证券代码：300592 证券简称： 华凯易佰 公告编号：2025-095 华凯易佰科技股份有限公司 关于持股5%以上股东之一致行动人 持股比例变动触及1%整数倍的公告 股东罗春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。 华凯易佰科技股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日披露了 《关于董事长、总经理之配偶增持公司股份计划的公告》（公告编号：2025-087）， 公司董事长、总经理胡范金先生之配偶罗春女士计划自 2025 年 9 月 23 日起 6 个月内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，拟增持股份的金额不低于人民币 20,000,000 元。 公司近日收到股东罗春女士出具的《股份增持进展告知函》，罗春女士于 2025 年 9 月 23 日至 2025 年 10 月 30 日期间通过深圳证券交易所以集中竞价方 式累计增持公司股份 1,800,100 股，占公司总股本的比例为 0.45%。本次增持后， 罗春女士直接持有公司股份 1 ...

Core Viewpoint - Huakai Yibai announced that its shareholder Chaoyan Mailun has pledged part of its shares, with the relevant procedures completed at the China Securities Depository and Clearing Corporation [1] Group 1 - The number of shares pledged by Chaoyan Mailun is 12,000,000 shares [1]

Group 1 - AI technology has evolved from a supportive tool to a core cost-reduction engine in cross-border e-commerce, optimizing operations, supply chains, and customer service to drive systemic efficiency improvements [1] - The company has signed a comprehensive cooperation agreement with Huawei Cloud to develop an AI video generation model, leveraging Huawei's Pangu model and Ascend AI cloud services to create the "Yizhi Wanxiang" video model [1] - The collaboration aims to train a more targeted L1 model using vast data from the cross-border e-commerce industry, with plans to further develop industry-specific L2 models based on unique business scenarios [1] Group 2 - AI applications have enhanced operational efficiency by improving information transmission, reducing operational and management costs, and providing strong support for product selection decisions through precise market trend analysis [2] - Predictive models help anticipate sales peaks and inventory needs, preventing stockouts and excess inventory, while automated process management increases efficiency in order processing and shipping [2] - As of December 31, 2024, the company has 281 technical personnel, accounting for 8.08% of the total workforce [2] Group 3 - Revenue projections for the company are estimated at 9.88 billion, 10.67 billion, and 11.55 billion yuan for 2025-2027, with net profits of 100 million, 210 million, and 310 million yuan respectively [2] - Corresponding price-to-earnings ratios are expected to be 43.4, 21.3, and 14.3 times, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is leveraging AI technology to enhance operational efficiency and reduce costs in cross-border e-commerce, transitioning from point cost control to systematic efficiency improvement [9] - A partnership with Huawei Cloud has been established to develop an AI video generation model, which aims to create tailored models for the cross-border e-commerce sector [9] - The company anticipates revenue growth from 98.8 billion RMB in 2025 to 115.5 billion RMB in 2027, with net profit expected to rise from 1.0 billion RMB to 3.1 billion RMB during the same period [9] Financial Performance Summary - Revenue projections are as follows: 6,518 million RMB in 2023, 9,022 million RMB in 2024, 9,875 million RMB in 2025, 10,674 million RMB in 2026, and 11,545 million RMB in 2027, with growth rates of 47.6%, 38.4%, 9.4%, 8.1%, and 8.2% respectively [7][10] - Net profit is forecasted to decline from 332 million RMB in 2023 to 101 million RMB in 2025, before recovering to 205 million RMB in 2026 and 305 million RMB in 2027, reflecting growth rates of 53.1%, -48.8%, -40.9%, 103.7%, and 48.8% respectively [7][10] - Earnings per share (EPS) are projected to decrease from 0.88 RMB in 2023 to 0.25 RMB in 2025, then increase to 0.51 RMB in 2026 and 0.75 RMB in 2027 [7][10] Operational Efficiency - The company has a workforce of 281 technical personnel, accounting for 8.08% of total employees, focusing on enhancing digital and information management across operations [9] - AI applications are expected to improve information transmission efficiency and reduce operational and management costs, aiding in market trend analysis and inventory management [9]

Group 1 - The company, Huakai Yibai, announced that its shareholder, Chaoran Mailun, has pledged 12 million shares, with a total of 20.1 million shares pledged by Chaoran Mailun, representing 64.6% of its holdings [1][1][1] - As of the announcement date, the total number of shares pledged by the controlling shareholder, Zhuang Junchao, is 12.2 million, accounting for 41.56% of his holdings [1][1][1] - The company's market capitalization is currently 4.3 billion yuan [1][1][1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: cross-border e-commerce accounts for 92.16%, cross-border e-commerce comprehensive services account for 7.71%, and other businesses account for 0.18% [1][1][1] - The segment of space environment art design has a negative contribution of -0.06% to the revenue [1][1][1]

证券代码：300592 证券简称： 华凯易佰 公告编号：2025-094 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"）收到公司股东泗阳超 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 超然迈伦已将其持有的公司部分股份质押，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： 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 途。 二、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人质押股份情况如下： | 股东名称 | 持股数量 （股） | 持股比例 | 本次质押前 质押股份数 | 本次质押后 质押股份数 | 占其所 持股份 | 占公司 总股本 | 已质押股份情况 已质押股份 | 占已质 | 未质押股份情况 未质押股份 | 占未质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | % | ...

Core Viewpoint - Huakai Yibai, a well-known cross-border e-commerce seller, has shown strong revenue growth and is actively expanding its business model while maintaining a low debt ratio and facing challenges in profit margins [1][2][3]. Group 1: Company Overview - Huakai Yibai was established on February 23, 2009, and listed on the Shenzhen Stock Exchange on January 20, 2017, with its headquarters in Changsha, Hunan Province [1]. - The company focuses on spatial environment art design and provides comprehensive exhibition services for large venues, alongside its cross-border e-commerce business [1]. Group 2: Financial Performance - In Q3 2025, Huakai Yibai reported revenue of 6.74 billion yuan, ranking second in the industry, surpassing the industry average of 3.964 billion yuan [2]. - The main business segment, cross-border e-commerce, generated 4.182 billion yuan, accounting for 92.16% of total revenue [2]. - The net profit for the same period was 45.055 million yuan, ranking fourth in the industry, with the industry average at 135 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 41.69%, lower than the industry average of 47.80% [3]. - The gross profit margin was reported at 32.71%, which is below the industry average of 38.17% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.52% to 19,800 [5]. - The average number of circulating A-shares held per shareholder decreased by 2.47% to 17,800 [5]. Group 5: Future Outlook - The company is expected to achieve revenues of 9.511 billion yuan, 10.34 billion yuan, and 11.20 billion yuan from 2025 to 2027, with net profits projected at 195 million yuan, 262 million yuan, and 336 million yuan respectively [5]. - Analysts have maintained a "buy" rating based on the company's growth potential and operational improvements [5].

Market Overview - The internet e-commerce sector increased by 0.8% on October 27, with Xin Xun Da leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Xin Xun Da (300518) closed at 15.09, with a rise of 11.04% and a trading volume of 338,000 shares, totaling a transaction value of 517 million yuan [1] - Kuaijingtong (002640) closed at 5.12, up 4.07%, with a trading volume of 2.119 million shares [1] - Saiwei Times (301381) closed at 23.66, increasing by 2.65% with a trading volume of 54,100 shares [1] - Other notable performers include Xinghui Co. (300464) and Huakai Yibai (300592), with increases of 2.36% and 1.55% respectively [1] Capital Flow Analysis - The internet e-commerce sector saw a net inflow of 70.5 million yuan from institutional investors, while retail investors experienced a net outflow of 2.2 million yuan [2][3] - Kuaijingtong (002640) had a significant net inflow of 106 million yuan from institutional investors, while retail investors saw a net outflow of 80.8 million yuan [3] - Xin Xun Da (300518) recorded a net inflow of 10.9 million yuan from institutional investors, with retail investors experiencing a net outflow of 52 million yuan [3]

Core Viewpoint - Huakai Yibai (300592.SZ) reported a decline in institutional ownership in its third-quarter report for 2025, with a total of 76.43 million shares held by four institutional investors, representing 18.90% of the total share capital, a decrease of 4.63 percentage points from the previous quarter [1] Group 1: Institutional Ownership - As of October 23, 2025, four institutional investors disclosed their holdings in Huakai Yibai A-shares, totaling 76.43 million shares [1] - The total institutional ownership accounts for 18.90% of Huakai Yibai's total share capital [1] - The institutional ownership percentage decreased by 4.63 percentage points compared to the previous quarter [1] Group 2: Public Fund Disclosure - In this period, 35 public funds were not disclosed compared to the previous quarter [1] - Notable public funds include Dongfanghong Ruihe and three-year holding mixed A, Dongfanghong Qihang three-year holding mixed A, Dongfanghong Hengyang five-year holding mixed, Xin'ao Industry Preferred one-year holding mixed A, and Zhongzheng 2000 [1]

Core Points - The company reported a revenue of 673.96 million yuan for the first three quarters of 2025, representing a year-on-year increase of 10.21% [4] - The net profit attributable to the parent company was 49.41 million yuan, showing a significant decline of 73.90% year-on-year [4] - The net profit after deducting non-recurring gains and losses was 35.18 million yuan, down 81.12% compared to the previous year [4] Financial Performance - The company did not need to restate previous years' financial data [3] - Non-recurring losses amounted to -9,041,141.48 yuan [3] - The company faced challenges due to policy adjustments in overseas markets and intensified competition in the global cross-border e-commerce sector [5] Operational Adjustments - The company is optimizing its business structure and adjusting its operational pace to enhance risk resistance [5] - Inventory management has been improved, leading to a significant reduction in inventory size and better turnover efficiency [5] - The company has implemented a stock repurchase plan, buying back 8.27 million shares, which is 2.05% of the total share capital [6] Corporate Governance - The board of directors and senior management have guaranteed the accuracy and completeness of the quarterly report, accepting legal responsibility for any misstatements [2] - The company adjusted its 2024 restricted stock incentive plan to address short-term challenges posed by external trade environment changes [7]