作 者丨肖夏 编 辑丨骆一帆 图 源丨图虫 在上一轮行业调整期，企业面临业绩倒退，酒企普遍采取减员、降薪等方式应对，当中一些企 业后来被兼并重组。 新一轮调整期正在持续，无论是产能还是员工数量，酒企都比上一轮周期大幅扩容，其又采取 了哪些措施应对需求下行？ 近 日 ， 2 1 世 纪 经 济 报 道 记 者 整 理 了 4 4 家 酒 业 上 市 公 司 的 员 工 数 据 后 注 意 到 ， 过 去 一 年间，酒业上市公司共减少了3 8 0 0多人，酒业上市公司员工总数减少至3 0万人以下。 去年酒业的减员主要发生在啤酒行业——2 0 2 4年，百威亚太中国区、华润啤酒、燕京啤酒去 年在职 员 工都 减少了 上千人。其 中 百 威亚 太中 国区减员最 多，从2 0 2 3年末的2 11 8 1人减少至 2 0 2 4年末的1 8 4 0 1人，此外华润啤酒、燕京啤酒也都分别减员上千人，青岛啤酒也减少8 0 0多 人。其背景是去年中国啤酒行业整体下行，多家龙头酒企营收、销量都出现下滑。 而在调整幅度更大的白酒行业，则出现了与上一轮周期不同的新气象——去年所有白酒上市公 司员工总数不减反增，大部分酒企还在逆势扩 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 维力医疗（603309.SH） 业绩稳健增长，去库存结束+本土化布局驱动外销快速增长 维力医疗发布 2024 年度报告。2024 年公司实现营业收入 15.09 亿元，同比增长 8.76%；归母净利润 2.19 亿元，同比增长 13.98%；扣非后归母净利润 2.10 亿元，同 比增长 16.94%。分季度看，2024Q4 实现营业收入 4.49 亿元，同比增长 9.32%；归母 净利润 0.53 亿元，同比增长 8.44%；扣非后归母净利润 0.50 亿元，同比增长 5.18%。 维力医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 3.48 亿元，同比增长 12.60%；归母净利润 0.59 亿元，同比增长 17.25%；扣非后归母净利润 0.57 亿元， 同比增长 20.49%。 观点：2024 年国内市场因政策扰动短期承压，海外市场去库存影响消除后呈恢复性增 长态势，利润端增速快于收入端主要系降本增效驱动期间费用率改善。海外本土化布 局加速，海外生产基地建设提升全球服务能力。公司各板块亮点纷呈，护 ...

21世纪经济报道记者肖夏 重庆报道 在上一轮行业调整期，企业面临业绩倒退，酒企普遍采取减员、降薪等方式应对，当中一些企业后来被 兼并重组。 新一轮调整期正在持续，无论是产能还是员工数量，酒企都比上一轮周期大幅扩容，其又采取了哪些措 施应对需求下行？ 近日，21世纪经济报道记者整理了44家酒业上市公司的员工数据后注意到，过去一年间，酒业上市公司 共减少了3800多人，酒业上市公司员工总数减少至30万人以下。 去年酒业的减员主要发生在啤酒行业——2024年，百威亚太中国区、华润啤酒、燕京啤酒去年在职员工 都减少了上千人。其中百威亚太中国区减员最多，从2023年末的21181人减少至2024年末的18401人，此 外华润啤酒、燕京啤酒也都分别减员上千人，青岛啤酒也减少800多人。其背景是去年中国啤酒行业整 体下行，多家龙头酒企营收、销量都出现下滑。 而在调整幅度更大的白酒行业，则出现了与上一轮周期不同的新气象——去年所有白酒上市公司员工总 数不减反增，大部分酒企还在逆势扩招。 21世纪经济报道记者整理注意到，22家白酒上市公司中，仅有7家出现减员，其中减员最多的是已经被 实施退市风险警示的*ST岩石（即上海贵酒）， ...

Group 1: 弘亚数控 - In Q1 2025, domestic sales accounted for approximately two-thirds of total revenue, showing a slight year-on-year decline, while overseas sales experienced a certain degree of growth [1] - The increase in foreign exhibitors at the March exhibition indicates potential for new overseas customer orders, which may require a longer lead time [1] - The company maintains a cautiously optimistic outlook for the market this year, believing that continuous industry growth will provide development space [1] Group 2: 华大智造 - Revenue decline in Q1 2025 was primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [2] - Increased competition has led to a decrease in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution to improve margins [2] - The company plans to continue cost reduction and efficiency improvement initiatives, with significant reductions in expense ratios expected [2] Group 3: 同兴科技 - The sodium-ion battery cathode materials utilize a poly-anion route, offering advantages such as low cost, low temperature, and high safety, mainly applied in large-scale energy storage and two-wheeled vehicles [3] - The third-generation NFPP has completed pilot-scale experiments, demonstrating high specific capacity and long cycle stability, and has been used in large-scale commercial energy storage projects [3] - The company is optimistic about its carbon capture business and has established a CCUS division to advance multiple projects and technological collaborations [3]

3）南芯科技 （上海理成资产管理有限公司参与公司电话会议） 调研纪要：南芯科技2024年汽车业务增速达179%，占营收比超3%，2025年将继续快速增长，布局车身 控制、智能驾驶、智能座舱、车载充电四大领域。公司研发费用率为17.01%，2025年预计相近；收购 昇生微后，将在业务端和供应链层面为其赋能。工业领域产品应用于储能、无人机、电池系统等，2024 年推出多款新品，未来将拓展IPower、工业自动化、工控及机器人领域。有线充电业务保持领先，技术 趋势向集成化、系统化发展，2024年取得显著突破，2025年预计取得更显著市场成绩。部分晶圆厂和封 装厂产能趋紧，公司产能分配合理匹配业务订单需求，晶圆采购和封装测试价格保持稳定。公司推出车 规级高速CN/CNFD收发器产品SC25042Q，未来将推出更多电源、驱动等产品。公司会两线并举，既拓 展大客户也拓展经销商，以扩大销售渠道。因收购昇生微，一季度支付交易款项并完成并表，产生7亿 商誉。 机构简介： 根据市场公开信息及5月7日披露的机构调研信息，知名私募理成资产近期对3家上市公司进行了调研， 相关名单如下： 1）华大智造 （上海理成资产管理有限公司参与公司 ...

Group 1: Xiangsheng Medical - The company emphasizes shareholder returns, with a 2024 dividend plan of 10 CNY per 10 shares, totaling 112 million CNY, which accounts for 79.62% of net profit [1] - In 2024, the company plans to invest nearly 80 million CNY in R&D, with 48 new patent authorizations and 5 domestic and 35 international market access licenses [1] - The breast artificial intelligence ultrasound robot is designed for breast cancer screening, integrating ultrasound, robotics, and AI technology for large-scale patient screening [1] - The company is mitigating risks from US tariffs through global market expansion and ODM models, aiming to build a global supply chain and explore emerging markets [1] Group 2: Boteng Co., Ltd. - Despite external uncertainties, the company remains a key supply chain partner for clients, with limited impact from current tariff policies as products fall within the exemption range [2] - The company's gross margin fluctuations are mainly influenced by domestic market conditions and new business losses, while overseas markets and core business margins remain stable [2] - The company has increased production and R&D capabilities through acquisitions and self-construction, with a growing order backlog expected to convert into revenue in 2024 and 2025 [2] - New molecular business is growing rapidly, but the timeline for reaching breakeven is uncertain, with 2025 capital expenditures focused on overseas expansion and upgrading existing capacities [2] Group 3: ST Huatuo - The company focuses on evergreen game categories like SLG and match-3 games, emphasizing innovation and scalability [3] - The company believes that the trend for SLG games is favorable due to ease of operation and strong user retention, although successful teams are limited [3] - The company plans to leverage cost reduction and efficiency improvements to return to traditional advantages and explore overseas markets [3] - The company is optimistic about AI game development, hosting innovation competitions while maintaining a cautious short-term outlook [3]

Group 1: 华大智造 - 华大智造's Q1 2025 revenue decline is primarily due to seasonal fluctuations and market uncertainties, with expectations for revenue from platform replacement orders in Q2 [1] - Increased industry competition has led to a decline in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution and optimizing revenue structure to improve gross margins [1] - Revenue is expected to increase in Q4 2024, but losses are anticipated due to promotional discounts, increased new business contributions, and expense provisions, with cost logic still applicable due to scale effects [1] - The company is focused on cost reduction and efficiency improvement, optimizing budget management, organizational structure, and R&D projects, with significant reductions in expense ratios expected [1] - U.S. tariffs are affecting gross margins, with low overseas procurement ratios and reliance on imported components; domestic substitution is ongoing [1] - The company is preparing inventory to mitigate short-term impacts and is planning overseas factories for reagent supply, with limited effects from countermeasures [1] - There are 3,000 existing Illumina instruments, with 750 switch intentions received for high-performance alternatives provided by the company [1] - In reagent consumables, AI technology is being leveraged to optimize enzymes, enhancing sequencing speed and quality, and developing energy-efficient transportation methods [1] - The overseas commercialization strategy is tailored to local markets, focusing on mature markets in Europe and the U.S., while also paying attention to Asia-Pacific and emerging markets [1] - Domestically, the company is advancing NIPT upgrades, infectious disease testing, cancer early screening, rare disease detection, and innovations in the research field [1] Group 2: ST华通 - ST华通 is focusing on evergreen game categories such as SLG and match-3 games, emphasizing innovation and scalability [2] - The company believes that the future trend for SLG games is promising due to their ease of operation and strong user engagement, although successful teams are limited [2] - 盛趣游戏 plans to return to traditional advantages through cost reduction and efficiency improvements, exploring IP potential and seeking overseas markets [2] - Regarding the "Apple tax," the company sees the breaking of Apple payment restrictions as beneficial, though the short-term impact is expected to be minimal [2] - The company is providing competitive bonuses for team incentives, with the business team in a positive cycle [2] - ST华通 is optimistic about the long-term development of AI games, hosting innovation competitions while remaining cautious in the short term [2] - The company aims to leverage classic IP potential, relying on core users to launch new works [2]

火星人 20250507 摘要 • 火星人 2024 年营收同比下降 10.1%，集成灶收入同比下降 37.94%，受 房地产市场低迷和消费降级影响显著，但线下直营收入逆势增长 84%，主 要受益于国家补贴刺激。 • 公司经销和电商收入大幅下滑，分别下降 23.3%和 51.8%，而集成灶销 量下降 34%，平均售价减少 315 元，水洗类产品销量增长 2%，但平均售 价同样下降 600 元。 • 火星人通过降本增效节省成本 6,000 多万元，但销售、研发和管理费用占 比的降低未能完全抵消收入下滑的影响，导致净利润大幅下降。 • 2024 年集成灶行业整体零售额和零售量分别下跌 30%和 27%以上，火星 人市场占有率从 12%降至 11%，行业竞争加剧，毛利率普遍下降。 • 公司计划通过多品类研发、渠道变革、打造爆品和强化内部经营来突破困 境，包括推出新二代产品、拓展老房改造市场、以及水洗类产品战略。 • 火星人成立共青城超凡基金，投资机器人及其零配件行业，旨在了解相关 行业并寻求深耕机会，以符合深交所收购兼并重组政策。 • 公司一季度收入大幅下降，利润亏损严重，计划通过"百日大战"等促销 活动提高市场占 ...

本文陈述所有内容，皆有可靠来源赘述在文章结尾。 取材网络 中美航空巨头营收差距这么大吗? 如今25年过半，打开25年一季度的民航账本，美国航空125亿美元的营收数字格外扎眼，这换算下来可要有900亿人民币，作为全球航空业的老牌巨头，他们 的成绩单向来是行业风向标的重要参考。 反观我们在全球民用航空领域一样有着庞大的市场，可在看到我国航空巨头一季度的营收后，其情况却远远超出了我们的预料，这到底怎么回事？保持你的 好奇心，接下来让我们一起深入了解下中美航空巨头的详细对比。 取材网络 冰火两重天的开局 先看美国航空，125.51亿美元，换算成人民币差不多900亿，这个数字搁在全球民航业里，妥妥的第一梯队，但您要是觉得这就意味着赚得盆满钵满，那可 就错了。 美国航空表面风光的背后，是3.86亿美元的净亏损，而且这个亏损幅度同比扩大了 71%，啥概念呢？相当于每天一睁眼，就亏出去 400 多万美元。 取材网络 再来看其同行，达美航空同期净利润2.4亿美元，赚得那叫一个稳当，可美联航就没这么好运了，因为波音737MAX9的事故，单季亏损1.24亿美元。 这种情况已经在说明美国航空业，老大的位置不是那么好坐的，头部企业之间 ...

奶油业务表现亮眼，费用率优化明显 ——立高食品（300973.SZ）2024 年年报与 25 年一季报点评 要点 2025 年 5 月 7 日 公司研究 事件：立高食品发布 2024 年年报与 2025 年一季报，公司 24 年实现总营收 38.35 亿元，同比增加 9.61%，实现归母净利润 2.68 亿元、同比增加 266.94%，其中 24Q4 单季总营收 11.18 亿元，同比增加 21.99%，归母净利润 0.65 亿元（23Q4 亏损 0.85 亿元）。25Q1 总营收 10.46 亿元、同比增加 14.13%，归母净利润 0.88 亿元，同比增加 15.11%。 24 年奶油业务维持高增，餐饮新零售继续扩张。1）分品类，24 年冷冻烘焙/奶 油/水果制品/酱料/其他烘焙原材料收入分别为 21.33/10.58/1.66/2.25/2.26 亿 元，同比-3.53%/+61.75%/-11.34%/-3.58%/+20.66%。冷冻烘焙业务收入占比 约 56%、营收同比略有下降，烘焙食品原料收入占比约 44%、收入同比增长约 33%，其中奶油业务营收增长亮眼，UHT 稀奶油系列发展势头延续（24 ...