Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].

Group 1 - Longjiang Transportation plans to reduce its shareholding by no more than 3% of the company's total shares, amounting to 39.4764 million shares, from June 4, 2025, to September 3, 2025 [1] - Shuangyi Technology intends to acquire 100% equity of Marky Industries Pty Ltd and specific assets for approximately AUD 18 million [1] - Haikong Air Conditioning's controlling shareholder has received a bank loan commitment of up to CNY 32 million for share repurchase [2] Group 2 - Zhaowei Electromechanical's shareholder plans to reduce its stake by no more than 1.50%, equating to 3.6031 million shares, from June 5, 2025, to September 4, 2025 [2] - Zhongwen Online's directors and senior management plan to collectively reduce their holdings by no more than 877,100 shares, representing 0.1203% of the total shares [2] - Liding Optoelectronics' shareholders plan to reduce their holdings by no more than 3%, totaling 12.2113 million shares, from June 5, 2025, to September 4, 2025 [4] Group 3 - Luvi Optoelectronics' shareholder plans to reduce its stake by no more than 1%, amounting to 1.9333 million shares, from June 4, 2025, to September 4, 2025 [5] - Jiejia Weichuang's controlling shareholder and concerted parties plan to reduce their holdings by no more than 0.72%, totaling 250,000 shares [7] - Yancoal Energy will no longer acquire control of Highfield Resources due to a new investment from Qinghai Salt Lake Industry Co., Ltd. [9] Group 4 - Yongdong Co., Ltd. plans to reduce its shareholding by no more than 1.26%, equating to 473,380 shares, from June 5, 2025, to September 4, 2025 [11] - Sanqi Interactive Entertainment plans to distribute a cash dividend of CNY 2.10 per 10 shares [12] - Salt Lake Co., Ltd. intends to acquire Highfield Resources for approximately USD 300 million to become its largest shareholder [13] Group 5 - Hainan Haiyao's shareholder plans to reduce its stake by no more than 3%, totaling 38.921 million shares, within 90 days after the announcement [14] - Lifang Pharmaceutical plans to transfer 2.2184% equity of Nanjing Mainowei Pharmaceutical Technology Co., Ltd. for CNY 22.1837 million [16] - Zhiyou Technology's shareholders plan to reduce their holdings by no more than 2.99%, totaling 11.9986 million shares, from June 4, 2025, to September 3, 2025 [18] Group 6 - Puli Tui has applied for a review of the Shenzhen Stock Exchange's decision to terminate its listing [19] - Saimo Intelligent's shareholder plans to reduce its stake by no more than 3%, equating to 16.0659 million shares, from June 4, 2025, to September 3, 2025 [20] - Entropy Technology is planning to acquire 55% equity of Longzhiyuan to gain control [21] Group 7 - Nanjing Chemical Fiber plans to acquire 100% of Nanjing Process Equipment Manufacturing Co., Ltd. through asset swaps and cash payments [22] - Beijing Lier intends to invest CNY 200 million in Shanghai Zhenliang Intelligent Technology Co., Ltd. [23]

Core Viewpoint - The company Zhiou Technology (301376.SZ) announced a share reduction plan by its shareholders, which may impact the stock's performance and investor sentiment Shareholder Reduction Plan - Shareholders Zhuhai Harmony Boshih No.1 Investment Partnership, Zhuhai Fubon Kerry Management Consulting Partnership, and Tianjin Dehui Investment Management Partnership plan to reduce their holdings by up to 11,998,605 shares, accounting for 2.99% of the total share capital [1][2] - The reduction will occur within three months after the announcement, with a maximum of 3,999,535 shares through centralized bidding and 7,999,070 shares through block trading [1][2] Shareholding Structure - The three shareholders collectively hold 22,462,006 shares, representing 5.5945% of the total share capital [2][3] - Individual shareholdings are as follows: Harmony Boshih holds 10,953,447 shares (2.7281%), Fubon Kerry holds 8,251,299 shares (2.0551%), and Tianjin Dehui holds 3,257,260 shares (0.8113%) [3] Company Listing and Financial Performance - Zhiou Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 21, 2023, with an initial public offering of 40.15 million shares at a price of 24.66 yuan per share [3] - The company is currently in a state of stock price decline, having issued a total of 990.099 million yuan in fundraising, with a net amount of 892.0804 million yuan, which is 59.36851 million yuan less than originally planned [4] Financial Results for 2024 - The company reported a revenue of 8.124 billion yuan for 2024, a year-on-year increase of 33.74% [4][5] - Net profit attributable to shareholders decreased by 19.21% to 334 million yuan, while net profit excluding non-recurring gains and losses fell by 28.53% to 309 million yuan [4][5] - The net cash flow from operating activities increased by 53.02% to 229 million yuan [4][5]

A股出海概念延续近期强势，服装、家居方向领涨，盛泰集团、皮阿诺、华纺股份、浙江正特、迎丰股 份涨停，美之高、太湖雪双双涨超20%，恒泰照明、有棵树、致欧科技、赛维时代涨超10%。 ...

Core Viewpoint - The overseas concept continues to show strong performance, particularly in the apparel and home furnishing sectors, with several stocks reaching their daily limit up [1] Group 1: Stock Performance - Sheng Tai Group, Pi'ano, Huafang Co., Zhejiang Zhengte, and Yingfeng Co. all hit the daily limit up [1] - Meizhi Gao and Taihu Xue both surged over 20% [1] - Hengtai Lighting, Youkeshu, Zhiou Technology, and Saiwei Times all increased by more than 10% [1]

Economic Information - In April, the housing rental industry entered a low season, with the average residential rent in 50 cities decreasing by 0.32% month-on-month to 35.2 yuan per square meter per month, and a year-on-year decline of 3.40% [2] - The global N-type SiC substrate industry is expected to see a revenue decrease of 9% in 2024, amounting to $1.04 billion, due to weakened automotive and industrial demand, increased market competition, and significant price drops [2] Company Alerts - Spring光科技 has announced that its stock is subject to irrational market speculation risk [3] - 博云新材's shareholder 高创投 plans to reduce its stake by no more than 3% [3] - Other companies such as 龙江交通, 海南海药, and 赛摩智能 also have shareholders planning to reduce their stakes by up to 3% [3][5] Overseas Market Alerts - COMEX gold futures fell by 2.76% to $3,240.1 per ounce, while silver futures decreased by 0.42% to $32.775 per ounce [2] - Citigroup forecasts that gold will consolidate in the range of $3,000 to $3,300 per ounce in the coming months, adjusting its 0-3 month target price to $3,150 per ounce [2] - Russia's oil production is expected to recover to 10.8 million barrels per day due to global demand growth and changes in domestic investment and taxation [3]

智通财经5月12日电，致欧科技(301376.SZ)公告称，公司股东和谐博时、富邦凯瑞、天津德辉计划自公 告之日起15个交易日后的3个月内，通过集中竞价和大宗交易方式减持公司股份，合计减持数量不超过 11,998,605股，占公司总股本的2.99%，占剔除公司回购专用账户股份后总股本的3.00%。 致欧科技：股东拟合计减持不超过2.99%公司股份 ...

证券代码：301376 证券简称：致欧科技 公告编号：2025-039 致欧家居科技股份有限公司 关于合计持股 5%以上股东减持股份的预披露公告 公司股东珠海和谐博时一号投资合伙企业（有限合伙）、珠海富邦凯瑞管 理咨询企业（有限合伙）、天津德辉投资管理合伙企业（有限合伙）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。 特别提示： 致。 致欧家居科技股份有限公司（以下简称"公司"）股东珠海和谐博时一号投资 合伙企业（有限合伙）（以下简称"和谐博时"）、珠海富邦凯瑞管理咨询企业（有 限合伙）（以下简称"富邦凯瑞"）、天津德辉投资管理合伙企业（有限合伙）（以 下简称"天津德辉"）为公司首次公开发行股票上市前股东，合计持有公司股份 22,462,006 股（占公司总股本比例为 5.5945%，占剔除公司回购专用账户股份后总 股本比例为 5.6162%），上述三位股东之间未签署一致行动协议，遵循谨慎性原则， 减持时比照一致行动人相关规则进行信息披露。 和谐博时、富邦凯瑞、天津德辉计划自本减持计划公告之日起 15 个交易日之 后 3 个月内通过集中竞价和大宗交易方式减持公司股份，减持 ...

Core Insights - The company reported a revenue of 8.124 billion yuan for 2024, a year-on-year increase of 33.74%, but a net profit of 334 million yuan, a decrease of 19.21% year-on-year [1] - The decline in profit margins for 2024 is attributed to rising shipping costs and intensified market competition, with a gross margin of 34.65%, down 1.67 percentage points year-on-year [1] - The company plans to strengthen its presence in the European and emerging markets while optimizing its supply chain to mitigate tariff impacts [2] Financial Performance - 2024 full-year revenue: 8.124 billion yuan (up 33.74% YoY) [1] - 2024 full-year net profit: 334 million yuan (down 19.21% YoY) [1] - Q1 2025 revenue: 2.091 billion yuan (up 13.56% YoY) [1] - Q1 2025 net profit: 111 million yuan (up 10.30% YoY) [1] - 2024 gross margin: 34.65% (down 1.67 percentage points YoY) [1] - 2024 net profit margin: 4.11% (down 2.69 percentage points YoY) [1] Strategic Initiatives - Expansion in the European market through new product development and channel expansion [2] - Collaboration with mainstream platforms to explore opportunities in emerging markets such as Korea, Latin America, and the Middle East [2] - Increased procurement from Southeast Asia to reduce tariff impacts on shipments to the U.S. [2] Future Projections - Expected revenues for 2025-2027: 9.807 billion yuan, 11.734 billion yuan, and 13.998 billion yuan, with growth rates of 20.72%, 19.65%, and 19.29% respectively [2] - Projected net profits for 2025-2027: 364 million yuan, 484 million yuan, and 581 million yuan, with growth rates of 9.09%, 32.94%, and 20.17% respectively [2] - Expected EPS for 2025-2027: 0.91 yuan, 1.20 yuan, and 1.45 yuan per share [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion with a year-on-year growth of 14% in Q1 2025, and a net profit attributable to the parent company of 110 million, up 10.3% year-on-year [1]. - For 2024, the company expects a revenue of 8.1 billion, an increase of 34%, but a decrease in net profit attributable to the parent company by 19% to 330 million [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, and increased tariffs, which pose significant risks to supply chain stability [1][3]. - Despite these challenges, the company is focusing on product diversification, channel expansion, and logistics optimization to enhance efficiency and reduce costs [1]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.1 billion, with a net profit of 110 million, and a non-recurring net profit of 120 million, reflecting a 25% increase year-on-year [1]. - The projected revenue for the furniture series in 2024 is 4.2 billion, up 37%, while the home series is expected to generate 3 billion, up 36% [1]. - The company anticipates a revenue of 4.9 billion from Europe, a 31% increase, and 3 billion from North America, a 39% increase in 2024 [1]. Adjusted Profit Forecast - The profit forecast for 2025-2027 has been adjusted to 380 million, 550 million, and 700 million respectively, reflecting the impact of tariff uncertainties and supply chain transitions [5]. - The adjusted price-to-earnings ratios for 2025-2027 are projected to be 20X, 14X, and 11X respectively [5]. Market and Competitive Landscape - The company plans to transition its main shipping base to Southeast Asia by Q3 2025, with 40% of shipments currently originating from this region [3]. - The cost of furniture procurement in Southeast Asia is approximately 10% higher than domestic costs, with additional logistics costs leading to an overall increase of 25% in operational costs [3].