*ST傲农（603363）今日参加2025年福建辖区上市公司投资者网上集体接待日活动，在活动中回答了投 资者净利润、营收规模等问题，提到公司今年业务恢复性增长，预计生猪出栏量为250万头，未来不再 盲目追求营收的快速增长。 公司表示，重整后新傲农在经营管理及重大决策方面的机制、体制及治理体系，做了重新的优化与完 善，特别在人力资源、投资、风控、法务、监察审计等方面全面加强。 有投资者询问，傲农从重整后市值变大，如何撑起现在的市值。 *ST傲农回应，公司经过重整，一方面改善了资本结构，负债率大幅度下降，流动性显著改善；另一方 面通过重整淘汰了大部分低效资产，特别是养猪产业，保留了江西、福建等几个地区的优质猪场。公司 未来围绕"突破饲料、优化养猪、发展食品"的战略，根据公司的规划有序开展各项业务，公司未来不再 盲目追求营收的快速增长，而是根据资源匹配通过改善经营质量来为投资者创造价值。同时公司通过增 强信息披露质量和透明度，积极采取措施提振投资者信心，未来条件具备的情形下，公司也会积极考虑 运用分红、回购、并购等措施，依法依规实施，推动提升公司投资价值。 此外，*ST傲农表示，公司重整后有序开展母猪场的满产及复产 ...

Core Viewpoint - The founder and general manager of Red Star Macalline, Che Jianxing, is under investigation by the Yunnan Provincial Supervisory Committee, which has led to the company appointing Li Yupeng to act in his stead, ensuring normal business operations continue [1][2]. Group 1: Company Leadership Changes - Che Jianxing had already stepped back from frontline roles before the investigation, officially resigning as the legal representative and chairman in August 2023, while still serving as a director and general manager [2]. - Following the acquisition of a 29.95% stake by Xiamen Jianfa Co., Ltd., Che Jianxing's family members and key executives resigned from their positions, leading to a shift in control to state-owned entities [2]. - Li Yupeng has taken over the responsibilities of both chairman and general manager during Che Jianxing's investigation, marking a transition from a family-run business to a state-controlled enterprise [2]. Group 2: Company Operations and Strategy - Red Star Macalline has been active in Yunnan since 2011, opening multiple stores, but has slowed its expansion in the region due to adjustments in the real estate market [3][4]. - The company plans to implement a new retail strategy with the opening of a large "one store, two MALLs" shopping center in Zhenxiong, Yunnan, aiming to improve store turnover rates [4]. Group 3: Recent Challenges - The company has faced multiple issues, including the sentencing of its former executive for embezzlement and penalties from the Ministry of Finance for accounting errors related to inflated investment properties [6]. - Che Jianxing has been implicated in these financial discrepancies, which occurred during his tenure as chairman and general manager [6]. - The broader trend of increased scrutiny and investigations into key figures in publicly listed companies reflects a tightening regulatory environment [6].

Core Viewpoint - The forum on high-quality development of clothing brands in China emphasizes the need for brands to adapt to the new consumption era, focusing on high-quality, high-value offerings to meet diverse consumer demands [1][3]. Group 1: New Consumption Era - China is entering a new consumption era characterized by significant structural changes in the consumer market, influenced by demographic shifts, birth rates, economic conditions, and urban-rural development [3][4]. - The consumer market is segmented into high-end and luxury markets, mass value markets, and intermediate markets, all sharing a common pursuit of "five highs": high quality, high cost-performance, high aesthetics, high emotional experience, and high participation [3][4]. Group 2: New Retail Concept - The core of new retail is shifting from a "channel-centric" approach to a "user-centric" model, changing the retail logic from "people finding goods" to "goods finding people" through algorithmic, influencer, and content recommendations [4][5]. - The development of live e-commerce, content e-commerce, and social e-commerce forms the "three driving forces" of new retail in China, with data-driven operations becoming a key competitive advantage [4]. Group 3: Path to High-Quality Development - Successful clothing brands should focus on three common traits: a clear and long-term customer value proposition, an excellent operational system including efficient supply chain and user operation systems, and a unified corporate culture centered on shared goals and benefits [4][5]. - Future clothing brands must transition to "new retail brands," abandoning traditional models to genuinely implement a user-centric approach, continuously innovate products and experiences, and enhance operational efficiency [5].

Core Insights - The concept of "new retail" in the automotive sector, initiated by Alibaba in 2016, has evolved significantly over the past seven years, with new retail stores opening in major cities like Shanghai and Beijing just before the "May Day" holiday [2][3][4] Group 1: Market Trends and Consumer Behavior - During the "May Day" holiday, over 80 cities in China hosted nearly 100 car exhibitions, with automotive sales increasing by 13.7% and 10.5% year-on-year according to the Ministry of Commerce [3] - The introduction of government subsidies, such as the 1.8 million yuan in consumer vouchers in Beijing, has stimulated car purchases, with over 60,000 applications for trade-in subsidies leading to 8.8 billion yuan in new car sales [3][4] - The new retail stores are attracting consumers with promotional offers and unique shopping experiences, indicating a shift in consumer focus from price to quality and service [4][10] Group 2: New Retail Store Innovations - The newly opened Gome Car Market's smart automotive experience center spans 45,000 square meters, featuring over 30 automotive brands, primarily focusing on new energy vehicles [3][6] - The store aims to provide a one-stop shopping experience, integrating various services such as dynamic vehicle displays, test drives, and charging facilities, enhancing consumer convenience [6][7] - Gome plans to expand this model nationwide, targeting the establishment of 50 smart experience centers over the next three years [7] Group 3: Industry Evolution and Future Outlook - The automotive new retail model has transitioned from unsuccessful e-commerce attempts to more integrated approaches, combining online and offline sales channels [9] - Experts suggest that the new retail model will increasingly dominate the market, emphasizing the importance of consumer experience and personalized services [9][11] - Traditional 4S dealerships are urged to adapt to the new retail landscape by enhancing digital capabilities and customer relationship management to remain competitive [10][11]

Core Viewpoint - T11 fresh supermarket has officially closed its last store in Beijing, marking a significant decline from its initial expansion and funding successes since its inception in 2018 [1][4]. Company Overview - T11 opened its first store in Beijing's Chaoyang Park in 2019 and expanded to a total of 8 stores across Beijing, Shanghai, and Wuhan [3]. - The company had previously attracted significant investment, including a 1 billion yuan angel round in 2018 and subsequent rounds totaling 1 billion USD by 2021 [4]. Operational Challenges - T11 faced increasing operational pressures, leading to multiple store closures, including the recent shutdown of its Chaoyang Park store and others in Beijing, Shanghai, and Wuhan [4][5]. - Despite attempts to pivot its business model, including transforming some stores into discount formats, these changes failed to reverse the company's declining fortunes [4]. Market Position and Strategy - T11 struggled to establish a competitive market position due to a lack of distinctive fresh products and a compelling pricing structure, which limited its appeal [4]. - The company aimed to enhance customer experience and product quality in its future operations, indicating a shift in strategy to adapt to the evolving retail environment [5]. Consumer Engagement - T11's Chaoyang Park store reported nearly 150,000 active users and offered around 7,000 global fresh product SKUs, with an average transaction value exceeding 180 yuan [5]. - The store's sales composition indicated that fresh food accounted for over 65% of total sales, highlighting the importance of this category in T11's business model [5].

Core Viewpoint - In 2025, the Chinese automotive market is accelerating its transition towards new energy and intelligence, leading to challenges for traditional media platforms like Autohome as consumer decision-making processes shorten and marketing budgets are restructured [1][2]. Financial Performance - Autohome's Q1 revenue decreased by 9.1% year-on-year to 1.454 billion yuan (approximately 205 million USD), down from 1.6 billion yuan [3][5]. - Gross profit for the quarter was 1.138 billion yuan (approximately 157 million USD), a decline of 12.5% from 1.3 billion yuan [5]. - Operating profit fell by 15.6% to 233 million yuan, while net profit decreased by 9.5% to 342 million yuan [5]. Business Segment Analysis - Traditional business segments are under pressure, with media service revenue dropping from 327 million yuan to 242 million yuan, a decline of 26% [6]. - Lead service revenue also fell from 726 million yuan to 645 million yuan (approximately 89.9 million USD), a decrease of 11.2% [6]. - However, online marketing and other revenues saw a slight increase from 555 million yuan to 566 million yuan (approximately 78.1 million USD) [7]. Technological Advancements - Autohome is actively responding to the decline in traditional business by accelerating technological iterations, launching an upgraded app with an AI assistant to enhance user experience [8][9]. - The company is focusing its R&D investments on high-value areas, utilizing AIGC tools to automate marketing content generation and improve lead conversion efficiency [9][10]. New Retail Strategy - Autohome's CEO stated that the new retail business is steadily progressing, with nearly 200 space stations and satellite franchise stores established to provide partners with advanced technology and resources [12]. - The company is innovatively integrating online and offline experiences, utilizing live marketing and immersive technologies to enhance customer engagement [13][14]. - Autohome's "Hundred Cities Renewal" campaign aims to promote new energy vehicles in lower-tier cities, covering nearly 250 cities with over 80% in lower-tier markets [14][15]. Cost Optimization and Capital Reserves - In Q1 2025, Autohome implemented a "precise cost-cutting" strategy, reducing sales and marketing expenses by 15.1% to 544 million yuan [17]. - The company has a strong cash position, with cash and cash equivalents totaling 21.93 billion yuan (approximately 3.02 billion USD) as of March 31, 2025 [19]. Industry Challenges - Autohome faces challenges from changing consumer habits, with a significant reduction in the time consumers spend on the platform due to shorter decision-making processes in the new energy vehicle market [20]. - The integration of services within the automotive ecosystem, particularly in the after-sales market, poses a challenge for Autohome as it seeks to align with Haier's automotive ecosystem [21].

Meeting Overview - The shareholder meeting will be held on May 21, 2025, at 14:00, combining on-site and online voting methods [2][3] - The meeting will take place at Loft49 Creative Industry Park, Hangzhou [2] - The equity registration date is set for May 15, 2025 [1] Meeting Organization - The meeting is convened by the Board of Directors of Lanzhou Lishang Guochao Industrial Group Co., Ltd [2] - The meeting will be presided over by the Chairman of the Board [2] - A total of 11 proposals will be reviewed during the meeting, with 7 requiring a special resolution [5] Financial Reports - The company reported a revenue of CNY 666,024,442.46 for 2024, a decrease of 24.35% compared to 2023 [10] - The net profit attributable to shareholders was CNY 72,552,491.71, down 12.21% from the previous year [10] - The net cash flow from operating activities decreased by 55.72% to CNY 142,847,815.56 [10] Financial Condition Analysis - Total assets decreased by 2.33% to CNY 3,494,685,615.69 as of December 31, 2024 [11] - The company's net assets attributable to shareholders were CNY 1,931,389,965.48, a slight decrease of 0.51% [11] - Short-term borrowings increased by 101.72% to CNY 96,109,720.49 [13] Profit Distribution Proposal - The proposed cash dividend is CNY 0.15 per share, totaling CNY 11,029,084.85, which represents 91.77% of the net profit for the year [18][19] - The company plans to distribute dividends based on the shares held, excluding those in the repurchase account [19] Budget for 2025 - The total assets budget for 2025 is set at CNY 365,000,000, reflecting a 4.44% increase from 2024 [17] - The budgeted asset-liability ratio for 2025 is 43.03%, a decrease of 2.20 percentage points from the previous year [17] External Guarantee Proposal - The company plans to provide a new guarantee limit of up to CNY 900 million for its subsidiaries [20] - The guarantees will include various forms such as credit guarantees and collateral [20] Auditor Reappointment - The company intends to reappoint Lixin Zhonglian Certified Public Accountants as its auditor for the upcoming year [22] - The audit fee for 2024 was CNY 1.22 million, with a breakdown of CNY 1 million for financial report auditing [26]

近期，据嘉兴当地美团报道，美团旗下的小象超市已经开启在嘉兴地区的招聘工作，这意味着小象超市即将进驻嘉兴。据悉，其首店可能入驻嘉兴中港 城，且计划今年开设 6 家门店。 此前，包括盒马、叮咚买菜、山姆等知名即时零售/新零售品牌已在嘉兴布局，嘉兴也因此成为集结众多知名新零售品牌的二线城市之一。 新零售品牌齐聚嘉兴 山姆会员商店作为高端会员制仓储式零售商，在全球享有盛誉，其嘉兴首店于今年 3 月 20 日开业，位于长水街道双溪湖超级未来社区，开业后日均客流 量超 2 万，迅速成为嘉兴及周边区域许多家庭周末休闲购物的热门选择，甚至从单纯购物升级为一种生活方式和社交符号。 盒马在嘉兴的布局也较为深入，虽然今年 1 月 17 日嘉兴地区所有盒马自提门店关闭，但目前在嘉兴市区仍有 4 家门店。盒马以其独特的生鲜供应链和线 上线下融合的新零售模式，吸引了大量追求品质生活和便捷购物体验的消费者。 而叮咚买菜则早在 2019 年 5 月 20 日就已在嘉兴进行布局，凭借密集布局的前置仓，实现了快速配送，满足了嘉兴市消费者对生鲜食材即时性的需求。 图为小象超市首店入驻的嘉兴中港城 如今，小象超市的入驻，更是让嘉兴的即时零售/新零售 ...

阿里此番入局，是一场看似攻擂实则守位的战争。面对电商市场的新战事，电商巨头们都不能输。 阿里入局 美团与京东在即时零售市场战得正酣，阿里也不再旁观，躬身入局。 作者 | 王小娟 编辑 | 周智宇 今年的即时零售市场本就烈火烹油，随着阿里下场，这个赛道已然呈现出三巨头"血拼"之势。 5月5日，海报还没有来得及做，饿了么就发布了卷入外卖大战队的战报。当天，来自淘宝闪购的单日订单已突破1000万单，有39座城市的饿了么外卖订单 量，突破了历史单日峰值。此时距离淘宝闪购业务正式上线仅6天。 很明显，这一轮各家盯上的，不只是外卖这项利润率并不高的苦生意。毕竟，美团的外卖业务净利润率为2.8%，饿了么至今尚未盈利。此时混战，各家是 希望通过外卖这一高频刚需的业务，撬动整体的即时零售业务。 这项业务也被视为未来几年，电商市场新的增长方向，也是阿里和京东不得不加码的方向。毕竟，此消彼长间，传统电商的订单也可能会被即时零售抢去。 4月30日，饿了么正式开启"饿补超百亿"大促；同日，淘天集团旗下的即时零售业务"小时达"正式升级为"淘宝闪购"，在阿里月活4亿的APP淘宝上拥有了"闪 购"一级流量入口，上线全国不少城市。 奋战几天后 ...

Group 1 - The core viewpoint of the news is that Jiuzhoutong is successfully implementing its new retail strategy, which focuses on a comprehensive online and offline service system aimed at end consumers [1] - As of now, Jiuzhoutong has nearly 30,000 franchise pharmacies, with new retail revenue expected to reach nearly 3 billion yuan in 2024 [1] - The company reported a rapid growth in sales revenue from franchise pharmacies, reaching 5.392 billion yuan in 2024, a year-on-year increase of 54.94% [1] Group 2 - In 2024, Jiuzhoutong achieved a revenue of 151.81 billion yuan and a net profit attributable to shareholders of 2.507 billion yuan, with a year-on-year revenue growth of 2.58% after excluding seasonal disease impacts [2] - The first quarter of 2025 saw Jiuzhoutong generate a revenue of 42.016 billion yuan, a 3.82% increase compared to the same period last year, with a net profit of approximately 970 million yuan, reflecting an 80.38% year-on-year growth [2] - The company’s non-recurring net profit for 2024 was 1.814 billion yuan, showing a year-on-year increase of 14.89% [2]