Financial Data and Key Metrics Changes - The company reported a consolidated revenue of $1.1 billion, a decline of 5% compared to the previous year, with comparable sales decreasing by 3% [20][21] - Adjusted operating loss for the quarter was $68 million, with an adjusted loss per share of $0.29 [5][22] - Gross profit dollars were $322 million, with a gross margin of 29.6%, impacted by approximately $75 million in inventory write-downs [21][22] Business Line Data and Key Metrics Changes - American Eagle comparable sales were down 2%, while Aerie comparable sales declined by 4% [5][20] - Aerie faced challenges in soft apparel, particularly in fleece tops and shorts, while experiencing growth in intimates and offline categories [12][14] - American Eagle saw improvements in women's business, particularly in social casual dressing and achieved its best quarter ever in fleece [15][16] Market Data and Key Metrics Changes - Traffic was up across brands and channels, but the company faced pressure from lower average unit retails (AURs) and conversion rates [20][21] - The company is working to reduce sourcing exposure to China to under 10% this year, with plans to further diversify its supply chain [24] Company Strategy and Development Direction - The company is focused on optimizing operations and strengthening its supply chain, including closing two Edge fulfillment centers, which is expected to generate annualized savings of approximately $5 million [7][8] - Capital allocation priorities include investments for long-term growth while returning capital to shareholders, including a $200 million accelerated share repurchase program [9][23] - The company is committed to improving product performance and is preparing for the back-to-school season with fresh merchandise [24][38] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with first-quarter performance but remains optimistic about the second half of the year, hoping for economic stimulation from potential tax plans [28][29] - The company has paused full-year guidance until there is greater visibility but expects improvement as the year progresses [8][24] Other Important Information - The company recorded a $75 million inventory write-down due to product misses and higher costs, leading to increased promotions [5][12] - SG&A expenses increased by 2% due to higher advertising investments, with a focus on customer-facing spend [22][66] Q&A Session Summary Question: What is the company's view of the consumer today and its impact on the retail landscape? - Management is optimistic about the consumer outlook and believes that potential tax plans could stimulate the economy in the second half of the year [28][29] Question: Can you break down the assumptions for gross margin and promotional activity for the second quarter? - The company expects to maintain promotional activity to clean inventory for the back-to-school season, embedding a negative 3% comparable sales expectation [30][31] Question: What are the merchandising issues and how quickly can the company get back on trend? - Management acknowledged product issues but is working swiftly to address them, focusing on clean inventory for the back-to-school season [36][37] Question: How is the company planning its capital allocation and CapEx expenditures? - The company reduced its CapEx guidance to $275 million, recadencing projects to preserve cash in response to business conditions [46][47] Question: How did digital performance compare to stores during the quarter? - The company saw an uptick in digital channels and is leaning into this area for future growth [71] Question: What is the outlook for promotions and SG&A expenses? - The company anticipates continued promotional activity to clean inventory, with SG&A expected to remain flat for the year, focusing on advertising spend [62][66]

证券代码：300892 证券简称：品渥食品 品渥食品股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研□分析师会议 | | | --- | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 年 月 日 2025 5 (周三) 下午 15:00~17:00 | 21 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长王牧 | | | 员姓名 | 2、董事会秘书、财务总监朱国辉 | | | | 3、独立董事马颖 投资者提出的问题及公司回复情况 | | | | 的业绩增长 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司刚才回复有新开发的食用油板块，预计能带来多大 | | | | 投资 ...

1.市场调研与定位 在进行任何营销活动之前，企业首先需要进行深入的市场调研。这包括了解目标市场的需求、竞争对手的状况以及行业的发展趋势。通过数据分析，企业可 以明确自身的市场定位，找出潜在客户的需求，从而制定相应的营销策略。 2.关键词研究 在进行搜索优化时，关键词的选择至关重要。企业需要通过各种工具和方法，找出与自身产品或服务相关的高搜索量关键词。这些关键词不仅能够反映用户 的搜索意图，也能够帮助企业提高在搜索引擎中的排名。针对不同的关键词，可以制定不同的内容策略，以吸引目标用户的注意。 在当今数字化时代，企业面临着激烈的市场竞争，如何在众多竞争对手中脱颖而出，成为了每个企业多元化面对的课题。通过科学的营销策略和有效的搜索 优化手段，企业可以提升自身的市场竞争力，实现更好的品牌曝光和用户转化。以下是一些关于品牌推广和搜索优化的分析与建议。 网站的结构和用户体验对搜索引擎优化有直接影响。企业需要确保网站的加载速度快、界面友好，并且在移动设备上能够良好显示。此外，网站的内部链接 结构也应合理，方便用户浏览和搜索引擎抓取。通过定期更新网站内容，保持信息的新鲜度，也能够提升网站的权重和排名。 5.外部链接建设 外部 ...

此次推介活动，现场共签约项目（协议）19个，总额达11.8亿元。其中，招商引资签约项目6个，金额 9.2亿元；农产品购销协议12个，金额2.6亿元。"庆阳苹果（北京）直营店""花池臻品直营店"落户北京 新发地。 新京报讯（记者陈琳）5月16日，甘肃省庆阳市在北京新发地举办"甘味"庆阳农产品推介会，庆阳苹 果、环县羊羔肉、羊肚菌、白木耳、菜籽油、黄酒等数十种庆阳名优农产品摆上展台，吸引了新发地众 多采购商前去洽谈，现场共签约项目（协议）19个，总额达11.8亿元。 庆阳市位于甘肃东部、陕甘宁三省（区）交会处，是华夏文明的重要发祥地之一，也被誉为"红色圣 地""农耕之源"。庆阳市委书记黄泽元在现场推介"甘味"庆阳农产品。据介绍，庆阳总面积2.7万平方公 里，辖7县1区、116个乡（镇）、1261个行政村，总人口217.91万，其中农村人口126万。这里气候温 和、光照充足、特产丰富、资源富集，被农业农村部确定为西北黄土高原苹果优势区，是全省优质农畜 产品生产基地，庆阳苹果、早胜牛、黑山羊、黄花菜、小杂粮等优质农产品驰名中外，素有"陇东粮 仓"之称。 近年来，庆阳大力发展肉羊、肉牛、生猪、肉鸡、苹果、饲草、瓜菜、中 ...

三方同意以框架性、战略性方式开展合作，充分发挥各自资源与优势，主要包括但不限于：1.中国市场 Maybach品牌推广：甲、乙、丙三方本着资源互补、协同联动的原则，就Maybach品牌在中国市场的营 销及推广进行合作。甲方协助丙方，明确品牌定位，拟定推广策略，利用自身优势合作产品开发，并适 时在实体与线上渠道同步开展工作。2.亚太地区Maybach品牌延伸：在中国市场推广取得阶段性成果并 建立稳固运营体系后，甲方拟因地制宜地协助丙方在亚太其他国家与地区(印度和海湾阿拉伯国家合作 委员会成员国除外)的Maybach品牌推广。丙方提供持续的品牌运营指导、培训与技术支持。3."老凤 祥"与"久事体育"品牌影响力提升：在推进Maybach品牌合作之际，三方将同步借助跨界协作，提升"老 凤祥"与"久事体育"品牌之国际知名度与行业口碑。通过在亚太地区的各类展会、主题活动、重要赛事 等品牌展示的机会进行三方项目合作，以实现品牌互补、协同增效。4.协作共赢与持续优化：为深化长 期战略伙伴关系，三方可以设立联合委员会或项目小组，就供应链优化、技术研发、人才培养、可持续 发展及数字化转型等重点领域开展战略对话与协同论证。 老凤祥（ ...

中新社德比郡4月28日电 (欧阳开宇卞雨晨)当地时间4月28日，2025年黄山文旅及茶产业英国推介会在英 国德比郡举行，黄山祁门红茶德比郡店当天也正式授牌。 黄山市委常委、宣传部部长、黄山风景区管委会副主任叶建强在致辞中指出，2017年以来，黄山市与德 比郡交流密切，多次开展互访，达成多项友好交流关系协议。借此机会，向喜欢黄山的国际友人发出邀 约，希望更多外国友人发现黄山之美、开启黄山之行、助力黄山之业。 图为与会代表合影。 中新社记者欧阳开宇摄 图为活动现场。 中新社记者欧阳开宇摄 德比郡旅游局主席、蒂辛顿庄园庄主理查德·菲茨赫伯特在观看黄山文旅宣传片后指出，犹如视频里呈 现的黄山美景一样，德比郡也有很多美丽的风景。欢迎大家来到德比郡，享受这里美妙的阳光，在这个 历史悠久的城镇共叙发展。 德比郡旅游局局长乔安妮·迪利曾到访黄山。她表示，这次活动是一个新的契机，非常期待和黄山有更 紧密的合作。 黄山祁门县县长江成永和黄山农业农村局局长朱洪平分别作了相关推介。据介绍，黄山市与德比郡多年 前就开始合作交流。2017年，黄山市与德比郡高峰市、黄山风景区与德比郡峰区国家公园分别签订发展 友好合作关系意向书，这为双方推 ...

销售毛利率同比下降1.5pct，期间费用率同比提升0.7pct24 年公司销售毛利率同减1.5pct 至36.9%，我们 判断主要系业务结构变化所致（相对低毛利率的外销占比提升）。24 年期间费用率同增0.7pct 至 35.0%，其中销售费用率同增1.7pct 至23.5%，主要系推广自主品牌增加营销投放，电商运营相关费用增 长所致；管理+研发费用率同减0.4pct 至8.2%，主要系优化组织架构，提高管理效率所致；财务费用率 同减0.5pct至3.3%，主要系融资结构调整，借款利率降低所致。 公司发布 24 年报，24 年公司营收同增5.9%至84.49 亿元，归母净利同降242.0%至-1.51 亿元，符合此前 业绩预告区间指引（亏损1.2-1.6 亿元），利润下滑主要系：1）24 年计提3.9 亿元信用减值损失；2）公 司加快自主品牌推广，销售费用等投入增加，收入规模效应尚未充分释放。展望后续：1）公司全球化 产能布局领先，欧洲市场有望持续发力，美国市场需求有望逐步企稳；2）积极布局国内市场，发力品 牌及渠道建设，记忆棉品类在内销家居企业中具备独特性，亦有望受益家居国补等消费品以旧换新政策 落地。公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company achieved a revenue of 2.36 billion yuan in 2024, representing an 8.0% year-on-year increase, while the net profit attributable to shareholders decreased by 17.2% to 181 million yuan [6][9] - The decline in profit is attributed to significant advertising expenses for promoting its own brand and ongoing price competition in the industry, leading to a decrease in product gross margins [6][7] - The company expects a gradual recovery in domestic sales due to favorable consumption policies in 2025, as it is a leading OEM in the bathroom industry [7][9] Financial Performance - In 2024, the revenue breakdown by product shows: water tanks and accessories at 638 million yuan (+2.93%), smart toilets and covers at 1.435 billion yuan (+13.37%), and same-layer drainage systems at 181 million yuan (-13.54%) [7] - The gross margin for smart toilets and covers was 26.62%, a decrease of 2.19 percentage points year-on-year [7] - The company’s overall gross margin for 2024 was 27.3%, down 2.2 percentage points, while the net profit margin was 7.6%, down 2.2 percentage points [7][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 209 million yuan, 234 million yuan, and 268 million yuan respectively, with corresponding EPS of 0.50, 0.56, and 0.64 yuan [6][9] - The current stock price corresponds to P/E ratios of 13.3, 11.9, and 10.3 for 2025-2027 [6][9] Market Position - The company is positioned as a leading OEM in the bathroom sector, with both domestic and international sales showing steady growth [7][9] - The company’s overseas revenue in 2024 was 672 million yuan, reflecting a year-on-year increase of 25.50% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.36 billion yuan in 2024, representing an 8.0% year-on-year increase, while the net profit attributable to shareholders decreased by 17.2% to 181 million yuan [6] - The decline in profit is attributed to significant advertising expenses for promoting its own brand and ongoing price competition in the industry, leading to a decrease in product gross margins [6] - The company expects a gradual recovery in domestic sales due to favorable consumption policies in 2025, as it is a leading OEM in the bathroom industry [7] Financial Performance - In 2024, the company's revenue from smart toilets and covers was 1.435 billion yuan, with a year-on-year growth of 13.37% [7] - The overall gross margin for 2024 was 27.3%, down by 2.2 percentage points, while the net profit margin was 7.6%, down by 2.2 percentage points [8] - For 2025, the company forecasts net profits of 209 million yuan, 234 million yuan in 2026, and 268 million yuan in 2027, with corresponding EPS of 0.50, 0.56, and 0.64 yuan [6][9] Market Position - The company has seen steady growth in both domestic and international sales, with domestic revenue reaching 1.686 billion yuan in 2024, up 2.26% year-on-year, and international revenue at 672 million yuan, up 25.50% [7] - The company is positioned to benefit from the ongoing development of its own brand and the expansion of overseas channels, which are expected to contribute to long-term growth [6]