市场继续关注贸易谈判最新进展。 上周国际市场风云变幻，贸易形势缓和前景提振投资者信心。美股全线走高，道指周涨3.00%，纳指周 涨3.42%，标普500指数周涨2.92%。欧洲三大股指表现不俗，英国富时100指数周涨2.15%，德国DAX 30指数周涨3.80%，法国CAC 40指数周涨3.11%。 本周看点颇多，外界继续密切聚焦贸易谈判进展。在关税的不确定性中，美联储或继续按兵不动，市场 将关注未来几个月降息的可能性。在欧洲，预计英国央行将降息，瑞典和挪威也将作出利率决定。欧美 经济体更新4月采购经理人指数PMI。财报季继续进行，AMD、迪士尼等披露业绩。 美联储或按兵不动 上周美国总统特朗普通过签署命令来缓和汽车关税的打击，软化其在贸易问题上的立场。美国政府还表 示，已非常接近与印度和韩国签署贸易协议。 美联储将于本周召开议息会议，尽管特朗普最近向美联储施压要求其降息，市场普遍预期联邦公开市场 委员会（FOMC）将按兵不动。目前，通货膨胀率仍然居高不下，美国就业市场仍然健康。 本次会议的焦点将集中在美联储对今年晚些时候是否可能因关税而降息以支撑经济的任何信号的附带评 论上。然而，美联储需要在支持经济的需要 ...

Core Insights - The chairman of Anzheng Fashion, Zheng Anzheng, emphasizes a commitment to transparency and communication with shareholders through annual letters, highlighting strategic themes for each year [1] - The 2024 theme focuses on quality, technology, and innovation as the foundation for a new future in fashion, with detailed strategic initiatives outlined [1] Financial Performance - In 2024, Anzheng Fashion reported a total revenue of 2.034 billion yuan, showing a slight decline year-on-year [2] - The brand apparel segment generated 1.248 billion yuan, down 8.21% year-on-year, while the e-commerce service segment saw revenue of 733 million yuan, up 9.34% [2] - The main brand JZ Jiuzi achieved a comparable growth of 12% in Q1 2025, indicating a positive trend in profitability for core distributors [2] Strategic Initiatives - The company is focusing on brand upgrades, channel optimization, and enhancing the "quality-price ratio" as core operational goals [4] - The brand strategy aims to position JZ Jiuzi as a "mass daily luxury" product, enhancing brand influence through digital retail upgrades and international showcases [3] - Anzheng Fashion is transitioning towards a "technology-driven fashion ecosystem," leveraging AI and digital strategies to create a comprehensive retail experience [3] Market Outlook - The company expresses confidence in the long-term trend of consumer upgrades in China, aiming to expand both domestic and international business opportunities [4] - The e-commerce service segment is seen as a crucial support for the company's transformation, with initiatives to enhance cross-border e-commerce channels [3]

公司的发展成果更是令人瞩目。运行短短一年，杭州目焦先后与 3000 多家品牌建立了紧密连接，在抖 音平台累计创造了 GMV 近 15 亿。这一成绩的取得，离不开公司不断拓展的业务版块。达人直播中， 众多达人凭借自身特色吸引粉丝购买产品;品牌店播让品牌能够更直接地与消费者沟通;整合营销通过多 种手段提升品牌知名度与产品销量;短视频制作则以优质内容为品牌引流。 在品牌合作方面，杭州目焦展现出了强大的吸引力。无论是知名大品牌，还是新兴的小众品牌，都纷纷 选择与目焦携手。因为目焦能够根据不同品牌的特点，量身定制营销方案，帮助品牌精准触达目标客户 群体。 展望未来，杭州目焦电子商务有限公司将继续凭借其创新的理念、强大的资源整合能力以及对市场趋势 的敏锐洞察力，在电子商务领域不断深耕，创造更多辉煌，为消费者带来更多优质的购物体验，为品牌 提供更高效的营销服务，成为电商行业的领军企业。 在当今蓬勃发展的电子商务领域，杭州目焦电子商务有限公司宛如一颗冉冉升起的璀璨新星，绽放着耀 眼的光芒。 杭州目焦成立于2020年7月2日，自诞生起便怀揣着在电商世界开疆拓土的宏伟志向。它的背后，是实力 雄厚的泰洋川禾集团。泰洋川禾凭借在艺人 ...

自美国挥舞关税大棒以来，我国部分外贸企业受到了一定冲击，与此同时，各方的帮扶举措也如"雪片般"涌向这些企业。 证券时报记者近期走访多个"出口转内销"展销会以及对接会获悉，国内大型商超、电商平台正积极帮助外贸企业拓宽内销渠道，"出口转内销""内外贸一体化"等举 措的成效初步显现。不过，帮扶仅是短期纾困下的"救急"之举，从长远看，"出口转内销"是一项系统性工程，需要外贸企业在产品适应性、品牌建设等方面开展系 统性变革，从"救急"转向常态化运营，以适应国内市场需求。 多方助力解燃眉之急 4月27日，大润发上海大宁店的一楼中庭，正在举行一场百货"外贸优品中华行"巡展销售活动，涵盖厨具、锅具、整理收纳、户外用品等商品，不少消费者正在选 购。大润发全国百货商品部总监秦聪接受证券时报记者采访时透露，因受顾客欢迎，原本计划4月25日就结束的巡展销售活动，延期到5月3日，后续还有望在大润 发其他门店开展。 秦聪向记者透露，截至4月27日，大润发自4月13日启动"外贸优品中华行"项目以来，共收到157家外贸企业的提报，目前达成意向合作的有91家，其中52家已经达成 立项合作。 京东出口转内销扶持计划深圳负责人介绍，京东预计一年投 ...

"电商连中泰，共享新机遇"，4月28日，由山海图主办、连连国际协办的"2025泰国电子商务大会"在泰 国曼谷盛大启幕。本次峰会围绕"政策-平台-服务-运营"全链路输出干货，各领域专家深入剖析痛点并提 出切实可行的落地策略，为企业提供了具有实操性的指导建议。 本次峰会汇聚泰国电商全产业链550+企业代表，包括中泰商协会、主流电商平台、物流公司、支付服 务商、知名品牌大卖家、MCN机构及3C、家居、美妆等垂直领域品牌方，吸引新华社、ThaiRathTV、 暹罗时报、中国网、泰国网、澜象网等数十家中泰权威媒体全程报道。 此前山海图在印尼、越南、中国等地举办过11场千人规模的线下论坛活动，涉及制造业、科技、电商、 新能源、化工、企业服务等多个行业。本次是电商主题的第四场大会，聚焦"政策驱动、生态共建、本 土化突围"三大议题，邀请到电商平台、电商服务企业、知名MCN机构、泰国本土优秀卖家的高管上台 致辞分享。 "不论是官方还是民间都预示着这里是中国企业可以深耕的沃土"，在本次大会上，山海图创始人兼CEO 张平带来《泰国电商发展特点及机遇》主题分享，从泰国电商市场现状、挑战、投资机会等多个维度解 读泰国电商市场的情况。 ...

近期若羽臣(003010)发布2025年一季报，证券之星财报模型分析如下： 财务概况 若羽臣(003010)在2025年一季度实现了显著的业绩增长。根据最新发布的财报，公司营业总收入达到 5.74亿元，同比上升54.16%；归母净利润为2742.2万元，同比上升113.88%；扣非净利润为2520.26万 元，同比上升107.62%。 盈利能力 公司在盈利能力方面表现出色。毛利率为53.94%，同比增加了118.84%；净利率为4.78%，同比增加了 38.74%。每股收益为0.17元，同比增长了122.64%。 成本与费用 尽管收入和利润大幅增长，但公司的三费(销售费用、管理费用、财务费用)占比也显著上升。三费总计 2.79亿元，占总营收的比例为48.69%，同比增幅达143.44%。这表明公司在成本控制方面面临一定压 力。 资产与负债 截至报告期末，公司货币资金为7.62亿元，同比增加89.52%；有息负债为4.07亿元，同比增加 122.01%。有息资产负债率已达24.54%，建议关注公司债务状况。 应收账款 应收账款为1.34亿元，与去年同期基本持平，但应收账款与利润的比例达到了126.97%，建议关 ...

Financial Performance - The company reported a basic earnings per share of -0.0213 yuan for 2024, a decrease of 156.95% compared to 0.0374 yuan in 2023 [1] - The net profit for 2024 was -0.12 billion yuan, down 148% from 0.25 billion yuan in 2023 [1] - The operating revenue decreased by 19.21% to 2.44 billion yuan in 2024 from 3.02 billion yuan in 2023 [1] - The return on equity was -1.01% in 2024, a significant decline from 2.87% in 2023 [1] - The net asset per share fell by 54.77% to 1.09 yuan in 2024 from 2.41 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 14,643.93 million shares, accounting for 35.16% of the circulating shares, a decrease of 2,301.90 million shares from the previous period [2] - Shanghai Xiangrui Enterprise Management Consulting Firm holds 6,027.63 million shares, representing 14.47% of the total share capital, unchanged from the previous period [3] - Jiangxi Changjiu Group Co., Ltd. holds 3,873.34 million shares, accounting for 9.30%, also unchanged [3] - NQ3 Ltd. reduced its holdings by 189.65 million shares to 727.79 million shares, representing 1.75% of the total [3] - Several new shareholders entered the top ten, including a fund with 234.39 million shares and Sun Jiaying with 213.25 million shares [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]

在佳木斯市服务民营经济高质量发展暨企业家大会上，市青年电商联合会会长王博的发言铿锵有力，展 现了民营企业家敢闯敢拼、创新求变的精神风貌。 "三载耕耘路，春华结硕果。"谈及协会的发展历程，王博感慨万千。 佳木斯市青年电商联合会会长王博（佳木斯市委宣传部供图） 他说，三年来，联合会会员数量从无到有，已发展至近百家，成功孵化"礼遇佳木""新联优选"等多个品 牌，吸引22家互联网企业入驻园区，累计利税突破1.04亿元。"这些成绩的取得，离不开市委市政府优 化营商环境的政策支持，更离不开协会团队的共同努力。"政府的服务理念让我们如沐春风，视企业 为'掌上明珠'的态度，坚定了我们发展的信心。"王博说道。 在推广本地产品上，联合会依托佳木斯丰富的农林牧渔业资源，构建了线上线下融合的电商平台。王博 特意提到，通过整合六县四区及农高区的农副产品，协会成功将300多款名优特产推向全国市场。值得 一提的是，联合会率先引入数字VR技术，打造"一街两馆"——网红地下商业街、农副产品体验馆和城 市文创体验馆。 从传统商人到电商领军者，王博用20年诠释了新时代企业家的担当（佳木斯市委宣传部供图） "创新是发展的核心动力，政府的项目审批'绿 ...

Core Viewpoint - Baozun E-commerce (09991) reported a total revenue of 9.478 billion yuan for the fiscal year 2024, representing a year-on-year growth of 6.07%, while the net profit attributable to shareholders was a loss of 185 million yuan, an improvement from a loss of 278 million yuan in the previous year [2] Financial Performance - Total revenue for 2024 was 9.478 billion yuan, up 6.07% year-on-year [2] - Net profit attributable to shareholders was a loss of 185 million yuan, compared to a loss of 278 million yuan in the same period last year [2] - Operating cash flow net amount was 101 million yuan, down 77.41% year-on-year [21] - Basic earnings per share were -1.03 yuan, with a weighted average return on equity of -4.57%, an increase of 2.19 percentage points from the previous year [2][17] Valuation Metrics - As of April 23, the price-to-book ratio (TTM) was approximately 0.25 times, and the price-to-sales ratio (TTM) was about 0.11 times [2] Business Model - Baozun E-commerce primarily provides brand e-commerce solutions, including IT solutions, online store operations, digital marketing, customer service, and warehousing and fulfillment [8] - The company operates under three business models: distribution model, service fee model, and consignment model, offering omnichannel solutions across various platforms [8] Cash Flow and Investment Activities - Cash flow from financing activities was -19.737 million yuan, a decrease of 11.704 million yuan year-on-year [21] - Cash flow from investment activities was -818 million yuan, compared to -340 million yuan in the previous year [21] Asset and Liability Changes - As of the end of 2024, cash and cash equivalents decreased by 30.1%, and right-of-use assets decreased by 28.29% [29] - Prepayments increased by 25.18%, while inventory rose by 6.92% [29] - Lease liabilities decreased by 25.19%, while short-term borrowings increased by 9.43% [32] Liquidity Ratios - The current ratio was 1.93, and the quick ratio was 1.63 as of 2024 [38]

Core Insights - The integration of domestic and foreign trade is driving significant changes in the market, leading to a migration of goods, people, and platforms [1] Group 1: Foreign Trade Initiatives - Dazhonghua's "foreign trade ginger" has become popular, with the first product launched under the "Foreign Trade Quality Products into Supermarkets" initiative selling for 4.98 yuan per 500g [2] - Dazhonghua is actively connecting with multiple export-to-domestic enterprises, including a cod fish product from a Shandong supplier [2] - The "Foreign Trade Quality Products China Tour" plan is progressing steadily, with a new green registration channel for foreign trade enterprises established on Dazhonghua's website [2] Group 2: Alibaba's Support for Exporters - Alibaba International Station has dispatched thousands of staff to various foreign trade industrial zones to assist businesses facing inventory issues [3] - The platform is facilitating connections with domestic sales channels and simplifying processes for merchants to enhance their market exposure [3] - Alibaba is also offering necessary tariff exemptions and new customs code features to improve clearance efficiency for affected orders [3] Group 3: AI and Market Expansion - There has been a significant increase in orders from Europe, with France seeing a 125% growth in March [4] - Generative AI is improving communication efficiency, allowing direct interactions in local languages, thus enhancing order completion rates [4] - Emerging markets in the Middle East, South America, and East Asia are experiencing robust growth, with Argentina and Chile seeing order increases of 101% and 70% respectively [4] Group 4: Private E-commerce Efforts - Pinduoduo has launched a "trillion support" plan, while JD Group commits to purchasing at least 200 billion yuan worth of export-to-domestic products over the next year [5] - Mengxiang Technology has initiated a "Foreign Trade Quality Products Special Support Plan," establishing a green channel for over 100 foreign trade enterprises [5] - The company provides various services, including traffic support and brand building, to help foreign trade businesses adapt to the domestic e-commerce environment [5]