集团一直积极寻求机会以实现业务组合多元化并拓宽收入来源，尤其是在中国市场，乃因该市场具有长 期结构性趋势，同时政府推行扶持政策，因而持续为各行各业带来具吸引力的前景。成立中国附属公司 属集团策略的一部分，有利于集团为自身部署日后参与中国工业园区管理行业（尤其以江西省赣州市场 为重心）的机会。 此外，董事会欣然宣布其正与若干独立私人投资者进行磋商建议债券认购事项。据此，认购人拟认购， 而金瓴资本拟发行年期一年且息票率为8%的债券，本金总额最高为4000万港元。 格隆汇6月10日丨丰城控股(02295.HK)发布公告，中国附属公司为一间于2025年6月9日在中国江西省赣 州市成立的有限公司，其股权由丰晟全资拥有。丰晟为一间于香港注册成立的有限责任控股公司，其全 部已发行股本由金瓴资本拥有。金瓴资本为一间于香港注册成立的控股公司，并为公司的直接全资附属 公司。 中国附属公司的许可经营范围主要包括：企业总部管理、工业园区管理服务、商业综合体管理服务、市 场管理服务、酒店管理、非住宅房地产租赁、住房租赁、停车场服务、物业管理、信息咨询服务（不包 括许可信息咨询服务）、以自有资金进行投资的资产管理服务、资产评估（不包括依 ...

Zumiez (ZUMZ) Q1 2026 Earnings Call June 05, 2025 05:00 PM ET Company Participants Richard Brooks - CEOChristopher Work - Chief Financial Officer Conference Call Participants Mitch Kummetz - Senior Analyst Operator Good afternoon, ladies and gentlemen, and welcome to Zumiez Inc. First Quarter Fiscal twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. We will conduct a question and answer session towards the end of this call. Before we begin, I'd like to rem ...

2025 年 06 月 04 日 公司点评 增持/维持 长久物流(603569) 目标价: 昨收盘:8.12 长久物流，2024 年报点评，整车出海业务可能带来业绩增长 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/6/4 24/8/16 24/10/28 25/1/9 25/3/23 25/6/4 长久物流 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 6.04/6.04 | | --- | --- | | 总市值/流通(亿元) | 49/49 | | 12 个月内最高/最低价 | 9.67/5.96 | | (元) | | <<长久物流，24 年 Q3 点评，探索智 能调度，促进物流降本增效>>-- 2024-11-18 证券分析师：程志峰 电话：010-88321701 E-MAIL：chengzf@tpyzq.com 分析师登记编号：S1190513090001 ■ 事件 相关研究报告 近日，长久物流披露 2024 年报。本报告期内，实现营业总收入 41.7 亿，同比增+10.4%；归母净利 0.80 亿，同比增+13.11%；扣非归母净利 0.87 亿，同比增 ...

Financial Data and Key Metrics Changes - The company achieved its first-ever positive adjusted EBITDA for the fiscal year, with Q4 delivering $5.2 million and a full-year total of $5.4 million, marking a significant turnaround from a loss of $58 million three years ago [6][22][23] - Revenue for Q4 was $115.4 million, bringing full-year revenue to $484.2 million, a decrease of 1.2% year-over-year [18][22] - Gross margins improved to 63.6% in Q4 and 62.4% for the full year, reflecting a 73 basis point improvement over the previous fiscal year [10][21] Business Line Data and Key Metrics Changes - The commerce segment grew by 27% year-over-year, achieving $68.3 million for the full year, representing 14% of total revenue [8][19] - Bark Air generated $1.8 million in revenue for Q4 and nearly $6 million for the full year, indicating strong early demand [20] - Direct-to-consumer (DTC) business faced challenges due to a deliberate pullback in marketing spend, impacting subscriber growth [18][48] Market Data and Key Metrics Changes - The company noted a slowdown in consumer sentiment, which affected order placements, particularly in Q4 and Q1 [46][53] - Retail partners adopted a cautious approach due to tariff uncertainties, leading to a temporary slowdown in order placements [70] Company Strategy and Development Direction - The company plans to accelerate diversification of revenue streams away from Bark Box subscriptions, which accounted for approximately 85% of revenue last year [13][14] - Investments will shift towards new product lines, distribution channels, and services, including consumables and AI-driven applications for pets [12][14] - The company is reassessing its supply chain in response to tariff increases, with plans to diversify manufacturing outside of China [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty created by tariffs and economic conditions but expressed confidence in maintaining positive adjusted EBITDA [10][28] - The company is unable to provide full-year guidance due to macroeconomic volatility but remains focused on driving efficiency and agility [27][30] - Management expects Q1 total revenue to be between $99 million and $101 million, reflecting a 14% decline at the midpoint compared to the previous year [29] Other Important Information - The company ended the fiscal year with $94 million in cash, down $21 million in the quarter due to share repurchases and working capital timing [23] - Total marketing expenses in Q4 were $17.3 million, down from the prior year, reflecting a cautious approach in response to macroeconomic conditions [21] Q&A Session Summary Question: Can you provide more details on diversifying your supplier base outside of China? - Management is exploring alternative geographies for manufacturing and has the flexibility to shift production outside of China by the end of the fiscal year [36] Question: Update on progress migrating to the Shopify platform? - The migration to Shopify is mostly complete, with active subscribers now being directed to the new platform, which allows for more nimble operations and experimentation [40] Question: What dynamics are affecting the direct-to-consumer business? - The company experienced strong customer acquisition during the holiday quarter but faced challenges in Q1 due to consumer sentiment and tariff impacts, leading to a strategic shift in marketing focus [46][48] Question: How has demand in the commerce segment changed? - Demand in the commerce segment remains strong, with a 27% growth in fiscal 2025, although there was a temporary slowdown in order placements due to tariff concerns [52][54] Question: Should the company consider more aggressive share buybacks? - Management is cautious about share buybacks given the current environment but remains open to opportunities if the stock is undervalued [62][64]

5月28日，B股上市公司汇丽B（900939）开盘一字涨停，实现6连板，报0.394美元/股，而在5月20日晚间，该公司因总市值低于3亿元发布了可能被终止上 市的风险提示。 短短几天，为何出现如此之大的变化，汇丽B在此过程中又采取了什么措施？ 火速回购股份谋自救 在接下来的几天中，汇丽B呈现缩量走势，到了5月28日，其成交金额仅20.54万美元。 去年也曾上演过类似一幕 在去年"国九条"发布后，该公司也出现过类似走势。彼时，投资者担忧退市风险，不断抛售股份，使其股价从0.39美元/股跌至0.128美元/股。 南财快讯记者注意到，这或与汇丽B于5月20日晚间发布的回购方案以及B股市场的流动性缺乏有关。 回购报告书显示，为维护公司价值及股东权益，汇丽B拟以自有资金回购，回购资金不低于人民币300万元，不超过人民币600万元，回购价格拟不超过 0.510美元/股，而该股当日的收盘价仅为0.222美元/股，据此计算回购价较收盘价溢价近130%。 5月21日，汇丽B以逼近跌停开盘，随后快速走高，盘中直线拉升涨停，上演准"地天板"走势。 当日晚间披露的公告显示，汇丽B通过集中竞价交易方式首次回购公司股份59.53万股，支 ...

Core Insights - The company reported a revenue of 3.048 billion yuan for 2024, a year-on-year decrease of 6.61% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 672 million yuan, down 13.65% year-on-year [1] - In Q4 2024, the company achieved a revenue of 662 million yuan, a year-on-year decrease of 17.97% [1] - For Q1 2025, the revenue was 737 million yuan, a year-on-year decrease of 8.11%, while the net profit attributable to the parent company increased by 10.39% to 178 million yuan [1] Revenue Breakdown - The significant decline in revenue was primarily due to a decrease in the sales of pre-mixed drinks, which recorded a revenue of 2.677 billion yuan in 2024, down 7.17% year-on-year [2] - The revenue from food flavoring remained stable, reaching 337 million yuan, with a year-on-year increase of 6.3% [2] - As of 2024, pre-mixed drinks accounted for 87.83% of total sales, while food flavoring represented 11.04% [2] Sales Channel Performance - Offline sales saw a slight decline, while ready-to-drink and digital retail channels experienced significant drops of 43.58% and 30.75% respectively [3] - The number of distributors decreased by 4% to 2068 by the end of 2024, with a notable 16% reduction in the East China market [3] - The decline in sales was attributed to the closure of entertainment venues, impacting the ready-to-drink segment [3] Profitability Analysis - Despite a rise in gross margin, the net profit margin declined due to higher selling, general, and administrative expenses, which reached 35.45% in 2024, up 4.51 percentage points year-on-year [4] - In Q1 2025, the expense ratio decreased significantly, leading to a net profit margin increase of 3.68 percentage points [4] - The company is diversifying into the spirits business, with initial revenue generated in Q1 2025 [4] Spirits Business Development - The company aims to become a leader in the domestic whiskey industry, focusing on high-quality whiskey production [5] - The whiskey aging project is progressing as planned, with the capacity to manage 1 million oak barrels [5] - Two whiskey products were launched in 2024, and the spirits segment is expected to contribute to future growth [5] Earnings Forecast - Projected earnings per share for 2025, 2026, and 2027 are 0.78 yuan, 0.93 yuan, and 1.07 yuan respectively, with corresponding P/E ratios of 34.65, 29.13, and 25.28 [5]

报道称，该公司拟通过发行新股募集20亿美元资金，另通过可转换债券再融资10亿美元。报道同时指 出，此次融资的具体条款、时间安排及规模仍可能存在变数。 此次融资计划预计将在本周举行的加密货币投资者峰会前正式公布。届时美国副总统JD·万斯及特朗普 长子小唐纳德·特朗普、次子埃里克·特朗普，以及特朗普的"加密货币沙皇"大卫・萨克斯均将出席活动 并发表演讲。 针对置评请求，特朗普媒体科技集团称报道媒体都是"虚假新闻媒体"，该公司在一份声明中表示："显 然，《金融时报》的作者很笨，他们听信了更笨的消息来源。"白宫方面尚未对相关问询作出回应。 作为Truth Social社交媒体及流媒体平台的母公司，该公司近年来积极寻求业务多元化转型，持续探索金 融服务业领域的并购机会。 智通财经APP获悉，据知情人士透露，美国总统特朗普旗下社交媒体公司特朗普媒体科技集团(DJT.US) 正计划筹集约30亿美元资金，用于投资比特币等加密货币资产。 上月，特朗普媒体科技集团已签署一项具有约束力的协议，计划推出包括加密货币及符合"美国优先"政 策的交易所交易基金(ETF)在内的系列零售投资产品。不过，这一战略动向已引发政府道德和监管机构 的 ...

中国OTA平台多元化拓展驱动业务增长 目前，OTA平台行业已深度参与中国消费者的日常生活，成为消费者日常生活中必不可少的一部分。随 着OTA平台在消费者中的渗透率不断提升，OTA平台市场规模取得快速增长。尽管目前中国OTA平台主 要使用人群是国内消费者，但是凭借着整合多项业务生态能力，中国OTA平台在"出行+"拓展中不断延 伸。中国OTA平台在不断跟随消费趋势、为消费者提供更丰富、更便捷的服务的过程中构建更为多元化 的增长曲线，打开未来增长空间。 新业态的拓展进行时 智通财经APP获悉，浦银国际发布研报称，中国公司对消费趋势以及市场动态的清晰洞察促使公司在住 宿和票务预订已经相当稳定的当下仍持续扩张业务范畴。在居民出行需求旺盛、文旅行业高景气度的基 础上，中国OTA平台将受益于我国出行人数的提升、出入境游的恢复，业务需求有望持续增长。同时， 考虑到当下OTA平台之间的竞争格局较为稳定，更加看好国内OTA平台的业务多元化发展驱动业务提 升。 浦银国际主要观点如下： 旅游市场仍存增量空间 疫情后，国内旅游市场快速复苏。其中，四个方面因素将有力拉动旅游市场增量空间增长：(1)低线市 场消费者：低线市场庞大的市场规模 ...

斗鱼联席CEO任思敏表示："2025年一季度，我们专注于增强收入多元化能力和提升成本效率。通过加 大与游戏厂商的商业化合作，优化语音业务的运营和推广，公司的创新业务持续保持良好的增长势头。 同时，我们逐步启动传统业务成本结构的优化进程，动态调配主播资源，平衡内容供给。" 当然在此过程中，必然会出现平台流量和收入规模有所波动的现象，但公司方面指出，这些措施是提升 公司运营效率的必要措施，长期来看有利于公司的健康可持续发展。 面对激烈的竞争环境，斗鱼分别从内容策略和经营策略等方面进行调整。在对手环伺的直播行业中，正 开辟出一条稳健且可持续的转型道路。 在持续推动业务多元化、成本效益相关举措后，斗鱼盈利能力得到了大幅度提升。 最新发布的财报显示，斗鱼在2025年第一季度实现总收入9.47亿元人民币（下同），虽然有所波动，但 实现毛利润1.14亿元，同比增长4.1%、环比增长62.6%。 盈利能力大幅改善，一季度公司运营亏损2610万元，同比大幅减少84.3%；调整后净亏损为2090万元， 同比缩窄75.6%。 此外，斗鱼利用平台PGC节目为载体探索道具售卖，《斗鱼和平精英冒险之旅》邀请跨分区主播前往长 白山开展"户 ...

据斗鱼5月20日发布的第一季度财报显示，公司报告期内的收入为9.47亿元，毛利润为1.14亿元，同比增长4.1%，环比增长62.6%，毛利率为12%，同比提升 1.5个百分点，环比提升5.9个百分点，且调整后净亏损为2090万元，同比大幅缩窄75.6%。 毛利双增以及亏损的大幅收窄，说明斗鱼报告期内的盈利能力得到大幅改善。而作为新增长曲线的创新业务、广告及其他收入的高速增长则意味着斗鱼的多 元商业化体系的持续向好。报告期内，斗鱼创新业务、广告及其他收入为3.83亿元，同比增长60.2%，占公司总收入的比例已突破四成，斗鱼平台多元商业 化的潜力持续凸显。 新增长曲线收入占比的不断提升意味着斗鱼已突破了传统游戏直播的商业模式，再叠加公司盈利能力的大幅提升，这标志着斗鱼在对业务结构持续深化调整 后，已于新的一年步入高质量增长的新阶段，斗鱼将向市场展现其成长"新范式"。 聚焦业务多元化和效率改善，带动盈利能力大幅提升 当前的游戏直播行业，面临着行业调整与企业内部发展的双重挑战。就行业而言，由于互联网流量红利的见顶以及短视频平台的强势崛起，游戏直播行业竞 争持续加剧，用户留存受到了影响。 同时，由于宏观经济的低迷，用户 ...