Core Viewpoint - The company is undergoing a transformation amidst a complex external environment and intensified industry competition, focusing on brand enhancement, channel profitability, and inventory reduction [1][2]. Group 1: Company Strategy - By 2025, the company will concentrate on its leading brands, mid-range and sub-high-end price segments, domestic markets, and core liquor business, emphasizing brand renewal, product optimization, and market stability [1]. - The company is actively reducing channel inventory, which is a key focus for the upcoming period, while maintaining that its core fundamentals remain unchanged [2]. Group 2: Market Focus - The company has completed a nationwide sales organization and customer layout, with no changes to its deep nationalization strategy, despite a slowdown in growth in external markets due to local competitors' strategic contraction [2]. - The company will focus on key regional markets such as Shandong and Henan, while further strengthening its presence in markets like Hunan and Guangdong, and enhancing new markets like Inner Mongolia [2]. Group 3: Product Structure - The overall structure of the company's leading products remains stable, with "Hai Zhi Lan" and "Meng Zhi Lan" being the core products, while "Tian Zhi Lan" and "Shui Jing Ban Meng Zhi Lan" are more affected by market conditions [2]. - The M6+ product remains a leading brand in the sub-high-end price segment, with efforts to address supply-demand and pricing issues, including quota management and consumer engagement [3]. Group 4: Marketing and Distribution - The company aims to resolve product volume and pricing issues in the short term, while focusing on marketing transformation and consumer cultivation in the long term [4]. - Plans for the seventh generation of "Hai Zhi Lan" include a focus on the Jiangsu market, with a youthful and fashionable design, and an emphasis on enhancing the brand's image and sales foundation in the domestic market [4].

以下文章来源于商业弧光 ，作者柳柳 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 目前，柴怼怼的抖音账号已被禁止关注，也被禁止发布作品。这场看似正义的打假，看起来更像是打假者 精心设计的暴利围猎。毕竟在争议期间，柴怼怼的直播销售额曾一度攀升。 题图｜视觉中国 对于胖东来和于东来本人来说，这个五一是不平静的。 关于胖东来可能关闭的传闻引发大众关注，而传闻的背后，是胖东来与抖音网红 "柴怼怼" 之间的激烈冲 突。冲突的缘起，是围绕玉石销售的争议。 4月5日，玉石赛道博主柴怼怼在社交媒体上发布视频，称胖东来并非依靠商超业务盈利，真正的利润来源 是玉石销售 ，并表示胖东来以低成本玉石牟取暴利，将成本仅几百块钱的玉石卖到几千甚至几万元。 4月8日深夜，胖东来发布针对 "柴怼怼" 等三起网络侵权的回复说明，试图澄清事实。并首次发布数据声 明，披露2025年一季度珠宝部毛利率仅为15%-16%，其中和田玉毛利率20%，远低于传统行业30%到50%的 平均水平。 4月30日，胖东来公布受理案件通知书，关于起诉 "柴怼怼商业诋毁、侵犯名誉权" 一案，已于4月25日在许 昌市中级 ...

Core Viewpoint - The ongoing conflict between the company "胖东来" and the influencer "柴怼怼" has raised significant public attention, particularly regarding allegations of inflated pricing in the jade sales sector, which has led to legal actions and public statements from the company's founder, 于东来 [2][3][6]. Group 1: Conflict Background - The conflict originated from a video posted by influencer "柴怼怼," claiming that "胖东来" profits primarily from jade sales rather than its supermarket business, alleging that the company sells low-cost jade at exorbitant prices [2]. - In response, "胖东来" released a statement clarifying that its jewelry department's gross profit margin is only 15%-16%, significantly lower than the industry average of 30%-50% [2]. - The company has initiated legal proceedings against "柴怼怼" for defamation, seeking damages of no less than 5 million [2]. Group 2: Company Performance - Despite the ongoing controversy, "胖东来" reported impressive sales figures, with April sales reaching 17.49 billion, and a cumulative annual sales total of 80.27 billion [6]. - The supermarket segment led sales with 44.10 billion, accounting for over 50% of total sales, while other categories like department stores and jewelry also exceeded 5 billion [6]. - The founder, 于东来, has previously stated that the company aims for a total sales figure of nearly 170 billion in 2024, with a profit of over 8 billion [6]. Group 3: Social Media and Public Response - Following the allegations, 于东来 expressed his frustration on social media, threatening to shut down the business if the influencer's actions were not addressed [3]. - The platform "抖音" has taken action against "柴怼怼," restricting their account due to the infringement complaints filed by "胖东来" [3][4]. - The controversy has led to a significant increase in "柴怼怼's" sales during the dispute, raising questions about the motivations behind the allegations [4][10]. Group 4: Industry Implications - The incident highlights the challenges faced by retail companies in maintaining their reputation amidst social media scrutiny and the potential for "打假" (anti-fraud) actions to become profit-driven [10]. - Analysts suggest that "胖东来" may need to enhance transparency in product information and improve dispute resolution processes to mitigate future risks [10][11]. - The company is encouraged to reassess its product strategy, weighing the benefits of high-risk categories against potential reputational costs [11].

本文转载自每日经济新闻 值班编辑 | 宝珠 视觉 | 顾芗 永辉官方信息发布平台微信号"永辉同道"1日发布关于部分门店现金结算分币抹零问题的整改说明表示， 重庆、河北、北京、天津、东北地区的部分非调改门店存在现金支付分币"反向抹零"结算规则，重庆金 源时代店现金结算"反向抹零"情况属实。 永辉超市在整改说明中表示，此次"反向抹零"事件反映出其在运营管理中存在的不足：一方面，服务标 准制定未能充分体现顾客视角的服务理念：另一方面，调改店好的服务经验推广滞后，未能及时将调改 门店的好方法、好经验同步到所有门店。 针对"反向抹零"问题，永辉超市表示，2025年4月29日起，全国所有永辉超市门店全面执行新规，即现 金支付分币零头全舍，商品分位金额无论尾数为1分或9分，一律"舍去不计"，确保顾客实付金额不高于 标价。 永辉超市还启动了服务补偿，即日起，所有消费存在分位差额的顾客，按实际分位差额的10倍进行补 偿。该公司表示，根据《永辉超市客诉处理标准》给予顾客刘先生1000元作为监督感谢金。 文化理念深度落实到经营细节中;真正的整改也不只是及时止损，而是追本 溯源，杜绝类似问题再次发生。 针对"反向抹零"问题，内部排查 ...

近日，重庆一永辉超市门店被指"反向抹零"，引发关注。 对于抹零一事，该超市工作人员解释称，因分币流通困难，采用"积零换整"规则。但该规则并未在价签 或收银台进行公示，消费者直到结账时才发现被多收了钱。 据中国经济周刊报道，从法律角度剖析，"反向抹零" 这种行为已然涉嫌违法。若超市未经公示，单方 面执行 "五入" 的收费方式，直接剥夺了消费者的知情权和公平交易权。 虽然现在分币持有的成本，已远超其本身价值，流通性并不高。但自作主张搞"反向抹零"，反映出部分 商家在经营过程中，缺乏诚信意识和法律观念，忽视了消费者的合法权益。 自从永辉超市对标胖东来大刀阔斧地进行调改以来，外界对于永辉的关注从未减少过。 5月1日，永辉超市发布整改说明称，经排查，重庆、河北、北京等多地的部分非调改门店存在现金支付 分币"反向抹零"情况，顾客反馈的重庆金源时代店现金结算时分币"反向抹零"情况属实。 自4月29日起，永辉超市所有门店全面执行新规，现金支付分币零头全舍，确保顾客实付金额不高于标 价。同时从即日起，对消费存在分位差额的顾客，启动服务补偿。 此前，据鲁网报道，4月20日，消费者刘先生在重庆永辉超市金源时代店购买标价为7.96元 ...

证券代码：002271 证券简称：东方雨虹 北京东方雨虹防水技术股份有限公司投资者关系活动记录表 | 投资者关系活动 | √特定对象调研 □分析师会议 | | --- | --- | | 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 | | 活动参与人员 | 鲍雁辛、花健祎、巫恺洋、潘莹练（国泰海通）；孙丹童（文渊资本）； | | | 刘俊诚、冯喜建（博时基金）；戴钢（鹏华基金）；张珂、WensiXIE | | | （Dragonstone Capital）；田超平（循远资产）；杨伊淳（明河投资）； | | | 叶智深（淡水泉）；熊宏婷 Jamie（萨默塞特资产）；方家逸（锦绣中和 | | | 投资）；徐婕（长江证券资产）；赵文龙（中国人寿资产）；黄向前（深 | | | 圳市尚诚资产）；史国财、夏俊杰（仁桥资产）；苏华立（睿郡资产）； | | | 李峙屹（富国基金）；吴亮（沣杨资产）；张涛、欧阳俊明（相生资产）； | | | 鄭宗傑（国泰证券投资信托）；刘厚胜（清和泉资本）；苏谋东（万家基 | | | 金）；段胜辉（泰康资产）；陈方泽（P ...

Core Viewpoint - The financial performance of 卓胜微 in Q1 2025 shows a significant decline, with revenue dropping by 36.47% year-on-year to 756 million yuan and a net loss of 46.62 million yuan, contrasting sharply with its 2024 performance of 4.487 billion yuan in revenue and 402 million yuan in net profit [1] Group 1: Financial Performance - In Q1 2025, 卓胜微 reported revenue of 756 million yuan, a decrease of 36.47% compared to the previous year [1] - The company experienced a net loss of 46.62 million yuan in Q1 2025, marking a stark contrast to its 2024 performance where it achieved a net profit of 402 million yuan [1] - The revenue for 卓胜微 in 2024 was 4.487 billion yuan, with a quarterly breakdown showing a steady decline in net profit leading to a loss in Q4 2024 [1] Group 2: Strategic Transition - 卓胜微 is undergoing a strategic transition from a Fabless model to an IDM model, which has resulted in a significant increase in fixed assets and depreciation pressure [2][3] - The company's fixed assets and construction in progress surged from 1.15 million yuan in 2020 to 82.38 million yuan in 2024, an increase of over 70 times [3] - The depreciation amounts for fixed assets increased from 9 million yuan in 2022 to 55.4 million yuan in 2024, reflecting the growing burden of fixed asset investments [3] Group 3: Market Dependency and Challenges - 卓胜微's revenue is heavily reliant on a concentrated customer base, with the top five customers accounting for over 70% of sales, primarily from Android smartphone manufacturers [6] - The global smartphone market has faced downturns, with IDC reporting a decline in shipments from 2022 to 2023, impacting 卓胜微's performance [6] - The company's revenue fell from 4.634 billion yuan in 2021 to 3.677 billion yuan in 2022, with a gradual recovery to over 4 billion yuan in 2023 and 2024, but still below 2021 levels [6] Group 4: Legal Issues - 卓胜微 is currently involved in patent disputes with Murata Manufacturing, facing lawsuits in both South Korea and Shanghai [7] - The company asserts that the products involved in the litigation represent a small portion of its revenue and does not anticipate significant financial impact from these lawsuits [7] Group 5: Future Outlook - 卓胜微's commitment to its transformation is evident through its planned investment of 4.182 billion yuan in expanding its manufacturing capabilities for RF chips [4][5] - The company aims to enhance its production capacity and further develop the domestic RF chip industry ecosystem, indicating a strong belief in its long-term strategy despite current challenges [5]

Core Viewpoint - Guilin Tourism is facing significant financial losses, highlighting deeper systemic issues within the city of Guilin itself [1][5][21]. Financial Performance - In 2024, Guilin Tourism reported an operating income of 432 million yuan, a year-on-year decrease of 7.58%, and a net profit loss of 204 million yuan, a staggering decline of 1830.7%. Cumulatively, the company has lost nearly 1 billion yuan since 2020 [2][4]. Resource Management - Despite controlling key scenic resources such as the Li River and several five-star hotel assets, Guilin Tourism has failed to capitalize on these advantages, leading to increasing financial losses [3][4]. Investment Strategy - The company has engaged in blind expansion, investing in various projects that have largely failed, resulting in significant financial strain. Examples include: - Danxia Tourism Company, which reported a net profit of -24.13 million yuan and a 44% drop in visitor numbers [6]. - Luoshan Lake Tourism Company, which has been inactive since 2015 and reported a loss of 123 million yuan in 2024 [6]. - Guilin Tianzhitai Building project, which incurred losses exceeding 21 million yuan [7]. - Asset impairment and credit impairment alone accounted for 152 million yuan in losses, significantly impacting the profit statement [8]. Cash Flow Issues - Guilin Tourism continues to invest heavily despite declining revenues, with a net cash flow from investment activities of -45.16 million yuan in 2024, worsening from the previous year [12][13]. Visitor Experience - The overall visitor reception in 2024 decreased by 8.12%, with tourism revenue from scenic spots dropping by 16.5%. Negative experiences such as high ticket prices, poor service, and frequent complaints have damaged the company's reputation [16][18][20]. Systemic Challenges - The issues faced by Guilin Tourism reflect broader systemic problems within the city, including a lack of operational autonomy for state-owned enterprises and bureaucratic inefficiencies that hinder market responsiveness [21][25][41]. - The tourism market in Guilin has been plagued by persistent issues such as overcharging and forced shopping, which have eroded trust among visitors [28][30][32]. Future Outlook - There is potential for recovery, but it requires significant reforms, including granting operational autonomy to state-owned enterprises, eliminating bureaucratic barriers, and improving visitor experiences to restore trust [38][40][41].

Core Viewpoint - Yonghui Supermarket reported a significant decline in revenue and increased net losses for 2024, primarily due to intense competition in the retail sector and strategic store optimizations [1][2]. Group 1: Financial Performance - In 2024, Yonghui Supermarket's revenue was 67.574 billion yuan, a decrease of 14.07% compared to the previous year [1]. - The company incurred a net loss of 1.465 billion yuan, an increase in losses by 136 million yuan year-on-year [1]. - For Q1 2025, the company reported revenue of 17.479 billion yuan, down 19.32% year-on-year, and a net profit of 148 million yuan, a decline of 79.96% [3]. Group 2: Strategic Changes - The revenue decline was attributed to the closure of 232 underperforming stores and the ongoing transformation of the company's strategic and operational models [1]. - The company completed the renovation of 31 stores, which improved customer traffic and sales, but these changes had a limited impact on overall revenue due to their timing [1]. Group 3: Online Business Development - In 2024, online business revenue reached 14.6 billion yuan, accounting for 21.7% of total revenue, with a gross margin increase of 0.5% due to improved product structure and cost optimization [2]. - The "Yonghui Life" self-operated home delivery service covered 959 stores, generating sales of 8.02 billion yuan, with an average daily order volume of 294,000 and a monthly repurchase rate of 57.2% [2]. Group 4: Supply Chain and Product Strategy - The company upgraded 120 self-owned brand products in 2024, with over 20 products achieving annual sales exceeding 50 million yuan [2]. - Significant changes in product selection and pricing strategies are expected following a supplier conference held at the end of March, which aims to restore and enhance gross margins [3].

Group 1 - The company held its 2024 annual performance briefing on April 10, 2025, with key executives present to interact with investors [2][10] - The company reported a revenue of 925 million yuan and a net loss of 187 million yuan for the year 2024 [2][3] Group 2 - The main reasons for the net loss include a lack of market demand, increased competition, and a significant decline in gross margin [3][4] - The company plans to improve profitability by accelerating business transformation, optimizing cost control, and enhancing operational efficiency [5][6] Group 3 - The company is focusing on high-quality development strategies in line with the "14th Five-Year Plan," emphasizing core technology transformation and product upgrades [6][8] - The industry outlook remains stable, but external factors such as geopolitical tensions and trade protectionism may impact market demand and competition [9]