Core Viewpoint - The company Aimer Co., Ltd. announced a cash dividend plan for the fiscal year 2024, proposing a distribution of 4 yuan per 10 shares, amounting to a total cash payout of 163 million yuan, which represents 99.55% of its net profit [2][3]. Company Financial Performance - For the fiscal year 2024, Aimer Co., Ltd. reported a total revenue of 3.163 billion yuan, a year-on-year decrease of 7.71% [3]. - The net profit for the same period was 163 million yuan, reflecting a significant year-on-year decline of 46.56% [3]. - The basic earnings per share were reported at 0.41 yuan, with a weighted average return on equity of 3.67% [3]. Dividend History - The company has a history of cash distributions since its listing, with the following details: - 2024: 10 shares dividend of 4 yuan (total cash payout: 163 million yuan, dividend yield: 3.06%) [3]. - 2023: 10 shares dividend of 7.5 yuan (total cash payout: 306 million yuan, dividend yield: 4.50%) [3]. - 2022: 10 shares dividend of 7.5 yuan (total cash payout: 300 million yuan, dividend yield: 4.03%) [3]. - 2021: 10 shares dividend of 2.5 yuan (total cash payout: 10 million yuan, dividend yield: 0.80%) [3]. - 2021 (June): 10 shares dividend of 4.5 yuan (total cash payout: 18 million yuan, dividend yield: 1.16%) [3]. Industry Context - In the textile and apparel industry, 38 companies have announced their dividend plans for 2024, with the highest cash payout being 2.684 billion yuan from Huali Group, followed by Semir Apparel and Youngor with payouts of 943 million yuan and 925 million yuan, respectively [4].

Market Overview - The three major indices showed mixed results on April 23, 2025, with the Shanghai Composite Index down 0.10% at 3296.36 points, while the Shenzhen Component Index rose 0.67% to 9935.80 points, and the ChiNext Index increased by 1.08% to 1949.16 points. The total trading volume in both markets was 12,296 billion yuan, an increase of approximately 1,398 billion yuan compared to the previous trading day [2]. Market Observation - The market opened high and experienced fluctuations throughout the day, with core broad indices showing more gains than losses. The growth sectors included the ChiNext 50 and the CSI 2000, while the dividend index and the STAR 50 faced declines. Over 3,100 stocks in the market rose, indicating a generally positive performance [3]. - In terms of sectors, automotive, machinery equipment, and communication sectors saw gains, while retail, agriculture, forestry, animal husbandry, and real estate sectors experienced declines [3]. Sector Performance - Automotive sector increased by 3.2% today, with a 4.1% rise over the past five days, 5.8% over the past 30 days, and 6.7% year-to-date [4]. - Machinery equipment sector rose by 2.5% today, with a 3.8% increase over the past five days, but a decline of 11.3% over the past 30 days and a 4.9% increase year-to-date [4]. - Communication sector saw a 1.7% increase today, with a 3.6% rise over the past five days, but a decline of 12.9% over the past 30 days and a 7.4% decrease year-to-date [4]. Hot Industry - Automotive - The automotive sector's positive performance is supported by policies aimed at stimulating demand, such as the trade-in policy and expanded subsidy coverage. The sector is expected to maintain high retail growth in the first half of 2025, with a favorable outlook for both volume and pricing [6]. Concept Themes - The sectors related to reducers, humanoid robots, and automotive thermal management saw significant increases, while gold concepts, corn, and dairy sectors faced declines [5].

Group 1: Beverage Market Dynamics - The beverage market is undergoing intense adjustments, with Danone reporting a 9.9% year-on-year sales growth in its China, North Asia, and Oceania region, reaching €936 million (approximately RMB 7.776 billion) in Q1 2025 [1] - Danone's water and beverage segment in the CNAO region saw a 10.2% increase in sales to €176 million (approximately RMB 1.462 billion), with the majority of revenue coming from the "Pulse" brand [1] - Eastroc Beverage's electrolyte water product "Bushi La" experienced a remarkable 261.5% year-on-year sales growth, reaching RMB 570 million in Q1 2025, with an annual target of RMB 3 billion [2] Group 2: Competitive Landscape - The packaged water market, a key segment for major players, is contracting, with Nongfu Spring reporting a 21.3% decline in revenue to RMB 15.95 billion in 2024, reducing its market share from 47.5% in 2023 to 37.2% [3] - China Resources Beverage's revenue from packaged water also fell by 2.6% to RMB 12.124 billion in 2024, with a significant decline of approximately 8.7% in the second half of the year [3] - Other beverage categories are helping to offset losses, with Nongfu Spring's tea beverage revenue increasing by 32.3% to RMB 16.75 billion, now accounting for 39.0% of total revenue [4] Group 3: Strategic Shifts - Beverage giants are increasingly focusing on multi-category development in response to market changes [5]

Investment Rating - The report indicates a positive outlook for the consumer sector, suggesting a gradual improvement in the fundamentals of the industry in 2025 [2][4]. Core Viewpoints - The consumer sector has shown a steady recovery, with March retail sales increasing by 5.9% year-on-year, driven by effective policies such as the trade-in program [4]. - The report highlights the importance of government policies in boosting domestic consumption, especially in the context of ongoing trade tensions [4]. - The report emphasizes the potential for growth in various segments, including duty-free, emotional consumption, and tourism-related industries [4]. Summary by Sections Market Weekly Review - The consumer sector experienced an overall increase, with textile and apparel, beauty care, food and beverage, retail, home appliances, and social services showing weekly gains of +1.57%, +0.43%, +0.24%, +0.24%, +0.18%, and +0.14% respectively [4]. - Notable stock performances included Anji Food (+50.00%), Haidar (+17.38%), and Guoguang Chain (+61.10%) [4]. - March retail sales reached a total of 5.9% year-on-year growth, with significant contributions from essential consumer goods [4]. Industry News and Key Company Announcements - The Ministry of Commerce and other departments released a work plan focusing on enhancing service consumption, proposing 48 specific measures to improve service quality and stimulate consumption [4][15]. - Companies like Juewei Foods and Encounter Small Noodles are expanding rapidly, with Encounter Small Noodles achieving a compound annual growth rate of 66.2% from 2022 to 2024 [15][16]. - The report notes that the trade-in policy has significantly boosted sales in home appliances, with over 35.7 million units sold, generating sales of approximately 124.7 billion yuan [4][17].

沪指4月18日下跌0.11%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为通信、房地产，涨 幅分别为1.59%、1.53%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.46%、2.45%。纺织服 饰行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出123.06亿元，今日有8个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨1.59%，全天净流入资金25.01亿元，其次是房地产行业，日涨幅为 1.53%，净流入资金为10.15亿元。 主力资金净流出的行业有23个，食品饮料行业主力资金净流出规模居首，全天净流出资金17.91亿元， 其次是电子行业，净流出资金为15.68亿元，净流出资金较多的还有计算机、农林牧渔、机械设备等行 业。 纺织服饰行业今日下跌1.54%，全天主力资金净流出7.69亿元，该行业所属的个股共104只，今日上涨的 有13只，涨停的有3只；下跌的有87只，跌停的有2只。以资金流向数据进行统计，该行业资金净流入的 个股有30只，净流入资金居首的是三夫户外，今日净流入资金1.06亿元，紧随其后的是红蜻蜓、ST金 一，净流入资金分别为2350.51万元、15 ...

4月15日百隆东方发布2024年度分配预案，拟10派2.6元（含税），预计派现金额合计为3.90亿元。派现 额占净利润比例为95.05%，以该股2024年度成交均价计算，股息率为4.80%。这是公司上市以来，累计 第14次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.6元（含税） | 3.90 | 4.80 | | 2023.12.31 | 10派3元（含税） | 4.47 | 4.97 | | 2022.12.31 | 10派5元（含税） | 7.41 | 8.39 | | 2021.12.31 | 10派5元（含税） | 7.37 | 9.08 | | 2020.12.31 | 10派2元（含税） | 2.95 | 4.81 | | 2019.12.31 | 10派0.6元（含税） | 0.90 | 1.29 | | 2018.12.31 | 10派0.88元（含税） | 1.32 | 1.64 | | 2017.12.31 | 10派1元（含税） | ...

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 华利集团(300979) 新锐客户增长强劲，积极扩张产能 l 事件点评 销量快速增长，新客户表现靓丽。分量价来看，公司 24 年销售 运动鞋 2.23 亿双，同增 ...

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com l 盈利预测及投资建议 公司新客户扩展顺利+老客户份额提升，积极扩张产能满足客户 需求，精细化管理下盈利稳健，在贸易摩擦下仍具增长韧性。我们预 计公司 25 年- ...

主力资金净流出的行业有12个，电子行业主力资金净流出规模居首，全天净流出资金51.80亿元，其次 是计算机行业，净流出资金为19.09亿元，净流出资金较多的还有基础化工、交通运输、食品饮料等行 业。 基础化工行业今日上涨1.19%，全天主力资金净流出8.06亿元，该行业所属的个股共398只，今日上涨的 有342只，涨停的有8只；下跌的有51只。以资金流向数据进行统计，该行业资金净流入的个股有199 只，其中，净流入资金超5000万元的有7只，净流入资金居首的是天晟新材，今日净流入资金7387.74万 元，紧随其后的是中毅达、丹化科技，净流入资金分别为6407.89万元、6216.64万元。基础化工行业资 金净流出个股中，资金净流出超5000万元的有8只，净流出资金居前的有石英股份、红宝丽、卫星化 学，净流出资金分别为5.11亿元、1.75亿元、1.63亿元。（数据宝） 基础化工行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300169 | 天晟新材 | 20.00 | 11.99 ...

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Outperform the Market" (maintained) [1][3][14] Core Views - In Q1 2025, Anta's main brand achieved high single-digit growth, while FILA also recorded high single-digit growth, and other brands saw a growth of 65-70%. The overall group revenue grew by double digits, indicating strong performance despite a high base [2][3][4] - The acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million is expected to enhance Anta's competitive position in the outdoor sports segment and align with its strategy of multi-brand globalization [3][9][14] - The report maintains profit forecasts for 2025-2027, expecting net profits of 134.8 billion, 154.6 billion, and 170.0 billion yuan respectively, with comparable profit growth rates of 13.0%, 14.7%, and 10.0% [3][14][16] Summary by Sections Q1 2025 Performance - Anta's Q1 2025 revenue growth was strong, with a healthy inventory level and stable discounts. The inventory-to-sales ratio was below 5, indicating good inventory management [3][4][5] - Breakdown of revenue growth showed high single-digit increases for Anta's main products and children's lines, with online sales growing in the low double digits and offline sales in the mid-single digits [5][6] Acquisition Details - The acquisition of Jack Wolfskin is valued at $290 million, with a price-to-sales ratio below 1. The deal is expected to close by the end of Q2 or early Q3 2025 [2][3][9] - Jack Wolfskin, known for its outdoor apparel and equipment, generated approximately €300 million in revenue in FY 2024, with a significant portion coming from Europe and China [10][13] Financial Projections - The report projects revenue growth for Anta from 62.36 billion yuan in 2023 to 96.21 billion yuan in 2027, with a compound annual growth rate of approximately 8.4% [16][19] - The expected net profit for 2025 is 134.8 billion yuan, reflecting a decrease of 13.6% compared to 2024, followed by a recovery in subsequent years [16][19]