Group 1: PMI and HNB Market Insights - PMI's investor event highlighted that the share of vaporized e-cigarettes in IQOS's customer acquisition channels in Europe has increased to 20%, indicating a growing appeal of HNB products among vaporized cigarette consumers [1] - The proportion of IQOS users who also use Philip Morris's ZYN or VEEV products has doubled from 16% in Q1 2024 to 32% in Q1 2025, showcasing the increasing cross-utilization effect among different tobacco product categories [1] - HNB product penetration is expected to accelerate due to new product launches and improved user experiences, with current global penetration below 6% [2] Group 2: Product Development and Market Trends - The latest IQOS product iteration, Iluma i series, was released in March 2024, and significant technological advancements are anticipated in the next iteration expected in 2026 [2] - The company has upgraded its status from a secondary plastic component supplier to a primary supplier for complete devices and key heating components, which is expected to enhance revenue contributions [2] - The air purification and water purification markets are projected to grow significantly, with the U.S. air purifier market expected to rise from approximately $4.546 billion in 2024 to $6.82 billion by 2030, reflecting a CAGR of about 7.2% [3] Group 3: Diversification and Growth Opportunities - The automotive electronics sector is anticipated to maintain rapid growth, with a projected market size increase from CNY 614 million in 2024, representing a year-on-year growth of 19% [4] - The collaboration with Logitech has deepened, leading to increased revenue from gaming and video collaboration products, with gaming product revenue growing from $245 million in 2016 to $1.338 billion in 2024 [4] - The brain-computer interface sector is gaining traction, with successful collaborations and product sales to numerous educational and research institutions, which may contribute positively to future performance [6] Group 4: Financial Projections - The company is expected to achieve revenues of CNY 46.09 billion, CNY 57.51 billion, and CNY 67.59 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 29.01%, 24.77%, and 17.52% respectively [7] - Net profits are projected to reach CNY 4.60 billion, CNY 6.41 billion, and CNY 8.34 billion for the same period, with significant growth rates of 82.86%, 39.41%, and 30.05% respectively [7]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The introduction of the new heated non-combustible (HNB) products, Glo Hilo and Glo Hilo Plus, by British American Tobacco (BAT) in Japan is expected to drive growth in the HNB market, which is projected to reach a retail value of $389 billion by 2024 [4][11] - The Hilo product has received positive feedback during its trial phase, indicating a potential for rapid sales growth as it enters the broader Japanese market [10] - The global tobacco industry is nearing a trillion-dollar valuation, with new tobacco products expected to capture a larger market share as companies pivot towards harm reduction strategies [11] Industry Trends - The HNB market is anticipated to grow significantly, with BAT and other major tobacco companies increasing their focus on HNB products to facilitate a transition to smoke-free alternatives [11] - The market share for HNB products is currently dominated by Philip Morris International (71%), followed by British American Tobacco (16%) and Japan Tobacco (6%) [11] - The report suggests monitoring companies linked to BAT's HNB products, such as Smoore International, and other key players in the new tobacco product space [11] Market Performance - The report notes that the retail index increased by 4.56% during the week of June 23 to June 27, 2025, while the overall market indices also showed positive performance [12][14] - Year-to-date performance for the retail index stands at a 9.49% increase, indicating a favorable market environment for the retail sector [12][16] Company Valuation - The report includes a valuation table for various companies within the industry, highlighting their market capitalization, earnings projections, and investment ratings [18] - Notable companies such as Proya (P/E of 21), Betaini (P/E of 37), and Marubi (P/E of 48) are recommended for investment, indicating strong growth potential [18]

Trading Information - On June 25, 2025, Yingqu Technology (002925) closed at 16.3 yuan, up 1.68%, with a turnover rate of 0.78%, a trading volume of 57,200 shares, and a transaction amount of 92.58 million yuan [1] - On the same day, the fund flow showed a net outflow of 6.29 million yuan from main funds, a net outflow of 3.35 million yuan from speculative funds, and a net inflow of 9.65 million yuan from retail investors [5] Company Announcements - Yingqu Technology announced the implementation of the 2024 annual equity distribution, with a cash dividend of 3 yuan per 10 shares (including tax), totaling 228.88 million yuan, based on a total share capital of 777,441,784 shares, excluding repurchased shares [2] - The record date for the equity distribution is July 2, 2025, and the ex-dividend date is July 3, 2025 [2] - The company adjusted the maximum repurchase price from 16.87 yuan per share to 16.58 yuan per share, effective from July 3, 2025 [3] - As of the announcement date, the company had repurchased 4.75 million shares for a total amount of 63.59 million yuan, with the expected repurchase quantity ranging from 573,520 shares to 875,080 shares based on the adjusted maximum repurchase price [3]

厦门盈趣科技股份有限公司 关于调整回购股份价格上限的公告 证券代码：002925 证券简称：盈趣科技 公告编号：2025-066 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。 厦门盈趣科技股份有限公司（以下简称"公司"）于 2024 年 8 月 20 日召开 第五届董事会第十次会议、第五届监事会第九次会议，于 2024 年 9 月 9 日召开 2024 年第二次临时股东大会，审议通过了《关于公司以集中竞价方式回购股份 的方案的议案》，同意公司使用自有资金通过二级市场以集中竞价交易的方式回 购公司股份用于注销并减少公司注册资本。本次回购总金额不低于人民币 8,000 万元（含）且不超过人民币 13,000 万元（含），回购价格不超过人民币 17.00 元/股（含），回购股份实施期限为自股东大会审议通过本次回购股份方案之日 起 12 个月内，具体内容详见公司于 2024 年 8 月 22 日和 2024 年 9 月 10 日在《证 券时报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 公司以集中竞价方式回购股份的方案的 ...

盈趣科技（002925）公告，自2025年7月3日起，公司回购股份价格上限由不超过16.87元/股调整为不超 过16.58元/股。此次回购总金额不低于8000万元且不超过1.3亿元，回购股份用于注销并减少注册资本。 截至公告披露日，公司已回购股份474.56万股，回购总金额为6359.37万元。预计剩余资金可回购股份数 量约98.95万股，加上已回购股份数量，预计本次可回购股份数量573.52万股，约占公司总股本的 0.7377%。 ...

证券代码：002925 证券简称：盈趣科技 公告编号：2025-065 厦门盈趣科技股份有限公司（以下简称"公司"或"本公司"）2024 年年度 权益分派方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过。本 次实施的分派方案与 2024 年年度股东大会审议通过的分派方案一致，本次实施 分派方案时间距离 2024 年年度股东大会审议通过之日未超过两个月。为了保证 本次权益分派的正常实施，公司在结算公司申请办理分红派息业务至股权登记日 期间不会进行股份回购。现将权益分派事宜公告如下： 厦门盈趣科技股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 根据《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，上市公司回购专用证券账户中的股份，不享有利润分配等权利，公司回购 专用证券账户中的 14,516,002 股不参与本次权益分派。本次权益分派按照固定比 例方式分配的原则，以公司现有总股本 777,441,784 股剔除已回购股份 14,516,002 股后的 ...

证券代码：002925 证券简称：盈趣科技 公告编号：2025-064 关于公司控股股东部分股份解除质押的公告 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。 厦门盈趣科技股份有限公司（以下简称"公司"）近日接到控股股东深圳万 利达电子工业有限公司（以下简称"万利达工业"）通知，获悉万利达工业所持 有本公司的部分股份办理了解除质押业务，具体事项如下： 一、控股股东股份质押的基本情况 1、控股股东本次股份解除质押基本情况 | 股东 | 是否为控股股 东或第一大股 | 本次解除质 押数量 | 占其所 持股份 | 占总股 | 质押 | 解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一致行 | | | 本比例 | 起始日 | 质押日 | | | | | （股） | 比例 | | | | | | | 动人 | | | | | | | | 万利达 | 是 | 14,300,000 | 3.68% | 1.84% | 2023/4/18 | 2025/6/20 | 国泰海通证券股 ...

Summary of Key Points Core Viewpoint - Xiamen Yingqu Technology Co., Ltd. has received notification from its controlling shareholder, Shenzhen Wanlida Electronic Industry Co., Ltd., regarding the release of part of its pledged shares, indicating a potential positive development in the company's financial stability and shareholder confidence [1]. Group 1: Share Pledge Details - The controlling shareholder, Wanlida Industrial, has released 1,000,000 shares from pledge, which accounts for 0.26% of its total holdings and 0.13% of the company's total share capital [1]. - As of June 13, 2025, the total share capital of the company is 777,441,784 shares [1]. Group 2: Current Pledge Situation - Wanlida Industrial holds 388,438,960 shares, representing 49.96% of its holdings, with 231,426,098 shares pledged before the release and 230,426,098 shares pledged after the release, indicating a pledge ratio of 59.32% [2]. - The total number of pledged shares by Wanlida Industrial and its concerted actors is 23,042.61 million shares, which is 53.73% of their total holdings and 29.64% of the company's total share capital, with a corresponding financing balance of 1,850.70 million yuan [5]. Group 3: Financial Implications - The repayment sources for the financing balance primarily come from self-owned and self-raised funds, indicating sufficient repayment capability [5]. - There are no non-operating fund occupations or illegal guarantees that could harm the company's interests, and the share pledge does not impact the company's operations or governance [5]. Group 4: Risk Management - The current pledged shares do not pose a risk of forced liquidation, and the pledge actions will not lead to a change in the actual control of the company [5]. - In the event of any potential liquidation risk, the controlling shareholder will promptly notify the company and take necessary measures to mitigate risks [5].

Core Viewpoint - The company has successfully completed the non-trading transfer of shares under its 2025 Employee Stock Ownership Plan (ESOP), which aims to enhance employee engagement and align their interests with the company's performance [1][6]. Group 1: Employee Stock Ownership Plan Details - The 2025 ESOP was approved during the company's board and shareholder meetings held on March 7, 2025, and March 27, 2025, respectively [1]. - The plan involves the transfer of 12,351,780 shares, representing 1.59% of the company's total share capital, from the company's repurchased shares [4][6]. - The total amount raised from employee contributions to the ESOP is approximately RMB 139.58 million, with 448 employees participating [5]. Group 2: Share Repurchase and Funding - The shares for the ESOP were sourced from the company's repurchased A-shares, with a total of 9,679,297 shares repurchased in 2022 and 4,584,553 shares in 2023 [2][3]. - The total amount spent on share repurchases was approximately RMB 199.99 million in 2022 and RMB 69.92 million in 2023 [2][3]. - As of the last transfer, the company had a total of 22,122,142 shares available for the ESOP, which is 2.85% of the total share capital [4]. Group 3: Plan Structure and Governance - The ESOP has a duration of 60 months, with shares unlocking in three phases based on performance metrics [6]. - The plan does not involve any financial assistance or guarantees from the company to the participants [5]. - Participants in the ESOP will voluntarily waive their voting rights associated with the shares held under the plan [7]. Group 4: Accounting Treatment - The expenses related to the ESOP will be amortized according to relevant accounting standards, impacting the company's net profit during the plan's duration [8]. - The plan is expected to positively influence employee motivation and operational efficiency, although the exact financial impact will be determined by annual audit reports [8].

证券代码：002925 证券简称：盈趣科技 公告编号：2025-063 厦门盈趣科技股份有限公司 关于 2025 年员工持股计划非交易过户完成的公告 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。 厦门盈趣科技股份有限公司（以下简称"公司"）于 2025 年 3 月 7 日召开 了第五届董事会第十五次会议及第五届监事会第十四次会议，于 2025 年 3 月 27 日召开 2025 年第一次临时股东大会，审议通过了《关于公司<2025 年员工持股 计划（草案）>及其摘要的议案》《关于公司<2025 年员工持股计划管理办法> 的议案》等相关议案，同意公司实施 2025 年员工持股计划（以下简称"本持股 计划"或"本员工持股计划"），同时股东大会授权董事会办理与本员工持股计 划相关的事宜。具体内容详见公司 2025 年 3 月 11 日、2025 年 3 月 28 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《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 ...