附调研内容：一、介绍公司情况 二、互动交流 1.公司现金流回款情况如何？ 公司注重加强"两金"清收 和现金流管理，2025年一季度，经营活动产生的现金流量净额同比增长81.03%，净现金流有所改善。 2025 年，公司将以"严控增量、化解存量、防范风险"为核心目标，将"两金"清收、营收现金比等指标 纳入权属单位年度绩效考核，加大回款力度，改善现金流状况。 2.公司如何应对外汇风险？ 公司海外 项目主要分布在"一带一路"沿线国 家。针对汇率风险，公司进行持续监测，并通过以下三点积极应 对。一是涉外合同签订方面，充分考虑汇率风险影响，约定好相应条款；二是在海外原材料采购上，根 据汇率波动预测，提前做好采购规划；三是海外合同签订和项目结算方面，优选汇率稳定的币种作为本 位币。通过多措并举，减少汇率波动风险。 3.请介绍下公司重要子公司情况？ 公司核心子公司路桥集 团成立于 1948 年，主要业务为路桥建设施工、路桥养护施工，具有"双特双甲"资质，77 年来积淀了深 厚的技术优势、人才优势、管理优势、品牌优势等，业务竞标能力强。2024年，路桥集团总资产达到 622.36 亿元，营业收入293.55 亿元，营业利润 ...

Core Viewpoint - The company,潮宏基, has shown strong performance in the first quarter of 2025, with net profit growth outpacing revenue growth, attributed to its strategic focus on becoming a favored brand among young consumers and effective product differentiation [1] Company Overview - 泉果基金, established on February 8, 2022, manages assets totaling 16.838 billion yuan across six funds, with five fund managers [1] - The company has reported a net increase of 129 stores in 2024, despite a broader industry trend of store closures, indicating robust growth [1] Financial Performance - In the first quarter of 2025,潮宏基's net profit growth exceeded expectations, driven by enhanced product strength and refined terminal operations [1] - The company maintains a stable dividend policy, with expectations for gradual increases in per-share dividends as the company scales and performance improves [1] Strategic Focus - The company aims to navigate a complex external environment in 2025 with a strategy centered on "focusing on core business, 1+N brand strategy, all-channel marketing, and internationalization" [1] - The brand strategy includes enhancing product strength and operational management to improve store performance, alongside a digital transformation to solidify core competitive advantages [1] Product Development and Brand Building -潮宏基 emphasizes a systematic approach to product development, focusing on consumer preferences and utilizing both internal and external design teams [1] - The company has successfully launched new product lines, including collaborations with popular IPs, which have been well-received by customers [1] International Expansion -潮宏基 has opened two overseas stores in Southeast Asia, which have performed well, indicating promising market opportunities for future international expansion [1] - The company plans to accelerate its overseas market layout, leveraging its brand presence in new regions [1]