Financial Performance and Recovery Strategy - The company has experienced three consecutive years of losses primarily due to unexpected factors and intensified industry competition, leading to a decline in main business revenue and fixed costs impacting profits [2] - In 2025, the company aims to achieve profitability by focusing on individual soldier and police protective products while expanding e-commerce channels and enhancing internal control mechanisms [2][3] Business Growth and Market Expansion - The company plans to increase investment in group purchasing and e-commerce channels while strategically reducing offline channels and closing unprofitable stores to enhance profitability [3] - As of the end of 2024, the company operates 34 direct and agency stores, with plans to maintain this number while exploring community and pop-up store models after market research [3] Cost Control Measures - The company is implementing refined cost control mechanisms and enhancing accounts receivable management to improve cash flow and operational efficiency [3][4] Revenue Contribution from Subsidiaries - In 2024, the revenue contribution from the subsidiary Chaoki Technology was 18.11%, while Yudao Technology contributed 17.88% to the company's total revenue [4] Future Growth Potential - The company anticipates growth potential driven by increasing consumer spending, government support for domestic brands, and stable growth in national defense spending, which will benefit the military and police equipment market [3][4] International Expansion Plans - The company is actively exploring foreign trade markets and has established a dedicated export team to capitalize on opportunities arising from global geopolitical tensions [4]

丨证券研究报告丨 公司研究丨点评报告丨春秋航空（601021.SH） [Table_Title] 收益韧性凸显，Q1 经营利润逆势增加 报告要点 [Table_Summary] 春秋航空披露 2024 年年报与 2025 年一季报，2024 年全年公司实现营业收入 200 亿元，同比 增加 11.5%，实现归属净利润 22.7 亿元，同比增加 0.7%，其中 2024Q4 公司实现营业收入 40.23 亿元，同比增加 4.9%，实现归属净利润-3.3 亿元，同比减亏 0.9 亿元。2025Q1 公司实 现营业收入 53.2 亿元，同比增加 2.9%，实现利润总额 8.9 亿元，同比增加 0.5%，实现归属净 利润 6.8 亿元，同比下滑 16.4%，主要由于 2024Q1 公司有税盾影响未全额确认所得税，导致 税后利润波动较大。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 research.95579.com 1 春秋航空（601021.SH） cjz ...

丨证券研究报告丨 公司研究丨点评报告丨温氏股份（300498.SZ） [Table_Title] 温氏股份 2024 年年报和 2025 年一季报点评： 成本优化驱动盈利反转，猪鸡双板块增长强劲 报告要点 [Table_Summary] 公司 2024 年实现营收 1049.24 亿元，同比增长 16.68%，现归属净利润 92.30 亿元，扣非后净 利润 95.73 亿元，同比均扭亏为盈；2025 年一季度实现营收 243.31 亿元，同比增长 11.37%， 实现归属净利润 20.01 亿元，同比扭亏为盈，是近四年来公司首次实现一季度盈利。我们看好 公司作为猪鸡养殖龙头企业，凭借行业领先的成本管控优势和稳健的产能释放，持续实现盈利 增长。我们预计 2025 年和 2026 年公司实现归母净利润 100 亿元、50 亿元，重点推荐。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 SAC：S0490513080003 SAC：S0490519060003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 温氏股份（300498. ...

Q&A 能否介绍一下兖矿能源在 2025 年第一季度的经营情况，以及 2025 年第二季 度的初步经营情况？ 兖矿能源在 2025 年第一季度取得了显著成绩。煤炭产量达到 3,680 万吨，同 比增加 271 万吨，完成了年初的产量规划。此外，化工产品产量为 214 万吨， 同比增加 25 万吨。由于原材料价格较低且市场状况良好，化工板块增盈 4.4 亿元。一季度营业收入为 303 亿元，同比减少 23.5%，主要受煤炭价格影响。 归母净利润为 27.1 亿元，同比减少 27.9%，同样受到煤炭市场价格波动影响。 • 各区域成本差异显著，新疆能化成本最低（82 元/吨），但运输难度影响 创效；陕蒙区域成本相对较低（100-200 元/吨）；山东公司本部和鲁西 矿业成本较高（约 400 元/吨）；菏泽能化成本最高（861 元/吨）；澳洲 资产成本接近 500 元/吨。 • 公司预计 2025 年煤炭产量将显著增长，目标为 1.55~1.61 亿吨，加上 西北矿业的 3,000 万吨，总产量预计达 1.8~1.9 亿吨。增产主要来自陕 蒙、新疆和澳洲现有矿井，以及万福煤矿和五彩湾 3 号、4 号露天矿的投 产。 ...

在业绩说明会中，吉祥航空董事长王均金告诉投资者，公司将坚持双品牌、双模式及双枢纽运行的发展 战略。"目前，公司正按计划推进国际化战略，吉祥航空已开通上海至雅典、曼彻斯特、悉尼、墨尔 本、布鲁塞尔等洲际航线，并将持续拓展欧洲及大洋洲市场。"王均金在业绩说明会中对投资者介绍。 5月7日，上海吉祥航空股份有限公司（以下简称"吉祥航空"）召开业绩说明会，多位高管就投资者关心 的航线开发、品牌战略、市场布局等热点问题进行了解答。 "国内市场方面，公司会持续优化航线结构质量，满足旅客的出行需求；国际市场方面，公司会持续推 进中转枢纽网络的构建与深化，积极主动地强化与合作各方的交流对接，进一步提升公司在浦东机场的 洲际航线连通能力以及在全球范围内的辐射影响力。"吉祥航空董事长助理兼董事会秘书徐骏民在回答 《证券日报》记者提问时说。 吉祥航空2024年的年报显示，报告期内，吉祥航空航班总量快速恢复，运行总量稳中有升，其中国际航 班全年执行超2万班，同比2023年增长90%，较2019年恢复119%，在飞国际（地区）航点26个。区域布 局呈现三大突破：亚洲方向巩固日本市场（航班量居行业前列），首次开通印尼、马来西亚等东南亚4 ...

Group 1 - The core viewpoint of the news is that Kemin Foods reported significant growth in sales and net profit for the first quarter of 2025, indicating a positive trend in their financial performance [1] - Kemin Foods' soft noodle revenue exceeded 20 million yuan in Q1 2025, representing a year-on-year increase of over 70% [1] - The company achieved a net profit growth of over 100% year-on-year in Q1 2025, attributed to product structure optimization and cost control [1] Group 2 - Approximately 70% of Kemin Foods' end consumers are female [2] - The consumer demographic for traditional noodle products is primarily aged between 40 and 70 years [2] - Kemin Foods targets the young male consumer group for its Wugu Daochang brand through precise marketing on platforms like JD.com, emphasizing non-fried, healthy noodles [2] - Wugu Daochang products are available in major retail chains and convenience stores, including Walmart, Yonghui, and others [2] - The company has not yet collaborated with game manufacturers but is open to exploring various promotional methods if suitable opportunities arise [2]

Core Viewpoint - Skechers has entered into an acquisition agreement with 3G Capital, which will purchase all outstanding shares at $63 per share, representing a 30% premium over the average stock price over the past 15 days. The deal is expected to close in Q3 2025, after which Skechers will become a privately held company [1][2]. Group 1: Acquisition Details - 3G Capital will acquire approximately 80% of the newly formed company post-acquisition [1]. - The acquisition has been approved by Skechers' board of directors [1]. - Following the acquisition, Skechers will be led by its current chairman and CEO Robert Greenberg, president Michael Greenberg, and COO David Weinberg [3]. Group 2: Company Performance - Skechers achieved a record global sales of $8.97 billion in 2024, with over 5,300 stores worldwide [4]. - Despite strong global performance, Skechers' sales in China have significantly slowed, with a 16% year-over-year decline in Q1 2025 [5]. - The Chinese market accounted for approximately 13.6% of Skechers' total revenue in 2024 [5]. Group 3: Financial Metrics - In Q1 2025, Skechers reported a 7.8% increase in wholesale sales, while average selling prices decreased by 1.3% [6]. - Direct-to-consumer (DTC) sales grew by 6.0%, with average selling prices down by 0.3% [6]. - The company's gross margin decreased by 50 basis points to 52.0%, and operating expenses rose by 12.1%, leading to an 11.3% decline in operating profit to $265 million [6]. Group 4: Future Outlook - The transition to private ownership raises questions about how Skechers will address its challenges in the Chinese market and optimize its global operations under 3G Capital's management [7].

Group 1: Company Performance - In Q1 2025, the revenue from soft elastic noodles exceeded 20 million yuan, with a year-on-year growth of over 70% [3] - The net profit for Q1 2025 increased by over 100% year-on-year, attributed to product structure optimization and cost control [4] - The company experienced a 13.54% year-on-year decline in revenue, yet achieved significant net profit growth [5] Group 2: Product Development and Market Strategy - The company plans to gradually release production capacity at the Jiaxing base, focusing on high-end noodles and instant products [2] - New product launches will include a refined range of mixed grain and customized series to meet market demands [3] - The company aims to expand its market presence in wholesale, catering, and snack retail channels in 2025 [5] Group 3: Consumer Insights and Marketing - Approximately 70% of the company's end consumers are female, with traditional noodle products primarily consumed by individuals aged 40 to 70 [4] - Targeted marketing efforts for the "Wheat Road" brand focus on young male consumers through precise online advertising [4] - The company has not yet collaborated with gaming companies but is open to exploring various promotional strategies [4] Group 4: Financial Management and Investor Relations - The company is committed to enhancing shareholder value through cash dividends, information disclosure, and investor relations management [3] - Suggestions for physical product dividends to shareholders will be communicated to management for consideration [3] - The company maintains a strong capacity to manage risks associated with raw material price fluctuations through diversified wheat procurement strategies [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates resilience in its operating performance and continues to provide high dividends [2] - The company is expected to achieve revenue growth driven by multiple projects, maintaining a "Buy" rating [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 236.3 billion yuan, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 7.044 billion yuan, up 2.0% year-on-year [4] - The company's cash flow from operating activities was 22.7 billion yuan, a decrease of 3.4% year-on-year [4] - The gross margin was 9.9%, down 1.4 percentage points year-on-year, while the net margin improved by 0.04 percentage points to 3.0% [4] Segment Performance - In 2024, revenue from refining products was 108.1 billion yuan, down 10% year-on-year, with a gross margin of 13.1% [4] - PTA revenue was 68.1 billion yuan, down 6% year-on-year, with a gross margin of 3.4% [4] - New materials revenue increased by 22% year-on-year to 41.8 billion yuan, with a gross margin of 14.1% [4] Future Projections - The company is projected to achieve revenues of 248.5 billion yuan in 2025, 264 billion yuan in 2026, and 276.3 billion yuan in 2027 [9] - Net profit is expected to reach 8.742 billion yuan in 2025, 9.735 billion yuan in 2026, and 11.540 billion yuan in 2027 [9] - The projected P/E ratios are 12 for 2025, 11 for 2026, and 9 for 2027 [9] Dividend Policy - The company plans to distribute a cash dividend of 0.45 yuan per share in 2024, totaling 3.168 billion yuan, with a payout ratio of 45% [7] - The focus will shift towards optimizing operations, reducing debt, and enhancing dividends following the peak of capital expenditures [7]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of China National Offshore Oil Corporation (CNOOC) [1][6] Core Views - CNOOC's oil and gas production continues to grow steadily, contributing to high-quality development [1] - The company achieved a total revenue of RMB 106.9 billion in Q1 2025, a year-on-year decrease of 4% but a quarter-on-quarter increase of 13% [6] - The net profit attributable to shareholders for Q1 2025 was RMB 36.6 billion, down 8% year-on-year but up 72% quarter-on-quarter [6] - The report highlights the successful launch of projects leading to increased oil and gas production, with a net production of 189 million barrels of oil equivalent in Q1 2025, a 5% increase year-on-year [6] - CNOOC's capital expenditure for Q1 2025 was RMB 27.71 billion, a decrease of 4.5% year-on-year, with a total budget of RMB 125-135 billion for the year [6] - The report emphasizes the company's strong cost control, with a barrel of oil cost of USD 27.03, down 2% year-on-year [6] - CNOOC is focused on shareholder returns, with an expected dividend payout of approximately RMB 62.3 billion for 2025, resulting in a dividend yield of 5.2% for A shares and 8.4% for H shares before tax [6] - The report projects net profits of RMB 138.4 billion, RMB 141.8 billion, and RMB 146.7 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios for A shares of 8.6, 8.4, and 8.1 [6] Financial Summary - Total revenue forecast for 2023A is RMB 416.609 billion, with a slight decline expected in 2025E to RMB 409.877 billion [1] - The net profit attributable to shareholders is projected to be RMB 138.391 billion in 2025E, showing a marginal increase from 2024A [1] - The earnings per share (EPS) is expected to be RMB 2.91 in 2025E, with a steady increase projected through 2027 [1] - The report indicates a decrease in capital expenditures and a focus on maintaining profitability through effective cost management [6][7]