Core Insights - The company reported a decline in revenue and net profit for 2024, with total revenue of 8.151 billion yuan, down 16.84% year-on-year, and a net profit of 77 million yuan, down 76.8% year-on-year [1] - In Q4 2024, the company experienced a significant drop in revenue and net profit, with revenue at 2.195 billion yuan, down 26.27% year-on-year, and net profit at 24 million yuan, down 85.9% year-on-year [1] - For Q1 2025, the company saw a revenue increase of 12.06% year-on-year to 2.068 billion yuan, but net profit decreased by 30.05% year-on-year to 67 million yuan [1] Financial Performance - The company's gross margin for 2024 was 30.7%, a decrease of 2.45 percentage points year-on-year, with a net profit margin of 0.95%, down 2.45 percentage points year-on-year [2] - In Q4 2024, the gross margin further declined to 29.85%, down 10.09 percentage points year-on-year, with a net profit margin of 1.07%, down 4.54 percentage points year-on-year [2] - For Q1 2025, the gross margin improved slightly to 30.85%, but still down 3.67 percentage points year-on-year, with a net profit margin of 3.23%, down 1.94 percentage points year-on-year [2] Market Position and Future Outlook - The company has established itself as a leading brand in the high-end household paper market, maintaining a strong position despite short-term competitive pressures [3] - Revenue projections for 2025-2027 are estimated at 8.748 billion yuan, 9.322 billion yuan, and 9.823 billion yuan, representing year-on-year growth of 7.3%, 6.6%, and 5.4% respectively [3] - Expected net profits for 2025-2027 are projected at 212 million yuan, 261 million yuan, and 311 million yuan, with significant growth rates of 174.4%, 23.2%, and 19.1% respectively [3]

| 合营企业 或联营企 | 主要经营地 | 注册地 | 业务性质 | 持股比例(%) | | 对合营企业或联 营企业投资的会 | | --- | --- | --- | --- | --- | --- | --- | | 业名称 | | | | 直接 | 间接 | 计处理方法 | | A公司 | 一亚市 | 三亚市 | 服务业 | 25.00 | | 权益法核算 | | B公司 | 漳州市 | 漳州市 | 商业 | 49. 00 | | 权益法核算 | | C公司 | 上海市 | 上海市 | 商业 | 19. 00 | | 权益法核算 | | D公司 | 北京市 | 北京市 | 商业 | 19.00 | | 权益法核算 | 截自上海家化2024年财报 企查查显示，上海家化集团在丝芙兰(上海)化妆品销售有限公司和丝芙兰(北京)化妆品销售有限公司中的持股比例均为19%，上海家化董事长林小海则任 上述两家企业董事。因此，也可就此判断，C公司和D公司分别为丝芙兰上海与丝芙兰北京。 青眼号外梳理了上述两家公司近六年的业绩情况发现，从2019年到2021年，丝芙兰中国净利润一直处于盈利状态，其中，2019年最高净利润达6 ...

Core Viewpoint - In April 2025, the company reported significant financial growth for the year 2024, with a notable increase in net profit and cash flow, while also facing various risks and challenges [1] Financial Metrics Summary - Revenue for 2024 reached 6,455,113,793.27 yuan, a 95.70% increase from 3,298,487,387.88 yuan in the previous year, driven by a full recovery in the tourism market [2] - The wholesale tourism revenue was 4,793,326,984.18 yuan, up 136.43%; retail tourism revenue was 745,595,955.24 yuan, up 59.83%; integrated marketing service revenue was 869,836,054.79 yuan, up 11.61% [2] - Net profit attributable to shareholders was 105,918,494.95 yuan, a 228.18% increase from 32,274,227.71 yuan; net profit excluding non-recurring items was 105,173,136.70 yuan, up 1053.47% [3] - Basic and diluted earnings per share both increased to 0.108 yuan, a growth of 227.27% from 0.033 yuan [4] - Sales expenses rose to 547,586,109.95 yuan, a 103.29% increase, while management expenses grew by 19.40% to 126,722,099.38 yuan; financial expenses decreased by 44.11% to 8,679,182.77 yuan [4] Cash Flow Summary - Net cash flow from operating activities was 347,407,687.74 yuan, a 104.45% increase from 169,918,987.17 yuan, indicating improved cash generation capability [5] - Net cash flow from investing activities was 1,926,381.16 yuan, a significant recovery from -88,353,656.74 yuan in the previous year [5] - Net cash flow from financing activities was -287,436,825.55 yuan, reflecting adjustments in funding and repayment strategies [5] Risk Factors Analysis - The company faces macroeconomic volatility risks, as tourism is significantly influenced by economic indicators such as GDP and disposable income [6] - Increased market competition poses a challenge, necessitating continuous innovation and service optimization to maintain competitive advantage [8] - The company is also exposed to risks from uncontrollable factors such as political, economic, and natural events that can impact travel choices [9] - Service quality control risks are present, as maintaining high service standards is crucial in the tourism industry [10] - Currency fluctuation risks exist due to the nature of the business, which involves foreign currency procurement [11] - Acquisition and integration risks are associated with cross-border mergers and acquisitions, which may not yield expected benefits if not managed properly [12] Management Compensation - The total remuneration for the board of directors, supervisors, and senior management was 3.3174 million yuan, with the chairman and CEO receiving a pre-tax total of 720,000 yuan, reflecting a performance-linked incentive mechanism [13]

2025年初春，京东以雷霆之势杀入外卖市场，发展速度之快令整个行业为之震动。 之前抖音外卖花了五个月仅做到日单10万，而京东外卖仅仅2个多月就做到了单日超500万单，又过去一周后，京东外卖的日订单量已突破1000万单。 而随着刘强东亲自下场送外卖、与外卖骑手吃火锅、喝酒、吹牛，瞬间引爆网络，京东外卖的日单量想必还在飞速增长。 按此推算，京东外卖的日订单量突破2000万指日可待，甚至未来几个月突破3000万单也并非遥不可及。 从美团最初反击情况来看，显然是低估了京东的威胁，或许美团认为京东外卖又会是下一个抖音外卖，激不起多少风浪。 此前美团方面曾回应："京东不是第一家想做外卖的公司，也可能不是最后一家"。 但等美团近期加大力度回击时，京东外卖却已成气候，确实是低估了。 特别是刘强东亲自送外卖造势的行为，更为京东外卖带来了不可忽视的单量，此后一段时间仍会受益。 京东打美团正激烈，美团自然很受伤，毕竟外卖本身就是个存量市场，新玩家进场自然会瓜分原本的市场格局，美团的日单量必将下滑。 但京东打美团最受伤的其实并非美团，而是饿了么。 因为作为行业老二的饿了么在经营十多年后，当前日单量仅维持在2000万左右，而京东在短短 ...

Group 1 - The company announced the termination of an investment project in Lianyungang, originally planned for an annual production of 800,000 tons of chemical functional materials, with a total investment of 1.38 billion yuan [1] - The project was halted due to changes in the macro environment and was agreed upon with the local government, resulting in the return of land use rights and a refund of 45.764 million yuan [1] - The company stated that the termination of this project will not have a significant impact on its existing business and operational development [1] Group 2 - The company's high-performance water-reducing agent segment reported a revenue of 1.86 billion yuan in 2024, a year-on-year decrease of 8.76% [1] - The designed production capacity for high-performance water-reducing agents is 789,000 tons, with a capacity utilization rate of 37% [2] - The company faces increased competition in the polycarboxylic acid water-reducing agent market, which may lead to a decline in profitability and an increase in accounts receivable [2]

Core Viewpoint - The competition between Midea Group and Gree Electric in the home air conditioning market has intensified, with both companies claiming to be the market leader based on different data dimensions [2][3][4]. Group 1: Company Performance - Midea Group reported that its air conditioning offline market share is 35.9% and online market share is 33.2%, both ranking first in the industry [3][4]. - Gree Electric stated that its online retail market share for air conditioning is 25.4%, claiming the top position [3][4]. - Midea Group's total revenue for 2024 was 409.08 billion yuan, a year-on-year increase of 9.5%, while its net profit was 38.54 billion yuan, up 14.3% [4]. - Gree Electric's revenue for 2024 was 189.16 billion yuan, a year-on-year decline of 7.26%, with a net profit of 32.19 billion yuan, an increase of 10.91% [4]. Group 2: Market Dynamics - The home appliance industry is characterized by fierce competition, with various companies vying for the title of "number one" [9][11]. - The air conditioning market in China saw a retail value of 207.1 billion yuan in 2024, reflecting a year-on-year decline of 2.2% [12]. - The competition extends beyond air conditioning, as companies like TCL and Hisense also claim leadership in various product categories, indicating a broader trend of market rivalry in the home appliance sector [11].

证券代码：301076 证券简称：新瀚新材 江苏新瀚新材料股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动类别 | 特定对象现场调研 | 分析师会议 | | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | ☑其他 现场参观 | 线上会议 | | 参与单位名称及人员姓名 | 民生证券-完颜尚文 | 中泰证券-王鹏 | | | 国海证券-李娟廷 | 天风证券-杨滨钰 | | | 申银万国证券-李绍程 邵靖宇 | | | | 耕霁（上海）投资-曹慧 张林晚 | | | | 上海嘉世私募基金-周盘棋 | 红土创新基金-李传鹏 | | | 华福证券-孙范彦卿 | 金科投资-李翌 | | | 天风证券-杨滨钰 | 西部利得基金-陈雨 | | | 远信投资-杨大志 | 北京宏道投资-段然 | | | 深圳前海华杉投资-申玉婷 | | | 时间 | 2025 年 4 月 28 日 16:00-16:30 | | | 地点 | 线上会议 | | | 上市公司接待人员姓名 | 董事会秘书：李翔飞 | | | | 财 ...

五一假期还没到来，音乐节战场就已经有了硝烟。从四月开始，几乎每个周末都有多场音乐节在全国各地上演。 从南到北，成都·热浪飞行银河左岸音乐节、温州·大麓青年音乐节、昆明·五百里音乐节、北京· 檀谷回声·硬地春赏音乐节、阜阳·斑马音乐节、石家庄 ·Rock Home Town原创音乐节等等，络绎不绝。 不仅数量多，阵容也十分抗打。同一个周末，成龙的影视传媒学院与银河左岸共同主办的龙乐无界音乐节在武汉开唱，成龙与林俊杰同台合唱的视频刷爆 社交媒体。同一时间的厦门，泡泡岛音乐节汪苏泷在雨中压轴，YIN YIN、Tokyo Ska Paradise Orchestra等海外音乐人让观众大开眼界。 四月音乐节赛道的拥挤还只是前奏，据不完全统计，今年五一假期短短五天官宣了近30个音乐节，阵容也是八仙过海各显神通。 01 五一音乐节混战，神仙打架 仔细翻翻今年五一的音乐节和阵容，值得关注的亮点有很多。 从知名度来看，头部的音乐节IP自然都不会错过这个关键时间档。 今年五一，超级草莓音乐节在东莞和北京同时开演，根据地域文化的不同，阵容也细心地做出了差异化。例如，东莞站邀请了杨千嬅、周柏豪、王宛之、 泳儿等粤语金曲歌手，同时也给 ...

在京东和美团纷纷出招，打得不可开交之时，饿了么却有可能成为最大输家？ 据科创板日报报道，在京东发起"外卖补贴大战"后，巨额的红包让京东秒送的外卖单量暴增，并于4月24日突破1000万单。同期，美团为了抵御京东的攻 势，也同样大量"撒币"补贴，在京东主攻的茶饮品类外卖上进行了强势回应。 而在舆论场上，两平台的发声官号"京东黑板报"和"小团有话说"明显在隔空交手，不同社交平台上的消费者、商家、骑手也有大量站队、讨论的情况。 而带着这些问题，新识研究所和一些曾经或目前一直"忠于"饿了么的消费者、骑手与商家聊了聊，他们是怎么看外卖大战中的饿了么。 01 用户说饿了么没了价格优势，骑手褒贬不一 当用户今天用京东的15-10百亿补贴下单午餐，明天用美团无门槛减15元的饮品神券点奶茶的时候，不少消费者却都忘了，自己的手机里还有一个之前频 繁比价但现在已经好久没有打开的外卖软件蓝色APP饿了么。 2024年在饿了么消费破万但最近好久都没有再召唤蓝骑士的叶晴，便是其中之一。 当我们问起为何叶晴会把饿了么当作自己的主要外卖下单平台时，她是这么回答的："说实话，我并不是因为饿了么的服务或者其他福利才选择它的，主 要原因就是相比于之 ...

"非洲手机之王"传音控股一季报爆雷了。 净利下滑近7成 今年一季度，传音控股实现营收为130.04亿元，同比下降25.45%；净利润为4.9亿元，同比下降69.87%；扣非净利润为3.43亿元，同比下滑74.64%。 同时，传音控股经营活动产生的现金流连续恶化，今年一季度的净额亏损高达7.41亿元。 | | | | 甲V: 刀元 甲性:人民日 | | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 本报告期比上年同期 增减变动幅度(%) | | | | 调整前 | 调整后 | 调整后 | | 营业收入 | 1,300,382.88 | 1.744.328.19 | 1.744.328.19 | -25.45 | | 归属于上市公司股东的净 利润 | 49.008.65 | 162.646.95 | 162.646.95 | -69.87 | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 34.321.35 | 135 356.72 | 135,356.72 | -74.64 | | 经营活动产生的现金流量 | -74.052.42 | - ...