事件描述 恒顺醋业披露2024 年年报，实现营业总收入21.96 亿元（同比+4.25%）；归母净利润1.27 亿元（同比 +46.54%），扣非净利润1.13 亿元（同比+48.30%）。公司2024 年Q4 实现营业总收入6.65 亿元（同比 +41.87%）；归母净利润720.28 万元（同比扭亏），扣非净利润780.66 万元（同比扭亏）。 事件评论 核心品类环比改善，其他调味品Q4 增长迅猛。 分产品看营收：2024 年醋系列收入12.66 亿元（同比-2.20%，Q4 同比+9.45%），酒系列收入3.29 亿元 （同比+0.47%，Q4 同比-5.91%），酱系列收入1.80 亿元（同比-8.07%，Q4 同比-1.08%），在行业竞争 加剧的背景下，食醋增长环比改善。分区域看营收：2024年华东收入10.53 亿元（同比-1.89%），华南 收入3.54 亿元（同比+5.36%），华中收入3.55 亿元（同比+5.08%），西部收入2.10 亿元（同比 +6.50%），华北收入1.22 亿元（同比-9.25%）。成熟市场华东仍承压，华南、华中、西部均实现正增 长，外埠拓展卓有成效。 公司持续深 ...

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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company experienced a loss in 2024 due to strategic adjustments and significant goodwill impairment. However, there is an expectation for performance recovery in 2025, supported by a proposed employee stock ownership plan aimed at achieving profitability and a net profit growth target of no less than 10% for 2026-2027 [7][8]. - The beauty division is showing promising online growth, which is expected to contribute positively to the company's performance in 2025 [7]. Financial Performance Summary - In 2024, the company reported a revenue of 56.79 billion, a year-on-year decrease of 13.93%, and a net loss of 8.33 billion [7][8]. - For Q1 2025, the company achieved a revenue of 17.04 billion, down 10.59% year-on-year, with a net profit of 2.17 billion, reflecting a 15.25% decline [7]. - The company anticipates a recovery in net profit for 2025, projecting 3.30 billion, which represents a turnaround from losses, followed by 3.77 billion in 2026 and 4.24 billion in 2027, with respective growth rates of 14% and 12% [7][8]. Revenue Breakdown - The revenue breakdown for 2024 shows that the personal care division generated 23.79 billion, down 3.42%, while the beauty division saw a significant decline of 29.81% to 10.50 billion [7]. - Online sales for 2024 amounted to 25.39 billion, a decrease of 9.66%, while offline sales were 31.36 billion, down 16.97% [7]. Cash Flow and Financial Ratios - The operating cash flow improved significantly in 2024, reaching 2.73 billion, a year-on-year increase of 164.86% [7]. - The company’s asset-liability ratio stood at 34.2%, indicating a stable financial position [3][8].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币3,000万元（含3,000万元），不超过人民币5,000万元（含5,000万元）； ● 回购股份资金来源：自有资金或自筹资金； ● 回购股份用途：用于股权激励或员工持股计划； ● 回购股份价格：不超过人民币20.50元/股（含20.50元/股）； ● 回购股份方式：集中竞价交易方式； ● 回购股份期限：自董事会审议通过之日起12个月内； ● 相关股东是否存在减持计划：公司于2025年2月22日披露了《上海永冠众诚新材料科技（集团）股份 有限公司关于持股5%以上股东减持股份计划公告》（公告编号：2025-008），公司股东谢秉政因个人 资金需求，计划自该减持计划公告披露之日起15个交易日后的3个月内以集中竞价交易或大宗交易的方 式合计减持本公司股份不超过5,733,900股（占公司目前总股本的3%）。除此以外，公司董监高、控股 股东、实际控制人及其一致行动人未来3个月、未来6个月无 ...