编号：2025-007 |  | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 高盛中国证券：王梦雯、叶枝函；广发证券：李天帅；建信 | | 人员姓名 | 养老金：王雁冰；浙江纳轩私募基金管理有限公司：张青云 | | 时 间 | 2025 年 6 月 30 日 | | 地 点 | 公司四楼会议室、线上会议 | | 上市公司接待人 | 董事会办公室主任兼证券事务代表 梁玉韬 | | 员姓名 | | | | 1、为什么公司增量业务和存量业务的毛利率差异这么明 | | | 显？ | | | 答：公司机械密封板块的增量业务是公司与主机厂签订 | | | 合同，存量业务是公司与终端客户签订合同，增、存量业务 | | | 是不同的购买主体。增量业务的定价基本取决于项目招投标 | | | 结果，与项目竞争激烈程度直接相关，存量业务的首次定价 | | | 一般是与终端用户谈判定价或框架合同价格，后续通常沿用 | | 投 ...

以下文章来源于中国企业家杂志 ，作者李艳艳 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 "真正的效率是投入产出比，而不是简单地挥起大刀来降本。" 来源：中国企业家杂志 记者： 李艳艳 编辑：张晓迪 2025年3月，被外界称为投资"教父"的卫哲出版了他的第二本书《效率为王》。 今年是卫哲发起成立嘉御资本的第15年，15年间，卫哲带领嘉御资本主导了多个成功投资案 例，尤其在新消费、跨境电商、科技和互联网服务等领域。 近期，《中国企业家》独家对话卫哲，他反复强调对效率的重视，即便是在当下的AI浪潮里， 卫哲仍直言，永远不会单纯被科学技术打动，他的投资主张仍然是效率第一，效率为王。 卫哲说， 太多企业不是倒在速度和规模上，而是倒在效率上，不是倒在没融到资的困境中，而 恰恰是融了太多钱，由于钱太多，忽略了效率，最后轰然倒地。 "如今效率变得更加重要"——时隔20年后，卫哲带着他的《效率为王》，希望给广大创业 者"当头一棒"：对于企业一把手而言，尤其要关注第一效率指标。他还劝诫所有人珍惜时间， 做好高效时间管理。 阿里巴巴前CEO、知名投资人、企业家、创业导师……相比这些标签，卫哲更喜欢别人喊 他"老师"。他说， ...

Core Viewpoint - The company's 1Q25 performance fell short of expectations, primarily due to higher-than-expected expense inputs, despite stable revenue growth driven by franchise shipments and retail recovery [1][2]. Revenue and Profitability - 1Q25 revenue was 3.079 billion yuan, a year-on-year decrease of 1.9% - Net profit attributable to shareholders was 214 million yuan, down 38.1% year-on-year - Non-recurring net profit was 194 million yuan, a decline of 42.7% year-on-year - The revenue performance was weaker than the overall terminal flow performance, partly due to the early timing of the 2025 Spring Festival, which led to some shipments being advanced to 4Q24 [1][2]. Cost Structure - Gross margin increased by 0.4 percentage points to 47.0%, attributed to a higher proportion of direct sales channels - Selling expense ratio rose by 4.1 percentage points to 28.6%, mainly due to increased advertising and marketing expenses, as well as higher depreciation and amortization costs from an increased number of stores - Management expense ratio increased by 0.7 percentage points to 5.1%, while financial expense ratio rose by 1.2 percentage points to -0.8%, mainly due to reduced interest income - Overall, net profit margin decreased by 4.1 percentage points to 7.0% [2]. Inventory and Cash Flow - As of the end of 1Q25, inventory increased by 29.4% to 3.347 billion yuan, with the proportion of goods within one year rising from 55% to 72% - Inventory turnover days increased by 45.1 days to 188.3 days - Accounts receivable rose by 19.2% to 1.217 billion yuan, with turnover days increasing by 7.3 days to 41.1 days - Operating cash flow net amount decreased by 81.7% year-on-year to 153 million yuan, primarily due to increased payments for goods [2]. Development Trends - The company is expected to maintain its aggressive store expansion strategy initiated in 2024, while dynamically adjusting based on the macroeconomic environment - The company will further evaluate the cost-to-benefit ratio of its expenditures, aiming to align expense growth more closely with revenue growth while controlling total annual expense inputs [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at 1.197 billion yuan and 1.297 billion yuan, respectively - The current stock price corresponds to a P/E ratio of 14.3x for 2025 and 13.2x for 2026 - The rating of outperforming the industry and the target price of 7.13 yuan remain unchanged, with the target price corresponding to a P/E of 16.1x and 14.8x for 2025 and 2026, indicating a potential upside of 12.3% from the current price [4].

星舰第四次发射成功返回，我们重发这篇文章。 文丨 贺乾明 李梓楠 编辑丨黄俊杰 美国东部时间 6 月 6 日，SpaceX 第四次发射星舰（Starship）太空船。飞船进入轨道，并重返大 气层，按计划落入印度洋海域。 商业公司以相对低成本提供媲美登月火箭的运载能力，是商业太空探索的一次大跨越。SpaceX 计划 在后续的测试飞行中尝试平稳回收利用发射火箭，进一步降低成本。装载新发动机的第二代星舰也 在准备中。 今年 3 月，星舰首次成功进入近地轨道后坠毁， 我们发文 介绍了 SpaceX 如何建立新的研发、生产 体系，支持星舰的诞生。现在我们根据最新进展调整部分内容，重发这篇文章。 2011 年夏天，美国国会和美国宇航局（NASA）共同宣布了一个宏伟的计划：投入 180 亿美元，开 发前所未有的巨型火箭和新飞船，重整载人航天，也为之后登陆火星做准备。 这是一个理所当然的 "举国体制" 项目。国会拨巨资、政府机构（NASA）设目标，让合作几十年的 军工巨头们推进。 几个月后，NASA 从庞大的预算里拨了个零头（不到 3 亿美元）给 SpaceX、蓝色起源等四家商业公 司，让他们尝试做出能自负盈亏的载人飞船。分 ...