福陆公司下调了全年利润指引，称"客户因经济不确定性而犹豫"。管理层现在预计每股收益在1.95美元 至2.15美元之间，此前的目标区间是2.25美元至2.75美元。 周五，福陆(FLR.US)暴跌超30%，4月以来一度大涨58%，现报38.53美元。消息面上，该公司第二季度 调整后每股收益为43美分，低于华尔街预期的55美分。营业收入总计39.8亿美元，低于去年同期的42.3 亿美元，也低于分析师普遍预期的45.1亿美元。 ...

周四，艾利科技(ALGN.US)暴跌超33%，创5年新低，报134.83美元。消息面上，该公司公布的第二季 度调整摊薄后每股收益为2.49美元，高于去年同期的2.41美元，FactSet调查的分析师预计为2.57美元。 季度收入为10.1亿美元，低于去年同期的10.3亿美元，FactSet调查的分析师预计为10.6亿美元。该公司 表示，预计第三季度营业收入将在9.65亿美元至9.85亿美元之间，FactSet调查的分析师预计为10.4亿美 元。 Align还计划采取一系列行动来简化运营，包括裁减全球员工。公司预计，这些行动将在下半年产生1.5 亿至1.7亿美元的一次性费用。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance was below expectations, with revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [7] - The decline in revenue across various product categories is attributed to pre-holiday inventory buildup and proactive inventory clearance by the company [7] - Online sales showed strong growth, with a year-on-year increase of 54%, while offline sales decreased by 39.5% [7] - The company has expanded its distributor network, adding 98 new distributors by the end of Q1 2025 [7] - The company's gross margin decreased by 3.3 percentage points year-on-year, indicating pressure on profitability due to fixed costs amidst declining revenue [7] - The company anticipates a gradual improvement in performance moving forward, supported by healthy channel inventory levels [7] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.66 billion yuan, 4.02 billion yuan, and 4.44 billion yuan, respectively, reflecting year-on-year growth rates of 5%, 10%, and 11% [7] - Net profit forecasts for the same period have been revised to 626 million yuan, 706 million yuan, and 798 million yuan, with year-on-year growth rates of 0.3%, 12.72%, and 12.94% [7] - The company's P/E ratios for 2025-2027 are projected to be 20x, 18x, and 16x, respectively [7]