Group 1 - The report indicates that the new stock market is showing signs of recovery, with a slight increase in trading sentiment, but a complete transformation from quantity to quality is still pending [1][12][24] - The average increase of new stocks listed since 2024 is approximately 1.9%, with about 63.1% of new stocks achieving positive returns [1][27][28] - The report highlights the importance of monitoring the consensus rebuilding process in the market, suggesting that a new active cycle for new stocks is anticipated [2][12][40] Group 2 - The report notes that the issuance of new stocks is gradually returning to normal, with the average issuance price-earnings ratio for new stocks remaining low [13][18] - Recent new stocks have shown a significant disparity in performance, with some sectors like new consumption and robotics performing well, while others like military and semiconductor-related stocks have faced declines [6][28][40] - Upcoming new stocks include Weigao Blood Purification and Taili Technology, with their performance metrics indicating potential investment opportunities [3][39][40] Group 3 - The report emphasizes the need to focus on high-quality new stocks that have undergone sufficient consolidation and offer good value, particularly those benefiting from policy expectations [2][12][40] - The report suggests that the new productivity themes, such as robotics and AI, should continue to be monitored for potential investment opportunities [2][12][40] - The average issuance price-earnings ratio for new stocks set to be listed this week is 21.1X, indicating a slight decrease from previous levels [7][34]

Group 1 - The core point of the news is the significant shift of foreign trade enterprises in China towards domestic sales due to the temporary reduction of tariffs in the US-China trade relationship, which has created a 90-day window for lower tariffs [2][5] - Many foreign trade companies, particularly in Shandong province, are launching initiatives to promote domestic consumption, such as the "2025 Foreign Trade Quality Shopping Season" [2][9] - Companies like Yinfeng Co., which previously relied heavily on exports, are adapting their product offerings to cater to domestic consumers and are increasing their domestic sales proportion from 15% to 50% [3][4] Group 2 - Yinfeng Co. has shifted its focus to the domestic market by designing products that appeal to different age groups and utilizing online platforms for sales [3][4] - The company is also exploring markets in Europe, Japan, South Korea, and countries along the Belt and Road Initiative to mitigate risks associated with reliance on the US market [4][5] - Another company, Shanhai Home Products, is facing challenges due to its high export ratio to the US and is now actively seeking to expand its domestic market presence [5][6] Group 3 - The overall trend indicates a transformation in China's economic structure from being export-driven to being driven by domestic demand, necessitating support from government policies to encourage consumer spending [8] - Shandong province, as a major foreign trade hub, has reported a 7.6% year-on-year increase in imports and exports in the first four months of the year, with a focus on various product categories [9][10] - The provincial government is organizing multiple promotional activities to facilitate connections between foreign trade enterprises and domestic buyers, aiming to enhance the integration of domestic and foreign trade [10]

Group 1: Revenue Growth - The main reason for the company's revenue growth in 2024 is the expansion of third-party platform revenue, which reached 99.7% year-on-year growth, contributing significantly to the overall performance [2][3] - The North American market saw a growth of 38.83%, while the European market experienced a 31.31% increase in sales due to optimized logistics and diversified channels [3][4] Group 2: Market Strategy - The company is focusing on optimizing its warehousing layout and product upgrades to maintain a competitive edge in the European market, which has a fragmented market structure [3][4] - In 2025, the company plans to increase investment in categories with lower market share and large items, as well as enhance multi-channel investments to achieve sustained growth [3][4] Group 3: Tariff and Trade Impact - Following the US-China talks on May 12, 2025, the company anticipates a decrease in tariff costs due to the cancellation of 91% of tariffs imposed on Chinese goods, although some tariffs remain under negotiation [3][4] - The cancellation of the US small package tax exemption policy does not affect the company, as all products are exported through general trade [3][4] Group 4: Overseas Operations - The company currently operates over 300,000 square meters of self-operated overseas warehouses, with more than 200,000 square meters located in Europe [4] - In 2024, the company completed a comprehensive warehousing layout in the US, enhancing coverage and density across various regions [4] Group 5: AI Utilization - The company employs AI for customer service, enabling 24/7 multilingual support and improving service efficiency [4] - AI technology is also utilized in product image creation, reducing costs and shortening the time required for new product launches [4] Group 6: Shipping Costs - The company has signed long-term contracts for 2025 to mitigate the impact of fluctuating shipping costs, which are currently on a downward trend due to oversupply in the shipping market [4]

Core Viewpoint - Tai Li Technology, a company preparing for an IPO, has revealed its past practices of manipulating sales through fake orders and incentivizing positive reviews, raising concerns about its business ethics and compliance [1][3][4]. Group 1: Company Background - Tai Li Technology is positioned as a leader in vacuum packaging and biological preservation, serving major global retailers like IKEA, Costco, and Walmart [1]. - The company produces various household products, including seamless hooks, vacuum storage bags, preservation bags, and garbage bags [2]. Group 2: Controversial Practices - The company's prospectus disclosed that from 2019 to 2020, it engaged in practices of fake orders amounting to 398,000 yuan and 895,500 yuan respectively [3]. - In 2021, the company also reported 45,100 yuan in "cashback for positive reviews" and "cashback for photo sharing," which could equate to nearly 10,000 orders if calculated at 5 yuan per order [4]. - These practices ceased in 2022, coinciding with the company's IPO preparation and compliance guidance from Minsheng Securities [5][6]. Group 3: Compliance and Verification - Following the cessation of these practices, a verification was conducted by purchasing products from the company on major e-commerce platforms, which showed no evidence of the previous manipulative practices [7][8]. Group 4: Industry Perspective - The issue of fake orders and incentivized reviews reflects broader industry challenges, where businesses feel pressured by platform algorithms that prioritize sales and ratings, leading to unethical practices [9]. - This situation results in a detrimental cycle where honest businesses are pushed out, and consumers are misled by false reviews, illustrating the concept of "bad money driving out good" [9].

梦百合（SH 603313，收盘价：8元）5月13日晚间发布公告称，梦百合家居科技股份有限公司于2025年 5月9日召开的第四届董事会第二十八次会议审议通过了《关于以集中竞价交易方式回购公司股份方案的 议案》。现将公司2025年5月9日前十大无限售条件股东披露如下：倪张根持约1.94亿股，占比33.97%； 中阅资本管理股份公司－中阅聚焦9号私募证券投资基金持5238万股，占比9.18%；吴晓风持约2216万 股，占比3.88%；华泰证券资管－江苏信托－创富2号单一资金信托－华泰尊享稳进98号单一资产管理 计划持约1892万股，占比3.32%；中国工商银行股份有限公司－华安安康灵活配置混合型证券投资基金 持约763万股，占比1.34%；杭州哲云私募基金管理有限公司－哲云鸿泰私募证券投资基金持约529万 股，占比0.93%；湖南长心私募基金管理有限公司－长心长流私募证券投资基金持420万股，占比 0.74%；兴业银行股份有限公司－华安兴安优选一年持有期混合型证券投资基金持约358万股，占比 0.63%；刘冬梅持约321万股，占比0.56%；杭州哲云私募基金管理有限公司－哲云恒泰私募证券投资基 金持约302万股， ...

5月12日下午，《中美日内瓦经贸会谈联合声明》（以下简称"联合声明"）发布，引发全球市场关注，各国 股市普涨。 各券商首席分析师火速对联合声明进行解读。他们一致认为，联合声明的内容超市场预期，向市场释放积极信 号，短期内有望提振投资者风险偏好，利好中国权益资产。在行业配置方面，券商首席一致看好出口链条及科 技板块。 超预期！ 券商首席一致认为，联合声明意味着中美贸易谈判取得阶段性成果，关税暂缓及下调幅度超市场预期，关税冲 击大幅下降。 国金证券策略首席张弛分析称，根据联合声明，美国针对中国进口商品的关税税率由此前的145%降至30%， 另外24%的税率暂缓90天。"这一结果超出市场预期。对于出口而言，相比145%关税税率的'不可贸易'，当下 30%的税率水平对于出口板块而言压力大幅下降，尤其是在24%关税税率暂缓的90天内，可能会存在'抢出 口'的需求。"张弛向券商中国记者表示。 "联合声明的发布，标志着自4月'对等关税'冲突以来贸易摩擦出现实质性缓和。双方宣布在90天内暂停新增关 税、保留部分低位税率，并建立后续对话机制，释放出明显的'降温'信号。同时，对话机制也为双方提供了持 续沟通和解决问题的平台，有助 ...

Group 1 - Aikolan's controlling shareholder Liu Yi terminated the share transfer agreement for 4 million shares, which represents 5% of the company's total share capital, with no change in control [1] - Wancheng Group announced a cash dividend of 4.00 yuan per 10 shares, totaling 71.9959 million yuan, with the record date on May 19, 2025 [1] - Wanda Film plans to invest in Lezi Tiancheng and engage in strategic cooperation, acquiring a total of 7% equity in the company [2] Group 2 - China Resources Double Crane's subsidiaries received approval for two drugs, indicating progress in their product pipeline [3] - Fosun Pharma's subsidiary's drug was included in the breakthrough therapy program, highlighting its innovative potential [4] - Zhongheng Group's subsidiary received approval for naloxone injection, enhancing its product offerings [5] Group 3 - Shenzhen Airport reported a passenger throughput of 5.3202 million in April, a year-on-year increase of 23.50% [8] - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds, aimed at supporting tech innovation [10] - Jiuzhou Pharmaceutical received approval for a raw material drug used in treating severe depression, expanding its product range [12] Group 4 - Aihua Group reported a 25.38% decline in revenue for the first four months of the year, indicating potential challenges [27] - Changhua Group received a project designation notice from a well-known new energy vehicle company, with an expected total sales amount of approximately 108 million yuan [28] - Nanchao Food reported a slight revenue decrease of 0.98% in April, reflecting market conditions [30]

Core Insights - The company reported a revenue of 8.124 billion yuan for 2024, a year-on-year increase of 33.74%, but a net profit of 334 million yuan, a decrease of 19.21% year-on-year [1] - The decline in profit margins for 2024 is attributed to rising shipping costs and intensified market competition, with a gross margin of 34.65%, down 1.67 percentage points year-on-year [1] - The company plans to strengthen its presence in the European and emerging markets while optimizing its supply chain to mitigate tariff impacts [2] Financial Performance - 2024 full-year revenue: 8.124 billion yuan (up 33.74% YoY) [1] - 2024 full-year net profit: 334 million yuan (down 19.21% YoY) [1] - Q1 2025 revenue: 2.091 billion yuan (up 13.56% YoY) [1] - Q1 2025 net profit: 111 million yuan (up 10.30% YoY) [1] - 2024 gross margin: 34.65% (down 1.67 percentage points YoY) [1] - 2024 net profit margin: 4.11% (down 2.69 percentage points YoY) [1] Strategic Initiatives - Expansion in the European market through new product development and channel expansion [2] - Collaboration with mainstream platforms to explore opportunities in emerging markets such as Korea, Latin America, and the Middle East [2] - Increased procurement from Southeast Asia to reduce tariff impacts on shipments to the U.S. [2] Future Projections - Expected revenues for 2025-2027: 9.807 billion yuan, 11.734 billion yuan, and 13.998 billion yuan, with growth rates of 20.72%, 19.65%, and 19.29% respectively [2] - Projected net profits for 2025-2027: 364 million yuan, 484 million yuan, and 581 million yuan, with growth rates of 9.09%, 32.94%, and 20.17% respectively [2] - Expected EPS for 2025-2027: 0.91 yuan, 1.20 yuan, and 1.45 yuan per share [2]

晨会纪要（2025/05/12） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.05.12） 宏观及策略研究 情绪波动后的基本面博弈——2025 年 5 月宏观经济月报 固定收益研究 双降落地后，债市或回归基本面交易――利率债 5 月投资策略展望 行业研究 秘鲁安塔米拉铜矿停工，欧盟拟改变电车关税政策 ——金属行业 5 月投资策 略展望 轻工纺服一季度业绩均有承压，后续关注内需政策发力——轻工制造&纺织 服饰行业 2024 年年报&2025 年一季报业绩综述 证 券 研 究 报 告 晨 会 纪 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 要 晨会纪要（2025/05/12） 宏观及策略研究 情绪波动后的基本面博弈——2025 年 5 月宏观经济月报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，S ...

Core Viewpoint - Guangdong Taili Technology Group Co., Ltd. (Taili Technology) has disclosed the results of its initial public offering (IPO) and plans to raise approximately 4.62 billion RMB through the issuance of 27.07 million shares at a price of 17.05 RMB per share, with net proceeds expected to be around 3.7 billion RMB after deducting estimated issuance costs [3][4][5]. Fundraising and Use of Proceeds - The total number of shares issued is 27.07 million, with offline issuance accounting for 51.67% (approximately 12.59 million shares) and online issuance for 48.33% (approximately 11.78 million shares) [3][4]. - The planned fundraising amount was initially 5.42 billion RMB, which has been reduced by approximately 806.9 million RMB, leading to a net fundraising decrease of about 1.7 billion RMB [5]. - The funds will be allocated to the construction of a production and logistics center in Wuhan, a research and development center, an information system upgrade project, and to supplement working capital [4][5]. Financial Performance - Taili Technology's revenue for 2022, 2023, and 2024 is projected to be approximately 638 million RMB, 835 million RMB, and 1.02 billion RMB, respectively, with net profits of approximately 58.87 million RMB, 84.98 million RMB, and 87.66 million RMB [7]. - The company's total assets as of December 31 for 2022, 2023, and 2024 are estimated to be 5.39 billion RMB, 6.49 billion RMB, and 7.24 billion RMB, respectively [8]. - The asset-liability ratio is expected to decrease from 39.14% in 2022 to 30.47% in 2024, indicating improved financial stability [8]. Company Background - Taili Technology was established in March 2003 and is headquartered in Zhongshan, Guangdong Province, with a registered capital of 81.21 million RMB [5]. - The company specializes in the research, production, and sales of various home storage products and related functional materials, operating under brands such as "Taili," "LEVERLOC," and "Yishang" [5]. - The major shareholders include the founder and chairman, Shi Zhengbing, who directly holds 70.72% of the shares, and other investors [6].