拆解看，报告期内，公司品牌羽绒服收入增长11%至216.68亿元；其中，波司登品牌收入提升10.1%至 184.81亿元。雪中飞品牌持续发力线上业务，实现经营业绩稳健增长。报告期内，雪中飞品牌实现收入 22.06亿元，同比增长9.2%。此外，贴牌加工管理业务保持健康良好发展，实现收入达33.73亿元，同比 上涨26.4%。 近年来，波司登持续打造线上线下（300959）结合的渠道建设战略。财报显示，2024/25财年，波司登 对线上内容平台的组织架构进行了优化，重点聚焦自营建设、内容升级、新品上新等。报告期内，波司 登品牌在天猫及京东平台，新增粉丝约700万，新增会员约300万；截至2025年3月31日，波司登品牌在 天猫及京东平台共计会员约2100万。同时，波司登品牌在抖音平台，新增粉丝超100万；截至2025年3月 31日，波司登品牌在抖音平台共计粉丝约1000万。 6月26日晚间，国内羽绒服龙头波司登(03998.HK)发布2024/25财年业绩，报告期内，波司登实现收入增 长11.6%至259.02亿元；净利润增长13.9%至35.53亿元，营收和净利润连续8年创同期历史新高。此外， 公司经营溢利率提 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,257 | 5,358 | 5,463 | 5,825 | 6,467 | | 同比（%） | 12.98 | 1.91 | 1.97 | 6.63 | 11.01 | | 归母净利润（百万元） | 665.94 | 787.10 | 880.40 | 996.63 | 1,175.65 | | 同比（%） | (5.89) | 18.19 | 11.85 | 13.20 | 17.96 | | EPS-最新摊薄（元/股） | 0.73 | 0.86 | 0.96 | 1.09 | 1.29 | | P/E（现价&最新摊薄） | 23.49 | 19.87 | 17.77 | 15.70 | 13.31 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·白酒Ⅱ 老白干酒（600559） 秉节持重，厚积薄发 2025 年 05 月 ...

证券研究报告·公司点评报告·白酒Ⅱ 老白干酒（600559） 秉节持重，厚积薄发 2025 年 05 月 25 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,257 | 5,358 | 5,463 | 5,825 | 6,467 | | 同比（%） | 12.98 | 1.91 | 1.97 | 6.63 | 11.01 | | 归母净利润（百万元） | 665.94 | 787.10 | 880.40 | 996.63 | 1,175.65 | | 同比（%） | (5.89) | 18.19 | 11.85 | 13.20 | 17.96 | | EPS-最新摊薄（元/股） | 0.73 | 0.86 | 0.96 | 1.09 | 1.29 | | P/E（现价&最新摊薄） | 23.49 | 19.87 | 17.77 | 15.70 | 13.31 | [Table_Tag] [Table_S ...

证券代码：002215 证券简称：诺普信 深圳诺普信作物科学股份有限公司投资者关系活动记录表 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | 投资者关系活 | ☐媒体采访 业绩说明会 | | 动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观✓其他（投资者交流会） 前海人寿、国泰海通、民生证券、东北证券、国盛证券、招商基金、 | | | 华西基金、长城基金、新华基金、华西证券、华泰证券、申万宏源、 | | | 天风证券、方正证券、中信证券、方正证券、兴业证券、华安证券、 | | 参与单位名称 | 蓝焱资本、鑫鼎基金、金信基金、万联证券、玄元私募、中国证券 | | 及人员姓名 | 报、证券时报、证券日报、上海证券报、汇智源林、上海银行、深 | | | 圳润远私募、凯丰投资、银河证券、华创农业、信见投资、国信证 | | | 券、博闻投资、郭超等70位投资者 | | 时间 | 2025年5月16日 16:00-17:00 | | 地点 | 公司8楼会议室 | | | 董事长 卢柏强先生 | | 上市公司接待 人员姓名 | 副董事长 王时豪先生 | | | 财务总监 袁庆鸿先生 ...

Group 1 - The core viewpoint of the news is that COFCO Joycome (1610.HK) has shown significant growth in its pig sales, with a 80% year-on-year increase in the first four months of 2025 compared to the same period in 2024 [1] - In April 2025, the company reported a pig shipment volume of 472,000 heads, bringing the total for the first four months to 1.934 million heads [1] - As of May 9, 2025, COFCO Joycome's stock price has seen a slight increase of 6.47% year-to-date [1] Group 2 - Guoyuan Securities International noted that COFCO Joycome has strengthened its brand communication and channel development, particularly with its newly developed flaxseed pork products, which have received antibiotic-free certification and achieved a doubling in sales year-on-year in Q1 2025 [3] - The flaxseed pork product aims to enhance the intake of alpha-linolenic acid among consumers and has recently won the ITI International Taste Award, marking a first for a Chinese fresh pork brand [3] Group 3 - The company is expanding its brand influence through various marketing strategies, including segmented, experiential, and online brand communication, while deepening partnerships with major retail channels such as Hema, Sam's Club, and major e-commerce platforms [5] - Guoyuan Securities International forecasts COFCO Joycome's EPS for 2025, 2026, and 2027 to be 0.09, 0.17, and 0.28 respectively, with a target price of HKD 1.65 per share, indicating over 10% upside potential from the current price [6]

编号：2025-010 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □业绩说明会 媒体采访 | | | □新闻发布会 路演活动 | | | □现场参观 | | | 其他-策略会 | | 参与单位名称及 | 1、浙商证券-詹陆雨、邹国强 | | 人员姓名 | 2、煜德投资-孙佳丽 | | | 3、星石投资-蒋京杰 | | | 4、平安理财-冯棣明 | | 时间 | 2025 年 5 月 9 日 | | 地点 | 北京-中国大饭店 | | 上市公司接待人 | 董事会秘书、副总经理：程琳娜 | | 员姓名 | | | | 公司接待人员就与会人员提出的以下问题进行了逐一解 | | | 答： | | | 1、今年公司会有哪些方面的变化吗？ | | | 第一，暇步士（Hush Puppies）成人鞋被授权商的授权将 | | | 于今年到期，公司拟采用合作的模式经营暇步士成人鞋品类。 | | | 通过与行业经验丰富的团队合资，并授予其品牌授权的模式开 | | | 展成人鞋业务。 | | | 第二，暇步士（Hush Puppies）男女装，设计方面从 2025 | ...

4月29日晚， 海澜之家 集团股份有限公司（以下简称"海澜之家集团"）发布2025年一季 报，实现了2025年开门红！报告期内，公司业绩稳健攀升，共实现营收61.87亿元，同比 增长0.16%；共实现归母净利润9.35亿元，同比增长5.46%，达近5年新高；经营活动产生 的现金流量净额为15.87亿元，同比增长14.91%。 面对复杂多变的国内外环境，海澜之家集团的业绩双增、表现出较强的韧性，再次彰显龙头 魅力。业绩双增背后，是海澜之家集团几十年如一日对产品创新、品牌力打造、渠道建设等 持续优化地坚持。除此之外，海澜之家集团也努力在存量市场中做多种尝试，培育新的增长 引擎，如以斯搏兹切入运动赛道，联手京东布局奥莱，加码品牌"出海"等。 业绩双增的底气： 提起国民服装品牌海澜之家，一部分人的印象还停留在那句经典的广告语"男人的衣柜"。 事实上，海澜之家集团早已突破了男装的品类桎梏，同时布局了女装、童装、生活家居及团 购定制等多领域。作为拥有多个品牌的生活零售集团，海澜之家集团旗下品牌除了包含主品 牌海澜之家（HLA）外，还包含OVV、黑鲸（HLA JEANS）、英氏（YeeHoO）、HEAD （海德）及海澜团购 ...

Core Viewpoint - HLA Group reported a strong performance in Q1 2025, achieving revenue of 6.187 billion yuan, a year-on-year increase of 0.16%, and a net profit of 935 million yuan, up 5.46%, marking a five-year high [1][2] Financial Performance - The company generated a net cash flow from operating activities of 1.587 billion yuan, reflecting a year-on-year growth of 14.91% [1] - HLA Group's revenue from its main brand reached 4.642 billion yuan, with a gross margin of 49.25%, an increase of 2.85 percentage points [9][10] - The group’s revenue from the group purchase series was 646 million yuan, up 17.58%, while other brands generated 743 million yuan, with a remarkable growth of 100.22% [9] Product and Brand Development - HLA Group has diversified its product offerings beyond menswear to include womenswear, childrenswear, home goods, and customized group purchases [2] - The company increased its R&D investment by 43.82% to 288 million yuan in 2024, with Q1 2025 R&D spending reaching 46.96 million yuan [3] - New product lines such as the "YunCai Natural" summer series and upgraded outdoor technology products have been launched, focusing on functionality and style [3] Brand Strategy - HLA Group emphasizes a brand philosophy of "creating vibrant clothing" and has been recognized as a leading brand in the national clothing industry [5] - The company has been actively involved in community events, such as sponsoring the Wuxi Marathon, promoting sustainability and brand visibility [5] Channel Optimization - Online sales in Q1 2025 reached 1.014 billion yuan, a year-on-year increase of 19.76%, while offline sales accounted for 83.18% of total revenue [11][12] - The company has been enhancing its direct store presence, with 2,025 direct stores by the end of Q1 2025, representing 28.22% of total stores [13] New Market Initiatives - HLA Group is expanding into the sports sector through its partnership with Spobz and Adidas, with 433 Adidas stores authorized by the end of 2024 [14] - The collaboration with JD.com aims to create a new "city outlet" model, enhancing the company's presence in the high-value consumer market [15] - The overseas revenue reached 355 million yuan in 2024, with a growth of 30.75%, and a total of 101 overseas stores [15]

Core Viewpoint - Geely Automobile has announced the acquisition of a 70% stake in six target companies for a cash consideration of RMB 29.2376 million, aiming to establish direct dealership channels for the Geely brand and reduce reliance on indirect subsidiaries [1][2] Group 1: Acquisition Details - The acquisition involves six target companies, including Lingji Maohua, Linyi Chunhua, Feixian Chunhua, Lingji Kaihua, Lingji Yuantong, and Lingji Jianhua [1] - The transaction is set to be completed by April 30, 2025, after trading hours [1] Group 2: Strategic Implications - The acquisition allows Geely to establish direct control over its dealership network, enhancing its ability to respond to market changes and consumer expectations [1][2] - By having its own dealership network, Geely can improve brand visibility and strengthen customer relationships in a competitive market [1] Group 3: Operational and Financial Benefits - The acquisition facilitates a comprehensive analysis of the entire operational chain of the Geely brand, covering R&D, production, marketing, and sales [2] - It is expected to enhance operational efficiency, stimulate innovation, and strengthen the group's competitive advantage [2] - The move will significantly reduce ongoing related party transactions with Geely Holding Group, simplifying financial interactions and improving transparency [2]

Group 1: Financial Performance - In Q1 2025, the company's revenue was 900 million yuan, a year-over-year decrease of 10.2% and a quarter-over-quarter decrease of 64.1% [1] - The net profit attributable to the parent company was 110 million yuan, down 25.95% year-over-year and 65.42% quarter-over-quarter [1] - The company's gross profit margin in Q1 was 40.45%, a decrease of 1.03 percentage points year-over-year, while the net profit margin was 12.95%, down 2.82 percentage points year-over-year [1] Group 2: Market Conditions - The market demand remains weak, with a reported 14.3% year-over-year decline in housing completion area according to the National Bureau of Statistics [1] - The company's terminal retail pipe sales continue to be under pressure due to the overall market conditions [1] Group 3: Strategic Focus and Brand Development - The company is focusing on its core pipeline business while expanding into waterproofing and water purification, gradually building a comprehensive water system product line [2] - The company aims to enhance its brand image by hiring Liu Shishi as the spokesperson for its water ecology brand and launching the "Elephant Weisen" visual identity [2] Group 4: Dividend Policy and Shareholder Returns - The company plans to distribute a cash dividend of 5 yuan per 10 shares in 2024, totaling 786 million yuan, along with an interim dividend of 1 yuan per 10 shares, totaling 157 million yuan [2] - Cumulatively, the company will distribute 943 million yuan in dividends in 2024, representing 99% of its net profit attributable to the parent company, with a current dividend yield of approximately 4.8% [2] Group 5: Investment Outlook - The company is expected to achieve net profits attributable to the parent company of 1.2 billion yuan, 1.43 billion yuan, and 1.55 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 16, 14, and 13 times [3] - The company maintains a strong operational foundation through continuous investment in brand and channel development, which is expected to help it accumulate strength in a challenging environment [3]