另一方面，汤姆猫大力开拓AI创新业务，落地"会聊天的汤姆猫"AI产品矩阵。2024年12月下旬，公司推出首款汤姆猫AI情 感陪伴机器人，率先实现家庭陪伴场景的产品落地。首款AI机器人搭载情绪感知、多模态交互及长期记忆模块，能根据用户偏 好提供个性化对话。产品上线抖音后获97%好评率。 汤姆猫AI情感陪伴机器人产品的落地，将帮助公司开辟新的成长曲线，公司计划以该产品的软硬件优势为基础，扩展不同 IP、价位的AI硬件矩阵。目前，公司正加速市场推广，抢占家庭陪伴场景。 （编辑 乔川川） 本报讯 （记者吴文婧）4月28日晚间，浙江金科汤姆猫文化产业股份有限公司（以下简称"汤姆猫"）发布2024年年度报 告，公司全年实现营业收入11.43亿元；因计提商誉等资产减值，归母净利出现亏损，剔除减值影响后归母净利约7807万元。 年报显示，2024年，全球互联网营销市场增长受限，游戏行业受短视频、短剧等新兴娱乐形态影响，部分产品活跃用户数 有所下滑，汤姆猫受新游戏、AI硬件产品贡献收入有限、客户广告竞价机制改革等因素叠加影响，主营业务收入等指标同比有 所下滑。 为应对宏观环境、行业竞争变化的影响，汤姆猫近年来持续加大研发力度， ...

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit attributable to the parent company, with new business value growth exceeding expectations. The operating profit after tax (OPAT) for Q1 2025 increased by 2.4% year-on-year, primarily driven by the life and health insurance segments [5]. - The new business value for Q1 2025 surged by 34.9% year-on-year, with significant contributions from various channels, particularly the bancassurance and community finance channels, which grew by 170.8% and 171.3% respectively [5]. - The comprehensive cost ratio for the property and casualty insurance segment improved significantly, with a year-on-year reduction of 3 percentage points to 96.6% [5]. - Investment income remained stable, with a year-to-date growth of 3.3% in investment assets and an annualized comprehensive investment return of 1.3% [5]. - The solvency ratio for the life insurance segment was robust at 163.7%, reflecting a 47.3 percentage point increase from the end of 2024 [5]. Financial Overview - Revenue projections for China Ping An Insurance show a steady increase from RMB 913,789 million in 2023 to RMB 1,153,545 million by 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4][11]. - Net profit is expected to fluctuate, with a forecast of RMB 120,657 million for 2025, down from RMB 126,607 million in 2024, but projected to rise to RMB 130,993 million by 2027 [4][11]. - The earnings per share (EPS) is projected to be RMB 6.63 in 2025, with a gradual increase to RMB 7.19 by 2027 [4][11]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9.2 in 2023 to 6.0 by 2027, indicating an attractive valuation [4][11]. Business Segment Performance - The life and health insurance segment is expected to see a slight recovery in premium income growth, with a forecasted increase of 1.0% in 2025 [6]. - The property and casualty insurance segment is projected to maintain a growth rate of 6.5% in premium income for 2025 [6]. - The new business value rate is anticipated to stabilize around 25.6% for 2025, reflecting a slight decrease from previous estimates [7]. Conclusion - The report maintains a positive outlook on China Ping An Insurance, emphasizing its strong market position, diversified business model, and potential for growth in new business value, supported by a solid financial foundation and attractive valuation metrics [5][11].

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit and an unexpected increase in new business value, with a 34.9% year-on-year growth in new business value driven by various channels [5][11]. - The report notes a significant decline in net profit, down 26.4% year-on-year, primarily due to investment losses and a one-time valuation drop from the consolidation of Ping An Good Doctor [5][11]. - The report emphasizes improvements in the comprehensive cost ratio for property and casualty insurance, which decreased by 3 percentage points year-on-year to 96.6% [5][11]. - The solvency position is strong, with a core solvency ratio of 163.7%, up 47.3 percentage points from the end of 2024 [5][11]. Financial Overview - Revenue is projected to grow from RMB 913,789 million in 2023 to RMB 1,057,335 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [4][11]. - Net profit is expected to recover from RMB 85,665 million in 2023 to RMB 120,657 million in 2025, with a notable increase of 47.8% in 2024 [4][11]. - The report forecasts earnings per share (EPS) to be RMB 6.95 in 2024 and RMB 6.63 in 2025, with a projected price-to-earnings (P/E) ratio of 6.5 in 2025 [4][11]. Business Performance - The first quarter of 2025 saw a 2.4% year-on-year increase in operating profit after tax (OPAT), primarily from the life and health insurance segments, while property and casualty insurance and banking segments experienced declines [5][11]. - The new business value rate improved significantly, reaching 28.3%, an increase of 11.4 percentage points year-on-year, attributed to product structure optimization and cost reduction measures [5][11]. - The average daily trading volume of the stock is reported at 50.03 million shares, with a market capitalization of approximately HKD 924.92 billion [3][11].

从2024年全年行业整体情况看，受期货交易所返还政策调整、行业竞争加剧及低利率环境影响，期货公 司的经营跌宕起伏，压力有所增加。 中期协披露的行业数据显示，去年期货公司累计实现营业收入412.93亿元，同比增长2.97%；累计实现 净利润94.71亿元，同比下滑4.1%。这是继2022年后行业连续第三年出现净利润下降。 其中，截至目前，已有近35家期货公司公布了2024年度经营数据。在净利润超过1亿元的17家公司中， 仅有8家公司实现了净利润同比增长。 对此，业内人士表示，随着期货行业竞争进一步白热化，头部期货公司凭借资本实力、品牌优势和综合 服务能力优势，市场份额将持续扩大，强者恒强的格局进一步巩固。中小型期货公司若无法在差异化竞 争中突围，可能面临更大的经营压力。 近日，随着期货公司定期报告陆续披露，期货业发展的整体态势逐渐浮出水面。数据显示，期货公司营 业收入波动显著加大，行业竞争和分化加剧。 据业内人士介绍，期货公司营业收入波动加大主要受去年出台的新规影响。2024年11月，中国期货业协 会发布《期货风险管理公司大宗商品风险管理业务管理规则》，明确对同一交易日内签署采购和销售合 同等六大类贸易类业务采 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the growth in new business value (NBV) is driven by the bancassurance channel, while investment volatility has pressured profit margins [2][3][5] - The company achieved a total revenue of 937.17 billion yuan in Q1 2025, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 96.27 billion yuan, down 18.1% year-on-year [2] - The weighted average return on equity (ROE) was 3.5%, a decline of 1.1 percentage points year-on-year [2] Summary by Sections Life Insurance - In Q1 2025, the company’s life insurance segment reported a premium income of 1,184.22 billion yuan, an increase of 11.8% year-on-year, with a significant growth in new business value (NBV) of 57.78 billion yuan, up 11.3% year-on-year [3] - The bancassurance channel saw a premium income of 257.22 billion yuan, a remarkable increase of 107.8% year-on-year, with new premium income rising by 130.7% [3] Property Insurance - The property insurance segment recorded a premium income of 631.08 billion yuan in Q1 2025, reflecting a year-on-year growth of 1.0% [4] - The combined ratio (COR) improved to 97.4%, a year-on-year enhancement of 0.6 percentage points, attributed to reduced natural disaster losses and enhanced management controls [4] Investment Performance - The company’s investment assets totaled 28,102.08 billion yuan, growing by 2.8% compared to the end of the previous year [5] - The net investment yield was 0.8%, unchanged year-on-year, while the total investment return rate decreased by 0.3 percentage points to 1.0% [5] - Fair value changes in investments significantly declined to 1.655 billion yuan from 15.104 billion yuan in the previous year, impacting overall profit performance [5] Financial Forecast and Valuation - The report maintains previous profit forecasts, estimating revenues of 4,154 billion yuan, 4,219 billion yuan, and 4,382 billion yuan for 2025-2027 [6] - Expected net profits for the same period are projected at 455 billion yuan, 462 billion yuan, and 508 billion yuan [6] - The price-to-earnings value (PEV) ratios are forecasted to be 0.49, 0.46, and 0.43 for 2025-2027, respectively, supporting the "Buy" rating [6]

Core Viewpoint - Lingyun Industrial Co., Ltd. has completed the registration of changes in its business scope, expanding into the research and sales of key components such as sensors, robotic joints, and mechanical arms, in response to business development needs [1][3]. Business Scope Changes - The company has added the following to its business scope: research and sales of sensors, robotic intelligent joints, and mechanical arms, alongside existing automotive parts manufacturing and sales [1][3]. - The approved business scope before and after the change is detailed, showing the addition of new technological areas while maintaining existing automotive-related activities [1][3]. Business Operations - The company’s main business remains focused on the production and sales of automotive metal and plastic parts, with the new sensor products aimed at the robotics industry representing an expansion rather than a shift in core operations [4]. - Currently, the sensor business is in the product development and customer engagement phase, with no related revenue generated yet, indicating uncertainty regarding future demand and product matching [4].

昨晚发了招行的年报解读，有小伙伴问，马上要入职小招了，现在进银行，算不算是49年入国军。 我说这怎么可能呢，现在能找到份工作就不错了，这都是有依据的，看到银行招聘网上，贴出来的 四大行的春招计划 ： 农行，25年春招4500人，比去年同期少1万人； 工行，25年春招4500人，比去年少4300人； 中行，25年春招4700人，比去年少1000人； 建行，25年春招2300人，比去年少1400人。 四大行今年合计春招1.6万人，比去年同期少招近1.7万人，直接砍半了，其中农行砍的比较多，因为网点多，2.3万个网点，是工行和建行的1.5 倍，是中行的2倍多，过往一线网点的招聘基数比较大，现在业务难做，师傅都吃不饱饭了，更不可能招新员工进来当徒弟了。 所以，你想进国军，国军不一定有编制呢。 何况，我们分析了半天，最核心的逻辑还是，在基本面的下行期， 从比烂的角度来看，银行是不差的 ，毕竟24年全年，全国规上工业企业，净 利润同比下降了3.3%，而银行不管是靠拨备，还是靠业绩，都至少保持了净利润的正增长； 而且，除了招行这种pb在1以上的银行外，大部分银行的上涨，核心逻辑依然是估值的修复，尤其是本来两块系统性风险，地 ...

又一大型险企交出业绩答卷。 3月24日晚间，中国太平在港交所发布2024年年报。过去一年，公司实现保险服务收入1113亿港元，同比增 长3.5%；实现净利润84.32亿港元，同比增长36.2%。与此同时，董事会建议派发截至2024年12月31日止年 度末期股息每股0.35港元。 3月25日，中国太平在H股市场开盘大跌，跌幅一度接近9%。截至收盘，股价下跌7.03%，报收11.64港元/ 股。 有业界观察人士表示，刨除当日港股整体震荡这一因素，引发中国太平此次股价波动的原因或许还包括，分红 比例不及预期和公司下调投资回报假设和风险贴现率假设。 中金公司认为，中国太平派息率下行或是为了保持未来长期稳健的派息政策而进行的主动审慎调整。 假设再度下调 2024年，中国太平实现保险服务收入1113亿港元，同比增长3.5%，保险服务业绩220.24亿港元，同比增长 18.8%。受人民币汇率变动影响，合同服务边际为2078亿港元，较上一年度末期下降1.6%。 "2024年，中国太平高质量完成全年经营任务，取得了近年来最好的经营业绩。"在年报致辞中，中国太平董 事长尹兆君高度评价了这份成绩单。 具体来看，寿险保险服务收入同比 ...

以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 2025年3月24日，美团( 3690.HK )发布2024年Q4及全年业绩。报告显示，2024年营收3376亿、同比增长22%；净利润358亿、同比增长158.4%。 殊不知，美团核心业务"配送服务"是送一单赔一单。2024年H1配送116亿单，每单赔0.34元（ 全年数据需待年报 ）。 从单单赔到年赚数百亿，玄机何在？ 收入矩阵 美团营收按性质分为四类：配送服务、技术服务费（ 佣金 ）、在线营销（ 广告 ）、其他服务及销售。 2022年二季度开始，美团将旗下业务划分为"核心本地商业"和"新业务"两大分部： 核心本地商业包括餐饮外卖、美团闪购、到店服务、酒旅及旅游业务。主要收入来自：配送、佣金、广告、其他。 新业务包括美团优选、小象超市、B2B餐饮供应链（ 快驴 ）、网约车、共享单车、充电宝、餐厅管理系统等。主要收入来自：佣金、广告、其他。 1）一图看懂营收结构 按分部划分 2022年，核心本地商业收入1607.6亿、占比73.1%；新业务营收592亿、占比26. ...