事件 2025 年4 月29 日，贵州茅台发布2025 年一季报。 投资要点 业绩稳健增长，整体略超预期 业绩表现略超预期，收入利润稳健增长。2025Q1 总营收/归母净利润分别为514.43/268.47 亿元，分别同 增10.7%/11.6%。 茅台酒稳步增长，出海战略持续推进 分产品看，茅台酒基本盘稳固，产品结构优化。2025Q1 茅台酒/ 系列酒营收分别为435.57/70.22 亿元， 分别同比+10%/+18%；其中，系列酒营收占比同比+1pcts 至13.88%。 分渠道看，直销渠道快速增长，渠道掌控力进一步增强。 2025Q1 经销/直销营收分别为273.60/232.20 亿元，分别同比+4%/20%；其中，直销渠道营收占比同比 +4pcts 至45.91%；"i 茅台"实现营收58.70 亿元，同比+10%。公司目前拥有2283 家经销商，净增加36 家。分区域看，国外营收快速增长，国际化进程持续推进。2025Q1 国内/国外营收分别为494.61/11.19 亿元，分别同比+10%/+38%；其中，国外营收占比同比+0.4pcts 至2.21%。 盈利预测 2025Q1 毛利率/ 净利率 ...

21世纪经济报道记者朱艺艺 杭州报道 面对市场竞争压力，A股男装龙头海澜之家（600398.SH）开始寻找新的业绩增长点。 4月29日，公司披露2024年成绩单，过去一年实现营收209.57亿元，同比下降2.65%，归母净利润21.59 亿元，同比下降26.88%，另一核心指标扣非净利润20.15亿元，同比下降25.65%，业绩承压。 事实上，过去一年，不少A股男装企业面临增长挑战，雅戈尔（600177.SH）2024年营收增长3.19%至 141.88亿元，但归母净利润27.67亿元，同比下降19.41%；比音勒芬(002832.SZ)也是"增收不增利"， 2024年营收增长13.24%至40.04亿元，但归母净利润7.81亿元，同比下降14.28%。 不过，2025年第一季度，海澜之家的业绩表现有所好转，实现营收61.87亿元，同比增长0.16%，归母净 利润9.35亿元，同比增长5.46%。 为了寻求新增量，海澜之家正频频加码运动赛道：除了获得奥地利竞技运动品牌HEAD（海德）中国区 业务独家授权，还合计出资2.48亿元持有斯搏兹品牌管理(上海)有限公司 (简称"斯搏兹")51%股权，后 者主营授权代理 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for the stock performance relative to the market index [7]. Core Insights - The company has demonstrated significant strategic effectiveness, with ongoing investments in content creation. Despite short-term profit impacts due to increased content spending, the long-term potential for high-quality content is expected to strengthen the company's leading position in the media sector [7]. - The company reported a revenue of 14.08 billion yuan for 2024, a decrease of 3.75% year-on-year, and a net profit of 1.36 billion yuan, down 61.63% year-on-year. The first quarter of 2025 saw a revenue of 2.90 billion yuan, a decline of 12.76% year-on-year, and a net profit of 379 million yuan, down 19.80% year-on-year [7]. - The company has successfully launched a variety of high-quality content, including 160 variety shows and 27 key dramas in 2024, maintaining its market leadership in the industry [7]. - The overseas user base has doubled, with the international app revenue increasing from 62 million yuan to 141 million yuan, and downloads rising from 130 million to 261 million [7]. - The integration of technology and AI in content production has been emphasized, with the establishment of an AI application platform enhancing the efficiency of content creation across various formats [7]. Financial Forecast Summary - Projected financial metrics for the company are as follows: - Revenue is expected to grow from 14.08 billion yuan in 2024 to 16.81 billion yuan in 2027, with a revenue growth rate of 6.57% in 2025 [2][9]. - Net profit is forecasted to increase from 1.36 billion yuan in 2024 to 2.11 billion yuan in 2027, with a profit growth rate of 26.14% in 2025 [2][9]. - The gross margin is expected to remain stable, increasing slightly from 29.03% in 2024 to 29.71% in 2027 [2][9]. - Earnings per share (EPS) is projected to rise from 0.73 yuan in 2024 to 1.13 yuan in 2027 [2][9].

Industry Overview - The cosmetics industry is undergoing a significant transformation due to slowing consumer recovery and intensified competition, leading to a deep adjustment period driven by evolving consumer demands and channel model changes [1] - Domestic brands are reshaping market dynamics, with market share projected to reach 55.2% by 2024, an increase of 23% since 2020 [1] - There is a surge in demand for efficacy-driven products, particularly in skincare, with strong interest in anti-aging and whitening products [1] - Emerging technologies such as plant-based ingredients and scientific anti-aging solutions are becoming core competitive advantages [1] - The integration of domestic and international channels is redefining value pathways in the industry [1] Company Performance - Betaini has demonstrated resilience against industry pressures, achieving a revenue of 5.736 billion yuan in 2024, a year-on-year growth of approximately 3.87%, and a net profit of 503 million yuan [3] - The company has maintained positive operating cash flow for three consecutive years, with a year-on-year increase of 13.83% in 2024, highlighting its financial robustness [3] - Betaini's gross profit margin reached 73.74% in 2024, indicating effective cost management and a focus on high-value products [3] Shareholder Value - Over the past four years, Betaini has distributed 1.098 billion yuan in cash dividends to shareholders, with a dividend payout ratio of 50.25% in 2024, significantly higher than the industry average of 30% [4] - The company has also announced a share buyback plan of 235 million yuan for 2024, reinforcing its commitment to returning value to shareholders [4] Innovation and R&D - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning it as a leader in R&D intensity within the industry [5] - The company has established a plant extraction laboratory in Yunnan, successfully developing 13 unique plant ingredients, enhancing its product competitiveness [8] - Betaini's global R&D collaboration model, linking its Yunnan lab with a Swiss anti-aging research center, strengthens its position in the efficacy skincare market [10] Market Strategy - Betaini has built a multi-brand ecosystem through "internal incubation and external mergers," covering diverse skin needs and fostering collaborative growth [13] - The company has strategically invested in high-end body care brands to enhance its efficacy skincare ecosystem, aiming to establish a first-mover advantage in this segment [16] - Betaini is leveraging OMO (Online-Merge-Offline) retail strategies and expanding into Southeast Asia, enhancing its market presence and growth potential [17][19] Consumer Trends - Recent data indicates that product ingredients and efficacy are the primary concerns for Chinese consumers when purchasing cosmetics, aligning with national policies promoting the development of unique plant-based ingredients [7] - The cosmetics retail market in China has shown signs of recovery, with a total retail sales of 72 billion yuan in January-February 2024, reflecting a 4.4% year-on-year growth [22] Future Outlook - Betaini is positioned to benefit from the dual advantages of the "Healthy China" strategy and consumer upgrades, potentially leading to a reassessment of its technological and ecological value in the capital market [25]

在困难和挑战中看到前途、看到光明、看到未来，保持发展定力、增强发展信心，保持爱拼会赢的精气神。 ——习近平总书记2025年2月17日在民营企业座谈会上强调 展宏图 产品走出去 品牌扎下根 从中国腹地走向世界舞台，武汉民营企业正以创新姿态引领新一轮全球化浪潮。在共建"一带一路"倡议的东风下，这座城市的企业家 不再满足于传统的产品出口，而是以技术赋能、模式革新、全链条布局的立体化战略加快"走出去"。 简一科技携辐射制冷膜技术远征中东，在50℃的沙漠气候中完成从实验室到海外市场的跨越；一火跨境以数字化营销重构"人货场"三 要素，在TikTok与Takealot平台间架起跨文化消费桥梁；武汉锦华盛铁路机车有限公司将中国铁路标准植入利比里亚经济动脉，通过技术转 移培育800名本土技术工人。 在一次又一次的触达中，武汉民企的"出海"决心正从"产品走出去"升级为"生态扎下根"。 简一科技负责人胡保明： 只有不断了解市场需求，不断革新技术，了解行业前沿动态，才能让企业开拓更大市场，不仅实现产品出海，更要实现技术"出圈"。 "今天有海外客户专程来公司洽谈，初步敲定了一单业务。"4月26日晚，武汉简一科技有限公司（以下简称"简一 ...

上汽集团商用车执管会主席、上汽大通汽车有限公司总经理杨怀景在接受新京报贝壳财经记者采访表示，上汽大通已成为上汽商用车的主体公司，2025年出 海销量目标10万辆，加速海外拓展。此外，上汽大通已在智能化领域与华为达成战略合作，在智能座舱与组合辅助驾驶等领域持续创新。 2025上海车展正在进行，上汽集团子品牌上汽大通也来到车展现场。 上汽集团商用车执管会主席、上汽大通汽车有限公司总经理杨怀景。 受访者供图 上汽大通统管上汽商用车业务 新京报贝壳财经：上汽"大商用车"战略是如何规划的？ 杨怀景：此前上汽集团有一个商用车事业部，统管上汽商用车业务。现在事业部下沉到以"上汽大通"为主体的上汽商用车公司，仍然叫上汽大通。 团队打通了轻型商用车板块，包含大通品牌、跃进品牌和依维柯品牌，轻型商用车实现了深度融合。其他的商用车公司、上海新动力公司以及创新业务也同 步存在，归属于上汽大通管理，会相对独立运行。团队会有新战略推动内部资源的融合和共享，将采用更加开放的市场机制开展业务，也欢迎外部投资者。 新京报贝壳财经：在智能化、电动化方面，上汽大通会有哪些变革？ 杨怀景：本次车展，上汽大通和华为实现战略合作，也是轻型商用车领域首个 ...

文 /高歌 2020年 春 ，詹纯新召集公司7个海外大区的负责人召开海外业务专题会。 当时，距离中联重科全资收购全球排名第三的混凝土机械制造商意大利CIFA公司已经过去了12年。 这项收购是中国工程机械行业从被并购对象转为并购发起者的转折点，一度被称为"改变世界竞争格 局的手笔"，中联重科也通过CIFA迅速扩张了欧洲及全球业务。 但令 他 没想到 的是 ， 召集会议时， 7个海外大区负责人竟然全都在长沙待着， 没有一人前往一 线市场。 这让詹纯新感受到公司的海外业务亟需一场变革。 在这个会 议 上，詹纯新将2020年定为中联重科的出海元年，并第一次提出了中联重科发展海外业 务的" 航 空港模式"。 会议召开4年后，在国内经历基建投资和房地产漫长周期的大背景下，海外业务支撑起了中联重科收 入的半壁江山，成为这家公司穿越周期的关键动力。 2025年3月底，中联重科发布的财报显示， 2024年 公司实现 营收454.78亿元 ， 净利润 40.09 亿元，同比增长6.31% ；剔除股份支付费用的影响后，全年净利润同比增长18.39%。 数据背后，另一个正在发生的变化是： 中联重科的产品 除了 起重机、混凝土机械等传 ...

小鹏计划十年内海外销量占比超 50%，欧洲、东南亚、中东和拉美为重点市场。 文 丨 赵宇 魏冰 编辑 丨 龚方毅 现在香港街头还很少能见到小鹏的新车或销售门店，但小鹏汽车 CEO 何小鹏视其为公司连接全球市 场的窗口。 上海车展开幕前夕，小鹏为 2025 款 X9 选址香港启德邮轮码头举办上市发布会。这是小鹏面向全球消 费者举办的第一场发布会，包括我们在内的 400 多家国内外媒体到场参加。在发布新款 X9 的间隙， 小鹏还在香港连续举办两场媒体沟通会，会上谈到的内容主要关于技术和出海。 得益于 MONA M03、P7+ 等新车型的推出，小鹏自去年八月以来迅速扭转业绩颓势，目前已连续 5 个月销量突破 3 万辆。何小鹏预计，这一良好势头将推动小鹏的销售毛利率持续改善，有望在今年四 季度实现单季度盈利。 2024 年 ， 小 鹏 总 共 卖 出 约 19 万 辆 新 车 ， 其 中 海 外 市 场 销 量 占 比 约 一 成 。 汽 车 市 场 分 析 机 构 MarkLines 数据显示，小鹏去年主要把车卖到了丹麦、挪威、荷兰等欧洲国家，以及以色列等中东国 家。 在国内汽车市场竞争趋于白热化的当下，小鹏制定的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company is focusing on enhancing product value through a strong IP and functional strategy, aiming to meet diverse consumer needs and expand its market presence internationally [4][15]. - The overseas market is showing initial signs of contribution, with a projected revenue of 1.039 billion yuan in 2024, representing a 22% year-on-year growth [4][15]. - The company plans to strengthen its IP strategy in 2025, targeting high-value stationery products that appeal to younger consumers [4][15]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2023A: 23.351 billion yuan - 2024A: 24.228 billion yuan - 2025E: 27.566 billion yuan - 2026E: 31.143 billion yuan - 2027E: 35.125 billion yuan - Net profit estimates are: - 2023A: 1.527 billion yuan - 2024A: 1.396 billion yuan - 2025E: 1.607 billion yuan - 2026E: 1.831 billion yuan - 2027E: 2.075 billion yuan - The company’s earnings per share (EPS) are projected to be: - 2023A: 1.65 yuan - 2024A: 1.51 yuan - 2025E: 1.74 yuan - 2026E: 1.98 yuan - 2027E: 2.25 yuan - The price-to-earnings (P/E) ratio for 2025 is estimated at 18 times, indicating a relatively low valuation compared to the past decade [3][4]. Product Strategy and Market Expansion - The company emphasizes product strength through a combination of strong IP and functionality, which has been a key driver for product upgrades [8][14]. - The independent brand "Qi Zhi Hao Wan" is rapidly developing, focusing on popular two-dimensional IPs and expanding its product offerings [20][22]. - The company is actively pursuing international expansion, particularly in Southeast Asia and Africa, where it has established a significant market presence [4][15]. Investment Recommendations - The company plans to enhance shareholder returns through dividends and share buybacks, with a combined ratio of 73% in 2024 [4][15]. - The report anticipates steady growth in net profit for the years 2025 to 2027, with expected increases of 15%, 14%, and 13% respectively [4][15].

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 互联网内容行业观察与研究 将投中网设为"星标⭐"，第一时间收获最新推送 历史夹缝中，国产新能源港股高位融资近千亿。 作者丨 园长 编辑丨 陈梅希 来源丨 刺猬公社 美国增加关税引起的全球市场恐慌下，港股恒生指数一度下跌 15% ，科技、互联网行业股票更是经历了一轮"见证历史"级别的下跌。 而对于几家刚刚在香港股市以配售形式，顺利进行了总共近千亿级别融资的国产新能源车企来说，不知是该庆幸时机选得太准，每个公司都"精确"地实 现了高位配售，还是该感叹，港股的这轮牛市为何如此匆匆而过。 时间拨回一个月前的 2025 年 3 月 4 日，比亚迪在港股配售融资 435 亿港币，刷新了汽车工业乃至中国资本市场的多项纪录； 3 月 27 日，小米港 股配售约 8 亿股，融资 425 亿港币，同一天，蔚来在港股同样以配售的方式，融资 40.30 亿港币。 就在之后的一周多，全球股市的万马齐喑中，刚刚有些起色的港股市场没能独善其身，港股上市的自主品牌车企股价也跟着下跌了不少， 4 月 7 日， 小米跌幅达 20.59% 。 这三笔规模近千亿 ，闪电般完成在历史夹缝中的 ...