Core Viewpoint - Xiamen International Trade Group has reported a significant decline in revenue and net profit for 2024, with a focus on improving supply chain management and health technology business performance in 2025 [1][2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 354.44 billion yuan, a decrease of 24.30% year-on-year, and a net profit attributable to shareholders of 626 million yuan, down 67.33% year-on-year [1]. - The net cash flow from operating activities was -931 million yuan, compared to 3.206 billion yuan in the same period of 2023 [1]. - Basic earnings per share were 0.04 yuan, a decline of 93.75% year-on-year, and the weighted average return on equity was 0.37%, down 6.28 percentage points year-on-year [1]. Quarterly Performance - In Q4 2024, the company reported operating revenue of 68.11 billion yuan, an increase of 0.86% year-on-year but a decrease of 25.25% quarter-on-quarter [1]. - The net profit attributable to shareholders in Q4 was -8.6 million yuan, compared to a profit of 4.9 million yuan in the same period of 2023, although the loss narrowed [1]. - For Q1 2025, the company achieved operating revenue of 70.53 billion yuan, a decrease of 27.19% year-on-year but an increase of 3.56% quarter-on-quarter, with a net profit of 422 million yuan, up 2.76% year-on-year [1]. Supply Chain Management - In 2024, the supply chain management business generated revenue of 353.22 billion yuan, down 24.09% year-on-year, with overseas revenue of 65.86 billion yuan and total import-export volume of 14.418 billion USD [2]. - The overall gross margin for the supply chain management business improved to 1.83%, an increase of 0.36 percentage points year-on-year, despite a decline in operating volume for major categories [2]. - Key product categories such as iron ore, steel, and coal maintained strong market positions, with significant improvements in gross margins [2]. Health Technology Business - The health technology segment reported revenue of 1.103 billion yuan in 2024, a growth of 49.61% year-on-year, with a gross margin of 41.04%, up 16.31 percentage points [3]. - The subsidiary, Paiter Medical, achieved revenue of 584 million yuan, a year-on-year increase of 15.42%, with over 50% of its revenue coming from overseas markets [3]. Shareholder Returns - The company announced a cash dividend of 0.33 yuan per share for 2024, totaling 715 million yuan, which represents 114.32% of the annual net profit attributable to shareholders, with a year-on-year increase in the dividend payout ratio of 56.76 percentage points [4]. - For 2025, the company plans to continue mid-term cash dividends, with amounts not exceeding 50% of the net profit attributable to shareholders for the corresponding period [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.359 billion yuan, 1.657 billion yuan, and 1.976 billion yuan respectively [4]. - The projected earnings per share for 2025-2027 are 0.63 yuan, 0.76 yuan, and 0.91 yuan, with the current stock price at 6.27 yuan, resulting in corresponding price-to-earnings ratios of 10.0X, 8.2X, and 6.9X [4].

证 券 研 究 报 告 厦门国贸（600755）2024 年报及 2025 年一季报点评 强推（维持） 公司提高分红比例延续高股息回报，一季度 实现小幅增长 ❖ 风险提示：经济出现下滑、大宗商品价格剧烈波动。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 354,440 | 314,548 | 324,229 | 343,048 | | 同比增速(%) | -24.3% | -11.3% | 3.1% | 5.8% | | 归母净利润(百万) | 626 | 1,278 | 1,509 | 1,656 | | 同比增速(%) | -67.3% | 104.3% | 18.0% | 9.8% | | 每股盈利(元) | 0.04 | 0.34 | 0.44 | 0.51 | | 市盈率(倍) | 173 | 18 | 14 | 12 | | 市净率(倍) | 0.7 | 0.6 | 0.6 | 0.6 | 注：每股盈利扣除了永续债利息 ...

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编辑部 整理自 凹非寺 量子位 | 公众号 QbitAI 以下为高玉石演讲全文： 深耕垂直健康场景 作为资深大数据和人工智能专家， 高玉石 主导研发并成功构建了轻松健康集团的核心技术 平台AIcare，该平台以集团自主研发的健康基座大模型Dr.GPT为核心，广泛赋能集团旗下 各大核心业务版块，持续巩固并扩大了集团在行业内的领先优势。 为了完整体现高玉石的思考，在不改变原意的基础上，量子位对演讲内容进行了编辑整理， 希望能给你带来更多启发。 中国AIGC产业峰会是由量子位主办的AI领域前沿峰会，20余位产业代表与会讨论。线下参 会观众超千人，线上直播观众320万+，累计曝光2000万+。 话题要点 这一波AI技术的发展速度确实很快，核心在于其成熟度在近两年有明显提升。 用户对AI的接受度越来越高了，但用户也变得越来越理性了。 目前AI产品层出不穷且同质化严重，因此产品是否能在场景中有效满足用户需求、是否 形成了有效的壁垒和技术优势、是否解决了用户的核心痛点，都变得尤为关键。 维持用户粘性和长期优势的关键因素主要有三个 ：1）能否解决用户核心需求和痛点； 2） 能否将用户产生的数据、AI产品、场景应用有效结合，形 ...

文 | 新浪财经 闫妍 "我什么时候在这上面投保了？" 这是很多消费者与一款名为轻松保严选的产品"短暂接触"后，发出的疑惑——前不久，熊女士突 然接到了"投保短信轰炸"，她查询后才发现，自己从2023年3月起就一直在该平台投保，然而自 己却毫不知情。 轻松保严选，是轻松健康集团旗下四大板块业务之一，该集团另一款明星产品轻松筹更被广泛熟 知。两款核心产品都频繁卷入舆论旋涡中，信任危机正在不断加剧。 不久前，轻松健康集团还向港交所递交了招股书，拟于港交所主板上市。招股书显示，公司正面 临净利润下滑、用户流失、核心业务增长乏力等多重严峻挑战。 "进坑很容易， 想出坑太费劲了" 前不久，消费者熊女士被轻松保严选提醒续费的短信"轮番轰炸"，她感到非常疑惑： "我什么时 候在这上面投保了？ " 熊女士立即查看了银行卡，发现从2023年3月起，每月都有轻松保严选的自动扣款，"有时45元， 有时19元。"这意味着，近两年她在这份保单上已花费近千元。然而，"我完全不知道自己投保 过，而且是年年续保的。" | ZUL4 // | | | | --- | --- | --- | | 第11期 | 2024-11-03 14:02: ...