本报讯 （记者梁傲男）7月21日，淘宝闪购发布的暑期消费系列数据显示，7月份以来夏日消费持续走 高，全国各中心城市、热门旅游城市消费热度大幅提升；夜经济、清凉经济、宅经济等多种消费形态集 中爆发；中小商家创业、就业、收入齐增长。 热门旅游目的地的消费活跃，小吃、甜品、地方菜订单增幅显著。昆明的烧烤、长沙的串串香、武汉的 冰粉、南京的卤煮、青岛的冷串、成都的卤味熟食，7月份以来夜间订单环比增速均超100%。 冰品消费同样火热，冰沙环比增长98%，冰淇淋机环比增长879%。夜间消费表现出色，冰啤酒的销量 远超白天，成为夏日夜晚的"降温标配"。 7月份以来，淘宝闪购上爆发的庞大订单量，描绘出了一幅多彩的国人夏日消费图景：旅游经济下酒店 订单大幅增长，一次性马桶垫成年轻人旅行搭子；"酒+冰块"的外卖搭配量大涨；香肠、鸡爪在夜宵中 成为了最受欢迎的"泡面伴侣"…… 7月份以来，淘宝闪购见证了暑期消费市场的蓬勃活力。无论是酷暑中的降温神器、夜晚的城市烟火 气，还是居家生活的精致升级，平台上的每一笔订单，都是社会消费活力火热的真实写照。 淘宝闪购的数据显示，今年7月份，近16万非餐中小商家创下生意高峰。餐饮行业企业招聘和用 ...

中新社长沙7月18日电 (记者唐小晴)大范围高温正在影响中国，多地气温突破40摄氏度。在湖南长沙一 家建筑公司就职的罗敏在网上购买了风能驱动的便携扇、无电制冷背心，以便巡查工地时消暑降温。 "进入7月以来，京东线下自营门店空调销售量同比增长超200%，其中重庆、北京、青岛、沈阳、江苏 等地因高温天气，空调销售格外火爆。"长沙京东MALL一位周姓工作人员说，便携式降温设备成新 宠，各类创意消暑产品也凭借多样化设计受到消费者青睐。 这位工作人员还说，随着生活方式向绿色化、品质化、便捷化转变，中国民众对家电产品功能的需求愈 发多样化。"除制冷刚需，健康、智能、节能是消费者选购空调的重要考量因素。他们更喜欢通过语音 交互直接开关机，要求防直吹、无风感。" "越来越多中国消费者愿意为环保材料买单。"罗敏认为，"绿色降温"崛起，推动可持续消费新习惯。 长沙一休闲用品有限公司生产的生物降解冰袋热销海内外。"今年，清凉经济出现新变化、新趋势，消 费者更愿为更健康安全、更环保节能、更多创新功能的产品和服务支付更高价格。"该公司产品经理柳 芸说，不少人也在寻找创新的居家社交和户外方式，避暑青旅、森林民宿、高海拔山地营地受年轻人喜 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.23 [8][9]. Core Views - The company reported a revenue of RMB 11.58 billion and a net profit attributable to shareholders of RMB 0.90 billion for 2024, reflecting a year-on-year increase of 21% in revenue but a decrease of 7% in net profit, primarily due to declining domestic rental prices. However, overseas expansion and growth in light asset management are expected to drive continued revenue growth [1]. - The company maintains a leading position in equipment management, with a management scale of 215,000 high-altitude operation platforms, a year-on-year increase of 20.8%. The domestic market share for high-altitude operation platforms reached 34.4% [2]. - The company has optimized its financing structure, achieving a historical low financing cost with an average financing rate of 3.99%. Capital expenditures for 2024 reached RMB 7.10 billion, a significant increase of 249.8% year-on-year, aimed at optimizing the domestic fleet structure and expanding overseas equipment and new categories [3]. - The overseas business saw a remarkable growth of over 27 times, reaching RMB 390 million, accounting for 3.4% of total revenue. The overseas gross profit margin was 43.7%, significantly higher than the domestic margin [4]. - Due to the decline in rental prices affecting gross margins, the company has adjusted its operating lease business gross margin forecasts for 2025 and 2026 down by 0.3% and 0.5% respectively. The projected net profits for 2025-2027 are RMB 0.95 billion, RMB 1.03 billion, and RMB 1.13 billion respectively [5]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 11.58 billion, with a year-on-year growth of 21%. The net profit attributable to shareholders was RMB 0.90 billion, down 7% year-on-year [1]. - The revenue from operating leasing services, engineering technical services, and asset management services for 2024 was RMB 46.2 billion, RMB 37.5 billion, and RMB 32.1 billion respectively, with year-on-year changes of -10.1%, +26.5%, and +113.0% [2]. Capital Expenditure and Financing - The company’s capital expenditure for 2024 was RMB 7.10 billion, a year-on-year increase of 249.8%, aimed at enhancing the domestic fleet and expanding into overseas markets [3]. - The financing cost reached a historical low with an average financing rate of 3.99%, contributing to improved cash flow [3]. Overseas Expansion and New Products - The overseas business revenue grew over 27 times to RMB 390 million, representing 3.4% of total revenue, with plans to increase overseas asset management scale to approximately RMB 10 billion by 2027 [4]. - New product categories, such as industrial air conditioners, generated RMB 220 million in revenue, marking a growth of over 800% year-on-year [4]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025 and 2026, predicting net profits of RMB 0.95 billion and RMB 1.03 billion, respectively, reflecting a downward adjustment of 23% and 27% from previous estimates [5]. - The target price is set at HKD 2.23, based on a 7x PE ratio for 2025, considering the need for liquidity improvement and the pressure on domestic leasing business margins [5].