2024财年毛利率较去年同期上升1.0个百分点达47.6%，主系部分大宗原材料及包装材料单位耗用成本下 降，抵消因渠道多元化带来的产品结构变动使得集团平均单位售价同比略有降低的影响。受益于毛利率 提升和整体营业费用(分销成本与行政费用合计，后文同)控管得宜，同时因2024财年融资成本的减少及 所得税费用率较2023财年同比降低，2024财年本公司权益持有人应占利润额同比成长8.6%达到43.356亿 人民币，权益持有人应占利润率较去年同期上升1.5个百分点达18.4%。集团将持续深化、强化组织的活 力和能动性，以提升对市场变化的快速反应能力，并进一步扩大市场份额。同时，积极开发新产品，拓 展终端覆盖范围，增强消费者的新鲜感与粘性。尽管当前部分大宗原物料成本有所上涨，但凭借多元化 的原材料使用策略，集团会尽力将成本波动的风险降至最低。 格隆汇6月24日丨中国旺旺(00151.HK)公布，截至2025年3月31日止年度，公司收益为人民币235.11亿 元，同比减少0.3%；毛利为人民币 111.89亿元，同比增长1.8%；营运利润为人民币58.37亿元，同比增 长4.1%。公司权益持有人应占利润为人民币43.36 ...

（原标题：中非经货共同体债券市场：国债专营银行份额七年缩水15%） 以个人投资者为例，其持有量从2018年几乎为零增至2025年3月的2383亿中非法郎（约为3.97亿美 元），占国债总规模的2.8%。而主要由养老基金、保险公司和投资基金构成的机构投资者，持有量则 从2018年6月的10亿中非法郎仅占0.1%飙升至2025年3月的14306亿中非法郎（约为23.84亿美元）占比 16.9%。此轮增长主要受加蓬推动，其债券规模同期暴涨44.3%至25078亿中非法郎（约为41.8亿美 元），超越区域第一大经济体喀麦隆17576亿中非法郎（约为29.29亿美元），直逼该市场最大发行国刚 果25236亿中非法郎（约为42.06亿美元）。其他成员国规模依次为：中非共和国2813亿中非法郎（约为 4.69亿美元）、赤道几内亚3744亿中非法郎（约为6.24亿美元）、乍得10069亿中非法郎（约为16.78亿 美元）。 "EcoMatin"网站6月16日报道，在中部非洲国家银行（BEAC）监管的公共债券市场核心地带，国债 专营银行正经历深刻变革。这些以认购中非经货共同体成员国债券为主的金融中介（主要为商业银 行），其市场 ...

Summary of BorgWarner Conference Call Company Overview - **Company**: BorgWarner - **Industry**: Automotive components, focusing on powertrain and electrification technologies Key Financial Metrics - **First Quarter Performance**: - Outgrowth of nearly 4% above industry production - Operating margin at approximately 10% - Free cash flow of about $270 million, an increase from the prior year [2][6][88] Tariff Impact and Mitigation - **Tariff Impact**: Initially projected at 1.6% of sales, but has decreased due to effective mitigation strategies and changes in executive orders [3][4] - **Customer Engagement**: Actively working with customers to recover tariff costs [4][6] Industry Production Concerns - **U.S. Market Risks**: Concerns about potential impacts of tariffs on industry production in Q3 and Q4, though current visibility remains strong for Q2 [5][9] Regional Insights - **North America**: - Market expectations adjusted from a decline of 1-3% to 2-4% due to tariff concerns, but Q2 volumes remain strong [8][10] - **Europe**: - Strong demand for e-products, with regulatory clarity on emissions potentially increasing demand for foundational products [16][17] - **China**: - Significant exposure with 20% of overall revenue; local OEMs represent 75% of revenue in China, showing strong performance [18][19] Electrification Trends - **Adoption Rates**: Vary by region, with China leading in BEV adoption, followed by Europe, while North America is expected to grow slower [22][24] - **Hybrid Vehicles**: Increasing opportunities in North America for both foundational and e-products, particularly in hybrid segments [30][31] Market Share and Competition - **Market Dynamics**: Anticipated consolidation in the market as smaller players struggle to compete, potentially increasing BorgWarner's market share [43][44] Capital Allocation Strategy - **M&A Criteria**: Focus on industrial logic, accretive assets, and fair pricing; disciplined approach to potential acquisitions [56][59] - **Capital Utilization**: Emphasis on balancing organic and inorganic investments, stock repurchases, and dividends over a five-year horizon [60] Operational Efficiency - **Margin Management**: Sustained performance with margins above 10% for the last four quarters; focus on cost structure and operational excellence [49][50] - **AI and Automation**: Exploring opportunities for increased efficiency through robotics and AI in manufacturing processes [52][55] Free Cash Flow Generation - **Cash Flow Goals**: Projected midpoint of $700 million for the year; focus on using cash flow for accretive investments or returning capital to shareholders [88][89] Conclusion - **Outlook**: Positive sentiment regarding operational strength, market growth, and the ability to generate free cash flow, with a commitment to outgrowing the industry and enhancing shareholder value [84][88]

Financial Data and Key Metrics Changes - The company reported first quarter net sales of $1,900,000,000, marking a 10% increase year-over-year, with adjusted EBITDA rising 3% to $224,000,000, both representing all-time highs for the first quarter [5][20][24] - Gross margins improved sequentially to 26.7% from 26.6% in the previous quarter, although down from 26.9% year-over-year [21][24] - Diluted earnings per share increased approximately 6% to $0.52 due to higher net income and a lower share count following share repurchases [23][24] Business Line Data and Key Metrics Changes - The company achieved mid single-digit organic sales growth, with notable performance in meters (10% growth) and double-digit growth in treatment plant and fusible high-density polyethylene offerings [9][20] - Storm drainage products outperformed with a 17% growth, driven by road and bridge projects and increased distribution opportunities [71] Market Data and Key Metrics Changes - The municipal construction market remains stable, supported by funding from the Infrastructure Investment and Jobs Act, with a growing pipeline of projects [6][94] - Residential lot development showed resilience, but signs of softening were noted due to economic conditions and affordability pressures [7][62] Company Strategy and Development Direction - The company is focused on expanding its presence through both organic growth and acquisitions, with a healthy acquisition pipeline and plans to open 5 to 10 new greenfield locations in 2025 [12][87] - The strategic plan emphasizes local service, product line expansion, and leveraging market intelligence to drive growth [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near and long-term outlook for municipal construction, despite short-term uncertainties in residential development [8][27] - The company reaffirmed its full-year guidance for net sales between $7,600,000,000 and $7,800,000, with adjusted EBITDA expected between $950,000,000 and $1,000,000, reflecting stable demand and project activity [25][26] Other Important Information - The company has been actively managing its supply chain to mitigate impacts from tariffs and trade restrictions, with minimal direct effects noted so far [11][21] - The company continues to invest in employee training and development, which has been recognized in industry awards [17] Q&A Session Summary Question: Insights on SG&A productivity for the year - Management indicated that SG&A expenses increased 14% due to acquisitions and inflation, but productivity gains were noted, with expectations for improved rates in the second quarter [30][33] Question: Top-line guidance and market conservatism - Management expects the market to be roughly flat for the full year, with stronger performance in the first half and potential challenges in the back half due to economic uncertainties [36][37] Question: Pricing dynamics and commodity impacts - Pricing improved sequentially, with expectations for flat pricing for the year, despite some inflationary pressures on certain product categories [44][46] Question: Residential construction market outlook - Management noted a potential slowdown in residential development, with bidding activity scaling down, but emphasized that this segment represents only about 20% of the business [62][63] Question: Employee retention and poaching concerns - Management reported high employee retention rates and viewed occasional poaching as an opportunity to attract talent [102][103] Question: Cost-out initiatives and SG&A alignment - Management is focusing on aligning resources to areas of growth, with some cost-out initiatives underway, but no substantial quantification provided [104][106]

本文约 2500 字，推荐阅读时长 6-8 分钟，欢迎关注新财富公众号。 2024年上半年，零跑C10、C16先后上市，老款C11全面换新，新品发售叠加老用户口碑催化与品牌曝 光，零跑在2024年下半年销量直线拉升。同年，小鹏MONA M03于第三季度正式上市，上市即爆 款，月均销量1.5万辆，带动小鹏汽车月销站稳3万辆。 自2024年下半年开始，这两家新势力车企相比之前合计约有3万辆的月销增量。那么，这部分增量究 竟分走了谁的市场份额？ 0 1 传统燃油车 零跑C系列SUV以及小鹏MONA M03的价格段集中在10-15万元，用车成本是这一价位用户首先会考 虑的要素之一。因此，零跑小鹏对传统燃油车的影响是首先需要确认的。 对于轿车，国产自主车型吉利星瑞近两年均保持增长，而轩逸、朗逸、速腾等标杆级合资燃油车2024 年销量的同比降幅为5%-15%，属于新能源汽车渗透的合理结果。并且，2025年1-4月朗逸、速腾两大 德系车型同比止跌，速腾甚至出现了9.34%的同比增长。 受影响较大的是日系车型。今年1-4月，日产轩逸累计销量的同比降幅达到20%，较24年全年扩大11 个百分点；但是，丰田卡罗拉的同比降幅仅为1 ...

多渠道价格差异或使得官方调价失去意义。以双杯草莓芝心爆珠星冰乐为例，官方小程序并未调价仍是 82元，而抖音APP团购价仅59.8元（7.3折）、京东APP外卖价低至46.5元（5.7折）。这种价格差异反映 出星巴克不同渠道策略的不协调，也暴露出其在激烈市场竞争中面临的定价困境：既要通过价格手段应 对本土竞争，又要维护其高端品牌定位。 6月9日下午，"星巴克降价"话题迅速攀升至微博热搜首位。 此次价格调整涉及星冰乐、冰摇茶、茶拿铁三大核心品类数十款产品，将于6月10日正式实施。从具体 调价方案来看，以大杯规格为例，星冰乐价格由34-41元调整至29-41元；冰摇茶价格由29-37元下调至 26-32元；茶拿铁价格区间从35-39元调整为29-39元。 值得注意的是，本次调价存在几个关键细节。一是部分高端产品如两款非咖星冰乐仍维持41元高价，并 未降价；二是大杯最低价为26元，并非网传的23元（23元实为中杯价格）。整体降价幅度较市场预期更 为保守。 数据来源：星巴克小程序 此次调价是星巴克发力非咖啡饮品市场的重要举措，旨在打造"上午咖啡，下午茶饮"的全时段消费场 景。 数据来源：公司公告 星巴克在该季度的GAA ...

中国电影集团公司进出口分公司、中国电影股份有限公司发行分公司、华夏 电影发行有限责任公司近 日联合召开进口影片发行工作会议。会议指出，要切实贯彻中宣部电影局决策部署，深刻把握做好进口 影片工作的重要意义，用好政策空间、找准发力方向，以战略协同为根基，共促多国别优质影片引进， 推动进口影片数量、质量与市场份额的同步提升，充分发挥丰富和扩展市场的积极作用，助力中国电影 高质量发展。 ...

Lululemon (LULU) Q1 2026 Earnings Call June 05, 2025 04:30 PM ET Speaker0 Thank you for standing by. This is the conference operator. Welcome to the Lululemon Athletica Inc. First Quarter twenty twenty five Financial Results Conference Call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Howard Tuban, Vice President, Investor Relations for Lulu ...

早些时候，沃尔玛回应了有关特朗普批评该零售商的涨价计划，称将继续就关税影响与投资者、消费者 及政策制定者保持沟通。 智通财经APP获悉，全球零售业巨头沃尔玛(WMT.US)将于当地时间6月5日召开备受瞩目的年度股东大 会。此次会议议程将重点围绕公司治理、财务业绩及核心业务进展展开，投资者正密切关注该公司如何 应对当前经济形势挑战，并期待获取其未来市场战略布局的最新动向。 关注焦点 据了解，本年度的股东提案涉及多项社会、环境及治理议题，但公司董事会已建议对所有提案投反对 票。 届时，首席执行官Doug McMillon将重点阐述公司在员工队伍建设与技术革新方面的持续投入。市场分 析师预计，会议还将就当前复杂的经济形势及关税策略展开深入探讨。 次日(6月6日)，活动将延续至阿肯色州费耶特维尔市的巴德沃尔顿体育馆，2025年度员工嘉年华将在此 盛大举行。员工嘉年华是沃尔玛"员工周"系列活动的压轴盛典。活动期间，沃尔玛还将举行分析师会 议，可能引发评级调整及盈利预测修正。 在这为期两天的重磅活动中，投资者将重点关注以下核心议题：沃尔玛如何实现线上线下流量增长、提 升市场份额并改善利润率。此外，市场也期待其印度电商平台 ...

| 《八》 国经期货 | | 能源 日报 | | --- | --- | --- | | 操作评级 | | 2025年06月05日 | | 原油 | 女女女 | 高明宇 首席分析师 | | 燃料油 | ★☆☆ | F0302201 Z0012038 | | 低硫燃料油 ☆☆☆ | | 李祖智 中级分析师 | | 沥青 | ☆☆☆ | F3063857 Z0016599 | | 液化石油气 ☆☆☆ | | 王盈敏 中级分析师 | | | | F3066912 Z0016785 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【原油】 隔夜国际油价回落，SC07合约日内跌0.83%。有消息显示沙特希望OPEC+在8月、9月仍以41.1万桶/天的速度增 产,并将7月销往亚洲的轻质原油官价升贴水下调20每分/桶,其抢占市场份额的意图愈发明显。此外,此前加 拿大野火引发的供应中断已在周三部分恢复,上周EIA汽油和精炼油库存均超预期增加暗示需求无法匹配炼厂供 应的增加。此前我们谈到OPEC+抢占市场份额策略下的快速增产行为令源自季节性及地缘犹动的供需 ...