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%。 ...

Core Viewpoint - The internet e-commerce sector experienced a slight increase of 0.47% on January 29, with 壹网壹创 leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index declining by 0.3% [1]. Group 1: Market Performance - The internet e-commerce sector's performance was highlighted by 壹网壹创, which closed at 42.68 with a rise of 5.88% and a trading volume of 310,300 shares [1]. - Other notable performers included ST通葡, which increased by 2.33% to close at 3.07, and 凯淳股份, which rose by 1.65% to 36.39 [1]. - The overall trading volume for the internet e-commerce sector was significant, with individual stocks like 华凯易佰 and 焦点科技 achieving trading volumes of 327,100 and 141,200 shares respectively [1]. Group 2: Capital Flow - The net inflow of main funds into the internet e-commerce sector was 134 million yuan, while retail funds saw a net inflow of 989,400 yuan [2]. - Conversely, speculative funds experienced a net outflow of 135 million yuan, indicating a shift in investment strategies among different types of investors [2]. - The capital flow data showed that 壹网壹创 had a main fund net inflow of 125 million yuan, despite a net outflow from speculative and retail investors [3]. Group 3: Individual Stock Analysis - 壹网壹创 led the sector with a main fund net inflow of 125 million yuan, representing 9.24% of its trading volume [3]. - 焦点科技 and 青木科技 also saw significant main fund inflows of 45.09 million yuan and 26.03 million yuan respectively, indicating strong investor interest [3]. - In contrast, ST通葡 experienced a negative main fund flow of 1.20 million yuan, reflecting weaker investor confidence [3].

1月28日，华凯易佰大宗交易成交16.3万股，成交额203.42万元，占当日总成交额的0.57%，成交价12.48 元，较市场收盘价13.64元折价8.5%。 | 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2026-01-28 | 300592 | 华凯易佰 | 12.48 | 16.30 | 203.42 机构专用 | | 红塔证券股份有限 公司长沙八一路证 劳营业部 | ...

Group 1 - The internet e-commerce sector increased by 0.73% on January 27, with Kai Chun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the internet e-commerce sector showed significant price movements, with Kai Chun Co., Ltd. rising by 11.40% to a closing price of 37.13 [1] Group 2 - The net inflow of main funds in the internet e-commerce sector was 181 million yuan, while retail investors experienced a net outflow of 301 million yuan [2] - The stock "Xin Xun Da" saw a decline of 4.84%, closing at 21.06 yuan, with a trading volume of 161,500 shares [2] - The stock "Hua Kai Yi Bai" had a net inflow of 65.46 million yuan from main funds, indicating strong institutional interest despite overall sector outflows [3]

华凯易佰 20260122 摘要 公司四季度业绩显著反转，归母净利润环比增长 552%至 788%，主要 得益于前期高库存、库存减值及高费用压力缓解，以及股权激励费用冲 回的积极影响。 公司通过收购易佰网络转型为跨境电商，目前主要收入和利润来源于易 佰网络，母公司华凯创意主要为费用中心，新老管理层正在交替，胡范 金和庄俊超分别负责 IT 架构与供应链。 公司聚焦宠物用品、家具及母婴玩具三大核心品类，SKU 超过 110 万， 通过系统自动管理，主要销售平台包括亚马逊、沃尔玛及 TikTok，并积 极拓展精品业务。 亚马逊占公司销售额的 60%，仍是最重要平台，美国市场贡献 40%销 售额，欧洲市场占比近 30%，俄罗斯、波兰等新兴市场增速较快，占比 超 10%。 预计 2026 年公司将实现持续高增长，高库存问题已解决，新管理层对 未来充满信心，并推进泛品向精品化发展，通过内部孵化与外部并购扩 展业务。 Q&A 华凯 100 在 2025 年的业绩表现如何？ 华凯 100 在 2025 年的业绩预告显示，公司盈利为 1.32 亿元至 1.62 亿元，同 比下降 22.43%至 4.8%。公司全年收入预计为 9 ...

1月23日，华凯易佰大宗交易成交71.1万股，成交额900.13万元，占当日总成交额的1.13%，成交价12.66 元，较市场收盘价14.39元折价12.02%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交舍额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-23 | 300592 | 华凯易佰 | 12.66 | 23.70 | 300.04 华泰证券股份有限 | | 中信证券股份有限 | | | | | | | | 公司北京分公司 | 公司武汉中北路证 | | | | | | | | | 券营业部 | | 2026-01-23 | 300592 | 华凯易佰 | 12.66 | 15.80 | 200.03 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司武汉中北路证 | | | | | | | | | 券营业部 | | 2026-01-23 | 300592 | 华凯 ...