编号：2025-03 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 红思客资产、启富证券、含金量私募、太平集团、中金财富、 宁波银行、华润金控、太古投资、远邦教育、和君咨询、兴元 投资、易方达 时间 2025 年 5 月 28 日-5 月 29 日 地点 深圳市维海德技术股份有限公司会议室 上市公司接待人 员姓名 董事会秘书：杨莹 证券事务代表：汪慧 投资者关系活动 主要内容介绍 第一部分：介绍公司基本情况 公司主要从事高清及超高清视频会议摄像机、视频会议终端、 会议麦克风等音视频通讯设备的研发、生产、销售和相关技术 服务，是我国音视频通讯设备及解决方案的主要供应商之一， 产品广泛应用于商务视频会议、教育录播、政企业务、远程教 育、远程医疗、网络直播、红外测温等多个领域。 第二部分：问答 Q1：公司所在行业未来发展趋势？ | | 提升。 | | --- | --- | | | Q5：供应链优化情况？ | | | 答：供应链优化方面，公司将推进设备智能化升级与数字化系 | | | 统的深度协同，构建数智化生产体系，提升自 ...

多位业内人士表示，从此次中美"关税战"来看，中美贸易已步入新阶段，贸易产业链、价值链和供应链 关系都将面临重塑。 北京商报记者丨金朝力 程靓 距离5月12日《中美日内瓦经贸会谈联合声明》发布已过去半个月。在中美关税博弈按下"暂停键"的窗 口期内，中美贸易供需迎来全面反弹。一边是美国企业库存见底，催促发货；一边是中国外贸商订单量 飙升，中美航线舱位爆满、集装箱一柜难求。然而，90天后情况会如何？"不确定性"犹如一把"悬顶之 剑"压在中国外贸商家及企业的心头。 北京商报记者在调查中发现，从提前布局多元市场，到发力高附加值产品，再到出口转内销，中国商家 及企业的转型步伐不断加快，持续为更长远的贸易发展探寻机遇、开拓新路。长期来看，中国依然是世 界第一贸易大国，并且正逐渐成为"被追赶"的经济体，出海发展势在必行。外贸商家及企业既要下定决 心摒弃成本上的比拼，转向创新层面的竞争，又要认真思考如何落实"两条腿走路"的战略。 提前布局多元市场 "之前物流费涨了50%，现在又降下来了。"从事跨境物流行业近十年的张珂对北京商报记者说道。中 美"关税战"对业务影响最明显的时期是4月初到5月初。实际上，在5月12日中美互降关税声明 ...

Group 1: Core Insights - SpaceX CEO Elon Musk proposed a $5 billion exclusive satellite communication partnership to Apple, which was rejected, intensifying competition in the satellite communication sector [2] - Apple opted to collaborate with Globalstar for emergency messaging services on the iPhone 14, despite Musk's offer for SpaceX to provide exclusive services [2][4] - The dispute centers around spectrum resource allocation, with SpaceX accusing Globalstar of inefficient use of resources and attempting to monopolize spectrum [4][10] Group 2: Company Actions and Strategies - Apple invested an additional $1.5 billion in Globalstar to enhance satellite communication capabilities and is exploring investment in EchoStar for more spectrum resources [5] - SpaceX is accelerating its mobile satellite service with the Starlink project, having launched over 550 satellites, but faces challenges with device compatibility for portable use [7] - SpaceX and T-Mobile plan to launch satellite phone services by summer 2025, while Apple maintains strict control over its iPhone software ecosystem, leading to ongoing technical and business model disagreements [10] Group 3: Industry Implications - The competition for spectrum resources is critical as satellite communication technology becomes more widespread, affecting the competitive landscape among companies like Apple and SpaceX [10] - Industry experts highlight that the fairness of spectrum allocation will directly influence future market dynamics in satellite communications [10]

Group 1 - The core consumer price index (CPI) in Australia for April 2025 shows a year-on-year increase of 2.4%, slightly above the market expectation of 2.3% [1] - The monthly inflation rate, excluding volatile items like fruits, vegetables, and automotive fuel, rose to 2.8% in April from 2.6% in March [1] - The trimmed mean inflation rate, a key indicator of core inflation, increased from 2.7% to 2.8%, remaining within the Reserve Bank of Australia's target range of 2-3% [1][2] Group 2 - Specific price changes in April include a 3.1% year-on-year increase in food and non-alcoholic beverages, down from 3.4% in March, and a decrease in tobacco and alcohol prices from 6.7% to 5.7% [1] - Housing prices increased from 1.8% to 2.2%, with rental prices decreasing from 5.2% to 5% and new housing prices rising from 1% to 1.2% [1] - Electricity prices shifted from a decline of 9.6% to a decline of 6.5%, while furniture and household equipment prices rose from 0.6% to 1% [2]

Economic Growth - The region's economy showed stable growth from January to April, with industrial production increasing significantly, as the added value of industrial enterprises above designated size grew by 8.0% year-on-year [1] - The high-tech manufacturing sector experienced remarkable growth, with the added value increasing by 28.9% year-on-year, driven by advancements in "Artificial Intelligence+" [1] Industrial and Service Sector Performance - Key sectors such as optical electronic devices, lithium-ion batteries for vehicles, new energy vehicles, service robots, and industrial robots saw substantial production increases, with year-on-year growth rates of 130%, 66.5%, 47.3%, 32.0%, and 30.6% respectively [1] - The service industry continued to recover, with high-tech service enterprises reporting an 18.7% increase in revenue year-on-year, particularly in intellectual property services and technology transfer services, which grew by 150% and 69.0% respectively [1] Consumer Market and Investment - The consumer market remained stable, with retail sales of consumer goods above designated size increasing by 3.3% year-on-year, driven by the "old-for-new" policy, particularly in communication equipment and home appliances, which saw increases of 52.8% and 38.6% respectively [2] - Fixed asset investment grew by 1.4% year-on-year, with industrial investment rising by 11.3%, accounting for 44.2% of total fixed asset investment [2] Foreign Trade and Public Budget - The total foreign trade import and export volume reached 258.41 billion yuan, a year-on-year increase of 16.9%, with significant growth in trade with ASEAN, EU, Africa, and the Middle East [2] - General public budget expenditure was 210.46 billion yuan, up 8.6% year-on-year, with 79.5% allocated to social welfare [2] Employment and Consumer Prices - The consumer price index saw a slight year-on-year decrease of 0.3%, while urban employment figures showed positive trends with 143,900 new jobs created [3]

证券代码：002289 证券简称：*ST宇顺 公告编号：2025-053 深圳市宇顺电子股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 关规定，经深圳市宇顺电子股份有限公司（以下简称"公司""本公司"）申请， 公司股票（证券简称：*ST 宇顺；证券代码：002289）将于 2025 年 5 月 26 日 （星期一）开市起复牌。 动、当前静态市盈率、市净率等估值指标较同行业可比上市公司有较大的偏离， 公司提请广大投资者充分了解股票市场风险因素，理性判断、谨慎投资，注意投 资风险。 的 2024 年度净利润、扣除非经常性损益后的净利润均为负值且扣除后营业收入 低于 3 亿元，触及了《深圳证券交易所股票上市规则》第 9.3.1 条（一）的规定， 自 2025 年 5 月 6 日起，深圳证券交易所对公司股票交易实施退市风险警示。如 果公司 2025 年度出现《深圳证券交易所股票上市规则》第 9.3.12 条规定的情形， 公司股票将被终止上市。 一、关于公司申请股票交易停牌核查及复牌情况 自 2025 年 3 月 31 日至 2025 年 ...

Group 1 - The core viewpoint is that China's consumption market is showing stable growth, driven by effective policies and promotional activities [1][2] - In April, retail sales of goods increased by 5.1% year-on-year, with a 0.5 percentage point acceleration compared to the first quarter [2] - The "old for new" consumption policy has significantly boosted sales, particularly in home appliances, cultural office supplies, furniture, and communication equipment, with respective year-on-year growth rates of 38.8%, 33.5%, 26.9%, and 19.9% [2] Group 2 - The digital product subsidy policy has led to a notable increase in sales, with 48.8 million consumers purchasing 51.48 million digital products, generating sales of 143.26 billion yuan [1] - From January to April, retail sales of communication equipment increased by 25.4% year-on-year, ranking first among 16 categories of consumer goods [1] - The sales of new energy passenger vehicles surged by 33.9% in April, achieving a penetration rate of 51.5% [2] Group 3 - Online consumption is steadily growing, with online retail sales increasing by 7.7% year-on-year, and physical goods online retail sales growing by 5.8%, accounting for 24.3% of total retail sales [2] - E-commerce is enhancing domestic circulation and international cooperation, with significant contributions to improving consumption quality [2][3] - The integration of industrial e-commerce is facilitating foreign trade and domestic sales, with over 3,100 foreign trade enterprises participating in online activities, generating over 1.1 billion yuan in sales [3]

Core Viewpoint - *ST Yushun's stock price has experienced significant volatility, leading to a suspension of trading for verification, with a notable increase of 204.18% from 4.51 CNY to 14.54 CNY between March 31 and May 20, 2025 [2][4][5] Group 1: Stock Price Movement - The stock price surged from 4.51 CNY to 14.54 CNY, marking a cumulative increase of 204.18% [2][4] - The stock recorded 22 out of 25 trading days with price increases, indicating abnormal trading activity [4][5] - The company has been suspended from trading since May 21, 2025, for a period not exceeding three trading days due to the unusual price fluctuations [2][4] Group 2: Valuation Metrics - The company's current static P/E ratio is 38.22, and the P/B ratio is 17.58, which are significantly higher than those of comparable companies [5][6] - Among comparable companies, the highest P/B ratio is 12.11 for OFILM, while the lowest is 1.65 for Jingwei Huikai [5] Group 3: M&A Activity - The company is planning a major asset restructuring involving the acquisition of 100% equity in three data center companies, which is expected to transform its business model [6][7] - The restructuring announcement on April 22, 2025, coincided with the stock price increase, suggesting potential speculative trading [6][8] - The restructuring is still in the planning stage and faces uncertainties, including the need for further negotiations and approvals [7][8] Group 4: Financial Health and Risks - As of the end of Q1 2025, the company reported cash reserves of 14.50 million CNY and total liabilities of 155 million CNY, indicating potential financial strain [7][8] - The target companies involved in the acquisition have significant debt, which could impact the future profitability of *ST Yushun [7][8] - The company faces a risk of delisting due to poor financial performance, with a reported revenue of 22 million CNY and a net loss of 17.57 million CNY for 2024 [9]

Core Insights - In April, the retail sales of consumer goods increased by 5.1% year-on-year, with the growth rate accelerating by 0.5 percentage points compared to the first quarter [1] - Retail sales of units above the designated size grew by 6.6%, with an acceleration of 0.8 percentage points from the first quarter [1] Group 1: Policy Impact - The "old-for-new" consumption policy has shown significant effectiveness, contributing to the stable growth of the consumption market [1] - Retail sales of home appliances, cultural and office supplies, furniture, and communication equipment for units above the designated size increased by 38.8%, 33.5%, 26.9%, and 19.9% year-on-year, respectively [1] Group 2: Automotive Sector - According to the Automotive Circulation Association, the retail volume of passenger cars in April increased by 14.5% year-on-year [1] Group 3: Upgraded Goods - Retail sales of upgraded goods such as gold, silver, and jewelry, as well as cosmetics for units above the designated size, increased by 25.3% and 7.2% year-on-year, respectively [1]

■安宁 今年以来，随着各项稳楼市政策陆续落地生效，房地产销售有所回稳，部分城市市场交易呈现积极变化。根据国家统计局 发布的数据，4月份，70个大中城市中，一、二线城市新建商品住宅销售价格环比持平，三线城市略有下降；各线城市的商品 住宅销售价格同比降幅继续收窄。 从消费来看，4月份，社会消费品零售总额同比增长5.1%，其中，消费品以旧换新相关商品销售大幅增长，限额以上单位 家用电器和音像器材类、文化办公用品类、家具类、通讯器材类商品零售额分别增长38.8%、33.5%、26.9%、19.9%，对社会 消费品零售总额增长的支撑作用明显。 从投资来看，"两重"建设、"两新"政策效应持续显现，投资规模持续扩大。1月份至4月份，固定资产投资同比增长4.0%。 在大规模设备更新接续推动下，1月份至4月份设备工器具购置投资同比增长18.2%，对全部投资增长的贡献率达到64.5%。 从进出口来看，尽管受到外部冲击，但我国外贸仍保持平稳增长，显现出强大韧性。4月份，我国货物贸易进出口总值是 3.84万亿元，同比增长5.6%，带动前4个月外贸整体增幅达到2.4%。其中，出口2.27万亿元，增长9.3%；进口1.57万亿元，增长 ...