Core Viewpoint - The company is facing challenges due to ongoing pharmaceutical reforms and a decline in healthcare spending, leading to stagnant revenue growth and pressure on profits. However, it is adapting by accelerating business transformation and focusing on non-pharmaceutical revenue streams to mitigate the impact of policy changes [4][11]. Financial Performance - In Q1 2025, the company's main business revenue grew by 0.9% year-on-year, with a comprehensive gross margin of 35%, an increase of 0.63% compared to the previous year [8]. - The company's cash dividend distribution and capital reserve conversion led to a decrease in equity attributable to shareholders and an increase in the number of shares [3]. Market Environment - The retail sales of social consumer goods in March increased by 4.6% year-on-year, while the growth of the pharmaceutical sector was only 2.1%. The CPI and PPI both saw declines of 0.1% and 2.3%, respectively [4]. - The healthcare expenditure per capita grew by 3.0% year-on-year, down from 3.6% in 2024, indicating a decrease in consumer spending on healthcare [4]. Business Strategy - The company is focusing on enhancing operational efficiency and profitability by slowing down store expansion and optimizing existing store structures. It aims to improve store performance and employee efficiency [12][13]. - The company is actively exploring new sales channels, including live streaming and cross-border e-commerce, which contributed to a 22.13% increase in online revenue in Q1 2025 [9]. Regulatory Environment - New policies from the National Medical Security Administration aim to strengthen the regulation of medical insurance fund usage, which is expected to enhance market order and support the development of well-established listed companies [10]. - The company is committed to compliance and is working with regulatory bodies to implement policies effectively, including the deployment of drug traceability codes [14]. Shareholder Information - As of March 31, 2025, the top ten shareholders included the company's repurchase accounts, holding a total of 6,384,860 shares, representing 4.08% of the total shares [5]. Operational Adjustments - The company opened 20 new stores and closed 16, resulting in a total of 5,490 stores by the end of Q1 2025, reflecting a year-on-year growth of 4.31% [6]. - The company is adjusting its product categories and supply chain capabilities to support its transformation and improve inventory turnover efficiency [16]. Innovation and Development - The company is focusing on high-quality innovative development, enhancing operational capabilities, product offerings, and professional services to improve management efficiency and cost control [17].

本报记者 周尚伃 见习记者 于宏 从抢占分仓到生态重塑，券商研究业务正经历战略转型期。在行业竞争格局深度重构的当下，人才作为企业发展的核心驱 动要素，已成为券商研究业务突破发展困局的关键变量。 近一年来，券商分析师人数同比增长超15%，众多券商研究所积极采取外引内培的综合策略，不断优化研究团队结构，提 升研究实力，致力于构建研究业务护城河。同时，各大券商也纷纷推出多样化举措，探索研究业务的转型路径，最新战略打法 逐渐浮出水面。 除了邀请外部人才加盟，内部自主培养也是券商研究所选拔领军人物的重要途径。在内培方面，近日，《证券日报》记者 从知情人士处获悉，现任申万宏源研究所党委委员、副总经理、策略首席分析师的王胜将升任申万宏源研究所所长。去年12月 份，天风证券研究所原副总经理唐海清升任天风证券研究所所长。 对于内培的优势，上述知情人士向记者表示，申万宏源研究所本次内部提拔精兵强将，是结合市场环境和业务需求做出的 选择。近年来，该所不断加强后备干部选拔力度，动态管理后备干部库，各层级干部队伍进一步年轻化，后备干部队伍平均年 龄也逐年下降，不仅显示出其在培养年轻干部方面的成效，也为控股公司和自身的发展储备了强大的人 ...

4月份以来，全国性商业银行信用卡异地机构关停节奏显著加快。 南开大学金融发展研究院院长田利辉在接受《证券日报》记者采访时表示，信用卡分中心短期集中关停 存在业务转型、成本压降、监管要求和属地改革四大原因。信用卡行业需要从"增量扩张"转向"存量经 营"，传统分中心独立运营成本高，效率低下。鉴于发卡量下降、消费额萎缩，关停冗余机构可优化资 源配置。 从集中经营转为分行属地化经营 "加快信用卡属地经营转型"是2024年多家银行年报中提及的核心战略，其本质是将信用卡业务从过去的 总行垂直管理模式转向"总行统筹+分行属地化运营"的新架构。交通银行、华夏银行、民生银行等通过 撤销区域信用卡分中心，将业务和人员划转至属地分行。 公开信息显示，交通银行本月已集中终止了绍兴、杭州、沈阳、哈尔滨等10家异地信用卡分中心运营。 继交通银行之后，广发银行、民生银行等机构同步跟进，选择关停异地信用卡机构。《证券日报》记者 梳理发现，2025年以来，上述3家全国性商业银行累计关停的信用卡异地分中心数量达28家，呈现显著 的区域性收缩特征。 业内专家表示，信用卡分中心的关停是行业从过去的粗放式扩张模式向精细化运营模式转变的标志性事 件。展 ...

Core Insights - In 2024, the company achieved total operating revenue of 824 million yuan, a decrease of 105 million yuan compared to 2023, while net profit slightly increased to 385 million yuan from 383 million yuan in 2023 [1] - The trust business is undergoing a transformation, with a significant increase in the proportion of asset service trust business, while traditional financing business has rebounded against the trend, and securities market investment business has seen a substantial decline [1] Group 1: Trust Asset Management - As of the end of 2024, the total trust assets under management amounted to 2,433.93 billion yuan, a decrease of 61.16 billion yuan from 2,495.09 billion yuan in 2023 [2] - Asset service trusts accounted for 62% of the total trust assets managed by the company [2] - The distribution of trust assets in 2024 was as follows: basic industries at 156.07 billion yuan (6.41%), real estate at 143.34 billion yuan (5.89%), and securities market at 407.46 billion yuan (16.74%) [2] Group 2: Business Transformation and Innovation - In 2024, the company established five risk disposal service trust projects with a total amount of 5.137 billion yuan and four insurance trust projects totaling 4.3631 million yuan [3] - The company has 61 active family trust projects with a total scale of 10.614 billion yuan and 21 active risk disposal service trust projects with a scale of 55.42 billion yuan, ranking in the top tier of the trust industry [3] - The company is focusing on business differentiation and optimizing its business structure, particularly in the areas of corporate bankruptcy restructuring and family trusts [3] Group 3: Sector Performance - Traditional basic industry and real estate trust businesses have seen a rebound, while securities market investment trust business has significantly declined [4] - From 2020 to 2024, the scale of basic industry trusts increased from 20.043 billion yuan to 15.607 billion yuan, marking a new high in both scale and proportion [4] - Real estate trust business also increased from 9.854 billion yuan in 2023 to 14.334 billion yuan in 2024, surpassing the previous two years [4] Group 4: Securities Market Trust Business - The scale of securities market trust business decreased from 56.022 billion yuan in 2023 to 40.746 billion yuan in 2024, continuing a downward trend for three consecutive years [5] - The proportion of securities market trust business has also declined from 22.45% in 2023 to 16.74% in 2024 [5] Group 5: Trust Business Structure Changes - In 2024, the scale of single fund trusts significantly decreased, while the scale of property rights trusts increased [6] - The scale of collective trust funds rose from 87.757 billion yuan to 95.234 billion yuan, while single trust scale dropped from 95.882 billion yuan to 70.477 billion yuan [6] - Active management of securities investment trusts saw a decline of 44.92%, while active management of financing trusts increased by 142.83% [6]

一季度，中石化交出了一份不如人意的成绩单：营收同比下降6.9%，归母净利同比大幅下滑27.6%。在 全球经济复苏不确定性较大、需求增长放缓的背景下，中石化业绩面临巨大挑战。 周一晚间，中石化公布一季度财报： 财务表现：营业收入同比下降6.9%至7354亿元；净利润同比大幅下滑27.6%至133亿元；每股收益0.109 元，同比降28.8%。 业务分部表现： 现金流：现金流量净额为81.38亿元，而上年同期为净流出137.55亿元。 资本支出: 一季度资本支出182.48亿元，主要投向勘探开发、化工和炼油板块。 业绩下滑主要是因为国际油价下跌和下游需求疲软的双重挤压。 据财报披露，一季度普氏布伦特原油现货均价为75.7美元/桶，同比下降9.0%，自产原油实现价格也下 跌5.2%至71.50美元/桶。与此同时，国内成品油需求同比下降4.0%，化工毛利持续处于低位。 财务费用飙升成利润"杀手"。一季报显示，中石化财务费用同比大增69.3%至45.8亿元，主要原因是外 币贷款汇兑净损失增加。这一因素成为拖累公司整体业绩的重要原因之一。此外，投资收益同比大幅下 降69.9%至16.5亿元，这主要受套期保值业务盈亏变动以 ...

21世纪经济报道记者费心懿 实习生余名伟 上海报道 近期，科陆电子（002121.SZ）发布2025年一季报。从净利润表现来看，这是近三年科陆电子创下的最 好的单季表现。 今年一季度，公司营业总收入12.14亿元，同比上升16.20%；归母净利润6745.09万元，同比上升 857.45%，主要原因是非经常性损益项目如政府补助和应收款项减值准备转回的贡献。 甩掉历史包袱轻装上阵 2018-2019年，由于大规模激进扩张，科陆电子遭遇重大挫折。关键时刻，深圳资本集团出手相助，使 公司在2020年短暂实现盈利。可惜好景不长，公司随后又重新陷入亏损的局面。 2022年5月，美的集团（000333.SZ）发布公告，宣布将收购科陆电子，布局储能赛道。到了2023年6 月，美的集团完成相关交易，正式成为科陆电子的重要股东，持股比例达22.79%，为这家老牌企业的 发展注入新动能。 2024年，科陆电子营业收入为44.31亿元，同比增长5.50%。尤其在第四季度，公司营业收入达到15.3亿 元，同比上升78.5%。净利润较2023年亏损额明显缩窄。 虽然营收实现增长，但公司净利润仍为负值，归属于上市公司股东的净利润亏损4. ...

以下文章来源于阿尔法工场金融家 ，作者银妹妹 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 作 者 | 银妹妹 来源 | 阿尔法工场金融家 导语 ：顾建忠的回归，不仅打破了"建行系"近二十年在上海银行的格局，更是该行战略与组织的变化信号。 发布2024年财报的三天前，上海银行（601229.SH）迎来了"老将"的回归。 4月22日，上海银行召开干部大会，宣布原上海农村商业银行（601825.SH。简称上海农商行）行长、党委副书记、副董事长顾建忠，担任上海银行 党委书记。 在上海农商行之前，顾建忠是土生土长的"上银系"干将。在其任职五年期间，上海农商行净利润几乎翻番。 带着这样的耀眼战绩，顾建忠重新执掌上海银行这家总资产超3万亿的城商行龙头。 顾建忠的回归，不仅打破了上海银行近二十年的"建行系"格局，更象征着上海银行或将迎来一场战略方向与内部组织的变革。 年轻的元老 70后的顾建忠，是上海银行的元老级人物。 自上海银行前身——"上海城市合作银行"成立第二年起，顾建忠便加入了该行，并先后在公司金融部、港台业务部、授信审批中心等前台业务部门 担任要职，积累了丰富 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [12]. Core Insights - The company focuses on its semiconductor business, enhancing capacity and product layout, with a significant increase in net profit for Q1 2025 despite a year-over-year revenue decline [7][8]. - The semiconductor segment generated revenue of 37.11 billion yuan in Q1 2025, representing an 8.40% year-over-year growth, with a gross margin of 38.32% [7]. - The company plans to divest its product integration business to concentrate fully on the semiconductor sector, having already received an initial payment of 2.287 billion yuan for the asset sale [7][8]. Financial Performance Summary - For Q1 2025, the company reported revenue of 130.99 billion yuan, down 19.38% year-over-year, while net profit attributable to shareholders was 2.61 billion yuan, up 82.29% year-over-year [4][7]. - The overall gross margin and net margin for Q1 2025 were 13.97% and 1.97%, respectively, showing improvements compared to the previous year [7]. - The company’s revenue projections for 2025 to 2027 are 62.56 billion yuan, 63.81 billion yuan, and 65.09 billion yuan, respectively, with corresponding net profits expected to be 1.80 billion yuan, 2.26 billion yuan, and 3.01 billion yuan [6][9]. Business Segment Insights - The semiconductor business is expected to be the primary revenue driver, with significant contributions from automotive, mobile, industrial, and computing sectors [8]. - The company is investing heavily in R&D for semiconductor products, with a planned investment of 1.8 billion yuan in 2024, focusing on high-power discrete devices and new product development [8][9]. - The company has established strong partnerships with key players in the electric vehicle and renewable energy sectors, enhancing its market position [8]. Financial Ratios and Projections - The company’s projected P/E ratios for 2025, 2026, and 2027 are 23, 18, and 13, respectively, indicating a favorable valuation trend [8][10]. - The return on equity (ROE) is expected to improve from -8.2% in 2024 to 7.3% by 2027, reflecting a recovery in profitability [10]. - The asset-liability ratio is projected to decrease from 53.5% in 2024 to 45.3% in 2027, indicating improved financial stability [10].

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 业务转型利润承压，业绩拐点有望到来 重塑供应链新增自营销售业态，2024 年收入取得良好增长。2024 年公司实现总营业收入 33.58 亿元，同比增 长 25%，分业务来看，公司移动互联网/现代服务业/货品销售额收入分别为 28.0/3.7/1.9 亿元，分别同比增长 20%/27%/192%。2024年公司新增自营销售业态，实现了从原材料采购、研发设计，加工制作到产品销售的全链 路管控，从而带动商品销售收入快速增长。2024 年公司品牌综合服务/经销商品品牌授权业务收入分别同比 +51.3%/-25.19%，主要由于百家好 GMV 同比保持快速增长以及针对不符合公司商品品质要求的供应链客户及过 度内卷的经销端客户，公司年内与其终止了相应合作。 销售费用率提升+计提商誉减值，2024 年归母净利润-2.37 亿元。根据公司年报，2024 年公司与分众传媒进行 了梯媒合作，并开展了包括像明星代言、机场推广及平台投流等一系列营销活动，从而导致销售费用大幅增 加，2024 年公司销售费用共计 5.8 ...