"聚焦主责主业，探索更加契合城市商业银行发展规律的经营 模式，坚持走'想明白的路'。"成都银行董事长王晖在年报致 辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以 专注、创新与勤勉，在周期跌宕中铸就'成行信念'"……这些 或可一窥成都银行绩优的"密码"。 作者：程诚 封图：图片资料室 年报季临近尾声，各家城商行2024年年报陆续出炉。作为中西部规模、业绩领先的城商行，成都 银行(601838.SH) 再次凸显绩优股底色。该行4月28日晚披露的年报显示，至2024年末该行资产总 额突破1.25万亿元，全年营收、净利润均保持较快速度增长。 2024年，商业银行面临净息差收窄趋势，资产质量承压，外部环境变化亦带来多重挑战。在此背 景下，成都银行主动融入战略大局，在服务区域经济发展中发挥自身优势，在延续近年来高质量增 长的同时，不良贷款率九年连降至0.66%，资产质量保持行业优等。 "聚焦主责主业，探索更加契合城市商业银行发展规律的经营模式，坚持走'想明白的路'。"成都银 行董事长王晖在年报致辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以专注、创新与 勤勉，在周期跌宕中铸就'成行信念'"……这些或可 ...

Core Viewpoint - Chengdu Bank demonstrates strong performance as a leading city commercial bank in the central and western regions of China, with significant growth in total assets, revenue, and net profit for 2024, despite challenges in the banking sector [1][2]. Financial Performance - As of the end of 2024, Chengdu Bank's total assets reached 1.25 trillion yuan, an increase of 158.9 billion yuan, or 14.56%, compared to the beginning of the year [2] - The bank's operating income for 2024 was 22.982 billion yuan, a year-on-year increase of 5.89%, while net profit attributable to shareholders was 12.858 billion yuan, up 10.17% [2] - The bank's non-performing loan ratio decreased to 0.66%, maintaining a leading position in the industry [3] Strategic Focus - Chengdu Bank emphasizes quality and efficiency, risk and return coordination, and dynamic balance between total volume and structure in its operations [2] - The bank is committed to reducing internal competition and focusing on innovation and diligence to enhance value creation [1] Transformation Initiatives - The bank is pursuing three major transformations: large retail, digitalization, and precision management, to adapt to changes in the banking environment [4][5][6] - In large retail, the bank expanded its customer base to over 10 million and achieved a record increase in savings deposits [4] - Digital transformation efforts include the implementation of a management platform and automation tools to enhance operational efficiency [5] - Precision management focuses on industry research to improve marketing and risk control, leading to better business quality [6] Regional Economic Integration - Chengdu Bank integrates its development with national strategies, focusing on the Chengdu-Chongqing economic circle and supporting key projects in urban construction and major industries [7][8] - The bank has provided financing for significant projects in various sectors, including intelligent manufacturing and biotechnology [7] Cross-Border Financial Services - The bank supports cross-border financial services, enhancing the efficiency of enterprises' capital turnover and promoting international business capabilities [8][9] - As of the end of 2024, the bank's "Free Trade通" financial service has supported 101 enterprises in cross-border transactions totaling 569 million USD [9]

Group 1: Market Overview - The top three pet food brands based on comprehensive popularity are Royal Canin, Maifudi, and Blue, with scores of 1.89, 1.77, and 1.64 respectively, indicating a significant lead over other brands [1] - Maifudi achieved a total GMV of 324 million yuan across major platforms in January-February 2025, marking a year-on-year growth of 34.29% [2] - The overall trend in the pet food market is shifting towards high-end products and functional offerings, driven by consumer demand for better quality and health management for pets [2] Group 2: Brand Strategies - Maifudi has launched a new high-end sub-brand, emphasizing maternal-level nutritional standards, while Blue focuses on high-end natural ingredients and scientific formulas [2] - Emerging brands like Kairisi are targeting specific health needs with customized pet food, while brands like Chengshi Yikou and Freigat emphasize natural ingredients and transparency to attract younger pet owners [2] - Brands are increasingly utilizing technology and precise marketing to transition pet care from basic feeding to refined health management [2] Group 3: Consumer Trends - The pet product market is evolving from a focus on functionality to emotional companionship, with brands like Xiaopei and Homan introducing smart and personalized products [3] - Xiaopei's "smart ecological circle" includes AI-driven litter boxes that help monitor pet health, catering to urban consumers' needs for efficient pet care [3] - The core consumer demand is shifting towards creating a sense of ritual and enhancing the quality of life for pets, leading to a willingness to pay premium prices for high-value products [3]

以下文章来源于中国企业家杂志 ，作者李欣 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 所有潜在的决策失误，对创业者来说，最终都会转变为必须承受的代价。 那是3月19日凌晨4点，一位茶话弄的老加盟商，给黄靖松的微信发了一段很长的话。他写道：从去年 开始，随着茶话弄的门店体量越来越大，自己似乎看不清楚这个品牌到底要怎么发展了。在管理层最应 该关注的门店经营细节方面，甚至不如2020年做得用心，感觉公司做决策的人离门店一线越来越远 了。 当天早上7点，茶话弄创始人黄靖松看到了这条微信，宛若当头棒喝。他将这条微信转发给了所有管理 层，并决定在内部召开一场会议，重点解决这封信中所提出的问题。 图片来源：微博@ 茶话弄ChaHuaNong 西安因拥有完整的古城墙，又被称为"四方城"。在西安土生土长起来的茶话弄，无论产品风格，还是创 始人性格，都受这座城市影响。 在一位接近茶话弄的人眼中，黄靖松做事跟这四方城一样四平八稳，性格也很温和，并没有太多棱角。 而结合西安十三朝古都的特点，黄靖松将茶文化与汉唐的国风文化关联起来，使"国风"成为茶话弄的一 大标签。 2023年年初，在消费强复苏的带动下，茶话弄以每月新开100 ...

Core Viewpoint - Zhangjiajie Lotus International Airport has introduced five innovative service measures to enhance passenger travel experience during the peak travel period of the May Day holiday, ensuring a worry-free journey from check-in to boarding [1][9]. Group 1: Efficient Check-in Services - The airport has established a "No Checked Baggage Counter" at the B check-in island, allowing travelers without checked luggage to complete check-in quickly, promoting an "arrive and go" efficient travel experience [1]. - The "Le Xiang Yong" service platform enables travel agencies and tour guides to pre-book team check-in services, allowing them to skip queues and receive boarding passes in advance. Since the start of the flight season, 237 teams and 4,019 passengers have benefited from this service [3]. Group 2: Streamlined Security Checks - To improve efficiency during peak times, the airport has increased early morning staff and opened additional security check channels 30 minutes earlier. A pre-check area for luggage has also been established to assist passengers in ensuring compliance with carry-on regulations [5][6]. - Special assistance is provided for travelers with large luggage, mobility issues, and vulnerable groups such as the elderly, children, and pregnant women, with dedicated personnel to help with luggage retrieval and priority boarding [5]. Group 3: Volunteer Services - A volunteer service team composed of party members and youth league members is actively providing assistance in key areas such as check-in halls, security checkpoints, and boarding areas, offering help with travel procedures, route guidance, inquiries, and maintaining order [8]. - During peak times, the team enhances crowd management to reduce waiting times, embodying the concept of "service with warmth" [8].

Core Insights - The article highlights the innovative measures taken by local governments in lesser-known cities to accommodate the surge of tourists during the "May Day" holiday, particularly in Chongqing's Rongchang District and Enshi Prefecture in Hubei Province [1][4]. Group 1: Government Initiatives - Chongqing's Rongchang District opened government canteens and parking lots to tourists, receiving widespread praise from visitors and netizens [1]. - In Enshi Prefecture, a tourist family was accommodated in the home of the local tourism bureau director due to a lack of available hotel rooms, showcasing a unique approach to hospitality [2][4]. Group 2: Challenges and Responses - The influx of tourists during the holiday led to significant challenges in accommodation and services, with Enshi County experiencing a 76.64% increase in visitor numbers compared to the previous year, hosting 650,000 tourists over three days [4]. - The local tourism bureau director coordinated emergency measures, including the establishment of 100 temporary beds in a sports hall, to address the accommodation crisis [5]. Group 3: Long-term Considerations - The article emphasizes the need for better planning and resource allocation by local governments to manage tourist flows effectively, suggesting that cities should enhance their infrastructure and service capabilities to sustain tourism growth [6]. - It also points out that while immediate solutions like opening private homes can be effective, they should not replace systematic planning and management for future tourist seasons [4][6].

[Table_Title] 证券研究报告 / 公司点评报告 预调酒短期承压，烈酒业务有望突破 事件： [Table_Summary] 公司于 2025 年 4 月 28 日发布 2024 年年度报告与 2025 年一季度报告。 2024 年实现营业收入 30.48 亿元，同比下降 6.61%；归母净利润 7.19 亿 元，同比下降 11.15%。2025 年一季度实现营业收入 7.37 亿元，同比下 降 8.11%；归母净利润 1.81 亿元，同比增长 7.03%，2025Q1 利润增长好 于收入增长。 点评： 2024 年经营承压。分产品来看，预调鸡尾酒业务 2024 全年实现营业收 入 26.77 亿元，同比下降 7.17%，产品结构上移叠加原材料成本下降，毛 利率同比提升 2.42%。食用香精业务全年实现营收 3.37 亿元，同比增长 6.30%，增长较为稳定，毛利率同比提升 1.48%。分区域来看，华东/华南 /华北/华西地区营收分别为 10.15/9.3/5.56/5.13 亿元，分别同比- 6.84%/0.41%/-7.29%/-12.37%，华西地区下滑较为明显。受产品生命周期 影响，鸡尾酒产品 ...

Core Viewpoint - The article highlights how the brand Caustine is leveraging offline events and experiential marketing to break through the challenges of the personal care industry, particularly in a time of intense online competition. Group 1: Event and Consumer Engagement - Caustine's recent event in Wuhan featured a floral-themed experience, including a 3-meter tall giant floral perfume bottle, creating a visually stunning environment that attracted significant consumer interest [4] - Interactive elements, such as the petal shower gel area where consumers could retrieve customized fragrance cards, helped establish a psychological connection with the brand [4] - The event saw multiple best-selling products sell out, indicating a strong consumer response and engagement [4] Group 2: Strategic Offline Growth - The brand is focusing on offline channels as critical touchpoints for brand and product display, aiming to enhance emotional connections with consumers [6] - From April to May, Caustine plans extensive advertising across various platforms in Wuhan, including elevator TVs and movie screens, to build brand awareness [6] - The strategy includes a combination of high-frequency exposure and local events to maximize the effectiveness of marketing efforts [6] Group 3: Nationwide Expansion Plans - Wuhan serves as a starting point for Caustine's nationwide roadshow, which will include a "thousand cities, ten thousand stores" initiative to empower local distributors with standardized tools [8] - The brand aims to address challenges in physical retail, such as low foot traffic and conversion rates, through a comprehensive strategy that includes various promotional activities and knowledge-sharing platforms [8] Group 4: Product Strategy and Innovation - Caustine's flagship product, the petal shower gel, has undergone five generations of upgrades, utilizing innovative 5D fragrance technology to enhance its appeal [9] - The brand has received recognition as the creator of the petal shower gel and holds the title for global sales leader in this category, showcasing the success of its product strategy [9] - The company is also developing customized products for specific channels, ensuring alignment with market demands and enhancing collaborative growth [10]

Core Insights - The express delivery industry in China has achieved comprehensive profitability for the first time, driven by the growth in e-commerce returns, automation technologies, and improved management practices [2][6][8] Business Growth - In 2024, the average daily business volume in the express delivery industry reached nearly 500 million packages, with major players like YTO, Yunda, Shentong, and Jitu exceeding the industry average growth rate of 21% [3][4] - The market share of Zhongtong remains the highest, but the gap with YTO is narrowing, while only Shentong saw an increase in market share compared to 2023 [3] - Reverse logistics and scattered orders have become significant growth sources for express companies, with Jitu reporting an 80% year-on-year increase in reverse and scattered orders [3][4] - Shentong's large customer business grew by 260% in 2024, driven by customized solutions for over 20 industries [4][5] Profit Growth - All eight major listed express companies achieved profitability in 2024, with SF Express reporting a net profit of 10.17 billion yuan, the highest since its A-share listing [6][7] - JD Logistics and Shentong experienced significant profit growth, with JD Logistics' net profit increasing by 507.2% year-on-year to 7.088 billion yuan [6][7] - Jitu achieved a net profit of 1.1 million USD, marking its first overall profitability, attributed to refined management and technology applications [7] Industry Transformation - The express delivery sector is undergoing a transformation from labor-intensive to technology-driven operations, with companies like Shentong and Debang reducing employee numbers while increasing efficiency through automation [8][9][10] - SF Express reduced its workforce from 153,125 to 147,189, while increasing average annual salary by 7.4% to 217,000 yuan [8] - Yunda and Debang also reported reductions in employee numbers, with Yunda's workforce decreasing to below 10,000 for the first time [9][10]

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 事件： 天味食品发布2025年一季报，实现营收6.42亿元，同比-24.80%；归母净利润0.75亿元，同比-57.53%；扣 非归母净利润0.51亿元，同比-65.41%。24Q4+25Q1合并看，公司营收/归母净利润分别同 比-0.8%/-14.5%。 点评： 点击注册小程序 查看完整报告 特别申明： 盈利能力有所下滑，期间费用率提升明显 25Q1公司毛利率为40.74%，同比-3.32pcts。25Q1公司期间费用率为30.39%，同比+7.51pcts，其中销售费 用率/管理费用率分别为22.26%/7.06%，分别同比+5.24/+1.99pcts。销售费用率同比增幅较高，主要系营收 规模效应减弱，以及公司加大市场方面的投入。受毛利率下滑和费用率上升的双重挤 ...