燕之屋积极扩展燕窝科技边界，持续深化燕窝肽的创新研究，以实干深耕市场价值。近日，燕之屋旗下 独立健康管理科技品牌——YANPEP燕窝肽强势破局，以燕窝肽为核心成分，让东方滋补原料以科学可 验、效率可见的方式，致力于为消费者提供细胞抗衰全场景解决方案，实现珍惜资源的高效利用。 此前，燕之屋曾提出2025年是公司二次创业的战略攻坚年，将持续全力推动战略目标的实现。此次 YANPEP燕窝肽品牌全新上市，并推出燕之屋YANPEP口服燕窝肽、燕之屋YANPEP燕窝肽胶原蛋白精 华饮、燕之屋YANPEP燕窝肽天然含锶⽔三款滋补新品，掀开了燕窝应用场景拓展的新篇章，这正是燕 之屋实现战略目标的重要一步。 深耕燕窝肽研究，筑就行业壁垒 在燕窝肽研发上的持续发力、不断取得重要进展与突破，经权威机构尚普咨询集团专业认证，燕之屋获 得"全球首个明确功效及应用的燕窝肽自主发明专利授权"市场地位证明书，推动行业认知。在技术创新 层面，燕之屋已形成覆盖原料制备、功能验证、产品转化的完整闭环，并以定向酶切技术放大了燕窝肽 生物活性，使其在抗衰老、抗氧化等维度实现跨代升级，致力于为"细胞级精准抗衰"提供科学背书。 厦门大学公共卫生学院《燕窝 ...

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3335.76 | -11.08 | -0.33% | 2399亿 | -0.48% | | 399001 | 深证成指 | 10002.93 | -88.22 | -0.87% | 3706亿 | -3.95% | | 899050 | THESO | 1395.32 | -1.26 | -0.09% | 1567 | 34.45% | | 881001 | 万得全A | 5054.15 | -28.38 | -0.56% | 6260亿 | 0.64% | | 000688 | 科创50 | 975.38 | -6.88 | -0.70% | 89亿 | -1.37% | | 399006 | 创业板指 | 1985.53 | -19.73 | -0.98% | 1620亿 | -7.29% | | 000300 | 沪深300 | 3838.37 | -21.74 | -0.56% | 1056亿 | ...

Group 1 - The Hang Seng Tech Index has seen an expanded decline of 1% [1] - NIO Inc. (09866.HK) and JD.com (09618.HK) are leading the decline among the constituent stocks [1]

中创新航"顶流圆柱"技术路线成果预计将率先批量应用于小鹏汇天新一代飞行汽车产品 智通财经5月27日电，记者获悉，"十四五"国家重点研发计划"本征安全高比能锂离子动力电池系统关键 技术及应用"项目于近日启动。项目将依托中创新航"顶流圆柱"技术路线，开发兼具高安全与高比能的 材料与电池技术，提出全场景电池故障诊断与热失控预警方法，提升立体交通领域动力电池单体及系统 能量密度，同时兼顾快充性能及功率输出能力。该项目研究成果预计将在小鹏汇天新一代飞行汽车产品 中率先得到批量应用。（智通财经记者 徐昊） ...

智通财经5月27日电，时代中国控股据悉获香港法院批准就离岸重组计划举行债权人投票。 ...

在泡泡玛特港股市值创新高之际，另一家中国潮玩公司即将登陆港交所。 近日，诞生于2015年的52TOYS向港交所递交IPO招股书冲击主板上市，成为继泡泡玛特和 Bloks之后第三家在香港上市的内地玩具制造商。 目前，52TOYS与迪士尼的玩具总动员系列等数十个全球知名品牌建立了长期合作关系，同时也开发有自己的知识产权。 截至2024年12月31日，52Toys拥有超过100个自有及授权IP，其中包括35个自有IP和80个授权IP。根据灼识咨询，公司的蜡笔小新和猫和老鼠产品 系列在2024年位列中国同类IP产品第一。 "IP中枢"构建护城河，销售网络触达470万会员 具备全产业链运营能力和完善的销售网络布局同样为52TOYS构筑了竞争优势。 招股书显示，是业内少数几家实现全产业链运营的领先中国公司之一，覆盖IP孵化开发、产品设计、柔性供应链到全域销售渠道各个环节。截至 2024年12月31日，公司拥有85名内部设计师，并与超过40名全球艺术家合作。 此外，52TOYS还建立了"线上+线下"、"直营+经销"的销售网络。截至2024年12月31日，公司拥有336家中国经销商和90家海外经销商，终端网点 超过20000 ...

震盪類指標方面，RSI指數高達80，已進入明顯超買區域，代表買盤強勁但也提示潛在風險。威廉指標與CCI指標同樣處於超買區域，儘管表面顯示持續強 勢，但技術上通常暗示短線可能面臨壓力或出現修正。隨機震盪指標顯示賣出訊號，而ADX指標為中立，意味趨勢仍然有效但進一步加速可能需要新的催 化劑。 觀察其他輔助技術指標，心理線與變動率指標偏向賣出，可能反映市場短線情緒過熱，資金追高動能開始放緩。動量震盪指標與VR成交比率處於中立狀 態，未明確給出方向，反映市場雖然整體偏多，但追價意願可能有所保留。 MACD與一目均衡表皆發出買入訊號，與保力加通道形成互補。保力加通道顯示目前價格接近上軌，預示技術上有過度延伸跡象，如未能迅速突破，或需回 測中軌作整理。因此，在短線策略上，宜觀察是否成功穩站15.5港元阻力位之上，否則投資者應考慮階段性減倉鎖定利潤。 總體而言，中遠海控目前處於強勢上升通道之中，技術指標多數支持進一步上行的潛力。不過，連續的升勢與多個超買訊號交錯出現，使得短線風險同樣上 升。建議投資者在維持多頭思維的同時，設定合適的風險控制點，避免因市場情緒逆轉而導致獲利回吐。 #中遠海控 #港股技術分析 #RSI超買 # ...

Core Insights - Tongcheng Travel's Q1 2025 revenue increased by 13% to 4.4 billion yuan, exceeding market expectations by 1%, primarily driven by better-than-expected transportation revenue [1] - Non-IFRS net profit reached 780 million yuan, surpassing market expectations by 6%, with a Non-IFRS net profit margin of 18% attributed to effective cost control [1] Revenue Growth - The tourism consumption remains resilient, with Q2 core OTA business revenue expected to maintain a year-on-year growth rate of 10-15% [1] - In Q1 2025, the number of nights booked met guidance, with international business nights increasing by over 50%, driving revenue growth [1] - During the May Day holiday, domestic travel increased by 6.4% year-on-year, and total spending by tourists grew by 8.0% [1] Hotel and Transportation Performance - Q2 2025 hotel revenue is projected to grow by 13% year-on-year, with hotel prices expected to see low single-digit growth due to a shift towards higher-quality products and services [1] - Q1 2025 domestic flight volume remained flat, while international flight volume increased by over 40%, with international ticket revenue accounting for over 5% of transportation revenue [1] - Q2 2025 transportation revenue is expected to grow by 10%, with international business entering a peak season [1] User Engagement and Profitability - Q1 core OTA business revenue grew by 18%, supported by a 9% increase in MPU and improved monetization from reduced user subsidies [2] - Daily Active Users (DAU) for the independent app increased by nearly 60%, surpassing 4 million during the May Day holiday, with independent app revenue accounting for about 7% of core OTA revenue [2] - Q1 2025 core OTA operating profit margin was 29%, exceeding expectations by 3 percentage points due to better-than-expected marketing investments and improved operational efficiency [2] Future Outlook and Valuation - The company maintains its profit guidance of 3.2 to 3.4 billion yuan for 2025, with an ongoing target of achieving breakeven in international business [2] - The target price is set at 23 HKD, corresponding to 15x/12x 2025e and 2026e Non-IFRS P/E, indicating an upside potential of 12% [2]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue growth driven by increased domestic travel demand and improved commission rates, leading to a positive outlook for the year [1][2][3] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.38 billion yuan, a year-on-year increase of 13.2% [1] - Adjusted EBITDA and net profit for Q1 2025 were 1.16 billion yuan and 790 million yuan, respectively, reflecting year-on-year growth of 41.3% and 41.1% [1] - Revenue from accommodation bookings, transportation tickets, vacation services, and other businesses were 1.19 billion yuan, 2.00 billion yuan, 590 million yuan, and 600 million yuan, with year-on-year changes of +23.3%, +15.2%, -11.8%, and +20.0% respectively [1] Group 2: User Growth and Market Expansion - The average monthly paying users reached 46.5 million, a year-on-year increase of 9.2%, while annual paying users totaled 250 million, up 7.8% [2] - Over the past 12 months, the company served 1.96 billion travelers, marking a 7.3% increase [2] - International ticket sales and hotel night bookings grew by over 40% and 50% year-on-year, respectively, due to effective international expansion strategies [2] Group 3: Cost Management and Profitability - The company's gross margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points [2] - Management, R&D, and sales expense ratios were 7.0%, 11.3%, and 33.2%, with year-on-year changes of +0.2 percentage points, -1.3 percentage points, and -2.2 percentage points respectively [2] - The adjusted net profit margin was 18.0%, reflecting an increase of 3.6 percentage points, indicating improved profitability due to cost reduction and efficiency measures [2] Group 4: Future Outlook - The company expects continued high growth in revenue driven by increasing OTA penetration and improved commission rates, alongside a reduction in losses from international operations [3] - The overall performance for the year is deemed to have strong certainty, maintaining a "strongly recommended" rating [3]

Core Viewpoints - In Q1 2025, the company achieved revenue of 4.377 billion yuan, a year-on-year increase of 13.2%, and an adjusted net profit of 788 million yuan, a year-on-year increase of 41.1% [1] - The company's profitability has significantly improved, with ongoing progress in cost reduction and efficiency enhancement, and expectations for continued growth in core OTA business scale effects and international business loss reduction [1][2] - The company plans to acquire Wanda Hotel Management to enhance its hotel management capabilities, indicating ongoing optimization of its diversified business [1][3] Financial Performance - Q1 2025 revenue growth of 13.2% aligns with previous expectations, while adjusted net profit growth of 41.1% exceeds expectations, resulting in an adjusted net profit margin of 18.0%, up 3.6 percentage points year-on-year [1] - Adjusted EBITDA for Q1 2025 was 1.159 billion yuan, a year-on-year increase of 41.3%, with an EBITDA margin of 26.5%, up 5.3 percentage points [1] - Revenue breakdown shows accommodation booking revenue of 1.190 billion yuan (up 23.3% YoY), transportation ticketing service revenue of 2.000 billion yuan (up 15.2% YoY), and other core OTA business revenue of 603 million yuan (up 20.0% YoY) [1] User Engagement - The company has deepened user value, with average monthly paying users reaching 46.5 million (up 9.2% YoY) and annual paying users reaching 250 million (up 7.8% YoY), both hitting record highs [2] - The overall user payment frequency is expected to remain stable, with a focus on youth marketing and a significant increase in daily active users on the app [2] Business Development - The company is enhancing market solutions and sales efficiency, with AI applications improving operational efficiency [3] - In Q1 2025, the company provided cost-effective transportation solutions, with significant growth in product bookings, including a 22% increase in "Huo Huo" intermodal product bookings and a 44% increase in "Kong Kong" intermodal bookings [3] - The company launched AI-driven services, reducing employee workload by 20% and helping hotels reduce labor costs by 30% through AI self-service solutions [3] Strategic Outlook - The company expects to achieve net profits of 2.52 billion yuan, 3.02 billion yuan, and 3.51 billion yuan from 2025 to 2027, with corresponding adjusted net profits of 3.31 billion yuan, 3.72 billion yuan, and 4.26 billion yuan [4] - Current stock price corresponds to a PE ratio of 18X, 15X, and 13X for net profits, and 14X, 12X, and 11X for adjusted net profits for the same period [4]