Core Viewpoint - The price reduction of the iPhone 16 series by Apple ahead of the "6·18" shopping festival is aimed at boosting sales in the Chinese market and responding to competitive pressures from domestic smartphone brands [2][6][7]. Pricing Strategy - Apple has issued a price adjustment notice to its channel partners, with the iPhone 16 Pro and iPhone 16 Pro Max seeing price cuts exceeding 1,000 yuan across all storage versions [2][3]. - The iPhone 16 Pro starts at 6,499 yuan, while the Pro Max starts at 8,599 yuan, with reductions of 1,500 yuan and 1,400 yuan respectively compared to official prices [3]. - The iPhone 16 and iPhone 16 Plus have also seen price reductions of 1,000 yuan, with additional government subsidies available [3][5]. E-commerce Promotions - Major e-commerce platforms like Tmall and JD.com have launched their "6·18" promotions early, with significant discounts on the iPhone 16 series, particularly the Pro versions [4][5]. - Tmall's official Apple Store is offering the iPhone 16 Pro 128GB at a promotional price of 5,499 yuan after a 2,000 yuan discount and a 500 yuan government subsidy [5]. Market Context - The "6·18" shopping festival is a critical sales period for smartphone manufacturers, with Apple aiming to leverage this event to enhance its market performance [4][6]. - Despite the price cuts and promotional efforts, Apple's performance in the Chinese market has been declining, with a reported 9% drop in shipments year-on-year in Q1 2025 [7]. Competitive Landscape - The price reductions are also a strategic move to counter the competitive pressure from domestic brands, as Android manufacturers are also launching their own promotions during the "6·18" festival [8][9]. - Other brands like Vivo and OPPO are offering substantial discounts and subsidies, indicating a highly competitive market environment [8][9].

Core Viewpoint - JD Group's Q1 2025 financial report significantly exceeded market expectations, with a revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, surpassing the market's forecast of 11%-12% [1][12] Revenue Performance - JD Retail, including JD Health and JD Industrial, achieved a revenue of 263.845 billion yuan in Q1 2025, growing by 16.3% year-on-year [1][4] - JD Logistics reported a revenue of 46.967 billion yuan, marking an 11.5% year-on-year increase [1] - New business segments, including Dada, JD Industrial Development, Jingxi, and overseas operations, generated 5.753 billion yuan in revenue, up 18.1% year-on-year [1] Product Category Insights - The 3C home appliances segment generated 144.295 billion yuan in revenue, reflecting a 17.1% year-on-year growth, the highest since 2022 [3][4] - Daily necessities revenue reached 98.014 billion yuan, with a year-on-year increase of 14.9%, showing a recovery trend after a dip in growth due to high base effects and offline economic recovery [4][5] - The 3P business, which focuses on e-commerce platform and advertising services, achieved a revenue of 22.32 billion yuan, growing by 15.71% year-on-year [9] Profitability Metrics - JD's operating profit for Q1 2025 was 10.53 billion yuan, a 36.4% increase year-on-year, while non-GAAP operating profit was 11.66 billion yuan, up 31.5% [1] - The gross margin improved by 0.6 percentage points to 15.89%, leading to an increase in operating profit margin from 3% in Q1 2024 to 3.5% in Q1 2025 [11] Future Outlook - The impact of JD's newly launched food delivery service will be more evident in Q2 2025, as the service's daily order volume is expected to exceed 20 million [12][14] - The company is focusing on building a robust ecosystem for users, merchants, and delivery personnel, which may affect short-term profitability but is deemed necessary for long-term growth [14][15] - Following the Q1 report, JD's stock saw a rise of over 3% in the US market and nearly 3% in the Hong Kong market, indicating positive market sentiment towards the company's performance [16]

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 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with expectations for gradual improvement in 2025 due to government subsidies and retail performance recovery [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.258 billion, net profit of 385 million, and non-recurring net profit of 340 million, representing year-on-year declines of 14%, 35%, and 38% respectively [1]. - For Q4 2024, the revenue, net profit, and non-recurring net profit were 1.583 billion, 119 million, and 107 million, showing year-on-year declines of 28%, 51%, and 52% respectively [1]. - In Q1 2025, the figures were 818 million for revenue, 42 million for net profit, and 36 million for non-recurring net profit, with year-on-year changes of -0.3%, -11%, and -8% respectively [1]. Retail and Market Trends - Retail revenue for Q4 2024 to Q1 2025 showed a year-on-year decline of 12%, but improved from a decline of 15% in Q3 2024, indicating a narrowing drop due to effective government subsidies [2]. - Direct sales business saw a significant increase of 92% year-on-year, linked to the nationwide subsidy initiative [2]. - Contract liabilities at the end of Q1 2025 increased by 9% year-on-year, suggesting a positive outlook for Q2 2025 [2]. Profitability and Cost Management - In Q4 2024, gross margin increased by 0.3 percentage points, while expenses related to sales, management, R&D, and finance decreased year-on-year [3]. - The company faced an increase in asset impairment losses, which contributed to a decline in net profit margins [3]. - For Q1 2025, gross margin decreased by 5.1 percentage points, with declines in dealer and direct sales margins attributed to changes in order structure [3]. Strategic Outlook - The company aims to enhance customer value through a comprehensive approach and optimize its organizational structure to support growth in southern markets and international expansion [4]. - Focus areas include increasing market penetration in Australia and North America, while also exploring emerging markets in Southeast Asia and the Middle East [4]. - The company plans to maintain a dividend payout ratio of 68% for 2024, translating to a current dividend yield of approximately 5.5% [4]. - Projected net profits for 2025-2027 are 440 million, 480 million, and 530 million respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 times [4].

证券简称：绿联科技 证券代码：301606 深圳市绿联科技股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 粤民投、易方达基金、广发基金、安信基金、平安基金、西南证券、长 城基金、融通基金、信达澳亚基金、景顺长城基金、大成基金、国泰海 通、汇添富基金、华泰资产、富国基金、中欧基金、兴全基金、华泰柏 瑞基金、农银汇理基金、交银施罗德基金、华安基金、永赢基金、华泰 证券 时间 2025 年 5 月 6 日 -2025 年 5 月 9 日 地点 广州、深圳、上海 形式 现场、电话会议 上市公司接待 人员姓名 董事会秘书兼财务负责人：王立珍 证券事务代表：申利群 投资者关系活 动主要内容介 绍 一、问答交流（同类问题已作汇总整理，近期已回复问题不再重复） Q1. 公司的音视频类产品有哪些？ 答：音视频类产品是公司深耕多年的品类，其产品涵盖了耳机、话 筒、高清线、音频线、音视频转换器等。产品系列广泛，从基础到专业 级别应有尽有，无论是音乐迷、游戏爱好者还是专业音频工程师，均有 相应产品满足 ...

证 券 研 究 报 告 中国巨石（600176）2025 年一季报点评 推荐（维持） 价格复苏释放盈利空间，规模优势凸显 目标价：16 元 2025 年一季度公司实现营业收入 44.79 亿元，同比增长 32.42%，归母净利润 7.3 亿元，同比增长 108.52%。 评论： 风险提示：产能建设进展不及预期，原材料价格波动。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,856 | 17,415 | 19,470 | 21,389 | | 同比增速(%) | 6.6% | 9.8% | 11.8% | 9.9% | | 归母净利润(百万) | 2,444 | 3,205 | 3,510 | 4,234 | | 同比增速(%) | -19.7% | 31.1% | 9.5% | 20.6% | | 每股盈利(元) | 0.61 | 0.80 | 0.88 | 1.06 | | 市盈率(倍) | 20 | 15 | 14 | 11 ...

证券研究报告 | 2025年05月06日 志邦家居（603801.SH） 优于大市 2024 年报&2025 年一季报点评： 一季度收入微降，国补带动直营高增 2025Q1 收入微降，盈利略有下滑。2024 年公司实现收入 52.6 亿/-14.0%， 归母净利润 3.9 亿/-35.2%，扣非归母净利润 3.4 亿/-38.1%；其中 2024Q4 收入 15.8 亿/-27.7%，归母净利润 1.2 亿/-51.5%，扣非归母净利润 1.1 亿 /-52.2%；2025Q1 收入 8.2 亿/-0.3%，归母净利润 0.4 亿/-10.9%，扣非归母 净利润 0.4 亿/-8.3%。2024 年由于地产调整与消费乏力，定制家居行业承压， 公司于 2024Q4 启动国内零售深度变革，叠加国补政策显效，2025Q1 收入降 幅显著收窄，盈利下降主系受补贴政策与内部变革影响。2024 年拟每 10 股 派发现金红利 6 元，股利支付率同比+16.6pct 至 67.95%。 经销与大宗承压，海外与直营渠道快速突破。2024 年经销/直营/大宗/海外 业务收入分别同比-18.9%/-0.8%/-16.2%/+37 ...

Core Viewpoint - The company is experiencing a decline in revenue and net profit, but there are signs of improvement in the upcoming quarters due to government subsidies and strategic changes in its business model [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 3.789 billion yuan, with a net profit attributable to shareholders of -215 million yuan and a non-deducted net profit of -228 million yuan, representing a 23% year-on-year decline in revenue [1]. - For Q4 2024, the revenue was 1.057 billion yuan, with net profits of -101 million yuan and -95 million yuan for non-deducted net profit, showing a 24% year-on-year decline [1]. - In Q1 2025, the revenue is projected to be 741 million yuan, with net profits of -39 million yuan and -45 million yuan for non-deducted net profit, indicating a 5% year-on-year decline, but a narrowing of losses [1]. Market Trends and Business Model - Since Q4 2024, government subsidies have started to show effects, leading to a narrowing of revenue decline from 29% in Q3 2024 to 17% overall for Q4 2024 to Q1 2025 [2]. - The company is focusing on a customized and supporting business model, with a significant emphasis on the "随心选" full-house customization package as a key strategy [2]. - The company is also innovating with a "30万一价全包" model to lower the entry barriers for franchisees, allowing for quicker store openings and shared resources between franchisees and direct stores [2]. Cost Management and Efficiency - In 2024, the company's gross margin and net profit margin decreased by 1.9 and 7.0 percentage points, respectively, while sales, management, R&D, and financial expense ratios increased [3]. - In Q1 2025, the gross margin and net profit margin improved by 7.4 and 5.9 percentage points, respectively, indicating a reduction in loss margins and a decrease in various expense ratios [3]. Channel Strategy and Expansion - The company is implementing a "1+N+Z" model for direct sales cities, transitioning direct stores into flagship stores that support distributors in logistics and delivery [4]. - For franchise cities, the company is focusing on a "1+N+Z" model to leverage local resources and reduce operational requirements for franchisees, aiming to expand into lower-tier cities [4]. - The company plans to continue its focus on high-quality development in its traditional strengths of customization and supporting businesses, with expectations of improved demand and market conditions due to accelerating government subsidies [4]. Dividend and Future Projections - In 2024, the company distributed dividends amounting to 187 million yuan, corresponding to a dividend yield of nearly 7% [4]. - The projected net profit attributable to shareholders for 2025-2027 is approximately 70 million, 100 million, and 150 million yuan, with corresponding price-to-earnings ratios of 39, 27, and 18 times [4].

志邦家居 20250508 摘要 • 志邦家居 2025 年一季度国内零售业务虽持续下滑，但降幅同比、环比均 收窄，得益于 2024 年管理层调整及扁平化组织结构改革，以省为单位管 理并调整加盟商供价体系，提升店面质量。 • 国内地产工程业务一季度及 4 月签单大幅下滑，因订单重估及付款条件变 化导致收缩。公司正探讨向企业客户、公寓等转型，二季度订单下滑或将 持续。 • 海外业务受中美关税影响，但中东市场发展迅速，预计超预期增长。澳大 利亚业务保持稳健，海外业务总体在预期内有序增长。 • 国补政策主要由加盟商享受省内补贴，异地补贴政策较少且低调。年初已 确定总额度足够全年使用，但释放节奏会调整。新老直营公司均参与异地 补贴。 • 合肥国补政策未完全放开，部分加盟商转用其他公司政策，参与度约五成。 前期参与度高，后期订单正常化后，部分加盟商因成本考虑退出。 • 四月份零售订单降幅收窄主要由零售贡献，大众市场仍有较大拖累，预计 下滑持续数月。一季度毛利率波动与店面调整和支持力度有关，全额法确 认收入也导致毛利下降。 • 2024 年行业价格竞争激烈，但国补政策推动销量回升后价格维持稳定。 经济下行导致橱柜衣柜单价 ...