Core Viewpoint - The company, Zhiyou Technology, is experiencing a decline in stock price and has established a competitive advantage in cross-border e-commerce through its logistics system [1][2]. Group 1: Company Overview - Zhiyou Technology was founded on January 8, 2010, and is located in Zhengzhou, Henan Province. It was listed on June 21, 2023, focusing on the research, design, and sales of its own brand home products [7]. - The company's revenue composition includes furniture series (51.68%), home series (36.35%), pet series (8.32%), outdoor sports (2.52%), and others (1.13%) [7]. - As of May 9, 2025, the number of shareholders is 8,995, a decrease of 3.46%, with an average of 21,432 circulating shares per person, an increase of 3.58% [8]. Group 2: Financial Performance - For the first quarter of 2025, Zhiyou Technology achieved a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, and a net profit attributable to shareholders of 111 million yuan, up 10.30% year-on-year [8]. - The company has distributed a total of 321 million yuan in dividends since its A-share listing [8]. Group 3: Market Position and Strategy - The company has developed a differentiated cross-border e-commerce logistics system, including domestic and overseas self-operated warehouses, platform warehouses, and third-party cooperative warehouses, enhancing operational efficiency and customer satisfaction [2]. - Zhiyou Technology has engaged with influencers for marketing, including collaborations on platforms like TikTok, although the current sales contribution from these efforts is relatively small [2]. - The company benefits from a high overseas revenue ratio of 98.88%, largely due to the depreciation of the RMB [2]. Group 4: Technical Analysis - The average trading cost of the stock is 18.97 yuan, with the current stock price approaching a resistance level of 18.99 yuan, indicating potential for a price correction if this level is not surpassed [6].

Group 1 - Adidas reported a revenue of €12.105 billion for the first half of 2025, a 14% year-on-year increase, with an operating profit of €1.2 billion, up 70% [1] - The Greater China region has shown consistent quality growth for nine consecutive quarters, with a revenue of €798 million in Q2, representing an 11% increase, and €1.827 billion for the first half, a 13% increase [1] - The CEO emphasized the effectiveness of the localization strategy, which focuses on understanding local needs and enhancing product performance and fashion [1][2] Group 2 - The Chinese creative team has been increasingly active since 2022, focusing on product design, brand marketing, and supply chain collaboration under a strong localization strategy [2][4] - The aim of the reforms is to regain consumer trust in Adidas, with a focus on product strength as the key to consumer engagement [4] - Adidas has been integrating its historical brand elements with Chinese cultural elements, enhancing emotional resonance with consumers [7][9] Group 3 - The Chinese consumer market has shifted from brand-oriented to self-expression, prompting Adidas to adjust its product offerings accordingly [9] - The running business has become a significant highlight for Adidas in Greater China, contributing nearly 30% growth in global running shoe sales in Q2 2025 [10] - Adidas is responding to more segmented consumer demands, with a growing number of "China-first" creative products launched monthly [12] Group 4 - The concept of "rapid and precise" product launches is emphasized, with a focus on creating products that resonate with consumers while also generating buzz [14] - The strategy includes hidden product releases in flagship stores to create a sense of discovery for consumers [16] - Social media plays a crucial role in understanding consumer needs and driving product innovation [17][20] Group 5 - The localization strategy has empowered local teams, with over 80% of products produced in China and more than half designed locally, indicating a shift towards local talent development [20][22] - The CCS team aims to become a platform for creative talent in China, fostering a connection with consumers through co-created products [22]

Core Insights - Adidas continues its growth momentum, reporting a global revenue of €12.105 billion in the first half of 2025, a 14% year-on-year increase, with operating profit reaching €1.2 billion, up 70% [1] - The Greater China region has shown "quality growth" for nine consecutive quarters, with Q2 revenue of €799 million, an 11% increase, and a total of €1.827 billion for the first half, a 13% rise [1] - The CEO emphasizes the effectiveness of the "localization" strategy, which has been a key focus since Adidas's rebound in 2023 [1] Financial Performance - In the first half of 2025, Adidas achieved a revenue of €12.105 billion, marking a 14% increase compared to the previous year [1] - Operating profit for the same period reached €1.2 billion, reflecting a significant 70% growth [1] - The Greater China region contributed €1.827 billion in revenue for the first half, with an 11% increase in Q2 revenue [1] Localization Strategy - The localization strategy has been pivotal in driving growth, with a focus on understanding local consumer needs and enhancing product offerings [1][22] - The Greater China team has been empowered to make decisions, allowing for greater flexibility in responding to market changes [22] - The creative team in China has been increasingly involved in product design, with over 80% of products produced locally and more than half designed in China [22] Product Development - The Shanghai Creative Center (CCS) has become a key player in product design, focusing on creating products that resonate with Chinese consumers [5][20] - Recent product launches have emphasized a blend of Adidas's historical elements with contemporary Chinese influences, enhancing emotional connections with consumers [9][20] - The running category has emerged as a significant growth area, contributing nearly 30% to global running shoe sales in Q2 2025 [12] Consumer Engagement - Adidas is adapting to the evolving Chinese consumer landscape, shifting from brand-driven to consumer-driven approaches [11] - The brand aims to balance proactive marketing with real-time consumer feedback to create products that reflect individual expression [11] - The introduction of "first launch" products has been a strategy to engage consumers and create memorable experiences [14][16] Future Outlook - The CCS aims to become a platform for creative talent in China, fostering local design and innovation [25] - The brand's commitment to local production and design is expected to enhance its cultural relevance and market position [22][23] - Adidas is focused on building emotional resonance with consumers through tailored products and community engagement [25]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion with a year-on-year growth of 14% in Q1 2025, and a net profit attributable to the parent company of 110 million, up 10.3% year-on-year [1]. - For 2024, the company expects a revenue of 8.1 billion, an increase of 34%, but a decrease in net profit attributable to the parent company by 19% to 330 million [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, and increased tariffs, which pose significant risks to supply chain stability [1][3]. - Despite these challenges, the company is focusing on product diversification, channel expansion, and logistics optimization to enhance efficiency and reduce costs [1]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.1 billion, with a net profit of 110 million, and a non-recurring net profit of 120 million, reflecting a 25% increase year-on-year [1]. - The projected revenue for the furniture series in 2024 is 4.2 billion, up 37%, while the home series is expected to generate 3 billion, up 36% [1]. - The company anticipates a revenue of 4.9 billion from Europe, a 31% increase, and 3 billion from North America, a 39% increase in 2024 [1]. Adjusted Profit Forecast - The profit forecast for 2025-2027 has been adjusted to 380 million, 550 million, and 700 million respectively, reflecting the impact of tariff uncertainties and supply chain transitions [5]. - The adjusted price-to-earnings ratios for 2025-2027 are projected to be 20X, 14X, and 11X respectively [5]. Market and Competitive Landscape - The company plans to transition its main shipping base to Southeast Asia by Q3 2025, with 40% of shipments currently originating from this region [3]. - The cost of furniture procurement in Southeast Asia is approximately 10% higher than domestic costs, with additional logistics costs leading to an overall increase of 25% in operational costs [3].

创业板投资风险提示:本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存 在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资者画临较大的市场 风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素,审慎作出投资决定。 致欧家 Ziel Home Furnishing Technology Co., Ltd. (郑州市二七区嵩山南路 19819号东方大厦 6 楼 601 号) 首次公开发行股票并在创业板上市 招股说明书 保荐人(主承销商) 友证券股份有限公司 F SECURITIES CO.,LTD. 广东省广州市黄埔区中新广州知识城腾飞一街2号 618 室 致欧家居科技股份有限公司 招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主 ...

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存 在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 致欧家居科技股份有限公司 Ziel Home Furnishing Technology Co., Ltd. （郑州市二七区嵩山南路 198-19 号东方大厦 6 楼 601 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以发 行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依据。 保荐人（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 致欧家居科技股份有限公司 招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 ...

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存 在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 致欧家居科技股份有限公司 Ziel Home Furnishing Technology Co., Ltd. （郑州市二七区嵩山南路 198-19 号东方大厦 6 楼 601 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以发 行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依据。 保荐人（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 致欧家居科技股份有限公司 招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 ...