Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - In Q1 2025, the company achieved revenue of 23.33 billion yuan, a year-on-year increase of 42.4%, while the Non-GAAP net profit attributable to shareholders was 1.39 billion yuan, remaining stable year-on-year [2][3][14]. - The growth in revenue was primarily driven by new housing and rental businesses, while the profit growth was limited due to a decrease in the proportion of higher-margin existing housing business, leading to a decline in overall gross margin by 4.5 percentage points compared to the same period last year [3][4][11]. - The company continues to expand its store and agent numbers, with over 57,000 stores and nearly 550,000 agents on the platform by the end of Q1, contributing to a significant increase in Gross Transaction Value (GTV) [4][11]. Summary by Sections Financial Performance - Q1 2025 revenue reached 23.33 billion yuan, up 42.4% year-on-year, with existing housing, new housing, home decoration, and rental businesses generating revenues of 6.9 billion, 8.1 billion, 2.9 billion, and 5.1 billion yuan respectively, reflecting year-on-year growth rates of +20.0%, +64.2%, +22.3%, and +93.8% [3][14]. - The company's overall gross margin was 20.7%, down 4.5 percentage points from the previous year, primarily due to a decrease in the contribution of existing housing business to total revenue [3][17]. Business Expansion - As of the end of Q1, the company had approximately 57,000 stores, a year-on-year increase of 28.6%, and nearly 550,000 agents, up 24.3% year-on-year [4][11]. - The total GTV for Q1 was 843.7 billion yuan, representing a year-on-year increase of 34.0%, with existing housing GTV at 580.3 billion yuan (up 28.1%) and new housing GTV at 232.2 billion yuan (up 53.0%) [4][11]. Shareholder Returns - The company has a strong cash reserve of 12.77 billion yuan, an increase of 11.6% from the end of 2024, and repurchased shares worth 140 million USD in Q1, accounting for 0.6% of the total share capital at the end of 2024 [11].

字节跳动预计25年营收增长20% 仍有望追平Meta 金十数据5月16日讯，据外媒报道，尽管全球经济可能面临下行压力，字节跳动计划在2025年实现约 20%的营收增长，这一增速有望使其在全球业务上与Meta比肩。据知情人士透露，字节跳动预计2025年 营收将从2024年的1550亿美元增至约1860亿美元。这标志着字节跳动连续多年保持20%以上的高速增 长，并将逼近Meta今年预计的1870亿美元营收，两者差距仅一步之遥。知情人士还表示，目前字节跳 动旗下所有应用的月活跃用户已超过40亿，与Meta的规模大致相当。虽然其2025年预期增长率较去年 29%略有下降，但随着管理层对业务前景有更清晰的判断，这一目标仍有调整空间。对于相关报道，字 节跳动方面未回应置评请求。 ...

泛欧交易所集团（Euronext NV）在政治因素引发的市场波动的推动下，季度营收创历史新高，与其他 交易所运营商的业绩增长相呼应。泛欧交易所在周三的一份声明中表示，"交易和清算活动波动异常剧 烈，尤其是在现金股票、固定收益、外汇、电力和大宗商品领域"。该公司公布第一季度营收为4.585亿 欧元（5.145亿美元），同比增长14%，高于分析师预期。 ...

富士康：预计2025年营收同比将大幅增长（此前预测为强劲增长）。 ...

"东南亚小腾讯"Sea(SE.US)公布的2025年第一季度业绩显示，营收同比增长29.6%至48.4亿美元，分析 师平均预期48.9亿美元;净利润为4.11亿美元，上年同期净亏损2300万美元;摊薄后的每股收益为0.65美 元，好于分析师平均预期的0.63美元。调整后EBITDA(非公认会计准则)达9.465亿美元，同比增幅 136%，盈利能力显著改善。 按业务划分，电子商务业务营收为35.24亿美元，同比增长28.3%;商品交易总额(GMV)为286亿美元，同 比增长21.5%。数字金融服务业务营收为7.87亿美元，同比增长57.6%，创两年来的最大增幅。数字娱乐 业务营收为4.96亿美元，同比增长8.2%;预订量为7.75亿美元，同比增长51.4%。 Sea首席执行官Forrest Li在一份声明中表示，今年强劲的开局给了实现全年预测的信心。 一季度电子商务占总营收的72.8%，其核心市场营收包括交易费和广告费，同比增长39.2%至24亿美 元。增值服务营收包括物流服务相关的收入，同比增长4.1%至7.52亿美元。 数字金融服务占总营收的16.3%，增长驱动主要来源于消费者和中小企业的信贷业务增长。数字 ...

Summary of Avantor Conference Call Company Overview - **Company**: Avantor - **Industry**: Life Sciences Tools and Diagnostics Key Points Financial Performance - First quarter results were slightly below investor expectations, but the company remains confident in its platform's strength and resilience [3][4] - The lab solutions segment serves over 300,000 customers globally, with a strong bioprocessing franchise and medical-grade silicone formulations [3][4] - Strong margin execution and best-in-class free cash flow conversion were noted, with earnings aligning with plans and targets [3][4] Leadership Transition - CEO Michael Stubblefield announced a transition after over eleven years of leadership, during which revenue grew from $400 million to $7 billion [5][6] - The board is actively searching for a successor, focusing on candidates with a growth mindset and innovation background [8][9] Tariff Impact and Mitigation Strategies - Avantor's exposure to tariffs from China is estimated at approximately $30 million, with potential EPS impact of 3 to 4 cents if unmitigated [11][12][18] - The company has not incorporated tariff headwinds into its earnings guidance, confident in its ability to offset these through various strategies [12][16] - Mitigation strategies include transparent communication with customers about alternative products and flexible pricing frameworks [13][14] Market Guidance - The updated fiscal year 2025 guidance indicates organic sales decline of negative 1% to positive 1%, reflecting market conditions and policy changes impacting NIH funding [23][24] - The bioscience segment is expected to recover from first-quarter weaknesses, with a strong order book supporting future growth [29][30] Competitive Landscape - The macro environment has created a more competitive landscape, with opportunities for Avantor to gain market share despite challenges [37][39] - The company is focusing on retaining existing accounts and pursuing new business aggressively [4][39] Cost Actions and Margin Outlook - Avantor has expanded its cost savings plan to $400 million by the end of 2027, with significant contributions from procurement and operational efficiencies [46][48] - Long-term EBITDA margin target remains above 20%, although current market conditions may lead to a revised exit rate of around 18% for the year [49][50] Customer Segments and Market Dynamics - Approximately 5% of Avantor's revenue is linked to US academic and government sectors, which have faced funding cuts and spending freezes [41][42] - The company has observed stability in order rates since initial declines in early 2023, with expectations of no further deterioration [43][45] Conclusion - Avantor's leadership emphasizes the company's resilience and strategic positioning in the life sciences market, with ongoing efforts to drive growth and productivity despite macroeconomic challenges [52][53]

【中通快递最新财报公布，多项数据引发关注】截至 2025 年 3 月 31 日，中通快递董事长赖梅松持有中 通快递 26.4%股权，有 78%的投票权，为大股东。负责海外运营的副总裁赖建法持股为 7.9%，拥有 2.4%的投票权，为第三大股东。阿里巴巴持股为 8.9%，拥有 2.7%的投票权，为第二大股东；集团副总 裁王吉雷持股为 5.2%，拥有 1.6%的投票权。过去一年，中通快递股权相对稳定，赖梅松持股比例提升 0.4 个百分点，投票权增加 0.3 个百分点；赖建法持股比例下降 0.1 个百分点，投票权下降 0.1 个百分 点。截至今日收盘，中通快递股价为 150.4 港元，市值为 1200 亿港元，赖梅松身价高达 316.8 亿港元。 年报显示，中通快递 2022 年、2023 年、2024 年营收分别为 353.77 亿元、384.19 亿元、442.81 亿元； 毛利分别为 90.39 亿元、116.63 亿元、137.17 亿元（约 18.79 亿美元）。2022 年、2023 年、2024 年运 营利润分别为 77.36 亿元、100 亿元、117.77 亿元（约 16.13 亿美元）；净利分别 ...

文 | 天下财道 煜明 五粮液这驾老牌马车，爬坡的速度突然变慢。 近期，五粮液（000858.SZ)公布财报显示，公司2024年业绩增速降至个位数——营收增长约7%，净利 润增长约5%，这导致年初公司定下的"营收保持两位数增长"的目标未能兑现。 尽管五粮液采取控货挺价、加大营销等多项措施，但业绩增速还是创下了自2016年以来的最低水平，引 起投资者的担忧。 2025年五粮液能突围吗？董事长曾从钦立下的"千亿发展目标"还能实现吗？ 目标落空 五粮液全称是宜宾五粮液股份有限公司，主要从事白酒生产和销售。公司成立于1998年4月21日。成立 几天后的4月27日，即登陆深交所，这在A股市场，是较为罕见的。 （来源：同花顺iFinD） （来源：2023年年报） | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 89.175.178.322.70 | 83.272.067.317. 19 | 7.09% | 73.968.640.704.54 | | 归属于上市公司股东的 净利润(元) | 31,853, ...

业绩摘要：2024年公司实现营收13亿元，同比+21.8%；实现归母净利润-7731.6万元，同比-183.6%；实现 扣非净利润-9590.9万元，同比-366.6%。营收稳步增长，净利润承压主要系参股公司薇美姿经营业绩的波 动以及控股子公司善恩康经营业绩影响(共计提资产减值损失近1.8亿元)。2025Q1公司实现营收3.2亿元， 同比+13.3%；实现归母净利润1241.1万元，同比-34.5%；实现扣非净利润1146.3万元，同比-36.4%。 毛利率稳健增长，净利率暂时承压。2024年公司整体毛利率为23.9%，同比+0.7pp。分产品来看，2024年 口腔护理产品/湿巾分别为22.6%/23.5%，同比-1.1pp/+2.3pp，益生菌毛利率为37.7%。费用率方面，2024年 公司总费用率为16%，同比+0.6pp，其中销售/管理/财务/研发费用率分别为7%/4.8%/0.8%/3.5%，同比 +0/-0.1pp/+0.1pp/+0.7pp。综合来看，24年公司净利率为-6%。2025Q1毛利率为25.7%，同比+3.9pp；总费 用率为17.1%，同比+1.6pp，其中销售/管理/财务/研发费用 ...

Pinterest一季度营收8.55亿美元，分析师预期8.463亿美元。 一季度月活用户数为5.7亿，分析师预期1.639亿。 一季度单位用户收入（ARPU）为1.52美元，分析师预期1.50美元。 预计二季度营收9.60亿-9.80亿美元，分析师预期9.637亿美元。 预计二季度营收将增长12%-15%。 预计二季度调整后EBITDA为2.17亿-2.37亿美元，分析师预期2.374亿美元。 Pinterest（PINS）美股盘后涨7.68%，涨幅随后扩大至11.81%。 ...