Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Group 1 - The core point of the announcement is that shareholder Li Jinmiao has completed the transfer of shares through block trading, selling a total of 130,075 shares, which represents 0.0170% of the company's total share capital as of July 3, 2025 [2][3] - The transfer was conducted at an average price of 15.59 yuan per share, and the total share capital of the company was 777,441,784 shares at the time of the transfer [2] - Following the transfer, Li Jinmiao's remaining shareholding decreased from 520,300 shares (0.0682%) to 390,225 shares (0.0511%) [2][3] Group 2 - The transfer was in accordance with relevant regulations, including the Interim Measures for the Administration of Shareholders' Reduction of Holdings and the Shenzhen Stock Exchange's self-regulatory guidelines [2][3] - The company confirms that this transfer will not lead to a change in control or significantly impact the company's governance structure and ongoing operations [3]

实施结果公告 厦门盈趣科技股份有限公司 关于部分高级管理人员通过大宗交易转让股份的 股东李金苗先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：002925 证券简称：盈趣科技 公告编号：2025-068 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 厦门盈趣科技股份有限公司（以下简称"公司"）于 2025 年 6 月 10 日在《证 券时报》和巨潮资讯网（http://www.cninfo.com.cn）披露了《关于董事、高级管理 人员通过大宗交易转让股份的预披露公告》（公告编号：2025-059），持有公司股 份 520,300 股（占公司当时总股本比例 0.0693%）的股东李金苗先生拟在 2025 年 7 月 2 日至 2025 年 10 月 1 日期间通过大宗交易的方式转让公司的股份不超过 130,075 股，即不超过公司当时总股本的 0.0173%。本次转让计划通过大宗交易 方式进行，拟自本转让计划公告披露之日起 15 个交易日后的三个月内实施，在 任意连续九十个自然日内转让股份总量不超过公司股份总数的 2%。 注：总股本以截至 ...

Group 1 - The core point of the announcement is that shareholder Li Jinmiao transferred 130,100 shares of Yingqu Technology (002925) through a block trade on July 3, 2025, which represents 0.0170% of the company's total share capital [1] - After the transfer, Li Jinmiao's shareholding decreased to 390,200 shares, accounting for 0.0511% of the total shares [1] - The transfer plan complies with relevant laws and regulations and will not result in a change of control of the company [1]

证券代码：002925 证券简称：盈趣科技 公告编号：2025-067 厦门盈趣科技股份有限公司 关于回购公司股份的进展公告 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。 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《自律 监管指引第 9 号》第十七条、十八条的相关规定。 1、公司未在下列期间回购公司股份： 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 ...

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%。 ...