01 事件概述 公司发布5月产销快报，5月新能源汽车批发销售38.2万辆，同比+15.3%，环比+0.6%；新能源乘用车批发销 售37.7万辆，同比+14.1%，环比+1.2%。分品牌看，5月王朝海洋、腾势、方程豹、仰望销量分别34.8万辆、 15,806辆、12,592辆、139辆。 02 分析判断 ► 5 月批发同比增长 出口表现亮眼 公司5月新能源乘用车批发销售37.7万辆，同比+14.1%，环比+1.2%，海外销量8.9万辆，再创新高。新能源 乘用车批发中，其中插混乘用车销售17.3万辆，同比-6.3%，环比-2.4%。纯电乘用车销售20.4万辆，同比 +39.6%，环比+ 4.4%。分品牌看，王朝海洋销量34.8万辆，秦PLUS DM-i 5.0、海豹06等新车型贡献核心增 量；腾势/仰望/方程豹销量3.68万辆，占比11%，高端化战略成效显著。 ► 出海表现亮眼 海外建厂加速推进 受益海外车型上量及区域拓展，5月新能源出口销量8.9万辆，再创新高；出海稳步增长，一方面是由于海外真 实需求逐步提升，受益土耳其、巴西、欧洲等地销量快速增长，主要车型是seal U 混动；一方面是受益滚装船 投入：比亚迪 ...

Investment Rating - The report gives a positive outlook on Xiaomi Group (1810.HK), indicating a target price of HKD 65-75, suggesting a potential upside of 30%-45% from the current stock price [29]. Core Insights - Xiaomi Group's Q1 2025 performance exceeded market expectations, with total revenue reaching CNY 111.3 billion, a year-on-year increase of 47.4%, and adjusted net profit surpassing CNY 10.7 billion, up 64.5% year-on-year [2][27]. - The smartphone business showed significant growth, with revenue of CNY 50.6 billion, a year-on-year increase of 8.9%, and a global market share that remains in the top three [5][27]. - The electric vehicle segment also demonstrated strong performance, with revenue of CNY 18.6 billion, a year-on-year increase of 10.7%, and a gross margin of 23.2% [14][15]. - The IoT and lifestyle products segment achieved record revenue of CNY 32.3 billion, growing over 55% year-on-year, driven by significant sales in smart home appliances [20][23]. Summary by Sections Smartphone Business - Xiaomi's smartphone revenue reached CNY 50.6 billion in Q1 2025, with a global shipment of 41.8 million units, marking a 3% increase year-on-year [5]. - The average selling price (ASP) of smartphones reached CNY 1,211, a historical high, with high-end models (above CNY 3,000) accounting for 25% of shipments [9]. - The company aims to increase the proportion of mid-to-high-end models and plans to invest CNY 30 billion in R&D in 2025 [9][29]. Electric Vehicle Business - The electric vehicle segment's revenue was CNY 18.6 billion, with a gross margin of 23.2%, significantly higher than competitors [14][15]. - The SU7 series delivered 75,869 units, maintaining a strong market position in the CNY 200,000+ segment [14]. - The company plans to increase its annual delivery target from 300,000 to 350,000 units for 2025 [19]. IoT and Lifestyle Products - The IoT and lifestyle products segment generated CNY 32.3 billion in revenue, with a year-on-year growth of over 55% [20]. - The number of connected IoT devices reached 943.7 million, a 20.1% increase year-on-year [21]. - Xiaomi plans to enhance its product matrix and expand its presence in overseas markets, targeting a 45% share of IoT revenue from international markets by 2025 [21][23]. Internet Services - The internet services segment achieved revenue of CNY 9.1 billion, a year-on-year increase of 12.8%, with a gross margin of 76.9% [23][24]. - The number of MIUI monthly active users reached 719 million, a 9.2% increase year-on-year, indicating strong user growth [24].

将投中网设为"星标⭐"，第一时间收获最新推送 30余年的产业帝国一朝崩盘。 作者丨 陶辉东 来源丨 投中网 近日，因为控股股东债务暴雷，中国刀剪老字号、深交所上市公司张小泉股份被强制拍卖。消息一出，立刻引起了热议。 这两年上市公司股份被法拍的事件多如牛毛，张小泉的法拍之所以格外引人注意，不仅因为它是老字号，还因为此时距离它 上市还不足四年时间。 张小泉的公告显示，其控股股东张小泉集团累计的未偿还债务余额接近60亿元，所有持股均已被司法冻结。一家卖刀剪的公 司，为何四年时间能整出60亿债务？ 此次接盘张小泉的是一位名叫王傲延的85后，他是一家MCN公司的老板。他以3.58亿元的价格，拍下2875.6万股张小泉的 股票，折合每股仅12.45元，远低于张小泉目前20元/股的股价。 最初，富春控股堪称是拯救张小泉的白衣骑士。 张小泉虽然是一家有四百年历史、闻名全国的老字号，在清朝时是贡品，建国后则是外事场合的国礼，但到富春控股入主 前，它已经陷入了严重的经营困难。张国标曾表示，他接手张小泉时，其年产值仅2000万元，且经营状况很差，员工队伍老 化，员工的平均年龄47岁，大多数是小学学历…… 面对这一局面，张小泉先是收 ...

"华为鸿蒙智行只做五个界""鼓励真牛、打击吹牛"…… 华为常务董事、终端BG董事长余承东在5月31日召开的2025未来汽车先行者大会上发声。 自尊界S800面世后，华为鸿蒙智行已经有四个"界"正式发布量产车型，即华为分别与赛力斯、奇瑞、北 汽、江淮合作的问界、智界、享界、尊界。同时，华为已官宣与上汽签订深度合作协议，打造新能源汽 车品牌"尚界"，这成为华为鸿蒙智行的第五"界"。 在本次未来汽车先行者大会上，余承东说，上次聚首时只有"四界"，目前华为鸿蒙智行已增加至"五 界"，可能就到此截止了。"我们的能力做两、三个界都已经很不容易了，做五个界非常难。"余承东表 示。 谈及做品牌的原因，余承东表示，要用华为终端积累的经验、ToC端能力，帮助车企减少失误，进而助 推车企以高质量产品形成高端品牌。目前，华为与五家车企合作，催生了问界、智界、享界、尊界、尚 界五个品牌。"5个品牌是5个手指头，握紧了一起干。" 余承东说，从问界起步做好的SUV，再到高端轿车、百万级旗舰车型，都坚持高端化发展。同时，中国 汽车产业要实现向上发展，就需要参与全球市场的竞争，在质量、体验、安全方面做到最好，达到顶尖 水平。 坚持高质量标准 ...

Core Viewpoint - The company reported record high revenue and net profit for Q1 2025, driven by strong performance in automotive and IoT sectors, alongside a recovery in smartphone market share and continued high-end product strategy [1][2][3] Group 1: Financial Performance - Q1 2025 revenue reached 111.29 billion yuan, up 47.4% year-on-year and 2.1% quarter-on-quarter, marking a historical high [1] - Adjusted net profit for Q1 2025 was 10.68 billion yuan, an increase of 64.5% year-on-year and 28.4% quarter-on-quarter, also a record high [1] - Gross margin stood at 22.8%, up 0.5 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] Group 2: Automotive Business - Automotive revenue for Q1 2025 was 18.58 billion yuan, up 11.5% quarter-on-quarter, with losses narrowing to 500 million yuan [1] - The automotive gross margin reached 23.2%, an increase of 2.8 percentage points quarter-on-quarter [1] - SU7 series deliveries totaled 75,869 units, up 8.9% quarter-on-quarter, with the number of sales outlets expanding to 235 across 65 cities [1] Group 3: Smartphone Market - Smartphone revenue for Q1 2025 was 50.61 billion yuan, up 8.9% year-on-year but down 1.4% quarter-on-quarter, with a gross margin of 12.4% [2] - Smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, with global market share rising to 14.1% [2] - In China, market share increased to 18.8%, regaining the top position, while the ASP rose by 5.8% to 1,211 yuan [2] Group 4: IoT and New Retail - IoT revenue for Q1 2025 was 32.34 billion yuan, up 58.7% year-on-year and 4.8% quarter-on-quarter, with a gross margin of 25.2% [2][3] - Air conditioning, refrigeration, and washing machine shipments exceeded 1.1 million, 880,000, and 740,000 units respectively, with growth rates exceeding 65% [3] - The number of new retail stores expanded to 16,000, with a target of 20,000 by the end of 2025, supporting growth in IoT and consumer products [3] Group 5: Future Outlook - The company is expected to benefit from high-end product strategies and global expansion in its smartphone and AIoT businesses [3] - Profit forecasts for 2025, 2026, and 2027 have been raised to 39.6 billion, 53.4 billion, and 65.9 billion yuan respectively [3]

已连续四年实现双位数增长的菲仕兰中国专业营养品业务，在今年一季度依然拿到了远超预期的成绩，并有信心将这一高增速"五连"。 且与一些依靠渠道激进扩张、卷价格抢存量、扩充SKU缓解短期压力的手法不同，菲仕兰中国不想做任何关于产品矩阵、价格策略或渠道体系的冒进。 "行业里砸价非常普遍，我们要学习友商的教训，平衡好渠道。"履新7个月的荷兰皇家菲仕兰专业营养品中国总裁张展红透露，2024年皇家美素佳儿三段产品实现超1000万罐的销 量。面向3岁以上儿童的旺玥系列，也成为该品类增长最快的高端儿童奶粉。 由此，在婴配粉阵营的稳健成长态势下，菲仕兰中国对于成人营养赛道，抱着"择机进入"的谨慎态度。 "需首先要考虑这一品类渗透率、消费弹性和量不够的背景。"点出成人营养业务难点的张展红，也一并指出下游乐见渠道复用、延长用户生命周期的意愿。"一如母婴店渠道希望 妈妈们不要只于孩子1-3岁期间，才在店里短暂停留。我们想让每个零售客户和我们共赢，而不是单赢、他赢。" 多个内外资奶粉品牌回暖，皇家美素佳儿三段去年卖出超1000万罐 雀巢大中华大区在去年经历了最大增长贡献者从糖果变为婴儿营养业务的转变——其去年一季度时，惠氏的销售额和市场 ...

Core Viewpoint - Lin Qingxuan, a Chinese beauty brand, is set to become the first domestic high-end skincare stock in Hong Kong, marking a significant breakthrough for domestic brands in the high-end market [1][4]. Company Overview - Lin Qingxuan, founded in 2003, focuses on producing safe, natural, and effective cosmetics using high-altitude red camellia [4]. - The brand has established itself as a leader in the high-end domestic skincare market, with its flagship product, the Camellia Oil, being the top-selling facial oil in China for 11 consecutive years, with over 20 million units sold [4][5]. Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales and is the only domestic brand among the top 15 high-end skincare brands [5]. - The company has invested heavily in R&D, with annual expenditures in the tens of millions, resulting in 81 patents, including 40 invention patents [5]. Product Development - The brand has developed two core ingredients, "Qingxuan Extract" and "Camellia Peptides," through extensive research on the active components of high-altitude red camellia [5]. - Lin Qingxuan's products are designed to provide anti-aging benefits, with a focus on continuous iteration and building a technological barrier [5]. Sales and Distribution Strategy - The company employs an OMO (Online-Merge-Offline) model, achieving significant online sales growth, with a 60% increase in sales during the 2023 Double Eleven shopping festival [5][6]. - Lin Qingxuan aims to open 1,500 new stores within three years, with a current total of 506 stores, primarily located in shopping malls [6]. Challenges and Competition - The brand faces challenges in balancing its high-end positioning with its expansion into lower-tier cities, which may dilute its premium image [7]. - Lin Qingxuan's pricing strategy has faced scrutiny, with some products priced higher than international competitors, leading to mixed market reception [7]. - The company competes with international giants like L'Oréal and Estée Lauder, which have superior R&D resources [7][8]. Future Outlook - Lin Qingxuan plans to use IPO proceeds for R&D, brand building, and channel expansion, with a new research center set to support its high-end strategy [8]. - The high-end skincare market in China is expected to grow significantly, with the market size projected to increase from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, reflecting a compound annual growth rate of 21.2% [11]. - The company's revenue is projected to grow from RMB 6.91 billion in 2022 to RMB 12.1 billion in 2024, with a compound annual growth rate of 32.3% [11].

Group 1 - The core viewpoint of the article highlights the transformation of China's metal forming machine tool supply structure, characterized by a decrease in quantity but an increase in quality, with cumulative production expected to drop from 259,000 units in 2010 to 160,000 units by 2024, while production value is projected to reach 83.2 billion yuan in 2024 [2] - The decline in low-end general machine models is evident, with production falling from 230,000 units between 2018 and 2022 to 183,000 units, yet the production value has increased during this period [2] - The rise in high-value CNC machine tools is driven by the rigid demand for precision forming technology in downstream sectors such as new energy vehicles and aerospace, alongside companies accelerating their smart transformation to cope with rising labor costs [2] Group 2 - The metal forming machine tool industry is crucial for manufacturing, widely used in automotive, general components, 3C, molds, aerospace, and engineering machinery, serving as a foundational industry for China's transition from a "manufacturing giant" to a "manufacturing power" [3] - The industry is categorized into metal cutting machine tools, metal forming machine tools, and tools and accessories, with metal forming tools utilizing significant force to physically deform metals into desired shapes [3] Group 3 - The policy framework for China's metal forming machine tool industry focuses on high-end, intelligent, and green development, promoting structural upgrades through fiscal incentives, technological breakthroughs, and industrial collaboration [5] - Key policy directions include enhancing fiscal support to guide investments in high-end CNC machine tools, promoting technological innovation, and advancing green transformation through energy-efficient processes [5] - The short-term trend is expected to exhibit a collaborative development characteristic among high-end, intelligent, and green initiatives, with a focus on overcoming technical bottlenecks in aerospace and new energy vehicle sectors [5] Group 4 - The upstream of the metal forming machine tool industry chain is supported by basic materials and core components, with large steel enterprises dominating the supply of high-strength steel and lightweight aluminum alloys [7] - Domestic companies are gradually breaking international monopolies in key components like hydraulic systems and CNC systems, forming a supply system that includes both high-end imports and mid-to-low-end domestic products [7] - The downstream demand is primarily driven by automotive manufacturing and aerospace, with the expansion of the new energy vehicle industry rapidly increasing the demand for high-speed precision stamping equipment [7] Group 5 - The commercial aerospace market in China is projected to grow from 324.44 billion yuan in 2017 to 713.32 billion yuan by 2024, with a compound annual growth rate of 11.9%, driven by policy support, technological innovation, and expansion of downstream applications [8] - The aerospace sector's demand for micron-level processing precision is pushing the technological iteration of five-axis linkage machining centers and ultra-precision forming equipment, increasing the domestic substitution rate to 60% [8] - The rise in lightweight materials is generating demand for high-speed precision stamping and laser cladding equipment, while high-frequency launch tasks accelerate the integration of industrial internet and digital twin technologies with machine tools [8]

Core Insights - Decathlon's net sales reached €16.2 billion in 2024, marking a 3.8% year-on-year increase, while net profit significantly declined by 15.5% to €787 million [2] - The company has been pursuing a high-end development strategy, but this has led to a loss of brand recognition due to price increases that preceded consumer acceptance [2] - Despite a surge in outdoor sports popularity, Decathlon's performance in key categories like outdoor apparel and badminton has been mediocre [2] Group 1: Financial Performance - Decathlon's net sales for 2024 were €16.2 billion, a 3.8% increase from the previous year [2] - The net profit for the same period fell by 15.5% to €787 million [2] - The company has experienced a slowdown in revenue growth and stagnation in net profit over the past three years [2] Group 2: Market Trends and Product Performance - The high-end product pricing strategy has seen some items increase by over 50%, but this has not translated into strong market performance [2] - In 2025, Decathlon's quick-dry shorts ranked second in the "light outdoor" category with an 18.9% market share, while other popular categories like sun-protective clothing and shoes performed poorly [2] - The popularity of cycling has surged, with road bike sales increasing by 270% and mountain bike sales by 190% in 2025 [2] Group 3: Digital Transformation and Brand Strategy - Decathlon's online sales proportion rose to 20% in 2024, with outdoor apparel GMV growing by 84% and footwear by 68% [3] - The appointment of a new CEO with a digital background was aimed at accelerating the brand's digital transformation, but the early resignation of the CEO suggests dissatisfaction with the high-end strategy's effectiveness [3] - The company's physical store expansion in China has fallen short of expectations, with only 267 stores opened by 2023, compared to the initial goal of 500 within five years [3]

2024年，啤酒行业经历了深度调整。春节后及7-8月，发生了两次需求冷却周期，叠加极端天气扰动旺 季销售，渠道去杠杆化形成"需求-库存-资金"三重压力，2024年二至三季度进入行业低谷。 后续来看，短期内，随着啤酒消费旺季来临，叠加宏观政策传导至终端消费场景改善，渠道补库周期与 即饮场景恢复形成共振，预计销量回升具备充分韧性。中长期内，消费刺激政策持续推进值得期待，餐 饮消费券等刺激更为直接有效，啤酒消费将直接受益。此外，随着经济触底刺激政策频出，啤酒高端化 仍然具备想象空间，价格带升级仍大有可为。 食品饮料ETF(515170)跟踪中证细分食品饮料产业主题指数，帮助投资者一键配置"吃喝板块"核心资 产。相较于其成分股动辄数万、数十万的最低投资门槛，食品饮料ETF是小资金参与板块投资的便捷工 具。(联接A类：013125；联接C类：013126)。 2025年，一季报量价齐升态势验证行业复苏拐点确认，啤酒板块步入周期性上行通道。收入端，25Q1 啤酒板块收入201.5亿元，同比+3.7%，环比继续改善；利润端，25Q1啤酒板块归母净利25.3亿元，同比 +10.9%，增速环比提升。成本下行、销量恢复增长后规模 ...