对此，在财报会议上，霸王茶姬首席财务官黄鸿飞解释称，主要是受到季节性因素影响，春节假期后通 常客流量较低，其次，其战略性地扩张了门店网络，一季度还有很多新店刚开业不久。 5月30日晚，霸王茶姬（NASDAQ: CHA）发布了上市之后的第一份季度财报。财报显示，今年第一季 度，霸王茶姬实现营收33.9亿元，同比增长35.4%；实现净利润为6.77亿元，同比增长13.8%。 霸王茶姬的门店网络还在继续扩张，截至3月底，霸王茶姬在全球拥有门店6681家，其中中国市场门店 6512家，海外门店169家。但是，其门店扩张速度明显放缓。今年第一季度，霸王茶姬净增长门店241 家，而2024年其平均一个季度净增长门店约732家。 门店的增长拉动霸王茶姬整体GMV（总销售额）的继续增长，今年第一季度，霸王茶姬的GMV为82.27 亿元，同比增长了38.0%，不过，其单店平均GMV为43.20万元，环比下跌了5.27%，同比下跌了 21.38%。 而在利润率表现上，今年第一季度，霸王茶姬花在门店运营成本和销售和营销上的钱都明显增加，这也 使得其利润率有所下滑。今年第一季度，霸王茶姬净利润率同比下跌了3.7个百分点至20.0%， ...

Core Viewpoint - Rivian Automotive's stock has surged by approximately 40% recently, and there are strong reasons for investors to consider buying shares before the upcoming earnings call, expected around August 5 [1] Group 1: Growth Potential - Rivian has faced sluggish sales growth in recent years, primarily due to market saturation with its two existing models, the R1T and R1S, which have high price points nearing $100,000 [2] - The company is set to launch three new models (R2, R3, and R3X) next year, all priced under $50,000, which is expected to significantly expand its addressable market and unlock millions of potential buyers [3] - Analysts project a modest 5% sales growth in 2025, increasing to 41% in 2026, with potential for explosive revenue growth starting in 2027 as production scales [3] Group 2: Profitability Improvement - Rivian achieved a positive gross margin by the end of last year, with further improvements noted in the most recent quarter, aligning its profitability levels with those of Tesla [4] - Achieving scale is crucial for profitability in the electric vehicle sector, as higher sales volumes allow for fixed costs to be spread over more units, potentially leading to significant operating leverage if Rivian's new models perform well [5] Group 3: Valuation Considerations - Rivian's current stock valuation is considered attractive, trading at just 3.3 times sales, compared to Tesla at 12.5 times and Lucid Group at 8 times, despite Rivian's slower sales growth in recent years [7][8] - The anticipated launch of new models and subsequent sales growth and profitability improvements are expected to lead to a higher market valuation for Rivian in the future [8]

在霸王茶姬看来，全球化布局有助于公司降低对单一市场的依赖，同时创造新的增长机遇、有效应对市场不确定性。 虽然目前处于爬坡阶段的海外业务仍处于亏损状态，但在部分市场显示出消费能力和盈利潜力。其中，今年一季度新 加坡足月门店单店GMV达到人民币180万元。 霸王茶姬全球CFO黄鸿飞表示，"现阶段，我们专注于在海外组建团队和构建体系。这有助于为健康、长期、可持续的 发展奠定坚实基础。在开设海外新店方面，我们更关注质量与关键绩效指标，而非单纯追求扩张速度。" 5月30日晚间，霸王茶姬公布其上市后的首份季度财报。截至今年3月31日的2025年第一季度，全球门店数达到6681 家，季度总GMV达82.3亿元，同比增长38%。本季度实现总净收入33.9亿元，同比增长35.4%；实现净利润6.77亿，同 比增长13.8%；小程序注册会员用户数突破1.9亿，季度活跃用户数达4490万。 财报发布后，霸王茶姬管理层举行分析师电话会。会上管理层在介绍出海进展时披露，4月11日，霸王茶姬在印尼雅 加达开设了首家门店，正式进军印尼市场。这家店前三天的累计销量突破1万杯，首周获得5000多位注册用户，4月份 日均销量超2000杯。5月1 ...

Core Viewpoint - Miniso's 1Q25 revenue increased by 18.9% YoY to RMB4,427 million, but adjusted net profit (NP) declined by 4.8% YoY to RMB587 million, missing market expectations significantly. This decline is attributed to higher operating expenses related to new self-operated stores in the US, impacting the margin structure. Management remains optimistic about the full-year outlook, particularly for 4Q25, but investor concerns regarding earnings may take time to alleviate. The company is expected to present buying opportunities following the post-1Q25 earnings softness [1][2][5]. Revenue and Profit Performance - 1Q25 revenue growth of 18.9% YoY was in line with expectations, but adjusted NP fell by 4.8% YoY to RMB587 million, marking the lowest level since 3Q23. This decline contrasts sharply with the 20% YoY growth in NP recorded in 4Q24. The significant drop in adjusted NP is primarily due to a 47% YoY increase in selling and distribution expenses, which reached RMB1,021 million [2][3]. Operating Expenses and Store Strategy - The increase in operating expenses is mainly due to frontloaded costs associated with new self-operated stores in the US, which have higher operating expenses compared to franchised stores. Although the impact of these self-operated stores may diminish over time, it requires proof of effectiveness [3][4]. Management Outlook and Same-Store Sales Growth - Management anticipates that the new US stores will begin contributing to operating profits during the peak season in 4Q25. There has been sequential improvement in same-store sales growth (SSSG) in overseas markets, particularly in the US and Mexico, attributed to a refined strategy focusing on SSSG [4][5]. Future Expectations and Strategy Adjustments - Despite the 1Q25 miss, management's full-year target for 2025 remains unchanged, emphasizing a commitment to improving SSSG rather than aggressive store expansion. After a weak SSSG performance in 2024, there has been a quarter-over-quarter improvement in China, with expectations for further SSSG enhancement in 2Q25 [5][6]. Store Opening Plans - While the company still aims for a net store opening of 200-300 in 2025, management has indicated that this target is negotiable. The strategy of opening larger stores, particularly the IP-focused Miniso Land, is expected to support long-term SSSG growth [6]. Valuation and Earnings Forecast - The earnings forecast remains unchanged, with expectations that Miniso's earnings will align with original forecasts if self-operated stores overseas ramp up sufficiently in the second half of 2025. The target price is set at US$26.5 and HK$51.60, reflecting a P/E ratio of 20x/15x for 2025E/26E [7].

另一份报告显示，英国消费者信心在4月份受到特朗普关税的打击后，5月份略有反弹。本月，消费者对 自身财务状况和经济状况更加乐观，同时也表示更愿意购买汽车或家具等大件商品。 凯投宏观的Alex Kerr表示："自2015年以来，不包括疫情时期，零售额首次连续四个月增长。"然而，他 警告称："这种增长不会持续。尽管5月份消费者信心略有回升，但我们预计未来几个月零售销售增长将 放缓。" 在强于预期的数据公布后，英镑兑美元汇率保持涨势，当日上涨0.3%至1.3461。英镑汇率目前接近2022 年以来的最高水平。 食品和酒精等类别实现销售额增长。 这些数据表明，英国消费者正经受住国内外经济逆风的考验。该报告涵盖了特朗普公布对等关税后的一 段时间，与此同时，英国家庭也经历了水费、火车票和地方政府税的大幅上涨，英国媒体称之为"糟糕 的4月"。 英国4月份零售销售飙升，延续了年初出人意料的强劲势头，这进一步表明消费者在账单上涨和全球贸 易战面前表现出韧性。根据英国国家统计局周五公布的数据，4月零售销售环比增长1.2%，为连续第四 个月增长，经济学家此前预计增长0.3%。 4月份是英国有记录以来阳光最充足的一个月，全国各地天气宜 ...

英国4月零售销售同比 5%，预期 4.5%，前值 2.6%。 ...

泰国汽车工业协会：泰国4月国内汽车销售同比增长0.97%。 ...

金十数据5月22日讯，中信建投研报指出，2025年一季度疫苗行业整体批签发次数为697批次，同比下降 14%。流感疫苗、百白破疫苗和肝炎疫苗同比增幅较大，脊髓灰质炎疫苗、带状疱疹疫苗、轮状病毒疫 苗和HPV疫苗同比降幅较大。研发方面，肿瘤治疗性疫苗成为疫苗适应症拓展的热点领域，国内研发处 于起步阶段；而传统重磅疫苗管线国内布局企业较多，竞争格局趋于激烈。预计2025年，重磅疫苗品种 在低基数下有望恢复销售增长趋势，推动企业业绩改善。创新疫苗管线持续推进，将为企业带来未来更 大的市场空间和潜在的出海机会。 中信建投：预计今年重磅疫苗品种在低基数下有望恢复销售增长趋势 ...

Core Viewpoint - The sales of the COVID-19 drug Xianoxin from Xiansheng Pharmaceutical have significantly increased since May, with notable growth in both year-on-year and month-on-month comparisons, although specific figures have not been disclosed [1] Sales Performance - Sales growth in early April was primarily driven by regions such as Shanghai, Zhejiang, Beijing, and Jiangsu [1] - Sales in Guangdong began to rise in early May, contributing to a substantial overall increase in sales since then [1] - As of now, Xianoxin has reached 32 provinces, 371 cities, and over 3,700 medical institutions across the country [1] Market Context - The latest report from the Chinese Center for Disease Control and Prevention indicates an upward trend in the positive rate of COVID-19 tests from March 31 to May 4, with southern provinces showing higher positivity rates compared to northern provinces [1] - Some provinces that experienced an early increase in positivity rates are seeing a slowdown in the growth of the epidemic [1]

| | √ 特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访 业绩说明会 □ | | 类别 | □ 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 | 中信证券、兴业证券、华福证券、开源证券、珠海横琴财东基金 | | 人员姓名 | | | 时间 | 2025 年 5 月 15 日 15:00-16:15 | | 形式 | √现场 口网上 口电话会议 | | 上市公司接待人 | 董事、总经理、财务负责人：国磊峰 | | | 董事、副总经理、董事会秘书：刘月寅 | | 员姓名 | 证券事务代表：白雪龙 | | | 证券事务高级经理：王孟云 | | | 问题 1：公司 2024 年净利润增长原因？中药产品的增长 | | | 情况？ | | | 回复： | | | 2024 年度，公司归属于上市公司股东的净利润增长原因 | | | 主要如下： | | | 1、公司主要产品销售贡献增加： | | 投资者关系活动 | （1）公司的中药产品主要为安脑丸/片，该产品为独家中 | | 主要内容介绍 | ...