2024年1月，《企业数据资源相关会计处理暂行规定》正式施行，数据资产第一次被允许纳入企业财务报表。当时5400多家A股公司里，只有100家敢为人 先完成入表——如今一年过去，这些"吃螃蟹的人"究竟吃到了多少红利？ 红利1：数据变"提款机"，融资不用再靠厂房土地 对很多企业来说，数据资产入表最直接的好处就是"融资破冰"。 这些案例背后是银行信贷逻辑的转变：以前只认厂房、设备，现在数据资产能直接当"信用凭证"，100家入表企业中，已有超10家通过数据质押、授信拿 到融资，总额超5500万元。 红利2：财务报表"颜值"飙升，负债率悄悄降了 1. 荟宸数据资产评估AI模型这类技术型企业，将迎来更大发展空间，了解数据资产估值模型（解密"数价锚钉"数据资产估值模型（1）） 数据入表不是"账面游戏"，而是真金白银的财务优化： 反观数据原生企业，虽然70.59%负债率略有上升，但这是主动扩张的"甜蜜烦恼"——中文在线、中国移动等企业加大数据采集和平台建设投入，入表金额 分别暴涨15.59倍、8.8倍，为未来铺路。 红利3：行业分化明显，这些赛道成最大赢家 一年实践证明，不是所有行业都能平等吃到红利，这3个赛道脱颖而出： 更 ...

企查查APP显示，近日，浙江链拓未来网络科技有限责任公司成立，经营范围包含：第一类医疗器械销 售；第二类医疗器械销售；玩具销售；玩具、动漫及游艺用品销售等。企查查股权穿透显示，该公司由 孩子王（301078）、辛巴公司广东辛选控股有限公司等共同持股。 （原标题：孩子王、辛巴公司等新设链拓未来网络科技公司） ...

据媒体此前报道，去年4月，孩子王与直播电商头部企业辛选集团的战略合作取得进展。双方通过合资 平台"链启未来"，加速整合线上线下（300959）资源。 天眼查App显示，近日，浙江链拓未来网络科技有限责任公司成立，法定代表人为刘虓俊，注册资本 1000万人民币，经营范围含食品销售、食品互联网销售、互联网销售、日用百货销售、第一类医疗器械 销售、第二类医疗器械销售、计算机软硬件及辅助设备批发、计算机软硬件及辅助设备零售等，由孩子 王（301078）、广东辛选控股有限公司、沈晖等共同持股。 ...

证券代码：301078 证券简称：孩子王 公告编号：2026-012 孩子王儿童用品股份有限公司 关于合资公司完成注册登记并取得营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 孩子王儿童用品股份有限公司 董事会 2026 年 2 月 26 日 合资公司链拓未来按照相关法律法规要求已于近日完成注册登记手续，并取 得了杭州高新技术产业开发区（滨江）市场监督管理局颁发的《营业执照》。具 体信息如下： 一、营业执照信息 公司名称：浙江链拓未来网络科技有限责任公司 统一社会信用代码：91330108MAK88U6Y2J 公司类型：有限责任公司（外商投资企业与内资合资） 法定代表人：刘虓俊 注册资本：壹仟万元整 成立日期：2026 年 2 月 26 日 住所：浙江省杭州市滨江区西兴街道滨康路 101 号 3 幢 2107 室 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；食品销售(仅销售预包装食品)；食品互联网销售(仅销售预包装食 品)；互联网销售(除销售需要许可的商品)；日用百货销售；第一类医疗器械销售； 第二类医疗 ...

（汪建国） 汪建国1960年出生，今年66岁，是一位零售商业大佬。 2月24日晚间，南通上市公司*ST金灵披露公司控股股东和实际控制人变更的提示性公告。 根据《重整计划》，*ST金灵以现有 1,489,164,214 股股本为基数，按每10 股转增9.08 股，共转增 1,352,880,853 股，转增后公司总股本将增加至2,842,045,067股，上述转增股票不向原股东分配，全部用 于清偿公司债务，引进投资人。 转增股票中的 1,206,623,251 股用于引进重整投资人，汇通达作为产业投资人认购股票 710,511,267 股， 其他由各财务投资人认购。 由此，汇通达持有*ST金灵25.00%，为第一大股东。公司原控股股东南通产业控股集团有限公司持股比 例被动降至 15.54%。公司控股股东由南通产控变更为汇通达，公司实际控制人则由南通市国资委会变 更为汪建国。 孩子王则是A股上市公司，主营母婴产品，目前市值约135亿元。 随着*ST金灵实控人变更，商业大佬汪建国又掌控一家上市公司。 作为产业投资人，汇通达认购*ST金灵增发股票价格是1.3996元/股，合计支付投资款约9.94亿元。 目前，*ST金 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 河南发布数据显示，春节假期，河南省接待国内游客 6281 万 人次，旅游收入 376.3 亿元，按可比口径接待人次同比增长 9.1%，旅游收入同比增长 9.6%。 四川省文化和旅游厅数据显示，春节假期，全省共接待游客 5860.97 万人次、旅游总花费 445.74 亿元，同比分别增长 14.68%、13.35%。 海南省旅游和文化广电体育厅数据显示，春节假期，海南接 待游客 1232.05 万人次，实现游客总花费 183.66 亿元，同比 分别增长 28.9%、30.7%。 吉林发布数据显示，据银联商务公司大数据测算，春节假 期，全省接待国内游客量、国内游客出游总花费较 2025 年春 节假期分别增长 26.9%、24.9%，日均分别增长 11.1%、 10.9%。 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984.3 万人次，实现旅游总花费 331.4 亿元。 上海市文化旅游局数据显示，据上海旅游大数据监测，春节 假期，全市共接待游客 2167.21 万人次，同比增长 8.36%（按 可比口径，下同）；上海地区含吃、住、行、游、购、娱等全 要素旅游消费交易总金额为 256.14 亿元，同比增长 20.90%； 全市宾旅馆平均客房出租率为 50.60%，同比增长 3.10 个百分 点。 重庆市文化旅游委数据显示，春节假期，全市重点监测的 130 家 A 级景区累计接待游客 1260 万人次，同比增长 5.6%；重点 监测的 10 家旅游休闲街区累计接待游客 492.5 万人次，同比 增长 19.3%。 湖南省文旅厅数据显示，根据手机信令大数据建模统计，春 节假期全省累计接待游客 ...

Core Viewpoint - The company, Kidswant, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to issue H-shares and list on the main board, marking its entry into the international capital market [1] Group 1: Store Network and Business Model - Kidswant has established one of the largest offline service networks for parent-child families in China, with a total of 3,710 stores covering all 31 provincial-level administrative regions [3] - The store network includes 1,033 self-operated stores focusing on retail, children's entertainment, and early education, and 174 technology hair care stores, which have a customer unit price over 60% higher than traditional salons [3] - The company's dual-driven model ensures standardized services and enhances brand premium, while its cross-industry combination of "parenting + hair care" is expected to create synergistic effects [3] Group 2: Service Matrix and Membership Economy - Kidswant has transitioned from a traditional retail model to a full lifecycle service provider, with over 60 million registered members, of which over 30% are paying members [4] - The service matrix consists of three layers: basic (55% of revenue) includes retail of baby products, value-added (30% of revenue) includes children's entertainment and early education, and extended (15% of revenue) includes technology hair care and family health management [5] - The company plans to invest in AI parenting assistants and family health management platforms to deepen user engagement, with a satisfaction rate of 92% for its AI parenting consultant [5] Group 3: IPO Motivations and Financial Performance - The IPO is driven by three strategic considerations: brand internationalization, capital empowerment for store upgrades and digital supply chain, and valuation re-evaluation in the Hong Kong market [6] - Financial data shows steady growth, with projected revenue of 12.8 billion yuan and a net profit of 620 million yuan for 2024, representing year-on-year growth of 18% and 25% respectively [6] - The revenue share from the technology hair care business is expected to rise from 5% in 2023 to 12% in the first half of 2025, becoming a second growth driver [6] Group 4: Challenges and Strategic Responses - The company faces challenges from intensified competition in the mother and baby sector and a declining birth rate affecting growth in its core business [7] - To address these challenges, Kidswant plans to extend its services to cover all age groups, leverage technology for personalized marketing, and collaborate with hospitals and educational institutions to create a family service ecosystem [8] Group 5: Industry Outlook - Kidswant's IPO reflects a shift in the Chinese parenting economy from "incremental competition" to "deep cultivation of existing markets," potentially setting a new industry benchmark [9] - The company aims to leverage its extensive store network and full lifecycle services to write a new growth chapter in the market [9]

Core Viewpoint - The company, Kidswant (301078.SZ), currently has no business layout related to short dramas, and its AI products are still in the early development stage, contributing a small proportion to the company's overall performance, thus not significantly impacting its financial results [1] Group 1 - The company has stated that it does not have any short drama-related business initiatives at this time [1] - The AI products of the company are in the initial development phase and represent a minor share of the overall business [1] - The current status of AI products does not have a major impact on the company's financial performance [1]

Core Viewpoint - The company, Kidswant (301078.SZ), currently has no business layout related to short dramas, and its AI products are still in the early development stage, contributing a small proportion to the overall business and not significantly impacting the company's performance [1] Group 1 - The company has stated that it does not have any short drama-related business initiatives at this time [1] - The AI products of the company are in the initial development phase and represent a minor share of the company's overall business [1] - The current status of AI products does not have a major impact on the company's financial performance [1]