5月13日，词条#国补版iPhone 16 Pro被抢空#登上微博热搜，引起网友热议。 记者了解到，被"抢空"的机型为iPhone 16 Pro 128GB。尽管京东已进行多轮补货，但该款机型仍处于"一 机难求"的状态。这一抢购热潮背后，国补政策与618大促的叠加效应发挥了关键作用。 『京东 京东峰 又好又使宜 y 京东 618 买苹果 领惊喜劳还叠国补 现货开卖 买苹果 上京东 国家补贴 买 iPhone 16 Pro 水 京东医室 5499元 型底 至高立省 2500 元 京东618 又好又便宜 打开京乐APP搜一攫 Q 苹果惊喜秀 一京东 5月10日，苹果向渠道商下发了调价通知，宣布iPhone 16 Pro Max、iPhone 16 Pro将降价，降幅超过千 元。5月11日，京东平台自营相关产品开始调价。 研究机构IDC数据显示，2025年第一季度，中国智能手机市场出货量同比增长3.3%，达7160万部。市场 排名中，小米、华为、OPPO和vivo占据前四位，而苹果以980万台的出货量位列第五，同比下滑9%，成 为头部品牌中唯一出现负增长的厂商。苹果公司发布的第二财季业绩也显示，其在大中华区营收为 ...

且通电自营的流量也带来了自营一般商品（超市品类为主）的增速回升，一季度同比达到了15%，也是一个不错的成绩单。 3. 在通电产品的流通带动下，轻资产性收入——广告（含自营商品的广告、3P商品广告与佣金）同比同样加速增长到了16%。 北京时间5月13日晚美股盘前，京东（JD.US）公布了2025年一季度财报。乍一看，还挺不错，但实际真有那么惊艳？先看快速过一下数 ： 1、 16%的总收入增长、31%的调整后经营利润增长——在乱战的电商平台中，算得上是非常漂亮的深蹲起跳了。 2. 分类来看，驱动收入增长的关键是自营通电产品——收入占比接近50%的自营通电产品 增速飙到了17% ，而且由于通电销售带来利润，这么高的通电增长，利 润自然"加量"释放。 4. 包括京东物流、达达快送的 物流板块本季收入增速同比13%，环比增加3pct， 有加速增长，但效果明显没有商城业务好。 5. 总体经营利润一季度更是达到了105亿元，经营利润率同比提高到了3.5%， 同比增长接近40%！肉眼可见的漂亮。 从各项支出来看，利润表现不错，除了最关键的收入增长不错，主要是在整体激烈的市场竞争中，最大的支出项——营销费用整体可控，没有像以往 ...

经济观察网讯 在数字化浪潮的推动下，中国平板电脑市场于2025年第一季度展现出了强劲的增长势 头。根据国际数据公司（IDC）于5月12日最新发布的季度跟踪报告，该季度中国平板电脑市场出货量 高达852万台，同比增长19.5%，这一数字不仅远超市场预期，也标志着中国平板市场在经历了一段时 期的调整后，正迎来新的发展机遇。本文将从市场概况、品牌表现、政策影响及未来趋势等多个维度， 对中国平板电脑市场2025年第一季度的表现进行深度剖析。 一、市场概况：消费市场引领增长，商用市场有待恢复 2025年第一季度，中国平板电脑市场呈现出消费市场与商用市场截然不同的表现。消费市场在"国补"政 策的强力刺激下，出货量同比增长21.5%，突破800万台大关，成为推动市场增长的主要动力。相比之 下，商用市场则因宏观经济环境的不确定性，出货量同比下降5.3%，仅为51万台。这一分化现象，既 反映了消费者对平板电脑需求的持续升温，也凸显了商用市场在面对经济压力时的脆弱性。 二、品牌表现：华为稳居榜首，小米增速最快 在品牌竞争方面，华为继续稳居市场首位，第一季度出货量同比增长13.6%。华为的成功，得益于其在 消费市场上的精准布局。M ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][26] Core Views - The company experienced a slight decline in revenue in Q1 2025, with a revenue of 0.82 billion, down 0.3% year-on-year, and a net profit of 0.04 billion, down 10.9% year-on-year. The decline in revenue is attributed to the pressure from the real estate sector and weak consumer demand, but the impact was mitigated by the implementation of national subsidy policies [1][2][3] - The company has initiated a deep transformation in domestic retail since Q4 2024, which, combined with the effects of national subsidies, has led to a significant narrowing of revenue decline in Q1 2025 [1][4] - The company plans to distribute a cash dividend of 6 yuan for every 10 shares, with a payout ratio of 67.95%, an increase of 16.6 percentage points year-on-year [1][4] Revenue and Profit Analysis - In 2024, the company reported a total revenue of 5.26 billion, down 14.0% year-on-year, and a net profit of 0.39 billion, down 35.2% year-on-year. The revenue for Q4 2024 was 1.58 billion, down 27.7% year-on-year [1][5] - The revenue breakdown for 2024 shows a decline in various segments: distribution (-18.9%), direct sales (-0.8%), bulk sales (-16.2%), and overseas sales (+37.3%). In Q1 2025, the revenue changes were -25.0% for distribution, +205.8% for direct sales, -55.8% for bulk sales, and +3.5% for overseas sales [2][4] Margin and Cost Control - The gross margin for 2024 was 36.3%, down 0.8 percentage points, and the net margin was 7.3%, down 2.4 percentage points. In Q1 2025, the gross margin further decreased to 32.2%, down 5.1 percentage points [3][4] - The company effectively controlled expenses in Q1 2025, with sales, management, R&D, and financial expense ratios at 17.1%, 7.2%, 4.9%, and 0.2%, respectively, showing a year-on-year decrease [3][4] Future Earnings Forecast - The earnings forecast has been adjusted downwards, with expected net profits for 2025, 2026, and 2027 at 0.42 billion, 0.47 billion, and 0.52 billion, respectively, reflecting year-on-year growth of 9.0%, 12.6%, and 10.7% [4][5] - The diluted EPS for the same years is projected to be 0.96, 1.08, and 1.20 yuan, with corresponding P/E ratios of 11, 10, and 9 times [4][5]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by government subsidies and expanding overseas markets [1][2][3][4]. Financial Performance - In 2024, the company achieved revenue of 16.54 billion, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 810 million, up 31.7% [1][3]. - Q4 2024 revenue reached 6.32 billion, growing 27.1% year-on-year, with a net profit of 190 million, a staggering increase of 2178.0% [1][3]. - For Q1 2025, revenue was 3.86 billion, reflecting an 11.1% year-on-year growth, and net profit was 470 million, up 59.4% [1][3]. Profitability Improvement - The company's gross margin improved by 1.9 percentage points to 46.5% in 2024, attributed to supply chain optimization and strong sales of high-margin products [3]. - In Q1 2025, gross and net profit margins increased by 2.5 and 3.7 percentage points to 49.7% and 12.3%, respectively, driven by the higher proportion of new products [3][4]. Market Dynamics - The government subsidy policy significantly boosted domestic demand, with the cleaning appliance sector seeing online sales growth of 43.9% in Q4 2024 [2][4]. - The company is well-positioned in both domestic and international markets, with European revenues growing by 51.6% and 64.0% for its brands in 2024 [4]. Future Outlook - The company is expected to continue its operational improvement, with strong domestic demand and ongoing international expansion [4]. - The company has committed to distributing at least 30% of its annual distributable profits in cash from 2025 to 2027, indicating strong investment value [4].

Summary of Zhibang Home's Conference Call Company Overview - **Company**: Zhibang Home - **Industry**: Home Furnishing and Interior Design Key Points and Arguments Domestic Retail Business - In Q1 2025, domestic retail business continued to decline, but the rate of decline narrowed both year-on-year and month-on-month due to management adjustments and a flattened organizational structure implemented in 2024 [2][4] - The company has adjusted the pricing system for franchisees based on province-level management, improving store quality [2][4] - Retail orders in April showed a reduced decline, primarily driven by retail contributions, although the mass market remains a significant drag [2][11] Domestic Real Estate Engineering Business - The domestic real estate engineering business saw a significant drop in signed orders in Q1 and April due to order reassessment and changes in payment conditions [2][5] - The company is exploring a shift towards corporate clients, apartments, and other sectors to mitigate the decline [5][6] Overseas Business - The overseas business is impacted by US-China tariffs, but the Middle East market is developing rapidly, with expected growth exceeding initial estimates [2][7] - The Australian market remains stable, contributing positively to overall overseas business growth [2][7] National Subsidy Policy - National subsidy policies primarily benefit franchisees with local subsidies, while inter-provincial subsidies are limited and discreet [2][8] - The company has confirmed sufficient total subsidy quotas for the year, but the release pace will be adjusted based on government assessments [8] Market Competition and Pricing - The industry is experiencing intense price competition, but national subsidy policies are expected to stabilize prices after a rebound in sales [3][13] - Economic downturn has led to a decline in unit prices for cabinets and wardrobes, with the company aiming to increase average transaction value and customer traffic to achieve revenue growth in 2025 [3][20] Franchisee Participation and Challenges - In Hefei, the subsidy policy is not fully open, leading to about 50% participation from franchisees, with some opting for other companies' policies [9][10] - Franchisees are considering costs and may withdraw from inter-provincial subsidy policies if local order issues can be resolved [10] Profitability and Margin Analysis - Q1 gross margin fluctuations were linked to store adjustments and support measures, with full payment contracts leading to lower gross margins [12] - Despite sales price stability, increased revenue has resulted in lower gross margins, but net profit levels remain unchanged [12] Strategic Initiatives - The company is focusing on enhancing core competitiveness through internal improvements, business structure adjustments, and expanding product categories [27][28] - Efforts are being made to improve the quality of stores and restore franchisee confidence while accelerating overseas market expansion [27][28] Future Outlook - The company is optimistic about future growth despite current challenges, believing that adjustments in B-end business structure and enhancements in C-end business will lead to improved operational quality and reduced risk exposure [28] - Plans for 2025 include increasing retail revenue through higher average transaction values and customer traffic, with a focus on integrated store layouts [20] Supply Chain Collaboration - Zhibang Home is open to sharing supply chain resources with capable partners to enhance market competitiveness and drive overall performance growth [29][30]

Investment Rating - The investment rating for the home furnishing sector is "Positive" [2] Core Insights - The report highlights that the national subsidy policy has begun to show effects, leading to a convergence in revenue decline and a differentiation in profitability within the industry. The real estate sector has gradually reached its bottom after a year of adjustment, with new home transactions stabilizing and second-hand home transactions recovering. The home decoration market is expected to maintain a "442" structure in 2024, with new homes accounting for 40%, existing homes for 40%, and second-hand homes for 20% [2][9] - Leading companies in the home furnishing sector are transitioning from store expansion to refined operations, focusing on cost reduction and exploring new market opportunities such as home renovation and e-commerce. For instance, Oppein has encouraged dealers to consolidate resources and close inefficient stores, significantly reducing various assessment indicators to focus on market advantages [2][3][9] Industry Overview - The national subsidy policy has normalized, positively impacting domestic sales. In Q4 2024, leading companies like Kuka and Zhijia showed revenue growth, with Kuka's domestic sales increasing by approximately 12.9% year-on-year in Q1 2025. The report anticipates that orders and revenues for leading companies will see tangible growth starting from Q2 2025 [3][10] - In terms of exports, companies like Kuka and Oppein are expected to maintain double-digit growth in overseas sales, with Oppein establishing a solid sales network in 146 countries and regions, achieving a revenue increase of 34.4% in overseas channels in 2024 [4][11] Segment Analysis - The core categories, particularly cabinets and wardrobes, are showing signs of recovery, with supporting categories also improving. Leading companies are actively implementing whole-home strategies and enhancing scene-based designs. For example, Oppein is building a more comprehensive supply chain system for home products and renovation materials [5][6] - The report notes that the profitability of leading companies is diverging, with Oppein achieving a gross margin of 34.3% in Q1 2025, while others like Zhijia experienced a decline in gross margin due to internal reforms and channel subsidies [7][9] Sales Channels - Retail channels are recovering first, while bulk channels are under pressure, with a general decline of over 20% in Q1 2025. The report indicates that the performance of single stores has improved, with leading companies like Oppein and Zhijia reporting year-on-year revenue increases of 10% and 43%, respectively [6][9]

Core Viewpoint - The Q1 2025 report indicates a release of demand for smartphone replacements due to national subsidy policies, resulting in a 4% year-on-year increase in domestic smartphone sales in China [3]. Group 1: Smartphone Sales Trends - The report covers the sales volume and year-on-year trends of smartphones in the Chinese market from Q1 2022 to Q1 2025 [3]. - It highlights the price segment trends of smartphones in the Chinese market during the same period [3]. - The sales volume and month-on-month trends of foldable smartphones in China from Q1 2022 to Q1 2025 are analyzed [3]. Group 2: Brand-Specific Sales Trends - The report details the sales volume and price segment trends for Huawei smartphones in the Chinese market from Q1 2023 to Q1 2025 [3]. - It also provides insights into the sales volume and price segment trends for Xiaomi smartphones during the same timeframe [3]. - The sales volume and price segment trends for Vivo smartphones in the Chinese market from Q1 2023 to Q1 2025 are included [3]. - The report discusses the sales volume and price segment trends for OPPO smartphones in the same period [3]. - It covers the sales volume and price segment trends for Apple smartphones in the Chinese market from Q1 2023 to Q1 2025 [3]. - The sales volume and price segment trends for Honor smartphones are also analyzed for the same timeframe [3]. Group 3: Panel Price Trends - The report presents the price trends for a-Si LCD smartphone panels from January 2023 to May 2025 [3]. - It includes the price trends for LTPS LCD smartphone panels during the same period [3]. - The price trends for rigid OLED smartphone panels from January 2023 to May 2025 are discussed [3]. - The report also covers the price trends for flexible OLED smartphone panels for the same timeframe [3].

洛图科技报告数据显示，2025年第一季度，中国智能音箱市场销量为369.9万台，同比下降5.6%；市场 销额为10.3亿元，同比下降5.9%。这是近三年来中国市场规模单季度下降幅度最小的一个季度。在国补 政策的刺激下，市场似乎呈现了止跌企稳的态势。第一季度线上市场的销量为213.1万台，同比增长 4.0%，销额为5.6亿元，同比增长4.4%。 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].