作 者丨雷晨 编 辑丨张伟贤 黎雨桐 小米集团合伙人兼总裁、手机部总裁、小米品牌总经理卢伟冰近日在微博上透露，"小米手机 未来5年高端化的目标之一，就是要在6 0 0 0元+价格段实现规模化的突破"，并表示Ultr a是 6K+突破的关键产品，对小米1 5 Ultr a的产品力充满信心。 发布会另一大看点是小米SU7 Ultr a，预售价8 1 . 4 9万元。性能上，该车搭载双V8 s+V6 s三电 机全轮驱动系统，最大马力1 5 4 8PS，零百加速仅需1 . 9 8秒，实测最高时速可突破3 5 0 km/ h， 百零制动距离3 0 . 8米，性能对标百万级超跑。 在发布会前夕，雷军曾提醒喜欢Ultr a的消费者提前下载小米汽车Ap p小定，以获得优先排产 资格。 2月2 7日上午，小米股价继续冲高，市值一度逼近1 . 5万亿港元，成为市场焦点。 创始人雷军 的财富水涨船高，一度成功超越农夫山泉创始人钟睒睒，成为中国新首富， 然而随着股价回 调，首富之名又迅速易主。 随后，据红星新闻报道， 针对小米创始人雷军身家超过农夫山泉创始人钟睒睒、升任"中国新 首富"的消息，雷军在武大校友群回应称：假新闻。 另据彭 ...

定量研究 | 定量研究专题报告 证券研究报告 报告日期 2025 年 02 月 23 日 分析师：郑兆磊 S0190520080006 zhengzhaolei@xyzq.com.cn 相关研究 【兴证金工】布局" 硬科技"突围新思路， 科创板全能选手来袭—鹏华上证科创板 综合 ETF 盛大发行中-2025.02.19 【兴证金工】浙江国资创新崛起，杭州概 念领跑市场—浙江国资 ETF 投资价值分 析-2025.02.13 【兴证金工】政策春风助力，把握科创板 块投资机遇-2025.02.12 政策支持不断落地，科技东风带来民企经济新启程— —弘毅远方国证民企领先 100ETF 投资价值分析 投资要点： 风险提示：基金投资有风险，本报告不代表投资建议；基金经理历史业绩不代表未来， 请投资者知悉。 | 一、 | 支持政策不断落地，科技东风带来民企经济新启程 | 4 | | --- | --- | --- | | （一） | 民营企业是中国经济的重要支撑 | 4 | | （二） | 支持政策不断落地，民营企业迎来历史机遇期 | 5 | | （三） | 民营企业在中美科技竞争前沿一线的重要性再度凸显 | 6 | | ...

Summary of Jianpai Furniture Group's 2024 Earnings Conference Call Company Overview - **Company**: Jianpai Furniture Group Co., Ltd. - **Industry**: Home Furnishing and Smart Home Solutions Key Points and Arguments Financial Performance - **2024 Revenue**: 7.131 billion yuan, a decrease of 6.76% year-on-year [3] - **2024 Net Profit**: Decreased by 85.18% [3] - **Q1 2025 Revenue**: 1.050 billion yuan, down 7.46% year-on-year, primarily due to adjustments in export and engineering businesses [4] - **Retail Channel Growth**: Domestic retail channel revenue increased, indicating effective operations in this area [4] - **Gross Margin**: Decreased by 3.01 percentage points in 2024 due to competitive pricing pressures [3] - **Cash Flow**: Operating cash flow was 514 million yuan, down 55.9% year-on-year, but still maintained a stable cash flow for ongoing operations [6] Strategic Focus - **Market Challenges**: The company faces ongoing adjustments in the real estate market and intensified competition in the industry [2] - **Long-term Vision**: The company aims to enhance living quality through smart home solutions and believes in the sustained demand for high-quality home products [2] - **Product and Marketing Strategy**: Plans to implement a dual strategy focusing on product innovation and marketing to drive growth [2][6] Product Development - **R&D Investment**: R&D expenses reached 372 million yuan, accounting for 5.21% of revenue, with 739 patent applications submitted in 2024 [5] - **Smart Products**: Sales of smart toilet products increased by 8.94%, indicating strong market potential [5] - **Sustainability Initiatives**: The company is committed to developing water-saving and energy-efficient products, with several products receiving green certifications [5] Market Trends - **Smart Home Market**: The demand for smart home products is expected to grow, with a focus on smart bathroom products like smart faucets and mirrors [21] - **Industry Consolidation**: The company acknowledges the trend of mergers and acquisitions in the industry as a means to enhance competitiveness and market share [20] Shareholder Engagement - **Dividend Distribution**: The company distributed a cash dividend of 1.32 yuan per 10 shares, totaling approximately 126 million yuan [6] - **Share Buyback**: As of March 2025, the company had repurchased 15.5393 million shares, representing 1.6043% of its total share capital [6] Governance and Oversight - **Independent Board Oversight**: The independent board member emphasized active participation in governance and communication with external auditors to ensure compliance and transparency [22] Investor Interaction - **Q&A Session**: The conference included a Q&A segment addressing investor concerns about industry trends, company strategies, and the effective use of raised funds [20][23] Additional Important Content - **Digital Transformation**: The company is leveraging AI and digital technologies in its manufacturing processes to enhance efficiency and product quality [7][8] - **Consumer-Centric Approach**: The company emphasizes a consumer-focused culture, aiming to meet and exceed consumer expectations through continuous innovation [15] This summary encapsulates the critical insights from Jianpai Furniture Group's earnings conference call, highlighting the company's financial performance, strategic direction, product development, market trends, and governance practices.