Market Overview - The market experienced a dull and slight fluctuation, with the Shanghai Composite Index down 0.07%, while the Shenzhen Component and ChiNext Index rose by 0.39% and 0.59% respectively, indicating a mixed performance overall [4] Real Estate Sector - The real estate sector showed initial strength with stocks like Nanguo Real Estate and Yucheng Development hitting the limit up, but faced significant pullbacks in the afternoon [3] E-commerce Sector - The cross-border e-commerce sector saw localized surges, with companies like Shengyibao and Xunxing Co. experiencing notable gains [3] Power Sector - The power sector demonstrated consistent strength, with multiple companies such as Huayin Power and Xichang Power achieving consecutive limit up days, and the thermal and hydropower segments rising by 2.66% and 3.83% respectively [20][21] Home Appliance Sector - The home appliance sector showed localized strength, with companies like Dongbei Group and Whirlpool achieving limit up. Whirlpool reported a net profit of 116 million yuan for Q1, a year-on-year increase of over 1000% [9][10] - The overall home appliance sector rose nearly 1% by the end of the day, driven by strong Q1 reports from Whirlpool and Kangsheng Co. [8][10] Semiconductor Sector - The semiconductor sector experienced a slight uptick following reports of certain tax exemptions for semiconductor imports, although the overall market sentiment appeared chaotic [17][18] Company-Specific Highlights - Tuowei Information reported a significant Q1 profit increase of 979.75% despite a net loss of 100 million yuan for the previous year, leading to a strong market reaction with the stock hitting the limit up [14] - Companies like Ganli Pharmaceutical and Xingfu Blue Sea also showed strong performance, contributing to the overall market dynamics [13]

证券代码：300824 证券简称：北鼎股份 公告编号：2025-024 深圳市北鼎晶辉科技股份有限公司 股票交易异常波动公告 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。 风险提示：深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）股票（证 券简称：北鼎股份，证券代码：300824）股票短期涨幅偏离创业板综指涨幅。公 司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动情况 公司连续三个交易日内（即 2025 年 4 月 23 日、2025 年 4 月 24 日、2025 年 4 月 25 日）收盘价涨幅偏离值累计达到 32.96%。根据《深圳证券交易所交易规 则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况说明 针对公司股票交易异常波动，公司董事会通过书面问询方式，对公司控股股 东及实际控制人就相关事项进行了核实，现将有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、公司目前生产经营情 ...

深圳市北鼎晶辉科技股份有限公司 投资者关系活动记录表 答：国补政策在不同平台、品类、区域的差异比较大，而且 一直在变化；内部能看到参与国补的收入占比在不同平台差 异也比较大，所以具体的帮助从定量的角度很难分清楚。 我们理解：1）国补政策对消费意愿改善比较大；2）北鼎客 单价高，在国补中相对更有优势；3）直营比例大，能够更 积极灵活的参与国补政策，我们主观上对国补政策的态度就 是积极拥抱，应参加尽参加。 3、2025Q1 净利率改善的延续性 证券代码：300824 证券简称：北鼎股份 编号：2025-002 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 参与单位 国联民生证券、长江养老保险、长江证券、长信基金、丹羿 投资、东方证券、方正证券、富国基金、古槐资本、国华兴 益、国金证券、国盛证券、国泰海通证券、国信证券、华福 证券、华泰保兴基金、华泰证券、汇丰晋信基金、汇华理财、 嘉实基金、开源证券、路博迈基金、平安基金、太平洋证券、 太平养老保险、天风证券、天弘基金、同泰基金、西南证券、 兴业证券、易米基金、银河证券、招商资管、浙商证券、 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 12.15 RMB [8][9]. Core Views - The company's Q1 2025 performance showed significant growth, with revenue reaching 213 million RMB, a year-on-year increase of 33.41%, and net profit attributable to the parent company at 33 million RMB, up 47.71% year-on-year. This growth is primarily driven by domestic policies promoting trade-in programs and the company's multi-faceted marketing and product strategies [1][2][21]. - The domestic brand business experienced robust growth, with domestic revenue increasing by 51.4% year-on-year, accounting for 78% of total revenue, benefiting from national subsidy policies. However, overseas business faced challenges, with a slight increase of 0.63% year-on-year in overseas brand revenue and an 8.66% decline in ODM business revenue [2][5]. - The company's gross margin improved to 49.87%, up 1.15 percentage points year-on-year, attributed to a higher proportion of high-margin domestic sales and product upgrades [3]. - Despite an increase in sales expense ratio by 3.39 percentage points due to intensified marketing efforts, the overall period expense ratio decreased by 2.01 percentage points, indicating effective management of administrative expenses [4]. - The company maintains a positive outlook for domestic business growth in 2025, with expected net profits of 89.45 million RMB, 106.49 million RMB, and 115.50 million RMB for 2025, 2026, and 2027 respectively, corresponding to EPS of 0.27 RMB, 0.33 RMB, and 0.35 RMB [5][7]. Summary by Sections Financial Performance - Q1 2025 revenue was 213 million RMB, a 33.41% increase year-on-year, with net profit at 33 million RMB, up 47.71% [1][21]. - The company reported a significant improvement in cash flow, with a net cash flow from operating activities of 29.31 million RMB compared to a negative 2.086 million RMB in the same period last year [1]. Business Segments - Domestic brand revenue grew by 51.4% year-on-year, while overseas brand revenue saw a modest increase of 0.63% [2]. - The ODM business faced a decline of 8.66% year-on-year due to external factors such as U.S. tariff policies [2]. Profitability Metrics - Gross margin improved to 49.87%, reflecting a shift towards higher-margin domestic sales [3]. - The overall period expense ratio decreased by 2.01 percentage points, indicating effective cost management [4]. Future Outlook - The company expects continued growth in domestic sales driven by favorable policies and new channel expansions, with projected net profits for 2025, 2026, and 2027 at 89.45 million RMB, 106.49 million RMB, and 115.50 million RMB respectively [5][7].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has benefited from domestic sales driven by government subsidies for replacing old appliances, leading to a significant increase in revenue [2] - The company's gross margin for Q1 2025 was 49.87%, showing a slight year-on-year increase, while the net profit margin improved significantly to 15.7% [3] - The company is adjusting its sales strategy, with a focus on enhancing its own brand sales domestically and transitioning its export model, which is beginning to show results [3] Financial Performance - In Q1 2025, the company achieved revenue of 213 million yuan, a year-on-year increase of 33.41%, and a net profit of 33 million yuan, up 47.71% year-on-year [1] - The company's self-owned brand and ODM revenue growth rates for Q1 2025 were +46.5% and -8.66% respectively, with domestic sales growing by 51.4% and international sales by 0.63% [2] - The company expects net profits for 2025 to be 111.84 million yuan, with projected growth rates of 60.90% [9] Cost Management - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a decrease in management expense ratio by 3.82 percentage points year-on-year [3] - The sales expense ratio increased due to heightened promotional efforts and changes in revenue structure [3] Market Outlook - The domestic market is seeing a boost in consumer demand due to government policies, while the international trade environment remains complex with increased risks [2] - The company is expected to continue benefiting from the domestic subsidy policies and the gradual improvement in its export operations [3]

Group 1: Stock Performance - The pet economy concept stocks are experiencing strong performance, with companies like Zhongchong Co., Tianyuan Pet, and others seeing significant gains, with some stocks hitting the daily limit [1][2] - Zhongchong Co. (002891.SZ) reported a stock price of 53.44, with a rise of 10.00% and a market capitalization of 15.77 billion [2] - Tianyuan Pet (301335.SZ) saw a stock price of 25.40, increasing by 19.98% and a market capitalization of 1.27 billion [2] - Guai Bao Pet (301498.SZ) reported a stock price of 116.02, with an increase of 11.63% and a market capitalization of 20.77 billion [2] Group 2: Financial Performance - Guai Bao Pet reported a net profit of 204 million for Q1, a year-on-year increase of 37.68% [5] - Zhongchong Co. reported a net profit of 91 million for Q1, a year-on-year increase of 62.13% [6] - Yiyi Co. reported a net profit of 54 million for Q1, a year-on-year increase of 27.96%, with a non-recurring profit of 50 million, up 40.97% [7] Group 3: Industry Trends - The integration of AI in the pet industry is rapidly expanding, with applications in health management, behavior analysis, and interactive companionship [8] - The pet industry in China is in a phase of rapid growth, with the market expected to exceed 300 billion by 2024, driven by changing consumer trends [8] - The post-2000 generation is becoming the core consumer group in the pet economy, with a pet ownership penetration rate of 24% among those over 20, indicating significant growth potential [8] Group 4: Market Insights - The current pet food market in China is valued at approximately 100 billion, with significant room for growth in average annual spending per pet [9] - The market expansion may shift from quantity-driven to price-driven growth, as the number of pets stabilizes [9] - Domestic leading brands are expected to rise, similar to Japan's market, where local brands have gained significant market share [9]

事件：2025Q1 公司实现营业收入 2.13 亿元，同比+33.41%，归母净利润 0.33 亿元，同比+47.71%。 内销国补带动的电器销售较强，收入显著增长 分业务看，25Q1 北鼎自有品牌/ODM 代工收入同比分别为+46.5%/-8.66%； 自有品牌中内外销收入同比分别为+51.4%/+0.63%。国内市场方面，政府通 过以旧换新补贴政策在品类、地区、渠道维度的范围拓展与持续深化，有 效激活居民消费意愿，加速释放需求潜能；外销方面，国际贸易格局中关 税壁垒与反制措施的动态博弈持续发酵，全球产业链重构趋势与贸易规则 碎片化趋势交织，企业跨境贸易业务的复杂性与风险敞口显著扩大。 公司推广力度加大，内部降本增效显成效 2025Q1 公司毛利率为 49.87%，同比+0.19pct，净利率为 15.7%，同比 +1.52pct。毛利率同比基本持平，净利率显著改善。2025Q1 公司季度销售、 管理、研发、财务费用率分别为 26.02%、6.41%、4.12%、-0.63%，同比+2.43、 -3.82、-1.94、+0.36pct。销售费用率同比显著提升，主要由于公司推广力 度加大及业务收入结构变动导致 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 23 年 月 日 1）毛利率：2025 Q1 公司毛利率为 49.9%，同比+0.2pct。 2）费率端：2025 Q1 公司销售/管理费/研发/财务费率分别为 26.0%/6.4%/4.1%/-0.6% ，同比变动 +2.4pct/-3.8pct/- 1.9pct/+0.4pct，销售费用率提升主要系公司推广力度加大及业务 收入结构变动导致。管理费用率优化明显。 3）净利率：2025Q1 净利率为 15.7%，同比+1.5pct，净利率创近 三年单季新高。 北鼎股份（300824.SZ） 内销复苏超预期，盈利水平提升明显 事件：公司发布 2025 年一季报。公司 2025 年第一季度实现营业 收入 2.1 亿元，同比+33.4%；归母净利润为 0.3 亿元，同比+47.7%； 扣非归母净利润为 0.3 亿元，同比+57.5%。 内销复苏超预期，外销有所承压。 2025 Q1 分业务来看，公司自主品牌业务收入 1.8 亿元，同比增长 46.5%，占比提升至 83.8%。其中，北鼎中国业务收入 1.7 亿元， 同比增长 51.4%，主因为受益 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, driven by favorable domestic policies and strategic adjustments to external challenges [4][10]. Financial Performance - The company's operating revenue increased by 33.41% year-on-year, while net profit attributable to shareholders rose by 47.71% [4]. - The net profit excluding non-recurring gains and losses grew by 57.51% year-on-year, indicating a positive cycle of scale growth and efficiency improvement [4]. - The net cash flow from operating activities was 29.31 million yuan, showing a significant year-on-year change primarily due to the base effect from the previous year [4]. Accounting Changes - The company had to restate previous accounting data due to a change in accounting policy as per the Ministry of Finance's new guidelines, affecting the classification of certain costs [3][4]. Market Environment - Domestic market conditions improved due to government subsidies promoting consumption, while international trade faced challenges from tariff barriers and dynamic countermeasures [4]. - The company adapted its business strategies to leverage domestic policy opportunities while addressing the complexities and risks in cross-border trade [4]. Corporate Governance - The board of directors and supervisory board confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its contents [2][10]. - The company appointed a new internal audit head following the resignation of the previous one, ensuring continuity in internal audit functions [16][19].

深圳市北鼎晶辉科技股份有限公司 证券代码：300824 证券简称：北鼎股份 公告编号：2025-021 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。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"或"北鼎股份"）第 四届监事会第十八次会议通知于 2025 年 4 月 18 日以电话、电子邮件、送达方式 或即时通讯工具等方式递交全体监事。会议于 2025 年 4 月 23 日在公司会议室以 现场和通讯相结合方式召开。会议应到监事 3 名，实到监事 3 名。本次会议的召 集符合《公司法》和《公司章程》及有关法律、法规的规定。会议由监事会主席 陈华金先生主持。经与会监事认真审议，以记名投票方式逐项表决，作出如下决 议： 1、审议通过《关于<2025 年第一季度报告>的议案》，表决结果：3 票赞成，0 票反对，0 票弃权。 第四届监事会第十八次会议决议公告 特此公告。 深圳市北鼎晶辉科技股份有限公司 监 事 会 2025 年 4 月 24 日 1 经审核，监事会认为：董事会编制和审核公司《2025 年第一季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告 ...