嘉宾：董事长沈总，总经理王总，副总张悦，副总尹总，副总韦总（宴会）董秘范总 核心要点： 1.短期经营：去年需求集中释放，基数较高，同比口径有压力，但是相对2019年同期，原有老店都保 持增长，难能可贵。 2.开店计划：去年新开店12万+平方，今年计划新开面积26万平方，今年仍是高速发展的一年。但是通 过公司门店分步开业、单体自我造血的模式，资金压力不大，如果需要资金，银行授信充分。 3.长期业绩目标：10亿利润，现在滨湖富茂1年可以赚6500万利润，未来达成10亿利润的路径清晰，难 度不高。餐饮+酒店+食品，三大业务联动，公司未来发展空间广阔，尤其是食品业务，中国人口多， 市场空间潜力大。 纪要正文： Q：公司合肥有5家，本地市场如何协调经营和定位差异？ 合肥市场，省会城市GDP增长全国第一，产业新兴，没有历史包袱。从国家战略来讲，长三角副中心 城市合肥、南京、杭州等，中心城市是上海，合肥制造业领先，服务业，在酒店方面，与南京、杭州 差距比较大。 滨湖富茂，合肥第一家，位于巢湖北岸，看起来竞争激烈，但是产品定位上是稀缺的；肥西富茂，西 边，县城，全国百强县；瑶海富茂（农贸市场边上）、北城富茂，合肥城市有7万人 ...

Financial Data and Key Metrics Changes - The company recently faced challenges with expected shipments of line control braking products dropping from approximately 1.5 million to less than 700,000, impacting market confidence and leading to a decline in stock price [7] - The company anticipates a profit of 1.0115 billion for the year, with current valuations considered reasonable, presenting an investment opportunity [15] Business Line Data and Key Metrics Changes - The company has six production lines with a capacity of several million units, and plans to expand EMB capacity to 600,000 by 2026 [6] - New products WCBS1.5 and WCBS2.0 have been launched, achieving market recognition and cost reduction, enhancing the company's competitive position [15] Market Data and Key Metrics Changes - The penetration rate of line control braking technology has increased from 5-6% to around 25% from 2010 to 2013, but the actual application in fuel vehicles remains low [10] - In the new energy vehicle market, the penetration rate for braking systems has risen from approximately 68% to 74% in 2022, with expectations for further increases as more models adopt advanced braking technologies [11] Company Strategy and Development Direction - The company is focusing on expanding production capacity and enhancing R&D efforts to capture opportunities in the rapidly growing new energy vehicle market [2][6] - The strategic shift towards chassis electronics and line control braking technology is seen as a key growth area, particularly with the rise of intelligent driving and related products [4][5] Management Comments on Operating Environment and Future Outlook - Management highlighted the importance of line control braking technology in improving vehicle handling and safety, especially for new energy vehicles [4] - The company is optimistic about its growth potential despite recent challenges, citing rapid domestic market growth and a global expansion strategy [8] Other Important Information - The company has been increasing its R&D investment, which currently stands at about 6% of revenue, indicating a commitment to innovation and market leadership [14] - The company is also exploring overseas production capacity, with successful operations in Mexico and plans for further expansion [8] Q&A Session Summary Question: What challenges has the company faced recently? - The company has seen a significant drop in expected shipments of line control braking products, which has affected market confidence and led to a decline in stock price [7] Question: How is the company's performance in domestic and international markets? - The company is experiencing rapid growth in the domestic market, particularly with EPP and the launch of new products, while also successfully initiating global operations [8] Question: What is the significance of line control braking technology in the automotive industry? - Line control braking technology plays a crucial role in vehicle stability and safety, with high technological content and significant market potential [9]

Financial Performance - The company achieved strong financial performance with 2023 revenue reaching 22.437 billion yuan and total assets of 21.372 billion yuan. From 2015 to 2023, the compound annual growth rate (CAGR) of store numbers was 31.89%, revenue CAGR was 22.01%, and net profit attributable to shareholders CAGR was 18.4% [1][4] - The comprehensive gross margin remained above 30%, reaching 35.2% in Q1 2024, a year-on-year increase of 2.2 percentage points [1][4] Business Lines and Key Indicators - The implementation of outpatient coordination policies led to significant growth in sales and gross profit. For comparable stores over two years, gross profit growth accelerated by 16.5 percentage points, and sales increased by 15.1% year-on-year in 2023 [2][13] Market Data and Key Indicators - The retail pharmaceutical market in China has seen an increase in concentration, with market share rising from 22% in 2017 to 30% in 2023. However, there is still significant room for improvement compared to the US, Japan, and the UK [1][5] - The aging population and rising chronic disease rates are expected to drive the retail pharmaceutical market's growth, with a projected CAGR of 5.9% from 2022 to 2030 [1][5] Company Strategy and Industry Competition - The company's future development strategy includes digital empowerment, capturing the prescription drug blue ocean, embracing new retail, entering rural markets, expanding health social spaces for the elderly, and strengthening its own brand [3][15] - The company has five competitive advantages: extensive coverage, market share, digitalization, gross margin, and operational optimization [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the positive trends in the industry, including prescription outflow and policies promoting drug separation, which are expected to significantly impact the future of retail pharmaceuticals [4][5] - The company plans to expand its store network by 4,000 new stores, maintaining a growth rate of around 25% [9] Other Important Information - The company has a stable shareholding structure, with the actual controllers holding a combined 27.89% stake. Major shareholders include well-known investment firms and sovereign wealth funds [1][4] - The company has implemented a digital strategy that has improved net profit by 137 million yuan in 2023, with a return on investment (ROI) of 3.77 [2][10] Q&A Session Summary Question: How has the company's financial performance been in recent years? - The company has shown excellent financial performance, with 2023 revenue at 22.437 billion yuan and total assets at 21.372 billion yuan. The CAGR for store numbers, revenue, and net profit attributable to shareholders from 2015 to 2023 were 31.89%, 22.01%, and 18.4% respectively [4] Question: What is the company's shareholding structure and major shareholders? - The actual controllers are Xie Zilong and Chen Xiulan, holding a combined 27.89%. The top ten shareholders include well-known investment firms and sovereign wealth funds [4] Question: What are the key trends in the industry and future development? - Key trends include prescription outflow, large-scale procurement benefiting leading pharmacies, and policies that enhance the competitive landscape. The market share of the top ten pharmacies has increased significantly [5] Question: What competitive advantages does the company have in the market? - The company has five major advantages: extensive coverage, market share, digitalization, gross margin, and operational optimization [7]

Q: 公司在自主品牌建设、国内外市场拓展以及盈利水平方面的表现如何? Q: 公司 2024年营销费用的投放节奏和预算分配是如何规划的? | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 业务设定了一个大几十的增速目标。境外代工业务预计未来增速会维持在小双位 数。国内市场发展空间更大,因为国内市场处于初期阶段,养宠人群基数增加, | | | 人均养宠数量增加,国产替代化趋势,以及行业集中度提升,都能支撑国内宠物 | | | 食品增速上涨。公司在国内发展自主品牌，拥有研发实力、生产能力、配方资源 | | A．新西兰工厂主要为渴望和巅峰两个品牌生产，同时也有接到北美和欧洲的订 单。由于新西兰原产地对北美和欧洲客户具有高端吸引力，且新西兰工厂生产的 是主食罐头,这一品类在国外较为新颖,因此吸引了客户的兴趣。不过,由于产 能利用 ...

Financial Data and Key Metrics Changes - In 2023, the company achieved a sales volume of 738,900 tons, a year-on-year increase of 16.17% [9] - The operating revenue for 2023 was 11.945 billion yuan, up 7.94% year-on-year, while net profit was 125 million yuan with a gross margin of 1.52% [9] - The capacity utilization rate for 2023 was approximately 77%, which is higher than the industry average [8] Business Line Data and Key Metrics Changes - The company currently has a total production capacity of 1.05 million tons across four production bases in the casting aluminum alloy segment [2] - The gross margin has declined primarily due to the drop in aluminum alloy margins and increased procurement from individual suppliers, which has negatively impacted the gross margin compared to 2022 [10][11] Market Data and Key Metrics Changes - The company is actively exploring hazardous waste disposal and comprehensive utilization, particularly focusing on aluminum ash generated from its operations [7] - The company is also developing a 50,000-ton green circular high-performance aluminum plate and strip project, which is expected to become a significant growth driver [4][5] Company Strategy and Development Direction - The company aims to establish a closed-loop layout for hazardous waste disposal, focusing on three key projects [7] - Future growth will be driven by both the recycled casting aluminum alloy and recycled deformed aluminum alloy segments, alongside hazardous waste disposal [17] Management Comments on Operating Environment and Future Outlook - Management noted that the cash flow from operating activities decreased by 220.62% due to expanded production scale and increased accounts receivable from downstream customers [12] - The company plans to enhance its market share and aims for both sales scale and effective capacity improvements in 2024 [17] Other Important Information - The company is in the process of developing integrated die-casting materials, currently in the patent examination stage, with small batch trial production ongoing [13][14] - The company is considering stock incentives to motivate employees as it expands its business segments [16] Q&A Session Summary Question: Can you introduce the current development situation and capacity layout of the company? - The company has four production bases with a total capacity of 1.05 million tons in the casting aluminum alloy segment [2] Question: What is the current capacity utilization and gross margin situation compared to the industry? - The capacity utilization rate is approximately 77%, which is higher than the industry average [8] Question: Can you explain the changes in the cash flow from operating activities in the recent financial statements? - The net cash flow from operating activities decreased by 220.62% due to expanded production scale and increased accounts receivable [12] Question: What is the current progress in integrated die-casting technology? - The company is in the patent examination stage for integrated die-casting materials and is conducting small batch trial production [13][14] Question: What are the company's plans for convertible bonds? - The company has adjusted the price of its convertible bonds and will focus on its main business to create good performance for investors [15] Question: What is the gross margin advantage of the Anhui Phase II project? - The Anhui Phase II project is expected to have a gross margin of about 9%, which is higher than that of casting aluminum alloys [16] Question: Can you introduce the current situation of downstream customers and future market development strategy? - The customer base is stable, covering various sectors, with a focus on expanding new customers through a centralized sales management approach [16]

顺络电子交流纪要 1、请问公司在工业及网通领域的销售情况？ 回答： 公司的产品为精密高端电感类基础元器件产品综合核心竞争力较强，广泛应用 在通讯、消费电子、汽车电子、物联网、工业自动化等重点应用领域。 工业与企业ICT应用领域属于公司传统应用领域,公司在此领域市占率高,产品竞 争力强与行业领先企业的合作不断加深,随着工业自动化、物联网、5G及5.5C 继续 发展,将会持续给公司带来机会。 2、请问公司产品在数据中心、服务器的应用及推广情况？ 回答： 公司早已提前布局数据中心、服务器市场,并将其作为战略市场耕耘多年,积累了 国内外广泛的大客户资源及潜在客户资源数据中心、服务器大量使用各种类型 的电感,包括应用于数据中心的各种类型功率电感产品，比如WPZ电感、一体成型 电感、磁铜共烧电感等，前述产品公司均有产品线布局。 公司是国内电感行业的龙头企业，同时也是全球行业前三的电感企业。 电感种类齐全,产品质量等级高，掌握各种类电感核心技术，为全球电子产业链不 断做出贡献。 3、请问公司LTCC产品业绩情况？ 回答： 公司在LTCC平台上布局多年,拥有雄厚的研发实力和研发团队,累积了大量自主 知识产权专利技术,拥有可信 ...

2024 年 05 月 28 日 12:02 大家好,欢迎参加开源传媒风尚文化伦理设备更新政策对业务的影响及经营情况解读电话会议。 目前所有参会者均处于静音状态，下面开始播报每次声明，声明播报完毕后，主持人可以直接 开始反映,谢谢。本次会议仅面向开源证券的专业投资机构客户或受邀客户,仅供在新媒体背 景下研究观点的及时交流。第三方专家发言内容仅代表其个人观点，所有信息或所表述的一并 不构成对任何人的投资建议。未开源证券事先书面许可，任何机构或个人严禁录音、转发及相 关解读。涉嫌违反上述情形的，我们将保留一切法律权利。感谢您的理解和支持，谢谢。 发言人 2 01:04 发言人 2 02:32 好的，感谢各位投资人来参加我们这个电话会议。然后我是公司 212 洪家志，然后我也其实就 我给你举一个简单的例子，比如说像我们之前在 16 年的时候，所在杭州西湖上所做过的一台大 型大型活动,叫 G20 峰会。然后当时我们落在西湖上面有一台文演出叫遵义市杭州。其实这个 遵义市杭州这台项目已经在这个西湖上已经表演了五年多了。然后我们在 2022 年的时候,就 对这个项目有过一次翻新,或者是做过一次整个的一个产品的迭代。当时我们 ...

【纪要】珀莱雅(603605)会议纪要20240527 1. 目前618的表现 A: 首先是从时间上面，今年的 618，一开始天猫的开始时间跟去年一样， 5 月26号预售、5月31号算正式平台开启，那天开放平台券，这是第一波给 我们的时间。但是这个时候抖音放出来的第一波的时间是 5 月 10 号开始， 这个时候欧莱雅和雅诗兰黛集团报出来的时间在抖音上是 5月1号开始，享 受整个618的全机制。但是事实上看到4月份有些活动场次就已经说了保价 到 618，相当于 4 月份就开始放机制了。因为在 38 的时候，天猫是 3 月 4 号正式开始的，但是抖音是 2 月 21 号，所以说那一场其实天猫打得不太好 看。所以今年当天猫知道抖音又开始提前的时候，所以改了时间，现在能看 到的是5月20号天猫正式开始。但是抖音这个平台很有意思，从10号调到 15 号，后来调到 17 号，最新定稿是 5 月 24 号，到目前为止抖音的平台券 是还没有放的，所以抖音的开始时间一直在往后。这样的错配就变成了 618 这档实质上是天猫先开始了，抖音滞后。这个时候有一个问题，部分品牌 4 月份就开始放 618的机制了，但是我们一直坚持的在抖音 ...

Q：精简SKU的效果如何展望？ A：过去几年公司跑得太快了，没有做复盘，有500-600sku，组套就更多，没有打出精品， 且各渠道货品差异大，也影响了生产。今年开始做精品，从解决办法出发，线上渠道货盘统 一，也希望今年清理掉库存后让产品线更清晰。618初见成效。 Q：收并购业务净利率低于主品牌，包含净利率更低的抖音渠道增速更快，我们还能否维持 20%的净利率？ A：除了去年我们都做到了20%+的净利率水平，去年只做到13%+，在当前竞争白热化的阶 段，我们又以变化特别快的电商渠道为主，继续保持20%有难度，但公司应该比大众线品牌 净利率要高，公司还是希望能维持这样的净利率水平，可以看看今年调整的结果。 Q：战略规划：公司成功从单一品牌跨向多品牌，未来三年郭总对公司新的业绩规划，是否 会在25年推出新的股权激励计划？ A：公司从单品牌向多品牌运转，今天还是以薇诺娜为主。 主品牌：薇诺娜的天花板是150亿元，还有空间，线上来看：1、主要需要走通从卖产品到 卖解决方案这条路径，从舒敏做到敏感肌plus（美白、防晒、抗衰），通过会员运营尤其是 私域运营提升客单价来获得销售额增长。2、虽然薇诺娜是敏感肌品牌，在敏感肌 ...

Financial Data and Key Metrics Changes - The company expects a revenue growth target of over 10% for this year, with a focus on maintaining a double-digit growth in both revenue and profit [18][25][28] - The company reported a significant increase in new business areas, particularly in the digital transformation sector, which is projected to grow by over 30% [8][18] Business Line Data and Key Metrics Changes - The company has established a strategic partnership with Huawei Cloud, contributing approximately 10% to Huawei's public cloud sales, equating to around 20 billion yuan in sales [6][20] - The new business initiatives, including the HarmonyOS and integrated machines, are expected to see substantial growth, with HarmonyOS projected to achieve over 1 billion yuan in revenue this year [10][14][28] Market Data and Key Metrics Changes - The demand for digital transformation services remains strong, particularly in government and enterprise sectors, with significant growth observed in state-owned enterprises [34][35] - The company has noted a rapid growth in sectors such as automotive electronics and telecommunications, with major clients like China Mobile and China Telecom showing over 50% growth [35][36] Company Strategy and Development Direction - The company is focusing on a "1+3" strategy, emphasizing deep collaboration with Huawei Cloud and exploring niche markets where it has competitive advantages [5][6] - The company aims to leverage the opportunities presented by the decoupling of China and the US, positioning itself to replace foreign software with domestic alternatives [4][5] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the digital transformation landscape, anticipating continued high growth rates in cloud-related services [8][18] - The company is preparing for a recovery in its core business, with expectations that Huawei's overall business will stabilize and grow in the coming years [33] Other Important Information - The company has initiated share buybacks and increased dividends to reward long-term investors [18] - The integrated machine business is still in its early stages, with a revenue target of approximately 120 million yuan for this year [14][28] Q&A Session Summary Question: What is the current business model for Huawei Cloud distribution? - The company operates on a net revenue basis, with a commission structure that includes rebates and discounts, contributing to approximately 10% of Huawei's public cloud sales [20][21] Question: What is the profit guidance excluding stock incentives? - Excluding stock incentives, profit growth is expected to outpace revenue growth, indicating an improvement in gross margins [23][25] Question: How does the company view the impact of H20 price cuts on its business? - The company believes that the demand for AI computing power will remain strong despite the price cuts, with expectations that domestic solutions will grow significantly [30] Question: What is the outlook for the traditional software outsourcing and digital transformation business? - The core business remains stable, with significant growth expected in new initiatives like HarmonyOS and integrated machines, which are projected to contribute positively to revenue [28][29]