Group 1: Company Overview and Business Model - Aishide Co., Ltd. is a leading digital smart distribution and retail service provider, focusing on mobile smart terminals, 3C digital products, communication and value-added services, and fast-moving consumer goods [2][3] - The company has established long-term strategic partnerships with numerous top brands both domestically and internationally [3] Group 2: Financial Performance - In 2024, the company's gross profit margin increased from 3.25% in 2023 to 4.40% due to optimization of low-margin businesses and enhancement of distribution capabilities [3] - The company has cumulatively distributed over 4 billion CNY in cash dividends since its listing, emphasizing shareholder returns [5] Group 3: Investment and Future Directions - Aishide has established a new industrial fund focused on smart terminals, artificial intelligence, and low-altitude economy, with the first phase of capital contributions completed [4] - The company has initiated a partnership with Shanghai Xiaoyi Technology Co., Ltd. to establish Aishide Intelligent Computing Technology Co., Ltd., marking a shift from planning to practical implementation of its computing power strategy [4][5] Group 4: Strategic Initiatives - The company is committed to long-term, stable, and high-quality development, maintaining strategic investments in marketing innovation and technology research [3][5] - Aishide is positioned to leverage its integrated services and ecosystem advantages to accelerate regional digital transformation and smart upgrades [4]

证券代码：002416 证券简称：爱施德 公告编号：2025-022 | 股东 | 是否为控 股股东或 第一大股 | 本次 | 占其所 | 占公司 | 是 否 | 是否 | 质押起始日 | | | | | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 质押延期 | 持股份 | 总股本 | 为 | 为补 | | | 原质押 | | 延期后质 | | 质权 | | | 名称 | | 数量 | 比例 | 比例 | 限 | 充质 | | | 到期日 | | 押到期日 | | 人 | 用途 | | | 东及其一 致行动人 | （股） | （%） | （%） | 售 | 押 | | | | | | | | | | | | | | | 股 | | | | | | | | | | | 新余 | | | | | | | | | | | | | 国泰 | | | 全球 | | | | | | | | | | | | | | | | 星投 | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company is actively pursuing an "extreme operation" strategy to enhance profitability and efficiency, leading to a comprehensive gross margin of 4.26% in 2024, an increase of 1.14 percentage points year-on-year [2]. - The company has established a robust distribution network, serving as a primary distributor for major brands like Apple, Honor, and Samsung, with over 100,000 stores across various channels in China [3]. - The company is expanding into AI and smart computing sectors through strategic partnerships and acquisitions, including a joint venture with "Shenzhen Deep Intelligence City Investment" to invest in smart terminals and AI industries [4]. Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 658.21 billion yuan, a decrease of 28.58% year-on-year, with a net profit of 5.81 billion yuan, down 11.26% [1]. - The first quarter of 2025 is expected to see revenues of 127.37 billion yuan, reflecting a 41.18% decline year-on-year, with a net profit of 1.26 billion yuan, a decrease of 24.89% [1]. - The company has reduced accounts receivable by 32.30% and financial expenses by 51.72% in 2024, indicating improved operational efficiency [2]. Business Strategy and Market Position - The company is transitioning to a digital-enabled agency model, enhancing its operational capabilities and expanding its market presence in Southeast Asia, Latin America, the Middle East, and Africa [3]. - The establishment of the "Aishide Smart City" joint venture and the investment in "Shenzhen Aishide Intelligent Computing Technology Co., Ltd." are aimed at accelerating the development of AI-related businesses [4]. - The company has maintained a high dividend payout ratio for eight consecutive years, reflecting its commitment to shareholder returns [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company is actively pursuing an "extreme operation" strategy to enhance profitability and efficiency by reducing low-margin business segments, resulting in a comprehensive gross margin of 4.26% in 2024, an increase of 1.14 percentage points year-on-year [2]. - The company has established a robust distribution network as a primary distributor for major smartphone brands, with over 10,000 stores across various channels in China, and is expanding its presence in Southeast Asia and Latin America [3]. - The company is diversifying into AI and smart computing through partnerships and acquisitions, including a joint venture with "Shenzhen Deep Intelligence City Investment" to invest in smart terminals and AI industries, with a total fund size of 500 million yuan [4]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 65.82 billion yuan, a decrease of 28.58% year-on-year, with a net profit of 581 million yuan, down 11.26% [5]. - The company expects revenue growth to recover in 2025, with projected revenues of 75.36 billion yuan and a net profit of 666 million yuan, reflecting a year-on-year growth of 14.50% and 14.56% respectively [5]. - The company has maintained a high dividend payout ratio for eight consecutive years, indicating a commitment to returning value to shareholders [5].

Investment Rating - The report maintains a "Buy" investment rating for the company [12] Core Views - The company is positioned as a leading domestic distributor for Apple and is expanding into AI computing services, marking the beginning of a second growth curve [5][10] - The company's financial fundamentals are stable, with a focus on optimizing core business and enhancing profitability through strategic initiatives [5][10] Financial Performance - In 2024, the company achieved a total revenue of 658.21 billion yuan, a year-on-year decrease of 28.58%, and a net profit of 5.81 billion yuan, down 11.26% [4] - For Q1 2025, revenue was 127.37 billion yuan, a decline of 41.18%, with a net profit of 1.26 billion yuan, down 24.89% [4] - Accounts receivable decreased by 5.63 billion yuan year-on-year, a drop of 32.30%, and total liabilities fell by 10.45% [5] Market Performance - The company has seen a significant increase in sales due to Apple's pricing strategy and government subsidies, with the iPhone 16 series achieving a market share of over 21.5% [6][9] - The company has established a robust distribution network, serving over 2,700 Apple authorized stores and more than 9,000 clients for its Honor business [9] Growth Strategy - The company is actively developing new beverage brands and AI computing services, aiming for dual-driven growth through internal and external expansion [10][11] - A new subsidiary focused on AI computing services has been established, indicating a strategic pivot towards emerging technology sectors [11] Earnings Forecast - Revenue projections for 2025-2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54, 0.66, and 0.71 yuan [12][14] - The current stock price corresponds to a PE ratio of 21.4, 17.6, and 16.4 for the years 2025, 2026, and 2027 respectively [12][14]

Investment Rating - The report maintains a "Buy" investment rating for the company [12] Core Views - The company is positioned as a leading domestic distributor for Apple and is expanding into AI computing services, marking the beginning of a second growth curve [5][10] - The company's financial fundamentals are stable, with a focus on optimizing core business and enhancing profitability through strategic initiatives [5][10] Financial Performance - In 2024, the company achieved a total revenue of 658.21 billion yuan, a year-on-year decrease of 28.58%, and a net profit of 5.81 billion yuan, down 11.26% [4] - For Q1 2025, revenue was 127.37 billion yuan, a decline of 41.18%, with a net profit of 1.26 billion yuan, down 24.89% [4] - Accounts receivable decreased by 5.63 billion yuan year-on-year, a drop of 32.30%, and total liabilities fell by 10.45% [5] Market Dynamics - The iPhone 16 Pro series has seen significant sales growth following a price reduction, with the domestic market share exceeding 21.5% [6][9] - The company has established a robust distribution network, serving over 2,700 Apple authorized stores and more than 9,000 clients for its Honor business [9] Strategic Initiatives - The company is actively developing new beverage brands and AI computing services, aiming for dual-driven growth through internal and external strategies [10][11] - A new subsidiary, Shenzhen Aishide Intelligent Computing Technology Co., has been established to focus on AI application systems and software development [11] Earnings Forecast - Revenue projections for 2025-2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54, 0.66, and 0.71 yuan [12][14]

Core Viewpoint - The China Securities Index for Food and Major Consumer Goods Retail has shown a decline in performance over various time frames, indicating potential challenges in the sector [1][2]. Group 1: Index Performance - The China Securities Index for Food and Major Consumer Goods Retail is currently at 9719.75 points, having decreased by 0.13% over the past month, 2.88% over the past three months, and 4.47% year-to-date [1]. - The index is based on a sample of listed companies in the food and drug retail sector, reflecting the overall performance of these securities [1]. Group 2: Index Composition - The top ten weighted companies in the index include Yonghui Supermarket (6.96%), Digital China (6.48%), Shanghai Pharmaceuticals (6.14%), Yifeng Pharmacy (4.97%), and others, indicating a concentration in a few key players [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (55.91%) and Shenzhen Stock Exchange (44.09%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that pharmaceutical commerce accounts for 48.65%, specialized retail for 19.84%, department stores for 16.99%, and supermarkets and convenience stores for 14.52% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Points - The China Securities Index for specialized retail has shown a 4.44% increase over the past month, a 11.08% decrease over the past three months, and a 3.10% decline year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index's top ten holdings include companies such as Shenzhou Digital (21.08%), Kidswant (15.32%), and Jiangsu Guotai (13.42%) [1] Industry Composition - The specialized retail index is composed entirely of specialized retail companies, with a sample adjustment occurring biannually in June and December [2] - The weight factors of the index are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in case of special events affecting sample companies [2] - The Shenzhen Stock Exchange accounts for 90.76% of the holdings in the specialized retail index, while the Shanghai Stock Exchange accounts for 9.24% [1]

Core Viewpoint - Shenzhen Aishide Co., Ltd. announced that its shareholder, Global Star Investment Management Co., Ltd., has extended the pledge of part of its shares, indicating ongoing financial management strategies and potential liquidity considerations for the company [1][2]. Group 1: Share Pledge Extension - Global Star Investment has pledged 25,900,000 shares, which accounts for 47.96% of its holdings and 2.09% of the company's total share capital [1]. - The pledge extension does not involve any guarantees for major asset restructuring or performance compensation [1]. Group 2: Pledged Shares Overview - As of the announcement date, the total pledged shares by the shareholder and its concerted actions amount to 142,920,000 shares, representing 23.43% of their holdings and 11.53% of the company's total share capital [2]. - The financing balance corresponding to the pledged shares is 380 million yuan, with an additional 510 million yuan for shares maturing within one year [2][3]. Group 3: Risk Management - The company has indicated that the pledge risk is within a controllable range, with no current risks of forced liquidation or changes in actual control [3]. - Measures such as early repurchase and additional margin deposits will be taken to mitigate potential risks [3].

预案》，具体为：以 2024 年 12 月 31 日的总股本 1,239,281,806 股为基数，向全体股东 每 10 股派发现金红利 5 元（含税），送红股 0 股（含税），不以公积金转增股本。若 在利润分配方案实施前公司总股本发生变化的，分配比例将按分派总额不变的原则相 应调整。 致。 未超过 2 个月。 证券代码：002416 证券简称：爱施德 公告编号：2025-020 深圳市爱施德股份有限公司 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。 深圳市爱施德股份有限公司（以下简称"公司"）2024 年年度权益分派方案已获 下： 一、 股东大会审议通过的权益分派方案情况 二、 本次实施的权益分派方案 公司 2024 年年度权益分派方案为：以公司现有总股本 1,239,281,806 股为基数，向 全体股东每 10 股派 5.00 元人民币现金（含税；扣税后，通过深股通持有股份的香港市 场投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金 每 10 股派 4.50 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股 ...