证券代码：300592 证券简称： 华凯易佰 公告编号：2026-009 华凯易佰科技股份有限公司 关于持股5%以上股东及其他股东 股份减持计划期满暨完成情况的公告 股东周新华先生、何志良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。 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。 华凯易佰科技股份有限公司（以下简称"公司"）于 2025 年 12 月 3 日披露了 《关于持股 5%以上股东及其他股东减持公司股份计划的预披露公告》（公告编 号：2025-101），持股 5%以上股东周新华先生计划在 2025 年 12 月 25 日至 2026 年 3 月 24 日期间，以集中竞价方式及/或大宗交易方式减持公司股份合计不超过 11,763,797 股；股东何志良先生计划在 2025 年 12 月 25 日至 2026 年 3 月 24 日 期间，以集中竞价方式减持本公司股份合计不超过 118,826 股。 2026 年 1 月 5 日，公司披露了《关于持股 5%以上股东及其一致行动人持股 比例变动触及 1%整数倍的公告》（公告编号：2026-001）， ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the launch of JD's cross-border e-commerce platform Joybuy in six European countries, marking a shift to comprehensive retail operations and emphasizing a self-operated model to enhance competitive differentiation [25][27] - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption themes, including gold jewelry, offline retail, cosmetics, and medical aesthetics [7][30][31] Industry Overview - The retail and social service indices reported a decline of 4.55% and 4.00% respectively during the week of March 16-20, 2026, with the retail index down 12.57% year-to-date [6][15] - The hotel and restaurant sector showed the smallest decline this week, while it has the highest growth year-to-date at 3.19% [18][20] Company-Specific Insights - Joybuy's self-operated model is expected to create a competitive edge through quality control and service reliability, with over 60 logistics warehouses established in Europe [27][28] - The report recommends several companies based on their growth potential: - **Old Puhuang**: Expected net profit growth of 226%-233% in 2025, driven by channel expansion and brand enhancement [32][41] - **Chao Hong Ji**: Anticipated net profit growth of 125%-175% in 2025, supported by differentiated product strength and multi-channel marketing [35] - **Mao Ge Ping**: Expected revenue growth of 31.3% in H1 2025, benefiting from its position as a high-end domestic cosmetics brand [35] - **Meili Tianyuan Medical Health**: Projected net profit growth of 34% in 2025, leveraging strong market positioning in high-end beauty [35] Market Dynamics - The report emphasizes the importance of adapting to consumer trends, with a focus on emotional value and innovative product safety in cosmetics and personal care [30][31] - Companies are encouraged to explore opportunities in the evolving landscape of cross-border e-commerce, particularly those with strong brand and supply chain capabilities [27][30]

证券代码：300592 证券简称：华凯易佰 公告编号：2026-008 2、统一社会信用代码：914403005840583015 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | | 一般经营项目：国内贸易；货物及 | 一般经营项目：国内贸易；货物及 | | | 技术进出口（法律、行政法规禁止 | 技术进出口（法律、行政法规禁止 | | | 的项目除外，法律、行政法规限制 | 的项目除外，法律、行政法规限制 | | | 的项目须取得许可后方可经营）； | 的项目须取得许可后方可经营）； | | | 国内货运代理；投资兴办实业（具 | 国内货运代理；投资兴办实业（具 | | | 体项目另行申报）；计算机软硬件 | 体项目另行申报）；计算机软硬件 | | | 的设计、技术开发与销售；网络科 | 的设计、技术开发与销售；网络科 | | | 技设备及相关产品的设计及技术开 | 技设备及相关产品的设计及技术开 | | | 发、技术咨询；网络技术开发、技 | 发、技术咨询；网络技术开发、技 | | 经营范围 | 术咨询；（不含限制项目）网络游 | 术咨询；（不含限制项目）网络游 | ...

Investment Rating - The report maintains a positive outlook on the duty-free and gold jewelry sectors, suggesting a "Buy" rating for the industry based on expected growth exceeding market averages [29]. Core Insights - Duty-Free: Hainan's offshore duty-free sales data is impressive, alleviating market concerns. From March 1 to March 12, sales reached approximately 1.59 billion, with a daily average of 133 million, reflecting a 41.7% increase compared to the previous month. The growth in March exceeded expectations, driven by high-net-worth individuals attending events in Hainan [1][11][13]. - Gold Jewelry: Laopo Gold has forecasted its 2025 performance, with expected revenues of 27-28 billion, a year-on-year increase of 217%-229%. Net profit is projected at 4.8-4.9 billion, up 226%-233%. The company plans two price increases in the second half of 2025, which are expected to be well-received by consumers, enhancing profit margins [1][14]. Industry Data Tracking - GMV Performance: In the fourth week of January, the combined GMV of Tmall and JD.com increased by 81.52% year-on-year, likely influenced by the timing of the New Year festival. The top five categories showing growth were automotive, home improvement, books and media, watches, and outdoor sports [2][15]. Market Review - In the week of March 9 to March 13, major indices showed mixed performance, with the Shanghai Composite Index down 0.70% and the Shenzhen Component Index up 0.76%. The retail sector underperformed, ranking eighth among nine major consumption sectors [3][18][21]. Investment Recommendations - Duty-Free: The investment logic remains intact, with current prices warranting more aggressive attention. The short-term outlook is positive due to reduced discounts and currency appreciation driving profit margins. The mid-term outlook is bolstered by the recovery of high-end consumption and the return of Japanese tourists [4][26]. - Gold Jewelry: Continued recommendations for leading brands like Laopo Gold, which is expected to benefit from consumer acceptance of price increases and ongoing brand strength. Additionally, Chaohongji is anticipated to enhance profitability through new product launches and improved store models [4][26][27].

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The report continues to recommend investment in the travel and tourism sector, specifically hotels and scenic spots, highlighting companies such as Huazhu Group, ShouLai Hotel, and JinJiang Hotels [4]. - Individual stock opportunities include ZhuMian Group, Jiangsu Guotai, SuMeiDa, Action Education, GuoQuan, HaiDiLao, and GuMing [4]. - The report notes adjustments in US-China tariffs and suggests focusing on cross-border expansion, recommending companies like Anker Innovation, KangNaiTe Optical, and GreenLink Technology [4]. - The retail sector saw a decline, with the trade retail sector down 3.61% and consumer services down 7.95% last week, ranking 22nd and 24th out of 30 industries respectively [4]. - Key stock performers included SuMeiDa (+14.33%), QinShang Shares (+12.58%), and Action Education (+10.30%) [4]. Industry Updates - In the social service industry, MiXue Ice City is testing fresh coffee products, and Ctrip will launch a pricing assistant feature to enhance merchant pricing autonomy starting March 10 [4]. - The China Securities Regulatory Commission (CSRC) plans to support innovative enterprises in new consumption and modern services to list on the Growth Enterprise Market [2][4]. - In the retail sector, Taobao has initiated a "Billion Spring Subsidy" campaign, while JD.com anticipates reduced investment in food delivery for 2026 compared to 2025 [4]. - In 2025, Henan province's cross-border e-commerce exports reached $3.359 billion, a 23.7% year-on-year increase [4]. Company Announcements - Lao Feng Xiang reported a net profit of 1.75496 billion yuan for 2025, a decrease of 9.99% year-on-year [4]. - Guangzhou Restaurant achieved a net profit of 487.98 million yuan for 2025, down 1.19% year-on-year [4]. - JD.com reported a net profit of 19.6 billion yuan for 2025, a decline of 52.66% year-on-year [4].

证券代码：300592 证券简称： 华凯易佰 公告编号：2026-007 华凯易佰科技股份有限公司 关于股东部分股份质押及解除质押的公告 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。 日，周新华先生持有公司股份 24,071,658 股，上述减持计划尚未实施完毕。（下同） 本次质押股份未被用作重大资产重组业绩补偿等事项的担保或其他保障用 途。 | 二、本次股东股份解除质押基本情况 | | --- | | 股东 | 是否为控股股东或 第一大股东及其一 | 本次解除质押 | 占其所持股 | 占公司总股 | 质押开始日期 | 解除质押日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 致行动人 | 股份数量（股） | 份比例 | 本比例 | | | | | 周新华 | 否 | 1,076,000 | 4.47% | 0.27% | 2025-03-04 | 2026-02-27 | 红塔证券股份 有限公司 | 近日，华凯易佰科技股份有限公司（以下简称"公司"）收到股东周新华先生 的 ...

Investment Rating - The report maintains an "Overweight" rating for the gold jewelry and tourism sectors [4]. Core Insights - The report highlights the potential for revaluation in the gold jewelry sector due to international geopolitical instability and rising gold prices, indicating that the jewelry sector is generally undervalued. It recommends companies such as Cai Bai Co., Lao Pu Gold, Luk Fook Holdings, China Gold, Chao Hong Ji, and Chow Sang Sang [2][4]. - The tourism sector is expected to continue its recovery, with specific recommendations for hotels including Huazhu Group-S, Shoulv Hotel, and Jin Jiang Hotels, as well as scenic spots like Emei Mountain A, Jiuhua Tourism, Huangshan Tourism, and Sanxia Tourism [4]. - Individual stock opportunities are identified, recommending companies such as Zhu Mian Group, Jiangsu Guotai, Su Mei Da, Action Education, Guo Quan, Hai Di Lao, and Gu Ming [4]. - The report notes the impact of US-China tariff adjustments and suggests monitoring cross-border exports, recommending companies like Anker Innovations, Konnate Optics, Ugreen Technology, Saiwei Times, Huakai Yibai, and Zhiou Technology [4]. Summary by Sections Industry Overview - The report emphasizes the recovery in consumer spending and the overall positive outlook for the tourism sector, particularly in light of the longest Spring Festival holiday in history [2][4]. Market Performance - Last week, the retail trade sector saw a rise of 0.86%, while the consumer services sector experienced a decline of 4.02%, ranking 22nd and 29th respectively among 30 sectors [4]. Company Updates - Key updates include Cai Bai Co. announcing a share reduction plan and Anker Innovations reporting a significant bond reduction [4]. - The report also highlights the performance of various companies, with notable increases in stock prices for Jin Jiang Hotels (+6.24%), Shoulv Hotel (+5.69%), and Huazhu Group-S (+5.20%) [4]. Financial Projections - The report provides financial forecasts for key companies in the gold jewelry sector, indicating expected growth in net profits and PE ratios for companies like Chow Tai Fook and Lao Feng Xiang [5]. Dividend and ROE Analysis - The report includes a detailed analysis of dividend rates and return on equity (ROE) for various companies, indicating strong performance metrics for several key players in the industry [7].

Investment Rating - The report maintains an "Overweight" rating for the gold and jewelry sector as well as for the tourism and travel industry [4]. Core Insights - The report highlights that the international geopolitical situation is unstable, leading to an increase in gold prices and an overall undervaluation of the jewelry sector. It recommends companies such as Cai Bai Co., Lao Pu Gold, Luk Fook Holdings, China Gold, Chao Hong Ji, and Chow Sang Sang. Additionally, certain bulk trading companies are expected to benefit indirectly, with a focus on Su Mei Da [2][4]. - The tourism and travel sector is expected to continue its recovery, with recommendations for hotels including Huazhu Group-S, Shoulv Hotel, and Jin Jiang Hotels, as well as scenic spots like Emei Mountain A, Jiuhua Tourism, Huangshan Tourism, and Sanxia Tourism [4]. - Individual stock opportunities include recommendations for Zhu Mian Group, Jiangsu Guotai, Su Mei Da, Action Education, Guo Quan, Hai Di Lao, and Gu Ming [4]. - The report notes adjustments in US-China tariffs and suggests monitoring cross-border exports, recommending companies such as Anker Innovations, Konnate Optics, Ugreen Technology, Saiwei Times, Huakai Yibai, and Zhiou Technology [4]. Summary by Sections Industry Overview - The report indicates a significant increase in gold prices due to geopolitical instability, suggesting that the jewelry sector is undervalued [2][4]. - The tourism sector is projected to recover, with a focus on hotel and scenic area investments [4]. Company Recommendations - Recommended companies in the gold and jewelry sector include: - Cai Bai Co. (605599.SH) - Lao Pu Gold (6181.HK) - Luk Fook Holdings (0590.HK) - China Gold (600916.SH) - Chao Hong Ji (002345.SZ) - Chow Sang Sang (002867.SZ) [4][5]. - Recommended companies in the tourism sector include: - Huazhu Group-S (1179.HK) - Shoulv Hotel (600258.SH) - Jin Jiang Hotels (600754.SH) - Emei Mountain A (600238.SH) - Jiuhua Tourism (603199.SH) [4][5]. Market Performance - Last week, the retail sector saw a rise of 0.86%, while the consumer services sector experienced a decline of 4.02%, ranking 22nd and 29th respectively among 30 sectors [4].

Core Viewpoint - Huakai Yibai announced that shareholder Zhou Xinhua has pledged and released part of his shares, indicating active management of his equity stake [1] Group 1: Share Pledge and Release - Zhou Xinhua pledged 8,840,000 shares, which represents 36.72% of his total holdings and 2.19% of the company's total share capital [1] - A total of 8,270,000 shares were released from pledge, accounting for 34.36% of his holdings and 2.05% of the company's total share capital [1]

Group 1 - The core point of the article is that Huakai Yibai (300592) announced the completion of share pledge release by shareholder Zhou Xinhua on February 25, 2026, with a total of 8.27 million shares released, accounting for 34.36% of his holdings and 2.05% of the company's total share capital [1]