凭借优异业绩，达势股份连续七年获达美乐全球Gold Franny奖，并连续第六年斩获International Cornerstone Award。据弗若斯特沙利文，以2024年比萨销售额计，达美乐比萨已稳居中国比萨市场第 二。未来，公司将继续推进"4D"战略，聚焦门店开发、质价比产品、高效外送与数字化能力，持续巩 固市场领先地位。 期内新店表现突出，邯郸首店首月销售额突破680万元，位列全球前五；徐州首店单日销售额超68万 元，创全球新纪录。运营效率再攀新高，在达美乐全球超21500家门店的首30日销售额排行榜中，达美 乐中国包揽了前50名中的49席。数字化建设成效显著，会员计划"达人荟"规模增至3290万人，过去12个 月新增约1440万名首单顾客。 2025年第三季度，达势股份(01405)凭借门店扩张、创新与数字化三大战略驱动，业绩表现强劲。达势 股份持续推进"走广走深"的门店网络扩张战略，截至9月30日，集团在中国内地51个城市运营门店达 1283家，季度净新增275家，全年300家开业目标已完成约100%，集团与一线城市同店销售均实现正增 长。 ...

凭借优异业绩，达势股份连续七年获达美乐全球Gold Franny奖，并连续第六年斩获International Cornerstone Award。据弗若斯特沙利文，以2024年比萨销售额计，达美乐比萨已稳居中国比萨市场第 二。未来，公司将继续推进"4D"战略，聚焦门店开发、质价比产品、高效外送与数字化能力，持续巩 固市场领先地位。 期内新店表现突出，邯郸首店首月销售额突破680万元，位列全球前五；徐州首店单日销售额超68万 元，创全球新纪录。运营效率再攀新高，在达美乐全球超21500家门店的首30日销售额排行榜中，达美 乐中国包揽了前50名中的49席。数字化建设成效显著，会员计划"达人荟"规模增至3290万人，过去12个 月新增约1440万名首单顾客。 智通财经APP获悉，2025年第三季度，达势股份(01405)凭借门店扩张、创新与数字化三大战略驱动，业 绩表现强劲。达势股份持续推进 "走广走深" 的门店网络扩张战略，截至9月30日，集团在中国内地51个 城市运营门店达1283家，季度净新增275家，全年300家开业目标已完成约100%，集团与一线城市同店 销售均实现正增长。 ...

编译 / 杜 咏 芳 编辑 / 黄 大 路 设计 / 慕 衍 近日，梅赛德斯-奔驰的董事会会议室里，上演了一场精妙的"高管轮舞"。 这并非一场混乱的席位变更，而是一次深思熟虑的战略布局。 这场变局始于一个时代的温和落幕：首席技术官薛夫铭（Markus Schäfer）功成身退。接替他的是约尔格·伯泽（Jörg Burzer）。 伯泽的重任，是确保这家百年老店在电动化与数字化浪潮中，能沿着既定的技术路线全速前进。 而伯泽留下的生产、质量与供应链管理职位，则落在了迈克尔·希贝（Michael Schiebe）的肩上，他将从AMG退场，走向这个对他来说相对陌生、却决 定着企业运营生命线的岗位之上。 监事会主席马丁·薄睦乐（Martin Brudermüller）的肯定，为这次交接写下了最佳注脚："我们队伍中的两位杰出经理，约尔格·伯泽和迈克尔·希贝，将接 管对梅赛德斯-奔驰集团未来成功至关重要的关键部门。" 这场连环调动留下的最大悬念——AMG新掌门人至今虚位以待，则成了公司为未来保留的最大变数。 当前，全球电动汽车市场结束高速增长期，整体需求增速明显放缓，促使消费者对技术路线的选择更为审慎，也推动多家主流车企重新 ...

这并非 Medline 首次谋求上市。早在 2024 年底，公司就已向 SEC 保密递交过 S-1 草案 。但由于 2025 年上半年全球贸易不确定性上升，美国对中国、越南、墨西哥 等地加征关税，供应链成本短期飙升，公司出于稳健考虑推迟了发行。如今在市场环境逐渐企稳的背景下，Medline 再度重启窗口，被认为是企业经营信心与资本 市场修复的共同体现。 # 上市背后的动 因： 稳定的窗口 期 为何选择此时重启 IPO？外界普遍认为，原因主要有三方面： 其一，宏观环境趋稳。 随着美联储释放降息预期，全球融资环境较上半年显著改善。资本市场风险偏好回升，多家企业在 9 月密集重启上市计划，医疗健康作为相 对抗周期的赛道，受到机构资金的持续追捧。 其二，贸易摩擦阶段性缓和。 年初美国对多国医疗耗材与零部件加征关税，使得供应链承压。但近期关税政策出现边际放松，Medline 的跨国供应链压力有所缓 解。市场认为，这是公司敢于重新启动上市窗口的直接原因之一。 其三，医疗需求长期增长。 无论是医院端的一次性防护用品，还是家庭护理端的基础耗材，Medline 的产品线覆盖面广、刚需属性强。疫情后，医疗供应链"常态化 安全"成 ...

在数字经济蓬勃发展的当下，公司未来将依托各主流线上平台，重塑商业竞争优势。公司旗下的古今内 衣、天宝龙凤、星光摄影等品牌将依托多个主流平台发布产品内容，以生动鲜活的内容吸引消费者，增 强互动体验，提升品牌关注度。 在业务转型方面，公司将紧抓市场机遇，持续提升品牌年轻化、多元化，增加体验感。确立"分层推进 老字号焕新，全面提升市场核心竞争力"的战略目标，推动老字号品牌复苏发展。坚持"一品一策一方 案"，打造品牌联动机制，挖掘和弘扬品牌文化内涵，为老字号新赋能。组织策划、支持引导旗下品牌 参与各类展览、市场营销和品牌推广活动，运用新媒体手段，提升老字号品牌市场竞争力。 9月19日下午，益民集团（600824.SH）参加主题为"沟通传递价值 信心共筑未来"——2025年上海辖区 上市公司集体接待日暨中报业绩说明会活动。 会上，问及核心商圈（淮海路等）物业出租率和租金变化趋势、传统百货业务转型成效以及如何应对线 上消费的冲击，益民集团董事、常务副总经理孙骏表示，目前公司物业的出租率和租金和去年比较基本 平稳无明显变化； ...

Core Viewpoint - Yimin Group maintains stable rental rates and occupancy levels in key commercial areas, while focusing on brand rejuvenation and digital transformation to enhance competitiveness in the face of online retail challenges [1] Group 1: Property Performance - The occupancy rate and rental prices of the company's properties have remained stable compared to last year, showing no significant changes [1] Group 2: Business Transformation - The company aims to seize market opportunities by enhancing brand youthfulness and diversity, and increasing customer experience [1] - A strategic goal has been established to revitalize traditional brands and improve core market competitiveness through a phased approach [1] - The company will implement tailored strategies for each brand, fostering a brand linkage mechanism to explore and promote brand cultural connotations [1] Group 3: Digital Economy Strategy - In response to the booming digital economy, the company plans to leverage major online platforms to reshape its competitive advantage [1] - Brands under the company, such as Gujin Clothing, Tianbao Longfeng, and Xingguang Photography, will utilize various mainstream platforms to release product content, aiming to attract consumers with engaging content and enhance interaction [1]

Performance Review - In H1 2025, the company achieved operating revenue of 1.496 billion, a year-on-year decrease of 4.03% [1] - The net profit attributable to the parent company was 167 million, down 9.51% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 136 million, a decline of 17.98% year-on-year [1] - The company implemented strategic adjustments to low-efficiency product categories, resulting in a gross margin increase of 1.8 percentage points [1] - Revenue breakdown: Rehabilitation aids contributed 563 million (37.63%), medical care products 424 million (28.32%), and health monitoring products 271 million (18.11%) [1] Growth Potential - Certain core product categories showed strong growth momentum in H1 2025 [1] - Sales of self-developed ventilators increased significantly starting in Q2, along with good performance from blood glucose and uric acid integrated machines, pre-heating thermometers, and home testing strips [1] - Continuous product iteration and channel optimization have strengthened the market position and competitive advantage of core categories, laying a solid foundation for future revenue growth [1] Hearing Aid Business Development - The hearing aid business saw over 20% year-on-year revenue growth in H1 2025 [2] - The company plans to accelerate the implementation of its digital strategy, utilizing a new retail management system to enhance marketing strategies, product structure adjustments, and inventory turnover management [2] - As the proportion of older stores increases, the hearing aid business is expected to gradually turn profitable, potentially becoming the company's second growth curve [2] Profit Forecast - Revenue projections for 2025-2027 are 3.325 billion, 3.794 billion, and 4.316 billion, with year-on-year growth rates of 11.48%, 14.09%, and 13.77% respectively [3] - Expected net profit attributable to the parent company for the same period is 380 million, 466 million, and 548 million, with year-on-year growth rates of 21.79%, 22.63%, and 17.75% respectively [3] - Price-to-earnings ratios for 2025-2027 are projected at 22x, 18x, and 15x, with corresponding PEG ratios of 1.02, 0.80, and 0.87 [3]

2025-09-02 12:40:14 作者：狼叫兽 今年5月，一家财经媒体的娱乐版块负责人对卡普空的首席执行官辻本春弘进行了专访（内容现已披 露），探讨了卡普空目前的发展状况、未来方向，以及整个游戏行业所面临的挑战。 辻本春弘在采访中提到，怪物猎人：荒野在发售首月就实现了销量突破千万的目标，并顺利达成。这是 卡普空首次在如此短的时间内实现这一成绩，也为公司今后的发展提供了极为宝贵的经验。他坦言，要 实现月销千万并非易事，而这次的成功将为未来新作的早期销售提供重要的参考价值。 卡普空近年来的稳步增长，得益于企业内部持续推进的数字化战略。正是凭借一系列广受好评的高品质 IP作品，公司才得以实现持续性的业务扩展。即便是一些多年以前推出的作品，如今每年仍能维持数百 万份的销量，这为公司整体收益提供了强有力的支撑。 在采访中，辻本春弘也谈到了怪物猎人：荒野的定价问题。 前作怪物猎人：世界的总销量已经达到2850万份，因此在推广荒野时，需要通过有效的方式触及这部分 用户群。而定价策略是其中的关键因素之一：上市已有七年的世界当前售价为9.9美元，而荒野的定价 则是70美元，用户是否愿意接受这一价格，是卡普空必须面对的课题 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][11]. Core Insights - The company achieved significant growth in its financial performance for the first half of 2025, with total revenue reaching 19.186 billion yuan, a year-on-year increase of 33.1%, and a net profit of 1.649 billion yuan, up 59.5% [2][4]. - The management has implemented various strategic and operational measures to strengthen core business, consolidate market position, and promote sustainable growth, especially in light of the upcoming new national standards and the "old-for-new" policy [2][3]. - The company is focusing on high-end product development and innovation, enhancing its product matrix to meet diverse consumer needs, which has positively impacted brand recognition and pricing power [3][4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 3.047 billion yuan, with a growth rate of 139.51% compared to 2024 [5][9]. - The projected earnings per share (EPS) for 2025 is 0.98 yuan, with a price-to-earnings (P/E) ratio of 12 [5][9]. - The company's gross margin improved to 19.6%, reflecting a 1.6 percentage point increase year-on-year [2][4]. Product and Marketing Strategy - The company has introduced new product lines tailored for specific consumer segments, such as the "Modern Series" for female consumers and the "Crown Series" focusing on performance and driving experience [3]. - Marketing strategies have been adjusted to appeal to younger demographics, including collaborations with popular cultural icons and leveraging digital platforms for brand engagement [3].

Core Insights - Lakala achieved a revenue of 2.65 billion yuan and a net profit of 230 million yuan in the first half of 2025, maintaining a leading position in domestic card acquiring and barcode payment transaction volumes [1] - The company reported significant growth in cross-border and foreign card businesses, with cross-border payment transaction amounts and customer numbers increasing by 73.5% and 70.4% year-on-year, respectively, while foreign card payment transaction amounts and customer numbers surged by 210% and 72% [1][2] Group 1: Financial Performance - In the first half of 2025, Lakala's digital payment business generated 2.36 billion yuan in revenue, with total payment transaction amounts reaching 19.6 trillion yuan, including 13 trillion yuan from card transactions and 6.6 trillion yuan from QR code transactions [2] - The company served over 160,000 customers in its cross-border payment business, marking a 70.4% year-on-year increase, with cross-border payment transaction amounts reaching 37.1 billion yuan, up 73.5% [2][3] Group 2: Strategic Initiatives - Lakala is focusing on digital transformation, particularly through its "Payment + SaaS" strategy, which has made substantial progress in the restaurant and retail sectors, serving over 180,000 quality store clients [1][4] - The company has established partnerships with 356 SaaS platforms, providing 359 SaaS products across 38 industries, including retail, dining, and entertainment [5] Group 3: AI Integration - Lakala launched an AI wallet that redefines merchant service models, offering nearly 100 business functions and attracting close to 8 million registered users, with 1.5 million monthly active users [5] - The integration of AI into payment services is transforming them from mere tools into comprehensive business partners, enhancing customer engagement and service delivery [5]