Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline in Q1 2025, attributed to reduced low-price gift box promotions during the Spring Festival, a decrease in traditional supermarket sales, and a high revenue base from the same period last year [4] - Despite the challenges, the company has shown strong growth in its comprehensive nut and bean series, with significant contributions from overseas markets [3][9] - The company is expected to improve its profit margins gradually as overseas market expansion continues and operational efficiencies are realized [8][9] Financial Performance Summary - In FY 2024, the company achieved a revenue of 2.257 billion yuan, a year-on-year increase of 22.18%, and a net profit of 376 million yuan, up 14.32% year-on-year [2] - For Q1 2025, the company reported a revenue of 504 million yuan, down 13.99% year-on-year, and a net profit of 53 million yuan, down 42.21% year-on-year [2] - The gross profit margin for FY 2024 was 35.46%, which decreased to 34.32% in Q1 2025, reflecting pressure from rising raw material costs and increased expenses [5][7] - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.598 billion yuan and 3.032 billion yuan, respectively, and has revised EPS estimates to 4.38 yuan and 5.13 yuan for the same years [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline in Q1 2025, attributed to reduced e-commerce activities and traditional retail performance, but showed a year-on-year increase when comparing Q4 2024 to Q1 2025 [4] - The company is focusing on expanding its overseas market presence, which has shown significant growth from a low base, indicating increasing influence and recognition [9] - Profit margins are expected to improve gradually in subsequent quarters as operational efficiencies are realized and overseas market contributions grow [9] Financial Performance Summary - In FY 2024, the company achieved revenue of 2.257 billion yuan, a year-on-year increase of 22.18%, and a net profit of 376 million yuan, up 14.32% [2] - For Q1 2025, revenue was 504 million yuan, down 13.99% year-on-year, with a net profit of 53 million yuan, down 42.21% [2] - The company's gross margin for FY 2024 was 35.46%, which decreased to 34.32% in Q1 2025 due to rising raw material costs and increased expenses [5][7] - The company’s sales expenses increased significantly in Q1 2025, reflecting investments in overseas market expansion and brand promotion [6] Revenue Breakdown - The company’s revenue from various product lines in FY 2024 included 705 million yuan from mixed nuts and beans, 524 million yuan from green peas, and 302 million yuan from sunflower seeds, with respective year-on-year growth rates of 39.80%, 12.56%, and 10.48% [3] - Revenue from overseas markets grew by 1762% year-on-year, highlighting the potential for future growth in international sales [3] Earnings Forecast - The revenue forecast for 2025 has been adjusted to 2.598 billion yuan, with EPS estimates revised to 4.38 yuan [10] - The company is projected to achieve revenues of 3.032 billion yuan in 2026 and 3.461 billion yuan in 2027, with corresponding EPS of 5.13 yuan and 5.72 yuan [10]

Event Overview - In FY24, the company achieved revenue of 2.257 billion, a year-on-year increase of 22.18%; net profit attributable to shareholders was 376 million, up 14.32% year-on-year; and net profit excluding non-recurring items was 341 million, an increase of 16.91% year-on-year. In Q4 24, revenue was 652 million, up 22.05% year-on-year; net profit attributable to shareholders was 99 million, down 13.91% year-on-year; and net profit excluding non-recurring items was 93 million, down 10.40% year-on-year. In Q1 25, revenue was 504 million, down 13.99% year-on-year; net profit attributable to shareholders was 53 million, down 42.21% year-on-year; and net profit excluding non-recurring items was 46 million, down 45.14% year-on-year [1]. Analysis and Judgment - The company saw strong growth in the comprehensive nut and bean series, with revenue from various product lines in FY24 as follows: comprehensive nuts and beans 705 million (+39.80%); green pea series 524 million (+12.56%); sunflower seeds 302 million (+10.48%); broad beans 277 million (+19.72%); other series 439 million (+21.17%); and other businesses 10 million (-3.84%) [2]. - By region, revenue in FY24 was as follows: East China 658 million (+45%); Southwest 365 million (+49%); Central China 339 million (+17%); e-commerce 239 million (+11%); North China 235 million (-28%); South China 160 million (+22%); Northwest 97 million (+2%); Northeast 71 million (-9%); overseas 83 million (+1762%); and other businesses 10 million (-4%) [2]. Q1 25 Revenue Pressure - Revenue in Q1 25 faced pressure due to several factors: 1) significant reduction in low-priced gift box live-streaming business during the Spring Festival to ensure healthy development of e-commerce; 2) decline in traditional supermarket business; and 3) timing differences of the Spring Festival leading to a high revenue base in the same period last year. Comparing Q4 24 and Q1 25, revenue showed a year-on-year increase of 3.2%, indicating stability [3]. Cost and Profitability - The company's gross margin for FY24, Q4 24, and Q1 25 was 35.46%, 35.14%, and 34.32%, respectively, showing a year-on-year decline of 0.78, 0.90, and 1.07 percentage points. The decline in gross margin was primarily due to significant promotional efforts during the year-end festival and a substantial increase in procurement costs for key raw materials like palm oil since Q1 25 [4]. - On the expense side, the company's expense ratios for sales, management, R&D, and financial expenses in FY24 were 12.67%, 3.75%, 1.42%, and -0.50%, respectively, with year-on-year changes of +1.18, -0.03, +0.17, and +0.33 percentage points. In Q1 25, these ratios were 17.34%, 4.87%, 1.23%, and -0.35%, with year-on-year changes of +4.24, +1.39, +0.17, and +0.22 percentage points. The increase in sales expense ratio was attributed to the company's expansion into overseas markets and increased brand promotion efforts [5]. - The net profit margin for FY24, Q4 24, and Q1 25 was 16.67%, 15.19%, and 10.47%, respectively, with year-on-year declines of 1.14, 6.34, and 5.11 percentage points. The net profit margin excluding non-recurring items was 15.12%, 14.34%, and 9.09%, with year-on-year declines of 0.68, 5.20, and 5.16 percentage points. The pressure on profitability was due to both cost and expense factors [6]. Future Outlook - The company is expected to improve profitability quarter by quarter, with a focus on breakthroughs in overseas markets. The significant growth in overseas markets reflects the company's increasing influence and recognition. Despite the pressure from raw material price fluctuations and increased overseas expenses, profitability is anticipated to improve as the overseas market expands [7][8]. Investment Recommendations - Based on the latest financial report, the company's revenue forecasts for 2025 and 2026 have been adjusted down to 2.598 billion and 3.032 billion, respectively, with a new forecast for 2027 revenue at 3.461 billion. The EPS forecasts for 2025 and 2026 have been revised down to 4.38 and 5.13, respectively, with a new forecast for 2027 EPS at 5.72. The PE ratios corresponding to the closing price of 64 yuan per share on May 30 are 15, 12, and 11 times, maintaining a "buy" rating [9].

在海外拿牌的热潮中，全球支付平台PingPong也有亮眼表现。近日，PingPong宣布获得马来西亚中央银行正式批 准，成为中国首家在当地持有MSB牌照的To B（面向企业客户）跨境支付机构。继新加坡、印尼牌照之后， PingPong此次获得马来西亚牌照，将进一步扩大公司在"一带一路"共建国家和地区的业务布局，完善本地生态网 络建设。 截至目前，PingPong已拥有60多张全球支付牌照及许可证，其合规网络建设覆盖了中国内地、中国香港、美国、 加拿大、欧盟、英国、新加坡、印尼、马来西亚、澳大利亚、日本等众多国家和地区。凭借广泛的牌照覆盖， PingPong可支持各类企业在北美、欧洲、东亚、东南亚等主要贸易区域内实现安全便捷的跨境资金往来，帮助企 业有效应对全球市场波动，抓住新兴市场的机遇。 同样关注新兴市场机遇的还有Airwallex空中云汇。今年初，Airwallex空中云汇成功获得巴西央行颁发的支付牌 照，并完成对墨西哥持牌机构MexPago的战略收购，为进入拉美两大关键市场铺平了道路。 目前，Airwallex空中云汇已经在澳大利亚、新加坡、中国香港、中国内地、日本、新西兰、英国、欧洲、美国、 加拿大、 ...

5月28日，中创新航公告，当日，公司与邯郸市产投集团及邯郸市城运集团订立合资协议，内容有关（其中包括）成立合资公司。 根据合资协议，中创新航与邯郸方同意通过现金出资共同成立合资公司。 合资公司的注册资本金为人民币40亿元，由中创新航及邯郸方按其 各自于合资公司持股60%及40%，分别出资人民币24亿元及人民币16亿元。 合资公司将被视为中创新航的附属公司，且其财务业绩将并入 集团的综合财务报表。 公告显示，邯郸市产投集团为一家于中国注册成立的有限责任公司，是河北省邯郸市产业投资、产业引导、资本运营主体，主要业务板块包括 资本运营、水务环保、清洁能源、文化旅游、水利建设、数据运营、园区运营、特种施工等。邯郸市产投集团的最终实益拥有人为邯郸市人民 政府国有资产监督管理委员会。 邯郸市城运集团为一家于中国注册成立的有限责任公司，主要承担邯郸市城市基础设施建设、交通基础设施建设、市政公用运营服务等领域的 投融资、开发建设和运营管理工作，主要业务板块包括政府投资项目代建、土地整理、房地产开发经营、供气供暖、环卫垃圾、市政养护、城 市绿化管理、智慧城市、城市公共交通、高速运营、航空运输等。邯郸市城运集团的最终实益拥有人为 ...

Group 1 - The company held its 16th (temporary) meeting of the third board of directors on May 29, 2025, with all 9 directors present, including independent directors attending via communication [1][2] - The board approved a plan to establish a wholly-owned subsidiary in Singapore and a subsidiary in Thailand to enhance overseas market expansion, with a total investment not exceeding 4 million USD [1][2] - The investment allocation includes up to 1 million USD for the Singapore subsidiary and up to 3 million USD for the Thailand subsidiary, subject to approval by Chinese and local authorities [1][2] Group 2 - The board authorized the management to handle all matters related to the foreign investment, including registration, contract signing, and application for overseas investment filing [2] - The voting results for the board's decision were unanimous, with 9 votes in favor and no votes against or abstentions [2]

Core Insights - Meituan's Q1 2025 financial results exceeded expectations, with revenue of 86.56 billion (+18.1%), operating profit of 10.57 billion (+102.8%), and adjusted net profit of 10.95 billion (+46.2%) [1] - The company maintains a strong outlook on its domestic core business barriers and growth potential, while also exploring new growth opportunities in overseas markets [1][3] Revenue Growth and Core Business Performance - Q1 revenue growth was driven by the local commerce segment, which generated 64.32 billion (+17.8%) in revenue and an operating profit of 13.49 billion (+39.1%) [1] - New business revenue reached 22.23 billion (+19.2%), although it reported an operating loss of 2.27 billion [1] Delivery and Flash Purchase Insights - In Q1, the average daily order volume for food delivery showed steady growth, supported by improved advertising monetization and subsidy efficiency, leading to a significant increase in operating profit margin (OPM) [2] - Flash purchase segment maintained rapid growth in order volume, achieving an OPM of approximately 10% driven by advertising and subsidy improvements [2] Store and Offline Business Performance - The in-store segment saw a revenue increase to approximately 15.1 billion (+20%), with a stable OPM, driven by growth in various new scenarios [2] - Q2 expectations indicate a slight slowdown in growth for the in-store segment due to competition and seasonal factors [2] New Business Expansion - Keeta is set to enter the Brazilian market, with plans to invest 1 billion USD over the next five years following a strategic cooperation agreement [3] - Despite the anticipated growth in new business revenue driven by Keeta, overall losses are expected to widen [3] Investment Recommendations - The company is projected to achieve a core business operating profit of 53.2 billion for 2025, with an estimated net profit of 45.3 billion, leading to a target price of 156 HKD based on a 20x PE ratio [3]

| | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ☑现场参观 □其他（线上交流会） | | 参与单位名 | 深交所投资者服务部、申万宏源证券组织的投资者"走进上市公司"一行个人 | | 称及人员 | 投资者 33 人 | | 时间 | 2025 年 5 月 27 日 14：30-16：00 | | 地点 | 广西贺州西麦生物食品有限公司 | | 形式 | 线下 | | 上市公司 接待人员 | 证券事务代表：何剑萍 | | | 公司工作人员带领投资者参观公司展厅、部分生产车间，讲解企业发展历程、 | | | 核心业务，主要产品。向投资者介绍公司近年来的整体发展情况和未来发展规 | | | 划，并就投资者关注的问题进行了交流。 | | | Q1：2025 年一季度公司营收和利润增长主要来自于哪些方面？ | | | A1：春节在一季度，是传统的销售旺季：1、电商一季度增速较高。一季度电 | | 投资者关系 | 商的增长主要来自于传统电商平台，传统电商平台盈利能力高于兴趣电商平 | | 活动主 ...

以下文章来源于汽车商业评论 ，作者牛一龙 汽车商业评论 . 推动新汽车向前进 来源丨汽车商业评论（ID： autobizreview ） 编译丨 牛一龙 图源丨Midjourney 在汽车行业的发展历程中，曾有一个广为流传的说法——"电车不过长城"。 2009年"十城千辆"计划启动时，由于当时新能源汽车技术的限制，特别是在低温环境下电池续航衰 减、性能不稳定等问题突出，使得业界普遍认为长城以北的高寒地区不适合推广新能源汽车。 中国汽车技术研究中心有限公司资深首席专家、总师办副主任黄永和清晰记得：863专家组的领导提 出一个原则——好多人说这是一个笑话但不是笑话——是真的，叫电车不过长城，就是长城以北地区 在做"十城千辆"申报时别申报了。 时光荏苒，16年过去，如今"电车已过山海关"，新能源汽车不仅在北方高寒地区逐渐站稳脚跟，在高 原地区也日益普及，成为汽车市场中不可忽视的力量。 低温困不住电动汽车 新能源汽车在北方地区发展的最大阻碍，便是低温环境对车辆性能的影响，其中续航衰减问题尤为突 出。过去，低温下电池活性降低，导致续航大幅缩水，使得消费者对新能源汽车望而却步。如今，车 企在热管理系统、电池技术等方面取得 ...

5月27日，新日股份（603787）召开公司2024年年度暨2025年第一季度业绩说明会，公司表示，2025年 以来，随着市场回暖、新国标修订实施、以旧换新政策带动以及公司在细分市场领域研发推出了一些契 合消费者需求的新产品，带动了公司销量增长，驱动一季度业绩提升。2025年第一季度，公司实现营业 收入10.54亿元，同比上升39.47%；归母净利润为2992.49万元，同比上升19.08%。 同时，公司将继续实施渠道下沉策略，加强城市社区和乡镇网点的建设，重点改善经销网点零售运营能 力，加强劣质网络优化力度，侧重于帮助经销商提升零售销量、零售利润，稳固终端渠道，具体通过直 播支持、宣传物料、促销活动、下级渠道开拓等方面加大对终端的帮扶力度，结合产品结构组合、营销 力提升、流量加载、服务保障等方面来综合性提高门店运营效率。 年报显示，2024年公司研发费用率约3.12%，有投资者提问，公司研发投入是否有进一步提升计划？对 此，公司表示，2024年，公司在技术研发与应用领域持续发力，取得以下方面主要成果：一是动力技 术，双芯双动力电机升级至3.0，拥有5项国家专利，通过8项国家认证检测，实现赛道级加速、越野级 ...