Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1][7]. Core Views - The company is focusing on its core apparel business while exiting the real estate sector, which may lead to short-term revenue pressure. However, as consumer demand recovers, the benefits of its multi-brand strategy and upgraded channel structure are expected to materialize [1][6][7]. Summary by Sections Company Overview - Founded in 1979, the company has transitioned from a three-pillar model (apparel, real estate, and investment) to a focus on its core apparel business. The apparel segment has maintained a leading market share in men's shirts and suits for over 20 years. The company officially exited the real estate business in 2024 to optimize its investment structure [6][13]. Financial Performance - In 2024, the company reported total revenue of 141.88 billion CNY, with a net profit of 27.67 billion CNY. The apparel and real estate segments contributed 48% and 53% to total revenue, respectively. The net profit breakdown was 16% from apparel, 6% from real estate, and 80% from investments [6][16]. Apparel Business Strategy - The apparel segment generated revenue of 57.34 billion CNY in 2024, with a net profit of 4.31 billion CNY. The main brand, YOUNGOR, accounted for over 90% of revenue. The company has expanded its brand portfolio to include high-end outdoor and luxury children's wear, with significant growth in sub-brands [6][43][59]. Investment and Real Estate - The company has reduced its real estate activities, with no new projects since 2023, and aims to accelerate the sale of existing inventory. In 2024, real estate revenue was 74.71 billion CNY, with a net profit of 1.54 billion CNY. The investment segment has maintained net profits between 1.5 billion to 2.5 billion CNY in recent years, focusing on fashion industry investments [6][7][39]. Profit Forecast and Valuation - The company forecasts revenues of 137.74 billion CNY, 101.73 billion CNY, and 98.22 billion CNY for 2025, 2026, and 2027, respectively, with net profits of 30.10 billion CNY, 32.11 billion CNY, and 34.57 billion CNY. The current market capitalization corresponds to a PE ratio of 11.4X for 2025 and 10.6X for 2026 [7][8].

Core Viewpoint - Lakala is transferring 100% equity of three subsidiaries to optimize its asset structure and focus on core payment business, which is part of its strategic planning [1][4]. Group 1: Transaction Details - Lakala plans to transfer its 100% stake in Guangzhou Lakala Puhui Financing Guarantee Co., Ltd., Guangzhou Runxin Commercial Factoring Co., Ltd., and Tibet Hongcheng Technology Development Co., Ltd. to Guangzhou Zhongying Weirong Intelligent Technology Co., Ltd. and Tibet Kaola Jinke Network Technology Service Co., Ltd. [1] - The total transaction amount is expected to be 351 million yuan, which indicates that Lakala may "recycle" over 300 million yuan in funds [4]. Group 2: Financial Performance of Subsidiaries - As of 2024, the three subsidiaries are in a loss state, with a combined revenue of 71.73 million yuan and a net loss of 59.14 million yuan [4]. - The subsidiaries' total revenue accounts for only 1% of Lakala's total revenue as of May 31, 2025, indicating their limited impact on the overall financials of the parent company [4]. Group 3: Strategic Intentions - The transaction aims to reduce financial risk exposure and concentrate resources on the core payment business [4]. - This move may also be influenced by compliance requirements for Lakala's ongoing IPO process in Hong Kong, as financial guarantee and factoring businesses carry significant compliance risks [5]. Group 4: Industry Context - Other companies in the payment industry, such as UnionPay and Tianyi E-commerce, have also been divesting similar financial licenses to focus on their core operations [6][7]. - The payment industry is facing challenges, with Lakala's revenue declining by 13.01% year-on-year in Q1 2025, and net profit down by 51.71% [7].

Core Insights - Hema, once labeled as "China's Sam's Club," is evolving under new leadership, achieving profitability for nine consecutive months and a customer growth of over 50% [1][2] - The "Three Axes Reform" strategy implemented by the new leader, Yan Xiaolei, focuses on hardware upgrades and personalized service offerings, leading to a double-digit performance increase [1][2] - Hema's strategic shift includes a reduction in X membership stores and a focus on a dual-line strategy with Hema Fresh and Hema NB, targeting both high-end urban consumers and price-sensitive rural markets [1][2] Business Model and Market Position - Hema Fresh's unique business model combines fresh supermarket, dining, and online-offline integration, with online transactions contributing over 60% to its GMV [2] - Hema NB effectively reduces costs by managing excess inventory from Hema Fresh stores, appealing to price-sensitive consumers with lower-priced products [2][3] - The first town-level Hema store in Jiangsu sold 200 boxes of cherries in a single day, highlighting the strong demand for quality low-priced goods in lower-tier markets [2] Strategic Adjustments and Future Plans - Under Yan Xiaolei's leadership, Hema has restructured its organization and is committed to talent development and competitive compensation systems [2][5] - Hema plans to open nearly 100 new stores in the current fiscal year, expanding to over 500 locations, reflecting confidence in China's consumer market [5] - Hema's membership system has integrated with Alibaba's new membership framework, doubling its member base and enhancing its competitive position within Alibaba's ecosystem [7]

Core Insights - Hema, once labeled as "China's Sam's Club," is redefining its identity and achieving significant growth, with over 50% increase in customer numbers and consistent profitability for nine months [1][3] - The new leadership under Yan Xiaolei has implemented a "three-pronged reform" focusing on user value, development direction, and organizational structure [1][2] Group 1: Business Strategy - Hema's strategy includes a dual-line approach with Hema Fresh focusing on first and second-tier cities, while Hema NB targets lower-tier markets with discount stores [1][3] - The company has shifted its membership model, discontinuing Hema X membership stores, which represented only 2% of total stores, to streamline operations [5][7] Group 2: Market Positioning - Hema's unique "fresh supermarket + dining + online-offline integration" model maintains over 60% of its GMV from online transactions, appealing to price-sensitive consumers [2][3] - The expansion into lower-tier cities has been successful, with Hema replacing traditional supermarkets like Yonghui and Walmart, capitalizing on the demand for affordable quality products [3][5] Group 3: Organizational Changes - Significant organizational restructuring has occurred under Yan Xiaolei, moving away from the previous management structure to enhance operational efficiency [2][5] - The company is committed to investing in talent development and creating a fair selection system, aiming to build a competitive compensation structure [2][5] Group 4: Future Outlook - Hema plans to open nearly 100 new stores within the fiscal year, expanding its presence to over 500 locations [5][7] - The integration with Alibaba's membership system has doubled Hema's member base, enhancing its competitive edge in the market [7]

Core Viewpoint - Lakala plans to divest its 100% stakes in several non-core financial businesses to optimize its asset structure and focus on its core payment business [1] Group 1: Divestiture Details - The company intends to transfer its 100% stake in Guangzhou Lakala Puhui Financing Guarantee Co., Ltd. and Guangzhou Runxin Commercial Factoring Co., Ltd. to Guangzhou Zhongying Weirong Intelligent Technology Co., Ltd. [1] - Additionally, the company will transfer its 100% stake in Tibet Hongcheng Technology Development Co., Ltd. to Tibet Kaola Jinke Network Technology Service Co., Ltd. [1] - The final transaction prices for these divestitures have not yet been determined [1] Group 2: Strategic Intent - The purpose of these transactions is to reduce financial risk exposure and to divest from non-core financial operations [1] - The company aims to concentrate resources on its main business, which is core payment services [1]

Core Viewpoint - Lakala (300773.SZ) plans to divest its 100% equity stakes in Guangzhou Lakala Puhui Financing Guarantee Co., Ltd. and Guangzhou Runxin Commercial Factoring Co., Ltd. to Guangzhou Zhongying Weirong Intelligent Technology Co., Ltd., and its 100% equity stake in Tibet Hongcheng Technology Development Co., Ltd. to Tibet Kaola Jinke Network Technology Service Co., Ltd. The final transaction prices are yet to be determined. This move aims to optimize the company's asset structure, reduce financial risk exposure, and focus on its core payment business [1]. Group 1 - The company intends to divest non-core financial businesses [1] - The divestiture includes 100% stakes in multiple subsidiaries [1] - The transaction is part of a strategy to concentrate resources on core operations [1]

Core Viewpoint - All Hema X membership stores will cease operations, indicating a strategic shift towards focusing on Hema Fresh and Hema NB (Neighbour Business) as core business models [1][3][4]. Group 1: Store Closures - Hema X membership stores in Beijing, Suzhou, and Nanjing closed on July 31, 2023, leaving only one store operational, which is also set to close on August 31, 2023 [2][3]. - The closure of all Hema X membership stores marks the end of this business model, which was initially launched in October 2020 with high expectations [3][4]. Group 2: Strategic Focus - Hema's internal communications indicated a shift in focus towards Hema Fresh and Hema NB, moving away from the membership store model to concentrate on its main business [3][5]. - The company aims to enhance its competitive edge by strengthening its high-quality fresh supply chain and instant delivery capabilities [5]. Group 3: Membership Model - Hema X membership offered two tiers: Gold members at 258 yuan/year and Diamond members at 658 yuan/year, targeting middle-class families and high-end consumers [3][4]. - The membership model was initially seen as a way to compete directly with Costco and Sam's Club, but has since been deemed unsustainable [3][4]. Group 4: Expansion and Performance - Hema X membership stores expanded rapidly, with 10 locations established across major cities by October 2023, but growth slowed significantly post-2023 [4]. - The company has announced plans to refocus on Hema Fresh and Hema NB, which are seen as more viable business models moving forward [4][5].

Group 1 - The core viewpoint of the article is that Hema's membership stores are closing down as part of a strategic adjustment to focus on its main business, Hema Fresh and Hema NB (Neighbour Business) [1] - Hema X membership stores in Beijing, Suzhou, and Nanjing will cease operations on July 31, with the last remaining store in Shanghai also set to close by August 31 [1] - The closure of all membership stores indicates a shift in Hema's operational strategy, which has undergone several rounds of adjustments since the beginning of the year [1]

公司回答表示：尊敬的投资者，您好。2024年种业市场整体承压，公司聚焦主业，强化科研，提质增 效，攻坚克难，展现出了较强的经营韧性。公司与同行业在收入结构和销售模式上存在差异，不具有可 比性，比如收入结构方面，公司种业收入占营业总收入的比例达90%以上，部分同行业的种业收入占比 较低，计算基数大，导致费用率低于公司。销售模式方面，公司销售品种大都是自研品种，与部分同行 业销售模式有较大差异，销售费用率相对较高。2025年，公司持续聚焦种业主业发展，夯实创新根基， 巩固优势行业地位，积极通过资本运作和瘦身健体，改善资本结构，加快国际化发展进程，提升管理能 力，为股东创造长期价值。责任编辑：栎树 金融界8月5日消息，有投资者在互动平台向隆平高科提问：您好，公司年的销售费用率和管理费用率远 远高于同业，是公司业绩远差于同业的主要原因。请问公司对此有何措施？请不要用"费用率比去年有 下降"这种套话应付投资者，谢谢。 ...

Group 1 - The core business of the company is focused on telecommunications and vocational education [1] - The company aims to continuously focus on its main business, reduce costs, and improve efficiency [1] - The goal is to reverse the company's profitability situation and enhance both company value and shareholder value [1]