登录新浪财经APP 搜索【信披】查看更多考评等级 （一）合作范围 1、由于乙方是甲方的关联方，本协议项下交易构成关联交易。 2、为保障甲方及其控股子公司生产线自动化、智能化改造，保证甲方生产经营顺利进行，充分利用乙 方的人才、设备、技术优势，加快甲方项目进度，甲乙双方同意在项目进行过程中乙方为甲方提供如下 服务： （1）根据甲方提供的技术目标、技术内容等要求提供符合要求的设备； （2）根据甲方提供的质量控制及技术指标等要求为项目提供设备安装和配套的信息系统搭建、调试应 用等服务。 （二）交易原则及交易金额 1、甲乙双方一致同意，双方遵照公平合理、等价有偿、诚实信用的市场交易原则进行合作，不得损害 交易任何一方、特别是甲方非关联股东的利益。 2、本协议项下交易总金额不超过1,000万元。 3、交易价格核定的基本依据: （1）合同项下的内容，甲方进行充分的市场调研，并基于掌握的市场信息与乙方协商确定合同价格。 为达到甲方对项目的最终目标，所需材料及专用设备由乙方提供。 （2）乙方为甲方提供的设备及材料所需经费必须制定资金预算，经甲方批准确认后方可实施。 （3）甲、乙双方同意本协议项下的所有服务，具体的交易按本协议 ...

行业承压显著，公司仍稳健增长 2024H1/H2/Q4/2025Q1 公司收入分别同比+10%/+4%/+3%/+3%，显著优于行业。其中2024A 电连接业务 占比46%，同比+4%，2024H1/H2 分别同比+5%/+3%，2025Q1 预计小个位数增长；2024A 智能电工照 明业务占比49%，同比+5%，2024H1/H2 分别同比+12%/+0%，2025Q1 预计小幅增长。2024A 新能源业 务占比5%，同比+105%；2024H1/H2分别同比+120%/+97%；2025Q1 预计依然快速增长。综上，公司营 收维持小幅增长。 24Q4 盈利承压，25Q1 盈利小幅改善 重视股东回报，持股计划绑定员工利益 公牛集团发布2024 年报/2025 年一季报：2024 年，实现营收168.31 亿，同比+7.24%，归母净利润42.72 亿，同比+10.39%，扣非归母净利润37.42 亿，同比+1.04%。其中Q4 实现营收42.27 亿，同比+3.41%， 归母净利润10.09 亿，同比-4.55%，扣非归母净利润9.02 亿，同比-16.48%。2024 年拟每10 股派24 元 （含税）， ...

Core Viewpoint - In 2024, the company reported revenue of 5.679 billion yuan, a decrease of 13.93%, and a net profit attributable to shareholders of -833 million yuan, primarily due to a goodwill impairment of 610 million yuan related to the acquisition of TomiStar and a loss of 100 million yuan from overseas operations [1][2] Financial Performance - The company disclosed its 2024 annual report and 2025 Q1 report, showing a revenue of 5.679 billion yuan in 2024, down 13.93%, and a net profit of -833 million yuan, mainly due to a goodwill impairment of 610 million yuan and a loss of 100 million yuan from overseas operations [2] - In Q1 2025, the company reported revenue of 1.704 billion yuan, a decrease of 10.59%, and a net profit of 217 million yuan, down 15.25%, with a non-recurring net profit of 192 million yuan, down 34.49% [3] Strategic Adjustments - The company implemented strategic adjustments in 2024, including reducing social inventory in department stores, closing inefficient stores, and transitioning some online distributors to a self-operated model, which negatively impacted revenue and profit [4] - The overseas business, particularly TomiStar, faced challenges leading to a revenue decline of 1.415 billion yuan, down 11.43%, and a gross margin decrease of 48.32%, down 3.02 percentage points [4] Brand and Channel Development - The company established a "four focuses" strategy in 2024, emphasizing online channel development, with online revenue of 2.539 billion yuan, a decline of 9.66%, but with an increased online revenue share of 44.7% [5] - The company is actively expanding into emerging channels such as community group buying and snack chains, with nearly 40,000 new stores opened in Q1, achieving double-digit growth in sales from these new channels [5] Employee Incentives - The company announced an employee stock ownership plan, with a total of no more than 45 participants, aiming to raise up to 77.51 million yuan, with specific performance targets set for 2025-2027 [6] - The plan is designed to address historical issues and improve employee retention, as previous incentive completions were low and core employee turnover was high [6] Profit Forecast - The company is expected to achieve net profits of 343 million yuan, 467 million yuan, and 593 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 45, 33, and 26 times [8]

Core Viewpoint - The company is experiencing short-term performance pressure due to internal adjustments, with a significant decline in 2024 revenue and net profit, but a narrowing of the decline in Q1 2025 [1] Financial Performance - In 2024, the company achieved revenue of 5.679 billion, down 13.93% year-on-year; net profit attributable to shareholders was -0.833 billion, down 266.60% year-on-year; and non-recurring net profit was -0.838 billion, down 366.41% year-on-year [1] - In Q1 2025, the company reported revenue of 1.704 billion, down 10.59% year-on-year; net profit attributable to shareholders was 0.217 billion, down 15.25% year-on-year; and non-recurring net profit was 0.192 billion, down 34.49% year-on-year [1] Segment Performance - In Q1 2025, the beauty segment generated revenue of 0.329 billion, up 10.7% year-on-year, accounting for 19.3% of total revenue, despite a 65.4% decline in average price due to inventory clearance [2] - The personal care segment achieved revenue of 0.791 billion, with an average price decline of 13.4% [2] - The innovation/overseas segments generated revenues of 0.233 billion and 0.347 billion, respectively [2] Channel Performance - In Q1 2025, online channels saw a revenue growth of 10.4%, with a revenue share of 29%, up 5.5 percentage points year-on-year; brands like Yuzai, Liushen, and Baicaojie experienced triple-digit growth in GMV on Douyin [2] - The company expanded its emerging channels by opening 38,000 new stores in Q1, with sales in these channels growing by double digits year-on-year, aiming to complete a target of 10,000 stores in the first half of the year [2] Profitability and Cost Structure - In 2024, the company's gross margin and net margin decreased by 1.37 and 22.25 percentage points year-on-year, respectively; in Q1 2025, gross margin increased by 0.14 percentage points, while net margin slightly declined by 0.70 percentage points due to inventory adjustments and increased marketing expenses [2] - The expense ratios for sales, management, and R&D increased year-on-year in both 2024 and Q1 2025, primarily due to revenue pressure [2] Employee Stock Ownership Plan - The company has introduced an employee stock ownership plan for up to 45 core management members, with a buyback price of 16.03 yuan per share; the CEO and CFO plan to subscribe for a maximum of 1.008 million shares, accounting for 20.85% of the total [3] - The plan will unlock in three phases, with performance targets tied to achieving positive net profit in 2025 and a year-on-year growth of no less than 10% in 2026-2027 [3]

Core Viewpoint - The company reported a significant decline in revenue and a net loss for 2024, with expectations for gradual improvement in 2025 as it undergoes strategic organizational transformation [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.679 billion yuan, a year-on-year decrease of 13.9%, and a net loss of 0.833 billion yuan, marking a shift from profit to loss [1]. - For Q1 2025, revenue was 1.704 billion yuan, down 10.6% year-on-year, while net profit was 0.217 billion yuan, a decrease of 15.3% year-on-year [1]. Strategic Initiatives - The company faced challenges in 2024 due to goodwill impairment from overseas operations, strategic adjustments in domestic business, and a decline in uncontrollable investment income, leading to a net loss [2]. - The profit fluctuations in Q1 2025 were primarily due to adjustments in pricing strategies and delays in inventory replenishment by offline distributors, although overall demand remained unaffected [2]. - The company is actively responding to industry changes by promoting online transformation and implementing strategic adjustments in offline channels, with expectations for transformation results to gradually materialize in 2025 [2]. Employee Engagement - The company announced an employee stock ownership plan, allowing for a maximum of 4.8351 million shares (0.72% of total shares) to be allocated to up to 45 employees, sourced from repurchased shares at an average price of 16.03 yuan per share [3]. - The performance targets associated with the stock ownership plan include achieving profitability in 2025 and maintaining a net profit growth rate of no less than 10% for 2026-2027 [3]. - This plan aims to enhance employee cohesion and company competitiveness, motivating employees and fostering long-term sustainable development [3]. Profit Forecast and Investment Outlook - The company forecasts revenues of 6.422 billion yuan, 7.399 billion yuan, and 8.294 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 13.1%, 15.2%, and 12.1% [4]. - Expected net profits for the same years are projected at 0.366 billion yuan, 0.484 billion yuan, and 0.642 billion yuan, indicating a return to profitability in 2025 and growth rates of 32.3% and 32.5% for 2026 and 2027 [4]. - Earnings per share (EPS) are anticipated to be 0.54 yuan, 0.72 yuan, and 0.95 yuan for 2025, 2026, and 2027, respectively, as the company undergoes adjustments across various dimensions [4].

Group 1 - Shanghai Jahwa expresses confidence in achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover rates, and foster a sense of ownership among employees [1] - Strategic adjustments over the past six months include clear strategy formulation, organizational design alignment, talent development, and cultural building [1] Group 2 - E-commerce initiatives involve inventory optimization, pricing adjustments, organizational restructuring, and product iteration [1] - The Yuze B5 series is planned to be a key product line on JD.com [1] - Efficiency improvements have been noted in terms of product effectiveness, personnel effectiveness, e-commerce services, and operational quality [1] Group 3 - The company aims for double-digit revenue growth this year and to turn profits from losses [1] - The mosquito repellent product line will increase its online presence and expand offline distribution [1] - Long-term profit recovery is projected to follow a timeline of 1-2 years for revenue growth, 2-3 years for profit improvement, and 3-5 years to meet profit margin targets [1] Group 4 - The main brand Yuze is positioned as an expert in skin barrier repair, while Liushen is expanding its usage scenarios and target demographics [1]

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The company has implemented strategic adjustments over the past six months, including organizational design, talent development, and cultural construction [1] - The employee stock ownership plan aims to enhance competitiveness and reduce turnover [1] - E-commerce strategies include inventory optimization, price adjustments, and product iterations, with the Yuze B5 series positioned as a key product line on JD.com [1] - The company targets double-digit revenue growth this year and aims to turn profits around [1] - Long-term profit recovery is expected to follow a 1-2 year revenue growth, 2-3 year profit improvement, and 3-5 year profit margin targets [1] Group 2: Yingjie Electric - Yingjie Electric expects revenue of 1.78 billion yuan in 2024, a year-on-year increase of 0.59%, but a 25.19% decline in net profit attributable to shareholders [2] - Delays in revenue recognition in the photovoltaic industry and increased costs have impacted performance [2] - The company reported a net cash flow from operating activities of 601.77 million yuan, an increase of 462.05 million yuan year-on-year [2] - Inventory has decreased to 1.556 billion yuan, with contract liabilities maintained around 1.1 billion yuan [2] - New orders have decreased by approximately 40%, but the company has over 2.7 billion yuan in hand orders [2] - The company aims to confirm overseas photovoltaic orders by 2025, with expected revenue pressure but not a significant decline [2] - The semiconductor advanced process power products have begun mass production, with projected revenue of 350 million yuan in 2024 [2] - R&D investment is high, focusing on semiconductor development, with new hires primarily in this area [2] - Financial risks are manageable, with most photovoltaic payments received [2] - The company targets 5 billion yuan in revenue within the next 3-4 years and aims to enter the top 100 private enterprises in Sichuan [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002889 证券简称：东方嘉盛 公告编号：2025-021 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 R否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 R是 □否 追溯调整或重述原因 □会计政策变更 □会计差错更正 □同一控制下企业合并 R其他原因（上年同期每股收益调整的原因系本 公司2024年5月完成资本公积转增股本，对上年同期指标进行重新计算。） （二） 非经常性损益项目和金额 R适用 □不适用 单位：元 其他符合非经常性损益定义的损益项目的具体情况 （三） 主要会计数据和财务指标发生变动的情况及原因 R适用 □不适用 二、股东信息 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company's performance in Q1 2025 shows a narrowing decline, with revenue of 1.704 billion and a year-on-year decrease of 10.59%. The net profit attributable to the parent company is 217 million, down 15.25% year-on-year [6][7]. - The company is undergoing internal adjustments, which have led to short-term performance pressure. The significant decline in 2024 is primarily due to goodwill impairment of 610 million related to previous acquisitions and strategic adjustments in domestic operations [6][20]. - The company has implemented an employee stock ownership plan to bind core management, with a total of 45 participants and a repurchase price of 16.03 yuan per share [3][9]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.679 billion, a year-on-year decrease of 13.93%, and a net profit of -833 million, down 266.60% year-on-year. The Q4 performance showed revenue of 1.202 billion, down 20.20% year-on-year [6][7]. - For Q1 2025, the beauty segment generated revenue of 329 million, up 10.7% year-on-year, while the personal care segment generated 791 million, with an average price decline of 13.4% [2][8]. - The company’s gross margin for 2024 was 57.60%, down 1.37 percentage points year-on-year, while Q1 2025 saw a slight increase in gross margin to 63.40% [11][13]. Strategic Adjustments - The company is actively adjusting its pricing strategy and optimizing channel inventory, which has led to a delay in the purchasing rhythm of distributors [7][20]. - The company plans to expand its emerging channels, having opened 38,000 new stores in Q1 2025, with sales in these channels growing by double digits year-on-year [2][8]. Profitability and Valuation - The company has revised its net profit forecasts for 2025, 2026, and 2027 to 433 million, 504 million, and 581 million respectively, with corresponding P/E ratios of 35, 30, and 26 times [21][23]. - The company’s total market capitalization is 15.327 billion, with a closing price of 22.80 yuan [5][22].

中国经济网北京4月28日讯阳光保险(06963.HK)港股今日收盘报3.42港元，跌幅2.29%。 公告显示，最终发售价定为每股发售股份5.83港元(不包括1.0%经纪佣金、0.0027%证监会交易征费、 0.00015%会财局交易征费及0.005%香港联交所交易费)。按最终发售价计算，经扣除公司就全球发售应 付的承销佣金及其他估计开支后，公司收取的全球发售所得款项净额约为6,419.5百万港元。 阳光保险港股目前处于破发状态。 南方都市报在报道《阳光保险两年多市值蒸发200亿港元》中指出，截至4月25日收盘报3.50港元，相较 上市时的发行价5.83港元下跌40%，市值蒸发超200亿港元。股价的持续低迷也对公司员工持股计划构 成压力。2016年2月，阳光保险曾召开股东大会，向核心员工配发了4.4亿股内资股，认购价为4元人民 币/股，并规定上市后三年内不得出售，锁定期满后每年减持不超过25%。这意味着员工持有的股票要 到2025年12月9日才能卖出。然而，如今阳光保险股价早已跌破认购价，导致参与计划的3688名员工面 临亏损。 阳光保险2025年4月25日发布2024年年报显示，集团总保费收入1,283.8亿 ...