Investment Rating - The report maintains a "Buy" rating for the company, considering its overseas expansion prospects and active layout in the robotics sector [5]. Core Viewpoints - The company reported a revenue of 1.793 billion RMB in Q1 2025, representing a year-on-year growth of 10.06%. The net profit attributable to shareholders was 246 million RMB, up 30.76% year-on-year, while the net profit excluding non-recurring items reached 226 million RMB, growing by 37.35% year-on-year [2]. - The significant increase in gross margin to 32.79% in Q1 2025, up 2.73 percentage points year-on-year, and a net profit margin of 14.01%, up 2.15 percentage points year-on-year, indicates a notable improvement in profitability [3]. - The company is actively developing AI applications in garment manufacturing, with successful prototypes of high-end AI sewing machines and humanoid robots, positioning itself advantageously in the industry [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.793 billion RMB, a 10.06% increase year-on-year. The net profit attributable to shareholders was 246 million RMB, reflecting a 30.76% increase, while the net profit excluding non-recurring items was 226 million RMB, up 37.35% year-on-year [2]. Operational Analysis - The gross margin improved to 32.79%, a rise of 2.73 percentage points year-on-year, and the net profit margin reached 14.01%, an increase of 2.15 percentage points year-on-year. This improvement in profitability is attributed to product structure optimization and increased overseas market presence, with export gross margins at 37.27%, up 3.88 percentage points year-on-year [3]. Robotics Business Outlook - The company is focusing on the integration of AI and robotics in garment manufacturing, with successful prototypes of high-end AI sewing machines and humanoid robots. This strategic move is expected to enhance product value and address industry challenges, thereby improving operational efficiency for clients [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 964 million RMB, 1.139 billion RMB, and 1.343 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 16X, 13X, and 11X [5].

Group 1: Financial Performance - In 2024, the company achieved a total revenue of 1.183 billion CNY, with a net profit attributable to shareholders of 118 million CNY, and a net profit excluding non-recurring items of 100 million CNY, indicating a year-on-year decrease primarily due to the impact of display terminal business [3] - In Q4 2024, the company reported revenue of 419 million CNY, a significant year-on-year increase of 157.68%, positively influencing the annual performance [3] - In Q1 2025, the company generated revenue of 259 million CNY, a slight year-on-year increase, with a net profit of 46 million CNY, reflecting a growth of 32% [3] Group 2: Mini LED Business Insights - In 2024, the revenue from Mini LED display modules doubled year-on-year, accounting for over 50% of the company's total revenue [3] - The global market for Mini LED typical terminals is projected to reach 54.05 billion USD in 2024, with a year-on-year growth of 22.4%, and is expected to exceed 100 billion USD in 2025, growing by 95.9% [4] - The introduction of Mini RGB backlight technology enhances color gamut and display quality, positioning it as a competitive advantage over traditional display technologies [4] Group 3: Strategic Developments - The company is focusing on the development of new display terminal products, including Mini LED-based direct display products and automotive display terminals, while reducing reliance on traditional display terminals due to declining profitability [4] - The strategic goal for 2025 includes a revenue growth target of 40%-60% for display modules, with projected revenue between 1.2 billion CNY and 1.5 billion CNY [8] - The automotive display business is being developed in collaboration with the company's affiliate, RuLong Electronics, to enhance brand promotion and reduce communication costs [6][7] Group 4: Market and Policy Impact - National policies promoting consumption through subsidies have significantly boosted orders for display products, reflecting a strong market demand for high-quality display parameters [5] - The display industry is characterized by stable global shipments of around 200 million units, with ongoing technological advancements driving market growth [5]

本报讯 （记者何文英）2025年4月23日，老百姓大药房连锁股份有限公司（以下简称"老百姓"， 603883.SH）迎来A股上市十周年里程碑。 十年间，老百姓以"毛细血管"定位扎根健康中国版图，深耕医药零售行业，在资本市场的助力下，实现 了门店规模、业务生态、营收业绩、数智转型的华丽转身。同时，公司持续与投资者共享成长红利，上 市以来累计现金分红20.08亿元，约为IPO募集资金净额的2倍。 面对当下宏观经济形势以及行业市场变革，老百姓董事长谢子龙表示，公司将以上市十周年为新起点， 持续提升战略前瞻性、组织敏捷性，充分激发每一个经营单元的活力；以专业为盾，坚守生命健康的本 质，以"一切为了老百姓"为初心，更大力度地推进数智AI赋能健康服务，为健康中国创造更大的社会价 值。 夯实资本市场价值厚度 自2019年以来，老百姓大力推进企业数智化转型，通过数字化科技赋能前、中、后台业务流程，将数智 技术与业务场景不断融合，强化"人、货、场"精细化管理，推动业务全面升级。 老百姓持续强化营采商销数据基础建设，深度挖掘与打磨策略模型，优化信息流、物流、资金流，构建 数智化的柔性供应链，不断提升供应链的效率与效益。 在顾客服 ...

长江商报消息 ●长江商报记者 李璟 4月18日，2025金山办公数字政务合作伙伴峰会在湖北武汉举办，现场发布了金山办公政务大模型增强 版。该大模型于2024年12月底在武汉正式发布，此次更新升级的增强版引入深度推理能力，在保证AI 算法应用效果的前提下，实现AI服务器等方面的硬件资源成本下降90%，进一步推进政务AI在各级政府 单位的普及落地。 湖北作为科教大省，科技创新实力雄厚，吸引了众多重大项目和优质企业纷纷落户。 金山办公数字政务事业部副总经理王少康在接受长江商报记者采访时表示，湖北的AI人工智能产业发 展迅速，有很好的政策支持和科研条件。金山办公与湖北，特别是武汉，是战略互补、双向奔赴的关 系。从2017年金山办公落地湖北武汉，到2025年武汉新园区正式启用，布局八年，武汉已成为金山办公 最大的研发基地，建设万人研发基地将是其在武汉布局的下一个目标。未来，金山办公将围绕智能办公 能力，与本地生态伙伴合作，共同服务用户，打造办公应用的小生态，助力湖北AI产业高质量发展。 政务大模型升级 金山办公政务大模型是基于亿级政务语料训练而成。此次金山办公政务大模型升级后，公文写作质量提 升71.58%，意图理解能 ...

Core Points - The 2025 Beijing Bank Beijing Urban Sub-center Marathon took place with 15,000 participants, showcasing the unique charm of the Beijing urban sub-center [1] - This event is the first A1-class full marathon certified by the Chinese Athletics Association in Beijing for 2025 [1] - The marathon featured a diverse group of runners from 18 countries and regions, with ages ranging from 20 to 79 years [1] Event Organization - The event was organized by the Tongzhou District People's Government and Beijing State-owned Assets Management Co., Ltd., with support from various local organizations [1] - The marathon route highlighted cultural landmarks, including the Grand Canal Cultural Belt, and ended at Renmin University of China [1] - The organizing committee emphasized quality through meticulous planning and upgrades in various aspects, including volunteer services and medical support [2] Performance Highlights - Kenyan runners David Kiprono and Ruth Karanja won the men's and women's categories, with finishing times of 2 hours 17 minutes 39 seconds and 2 hours 35 minutes 56 seconds, respectively [1] - Karanja set a new women's record for the event [1] Community Engagement - The organizing committee implemented thoughtful measures to minimize participant losses due to a one-week delay caused by weather conditions, receiving positive feedback from runners [2] - A marathon carnival featuring unique sports culture activities was also successfully held alongside the main event [2]

Group 1 - The 2025 Beijing Bank Beijing Urban Sub-center Marathon successfully attracted 15,000 participants from various countries, showcasing its influence as a major marathon event in China [1] - The marathon route highlighted the cultural heritage of the Grand Canal, demonstrating the urban sub-center's development and ecological achievements [3][5] - The event featured a unique finish line at the newly established Renmin University of China, symbolizing the integration of culture, education, and sports in the sub-center's development [3][15] Group 2 - The marathon served as a platform to promote the urban sub-center's cultural tourism industry, enhancing the quality of various tourism elements and aiming for a dual increase in visitor flow and consumption [5] - The event included comprehensive service improvements, such as volunteer support and timely supply of resources, ensuring a high-quality experience for participants [7][10][8] - Medical support was robust, with 18 medical aid stations and 34 ambulances on-site, ensuring participant safety throughout the event [10] Group 3 - Kenyan runners David Kipruto Meto and Ruth Karanja won the men's and women's categories, respectively, with impressive finishing times of 2:17:40 and 2:35:57 [12] - The marathon incorporated a "Canal + Sports" integration model, featuring a marathon carnival with interactive activities, promoting health and fitness among the public [13][15] - The successful hosting of the marathon has enhanced the urban sub-center's visibility and reputation, paving the way for future high-quality sports events [15]

Core Insights - Jack Co., Ltd. achieved a record high in performance for 2024, with total revenue of 6.094 billion yuan, a year-on-year increase of 15.11%, and a net profit attributable to shareholders of 812 million yuan, up 50.86% [1] - The company successfully navigated global economic pressures through a focus on product strategy, global expansion, and innovation [1] Strategic Execution - The company executed four key strategic initiatives, leading to significant growth in core business areas [4] - The "Focus on Best-Selling Products" strategy enhanced market share for flagship products like "Fast Response King" and "Over-Thread King" [4] - Jack Co. signed contracts with 10 world-class benchmark clients, expanding its large customer base from domestic to international markets [4] - The product line was streamlined to 1,400 SKUs, improving resource allocation efficiency [4] - Quality enhancement initiatives in core product lines led to increased customer satisfaction and NPS scores [4] Global Expansion - Overseas business became a core growth driver, with the company implementing a "Marketing Iron Triangle" model in key international markets [5] - Despite not meeting overseas revenue targets, the company achieved a 37.27% gross margin on overseas products, an increase of 3.88 percentage points year-on-year [5] - The smart sewing industry for shirts and jeans generated sales of 182 million yuan, reflecting a year-on-year growth of 25.12% [5] Innovation and R&D - Jack Co. invested 488 million yuan in R&D, representing over 8% of sales revenue [6] - The company won a first-class award for technological progress from the China National Light Industry Council for its collaborative project with Zhejiang University [6] - A total of 445 patents were filed, including 155 invention patents, and the company contributed to the revision of 23 national and industry standards [6] - Milestone advancements were made in high-end AI sewing machine development, with prototypes like "Jack No. 1" humanoid robot and unmanned template machine being developed [6]

Core Insights - F1 has achieved significant growth in global fan engagement and financial health under the leadership of Stefano Domenicali, who has been reappointed as CEO until 2029 [1][2][3] - The 2025 season marks a shift in F1's strategy to engage fans year-round, moving beyond traditional race-day interactions [2][4] - F1 is focusing on sustainability and technological innovation, with plans to achieve net-zero carbon emissions by 2030 and implement sustainable fuels in the 2026 season [5][6] Fan Engagement and Market Growth - F1's fan base in China has surpassed 200 million, reflecting a 39% increase over the past year, with significant growth in younger and female demographics [4][6] - The 2025 Chinese Grand Prix saw a 10% increase in attendance, with 220,000 spectators, highlighting the event's growing popularity [3][4] - F1 is leveraging partnerships with luxury brands like LVMH to enhance its commercial ecosystem and attract high-net-worth individuals [3][7] Technological and Environmental Initiatives - F1 is transitioning towards a "new energy era" with a focus on electric power units and sustainable fuels, aiming to balance competitive integrity with environmental responsibility [5][6] - The implementation of advanced sustainable fuels in F2/F3 is a precursor to their introduction in F1 by 2026 [5] Strategic Partnerships and Collaborations - F1 has formed strategic partnerships with various Chinese companies, enhancing its digital transformation and expanding its technological capabilities [7] - The collaboration with LVMH and other brands aims to create a win-win scenario by integrating luxury brands into the F1 ecosystem [3][7] Future Aspirations and Development - F1 is committed to nurturing local talent through initiatives like the F1 Academy, aiming to increase the representation of Chinese drivers in the sport [8][9] - The organization is exploring new media formats, including esports and short videos, to engage with a broader audience and attract younger fans [6][9]

Investment Rating - The report highlights a positive outlook for the infant and child industry, particularly in light of recent government policies aimed at boosting birth rates and consumer spending in this sector [2][4]. Core Insights - The introduction of substantial child-rearing subsidies in cities like Hohhot is expected to accelerate the deployment of national-level child-rearing policies, positively impacting the infant and child market [2][5]. - The Chinese maternal and infant market is projected to grow from approximately 5.1 trillion yuan in 2023 to 5.4 trillion yuan in 2024, driven by increased consumer spending despite a declining birth rate [6]. - Companies like Kidswant are implementing aggressive expansion strategies to capture market share, particularly in lower-tier cities, which will likely enhance their market penetration [7]. Summary by Sections Policy Impact - Hohhot's child-rearing subsidy of 12,000 yuan for the first child and 30,000 yuan for the second child is significantly higher than previous city-level policies, indicating a potential shift in national policy [2]. - Following similar policies in Tianmen, the birth rate increased by 17% in 2024, demonstrating the effectiveness of financial incentives in boosting birth rates in lower-tier cities [4]. Market Size and Growth - The average annual spending on children in Chinese families ranges from 17,000 to 25,000 yuan, suggesting that the new subsidies could significantly increase consumer spending in the infant and child sector [2][3]. - The infant and child product market, particularly for ages 0-6, is estimated to be around 500 billion yuan, with essential goods like milk powder and diapers making up a substantial portion [6]. Company Strategies - Kidswant's "Three Expansion" strategy aims to open franchise stores in 1,000 counties by 2025, alongside investments in e-commerce and AI technologies to enhance customer engagement [7]. - Goodbaby International, a key player in the durable infant products market, is expected to benefit from the favorable policies due to its established brand and comprehensive product range [10]. Consumer Trends - Despite a decline in the population of children aged 0-14, spending on children's clothing and shoes has increased, indicating a shift in consumer priorities towards quality and functionality [12]. - The children's apparel market is projected to grow, with brands like Balabala maintaining a significant market share despite competitive pressures [13]. Future Outlook - The report suggests that the infant and child market will see a recovery in demand, particularly in the 0-6 age segment, driven by favorable government policies and increased consumer spending [14]. - Companies with strong market positions and innovative strategies, such as Goodbaby International and Kidswant, are well-positioned to capitalize on these trends [14].

今日早参 2025 年 3 月 11 日 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 宏观：2 月 PMI：全球总体扩张，但美国不无隐忧 本系列为华泰宏观出品、全球 PMI 月度追踪系列的第二十期。2 月全球制造 业 PMI 连续 2 个月位于荣枯线上方，显示制造业需求仍在修复：新订单、新 出口、价格分项均回升；关税导致的抢出口或推高制造业 PMI。全球服务业 PMI 延续高位回落，其中，美国回落幅度较大，经济前景存在一定隐忧，南 欧、日本高位扩张；新兴市场经济体除印度、巴西外多数回落。 风险提示：全球贸易需求超预期走弱，地缘政治冲突升级。 研报发布日期：2025-03-10 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 陈玮 SAC:S0570524030003 SFC:BVH374 固定收益：24Q4 ABS 投资者行为面面观 公募基金持仓市值已连续 12 个季度下降，企业应收账款类、供应链应付账款 类基础资产与中短期限、高评级标的仍为投资者重点偏好，但企业应收账款 ...