Core Insights - The opening of JD MALL in Nanjing marks a significant expansion in the retail landscape, with a focus on integrating online and offline shopping experiences [2][8] - The "National Subsidy" policy is driving sales growth and promoting the high-end and smart transformation of home appliances and furniture [4][7] - Competitors like Suning are also adapting to the changing market dynamics, indicating a competitive resurgence in the offline retail sector [3][7] Group 1: JD MALL Expansion - JD MALL Nanjing store officially opened on April 30, with a significant focus on "National Subsidy" products, with over 80% of items eligible for subsidies [2][4] - By 2025, JD plans to accelerate the opening of new JD MALL locations, with 20 stores already operational across major cities [9] - The Nanjing store covers nearly 30,000 square meters and offers over 200,000 product SKUs, enhancing JD's retail network in Eastern China [8][9] Group 2: Impact of National Subsidy - The "National Subsidy" initiative has led to a notable increase in customer traffic, with over 52,000 visitors during the first three days of trial operation at JD MALL Nanjing [4][7] - The average price of home appliances in the Nanjing store is 5,570 yuan, which is 32% higher than traditional appliance stores, reflecting a shift towards premium products [4][7] - The subsidy program is expected to benefit both JD and Suning, as it encourages the expansion of offline retail and enhances customer engagement [7][9] Group 3: Competitive Landscape - Suning also opened new stores on the same day as JD MALL, indicating a renewed competitive spirit in the offline retail market [3][7] - Suning reported a revenue of 12.894 billion yuan in Q1, with a year-on-year growth of 2.5%, showcasing resilience in the face of competition [7] - The retail landscape is evolving, with both JD and Suning leveraging the "National Subsidy" to enhance their market positions and expand their physical store presence [7][9]

2025.04. 30 本文字数：2042，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 第一财经记者从权威信源处获知，当地时间29日，在世贸组织（WTO）补贴与反补贴措施委员会例 会上，中方质疑美国对晶体光伏电池的反补贴调查，称其超越了管辖权，破坏了WTO规则。 近日，美国商务部对来自马来西亚、越南、泰国和柬埔寨四国光伏产品的反补贴调查作出终裁，其中 对来自柬埔寨的光伏产品征收最高达3403.96%的反补贴税。 同时，中方批评美国根据《芯片与科学法案》向其半导体产业提供歧视性补贴。中方还谴责美国所 谓"对等关税 "做法，认为这种做法违反了WTO规则，因为这实际上提供了以出口为条件、以国内内 容为基础的补贴，从而削弱了多边贸易体系。中方强调有必要维护以规则为基础的全球贸易，并呼吁 WTO成员追究此类做法的责任。 来源：新华社 美光伏产品反补贴调查超越管辖范围 此次，美方在其2024年半年度报告中通报了相关新反补贴税行动。 中方对此发表声明表示，对其在半年度报告中列出的美国对晶体光伏电池的反补贴税调查提出质疑。 中方强烈批评美国商务部对涉及柬埔寨、马来西亚、泰国和越南的跨国补贴调查的最终裁定，尤其反 对对柬埔 ...

中方还批评美国一再违反WTO的非歧视核心原则，称之为 "规则破坏者 "和 "双重标准操纵者"。 第一财经记者从权威信源处获知，当地时间29日，在世贸组织（WTO）补贴与反补贴措施委员会例会 上，中方质疑美国对晶体光伏电池的反补贴调查，称其超越了管辖权，破坏了WTO规则。 近日，美国商务部对来自马来西亚、越南、泰国和柬埔寨四国光伏产品的反补贴调查作出终裁，其中对 来自柬埔寨的光伏产品征收最高达3403.96%的反补贴税。 同时，中方批评美国根据《芯片与科学法案》向其半导体产业提供歧视性补贴。中方还谴责美国所 谓"对等关税 "做法，认为这种做法违反了WTO规则，因为这实际上提供了以出口为条件、以国内内容 为基础的补贴，从而削弱了多边贸易体系。中方强调有必要维护以规则为基础的全球贸易，并呼吁 WTO成员追究此类做法的责任。 美光伏产品反补贴调查超越管辖范围 此次，美方在其2024年半年度报告中通报了相关新反补贴税行动。 中方对此发表声明表示，对其在半年度报告中列出的美国对晶体光伏电池的反补贴税调查提出质疑。 中方强烈批评美国商务部对涉及柬埔寨、马来西亚、泰国和越南的跨国补贴调查的最终裁定，尤其反对 对柬埔寨公司征收 ...

五一消费热潮将至，迪信通正在谋定快动抢占市场先机。作为国内移动通讯连锁行业的领军者，迪信通 凭借股东华发集团科技、城市、金融三大产业集群的强大资源，将国补政策红利转化为市场爆发力。 数据显示，近期迪信通手机零售销量实现大幅跃升，成为行业政策落地的标杆案例，正引领新一轮市场 增长浪潮。 商务部最新数据表明，自《手机、平板、智能手表（手环）购新补贴实施方案》落地以来，消费者申请 数码产品购新补贴已达6486.6万件，政策效应持续显现。手机、平板等产品作为消费电子领域的"主力 军"，今年首次被纳入国补范畴。 1月20日起，迪信通全国超600家门店同步启动手机、平板、智能手表等多品类补贴服务，并充分发挥行 业头部企业的资源整合优势，联动国家补贴、手机厂商、运营商及金融机构，形成"四维让利"叠加效 应。一套"组合拳"下来，既确保国补政策"铺得开"，更推动惠民举措"落得实"，真正实现"政策发布即 落地、标准出台即执行"，助力消费者满足消费换新需求。 迪信通在国补政策中的示范作用，获得了国家部委与地方政府的高度认可。春节前夕，商务部选定北京 迪信通西单大悦城店开展3C国补走访调研，并组织多家渠道商在此举行座谈会议。调研组现 ...

上 市 公 司 家用电器 2025 年 04 月 30 日 小熊电器 (002959) —— 2025 年一季报点评：25Q1 业绩超预期，公司盈利 能力环比持续改善 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 45.50 | | 一年内最高/最低（元） | 69.00/34.80 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 2.64 | | 流通 A 股市值（百万元） | 7,024 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 18.32 | | 资产负债率% | 49.45 | | 总股本/流通 A 股（百万） | 157/154 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-2 ...

4月末，一季度中国智能手机市场数据陆续出炉，"国补"成为其中最大的增长动力。 Counterpoint公布的数据显示，2025年Q1中国智能手机销量同比增长2.5%。这一增长主要得益于国补， 尤其是提振了春节期间的销售表现：自1月20日国补开启至1月26日，中国智能手机的销量同比增长近 65%，达到950多万部，释放了大量换新红利。 手机国补最早开启于2024年，部分省市为促进消费，针对智能手机产品率先推出地方性补贴，具体金额 在500～1500元不等。以江苏为例，手机、平板电脑、智能手表等3C数码产品均按产品成交价格的15% 进行补贴，每件补贴最高不超过 1500 元。 2025年初，手机、平板、智能手表（手环）正式纳入全国性补贴政策，"国补"正式开始。根据商务部规 定，个人消费者购买单件销售价格不超过6000元的手机，按产品最终销售价格的15%享受补贴，每类产 品可享1件补贴，每件补贴不超过500元。 相比起去年的省市级补贴，全国性补贴尽管力度稍减，但范围更广、影响力也更大。如今，国补已经成 为中国手机市场讨论最热切的关键词。尤其是对零售从业者来说，这甚至是一场决定生死的游戏。 小米或成最大赢家 早在去年 ...

2025.04. 29 本文字数：2162，阅读时长大约3.5分钟 导读 ：天文数字般的裁决开启了美国反补贴调查无视世贸规则的下限。 作者 | 管健 近日，美国商务部对来自马来西亚、越南、泰国和柬埔寨四国光伏产品的反补贴调查作出终裁，其中 对来自柬埔寨的光伏产品征收最高达3403.96%的反补贴税。不出意外，美方在裁决中又拿中国说 事，在3403.96%的税率中，调查机关认定1940.23%的税率系源自中国的"跨国补贴"。天文数字般 的裁决再一次刷新了世界反补贴调查税率的上限，也开启了美国反补贴调查无视世贸规则的下限。 一、滥用"不利可获得事实" 这个税率用国际贸易法的行话来说，是A出来的，英文全称是"Adverse Facts Available"。通俗来说 就是美国商务部基于"不利可获得事实"人为算出来的。在所有终裁认定的柬埔寨企业获得的17个补贴 项目中，有七个项目被A出完全相同的471.25%的补贴幅度。这一惊人的补贴幅度意味着柬埔寨企业 每出口一美元光伏产品，柬埔寨政府都要补贴该企业三十四美元。这个补贴力度不仅柬埔寨政府做不 到，即使是像美国这样财大气粗、随便印美钞的国家也不可能有这个财政能力，以这 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 国补下 24Q4 较好表现，期待 25Q2 恢复增长 [Table_Title2] 老板电器(002508) [Table_Summary] 事件概述 公司发布 24 年年报&25 年一季报： 24 年：营业总收入 112.13 亿元（YOY+0.10%），归母净利润 15.77 亿元（YOY-8.97%），扣非后归母净利润 14.56 亿元 （YOY-8.08%）。 24Q4：营业总收入 38.17 亿元（YOY+16.78%），归母净利润 3.75 亿元 （ YOY+4.28% ）， 扣非 后 归母 净 利润 3.81 亿 元 （YOY+26.93%）。 [Table_Author] 分析师：纪向阳 邮箱：jixy1@hx168.com.cn SAC NO：S1120525020004 联系电话： 25Q1：营业总收入 20.76 亿元（YOY-7.20%），归母净利润 3.40 亿元（YOY-14.66%），扣非后归母净利润 3.14 亿元（YOY- 11.13%）。 分析判断 收入端：国 ...

Revenue Performance - In 2024, the company achieved revenue of 2.358 billion yuan, a year-on-year increase of 8%, while net profit attributable to shareholders decreased by 17% to 181 million yuan, and net profit excluding non-recurring items fell by 20% to 160 million yuan [1] - For Q4 2024, the company reported revenue of 648 million yuan, with a year-on-year increase of 2%, and net profit attributable to shareholders increased by 28% to 55 million yuan, while net profit excluding non-recurring items rose by 26% to 47 million yuan [1] - In Q1 2025, revenue dropped to 412 million yuan, a year-on-year decline of 21%, with net profit attributable to shareholders falling by 63% to 21 million yuan, and net profit excluding non-recurring items decreasing by 67% to 18 million yuan [2] Market Dynamics - The decline in Q1 2025 revenue is primarily attributed to disruptions in subsidy schedules, with a significant impact observed in January and February, although sales showed signs of recovery in March [3] - The overall performance of the company is better than the industry average, with the online retail market for smart toilets in China expected to decline by 18.6% in 2024, with retail volume down by 18.0% [3] - The company's product segments showed varied performance in 2024, with water tanks and accessories growing by 2.93%, smart toilets and covers by 13.37%, while same-layer drainage systems decreased by 13.54% [3] Profitability Analysis - In Q1 2025, the gross margin slightly increased by 0.3 percentage points to 24.7%, while the net profit margin decreased by 6.0 percentage points to 5.2% [4] - The company maintains a stable R&D investment of around 4%, with 1,940 patents held as of December 31, 2024, including 181 invention patents [4] - The company is recognized as one of the four bathroom enterprises with the title of "National Industrial Design Center," indicating strong R&D and manufacturing capabilities [4] Growth Prospects - The company is expected to achieve good revenue growth in 2025, driven by its dual strategy of "own brand + OEM," with domestic brand sales transitioning from e-commerce to offline channels [5] - The domestic market is anticipated to benefit from government subsidies, leading to a favorable growth trend for the company's own brand [5] - The company is expected to maintain rapid growth in overseas markets, particularly in the Middle East and Europe, despite potential challenges from U.S. tariffs affecting shipments [5] Profit Forecast - The company is projected to achieve net profits of 200 million yuan, 230 million yuan, and 280 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14, 12, and 10 [6]

Investment Rating - The investment rating for the company is "Hold" [1][6]. Core Views - The company is expected to benefit from the upcoming national subsidy policies, which are anticipated to stimulate consumer demand and support sales growth in the smart mattress sector [5][6]. - The company has established a strong product matrix centered around smart mattresses, indicating a positive growth outlook in this segment [5][6]. Financial Performance Summary - In 2024, the company achieved revenue of 5.60 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 770 million yuan, a decrease of 4.4% year-on-year [5]. - For Q1 2025, the company reported revenue of 1.12 billion yuan, down 6.7% year-on-year, and a net profit of 120 million yuan, down 16.4% year-on-year [5]. - The overall gross margin for 2024 was 50.1%, with a slight decrease of 0.2 percentage points year-on-year [5]. Product and Sales Channel Analysis - The company’s main product categories, including mattresses, bed frames, and sofas, showed stable sales growth, with mattress sales increasing by 5.1% year-on-year [5]. - The company is focusing on upgrading offline stores and expanding online channels, with significant growth in e-commerce sales [5]. - The company has established a diversified sales network covering both domestic and international markets, with a notable increase in overseas sales [5]. Earnings Forecast and Investment Recommendations - The earnings per share (EPS) for 2025-2027 are projected to be 1.99 yuan, 2.10 yuan, and 2.27 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 [7][8]. - The company is expected to maintain a stable growth trajectory, driven by its strong brand and product capabilities, alongside the anticipated recovery in downstream demand due to national subsidy policies [6][8].