Core Viewpoint - The article emphasizes that younger investors should avoid competing in the same investment arena as older investors, particularly in traditional sectors, and instead focus on emerging industries that older investors may not understand [2][3][9]. Group 1: Investment Strategies - Older investors, referred to as "老登," have benefited from previous market trends, particularly in sectors like liquor and consumer goods, but may miss out on new technology trends [2][3]. - Younger investors should seek opportunities in industries that are not yet recognized by older investors, as this could provide a chance for significant returns [3][9]. Group 2: Case Study of Kweichow Moutai - Kweichow Moutai's stock price increased from approximately 4 yuan at its IPO in 2001 to a peak of around 2342 yuan in 2021, representing a growth of over 580 times [4]. - The company's revenue grew from 1.618 billion yuan in 2001 to 109.5 billion yuan in 2021, an increase of about 68 times [6][7]. - To replicate its past success, Kweichow Moutai would need to achieve a revenue of approximately 11.8 trillion yuan in 20 years, which is nearly 15 times the current size of the entire liquor industry [8]. Group 3: Investment Considerations - Investing in traditional industry leaders like Kweichow Moutai may only be suitable for those with substantial capital, as the potential for high returns diminishes for smaller investors [8][9]. - The article suggests that younger investors would be better off focusing on their careers rather than spending time in the stock market, as the opportunity cost may be higher [9].

业务评价：公司去年的ROIC为8.8%，资本回报率一般。去年的净利率为4.47%，算上全部成本后，公 司产品或服务的附加值不高。从历史年报数据统计来看，公司上市以来中位数ROIC为-57.43%，投资回 报极差，其中最惨年份2019年的ROIC为-339.66%，投资回报极差。公司历史上的财报非常一般（注： 公司上市时间不满10年，上市时间越长财务均分参考意义越大。），公司上市来已有年报4份，亏损年 份8次，如无借壳上市等因素，价投一般不看这类公司。 据证券之星公开数据整理，近期神州细胞（688520）发布2025年中报。截至本报告期末，公司营业总收 入9.72亿元，同比下降25.5%，归母净利润-3377.11万元，同比下降126.87%。按单季度数据看，第二季 度营业总收入4.52亿元，同比下降34.66%，第二季度归母净利润-9753.89万元，同比下降289.37%。本报 告期神州细胞三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达68.51%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率94.79%，同比减1.86%，净利率-3.48%， 同比减136.05%，销售费 ...

Core Viewpoint - Sichuan Jiuzhou (000801) reported a revenue of 1.854 billion yuan for the first half of 2025, reflecting a year-on-year increase of 5.53%, and a net profit of 73.07 million yuan, up 7.85% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 1.041 billion yuan, a significant increase of 19.42% year-on-year, while net profit for the same period was 51.21 million yuan, up 63.82% year-on-year [1] - The gross margin decreased to 20.73%, down 4.16% year-on-year, and the net margin was 5.17%, down 0.94% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 143 million yuan, accounting for 7.72% of revenue, an increase of 1.75% year-on-year [1] - Earnings per share remained at 0.07 yuan, with a year-on-year increase of 7.86% [1] Balance Sheet Highlights - Accounts receivable increased significantly, reaching 3.032 billion yuan, which is 1559.72% of the net profit [1] - Cash and cash equivalents rose by 42.97% due to the maturity of financial products and recovery of receivables [2] - Long-term investments increased by 49.81% due to additional investments in joint ventures [2] - Total interest-bearing debt rose by 22.34% to 817 million yuan [1] Cash Flow and Investment - The net cash flow from investment activities surged by 1300.25%, attributed to increased cash recovered from investments [3] - The net increase in cash and cash equivalents was up 2039.55%, influenced by investment activities [3] Market Position and Analyst Insights - The company's return on invested capital (ROIC) was 5.93%, indicating average capital returns [3] - Analysts expect the company's performance in 2025 to reach 229 million yuan, with an average earnings per share forecast of 0.22 yuan [4] - The company is held by notable fund managers, with recent increases in holdings from several funds, particularly from Huazhang Fund [4][5]

Group 1: Yili Co., Ltd. (伊利股份) - Business Quality: In 2024, Yili's revenue is projected to be 115.8 billion, a decrease of 8% year-on-year, with a net profit of 6.011 billion, down 40% year-on-year [2][3] - Cost Pressure: Sales expenses reached 21.98 billion, accounting for 19% of revenue, significantly higher than R&D expenses of 870 million, leading to a net profit margin of only 7.33% [3][4] - Competitive Advantage: ROIC decreased from 9.5% in 2023 to 7%, indicating that Yili's competitive edge lies in channel management rather than product innovation [4] - Valuation Concerns: Current PE ratio is 22.5 based on 2024 net profit, with a warning that the dairy industry growth has slowed to single digits and high sales expense ratios may hinder profit growth [5] Group 2: Midea Group (美的集团) - Business Quality: In 2024, Midea's revenue is expected to be 409.1 billion, a 9.5% increase year-on-year, with a net profit of 38.5 billion, up 14.3% year-on-year [9][10] - Cost Structure: Sales expenses of 38.75 billion account for 9.5% of revenue, which is 2.4 times higher than R&D expenses of 16.23 billion, raising questions about the sustainability of marketing-driven growth [10][11] - Growth Acceleration: In Q1 2025, revenue surged to 128.4 billion, a 20.6% increase year-on-year, with net profit rising 38% [12] - Valuation Analysis: Current PE ratio is approximately 14.5 based on 2024 net profit, with concerns about declining ROIC and potential risks from overseas revenue exposure [14] Group 3: Kweichow Moutai (贵州茅台) - Business Quality: Moutai's revenue grew by 10.54% and profit by 11.56% in Q1, showcasing its strong market position with a high gross margin of 91.93% and net margin of 52.27% [18][19] - Competitive Advantage: Moutai maintains a healthy inventory level of 0.5 months, significantly lower than competitors, indicating strong pricing power and market demand [19] - Valuation Insights: Current valuation based on a projected net profit of 93.485 billion in 2025 suggests a PE ratio of around 20, which is considered reasonable given its ability to outperform inflation [20] - Extreme Scenario Analysis: Moutai's pricing power allows it to maintain positive revenue growth even in adverse market conditions, supported by strong cash flow [21]