Group 1: Company Overview and Strategy - The company is involved in AI toy business and aims to provide a one-stop AI lifestyle solution for children and new families [1] - The company has established a comprehensive support system for its franchise business, focusing on six empowering capabilities [3] - The company plans to open 500 new franchise stores by 2025, with 30 already opened and over 100 in preparation [3] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 9.337 billion, a year-on-year increase of 6.68%, and a net profit of CNY 181 million, up 72.44% [10] - The estimated net profit for Q1 2025 is between CNY 29.147 million and CNY 38.474 million, expected to increase by 150%-230% compared to the same period last year [11] - The company's gross profit margin for 2024 was 29.74%, an increase of 0.18 percentage points from the previous year [10] Group 3: Market Expansion and Product Development - The company is focusing on expanding its product categories to meet the needs of all age groups, including snacks and educational products for older children [4] - The company is transitioning from pure product sales to a "product + service" model, leveraging three service platforms [4] - The company has launched an "export to domestic sales support plan" to help foreign trade enterprises expand into the domestic market [8] Group 4: Competitive Advantages and Innovations - The company has a significant competitive advantage through its one-stop shopping experience, professional parenting services, and digital and AI capabilities [6] - The company is developing a digital management system and has built a nationwide warehouse network to enhance its logistics and supply chain efficiency [9] - The company is actively pursuing AI technology applications to create a series of intelligent products for the maternal and child market [5] Group 5: Industry Outlook and Challenges - The company is optimistic about the industry's future, citing ongoing government support for childbirth and family policies as beneficial for maternal and child consumption [10] - The company acknowledges the uncertainties in its subsidiary operations due to macroeconomic factors and technological iterations [3] - The company is committed to maintaining its market leadership by enhancing service quality and expanding its market presence [6]

今日早参 2025 年 3 月 11 日 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 宏观：2 月 PMI：全球总体扩张，但美国不无隐忧 本系列为华泰宏观出品、全球 PMI 月度追踪系列的第二十期。2 月全球制造 业 PMI 连续 2 个月位于荣枯线上方，显示制造业需求仍在修复：新订单、新 出口、价格分项均回升；关税导致的抢出口或推高制造业 PMI。全球服务业 PMI 延续高位回落，其中，美国回落幅度较大，经济前景存在一定隐忧，南 欧、日本高位扩张；新兴市场经济体除印度、巴西外多数回落。 风险提示：全球贸易需求超预期走弱，地缘政治冲突升级。 研报发布日期：2025-03-10 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 陈玮 SAC:S0570524030003 SFC:BVH374 固定收益：24Q4 ABS 投资者行为面面观 公募基金持仓市值已连续 12 个季度下降，企业应收账款类、供应链应付账款 类基础资产与中短期限、高评级标的仍为投资者重点偏好，但企业应收账款 ...