5月14日，央行发布4月金融统计数据显示，4月末，人民币各项贷款余额265.70万亿元，同比增长 7.2%；1-4月，人民币各项贷款增加10.06万亿元，与上年同期大致持平。 4月份，虽然新增贷款规模有所放缓，但从结构上看，普惠小微贷款、制造业中长期贷款等增速均高于 同期各项贷款增速。同时，贷款利率保持在历史低位水平。 有业内人士指出，今年一季度GDP同比增长5.4%，在去年同期高基数上继续保持较快增速，消费、投 资等主要宏观经济指标均明显好转，既反映了去年9月以来一揽子增量政策效果持续显现，也体现出中 央经济工作会议和全国"两会"后，各项宏观政策及时响应、协同发力，社会信心持续提振。 融资成本"往下走"金融总量有望继续保持合理增长 4月份，我国金融总量"有上行"，从前4个月金融总量数据看，社会融资规模、广义货币M2、人民币贷 款增速持续高于名义GDP增速，金融对实体经济支持的力度仍然较大。市场人士表示，金融总量数据持 续较好，体现出央行逆周期调节和金融稳经济的效果。 同时，我国融资成本"往下走"。央行数据显示，4月份企业新发放贷款加权平均利率约为3.2%，比上月 低约4个基点，比上年同期低约50个基点；个人 ...

Group 1: Economic Growth and Financial Support - The financial total is expected to maintain reasonable growth following the introduction of a package of incremental policies in May, which will solidify the foundation for the continuous recovery of the domestic economy [1] - Despite increased external uncertainties since April, the domestic economy shows strong resilience, with social financing scale growth accelerating and RMB loan balance increasing by 7.2% year-on-year [1][2] - The foreign trade growth trend continues, with the total value of goods trade in the first four months increasing by 2.4% year-on-year in RMB terms and 1.3% in USD terms, indicating a recovery in export resilience [1] Group 2: Credit Structure Improvement - From January to April, RMB loans increased by 1.006 trillion yuan, with the balance of inclusive small and micro loans reaching 34.31 trillion yuan, growing by 11.9% year-on-year, and medium to long-term loans for manufacturing at 14.71 trillion yuan, growing by 8.5% [2] - The evolution of credit structure reflects economic structural changes, with a notable shift in loan distribution towards real enterprises, as corporate loans increased from 63% to approximately 68% of total loans from 2021 to present [3] - The proportion of loans to small and micro enterprises rose from 31% to about 38%, while loans to large and medium enterprises decreased from 69% to about 62%, indicating a significant impact from inclusive small and micro loan initiatives [3] Group 3: Industry Focus and Policy Direction - Financial institutions have increasingly directed credit resources towards manufacturing and technological innovation, with the proportion of manufacturing loans in total medium to long-term loans rising from 5.1% to approximately 9.3% since 2021 [4] - The focus of macroeconomic policy is shifting towards promoting consumption, with financial policies aimed at supporting high-quality consumer goods supply, while addressing employment, income, and social security issues to enhance consumer willingness and capacity [4][5] - The development of consumer finance aims to expand effective consumer demand and ensure that consumer loans are genuinely used to support consumption, emphasizing a principle of reasonable moderation [5] Group 4: Monetary Policy and Future Outlook - The central bank and other departments released a package of policy measures on May 7, including interest rate cuts and structural tool optimizations, to create a favorable monetary environment for economic recovery [6] - The central bank's recent monetary policy practices have focused on a combination of different policy tools to enhance effectiveness, benefiting various market participants and boosting market expectations and investment confidence [6][7] - Recent structural policy adjustments by the central bank are aligned with the macroeconomic strategy of tapping economic potential and promoting consumption, indicating a clear focus on technology and consumption as key support areas [7]

2025Q1 公司实现营收25.66 亿元，同比+36.24%，环比-19.56%；归母净利润7.06 亿元，同比+62.98%， 环比-2.11%；毛利率37.21%，同比+0.88pct，环比+1.92pct；归母净利率27.49%，同比+4.51pct，环比 +4.90pct。 评论： 事项： 公司发布2024 年报及2025 年一季报。2024 年公司实现营收112.06 亿元，同比+49.82%；归母净利润 29.60 亿元，同比+65.29%；毛利率38.76%，同比-1.65pct；归母净利率26.42%，同比+2.47pct。其中 2024Q4 公司实现营收31.90亿元，同比+176.51%，环比-2.37%；归母净利润7.21 亿元，同比+223.61%， 环比-28.21%；毛利率35.28%，同比-4.74pct，环比-9.22pct；归母净利率22.59%，同比+3.29pct，环 比-8.13pct。 不断优化产品结构，积极拓展市场广度和深度，增强公司市场竞争力。公司通过优化产品结构和成本控 制强化了市场竞争力，同时积极拓展国内外销售布局，尤其注重汇率管理和资金运营效率提升。国内销 ...

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 及人员姓名 长江证券、嘉实基金、华泰证券 时间 2025 年 5 月 13 日-5 月 14 日 地点 江苏省苏州工业园区金尚路 99 号 上市公司接待 人员姓名 朱雯雯（副总经理、董事会秘书） 投资者关系 活动主要内容 介绍 1、建筑装饰行业情况及公司的未来竞争格局？ 根据中研普华产业研究院发布的《2023-2028 年中国建筑装饰市场 深度全景调研及投资前景分析报告》显示，建筑装饰行业产值在 2023 年降至 4.93 万亿元，但预计未来将保持稳定增长，到 2027 年市场规 模有望达到 8.16 万亿元。目前，公司主要聚焦公装市场，公装市场因 准入门槛高，对施工工艺、项目管理要求严格，形成了天然竞争壁垒。 公司凭借在工艺工法、施工质量等方面的领先优势，将持续巩固在公装 市场的竞争地位。 2、公司未来发展方向？ 2025 年，公司将聚焦海外业务与旧改业务两大方向，实现业务结构 优化与高质量增长。受益于全国年均超 6 万个旧改项目的广阔市场空间 和政府政策扶持，公司 20 ...

□ 科创债不仅是传统意义上的"高收益债"，更具备"高变化债"和"高成长债"的独特属性。因此，建 立"债项+主体"双重视角的估值方法论已成为当前市场的共识 □ 应提高合格投资者准入门槛，引导具有风险承受能力的投资者入场 □ 应进一步推动风险管理工具的完善与创新，为投资者提供风险缓释手段 □ 应进一步完善科技创新债投资者保护机制，� 中小型科技企业迎来融资良机 科创债估值逻辑将升级 投资者结构需优化 ◎记者 张欣然 债市"科技板"，将为科技型公司提供全新的融资渠道。 5月7日，中国银行间市场交易商协会发布通知明确，科技创新债券发行主体包括科技型企业和股权投资 机构。 通知明确，符合五类情形之一的科技型企业均可发布科技创新债券，包括：至少具备一项经有关部门认 定的科技创新称号的企业，包括但不限于高新技术企业、科技型中小企业、"专精特新"中小企业（含专 精特新"小巨人"企业）、创新型中小企业、国家技术创新示范企业以及制造业单项冠军企业；科技贷款 支持范围内的企业，包括"科技创新再贷款""创新积分制"白名单等支持的企业等。这将鼓励成长期、成 熟期科技型企业发行中长期债券，为高新技术创新引来"源头活水"。 当前，我国债券 ...

执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517030004 Email：daizf@zts.com.cn | | | 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 1、《1Q25 保险资金重仓流通股深度 通信》2025-05-08 | 上市公司数 | 84 | | --- | --- | | 行业总市值(亿元) | 69,371.23 | | 行业流通市值(亿元) | 66,910.47 | 2、《改革双刃剑：短期挑战长期价值》 2025-04-22 3、《预定利率研究值跌破 25bps 阈 值，4Q25 或迎产品切换》2025-04-22 非银金融 证券研究报告/行业点评报告 2025 年 05 月 13 日 【政策变化与影响】 请务必阅读正文之后的重要声明部分 锚定投资者利益，驱动行业升级——公募基金高质量行动方案解 读 报告摘要 【核心举措】 投资者利益保护。1、费率改革：新主动权益基金试点浮动管理费，头部机构 1 年 内 60%新发产品需采用；降 ...

2024 年度业绩说明会投资者关系活动记录表 编号：2025-001 证券代码： 000735 证券简称：罗 牛 山 罗牛山股份有限公司 9、你好！据海口市国土资源局告知，如要确定土地是否在 《海口市国土空间总体规划》城镇开发边界内，可以拿土地权证 到资源局核对确认，请问公司是否去资源局确认过，如果还未确 认，公司计划什么时候去确认，谢谢。 感谢您对公司的关注！公司名下土地未发生重大变化，请以 公司公告为准。谢谢！ 10、公司一直都在说回归主业，可这么多年产量一直都没有 有没有实际增长，可每年都有折旧，还不断投入，这样不断恶性 循环，公司怎样发展 感谢您的关注！公司始终坚持通过合规经营及稳健发展来提 升公司的内在价值，与投资者共享公司发展成果。谢谢！ 11、公司的冷链物流属于重资产，每年能实现的营收和利润 严重不匹配，能否与大型物流公司合作提供经营效益？ | | 分析师会议 □特定对象调研 □ | | | --- | --- | --- | | 投资者关系活动 | 媒体采访 √ 业绩说明会 | □ | | 类别 | 新闻发布会 □ 路演活动 | □ | | | 现场参观 其他 | □ | | | | □ | ...

| | 有进一步加深合作的打算？ | | --- | --- | | | 答:您好，感谢对我司的关注。我司与昆山日月新公司一直致 | | | 力于在客户资源、先进技术及工艺流程等方面不遗余力共同推进昆 | | | 山公司芯片封测项目发展，谢谢！ | | | 4.2025同兴达第一季度亏损，在第二季度是否能够实现盈利， | | | 股价始终在12-18元之间来回，是否有新的突破，未来业绩支撑突 | | | 破点在哪里。 | | | 答:感谢您对我公司的关注。我公司二季度业务向好，净利润 | | | 影响因素较多，我司正在努力提高毛利率，管控成本，开拓新的业 | | | 务增长点，谢谢！ | | | 5.请问今年的利润分配方案是什么？ | | | 答:感谢您对我公司的关注。公司2024年度的利润分配预案 | | | 为：拟以董事会审议本次利润分配方案日的公司总股本 | | | 327,551,705股扣减股份回购专户已回购股份数量11,056,440股 | | | （根据《中华人民共和国公司法》的规定，该部分股份不享有本次 | | | 利润分配的权利），即316,495,265股本为基数，向全体股东每10 | | ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by customer expansion and product strength [1][2][3]. Revenue Growth - Q1 2025 revenue reached 773 million yuan, a 38% increase year-on-year, supported by strong product capabilities that led to both existing customer growth and new customer acquisition [1][2]. - Among the top 10 customers, 8 experienced transaction growth ranging from 11% to 325%, with 3 customers exceeding 200% growth [2]. - The company added 22 new retail customers in Q1 2025, including 2 from the top 100 furniture retailers in the U.S., bringing the total to 51 [2]. - The proportion of retail customers in the U.S. increased to 88.19%, with revenue from U.S. retail customers accounting for 64.75% of total revenue [2]. Profitability and Cost Management - The company achieved a net profit margin increase of 3.5 percentage points and a non-GAAP net profit margin increase of 3.9 percentage points year-on-year in Q1 2025, alongside a gross margin increase of approximately 4 percentage points [3]. - Cost management strategies, including procurement cost reduction and product structure optimization, contributed to improved profitability [3]. - The company is actively communicating with clients regarding tariff impacts, with many clients accelerating shipments to manage inventory amid supply chain fluctuations [3]. Product and Market Strategy - The company continues to leverage strong product capabilities to enhance customer relationships and market share, with a focus on high-end positioning and relative cost advantages [4]. - The "store-in-store" model is expanding rapidly in the U.S., with over 500 locations established across 32 states [2][4]. - Despite tariff challenges, the company is expected to maintain a strong growth trajectory, with projected net profits of 750 million, 940 million, and 1.13 billion yuan for 2025-2027 [4].

Core Viewpoint - The company is experiencing significant revenue and profit declines in 2024, with a focus on expanding its dealer network despite challenging market conditions [1][2]. Revenue Performance - In 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items are projected to be 3.001 billion, 109 million, and 71 million yuan, respectively, representing declines of 20%, 72%, and 79% [1]. - For Q4 2024, revenue is expected to decline by 28%, with bulk and dealer sales down by 23% and 36%, respectively [2]. - In Q1 2025, revenue is projected to decline by 36%, with bulk and dealer sales down by 35% and 46%, respectively [2]. Business Structure and Strategy - The company is optimizing its business structure, with an increasing share of non-direct sales and non-residential demand, while the share of direct engineering business is decreasing [3]. - The company is actively expanding into non-residential clients such as hotels and schools, reducing reliance on new residential demand [3]. - The dealer network is expanding, with a net increase of 25,951 dealers in 2024, bringing the total to 62,518, and a further increase of 6,303 dealers in Q1 2025 [2][4]. Profitability and Margins - Short-term profitability is under pressure, with gross margins declining due to reduced revenue scale and a lower proportion of high-margin direct engineering business [3]. - The net profit margin attributable to the parent decreased by 16.9 and 3.7 percentage points in Q4 2024 and Q1 2025, respectively [3]. Growth Opportunities - The company is focusing on marketing transformation and expanding its dealer and agency channels to identify new growth points [4]. - The AAM and brand cooperation models are enhancing product offerings and improving profitability, with a significant increase in non-main business income [4]. - Projected net profits for 2025-2027 are estimated at 150 million, 220 million, and 290 million yuan, corresponding to PE ratios of 17, 11, and 9 times [4].