Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 831 million RMB for 2024, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million RMB, down 36.89% year-on-year. For Q1 2025, revenue was 239 million RMB, an increase of 8.85%, while net profit was 31 million RMB, down 26.99% year-on-year [2] - The company is experiencing a gradual recovery in operations, with revenue growth turning positive in Q4 2024 and Q1 2025. The company is strengthening its position in the outdoor equipment manufacturing sector while increasing investment in new product development [3] - The company is expanding its international market presence, having established partnerships with new brand clients in Australia and North America, with some products already in mass production [3] Summary by Sections Performance Review - For 2024, the company expects to distribute cash dividends of 67.53 million RMB, with a dividend payout ratio of approximately 52% [2] Operational Analysis - Revenue from tents, sleeping bags, clothing, and backpacks for 2024 was 361 million, 117 million, 256 million, and 39 million RMB respectively, with year-on-year changes of -22.33%, -2.29%, +41.73%, and -4.61% [3] - The company aims to deepen customer relationships and expand its high-potential customer base while introducing high-performance materials into its product lines [4] Financial Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 RMB for 2025-2027, corresponding to PE ratios of 15, 14, and 12 times [5] - The company’s revenue is expected to grow to 936 million RMB in 2025, with a growth rate of 12.68% [10]

国金证券股份有限公司赵中平,杨欣,杨雨钦近期对扬州金泉（603307）进行研究并发布了研究报告《短期 业绩仍承压，期待经营逐步改善》，给予扬州金泉买入评级。 扬州金泉 公司于4月25日公布2024年年报&2025年一季报，2024全年营收8.31亿元，同降1.77%，归母净利润1.44亿 元，同降36.89%。2025Q1营收2.39亿元，同增8.85%，归母净利润0.31亿元，同降26.99%。公司年中加年 末预计派发现金分红6753万，分红率约52%，维持买入评级。 经营分析 2B订单边际改善，2C北极狐品牌稳健发展。24Q4与25Q1公司营收增速转正，经营逐步企稳，公司在持续 巩固户外装备制造领域优势地位的同时，同步加大新品类研发投入，成功将原有帐篷客户的合作深度延伸 至睡袋、防潮垫等配套产品领域。24年帐篷/睡袋/服装/背包营收为3.61/1.17/2.56/0.39亿元，同 比-22.33%/-2.29%/+41.73%/-4.61%，帐篷与睡袋受下游户外客户去库影响承压，期待后续弹性释放，服装 展现良好增长趋势，反映公司开拓第二成长曲线。在国际市场拓展方面，公司与澳大利亚、北美洲的新品 牌客户达成 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 831 million RMB for 2024, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million RMB, down 36.89% year-on-year. For Q1 2025, revenue was 239 million RMB, an increase of 8.85%, while net profit was 31 million RMB, down 26.99% year-on-year [2] - The company is experiencing a gradual recovery in operations, with revenue growth turning positive in Q4 2024 and Q1 2025. The company is strengthening its position in the outdoor equipment manufacturing sector while increasing investment in new product development [3] - The company is expanding its international market presence, having established partnerships with new brand clients in Australia and North America, with some products already in mass production [3] Summary by Sections Performance Review - 2024 revenue was 831 million RMB, down 1.77% year-on-year, with a net profit of 144 million RMB, down 36.89% year-on-year. Q1 2025 revenue was 239 million RMB, up 8.85%, with a net profit of 31 million RMB, down 26.99% [2] Operational Analysis - The company is seeing marginal improvements in B2B orders and stable growth in the B2C segment, particularly with the Arctic Fox brand. Revenue from tents, sleeping bags, clothing, and backpacks for 2024 was 361 million, 117 million, 256 million, and 39 million RMB respectively, with varying year-on-year changes [3] - The company is focusing on deepening customer relationships and expanding its product offerings, including high-end performance materials and automated production lines [4] Financial Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 RMB for 2025-2027, with corresponding PE ratios of 15, 14, and 12 times [5] - The company’s revenue is expected to grow to 936 million RMB in 2025, with a growth rate of 12.68% [10]

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...

中新网海南文昌4月5日电 题：民企奋进自贸港："探路者"探路航天产业合作 中新网记者 符宇群 "'探路者'将发挥品牌优势，整合文昌全域旅游资源，打造航天文旅先行示范项目。"刚参加签约仪式的 探路者控股集团股份有限公司(简称"探路者")户外CEO陈旭对中新网记者如是说。 陈旭表示，期待与文昌的企业、科研机构携手，在航天技术转化、商业航天应用场景拓展等方面展开深 度协作，共同探索"航天+科技+产业"的创新模式。 展望未来，陈旭看好海南自贸港和文昌国际航天城的发展。他表示，"探路者"将以此次签约为起点，通 过双方的共同努力，将文昌的区位优势、政策优势与其技术优势、市场优势深度融合，为中国航天事业 的发展注入新动能，为海南自由贸易港建设增添新活力。(完) 作为中国户外装备领军企业，"探路者"先后为"神舟十二号"至"神舟十九号"航天员研发生产了舱内连体 工作服、分体工作服、休闲服等十多类装备，实现从材料端到生产端的百分百国产化，更参与了航天服 标准的制定。 在陈旭看来，此次"探路者"与文昌的签约，不仅是双方优势互补、共创价值的新起点，更是民族品牌与 国家战略的同频共振。 "'探路者'将以'双核驱动+产城融合'为模式，通 ...

同时，乐欣户外还为户外装备品牌提供涵盖产品设计至制造全流程的一站式OEM/ODM解决方案， 客户涵全球知名户外用品品牌(如迪卡侬)、全球知名钓鱼品牌(如Rapala VMC、Pure Fishing)、英 国知名钓鱼品牌(如Fox、Nash、Trakker及Preston)，以及美国知名户外用品品牌(如Ardisam)。 业务覆盖北美、欧洲、亚洲的40余个国家。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，乐欣户外国际有限公司（以下简称"乐欣户外"）于2024年11月15日正式向港交 所递交招股说明书，拟主板挂牌上市，中金公司担任独家保荐人。 最早可追溯至1993年的乐欣户外现已发展成为一家业务覆盖北美、欧洲、亚洲的国际户外装备类企 业，主要聚焦在钓鱼装备。 截至2024年6月30日，乐欣户外的产品组合包括超过8,000个SKU的钓 鱼装备，涵盖从钓鱼椅、钓鱼床、搁杆架、钓鱼箱、手推车、渔具篷、全围伞、钓鱼包及抄网 。 截至2024年11月8日，乐欣户外的产品向40多个国家销售，包括英国和美国等具有丰富钓鱼传统的 成熟市场，以及中国和东南亚等增长 ...