根据年报数据，贝泰妮2024年全年实现营业收入57.36亿元，同比增长3.87%，尽管归母净利润受到多重因素影响，同比下降33.53%至5.03亿元，但公司核心 财务指标仍保持健康，资产总额达83.04亿元，净资产规模突破60亿元。 | | 2024 年末 | 2023 年末 | 本年末比上年 增減 | | --- | --- | --- | --- | | 总资产 | 8,303,551,892.22 | 7.506.930.342.79 | 10 | | 归属于上市公司股东的净资产 | 6,049,901,389.45 | 5,860,994,371.02 | 3 | | | 2024 年度 | 2023 年度 | 本年比上年 | | | | | 增減 | | 营业收入 | 5,735,865,254.21 | 5.522.168.263.00 | 3 | | 归属于上市公司股东的净利润 | 503,053,586.13 | 756,795,007.56 | -33 | | 归属于上市公司股东的扣除非经常性损 | 240,289,033.33 | 618.058.791.53 | -61 | | 益的净利 ...

Financial Performance - In Q1 2025, the company achieved a revenue of 8.22 billion yuan, representing a year-on-year growth of 20% [3] - The net profit attributable to shareholders was 1.16 billion yuan, with a year-on-year increase of 28.45% [3] - The non-recurring net profit reached 9.35 million yuan, showing a growth of 19.65% year-on-year [3] Business Strategy - The company is focusing on international brand strategy, marking its transition from a regional to a global brand [3] - A 56% stake acquisition in Zhongrui Supply Chain was completed, enhancing collaboration across core business segments [3] - The company is implementing a share repurchase plan, with a total repurchase amount of 120 million yuan as of March 31, 2025 [3] Product Development - The high pathogenic avian influenza vaccine generated 87 million yuan in revenue, a 16% increase year-on-year, while the Marek's vaccine revenue reached 26 million yuan, up 59% [4] - The company plans to launch new products, including a cat oral dewormer and various mRNA vaccines for pets, to enrich its product matrix [4][5] Market Expansion - The company has nearly 100% coverage of its top 100 customers in the traditional livestock sector and aims to deepen strategic cooperation with major clients [6][7] - The international strategy includes a dual circulation approach for product and technology, focusing on overseas market expansion and enhancing service capabilities [7] Impact of Tariffs - Export business accounts for approximately 3% of total revenue, indicating minimal direct impact from US-China tariffs [7] - The company is monitoring tariff policy changes to adjust its business layout and product strategies accordingly [7]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.2% [1][2] - The apparel business continues to grow rapidly, with significant sales increases across various product categories, particularly in apparel and accessories, which saw a revenue of 7.447 billion yuan, up 59.4% year-on-year [2] - Inventory factors are impacting the company's short-term profitability and operational efficiency, with inventory turnover days increasing to approximately 81 days in 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.275 billion yuan, with a net profit of 214 million yuan, reflecting a decline in profitability [1][6] - The gross margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [3] - The company expects net profits for 2025, 2026, and 2027 to be 331 million yuan, 451 million yuan, and 611 million yuan respectively, with corresponding P/E ratios of 24.9X, 18.3X, and 13.5X [6] Business Segments - The company’s revenue from apparel and accessories reached 7.447 billion yuan, while non-apparel accessory sales were 2.324 billion yuan, indicating strong growth in the apparel segment [2] - The top five brands contributed significantly to revenue, accounting for approximately 59% of total sales, with notable growth rates among these brands [2] Market Strategy - The company is focusing on deepening its brand strategy and expanding into non-American markets, particularly Europe, while also enhancing its overseas supply chain [4] - The company has established a factory in Vietnam and is working with quality suppliers in Southeast Asia to mitigate trade risks [4]

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲研究员团队对该股研究较为深入，近三 年预测准确度均值为56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.2% [1] - The apparel business continues to grow rapidly, with significant sales increases across various product categories, particularly in accessories, which saw a revenue increase of 59.4% [2] - Inventory factors are impacting the company's short-term profitability and operational efficiency, with inventory turnover days increasing to approximately 81 days [3] - The company is focusing on expanding its brand strategy and overseas supply chain, particularly in non-American markets like Europe and Southeast Asia [4] - Profit forecasts for 2025 to 2027 predict net profits of 331 million, 451 million, and 611 million yuan respectively, with corresponding P/E ratios of 24.9X, 18.3X, and 13.5X [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.275 billion yuan, with a growth rate of 56.5% year-on-year [8] - The net profit attributable to the parent company for 2024 was 214 million yuan, reflecting a decline of 36.2% [8] - The gross profit margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [3] Business Segments - Revenue from apparel and accessories reached 7.447 billion yuan, with a year-on-year growth of 59.4% [2] - The top five brands contributed significantly to revenue, accounting for approximately 59% of total sales [2] Operational Insights - The company faced challenges with inventory management, leading to an increase in inventory turnover days to about 81 days [3] - The company reported a negative cash flow from operating activities of -469 million yuan in 2024 [9] Future Outlook - The company plans to deepen its brand strategy and expand into non-American markets, particularly in Europe and Southeast Asia [4] - The establishment of a factory in Vietnam is expected to enhance the company's overseas supply chain capabilities [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company achieved a revenue of 5.304 billion yuan in 2024, representing a year-on-year growth of 28.89%, and a net profit attributable to shareholders of 640 million yuan, up 26.53% year-on-year [4][5] - The company has launched a category brand strategy, with significant growth in key products such as "Mowon" and "Egg Emperor," which have become category champions [5][8] - The company is expanding its overseas channels, with overseas revenue reaching 62.74 million yuan in 2024, a substantial increase from 314,900 yuan in 2023 [5][8] Financial Performance - In Q4 2024, the company reported a revenue of 1.443 billion yuan, a year-on-year increase of 29.96%, and a net profit of 147 million yuan, up 33.66% year-on-year [4] - For Q1 2025, the company achieved a revenue of 1.537 billion yuan, reflecting a year-on-year growth of 25.69%, with a net profit of 178 million yuan, up 11.64% year-on-year [4] - The company's gross margin for 2024 was 30.69%, down 2.85 percentage points year-on-year, and for Q1 2025, it was 28.47%, down 3.63 percentage points year-on-year [5][8] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.795 billion yuan in 2025, 8.252 billion yuan in 2026, and 9.539 billion yuan in 2027, with corresponding net profits of 853 million yuan, 1.053 billion yuan, and 1.240 billion yuan respectively [7][9] - The expected EPS for 2025, 2026, and 2027 are 3.13 yuan, 3.86 yuan, and 4.54 yuan respectively [7][9] Market Performance - The company's stock has outperformed the market, with a 12-month performance of 78.3% compared to the Shanghai and Shenzhen 300 index, which has only increased by 7.3% [3]

两款车同时登场，不仅意味着上汽奥迪"双品牌战略"的全面落地，还有更深层次的价值升维。 当不少声音认为传统豪华品牌的转型陷入两难，要么彻底电动化丢失品牌积淀，要么保守迭代丧失市场先机时，奥迪给出了第三种解法：用双新车加持、 双重品牌驱动，构建豪华车市场前所未有的战略纵深，并在燃油车与电动车的交汇处重构价值坐标系。 双轨竞速 在新能源车渗透率突破40%的中国市场，上汽奥迪选择"油电并举"的产品策略看似大胆，实则是对中国汽车市场的一次精准判断。 4月23日，上海车展聚光灯下的上汽奥迪展台，两款新车全新上汽奥迪A5L Sportback与奥迪E5 Sportback亮相引来不少人围观。前者是首款搭载华为乾崑 智驾技术的燃油车，后者是新AUDI品牌的首款量产纯电车。 奥迪E5 Sportback的研发过程中，德国团队把控造型与驾控基因，中国团队主导智能交互开发。这种分工不仅突破了跨国车企固有的研发桎梏，更实现了 豪华品牌价值与本土技术优势的完美融合。 | 乘联零售 | | 2020年 | 2021 | 2022 | 2023 | 2024 汇 | 2025 | | | 2025 | | --- | --- | --- ...

以下文章来源于茶咖观察 ，作者李彦 茶咖观察 . 壹览商业旗下茶饮咖啡行业研究机构 导读： 茉酸 奶又 又 又 推 子 品 牌 了 。 木鱼 丨 编辑 茶咖观察 丨 出品 茉酸奶又推子品牌了。 2 0 2 5 年 4 月 1 8 日，茉酸奶在上海徐家汇日月光中心广场开设了其首家"牧场奶仓"门店， 新门店采用"谷仓"设计风格，营造出"城市中心牧场"的氛围。 从门店设计看，牧场奶仓的空间设计与茉酸奶此前主打的绿色系装修风格有明显区隔，整体 转向更为温润的原木色调。 门店大量采用谷物与原生态元素进行陈设，例如裸麦束、草编器具等，并在显眼位置摆放了 牛油果等新鲜水果，营造出农场采摘的现场感。价格信息则不再使用标准灯箱，而是以手写 黑板的形式展示，带有轻松、生活化的笔触。 店内设置了开放式厨房，顾客可以看到店员现场切水果、搅拌酸奶的全过程，强调手作、可 见与新鲜的价值观。整个空间氛围更像是一处慢节奏的酸奶工作坊，而非传统饮品店。 茶咖观察发现， "牧场奶仓"在产品方面进行了丰富和创新，茉酸奶本身主打的酸奶奶昔产品 依然在线，除此之外，还新增了酸奶贝果、现制冷萃酸奶、轻酸奶系列等多款零售产品。 李彦 丨 作者 烘焙系列涵 ...

这正是智能电动车时代的残酷：智能技术的快速普及，中国车企们好不容易先发的智能化优势在被加速 抹平。 中国新造车势力早有警觉。4月23日的媒体沟通会上，蔚来创始人、董事长、CEO李斌坦诚：冰箱彩电 大沙发，这些看得见的应用创新，确实非常容易同质化。 李斌认为真正有壁垒的技术，在于用户看不到的地方。 他将智驾芯片、全域操作系统、智能底盘，称之为智能汽车核心技术的"新三大件"，这些核心技术决定 了智能汽车的体验上限和安全上限。 两年前，合资品牌、豪华车企的代表团涌入上海车展，为中国车企的智能电动"神速进步"感到震惊与讶 异。 两年后的4月上海车展依旧热闹，但上述的"盛况"已经不明显。 相反，日系车、德系车以肉眼可见的速度，集体补齐了高阶智能智能驾驶、智能座舱等"短板"，这成为 今年上海车展最值得关注的亮点之一。 "看不见的核心技术创新，投入周期长，用户感知可能没有那么强，但它是真正的智能汽车底座。" 例如，李斌在发布会上展示了蔚来自研的、全球首颗量产5纳米智驾芯片神玑NX9031。这颗芯片随着蔚 来智能电动行政旗舰ET9的交付而正式量产落地。 这帮蔚来赢得了车型产品落地的时间优势。李斌介绍，1颗神玑芯片抵得上4颗英 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600177 公司简称：雅戈尔 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到http://www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 同时，公司董事会综合考虑公司的经营业绩和现金流情况，提出2025年中期分红规划：拟结合2025年第 一季度、半年度及第三季度未分配利润与当期业绩，于2025年9月、12月及2026年3月实施三次中期分 红，并提请股东大会授权董事会制定具体的分红方案（2025年年度分红方案结合审计数据提出并实 施）。 第二节 公司基本情况 1、公司简介 ■ 2、报告期公司主要业务简介 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司从事的业务情况 公司董事会提出以 ...