Core Viewpoint - The upcoming "2025 9th China Listed Company Brand Value List Release Conference" will focus on the theme "Digital Intelligence Upgrading, Brand Resonance," discussing new trends and paths for brand development driven by technology [1] Group 1: Event Overview - The event will be held on May 9 in Shanghai, organized by the Daily Economic News and supported by Tsinghua University's Economic Management School [1] - Notable economists, brand experts, and nearly 200 executives from listed companies will attend to explore brand development in the context of technological advancements [1] Group 2: Key Speaker Insights - Gree Electric's Marketing Director, Zhu Lei, will deliver a keynote speech titled "IP Shaping, Resonating Corporate Brand Influence," sharing insights on building brand influence [1][4] - Zhu Lei emphasizes that the essence of brand strength in the digital intelligence era lies in "truth," which includes "true quality, true innovation, true technology, and true strength" [3][4] Group 3: Gree Electric's Brand Strategy - Gree Electric, established in 1991 and listed in 1996, has evolved into a diversified, technology-driven global industrial manufacturing group, exporting products to over 190 countries [4] - The company is recognized as a leading brand in the global home appliance sector, particularly in air conditioning [4] - Gree's brand evolution has shifted from "Good Air Conditioners, Made by Gree" to "Good Appliances, Made by Gree," with plans to establish 3,000 "Dong Mingzhu Health Home" stores to deepen consumer connections [5] Group 4: Brand Philosophy - Gree's brand philosophy is rooted in authenticity, with a focus on "true technology, true quality, true service, and true value," as exemplified by its chairman, Dong Mingzhu [5][6] - The company aims to ensure that its brand influence is built on genuine efforts rather than superficial marketing tactics, with nearly 70% of its export sales attributed to its own brand by the end of 2024 [6]

公司24 年实现收入/归母净利/ 扣非归母净利28.74/5.01/4.96 亿元（yoy+1.0%/+0.2%/+3.2%），略低于 Wind 一致预期（预期收入/归母净利29.87/5.38 亿元），我们推测主因外部环境因素短期扰动部分患者 需求释放。 公司1Q25 实现收入/归母净利/ 扣非归母净利7.45/1.84/1.82 亿元（yoy+5.1%/+6.2%/+7.1%， qoq+16.2%/+5727.9%/+7770.8%），公司业绩已呈现边际提速态势。考虑公司品牌影响力行业领先、浙 江省内服务网络布局完善并积极拓展省外市场，看好公司25 年在外部环境进一步改善后实现向好发 展。维持"买入"评级。 种植数积极起量，助力公司24 年整体收入增长1）种植：24 年收入5.30 亿元（yoy+10.6%）。考虑公司 种植数持续起量，叠加公司种植方案选择多样，看好公司种植业务25 年稳健发展。2）正畸： 24 年收入4.74 亿元（yoy-5.1%）。考虑公司服务能力过硬且品牌认可度持续提升，看好板块收入在外 部环境回暖后重回增长。3）儿科：24 年收入5.01 亿元（yoy+0.3%）。考虑儿童齿科诊 ...