2025年第一季度调整后收入增长16.7%，达72.57亿欧元 2025财年业绩预期维持不变（未计入关税潜在影响） 2025年第一季度合并收入73.8亿欧元 赛峰集团首席执行官安德斯（Olivier Andriès）表示："赛峰集团所有业务在年初均表现强劲，收入实现 17%的增长，其中民用航空售后市场收入的显著提升成为重要驱动力。尽管全球贸易政策仍存在变数， 赛峰集团正通过调整供应链布局并与客户沟通，以积极应对关税可能带来的经济影响。由于目前尚无法 量化，排除关税可能带来的潜在影响的情况下，基于当前民用航空扎实的业绩表现和增长势头，我们有 信心实现既定年度目标。" 飞机内装业务收入实现13.8%的稳健增长，比2019年第一季度高出8%。售后业务增长17.4%，主要增长 贡献来自客舱系统（以备件为主），座椅备件业务同步增长。原始设备业务增长11.5%，主要得益于座 椅业务，其中商务舱座椅交付量增幅显著（2025年第一季度为704个，2024年同期为242个）。 1 2024年2月收购液化空气公司的航空氧气和氮气业务，2024年9月收购Preligens公司。自2025年第一季 度起，将Syrlinks及Safr ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.2% [1][2] - The apparel business continues to grow rapidly, with significant sales increases across various product categories, particularly in apparel and accessories, which saw a revenue of 7.447 billion yuan, up 59.4% year-on-year [2] - Inventory factors are impacting the company's short-term profitability and operational efficiency, with inventory turnover days increasing to approximately 81 days in 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.275 billion yuan, with a net profit of 214 million yuan, reflecting a decline in profitability [1][6] - The gross margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [3] - The company expects net profits for 2025, 2026, and 2027 to be 331 million yuan, 451 million yuan, and 611 million yuan respectively, with corresponding P/E ratios of 24.9X, 18.3X, and 13.5X [6] Business Segments - The company’s revenue from apparel and accessories reached 7.447 billion yuan, while non-apparel accessory sales were 2.324 billion yuan, indicating strong growth in the apparel segment [2] - The top five brands contributed significantly to revenue, accounting for approximately 59% of total sales, with notable growth rates among these brands [2] Market Strategy - The company is focusing on deepening its brand strategy and expanding into non-American markets, particularly Europe, while also enhancing its overseas supply chain [4] - The company has established a factory in Vietnam and is working with quality suppliers in Southeast Asia to mitigate trade risks [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company achieved a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to the parent company was 214 million yuan, a decrease of 36.2% [1] - The apparel business continues to grow rapidly, with significant sales increases across various product categories, particularly in accessories, which saw a revenue increase of 59.4% [2] - Inventory factors are impacting the company's short-term profitability and operational efficiency, with inventory turnover days increasing to approximately 81 days [3] - The company is focusing on expanding its brand strategy and overseas supply chain, particularly in non-American markets like Europe and Southeast Asia [4] - Profit forecasts for 2025 to 2027 predict net profits of 331 million, 451 million, and 611 million yuan respectively, with corresponding P/E ratios of 24.9X, 18.3X, and 13.5X [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.275 billion yuan, with a growth rate of 56.5% year-on-year [8] - The net profit attributable to the parent company for 2024 was 214 million yuan, reflecting a decline of 36.2% [8] - The gross profit margin for 2024 was 43.8%, down 2.1 percentage points from the previous year [3] Business Segments - Revenue from apparel and accessories reached 7.447 billion yuan, with a year-on-year growth of 59.4% [2] - The top five brands contributed significantly to revenue, accounting for approximately 59% of total sales [2] Operational Insights - The company faced challenges with inventory management, leading to an increase in inventory turnover days to about 81 days [3] - The company reported a negative cash flow from operating activities of -469 million yuan in 2024 [9] Future Outlook - The company plans to deepen its brand strategy and expand into non-American markets, particularly in Europe and Southeast Asia [4] - The establishment of a factory in Vietnam is expected to enhance the company's overseas supply chain capabilities [4]

以下文章来源于21新健康 ，作者季媛媛，韩利明 21新健康 . 21世纪传媒 · 公众号矩阵成员。 作 者丨季媛媛 韩利明 编 辑丨张铭心 据央视新闻，当地时间4月8日，美国总统特朗普发表讲话称， 美国将对药品征收关税。 特朗普表示，美国并不生产自己的药品和其他改善健康的产品。美国支付药品的价格往往比 有药品生产的国家高出很多倍。特朗普认为，一旦对药品征收关税，制药公司将在美国开设 工厂，因为美国是"最大的市场"。 有券商医药行业分析师对2 1世纪经济报道解释，"此次特朗普对进口药品加征关税的策略，本 质上旨在通过提升进口成本，迫使跨国药企将生产线迁至美国。作为全球最大的药品市场， 这一关税政策将迫使企业在美国设厂，以降低对进口的依赖。然而， 此举可能对全球医药产 业链，特别是对我国创新药企的国际化战略造成深远影响。 " 2 1世纪经济报道记者了解到，多家创新药企已在研判该事件拟产生的影响。在上述分析师看 来，短期内，我国创新药企可能面临估值压力，需通过剥离非核心资产、引入战略投资者等 措施增强现金流韧性。 "美国该关税政策在短期内将加剧全球医药产业链的不稳定性，但从长期来看，若我国创新药 企能灵活调整供应链 ...

【WitsView】 近年来，全球液晶面板产业在产能扩张、技术迭代与供应链重构等多重因素驱动下，竞争格局发生了深刻变革。以京东方、TCL华 星为代表的中国大陆面板厂商强势崛起，正在重塑全球产业版图。 从全球五代线以上LCD产能分布来看，陆系面板厂已完成从追赶者到主导者的跨越：其产能占比从2016年的20%攀升至2024年的超60%，预计2025 年将突破70%。 在应用端，电视与显示器面板领域大陆厂商出货占比超60%，中大尺寸市场领先优势显著；笔记本面板虽受制于供应链高复杂性与市场迭代惰性， 当前大陆面板企业市占仍达50%，其持续扩张势头将持续挤压韩国及台湾地区面板厂的生存空间。 综观整体TFT-LCD产业的发展，陆系面板厂无论从产能面或是从出货规模来看，都已拥有高度主导权，过去几年也透过按需生产的控产调节策略来 逐步扭转亏损，运营渐渐走向正轨。 在近日举办的2025集邦咨询新型显示产业研讨会上，TrendForce研究副总范博毓表示，进入2025年后整体产业仍有5大关键点需要持续关注。 控产策略与平均尺寸放大的关联性 电视面板需求是面板去化的重要应用领域。受国内以旧换新的政策带动，2024年电视整机出货约为 ...

庆祝春节的方式在变，但 "团圆和欢乐" 的内核一直没变。 因社会变迁导致的家庭结构多样化和变化，让原本服务于中国传统社会的春节习俗受到了冲击。 彼时微电影的形式刚刚崭露头角。由于其制作成本较低且创作空间相对自由，微电影迅速成为众多年轻创 作者的实验平台。百事捕捉到了这一机遇——微电影具备了讲述一个完整故事的条件，同时区别于短平快 的普通广告，借助春节这一时期消费者们的共同情绪，品牌故事有机会更直接地进入消费者的内心。 2011 年，张国立、周迅、张韶涵等一线明星出现在 "把乐带回家" 的网络微电影中，新颖的形式与明星的 助阵吸引了大量关注，使得这场营销活动成为热门话题。而究其热度背后的本质，是对 "人""家""乐" 三者 关系的探讨，引发了广泛的讨论与共鸣。 此后通过每年一部关于 "家" 的微电影，百事将 "把乐带回家" 打磨成了一个情感表达平台，持续输出品牌 理念，与消费者建立起长久的情感链接。 其中有通过六小龄童唤醒年轻人童年记忆和家庭温暖的创意，也有《家有儿女》这个重组家庭带来的 "非 常规过年组合"。在外卖兴起之后，还有反映外卖小哥过年的主题。每一次，百事都在尝试找到春节时 分，很多平凡的普通人真正关 ...