作为电商代运营企业，近些年，宝尊电商在持续推进转型，不断买入国际鞋服品牌在中国区的运营权，意图通过品牌运营业务突破业绩增长困境，不过，截 至今年一季度，宝尊电商仍未扭亏。 宝尊电商作为双市场上市企业，同时拥有港股和美股上市地位。其在两个市场的股价高峰期均出现在2021年，此后便一路走低。其中，港股宝尊电商股价从 148港元/股一路跌至7港元/股附近，市值蒸发超九成。7月7日，宝尊电商港股报收7.49港元/股，总市值为13亿港元。 品牌管理业务加码 近期，有消息显示，宝尊电商收购了英国高端瑜伽服品牌Sweaty Betty的中国区业务。目前，在招聘网站上，Sweaty Betty品牌正在对社群运营、商品计划员 等岗位进行招聘，招聘方是GAP——宝尊电商此前收购了该品牌在中国区的业务。 宝尊电商2022年收购美国快时尚品牌GAP的中国区业务，由此开启"代运营+品牌管理"的双路径转型。这笔收购也在一定程度上导致宝尊电商在2022年出现 高达6.53亿元的巨额亏损，此后宝尊电商又在2023年收购了英国雨靴Hunter的中国区业务，在品牌管理的道路上收入了更多标的，不过转型两到三年的时 间，宝尊电商依然没能拯救持续亏损 ...

Core Viewpoint - Shanghai Kaijie E-commerce Co., Ltd. is transitioning to the Hong Kong Stock Exchange for its IPO after facing challenges in the A-share market, with a history of declining performance and a need to regain market confidence [2][3][12]. Company Overview - Founded in 2010 by former Procter & Gamble executive Xu Hao, Shanghai Kaijie provides comprehensive e-commerce services to major brands like Mondelez, KFC, and Pepsi [3][5]. - The company has attracted investments from 18 notable investors, including major securities firms [5][7]. Financial Performance - The company has experienced a "three consecutive declines" in performance, with revenues of RMB 18.29 billion, RMB 17.23 billion, and RMB 16.99 billion from 2022 to 2024, respectively [18]. - Net profits have also decreased from RMB 86.47 million in 2022 to RMB 60.43 million in 2024 [18]. - The gross profit margin has declined from 24.0% in 2022 to 21.8% in 2024, indicating pressure on profitability [20]. Client and Revenue Dynamics - The number of brand partners has increased from 80 in 2022 to 113 in 2024, but revenue from the largest client has grown, indicating increased dependency on major clients [16][17]. - The company has faced challenges with client renewals, leading to significant revenue losses from key partnerships in the pet and beauty sectors [21]. Market Environment - The e-commerce market is becoming increasingly competitive, with many companies struggling to maintain profitability. For instance, competitors like Baozun and Liren Lizhuang have reported mixed financial results [24][25]. - The industry is witnessing a shift where companies are transitioning from being service providers to building their own brands, which Shanghai Kaijie has yet to adopt [25]. Future Outlook - The company is now seeking to establish itself in the Hong Kong market after unsuccessful attempts to list on the New Third Board and the Shenzhen Stock Exchange [12][13]. - The ongoing challenges in the e-commerce sector, including rising operational costs and pressure from brand partners, may hinder Shanghai Kaijie's growth unless it diversifies its business model [21][24].

昨天，我本来只是想陪孩子吃顿火锅，没打算钱包瘦身。 但人在江湖，身不由己…… 吃完饭，5岁女儿刚放下筷子，眼睛就亮了，她死死盯上了商场中庭那辆五颜六色、绕圈圈的小火车，用一种"错过就失恋"的眼神看着我： "妈妈我能坐吗？" 我低头看了一眼牌子，50元两圈，办年卡大几百。有这费用还不如打滴滴绕四环带你看北京立交桥堵车！ 但主要她是我亲生的，她想坐，我没法说不。结果两圈还没坐完，她扭头跟我说："妈妈，我还想再来两圈。" 我一边温柔地点头，一边默默打开支付宝，心在滴血。 刚想走，前面又看见一个什么"儿童成长主题乐园"，蹦床、木马、飞椅，一看票价——通票128元。 我当时就特想问： 这通票能通向迪士尼吗？不能。 能通向欢乐谷吗？不能。 能通向让我的孩子快乐一整天吗？也不能。 所以，说是通票，其实就是通向我钱包的票。 果然，她玩了20分钟就说无聊了，但我可没无聊，清醒得像刚被打劫。 那天的"母女温情陪伴之旅"最终以小火车100元+通票128元收场…… 你以为这就完了？天真。 一 北京某商场小火车/旅界实拍 商场的每一层都是收割层。 每个拐角都藏着一个"吵着要"的理由，每个灯光下都埋着一张扫码付款的二维码陷阱，每个"只玩 ...

Financial Data and Key Metrics Changes - Net sales for the quarter were $166 million, a decrease of $104 million or 39% compared to the prior year period, driven by a deliberate reduction of inventory and lower store count [17][18] - Gross profit for the quarter was $44 million, an increase of $6 million compared to the prior year period [18] - SG&A expenses improved to $39 million for the quarter compared to $49 million in the prior year period, primarily due to reduced overhead personnel and marketing expenses [18][19] - The company achieved a gross margin of 24% excluding LIFO adjustments, representing a 10% increase compared to the prior year [18] - Adjusted EBITDA loss was $4 million, an improvement compared to the loss of $18 million in the prior year period [19] Business Line Data and Key Metrics Changes - New unit sales were down 36% or 912 units in the quarter, while average selling price for new units was 15% better for the quarter [16] - Pre-owned retail unit sales were down 48% or 655 units during the quarter, reflective of divestitures [16] - Gross margins for new vehicles were 11% for the quarter, a 7% increase compared to the prior year period, while used vehicle gross margins were 21%, a 10% increase [17] Market Data and Key Metrics Changes - New inventory comprised of 82% model year 2025 and 2026 units, up significantly from last quarter [13] - The company noted a shift towards single axle towables and first-time buyers, with motorized inventory sales improving 11% in the first quarter versus the fourth quarter [13] Company Strategy and Development Direction - The company outlined a two-part strategy focused on optimizing dealership footprint and maximizing operational performance [5] - The sale of five dealerships to Camping World allowed the company to significantly deleverage its balance sheet by repaying approximately $145 million in debt [6] - The company entered into a letter of intent to divest three additional stores, aiming to refine its footprint and reinforce its financial position [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the RV lifestyle's affordability and consumer attraction despite potential tariff impacts [9] - The company is closely monitoring customer demand and macroeconomic trends, including tariffs and supply chain shortages [13] - Management remains committed to strengthening the balance sheet to support long-term growth and stability [20] Other Important Information - The company reported a loss from operations of $2.3 million for the quarter, which included non-cash impairment charges of $2.9 million [19] - The company reduced debt by $145 million during the quarter, contributing to meaningful deleveraging [19] Q&A Session Summary - No questions were fielded following the conclusion of prepared remarks, and the call concluded without a Q&A session [4]

Core Insights - The report emphasizes the urgent need for communications service providers (CSPs) to transition from network-centric to service-centric operations to enhance customer experience and operational efficiency [1][17][29] - Autonomous operations (AO) and autonomous networks (AN) are identified as foundational elements for this transformation, enabling CSPs to automate processes and improve service delivery [18][37] - The integration of new technologies such as AI, digital twins, and generative AI (GenAI) is crucial for driving this transformation and measuring service value [2][25][60] Industry Landscape - CSPs are facing increased complexity in network and service operations, necessitating a shift in business models to meet evolving customer expectations [17][50] - The report outlines a six-step maturity model for assessing the progress of CSPs in adopting autonomous networks, which is essential for achieving service-centric operations [38][42] - Market challenges include rising operational costs, regulatory pressures, and the need for cultural shifts within organizations to embrace digital transformation [46][50] Defining New Values and Metrics - The report proposes a framework for establishing new value metrics that focus on customer experience and operational efficiency, moving beyond traditional network performance indicators [24][94] - The Evaluate, Operate, and Transfer (E.O.T.) model is introduced as a roadmap for CSPs to align their transformation efforts with business objectives and measure outcomes effectively [109][110] - New value metrics are categorized into service availability, SLA compliance, and customer satisfaction, providing a comprehensive approach to measuring service performance [2][24][94] Transformation Approaches - A suggested transformation framework emphasizes the need for CSPs to adopt a holistic approach that integrates technology, processes, and organizational culture [3][14] - The report highlights successful case studies from CSPs like Orange and China Mobile, showcasing how they have leveraged new technologies to enhance service delivery and operational efficiency [2][15][31] - The importance of collaboration between network operations centers (NOCs) and service operations centers (SOCs) is stressed to improve customer experience and operational outcomes [20][21][35] Technology Evolution - The report identifies six dimensions of technology evolution necessary for supporting service-centric operations, including AI-driven automation and intent-based management [54][60] - Digital twins are highlighted as a powerful tool for real-time monitoring and predictive analysis, enabling CSPs to enhance service quality and operational resilience [83][85] - The integration of AI and GenAI is positioned as a key driver for operational efficiency, allowing CSPs to proactively address service issues and optimize resource allocation [62][66][74]

机械设备/专用设备 大丰实业（603081.SH） 文体旅运营迈过爬坡期，在手订单有望支撑重回增长 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 11.28 | | 一年最高最低(元) | 16.54/8.72 | | 总市值(亿元) | 49.24 | | 流通市值(亿元) | 48.89 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 4.33 | | 近 3 个月换手率(%) | 239.61 | 息 更 新 报 告 股价走势图 -50% 0% 50% 100% 2024-05 2024-09 2025-01 大丰实业 沪深300 数据来源：聚源 相关研究报告 《收入端逐季边际改善，实控人增持 彰 显 信 心 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《2024H1 传统主业承压，文旅运营转 型显效 — 公 司 信 息 更 新 报 告 》 -2024.9.3 初敏（分析师） 叶彬慧（联系人） chumin@kysec.cn 证书编号：S0790522080008 ...

机械设备/专用设备 大丰实业（603081.SH） 文体旅运营迈过爬坡期，在手订单有望支撑重回增长 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 11.28 | | 一年最高最低(元) | 16.54/8.72 | | 总市值(亿元) | 49.24 | | 流通市值(亿元) | 48.89 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 4.33 | | 近 3 个月换手率(%) | 239.61 | 息 更 新 报 告 股价走势图 分业务看，2024 年文体装备/数艺科技/轨道交通/文旅运营业务分别实现收入 10.72/ 2.72/2.12/2.62 亿元，yoy-22.72%/+18.14%/+99.95%/+44.26%，公司持续推 进"创新科技+运营赋能"全产业链经营模式，文体旅运营转型硕果累累，截至 2024 年底累计文体旅综合体运营项目达 20 余个，其中宋韵文化演艺 IP《今夕》 系列已在湖州、天津实现异地复制。2024 年公司各业务毛利率分别为 32.3%/40.8%/1 ...

Core Insights - The company reported a revenue of 68.8 billion for 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion, down 3.54%, slightly below expectations [1] - The company focuses on high-quality development and digital transformation, reducing emphasis on scale growth due to the long-term slowdown in the traditional infrastructure industry [4] Financial Performance - In Q4, the company achieved a revenue of 25.9 billion, a decline of 5.06%, with a net profit of 1.342 billion, down 7.54% [1] - The core construction business generated a revenue of 57.2 billion in 2024, accounting for 83% of total revenue, with a gross margin of 6.96%, an increase of 0.03 percentage points [2] - The overall expense ratio for 2024 increased by 0.06 percentage points to 8.94%, with specific rates for sales, management, R&D, and financial expenses showing varied changes [3] Business Segmentation - Revenue from digital information services grew significantly, with a year-on-year increase of 27% to 4.0 billion, and a gross margin of 17%, up 1.7 percentage points [2] - The company signed new orders with an 8% year-on-year increase, indicating a focus on quality regions, with 65% of revenue coming from Shanghai and 90% from the Yangtze River Delta, Guangdong, Hong Kong, Macau, and Singapore [1] Future Outlook - The company aims for a revenue and profit growth of 5-10% in 2025, supported by favorable cash flow and a high dividend payout ratio, with a projected dividend yield of 5.25% based on the closing price of 6.09 yuan on April 25 [1] - Profit forecasts for 2025-2027 are adjusted to 2.98 billion, 3.12 billion, and 3.26 billion, reflecting a downward revision due to the anticipated slowdown in revenue growth [4] - The target price is set at 9.24 yuan, based on a segmented valuation approach, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The company achieved a revenue of 68.8 billion RMB in 2024, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 2.84 billion RMB, down 3.54% year-on-year, slightly below expectations due to a slowdown in traditional infrastructure investment [1] - The company focuses on high-quality development and digital transformation, with a target revenue and profit growth of 5-10% in 2025, supported by strong cash flow and a high dividend payout ratio [1][4] - The digital information business showed significant growth, with an overall gross margin increase to 12.2% year-on-year [2] Summary by Sections Financial Performance - In 2024, the core construction business generated revenue of 57.2 billion RMB, accounting for 83% of total revenue, with a gross margin of 6.96%, up 0.03 percentage points year-on-year [2] - The company reported a net cash inflow from operating activities of 4.59 billion RMB, an increase of 1.41 billion RMB year-on-year, with a cash collection and payment ratio of 97.4% and 88.0% respectively [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.98 billion RMB, 3.12 billion RMB, and 3.26 billion RMB respectively, reflecting a downward adjustment in revenue growth expectations [4] - The target price is set at 9.24 RMB, based on a valuation method that considers comparable averages, with a price-to-earnings ratio of 7.0x for construction and 27x for information operations [4][8]