Investment Rating - The report maintains a positive investment rating for the cross-border e-commerce industry [11]. Core Insights - Cross-border e-commerce is characterized by high customer unit prices and high markup rates, but it has a longer midstream chain, leading to significant fluctuations in profitability [22]. - The industry is currently in a recovery phase, with a projected revenue growth of 26% in 2024 and 15% in Q1-Q3 of 2025, while non-recurring net profits are expected to decline by 46% and grow by 1% respectively [3][7]. - The report emphasizes the cyclical nature of profitability in the industry, with leading sellers gaining a relative advantage [8]. Summary by Sections Introduction: Exploring the Operating Cycle of Cross-Border E-Commerce - Cross-border e-commerce involves pre-stocking goods in overseas warehouses and includes complex logistics processes such as customs clearance and last-mile delivery, making it more intricate than traditional consumer goods [3][7]. Review: Strong Profitability Cycles and Head Seller Advantages - Historical analysis shows that the penetration rate of overseas e-commerce and the share of Chinese sellers are increasing, establishing a high growth baseline for the industry [8]. - The industry is transitioning from a phase dominated by e-commerce dividends to one focused on quality and compliance, with leading sellers outperforming overall industry growth [8]. Current Situation: Negative Impacts Easing, Industry Bottoming Out - The industry is currently in a recovery phase, driven by orderly supply chain transitions and tax reforms in China's e-commerce sector, which enhance competitive dynamics among leading sellers [9]. - Inventory levels among top sellers have reached historical lows, indicating that the inventory destocking phase is nearing its end, and shipping costs still have room to decline [9]. Investment Recommendations: Lightening the Load, Performance Inflection Point Expected - The report suggests that the cross-border e-commerce industry is expected to experience a performance inflection point in 2026, with revenue and profitability on an upward trajectory [10]. - Recommended companies include Anker Innovations and Ugreen Technology, which are leveraging channel and operational advantages to build brand recognition among overseas consumers [10].

证券代码：300592 证券简称： 华凯易佰 公告编号：2026-004 华凯易佰科技股份有限公司 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%及5%整数倍暨披露简式权益变动报告书的提示性公告 股东周新华先生及其一致行动人罗晔女士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。 特别提示： 1、本次权益变动系持股 5%以上股东减持公司股份，不涉及要约收购。 2 股东 名称 减持 方式 减持期间 减持均价 减持股份 （股） 占总 股本 比例 占剔除回 购股份后 总股本比 例 股份来源 周新 华 集中 竞价 2026.1.29-2026.1.30 14.35 元/股 714,000 0.18% 0.18% 公司首次公开 发行前股份， 公司 2021 年发 行股份购买资 产时向特定对 象 发 行 的 股 份，公司 2024 年实施股权激 励授予的股份 及因资本公积 转增股本而相 应 增 加 的 股 份，原一致行 动人神来科技 非交易过户的 股份。 大宗 交易 2026.1.29-2026.2.2 12. ...

股票代码：300592 信息披露义务人 1：周新华 住所/通讯地址：湖南省宁乡县**** 华凯易佰科技股份有限公司 简式权益变动报告书 上市公司名称：华凯易佰科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：华凯易佰 信息披露义务人 2：罗晔 股份权益变动性质：股份减少 住所/通讯地址：湖南省宁乡县**** 股份权益变动性质：不变 签署日期：2026 年 2 月 3 日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在华凯易佰科技股份有限公司中拥有权益 的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在华凯易佰科技股份有限公司中拥有权益的股 份。 四、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务 人 ...

证券之星消息，2月3日互联网电商板块较上一交易日上涨2.17%，华凯易佰领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。互联网电商板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002640 | 跨境通 | 4309.74万 | 10.87% | -2845.57万 | -7.18% | -1464.17万 | -3.69% | | 301558 三态股份 | | 3194.16万 | 9.06% | 1321.90万 | 3.75% | -4516.06万 | -12.81% | | 300592 华凯易佰 | | 2157.38万 | 6.17% | 187.68万 | 0.54% | -2345.05万 | -6.71% | | 002803 | 吉宏股份 | 1638.55万 | 6.70% | -1218.13万 | -4.98 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-02 | 300592 | 华凯易佰 | 12.27 | 26.00 | 319.02 招商证券股份有限 | 红塔证券股份有限 | | | | | | | 公司西安北大街证 | 公司长沙八一路证 | | | | | | | 券营业部 | 券营业部 | | 2026-02-02 | 300592 | 华凯易佰 | 12.27 | 16.30 | 200.00 长江证券股份有限 | 红塔证券股份有限 | | | | | | | 公司北京百万庄大 | 公司长沙八一路证 | | | | | | | 街证券营业部 | 券营业部 | | 2026-02-02 | 300592 | 华凯易佰 | 12.27 | 16.50 | 202.46 机构专用 | 红塔证券股份有限 | | | | | | | | 公司长沙八一路证 | | | | | ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-30 | 300592 | 华凯易佰 | 12.60 | 16.00 | | 201.60 机构专用 | 红塔证券股份有限 公司长沙八一路证 | | | | | | | | | 劳营业部 | | 2026-01-30 | 300592 | 华凯易佰 | 12.60 | 15.90 | | 200.34 国投证券股份有限 | 红塔证券股份有限 | | | | | | | | 公司连云港都州北 | 公司长沙八一路证 | | | | | | | | 路班券昌不部 | 券营业部 | 1月30日，华凯易佰大宗交易成交31.9万股，成交额401.94万元，占当日总成交额的1.26%，成交价12.6 元，较市场收盘价14.2元折价11.27%。 ...

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。 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），周新华先生于 2025 年 12 月 26 日至 2025 年 12 月 31 日期间通过深圳证券交易所集中竞价交易减持 公司股份 189,000 股，减持股份数量占公司总股本的比例为 0.05%。减持后周新 华先生直接持有公司股份 35,550,858 股，占公司总股本的比例为 8.79%。周新华 先生及其一致行动人罗晔女士合计持有公司股份 48,453,830 股，占公司总股本的 比例由 12.03%降低至 11.98%，累 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-29 | 300592 | 华凯易佰 | 12.47 | 23.00 | 286.81 机构专用 | | 红塔证券股份有限 | | | | | | | | | 公司长沙八一路证 | | | | | | | | | 券营业部 | | 2026-01-29 | 300592 | 华凯易佰 | 12.47 | 16.10 | 200.77 机构专用 | | 红塔证券股份有限 | | | | | | | | | 公司长沙八一路证 | | | | | | | | | 券营业部 | 1月29日，华凯易佰大宗交易成交39.1万股，成交额487.58万元，占当日总成交额的1.04%，成交价12.47元，较市场收盘价 13.85元折价9.96%。 ...