Group 1 - Leisai Intelligent adjusted the share repurchase price limit from 25.00 yuan/share to 52.00 yuan/share [1] - Fulin Precision's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a 500 million yuan advance payment for production capacity [1] - Shenzhou Cell plans to issue up to 25 million A-shares to its controlling shareholder to raise no more than 900 million yuan for working capital [2] Group 2 - BOE Technology received a commitment for an 1.8 billion yuan stock repurchase loan from China Construction Bank [2] - Chengjian Development plans to publicly transfer 9.24% equity in Beijing Science and Technology Park Construction Group at a minimum price of 282 million yuan [2][3] - *ST Lingda's chairman and president Wang Mingsheng resigned, with Jin Yongfeng elected as the new chairman [4] Group 3 - Jiangsu Boyun's shareholder plans to reduce holdings by up to 3% of the company's shares [6] - Yuhua Tian's shareholders plan to reduce holdings by up to 6% of the company's shares [8] - Anpei Long's shareholder plans to reduce holdings by up to 3% of the company's shares [10] Group 4 - Dayu Water-saving plans to participate in the auction for 70% equity of Huai'an Design Institute [15] - InSai Group intends to purchase 80% equity of Zhizhe Brand for 642 million yuan [16] - Jinj Chicken's shareholder plans to reduce holdings by up to 2.99% of the company's shares [18] Group 5 - Chao Hongji's shareholder plans to reduce holdings by up to 3% of the company's shares [19] - Chuangye Huikang's shareholder intends to transfer 40 million shares to repay stock pledge financing [20] - Zhuangzi Island's shareholder plans to reduce holdings by up to 1% of the company's shares [21] Group 6 - *ST Renle received a decision from the Shenzhen Stock Exchange to terminate its stock listing [22] - SMIC's wholly-owned subsidiary plans to sell 14.832% equity of a subsidiary to Hunan Guoke Microelectronics [24]

家人们，今儿这大盘走得可真够磨人的！三大指数早盘集体低开震荡，截至午盘创业板指跌了0.48%，沪指勉强守住红盘边儿。作为在财经圈泡了20年的老 炮儿，帮主郑重得跟大伙儿念叨念叨，这盘面背后藏着啥门道。 农药板块今儿也挺给面儿，长青股份、先达股份这些票涨停。这可不是瞎炒——欧洲那边闹了虫灾，农药需求暴增，咱们国内龙头正好借机出口。更关键的 是，国内春耕旺季刚过，库存消化得差不多了，下半年可能迎来补库周期，这才是机构悄悄布局的底层逻辑。 再说说跌得惨的板块：足球概念、宠物经济这些新消费板块跌得稀里哗啦，金陵体育跌超10%，豪悦护理、天元宠物也跟泄了气的皮球似的。说白了，还是 消费复苏不及预期闹的——老百姓手里钱紧，非必要消费自然先往后排。不过换个角度看，这些板块跌出性价比后，反而可能藏着中长线机会，得持续跟踪 三季度的消费数据。 最后给大伙儿划重点：现在市场就像在走钢丝，主板卡在3300点不上不下，创业板还在磨底。作为中长线投资者，咱得有点"钓鱼"的耐心——有色金属板块 可以关注期货价格走势，算力板块盯着政策落地节奏，消费板块等旺季数据验证。记住了，别被日内波动牵着鼻子走，咱们要钓的是大鱼，不是眼前的虾 米。 我 ...

阳台山 图源：深圳新闻网 ● 2024年深圳市"十大体育赛事活动"授牌仪式在深圳市体育中心体育馆举行，宝安共有3项赛事入围三项榜单，成就"大满贯"。 ● 近日，宝安人才工作者赴东莞开展学习交流活动，学习东莞市在人才服务、人才阵地建设等方面的成功经验，推动宝安区人才工作及"1+10"人才阵地建 设。 ● 今天10:00！宝安区电子消费券开抢！ ● 六月，你的工资或多两笔钱！ ● 近日，区领导到新安街道走访调研企业，了解企业发展情况，并要求各有关部门积极对接企业需求，以更优服务助力企业在宝安做大做强。 ● 多家优质宝安企业携明星产品及应用解决方案亮相国内外行业盛会！ ● 世界汉学大会将首次在深圳宝安举办！ ● 速来投稿！"发现身边美好"文明实践活动聚焦"住得舒心"视角，期待你的热情参与，一起展现宝安宜居之美。 ● 今天下午，宝安区12个高考考点面向考生开放！ ● 2025年宝安区小学一年级、初中一年级新生网上报名将于6月7日开始。 ● 宝安区2025年秋季学期幼儿园招生工作开始啦！宝安区幼儿园招生系统操作指引。 ● 近日，由宝安团区委与区教育局联合主办的"Ai心启航·智护成长"湾区青少年心理健康科技节在宝安青少年 ...

2、板块概念方面，算力、农药、油气、煤炭等板块领涨；IP经济、美容护理、体育产业、宠物经济等 板块领跌； 3、两市共2091只个股上涨，60只个股涨停；2792只个股下跌，无个股跌停；14只股票炸板，炸板率 25%。 1、市场早间震荡调整，三大指数小幅下跌。算力概念股延续反弹，南凌科技、美利云、宁波建工等涨 停。农药股继续走强，苏利股份、先达股份、长青股份涨停。油气、煤炭等周期股拉升，大有能源、仁 智股份、福达合金等涨停。下跌方面，体育概念股走低，金陵体育、康力源跌超10%。个股跌多涨少， 沪深京三市超2900股飘绿，上午半天成交7633亿。午间收盘沪指跌0.06%，深成指跌0.18%，创业板跌 0.48%。 ...

对话商社：新消费的黄金纪元：新场景+新客群+新产品+ 新渠道 20250605 摘要 新消费区别于传统消费，后者依赖经济增长和收入提升，前者基于"幸 福等于效用和欲望"理论，强调情绪价值、性价比出海及极致成本优势。 2025 年国投证券新消费 50 组合表现良好，验证了新消费投资潜力。 国投证券看好 2025 年新消费板块的持续增长，尽管存在波动，但税收 政策和内需增长驱动新兴企业发展，如老铺黄金、泡泡玛特等。基本面 良好，未来一到两年行情仍具持续性，但需警惕资金在新科技与新消费 间的切换。 新消费定价抓手在于场景、客群、产品和渠道的创新。2018-2020 年 一级市场资本注入宠物经济、美容护理和餐饮等领域，催生一批国产品 牌，商业模式逐渐成熟，竞争格局改善，为新消费公司提供了发展机遇。 当前新消费行情并非全新产品周期，而是渠道、场景或客群变化驱动， 呈现百花齐放态势。前期资本注入的种子经过培育，推动行业发展，行 情由实际业绩支撑，如泡泡玛特和老铺黄金，估值具备支撑。 Q&A 新消费的黄金纪元是什么意思？国投证券策略团队对新消费的认知是什么？ 新消费的黄金纪元指的是在当前经济环境下，新的消费模式和趋势正在迅 ...

本周以来，A股市场持续回暖，热点不断。 6月5日盘后龙虎榜显示，在近期黄金珠宝、数字货币、新消费等热门概念股走热背后，机构是重要资金力量。 机构激烈博弈黄金珠宝板块 本周以来，黄金珠宝类公司交易热度火爆，龙虎榜显示，机构激烈参与该板块相关热门股博弈，一些股票被机 构大额净买入。 珠宝首饰企业潮宏基（002345.SZ）本周多次登上龙虎榜，该公司在本周二、周三连续两个涨停后，于6月5日 （周四）跌停。近几日龙虎榜显示，机构仍在持续买入潮宏基。潮宏基由于今年珠宝消费走热而成为大牛股， 今年以来股价涨幅高达169%。 潮宏基6月5日龙虎榜显示，当日买入前五席位中有3席为机构，卖出前五中有1席为机构，机构合计买入1.13亿 元，合计卖出0.34亿元。因此，当日机构净买入额为0.79亿元，呈现逆势买入趋势。此外，潮宏基6月4日龙虎 榜数据显示，近三个交易日（5月30日至6月4日），潮宏基买入及卖出前五席位中各出现3家机构，机构合计买 入1.73亿元，卖出1.18亿元。 萃华珠宝（002731.SZ）也在本周被机构大力买入。萃华珠宝在6月5日因连续三个交易日内，涨幅偏离值累计 达到20%而登上龙虎榜。龙虎榜数据显示，本周 ...

本周A股市场持续回暖，热点不断。 最新龙虎榜数据显示，黄金珠宝、数字货币、新消费等热门概念股火热背后，机构在激烈博弈。 激烈博弈黄金珠宝板块 本周，黄金珠宝类股票交易火爆，龙虎榜显示，机构激烈参与该板块相关热门股博弈，机构大额净买入 其中一些股票。 部分数字货币概念股 6月5日，数字货币概念股表现亮眼，盘后龙虎榜显示，多只相关概念股近期成交中也多有机构身影。 一些数字货币概念股被机构净卖出。例如，四方精创当天因换手率超30%而上榜，当天上涨了10.74%。 龙虎榜显示，四方精创当日买入及卖出前五席位中各出现两家机构，机构合计净卖出0.55亿元。 不过，也有个股仍被机构持续买入。例如，御银股份本周以来涨近28%，公司主要从事自有物业打造的 产业园运营业务和智能金融设备行业相关运营服务。龙虎榜数据显示，6月5日，御银股份买入、卖出前 五席位中机构数量分别为4家、2家，机构净买入额为1.07亿元。 中信证券近期研报称，近期中国香港地区、美国均不同程度推进稳定币相关法案立法进程。稳定币法案 有望间接助推香港地区金融行业数字货币相关支付、结算接口建设，拥有数字货币、数字人民币跨境结 算以及供应链金融项目经验的金融IT（ ...

中信证券股份有限公司、中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 中信证券股份有限公司（以下简称"中信证券"）、中泰证券股份有限公司 （以下简称"中泰证券"）受乖宝宠物食品集团股份有限公司（以下简称"乖宝 宠物"）股东 Golden Prosperity Investment S.A.R.L.（以下简称"出让方"）委托， 组织实施本次乖宝宠物首发前股东向特定机构投资者询价转让（以下简称"本次 询价转让"）。 根据《上市公司股东减持股份管理暂行办法》《深圳证券交易所创业板股票 上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 18 号— —股东及董事、高级管理人员减持股份（2025 年修订）》《深圳证券交易所上市 公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股份 （2025 年修订）》（以下简称"《询价转让和配售指引》"）等相关规定，中信 证券、中泰证券对参与本次询价转让股东的相关资格进行核查，并出具本核查意 见。 一、本次询价转让的委托 中信证券、中泰证券收到出让方关于本次询价转让的委托，委托中信证券 ...

Core Viewpoint - The article discusses the launch and rapid expansion of "Paiteshengsheng," a new pet fresh food brand founded by Hou Yi, the creator of Hema, highlighting its innovative approach and potential challenges in the pet food market [2][4][30]. Company Overview - "Paiteshengsheng" opened its first store in Shanghai in February 2024, attracting significant attention and foot traffic due to its fresh food offerings and instant delivery service [2][4]. - The brand completed a record-breaking $25 million (approximately 181 million RMB) angel round financing within six months of its establishment, showcasing its strong fundraising capability [4]. Market Strategy - The store features a 200-square-meter layout divided into three main areas: fresh food preparation, pet supplies, and a social interaction space for pet owners, enhancing customer experience [5][7]. - The brand offers a wide range of products, with over 50% being its own brand, and employs a low-price strategy, with fresh pet food priced at 24.9 RMB for 500 grams, significantly lower than competitors [7][16]. Expansion Plans - Hou Yi aims to open 100 stores in Shanghai by 2025, with rapid expansion already underway, having opened 12 stores by mid-May 2024 [12][14]. - The brand's growth is supported by a highly efficient supply chain, leveraging Hema's logistics to reduce costs and maintain high profit margins [14][20]. Consumer Engagement - The service model focuses on "human-pet synergy, in-store experience, and instant satisfaction," catering to the emotional needs of young pet owners [12][24]. - The brand has achieved a 45% repurchase rate and an average transaction value exceeding 200 RMB, indicating strong customer loyalty [12]. Industry Context - The pet food market is experiencing growth, with a projected market size of 300 billion RMB and a 7.5% annual growth rate in 2024, although fresh pet food currently represents only 5% of the market [26][30]. - The traditional pet food market is dominated by dry food brands, presenting a challenge for new entrants like "Paiteshengsheng" to shift consumer preferences towards fresh food [27][29]. Competitive Landscape - The brand faces competition from established dry food brands and must overcome consumer inertia towards existing products [27]. - The unique selling proposition of fresh food may be difficult to sustain as competitors may replicate the supply chain advantages and pricing strategies [29].

Financial Data and Key Metrics Changes - The company achieved its first-ever positive adjusted EBITDA for the fiscal year, with Q4 delivering $5.2 million and a full-year total of $5.4 million, marking a significant turnaround from a loss of $58 million three years ago [6][22][23] - Revenue for Q4 was $115.4 million, bringing full-year revenue to $484.2 million, a decrease of 1.2% year-over-year [18][22] - Gross margins improved to 63.6% in Q4 and 62.4% for the full year, reflecting a 73 basis point improvement over the previous fiscal year [10][21] Business Line Data and Key Metrics Changes - The commerce segment grew by 27% year-over-year, achieving $68.3 million for the full year, representing 14% of total revenue [8][19] - Bark Air generated $1.8 million in revenue for Q4 and nearly $6 million for the full year, indicating strong early demand [20] - Direct-to-consumer (DTC) business faced challenges due to a deliberate pullback in marketing spend, impacting subscriber growth [18][48] Market Data and Key Metrics Changes - The company noted a slowdown in consumer sentiment, which affected order placements, particularly in Q4 and Q1 [46][53] - Retail partners adopted a cautious approach due to tariff uncertainties, leading to a temporary slowdown in order placements [70] Company Strategy and Development Direction - The company plans to accelerate diversification of revenue streams away from Bark Box subscriptions, which accounted for approximately 85% of revenue last year [13][14] - Investments will shift towards new product lines, distribution channels, and services, including consumables and AI-driven applications for pets [12][14] - The company is reassessing its supply chain in response to tariff increases, with plans to diversify manufacturing outside of China [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty created by tariffs and economic conditions but expressed confidence in maintaining positive adjusted EBITDA [10][28] - The company is unable to provide full-year guidance due to macroeconomic volatility but remains focused on driving efficiency and agility [27][30] - Management expects Q1 total revenue to be between $99 million and $101 million, reflecting a 14% decline at the midpoint compared to the previous year [29] Other Important Information - The company ended the fiscal year with $94 million in cash, down $21 million in the quarter due to share repurchases and working capital timing [23] - Total marketing expenses in Q4 were $17.3 million, down from the prior year, reflecting a cautious approach in response to macroeconomic conditions [21] Q&A Session Summary Question: Can you provide more details on diversifying your supplier base outside of China? - Management is exploring alternative geographies for manufacturing and has the flexibility to shift production outside of China by the end of the fiscal year [36] Question: Update on progress migrating to the Shopify platform? - The migration to Shopify is mostly complete, with active subscribers now being directed to the new platform, which allows for more nimble operations and experimentation [40] Question: What dynamics are affecting the direct-to-consumer business? - The company experienced strong customer acquisition during the holiday quarter but faced challenges in Q1 due to consumer sentiment and tariff impacts, leading to a strategic shift in marketing focus [46][48] Question: How has demand in the commerce segment changed? - Demand in the commerce segment remains strong, with a 27% growth in fiscal 2025, although there was a temporary slowdown in order placements due to tariff concerns [52][54] Question: Should the company consider more aggressive share buybacks? - Management is cautious about share buybacks given the current environment but remains open to opportunities if the stock is undervalued [62][64]