在电商行业进入存量竞争的新阶段，平台间的角逐愈发白热化，竞争态势持续升级。作为上半年电商领域的焦点战役，今年的 "618" 购物节再度点燃各 大平台之间的战火，其激烈程度远超以往。 5月8日，抖音商城公布618大促的报名规则、核心玩法及平台保障措施。根据公开信息，本次大促自5月13日0时正式启幕，将持续至6月18日24 时，划 分为抢跑期、蓄力期、爆发期三个阶段。抖音电商更是大手笔投入亿级现金补贴与千亿级流量资源，全力助推大促热度。 有行业人士分析称，随着各平台特色化战略的深入推进，今年618或将成为检验新零售模式成效的重要试金石。内容与货架的深度融合、用户体验的持 续优化、平台间的差异化竞争，将成为未来电商发展的主要方向。 电商大促周期可谓越来越长。华泰证券此前在一份研报中披露的一组数据显示，淘天/京东/拼多多/抖音/快手/小红书2024年整体"618"活动时长分别为33 天/21天/33天/26天/42天/43天，对比2023年分别为26天/29天/33天/25天/32天/26天。 大促周期的持续拉长，实则是电商平台战略转向的缩影。星图数据显示，2024年618期间全网销售额首次同比下跌7%，折射出大促I ...

Core Viewpoint - The company is preparing for its annual shareholder meeting on May 19, 2025, where various proposals will be discussed, including the appointment of an auditing firm and the review of financial reports for 2024 and 2025 [1][3][4]. Group 1: Meeting Procedures - The meeting will include a registration process for shareholders and a structured agenda to ensure orderly proceedings [1][2]. - Shareholders wishing to speak must register in advance and adhere to time limits during their remarks [2][3]. - Voting will be conducted both in-person and online, with specific guidelines on how to cast votes [2][3]. Group 2: Financial Performance - In 2024, the company reported a revenue of approximately 2.14 billion yuan, a decrease of 13.25% compared to the previous year [8][27]. - The net profit attributable to shareholders was a loss of approximately 70.34 million yuan [8][27]. - The decline in revenue is attributed to changing consumer preferences and external economic conditions [27]. Group 3: Industry Trends - The footwear industry is experiencing a shift towards casual and comfortable styles, driven by consumer demand for functionality and fashion [6][7]. - The rise of direct-to-consumer (DTC) models is enabling brands to engage more effectively with consumers, enhancing brand loyalty and reducing costs [5][6]. - The company aims to leverage technology and cultural elements in product design to meet evolving consumer preferences [7][9]. Group 4: Future Plans - The company plans to implement a flexible supply chain model to adapt to rapid changes in consumer demand and preferences [12][13]. - A focus on enhancing online and offline retail strategies is essential for future growth, with an emphasis on integrating both channels [14][15]. - The company aims to expand its brand portfolio and enhance its market presence by targeting younger consumers and diversifying product offerings [15][16]. Group 5: Governance and Compliance - The board of directors has been actively overseeing company operations, ensuring compliance with relevant laws and regulations [18][19]. - The company has established a robust internal control system to safeguard shareholder interests and maintain operational integrity [24][25]. - The monitoring committee has conducted thorough reviews of financial practices and compliance with fundraising regulations [24][26].

公司研究 [欢Ta乐ble家_StockAndRank] (300997) 投资评级 买入 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com 上次评级 买入 [程Ta丽bl丽e_A食ut品ho饮r] 料行业分析师 量贩零食渠道表现较好，贡献收入增量。2025Q1 公司实现营收 4.49 亿元，同比-18.52%。从产品来看，水果罐头收入同比-25.5%至 1.55 亿元，椰子饮料同比-14.6%至 2.28 亿元，我们认为主要系餐饮渠道较 为疲软所致。尽管传统渠道收入承压，但是公司积极开拓量贩零食渠道 业务，2025Q1 实现收入 4645 万元，平均月销达到千万级别。利润端 来看，由于部分原材料价格上涨、量贩零食渠道毛利率较低的影响，公 司 2025Q1 毛利率同比-7.32pct 至 31.38%，销售费用有一定的节省， 同比-1256 万元至 5879 万元，销售费用率同比+0.1pct 至 13.1%，综 上，2025Q1 公司归母净利润同比-58.27%至 3.43 亿元，归母净利率同 比-7.28pct 至 7.62%。 、 主动求变，改革提效。在外部环境 ...

本报讯 （记者贾丽）在第二十五届中国零售业博览会上，英特尔联合海石商用、中科英泰、吉方工控 等生态品牌伙伴，展示了新消费背景下的智慧零售解决方案以及大语言模型领衔的AI技术为零售智慧 转型提供全新动力。从称重收银到智慧导购，基于英特尔® 酷睿处理器、英特尔® 酷睿 Ultra处理器、 英特尔® 至强®处理器和英特尔锐炫独立显卡等几大支柱产品，零售门店的智慧转型正以高性能和成本 效益兼具的方式火热展开。 "从芯到质"部署AI+新零售门店 面对零售数字化转型和大模型等新兴技术带来的机遇，英特尔借助创新的算力平台，从芯到质，提出智 慧零售"边缘计算+端侧设备"架构，展示了面向零售行业的大语言模型部署方案，帮助客户解决痛点， 加速部署AI+新零售门店。 在边端设备，由英特尔酷睿Ultra处理器和多张英特尔锐炫独立显卡提供支持，为陈列合规检测、人流 动线分析等门店管理工作提供数据处理支持，且能与边缘服务器进行数据交互。 吉方工控智慧门店管理All-in-One方案，充分利用收款机主机的硬件和网络接口资源，集成和管理多个 功能部件，使POS成为智慧门店数字化设备的数据处理和控制核心。 在边缘服务器，由英特尔至强处理器和多 ...

伴随2024年下半年实际控制人余增云失联、因涉嫌集资诈骗被刑事立案调查，河南酒便利商业股份有限 公司（简称"酒便利"）被推到风口浪尖。而该事件对这家新三板挂牌酒类连锁企业造成的不良影响，在 近期发布的2024年年报中被多次提及。 年报显示，余增云涉案给酒便利带来金融机构续贷困难、经营活动现金流紧张、供应商货款延迟支付等 问题。另一方面，酒便利2024年亏损1.09亿元，这是其2023年扭亏后再次陷入亏损，并创下近10年最大 亏损。 酒便利称，受实控人上述情况影响，公司出现金融机构续贷困难（截至2024年末，该公司短期借款0.84 亿元，同比减少55.25%），经营活动现金流紧张，供应商货款延迟支付（应付账款年末余额由2023年 年末6718.11万元增加至2024年年末1.15亿元）等情况。基于此，中审众环会计师事务所（特殊普通合 伙）对酒便利2024年度财务报告出具持续经营能力存在重大不确定性的无保留意见审计报告。 余增云与酒便利的渊源要从4年前说起。2021年11月，余增云实控的河南侨华以2.98亿元的价格收购佳 沃集团拥有的全部酒便利股份，成为酒便利第二大股东。2022年3月，河南侨华又与酒便利创始人王 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's new retail strategy is showing results, with a focus on international expansion and multi-channel distribution [4][3] - The financial performance for 2024 shows a decline in revenue and net profit, attributed to pressures in the real estate sector and increased costs from new initiatives [1][2] - The company is adjusting its profit forecasts for 2025-2027, expecting net profits of 2.3 billion, 2.5 billion, and 2.7 billion respectively [5][7] Financial Performance Summary - In Q1 2025, the company reported revenue of 5.87 billion, a year-on-year decrease of 8.4%, with a net profit of 0.35 billion, down 4.2% [1] - For the full year 2024, revenue was 34.75 billion, down 4.7%, and net profit was 1.99 billion, down 31.8% [1] - The gross profit margin for 2024 was 28.68%, a decrease of 0.90 percentage points year-on-year [1] Product Segment Performance - In 2024, overall cabinet revenue was 20.25 billion, down 9.3%, while overall wardrobe revenue increased by 1.4% to 10.59 billion [2] - In Q1 2025, overall cabinet revenue decreased by 17.2%, while overall wardrobe revenue increased by 8.3% [2] Channel and International Expansion - The company is implementing a new retail strategy to enhance dealer capabilities and expand its market presence [4] - International revenue for 2024 was 3.35 billion, an increase of 22.3% year-on-year, indicating successful international market penetration [3] Financial Projections - The company expects revenue growth rates of 5.20%, 8.48%, and 9.24% for the years 2025, 2026, and 2027 respectively [7] - The projected net profit for 2025 is 228.84 million, with a growth rate of 14.83% [7]

Core Viewpoint - The company reported strong revenue growth and profitability in 2024 and Q1 2025, driven by its core oat business and expansion into new retail channels [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 130 million yuan, up 15.4% [1]. - For Q1 2025, revenue reached 660 million yuan, reflecting a year-on-year growth of 15.9%, with a net profit of 60 million yuan, increasing by 21.2% [1]. Product Performance - The company's main oat products, including pure oat flakes, compound oat flakes, and cold oat products, generated revenues of 710 million, 850 million, 150 million, 140 million, and 50 million yuan respectively, with growth rates of 9.6%, 28.8%, 24.1%, 23.9%, and 25.3% [2]. - The "Oat+" series and the classic milk oat series each surpassed 200 million yuan in sales, with the "Oat+" series growing over 20% and the milk oat series over 30% year-on-year [2]. Channel Development - The company emphasized the development of direct sales channels, achieving revenue of 830 million yuan from direct sales, a year-on-year increase of 31.0% [2]. - Online sales, particularly through traditional e-commerce and social e-commerce platforms like Douyin, saw significant growth, with Douyin's GMV reaching 470 million yuan, up 20.3% year-on-year [2]. Cost and Profitability - The gross margin for 2024 was 41.3%, a decrease of 3.2 percentage points year-on-year, primarily due to rising raw material costs and low capacity utilization of new production facilities [3]. - The net profit margin for 2024 was 7.0%, down 0.3 percentage points year-on-year, but improved to 8.3% in Q1 2025, reflecting a 0.3 percentage point increase [3]. Strategic Expansion - The company is expanding its product range beyond oats, developing new products such as instant porridge, lotus root powder, sesame paste, and probiotic protein powder, while also pursuing strategic partnerships and acquisitions [3][4]. - The company is actively embracing new retail channels, including snack wholesale, Douyin e-commerce, and membership stores, leading to rapid growth [4]. Market Outlook - The company forecasts net profits of 180 million, 230 million, and 280 million yuan for 2025-2027, with corresponding EPS of 0.81, 1.01, and 1.24 yuan [4]. - As a leading player in the oat industry, the company is expected to benefit from market expansion and increased concentration, with potential for profit improvement in the future [4].

2024年最后一天，作为美特斯邦威创始人，周成建发布了"年终总结"，开篇就公布了美特斯邦威（以下 简称"美邦"）所取得的成绩。 周成建坦承："我那时候不知道周杰伦，就问，他很火吗？真的好吗？总监告诉我，火，真的好。我说 那你去签吧，我要睡觉了。签周杰伦当代言人这个事情，不到15分钟就定下了。" 这之后，休闲服饰的上行期、全国性扩张叠加周杰伦的"超级流量"，美邦开始走上巅峰，受到80后一代 青睐，被誉为"步行街之王"。2008年，美邦顺利登陆A股，直接把周成建送上"浙江首富"的宝座；2011 年，美邦营收破百亿，推动他三年蝉联国内"服装首富"。 按照周成建的描述，这些成绩包括：在长沙进行"5.0新零售"商业模式的试测，"完成了40天内过亿GMV 的战绩"；在武汉开出第一家全新潮流户外体验店，上海武夷路门店开业，云南文山生活馆店铺陆续落 地，"在全国各层级市场我们都赢得了市场的好评和消费者的欢迎"。 看上去似乎一片美好，整体效果却相当残酷。 4月29日，美邦服饰发布了2024年业绩报告，该报告显示，其全年营业总收入6.81亿元，同比下降 49.79%，净亏损1.95亿元，去年同期净利3174.58万元，净利润同比 ...

Group 1 - The core viewpoint of the news is that Jiuzhoutong is successfully implementing its new retail strategy, which focuses on a comprehensive online and offline service system aimed at end consumers [1] - As of now, Jiuzhoutong has nearly 30,000 franchise pharmacies, with new retail revenue expected to reach nearly 3 billion yuan in 2024 [1] - The company reported a rapid growth in sales revenue from franchise pharmacies, reaching 5.392 billion yuan in 2024, a year-on-year increase of 54.94% [1] Group 2 - In 2024, Jiuzhoutong achieved a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% after excluding seasonal disease impacts [2] - The first quarter of 2025 saw Jiuzhoutong generate a revenue of 42.016 billion yuan, a 3.82% increase compared to the same period last year, with a net profit of approximately 970 million yuan, reflecting an 80.38% year-on-year growth [2] - The company’s non-recurring net profit for 2024 was 1.814 billion yuan, showing a year-on-year increase of 14.89% [2]

派特鲜生于2024年底正式创立，其股权结构清晰，侯毅作为创始人持股51%，而宠物用品制造商耐威克的创始人兼董事长黄华隆则持有剩余的 49%股份。这并非两者的首次合作。早在2021年，耐威克与盒马就曾携手开设全球首家宠物餐厅，共同探索"宠物+新零售"的新模式。此次投资， 可以说是双方合作的进一步深化。 宠物鲜食新零售领域近日迎来了一则重磅消息，由盒马鲜生创始人侯毅创立的派特鲜生品牌，成功完成了高达2500万美元的天使轮融资，这一数 字刷新了近年来宠物行业的融资纪录。 今年2月22日，派特鲜生的全国首家门店在上海长宁区海粟文化广场试营业，凭借其独特的宠物鲜食理念，迅速吸引了众多宠物主人的关注。仅仅 一个多月后，派特鲜生便开始了规模化复制，连续开设了9家门店。为了满足不同区域、不同消费群体的需求，派特鲜生还推出了三大差异化店 型：宠物友好店、商场MALL店和社区店。 这笔资金将主要用于推动派特鲜生的三大核心战略：通过大数据定制产品创新，满足宠物主人的多样化需求；构建高效的供应链体系，确保产品 的新鲜与质量；以及门店的精细化运营与拓展，进一步巩固市场地位。 侯毅在接受媒体采访时曾表示，派特鲜生专注于新零售实体店，同时 ...