurring items were 3.676 billion, 260 million, and 235 million yuan, respectively, with year-on-year growth rates of 30%, 30%, and 17% [5] - The fourth quarter of 2024 saw total revenue, net profit, and net profit excluding non-recurring items of 901 million, 70 million, and 45 million yuan, with year-on-year growth rates of 5%, 68%, and 7.06% [5] - The company maintained a gross margin of 25% and a net margin of 7% for 2024, with slight variations in the fourth quarter [5] Product Development and Sales Channels - Internet sales and services generated revenues of 362.9 million and 4.7 million yuan in 2024, reflecting year-on-year growth of 32.1% and a decline of 38.35% respectively [6] - The company is collaborating with brand partners to develop new products, including limited editions and strategic flagship products, which are expected to enhance sales [6] Earnings Forecast - The company is expected to achieve a revenue growth rate of 30.2% in 2024, with projections of 4.55 billion, 5.59 billion, and 6.76 billion yuan for 2025, 2026, and 2027 respectively [10] - The net profit is forecasted to grow at rates of 29.6%, 31.8%, 26.6%, and 23.4% for the same years, with corresponding net profits of 343 million, 434 million, and 536 million yuan [10]

Core Insights - The company reported a revenue of 3.676 billion yuan for 2024, representing a year-on-year increase of 30.2% [1] - The net profit attributable to shareholders reached 260 million yuan, up 29.6% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, reflecting a 16.9% increase [1] Group 1: Sales Performance - The company experienced strong sales during peak seasons such as the New Year Festival and Double Eleven, with stable growth in its core business [2] - For 2024, internet sales and internet service revenues were 3.629 billion yuan and 474 million yuan, respectively, showing a year-on-year increase of 32.1% and a decrease of 38.4% [2] - The total Gross Merchandise Volume (GMV) for the year was 8.2 billion yuan, a 7% increase year-on-year [2] Group 2: Profitability Analysis - The overall gross margin for 2024 was 24.9%, a decrease of 0.5 percentage points year-on-year, while Q4 gross margin improved to 28.1%, a 2.8 percentage point increase quarter-on-quarter [3] - The company achieved a net profit margin of 7.7% in Q4, up 2.9 percentage points year-on-year, and maintained a net profit margin of 7.1% for the entire year [3] - The total expense ratio for 2024 was 16.0%, down 1.3 percentage points year-on-year, with significant improvements in sales expense ratio in Q4 [3] Group 3: Future Outlook - The company is expected to deepen relationships with major manufacturers, which may lead to the gradual release of incremental business opportunities [4] - The company plans to expand its overseas market presence through platforms like TikTok and Shopee, with a live streaming base in Jakarta, Indonesia [4] - Revenue projections for 2025 and 2026 are estimated at 4.53 billion yuan and 5.58 billion yuan, respectively, with net profits of 340 million yuan and 440 million yuan [4]

Core Insights - Xinhua Du achieved significant growth in both revenue and net profit for 2024, with revenue reaching 3.676 billion yuan, a year-on-year increase of 30.18%, and net profit attributable to shareholders at 260 million yuan, up 29.61% [1] Group 1: Business Performance - The company expanded its advantage in the liquor sector, with online penetration accelerating, and during the "618" shopping festival, the GMV for leading liquor brands exceeded a growth rate of 50% [1] - The company reported that during the "Double 11" shopping festival, the total GMV for its partnered brands surpassed 1 billion yuan for the first time [1] - Xinhua Du opened new live streaming channels for brands like Luzhou Laojiao, achieving a total GMV of over 120 million yuan through platforms such as Douyin, Kuaishou, and WeChat [1] Group 2: Strategic Initiatives - Following the divestiture of its retail business in April 2022, the company focused on internet marketing through its wholly-owned subsidiary, Jiu Ai Zhi He, establishing deep strategic partnerships with major e-commerce platforms [2] - The company is actively expanding its cross-border e-commerce business through platforms like TikTok and Lazada, targeting overseas markets [2] - Xinhua Du has developed a comprehensive logistics system with 14 warehousing centers across major regions, capable of handling over 60,000 orders per day [2] Group 3: Future Outlook - The company plans to continue enhancing its internet marketing business, focusing on data-driven performance marketing and product development [3] - Xinhua Du aims to deepen its strategic brand partnerships while leveraging its e-commerce operational experience and supply chain capabilities to identify new growth opportunities [3] - The company intends to utilize its integrated data service platform and talent accumulation to enter new markets through industry and capital cooperation, brand incubation, and upstream-downstream integration [3]

证券代码：002264 证券简称：新华都 公告编号：2025-026 新华都科技股份有限公司 关于公司日常关联交易预计的公告 上述日常关联交易预计事项已经公司独立董事专门会议审议通过并取得了 明确同意的意见，全体独立董事同意将该议案提交董事会审议。 2025年3月27日，公司召开第六届董事会第十九次会议审议通过了《关于公 司日常关联交易预计的议案》，关联董事陈船筑先生回避表决。该事项尚需公司 股东会审议，与交易事项有利害关系的关联股东新华都实业集团股份有限公司 及其一致行动人将回避表决。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产 重组，不需要经过有关部门批准。 | | | | 2025 年预 | 2025 年 | 2026 年 | | 2024 年发 | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联交 | 关联人 | 关联交 | 计金额 | 1-2 月已 | 1-4 | 月预 | 生金额 | | 易类别 | | 易内容 | （万元） | 发生金额 | 计金额 | | （万元） | | | | | | （万元） | （万元） ...

证券代码：002264 证券简称：新华都 公告编号：2025-028 新华都科技股份有限公司 关于 2024 年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 注：截至 2024 年 12 月 31 日，公司用闲置募集资金暂时补充流动资金余额 11,500 万元。 二、募集资金存放和管理情况 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 的规定，现将新华都科技股份有限公司（以下简称"公司""本公司"）募集资金 2024 年度存放与使用情况公告如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准新华都购物广场股份有限公司非公 开发行股票的批复》（证监许可〔2021〕2941 号），本公司由主承销商国投证券 股份有限公司(原名：安信证券股份有限公司，下同)采用非公开方式，向特定对 象发行人民币普通股（A 股）股票 3,594.08 万股，发行价为每股人民币 4.73 元， ...

证券代码：002264 证券简称：新华都 公告编号：2025-029 新华都科技股份有限公司 关于增加为下属公司提供担保的公告 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： 本次提供担保后，新华都科技股份有限公司（以下简称"公司"）对外担保 总额超过最近一期经审计净资产 100%，被担保人西藏聚量电子商务有限公司、 西藏久实致和营销有限公司、西藏久佳电子商务有限公司、北京玖施酷科技有限 公司资产负债率超过 70%，请投资者关注担保风险。 一、担保情况概述 （一）已审批通过为下属公司提供担保情况 公司分别于 2025 年 3 月 3 日召开第六届董事会第十八次（临时）会议、第 六届监事会第十六次（临时）会议和 2025 年 3 月 19 日召开 2025 年第二次临时 股东会，审议通过了《关于拟为下属公司提供担保的议案》。公司预计为最近一 期资产负债率 70%以上（含本数）的下属公司提供担保敞口金额不超过人民币 11.50 亿元。担保有效期自 2025 年第二次临时股东会召开之日起的 12 个月内。 （二）本次拟增加担保情况 1、为支持下属公司向金 ...

新华都科技股份有限公司 2024 年年度财务报告 新华都科技股份有限公司 2024 年年度财务报告 2025 年 03 月 新华都科技股份有限公司 2024 年年度财务报告 一、审计报告 | 审计意见类型 | 标准的无保留意见 | | --- | --- | | 审计报告签署日期 | 2025 年 03 月 27 日 | | 审计机构名称 | 天健会计师事务所（特殊普通合伙） | | 审计报告文号 | 天健审〔2025〕13-7 号 | | 注册会计师姓名 | 陈祖珍、吴芳芳 | 审计报告正文 一、审计意见 我们审计了新华都科技股份有限公司（以下简称新华都公司）财务报表，包括 2024 年 12 月 31 日的 合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司 所有者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了新华都公司 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行 ...

新华都科技股份有限公司 2024年度董事会工作报告 2024年，公司董事会严格依照《公司法》、《证券法》、《深圳证券交易所股 票上市规则》、《公司章程》、《董事会议事规则》等有关法律法规、规范性文件 以及公司制度的规定，坚持规范运作、审慎决策，勤勉尽责地开展各项工作。 现将公司董事会2024年工作情况汇报如下： 一、2024 年公司总体经营情况 2024 年，公司实现营业收入 36.76 亿元，同比增长 30.18%；归属于上市公 司股东的净利润 2.60 亿元，同比增长 29.61%。 二、2024 年董事会日常工作情况 （一）董事会会议召开情况 2024 年度，公司共召开 10 次董事会会议，会议的召集与召开程序、出席 会议人员的资格、会议表决程序、表决结果和决议内容均符合《公司章程》、 《董事会议事规则》等法律法规的规定。具体情况如下： （二）董事会对股东（大）会决议的执行情况 | | 第六届董事会 | | | 审议通过《关于审议 2024 | 年第 | | --- | --- | --- | --- | --- | --- | | 10 | 第十五次（临 | 2024-10-24 | 未披露 | 三季 ...

证券代码：002264 证券简称：新华都 公告编号：2025-027 新华都科技股份有限公司 关于公司与阿里巴巴日常关联交易预计的公告 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、日常关联交易基本情况 1、日常关联交易概述 根据业务发展及生产经营的需要，公司与阿里巴巴集团（指Alibaba Group Holding Limited与其附属公司）发生销售商品和接受劳务交易。 2025年度公司与阿里巴巴集团预计发生的日常关联交易总金额不超过56,000 万元，2026年1-4月公司与阿里巴巴集团预计发生的日常关联交易总金额不超过 15,600万元。 上述日常关联交易预计事项已经公司独立董事专门会议审议通过并取得了明 确同意的意见，全体独立董事同意将该议案提交董事会审议。 | | | 2025年3月27日，公司召开第六届董事会第十九次会议审议通过了《关于公 司与阿里巴巴日常关联交易预计的议案》，关联董事沈沉女士回避表决。该事项 尚需公司股东会审议，与交易事项有利害关系的关联股东阿里巴巴（成都）软件 技术有限公司及其一致行动人将回避表决。 本次关联交易不构成 ...