Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 1.1 billion in Q1 2025, a year-on-year increase of 1%, and a net profit attributable to shareholders of 110 million, up 26% year-on-year [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares (including tax) and aims for a dividend payout ratio of 115% for 2024 [1] - The revenue for 2024 was 4.6 billion, a decrease of 14% year-on-year, primarily due to weak terminal consumption and a decline in U.S. furniture sales [1] Financial Performance Summary - Q1 2025 gross margin was 46%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 10%, up 2.1 percentage points year-on-year [2] - In 2024, the gross margin was 48%, with a net profit margin of 9%, down 1.3 percentage points year-on-year [2] - The company experienced a decrease in revenue across various markets, with East China revenue at 1.9 billion, down 12% year-on-year, and U.S. revenue at 800 million, down 22% year-on-year [2] Channel Performance - Offline sales were 3.2 billion, down 14% year-on-year, while direct sales were 400 million, down 1% year-on-year [3] - The company opened 76 new direct stores, bringing the total to 411, with a store efficiency of 980,000, down 20% year-on-year [3] - Online sales were 1.4 billion, down 14% year-on-year, with a significant decline in Tmall transactions, which totaled 690 million, down 33% year-on-year [3] Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 530 million, 610 million, and 690 million respectively [4] - The earnings per share (EPS) is projected to be 0.6, 0.7, and 0.8 yuan for 2025-2027 [4] - The price-to-earnings (PE) ratio is expected to be 14x, 12x, and 11x for the respective years [4]

【环球网财经综合报道】4月27日晚，上市公公司梦洁股份（002397.SZ）发布了2024年年报，数据显示公司2024年实现营业 收入17.15亿元、同比下降20.48%，同时实现归母净利润2488万元、同比增长10.99%。 此外，陈洁指出，2021年大方睡眠曾通过往来款向法定代表人叶艺峰提供资金6602.73万元，且未履行审议程序及信息披露义 务，导致梦洁股份及多名高管于2022年被深交所通报批评；截至目前，该笔款项仍未收回并被计提坏账，但叶艺峰仍担任大 方睡眠法定代表人。 与此同时，梦洁股份发布的公司董事会决议公告则显示，董事陈洁对包括《2024年年度报告》在内的多项议案投了反对票。 陈洁在反对意见中直指公司控股子公司福建大方睡眠科技股份有限公司（以下简称"大方睡眠"）的巨额担保风险、财务信息 披露不完整、内部控制制度失效及董事薪酬合理性等问题。 据不完全统计，截至本次投出反对票，董事陈洁针对梦洁股份董事会提出的各类议案，已累计投出了超10次反对票。 梦洁股份在《关于董事对定期报告有异议的说明公告》中披露，针对董事陈洁提出的2024年度的销售费用-终端建设费支出合 理性的质疑。公司认为，中审众环会计师事 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3295 | -0.0 | -2.2 | 0.56 | | 深证综指 | 1916 | 7 0.31 | 2 -6.0 | 1.84 | | | | | 1 | | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表 | | --- | --- | --- | --- | | | （％） | （％） | 现（％） | | 大盘指数 | 0.08 | -3.41 | -3.75 | | 中盘指数 | 0.42 | -6.23 | -7.11 | | 小盘指数 | 0.26 | -6.03 | -0.46 | 今日重点推荐 2025 年 04 月 28 日 美债，风险"解除"了吗？——关税"压力测试"系列之四 ◼ 一、股债汇"三杀"，这次有何不同？ ◼ 70 年代以来，美国出现过 8 次股债汇"三杀"，其中 3 次出现了衰退。 ◼ 二、美债"暴跌"，谁是"始作俑者"？ ◼ 风险提示：地缘政治冲突升级；美国经济放缓超 ...

文 ｜ 杨帆 玛西高娃 ▍ 我国对美出口贸易在省际层面呈现出东部集中、区域分化和集群支撑的三重特征 。 第一，我国对美出口高度集中于东部沿海省份，2 0 2 3年以来前五大省份贡献了7 2 . 3%的出口额，前八大省份合计贡献8 4 . 9%，其中广东和浙江 出口动能更为强劲，两者分别贡献了2 5 . 1%和1 6 . 6%。不过前五大外贸大省在面对关税2 . 0的表现，出现了分化，山东和浙江可能抢出口诉求更 强，上海和广东略靠后。出口交货值视角也基本印证上述结论，当前上海在出口交货值增速上较为疲弱。 我国分省市对美出口整体呈现出东部集中、区域分化和产业集群支撑的三重特征。其中，广东和浙江等东部沿海省份是出口主力，山西和河南等 中部省份对美出口依赖偏高。同时结合商品结构层面，我国各省市对美出口贸易呈现商品出口中心度较高、总体依赖度不高且结构多元的特征。 第一，从出口中心度来看，机电设备、纺织鞋服和家具类是支撑出口的核心品类，不同省份在这些品类上的中心度高低差异明显。第二，从对美 出口依赖度来看，大部分省市总体依赖度不高，大部分省份在主要品类上的依赖度低于5%，另外，沿海地区整体呈现出产业链多元、出口商品 类别 ...

Core Viewpoint - Dream洁股份 reported a decline in revenue for 2024, but managed to achieve a growth in net profit, indicating a focus on cost reduction and efficiency despite challenging market conditions [2][8]. Financial Performance - In 2024, Dream洁股份 achieved revenue of 1.715 billion yuan, a year-on-year decrease of 20.48%, while net profit attributable to shareholders was 24.88 million yuan, an increase of 10.99% [2]. - For Q1 2025, the company reported revenue of 330 million yuan and a net profit of 10.04 million yuan, reflecting a year-on-year growth of 13.87%, with a non-recurring net profit growth of 69.97% [2][8]. Sales Channels - Online sales revenue decreased by 37%, while direct sales and franchise sales fell by 3.23% and 24.53%, respectively [3][5]. - Franchise sales remain the largest revenue channel, followed by direct sales [4]. Store Performance - The number of franchisees decreased from 821 to 788, and the company closed more stores (434) than it opened (212) during the reporting period [5][6]. - The average revenue per direct store increased significantly from 1.8254 million yuan to 3.0306 million yuan [5]. Strategic Direction - The company plans to continue its high-end product strategy, optimize its direct sales channel, and expand its franchise network in 2025 [7]. - There is an emphasis on enhancing operational capabilities and integrating online and offline sales channels [7]. Board Concerns - Board member Chen Jie voted against several resolutions, citing concerns over significant guarantee risks related to a subsidiary and issues with financial disclosures and internal controls [8][9]. - Chen Jie highlighted the lack of transparency regarding the company's financial dealings and questioned the rationale behind increased expenditures on store construction [10][11].

金诚信：与西部矿业续签锡铁山铅锌矿矿山采矿生产承包合同 4月27日晚，金诚信（603979）发布公告称，公司与西部矿业续签锡铁山铅锌矿矿山采矿生产承包合同 并于近日取得经双方签字盖章的合同文件，根据预计工作量预估合同金额约3.77亿元。 资料显示，金诚信成立于2008年1月，主营业务为包括以矿山工程建设、采矿运营管理、矿山设计与技 术研发在内的矿山开发服务业务。 所属行业：有色金属–工业金属–铜 卫信康：子公司获得复方氨基酸注射液(18AA-Ⅸ)药品注册证书 4月27日晚，卫信康（603676）发布公告称，公司全资子公司内蒙古白医制药股份有限公司近日收到国 家药监局核准签发的复方氨基酸注射液(18AA-Ⅸ)《药品注册证书》。根据国家相关政策规定，本次获 得《药品注册证书》视同通过一致性评价。复方氨基酸注射液(18AA-Ⅸ)为成人氨基酸补充剂，用于 急、慢性肾功能不全患者出现低蛋白血症、低营养状态和手术前后的氨基酸补充。 资料显示，卫信康成立于2006年3月，主营业务为化学药品制剂及其原料药的研发、生产、销售。 所属行业：医药生物–化学制药–化学制剂 康缘药业：获得玉女煎颗粒药品注册证书 4月27日晚，康缘药业 ...

4月27日，梦洁股份披露2024年年度报告，全年实现营业收入17.15亿元，归母净利润2488万元，同比增 长10.99%。2025年一季度报告同天披露，公司实现营收3.3亿元，归母净利润1004万元，同比增长 13.87%，扣非后同比增长69.97%。 针对实体门店客流疲软与传统电商增长放缓的行业现状，公司深化新零售模式，在稳定天猫、京东、唯 品会等平台电商的基础上，与淘宝、抖音等直播电商深度引流，并在视频号、小红书等兴趣电商做出积 极尝试，开创"董事长直播"等打造IP进行品牌曝光与流量转化。2024年，公司线上销售渠道收入3.17亿 元，毛利率同比增长1.47%。 公告显示，梦洁股份经营基本面正持续向好，全年销售收入略有下滑的情况下，公司净利润增长进一步 彰显其盈利质量。与此同时，公司多项财务指标持续释放积极信号，销售费用、管理费用、财务费用均 明显降低，库存、应收账款等继续下降。 具体来看，高端床上用品仍是梦洁股份的核心竞争力。中华全国商业信息中心最新统计显示，梦洁高端 床上用品已连续16年(2009-2024)位列同类产品集团销量第一位。梦洁股份亦作为业内首个入选品牌，获 商务部认定为新一批"中华老字 ...

Group 1 - The establishment of the first copyright commercial mediation center in Foshan aims to provide a more efficient platform for copyright dispute resolution in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The mediation center is supervised by the Foshan Judicial Bureau and the Foshan Copyright Bureau, with 14 mediators, including 5 full-time and 9 specially invited mediators from large enterprises and law firms [1] - The introduction of the mediation center is expected to enhance the copyright mediation system in Foshan, improving the efficiency of dispute resolution and providing comprehensive support to parties involved [1] Group 2 - Foshan's copyright work has made significant progress, with a total of 24,338 copyright registrations, ranking first in the province for works copyright registration [2] - The number of rights holders for works copyright registration reached 876, showing a year-on-year growth of 6.44% [2] - Traditional manufacturing industries such as home textiles, clothing, and architectural ceramics continue to lead in copyright registrations, indicating a growing market innovation capability [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Bosideng [5][11][24]. Core Insights - Adidas is expected to achieve a revenue of €6.153 billion in Q1 2025, representing a 13% year-on-year growth, with a 17% growth for the Adidas brand excluding Yeezy [1][16]. - The textile and apparel sector is anticipated to experience a recovery in demand in 2025, supported by government policies and increased participation in sports activities [3][22]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality brands for potential investment opportunities [3][22]. Summary by Sections Adidas Performance - Adidas forecasts a 13% year-on-year revenue growth for Q1 2025, with a gross margin increase of 0.9 percentage points to 52.1% [1][16]. - The company expects double-digit growth across all consumer markets [1][16]. Market Trends - The retail sales of clothing, shoes, and textiles in China grew by 3.4% year-on-year in the first quarter of 2025, with the sportswear segment expected to outperform overall textile consumption [3][22]. - The report suggests a volatile recovery in demand for the textile sector throughout 2025 [3][22]. Recommendations - The report recommends focusing on companies with strong fundamentals, such as Shenzhou International and Huayi Group, with respective 2025 PE ratios of 11x and 15x [4][23]. - Key companies highlighted for investment include Anta Sports, with a projected 2025 PE of 18x, and Bosideng, expected to deliver strong performance in 2025 [24][25]. Company Performance - Anta Sports reported significant growth in Q1 2025, with terminal sales increasing by high single digits, and other brands showing a 65%-70% year-on-year increase [24]. - For the home textile sector, Luolai Life expects a 20% growth in 2025, with a net profit of CNY 520 million [24][41].