Group 1 - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape in the small home appliance sector has improved, driving profit recovery, while leading players in the major appliance sector are helping to concentrate market share, suggesting an increase in holdings [2][29]. - The report recommends focusing on two main investment lines: 1) The improvement in the competitive landscape of small home appliances brings profit elasticity, particularly in the vacuum cleaner sector, which has high growth potential and low penetration rates. The kitchen small appliances sector is gradually returning to growth after two years of decline, with a significant increase in sales during the 618 shopping festival [2][29]. - The report indicates that leading brands in the white goods sector are dominating the current price competition, leading to increased industry concentration. The export performance of major appliance manufacturers is expected to gradually recover as uncertainties around tariff policies are clarified [3][31]. Group 2 - The company Salted Fish's differentiated product, the konjac sauce, achieved over 100 million in monthly sales within 16 months, setting a record for the fastest-selling snack product. The konjac snack segment is still in a high-growth phase, supported by a strong supply chain and channel capabilities [7][8]. - The company is expanding its overseas market presence with its own brand "Mowon," developing localized products based on local tastes, which is expected to drive growth in international markets [8][9]. - The report maintains an "increase holdings" rating for the company, projecting EPS of 2.99, 3.73, and 4.63 for 2025-2027, with a target price of 100.00 yuan based on strong performance in konjac products [7][8].

Core Viewpoint - The article highlights the increasing prevalence of fraudulent activities disguised as "contract farming," which exploit farmers and undermine their legal rights. It emphasizes the need for awareness and caution among farmers regarding these scams [1][2]. Group 1: Characteristics of "Contract Farming" Scams - Scammers often target niche agricultural products, such as edible fungi and traditional Chinese medicine, which have high technical barriers and volatile market conditions, making farmers vulnerable to deception [1]. - The use of internet live streaming for false advertising is common, where scammers promote projects as having low investment, high profits, and broad market access, often fabricating government endorsements and documents [1][2]. - Various enticing methods are employed to lure farmers, including promises of unrealistic buyback prices and high returns on investment, as well as offering free visits and reimbursements to create a false sense of legitimacy [1][2]. Group 2: Lack of Support and Quality Issues - Many scams lack real industrial backing, often presenting themselves as large, capable enterprises while actually being "shell" companies without the necessary agricultural expertise or sales channels [2]. - Scammers frequently engage in high-priced bundled sales of substandard agricultural inputs, often lacking proper licenses and quality certifications, which can lead to poor agricultural outcomes for farmers [2]. Group 3: Warnings and Recommendations - The article warns that the agricultural industry faces long cycles and dual risks from nature and market fluctuations, indicating that projects promising extraordinary returns are likely traps rather than opportunities [2]. - Farmers are advised to enhance their risk awareness, be skeptical of high return promises, and avoid blindly following recommendations from acquaintances or sensationalized promotions [2].

证 券 研 究 报 告 新巨丰（301296）2024 年报及 2025 年一季报点评 强推（维持） 大客户一季度收入转正，期待并购协同效应 事项： ❖ 公司公布 2024 年报及 2025 年一季报。2024 年，公司实现营收/归母净利润/扣 非归母净利润 17.1/1.8/1.6 亿元，同比-1.8%/+8.0%/-4.2%。25Q1，公司实现营 收/归母净利润/扣非归母净利润 3.6/0.1/0.1 亿元，同比-18.2%/-75.0%/-74.5%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,706 | 1,764 | 1,875 | 2,012 | | 同比增速(%) | -1.8% | 3.4% | 6.3% | 7.3% | | 归母净利润(百万) | 184 | 211 | 226 | 243 | | 同比增速(%) | 8.0% | 14.9% | 7.1% | 7.5% | | 每股盈利(元) | ...

事项： 公司公布2024 年报及2025 年一季报。2024 年，公司实现营收/归母净利润/扣非归母净利润17.1/1.8/1.6 亿元，同比-1.8%/+8.0%/-4.2%。25Q1，公司实现营收/归母净利润/扣非归母净利润3.6/0.1/0.1 亿元，同 比-18.2%/-75.0%/-74.5%。 下游液态奶市场规模收窄，非碳酸饮料包装经营承压。分品类，2024 年公司液态奶无菌包装/非碳酸软 饮料无菌包装分别实现营收16.7/0.3 亿元，同比-1.1%/-35.4%（23 年同期增速+7.5%/+45.3%），其中液 奶包装增速放缓主要系下游液态奶市场规模收窄，核心大客户伊利24 年营收增速-8.2%。销量端，2024 年公司实现包材总销量120.8 亿包，同比-1.4%；根据益普索数据显示，2024年公司占中国无菌包装市场 销售量的比例约为10.5%，占中国液态奶市场无菌包装供应商销售量市场份额约为13.4%，竞争优势明 显。展望未来，公司已顺利成为纷美包装第一大股东，未来有望在产能、研发和客户维度形成协同，进 一步提升市场份额。 毛利率稳步改善，费用率出现波动。1）2024 年，公司实现毛利率 ...

证 券 研 究 报 告 新巨丰（301296）2024 年报及 2025 年一季报点评 强推（维持） 大客户一季度收入转正，期待并购协同效应 事项： ❖ 公司公布 2024 年报及 2025 年一季报。2024 年，公司实现营收/归母净利润/扣 非归母净利润 17.1/1.8/1.6 亿元，同比-1.8%/+8.0%/-4.2%。25Q1，公司实现营 收/归母净利润/扣非归母净利润 3.6/0.1/0.1 亿元，同比-18.2%/-75.0%/-74.5%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,706 | 1,764 | 1,875 | 2,012 | | 同比增速(%) | -1.8% | 3.4% | 6.3% | 7.3% | | 归母净利润(百万) | 184 | 211 | 226 | 243 | | 同比增速(%) | 8.0% | 14.9% | 7.1% | 7.5% | | 每股盈利(元) | ...

从"中国制造"到"世界品牌"，好孩子集团的"全球化之旅"收获累累硕果。 "我们非常幸运且感激，在这次事故中，这款儿童安全座椅保护了我女儿的安全……"日前，位于江苏昆 山的好孩子集团有限公司收到了一封跨越重洋的来信，写信者来自美国，名叫布莱恩。 不久前，布莱恩一家在旅途中遭遇车祸，所幸，坐在后排安全座椅上的女儿安然无恙。在事故中保护这 名小女孩的，正是好孩子集团在美国上市的产品——"阿波罗"汽车安全座椅。 昆山是我国的外贸"重镇"之一。今年一季度，昆山市外贸进出口完成1868.7亿元、增长5.9%，进出口均 创历史同期新高。 在昆山采访，政府和企业负责人普遍认为，发展道路上，风风雨雨是常态，做优产品，做强自己，坚定 不移走向世界，前景始终光明。 "产品畅销，离不开完备高效的供应链体系" 轻按按钮，座椅可360度旋转，方便抱婴幼儿上车；靠背高度可以灵活调节，适应儿童不同年龄段身高 变化……位于昆山陆家镇的好孩子集团总部展厅里，就摆放着这款安全座椅。凭借创新的设计理念、过 硬的安全性能和方便的使用体验，这款座椅上市后广受欢迎，年销量达40多万台。 "产品畅销，离不开完备高效的供应链体系。"好孩子集团董事长宋郑还说， ...

□ 本报记者范昕怡 "等这些货物打包好，马上就送去报关，今天共有37个集装箱，分别出口到墨西哥、越南、南非等国 家。"4月28日，在乐美包装(昆山)有限公司，工作人员麻利地清点打包刚下线的液体无菌包。公司公共 关系部经理楚易达介绍，企业一季度产值达7.3亿元、同比增长12.3%，最近产线也是满负荷运转。 良好的发展势头从何而来？记者深入厂区一探究竟。 走进自动化立体仓库，七八层楼高的巨大空间令人震撼，一个个圆筒状纸卷静置堆高，场面十分壮观。 每个纸卷有2吨重，被叉车运上轨道，完成贴标后，由堆垛机抓取、运送至蓝色格子间贮存。 乐美包装是全球三大拥有独立知识产权的纸质无菌液体包装企业之一。人们常喝的液态奶、果汁饮料 等，就是采用这种包装。无菌包一般由纸、塑、铝复合而成，纸张作为包装原材料，贯穿于整个产 线。"这里的货架可以容纳9000多个纸卷。通过智能物流系统自动分拣，根据订单情况，纸卷直接从仓 库运输至生产车间，提高生产效率，从而更快送达客户。"楚易达说。 多方共同努力下，昆山高新区一批重点企业展现出强大韧性：一季度乐美包装预计完成进出口额1亿美 元、增长4%；沪士电子预计进出口额4.2亿美元、增长45.7%； ...

证券代码：300057 证券简称：万顺新材 债券代码：123085 证券简称：万顺转 2 汕头万顺新材集团股份有限公司投资者关系活动记录表 编号：20250429 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 电话会议 | | 参与单位名称及 人员姓名 | 万顺新材 2024 年度业绩说明会采用网络远程方式进行，面向全体投资者 | | 时 间 | 2025 年 4 月 29 日 15:00-17:00 | | 地 点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏 | | | 目 | | 上市公司接待人 | 董事长、总经理：杜成城 财务负责人：洪玉敏 | | 员姓名 | 董事会秘书：黄薇 | | | 独立董事：林三华 | | | 保荐代表人：扶林 | | 投资者关系活动 | 1. 公司本期盈利水平如何？ | | | 答：尊敬的投资者，您好！2024 年度，受铝加工业务行业加工费水平下 | | | 降、国内外铝价波动等 ...