Core Viewpoint - The company maintains a "buy" rating despite facing profit pressure in FY2025Q1, with expectations for improvement in same-store sales and profit margins in Q2 and a stronger performance anticipated in H2 2025 during the overseas peak season [1][2] Financial Performance - FY2025Q1 revenue reached 4.427 billion yuan, a year-on-year increase of 18.9%, with contributions from various segments: - Miniso's domestic business revenue was 2.494 billion yuan, up 9.1% year-on-year - Miniso's overseas business revenue was 1.592 billion yuan, up 30.3% year-on-year - TOP TOY revenue was 340 million yuan, up 58.9% year-on-year - Adjusted net profit for FY2025Q1 was 587 million yuan, a decrease of 4.81% year-on-year, indicating profit pressure [1][2] Same-Store Sales and Store Expansion - Same-store sales improvement has become a strategic focus, with Q2 showing a continued positive trend - In FY2025Q1, Miniso's domestic revenue grew by 9.1%, but same-store daily sales saw a low single-digit decline, primarily due to reduced foot traffic in malls - The overseas revenue growth of 30.3% was supported by a 24.6% increase in average store count - In FY2025Q1, Miniso closed 111 domestic stores due to market adjustments, while 95 new overseas stores were opened, indicating ongoing expansion efforts [1][2] Profitability Metrics - The company's gross margin for FY2025Q1 was 44.2%, an increase of 0.8 percentage points year-on-year - Adjusted net profit margin was 13.3%, down 3.3 percentage points year-on-year - Operating profit margin (OPM) was 16.0%, a decline of 3.9 percentage points year-on-year, attributed to a higher proportion of lower-margin direct sales and upfront costs related to new store openings in the U.S. [2]

Group 1 - In Q1 2025, the company reported revenue of 330 million yuan, a year-on-year decrease of 12.4%, and a quarter-on-quarter decrease of 30.7, with a net loss of 100 million yuan [1] - The total sales volume of the company's lidar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8%, with sales for ADAS applications down 16.8% and sales for robotics and other products up 183.3% [1] - The company's gross margin in Q1 2025 was 23.49%, an increase of 11.17 percentage points year-on-year, while the net margin was -30.13%, an increase of 6 percentage points year-on-year [1] Group 2 - The company has a strong order backlog benefiting from the rapid development of ADAS and high-level autonomous driving, having established close partnerships with 30 global automakers and suppliers [2] - In 2025, the company launched the EM platform and introduced new digital products like Airy and E1R, covering various robotics applications [2] - The company has secured a record order of 1.2 million solid-state lidar units for the lawnmower industry and is collaborating with over 20 companies to advance embodied intelligence applications [2]

出品 | 妙投APP 作者 | 刘国辉 图片来源 | AI制图 今年的金融行业，人事变动频频。继平安、中信金控、招商局金控旗下金融机构出现人事调整后，友邦也来凑热闹。 友邦保险6月6日在港交所公告，集团董事会主席谢仕荣退任，9月30日起生效；杜嘉祺将于10月1日接任。 杜嘉祺为英国人，2010年从英国保诚CEO的位置上来到友邦保险，接替谢仕荣担任CEO，带领友邦完成了IPO，更提出了"最优秀代理"策略，奠定了友邦注 重优秀代理人的发展基调。7年后杜嘉祺加盟汇丰控股担任集团主席。待今年10月1日将再次回到友邦，再次接替谢仕荣。 汇丰控股也公告称，继5月1日公布确认杜嘉祺拟于2025年底前退任集团主席职位后，公司现已同意杜嘉祺将自9月30日起退任汇丰集团主席及董事会成员。 由此可见，杜嘉祺提前结束了在汇丰控股的任期，选择回到友邦担任董事局主席。这还挺让人费解的，为什么会如此？ 此番董事局主席调整，对友邦有何影响？ 董事局主席不是友邦实质上的业务"一号位" 董事局主席的更换，对每家公司都是件大事。不过对于友邦保险的业务线来说，影响似乎又没有那么大、那么直接。这跟友邦的治理结构有关。 在印象中董事局主席是一家公司的" ...

Core Viewpoint - New Qi'an Technology Co., Ltd. is set to list on the Hong Kong Stock Exchange on June 10, 2024, aiming to raise approximately HKD 221 million through the issuance of 10.5854 million H-shares priced between HKD 18.90 and HKD 20.90 per share [1][2] Company Overview - Founded in 2003 in Jiangxi, New Qi'an Technology specializes in the production and sales of food-grade glycine and sucralose, ranking first globally in sales and revenue for food-grade glycine and among the top five for sucralose [2][3] - Major clients include global consumer brands such as Coca-Cola, Nestlé, Mondelēz, and Colgate, with food-grade glycine used in various products including pet food, sauces, and dairy [2] Financial Performance - The company has faced declining net profits for three consecutive years, with net profit dropping from approximately CNY 122 million in 2022 to CNY 45 million in 2023 [1][4] - Revenue figures for 2022 to 2024 are approximately CNY 761 million, CNY 447 million, and CNY 569 million, with gross margins decreasing from 25.6% to 17.9% [4] Market Challenges - The decline in profits is attributed to falling average selling prices for food-grade glycine and sucralose, driven by intense price competition in the sugar substitute market [4][5] - The average export price of sucralose fell significantly from approximately CNY 386,300 per ton in 2022 to CNY 141,600 per ton in 2024 [5] Management Structure - The company exhibits a family-controlled ownership structure, with the founding family holding 58.6% of shares, raising potential liquidity concerns under Hong Kong Stock Exchange rules [7] - The reliance on a few major clients is evident, with the top five clients accounting for approximately 56.2% of total revenue from 2022 to 2024 [7] Strategic Focus - New Qi'an Technology plans to prioritize overseas markets, having established production facilities in Indonesia and Thailand, with overseas sales contributing significantly to revenue growth [8][9] - The company aims to expand its production capacity in Thailand, with plans for a new production line for isomaltulose with an expected annual capacity of 15,000 tons [9]

重要内容提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年6月5日 (二)股东大会召开的地点：河南省平顶山市民主路2号平安大厦 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长焦振营先生主持本次股东大会,会议召集和召开程序、出席会 议人员的资格、会议的表决方式和程序均符合《公司法》及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事15人，出席15人，所有在任董事均出席本次会议； 2、公司在任监事9人，出席9人，所有在任监事均出席本次会议； 3、董事会秘书许尽峰先生出席了会议；副总经理杨国和先生、刘兴全先生列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于控股股东拟变更同业竞争承诺的议案 审议结果：通过 表决情况： ■ 审议结果：通过 表 ...

Core Viewpoint - The automotive industry in China is facing severe internal competition, and industry self-discipline is essential for healthy development [3][4]. Group 1: Importance of Industry Self-Discipline - Industry self-discipline is crucial for the healthy development of the Chinese automotive sector, as emphasized by the need for fair competition and adherence to market regulations [3][4]. - Despite the signing of the "Commitment to Maintain Fair Competition in the Automotive Industry," there are inconsistencies in adherence among signatories, highlighting the need for stronger self-regulation [3][4]. - Companies must operate in compliance with laws and regulations, fostering a transparent competitive environment through mutual respect and supervision [3][4]. Group 2: Dangers of Internal Competition - The phenomenon of "involution" is described as a form of self-destructive competition that threatens the integrity of the automotive industry [4]. - Some companies are adopting "involution" strategies, distorting market mechanisms and disrupting fair competition, which could undermine the industry ecosystem supported by government funding [4]. - As a leading company, Geely firmly opposes involution and commits to a path of open and healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [4][5]. Group 3: Call for Unity and Progress - The industry is urged to cherish its achievements and avoid self-destructive competition for individual gain, emphasizing the importance of collective effort [5]. - The success of the Chinese automotive industry is attributed to wise government policies and substantial financial support, particularly since the 18th National Congress of the Communist Party [5]. - A message of goodwill is extended to all industry peers and consumers, promoting unity and high-quality development in the automotive sector [5].

【导读】五个月筹划重组终因价格分歧终止，粤宏远A转型高端装备计划或落空 见习记者 杨晨 作为东莞市首家登陆资本市场的老牌上市公司，粤宏远A（证券代码：000573）近年来在房地产行业下行周期中持续寻求转型突破。然而，其试图通过收 购切入高端装备制造领域的重要布局却突生变数。 6月6日晚间，粤宏远A发布公告，宣布筹划超过5个月的收购博创智能装备股份有限公司（以下简称博创智能）约60%股份的重大资产重组事项拟终止。 资料显示，博创智能是一家专注于智能注塑成型装备研发、生产和销售的高新技术企业。该公司此前曾两度冲刺科创板IPO未果，2020年11月首次申请后 匆匆撤回，2022年6月二次闯关历经多轮问询后，于2024年6月再度撤回材料。此次借壳粤宏远Ａ的曲线上市计划落空，意味着其资本路径再度受挫。 业绩承压下的转型挫折 作为传统房企，粤宏远Ａ近年受行业调整冲击显著：2024年营收为4.9亿元，同比增长38.98%；但净利润亏损4769.84万元，房地产主业增长乏力可见一 斑。 在年报中，该公司明确提出"寻求第二增长曲线"的战略方向，而收购博创智能被视为关键落子。分析人士认为，此次终止后，公司需重新审视产业转型路 径 ...

【导读】海王生物终止控制权变更及定增计划各方选择"无过错解约" 见习记者杨晨 6月6日晚间，知名药企海王生物发布公告，宣布终止控制权变更及定增计划，这场2024年初启动的资本合作戛然而止。 控制权变更与定增计划的前世今生 海王生物控制权变更及向特定对象发行股票事项的开端可追溯至2024年1月13日，当时海王生物连同其控股股东海王集团与丝纺 集团签署了《关于深圳市海王生物工程股份有限公司之合作协议书》，初步勾勒出海王集团向丝纺集团协议转让部分股份的合 作方案。 时隔半年，2024年7月28日，三方合作进入深度推进阶段：丝纺集团与海王集团签署《股份转让协议》，约定受让海王集团持有 的海王生物3.157亿股无限售流通股，占截至公告披露日海王生物股份总数的12%。 与此同时，为确保控制权顺利转移，丝纺集团与海王集团及其一致行动人张思民、张锋、王菲签署《表决权放弃协议》。根据 协议，海王集团放弃9.007亿股海王生物股份的表决权，其他一致行动人合计放弃约476.6万股股份的表决权，弃权期限自股份交 割日起长期有效，直至丝纺集团及其一致行动人的持股比例高于海王集团及其一致行动人持股比例5%以上。上述交易完成后， 丝纺集团 ...

玻璃钢渔船是采用玻璃钢材料制造的新型渔船。玻璃钢，也被称为GFRP，是一种纤维强化塑料，它主 要通过增强不饱和聚酯、环氧树脂与酚醛树脂等基体来提升性能。这种材料中， 玻璃纤维或其制品被 用作增强材料，使得塑料的强度和耐久性得到显著提高。因此，玻璃钢渔船凭借其出色的耐用性和稳定 性，在全球渔业中崭露头角，成为新宠。 在性能方面，玻璃钢渔船采用整体一次成型工艺，表面光滑，降低航行阻力，提升航速0.5至1节，同时 提高抗风能力与起浮性。其船体采用整体一次成型工艺，表面光滑度极高，从而有效降低了航行时的阻 力。与同功率同尺度的钢质渔船相比，玻璃钢渔船的航速可提升0.5至1节。此外，玻璃钢的比重仅为钢 材的四分之一，这使得玻璃钢船的压载重心更低。在保持其他参数不变的情况下，与同类钢质船相比， 玻璃钢船的横摇周期可缩短2至3秒。这样的设计不仅提升了玻璃钢船在风浪中的起浮性和回复能力，还 显著增强了其抗风能力。 在经济方面，玻璃钢渔船在节能方面表现出色。 其隔热性能优异，导热系数仅为钢材的百分之一，使 得节冰率高达20％至40％。同时，由于玻璃钢渔船的航速较快，出海率得以提升，捕鱼航次增加，从而 实现了节油的目标。例如，与 ...

Core Viewpoint - China Hongqiao (1378.HK) is optimistic about long-term aluminum prices and plans to enhance its asset value through a significant acquisition and restructuring strategy [1][2] Group 1: Acquisition and Restructuring - Hongchuang Holdings, a subsidiary of China Hongqiao, intends to acquire 100% of Hongtuo Industrial for approximately 63.518 billion yuan, which will dilute the company's shareholding from 95.30% to about 88.99% [1] - The acquisition targets Hongtuo Industrial, which has an electrolytic aluminum production capacity of 6.46 million tons and an approved alumina production capacity of 19 million tons [1] - The restructuring is expected to enhance the company's asset securitization level and market influence, alongside a significant increase in dividend payout ratio to over 60% in 2024 [1] Group 2: Cost Reduction and Production Contributions - The decline in coal prices is expected to lower the company's electricity costs, with the average coal price at Qinhuangdao Port being 703 yuan/ton in the first five months of 2025, down from 872 yuan/ton in 2024 [1] - The Simandou iron ore project in Guinea, in which the company has a stake, is expected to commence production by the end of 2025, contributing significantly to the company's performance [2] Group 3: Market Outlook and Profit Forecast - Despite potential short-term demand fluctuations in electrolytic aluminum, the supply side is constrained, and demand from sectors like new energy vehicles remains strong, leading to a tight supply-demand balance [2] - The company maintains a profit forecast of 16.129 billion yuan, 17.751 billion yuan, and 21.285 billion yuan for 2025-2027, respectively, with a target price of 15.37 HKD based on an 8.5x PE valuation for 2025 [2]