公司发布 2025 年一季报，业绩表现稳健： 2025Q1 公司实现营收 33.01 亿元，同比+2.86%；归母净利润 2.73 亿元，同 比+13.63%，扣非归母净利润 2.69 亿元，同比+28.93%。 2025Q1 公司实现毛利率19.2%，同比-0.3pct，归母净利率8.3%，同比+0.8pct； 期间费用率 10.2%，同比-1.1pct，其中销售/管理/研发/财务费用率分别变 动+0.3pct/+0.01pct/-1.2pct/-0.2pct。 业务结构更趋多元，战略产品转型提速： 公司报告 | 季报点评 山推股份（000680） 证券研究报告 一季报业绩稳健，看好推挖产品持续贡献业绩增量 2024 年公司进一步向高科技、高品质、高附加值产品转型升级，新产品平 均开发周期大幅缩短，新品数量快速增长。滑移装载机、挖掘装载机等一 批新型产品陆续问世，大马力推土机、矿用挖掘机、刚性矿卡等一批高端 产品先后成功试制，极大丰富公司高端产品线。 2024 年公司全资收购山重建机，整合双方的渠道与品牌，加强公司业务完 整性；根据收购时的业绩承诺，山重建机 24~26 年实现的扣非归母净利润 承诺分别不低 ...

证券研究报告 | 公司点评报告 2025 年 05 月 02 日 永辉超市（601933.SH） 调改持续推进，供应链优化提效 消费品/商业 公司调改持续推进，同时优化尾部老店，门店数量减少致短期收入波动。品质 零售大势所趋。永辉超市为国内商超龙头，生鲜及供应链根基扎实，当前坚定 "胖东来"路线，围绕商品强化选品+品控+差异化，围绕服务优化环境+做重服 务+提升员工状态；叠加胖东来倾力帮扶输出顶层设计及科学方法，名创入股有 望在日百品类注入更多可能。当前公司调改步入轨道，长期看公司品质零售路 线空间广阔。维持"增持"评级。 财务数据与估值 当前股价：5.16 元 基础数据 | 总股本（百万股） | 9075 | | --- | --- | | 已上市流通股（百万股） | 9075 | | 总市值（十亿元） | 46.8 | | 流通市值（十亿元） | 46.8 | | 每股净资产（MRQ） | 0.5 | | ROE（TTM） | -45.1 | | 资产负债率 | 88.7% | | 广东骏才国际商贸有限公司 主要股东 | | | 主要股东持股比例 | 29.4% | 股价表现 % 1m 6m 12m 绝对 ...

Investment Rating - The investment rating for Yonghui Supermarket is "Buy" (maintained) [1] Core Views - The company has experienced significant pressure on its operating performance due to store renovations, with a reported revenue of 67.574 billion yuan in 2024, down 14.1% year-on-year, and a net profit attributable to shareholders of -1.465 billion yuan [4] - In Q1 2025, the company achieved a revenue of 17.479 billion yuan, a decrease of 19.3%, but a net profit of 148 million yuan, indicating a significant decline of 80% [4] - The company is transitioning towards quality retail, with 41 out of 47 renovated stores achieving stable profitability, and plans to accelerate this transformation [6] Financial Performance Summary - In 2024, the retail and service sectors generated revenues of 63.768 billion yuan and 3.806 billion yuan, respectively, reflecting declines of 13.5% and 22.8% year-on-year [5] - The company’s gross margin for 2024 was 20.5%, down 0.8 percentage points, primarily due to proactive pricing strategies during the optimization of product structure and procurement [5] - The projected net profits for 2025-2027 are -738 million yuan, 410 million yuan, and 1.195 billion yuan, respectively, with corresponding EPS of -0.08, 0.05, and 0.13 yuan [4][8] Store Renovation and Strategy - The company aims to focus on core suppliers and major products, with a target of developing 100 billion-yuan products, while avoiding arbitrary supplier changes [6] - By the end of March 2025, the company had renovated 47 stores, with expectations to exceed 124 renovated stores by June 2025 and reach 300 by the Lunar New Year in 2026 [6]

Group 1 - The core viewpoint emphasizes the importance of constructing high-quality housing ("good houses") to enhance the living standards and satisfaction of the populace, which is also crucial for stimulating domestic demand and stabilizing economic growth [1][2] - The implementation of the "Residential Project Standards" starting May 1 aims to set clear regulations for the construction, use, and maintenance of residential projects, including requirements for ceiling heights, elevator installations, sound insulation, and daylight standards [1][2] - The renovation of old urban residential areas is a significant focus, with plans to start 54,000 projects in 2024, exceeding the annual target, highlighting the potential for improvements in elderly-friendly modifications, childcare facilities, and smart construction [2][3] Group 2 - The construction of "good houses" is viewed as a systematic project that requires high standards, good design, quality materials, and excellent service to support the entire industry chain's value upgrade [2][3] - Under the "city-specific policies" approach, a nationwide housing upgrade initiative is being implemented, with nearly 10 provinces actively working on establishing a high-quality housing construction system through various measures [3]

Group 1 - The core idea of the event is to stimulate consumer spending and provide diverse, high-quality consumption experiences through a collaboration between China Construction Bank (CCB) Guangxi Branch and Fu'anju [1][3] - The event integrates various consumption scenarios including finance, home furnishings, home decoration, and automotive consumption, offering special benefits and financial services to enhance consumer experience [1][2] - CCB emphasizes its commitment to the "financial for the people" philosophy, aiming to implement policies that stabilize growth and promote consumption through innovative financial products [1][2] Group 2 - CCB launched a home decoration installment product specifically for the elderly, offering exclusive discounts and support for home safety improvements, with a maximum installment period of 60 months and an annual interest rate starting at 3.96% [2] - The event featured a collaboration with local quality service providers, enhancing the partnership between CCB and home decoration companies to provide comprehensive services from design to financing [2] - The "CCB Consumption Season" expanded traditional home consumption by introducing new energy vehicle brands, creating cross-industry consumption scenarios and offering exclusive purchase packages for CCB customers [2][3]

Market Overview - The paper and sanitary napkin industry is experiencing multidimensional growth, with the household paper market reaching a size of 157.1 billion yuan in 2022, growing at a CAGR of 8.1% from 2015 to 2022, indicating room for growth as per capita consumption is lower than in developed countries [2][7] - The sanitary napkin market reached a size of 99.1 billion yuan in 2022, with a CAGR of 5.9% from 2012 to 2022, suggesting a relatively stable growth with potential for increased per capita consumption [2][7] E-commerce Performance - E-commerce is a significant driver of industry growth, with the paper/wet wipes sector expected to achieve a CAGR of 16% from 2021 to 2024, reaching over 35 billion yuan by 2024; the sanitary napkin sector is projected to grow at a CAGR of 17%, exceeding 18 billion yuan by 2024 [2][16] - In Q1 2025, sales in the paper/wet wipes category are expected to surpass 29 billion yuan, with sanitary napkin sales experiencing a dramatic increase of 38% [2][23] Industry Structure - The household paper segment is the largest, while wet wipes are the fastest-growing category, with a relatively stable CR10 [2][28] - The sanitary napkin market shows a significant share for traditional napkins, while tampons are underperforming, driven by high prices [3][28] Consumer Trends - Consumers are increasingly seeking specialized products, with notable growth in cleaning paper products, female hygiene products, and swim diapers for infants [3][31] - There is a marked difference in demand for paper products across regions, with brand influence being significant during purchase decisions, and repurchase rates being closely tied to user experience [3][31] Challenges and Opportunities - The industry faces challenges related to trust and quality issues, but the implementation of new national standards in July 2025 is expected to drive quality upgrades and market reshuffling [3][12] - The potential for quality upgrades remains, as both paper and sanitary napkin segments have not fully transitioned to higher quality products, indicating further growth opportunities [10][12]

Core Insights - Babycare's breakthrough strategy is centered around the concept of "product supremacy," emphasizing user-driven design and innovation [3][5] - The company has established a robust quality control system, ensuring a 100% pass rate in 61 inspections over the past three years [6][9] - Babycare's commitment to quality and user insight positions it favorably in the rapidly growing Chinese maternal and infant market, projected to reach 5 trillion yuan by 2026 [9] Group 1: Product Innovation - Babycare's "One Whole Night" diaper series was developed after three years of research, addressing key pain points such as absorption, leakage, and breathability [3][5] - The innovative "Blue Buff" structure enhances leak prevention and moisture retention, allowing the diaper to absorb liquid equivalent to nine times a baby's urine output [3] - The use of high-breathability materials ensures comfort for the baby throughout the night, reducing the need for parents to frequently change diapers [5] Group 2: Quality Control - Babycare's quality control system includes a "six-layer defense" approach, from sourcing high-quality raw materials to maintaining a production standard that exceeds industry norms [6][8] - The company conducts annual inspections, exceeding the national standard of biennial testing for similar products, ensuring consistent quality [8] - Advanced monitoring technology is employed throughout the production process, with over 550 quality control checkpoints and real-time monitoring to detect defects as small as 0.5 mm² [8] Group 3: Market Positioning - Babycare has been recognized as a "leader" in national enterprise standards, reflecting its commitment to achieving both domestic and international benchmarks [9] - The company’s innovative "dual-code" system enhances consumer trust by allowing verification of product authenticity and access to historical quality reports [8] - As the maternal and infant market undergoes transformation, Babycare's focus on user insights and quality systems is crucial for gaining the trust of the "Z generation" parents [9]

针对"五一"期间旅客以休闲旅游、家庭出行为主的特点，首都机场商贸公司在联合推出商品特惠、限时 折扣等多种优惠活动同时，与中信银行合作推出了信用卡消费满减及优惠券抽取等惊喜活动内容，为旅 客节日出行奉上别样风采。此外，在"五一"到来前期，首都机场商贸公司实现首都机场航站楼内100余 台自助售卖机的全新亮相和更换，为旅客提供更加便捷、顺畅的便利商品售卖体验。 在落实暖心服务举措的基础上，首都机场商贸公司多措并举筑牢航站楼店面安全防线。聚焦冰箱、冷 库、室外空调机、电气线路等关键重点设备设施，全面开展商业零售区域安全自查，及时整改或有效控 制问题；全力排查商户租赁库房、办公物流园区的消防应急疏散通道，杜绝各类安全隐患发生；组织店 面员工进行安全培训及应急演练，建立完善培训档案，多方式评估培训效果，实现培训全程可追溯，保 障航站楼商圈平稳顺畅运行。（编辑：金杰妮 校对：王亚玲 审核：程凌） 《中国民航报》、中国民航网 记者张丰蘩 通讯员白艳华 报道：为做好"五一"假期旅客服务保障工作服 务保障，首都机场商贸公司部署开展"五特"服务品质提升专项行动，分别从"特殊客群、特色产品、特 定标准、特别意见、特色活动"五个维度， ...

4月28日，由广州市住房和城乡建设局指导，广州市房地产行业协会主办的"看见未来的答案——好房子 品鉴交流活动暨广州'智慧+品质'住宅白皮书发布会"于西派天河序项目举行。 作为广州首个"智慧+品质"试点项目，西派天河序通过政企联动模式，与广州市房地产行业协会共同编 撰发布《广州"智慧+品质"好房子白皮书》，为广州乃至全国住宅建设树立全新范本。 这份凝聚政企智慧结晶的行业纲领性文件正式面世，标志着西派天河序对自身产品力的再次升级，更通 过标准化技术路径、场景化解决方案、可量化评估指标的全面输出，为全国住宅建设树立可感知、可复 制、可进化的"广州样本"。 采写：南都·湾财社记者邱永芬 广州市房地产行业协会执行会长陆毅从行业观察视角深入解读项目价值。他回溯自去年至今的发展脉 络，见证西派天河序从一纸试点蓝图的理想构想，到生活场景具象化的步步深耕，以极致产品力重新定 义"好房子"的标准，为城市高端居住范式注入全新内涵。 中国铁建地产华南公司副总经理兼西派天河序项目总经理陈青松强调，西派天河序作为广州首个"智慧 +品质"试点项目，招商蛇口与中国铁建以双央企资源整合优势，突破传统开发思维，通过定制化智慧 系统研发、国际大师 ...

Core Insights - Yonghui Supermarket has launched its first store under the "Fat Donglai" model in Zunyi, which serves as a nationwide prototype for store renovations, focusing on comprehensive upgrades in product structure, shopping environment, and service systems [1] Group 1: Store Renovation and Product Strategy - The store has eliminated nearly 70% of its products, reducing from 20,543 items to 8,374, while introducing 4,345 new products, achieving an 80% similarity in product structure with the Fat Donglai model [1] - The proportion of imported products has increased to 12%, creating a competitive edge through a combination of local characteristics, quality selection, and similar offerings to Fat Donglai [1] - In the fresh food section, the store has implemented targeted planting partnerships to shorten the supply chain and reduce waste, while also enhancing customer trust through packaged fresh products [3] Group 2: Customer Experience Enhancements - The store layout has been redesigned, with shelf heights reduced from 2.4 meters to 1.6 meters and main aisles widened to 2.4 meters, improving visibility and customer comfort [3] - Various customer-friendly features have been introduced, such as labeling bulk food items with weight estimates and providing isolation bags for separating products [3] - Service upgrades include customized offerings at the meat counter, live fish services in the seafood section, and free cleaning and cutting for fruits, alongside strict freshness control policies [3] Group 3: Employee Welfare and Corporate Strategy - The store has increased its staff from 75 to 180, with an average salary rise to 4,000 yuan, and benefits such as 10 days of paid annual leave after one year of service [4] - The renovation reflects Yonghui's commitment to enhancing employee happiness and motivation, which is integral to the Fat Donglai model [4] - Yonghui aims to deepen its involvement in regional economic value reconstruction through localized development and quality retail strategies, aspiring to become a national supermarket better suited for mainstream Chinese families [4]