Investment Rating - The report maintains a "Recommendation" rating for the company [1][11] Core Views - The company experienced a significant decline in revenue and net profit in Q1 2025, with revenue at 1.58 billion yuan, down 25.1% year-on-year, and net profit at 350 million yuan, down 37.1% year-on-year [4] - Despite short-term pressures, the company is expected to focus on its core products and improve in the long term, with adjusted net profit forecasts for 2025-2027 at 600 million, 680 million, and 760 million yuan respectively [8] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 7,081 million yuan - 2024A: 5,357 million yuan (down 24.3% YoY) - 2025E: 5,802 million yuan (up 8.3% YoY) - 2026E: 6,428 million yuan (up 10.8% YoY) - 2027E: 7,090 million yuan (up 10.3% YoY) [7] - **Net Profit Forecasts**: - 2023A: 1,771 million yuan - 2024A: 346 million yuan (down 80.5% YoY) - 2025E: 600 million yuan (up 73.6% YoY) - 2026E: 678 million yuan (up 13.0% YoY) - 2027E: 757 million yuan (up 11.6% YoY) [7] - **Profitability Ratios**: - Gross Margin: 74.5% in 2023A, expected to decline to 63.2% in 2025E - Net Margin: 25.0% in 2023A, expected to rise to 10.3% in 2025E [7][8] - **Valuation Ratios**: - P/E Ratio: 10.7 in 2023A, expected to rise to 31.6 in 2025E - P/B Ratio: 2.6 in 2023A, expected to remain around 2.6 in 2025E [7][8] Market and Operational Insights - The company’s high-end liquor revenue in Q1 2025 was 1.23 billion yuan, down 28% YoY, while low-end liquor revenue was 210 million yuan, down 13% YoY [8] - E-commerce channels showed growth, with revenue of 200 million yuan in Q1 2025, up 37% YoY [8] - The company’s total market capitalization is 19 billion yuan, with a total share capital of 333 million shares [8]

中信海直（000099）公告，2025年第一季度营业收入4.96亿元，同比增长8.37%。净利润9121.13万元， 同比增长9.18%。 ...

公司最新总资产周转率为0.16次，在已披露的同业公司中排名第98，较去年同期总资产周转率减少0.22 次，同比较去年同期下降57.99%。最新存货周转率为1.31次，在已披露的同业公司中排名第99，较去年 同期存货周转率减少2.34次，同比较去年同期下降64.12%。 2025年4月28日，恒锋信息(300605.SZ)发布2024年年报。 公司营业总收入为2.27亿元，在已披露的同业公司中排名第97，较去年同报告期营业总收入减少2.57亿 元，同比较去年同期下降53.07%。归母净利润为-8680.49万元，在已披露的同业公司中排名第82，较去 年同报告期归母净利润减少1.04亿元，同比较去年同期下降614.25%。经营活动现金净流入为-5942.48万 元，在已披露的同业公司中排名第92，较去年同报告期经营活动现金净流入减少1141.76万元。 公司最新资产负债率为66.28%，在已披露的同业公司中排名第104，较去年同期资产负债率增加8.59个 百分点。 公司最新毛利率为18.64%，在已披露的同业公司中排名第96。最新ROE为-17.73%，在已披露的同业公 司中排名第99，较去年同期ROE减少20. ...

城建发展（600266）公告，2025年第一季度营收为66.14亿元，同比增长435.90%；净利润为4317.49万 元，去年同期净亏损3.3亿元。 ...

思科瑞公告，2025年第一季度营收为3866.11万元，同比增长34.85%；净亏损530.19万元，去年同期净 利润457.17万元。 ...

三达膜公告，2025年第一季度营收为2.64亿元，同比下降7.26%；净利润为7622.49万元，同比增长 14.20%。 ...

天承科技公告，2025年第一季度营收为1.02亿元，同比增长26.77%；净利润为1897.33万元，同比增长 5.76%。 ...

中源家居（603709）公告，2024年营业收入16.02亿元，同比增长45.42%。归属于上市公司股东的净亏 损4173.9万元，去年同期净利润2135.99万元。基本每股收益-0.34元／股。公司2024年度拟不派发现金 红利，不送红股，不以资本公积转增股本。 ...

Financial Performance - The company's basic earnings per share decreased by 66.67% to 0.39 yuan in 2024 from 1.17 yuan in 2023 [1] - Net profit fell by 67.11% to 1 billion yuan in 2024 compared to 3.04 billion yuan in 2023 [1] - Revenue increased by 5.16% to 25.25 billion yuan in 2024 from 24.01 billion yuan in 2023 [1] - Return on equity dropped significantly by 68.23% to 4.53% in 2024 from 14.26% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 19,598.24 million shares, accounting for 75.38% of the circulating shares, with a decrease of 1,344.2 thousand shares compared to the previous period [1] - Hainan Puqing Investment Development Co., Ltd. entered the top shareholders with 9,764.02 million shares, representing 37.55% of the total share capital [2] - The previous top shareholder, Ma'anshan Puti Investment Development Co., Ltd., has exited the top ten shareholders [2] Dividend Distribution - The company announced a dividend distribution plan of 1.20 yuan per share (including tax) [3]

| 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 戚建国 | 4500.00 | 42.45 | 不变 | | 范小凤 | 1200.00 | 11.32 | 不变 | | 常州市金坛君泰投资咨询有限公司 | 800.00 | 7.55 | 不变 | | 戚淦超 | 670.00 | 6.32 | 不变 | | 华楹控股集团有限公司 | 251.48 | 2.37 | 新进 | | 杨若和 | 108.36 | 1.02 | 7.72 | | 杨国成 | 73.97 | 0.70 | 不变 | | 赵立军 | 68.55 | 0.65 | 新进 | | 杨怀旭 | 68.00 | 0.64 | 不变 | | 刘欣 | 67.38 | 0.64 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 常州朗博密封科技股份有限公司回购专用证券账户 | 95.00 | 0.90 | 退出 | | 徐青威 | 80.54 | 0.76 | 退出 | | 上海迎水投资管理有限公司-迎水长丰6号私募 ...