Group 1 - The chairman of Wancheng Group, Wang Jiankun, has had his detention lifted, allowing him to resume his duties, which is expected to stabilize the company's operations [1] - During Wang's detention, Wancheng Group's stock price increased significantly, rising from 94.99 yuan per share to a peak of 156.85 yuan per share, marking a gain of over 65% [1] - Wancheng Group reported a total of over 15,000 signed stores by the end of Q1, with a rapid opening pace, particularly in its "Haoxianglai" brand, which has over 10,000 stores [2][3] Group 2 - Despite the rapid expansion, Wancheng Group's revenue for the last year was 32.3 billion yuan, significantly lower than its main competitor, Mingming Hen Mang, which reported 39.3 billion yuan [2] - Wancheng Group's net profit for the last year was approximately 294 million yuan, while Mingming Hen Mang's adjusted net profit reached 913 million yuan, highlighting a substantial profitability gap [2] - In Q1, Wancheng Group achieved a revenue of 10.82 billion yuan, a year-on-year increase of 124.02%, and a net profit of approximately 215 million yuan, reflecting a staggering growth of 3344.13% [5] Group 3 - The company aims to enhance its supply chain efficiency and profitability through a value chain restructuring mechanism that includes direct procurement and centralized pricing [6] - Wancheng Group plans to continue investing in its supply chain, logistics, brand development, and digital capabilities to improve profit margins and operational efficiency [6] - The company acknowledges the need to maintain growth momentum in the face of a slowing store opening pace and is focused on optimizing its operational strategies [5][6]

近日，名创优品发布了今年一季度业绩报告。财报显示，名创优品2025年一季度实现收入44.27亿元人 民币，同比增长18.9%，但经营利润却同比下降4.51%至7.1亿元，期内利润下跌28.92%至4.17亿元。经 调整净利润为5.87亿元，同比下降4.81%，净利润率从去年同期的16.6%骤降至13.3%。 名创优品回应：财务费用增加 关于一季度增收不增利等问题，南都·湾财社记者联系名创优品，公司相关负责人表示，"集团整体经营 利润率的下降，主要还是收入结构的影响，高利润的加盟和代理业务占比下降，高速增长的直营业务占 比提升，稀释了整体利润率。另外，对于新业务的投入也会对短期利润率造成一定波动。" 名创优品首席财务官张靖京在业绩电话会上回应称，除了经营费用以外，本期影响利润率的主要原因是 由于财务费用的增长。主要来自于以下几个方面: | | | 截至3月31日止三個月 | | | --- | --- | --- | --- | | | 2024年 | 2025年 | | | | (未經審計) | (未經審計) | | | | 人民幣千元 | 人民幣千元 | 千美元 | | 收入 | 3.723.531 | 4 ...

港股开盘，恒指开跌0.40%，科指开跌0.32%。名创优品(09896.HK)开跌14.79%，公司第一季度期内利 润为4.17亿元，较上年同期下降29%。 ...

Core Viewpoint - Miniso's revenue is increasing, but profits are declining, indicating potential challenges in maintaining profitability despite growth in store openings [1][2]. Financial Performance - In Q1 2025, Miniso reported revenue of 4.427 billion yuan, a year-on-year increase of 18.9% [2]. - Operating profit for the same period was 710 million yuan, down 4.51% year-on-year [2]. - Net profit for Q1 2025 was 417 million yuan, a decline of 28.92% compared to the previous year [2]. - Adjusted net profit was 587 million yuan, reflecting a decrease of 4.81% year-on-year [2]. Store Expansion and Performance - Miniso opened a total of 978 new stores in the past year, bringing the total to 7,768 stores as of March 31, 2025 [3]. - The average sales performance of new stores opened in Q1 2025 improved by 27% compared to the same period in 2024 [3]. - The company is focusing on the MINISO LAND store format, with 8 locations opened and 15 more in preparation [3]. International Growth - Revenue from overseas markets grew by 30.3%, contributing an additional 3 percentage points to total revenue [4]. - Miniso aims to enhance collaboration with international partners to improve operational efficiency and store models [4]. Collaboration with Yonghui Supermarket - Miniso's CFO reported that Yonghui Supermarket has already closed 78 stores and plans to close between 250 to 350 stores in 2025 [5][6]. - The restructuring of Yonghui Supermarket is expected to improve profitability through enhanced cost and management efficiency [6]. Yonghui Supermarket's Financial Situation - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, a decline of 19.32% year-on-year [7]. - The company has faced significant losses over the past four years, totaling over 9.5 billion yuan [7].

Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

证券代码： 605188 证券简称：国光连锁 江西国光商业连锁股份有限公司 投资者关系活动记录表 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 投资者关系活动 □ 新闻发布会 □ 路演活动 类别 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 投资者网上提问 人员姓名 地点 采用网络远程的方式召开业绩说明会 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 保护投资者利益？公司在应对突发事件（如股价异常波动）时， 是否有明确的应对机制和预案？ 尊敬的投资者，您好！公司股票价格受公司业绩、外部市场 投资者关系活动 与政策环境以及投资者偏好等多重因素影响，具有复杂性和不确 主要内容介绍 定性。公司始终致力于通过提升自身经营业绩、优化公司治理、 加强信息披露等方式，增强公司内在价值，为股价稳定提供坚实 支撑。感谢您的关注！ 资者信心？公司在应对股价波动时，如何及时向投资者传递准确 信息？ 尊敬的投资者，您好！公司始终把完善公司治理结构、健全 内部控制制度、严格履行信息披露义务、加强投资者关系维护等 作为公司投资者权益保护的重要举措。公司将坚持聚焦主 ...

沃尔玛首席执行官道格·麦克米利恩（Doug McMillon）当日对行业分析师表示，虽然沃尔玛会尽力维持 低价，但鉴于关税的幅度和零售业务低利润率的现实，即便在本周下调关税税率后，沃尔玛也不能承受 所有的成本上涨压力。 雷尼表示，消费者虽然有些担忧可能出现的价格上涨，但消费者行为大体上没有变化，他们仍在寻找性 价比高的商品。沃尔玛2月份销售低于预期，3月份接近预期，4月份增强很多。5月份目前看与4月份类 似。 新华财经纽约5月15日电（记者刘亚南）美国连锁零售巨头沃尔玛公司高管15日表示，由于美国关税政 策影响，该公司将在本月晚些时候上调部分商品售价并持续到6月。 麦克米利恩表示，虽然货架上零售价格上涨会更为渐进，但最早已经开始在4月份开始涨价，5月份加速 上涨。 沃尔玛首席财务官约翰·戴维·雷尼（John David Rainey）当日在接受媒体采访时说，即便美国同意在90 天时间里把从中国进口商品的新增关税降至30%，但关税"依然太高"。 雷尼表示，沃尔玛定位于天天低价，但关税上调幅度超过任何零售商可以吸收的水平。消费者很可能在 5月末开始看到涨价出现，而6月份价格上涨肯定会更多。 雷尼说，沃尔玛在美国所 ...

证券研究报告•行业专题 量贩零食双雄并起 ——对比解读鸣鸣很忙招股材料 （鸣鸣很忙02143.HK/万辰集团300972.SZ） 2025. 05. 14 分析师：邓 欣 S0010524010001 dengxin@hazq.com 联系人：郑少轩 S0010124040001 zhengshaoxuan@hazq.com 华安证券研究所 核心要点 1、鸣鸣很忙：强强联合造就量贩零食领导者。23年11月"零食很忙"完成对"赵一鸣"收购，组成鸣鸣很忙集团并开启双 品牌深度融合。董事长晏周和副董事长赵定为一致行动人，截至25年4月21日合计持股62.6%。截至24年底公司拥有14394 家门店，覆盖中国28个省份，GMV达555亿，是中国最大的休闲食品饮料连锁零售商。 16年董事长晏周创立"零食很忙"并于17年在湖南长沙开设首店；19年副董事长赵定在江西宜春开设 "赵一鸣" 首店； 23年11月"零食很忙"完成对"赵一鸣"收购，组成鸣鸣很忙集团实现双品牌深度融合，运营效率持续提升。董事长晏周 和副董事长赵定为一致行动人，截至25年4月21日合计持股62.6%。 2、业绩表现：高速成长来自加盟门店快速下沉+单量驱 ...

21世纪经济报道记者张伟泽香港报道 上周受劳动节假期影响，当周仅四个交易日（4月28日至5月2日）。 在此期间，恒生指数报22504.68点，上涨1.96%；恒生国企指数报8231.04点，上涨1.45%；恒生科技指 数表现强劲，收报5244.06点，上涨4.64%。 中泰国际策略分析师颜招骏对21世纪经济报道记者表示，近期市场对于地缘政治紧张局势的担忧有所缓 和，风险资产持续反弹，港股也连续第三周上升，已接近完全修复特朗普政府实施所谓"对等关税"以来 的跌幅。 颜招骏指出，当前恒指PE约为9.7 倍，向下空间有限，但向上突破依赖内部政策持续有效落地和中美博 弈实质性缓和，若美方兑现削减关税且未在科技封锁加码，后市恒生指数有望挑战22500点技术阻力。 对于具体板块，颜招骏认为， AI 算力基建、机器人、智能驾驶及互联网龙头等板块有估值修复空间， 防御性的高股息央国企仍然值得关注，投资者也可以聚焦以旧换新、文旅及必需消费等领域的股票。 金管局抛售465亿港元购美元 5月3日，港元在纽约交易时段触发联系汇率机制下，触发7.75港元兑1美元的强方兑换保证，香港金融 管理局（金管局）宣布动用465.39亿港元（约6 ...

// 市场要闻 // 1、重磅宏观数据公布 5月7日，国家统计局将发布外汇储备数据，5月10日将发布CPI和PPI月度报告。5月9日，海关总署发布4月进出口数据。5月9日至15日不定 时，中国人民银行公布社融、信贷等金融数据。 此前公布的数据显示，中国3月CPI同比下降0.1%，降幅明显收窄，PPI继续下降，部分行业价格呈现积极变化。中国3月按美元计出口同比增 长12.4%，进口下降4.3%。中国3月社融增量5.89万亿元，新增人民币贷款3.64万亿元，M2-M1剪刀差缩小。 2、财政部拟发行第二期超长期国债 5月9日，财政部拟第一次续发行2025年第二期超长期特别国债。本次续发行国债为30年期固定利率附息债。竞争性招标面值总额710亿元，不 进行甲类成员追加投标。本次续发行国债票面利率与之前发行的同期国债相同，为1.88%。 3、北交所为试点股票启用新证券代码 北交所存量上市公司代码切换试点拟于2025年5月6日正式上线。根据通知，自2025年5月6日起，北交所为试点股票启用新证券代码，投资者 对试点股票的交易委托、行情查询，市场主体对试点股票的业务办理等均使用切换后的证券代码。 4、周四聚焦美联储议息结果 ...