2025 年 5 月 7 日 公司研究 短期业绩承压，25 年积极应对 ——千味央厨（001215.SZ）2024 年年报及 25 年一季报点评 要点 事件：千味央厨发布 2024 年年报与 2025 年一季报，公司 24 年实现总营收 18.68 亿元、同比下滑 1.71%，实现归母净利润 0.84 亿元、同比下滑 37.67%，扣非 归母净利润 0.83 亿元、同比下滑 32.57%，剔除股权激励费用影响，24 年归母 净利润 1 亿元、同比下滑 31.99%。25Q1 总营收 4.7 亿元、同比增加 1.5%，归 母净利润 0.21 亿元、同比下降 37.98%。 24 年传统产品收入有所承压，直营渠道保持稳健发展。1）产品端，24 年油炸 类/烘焙类/蒸煮类/菜肴类及其他产品收入分别为 7.67/3.40/3.93/3.60 亿元，同 比-11.87%/-4.28%/+5.41%/+21.84%，油炸类和烘焙类产品收入承压，主要受 部分老品生命周期影响、同时新品仍处于上市初期贡献有限，油条、芝麻球、春 卷、蛋挞皮等传统单品收入有所下滑。蒸煮类产品收入增长主要为咸包产品收入 贡献、以及子公司味宝食品并表 ...

Financial Data and Key Metrics Changes - Net sales increased by 8.5% to $1,130,000,000 compared to the previous year, driven by new store openings and a 30 basis point increase in comparable store sales [29][30] - Gross profit rose by 12.7% to $342,400,000, with gross margin improving by 110 basis points to 30.4%, exceeding expectations due to better inventory management [30] - Adjusted EBITDA increased by 31.7% to $51,900,000, with an adjusted EBITDA margin of 4.6%, up 80 basis points from the prior year [32][33] - Net loss was $23,300,000 or negative $0.24 per diluted share, compared to a net loss of $1,000,000 or negative $0.01 per diluted share last year [31] Business Line Data and Key Metrics Changes - The company opened 11 new stores and closed one, ending the quarter with 543 stores across 16 states, on track to meet the annual target of 33 to 35 new stores [29][30] - Comparable store sales growth was driven by a 2.3% increase in the number of transactions, partially offset by a 2% decrease in average transaction size [29] Market Data and Key Metrics Changes - The company is moderating its outlook for annual comparable store sales growth due to current business trends and macroeconomic uncertainties [21][28] - The first quarter was impacted by the shift of the Easter holiday into the second quarter, affecting sales performance [29] Company Strategy and Development Direction - The company is focusing on four strategic imperatives: improving new store performance, securing top talent, addressing execution gaps, and enhancing the ability to execute at scale [9][10] - Plans include piloting a new commercial execution playbook and clustering stores in new markets to optimize returns on invested capital [10][11] - The company aims to strengthen relationships with independent operators and suppliers to enhance the overall business model [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term addressable market and the potential for improved costs and margins with focused execution [8][22] - The company is committed to enhancing the in-store experience and driving customer loyalty through better execution and value delivery [22][24] - Management acknowledged the need to balance margin maintenance with market share defense in the current environment [94] Other Important Information - The company incurred $33,900,000 in restructuring charges during the first quarter, which includes lease termination costs and other related expenses [31] - The effective tax rate for the quarter was 19.7%, a significant decrease from 60% in the same quarter last year [33] Q&A Session Summary Question: Strategy and Growth Level - Management emphasized the importance of execution and building a loved brand, focusing on capabilities to enhance customer experience and drive loyalty [41][42] Question: Second Quarter Guidance and Comp Trajectory - Management discussed ongoing commercial and execution activities aimed at improving sales, despite a softer basket size and macroeconomic uncertainties [44][47] Question: Real-Time Order Guide Impact - Initial feedback on the real-time order guide has been positive, with improved fill rates expected to enhance sales over time [51][52] Question: Gross Margin Performance - Improved shrinkage and better inventory management contributed to better-than-expected gross margin performance, with expectations for sustainability throughout the year [54][56] Question: Opportunistic Sourcing Trends - Strong supplier relationships continue to provide opportunities for opportunistic sourcing, with a focus on enhancing visibility and execution [60][61] Question: KVI and Field Organization - Management is focused on tightening key value indicators and considering potential investments in field organization support to enhance store performance [63][66] Question: Basket Size Insights - The decrease in basket size is attributed to fewer items per basket, with ongoing efforts to improve inventory fulfillment and customer experience [69][72] Question: April Trends and Consumer Behavior - April showed some softness in sales, with management noting uncertainty in consumer behavior but no evidence of significant trading down [76][90] Question: Restructuring Plan and Guidance Impact - Restructuring costs are expected to remain within the original range, with no significant impact on profitability guidance for the year [91][92] Question: United Grocery Outlet Integration - Sales growth at United Grocery Outlet is in line with expectations, with integration plans set for late 2026 [99]

Financial Data and Key Metrics Changes - Aramark's organic revenue grew to $4.3 billion, representing a 3% increase, despite challenges such as facility exits and weather-related closures [8][20] - Operating income was $174 million, up 9.5% year-over-year, with adjusted operating income increasing to $205 million, reflecting an 11% rise on a constant currency basis [20][21] - Adjusted EPS was $0.34, a 22% increase compared to the prior year on a constant currency basis [23] Business Segment Data and Key Metrics Changes - In the U.S., organic revenue increased to $3.1 billion, approximately 1% growth, impacted by factors like facility exits [9][21] - The International segment reported organic revenue of $1.3 billion, a 10% year-over-year increase, with strong performance across multiple countries [12][13] - The U.S. segment's AOI growth was 5%, with margin improvement driven by supply chain efficiencies [21] Market Data and Key Metrics Changes - Client retention rate exceeded 98%, a level not typically seen at this point in the fiscal calendar [6][26] - New client wins totaled $760 million year-to-date, with expectations for net new business growth of 4% to 5% in fiscal 2025 [7][26] - The company experienced a monthly acceleration of revenue growth, reaching 6% in April [6][26] Company Strategy and Development Direction - Aramark is focused on leveraging its resilient business model to navigate market fluctuations and uncertainties [7][18] - The company aims to capitalize on growth opportunities in various sectors, including education, sports, and healthcare [12][18] - Continued investment in technology and supply chain optimization is a priority to enhance operational efficiency and client service [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial objectives for fiscal 2025, citing strong retention rates and a robust sales pipeline [6][26] - The company is monitoring macroeconomic trends, including tariffs, and believes its business model is well insulated from volatility [16][26] - Expectations for revenue growth to accelerate in the second half of the fiscal year, driven by new business and increased base business volume [26] Other Important Information - The company repurchased nearly 4 million shares, totaling about $140 million, as part of its capital allocation strategy [19][24] - Aramark's leverage is expected to remain around three times by the end of the fiscal year, with enhanced financial flexibility achieved through debt maturity extensions [19][24] Q&A Session Summary Question: Potential for net new business growth above 5% - Management indicated that they expect to exceed the multi-year growth range of 5% to 8% in the fourth quarter, driven by strong retention and new business [30][32] Question: Impact of inflation on Avendra and consumer behavior - Management confirmed that Avendra is effectively managing supply chain disruptions and can pass through inflationary costs, with no significant change in consumer behavior noted [34][36] Question: Expectations for pricing and margin expansion - Management expects pricing to align with inflation, with opportunities for incremental margin expansion driven by supply chain efficiencies and operational improvements [110]

【YOUNG财经——关注商业伦理】 岗位要求： YOUNG财经 招聘财经编辑数名 1、本科以上学历 2、对企业和上市公司感兴趣 3、有较强的职业精神 主要职责： 负责企业和上市公司调研、访谈、报告撰写等 工作地点： 北京西直门 五险一金，薪资面议 欢迎 发送简历至 youngcaijing@163.com 期待你的加入。 ■ YOUNG财经从商业伦理视角关注商业世界，倡导帕累托最优的进化发展方式，支持市场公平和市场 效率，提倡第三方监督的力量。期待共赢而没有人受损的永续繁荣。关注绿色、社群和公司治理，倡 导包容、可持续发展理念。 ...

原标题：全有机太阳能电池光电转化效率创新高 日本金泽大学与加拿大女王大学等机构联合研制出一种全有机太阳能电池，其光电转化效率达8.7%， 较此前纪录提升逾一倍。这项发表于最新一期《先进功能材料》的研究，为环保型太阳能电池的实用化 铺平了道路。 然而，这类电池此前始终难破效率困局，其光电转化效率仅为4%，远低于硅基（27%）和钙钛矿 （26%）太阳能电池。造成这一现状的主要有两大技术瓶颈：一是高导电有机电极制备需强酸、强碱或 高温退火，易损伤有机基板薄膜和有机半导体层；二是多层堆叠时溶液工艺会破坏下层结构。 为攻克这些难题，团队创新性地采用"温和工艺"破局。首先，他们开发出基于导电聚合物PEDOT:PSS 的透明电极，这种电极能在80℃的温度下制备，且无需酸或碱。其次，他们首创碳纳米管电极层压技 术，在太阳能电池阻挡膜上分别形成电极，然后将其附着到器件上，避免在电极制造过程中损坏下层有 机膜。这套组合拳使全有机太阳能电池的光电转化效率飙升至8.7%，向高性能全有机太阳能电池的实 用化之路迈出了关键一步。 未来，全有机太阳能电池有望在农田和可穿戴设备等环境敏感领域大显身手，其独有的轻质和柔性特征 也使其能在传统太 ...

2025.05. 05 本文字数：1439，阅读时长大约2分钟 据央视新闻报道，美国太空探索技术公司(SpaceX)火箭制造与发射基地所在的得克萨斯州南部墨西 哥湾沿岸地区于5月3日投票，决定是否将当地升级为一座名为"星舰基地"的城镇。目前，有173票赞 成，4票反对。只需143票赞成就算通过，"星舰基地"成为城镇已成定局。 太空探索技术公司首席执行官埃隆·马斯克在社交媒体发文："得克萨斯的星舰基地，现在是一座真正 的城市了！"。 面积3.9平方公里的得州南部小镇 太空探索技术公司的火箭制造与发射基地位于得州南部的博卡奇卡，面积仅3.9平方公里，靠近美国 与墨西哥边境。公司首席执行官埃隆·马斯克2021年最初提出在此建立城镇的想法。 马斯克被视为美国总统特朗普的亲密盟友，在新一届美国政府中领导政府效率部，帮助特朗普大幅削 减联邦开支、大规模裁减联邦雇员。 特斯拉麻烦不断 马斯克一边是作为美国总统特朗普的亲密盟友，在新一届美国政府中"大展拳脚"；另一边却是自己旗 下特斯拉公司麻烦不断。 在美国国内，特斯拉电动汽车和门店成了一些马斯克反对者打砸、纵火的靶子；在国外，特斯拉正成 为对美反制性关税的靶子。种种因素交织 ...

以下文章来源于刘润 ，作者刘润 我们每天都在聊商业。 但长期浸润在商业世界里你就会发现，环境变化实在太快了。昨天还能赚钱的方法，放到今天又瞬间失灵。 的确是这样。但是，即便是千变万化的商业世界，它也有很多底层逻辑，是不会变的。 这些底层逻辑，就像是我们读书时学习的"公理"一样。它们是常识，不用证明就存在于世。 你根据这些"公理"，就能生长出一些基本方法论，从中推导出许多"定理"。 刘润 . 刘润，润米咨询创始人，"5分钟商学院"课程主理人，著名商业顾问，曾为海尔、中远、恒基、百度等企业提供过战略咨询服务， 每年10月举办"进化的力量·年度演讲"，为创业者企业家提供年度规划的参考方向，一起更早看到未来。使命：降低商业的认知门 槛。 来源丨刘润 作者丨木言声 图源 丨豆包 而这，都会在你的商业知识树上添砖加瓦，让你越来越能看清迷雾下的本质，从而帮助你在商业世界里，以不变应万变。 就比如，"消费者总希望用更便宜的价格，买到更好的东西"，就是一条永远都不会变的公理。 今天，就从这条商业公理开始说起吧。 商业想要成功 你就得做出更便宜更好的产品 你可能会问。那如果是这样的话，买东西的人的确开心了，但是卖东西的人还怎么活 ...

马斯克，迎来重磅利好消息！ 当地时间5月3日，全球首富，美国太空探索技术公司（SpaceX）和特斯拉CEO官埃隆·马斯克迎来一则好消 息，他在得克萨斯州建立自己城镇的想法，已经获得了足够的票数。也就是说，"星舰基地"成为城镇已成定 局。 马斯克在社交媒体发文："得克萨斯的星舰基地，现在是一座真正的城市了！"。有分析认为，此次投票结果对 马斯克来说是一场"急需的胜利"，过去几个月，他因广泛介入特朗普政府的执政而面临广泛批评。 据央视新闻消息，SpaceX火箭制造与发射基地所在的得克萨斯州南部墨西哥湾沿岸地区于5月3日投票，决定 是否将当地升级为一座名为"星舰基地"的城镇。目前，有173票赞成，4票反对。只需143票赞成就算通过，"星 舰基地"成为城镇已成定局。 马斯克在社交媒体发文："得克萨斯的星舰基地，现在是一座真正的城市了！"。另有外媒报道称，除了纳入城 市外，此次投票选举还选出了"星舰基地"城首任市长鲍比·佩登（Bobby Pedden）以及两位市政委员乔丹·巴斯 （Jordan Buss）和珍娜·佩特尔扎尔卡（Jenna Petrzelka）。上述3人均为SpaceX的员工，且在选举过程中未面临 竞争对 ...

Industry Overview - The beer industry in 2024 is experiencing a significant divergence, with some companies thriving while others struggle, reflecting a structural adjustment within the market [2][3] - The National Bureau of Statistics reported a 0.6% year-on-year decline in beer production and a 5.7% decrease in industry revenue, making beer the only category in the food and beverage sector to see a revenue drop [2] Market Dynamics - The Chinese beer market is characterized by oligopolistic competition, with the top six companies (CR6) holding a market share of 92.6% [3] - Beer production has been declining since its peak in 2013, leading to a contraction in the overall consumption market, which directly impacts the performance of leading companies [3] Financial Performance - Major companies like Budweiser APAC, China Resources Beer, and Tsingtao Brewery reported revenue declines of 8.89%, 0.76%, and 5.3% respectively in 2024 [4][5] - Net profits for Budweiser APAC, China Resources Beer, and Chongqing Beer also fell by 14.8%, 8.03%, and 17.05% respectively, attributed to weak consumer demand and challenges in traditional sales channels [4][5] Growth Segmentation - Yanjing Beer and Zhujiang Beer are exceptions, showing positive growth in both revenue and profit, with Yanjing's revenue increasing by 3.20% and net profit by 54.87% [5] - Yanjing U8 has successfully penetrated the mid-to-high-end market, achieving a 31.40% increase in sales volume [6] Strategic Shifts - Companies are shifting focus towards operational efficiency and market segmentation to find sustainable profit growth in a saturated market [8][9] - Budweiser APAC is reallocating resources from super-premium products to the core price segment of 8-10 yuan, which is performing better in the current consumption environment [7][8] Cost Management - Several companies, including Budweiser APAC and China Resources Beer, have reduced their sales costs by 8.93% and 2.93% respectively, due to lower barley prices and improved cost control measures [9][10] - Qingdao Beer managed to achieve a slight net profit increase despite revenue decline by reducing various operational costs [10][12] Marketing Innovations - Companies are adopting innovative marketing strategies to engage younger consumers, such as emotional and scenario-based marketing [13][14] - Budweiser APAC is focusing on expanding non-drinking channels and targeting new consumption scenarios, while China Resources Beer has seen over 30% growth in online business [15][16]

Core Viewpoint - The solar industry has reported significant losses in 2024, with major companies like TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar facing substantial net losses. However, there are signs of improvement in Q1 2025 due to self-regulatory measures in the industry [1][2]. Group 1: Financial Performance of Major Companies - TCL Zhonghuan, Longi Green Energy, Tongwei Co., and Aiko Solar reported net losses of 9.818 billion, 8.618 billion, 7.039 billion, and 5.319 billion respectively in 2024, marking the highest losses in the industry [1]. - JinkoSolar, in contrast, achieved a net profit of 0.99 billion in 2024, but reported a loss of 1.39 billion in Q1 2025, indicating a year-on-year decline of 218.20% [2][4]. - JinkoSolar's revenue in 2024 was 92.47 billion, down 22.08% year-on-year, with a net profit decline of 98.67% [4]. Group 2: Market Dynamics and Competitive Landscape - The solar market is experiencing intensified competition, leading to a significant drop in product prices: polysilicon prices fell over 39%, silicon wafer prices over 50%, battery prices over 30%, and module prices over 29% in 2024 [5]. - JinkoSolar's strategy to maintain market share involved signing numerous low-price orders, which contributed to its losses, while competitors like Longi Green Energy adopted a "volume control for profit" strategy [8][9]. - The TopCon technology, which JinkoSolar initially capitalized on, has become increasingly commoditized, diminishing its pricing power and leading to a decline in profitability [10][13]. Group 3: Future Outlook and Strategic Considerations - JinkoSolar aims to balance shipment volume and profitability, projecting a component shipment target of 20-25 GW for Q2 2025, while maintaining its position as the leading component supplier with 92.9 GW shipped in 2024 [9][19]. - The competition between TopCon and emerging technologies like BC and HJT is expected to intensify, with BC technology anticipated to surpass TopCon in market share by 2026 [17][18]. - JinkoSolar is considering a shift towards TBC or perovskite tandem cells to regain competitive advantage, although the latter may not see large-scale production for several years [18].