出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 7月11日，天润乳业发布业绩预告，预计2025年半年度归母净利润为-2600万元到-1800万元，继上年归 母净利润大幅下滑之后，终于陷入亏损。 目前原奶供过于求，市场竞争加剧，减值折旧成为拉低天润乳业净利润的重要因素。前几年天润乳业一 直在逆势扩张，造成负债率攀升，产能利用率下滑，在收入下滑的情况下，如何消化新增产能及高额负 债？ 天润乳业陷入亏损 逆势扩张拉低利润 从2021年10月起，原奶价格已经连续下滑了三年，累计跌幅近30%。原奶价格下行主要原因一是国内乳 制品市场增长停滞，消费不景气；二是前几年乳企扩张奶源，导致产量不断增长，出现供过于求。 在行业下行周期，天润乳业选择了逆势扩张。2024年10月，天润乳业发行可转债募资9.9亿元，主要投 向"年产20万吨乳制品加工项目"，剩余2.78亿元用于补充流动资金。该项目建成后将增加20万吨产能， 而2023年天润乳业总产能为35.12万吨，新增产能相当于现有产能的57%。 除此之外，天润乳业还在通过并购及对外投资的方式对外扩张。2023 年 5 月，天润乳业以现金收购的 方式从新农开发手中取得新农乳业 ...

Summary of Aofei Data Conference Call Company Overview - Aofei Data is a private enterprise headquartered in Guangzhou, initially starting with broadband business and gradually entering the IDC sector through cooperation with telecom operators [3][4] Industry Context - The IDC industry is experiencing a downturn from 2021 to 2024, during which Aofei Data has adopted a counter-cyclical expansion strategy through horizontal mergers and acquisitions to increase its data center resource reserves [2][3] Key Developments - Aofei Data currently has a total capacity of approximately 650 to 700 megawatts (MW), with an expected delivery of about 190 MW by the end of 2024 and an anticipated delivery of 150 MW in 2025 [2][3] - In Q1 2025, Aofei Data has already solidified a 50 MW project, with an expected delivery of 110 to 120 MW in the first half of 2025, indicating a strong completion rate [4] - In April 2025, the company raised 1.75 billion yuan (approximately 0.25 billion USD) through a private placement to invest in five buildings in Gu'an, showcasing better-than-expected delivery progress [2][4] Strategic Projects - Aofei Data is developing a 150 MW park project in Zhangjiakou Huailai, which is expected to expand its supply chain for major internet companies [2][4] Market Valuation - The current market values Aofei Data at an EV/EBITDA ratio of approximately 25 times, which is higher than other leading IDC companies, reflecting market recognition of its aggressive expansion strategy [5] - Even during the industry's downturn from 2021 to 2024, Aofei Data's minimum EV/EBITDA valuation reached 15 times, which is higher than competitors such as Data Harbor and Guanghuan Technology [6]

Core Viewpoint - The collaboration between luxury brand Loewe and bike-sharing company Hello has created a unique marketing strategy that merges high-end luxury with everyday accessibility, generating significant public interest and engagement [5][12][13]. Group 1: Collaboration and Marketing Strategy - Loewe and Hello launched a customized gold shared bike in Shanghai, initiating a "Golden Riding Challenge" that encourages participants to ride and collect rewards, effectively blending luxury with daily commuting [5][10]. - The partnership has resulted in increased visibility for both brands, with Loewe enhancing its brand exposure and Hello elevating its market perception through association with a luxury brand [13][28]. - The event has sparked discussions among consumers, highlighting the contrast between luxury and everyday products, and creating a buzz on social media platforms [12][28]. Group 2: Brand Positioning and Market Impact - Loewe, a high-end luxury brand under LVMH, has been expanding its influence through collaborations, positioning itself above brands like Coach and MK, while remaining below Gucci and Hermes [8][20]. - The brand's revenue reached €810 million in 2023, marking a 30% increase, while its operating profit grew by 77%, showcasing its strong market performance compared to LVMH's more modest growth [20]. - The collaboration with Hello represents a strategic move for Loewe to reach a broader audience without diluting its luxury image, emphasizing the concept of "breaking the circle without sinking" [25][24]. Group 3: Industry Trends and Future Outlook - The high-end bicycle market is projected to grow from ¥55.35 billion in 2023 to ¥84.75 billion by 2029, indicating a rising interest in premium cycling products [30]. - The collaboration reflects a trend where luxury brands engage with everyday products, enhancing their appeal and creating new consumer experiences [30]. - Hello's establishment of the Hello100 cycling brand indicates its commitment to deepening its presence in the cycling sector, aiming to attract a more diverse consumer base [31].