近期，携程（TCOM）、同程（0780）、途牛(TOUR) 3家在线旅游上市公司相继发布2025年一季度业 绩报告。对此，网经社电子商务研究中心给予解读。 出品｜网经社 作者｜无痕 审稿｜云马 配图｜网经社图库 | 2025年Q1携程、同程旅行、途牛核心财报数据对比 | | | | | --- | --- | --- | --- | | 指标 | 携程 | 同程旅行 | 途牛 | | 营收 (亿元) | 138 | 43.77 | 1.175 | | 营收增速 | 16% | 13.2% | 8.9% | | 核心业务营收 | 住宿预订:55.41 | 住宿业务:11.9 | 打包旅游:0.99 | | (亿元) | 交通票务:54.18 | 交通业务:20 | | | 净利润(亿元) | 43.14 | 7.88 | -0.054 | | 滕野菜乐光 | 持平 | 41.3% | 转亏 | | 净利率 | 34% | 18% | -4.6% | | 图表编制:网经社 | | | 网址: WWW.100EC.CN | 营收规模与增速：携程领跑 同程稳健 途牛承压 携程2025年Q1净营收138亿元，同比增长1 ...

Core Viewpoint - Shenzhen Futian Yinzuo Village Bank has announced a 365-day operation model starting June 16, which has garnered significant attention in the industry due to its rarity among banks [1][2][3] Group 1: Operational Changes - The bank's new operating hours are Monday to Friday from 8:30 AM to 5:30 PM, and weekends and public holidays from 9:00 AM to 4:00 PM [3] - This shift aims to enhance financial service quality and efficiency, catering to diverse customer needs [3][5] Group 2: Market Context - The 365-day operation model is uncommon in the banking sector, where most banks typically adopt a "shortened hours + branch rotation" strategy [1][8] - A study of 23 major banks around the bank's headquarters revealed that many do not operate on weekends, with only a few providing limited retail services [8][10] Group 3: Financial Performance - As of the end of 2024, the bank reported total assets of 16.992 billion yuan, a decrease of 2.584 billion yuan from 2023, and total liabilities of 14.181 billion yuan, down 2.802 billion yuan [5] - The bank's annual revenue was 885 million yuan, a decline of 227 million yuan, and net profit fell by 30.67% to 368 million yuan, with earnings per share dropping from 1.33 yuan to 0.92 yuan [5] Group 4: Employee Structure - The bank employed 542 staff members as of the end of 2024, with an average age of 30.78 years, and 73.2% holding a bachelor's degree or higher [5] - The employee distribution includes 52.21% in marketing roles, 20.84% in front desk positions, and 26.93% in management [5][6] Group 5: Competitive Strategy - The bank's move to a year-round operation reflects a strategic consideration for differentiation in a competitive market [5][12] - Other banks, such as Qinhuangdao Bank, have also adopted a similar 365-day operation model, indicating a trend towards continuous service [14]

Core Insights - The development of private labels by domestic supermarkets is on the rise, driven by leading retailers, with an increase in the number and sales proportion of private label products [1][2] Group 1: Growth of Private Labels - The average number of new private label products developed by each retailer increased from 83 in 2022 to 142 in 2024, with an annual update rate of 80% [1] - Private labels are brands designed, developed, and sold by supermarkets, either through in-house production or third-party manufacturing [1] Group 2: Reasons for Embracing Private Labels - Supermarkets aim to create unique memory points and provide differentiated services, catering to consumer demand for unique and scarce experiences [2] - The cost advantage of private labels allows supermarkets to bypass intermediaries, reducing procurement and channel costs, thus enhancing pricing power [2] Group 3: Challenges in Private Label Development - Some supermarkets face challenges such as lack of clear brand strategy, leading to product homogeneity and ineffective market response [2] - Competition among private labels relies not only on cost-effectiveness but also on product quality and purchasing experience [2] Group 4: Importance of Digital Innovation and Quality - Utilizing digital technologies like AI and big data can help supermarkets understand consumer trends and enhance product development, improving customer loyalty [3] - Quality is emphasized as a core competitive advantage, with a focus on reliable raw materials, strict manufacturing processes, and effective after-sales service [3] Group 5: Long-term Commitment to Private Label Development - Building a successful private label requires patience and a long-term strategy, evolving from imitation to establishing a unique product system [3]

Core Insights - The future success of e-commerce in the next decade hinges on the ability to create a "non-negotiable" choice logic through "rule sincerity + scenario innovation + value scarcity," making "being continuously chosen" a more important growth metric than GMV [2] Group 1: Market Trends - The consumer market is showing resilience, with data indicating significant growth in the collectible toy industry, where several merchants have surpassed 100 million in sales, and many others have seen triple-digit year-on-year growth [2] - The 618 shopping festival has seen platforms like Tmall simplifying promotional rules, which has led to increased consumer enthusiasm and sales across various categories, including beauty and electronics [3][4] Group 2: Strategy Innovation - Tmall's shift from complex discount structures to straightforward price reductions has reduced consumer decision-making costs, leading to a notable increase in sales across categories such as 3C digital products (up 37.1%) and home appliances (up 21%) during the 618 event [4][5] - The introduction of "TaoBao Flash Sale" combines online shopping with instant service, catering to the demand for convenience among younger consumers [7] Group 3: Ecosystem Reconstruction - Brands like Mr. Ji's home goods and DuoDuoMian's seamless underwear are leveraging the open ecosystem of platforms like Tmall to achieve significant growth, demonstrating the power of content-driven marketing and community engagement [13][17] - Tmall's 2025 strategy focuses on supporting quality and original brands through various incentives, aiming to create a multi-faceted growth path for merchants [18] Group 4: Long-term Vision - The evolution of e-commerce competition is shifting from user acquisition to value creation, with Tmall emphasizing the importance of consumer trust and experience differentiation [21][22] - The integration of AI and cloud computing technologies is transforming the supply chain and consumer engagement, indicating a strategic pivot towards sustainable growth models in the e-commerce sector [22][23]

Core Viewpoint - The company, Wuxi Xinjie Electric Co., Ltd., is implementing a differentiated dividend distribution for the fiscal year 2024, which involves a cash dividend of 0.87 RMB per share for shareholders, excluding shares repurchased for employee stock ownership plans [1][2][4]. Group 1: Reasons for Differentiated Dividend - The differentiated dividend is a result of the company's share repurchase plan, which allows for the repurchased shares to not participate in profit distribution [1][2]. - The company plans to repurchase shares using its own funds, with a total repurchase amount between 25 million RMB and 40 million RMB, at a price not exceeding 56.73 RMB per share [1][2]. Group 2: Dividend Distribution Plan - The total share capital for the dividend distribution is 157,138,633 shares, with 272,443 shares repurchased and excluded from the distribution, resulting in a base of 156,866,190 shares for the cash dividend calculation [2][3]. - The total cash dividend to be distributed amounts to approximately 136,473,585.30 RMB [2][3]. Group 3: Calculation Basis for Differentiated Dividend - The ex-dividend reference price is calculated based on the formula: (previous closing price - cash dividend per share) / (1 + change in circulating shares ratio) [3]. - The actual cash dividend received by participating shareholders is 0.87 RMB per share, leading to an ex-dividend reference price of 61.04 RMB per share [3][4]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution, Zhongtai Securities, has reviewed the differentiated dividend matter and found no violations of relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [4].

金深法意字2025第 244 号 致：深圳市杰普特光电股份有限公司 北京金诚同达（深圳）律师事务所（以下简称"本所"）接受深圳市杰普特 光电股份有限公司（以下简称"公司"）委托，并根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》（以下简称"《7 号指引》"）等法律、法规、规范性文 件以及《深圳市杰普特光电股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对公司 2024 年年度利润分配所涉及的差异化分红（以下简称"本 次差异化分红"）相关事项进行了核查，并出具本法律意见书。 为出具本法律意见书，本所律师审查了与本次差异化分红相关的文件和资 料，就相关事项向公司进行了必要的询问。公司已向本所保证，公司向本所提供 的文件及所作的陈述是真实、准确、完整、有效的，一切足以影响本法律意见书 的事实和文件均已向本所披露、提供，不存在隐瞒、虚假和遗漏，上述文件原件 及其签字、盖章是真实有效的，文件的复印件、影印件、扫描件、副本与原件、 正本一致。 北京金诚同达（深圳 ...

浙江天册律师事务所 关于 浙江梅轮电梯股份有限公司 差异化分红事项之 专项法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 http://www.tclawfirm.com 编号：TCFGZY2025H0017 号 致：浙江梅轮电梯股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江梅轮电梯股份有限公司（以 下简称"梅轮电梯"或"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股份回购规则》、《上海证券交易所股票上市规则》及《上海证券交易所上市 公司自律监管指引第7号—回购股份》（以下简称"《监管指引》"）等法律、法规 及规范性文件的相关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 就公司本次2024年度利润分配所涉及的差异化分红（以下简称"本次差异化分红"） 相关事项出具本法律意见书。 第一部分 声明事项 本所及经办律师依据《证券法》 《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律 ...

本期导读： 行业困境的本质并非资本缺位，而是价值创造能力的缺位。 作者丨范译阳 本期推荐阅读5分钟 在股权投资领域，最本源（投资的第一性原理）、最困难（外部环境）、最痛苦（内心煎熬）的莫过于 募资。 当市场化LP消失，国资 LP 主导市场，市场募资困境持续，市场"缺钱"似乎成为行业困境的主要因素。但 站在行业观察者的视角，我逐渐发现： 问题不是没钱，真正稀缺的是能力。 行业困境的本质并非资本缺位，而是价值创造能力的缺位。 募资难、项目荒表象下的核心矛盾 入行多年的从业者常面临"资金重要还是项目重要"的困扰，因为在资源有限的机构中， "装有钱" 成为生存必需，不然就沦为FA。 某资深投资人的回答看似朴素，却暗藏行业现状："缺资金时资金重要，缺项目时项目重要"的背 后，是大多数机构长期处于 "资金饥渴" 状态下的现实无奈。 大部分机构大部分时间最缺的是资金，所以看来资金重要。只有小部分知名机构不缺钱，所以还是 项目重要，这个问题的因果关系好像是错乱的。 一是本末倒置 ，因为有好项目，所以不缺钱。 二是飞轮效应 ，因为不缺钱，所以可以耐心地投好项目，形成正循环。 三是虹吸效应 ，二八法则，少数机构拥有大量资金，少数 ...

● 本报记者 乔翔 "如果没有微观加工的能力、没有微观加工的设备、没有集成电路的发展，如今1TB的储存芯片，回到 60年前是多大？答案是需要800万栋5层大楼来容纳。其中起关键作用的是整个半导体产业链的发展，从 设计到制造，从设备到零部件，缺一不可。"聚光灯下，中微公司董事长、总经理尹志尧的对比令人震 撼。 6月14日，在上海市普陀区举行的2025科技金融与产业创新大会上，这位年过八旬的行业元老以其亲历 的产业变迁，揭示了中微公司何以在半导体设备的全球竞技场中通过技术突围不断做大做强。 从误打误撞成为进入英特尔中心研究开发部的最早一批中国留学生，到学成归国创业并带领中微公司在 巨头垄断中杀出血路，尹志尧的职业生涯恰是中国半导体设备从零起步的缩影。当演讲聚焦于"技术创 新、产品差异化与知识产权保护"命题时，尹志尧所想传递的不仅是中微公司的生存法则，更是中国芯 片产业链必须攻克的战略高地。 不断扩大产品覆盖率 在芯片微观世界的创造中，器件结构和制程工艺技术的进化，推动了微观器件不断缩小的革命性变化。 存储器件内部架构从2D到3D的转换，使等离子体刻蚀和薄膜制程成为关键的核心步骤，市场也对这两 类设备的需求量大大增 ...

中国国际金融股份有限公司 关于凌云光技术股份有限公司 差异化分红事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为凌云 光技术股份有限公司（以下简称"凌云光"或"公司"）首次公开发行股票并在科创 板上市的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 利润分配所涉及的差异化分红进行了核查，具体核查情况如下： 一、本次差异化分红的原因 三、本次差异化分红的除权除息处理 （一）本次差异化分红的除权除息处理依据及计算公式 截至本核查意见出具日，公司总股本460,976,733 股，回购专用证券账户中 股份总数为6,061,847股，本次实际参与分配的股本数为454,914,886股。根据《上 海证券交易所交易规则》等相关规定，公司按照以下公式计算除权除息开盘参考 价： 除权（息）参考价格=（前收盘价格-现金红利）÷（1+流通股份变动比例） 公司2024年度利润分配方案为每10股派发现金红利人民币0.25元（含税）， 不进行资本公积转增股本，不送红股。因此，公司流通股数量不会发生变化，流 通股份变动 ...