Core Viewpoint - Company Dreamland Technology (创梦天地) successfully raised approximately HKD 72 million by placing around 100 million shares at HKD 0.72 per share, with funds primarily allocated for the global multi-platform development and release of its self-developed game "Kara Bichu" [1][2] Group 1: Financing and Development - The funds raised will accelerate the development and launch of the mobile and console versions of "Kara Bichu," aiming for a global release by the second half of 2025 [1][2] - The company has a strong focus on its gaming business, continuously introducing overseas premium games while actively advancing its self-developed games [1][2] - The financing is expected to inject strong momentum into the company's performance in the second half of the year, coinciding with a period of intensive product launches [1][2] Group 2: Market Position and Growth - Dreamland Technology has been operating in the overseas premium game distribution sector for 15 years, successfully managing long-lifecycle products like "Subway Surfers" and "Garden of Dreams" [1] - The company plans to release 2-3 overseas premium games annually in China, with several titles, including "Chong Chong Qibing" and "He Le Ge Hua Yuan," set to launch in the second half of 2025 [1] - The release of "Kara Bichu" on PC in November 2024 has validated its core competitiveness and user engagement, with a 50% increase in daily active users (DAU) following the introduction of a new gameplay mode [2] Group 3: Investor Confidence - The successful placement reflects market recognition of Dreamland Technology's long-term value and provides funding assurance for R&D and new product launches in the second half of the year [2] - The management believes that the multi-platform launch of "Kara Bichu" and the concentrated release of overseas premium games will likely lead to an accelerated performance release, further solidifying the company's global competitiveness [2]

Core Insights - The core strategy of Geely Holding is focused on synergy and integration, aiming for significant cost savings in R&D and procurement, as well as a reduction in management and marketing expenses [2] - The recent acquisition of Zeekr by Geely has garnered strong support from shareholders, indicating a high level of confidence in the company's strategic adjustments [2][3] Financial Performance - In Q1 2025, Geely achieved total revenue of 72.5 billion yuan, a year-on-year increase of 25%, with net profit attributable to shareholders reaching 5.67 billion yuan, up 264% [2] - The total sales volume reached 704,000 units, representing a 48% increase year-on-year, significantly outperforming the industry average [2] - Sales of new energy vehicles (NEVs) were particularly strong, with cumulative sales of 339,000 units from the Galaxy, Zeekr, and Lynk & Co brands, marking a 135% increase [2] Brand Performance - The Galaxy series has entered a rapid growth phase, with Q1 sales nearing 260,000 units, a 214% increase year-on-year [3] - Zeekr achieved total sales of 114,000 units, with a 16.1% increase in vehicle sales revenue and a gross margin of 16.5% [3] - Lynk & Co's Q1 sales reached 73,000 units, a 19% increase, with strong market response to the Lynk 900 model [3] Technological Advancements - Geely is increasing its investment in the new energy sector, having integrated its battery business into a new entity to enhance technological competitiveness [3] - The launch of the "Qianli Haohan" intelligent safety driving system marks a significant advancement in AI and autonomous driving capabilities [5] Global Expansion - In Q1 2025, Geely exported approximately 90,000 vehicles, expanding its global sales network to 86 countries with over 900 service points [5] - The establishment of local production facilities in Egypt, Indonesia, and Vietnam is part of Geely's strategy to enhance brand recognition and reduce trade risks [6] Strategic Integration - The acquisition of Zeekr is a key move in Geely's strategic integration, expected to enhance R&D, management, and marketing efficiency by 15% to 20% [7] - The integration aims to optimize resource allocation across R&D, supply chain, and sales, thereby improving operational efficiency in a rapidly changing market [7]

欧圣电气 20250515 摘要 • 欧圣电气北美市场小型空压机占有率领先，干湿两用吸尘器市场占有率约 8%-10%，公司积极拓展欧洲、中南美等市场，非北美市场销售额占比约 10%（截至 2024 年底），全球化布局初见成效。 • 为应对中美关税摩擦，欧圣电气加快马来西亚工厂建设，该工厂已于 2025 年 5 月开始大规模量产，主要供应美国订单，有效降低了对中国生 产的依赖，并减轻了关税带来的不利影响。 • 马来西亚工厂选址优越，靠近港口和机场，物流便利，同时享受马来西亚 政府提供的税收和补贴优惠政策，如企业所得税免除 15 年，土地为永久 产权，进一步降低了运营成本。 • 尽管马来西亚工厂处于产能爬坡阶段，但大规模替换出货对 2025 年利润 率影响有限。一季度收入同比增长 61%，利润增长 43%，扣非利润增长 48%，显示公司仍保持高增长态势。 • 美国市场仍是欧圣电气的核心市场，公司坚持高品牌、高品质、高价值策 略，通过与大品牌和大企业建立紧密合作关系，有效应对美国关税的不稳 定性，并持续推进美国市场的开发。 Q&A 请介绍一下欧圣电气的业务分布及主要产品类别。 欧圣电气主要生产清洁设备和空气动力设备 ...

Core Viewpoint - Sanxin Medical has achieved significant growth and transformation over the past decade, marking its 10th anniversary since its IPO on the Shenzhen Stock Exchange, with a strategic shift from traditional infusion and injection to blood purification, leading to a substantial increase in revenue from blood purification products [1][2]. Financial Performance - Total revenue increased from 312 million yuan in 2015 to 1.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 19.07% [2]. - Net profit attributable to shareholders rose from 52 million yuan in 2015 to 227 million yuan in 2024, with a CAGR of 17.85% [2]. - In the last five years, revenue and net profit CAGR reached 15.76% and 29.82%, respectively [2]. Profitability and Returns - The company's gross profit margin reached a record high of 35.33% in 2024 [5]. - By the end of 2024, net assets totaled 1.324 billion yuan, a 4.3-fold increase compared to ten years ago [5]. - Sanxin Medical has distributed cash dividends 11 times since its IPO, totaling 495 million yuan, which is 2.15 times the net amount raised during the IPO; the dividend for 2024 amounted to 156 million yuan, with a payout ratio of 68.77% and an annual dividend yield of 4.17% [5]. Strategic Initiatives - The company is focusing on product innovation and capitalizing on national procurement opportunities while breaking into overseas markets to expand its domestic and international market share [5]. - Sanxin Medical has initiated a global expansion strategy, successfully registering products in countries such as Indonesia, Peru, and Mexico, and is advancing certification processes in Russia and Turkey [5].

编号：2025-001 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 15 日（星期四）15:00-16:30 | | 地点 | 上海证券交易所上证路演中心（网址： | | | https://roadshow.sseinfo.com/） | | 上市公司接待人 | 董事长兼总裁：王钲霖先生 | | 员姓名 | 董事会秘书兼副总裁：杜云波先生 | | | 董事兼财务总监：沈斌先生 | | | 独立董事：李剑先生 | | | Q&A： | | | 1、问：介绍下公司 2025 年的规划？ | | | 答：尊敬的投资者您好，2025 年度公司将重点做好以下工作： | | | 一、聚焦核心业务，提速推进全球化布局。公司将不断发掘并 | | | 充分利用自身产业链优势，以自身在行业内积累的资源为基 | | 投资者关系活动 | ...

Financial Performance - Zeekr Technology reported a significant reduction in net loss, decreasing by over 60% year-on-year, with an unaudited financial performance for Q1 ending March 31, 2025 [1] - Total revenue for Q1 reached 22 billion yuan, with vehicle sales revenue of 19.1 billion yuan, representing a year-on-year growth of 16.1% [1] - The gross margin for vehicle sales was 16.5%, up by 3.4 percentage points year-on-year, while the overall gross margin climbed to a historical high of 19.1% [1] Sales and Delivery - In Q1, Zeekr Technology delivered 114,011 vehicles, ranking first in high-end luxury sales among new forces in China [1] - The company has consistently achieved monthly sales exceeding 40,000 units since the integration of Zeekr and Lynk & Co brands, demonstrating significant scale effects [1] Product Strategy - Zeekr and Lynk & Co are pursuing differentiated brand strategies, covering a price range from 150,000 to 900,000 yuan [2] - Zeekr focuses on the luxury market above 300,000 yuan, with the Zeekr 007 GT achieving 10,000 deliveries in its first month [2] - Lynk & Co targets the market above 200,000 yuan, with the Lynk 900 model receiving over 30,000 pre-orders since its launch on April 28 [2] Technological Development - The company is advancing key platform technologies, including vehicle architecture, electronic architecture, and intelligent driving systems, to enhance resource integration and sharing [2] - Zeekr has launched the V4 ultra-fast charging station, achieving a peak power of 1.3 megawatts, which is now operational in Hangzhou [2] Global Expansion - As of the end of April, Zeekr Technology has entered over 60 international markets, with more than 1,200 global stores and over 1.9 million users [3] - The company is enhancing its channel penetration and building a charging ecosystem to create greater growth opportunities for product delivery [3] - The Zeekr 7X model is set to begin deliveries in Europe on May 16, while the Zeekr RT, a sister vehicle to the Zeekr MIX, has commenced deliveries in the U.S. market [3]

央广网北京5月15日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，这两天，我国外 贸企业重启美国市场供应，并加速全球化布局。 陆兰英：客人其实也很着急，订好5月17日的集装箱。如果检验合格没问题，我们5月17日就开始陆 续出运了。 向聪俐：对于关税能降下来，包括所有的中间商、美国终端商，他们都很兴奋，因为毕竟美国也处 于缺货的状态。 外贸企业忙发货，物流企业的订单量也随之上升。深圳一家国际物流企业的美国航线，询盘量、订 单量一改此前的低迷。 企业负责人曹静波：现在仓位已经比较紧张了，到5月底之前的一些仓位，华南出去到美国的，现 在已经是差不多售罄了。 今年4月，位于上海市松江区李塔汇镇的一家针织厂一度暂停了美国客户的订单生产。企业生产负 责人陆兰英说，这两天，包装车间里搁置的5万多件成衣终于进入最后的工序。 企业董事长虞剑芬说，4月以来，企业将部分精力投入欧洲市场的开发，还通过对接活动，打通了 国内的电商渠道。 在《中美日内瓦经贸会谈联合声明》发布两小时后，广东深圳的一家音响产品生产企业就收到了美 国客户催单的电话和邮件。 虞剑芬：现在我们欧洲经理也请好了，接下来想办法接点欧洲单做，不能一直在美国单 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a surge in activity, particularly among consumer companies, indicating a rapid capitalizing process and a strategic ambition for global expansion [1][3]. Group 1: New Tea Beverage Companies - New tea beverage brands such as Mixue Ice City and Gu Ming have successfully listed on the Hong Kong Stock Exchange, with significant fundraising potential to accelerate business expansion and enhance competitiveness [2][5]. - The listing of new tea brands is seen as a major milestone that boosts confidence among franchisees and investors, thereby improving brand image [2]. Group 2: Restaurant Sector - Restaurant brands like Lao Xiang Ji and Yu Jian Xiao Mian are also in the process of listing, with Lao Xiang Ji having previously attempted to list on A-shares unsuccessfully [2][3]. - The restaurant sector is emerging as a key player in the IPO wave, following the new tea beverage companies [2]. Group 3: Market Dynamics - The preference of Hong Kong investors for consumer stocks and the strategic push for domestic consumption are driving the trend of consumer companies seeking overseas listings [3][4]. - The flexibility of the Hong Kong market and its ability to connect with global investors are significant factors attracting consumer companies to list there [3][4]. Group 4: Global Expansion Strategies - Listing abroad is not only a financing avenue but also a crucial step for consumer companies in their global expansion strategies [4]. - Companies like Mixue Ice City plan to open over 500 new overseas stores by 2025, focusing on markets in Belt and Road countries, North America, and Europe [4]. - Green Tea Group has initiated its overseas expansion plan, with plans to open 28 new restaurants abroad between 2025 and 2027 [4]. Group 5: Market Reception - Investor recognition of consumer companies is on the rise, with Mixue Ice City achieving a market capitalization of HKD 76.3 billion and receiving over HKD 1.84 trillion in subscription amounts [5]. - The opening price of Mixue Ice City was HKD 262.00 per share, reflecting a 29.38% increase from the issue price, while Hu Shang A Yi saw a 68.49% increase on its first trading day [5].

近期，中美经贸高层会谈在瑞士日内瓦举行，《中美日内瓦经贸会谈联合声明》发布后，出口链条已经 出现新变化。分析人士判断，短期内抢出口和产能出海的需求有望推升中国出口。 "有些客户会要求出美国的订单优先生产、优先出货，有些客户没有调整出货计划。公司目前是生产旺 季，订单比较饱满，各工厂均正常生产，保证按期交付。"华利集团（300979）董事会秘书方玲玲介 绍。华利集团是Nike、Converse、Vans等国际品牌的运动鞋专业制造商，2024年全年公司销售运动鞋 2.23亿双。 先达股份（603086）方面则预期，关税调整近期会对烯草酮销售有一定促进作用。据了解，前期由于关 税问题，国内整体烯草酮厂家销往美国市场量较小，已经导致美国市场烯草酮产品紧较为紧缺。 方玲玲透露，公司目前没有出现客户因为关税大幅取消、减少订单的情况，大多数客户还没有与公司商 讨关税成本问题，2025年第一季度新客户订单量还同比显著增长。锐明技术（002970）董事会秘书张炯 也表示，从4月初至今，没有一位客户离公司而去，订单数量未出现减少，事实上受关税扰动影响，部 分美国客户在二季度加大下单量，加强了二季度业绩的景气度。 在需求并未消失的 ...

解析行业前景 在近期举行的业绩说明会上，光伏、白酒等多个行业上市公司从行业情况出发，分析了公司面对的机遇 挑战和应对方式。 中国上市公司协会5月12日公布的数据显示，截至5月7日，除公告延迟披露公司外，沪、深、北三家证 券交易所共5412家上市公司公布2024年年度报告。2024年全市场上市公司共实现营业收入71.98万亿 元，近六成公司实现营收正增长。其中，创业板、科创板公司总体营收增速领先，沪深主板公司净利润 指标保持韧性。 近日，多家上市公司举行业绩说明会，分析行业变化、解读公司生产经营情况，"剧透"全年发展动向。 不少上市公司表示，2025年将坚持全球化布局、数智化转型、多元化发展，增强企业核心竞争力。值得 一提的是，"人工智能"成为上市公司在阐述未来发展机遇时频频提到的热词。 ● 本报记者 王婧涵 上交所针对科创板专设了"科创热点行业周"，针对半导体设备、人工智能及软件、低空经济、机器人、 创新药、新能源等市场关注度较高的细分行业举办集体业绩说明会。 在科创板机器人专场集体业绩说明会上，步科股份董事长、总经理唐咚表示，目前人形机器人技术正处 在从实验室迈向现实应用、逐渐实现批量化生产的关键期。公司重 ...