Core Viewpoint - NITORI, Japan's largest home goods chain, initially planned to expand aggressively in mainland China but has since shifted to a contraction strategy, closing numerous stores within a year, raising questions about its market judgment and operational strategy [2][8]. Group 1: Financial Performance - For the fiscal year 2024, NITORI reported sales of 928.9 billion yen (approximately 45.91 billion RMB), a year-on-year increase of 3.7%, but operating profit decreased by 5.8% to 120.3 billion yen (approximately 5.95 billion RMB), and net profit fell by 11.1% to 76.89 billion yen (approximately 3.8 billion RMB) [2]. - The company's pure sales from its brand business reached 821 billion yen (approximately 40.58 billion RMB), reflecting a 4.5% year-on-year growth, indicating overall performance was subpar with two consecutive years of revenue growth but profit decline [2][4]. Group 2: Market Structure and Strategy - The sales structure shows that physical stores accounted for 76.6% of total sales, a decrease of 2.5 percentage points, while online sales and overseas markets saw increases, highlighting significant growth in online and international business despite volatility in the mainland China market [3][4]. - NITORI's international expansion strategy includes opening 54 new stores overseas in the fiscal year 2024, with 23 of those in mainland China, indicating a focus on international growth despite domestic challenges [8][9]. Group 3: Operational Adjustments - NITORI plans to adjust its store opening strategy in mainland China, aiming for a more rational approach by focusing on smaller, high-yield locations and enhancing product offerings to improve sales per square meter [11][12]. - The company is also revising its supply chain management to reduce costs and improve efficiency, indicating a proactive approach to adapt to changing market conditions [11][12]. Group 4: Competitive Landscape - NITORI's performance is contrasted with that of MUJI, which has seen significant growth in health and beauty product sales, suggesting that NITORI may be lagging in product innovation and market appeal [15][16]. - The company is entering the saturated home appliance market, which poses risks given the lack of growth potential in this sector, highlighting a strategic shift that may not align with market trends [18][19]. Group 5: Digital Transformation - NITORI is focusing on enhancing its internal IT systems to support operational efficiency, with plans to increase its IT workforce and improve digital capabilities, reflecting a commitment to modernizing its business processes [21][23]. - The company emphasizes the importance of cultivating a skilled workforce capable of leveraging digital tools, which is crucial for achieving long-term strategic goals [24][26].

消息面， 据央视新闻报道，6月5日，印尼政府正就采购中国制造的歼-10战机进行可行性评估。印巴冲 突中，国产武器"亮肌肉"，其他国家对中国先进武器装备需求再度提升。 军工ETF（代码：512660）跟踪的是中证军工指数（代码：399967），该指数由中证指数有限公司编 制，从沪深市场中选取十大军工集团控股及主营业务与军工相关的上市公司证券作为指数样本，涵盖军 工行业全产业链。中证军工指数（代码：H30229）旨在反映中国军工主题股票的整体表现，具有鲜明 的国防军工行业特征，为投资者提供权威的军工板块投资标的。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 军贸大单持续落地，军工板块延续活跃，军工ETF（512660）连续5日净流入超5亿元。今年来，该ETF 基金份额增长超40%，当前规模超143亿元，位居同类第一。 华福证券指出，25-27年在【十四五任务 ...

对于亏损原因，骑士乳业董事长、总经理党涌涛在回答《证券日报》记者提问时表示："2024年公司业 绩承压源于多重因素：生鲜乳等终端产品售价下降拖累盈利；气候影响致制糖原料含糖量低，白砂糖成 本上升、毛利率下滑；期货业务因市场风险未达预期，产生较大亏损；养殖行业低迷下牛只售价低，处 置损失较大；同时对生物资产计提减值。" 因业绩亏损，骑士乳业还陷入了信披风波。2025年1月25日，骑士乳业披露2024年度业绩预告，预计实 现归属于上市公司股东的净利润650万元至840万元，但在3月1日披露业绩预告修正公告，将净利润修正 为-870.16万元，这一巨大反差不仅导致盈亏性质发生变化，也使得公司因业绩预告信息披露不准确且 未及时修正，受到北交所的通报批评。 缘何业绩"变脸"？骑士乳业董事、董事会秘书陈勇在回答《证券日报》记者提问时做出了解释："由于 行业影响，奶价持续低迷，业绩预告中公司未充分考虑到奶价变化对生产性生物资产价值的影响，未及 时计提减值。业绩快报时，公司充分评估奶价、市场环境影响并结合公司情况对生产性生物资产计提了 减值准备。" 5月26日，内蒙古骑士乳业集团股份有限公司(以下简称"骑士乳业")召开202 ...