炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《贵圈》栏目 闫妍 从蕾哈娜在Met Gala上的"黄袍加身"引爆全球热议，到连续多年操刀央视《春节联欢晚会》重要主持人 与主要演员礼服的设计，郭培作为中国高定领域的标杆人物，用近30年的坚守诠释着品牌与高定的本 质。 当代表作"大金"被客户出价到1000万时，很多人好奇她为何不卖？郭培向《贵圈》栏目直言，"大金"不 能卖。"因为它是独一无二的，我无法复制，这件衣服花了5万个小时制作，凝聚了100多位工人的心血 和情感，远不止金钱能衡量。" 作为亚洲首位且中国唯一一位法国巴黎高级时装公会受邀会员，郭培拒绝浮躁资本扩张，执着于文化沉 淀与作品内核。"我不拒绝资本，但现在也不是时机。中国人讲水到渠成，品牌和人一样，年轻的时候 拿到太多财富，往往不会珍惜，反而会消耗掉，我自己目前还没有驾驭巨额资本的需求和能力，也不想 被资本绑架，失去创作的自由。" 在本次专访中，郭培向《贵圈》栏目独家表达了自己放弃在法国继续办秀的原因和背后思考，并透露明 年将和中国丝绸博物馆联合推出特展，展览面积将近3000平方米，预计持续8个月。"我希望通过这个展 览 ...

Group 1 - The article discusses the differences between Xiaomi's high-end customization and true high-end customization [1] - Xiaomi's automotive customization allows for a maximum of 40 units per month [1]

Core Viewpoint - The article emphasizes the evolution of televisions from mere decorative items to essential components of modern living, highlighting the launch of Hisense's U8Q high-end television as a response to contemporary demands for quality and personalized experiences in home entertainment [1][8]. Group 1: Product Features - Hisense U8Q features the world's first H7 AI picture quality chip, which adjusts light and color in real-time based on different scenes, enhancing viewing experiences for various types of content [2]. - The television utilizes 6144 partition U+Mini LED technology for precise light control and 15680-point high-precision color control, ensuring vivid and detailed picture quality even in challenging lighting conditions [2]. - The collaboration with high-end audio brand Devialet provides a 4.2.2 multi-channel sound system with 18 sound units, creating an immersive audio experience that enhances the overall viewing experience [3]. Group 2: User Interaction - The U8Q features an AI pointing remote control that simplifies user interaction, allowing for easy navigation and control similar to using a smartphone [5]. - The remote supports air touch control, enabling users to switch content effortlessly, draw on the screen, and annotate documents during meetings, transforming the living room into a multifunctional space [6]. Group 3: Design and Aesthetics - The design of the U8Q incorporates elements from Dunhuang murals, featuring a 40mm ultra-thin body and seamless wall-mounting, allowing it to blend seamlessly with modern home decor [6]. - The dual-string side sound design ensures that audio quality is maintained even with embedded installations, addressing common concerns about speaker placement during home renovations [6]. Group 4: Overall Philosophy - The concept of high-end televisions is framed not as luxury items but as essential products that enhance the quality of life, focusing on how technology can serve daily living rather than merely showcasing specifications [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.82 CNY and an expected relative return of 10%-20% over the next six months [5][16]. Core Views - The company reported a revenue of 1.3 billion CNY in Q1 2025, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 170 million CNY, down 32% year-on-year [1]. - The increase in management expenses by 26% is attributed to the acquisition of the Woolrich brand, brand consulting services, and rising labor costs, along with depreciation from new industrial parks [1]. - Financial expenses surged by 82.24% due to reduced bank deposits and lower interest income [1]. - The report adjusts profit forecasts for 2025-2027, expecting net profits of 460.57 million CNY, 543.46 million CNY, and 629.44 million CNY respectively, with corresponding EPS of 0.32 CNY, 0.37 CNY, and 0.43 CNY [4][9]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.3 billion CNY, a 4% decrease year-on-year, with a net profit of 170 million CNY, down 32% [1]. - Management expenses increased by 26% due to various factors including brand acquisition and rising costs [1]. - Financial expenses rose by 82.24% due to decreased interest income [1]. Profit Forecasts - The report revises profit forecasts, projecting net profits of 460.57 million CNY for 2025, 543.46 million CNY for 2026, and 629.44 million CNY for 2027 [4][9]. - EPS is expected to be 0.32 CNY in 2025, 0.37 CNY in 2026, and 0.43 CNY in 2027 [4][9]. Market Positioning - The company focuses on maintaining its brand strength and market position through systematic improvements and targeted strategies across its various brands [2][3].