炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年春节档，博纳影业背水一战的《蛟龙行动》，票房遭遇滑铁卢，最后不得不撤档。据悉，该片共 计投资10亿元、制作5年，春节档票房却只有3.54亿元，片方分账不到1.3亿元，这对于博纳影业的业绩 来说无疑是雪上加霜。 一季报显示，2025年第一季度博纳影业营业收入为5.25亿元，同比增长19.43%，但归母净利润同比由盈 转亏，亏损额达9.55亿元，比该公司2024年全年还多亏了8800万元。 中金研报指出，博纳影业第一季度业绩低于市场预期，主要因成本较高。根据公司公告，2025年第一季 度博纳影业的成本为12.05亿元，同比增长359%。该机构判断，成本大幅增加主要系公司主投影片《蛟 龙行动》拍摄成本较高，叠加影片票房表现不及预期，导致公司第一季度利润大幅减少。 另据公告，公司储备影片包括《克什米尔公主号》《四渡》《她杀》《蛮荒禁地》《少年时代》《狂奔 的老爸》《人体大战》等。中金认为，前述影片上线节奏与票房表现不确定性或增加。综合考虑当前市 场环境及项目进展，其预计公司2025年全年或将面临亏损压力，且影片相关资产减值情况亦可能受 ...

锦泓集团 20250526 摘要 锦泓集团整体业绩小幅下滑，但维格娜丝品牌降幅收窄，云锦业务增长 强劲，一季度增长 10%，四五月份增长高达 40%-50%，显示出增长潜 力。 景宏集团 IP 授权业务营收超 3,000 万，毛利率超 90%，主要来自 Tini Vini 品牌授权，通过与供应商合作分成模式，实现快速增长，今年四五 月份增速超 100%。 公司 IP 授权业务采取三年合约，优先续签，对合作伙伴有品牌保护、产 品核准和质量要求，独家授权品类，寻求行业头部供应商长期合作。 云顶业务设定 40%的增长目标，主要驱动力为国潮国风和云景非遗 IP 对年轻人的吸引力，预计今年收入 1.3 亿元，未来目标为 8-10 亿元。 锦泓集团一季度毛利率受新品类影响，云景业务毛利率超 70%，净利率 20%-24%，云景博物馆项目预计明年投入使用，净利率仍能保持 15% 以上。 公司债务大幅降低，并购贷款余额从 33 亿元降至 4.5 亿元，流动资金 贷款不到 3 亿元，债务问题已不再是主要问题。 云锦产品线上增长显著，约 50%，主要消费群体为年轻人，通过天猫、 京东、抖音等平台销售，产品设计融合传统文化元素和现 ...

Core Insights - AARP has 38 million paying members, covering about one-third of the U.S. population aged 50 and older, with a revenue of $1.854 billion in 2023 [1] - The organization generates significant income not just from the $15 annual membership fee but primarily from brand licensing fees amounting to $1.134 billion, which is a key component of its business model [1][4] - AARP's success lies in its ability to leverage trust built over decades to monetize its brand through partnerships with insurance and financial companies [2][3] Business Model - AARP acts as a "brand certifier" and "super channel," allowing its brand to be used by selected partners while maintaining brand reputation and ensuring member benefits [3] - The insurance business is a major revenue source, particularly through a long-term partnership with UnitedHealthcare, which has generated over $1 billion annually in licensing fees [4][6] - In 2023, brand licensing fees accounted for 61% of total revenue, with health-related products making up 80% of this income [4][5] Financial Overview - Total operating revenue for 2023 was $1.854 billion, with brand licensing fees contributing 61%, membership dues at 16%, and publication advertising at 8% [23] - Operating expenses reached $1.956 billion, leading to a slight operating loss of approximately $100 million, although the organization still saw a net asset increase of $346 million due to investment income [26][27] Evolution and Growth - AARP was founded in 1958 to address the lack of affordable health insurance for seniors, quickly establishing a member base through innovative marketing strategies [29] - The organization adapted to demographic changes by lowering the membership age to 50 in 1984, capitalizing on the baby boomer generation [30] - AARP has continuously evolved its services and advocacy efforts, enhancing its political influence and member loyalty over the decades [33] Competitive Advantages - AARP's large membership base provides significant market power and political influence, creating a cycle of benefits that attracts more members [37] - The organization has built a strong brand trust over decades, which is crucial for its business model based on brand licensing [37] - AARP's unique hybrid business model allows it to balance non-profit and for-profit activities, enhancing its sustainability and impact [38]

0 200 400 600 800 1,000 1,200 3.00 5.00 7.00 9.00 11.00 240430 240731 241031 250131 人民币(元) 成交金额(百万元) 成交金额 潮宏基 沪深300 产品力优势显著，看好公司持续跑出α，预计 25-27 年归母 净利润为 4.81/5.79/6.69 亿元，同比+148%/+20%/+15.5%， 对应 PE 分别为 19/16/14 倍，维持"买入"评级。 终端消费疲软、加盟拓展不及预期、金价剧烈波动，女包业 务恢复不及预期等。 | 项目 | 2023 2025E | 2024 | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,900 7,968 | 6,518 | 9,312 10,697 | | | 营业收入增长率 | 33.56% 10.48% 22.25% 16.86% | | | 14.87% | | 归母净利润(百万元) | 333 | | | 669 | | 归母净利润增长率 | 67.41% -41.91% 148.29% 20. ...