证券代码：301177 证券简称：迪阿股份 迪阿股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系 | 特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他（电话会议） | | 参与单位名称及 | 博时基金、广发证券、国寿养老、天风证券、方正证券、国海证 | | 人员姓名 | 券、国投瑞银、德俊私募、华夏基金、国信证券、中银基金、永 | | | 赢基金、开源证券、中欧基金、长城基金、华宝基金、南方基金、 | | | 大成基金、兴业证券共 19 家机构相关人员。 | | 时间 | 2025 年 5 月 12 日-2025 年 5 月 30 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事副总经理、财务负责人兼董事会秘书：黄水荣 | | 员姓名 | IR 负责人：宾蓓 一、互动问答环节 | | | 1、公司的核心竞争力主要体现在哪些方面？既然我们能将钻石业务做到 全球领先，是否也具备将黄金业务做到全球领先的潜力和能力？ | | | 答：公司 ...

Core Viewpoint - Amer Sports has experienced a significant stock price increase of approximately 187% since its public offering in February 2024, positioning it as a leading name in the consumer discretionary sector [1][2] Financial Performance - The company reported a strong Q1 earnings performance, with sales growth exceeding 23%, surpassing analyst expectations of just under 17% [3] - Adjusted diluted earnings per share (EPS) more than doubled from $0.11 to $0.27, significantly exceeding forecasts [4] - Amer Sports raised its full-year EPS guidance midpoint by over 4% and increased its revenue growth guidance from 14% to 16%, both ahead of analyst expectations [4] Brand and Market Position - Amer Sports' success is largely attributed to its key brand, Arc'teryx, known for high-end outdoor clothing, particularly lightweight waterproof jackets priced between $400 and $900 [6] - The technical apparel segment, which includes Arc'teryx, saw the fastest revenue growth at 28%, contributing 45% to total revenue [7] - Sales in Greater China grew by 43%, accounting for around 25% of total revenue, while the U.S. market contributed 26% with a 12% growth rate [7][8] Direct-to-Consumer Strategy - The company's direct-to-consumer (DTC) sales grew by 39%, significantly outpacing the 12% growth in its wholesale channel, indicating a positive trend for higher margins [8] Segment Performance - The Outdoor Performance segment, which includes Salomon footwear and apparel, saw its growth rate nearly double to 25%, making up 34% of total revenue [9] - Salomon generated $1 billion in revenue in 2024, capturing less than 1% of the global $180 billion sneaker market, with plans for further product launches [10] Valuation and Analyst Ratings - Analysts have raised their price targets for Amer Sports, with an average target just under $41, indicating a potential upside of 6% from recent closing prices [11] - The stock's price-to-earnings ratio stands at nearly 49x, significantly above the industry average of 29x, reflecting its strong earnings and sales growth profile [12] Future Outlook - The company is viewed as having high growth potential, particularly in the footwear segment, but expectations for continued outperformance will need to be managed [13]

在重点发展数字订购贸易方面，《方案》提出，推广"跨境电商+产业带"模式，支持国家外贸转型升级基地、工业园区发 展。聚焦汽车摩托车配件、消费电子、通用机械、五金工具、轻工纺织等特色优势产业，搭建跨境电商供应链数字协同平台， 探索共享制造模式。到2027年，全市年进出口额超5亿元的跨境电商产业带新增3个。加强跨境电商平台合作，支持设立产业 带"线上专区"和线下选品中心。完善线上线下融合、境内境外联动的营销服务体系，赋能传统企业商业模式转型，助力"重庆 造"产品"出海"。 《方案》同时强调，完善跨境电商产业生态，鼓励各区县结合产业特色和发展重点，引入报关清关、支付结算、大数据分 析、跨境运营等领域服务商，培育建设物流仓储类、跨境直播类、专业服务类、平台合作类跨境电商产业园。提升线上线下融 合能力，增强产业集聚效应，支持园区设立跨境电商线下服务中心，打造智慧园区（口岸）系统，优化企业孵化、市场拓展、 通关申报等公共服务。对市级跨境电商示范区给予相应政策资金支持。 对于强化跨境电商品牌建设运营，《方案》指出，鼓励跨境电商企业培育打造DTC（直接面向消费者）品牌，借助社交媒 体、搜索引擎等开展品牌全球推广，对企业开展自有 ...

前次冲击深市主板上市折戟后，深圳市飞速创新技术股份有限公司（以下简称"飞速创新"）将目光瞄准了港交所。5月27日，港交所官网显示，飞速创新已 提交了上市申请书。财务数据显示，2024年，飞速创新负债金额出现大幅攀升，此外，公司广告和宣传费用突破1亿元。另外，冲击上市的关键时期，飞速 创新2024年净利出现下滑。 业绩表现方面，报告期内，飞速创新的收入实现稳步增长，但公司的年内利润在2024年有所下滑。财务数据显示，2022—2024年，公司实现收入分别约为 19.88亿元、22.13亿元、26.12亿元，对应实现年内利润分别约为3.65亿元、4.57亿元、3.97亿元。 从核心产品来看，飞速创新主要出售高性能网络解决方案及基础性能网络解决方案。报告期内，公司来自高性能网络解决方案的收入分别约为4.73亿元、 5.77亿元、8.31亿元，占比分别约为 23.8%、26%、31.9%；来自基础性能网络解决方案的收入分别约为12.91亿元、13.89亿元、14.98亿元，占比分别约为 64.9%、62.8%、57.3%。 负债逐年攀升 值得注意的是，报告期内，飞速创新负债金额逐年增长，且2024年出现大幅攀升。具体 ...

Investment Rating - The report maintains a "Buy" rating for Miniso (MNSO) with a 12-month target price of $23.40 for ADR and HK$46.00 for H-shares, reflecting a potential upside of 27.9% and 33.1% respectively [15][17]. Core Insights - Management reiterated its target for accelerated revenue growth in 2025, aiming for a year-on-year increase of 23% compared to 2024, with a focus on achieving low teens percentage growth in Miniso China sales and approximately 40% growth in overseas business [1][5]. - Despite expected slight declines in gross profit margins this year, management anticipates healthy operating profit growth for the year, with margins expected to narrow sequentially in Q2 and return to positive territory in Q3 [1][5]. - The company plans to close 300-400 underperforming or outdated stores in China, with expectations of stabilizing or slightly decreasing the number of new stores in the second quarter, but anticipates a return to store growth in the latter half of the year [1][11]. Summary by Sections Revenue Growth - Management expects revenue growth to accelerate in 2025, driven by positive sales and store productivity improvements, with a target of opening 500 to 600 new stores, of which 40% to 45% will be DTC stores [5][16]. - For Top Toy, management anticipates a year-on-year revenue growth of approximately 50% to 60% and plans to add 100 new stores [5]. Profit Margins - Operating profit is projected to recover to positive growth in Q3, with a target operating profit of RMB 3.6 billion to RMB 3.8 billion for the year, compared to RMB 3.2 billion last year [5][16]. - Management noted that while the operating profit margin may experience slight declines due to macroeconomic factors and DTC expansion, the pressure on margins is expected to gradually narrow [1][5][7]. Store Network and Strategy - The company is focusing on optimizing its store network, with plans to close underperforming stores while aiming for a net increase in store count in the latter half of the year [1][11]. - In the U.S. market, Miniso will concentrate on 24 states to achieve better economies of scale and reduce operational costs, while also optimizing its product mix to cater to local consumers [6][10]. Product Mix and Market Adaptation - The product mix includes a focus on toys and lifestyle products, with a strategy to increase local sourcing to mitigate potential tariff risks [10][12]. - Management aims to enhance the contribution of third-party products to diversify the product range while maintaining overall gross margin stability [12].

智通财经APP获悉，据港交所5月27日披露，深圳市飞速创新技术股份有限公司(简称"飞速创新")向港交所主板递交 上市申请，中金公司、中信建投国际、招商证券国际为其联席保荐人。 招股书显示，飞速创新是一家提供企业级网络解决方案的企业，公司致力于通过丰富的企业级网络解决方案，助力 全球企业实现快速数字化转型。公司的产品和服务包括高性能网络设备、可扩展网络设备操作系统及云网络管理平 台，通过线上DTC业务模式，提供可扩展、可负担的全面、一站式网络解决方案。 作为网络解決方案的一环，为满足不同的性能要求，公司提供高性能网络解决方案及基础性能网络解决方案。其 中，高性能网络产品，适用于带宽密集型环境，提供高吞吐量、低时延和可扩展的架构。基础性能网络产品，提供 安全可靠的连接和简化的部署运维，满足日常运营需求。两者对公司收入贡献超过80%。 通过建立高度集成化的DTC模式，公司能够在全球范围内高效率地交付场景化解决方案。与将网络架构设计、多供 应商采购和售后支持分散在不同方之间的传统模式不同，DTC模式将这些功能整合到一个统一的平台系统中，为全 球客户提供融合解决方案设计、产品验证和一站式采购的完整体验。 | | 截至1 ...

27 May 2025 | 7:23AM HKT Miniso (MNSO): NDR takeaways: topline target intact, margin pressure to sequentially narrow ahead; Buy We hosted Miniso for an NDR on May 26 post the 1Q25 result. The US market's margin and operations, Miniso China's performance and the store network plan were among the key investor focus areas. Takeaways include: 1) Management reiterated its guidance to deliver topline growth acceleration yoy (vs. 23% in 2024) and sequentially, where management is confident of driving low teens% Mi ...

24 May 2025 | 1:54AM HKT Miniso (MNSO) Buy Earnings review: A year of transition; SSSG sequentially improved, but margin still dragged by DTC; Buy | MNSO | 12m Price Target: $23.40 | Price: $22.19 | Upside: 5.5% | | --- | --- | --- | --- | | 9896.HK | 12m Price Target: HK$46.00 | Price: HK$42.25 | Upside: 8.9% | Miniso reported 1Q25 with 19% yoy revenue growth which was slightly above GSe and the company's earlier guidance of 15%-18% yoy; yet adj. OP declined by 5% yoy and was 9% below GSe, implying 4.2pp a ...

Core Insights - Deckers Outdoor Corporation (DECK) reported strong fourth-quarter fiscal 2025 results, driven by the performance of its HOKA and UGG brands, with earnings per share of $1.00, exceeding expectations [1][3] - The company did not provide guidance for fiscal 2026 due to macroeconomic uncertainties, leading to a 15.3% decline in shares during after-market trading [1][15] Financial Performance - Net sales increased by 6.5% year over year to $1,021.8 million, surpassing the consensus estimate of $993 million [3] - Gross profit rose 7.5% year over year to $579.8 million, with a gross margin of 56.7%, up from 56.2% in the prior year [4] - Operating income was $173.9 million, a 20.6% increase from the previous year, with an operating margin of 17% [6] Brand Performance - HOKA brand sales grew by 10% year over year to $586.1 million, while UGG brand sales increased by 3.6% to $374.3 million, exceeding estimates [7] - Other brands, including Teva, AHNU, and Koolaburra, saw a decline in sales by 6.3% to $61.3 million [7] Sales Channels and Geography - Wholesale net sales increased by 12.3% year over year to $611.6 million, while DTC net sales decreased by 1.2% to $410.2 million [8] - Domestic net sales remained flat at $647.7 million, whereas international net sales rose by 19.9% to $374.1 million [8] Financial Position - As of March 31, 2025, cash and cash equivalents were $1.89 billion, with total stockholders' equity at $2.51 billion and no outstanding borrowings [9] - The company repurchased 1.78 million shares for $266 million in the fourth quarter and 3.80 million shares for $567 million in fiscal 2025 [10] Future Outlook - For Q1 fiscal 2026, DECK expects revenues between $890 million and $910 million, with HOKA projected to grow in the low-double digits and UGG in the mid-single digits [13] - Gross margin is anticipated to decline by 250 basis points due to higher freight costs and increased promotional activity [13] - SG&A expenses are expected to rise slightly faster than revenues, reflecting continued investments in brand marketing [14]

答:2022年度、2023年度、2024年度,公司前五大客户占比分别为 44.12%、36.25%、32.98%。公司前五 大客户占比连续三年呈下降趋势,在公司战略级客户保持核心地位的同时,客户结构正朝着均衡化、分散 化方向稳步发展,整体结构不断优化。这一积极变化充分彰显了公司强大的商业属性与卓越的产品力。 从商业属性来看,均衡分散的客户结构意味着公司减少了对少数大客户的过度依赖,构建起更具韧性的客 户网络,体现出公司在市场开拓、客户维护等商业运营环节的成熟与稳健。 在产品力方面,客户结构的优化表明公司产品获得了更广泛市场主体的认可,也充分体现了公司产品的客 户粘性和市场竞争力。不同类型、规模的客户选择与公司合作,正是对产品质量、性能、适配性等多维 度竞争力的有力佐证。这种均衡分散的客户格局,为公司长期稳定发展奠定了坚实基础,也进一步凸显了 公司在行业中的综合实力与市场地位。 2025年5月23日，概伦电子披露接待调研公告，公司于5月21日接待博时基金、财通资管、长信基金、常 青藤资产、大成基金等20家机构调研。 公告显示，概伦电子参与本次接待的人员共2人，为董事会秘书郑芳宏，投资者关系经理杨帆。调研接 待地 ...