证券之星消息，10月31日专业连锁板块较上一交易日上涨1.23%，博士眼镜领涨。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。专业连锁板块个股涨跌见下表： 从资金流向上来看，当日专业连锁板块主力资金净流入1737.58万元，游资资金净流出3313.67万元，散户 资金净流入1576.1万元。专业连锁板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300622 博士眼镜 | | - 1994.10万 | 7.52% | -310.56万 | -1.17% | -1683.53万 | -6.35% | | 000829 天音控股 | | 1472.95万 | 6.61% | -1057.97万 | -4.75% | -414.99万 | -1.86% | | 301078 孩子王 | | 413.99万 | 1.36% | -1544.47 ...

董事长黄文辉薪酬286.93万元，同比减少39.49万元 公司控股股东为深圳市神州通投资集团有限公司，实际控制人为黄绍武。董事长黄文辉是公司主要创始人 之一，曾任江西东方明珠通信发展有限公司总经理，现任公司董事长等职，2024年薪酬286.93万，较2023 年的326.42万减少39.49万。总裁周友盟有丰富的通信行业履历，2024年薪酬263.35万，较2023年的294.25 万减少30.9万。 爱施德成立于1998年6月8日，于2010年5月28日在深圳证券交易所上市，注册地址和办公地址均在广东 省。公司是国内领先的数字化分销和零售服务商，与苹果、荣耀、三星等厂商保持长期稳定合作，连续多 年入选《财富》中国500强和中国民营企业500强。 公司主营业务为数字化分销业务和数字化零售业务，所属申万行业为商贸零售-专业连锁Ⅱ-专业连锁Ⅲ， 所属概念板块有锂电池、高派息、融资融券核聚变、超导概念、核电。 经营业绩：营收行业第二，净利润第一 2025年三季度，爱施德营业收入达393.25亿元，行业排名2/7，高于行业平均数176.34亿元和中位数51.64亿 元，行业第一名天音控股营收为655.71亿元。当期净 ...

2025 年 10 月 29 日 研 苹果 iPhone 17 系列首销告捷，核心渠道商业绩 有望借势持续改善 究 报 分析师：何鹏程 S1050525070002 hepc@cfsc.com.cn 联系人：石俊烨 S1050125060011 shijy@cfsc.com.cn | 基本数据 | 2025-10-28 | | --- | --- | | 当前股价（元） | 12.56 | | 总市值（亿元） | 156 | | 总股本（百万股） | 1239 | | 流通股本（百万股） | 1224 | | 52 周价格范围（元） | 10.87-21.41 | | 日均成交额（百万元） | 651.8 | 投资要点 ▌25Q3 业绩边际改善：公司积极拓展产业投资，促 进经营质量提升 资料来源：Wind，华鑫证券研究 1、《爱施德（002416）：苹果即将 发布新款 iPhone17 系列，经销售龙 头业绩有望环比提升》2025-09-01 2、《爱施德（002416）：苹果荣耀 国内经销龙头，布局 AI 算力业务开 启第二增长曲线》2025-05-28 3、《爱施德（002416）：上半年业 绩稳步增长， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301078 | 孩子王 | 10.88 | 0.55% | 28.59万 | 3.12亿 | | 300022 | 吉峰科技 | 8.55 | -0.47% | 8.60万 | 7375.57万 | | 300622 | 博士眼鏡 | 29.67 | -0.67% | 3.78万 | 1.12亿 | | 000829 | 天音控股 | 9.97 | -0.80% | 20.15万 | 2.01亿 | | 603214 | 爱智室 | 18.29 | -1.14% | 3.26万 | 5978.48万 | | 002416 | 爰施德 | 12.56 | -1.72% | 35.08万 | 4.43 Z | | 300755 | 华致酒行 | 21.01 | -1.96% | 8.41万 | 1.77亿 | 从资金流向上来看，当日专业连锁板块主力资金净流出1.55亿元，游资资金净流入3141.33万元，散户资 金净流入1.24亿元。专业连锁板块个股 ...

Core Viewpoint - Aishide Company holds a 58.06% stake in Youyou Internet, which is a controlling subsidiary, and Youyou Internet is currently in the listing guidance phase [1] Group 1: Company Information - Aishide Company (002416.SZ) confirmed its ownership of 58.06% of Youyou Internet [1] - Youyou Internet's main business includes mobile resale, Internet of Things (IoT), and MVNE services [1] Group 2: Listing Progress - Youyou Internet is currently in the listing guidance phase [1]

Core Viewpoint - Aishide Company holds a significant stake in Xingmeng Information, which is connected to Honor Technology through its parent company [1] Group 1: Company Holdings - Aishide Company, through its subsidiary Qiongcheng Aishide Innovation, holds an investment of 660 million yuan in Xingmeng Information, representing 25.55% of the total investment [1] - Xingmeng Information is the largest shareholder of Aishide Company [1] Group 2: Industry Connections - Xingmeng Information is one of the shareholders of Shenzhen Zhixin New Information Technology Co., Ltd., the parent company of Honor Terminal Co., Ltd. [1]

Core Viewpoint - Aishide has reported strong financial performance for the first three quarters of 2025, with revenue of 39.375 billion yuan and a net profit of 337 million yuan, driven by its core business and strategic investments in AI and robotics [1][2][3] Financial Performance - For the first three quarters of 2025, Aishide achieved revenue of 39.375 billion yuan and operating profit of 574 million yuan, with a net profit attributable to shareholders of 337 million yuan [1] - The net cash flow from operating activities reached 2.701 billion yuan, representing a year-on-year increase of 129.21% [1] Business Strategy - Aishide is enhancing its core business by expanding its channel system and deepening capital layout, particularly in the context of the Apple AI terminal cycle [1] - As of September 30, 2025, the total number of Apple Authorized Retail Stores (APR) reached 246, an increase of 46 stores from the beginning of the year, maintaining its position as the largest in the country [1] - The company is also strengthening its online operational capabilities across platforms like Tmall, JD.com, and Douyin [1] Investment in High-Growth Sectors - Aishide has established a 500 million yuan "Aishide Smart City Fund" in partnership with Shenzhen Smart City Industry Investment Fund, focusing on AI, smart terminals, and next-generation information technology [2] - The company has made strategic investments in two high-growth firms, Yunshen Technology and Saigan Technology, which specialize in robotics and flexible tactile sensors, respectively [2] Global Expansion - Aishide's partnership with Honor is accelerating its international business, with exclusive sales and service authorizations in regions including Hong Kong, Thailand, and Vietnam, and new authorizations in the Middle East, Africa, and Australia planned for 2025 [2] - Honor's market share in Hong Kong reached 20.2%, ranking it among the top two, while in Macau, it held a 32.4% market share, and retail activation in Vietnam grew by over 300% year-on-year [2] Transformation and Future Outlook - Aishide is transitioning from a traditional distributor to an "intelligent terminal ecosystem enterprise," leveraging stable cash flow from the Apple ecosystem and growth potential from AI and robotics investments [3] - The company aims to create a new global growth pattern through a synergistic layout of "equity + channels + regional expansion," benefiting from the appreciation of equity value and channel expansion [3]

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, but key profitability indicators such as gross margin and net margin showed improvement, indicating resilience and strategic focus in a challenging market environment [1][2] Financial Performance - For the first nine months of 2025, the company achieved revenue of 39.325 billion yuan, a year-on-year decrease of 31.46% - The net profit attributable to shareholders was 337 million yuan, down 35.78% year-on-year - The net profit excluding non-recurring gains and losses was 314 million yuan, a decline of 27.57% year-on-year [1] Profitability Metrics - The overall gross margin for the first three quarters reached 5.07%, an increase of 1.36 percentage points year-on-year - The net margin was 1.01%, slightly up by 0.01 percentage points compared to the same period last year, reflecting improvements in product structure and cost control [1] Quarterly Performance - In Q3 2025, the gross margin was 5.30%, significantly up by 1.66 percentage points year-on-year and up 0.54 percentage points quarter-on-quarter - The net margin for Q3 reached 1.01%, an increase of 0.25 percentage points year-on-year and up 0.11 percentage points quarter-on-quarter, indicating a clear trend of profitability improvement [1] Expense Management - Total operating expenses for Q3 amounted to 1.423 billion yuan, a slight decrease of 2.21 million yuan year-on-year - The expense ratio was 3.62%, up 1.13 percentage points from the same period last year - A reduction in R&D expenses may reflect ongoing resource optimization, while a significant decrease in financial expenses indicates effective capital management [2] Strategic Focus - The company is undergoing a strategic transformation and business restructuring, with revenue adjustments closely linked to its focus on optimizing business structure and concentrating on high-value operations - The continuous improvement in gross margin amidst revenue adjustments suggests that the company's strategies for product mix optimization and operational efficiency are yielding results - This "quality over quantity" approach is expected to lay a solid foundation for the company's future high-quality development [2]

Core Viewpoint - Shenzhen Aishide Co., Ltd. reported strong financial performance for the first three quarters of 2025, with revenue of 39.375 billion yuan and a net profit of 337 million yuan, indicating improved operational quality and cash flow management [1][2]. Financial Performance - The company’s cash and cash equivalents reached 4.695 billion yuan, a 46.58% increase from the beginning of the year [1]. - The net cash flow from operating activities was 2.701 billion yuan, reflecting a year-on-year growth of 129.21% [1]. Industry Trends - The Apple supply chain has seen increased activity, with the iPhone 17 series experiencing a 14% sales growth compared to the previous generation within the first ten days of its launch in China and the U.S. [1]. - Apple is expected to sell between 96 million to 100 million units of the iPhone 17 series in 2025, contributing to an overall shipment of 230 million to 240 million units [1]. Market Activity - Tmall's "Double 11" event saw Apple’s sales exceed 100 million yuan in the first hour, indicating a vibrant consumer electronics market [2]. - The Apple 17 series is noted for its comprehensive upgrades, including AI imaging and new chip technology, marking the beginning of an innovation cycle driven by AI [2]. Company Strategy - Aishide has expanded its "Coodoo" brand with 46 new self-operated Apple APR stores, bringing the total to 246, maintaining its leading position in the industry [2]. - The company is diversifying into health beverages with its brands "Tea Xiaokai" and "Yue Xiaokai," launching new products that cater to various consumer needs [2][3]. Growth Potential - The tea industry in China is projected to reach 22.7 billion yuan in 2025, with a year-on-year growth of 38.2%, presenting a significant opportunity for Aishide [3]. - Aishide's investment in AI and digital transformation through its Aishide Smart City Fund positions the company for long-term growth [3]. Conclusion - Aishide's strong cash flow, leading channel capabilities, and strategic investments in new consumer trends and technologies suggest a robust potential for navigating industry changes and achieving sustained value creation [3].

Core Viewpoint - The company has proposed to reappoint Zhongshunzhonghuan Accounting Firm as its auditing institution for the fiscal year 2025, pending approval from the shareholders' meeting [2][3]. Group 1: Appointment of Auditing Firm - The company held a board meeting on October 24, 2025, where it approved the proposal to reappoint Zhongshunzhonghuan Accounting Firm for the 2025 fiscal year [2][11]. - Zhongshunzhonghuan has been the company's auditing firm since 2024 and has provided objective and fair audit reports reflecting the company's financial status and operational results [3][5]. - The total audit service fee for 2025 is set at 1.55 million, with 1.2 million for annual report auditing and 0.35 million for internal control auditing, unchanged from the previous year [3][9]. Group 2: Auditing Firm's Background - Zhongshunzhonghuan was established in 1987 and is one of the first large accounting firms approved to engage in securities and futures-related business [2][4]. - As of the end of 2024, Zhongshunzhonghuan had 216 partners and 1,304 registered accountants, with 723 having signed securities service audit reports [4][5]. - The firm has a strong investor protection capability, having purchased professional liability insurance with a cumulative compensation limit of 800 million, which has not been utilized [6]. Group 3: Compliance and Integrity - In the past three years, Zhongshunzhonghuan has not faced any criminal penalties, although it has received two administrative penalties and two self-regulatory measures [7]. - The project partners and signing accountants have maintained a clean record with no criminal penalties or administrative sanctions in the last three years [8]. - The independence of Zhongshunzhonghuan and its project partners is confirmed, with no circumstances that could affect their independence [8]. Group 4: Approval Process - The audit committee reviewed Zhongshunzhonghuan's professional competence and integrity on October 21, 2025, and recommended reappointment to the board [11]. - The board meeting on October 24, 2025, passed the proposal with unanimous support [11]. - The reappointment is subject to approval by the shareholders' meeting and will take effect upon approval [11].