中国白酒，在全球烈酒市场的份额常年处于较低水平。白酒想要"长"在异国他乡，依然面临 着诸多挑战。 初次见到潘锡安时，他的办公室给《好博会》报道组带来了不小的震撼，房间里每一面墙都 挂满了各式各样的花洒，有金属款、塑料款、儿童款、成人款……这数百个花洒见证了宁波 迦南洁具有限公司的十多年成长，也正是这样的产品，成为其走向全球市场的"撒手锏"。 "这里布置还是简单些，六月底我们搬去新办公室，到时候会更多。"他指着墙上的花洒笑着 说道。 文｜《好博会》报道组 罗宁 人物： 宁波迦南洁具销售经理 潘锡安 慈溪是中国重要的花洒生产基地，这里每年生产花洒约 6 亿只，约占国内总产量的 35% ， 迦南洁具作为众多洁具品牌的一员，在这座被誉为"中国花洒之乡"的城市发展、壮大。然 而，四月份突如其来的关税危机，让这些企业被迫按下"暂停键"，一时之间难以应对。 面对高墙 我用技术打开一道门 "之前在亚马逊上，我们做美国、中东这些市场，国内是零散出单尾货，去年外贸做了 800 万美金"，潘锡安说，因为关税问题， 4 月份时很多海外客户取消订单，但时间不等人，尽 管政府帮助企业提供了救急的低息贷款，但正值花洒等产品出口旺季，他的三 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 27.013 billion RMB for FY2025, a decrease of 6.69% year-on-year, and a net profit of 1.286 billion RMB, down 41.89% year-on-year. The company declared a dividend of 0.28 RMB, with a payout ratio of approximately 135% [2] - The decline in revenue is attributed to weak consumer demand and a reduction in foot traffic in offline stores. The company is focusing on efficient large-format stores while eliminating underperforming ones, resulting in a total of 5,020 stores at the end of FY25, a decrease of 1,124 stores year-on-year [3] - The company has seen a 14% year-on-year increase in average store revenue, with a membership base growing to 86 million, contributing 93.2% of in-store sales, of which repeat members account for 70% [3] - The gross margin for FY25 was 38.44%, down 3.31 percentage points, primarily due to declining sales and increased promotional activities. The net margin was 4.76%, a decrease of 2.88 percentage points [4] - The company expects to maintain stable performance in FY2026-2028, with projected EPS of 0.21, 0.24, and 0.28 RMB, and PE ratios of 14, 12, and 10 times respectively [5] Summary by Sections Performance Overview - FY2025 revenue was 27.013 billion RMB, down 6.69% year-on-year, with a net profit of 1.286 billion RMB, down 41.89% year-on-year. The company declared a dividend of 0.28 RMB, with a payout ratio of approximately 135% [2] Operational Analysis - Main brand revenue decreased by 6.1% to 23.311 billion RMB, while other brands fell by 9.9% to 3.505 billion RMB due to weak consumer demand. The company is optimizing its store network by focusing on high-efficiency large stores and reducing the number of low-efficiency stores [3] - The company has enhanced member engagement through diverse marketing activities, resulting in a membership increase of 5 million year-on-year [3] Financial Metrics - The gross margin for FY25 was 38.44%, down 3.31 percentage points, while the net margin was 4.76%, down 2.88 percentage points. The company’s cash flow from operating activities increased by 20% to 3.755 billion RMB, indicating a strong cash position [4] - The company anticipates a recovery in net profit margins in the coming years, with projected EPS growth [5]

今天分享的是：跨境电商运营：2025年中国跨境电商中大型品牌商家ERP需求洞察报告 引出 《2025年中国跨境电商中大型品牌商家 ERP需求洞察报告》 多平台全渠道数字化系统集成,助力商家全域韧性增长 报告共计：41页 《2025年中国跨境电商中大型品牌商家ERP需求洞察报告》指出，中国跨境电商ERP市场在企业出海4.0阶段（以产品力与品牌力为核心）和全球贸易不确定 性加剧的双重驱动下快速发展，2024年市场规模13.2亿元，预计2028年达18.9亿元。中大型品牌商家（年GMV超亿元的精品型商家及知名出海品牌）面临多 平台全渠道运营的数据割裂、系统集成低效、业财协同困难等核心痛点，95.1%商家使用2个及以上业务系统，但仅20.8%实现全渠道打通，导致运营效率、 数据应用及合规风险等问题突出。 商家核心需求集中于多平台全渠道数字化集成，包括订单与库存实时同步（72.7%面临订单同步滞后）、业财合规一体化（56.5%依赖人工核验税务流 程）、数据安全（68.5%受跨境数据法规限制）及智能决策支持（68.8%需求智能选品分析）。选购ERP时，52.3%通过行业峰会获取信息，高层主导决策并 注重跨部门协同，预算占 ...

Investment Rating - The report indicates a high investment interest in the new tea beverage industry, with significant market capitalization growth for companies like Mixue Ice City and Gu Ming since their IPOs [10][11]. Core Insights - The new tea beverage industry in China is rapidly evolving, driven by rising consumer spending power and a shift towards quality and scalability since 2010. The industry is characterized by innovation in product quality, digitalization, and consumer experience [4][5]. - The market is projected to reach approximately 5,466 billion RMB in retail sales by 2028, with significant growth in both the ready-to-drink and retail tea segments [19][21]. - The industry is also contributing to national rural revitalization strategies, enhancing brand image and competitiveness through support for upstream supply chains [16]. Market Dynamics - The new tea beverage market is experiencing a shift towards high-quality, cost-effective products as high-end brands seek to penetrate the mass market due to saturation in tier-one cities [6]. - The expansion of franchise models is a key strategy for brands to tap into the vast market potential, with a notable increase in the number of franchise stores [6][49]. - The report highlights a significant increase in IPO filings for new tea beverage companies, indicating a growing interest from investors [13]. Consumer Trends - There is a rising demand for personalized beverage options, with brands offering customizable sweetness and texture to cater to individual preferences [5]. - The report notes a trend towards healthier ingredients, with an increasing use of natural sweeteners and high-quality raw materials [29][32]. Supply Chain and Raw Materials - The raw materials market for ready-to-drink tea is expected to exceed 1,300 billion RMB by 2028, driven by the demand for fresh fruits, dairy, and refined tea [24][25]. - The report emphasizes the importance of quality and stability in raw material supply, with companies increasingly extending their operations upstream to ensure better sourcing [26][44]. Future Growth Opportunities - The report identifies significant growth potential in lower-tier cities, which are expected to see the fastest growth in store openings and market penetration over the next five years [46]. - The global market for ready-to-drink beverages is projected to grow rapidly, with China and Southeast Asia being key drivers of this growth [57].

行业 纸浆日报 日期 2025 年 5 月 22 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究 ...

Report Overview - Report Title: Pulp Daily Report - Date: May 20, 2025 - Industry: Pulp 1. Investment Rating - No investment rating provided in the report. 2. Core View - The fundamental pattern of the pulp market remains weak. Although the world's top 20 pulp - producing countries saw a 11.7% year - on - year increase in coniferous pulp shipments in March and a 4.1% cumulative year - on - year increase from January to March, as of May 15, the weekly pulp inventory in major regions and ports increased by 11.45% month - on - month. The downstream is in the off - season, with insufficient raw material purchasing enthusiasm. After the rapid price decline, the sentiment of reluctance to sell at low prices has intensified, and the price is expected to fluctuate and adjust in the low - level range in the future [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the pulp futures 09 contract was 5294 yuan/ton, and the closing price was 5310 yuan/ton, a total increase of 0.30%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5320 - 6800 yuan/ton, with the low - end price rising by 70 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6300 yuan/ton. The 09, 01, and 05 contracts of pulp futures showed different price changes and trading volumes [7]. - **Operation Suggestion**: The report did not explicitly provide operation suggestions but analyzed that the pulp price may maintain a low - level range - bound adjustment [8]. 3.2 Industry News - On May 8, the start - up meeting of the digital factory project of Guangdong Oubi Personal Care Products Co., Ltd. was held. The project focuses on building an MOM digital operation platform, aiming to create a new benchmark for intelligent manufacturing in the personal care products industry. The application of the MOM system will reconstruct Oubi's production model, improve production flexibility and response speed, and enhance production efficiency and product quality [9]. 3.3 Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate. However, specific data values in these charts are not described in detail in the text [15][17][19][26][28][31].

Group 1 - The logistics industry in Tai'an is expanding rapidly, with the number of regulated logistics enterprises increasing from 58 in 2022 to 128 by 2025 [1] - Tai'an is implementing a new industrialization strategy, focusing on modern logistics development, leveraging its advantageous transportation location and solid industrial foundation [1] - The Tai'an Logistics Industry Development Service Center is enhancing the capabilities of logistics personnel through training programs and promoting the integration of advanced manufacturing and modern logistics [1] Group 2 - Tai'an is innovating its logistics development paths by establishing a multi-modal transport system, enhancing logistics efficiency and service capabilities [2] - The city aims to strengthen and attract major logistics enterprises, providing targeted support to help more companies achieve regulatory compliance and expand the number of regulated logistics enterprises [2] - There are plans to introduce two more national 5A logistics enterprises, further increasing the number of high-rated logistics companies in Tai'an [2]

Group 1: Sales and Revenue Growth - The company aims to enhance sales revenue through internationalization, high-end positioning, and a diversified brand matrix [2][3] - Online sales revenue reached 263 million yuan in 2024, marking a 35.03% year-on-year increase with a gross margin of 74.63% [9] - The company plans to expand its market share and improve brand strength, product quality, and channel capabilities [3][4] Group 2: Brand Strategy and Target Audience - The brand's young strategy has been implemented with the endorsement of Ding Yuxi, aiming to increase brand awareness and loyalty among younger consumers [3][10] - The company focuses on high-end golf apparel, emphasizing a lifestyle brand that appeals to various age groups [3][6] - Collaborations with cultural IPs like the Palace Museum and international designers are intended to enhance brand appeal and market presence [4][6] Group 3: Financial Performance and Challenges - The company reported a 42% drop in net cash flow from operating activities in 2024, with inventory turnover days reaching 346 days [5][9] - The dividend payout decreased from 10 yuan to 5 yuan per share in 2024, raising concerns about cash flow pressures [5][9] - The company has not disclosed specific profit forecasts for 2024 but is actively responding to national policies to stimulate business growth [5][9] Group 4: Market Position and Investor Relations - The company acknowledges the impact of macroeconomic factors and market risks on stock prices, which have seen a significant decline [6][8] - There are no current plans for stock buybacks, but the company emphasizes its commitment to investor communication and market value management [6][8] - The company is focused on maintaining a stable profit distribution plan to enhance shareholder returns [5][9]

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, with 35 logistics park projects in over 20 major cities across China [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual trading value exceeding 250 billion yuan [1] Strategic Development - The company aims to enhance its service capabilities across the entire industry chain, focusing on merchant needs and expanding its market network [2] - New strategic hubs are being established in Chengdu, Shanghai, and Guangdong to strengthen agricultural product circulation [2] Project Progress - The company is actively advancing several projects: - The Southwest Haijixing Smart Industrial Park in Chengdu has secured 553.23 acres of land and is under construction [3] - The Shanghai Haijixing project has acquired 437.99 acres and is in the design phase [3] - The Guangdong-Hong Kong-Macao Greater Bay Area Import and Export Center is in the preparatory stage [3] Market Layout - The company has established a significant presence in major cities, creating a comprehensive wholesale market network across various regions [4] - Plans for future expansions include developing additional phases for existing projects and upgrading older markets [5] Financial Performance - Tianjin Haijixing achieved a revenue of 347 million yuan in 2024, with a net profit of 9.64 million yuan, marking a year-on-year increase of 2195.24% [6] Full Industry Chain Services - The company integrates resources across the agricultural product supply chain, offering a one-stop service that includes wholesale trading, food safety testing, and brand development [7] Stock Issuance - The company has submitted a stock issuance plan to the Shenzhen Stock Exchange, pending approval from regulatory authorities [8] Dividend Policy - A proposed cash dividend of 0.70 yuan per 10 shares is planned for 2024, totaling approximately 118.79 million yuan, which represents 30.92% of the net profit [9] Digital Transformation - The company is enhancing its digital operations through big data and IoT, with the "Deep Agricultural Payment System" already covering 20 wholesale markets and facilitating significant transaction volume [10]

Core Insights - The company reported a revenue of 2.87 billion in 2024, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 500 million, a year-on-year increase of 0.2% [1] - In Q1 2025, the company achieved a revenue of 740 million, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 180 million, a year-on-year increase of 6.2% [1] Revenue Breakdown - The revenue from planting reached 530 million, accounting for 19.4% of total revenue, with a year-on-year increase of 10.6% [1] - Orthodontics generated revenue of 470 million, accounting for 17.3% of total revenue, with a year-on-year decrease of 5.1% [1] - Pediatric services generated revenue of 500 million, accounting for 18.3% of total revenue, with a year-on-year increase of 0.3% [1] - Restoration services generated revenue of 460 million, accounting for 16.9% of total revenue, with a year-on-year increase of 1.5% [1] - Comprehensive services generated revenue of 760 million, accounting for 28.0% of total revenue, with a year-on-year increase of 1.3% [1] Profitability Metrics - The overall gross margin for medical services in 2024 was 39.3%, reflecting a decline of 0.09 percentage points compared to 2023 due to factors such as centralized procurement of dental implants and consumer downgrade [1] Expense Management - The company maintained good control over expense ratios, with a 2024 expense ratio of 15.8%, an increase of 0.2 percentage points year-on-year [2] - In Q1 2025, the expense ratio was 13.5%, with a sales expense ratio of 0.9%, management expense ratio of 9.8%, R&D expense ratio of 1.6%, and financial expense ratio of 1.2% [2] - The company has implemented various digital operations and AI technologies to enhance overall operational efficiency [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 1.13, 1.20, and 1.28 respectively [3]