研究员：林骥川/杨润渤/陈婕 FY25 业绩（2024 年4 月-2025 年3 月）符合我们预期 机构：中金公司 公司FY25 收入同比增长12%至259 亿元，归母净利润同比增长14%至35亿元，业绩符合我们预期。公司 宣派末期股息22 港仙/股，对应全年派息率约84%。 羽绒服主业在多重不利因素下仍旧保持稳健增速。2HFY25 品牌羽绒服业务收入在高基数、暖冬、消费 环境波动等不利因素影响下，仍旧录得7%的收入增速，体现出公司品牌在羽绒服行业的影响力和销售 韧性。分渠道看，直营/批发收入分别同增1%/47%。期内公司继续聚焦标杆Top 店打造，截至3 月末， 公司约31%的门店位于一二线城市，同比提升2.8ppt；同时公司关注战略增量市场开拓，全财年公司净 开门店253 家。分品牌看，2HFY25 核心品牌波司登收入同增7%至132 亿元，占羽绒服收入的85%。 OEM 业务FY25 收入同增26.4%至33.7 亿元，在波动的环境中OEM 业务的高增长体现出公司积极拓展 高质量新客户，打造订单快反能力和拓展海外产能布局所带来的成效。 渠道结构、产品结构调整下主品牌毛利率表现出色，体现出色的折扣控制能力 ...

随着市场需求的不断变化，波司登积极应对，持续创新产品品类。春夏季打造防晒衣、单壳冲锋衣等功 能性外套，拓展冲锋衣鹅绒服、升级极寒极地系列、开展城市品牌联名。这些品类创新为非旺季销售带 来增量，提升品牌热度，赋能主业。 基于"双聚焦"战略的指引，波司登在业务发展上取得显著成果。品牌坚持"聚焦羽绒服主航道、聚焦时 尚功能科技服饰主赛道"，使得品牌羽绒服收入增长11.0%至约216.68亿元，创同期新高。同时，贴牌加 工管理业务也实现良好发展，收入达33.73亿元，同比上涨26.4%。旗下雪中飞品牌深挖"冰雪"基因，发 力线上业务，收入约22.06亿元，同比增长9.2%。而这些业绩增长，与波司登的渠道建设战略紧密相 连。 在渠道建设方面，波司登积极布局并优化运营。通过拓展TOP店、分层级分店态精细化运营，实现经销 渠道增长，优化渠道质量，提升运营效率。在线上销售方面，品牌大力推动抖音等新兴平台建设。2024 年9月，借抖音平台推广轻薄羽绒服并举办大秀。2024/25财年，波司登品牌在抖音新增粉丝超100万， 至2025年3月31日，抖音粉丝约1000万。同期，在天猫及京东平台新增粉丝约700万、会员约300万，至 ...

自从东风与长安重组踩下了急刹车，双方在资源整合及战略聚焦等方面的速度，却没有减缓，相反在呈 现不断加速之势。继"中国长安汽车集团有限公司"变更为"辰致汽车科技集团有限公司"后，东风汽车集 团也有所动作。 6月5日，东风股份公告称，该公司接到间接控股股东东风公司通知，东风公司暂不涉及相关资产和业务 重组，公司正常生产经营活动不会受到影响。这也意味着东风长安重组一事，出现重大变化。 其后，东风汽车与长安汽车的一举一动，都成为行业焦点。 6月23日，长安汽车发布公告称，公司接到控股股东中国长安汽车集团有限公司通知，其名称由"中国长 安汽车集团有限公司"变更为"辰致汽车科技集团有限公司"，并已完成工商变更登记手续。 而三天后，奕派汽车科技公司成立之举，引发人们对于新公司主攻方向及定位、管理层人员搭配情况乃 至未来新品规划以及战略部署具体情况的一连串疑问。 东风汽车相关人士告诉湾财社记者，最新信息以官微发布为准，目前暂不掌握具体情况，后续会有进一 步信息发布。 东风汽车集团及旗下子公司公布的销量数据显示，2025年1-5月，东风汽车集团整体销量累计67.28万 辆，同比下降17.1%，新能源汽车销量为16.05万辆，同 ...

此次退出的 9 位合伙人，不少是阿里发展历程中的关键人物，像彭蕾、戴珊为阿里创始人，张勇也曾长 期主导集团重要战略。从现状看，他们大多已不再担任核心业务一号位，或早已退居二线 。随着这批 "老将" 退场，现任合伙人阵容更聚焦业务一线，主要由核心业务一号位与技术负责人构成，如电商事 业群 CEO 蒋凡、虎鲸文娱集团董事长兼 CEO 樊路远、菜鸟集团董事兼 CEO 万霖等，展现出阿里 "聚 焦主业、主动变革" 的思路。 欢迎购买《自媒体红利》，最畅销的自媒体运营书籍，京东有售！ 同期发布的股东信中，集团主席蔡崇信、CEO 吴泳铭强调，未来十年要以 AI 为核心驱动力，将 "用户 为先""AI 驱动" 作为战略重点，把 "AI + 云" 打造成新增长引擎 。阿里过去一财年也在聚焦主业：退出 高鑫零售等资产，电商、云业务加速增长，虎鲸文娱（原大文娱）、高德等实现单季度盈利。合伙人架 构向业务、技术核心人才倾斜，无疑是为战略落地 "蓄力"—— 让更贴近业务一线、懂技术创新的团 队，引领阿里拥抱 AI 时代变革。 6 月 26 日，阿里巴巴集团发布 2025 财年年报，合伙人架构调整成为关注焦点 。年报显示，戴珊、方永 ...

Core Insights - Shanghai Jahwa held its 2024 annual shareholder meeting on June 25, where management discussed strategic direction, operational philosophy, brand development, and channel reform [1] - CEO Lin Xiaohai expressed that the company's performance over the past year "basically met expectations" and emphasized the importance of operational capability moving forward [1] Strategic Focus - The company is deepening its "Four Focuses" strategy, which includes focusing on core brands, brand building, online presence, and efficiency [2] - Lin Xiaohai highlighted that the strategic transformation is showing initial results, with brands undergoing rebranding and repositioning [2] - The Yuze brand has strengthened its collaboration with renowned hospitals, leading to comprehensive upgrades in brand image and product offerings [2] - The Six God brand has introduced a new slogan to promote a "refreshing culture," targeting younger consumers [2] - The company has categorized its brands into three tiers for differentiated resource allocation, with Six God and Yuze in the top tier [2] Performance and Growth - The company's major brands achieved double-digit growth across online channels during the 618 shopping festival, attributed to organizational optimization and strategic focus [3] - Lin Xiaohai indicated that the organization is entering a "deep water zone" of reform, with a focus on enhancing operational capabilities and brand investment [4] - The company aims for double-digit revenue growth by 2025, which is positioned as a pivotal year for brand development and competitive advantage [4]

Group 1 - The company held its 2024 annual shareholders' meeting on June 25, where 14 proposals were approved, including the 2024 Board of Directors' work report and the 2024 annual report [2] - In 2024, the company achieved a revenue of 5.679 billion yuan, indicating improved governance and operational standards [2] - The shareholders' meeting approved a profit distribution plan for the first half of 2025 to reward investors, along with employee stock ownership and long-term incentive fund management plans to enhance employee engagement [2] Group 2 - During the "618" shopping festival, the company's main brands achieved double-digit growth across online channels, attributed to effective planning and improved operational efficiency [3] - The company plans to deepen reforms in the second half of the year, focusing on core brands and increasing investment in brand building to achieve double-digit revenue growth by 2025 [3]

证券代码：600525 证券简称：ST长园 公告编号：2025053 关于上交所对公司出售参股子公司股权事项的监管 工作函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 长园科技集团股份有限公司（以下简称"公司"）近期收到上海证券交易所 《关于长园科技集团股份有限公司出售参股子公司股权事项的监管工作函》（上 证公函【2025】0900号），以下简称"《监管函》"）。公司对《监管函》高度 重视，积极组织相关各方对《监管函》中涉及的问题进行逐项落实，现就《监管 函》相关问题回复如下： 一、关于标的估值与交易作价。公告显示，本次交易采用收益法评估，长 园电子 100%股权评估值为 15.163 亿元。本次转让的长园电子 25%股权对价为 3.4 亿元，低于评估值。关注到，公司 2018 年向沃尔核材出售长园电子 75%股权时， 长园电子净资产约 3.71 亿元，目前长园电子净资产约 11.96 亿元，同比增加逾 （1）本次交易评估过程及关键假设情况，包括收益法下营业收入、毛利率、 营运资金、现金流及增长率、折现率等主要评 ...

Core Viewpoint - Shanghai Jahwa is undergoing significant reforms under the leadership of Chairman Lin Xiaohai, who has been in position for one year, aiming to address historical challenges and improve operational efficiency while facing increased competition in the domestic beauty market [2][3][10]. Company Summary - Shanghai Jahwa reported its first annual loss since going public, including over 600 million yuan in goodwill impairment losses, which Lin Xiaohai described as shedding a "burden" [2]. - The company has identified several historical issues, including low employee efficiency, weak online channels, and an overly extensive offline presence [3]. - Lin Xiaohai has implemented a focused strategy, concentrating resources on core brands like Liushen and Yuze, while reducing support for smaller brands [5]. - The company has seen double-digit growth in online channels during the "618" shopping festival, with offline inventory turnover days reduced from over 300 to approximately 90 [3][5]. - Shanghai Jahwa's offline revenue still accounts for over 50% of total revenue, significantly higher than competitors, but the company plans to streamline its offline operations by focusing on core products and reducing long-tail offerings [6]. Industry Summary - The domestic beauty market is experiencing a surge in new entrants, with many local brands going public, increasing competitive pressure on established players like Shanghai Jahwa [10]. - Lin Xiaohai emphasized the need for product innovation over raw material innovation, indicating a shift in focus towards developing new products that meet market demands [10]. - The baby and child product segment is identified as a rapidly growing market, with a shift towards online sales channels for these products [11].

ST凯利（300326）公告，公司于2025年6月21日召开第六届董事会第八次会议，审议通过了《关于出售 控股子公司股权的议案》。根据议案，公司将以1075.5万元交易价格向无锡优鸿泰企业管理有限公司出 售其持有的江苏润志泰医疗科技有限公司51%的股权。交易完成后，ST凯利不再持有润志泰的股权，润 志泰将不再纳入公司合并报表范围。此次交易旨在进一步聚焦主营业务、优化资源配置、提升经营效 率。 ...

Core Viewpoint - The recent trend of asset disposals among A-share listed companies is evolving from a mere financial optimization tool to an active strategic management tool, crucial for maintaining value during industrial transformation [1] Group 1: Asset Disposal Trends - Many listed companies are engaging in asset disposals, including inventory, real estate, and subsidiary equity [1] - Equity transfers are prominent, with companies like Electric Light Explosion Technology Co., Ltd. selling 100% of its subsidiary for 16.9 million yuan, and Beijing Airport Technology Park Co., Ltd. selling 80% of its subsidiary for an undisclosed amount [2] - Real estate disposals are also significant, such as Zhejiang Jinhai High-Tech Co., Ltd. selling land in Thailand for approximately 52.4 million yuan [2] Group 2: Focus on Core Business - Companies are using asset sales to concentrate on their core business, as seen with Wolong New Energy Group Co., Ltd. selling 90% of its subsidiary for 221 million yuan to focus on the new energy sector [3] - The sale of underperforming assets is a key reason for these disposals, with companies like Sichuan Medical Technology Co., Ltd. selling its subsidiary for about 300 million yuan to improve financial health and focus on sustainable development [4] Group 3: Strategic Resource Allocation - The asset adjustments reflect a deep restructuring of low-efficiency assets, which may show as non-recurring gains in short-term financial reports but will enhance asset turnover efficiency in the long run [3][4] - The trend indicates a growing number of traditional industry companies divesting loss-making assets to facilitate strategic transformation, potentially influenced by macroeconomic policies [4]