7月2日，定制家居巨头广州尚品宅配家居股份有限公司（以下简称"尚品宅配"）以13.18元/股收盘，股价小幅增长，资本市场的表现难掩企业业绩的下滑。 在一季度净利润亏损3885.55万元的同时，尚品宅配高层发生人事调整。据了解，尚品宅配副总经理因个人工作变动原因申请辞职。同时，聘任张志芳、李 泉为公司副总经理。高层变动的背后，或是尚品宅配企业转型不力业绩下滑。今年一季度，尚品宅配营收同比下滑4.52%；净利润为亏损3885.55万元，虽然 亏损收窄，但依然未能扭亏。 业内人士表示，定制家居的快速发展，吸引了部分传统成品家具厂商向定制家居领域转型。此外，家装企业、地板企业等其他家居企业，也因看好定制家具 市场而纷纷涉足，定制家居行业竞争进一步加剧。如果未来不能在产品设计、生产效率与成本控制、定制服务、渠道建设、品牌营销等方面持续深耕并保持 创新，企业将很难走出业绩泥潭。 净利润亏损3885.55万元 作为"定制家居第一股"，尚品宅配高层发生人事调整。公告显示，尚品宅配副总经理胡翊因个人工作变动原因，申请辞去副总经理职务，辞职后仍在尚品宅 配任职。同时，因公司内部工作调整及经营管理需要，尚品宅配董事会同意聘任张志芳 ...

以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 一大批"五星地摊"正在卷生卷死。 文 ｜ theodore熙少 来源｜ 旅界（ID： tourismzonenews ） 封面来源 ｜ unsplash 最近，我关注到全国多地高星酒店突然卷起了"摆地摊"，且愈演愈烈。 先看河南，今年6月，三门峡的晚上多了一道新风景。 下班点一到，澳门天子酒店、金镰酒店、开元酒店等几家酒店门口齐刷刷支起摊子，黄花鱼、红烧排骨、凉拌牛肉全都摆在塑料盒里，灯光一打，看着就 有食欲。 新闻报道里称，一位大叔提着三盒菜往家边走边说："平时舍不得去酒店吃，这一盒十来块，买回去当晚饭，省事又实惠。" 早在五一，咸亨酒店就试着把臭豆腐和酥鱼搬到路边，刚摆好就被一群游客围住。 酒店经理表示，本来只打算周末试营业，没想到顾客天天问，后来干脆每天出摊。 到了6月，绍兴国际大酒店也加入了街头大战。 摊子后面的酒店经理一边打包一边吆喝："现做的！不是预制菜！" 差不多同一时间，陕西榆林也开始热闹起来。 西沙胜利大酒店先把招牌卤味搬到门口，炒着菜开直播。 不远处，沙漠春天酒店和东沙民生酒店也跟上，把卤鸡爪和酱 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 公司基本情况 | 最新收盘价（元） | 14.42 | | --- | --- | | 总股本/流通股本（亿股）5.88 | / 5.59 | | 总市值/流通市值（亿元）85 | / 81 | | 52 周内最高/最低价 | 16.28 / 12.20 | | 资产负债率(%) | 28.9% | | 市盈率 | 16.20 | | 第一大股东 | 桂林三金集团股份有限 | | 公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 桂林三金(002275) 盈利能力稳步提升，生物制药板块业务持续优化 l 业绩实现有质增长，盈利能力持续提升 2024 年营业收入 21.94 亿元（+1.03%），归母净利润 5.22 亿元 （+23.79%），扣非净利润 3.96 亿元（+3.64%），经营现金流净额 5.88 亿元 ...

Core Viewpoint - The company held a performance briefing to provide insights into its 2024 annual report and Q1 2025 results, addressing investor concerns and outlining strategies for navigating industry challenges and opportunities [1][2]. Performance Briefing Overview - The performance briefing was conducted on June 30, 2025, with key executives present to engage with investors and respond to their inquiries [2]. Industry Trends and Company Strategy - The retail pharmacy industry is undergoing significant transformation, with a closure rate of approximately 5.7% in 2024, leading to an accelerated industry consolidation [2][3]. - The company aims to leverage this consolidation by enhancing compliance, improving service quality, and expanding its market share through franchise and alliance models [2][3]. Profitability and Cost Management - The company is focused on cost reduction and efficiency improvements, targeting over 100 million yuan in cost savings for 2025 through various initiatives [3][4]. - A comprehensive reform of the procurement system is underway to enhance supply chain efficiency and align product offerings with consumer needs [4]. Expansion Plans - The company plans to open 1,000 new stores in 2025, primarily through franchise models, while also converting existing stores to franchises [5]. - The strategy includes focusing on existing markets to increase market share and profitability [5]. Diversification Opportunities - The company is pursuing service diversification, including chronic disease management and community health services, to enhance customer engagement and loyalty [6]. - Product diversification efforts are focused on expanding non-pharmaceutical categories, with a reported 9% year-over-year increase in sales of general food and personal care products in Q1 2025 [6]. Market Positioning and Competitive Advantage - The company emphasizes its competitive advantages in offline retail, including immediate service, professional advice, and health management services, particularly in lower-tier cities [7][8]. - The company has established a robust compliance framework to navigate regulatory challenges and maintain its market position [12]. ESG Initiatives - The company has integrated ESG principles into its operations, achieving a rating upgrade from BBB to A in the WindESG assessment for 2024 [10][11]. Financial Returns and Shareholder Engagement - The company has committed to distributing at least 50% of its net profit as cash dividends from 2024 to 2026, reflecting a strong commitment to shareholder returns [13][17]. - Cumulative cash dividends since its IPO amount to 2.069 billion yuan, demonstrating a consistent return to investors [17]. Franchise and Alliance Business Development - As of Q1 2025, the company has established 5,408 franchise stores and over 21,000 alliance stores, with significant growth in alliance business sales [14].

2024年，反腐成为游戏公司的共识，腾讯、网易、莉莉丝等公司都发布了反腐公告。来到2025年，这一 趋势还在继续。 7月1日，完美世界内部发布了一份反贪腐调查公告。公告显示，完美世界旗下包括百万、青云、硬核工 作室总计8名在职及已离职人员，涉嫌与供应商内外勾结、营私舞弊、损害公司利益，完美世界已向公 安机关报案。 完美世界在公告中公布了部分员工的相关信息，岗位涉及工作室负责人、策划部负责人、HR经理、美 术部动作组长以及动作组员工、美术部负责人等，违规行为最频繁的是 "收受供应商贿赂"，其次还包 括"涉嫌参与私分外包合同款""在人力外包供应商选用、管理、结算工作中严重失职"。 对于案件中所涉及的4家相关供应商，完美世界将其列入供应商黑名单，永不合作。具体包括成都西游 部落科技、成都巧可力科技、广州图酷网络科技以及成都喵师兄这几家公司。 完美世界在去年8月也曾发布反腐公告，通报2023年以来旗下星云工作室以及原Bard游戏项目组多名员 工涉嫌收受贿赂、职务侵占等的违规行为，涉及高级美术总监、制作人、2D 主美、3D 主美等多名员 工。这次是时隔11个月后完美世界的又一反腐动作。 2024年，包括腾讯、网易、莉莉 ...

以下文章来源于旅界 ，作者theodore熙少 先看河南，今年 6月，三门峡的晚上多了一道新风景。 下班点一到，澳门天子酒店 、 金镰酒店、开元酒店 等 几家酒店门口齐刷刷支起摊子 ， 黄花鱼、红 烧排骨、凉拌牛肉全都摆在塑料盒里，灯光一打，看着就有食欲。 新闻报道里称， 一位大叔提着三盒菜往家 边走边 说： "平时舍不得去酒店吃，这一盒十来块，买回 去当晚饭，省事又实惠。" 摊子后面的酒店经理一边打包一边吆喝： "现做的！不是预制菜！" 差不多同一时间， 陕西 榆林也开始热闹起来。 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 本文来自微信公众号： 旅界 ，作者：theodore熙少，题图来自：视觉中国 01 最近，我关注到全国多地 高星 酒店突然卷起了" 摆 地摊"，且愈演愈烈。 西沙胜利大酒店先把招牌卤味搬到门口，炒着菜开直播。 不远处，沙漠春天酒店和东沙民生酒店也跟上，把卤鸡爪和酱肘子摊得满满一桌。 我有个榆林的朋友看完忍不住发了条朋友圈： 五星酒店都下楼卖卤味了，果然时代变了。 据他回忆 ，排队的人里既有老街坊，也有平时开车来吃大包间的熟客。 浙江绍兴的酒店更早一步。 早在五一，咸亨酒店就试着把臭豆 ...

Core Viewpoint - The company has successfully developed and implemented a fully automated drill cleaning machine, addressing long-standing issues with external cleaning equipment in harsh environments [1][2]. Group 1: Equipment Development and Features - The new cleaning machine was designed to meet the specific needs of high-cold regions, utilizing advanced technologies such as a steel wire brush head, infrared photoelectric switch, PLC automation programming, and electromagnetic proximity switch [2]. - The cleaning efficiency of the new equipment can achieve a 100% removal rate of stubborn oil and rust, with the ability to control cleaning force and angle for comprehensive cleaning [2]. - The machine is made from cold-resistant materials and features a special lubrication system, effectively resolving operational issues in low temperatures [2]. Group 2: Cost and Efficiency Benefits - The implementation of the new cleaning machine can save approximately 400,000 yuan in procurement costs per unit and improve cleaning efficiency by 20% compared to traditional methods [2]. - The automation significantly reduces the need for manual intervention, minimizing the risk of misjudgment during the inspection process and lowering subsequent maintenance difficulties [2]. - The company plans to promote the application of this equipment across various work areas to enhance cost reduction and efficiency in drill maintenance [2].

Core Viewpoint - The company has announced an action plan titled "Enhancing Quality and Efficiency to Return Value," aimed at improving operational quality and increasing investor returns in response to national policies and market conditions [1][5]. Group 1: Focus on Core Business and Operational Quality - The company aims to enhance its core competitiveness by focusing on brand development, increasing R&D efforts, and integrating AI into its toy business to create differentiated products [2][3]. - The company plans to strengthen its supply chain and logistics capabilities while expanding into new markets, particularly in the context of the Belt and Road Initiative [2][3]. Group 2: Innovation and Value Creation - The company is committed to innovation-driven development, increasing R&D investment, and collaborating with research institutions to foster technological advancements [2][3]. - The company intends to upgrade its toy design and R&D center to enhance its independent innovation capabilities and transition from OEM to ODM models [2][3]. Group 3: Corporate Governance and Compliance - The company is focused on improving its internal control and compliance management systems, ensuring adherence to legal and regulatory requirements [3][4]. - The company is enhancing its board structure and governance practices to support strategic decision-making and risk management [4]. Group 4: Accountability and Shareholder Engagement - The company emphasizes the importance of accountability among its executives and has implemented a performance-based compensation system linked to long-term goals [4][5]. - The company is committed to maintaining stable dividends and has outlined a shareholder return plan for the next three years, with a cumulative cash dividend of 74.03 million yuan, representing 70.80% of the net profit attributable to shareholders over the past three years [5]. Group 5: Investor Communication and Transparency - The company prioritizes investor relations management and has established protocols for effective communication and response to investor inquiries [5]. - The company is exploring various methods to enhance transparency and convey its investment value to stakeholders [5].

点击上图▲立即收听 " 房地产行业的 ' 三道红线 ' 影响深远，但类比到车圈，不免有些 ' 望文生义 ' 之嫌。 " 文 / 巴九灵（微信公众号：吴晓波频道） 汽车行业似乎正走向一场前所未有的收紧。 带动这种氛围的，是一则寻不见来源的流言： "新能源车企或将面临三大限制。" 这三大限制分别是：严账期、降杠杆、控产能。 因形似房地产市场当年的 "三道红线"而引发不安。 2020年，我国监管部门为了遏制房企无序扩张，首次提出房地产"三道红线"：剔除预收款后的资产负债率不得大于70%、净负债率不得大于 100%、现金短债比不得小于1倍。 触及三道红线的房企，不得新增有息负债；触及两道红线的，负债年增速不得超过 5%；触及一道红线的，负债年增速不得超过10%；未触及红 线的，负债年增速不得超过15%。 这剂猛药，至今影响着房地产行业。 但类比到车圈，不免有些 "望文生义"之嫌。 车与房 过去十几年，房子被赋予了非常强的 "金融资产"属性。 即不少时候，买房是为了 "炒"。 在房价会持续上涨的预期之下，中国房地产行业发展至 "高负债、高杠杆、高周转"的极端模式。 建设中的楼盘 具体路径为：大量借款（高杠杆）拿地、快速 ...

来源 | 美股研究社 2025年的超豪华车市场，寒意比往年更浓。 天眼查显示，中国汽车流通协会数据显示， 2025年 一季度百万级新车销量仅2.1万辆，同比暴跌 53%，跌幅较2024年再度放大 ——这个曾经被视为"财富风向标"的细分领域，正以远超行业平均 的速度 加速 收缩 。 要知道2021~2023年，售价百万级的豪华车年销量一直维持在20万辆左右。 而在一片 低迷 中， 美股上市的 路特斯科技（LOT.US）交出了一份"亏损收窄、毛利率回升"的 第一季度财报， 并 激起了"超豪华品牌如何在下行周期存活"的讨论。 这份财报里，既有营收同比下滑46%的"阵痛"，也有运营亏损收窄56%、毛利率从 2024全年 的 3 % 回升至 12% 的 "曙光"；既有欧洲、中国、北美"三足鼎立"的交付格局，也有 向 "年销3万-4万 辆即可盈亏平衡" 的 生存底线 的努力 。 当 中国大众汽车市场全面开启产业格局的重塑，或许可以以吉利旗下 路特斯 的 财报 为 切片， 探索中国新一代超豪华车市的未来之路。 从 - 1 1 % 到 1 2 % ！ 路 特 斯 止 损 提 效 如果用一个关键词概括路特斯2025年Q1财报， ...