[Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 25Q1 业绩超市场预期，扣非净利率创同期新 高 [Table_Title2] 浙江自然(605080) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 605080 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 34.88/13.18 | | 目标价格： | | 总市值(亿) | 34.69 | | 最新收盘价： | 24.5 | 自由流通市值(亿) | 34.39 | | | | 自由流通股数(百万) | 140.35 | 2024 年公司收入/归母净利/扣非归母净利/经营性现金流净额分别为 10.02/1.85/1.71/1.57 亿元、同比增长 21.75%/41.67%/25.04%/-34.59%。净利增长主要是公司积极拓展市场份额，优化产品结构，同时海外新产能加速 爬坡所致。经营性现金流净额低于净利主要由于经营性应收项目减少。24Q4 公司收入 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 户外主业和 G2 表现靓丽，芯能商誉计提完毕 [Table_Title2] 探路者(300005) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 300005 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 10.01/4.49 | | 目标价格： | | 总市值(亿) | 71.67 | | 最新收盘价： | 8.11 | 自由流通市值(亿) | 71.64 | | | | 自由流通股数(百万) | 883.32 | [Table_Summary] 事件概述 请仔细阅读在本报告尾部的重要法律声明 证券研究报告|公司点评报告 其他收益占比提升 0.1PCT；投资净收益占比下降 0.9PCT 至 0.2%,主要由于 23 年存在处置长期股权投资；公允 价值变动收益占比下降 5.2PCT 至 5.68%；减值拨回 2.8PCT，营业外收入占比下降 0.1PCT，所得税占比提升 1.3PCT。（2）24Q ...

Group 1: Industry Overview - The steel furniture industry in Luoyang, Henan, has over a thousand enterprises, generating nearly 20 billion yuan in total output value, with products exported to over 100 countries and regions [1] - Despite the impact of tariffs on exports to the U.S., many companies report increased orders and busy production lines [1][7] Group 2: Company Strategies - Luoyang Kofeya Furniture Co., led by Wei Pengfei, has attracted international clients, including a recent visit from Indonesian buyers, due to their advanced production capabilities and competitive pricing [1][5] - The company has developed a new line of steel furniture that mimics the aesthetics and feel of wooden furniture, with a lifespan three times longer than wood, leading to significant pre-orders from distributors [5][11] - Another company, Henan Gangmei Technology Co., is pivoting to domestic markets after losing millions in canceled orders due to U.S. tariffs, utilizing short video marketing to reach younger consumers [9][11] Group 3: Market Adaptation - The outdoor leisure industry in Pingyu County, which heavily relied on exports to the U.S., is facing challenges due to high tariffs, prompting companies to explore new markets, including Africa [13][15] - Companies are adjusting their products to meet the needs of the African market, focusing on cost-effectiveness and practicality, resulting in a sales increase from under 10% to 20% in that region [15] - The shift from foreign trade to domestic sales is becoming a priority, with companies increasing their e-commerce presence and adapting products based on domestic consumer demands [15][17]

Group 1 - The core idea of the article revolves around the rising trend of foraging for wild vegetables among young people, which has become a popular outdoor activity and a form of social currency [1][12] - The activity of foraging is characterized by its low cost and high experiential value, aligning well with the consumption preferences of the younger generation [6][10] - The phenomenon of foraging has led to a significant increase in related tourism activities, with a 50% rise in searches for "farm + seasonal picking" since March and a 47% year-on-year increase in tourism heat for experiences involving wild vegetable foraging during the Qingming holiday [1] Group 2 - Foraging is seen as a more spontaneous and unpredictable experience compared to traditional farm activities, providing a sense of adventure and engagement with nature [5][10] - The appeal of foraging lies in its accessibility, allowing individuals from various economic backgrounds to participate without the need for expensive equipment [7][10] - The article highlights the potential for the "wild vegetable economy" to evolve into a broader trend, but also raises concerns about the sustainability of such trends in the face of past experiences with similar outdoor activities [14][18] Group 3 - The article discusses the challenges faced by the outdoor industry, including the rapid rise and fall of trends like camping, which saw a significant decline in consumer interest and business viability [15][16] - It emphasizes the importance of quality management and service in sustaining interest in outdoor activities, as many businesses have failed to maintain their appeal after initial popularity [19][20] - The potential for seasonal activities beyond foraging is noted, suggesting that local governments and businesses could explore new forms of experiential tourism throughout the year [20]

· 2025 年 4 月 29 日 国都港股操作导航 星期二 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 40227.59 | 0.28 | | 标普 500 指数 | 5528.75 | 0.06 | | 纳斯达克综合指数 | 17366.13 | -0.10 | | 英国富时 100 指数 | 8417.34 | 0.02 | | 德国 DAX 指数 | 22271.67 | 0.13 | | 日经 225 指数 | 35839.99 | 0.38 | | 台湾加权指数 | 20034.41 | 0.81 | | 内地股市 | | | | 上证指数 | 3288.41 | -0.20 | | 深证成指 | 9855.2 | -0.62 | | 香港股市 | | | | 恒生指数 | 21971.96 | -0.04 | | 国企指数 | 8080.19 | 0 | | 红筹指数 | 3768.92 | 0.22 | | 恒生科技指数 | 4988.94 | 0.12 | | AH 股溢价指数 | 135.36 | -0.32 | | 恒生期 ...

五一档已成为商业地产开业高峰期，全国多地商业项目选择在这一黄金档期集中开业，形成商业竞争新格局。 据统计，即将开业的重要项目包括厦门蔡塘爱琴海购物中心、厦门和美天地、拉萨王府井购物中心、泰兴凤栖奥特莱斯、 沈阳环球港动感城、昆山荟品仓城市奥莱等。 这些项目普遍采取"首店引流"策略，首店率普遍在30%以上，如拉萨王府井引入30%的首进拉萨品牌，厦门和美天地的首 店形象店占比达40%，厦门蔡塘爱琴海超60家首店定制店，顺德万象汇引入超50%佛山或顺德首店。 这种首店经济不仅提升了商场档次和吸引力，也反映了商业项目在竞争中突围的必然选择。 离境退税引爆消费复苏新动能 Malltowin商业与地产周报 2025.4.21-2025.4.27 1 每周趋势导读 五一大批新商业体集中开业 一季度多地离境退税销售额同比大幅增长，商务部将支持打造一批国际消费聚集区和入境消费友好商圈。 数据显示，重庆市离境退税销售额同比增长近5倍，北京市离境退税申请单份数同比增长128%，销售额同比翻一番。 2024年上海市接待入境游客670.6万人次，同比增长84%，广东省政府强调"大力推进免税店建设，优化离境退税'即买即 退'服务"，北京 ...

Group 1 - The core point of the article is that BERSHIHE, a domestic outdoor products company, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant growth in revenue and profit [2][3]. - BERSHIHE's revenue from 2022 to 2024 is projected to grow from 379 million yuan to 1.766 billion yuan, with a compound annual growth rate (CAGR) of 241.27% for net profit [3]. - The company's main products are outdoor clothing, particularly jackets, with revenue from clothing products expected to increase from 305 million yuan in 2022 to 1.608 billion yuan in 2024, reflecting a CAGR of 129.5% [3]. Group 2 - BERSHIHE has capitalized on channel advantages, with direct-to-consumer (DTC) online sales growing from 331 million yuan to 1.351 billion yuan, achieving a CAGR of 102% [5]. - The founder of BERSHIHE, Liu Zhen, highlighted the importance of content marketing through platforms like Douyin, Xiaohongshu, and Bilibili, which has significantly reduced customer acquisition costs [5]. - BERSHIHE's product-centric approach includes offering a lifetime warranty, contributing to a repurchase rate of over 20% [5]. Group 3 - The overall analysis indicates that China's complete industrial chain and channel advantages are shaping new brand possibilities, contrasting with the operational pressures faced by established brands like Nike [6][7].

Group 1: Wild Vegetable Economy - The trend of "wild vegetable picking" has gained popularity among young people, transforming from a niche hobby to a mainstream leisure activity [1][2] - The hashtag 挖野菜 (wild vegetable picking) has garnered over 200 million views on social media platforms, indicating a growing interest in this activity [2] - The wild vegetable economy is driving the development of related industries, with sales of picking tools and "wild vegetable gadgets" seeing significant increases, with some sellers earning up to 100,000 yuan per month [2] Group 2: Camping Economy - The camping trend has led to a surge in demand for portable power sources, with companies developing smaller yet more powerful mobile power supplies to cater to young people's lightweight travel needs [3] - The camping economy is projected to reach a core market size of 248.32 billion yuan in China this year, contributing to a total market scale of 1.44 trillion yuan [3] - New camping experiences are emerging, such as "camping + educational activities" and "camping + music festivals," attracting more participants to outdoor activities [2] Group 3: Young Consumer Trends - Young people's small demands are driving significant market changes, with businesses responding by creating innovative products and services that cater to these new trends [4] - The first quarter of this year saw China's economic growth rate reach 5.4%, with retail sales of consumer goods increasing by 4.6% year-on-year, indicating a recovery in consumer spending [4] Group 4: Pet Economy - The intersection of camping and pet ownership is creating new consumption patterns, with young people increasingly taking their pets on camping trips [6] - The pet economy is projected to exceed 300 billion yuan in the urban market by 2024, with young consumers being the primary drivers of this growth [6] Group 5: Cultural Consumption - The rise of domestic IPs, such as the "谷子" (millet) trend, reflects a growing cultural confidence among young people, with sales on second-hand platforms skyrocketing [7] - The success of local industries, such as the pet product market in Wenzhou, demonstrates how addressing young people's needs can lead to regional economic revitalization [7] Group 6: Hanfu Industry - The Hanfu industry in Cao County has become a billion-yuan market, accounting for over 50% of the national market share, showcasing the potential for cultural products to drive economic growth [8] - Various new consumer trends, including Hanfu, camping, and wild vegetable picking, are collectively transforming the market landscape and promoting higher quality development [8]

证券代码：603908 证券简称：牧高笛 公告编号：2025-018 备注：大牧：牧高笛 MOBI GARDEN，指公司户外露营装备品牌。 小牧：牧高笛鹿标 MOBI GARDEN URBAN，指公司户外鞋服品牌。 二、 报告期主营业务经营情况 报告期内，公司实现主营业务收入 33,380.33 万元，同比下降 6.20%。其中： OEM/ODM 业务实现营业收入 22,030.15 万元，同比增长 2.46%；自主品牌业务 实现营业收入 11,350.18 万元，同比下降 19.42%。品牌业务具体情况如下： （一）报告期内直营店和加盟店的盈利情况 单位：元；币种：人民币 牧高笛户外用品股份有限公司 关于2025年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 牧高笛户外用品股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十二号-服装》的相关规定，现将公司品牌运营业务 2025年第一季度主要经营数据（未经审计）公告如下： 牧高笛户外用品股份有限公司董事会 20 ...

北京时间4月28日分众传媒发布了2024年全年以及2025年一季度业绩。这次财报除了关注去年四季度、今年一季度（主要是Q1）的当期业绩表现之外，最大的关注 焦点就是若顺利（主要是监管审批）收购最"难缠"的竞对——新潮传媒之后，结合当下复杂的宏观环境，公司对未来的规划和增长预期会发生如何变化？ 核心要点如下： 1. 2024收官： 虽然机构调整后的预期不高，但第四季度收入显得更艰难一些，同比下滑7%。一季度收入同样略不及预期，足以体现去年底到今年初的环境恶劣。 2. Q1同样有压力： 对于一季度的"稳态"低增长，市场priced in了绝大部分。今年春节期间消费表现一般，年初以来的社零增速也是一个前低后高的缓慢爬升趋 势，因此对于一季度，市场未报太高期望。 3. 吃下新潮，利润率打开空间： 利润上四季度主要靠短期控费，以及非主业收益的预期差，最终净利润表现略微收回来了一些。不过，非主业的收益在海豚君看 来是要剔除不考虑的，单看核心经营利润，因为收入承压，还是弱于预期。 一季度核心经营利润并未miss太多，主要则得益于过去一年优化点位的战略下毛利率持续改善，梯媒毛利率、影院毛利率同比略有改善。此外就是费用严格控制 ...