点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 上美股份：一鸣惊人、品类全面的多品牌化妆品集团 上美股份前身上海卡卡化妆品有限公司成立于2004年、2015年更名、2022年于港股上市，是一家多品牌化妆品 公司，覆盖护肤品、母婴护理产品、洗护个护产品以及彩妆产品，目前旗下拥有韩束、一叶子、红色小象、一 页（new page）等多个品牌。其中主品牌韩束成立时间最早、于2003年推出，目前已成为2024年线上渠道 GMV美妆国货品牌第二名、按增速计为头部美妆品牌增速第一名。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 ...

2024 年公司持续践行降本增效，聚焦主业的经营战略，利润端亏 损大幅收窄，符合 24 年 4 月可转债公告中对利润端的指引预期； 但收入端增速略低于预期，主要系公司部分产品因国内行业集 采、国家政策指导导致出厂价有所调整。展望 2025 年，公司冠 脉、骨科和心律管理业务有望维持稳健增长；手术机器人、神经 介入、心脏瓣膜和主动脉及外周介入业务继续保持快速增长；同 时集团自有产品出海有望在 24 年 1 亿美金营收的基础上保持高 速增长。随着公司各项降本增效措施的持续推进，公司扭亏为盈 在即，长期来看，公司集团化、多元化、全球化战略可以帮助集 团有效地整合全球研发、销售和品牌优势，在全球市场打开公司 长期可持续增长的空间。 事件 近期，公司发布 2024 年业绩报告 2024 年公司实现收入 10.31 亿美元，同比增长 9.6%（剔除 汇率影响），2024 年公司净利润亏损 2.69 亿美元，同比大幅收窄 58.6%，EBITDA 实现转正，从去年同期的亏损 3.70 亿元改善至盈 利 0.60 亿美元。EPS 为-12.15 美分/每股。 证券研究报告·港股公司简评 医疗器械 2024 年利润端达到业绩指 ...

《方案》提出，我省将大力推动优质学校与农村学校、薄弱学校实施集团化管理，实现全省薄弱学 校100%纳入集团化办学。2025年计划投入资金约3.7亿元用于中小学智慧教育基础环境建设，确保不少 于75%的资金分配向农村地区倾斜、计划改善707所乡镇学校的数字教育基础环境。从今年开始，列入 薄弱校补短提升、培优创建行动的学校，每三年为一轮，实行动态管理。 此外，我省还将加强薄弱学校专兼职思政课教师队伍建设，确保小学专职思政课教师配备比例达到 70%以上，初高中配齐专职思政课教师。优先安排、调配优秀教师、师范毕业生到薄弱学校任教，重点 配强小学一、二年级和初、高中一年级的师资力量。实施基层学校教师职称"定向评价、定向使用"机 制，对长期在基层薄弱学校从教的教师在职称评聘上给予倾斜。 在课改教研方面，深度挖掘海南独特的自然生态、历史积淀、民族文化及人文精神，积极开发具有 地域辨识度的校本课程，形成国家课程与校本课程有机融合的课程体系。充分运用国家中小学智慧教育 平台，指导薄弱学校立足校情构建"启智激趣、协同共进"的课堂教学模式。省教培院会同海南师范大 学、琼台师范学院成立民族地区研训工作组，每个民族地区安排1—2名教研 ...

Core Viewpoint - The article highlights the transformation of Chihan School in Qinghai Province, which has improved its educational quality and facilities, addressing previous challenges of low enrollment and poor performance [1][4]. Group 1: Educational Reform Initiatives - In 2023, Xining City initiated a pilot program for group-based schooling reform to enhance educational quality and accessibility in rural areas [1][2]. - The county has established two major educational groups, encompassing 21 primary and secondary schools, to promote collaborative development and resource sharing [2][5]. - A core team of excellent principals and teachers has been assigned to lead Chihan School, significantly improving its management and teaching quality [2][4]. Group 2: Improvement in School Performance - Chihan School's student enrollment has nearly doubled from under 150 to around 300, alleviating pressure on local primary schools and achieving top academic results in the county [4][5]. - The school has received continuous support from Nanjing City, Jiangsu Province, which has provided funding to enhance its facilities [2][4]. Group 3: Broader Educational Goals - Xining City aims to build a high-quality and equitable public education service system as a strategic task and major livelihood project [4][5]. - The city has formed seven preschool education alliances covering 80 kindergartens, promoting resource sharing and collaborative development [5].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with a slight increase in revenue and net profit [1][2]. Financial Performance - 2024 annual revenue was 4.237 billion yuan, down 5.69% year-on-year; net profit attributable to shareholders was 110 million yuan, down 62.63% year-on-year; and net profit excluding non-recurring items was 118 million yuan, down 56.74% year-on-year [1]. - Q4 2024 revenue was 1.192 billion yuan, up 6.86% year-on-year; net profit attributable to shareholders was 16 million yuan, down 86.33% year-on-year; and net profit excluding non-recurring items was 10 million yuan, down 86.79% year-on-year [1]. - Q1 2025 revenue was 1.085 billion yuan, up 5.19% year-on-year; net profit attributable to shareholders was 42 million yuan, up 4.67% year-on-year; and net profit excluding non-recurring items was 41 million yuan, down 22.78% year-on-year [1]. Profitability Metrics - 2024 annual gross margin was 63.01%, up 4.57 percentage points year-on-year; net profit margin was 2.60%, down 3.95 percentage points year-on-year [2]. - Q1 2025 gross margin was 63.76%, up 2.42 percentage points year-on-year; net profit margin was 3.86%, down 0.02 percentage points year-on-year [2]. Expense Ratios - 2024 annual sales expense ratio was 49.06%, up 7.71 percentage points year-on-year; management expense ratio was 6.15%, up 0.91 percentage points year-on-year; R&D expense ratio was 1.94%, up 0.24 percentage points year-on-year [2]. - Q1 2025 sales expense ratio was 49.55%, up 3.24 percentage points year-on-year; management expense ratio was 5.77%, up 0.11 percentage points year-on-year; R&D expense ratio was 1.92%, up 0.17 percentage points year-on-year [2]. Strategic Initiatives - The company is focusing on self-owned brands and has established a "global new high-end luxury beauty group" label, with significant growth in both online and offline channels [2]. - The company is increasing R&D investment, with R&D expenses accounting for 4.98% of self-owned brand revenue, and has established a research institute for innovative product development [3]. - A share buyback plan of 50 to 100 million yuan is proposed to implement employee stock ownership plans or equity incentives [3]. Future Outlook - The company has revised its revenue and profit forecasts for 2025-2027, expecting revenues of 4.389 billion, 4.871 billion, and 5.537 billion yuan, and net profits of 256 million, 295 million, and 345 million yuan respectively [3]. - The company aims to penetrate the high-end market through brand transformation and innovation, maintaining a "buy" rating [3].

证券研究报告 | 公司点评报告 2025 年 04 月 30 日 泡泡玛特（09992.HK） 一季度持续高增，美洲地区增长近九倍 TMT 及中小盘/传媒 事件：公司发布 2025 年一季度经营情况，整体收益同比增长 165-170%。其中， 中国收益同比增长 95-100%；海外收益同比增长 475%-480%。 ❑ 风险提示：新品拓展不及预期、海外推广不及预期、监管及舆情风险。 财务数据与估值 | | | 强烈推荐（维持） 目标估值：NA 当前股价：193.0 港元 基础数据 | 总股本（百万股） | 1343 | | --- | --- | | 香港股（百万股） | 1343 | | 总市值（十亿港元） | 259.2 | | 香港股市值（十亿港元） | 259.2 | | 每股净资产（港元） | 8.0 | | ROE（TTM） | 29.3 | | 资产负债率 | 26.8% | | 主要股东 | GWF Holding Limited | | 主要股东持股比例 | 41.7837% | 股价表现 % 1m 6m 12m 绝对表现 29 186 491 相对表现 35 179 467 资料来源：公司 ...

北京市海淀区稻香湖学校创建于2020年,一址三校,包括清华附中外籍人员子女学校、北京市海淀区稻香 湖学校和北京市海淀区稻香湖幼儿园，是一所涵盖从幼儿园到高中的国际国内双轨教育的学校。学校官 网资料显示，该校分设国内升学的英才素质学部、面向外籍学生的国际学部和面向国际升学方向的双语 学部。除此之外，它还针对特殊的艺术和科学人才，开设了音乐创新人才培养项目(MIP)、艺术创新人 才培养项目(ADP)、科技创新人才培养项目(SIP)和PEP"π"班体育人才培养项目(PEP)等特色项目方向。 新京报讯(记者杨菲菲)4月29日，北京市海淀区启慧未来学校、北京市中关村外国语学校、北京市海淀 区稻香湖学校三所民办校正式以联盟方式，加入北京一零一中教育集团。三所民办校加入一零一中教育 集团后，其办学性质和人财物管理机制保持不变。这是海淀区教育两委推进民办学校加入公办教育集团 的又一重大举措，将进一步扩大优质教育资源覆盖面，推进课程体系创新、教研机制优化、人才培养贯 通等深度协作，推动公办民办教育协同创新，让教育资源要素在集团内顺畅、有序流动，为建设海淀集 团化办学育人新载体注入新动能。 记者了解到，三所民办校中，北京市海淀区 ...

Core Viewpoint - The company has experienced a significant resurgence in popularity and stock price, driven by the global success of its LABUBU IP and a strong performance in the consumer market, particularly in the U.S. and Europe [1][3][12]. Group 1: Market Performance - On April 28, the company's stock price rose over 12% to HKD 193, with a total market capitalization reaching HKD 259.188 billion [3]. - Since the beginning of 2025, the stock has increased by over 114% [3]. - The company's app climbed 114 spots to become the top shopping app on the U.S. App Store on April 25, marking its first time at the top [1][2]. Group 2: Product and IP Development - The LABUBU series has become a global sensation, with significant contributions from celebrity endorsements, leading to a surge in consumer interest [10][11]. - The revenue from the THE MONSTERS series reached RMB 3.041 billion in 2024, a year-on-year increase of 726.6% [7]. - The company has successfully diversified its product offerings, with plush products generating RMB 28.32 billion in revenue, a staggering increase of 1289% [8][9]. Group 3: International Expansion - The company has opened 130 overseas stores, with revenue from international markets growing by 375.2% to RMB 5.07 billion, increasing its share of total revenue from 16.9% to 38.9% [12][14]. - Plans are in place to open 100 iconic stores in various countries, including France, the U.S., and Australia, as part of its accelerated international strategy [14]. Group 4: Brand Perception and Future Outlook - The company has successfully transformed from a product-focused entity to an IP-centric organization, establishing a robust ecosystem of various IPs [9][18]. - The CEO expressed confidence in achieving RMB 20 billion in revenue and over 50% growth in 2025, indicating a strong belief in the brand's long-term potential [18].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][19] Core Views - The company achieved a revenue of 10.778 billion with a year-on-year growth of 21.04% and a net profit of 1.552 billion, reflecting a year-on-year increase of 30% in 2024. The profit growth is attributed to cost reduction and efficiency improvements, solidifying its position as a leading domestic beauty brand [1][7][4] - The company is leveraging its main brand's single product strategy and the rapid rise of emerging brands to build a strong brand matrix, gradually advancing towards becoming a beauty group [4][19] - The company is expected to increase its marketing investments due to the intensified product launches in the second quarter of this year and the continuous incubation of new brands [4][19] Revenue and Profitability - In 2024, the main brand Proya generated revenue of 8.581 billion, growing by 19.55% year-on-year, while the online channel revenue reached 10.234 billion, with a year-on-year increase of 23.68% [2][9] - The gross profit margin for 2024 was 71.39%, an increase of 1.46 percentage points year-on-year, driven by product structure optimization and reduced costs [12][3] - The company plans to distribute a cash dividend of 11.90 per 10 shares, which accounts for 40.07% of the net profit [7][1] Financial Forecasts - The company forecasts revenues of 12.428 billion, 13.993 billion, and 15.449 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.869 billion, 2.144 billion, and 2.388 billion [5][21] - The projected PE ratios for 2025, 2026, and 2027 are 18, 16, and 14 respectively [4][21] Brand and Channel Performance - The emerging brands OR and Original Color Pot achieved revenue growth rates of 71.14% and 138.36% respectively, enhancing the overall brand matrix competitiveness [2][8] - The online direct sales and distribution channels saw revenue increases of 20.35% and 38.40% respectively, while offline channel revenue decreased by 13.63% [9][2]

4月27日，北京市海淀区义务教育阶段入学政策正式发布。记者从海淀区教委获悉，今年海淀区小学入 学人数相比去年略有减少，2025年海淀小学入学预计3.1万人，比去年减少约3000人；初中入学预计3.15 万人，与去年入学人数基本持平。 今年义务教育入学工作，海淀区坚持稳中求进总基调，入学条件和方式基本不变，保持政策稳定性、连 续性。同时，继续坚持免试就近的原则，小学入学以登记入学为主、单校划片和多校划片相结合的方 式，小升初按志愿派位方式入学。 中学学位压力持续增大，将通过多种方式挖掘学位 近年来，海淀区中小学在校生规模持续扩大，今年将达到35万人以上，预计"十五五"期间一直保持34万 人以上高位运行，随着生源波峰持续向中学推进，中学学位压力将持续增大。 为缓解学位紧张问题，海淀区调动各方力量，加快推进学校新建改扩建工程，2024年完成新建改扩建及 改造项目12项，完工建筑面积16.55万平方米，新增中小学学位8000余个。 海淀区教委相关负责人表示，今年海淀区在小学学位供给上相对平稳，但个别片区略有紧张，呈现 出"大平稳小紧张"的特点；初中学位供给则整体上都紧张，从初三毕业生人数和预计初中入学人数来 看，今年 ...