证券代码：300592 证券简称： 华凯易佰 公告编号：2024-110 华凯易佰科技股份有限公司 关于股东部分股份质押的公告 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。 近日，华凯易佰科技股份有限公司（以下简称"公司"）收到股东泗阳芒励 多企业管理合伙企业（有限合伙）（以下简称"芒励多"）的通知，获悉芒励多 将其所持有的公司部分股份办理了质押业务。具体事项如下： 一、股东股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押股 | 占其所持 | 占公司 总股本 | 是否为 | 是否补 | 质押起 | 质押到 | 质权人 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及一 | 数（股） | 股份比例% | 比例% | 限售股 | 充质押 | 始日 | 期日 | | 用途 | | | 致行动人 | | | | | | | | | | | 芒励多 | 否 | 10,660,000 | 25.43 | 2.63 | 否 | 否 | ...

证券代码：300592 证券简称： 华凯易佰 公告编号：2024-109 华凯易佰科技股份有限公司 关于公司实际控制人之一致行动人部分股份解除质押的公告 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。 近日，华凯易佰科技股份有限公司（以下简称"公司"）收到公司实际控制 人之一致行动人湖南神来科技有限公司（以下简称"神来科技"）的通知，获悉 公司实际控制人之一致行动人神来科技已将其直接持有的公司部分股份解除质 押，相关手续已在中国证券登记结算有限责任公司办理完毕。具体情况如下： 二、股东股份累计质押情况 注：上述股份比例尾数差异系四舍五入所致。上表中"占其所持股份比例%"的合计数为本次解除质押 后质押股份总数占实际控制人及其一致行动人所持有公司股份总数的比例。 三、股东质押的股份是否存在平仓风险或被强制过户风险 股东 名称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质押 股份数量（股） 占其所持股 份比例% 占公司总股 本比例% 质押开始日期 解除质押日期 质权人 神来科技 是 5,600,000 33.33 1.38 2024-03-06 2024 ...

证券代码：300592 证券简称： 华凯易佰 公告编号：2024-108 华凯易佰科技股份有限公司 关于控股股东、实际控制人之一致行动人部分股份质押的公告 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。 重要内容提示： 华凯易佰科技股份有限公司（以下简称"公司"）控股股东、实际控制 人之一致行动人罗晔女士持有公司股份数量 68,194,580 股，占公司总股本的比 例为 16.84%。本次质押后，罗晔女士累计质押公司股份数量为 12,500,000 股， 占其持股数量比例为 18.33%，占公司总股本的比例为 3.09%。 截至本公告披露日，公司控股股东、实际控制人周新华先生直接持有公 司股份 23,142,658 股，占公司总股本的比例为 5.72%；通过湖南神来科技有限 公司（以下简称"神来科技"）间接控制公司股份 16,800,000 股，占公司总股 本的比例为 4.15%；周新华先生配偶罗晔女士直接持有公司股份 68,194,580 股， 占公司总股本的比例为 16.84%。公司实际控制人周新华先生及其一致行动人累 计持有公司股份数量为 108,137 ...

证券代码：300592 证券简称：华凯易佰 公告编号：2024-107 华凯易佰科技股份有限公司 关于公司全资子公司变更法定代表人暨取得营业执照的公告 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。 近日，华凯易佰科技股份有限公司（以下简称"公司"）收到全资子公司深 圳市易佰网络科技有限公司（以下简称"易佰网络"）的通知，易佰网络完成了 法定代表人的工商变更登记手续并取得了深圳市市场监督管理局换发的《营业执 照》，现将变更情况公告如下： 一、本次变更的情况 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 法定代表人 | 胡范金 | 庄俊超 | 二、变更后《营业执照》的基本信息 1、名称：深圳市易佰网络科技有限公司 2、统一社会信用代码：914403005840583015 3、类型：有限责任公司（法人独资） 5、法定代表人：庄俊超 6、注册资本：人民币 1,282.6689 万元 7、成立日期：2011 年 10 月 20 日 8、经营范围：一般经营项目：国内贸易；货物及技术进出口（法律、行政 法规禁止的项目除外，法律、行 ...

证券代码：300592 证券简称：华凯易佰 公告编号：2024-105 华凯易佰科技股份有限公司 关于董事、高级管理人员增持公司股份计划实施完毕暨 增持结果的公告 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： 增持计划的基本情况：华凯易佰科技股份有限公司（以下简称"公司"）于 2024 年 7 月 23 日披露了《关于董事增持公司股份计划的公告》（公告编号：2024-089）， 公司董事、常务副总经理庄俊超先生基于对公司未来发展的信心和对公司长期投资 价值的认同，同时为了维护公司及全体股东利益，稳定市场预期，增强投资者信心， 计划自 2024 年 7 月 23 日起 3 个月内（除法律、法规及深圳证券交易所业务规则等 有关规定不准增持的期间之外）通过深圳证券交易所交易系统以集中竞价交易方式， 使用自有资金或自筹资金增持公司股份，拟增持股份金额不低于人民币 1,000 万元， 不超过人民币 2,000 万元。 增持计划实施情况：2024 年 7 月 23 日至 2024 年 9 月 4 日，庄俊超先生累计 增持公司股份 1,546,060 股， ...

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 证券代码：300592 证券简称： 华凯易佰 公告编号：2024-106 华凯易佰科技股份有限公司 关于股东部分股份质押的公告 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。 近日，华凯易佰科技股份有限公司（以下简称"公司"）收到股东罗春女士、 泗阳超然迈伦企业管理合伙企业（有限合伙）（以下简称"超然迈伦"）的通知， 获悉罗春女士、超然迈伦将其所持有的公司部分股份办理了质押业务。具体事项 如下： 一、股东罗春女士股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押股 | 占其所持 | 占公司 总股本 | 是否为 | 是否补 | 质押起 | 质押到 | 质权人 | 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及一 | 数（股） | 股份比例% | 比例% | 限售股 | 充质押 | 始日 | 期日 | | | | | 致行动人 | | | | | | | | | ...

证券研究报告·公司点评报告·互联网电商 华凯易佰（300592） 2024Q2 业绩点评：利润短期承压，看好收购 通拓科技的协同效应 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4417 | 6518 | 8792 | 12367 | 13414 | | 同比（ % ） | 112.88 | 47.56 | 34.89 | 40.67 | 8.47 | | 归母净利润（百万元） | 216.98 | 332.16 | 395.52 | 545.06 | 604.59 | | 同比（ % ） | 348.25 | 53.08 | 19.07 | 37.81 | 10.92 | | EPS- 最新摊薄（元 / 股） | 0.5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company is expected to achieve revenues of 8.078 billion, 9.803 billion, and 11.499 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 23.94%, 21.35%, and 17.30%. The net profit attributable to the parent company is projected to be 342 million, 440 million, and 537 million yuan for the same years, with growth rates of 3.09%, 28.49%, and 22.03% respectively. The EPS is expected to be 0.85, 1.09, and 1.33 yuan per share, leading to corresponding PE ratios of 13.1x, 10.2x, and 8.4x for 2024-2026 [2][7]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 3.519 billion yuan (up 17.6% year-on-year) and a net profit of 135 million yuan (down 35.3% year-on-year). For Q2 2024, revenue was 1.822 billion yuan (up 12.9% year-on-year) with a net profit of 53 million yuan (down 60.1% year-on-year) [6]. - The company's gross margin for H1 2024 was 36.7% (down 1.6 percentage points year-on-year), and the net profit margin was 3.8% (down 3.1 percentage points year-on-year) [6]. Revenue Breakdown - The cross-border e-commerce revenue grew steadily, with cross-border export e-commerce and comprehensive services achieving revenues of 3.03 billion and 490 million yuan respectively, representing year-on-year growth of 13.7% and 54.1%. The average transaction price for general merchandise was approximately 107 yuan, while for premium products it was about 385 yuan [6]. Business Strategy - The company is actively expanding into new channels, reducing reliance on single e-commerce platforms. Sales on the Amazon platform accounted for 73% of total revenue in H1 2024, down from 76% in H1 2023, as the company explores platforms like Temu and TikTok [6]. Long-term Outlook - Despite short-term impacts on profit margins due to new business expansions, the company is expected to maintain growth through its focus on "premium + Yimai platform" and the integration of Tongtuo Technology, leading to a reasonable valuation and sustained growth [2][7].

F熄证券 商贸零售/互联网电商 公 司 研 究 华凯易佰（300592.SZ） 2024 年 08 月 26 日 上半年营收稳健增长，新业务投入等拖累业绩表现 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790524040008 | --- | --- | |-------------------------|------------| | 日期 | 2024/8/26 | | 当前股价 ( 元 ) | 10.47 | | 一年最高最低 ( 元 ) | 28.39/9.27 | | 总市值 ( 亿元 ) | 42.39 | | 流通市值 ( 亿元 ) | 38.36 | | 总股本 ( 亿股 ) | 4.05 | | 流通股本 ( 亿股 ) | 3.66 | | 近 3 个月换手率 (%) | 98.46 | 股价走势图 -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 华凯易佰 沪深300 数据来源： ...

[Important Notes, Table of Contents, and Definitions](index=1&type=section&id=第一节%20重要提示、目录和释义) This section provides the company's assurance of report accuracy, lists all chapters, details reference documents, and defines key terms. [Important Notes](index=1&type=section&id=重要提示) The board and management assure report accuracy and completeness, taking legal responsibility, and state no cash dividends or capital reserve conversions are planned. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[1](index=1&type=chunk) - Company head Hu Fanjin, chief accountant He Rixin, and head of accounting department Wang Haichun declare that the financial report in this semi-annual report is true, accurate, and complete[1](index=1&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[1](index=1&type=chunk) [Table of Contents](index=3&type=section&id=目录) This chapter outlines all sections of the 2024 semi-annual report, covering key company information, financial performance, governance, and significant events. [Catalog of Reference Documents](index=4&type=section&id=备查文件目录) This chapter lists the report's reference documents, including the original report, financial statements, and publicly disclosed materials. - Reference documents include the original full text of the 2024 semi-annual report signed by the company's legal representative[3](index=3&type=chunk) - Reference documents include financial statements signed and sealed by the company head, chief accountant, and head of the accounting department[3](index=3&type=chunk) [Definitions](index=5&type=section&id=释义) This chapter defines key terms used in the report, covering company entities, reporting periods, and cross-border e-commerce terminology. - Company, this company, Huakai Yibai refers to Huakai Yibai Technology Co., Ltd., formerly known as "Hunan Huakai Cultural Creative Co., Ltd."[4](index=4&type=chunk) - Reporting period, this reporting period, this period refers to January 1, 2024, to June 30, 2024[4](index=4&type=chunk) - FBA, or Fulfillment by Amazon, means sellers send product inventory to Amazon's local warehouse for Amazon's system to complete shipments[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and key financial performance metrics. [I. Company Profile](index=6&type=section&id=一、公司简介) This chapter provides the company's basic information, including stock details, names, and legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Huakai Yibai | | Stock Code | 300592 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Huakai Yibai Technology Co., Ltd. | | Company Legal Representative | Hu Fanjin | [II. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) This chapter provides contact details for the company's board secretary and securities affairs representative. - The Board Secretary is Wang Anqi, and the Securities Affairs Representative is Liu Yi, both with the contact address at 1610, Building A, Kailin International, No. 53 Binjiang Road, Yuelu District, Changsha City, Hunan Province[6](index=6&type=chunk) [III. Other Information](index=6&type=section&id=三、其他情况) This chapter confirms no changes in company contact information, disclosure channels, or registration status during the reporting period. - The company's registered address, office address, website, and email address remained unchanged during the reporting period[7](index=7&type=chunk) - The company discloses its semi-annual report on the Shenzhen Stock Exchange website (http://www.szse.cn) and through media such as "China Securities Journal" and Juchao Information Network (http://www.cninfo.com.cn)[9](index=9&type=chunk) - The company's registration status remained unchanged during the reporting period, as detailed in the 2023 annual report[10](index=10&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) This chapter presents key accounting data and financial indicators for the current period versus last year, detailing revenue, net profit, cash flow, EPS, and asset changes. Comparison of Key Accounting Data and Financial Indicators | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,518,832,273.28 | 2,992,170,296.01 | **17.60%** | | Net Profit Attributable to Shareholders | 134,533,879.70 | 207,959,293.06 | **-35.31%** | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 130,237,156.55 | 192,541,881.30 | **-32.36%** | | Net Cash Flow from Operating Activities | -127,669,430.62 | 277,370,050.96 | **-146.03%** | | Basic Earnings Per Share (CNY/share) | 0.35 | 0.76 | **-53.95%** | | Diluted Earnings Per Share (CNY/share) | 0.35 | 0.75 | **-53.33%** | | Weighted Average Return on Net Assets | 6.14% | 9.42% | **-3.28%** | | **Period-End Indicators** | **Current Period-End (CNY)** | **Prior Year-End (CNY)** | **YoY Change** | | Total Assets | 3,638,996,017.04 | 3,256,116,616.10 | **11.76%** | | Net Assets Attributable to Shareholders | 2,201,833,342.24 | 2,133,962,523.65 | **3.18%** | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) This chapter confirms no differences in net profit or net assets between domestic and international accounting standards during the reporting period. - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[12](index=12&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[12](index=12&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) This chapter details non-recurring gains and losses for the period, totaling **4.30 million CNY**, and confirms no misclassification of these items. Non-Recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 4,574.84 | | Government Grants Recognized in Current Profit/Loss | 980,331.94 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises (excluding effective hedge accounting related to normal operations) | 1,141,833.38 | | Fund Occupancy Fees Received from Non-Financial Enterprises Recognized in Current Profit/Loss | 55,687.50 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 3,576,546.17 | | Other Non-Operating Income and Expenses (excluding the above) | -1,305,420.01 | | Less: Income Tax Impact | 145,927.94 | | Minority Interest Impact (After Tax) | 10,902.73 | | Total | 4,296,723.15 | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 for Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[14](index=14&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides a comprehensive analysis of the company's business operations, financial performance, competitive advantages, and risk factors during the reporting period. [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company conducted cross-border export e-commerce via Yibai Network, focusing on general, premium, and ecosystem platform businesses, leveraging data and AIGC for efficiency. [1. Main Business](index=9&type=section&id=1、主营业务) The company's core business is cross-border export e-commerce, selling cost-effective Chinese goods globally via platforms like Amazon and eBay. - The company conducts cross-border export e-commerce business through its wholly-owned subsidiary Yibai Network, leveraging China's high-quality supply chain resources and market demand orientation[15](index=15&type=chunk) - It primarily sells cost-effective Chinese manufactured goods to overseas end-consumers through third-party platforms such as Amazon, eBay, AliExpress, Cdiscount, TikTok, and Walmart[15](index=15&type=chunk) [2. Main Products and Services](index=9&type=section&id=2、主要产品与服务) The company offers general merchandise (**1.08 million SKUs**, **107 CNY** AOV), premium products (**1,284 SKUs**, **385 CNY** AOV, TikTok-driven), and Yimai Ecosystem Platform services (219 merchants, seven core services). - General merchandise business offers approximately **1.08 million SKUs** with an average order value of about **107 CNY**, achieving low cost and high efficiency through data-driven and systematic operations[16](index=16&type=chunk) - Premium product business offers approximately **1,284 SKUs**