Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is transitioning from a digital goods service provider to a cloud terminal infrastructure builder, with a projected revenue CAGR of 32% from 2020 to 2024, and a 45% revenue growth in Q1 2025 [1][2]. - The digital goods operation serves as a stable cash flow business, while the cloud terminal and IoT operations are expected to drive rapid growth in the second and third growth curves [3][4]. Summary by Sections Company Overview - The company, established in 2012, has evolved from digital goods aggregation to IoT traffic operation and now to AI and computing power operation, becoming a core technology service provider for Huawei Cloud [10][12]. Digital Goods Operation - Digital goods account for over 80% of revenue, with a focus on high-frequency necessities such as mobile data, video memberships, and various vouchers [25][30]. - The business model leverages a robust supply chain and a cloud platform to provide comprehensive digital goods trading solutions [26][47]. Cloud Terminal Operation - The company collaborates with Huawei and China Mobile to develop cloud phones, targeting a user base growth from millions to over 100 million in three years [2][48]. - The cloud phone offers a "cloud running, local interaction" experience, allowing low-spec devices to access high-spec scenarios [56][58]. IoT Scene Operation - The company has developed IoT traffic operations since 2016, providing wireless access and solutions across various industries, with over 500 industry clients [73][74]. - The core business model focuses on traffic operation, with revenue generated from monthly traffic package fees [73][76]. Financial Forecast and Investment Suggestions - The company is expected to achieve net profits of 134 million, 193 million, 280 million, and 406 million yuan from 2024 to 2027, with corresponding PE ratios of 68x, 47x, 32x, and 22x [4][5]. - The report emphasizes the potential for rapid development in the second and third growth curves, driven by digital goods, cloud terminal platforms, and IoT traffic operations [3][4].

关于回购股份的进展公告 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。 一、回购股份的基本情况 证券代码：301382 证券简称：蜂助手 公告编号：2025-037 蜂助手股份有限公司 蜂助手股份有限公司（以下简称"公司"）于2025年1月13日召开了第四届董 事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意以公司银行 专项贷款资金、自有资金和/或自筹资金通过集中竞价交易方式回购公司已发行的 部分人民币普通股（A股）股票，本次回购股份将全部用于实施股权激励计划或员 工持股计划。公司拟用于本次回购的资金总额不低于人民币2,500万元且不超过人 民币5,000万元（均含本数），回购的价格不超过人民币42元/股（含本数），具体 回购股份的数量和金额以回购期满时实际回购的股份数量和金额为准。回购期限为 自公司董事会审议通过回购股份方案之日起不超过12个月。具体内容详见公司分别 于2025年1月14日、2025年1月20日在巨潮资讯网（www.cninfo.com.cn）披露的 《蜂助手股份有限公司关于回购公司股份方案暨取得金融机构回购专项贷款承诺函 的公 ...

蜂助手股份有限公司（以下简称"公司"）已于2025年4月28日披露《2024 年年度报告》全文及摘要。为了便于广大投资者更加深入、全面地了解公司情况， 公司定于2025年5月16日（星期五）15:00-17:00在全景网举办2024年度网上业绩 说明会（以下简称"本次年度业绩说明会"），现将相关事项公告如下： 一、会议召开日期和时间 2025年5月16日（星期五）15:00-17:00 二、会议召开方式、参与方式 本次年度业绩说明会将采用网络远程的方式举行，投资者可登录全景网"投 资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩说明会。 三、公司出席人员 证券代码：301382 证券简称：蜂助手 公告编号：2025-036 蜂助手股份有限公司 关于举行2024年度网上业绩说明会的公告 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。 出席本次年度业绩说明会的人员有：公司董事长、总经理罗洪鹏先生，公司 董事、副总经理、董事会秘书韦子军先生，公司董事、副总经理区锦棠先生，公 司副总经理、财务总监邱丽莹女士，光大证券保荐代表人李国强先生。如遇 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][36]. Core Insights - During the May Day holiday (May 1-5), the total inter-regional population flow is expected to reach 1.467 billion, with a daily average of 293 million, representing a year-on-year increase of 8.0% [3][5]. - Railway passenger volume is projected to be 101.69 million, with a daily average of 20.34 million, up 10.8% year-on-year; civil aviation passenger volume is expected to be 11.14 million, with a daily average of 2.23 million, up 11.8% year-on-year [3][5]. - The travel market is seeing a strong recovery, with significant growth in long-distance travel destinations and a 20% year-on-year increase in outbound travel orders [3][5]. - Alibaba upgraded its instant retail business, Taobao "Xiaoshida," to Taobao "Shangou," which will cover over 50 cities and aims for nationwide coverage by May 6 [3][6]. - In April, Douyin's beauty category GMV reached 17.501 billion, with skincare products accounting for 11.862 billion and makeup products for 4.948 billion [3][8]. Summary by Sections Industry Dynamics: Travel - The May Day holiday is expected to see a total of 1.467 billion inter-regional trips, with significant increases in railway and civil aviation passenger volumes [5]. - Long-distance travel destinations are performing well, with a notable increase in family and pet travel, and a resurgence in cruise travel [3][5]. Industry Dynamics: Retail - Alibaba's Taobao "Shangou" aims to enhance instant retail services by collaborating with Ele.me for subsidies exceeding 10 billion [6]. Industry Dynamics: Beauty - Douyin's beauty category shows strong performance, with a total GMV of 17.501 billion in April, indicating robust market activity [8][9]. - The top 20 beauty brands on Douyin are undergoing changes, with significant self-operated brand representation [8][9]. Company Dynamics: Beauty - MAOGEPING launched a new fragrance series in collaboration with the Palace Museum, showcasing a blend of cultural elements [11][15]. - Huaxi Biological's product "Runbaiyan·Bobo" has been approved as the first Class III medical device for facial skin improvement in China [21][20].

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文来源于锦波生物，仅作生物材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月28日， 山西锦波生物医药股份有限公司 （以下简称"锦波生物"）与 深圳湾实验室 正式签署合作协议，共建 深圳湾实验室-锦波生物基新材料联合研 究中心 。 锦波生物董事长杨霞 与 实验室主任颜宁 共同出席签约仪式，并就深化基础研究、推动产学研协同创新等议题展开战略对话。 图源 锦波生物 欢迎添加小编微信，加入 合成生物/生物制造/新材料 交流群 添加微信请备注： 姓名+公司+职务 ● 总投资1亿元，年产2万吨竹粉生物基降解材料及产品项目 ● 营收192.2亿元！国恩股份：启动10万吨/年可降解材料PHB项目，筹划"A+H"股上市 ● 甲醇→生物基材料，肆芃科技联合天津工生所，推动"一碳生物制造"！ ● 海淀区国企旗下，山东20万吨/年生物柴油异构项目顺利中交！ 在签约仪式上，颜宁博士表示，实验室始终践行"顶天立地"的科研理念——"顶天"是追求世界级科学发现，"立地"是推动科研成果惠及民生。此次合作正 是这一理念的实践。杨霞董事长强调，联合实验室将构建" ...

"小赛道"迎来大爆发！ 今 年以来，港股市场频现"消费牛股"，引发市场关注，事实上，A股市场同样涌现了一批"小赛道"高增长的个 股。4月29日，食品饮料赛道的盐津铺子、万辰集团，宠物经济赛道的中宠股份，美容护理赛道的百亚股份、 润本股份、锦波生物股价均创出历史新高。 去年四季度以来，不少公募基金产品投向这些高成长新兴消费公司，伴随这些公司股价的持续上涨，给基金净 值带来优异表现，如恒越匠心优选一年持有、申万菱信乐融一年持有、银华品质消费、海富通消费优选等年内 绩优消费主题基金收益回报均超20%。 渠道变革带来消费品公司业绩高增长 近期，去年四季度公募基金纷纷加仓的消费品赛道公司迎来股价持续上涨。 4月29日，食品饮料赛道的盐津铺子、万辰集团，宠物经济赛道的中宠股份，美容护理赛道的百亚股份、润本 股份、锦波生物股价均创出历史新高。 股价增长背后，是这些"小赛道"公司业绩的高增长。以零食品牌"好想来"母公司万辰集团为例，前一日，万辰 集团发布公告称，2025年第一季度，公司营业收入108.21亿元，同比增长124.02%，主要系公司量贩零食业务 持续发展，收入相应增加；归属净利润2.15亿元，同比提升3344.1 ...

035 蜂助手股份有限公司 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。 一、股东股份解除质押基本情况 证券代码：301382 证券简称：蜂助手 公告编号：2025- 关于持股 5%以上股东部分股份解除质押的公告 二、其他说明 海峡创新上述质押行为不会导致公司实际控制权发生变更，不会对公司生 产经营、公司治理等产生不利影响。公司将持续关注股东股份质押情况，若出 现平仓风险时，海峡创新将采取措施应对风险，公司将按规定及时履行信息披 露义务，敬请广大投资者注意投资风险。 三、备查文件 1、解除证券质押登记通知 1； 蜂助手股份有限公司（以下简称"公司"）董事会于近日收到公司股东海峡 创新互联网股份有限公司（以下简称"海峡创新"）送达的《解除证券质押登记 通知》，获悉公司股东海峡创新所持有本公司的部分股份办理了解除质押业务， 具体事项如下： | | 是否为 控股股 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 东或第 | | ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]

Market Performance - As of April 28, the cloud gaming sector rose by 0.62%, ranking fourth among concept sectors, with 13 stocks increasing in value, including ST Kevin which hit the daily limit, and others like Sheng Tian Network, Perfect World, and Tian Zhou Culture showing gains of 9.47%, 6.35%, and 4.85% respectively [1] - The top decliners in the sector included *ST Peng Bo, AOC Technology, and ST Zhong Qing Bao, with declines of 4.41%, 3.63%, and 3.59% respectively [1] Capital Flow - The cloud gaming sector experienced a net outflow of 265 million yuan, with 11 stocks seeing net inflows, and 5 stocks receiving over 10 million yuan in net inflows. The leading stock in net inflow was Giant Network, with a net inflow of 45.30 million yuan, followed by Sheng Tian Network, ST Huaton, and Feng Assistant [2] - The net inflow ratios for the top stocks were led by Giant Network at 7.91%, Sheng Tian Network at 7.21%, and ST Huaton at 6.17% [3] Stock Performance - The stock performance of key players in the cloud gaming sector included Giant Network with a rise of 3.40% and a turnover rate of 2.08%, Sheng Tian Network with a significant increase of 9.47% and a turnover rate of 12.05%, and ST Huaton with a modest increase of 0.86% and a turnover rate of 1.10% [3][4] - Other notable performers included ST Kevin with a rise of 5.16% and a turnover rate of 3.18%, while stocks like *ST Peng Bo and AOC Technology faced declines of 4.41% and 3.63% respectively [4]

Core Viewpoint - The company aims to become a significant contributor to the digital and intelligent society, focusing on comprehensive digital product operations, IoT traffic operations, and cloud terminal technology development [4][5][6] Company Overview - The company is positioned as a "digital intelligent technology and service provider" and aims to be a key builder in the digital world [4] - The operational strategy is based on "one foundation and two directions," which includes comprehensive digital product operations and two main R&D directions: IoT traffic operations and cloud terminal technology [4] Business Segments - **Digital Product Operations**: The company integrates digital product resources related to daily services and provides aggregation and operational services through its proprietary platform [4] - **IoT Traffic Operations**: The company enhances its core technology for multi-network integration and invests in IoT traffic products, offering customized solutions for various market segments [5] - **Cloud Terminal R&D**: The company develops core technologies for cloud terminals, focusing on both consumer and business applications, including cloud mobile phones and related services [6] Financial Highlights - The company plans to distribute cash dividends of 1.6 yuan per 10 shares, totaling approximately 27.09 million yuan, and will increase its total share capital through a capital reserve conversion [13] - The company has completed a share buyback plan, repurchasing approximately 2.12 million shares, which is about 0.96% of the total share capital [12] Shareholder Actions - The controlling shareholder, Mr. Luo Hongpeng, has executed two share buyback plans, with total investments of approximately 4.16 million yuan [8][9] - The company has initiated a stock incentive plan, with the first grant of restricted stock completed on July 18, 2024 [15] Governance Changes - The company has completed the election of its fourth board of directors and supervisory board, with a term of three years starting from the approval date [16][17]