Financial Performance - The company's revenue for Q1 2024 was ¥1,696,741,014.32, representing a 23.05% increase compared to ¥1,378,940,104.95 in the same period last year[5] - Net profit attributable to shareholders was ¥81,948,947.54, up 7.67% from ¥76,108,527.59 year-on-year[5] - Total operating revenue for Q1 2024 reached ¥1,696,741,014.32, an increase of 23.0% compared to ¥1,378,940,104.95 in the previous period[28] - Net profit for Q1 2024 was ¥81,948,947.54, a decrease of 4.5% from ¥85,505,735.10 in the same period last year[28] - The total comprehensive income attributable to the parent company for Q1 2024 was ¥85,383,287.79, compared to ¥66,898,175.95 in Q1 2023, reflecting an increase of about 27.6%[29] - Basic earnings per share for Q1 2024 were ¥0.2834, up from ¥0.2646 in Q1 2023, indicating a growth of approximately 7.5%[29] Cash Flow - The net cash flow from operating activities decreased significantly by 91.69%, amounting to ¥13,534,116.03 compared to ¥162,894,028.58 in the previous year[5] - Cash inflow from operating activities for Q1 2024 was ¥1,724,562,602.73, compared to ¥1,410,168,260.97 in Q1 2023, marking an increase of about 22.2%[31] - Cash flow from investing activities for Q1 2024 resulted in a net outflow of ¥92,387,273.36, an improvement from a net outflow of ¥234,724,150.10 in Q1 2023[32] - Cash flow from financing activities for Q1 2024 was a net inflow of ¥162,283,416.23, compared to a net outflow of ¥130,059,669.64 in Q1 2023[32] - The total cash and cash equivalents at the end of Q1 2024 were ¥588,137,032.35, a decrease from ¥635,776,824.46 at the end of Q1 2023[32] - The company reported a tax refund of ¥9,815,127.65 in Q1 2024, compared to ¥2,787,377.62 in Q1 2023, indicating a significant increase in tax refunds received[31] Assets and Liabilities - Total assets increased by 6.44% to ¥3,465,679,347.77 from ¥3,256,116,616.10 at the end of the previous year[5] - Total liabilities increased to ¥1,235,992,499.69, a rise of 10.1% compared to ¥1,122,154,092.45 previously[28] - The company's inventory increased to ¥885,582,151.13, up 5.0% from ¥843,351,856.78 at the start of the period[26] - Long-term equity investments grew to ¥49,009,698.99 from ¥48,398,118.56, indicating a 1.3% increase[26] - The total equity attributable to shareholders increased to ¥2,229,686,848.08, up 4.5% from ¥2,133,962,523.65[28] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,461[11] - The largest shareholder, Luo Ye, holds 16.84% of shares, totaling 48,710,414 shares[11] - The second-largest shareholder, Siyang Mangliduo Enterprise Management Partnership, holds 10.35% of shares, totaling 29,939,034 shares[11] - The total shares held by the top ten shareholders account for 26.71% of the company's total shares[11] - The company has a total of 77,240,884 shares held by related parties, accounting for 26.71% of total shares[11] Management and Expenses - Management expenses surged by 53.19% to ¥103,298,977.34, primarily due to increased personnel costs and restructuring expenses[9] - The company reported a 166.06% increase in credit impairment losses, totaling ¥6,889,697.28, compared to ¥2,589,507.89 in the previous year[9] Investment and Acquisitions - The company plans to invest a total of RMB 1.5 billion in the establishment of a new headquarters in Zhongshan, Guangdong Province[17] - The company is in the process of acquiring 100% equity of Tongtuo Technology and related operational assets from Huading Co., with the transaction still in the planning stage[16] - The newly established wholly-owned subsidiary, Guangdong Huakai Yibai Technology Co., Ltd., has completed registration and obtained a business license[17] - The company has conducted multiple board meetings to discuss and approve various investment and incentive plans throughout early 2024[19] - The company is enhancing its market competitiveness and long-term strategic planning through these investments and acquisitions[17]

| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2023 年公司发布年报，实现营业收入 65.2 亿元，同比增长 同比增长 53% 。 2023Q4 公司实现营业收入 17.7 亿元，同比增长 | | | 万元，同比下降 55% 。 | | 李锦 罗祎 陈佳 秦意昂 华凯易佰（300592.SZ） cjzqdt11111 2023 年公司发布年报，实现营业收入 65.2 亿元，同比增长 48%，实现归母净利润 3.3 亿元， 同比增长 53%。2023Q4 公司实现营业收入 17.7 亿元，同比增长 30%，实现归母净利润 3294 万元，同比下降 55%。 2023 年公司实现营业收入 65.2 亿元，同比增长 48%，分拆来看，跨境出口电商/跨境 ...

Investment Rating - The investment rating for the company is "Buy" [14][19]. Core Views - The company has demonstrated robust growth in 2023, achieving a revenue of 6.518 billion yuan, a year-on-year increase of 48%, and a net profit attributable to shareholders of 332 million yuan, up 53% year-on-year [14][19]. - The company is strategically positioned in the e-commerce sector, leveraging digitalization and operational efficiency to enhance shareholder returns [2][14]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares and to increase capital by converting reserves into shares at a ratio of 4 shares for every 10 shares held [14]. Financial Performance - In 2023, the company's net profit margin was 5.1%, reflecting a year-on-year increase of 0.2 percentage points [2]. - The company’s total revenue for Q4 2023 was 1.77 billion yuan, representing a 30% year-on-year growth, while the net profit for the same quarter was 30 million yuan, a decrease of 55% year-on-year [14]. - The full subsidiary, Yibai Network, achieved a revenue of 6.483 billion yuan in 2023, a growth of 48%, with a net profit of 406 million yuan, up 41% [14]. Business Strategy - The company has developed a comprehensive business model that includes "pan-products, boutique products, and cross-border e-commerce integrated services" [16]. - The pan-products segment focuses on optimizing the entire supply chain, with approximately 1.04 million SKUs and an average selling price of 107 yuan in 2023 [16]. - The boutique segment emphasizes high-quality products, primarily sold on platforms like Amazon, with around 636 SKUs and an average selling price of 380 yuan [16]. - The "Yimai" cross-border e-commerce platform offers diverse cooperation models, including semi-managed services on Amazon and other platforms, enhancing sellers' global business opportunities [16]. Earnings Forecast - The company is expected to achieve revenues of 8.571 billion yuan, 10.624 billion yuan, and 12.311 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 31%, 24%, and 16% [19][20]. - The projected net profits for the same years are 453 million yuan, 552 million yuan, and 668 million yuan, with year-on-year growth rates of 36%, 22%, and 21% [19][20]. - The estimated diluted EPS for 2024, 2025, and 2026 are 1.57 yuan, 1.91 yuan, and 2.31 yuan, respectively, with P/E ratios of 11, 9, and 8 [19][20].

Investment Rating - The report maintains a "Recommended" rating for Huakai Yibai (300592.SZ) [2] Core Views - In 2023, the company achieved revenue of 6.518 billion yuan, a year-on-year increase of 47.56%, and a net profit attributable to shareholders of 332 million yuan, up 53.08% year-on-year [1] - The company is leveraging opportunities in the e-commerce market, focusing on cross-border export e-commerce comprehensive services, with significant growth in both product sales and service revenue [1] - The gross margin for 2023 was 36.96%, a decrease of 2.55 percentage points year-on-year, while the gross margin for cross-border e-commerce business was 40.15%, an increase of 0.55 percentage points [1] - The company is expected to achieve net profits of 450 million, 560 million, and 674 million yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 35.3%, 24.7%, and 20.2% [1] Summary by Sections Financial Performance - In 2023, the total revenue was 6.518 billion yuan, with a growth rate of 47.56%. The net profit attributable to shareholders was 332 million yuan, reflecting a growth rate of 53.08% [1][5] - The fourth quarter of 2023 saw revenue of 1.768 billion yuan, a year-on-year increase of 30.16%, but a decline in net profit attributable to shareholders by 54.58% [1] Business Segmentation - Product sales generated revenue of 5.696 billion yuan, accounting for 87.39% of total revenue, while cross-border e-commerce services achieved revenue of 786 million yuan, representing a growth of 188.52% [1] - The top five customers in 2023 were Amazon, eBay, AliExpress, Cdiscount, and Walmart, contributing a combined sales ratio of 82.24% [1] Operational Efficiency - The company has improved inventory turnover days, which decreased by 22.46 days to 71.32 days in 2023 [1] - The company employs a self-developed algorithm to optimize inventory management and enhance operational efficiency [1] Future Outlook - The report forecasts net profits of 450 million yuan in 2024, 560 million yuan in 2025, and 674 million yuan in 2026, with corresponding PE ratios of 11, 9, and 7 [1][5]

[Table_Summary] 核心观点： ⚫ 按业务来看：（1）泛品：23 年公司泛品业务在售产品 SKU 约 104 万 款，规模翻倍。销售客单价约 107 元，同比增长 17%；（2）精品业务： 公司重点打造优势品类，探索精铺模式，主要有宠物用品、灯具、家电、 清洁电器等四大品类，在售 SKU 约 636 个，客单价约 380 元。其中， 公司的自有品牌在亚马逊的清洁家电类稳居前 5，宠物类排名前 10， 可见公司具备较强自有品牌研发能力，实现亚马逊运营经验复用。（3） 亿迈：根据公司公众号，推出"半托管"服务模式，有 160 家客户。 ⚫ 公司积极拥抱和尝试新型平台和渠道，并持续尝试孵化自有品牌，业务 投入和孵化预计在今年会有所见效，对公司业绩增长有明显提振作用。 ⚫ 盈利预测 与投资建议 。 我 们 预 计 24-26 年 公 司 营 业 收 入 85.8/107.9/133.1 亿元，同比变化 31.6%/25.8%/23.3%；归母净利润 分别为 4.5/5.4/6.3 亿元，24-26 年同比变化 36.2%/18.8%/18.0%。参 考可比公司，基于公司 2024 年 15xPE 估值，对 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 17.41 CNY and a target price of 22.36 CNY [2]. Core Insights - The company reported a revenue of 6.518 billion CNY for 2023, representing a year-on-year growth of 47.56%. The net profit attributable to shareholders was 332 million CNY, up 53.08% year-on-year [7]. - The company’s subsidiary, Yibai Network, achieved its performance commitment for 2023, with a revenue of 6.483 billion CNY, a 47.89% increase, and a net profit of 406 million CNY, a 40.62% increase [7]. - The e-commerce comprehensive service segment saw rapid growth, with revenue reaching 786 million CNY, a staggering 188.52% increase year-on-year [8]. - The company is expanding into emerging markets through new platforms, which is expected to benefit future growth [8]. - Revenue forecasts for 2024-2026 are projected at 8.243 billion CNY, 10.116 billion CNY, and 12.252 billion CNY, with corresponding growth rates of 26.47%, 22.73%, and 21.11% respectively [9]. Financial Data Summary - Total shares: 289.18 million, circulating shares: 144.30 million [2]. - Market capitalization: 2,512.29 million CNY [2]. - Earnings per share (EPS) for 2024 is projected at 1.49 CNY, with a three-year compound annual growth rate (CAGR) of 25% [9]. - The company’s asset-liability ratio stands at 34.46% [2]. - The highest and lowest stock prices in the past year were 33.54 CNY and 14.67 CNY respectively [2].

华凯易佰科技股份有限公司 2023 年度总经理工作报告 2023 年，华凯易佰科技股份有限公司（以下简称"公司"）管理层在董事 会的领导下，严格按照《公司法》《证券法》等法律法规和《公司章程》等公司 制度的要求，忠实、勤勉地履行自身职责，贯彻执行股东大会、董事会的各项决 议，较好地完成了 2023 年度各项工作，业务实现了良好增长，整体达到预期。 我谨代表公司管理层就 2023 年度工作情况向董事会进行如下汇报： 第一部分 公司 2023 年度总体经营情况 2023 年度，公司实现营业收入 651,786.06 万元，实现归属于母公司所有者 净利润 33,216.15 万元，其中全资子公司易佰网络实现营业收入 648,348.18 万 元，同比增长 47.89%；实现净利润 40,583.28 万元，同比增长 40.62%。 报告期内，面对全球电商环境的深刻变革与利好因素叠加——电商渗透率持 续攀升、我国跨境电商政策扶持力度持续增强、产业结构加快升级转型、数字化 技术广泛应用，公司把握"数字化、精细化"的发展契机，着力提升组织效能， 通过高效整合供应链资源，全面布局热门消费区域及电商平台，稳立泛品业务根 基， ...

目 录 | 一、审计报告……………………………………………………… | 第 | 1—6 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—14 | 页 | | （一）合并资产负债表…………………………………………… | | 第 7 | 页 | | （二）母公司资产负债表………………………………………… | | 第 8 | 页 | | （三）合并利润表………………………………………………… | | 第 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | 页 | | 15—109 | | --- | | 三、财务报表附注…………………… ...

证券代码：300592 证券简称：华凯易佰 公告编号：2024-036 华凯易佰科技股份有限公司 第三届监事会第二十四次会议决议公告 本公司及监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。 一、监事会会议召开情况 华凯易佰科技股份有限公司（以下简称"公司"）第三届监事会第二十四次 会议于 2024 年 4 月 7 日以书面确认、微信及电话等方式通知各位监事，会议于 2024 年 4 月 17 日下午 17:30 在云南以现场会议的方式召开。本次会议由公司监 事会主席王芳女士召集并主持，会议应出席监事人数 3 人，实际出席监事人数 3 人，公司董事会秘书及证券事务代表列席了会议。本次会议的召开和表决程序符 合有关法律、法规和《公司章程》的有关规定，会议形成的决议合法有效。 二、监事会会议审议情况 1、审议通过了《关于公司 2023 年度监事会工作报告的议案》； 公司 2023 年度监事会工作报告内容真实、客观地反映了公司监事会在 2023 年度的工作情况。具体内容请详见公司同日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. ...

华凯易佰科技股份有限公司 会计师事务所选聘制度 第一章 总则 （三）熟悉国家有关财务会计方面的法律、法规、规章和政策； （四）具有完成审计业务和确保审计质量的注册会计师； （五）认真执行有关财务审计的法律、法规、规章和政策规定，具有良好的 社会声誉和执业质量记录； 第一条 为了规范华凯易佰科技股份有限公司（以下简称"公司"）选聘（含 续聘、改聘）会计师事务所行为，促进提高公司财务信息披露质量，维护股东利 益，根据《中华人民共和国公司法》、《深圳证券交易所创业板股票上市规则》、 中国证监会联合财政部、国资委印发的《国有企业、上市公司选聘会计师事务所 管理办法》(财会〔2023〕4 号)以及《公司章程》等有关规定，结合公司实际情 况，特制定本制度。 第二条 本制度适用于公司选聘会计师事务所对财务会计报告发表审计意见、 出具审计报告的行为。除财务会计报告审计之外的其他法定审计业务，视重要性 可以参照本制度执行。 第三条 公司选聘会计师事务所，应当经董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在董 事会、股东大会审议前聘请会计师事务所开展审计业务。 第四条 公司控 ...