作者：苏苏 财务表现稳健增长，微剧市场成为新增长极 5月21日，爱奇艺（NASDAQ：IQ）发布截至2025年3月31日未经审计的第一季度财报，良好业绩表现带动了行业稳健发展，同时也证明头部企业的发展活 力。 财报显示，一季度爱奇艺总营收为71.9亿元，环比增长9%；其中，会员服务收入为44亿元，在线广告服务收入为13.3亿元，内容发行收入为6.3亿元，其他 收入为8.3亿元。与此同时，据非美国通用会计准则显示，爱奇艺第一季度运营利润为4.6亿元，环比增长13%，运营利润率为6%，当即收入和运营利润实现 环比增长。 就一季度业绩表现，爱奇艺创始人、首席执行官龚宇表示"爱奇艺长剧集云合总市占率持续领先，微剧的用户规模和活跃度在本季度显著提升。" 在短剧冲击、观众注意力被其他娱乐形式抢夺的2025年，爱奇艺交出这样一份稳健的成绩单，进一步恢复了大家对行业的信心。 长剧、短剧及海外业务纷纷呈现向上增长的趋势，这在助推爱奇艺第一季度总营收和运营利润的同时实现环比增长之外，爱奇艺的资产负债情况也得到优 化。比如，通过成本控制等路径，爱奇艺第一季度净利息支出大幅下降，债务结构得到改善。爱奇艺首席财务官汪骏表示，"我们持续 ...

（原标题：业绩爆发却遇控股股东减持 翔港科技资本动向成谜？） 2025年5月25日晚间，国内包装印刷一体化解决方案龙头企业翔港科技（603499.SH）发布公告称，控 股股东、实际控制人董建军因个人资金需求，计划在未来三个月内通过集中竞价和大宗交易方式减持不 超过648.42万股公司股份，占公司总股本的3%。这一消息引发市场高度关注，尤其是在公司2024年净 利润暴增755.25%、2025年一季度净利润再翻7倍的背景下，控股股东的减持行为被视为资本动向的重 要信号。 资本运作空间：减持后，董建军仍持有超过50%的股份，控制权未受实质影响。减持所得资金可能用于 支持公司未来投资或业务拓展。 业绩爆发式增长：从包装印刷到跨界投资的"双轮驱动" 根据翔港科技2024年年报及2025年一季报数据，公司业绩呈现爆发式增长。2024年，公司实现营业收入 8.85亿元，同比增长27.55%；归母净利润达6573.08万元，同比增长755.25%；扣非净利润更是同比暴增 3038.20%。进入2025年，一季度业绩继续高歌猛进，营收同比增长50.41%至2.58亿元，归母净利润同比 增长737.38%至4118.35万元。 ...

公司股东背景多元，包括北京控股集团、公司创始人刘明辉等，北控集团为公司大股东，持股比例约 23.5%。公司持续通过内生增长与外延收并购快速扩大城市燃气业务运营规模，目前已覆盖国内二十七 个省、市、自治区。此外，公司积极发力增值服务业务，打造全新业绩增长点。 管道气销售成为核心业务，低估值高分红优势明显2025H 实现营业收入351.1 亿港元，同比减少 2.62%；2025H 公司实现归母净利润17.61 亿港元，同比减少3.81%，公司主力业务从接驳逐步转向管道 气销售，业绩下滑趋势明显减缓。2025H 管道气销售实现分部溢利16.58 亿港元，占比42.99%，第二大 利润来源为增值服务，占比25.99%，运营类业务成为公司业绩主要来源，经营稳定性得到提升。从公 司估值情况看，公司目前市盈率位于过去十年29.12%分位，市净率位于过去十年6.3%分位，估值溢价 较低，投资安全边际较好。从分红情况来看，公司长期坚持分红回馈股东，2022/2023/2024 财年股息率 分别为5.48%、4.52%、7.08%，并且公司长期执行中期分红与期末分红结合政策，股息发放节奏更为平 滑。尽管近年公司业绩下滑导致股利支 ...

Group 1 - The core viewpoint emphasizes that investment attraction is the "source of vitality" and a core engine for regional economic development, with the Zhejiang Tongxiang Economic Development Zone innovating a "dual-drive" investment model focusing on both external and internal investment [1] - In the first quarter of this year, the Tongxiang Economic Development Zone signed 14 new projects with a total investment of nearly 10 billion yuan, marking a significant year-on-year increase and laying a solid foundation for high-quality economic development throughout the year [1] - The commencement of the production base project by BIBOST Automotive Electronics Co., Ltd. in Tongxiang is a key achievement in the "big and strong" investment strategy, enhancing the local new energy vehicle industry chain and contributing to the creation of a competitive smart automotive parts industry cluster [1] Group 2 - Zhejiang Huanqu Technology Co., Ltd., located in the Tongxiang Economic Development Zone, has become a leader in the precision transmission field, with its products widely used in high-tech sectors such as smart office equipment, smart home systems, new energy vehicles, and high-end medical devices [2] - The company expects to achieve an output value of 1 billion yuan this year and is expanding its production capacity by acquiring 93 acres of industrial land for a new production base, which is set to significantly enhance its R&D and manufacturing capabilities [2] - The successful establishment and expansion of companies like BIBOST and Huanqu Technology in the Tongxiang Economic Development Zone not only represent a breakthrough in investment attraction but also signify a qualitative leap in industrial upgrading [2]

来源 | 美股研究社 作者 | 在辉 爱奇艺就是提前读懂市场变化的一大代表。去年9月入局以来，爱奇艺对行业统称的短剧进行更 精细地划分，打造竖屏"微剧"和横屏"短剧"，随后持续加码，充实内容。现在，"长+短"内容生态 的协同，已经初步取得成效。 爱奇艺刚刚发布的2025年第一季度财报显示，其总收入达71.9亿元，环比增长9%；运营利润3.4 亿元，环比增长20%；Non-GAAP运营利润4.6亿元，环比增长13%。而根据爱奇艺CEO龚宇在 财报电话会上的说法，" 对比2024年12月的数据，爱奇艺的微剧重度用户数（指花费80%以上 的时间看微剧）增长了3倍"。 观众注意力的变化正在对内容生态做出前所未有的改变。日前，QuestMobile的统计显示，已经 有短剧App的月活即将挤入原本属于长视频平台的梯队。 这反映了用户消费习惯的变化，但反过 来思考，也为内容平台的内容策略给出了指引。 图源：爱奇艺 一个信号已然显现：爱奇艺通过 "长+短"双轮驱动的内容策略，既稳固了长视频基本盘，又深入 挖掘微剧的可能性，展现了平台在内容创新与商业模式优化方面的前瞻性与执行力。而这一切， 都指向了未来的增量。 " 长 " " ...

美博会期间，老管家以标志性"活力黄"展位和全新IP"手套管家"打造超高辨识度体验区，吸引参展者持 续打卡。而其真正的竞争力在于硬核产品力：现场展示的管道疏通啫喱、洗衣机清洁系列等明星产品， 均属全国销量冠军品类；全新升级的校服净、9种酵素洗衣液、香氛净柔洗衣粉等新品，则展现了品牌 以"技术迭代"破局市场的野心。 【2025年5月20日，上海】刚刚落幕的第29届上海CBE美博会上，一匹家清行业黑马引发广泛关注—— 深耕行业13年的国民品牌老管家，以沉浸式展区、黑科技新品矩阵及火爆的现场洽谈，成为展会焦点。 值得关注的是，这匹"黑马"实则拥有深厚的市场根基：服务超8000万家庭，旗下洗衣机清洁剂、管道疏 通剂等六大品类长期稳居全国销量第一，堪称家清赛道的"隐形冠军"。 现象级展位背后：国民品牌的科技突围战 展会现场通过直播逛展、技术讲解等互动，老管家向行业传递了其"科技+体验"的双轮驱动模式——既 要销量冠军，也要技术话语权。 家清赛道进入"深海竞争"时代：长期主义是唯一破局之道 中国家清市场规模已突破4000亿元，在竞争激烈的家清市场，老管家凭借13年专注和六大品类销量第一 的积淀，展现出"稳扎稳打"的爆发力。 ...

Core Viewpoint - Ningbo Dechang Electric Co., Ltd. (Dechang) showcased strong business performance and future strategies during the 2024 annual and Q1 2025 earnings briefing, highlighting growth in the small home appliance and automotive motor sectors [1][2]. Group 1: Financial Performance - In 2024, Dechang achieved a revenue of 4.095 billion yuan, representing a year-on-year increase of 47.56%, and a net profit attributable to shareholders of 411 million yuan, up 27.51% [1]. - The vacuum cleaner segment, identified as a key revenue driver, generated 2.124 billion yuan in revenue, marking a growth of 30.22% [1]. - The small home appliance business reported a revenue of 1.386 billion yuan, reflecting a significant increase of 68.60% [1]. Group 2: Business Strategy - The company plans to diversify its customer base, product categories, and regional presence while enhancing its global production capacity and overseas supply chain [2]. - Dechang aims to continue its strategic partnerships with major international appliance manufacturers and regional leaders to strengthen its market position [1][2]. Group 3: Automotive Components Business - The automotive components segment emerged as a new growth driver, with revenue reaching 412 million yuan in 2024, a remarkable increase of 104.54% [3]. - Dechang has successfully integrated into the supply chains of renowned Tier 1 suppliers like Valeo and ZF, with nine new projects adding a total sales value exceeding 2.3 billion yuan [3]. - The company is focused on domestic substitution and expanding international projects in the automotive sector, particularly in advanced technology areas [3].

作 者丨贺泓源 编 辑丨骆一帆 阿里大文娱变了。 5 月 2 1 日 ， 阿 里 大 文 娱 集 团 宣 布 即 日 起 更 名 为 虎 鲸 文 娱 集 团 ， 旗 下 阿 里 影 业 拟 更 名 为 大 麦 娱 乐。 在发布会上，优酷首席运营官、阿里鱼总裁 吴倩甚至将此种变化与淘宝商城更名为天猫的转 折作为对比。 "今天天猫已经家喻户晓。而虎鲸文娱集团崭新的名称就是需要我们以归零的心 态，以创业者的姿态，从此开启一段崭新的征程。虽然名字变了，但持续为用户提供精品内 容、不断优化服务体验，借助AI为行业带来更良性发展的初心与业务战略始终没变。"她称。 选择主动求变。两年前,我们提出三年战略,聚焦头部内容与技 术创新,追求长期价值。今天,我们在头部内容制作、影视工业 新基建、优秀人才储备与产品升级上取得了阶段性的进展,这些点 滴成绩也体现在了集团最新财报里,大文娱已经实现季度盈利。 但是也应该清醒地看到, AI 时代要求我们必须更坚定地自 我迭代和升级。只有具备敏锐的洞察力和前瞻性,才能预判用户 需求的变化趋势; 只有运用科技赋能行业提质增效, 才能将文 娱行业漫长周期里的不确定变为确定。因此,我们需要与用户更 ...

Core Viewpoint - Alibaba's entertainment division has officially rebranded from Alibaba Pictures Group to Orca Entertainment Group, with Alibaba Pictures set to become Damai Entertainment, reflecting a strategic shift towards a "content + technology" dual-driven approach in the AI era [1][2][6]. Group 1: Rebranding and Strategic Direction - The rebranding aligns with Alibaba's philosophy of "returning to the original intention and starting anew," emphasizing the need for self-iteration and upgrading in the face of technological advancements [1][6]. - Orca Entertainment Group will continue to operate under Alibaba, focusing on Youku and Damai Entertainment as its core business engines [1][6]. - The name "Orca" symbolizes adaptability, intelligence, and collaboration, resonating with the company's values of "digital intelligence, symbiosis, and happiness" [1][6]. Group 2: Commitment to Innovation and User Engagement - The company aims to provide a comprehensive entertainment experience through both online and offline channels, enhancing service for industry partners [2][6]. - Alibaba's CEO emphasized the importance of solving social issues and creating customer value as foundational principles for the company's long-term success [2][6]. - The company has achieved quarterly profitability, reflecting progress in its strategic focus on top-tier content and technological innovation [5][6].

Core Viewpoint - The company is establishing a joint venture with China Chemical Engineering Sixth Construction Co., Ltd. to create a large modular cryogenic equipment manufacturing base in Ningbo, with a total investment of 557 million yuan [1][3] Group 1: Investment and Project Details - The new subsidiary will have a registered capital of 170 million yuan, with the company holding 65% and China Chemical holding 35% [1] - The project includes a fixed asset investment of 420 million yuan and working capital of 137 million yuan, with a construction period of 24 months [1] Group 2: Business Performance and Strategy - In 2024, the company achieved a revenue of 13.716 billion yuan, a year-on-year increase of 3.06%, with equipment sales contributing 5.065 billion yuan (up 7.22%) and gas business revenue at 8.1 billion yuan (down 1.15%) [2] - The company is transitioning from a pure equipment manufacturer to a comprehensive service provider in the industrial gas sector, leveraging its manufacturing strengths to expand into gas services [2] Group 3: Internationalization and Market Position - The investment will support the company's global business framework, enhancing its international market presence and integrating into major international project supply chains [3] - The company is recognized as a pioneer in China's air separation equipment manufacturing industry, driving technological innovation and expanding its product applications beyond air separation [2]