Group 1: Inventory Management and Financial Performance - The company utilizes an intelligent inventory management system to mitigate risks associated with inventory growth, considering factors such as sales trends, competition, and seasonal characteristics. As of Q1 2025, inventory levels are approximately 1.491 billion CNY [2][3] - For Q1 2025, the company reported total revenue of 2,291,894,216.24 CNY, total costs of 2,288,996,272.44 CNY, resulting in an operating loss of 12,760,710.37 CNY and a net loss of 16,030,883.11 CNY [3][4] Group 2: E-commerce Strategy and Market Expansion - The company is actively exploring new e-commerce platforms such as Temu and TikTok, while maintaining a balanced approach across multiple platforms, including Amazon and Walmart, to drive sales growth [3][4] - The company has a global presence, covering over a hundred countries, with a focus on North America and Europe, and plans to further expand its overseas market [4][5] Group 3: Competitive Advantage and Future Growth - The company aims to maintain its competitive edge through a multi-category, multi-platform strategy, leveraging AI technology and a professional team to enhance operational efficiency [6][7] - Future growth will focus on product diversification, multi-channel strategies, and AI-driven improvements, with an emphasis on optimizing overseas warehouse layouts [7][8] Group 4: Industry Outlook - According to Statista, the global e-commerce market is expected to grow at a rate of 7.8%-9.7% in 2024, outpacing the global retail market growth of 4%-5%. By 2025, the e-commerce user penetration rate is projected to reach 42.4% [8]

关于首次回购公司股份暨回购股份进展的公告 证券代码：300592 证券简称：华凯易佰 公告编号：2025-043 华凯易佰科技股份有限公司 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、 误导性陈述或者重大遗漏。 华凯易佰科技股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召开了 第四届董事会第六次会议、第四届监事会第六次会议，审议通过了《关于回购公 司部分股份方案的议案》，同意公司以集中竞价交易方式回购部分公司发行的人 民币普通股（A 股）股票，并依法用于股权激励及/或员工持股计划（以下简称"本 次回购"）。本次回购的资金总额不低于人民币 5,000 万元且不超过人民币 10,000 万元（均含本数），回购价格不超过人民币 18.00 元/股。本次回购股份的实施期 限为自董事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 在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告暨回 购股份报告书》（公告编号：2025-016）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等有关 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but net profit declined sharply, indicating challenges in profitability despite revenue growth [1][4]. Financial Performance - For 2024, the company achieved a total revenue of 9.022 billion yuan, a year-on-year increase of 38.42%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 48.77% [1]. - In Q1 2025, the company reported revenue of 2.292 billion yuan, up 35.08% year-on-year, but a net loss of 15 million yuan, marking a shift from profit to loss [1]. Integration and Channel Diversification - The integration of Tongtuo Technology began to show results, contributing 1.313 billion yuan in revenue from July to December 2024, with a net loss of 11 million yuan, significantly improved from a loss of 99.92 million yuan in 2023 [2]. - The company is actively expanding into popular e-commerce channels, with Temu generating over 352 million yuan, TikTok over 188 million yuan, and Walmart over 381 million yuan, reducing reliance on Amazon, whose revenue share dropped from 74.81% to 64.03% [2]. Profitability Challenges - The company's gross margin for 2024 was 33.86%, down 3.10 percentage points year-on-year, and the net profit margin was 1.89%, down 3.21 percentage points [3]. - In Q1 2025, the gross margin further declined to 31.48%, a decrease of 4.97 percentage points, with a net profit margin of -0.66%, down 5.49 percentage points [3]. - The decline in profitability is attributed to an active inventory clearance plan, with asset impairment losses of 74 million yuan in 2024 and 22 million yuan in Q1 2025, representing significant year-on-year increases [3]. Long-term Outlook - Despite short-term profitability pressures, the company is expected to maintain growth momentum through its focus on new platforms like Temu and TikTok, and the integration of Tongtuo Technology [4]. - Revenue projections for 2025-2027 are 11.294 billion yuan, 13.507 billion yuan, and 15.873 billion yuan, with corresponding growth rates of 25.18%, 19.60%, and 17.51% [4]. - Expected net profits for the same period are 286 million yuan, 406 million yuan, and 563 million yuan, with growth rates of 67.92%, 42.03%, and 38.64% respectively [4].

证券代码：300592 证券简称： 华凯易佰 公告编号：2025-042 华凯易佰科技股份有限公司 关于举办 2024 年年度暨 2025 年第一季度网上业绩说明会的公 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。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 5 月 13 日 前 访 问 网 址 https://eseb.cn/1nOtfhQPEU8 或使用微信扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 华凯易佰科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日在巨 潮资讯网上披露了《2024 年年度报告》及摘要，于 2025 年 4 月 25 日在巨潮资 讯网上披露了《2025 年一季度报告》。为方便广大投资者更加全面深入地了解公 司经营业绩、发展战略等情况，公司定于 2025 年 5 月 13 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn）举办华凯易佰科技股份有限公司 2024 年年度 暨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company has shown steady growth in its main business, but short-term profitability is impacted by inventory factors. In 2024, the company achieved a revenue of 9.022 billion yuan, a year-on-year increase of 38.4%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 48.8% [4][5] - The company is expected to continue its growth trajectory through the integration of Tongtuo Technology, building a brand matrix, and enhancing its overseas warehouse layout. The current valuation is considered reasonable [4][6] Financial Performance Summary - In 2024, the company generated a revenue of 9.022 billion yuan, with a year-on-year growth of 38.4%. The net profit attributable to shareholders was 170 million yuan, reflecting a significant decline of 48.8% [4][8] - For Q1 2025, the company reported a revenue of 2.292 billion yuan, up 35.1% year-on-year, but a net loss of 15 million yuan compared to a profit of 82 million yuan in the same period of 2024 [4][5] - The gross margin for 2024 was 33.9%, down 3.1 percentage points, primarily due to shipping fluctuations and excess inventory leading to unsold stock [5][8] Business Segment Performance - The company's cross-border e-commerce and comprehensive service business achieved revenues of 8.066 billion yuan and 941 million yuan, respectively, with year-on-year growth rates of 41.6% and 19.7% [5][6] - The company has a diverse product offering with approximately 1.16 million SKUs in its general merchandise business and 6,685 SKUs in its premium product line, indicating a broad market reach [5][6] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 266 million yuan, 361 million yuan, and 452 million yuan, respectively, with corresponding EPS of 0.66 yuan, 0.89 yuan, and 1.12 yuan [4][8]

证券代码：300592 证券简称：华凯易佰 公告编号：2025-041 关于 2024 年限制性股票激励计划第一个解除限售期 解除限售股份上市流通的提示性公告 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。 重要内容提示： 公司 2024 年限制性股票激励计划第一个解除限售期解除限售条件已经 成就，符合解除限售条件的激励对象共计 103 名，可解除限售的限制性股票数量 为 802.4240 万股，占公司当前总股本的 1.98%。 本次解除限售股份可上市流通的日期为：2025 年 4 月 30 日。 华凯易佰科技股份有限公司 华凯易佰科技股份有限公司（以下简称"华凯易佰"或"公司"）于 2025 年 4 月 22 日召开了第四届董事会第七次会议和第四届监事会第七次会议，审议 通过了《关于 2024 年限制性股票激励计划第一个解除限售期解除限售条件成就 的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《华凯易佰科技股份有限公司 2024 年限制性股票激励计划（草案）》（以下简 称"《激励计划》"）的相关规定，公司办理了 2024 年限制性 ...

Core Viewpoint - Huakai Yibai (300592) reported significant revenue growth but faced a substantial decline in net profit, transitioning from profit to loss in Q1 2025, raising concerns about cost control and business integration challenges [1][2][4]. Financial Performance - In Q1 2025, Huakai Yibai's revenue reached 2.292 billion yuan, a year-on-year increase of 35.08%, while the net profit was -15.09 million yuan, a decline of 118.42% [2]. - For the full year 2024, the company achieved total revenue of 9.022 billion yuan, up 38.42%, but net profit fell by 48.77% to 170 million yuan [2]. - The company's basic earnings per share for Q1 2025 were -0.04 yuan, with a weighted average return on equity of -0.64% [2]. Cost Structure - In Q1 2025, Huakai Yibai's operating expenses totaled 717 million yuan, an increase of 195 million yuan compared to the previous year, with an expense ratio of 31.31%, up 0.49 percentage points [2]. - Sales expenses rose by 43.65%, management expenses by 32.79%, and R&D expenses by 15.89%, while financial expenses decreased significantly by 1370.93% [2]. Business Expansion - Huakai Yibai operates across various cross-border e-commerce platforms, including Amazon, Temu, TikTok, AliExpress, and Walmart, focusing on home and garden, industrial, and commercial products [1][3]. - The company had over 1,200 stores on Amazon by the end of 2024, following the acquisition of Tongtuo Technology, which added 286 stores [3][4]. Acquisition Impact - The acquisition of Tongtuo Technology for 700 million yuan was aimed at enhancing product category and warehouse synergies, as well as optimizing supply chain integration and cost control [1][3]. - Tongtuo Technology reported revenue of approximately 1.312 billion yuan in the latter half of 2024, with a net loss of 11.11 million yuan, indicating improved performance but still not profitable [4].

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

2025 年一季度报告披露提示性公告 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。 证券代码：300592 证券简称： 华凯易佰 公告编号：2025-039 华凯易佰科技股份有限公司 特此公告。 华凯易佰科技股份有限公司董事会 2025 年 4 月 25 日 华凯易佰科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日分别 召开了第四届董事会第八次会议、第四届监事会第八次会议，审议通过了《关于 公司 2025 年一季度报告的议案》。 为使投资者全面了解公司经营成果、财务状况，公司《2024 年一季度报告》 将于 2025 年 4 月 25 日刊登在中国证监会指定的创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn），敬请投资者注意查阅。 ...

西部证券股份有限公司 独立财务顾问声明 西部证券股份有限公司作为华凯易佰科技股份有限公司重大资产购买的独 立财务顾问，根据《上市公司重大资产重组管理办法》《上市公司并购重组财务 顾问业务管理办法》等法律法规的有关规定，按照证券行业公认的业务标准、道 德规范，本着诚实信用、勤勉尽责的态度，经过审慎核查，结合上市公司 2024 年度报告，出具关于上市公司重大资产购买的持续督导意见。 本持续督导意见所依据的文件和材料由交易各方提供。本次交易各方保证其 所提供的有关本次重组的相关信息真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏，并对所提供信息的真实性、准确性、完整性负责。 本独立财务顾问特别提醒投资者注意，本持续督导意见不构成对上市公司的 任何投资建议；投资者根据本持续督导意见所做出的任何投资决策而产生的相应 风险，本独立财务顾问不承担任何责任。 关于 华凯易佰科技股份有限公司 重大资产购买 之 2024 年度持续督导意见 独立财务顾问 二〇二五年四月 本独立财务顾问未委托或授权其他任何机构或个人提供未在本持续督导意 见中列载的信息和对本持续督导意见做任何解释或者说明。 本独立财务顾问提请投资者认真阅读上 ...