公司报告 | 年报点评报告 戎美股份（301088） 证券研究报告 流量成本优化，毛利率同比改善 公司发布 24 年报及 25 年一季报 25Q1：营收 1.5 亿元，同比-17%；归母净利润 0.2 亿元，同比-22%；毛利 率 48%，同比+4pct；净利率 14%，同比-1pct。 24 年度：营收 7 亿元，同比-10%；归母净利润 1 亿元，同比+26%；毛利 率 42%，同比+3pct；净利率 15%，同比+4pct。 24 年度销售费用 0.7 亿元，同比-34%，变动主要是公司对收入预期相对谨 慎，控制推广费投入，淘宝平台对达标直播商户的推广费给予了部分返还； 管理费用 0.5 亿元，同比+1%；财务费用 207 万元，同比+126%，变动主要 是上年同期购买定期产生的利息收入较多，本期同类产品购买较少。 24 年盈利同比改善 2024 年度，公司的营业收入略有下滑、而盈利水平较去年同期提升，主要 是因为（1）服装服饰消费市场景气下行，销量下滑，存货的平均库龄亦有 所增加，基于谨慎性原则考虑，根据库龄计提的存货跌价损失也相应增加； （2）公司基于多年积累的丰富平台运营经验以及对市场环境的谨慎预 ...

Core Viewpoint - Xiaomi is facing a significant trust crisis in the automotive sector, stemming from safety controversies and misleading marketing claims, which may signal a shift in the Chinese electric vehicle industry from "traffic frenzy" to "value cultivation" [1][2] Group 1: Xiaomi's Automotive Challenges - The controversy surrounding the carbon fiber hood of the Xiaomi SU7 Ultra has highlighted the disconnect between marketing rhetoric and actual performance, revealing a misalignment in understanding the automotive industry's standards compared to consumer electronics [1] - Xiaomi's response to the carbon fiber hood issue, including offering an aluminum hood or loyalty points, has been criticized as inadequate, especially when compared to previous commitments made by the company regarding other issues [2] - Legal experts suggest that if false advertising is confirmed, Xiaomi could face substantial penalties, emphasizing the importance of maintaining technical integrity in the automotive sector [2] Group 2: Industry Implications - The crisis reflects broader anxieties among tech companies entering the automotive space, where the clash between "internet thinking" and industrial manufacturing constraints becomes evident [2] - The emergence of grassroots testing by consumers, such as using 3D printing to validate claims, is pushing automotive companies to standardize their marketing language [3] - Recent regulatory measures from the Ministry of Industry and Information Technology and the State Administration for Market Regulation indicate a shift towards stricter oversight in the smart connected vehicle sector, promoting a transition from "wild growth" to "regulated development" [4] Group 3: Future Outlook - The current trust crisis may serve as a pivotal moment for Xiaomi to evolve from a "cross-border challenger" to a "mature automaker," emphasizing the need for sincerity in every aspect of vehicle production [4] - The situation presents an opportunity for Xiaomi to advocate for industry transparency by collaborating with third-party organizations to establish performance certification systems for optional components [3] - The challenges faced by Xiaomi are not merely negative events but rather catalysts for the industry to reassess the pitfalls of "traffic marketing" and return to product-centric values [4]

5月20日，在这个被视为新"情人节"的日子里，格力董事长董明珠和曾打上"董明珠接班人"标签的 孟羽童，再度牵手在社交媒体"秀恩爱"。 再度牵手孟羽童，或许能为格力带来短暂的话题热度，但格力 的根本问题在于战略模糊与创新乏力，而不是缺乏流量。事实 上，董明珠从来不缺流量，她的一举一动都很容易上热搜。 作者： 敬一山 封图：图虫创意 孟羽童发文称"时隔两年收到前老板的微信"，并晒出两人的聊天记录，格力官号也回应"欢迎回家 吃饭"。冤家和解的背后当然还是生意，格力随即官宣，几天之后董孟将合体直播。 董明珠作为网络热搜榜的常客，她和孟羽童的恩怨故事，公众并不陌生。董明珠2021年通过一档 综艺节目选中孟羽童，称其为"接班人"。可双方度过短暂"蜜月期"之后，孟羽童在格力就被边缘 化，并于两年后离职（也有消息称是被辞退）。2023年董明珠更是公开恶评孟羽童，称其当秘书 时连一个字都写不出来，只想依靠格力当网红。 如果董明珠的一贯表达是出于真心，孟羽童显然不符合她的价值观和企业用人观。所以此番和解， 也被外界解读为不得已而为之。格力近年营收增长停滞，2024年财报显示其营收同比下滑7.31%， 是近四年来的首次负增长，而其 ...

流量操控者——MCN机构乱象调查 流量经济盛行，部分MCN机构为逐利不择手段。操控网络水军，炮制网络谣言、批量生产低俗内容……南方都市报、南都大数据研究院开启"流量操控者 ——MCN机构乱象调查"，深挖背后套路，助力网络信息内容生态清朗。 第一期，关注MCN机构的网络水军生意。 "叙利亚女孩主动搭讪来旅游的中国小伙，希望小伙能花300万叙利亚货币娶自己去过安稳日子。"近日，有网友吐槽在某短视频平台刷到大量文案雷同的内 容。 南方都市报、南都大数据研究院监测发现，多个短视频和社交平台上都出现大量低质的同质化内容，这些或与一些MCN机构片面追求流量，以矩阵传播名 义、行网络水军、引流炒作之实等有关。不仅透支着公众信任，也破坏网络舆论生态。 对此，专家呼吁，应加强MCN机构及账号信息透明度，防范批量操纵账号导致的网络乱象。 从婆媳矛盾到性别对立 借同质化内容引流卖货 部分网络平台检索内容结果及个别用户主页作品截图。 南都大数据研究院调查发现，批量发布雷同内容，通过矩阵化传播博取流量的现象在短视频平台上并不少见，有的更是趁机推销商品、带货牟利，套路十 足。其中，又以上演夫妻关系、婆媳矛盾等家庭话题的雷同内容居多，如" ...

Core Insights - Huang Zitao's sanitary napkin brand, Duowei, achieved over 400 million GMV in a single live-streaming session, marking a significant entry into the market [1] - The brand's rapid success is attributed to the heightened public concern for product safety following the exposure of quality issues in the sanitary products industry during the 315 Gala [2][3] - The brand's future success hinges on its ability to maintain product quality and consumer trust, especially in a market dominated by established players like Sofy and Kotex [5][6] Group 1: Market Entry and Initial Success - Duowei's launch capitalized on a surge in consumer demand for safe and reliable sanitary products, driven by recent industry scandals [2][3] - Huang Zitao's commitment to transparency and safety resonated with consumers, leading to a successful initial sales event [3][5] - The brand's first live-streaming event generated significant sales, showcasing the power of celebrity influence in driving consumer behavior [1][3] Group 2: Consumer Needs and Emotional Response - The brand effectively addressed both functional and emotional consumer needs, with a focus on safety and trust [2][3] - The public's desire for responsible brands following the 315 Gala created a favorable environment for Duowei's entry [2][3] - Huang Zitao's personal engagement and promises of product quality helped to build initial consumer trust [3][7] Group 3: Challenges Ahead - The sustainability of Duowei's success will depend on product quality and the ability to build a strong brand reputation over time [6][7] - The brand faces skepticism regarding its product origins and quality assurance, particularly due to its association with previously criticized manufacturers [7][8] - The reliance on Huang Zitao's celebrity status poses risks for long-term brand viability, as consumer loyalty may not translate into repeat purchases [10][11] Group 4: Market Competition and Distribution - The sanitary napkin market is becoming increasingly competitive, with other brands and established players also seeking to capitalize on the current consumer sentiment [12][13] - Duowei's distribution strategy is heavily reliant on online sales, particularly through live-streaming, which may limit its market reach compared to competitors with established offline channels [11][12] - The brand must develop a comprehensive distribution strategy to penetrate deeper into various market segments and ensure sustained growth [11][12] Group 5: Long-term Viability and Brand Trust - Building and maintaining consumer trust will be crucial for Duowei's long-term success, especially in a market where product safety is paramount [7][8] - The brand's ability to deliver consistent quality and transparency will determine its reputation and consumer loyalty over time [6][8] - The competition from established brands with strong market presence and consumer trust poses a significant challenge for Duowei's growth trajectory [12][13]

Core Viewpoint - The recent reconciliation between Gree's chairman Dong Mingzhu and former employee Meng Yutong is seen as a strategic move amid Gree's declining performance, with a 7.31% year-on-year revenue drop in 2024, marking the first negative growth in four years [1][2][3] Group 1: Company Performance - Gree's revenue has declined by 7.31% year-on-year in 2024, indicating the company's first negative growth in four years [1] - Competitors such as Midea and Haier continue to show positive growth, highlighting Gree's struggles in its core air conditioning business [1] - The company's diversification strategy has faced setbacks, contributing to concerns about its ability to adapt and innovate [1][2] Group 2: Strategic Moves - The partnership between Dong Mingzhu and Meng Yutong is intended to generate buzz and potentially improve short-term sales through live streaming [2][3] - Previous live streaming efforts, such as "Mingzhu Yutong Selection," have shown promise, but Gree's core business model may not align with the demands of a live-streaming sales approach [2] - The reliance on Dong Mingzhu's personal brand and traditional marketing strategies may hinder Gree's appeal to younger consumers [2][3] Group 3: Market Positioning - Gree's recent product offerings, such as the rose air conditioner, have been criticized for being unattractive and overpriced, limiting their appeal to younger demographics [2] - Competitors like Midea and Xiaomi have successfully attracted younger consumers through minimalist designs and smart home ecosystems, contrasting with Gree's current strategy [2] - The reconciliation with Meng Yutong may create temporary interest, but Gree's fundamental issues of strategic clarity and innovation remain unaddressed [3]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $18.6 million, representing a 3.4% increase from $18.1 million in Q1 2024 [22] - Adjusted net income was $400,000, down from $1.3 million in Q1 2024 [25] - Overall gross profit was $9.7 million, a decrease of 3.1% from $10 million in Q1 2024, with a gross margin of 51.7% compared to 55.2% in the same period last year [23][24] - Revenue from services was $14.2 million, up 4.9% from $13.5 million in Q1 2024, accounting for 75.7% of total revenue [22][23] Business Line Data and Key Metrics Changes - Average daily active terminals (DAT) were 308,863, a slight decrease of 0.3% from 309,906 in Q1 2024 [21] - The Glaucoma IoT business saw a twelve-fold increase in daily active IoT terminals year-over-year [40] - The Glaucoma Mobile fixed broadband business is projected to grow by approximately 10% [7] Market Data and Key Metrics Changes - Japan contributed 40.4% of total revenue, Mainland China 31.2%, North America 12.9%, and other regions 15.5% [23] - The average daily data usage per terminal was 1.59 gigabytes as of March 2025 [21] Company Strategy and Development Direction - The company is expanding from a single product line to four, with a focus on innovative solutions for IoT and pet connectivity [18][17] - The company plans to begin regular disclosures of key metrics in Q3 2025 to enhance transparency for investors [8] - The introduction of AI technologies aims to improve operational efficiency and user experience [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for future growth, expecting total revenue for Q2 2025 to be between $20 million and $25 million, representing an increase of 2.7% to 11.6% compared to Q2 2024 [18] - The company is actively engaging in commercial discussions with major operators worldwide, anticipating several partnerships to be finalized soon [9] Other Important Information - The company had 183 patent applications, with 159 approved and 14 patents granted as of March 31, 2025 [21] - The company maintained a solid balance sheet with cash and cash equivalents of $30.1 million as of March 31, 2025, up from $30.1 million at the end of 2024 [26] Q&A Session Summary Question: Insights on the pet phone product and target demographics - Management highlighted that early adopters are expected from pet channels in Europe, Asia, and the U.S., with commercial launch planned for May [28][29] Question: Impact of tariffs on business - Management stated that current tariffs have not significantly impacted operations, with alternative sourcing strategies in place to mitigate risks [32][33] Question: Reasons for increased service costs and control measures - The increase in service costs is attributed to a shift in sales mix and higher expenditures on marketing and promotions for new business lines [37][39] Question: Areas of collaboration with partners - Management discussed partnerships with Tier two and Tier three carriers, focusing on enhancing service quality and expanding market reach through new product offerings [41][42]

" 水面之下，变革与涌现。 " 作者丨胡家铭 编辑丨董子博 5 月 20 日晚，网易一口气发布了 40 余款游戏的新消息， 9 款为国内尚未正式上线的新品。 在 Q1 交出超出行业预期的答卷之后，网易美股大涨 14 个百分点。高歌猛进之下，如今这场发布会，其 利好程度在外界看来，反倒失去了一丝新鲜感。值得一提的是，此前饱受外界关注的开放世界二次元产品 《无限大》、仙侠单机《剑心雕龙》等项目并未登上 520 发布会，网易捏在手里未打出的牌，实际上还 有不少。 雷峰网注意到，除了《万民长歌：三国》这类纯自研单机游戏，以《无主星渊》、《命运：群星》为代表 的 IP 合作类项目占据了大量篇幅，同时从发行渠道来看，则抱紧了 steam 大腿， 全球发行 的意味也十 分明显。 一位游戏行业分析师告诉雷峰网，在腾讯占据国内大 DAU 项目绝对优势的前提下，绕开腾讯主场寻求差 异化的 " 弯道 " ， Steam 发行其实并不难理解。加之其代理或者自研的 IP 类项目，在海外拥有更多的 受众， Steam 验证成功后 " 出口转内销 " ，其确定性可能会更高一些。 目前网易放出的 9 款新作里， " 去库存 " 和 " 引进 ...

Core Viewpoint - The "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" aims to enhance the ecological environment of rivers and lakes in China, with specific targets and measures outlined for achieving this goal by 2027 and beyond [1]. Group 1: Conditions for Beautiful Rivers and Lakes - Beautiful rivers and lakes should have stable water sources, good water flow, and effective ecological water use to ensure "having rivers and water" [2]. - The ecological environment and biodiversity must be maintained or restored, ensuring the presence of indigenous species and achieving "having fish and grass" [2]. - Pollution control is essential, with water quality improving to a good standard, meeting public recreational needs, and resolving ecological issues to achieve "harmony between people and water" [2]. Group 2: Goals and Targets - By 2027, the construction rate of beautiful rivers and lakes is expected to reach approximately 40%, with significant progress by 2030 and basic completion by 2035 [2]. - The action plan includes 15 specific targets focusing on water environment governance, ecological water use assurance, and ecological protection and restoration [3]. Group 3: Water Environment Governance - The action plan emphasizes the importance of managing pollution sources, particularly through the establishment of a monitoring and regulatory system for pollution outlets by 2027 [4]. - It aims to significantly improve urban sewage treatment efficiency and achieve over 60% control of rural sewage by 2027, while eliminating rural black and odorous water bodies [4]. Group 4: Ecological Flow Assurance - The plan specifies requirements for ensuring ecological flow, which is crucial for maintaining river ecosystems, with a focus on cross-province key rivers and lakes by 2027 [5]. Group 5: Ecological Protection and Restoration - The action plan aims to enhance the health of river and lake ecosystems, with specific assessments and mechanisms for ecological compensation established by 2027 [6]. Group 6: Funding and Technology Support - The plan highlights the need for technological innovation in water ecological environments and emphasizes the role of central finance in supporting these initiatives [7]. - It encourages local finance and social capital to increase investment, promoting various models for public-private partnerships in ecological protection and construction [7].

玉石门大结局，柴怼怼凉了 在五月初闹得沸沸扬扬的胖东来玉石风波，终于迎来了爽文结局。 近日， 胖东来发布了《关于网络转发"柴怼怼"相关视频的公告》， 给了此前暂告段落的"玉石门"一个体面的交代。 图源：胖东来 通报中，胖东来主要明确了两点： 其一，是对近期网络转发"柴怼怼"相关视频的说明。 胖东来表示，明白大家转发讨伐柴怼怼相关切片视频是出于为胖东来发声的好意，但这类视频的传播也会间接且持续地伤害胖东来。 因此，胖东来特别呼吁，希望广大网友减少对柴怼怼相关视频的传播，等待时间与法律带来的正义。 其二，是目前"柴怼怼"案件的进度。 胖东来表示，已按照法律程序向相关部门提交证据及相关材料，目前正在等待具体开庭时间。 与此同时，胖东来向法院提交的针对柴怼怼的《行为保全申请书》及《诉中财产保全申请书》，法院已下达民事裁定书。 具体而言，法院裁定柴怼怼等人立即删除相关视频，且在案件审理期间禁止直播或发布相关言论。 此外，法院还将柴怼怼等被申请人名下的600万元银行存款或同等价值的财产予以冻结或查封。 值得一提的是，在该公告发布次日，胖东来高管也在社交平台就"柴怼怼事件"集体发声。 图源：胖东来抖音 胖东来超市运营负责人 ...