Core Insights - Yonghui Supermarket is set to reopen its Xinmi Zhongqiang Guangnian store after adjustments, marking its eighth store in Henan under the "Pang Donglai" assistance program [1] - The store's product structure has been revamped to meet 80% of Pang Donglai standards, with a significant increase in fresh food offerings [1][2] - The adjustment reflects a broader trend of increasing consumer interest in county-level markets, prompting Yonghui to continue expanding in these areas [2][3] Group 1 - The Xinmi Zhongqiang Guangnian store has optimized its product offerings, removing 8,136 items and adding 5,036 new products, resulting in a new product addition rate of over 55.2% [1] - The proportion of imported goods has risen to 16%, and the share of fresh food has increased from 5% to 20%, creating a "fresh + food + daily necessities" product mix [1] - The store features a dedicated area for Pang Donglai brand products, offering over 40 popular items, including affordable quality essentials [1] Group 2 - The store has enhanced customer experience through service upgrades, such as offering various meat preparation services and providing conveniences like magnifying glasses and wet hand tools [2] - Employee engagement has been boosted through salary reforms, with an average salary increase of 64% for frontline staff and additional benefits like paid leave and free meals [2] - The county market's consumption capacity is gaining attention from various retail brands, with Yonghui planning further adjustments in multiple county-level stores [2][3] Group 3 - National retail sales in urban areas reached 42.12 trillion yuan, growing by 3.4%, while rural retail sales hit 6.67 trillion yuan, increasing by 4.3% [3] - The slower pace of life in county markets leads consumers to prefer in-store shopping, focusing on product quality, price, and service, which presents growth opportunities for quality supermarkets [3] - With the opening of the Xinmi store, Yonghui's total number of adjusted stores will rise to 70, with expectations to reach 124 by the end of June [3]

| | 车、奇瑞汽车、吉利汽车等品牌的供应商，2024 年度由于下 | | --- | --- | | | 游客户车型销量增长，带动汽车内饰皮革销量增加，2024 年 | | | 度宏兴汽车收入 7.27 亿元，同比增长 19.8%。后续子公司宏 | | | 兴汽车皮革，将持续深化市场战略布局，精准对接品牌汽车 | | | 的供应链需求，拓展新的客户，同时争取原有客户的新车型 | | | 定点。 | | | Q：2025 年一季度公司外销业务是否保持增长？ | | | 尊敬的投资者，2025 年一季度公司外销收入保持增长， | | | 实现外销收入约 1 亿元，对比上年同期增长 315%。 | | 附 件 清 单 （ 如 | | | 有） | | | 日期 | | 证券代码：002674 证券简称：兴业科技 兴业皮革科技股份有限公司 投资者关系活动记录表 编号：2025-003 投 资 者 关 系 活 动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话交流会 参 与 单 位 名 称 及人员姓名 兴业科技 2024 年度业绩说明会采用网络远程方式进行，面 ...

证券代码：301246 证券简称：宏源药业 续领先；（2）绿色合规升级：持续推动生产基地低碳化运营，满 足高标准法规要求；（3）高端市场协同：深化与高端制剂客户的 战略合作，持续提升高端市场份额。感谢您的关注！ 2.公司2024年度六氟磷酸锂出货量多少？ 答:您好，2024年，公司六氟磷酸锂出货量约1万吨左右，创历 史新高。感谢您的关注！ 3.请问公司是否有有效的风险对冲机制或采购策略，以降低原 材料价格波动的影响？ 答:您好，公司在生产经营过程始终关注原材料价格波动及产 品价格下滑的风险，根据市场行情、库存情况、生产装置运行状况 等因素，及时调整采购计划，与供应商保持紧密合作，以确保原材 料供应的稳定和成本的可控。感谢您的关注！ 4.请问公司能否详细说明业绩下滑的具体原因，是市场需求不 足、成本上升，还是其他因素？ 答:您好，2024年度经营业绩较去年同期大幅下降，主要受六 氟磷酸锂和甲硝唑业务影响。报告期内，锂电池材料行业竞争加 剧，六氟磷酸锂销售价格持续在低位徘徊，虽然公司六氟磷酸锂产 销规模保持增长，但产品售价同比大幅下降，导致公司盈利能力降 低。此外，由于参股公司湖北中蓝宏源新能源材料有限公司主要产 ...

2024年行业总产量保持全球第一，但消费端呈现"量稳质升"趋势，华润、青岛、百威、燕京、嘉士伯五大集团占据超过70%的市场份额，形成垄断竞争格 局。 而区域性啤酒品牌面临巨头挤压，生存空间进一步收窄。而福建省燕京惠泉啤酒股份有限公司（下述简称"惠泉啤酒"）2024年，啤酒业务的占比还未达到 50%。 利息收入及投资收益占比高达57% 近期，惠泉啤酒发布了2024年年度报告。财报显示，2024年惠泉啤酒的营业收入在6.47亿元左右，同比大致增长5.44%；归属于上市公司股东的净利润（下 述简称"净利润"）在6483万元左右，同比大致增长33.58%。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年 | 202 | | --- | --- | --- | --- | --- | | | | | 同期增减(%) | | | 营业收入 | 647.063.604.88 | 613.653.110.58 | 5.44 | 613.41 | | 归属于上市公司股东的净利润 | 64.830.194.19 | 48,533,680.86 | 33.58 | 39.84 | | 归属于上市公司股东的扣除非 ...

证券代码：301122 证券简称：采纳股份 采纳科技股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活 动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐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 及人员姓名 线上参与公司2024年度业绩说明会的投资者 时间 2025年04月30日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待 人员姓名 董事长兼总经理：陆军先生 董事会秘书：陆维炜先生 财务负责人：查凌云女士 独立董事：刘斌先生 保荐代表人：钟祝可先生 投资者关系活 动主要内容介 绍 1.根据2024年第三季度报告，采纳股份主营收入同比下降16.14%，归 母净利润下滑38.02%，扣非净利润降幅更高达44.09%，请问2025年有什么 措施保持财务健康度与盈利能力的持续性？ 答:尊敬的投资者，您好！公司2024年度归母净利润同比下降，主要系 本期受美国FDA进口警示影响，部分产品销售不及预期，同时针对受到进口 警示影响的部分存货、应收款项等项目计提了相应的减值准备 ...

股票代码：002270 股票简称：华明装备 华明电力装备股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他 电话会议 | | | Allianz Global Investors：Kevin You、Christina | | | Chung；Amiral Gestion：Gabriel Kuah；Fidelity：Bunny | | | Huang；Fullerton Fund Management：Xingjian Liang； | | | Grand Alliance AM：Matthew Dong；Hel Ved Capital： | | | Marshall Yang；Manulife Asset Management：Emily | | | Liao；Millennium Capital：Yang Bai；Overlook | | | Investments：Jason Lin；Pictet Asset Ma ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating a positive trend in product strength and consumer recognition [1][4]. Financial Performance - In Q1 2025, the company achieved revenue of 2.252 billion yuan, a year-on-year increase of 25.36%, and a net profit attributable to shareholders of 189 million yuan, up 44.38% year-on-year [1]. - The company's net profit for 2024 was 194 million yuan, reflecting a decline of 41.91% year-on-year, while the adjusted net profit was 187 million yuan, down 38.72% year-on-year [1]. - The comprehensive gross margin for Q1 2025 was 22.93%, a decrease of 1.99 percentage points compared to the previous year [1]. Expense Management - The company's expense ratio for Q1 2025 was 11.48%, down 3.09 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and finance being 8.76%, 1.30%, 1.03%, and 0.39% respectively [2]. - In 2024, the overall expense ratio was 15.29%, which also saw a year-on-year decline of 2.47 percentage points [2]. Product and Channel Development - The company is focusing on enhancing product design and has launched several new series, including collaborations with well-known IPs like Doraemon and Crayon Shin-chan to attract younger consumers [3]. - In 2024, the total number of "CHJ潮宏基" jewelry stores increased by 129, reaching 1,505 stores, with 1,268 being franchise stores [3]. - The company has expanded into overseas markets, opening stores in Malaysia and Thailand in 2024 [3]. Profit Forecast - The company has raised its profit forecast, increasing the expected net profit for 2025 and 2026 by 1% and 2% to 441 million yuan and 502 million yuan respectively, and has added a forecast for 2027 of 544 million yuan [4]. - The company continues to expand its product matrix, enhance product design, and optimize channel structure, maintaining a "buy" rating [4].

Core Viewpoint - ST Yushun has adjusted its business structure by reducing the production and sales of low-margin LCD screens and modules, while increasing the proportion of high-margin touch display modules, which accounted for 48.56% of revenue in 2024 [1] Financial Performance - In 2024, the company achieved total operating revenue of 220.28 million yuan, a year-on-year increase of 41.94% [3] - The net loss attributable to shareholders was 17.57 million yuan, a significant decrease of 1922.33% compared to the previous year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 21.43 million yuan, down 15.97% year-on-year [1] - The net cash flow from operating activities was -40.12 million yuan, a decline of 446.38% compared to the previous year [1] - Basic and diluted earnings per share were both -0.0627 yuan, a decrease of 1944.12% year-on-year [1] Asset and Equity Position - As of the end of 2024, total assets amounted to 448.66 million yuan, an increase of 41.88% from the end of 2023 [1] - Equity attributable to shareholders was 230.66 million yuan, a decrease of 6.97% compared to the end of 2023 [1] Business Strategy and Developments - The company acquired 75% of Shanghai Fubang Industrial for 74.25 million yuan to expand into the instrument and safety emergency equipment sectors, which generated a net profit of 7.24 million yuan in the first half of 2024, but did not reverse the overall loss situation [1] - Fubang Industrial has improved customer satisfaction through market research and enhanced brand awareness by strengthening partnerships and optimizing sales strategies [2] - In the first quarter of 2025, ST Yushun reported operating revenue of 45.73 million yuan, a significant year-on-year increase of 93.73%, and a net profit of 1.14 million yuan, marking a turnaround with a growth of 112.7% [2] Future Outlook - For 2025, ST Yushun plans to continue consolidating existing businesses while developing customers that align with its strategies, products, and resources, aiming to increase profit margins and achieve revenue goals [4]

上海永冠众诚新材料科技（集团）股份有限公司（简称"永冠新材"）近日发布2024年年度报告。报告期 内，公司在复杂的宏观环境下，通过战略前瞻性与经营韧性双轮驱动发展，实现了营业收入和净利润的 增长，但经营活动产生的现金流量净额有所下滑。以下是对该公司年报的详细解读。 关键财务指标分析 营业收入：稳步增长，市场拓展成效显著 2024年，永冠新材实现营业收入6,204,993,661.51元，较2023年的5,456,563,528.74元增长了13.72%。这 一增长主要得益于公司销售规模的扩大。从业务板块来看，民用消费级胶粘新材料实现收入31.10亿 元，同比增长7.23%，占公司主营业务的50.66%；工业级胶粘新材料收入12.69亿元，同比增长18.22%， 占比20.67%；可降解新材料收入15.41亿元，同比增长15.36%，占比24.93%；车规级胶膜新材料收入 2.19亿元，同比增长108.31%，占比3.57%。各业务板块的增长表明公司产品市场需求良好，市场拓展战 略取得了一定成效。 净利润：大幅增长，盈利能力提升 归属于上市公司股东的净利润为163,286,339.70元，相较于2023年的82 ...

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 2025 | 年 | 04 | 月 | 29 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 5.54 | | | 一 年 内 最 低 | 最 | 高 | / | | | | 7.23/4.95 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | ...