Group 1 - International investment bank, Lyon, upgraded the rating of Zhou Hei Ya International Holdings Limited to "highly confident outperform" with a target price increase from HKD 1.70 to HKD 2.30, corresponding to a forecasted PE of 20 times for 2026, close to its historical average of 20.5 times since listing [1] - Lyon emphasized that the market previously focused too much on the speed of store closures, neglecting Zhou Hei Ya's core competitive advantage—product strength [1] - The company plans to optimize its total number of stores to 3,031 by the second half of 2024, focusing on key business districts in first and second-tier cities and high-potential areas in lower-tier cities, significantly improving single-store efficiency [1] Group 2 - Zhou Hei Ya's gross profit margin is expected to increase by 4.4 percentage points year-on-year to 56.8% in 2024, primarily due to precise cost control during a downward cycle in raw material prices and product structure optimization [1] - The company anticipates maintaining a high gross profit margin of 55.5% in 2025, with operating leverage gradually becoming apparent [1] - Lyon forecasts a revenue growth of 6.2% for Zhou Hei Ya by 2026, with a 17% upward adjustment in net profit, projecting a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2027, potentially reaching RMB 281 million by 2027 [1] Group 3 - In 2025, Zhou Hei Ya plans to implement a series of strategic transformation measures, including store adjustments, product focus, brand upgrades, and channel diversification [2] - The company aims to strengthen its core advantages in duck products while enhancing product appeal through brand upgrades, and will continue to expand into supermarkets, convenience stores, new retail, and discount snack channels, creating a unique "restaurant + retail" dual-channel combination [2] - Lyon highlighted Zhou Hei Ya's competitive moat, which lies in its unique flavor, high quality control standards, and improved decision-making efficiency following the founder's return [2]

3月30日，海昌海洋公园控股有限公司(股份代号：2255.HK，简称"海昌海洋公园")发布截至2024年12月 31日止年度之经审核综合业绩。 截至2024年12月31日，海昌海洋公园在全国范围内自持并运营7家以"海昌"为品牌、以海洋文化为主的 大中型文旅项目。 新开业的郑州海昌海洋公园成为业绩增长的又一来源，2024年内各小长假表现优秀，五一假期入园超 16.5万人次，单日最高客流量达3.8万人次，各小长假期间酒店均满房。2024年1月，郑州海昌海洋公园 奥特曼主题酒店开业纳客，开业首周酒店客房全部预定满房，打造了"四海昌龘龙腾中国"、"海洋精灵 季"、"极地纳凉节"等节庆活动，并全新推出海洋演艺大秀《豫见海洋》在光影变幻间，实现海洋世界 与河南悠久历史的无缝对接，给游客带来惊艳的视听感受和沉浸观感。 目前，郑州海昌二期力争于2025年开业，建成后中原地区将首次迎来海上霸主"虎鲸";还有全球首创的 多层转马"世纪大转马"、全新升级的旋转塔"环球巨塔"，及国际知名IP主题餐厅等多个全国乃至全球首 创的内容。 2024年，得益于郑州海昌海洋公园贡献全年业绩，以及OAAS项目增加，海昌海洋公园实现整体增长。 20 ...

Core Viewpoint - The financial reports of the Hong Kong stock market reveal significant performance pressures, but the strategic direction and growth logic evolution are more noteworthy. The company Zhenjiu Liduo has delivered a high-quality performance under market pressure and has released new growth expectations, making it a valuable subject for analysis [1] Financial Performance - Zhenjiu Liduo achieved a revenue of 7.07 billion RMB in 2024, reflecting a year-on-year growth of 0.5%. The adjusted net profit reached 1.68 billion RMB, up 3.3%, with key indicators maintaining growth for four consecutive years. Both gross margin and adjusted net profit margin increased by 0.6 percentage points, indicating overall positive performance in profitability [2] - The overall gross margin of Zhenjiu Liduo reached 75.5% when calculated according to A-share accounting standards, significantly higher than its initial listing and on par with the average gross margin of the liquor industry. The operating cash flow net amount surged by 116.3% to 780 million RMB, marking a substantial improvement from a negative figure in 2022 [4] Strategic Adjustments - Zhenjiu Liduo has strategically controlled volume and intentionally slowed the market expansion pace of its Zhen San Shi series, focusing on high-quality products in the mid-to-high-end price range, which saw an 8.8% year-on-year increase in revenue [4] - The company has also reduced low-margin, low-price products in its e-commerce channels and cut several hundred million RMB worth of side products, maintaining long-term growth potential. As a result, distribution revenue grew by 2.1%, demonstrating strong performance [4] Market Position - In terms of industry ranking, Zhenjiu remains the fourth largest sauce liquor company in China and the largest private liquor enterprise in Guizhou. Liduo ranks fifth among blended liquor brands in China and continues to maintain the fastest growth among the top five blended brands [7] Long-term Growth Potential - The current adjustments in the liquor industry are driven by multiple long-term structural factors rather than simple cyclical fluctuations. Companies that transition from extensive expansion to high-quality development are expected to thrive in the long run. Zhenjiu Liduo's strategic choices align with high-quality development and aim to establish new growth points while creating differentiated advantages [8] - The company is actively reducing side products to stabilize its pricing system and enhance brand value, while also deepening its layout in the sauce liquor category, which is expected to capture over 50% of the liquor market share in the next decade [8] Channel and Brand Strategy - Zhenjiu Liduo is implementing a "dual-channel growth strategy," introducing new channels such as corporate group purchases and cross-industry collaborations. In 2024, the high-end liquor division achieved high double-digit growth through these new channels [8] - The company emphasizes the quality of its distributors and has seen double-digit growth in revenue per distributor for both Zhenjiu and Liduo brands in 2024. It also focuses on experiential marketing to enhance brand recognition and customer loyalty [9] Investment Appeal - Multiple factors are catalyzing the revaluation of Zhenjiu Liduo's value in the capital market. With the government prioritizing consumption recovery, market expectations for the consumption sector are rising, making Zhenjiu Liduo an attractive investment opportunity as a rare value stock in the Hong Kong liquor market [12][14]

21世纪经济报道记者 庞成 广州报道 日前，港股上市银行九江银行（6190.HK）发布2024年业绩报告。 九江银行称，2024年该行围绕"坚定转型步伐，精细经营管理，全面提升战略执行力"发展主题，坚 守"服务地方经济、服务中小企业、服务城乡居民"市场定位，整体经营管理稳中有进。 报告显示，该行实现营业收入103.88亿元，实现净利润7.62亿元，分别同比增长0.29%、2.16%，相较 2023年营收、净利双双出现同比负增长，显现出该行业绩止跌回稳。截至期末，该行资产总额为 5164.59亿元，同比增长2.50%。不良贷款率2.19%，拨备覆盖率154.25%，资本充足率13.17%。 此外，该行董事还建议以每10股0.57元派发2024年年度现金股息，合计派发1.62亿元，占合并后归属该 行普通股股东净利润的21.80%。 营收、利润增速"止血" 此外，该行营业费用亦有所增加，营业费用36.34亿元，同比增加2.27亿元，增幅为6.7%，主要是职工 薪酬费用、一般及行政费用的增加。 不良率攀至近五年最高 从资产端来看，截至2024年末，九江银行资产总额为5164.59亿元，较上年末增加126.09亿元，增 ...

Core Viewpoint - The company is expected to experience rapid business recovery starting in 2025, driven by AI-enabled upgrades from "digitalization" to "intelligence" [1] Group 1: Company Performance - As of the end of 2024, the company has 249,000 registered member stores, a year-on-year increase of 4.8%, and 95,000 active member stores, up 4.9% year-on-year, indicating strong customer engagement [2] - The company achieved an operating profit of 600 million yuan in 2024, with an operating profit margin of 1.00%, reflecting a year-on-year increase of 0.03 percentage points [2] - The net profit for 2024 was 462 million yuan, showcasing improved profitability [2] Group 2: Strategic Focus - The company plans to focus on AI strategy over the next three years, aiming to implement the "AI + Smart Supply Chain," "AI + SaaS," and "AI + Smart Terminals and Robots" initiatives, with a target for AI-related service revenue to exceed 1.2 billion yuan [2][3] - The customer strategy aims to increase the number of member stores to 300,000, with improvements in store density and customer loyalty by over 20% [3] - The supply chain strategy focuses on reducing the procurement ratio of subsidiary companies while increasing the procurement ratio of top brands to 60%, with proprietary brands accounting for 5% of total revenue and new categories exceeding 10% [3]

Core Insights - The instant delivery industry is transitioning from "rapid expansion" to "high-quality development," driven by demand upgrades and technological revolutions [1] - SF Express City (顺丰同城) serves as a model for high-quality breakthroughs in the instant delivery sector, showcasing significant financial growth in its 2024 annual report [1] Financial Performance - In 2024, SF Express City achieved revenue of 15.75 billion yuan, a year-on-year increase of 27% [1] - Gross profit reached 1.07 billion yuan, up 35% year-on-year, while net profit soared to 130 million yuan, marking a 162% increase [1][3] - The company maintained a gross margin of 6.8% and doubled its net margin from 0.4% to 0.8% [3] Business Strategy - SF Express City focuses on "high-quality healthy growth," enhancing its market share among key accounts (KA) and improving customer acquisition efficiency for small and medium-sized businesses [4] - The company introduced a one-on-one "exclusive delivery" service and expanded its "hourly delivery" capabilities for urban logistics [4][5] Service Segmentation - In 2024, revenue from same-city delivery services reached 9.121 billion yuan, a 23.5% increase, with business-to-business (B2B) and business-to-consumer (B2C) segments growing by 28.1% and 12.2%, respectively [4] - The last-mile delivery service generated approximately 6.625 billion yuan, reflecting a 32.5% growth [4] Market Expansion - The company is actively targeting the lower-tier retail market, with county-level coverage exceeding 1,300 locations and a 121% year-on-year revenue growth in these areas [7] - SF Express City launched its "SoFast" service in Hong Kong, tapping into a growing demand for online delivery services, with the market expected to grow by 12.2% in 2024 [7] Technological Advancements - The company is leveraging AI and unmanned delivery technologies to enhance operational efficiency, achieving a 95% on-time delivery rate and an average delivery time of 22 minutes for orders within 3 kilometers [9] - SF Express City has integrated AI capabilities into its logistics operations, collaborating with various AI model providers [9] Social Responsibility and Long-term Vision - The company established a rider care fund of 5 million yuan and a 30 million yuan public welfare fund to enhance rider welfare and safety [10] - In 2024, SF Express City repurchased nearly 200 million HKD worth of shares, demonstrating its commitment to long-term growth and shareholder value [11] Future Outlook - The instant retail market is projected to grow from 600 billion yuan in 2023 to 1.2 trillion yuan by 2025, positioning SF Express City as a benchmark for efficiency and value in the industry [12]

避险情绪下，美债继续走强。4月3日早盘盘中，美国10年和2年期国债收益率下跌10个基点，分别报 4.06%和3.798%。 A股市场相关标的中，场内的美元债LOF（501300.SH）早盘上涨0.82%，半日成交额超3000万元。 资料显示，美元债LOF（501300.SH）是一只QDII型债券基金，最新的基金年度报告显示，该基金主要 投资于全球市场的各类美元债券。2024年该基金基本保持美国国债+中资美元债的配置策略，以中短久 期投资级中资美元债为底仓，采用分散投资的方法尽可能分散风险，在保证组合较高票息的情况下，酌 情配置长久期美国国债来调整组合久期。 消息面上，据央视新闻，当地时间4月2日，美国白宫发表声明称，美国总统特朗普当日宣布国家紧急状 态，以提高美国的竞争优势，保护美国主权，并加强美国国家和经济安全。声明称，特朗普将对所有国 家征收10%的"基准关税"，该关税将于美国东部时间4月5日凌晨0时01分生效。此外，特朗普将对美国 贸易逆差最大的国家征收个性化的更高"对等关税"，该关税将于美国东部时间4月9日凌晨0时01分生 效，所有其他国家将继续遵守原有的10%关税基准。声明还称，特朗普拥有"修改权限 ...

根据报告，截至2024年12月31日，澳亚集团实现收入36.84亿元，同比减少6.1%；毛利为4.91亿元，同比减少30.7%；亏损净额为12.69亿元，同比增加 159.7%。 澳亚集团在报告中解释称，亏损的增加主要归因于生物资产公允价值变动。 对于公允价值评估模型是否对市场风险高估的问题，澳亚集团对GPLP犀牛财经表示，其采用的生物资产公允价值评估模型与同行业上市公司中基本一致。 3月31日，知名乳制品企业澳亚集团发布2024年业绩公告。 "一旦行情出现好转，我们有信心会迅速恢复盈利能力，并占有更有利的竞争地位"。澳亚集团相关负责人告诉GPLP犀牛财经，澳亚集团一直致力于拥有最 佳的牧场运营效率，过去多年蝉联国内奶牛单产榜首，且"澳亚牧场"在乳制品行业中享有很好的品牌优势。 此外，在原料奶产销和肉牛业务方面，澳亚集团方面表示，2024年，公司通过加大挤奶牛淘汰比例和出售过剩青年牛等方法，有效控制了原奶产量，同时加 大下游成品奶销售力度，实现了成品奶销售额同比超30%的增长。肉牛业务方面，通过调整肉牛牛群结构，打造多元化客户群，启动自有的下游牛肉品牌， 以巩固优质肉牛供应商地位，提升肉牛业务盈利能力。 "这 ...

长剧盈利能力不稳定，业绩隐忧凸显 2024年，国产剧在减量、降温和更严苛的口碑审视环境中走过。据云合数据统计，2024年剧集无论是备 案量、上新量均在大幅缩减，全年拍摄备案数位465部，同比减少12%，电视剧制作发行数为190部，同 比减少3成。2024年热播期集均破亿仅一部《庆余年》，但播放量仅有1.1亿，相较2023年集均破2亿的 《狂飙》甚远，整体来看，2024年热播期集均破5000万的剧集为5部，较2023年少一部，且都集中于上 半年播，下半年的剧集播放量几乎腰斩。同时，观众对剧集的要求也在提高，2024年豆瓣评分超过8分 的作品仅7部。 在观众对国产剧品质、题材的要求不断提高，而审美日益多元化的观剧口味变化中，叠加短剧新品类崛 起，挤占市场份额的激烈竞争环境，上游的视频平台采买能力下降，致使处于中游的制作公司在相应地 去产能。随着2024年底至今不断传出视频平台砍集数、砍预算、卡项目、大力发展内容自制的消息，可 以预见的是，影视公司的盈利空间还将进一步被压缩。 随着视频平台的要求提高，影视公司正积极巩固、加强与视频平台之间的关系。 如本就有爱奇艺控股公司投资的稻草熊，于2024年底与爱奇艺续签202 ...

Group 1: Financial Performance - The company reported a total revenue of 2.451 billion yuan and a net profit of 98.204 million yuan for the fiscal year 2024, with a gross margin of 56.8%, an increase of 4.4% year-on-year [1] Group 2: Marketing Strategies - The company has focused on multi-channel marketing, targeting both "old members" and "young consumers" to drive customer acquisition and retention [2] - The use of social media platforms to create account matrices has been a strategy to enhance product visibility and generate private traffic [2][3] - Collaborations with KOLs for campaigns like "Zhou Hei Ya Spicy Challenge" have successfully engaged potential customers and expanded the user base [3] Group 3: Operational Innovations - The company has leveraged big data models to enhance its mini-programs, improving the consumer experience and achieving over 5.5 million active members during the reporting period [4] - Offline strategies include pop-up events to attract younger consumers and partnerships with major retail chains to diversify revenue streams [4] Group 4: Market Trends and Challenges - The Chinese marinated food market was valued at approximately 318 billion yuan in 2023, with a year-on-year growth of 6.82%, indicating a competitive landscape with a significant increase in registered businesses [5] - The company aims to balance classic products with continuous innovation to avoid stagnation and maintain consumer interest [5][6] Group 5: International Expansion Plans - The company plans to expand into the Southeast Asian market, capitalizing on the region's large Chinese population and similar dietary preferences [11] - A significant percentage (34.8%) of brands are choosing Southeast Asia as their first international market, aligning with the company's strategy [11] Group 6: Future Directions - The company will focus on maintaining user experience and continuous product development as key strategies for sustainable profitability and international growth [12]