证券代码：300592 证券简称：华凯易佰 华凯易佰科技股份有限公司 投资者关系活动记录表 编号：2025-002 尊敬的投资者，您好！2025 年上半年，通拓科技实现营业收入约 8.64 亿元，实现归属于母公司所有者的净利润 282.22 万元，实现扭亏 为盈。自 2024 年 7 月完成对通拓科技的收购以来，公司持续推进业务 协同与管理优化，其经营状况已逐季改善，盈利能力逐步提升。2025 年上半年，亿迈跨境电商综合服务业务实现营业收入约 3.50 亿元，未 来将持续专注服务中小跨境电商卖家与产业带供应商，助力产业链上 下游实现价值共创与高效协同，实现全球化商业布局。 5、公司可转债取消是什么原因？ 尊敬的投资者您好，自本次向不特定对象发行可转换公司债券预 案披露以来， 公司董事会、 管理层与中介机构一直积极有序推进各 项相关工作。 在此过程中， 公司经营性活动产生的现金流量净额稳 步提升， 现金流状况显著优化， 且具备通过自有资金或多元化融资 渠道推进项目建设和业务发展的能力， 能够有效覆盖现有项目的投入 需求。在此背景下， 公司综合考虑战略发展需要、自有资金规模和市 场环境变化等因素，经审慎分析并与中 ...

市公司 纺织服饰 2025 年 08 月 31 日 库存清理导致利润率短期承压，账上资金储备充足 投资要点: 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3.011 | 1.091 | 2,612 | 2.822 | 3.018 | | 同比增长率(%) | -0.6 | -16.6 | -13.3 | 8.0 | 6.9 | | 归母净利润（百万元） | 542 | 106 | 382 | 456 | 508 | | 同比增长率(%) | -5.2 | -51.3 | -29.0 | 18.4 | 11.4 | | 每股收益(元/股) | 0.65 | 0.13 | 0.46 | 0.54 | 0.61 | | 毛利率(%) | 56.1 | 53.6 | 55.6 | 56.0 | 56.4 | | ROE (%) | 13.9 | 3.0 | 10.3 | 11.9 | 13.1 | | 市零率 | 11 | | 16 | 13 | 1 ...

Market Overview - A-shares market has reached a new peak with transaction amounts exceeding 3 trillion yuan, indicating a bull market [1][3] - White liquor stocks have shown significant gains, with all 20 listed white liquor companies rising, including Shede Liquor hitting the daily limit [3] Company Performance - Huazhi Liquor reported a 33.55% decline in revenue to 3.949 billion yuan for the first half of 2025, with net profit dropping 63.75% to 56.21 million yuan [5] - The company attributed its poor performance to economic conditions, industry adjustments, and declining market demand [5] - Huazhi Liquor's inventory impairment provisions reached 55.77 million yuan, consuming 78.35% of its profit, indicating severe financial strain [5] Industry Developments - Guangdong Blue Ribbon's wine factory has declared bankruptcy, marking a significant failure in its attempt to diversify into wine production [8] - The European Union's tariffs on wine and spirits are expected to impact prices, with potential increases for consumers in the U.S. [11] - Treasury Wine Estates announced a leadership change, with Sam Fischer set to take over as CEO, bringing extensive management experience [13] Sales and Distribution - Moutai has partnered with Taobao Flash Sale to enhance its distribution, offering rapid delivery services for its products [19] - The collaboration aims to connect Moutai's extensive network of experience centers and retail outlets, potentially boosting market activity [19] Safety Incidents - Heineken's largest brewery in France experienced an ammonia leak, leading to the evacuation of over 300 employees [20] - The incident highlights the importance of safety management within the industry to prevent future occurrences [20]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - For FY2025, Nike achieved revenue of $46.31 billion, slightly above expectations (Bloomberg consensus expected $45.91 billion), with a year-over-year decline of 9% at constant exchange rates. The gross margin decreased by 1.9 percentage points to 42.7%. In FY2025Q4, revenue was $11.10 billion, down 11% year-over-year at constant exchange rates, with a gross margin decline of 4.4 percentage points to 40.3%, primarily impacted by high discounts in wholesale and factory stores, increased supply chain costs, and significant declines in direct sales channels [2][4][9]. Summary by Sections Revenue Breakdown - For FY2025, Nike's revenue by region showed declines: North America -8%, EMEA -10%, APLA -3%, and Greater China -12%, with respective revenues of $19.57 billion, $12.26 billion, $6.25 billion, and $6.59 billion. North America and EMEA showed improved sales confidence, while Greater China faced significant inventory clearance challenges [9]. Channel Performance - Direct-to-Consumer (DTC) and wholesale revenues were down 12% and 6%, respectively, totaling $18.78 billion and $25.88 billion. The DTC decline was mainly due to significant drops in e-commerce sales [9]. Product Performance - Revenue from footwear, apparel, and equipment declined by 11%, 5%, and increased by 6%, totaling $29.51 billion, $12.97 billion, and $2.19 billion, respectively. The footwear segment faced pressure primarily due to inventory clearance of classic products, which is expected to continue into FY2026H1 [9]. Inventory Situation - As of FY2025Q4, Nike's inventory stood at $7.49 billion, remaining stable year-over-year but down 1% quarter-over-quarter. The company plans to continue inventory clearance over the next two quarters to restore healthy inventory levels by FY2026H1 [9]. Tariff Impact - The average tariff rate on Nike's imported footwear to the U.S. is approximately 15%, with new tariff rates expected to add about $1 billion in costs. The company plans to mitigate these costs through supply chain reallocation and selective price increases starting in Fall 2025 [9]. Performance Guidance - Following a challenging FY2025Q4, Nike anticipates that revenue and gross margin pressures will begin to ease, with expectations of a single-digit revenue decline and a gross margin decrease of 0.35 to 0.425 percentage points in FY2026Q1 [9].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a total revenue of 27.01 billion, a year-on-year decrease of 6.6%, with a gross margin of 38.4%, down 3.4 percentage points due to inventory clearance and increased promotional efforts [1] - The company achieved a cash dividend ratio of 135%, significantly exceeding expectations, benefiting from proactive inventory management [2] - The company maintains strong partnerships with major brands like Nike and Adidas, with expectations for improvements in the new fiscal year following management changes at Nike [3][4] Financial Summary - For FY2025, the company expects revenue to decline by 6.64% to 27.01 billion, with a projected recovery starting in FY2026 with a revenue increase of 3.82% [5] - The forecasted net profit for FY2026 is expected to rise by 36.03% to 1.75 billion, with further growth projected in subsequent years [5] - The company’s cash flow from operations increased by 20% year-on-year to 3.76 billion, indicating healthy cash flow management [2]

Core Viewpoint - Nike plans to increase prices on certain footwear, apparel, and sports equipment in the U.S. due to profit pressures from new tariffs affecting the retail industry [1][2] Group 1: Price Adjustments - Nike's adult apparel and accessories will see price increases ranging from $2 to $10, with footwear priced between $100 and $150 increasing by $5, and shoes over $150 increasing by $10 [1] - Classic Air Force 1 shoes will maintain their price at $115, while Jordan brand apparel and accessories will not see price hikes, although Jordan sneakers will [1][2] - The price adjustments will apply to Nike's official website and branded retail stores, with notifications sent to wholesale partners [2] Group 2: Tariff Impact - Approximately half of Nike's footwear products are manufactured in China and Vietnam, both of which are affected by new U.S. tariffs [2] - Chinese exports to the U.S. are subject to a 30% tariff, while Vietnamese goods face a 10% import tax [2] - The implementation of these tariffs is expected to erode Nike's profit margins, prompting the company to pass on costs through price increases [2]