6月9日晚间，潮宏基（002345）发布公告称，公司拟发行境外上市外资股(H股)股票并申请在香港联交 所主板挂牌上市，以推进全球化战略布局，提升国际品牌形象及综合竞争力，加强与境外资本市场对 接。 公告指出，目前，潮宏基正积极与相关中介机构就本次发行并上市的相关工作进行商讨，具体细节尚未 最终确定。本次发行并上市尚需提交公司股东会审议，并取得相关政府机构、监管机构备案、批准或核 准，存在较大不确定性。 资料显示，潮宏基是A股首家时尚珠宝上市公司，主营中高端时尚消费品的品牌运营管理和产品的设 计、研发、生产及销售，现阶段聚焦珠宝首饰和时尚女包领域，专注于"CHJ潮宏基"与"FION菲安妮"两 大核心品牌的运营管理。 2024年年报显示，潮宏基2024年实现营收65.18亿元，同比增长10.48%；实现归母净利1.93亿元，同比 减少41.91%。2025年一季度公司业绩恢复明显，其实现营收22.52亿元，同比增长25.36%；归母净利润 为1.89亿元，同比增长44.38%。潮宏基表示，一直在产品力方面坚持差异化路线，近几年辅以终端精细 化运营，逐渐凸显出效果，在一季度呈现比较好的业绩表现。 2024年报显示， ...

在全球化的时代浪潮下，6月6日，中国汽车重庆论坛的外交官圆桌会议上，以"中国汽车与世界：全球协同、 合作共赢"为主题，来自英国、以色列、泰国的外交官与中国汽车行业代表共同探讨中国汽车产业在全球舞台 的发展与合作机遇。 泰国国会中医院工业委员会主席顾问许永明表示，泰国是东南亚第一大汽车制造国，也是众多全球重大汽车 公司的重要制造基地，如本田、丰田等，同时也吸引了长城、比亚迪等中国品牌进入。许永明认为，中国企 业和品牌可向丰田学习。丰田在泰国拥有庞大消费市场和良好服务网络，其成功秘诀之一是将品牌免费提供 给工程师和技术专家，以获取更多更好的建议，实现本地化，契合泰国消费者需求，并与本地合作伙伴建立 良好关系。他还指出，中国品牌在泰国面临的主要挑战是建立消费者信任、品牌影响力以及完善售后服务。 目前中国汽车在泰国的售后服务不够完善，当汽车部件损坏时，更换零部件存在困难，且部分中国新品牌在 泰国的知名度有待提高。 海约亚也表示，消费者的感知是重要挑战。过去，部分欧洲、美国消费者认为中国汽车价格低、安全性无保 障，如今这一印象虽已改变，但仍需时间转型。中国汽车品牌要在性能、消费者认知、产品质量、品牌故事 讲述、信任建立 ...

中国银河（601881）证券股份有限公司郝帅近期对比音勒芬（002832）进行研究并发布了研究报告《公司首 次覆盖：高端时尚运动领军，多品牌国际化布局》，首次覆盖比音勒芬给予买入评级。 比音勒芬 投资建议：公司以高端服饰的研发设计、品牌运营、营销网络建设及供应链管理为主要业务，深耕主业，致 力于满足精英人群多场景的着装需求和对高品质美好生活的追求。在消费需求弱复苏的背景下，我们预计公 司主品牌维持稳健增长，国际品牌落地开店，短期利润率承压，但中长期公司在中高端男装行业中的竞争壁 垒将会继续得到夯实。预计2025/2026/2027年公司实现归母净利润分别为7.03/7.99/9.01亿元，分别同比增 长-10.00%/13.56%/12.89%。当前市值对应2025/2026/2027年估值13.38/11.78/10.44倍。首次覆盖，给予"推 荐"评级。 风险提示：终端销售低于预期的风险。库存积压导致存货减值增加的风险。渠道扩张低于预期的风险。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 近三年业绩 | 研报数 覆盖时长 | | 2025预测 | 2026预测 | 2027预测 | ...

Group 1: China Resources Beer - China Resources Beer has seen a recovery in beer sales in April, rebounding from a slowdown in March, with Heineken being a key driver, achieving a 20% growth [1] - The company plans to reduce sales scale in the face of challenges in the liquor industry and aims to control operational expenses through regulated channel investments [1] - China Resources Beer maintains its 2025 targets of low single-digit growth in sales and average price, with expectations of double-digit profit growth [1] Group 2: Hong Kong Liquor Tax Policy - The reduction of high-end liquor tax in Hong Kong has led to a significant increase in imported liquor, with quantities rising over 15% and values increasing nearly 60% compared to the previous period [2] - This tax adjustment is beneficial for liquor companies, especially high-end liquor brands, allowing them to expand sales through Hong Kong as an export hub [2] - The price reduction of Moutai in the Hong Kong market has narrowed the gap with international liquors, attracting more international buyers and consumers [2] Group 3: Fenjiu's Satellite Launch - The successful launch of the "Fenjiu Starship" satellite enhances Fenjiu's brand recognition and international influence, marking a significant honor for the company [3] - This initiative represents a systematic upgrade of Fenjiu's brand value, breaking traditional marketing limitations and enhancing its international market presence [3] - The collaboration with the aerospace sector allows Fenjiu to innovate its marketing and cooperation models, supporting its high-end and international strategic layout [3] Group 4: Yingjia Gongjiu's Stock Response - Yingjia Gongjiu has acknowledged recent stock price declines and emphasized its focus on core business, product optimization, brand enhancement, and deepening marketing efforts [4] - The company's performance growth in Q1 2025 was significantly below the industry average, with stock prices hitting a three-year low [4] - The response to investor concerns appears to be a defensive public relations strategy, lacking any mention of buyback or increase plans, which may not boost investor confidence [4]

此外，中国制造之美近年来持续强化品牌背书能力。在C端市场，获奖产品通过打标"MEI Awards"标 识，入驻亚马逊、抖音、天猫、京东及线下商场、门店等零售渠道，直接触达终端消费者。今年3月， 印有"MEI Awards"获奖标识的2025大阪世博会官方特许商品毕加索钢笔在MIC国际站实现B端全球首 发，成为评选品牌国际化的标志性事件。 在品牌推广与市场对接方面，中国制造之美近年来持续强化线上线下（300959）双渠道。线上，依托 MIC国际站千万级注册买家资源，"MEI Awards官方旗舰店"及"获奖专题推广专区"已累计上线2000余款 获奖产品，面向全球220多个国家及地区的买家进行营销推广；线下，中国制造之美组织优品全球发布 会，携获奖产品亮相慕尼黑体育用品展览会（ISPO Munich）、美国拉斯维加斯汽车配件及售后展览会 （AAPEX）、中国国际体育用品博览会（China SportShow）等海内外顶级展会，直观展示中国品牌的 魅力。 今年，评选将进一步优化中国企业品牌出海支持体系，成功申报的参赛企业即可进入"全球采购资源匹 配库"，优先对接MIC国际站采购需求；获奖企业还可参与平台组织的海外直 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The governance improvement of Hisense Group and the review of its business layout are significant for long-term development, aided by mixed ownership reform and strategic investments [1][2] - Hisense Group's diversified business layout and effective international brand strategy have led to substantial overseas revenue growth, contributing significantly to overall income [3][29] Summary by Sections Shareholders and Governance - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and management efficiency [2][16] - Recent board restructuring has introduced directors with capital and investment banking backgrounds, aiming to optimize governance and bring new strategic directions [20][22] Business Diversification and International Strategy - Hisense Group's revenue for 2024 is projected to reach 214.3 billion yuan, with significant contributions from its main subsidiaries, Hisense Visual and Hisense Home Appliances [3][29] - The international marketing subsidiary has been pivotal in expanding Hisense's brand globally, achieving 99.6 billion yuan in overseas revenue, accounting for 46.5% of total revenue in 2024 [31][35] - The group's international brand strategy has resulted in 85.6% of overseas revenue being generated from its own brands [31] Market Trends and Recommendations - The recent monetary policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand, particularly in air conditioning and cleaning appliances [4] - Recommended stocks include major players in the home appliance sector, such as Gree Electric, Midea Group, Hisense Home Appliances, and Haier Smart Home [4]

行业报告 | 行业研究周报 1）股东：国企混改助力治理改善，集团领导任职上市主体利于长期发展 海信集团控股股份有限公司的股东众多，包括自然人股东（合计持股比例 31.0%）、海信集团有限公司（直接持股比例 26.8%）、青岛新丰信息技术有限 公司（直接持股比例 24.4%）、上海海丰航运有限公司（直接持股比例 2.6%） 等。其中，青岛新丰是一家以亚洲区为主的航运物流企业，共经营 70 条贸 易航线，在国际航运、仓储、物流服务方面的资源能够助力海信集团的国际 化发展战略，帮助集团处理好当地的公共关系，以及引进海外技术、产品和 人才，开拓海外的政府市场和企业客户市场，具有很好的产业协同效应；海 丰作为海信集团长期战略投资者，为集团引入更加灵活的市场机制，激发公 司活力、提升效率，利于加速公司的国际化发展战略。 复盘历史股权架构变化，海信集团一直走在山东国企混改前列。2020 年 5 月海信集团正式开启混改，以旗下最大二级子公司海信电子控股为主体，通 过引进战略投资者注入社会资本激发企业发展活力。2020 年 12 月海信电子 控股公开挂牌增资扩股引入战略投资者的工商变更登记完成。混改完成后， 海信电子承接海信集 ...

的40%，一跃成为世界虾青素市场的产能大国。而绿A生物率先通过FDA认证，不仅是对企业创新发展 的高度认可，更彰显中国微藻产业整体发展水平已跃升至国际领先行列，具备了在全球市场与顶尖企业 同台竞技的实力与底气。 日前，绿A生物及其旗下红球藻虾青素产品成功通过美国食品药品监督管理局（FDA）认证，成为国内 微藻产业中首个斩获FDA双认证的企业。FDA作为全球公认的食品药品监管权威机构，其严苛的认证体 系堪称全球食品药品安全的"黄金标杆"。此次绿A生物获此殊荣，不仅彰显了国产微藻产品品质已跻身 国际顶尖行列，更标志着中国微藻产业正加速从"原料出口"模式向"品牌输出"模式转型升级，产业话语 权显著提升，有望重塑全球微藻产业竞争新格局。 从"技术突围"到"产能领先" 重构产业话语权 在微藻产业的技术赛道上，中国曾长期扮演追赶者角色。上世纪90年代，日本DIC公司凭借雨生红球藻 养殖技术垄断全球虾青素市场，彼时中国科研团队还在为藻种选育发愁。 转机出现在2006年，云南绿A生物与中国科学院武汉植物园携手合作，从我国内陆水体采集、分离出红 球藻藻种38株。经过单细胞克隆，实现单藻培养，并建立相应藻种库进行保存，为培养红球 ...

Core Viewpoint - The company, Dream Lily Home Technology Co., Ltd., is preparing for its 2024 annual shareholder meeting, focusing on maintaining shareholder rights and ensuring orderly proceedings. The company reported a revenue of 8.449 billion yuan for 2024, a year-on-year increase of 5.94%, but a net loss of 151 million yuan, a decrease of 242.04% compared to the previous year [4][24]. Group 1: Company Overview - Dream Lily Home Technology Co., Ltd. aims to enhance its global market competitiveness and accelerate market expansion [4]. - The company achieved a revenue of 14.36 billion yuan from its ODM business, marking a year-on-year growth of 48.72% [4]. - The company has established a strong partnership with major European clients, contributing to the growth of its ODM business [4]. Group 2: Market Performance - The European market has seen continuous double-digit growth in the company's main business revenue for two consecutive years [4]. - The North American market has stabilized, with a reduction in revenue decline by 12.20 percentage points compared to the previous year [5]. - The company's online brand EGOHOME ranked among the top 20 best-selling mattress products on Amazon [5]. Group 3: Strategic Initiatives - The company is focusing on enhancing its ODM and OBM business models, with plans to strengthen regional market development and expand its customer base [11]. - The company aims to promote its brand internationally, particularly in the U.S. market, leveraging local supply chain advantages [11]. - The company plans to optimize its offline channels and enhance brand awareness through various marketing strategies [12]. Group 4: Financial Performance - The company reported a net profit attributable to shareholders of -151 million yuan for 2024, with a significant decrease in profitability [25]. - The total assets of the company decreased by 4.40%, with current assets amounting to 442.29 million yuan [24]. - The company’s cash flow from operating activities was -395.10 million yuan, a decrease of 8.87% compared to the previous year [24]. Group 5: Governance and Compliance - The company’s supervisory board has conducted regular meetings to ensure compliance with legal and regulatory requirements [20]. - The supervisory board has confirmed that the company’s financial management and internal controls are sound and comply with relevant regulations [22][23]. - The company has adhered to proper procedures regarding related party transactions and external guarantees [22].

4月29日，潮宏基（002345）发布2024年年报和2025年一季报。2024年公司实现营业收入65.18亿元，同 比增长10.48%；净利润1.94亿元。同时，公司披露2024年年度权益分派预案，拟每10股派2.5元，合计 派发现金红利2.22亿元。 今年一季度，潮宏基实现营收22.52亿元，同比增长25.36%；净利润1.89亿元，同比增长44.38%。 2024年，外部经营环境复杂多变，国内消费信心波动，黄金价格的持续震荡上行也增加了珠宝消费市场 的不确定性，但潮宏基坚持"稳中求进"的总基调，延续"扩规模，提质量，强组织"的核心策略，聚焦品 牌差异化优势，持续深耕产品力，做好精细化零售运营，提升门店质量，实现了经营业绩逆势增长。 潮宏基深耕中高端时尚消费品的品牌运营管理和产品的设计、研发、生产及销售，现阶段聚焦珠宝首饰 和时尚女包领域，专注于"CHJ潮宏基"与"FION菲安妮"两大核心品牌的运营管理。 2024年，潮宏基聚焦"CHJ潮宏基"核心品牌的运营与发展，从产品力、品牌力以及精细化终端运营管理 着手，提升核心业务的运营能力，达成了珠宝公司的年度任务目标。潮宏基珠宝品牌业务收入2024年度 全年同 ...