火星人 20250507 摘要 • 火星人 2024 年营收同比下降 10.1%，集成灶收入同比下降 37.94%，受 房地产市场低迷和消费降级影响显著，但线下直营收入逆势增长 84%，主 要受益于国家补贴刺激。 • 公司经销和电商收入大幅下滑，分别下降 23.3%和 51.8%，而集成灶销 量下降 34%，平均售价减少 315 元，水洗类产品销量增长 2%，但平均售 价同样下降 600 元。 • 火星人通过降本增效节省成本 6,000 多万元，但销售、研发和管理费用占 比的降低未能完全抵消收入下滑的影响，导致净利润大幅下降。 • 2024 年集成灶行业整体零售额和零售量分别下跌 30%和 27%以上，火星 人市场占有率从 12%降至 11%，行业竞争加剧，毛利率普遍下降。 • 公司计划通过多品类研发、渠道变革、打造爆品和强化内部经营来突破困 境，包括推出新二代产品、拓展老房改造市场、以及水洗类产品战略。 • 火星人成立共青城超凡基金，投资机器人及其零配件行业，旨在了解相关 行业并寻求深耕机会，以符合深交所收购兼并重组政策。 • 公司一季度收入大幅下降，利润亏损严重，计划通过"百日大战"等促销 活动提高市场占 ...

证券研究报告 | 行业点评 gszqdatemark 2025 05 07 年 月 日 食品饮料 江苏兴化好想来全食优选：多种店型打造适配，下沉市场消费升级 事件：近期我们走访江苏兴化好想来全食优选，了解新店型打造情况。 好想来：多种店型打造，加盟扩店在即。万辰集团作为头部量贩零食系统， 当前拓展多品类折扣业态，品类丰富度进一步向商超等综合业态看齐。1 月 24 日好想来全食优选开业，在量贩基础上叠加水果生鲜、现制烘焙， 引入部分日化大单品。3 月末好想来零食视频号官宣 3.0 门店放开全国加 盟、4.0 放开江苏区域加盟，后续多品类店型有望进入加速扩店阶段。 草根调研：全食品类拓展，兼具性价比及消费升级。截至 4 月末全食优选 在江苏兴化已布局 6 家门店，门店选址多集中于社区，面积显著大于量贩 零食店。 从品类维度看，全食优选在量贩零食店基础上增加水果生鲜、短保烘焙品 类，丰富冻品、低温乳制品及饮品品类，扩充整箱常温奶堆头等；引入日 化粮油等品类，但与来优品省钱超市接近商超的丰富 SKU 体系不同，全食 优选为精选大单品模式，日化品类占比显著降低；整体来看，全食优选更 多定位食品超市。从货架占比来看，零食 ...

证券研究报告 | 行业点评 gszqdatemark 2025 05 07 年 月 日 食品饮料 零售变革草根调研（三） 江苏兴化好想来全食优选：多种店型打造适配，下沉市场消费升级 作者 分析师 李梓语 执业证书编号：S0680524120001 邮箱：liziyu1@gszq.com 分析师 王玲瑶 执业证书编号：S0680524060005 邮箱：wanglingyao@gszq.com 相关研究 1、《鸣鸣很忙的零食王国：——一文拆解鸣鸣很忙招股 书》 2025-05-02 事件：近期我们走访江苏兴化好想来全食优选，了解新店型打造情况。 好想来：多种店型打造，加盟扩店在即。万辰集团作为头部量贩零食系统， 当前拓展多品类折扣业态，品类丰富度进一步向商超等综合业态看齐。1 月 24 日好想来全食优选开业，在量贩基础上叠加水果生鲜、现制烘焙， 引入部分日化大单品。3 月末好想来零食视频号官宣 3.0 门店放开全国加 盟、4.0 放开江苏区域加盟，后续多品类店型有望进入加速扩店阶段。 草根调研：全食品类拓展，兼具性价比及消费升级。截至 4 月末全食优选 在江苏兴化已布局 6 家门店，门店选址多集中于社区，面积显 ...

据《南方都市报》报道称，李宁与中国奥委会的合作协议价值高达8亿元，相比上个周期，签约费上涨了近三分之一。从另一个侧面也足以证明， 如今体育品牌对于中国体育代表团这样稀缺资源的竞争已经白热化，而李宁也将借这次拿下中国奥委会体育服装合作伙伴，持续强化单品牌战 略，深化多品类布局。 "今天非常快乐，回到曾经生活、训练的大楼。回想起，1984年，就是从这里出发，去了洛杉矶奥运会。很荣幸，李宁品牌、李宁团队有机会随着 中国运动员、中国体育代表团再一次向2028年洛杉矶奥运会进军。" 5月6日上午，李宁品牌创始人、集团董事长李宁重返国家体育总局，在这个曾经挥洒汗水的地方，他迎来了自己与中国奥委会的又一次交集—— 中国奥委会与李宁品牌举行合作发布仪式，正式宣布李宁成为2025-2028年中国奥委会体育服装合作伙伴。 没有按发言稿按部就班地致辞，62岁的李宁微笑着即兴发挥了这一段，也成为致辞中最精彩的点睛。从洛杉矶奥运会再度奔向洛杉矶奥运会，41 年的轮回在这一刻成了李宁的又一次出发。 在2025至2028年期间，中国奥委会将组建中国体育代表团参加国际综合性体育赛事，包括洛杉矶2028年奥运会、2026年米兰-科尔蒂纳丹佩佐 ...

李宁关注门店的运营效能，有序关闭低效的门店，使渠道布局更合理，提 升渠道整体效率。 港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2025 稳健开局 公司发布 25 年第一季度运营状况 整体零售流水（不含李宁 YOUNG）同比低单位数增长，线下渠道中零售（直 营）低单位数下降，批发（特许）低单位数增长；电商增长 10%-20%低段。 中国区李宁销售点（不含李宁 YOUNG）净减少 29 个至 6088 个（零售净减 6 个，批发净减 23 个）；李宁 YOUNG 销售点净减 15 个至 1453 个。 纵向深耕核心品类，横向拓展新品类 "单品牌、多品类、多渠道"的战略下，李宁正在通过核心品类的纵向深耕， 和横向灵活的新兴品类拓展，完成更多市场空间的挖掘。 品类维度，营收来源主要来自跑步、篮球、综训、羽毛球、乒乓球、运动 生活等，24 年跑步零售流水增长 25%，继续领涨。跑步、篮球、综训三大 核心品类的零售流水占比达到 64%。 产品维度，24 年李宁专业产品收入占比接近 60%，2024 年李宁鞋产品收入 同比增长 7%，鞋收入占比达到 50%。其中跑鞋核心 IP 全年量突破 1060 万 ...

Core Viewpoint - Ecovacs Robotics has shown significant revenue growth but struggles with net profit recovery, indicating challenges in maintaining profitability amidst intense competition in the robotic vacuum industry [1][2][4]. Financial Performance - In 2024, Ecovacs achieved a revenue of 16.542 billion yuan, a year-on-year increase of 6.71%, and a net profit of 806 million yuan, up 31.70% [1]. - The first quarter of 2025 reported a revenue of 3.858 billion yuan, reflecting an 11.06% year-on-year growth, with a net profit of 475 million yuan, marking a 59.43% increase [1]. - Since 2020, Ecovacs has consistently increased its revenue from 7.234 billion yuan to 16.542 billion yuan over four years, more than doubling its revenue [1]. - However, net profit has not returned to the peak level of 2021, with 2024's net profit at 806 million yuan, less than half of the 2.010 billion yuan recorded in 2021 [1]. Market Competition - The robotic vacuum industry is becoming increasingly competitive, prompting Ecovacs to enhance marketing efforts and adopt low-price strategies to boost sales [2]. - Price reductions have been significant, with the price of the Ecovacs X1 OMNI dropping from 5,999 yuan in June 2022 to 4,299 yuan by the 2024 Spring Festival, a nearly 40% decrease [2]. Asset Impairment - In 2024, Ecovacs recorded an asset impairment loss of 362 million yuan, a 53.60% increase from 168 million yuan in 2023 [3]. Growth Drivers - Revenue growth is attributed to effective trade-in policies, a multi-category strategy, and global expansion [4]. - The retail market for robotic vacuums grew significantly, with a 41.1% increase in retail sales to 19.36 billion yuan and a 31.7% increase in retail volume to 6.036 million units [4]. - Ecovacs and its high-end brand, Tineco, generated a combined revenue of 16.143 billion yuan, accounting for 97.59% of total revenue [4]. International Expansion - Ecovacs has seen rapid growth in overseas markets, particularly in window cleaning robots and lawn mowers, with overseas revenue for window cleaning robots increasing by 214.8% and lawn mowers by 186.7% [4]. - Total overseas revenue for Ecovacs and Tineco reached 6.808 billion yuan, a 12.6% increase year-on-year, representing 42.2% of brand business revenue [4]. Competitive Position - Ecovacs is competing with Roborock for the top position in the robotic vacuum market, but Roborock currently has a superior net profit margin [5][6]. - Roborock reported a revenue of 11.945 billion yuan in 2024, a 38.03% increase, with a net profit of 1.977 billion yuan, showing a slight decline of 3.64% but maintaining a net profit margin of 16.5% [6]. - Since 2021, Ecovacs' net profit margin has decreased from 15.39% to 4.87% in 2024, highlighting the need for improved profitability strategies [6].

Core Viewpoint - The competition in the robotic vacuum cleaner market remains intense, with both Ecovacs and Roborock showing revenue growth but facing profit pressures due to increased costs and market saturation [1][13]. Financial Performance - Ecovacs reported a record revenue of 16.542 billion yuan for 2024, a year-on-year increase of 6.71%, while net profit reached 806 million yuan, up 31.70% [1]. - In Q1 2025, Ecovacs generated revenue of 3.858 billion yuan, a year-on-year growth of 11.06%, with net profit of 475 million yuan, increasing by 59.43% [1]. - In contrast, Roborock achieved a total revenue of 11.945 billion yuan in 2024, a significant increase of 38.03%, but its net profit decreased by 3.64% [4]. Market Dynamics - Roborock's shipment volume in 2024 reached 3.2965 million units, surpassing both iRobot and Ecovacs for the first time [6]. - Both companies are facing a dual challenge of market fatigue and homogenization, with overseas markets seen as crucial for growth [6][13]. Overseas Expansion - Ecovacs generated 7.112 billion yuan in overseas revenue in 2024, with significant growth in the European market, where revenues for Ecovacs and its subsidiary brands increased by 51.6% and 64.0%, respectively [7]. - Roborock derived 53.48% of its revenue from overseas in 2024, establishing a strong presence in the U.S. market through both online and offline channels [11]. Cost and Profitability Challenges - Ecovacs is experiencing profit pressure due to increased logistics, warehousing, and local operational costs associated with its overseas expansion [13]. - Roborock's profit margins are being squeezed by rising sales, research, and management expenses, with R&D costs increasing by 42.87% year-on-year [13]. Product Innovation and Diversification - Ecovacs continues to expand its product line into categories like window cleaning and lawn mowing robots, leveraging its existing technology [17]. - Roborock has entered the washing machine market, launching several models, and is focusing on overseas marketing for this new product line [19]. Industry Challenges - Both companies are struggling to achieve significant success in major appliances, but the overseas market still presents ample opportunities for experimentation and growth [21]. - The impact of U.S. tariffs on the global hard technology industry is creating uncertainty, increasing export costs, and compressing profit margins for both companies [22].

以下文章来源于出海潜望 ，作者周月明 出海潜望 . 挖掘出海故事，助力企业全球化。来吧！一起去全世界逐浪 出品｜虎嗅商业消费组 安克创新又闷声赚钱了。 4月28日晚，安克创新发出2024年及2025年一季度财报。 数据显示：2024年营收247.1亿元，同比增长41.14%，归母净利润21.14亿元，同比增长30.93%。 2025年一季度，公司营收59.93亿元，同比增长36.91%，归母净利润4.96亿元，同比增长59.57%。 在深圳一众靠供应链出海的科技消费类企业里，从一开始就走中高端品牌路线的安克，一直备受关注。 若翻看其最新财报，或许可以一窥其发展背后的主要策略。 首先，多品类拓展及多领域创新是安克近些年来一直推行的主要策略。 虽然安克被国内消费者熟知，大多是因其充电宝产品，但支撑起安克收入的早已不再只有充电宝品类。 作者｜周月明 编辑｜苗正卿 题图｜安克公司 财报显示，2024年，充电储能业务营收126.67亿元，同比增长约47%，占营收比重约51%。智能创新业务营收63.36亿元，同比增长约39%，占营收比重 约25%。而智能影音板块营收56.92亿元，同比增长约33%，占营收比重约23%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a gradual recovery in revenue performance as government subsidies for home furnishings are implemented, despite facing short-term pressure on earnings in Q1 2025 [5] - The company has maintained a stable gross margin while increasing its investment in new business development, which has led to a temporary decline in net profit margin [5] - The company is actively expanding its product lines and sales channels, focusing on both online and offline markets to enhance revenue growth [6] Financial Performance Summary - In 2024, the company achieved revenue of 56.0 billion (up 0.4% year-on-year) and a net profit of 7.67 billion (down 4.4%) [5] - For Q1 2025, the company reported revenue of 11.2 billion (down 6.7%) and a net profit of 1.18 billion (down 16.4%) [5] - The gross margin for 2024 was 50.1%, with a net profit margin of 13.7% [5] - The gross margin improved to 51.8% in Q1 2025, while the net profit margin decreased to 10.5% [5] Revenue Breakdown - In 2024, the company's revenue from core products was as follows: mattresses 26.79 billion (up 3.8%), bed frames 16.65 billion (down 0.1%), sofas 4.32 billion (down 0.4%), and bedding 3.04 billion (down 7.5%) [6] - The company has over 5,400 offline stores and has achieved online sales revenue of 10.93 billion (up 6.0%) through various platforms [6] - The company is also expanding into smart products and international markets, including acquiring a 100% stake in the Singapore sales headquarters of Maxcoil [6] Financial Forecasts - The company forecasts net profits for 2025-2027 to be 7.99 billion, 8.72 billion, and 9.56 billion respectively, with corresponding EPS of 2.00, 2.18, and 2.39 [5] - The projected P/E ratios for 2025-2027 are 15.0, 13.7, and 12.5 respectively [5]