[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 迎驾贡酒(603198)公司点评报告 2025 年 08 月 28 日 [Table_Title] Q2 需求承压，蓄力改善 ——迎驾贡酒 2025 年中报点评 事件 公司公告 2025 年中报。25H1，公司实现总营收 31.60 亿元，同比-16.89%， 归母净利 11.30 亿元，同比-18.19%。25Q2，公司实现总营收 11.13 亿元， 同比-24.13%，归母净利 3.02 亿元，同比-35.20%。 二季度深度调整，省内相对优于省外 1）行业整体承压、需求分化等因素影响下，二季度深度调整。25H1，公司 中高档白酒/普通白酒分别实现收入 25.37/4.52 亿元，同比分别-14.01%/- 32.47%；25Q2，中高档白酒/普通白酒收入分别为 8.17/2.10 亿元，同比- 23.60%/-32.90%，中高档白酒收入降幅略低于普通白酒。 2）省内表现相对优于省外。25H1，公司省内/省外分别实现收入 23.64/6.25 亿元，同比分别-12.00%/-33.05%；25Q2，省内/省外收入分别为 7.3 ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 强瑞技术(301128)公司点评报告 2025 年 08 月 27 日 [Table_Title] 多业务协同驱动高成长，智驾与散热器表现亮眼 ——公司 25 年中报业绩点评 [Table_Summary] 报告要点： 8 月 25 日，公司发布 2025 年中报。2025H1，公司营收实现 8.40 亿 元，YoY+74.64%；归母净利实现 0.55 亿元，YoY+15.57%；毛利率和净利 率分别为 23.21%和 8.43%。单季度 2Q25 来看，公司营收实现 5.23 亿元， YoY+58.04%，QoQ+65.10%；归母净利实现 0.43 亿元，YoY-0.82%， QoQ+259.05%；毛利率和净利率分别为 23.43%和 10.33%。 公司持续拓展智能汽车领域，业绩实现较大幅度增长。公司上半年智能 汽车业务收入 1.87 亿元，同比增加 203%。业绩增长主要受益于智能系统 控制模块搭载量提升带动检测需求增长，同时公司推动产品由单站设备向 多站连线设备及大型线体设备延伸，提升设备价值量与差异化竞争力。 散热器业务增长带动 ...

Market Performance - On August 27, 2025, the Shanghai Composite Index fell by 1.76%, the Shenzhen Component Index decreased by 1.43%, and the ChiNext Index dropped by 0.69%[3] - The total market turnover reached 31,977.90 billion yuan, an increase of 4,879.59 billion yuan compared to the previous trading day[3] - Out of 5,397 stocks, 633 rose while 4,764 declined[3] Sector and Style Analysis - Among the 30 CITIC first-level industries, the telecommunications sector performed best with a decline of only 1.59%, while real estate suffered the most with a drop of 3.47%[21] - The performance ranking of market styles showed that growth stocks outperformed value stocks, with mid-cap growth leading the way[21] Fund Flow - On August 27, 2025, the net outflow of main funds was 1,297.50 billion yuan, with large orders contributing to a significant portion of this outflow[4] - Small orders, however, saw a continuous net inflow of 1,360.77 billion yuan[4] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw increases in turnover, with changes of +8.04 billion yuan and +13.39 billion yuan respectively[30] - The total turnover of the ETFs listed was as follows: Huaxia SSE 50 ETF (30.64 billion yuan), Huatai-PB CSI 300 ETF (64.08 billion yuan), and others[30] Global Market Trends - On August 27, 2025, the Hang Seng Index fell by 1.27%, while the Nikkei 225 Index rose by 0.30%[5][6] - European indices generally declined, with the DAX down by 0.50% and the CAC40 down by 1.70%[6]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a total revenue of 76.04 billion yuan in the first half of 2025, reflecting a year-on-year increase of 0.80%, while the net profit attributable to shareholders decreased by 15.79% to 6.76 billion yuan [1]. - The second quarter of 2025 saw a total revenue of 40.05 billion yuan, up 5.69% year-on-year, but the net profit attributable to shareholders fell by 22.74% to 2.81 billion yuan [1][2]. - The company plans to distribute a mid-term dividend of 1.425 yuan per share, with a payout ratio of 70.02% [1]. Revenue Performance - Revenue growth improved in Q2 2025 compared to Q1, with a year-on-year increase of 5.69% in Q2, contrasting with a decline of 4.13% in Q1 [2]. - The revenue from frozen dishes showed strong performance, with a notable increase of 26.05% year-on-year in Q2 2025 [2]. - All sales channels experienced sequential improvement in revenue during Q2 2025, with significant growth in "new retail and e-commerce" channels, which saw a year-on-year increase of 35.15% [2]. Profitability Analysis - The company's gross margin decreased to 20.52% in the first half of 2025, down 3.39 percentage points year-on-year, primarily due to rising raw material costs [3]. - The net profit margin for the first half of 2025 was 8.89%, a decrease of 1.75 percentage points year-on-year, influenced by the decline in gross margin and an increase in financial expenses [3]. - Cost reduction and efficiency improvements helped mitigate the decline in net profit margin, which was less severe than the drop in gross margin [3]. Earnings Forecast - The company is projected to achieve net profits of 13.79 billion yuan, 15.40 billion yuan, and 16.95 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -7.12%, 11.66%, and 10.05% [4]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 18, 16, and 15 times, respectively [4].

[Table_Title] Q2 经营环比改善，持续开拓海外市场 ——紫燕食品 2025 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2025 年中报。2025 年上半年，公司实现总收入 14.73 亿元（- 11.46%），归母净利 1.05 亿元（-47.20%），扣非归母净利 0.83 亿元（- 49.28%）。2025Q2，公司实现总收入 9.09 亿元（-6.16%），归母净利 0.89 亿元（-37.99%），扣非归母净利 0.78 亿元（-37.49%）。 [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 紫燕食品(603057)公司点评报告 2025 年 08 月 27 日 Q2 收入增速有所改善，公司 H1 持续加快境外市场拓展 1）鲜货产品收入增速 Q2 环比改善，预包装产品实现较快增长。2025H1， 公司鲜货产品、预包装及其他产品、包材、"加盟费、门店管理费、信息系 统使用费"收入分别为 11.29、2.48、0.42、0.30 亿元，同比-18.52%、 +40.98%、-1.06%、-10.03%，25Q2 增速分别为-17. ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Title] 二季度调整节奏，保持战略定力 ——今世缘 2025 年中报点评 [Table_Summary] 事件 公司公告 2025 年中报。25H1，公司实现总营收 69.51 亿元，同比-4.84%， 归母净利 22.29 亿元，同比-9.46%。25Q2，公司实现总营收 18.52 亿元， 同比-29.69%，归母净利 5.85 亿元，同比-37.06%。 二季度渠道端调整，报表端压力释放 1）二季度受行业因素影响，加速出清。25H1，公司指导价 300 元以上/100- 300 元/100 元以下白酒产品分别实现收入 43.11/22.32/3.36 亿元，同比分 别-7.37%/+0.74%/-12.59%。25Q2，指导价 300 元以上/100-300 元/100 元 以下白酒产品分别实现收入 11.42/5.83/0.76 亿元，同比-32.07%/-28.10%/- 34.72%，二季度加速渠道去库存，纾解渠道端压力。 2）二季度省外降幅低于省内。25H1，公司省内/省外收入分别为 62.54/6. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a revenue of 1.769 billion yuan for H1 2025, representing a year-on-year growth of 30.83%. The net profit attributable to the parent company was 186 million yuan, up 5.21% year-on-year, while the net profit excluding non-recurring items was 177 million yuan, reflecting a 6.64% increase [1]. - The gross margin for H1 2025 was 74.6%, remaining stable year-on-year, while the net margin decreased by 2.58 percentage points to 10.52% due to increased sales expenses [1]. - The company is focusing on a big product strategy, enhancing penetration through key products and new launches, which has contributed to revenue growth [2]. Revenue and Profitability - The company's online channel revenue reached 1.571 billion yuan in H1 2025, accounting for 88.87% of total revenue, with a year-on-year growth of 37.85%. The offline channel revenue was 197 million yuan, down 7.07% [3]. - The report forecasts EPS for 2025, 2026, and 2027 to be 1.14 yuan, 1.45 yuan, and 1.77 yuan respectively, with corresponding P/E ratios of 37, 29, and 24 [4]. Brand and Market Strategy - The main brand, Marubi, is focusing on four key products and three major sets to enhance market penetration, while the PL brand, Lianhuo, is leveraging limited edition products to strengthen user engagement and expand its market [2]. - The company is actively enhancing its online presence through multi-channel operations and has seen significant growth in member transactions and live-stream sales [3].

Investment Rating - The report assigns an "Accumulate" rating for the company [5]. Core Insights - The company specializes in backlight display modules and has become the exclusive supplier for the Switch 2, showcasing significant operational flexibility [3][4]. - The launch of Switch 2 exceeded market expectations, with first-month global sales reaching 5.82 million units, significantly surpassing the previous Switch model and setting a record for Sony's PS5 [4][57]. - The company is expected to benefit greatly from the ongoing demand for Switch 2, with projected net profits for 2025-2027 estimated at 245 million, 394 million, and 462 million yuan respectively [5][68]. Summary by Sections 1. Breakthrough in Core Technology and Business Transformation - The company has focused on the backlight display module sector, expanding from mobile phone backlights to industrial control, automotive, tablets, and laptops [3][14]. - The management's strategic foresight led to the development of a 0.3mm ultra-thin light guide plate, meeting Nintendo's standards and achieving a yield rate of 99.6% [3][26]. - The company has transitioned from a loss to profitability, marking a significant strategic shift [3][33]. 2. Switch 2 Unlocks Revenue Potential - The management's strategic vision and proactive technology development have positioned the company well within the supply chain of major clients [41][45]. - The Switch 2 has broken sales records, with Nintendo holding a 49% market share in the gaming console market as of 2024 [50][57]. - The company maintains a stable market share in the short term due to its unique position as the sole supplier for Switch 2, which is expected to generate over 700 million yuan in revenue [27][66]. 3. Profitability and Investment Forecast - The company is projected to see significant earnings elasticity in 2025, driven by the sustained demand for Switch 2 and stable pricing [5][68]. - The expected net profits for 2025-2027 are 245 million, 394 million, and 462 million yuan, with corresponding earnings per share of 1.1, 1.8, and 2.1 yuan [5][68].

Investment Rating - The industry maintains a "Recommended" rating, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][32]. Core Insights - The report highlights a significant performance increase in the retail, social services, and beauty care sectors, with respective weekly gains of +4.55%, +4.55%, and +5.35%, outperforming the Shanghai Composite Index [2][13]. - Key companies in the beauty care sector reported mixed results, with some showing declines in revenue while others experienced growth, indicating a varied recovery across the industry [3][23][28]. - The IP derivatives segment, particularly Bubble Mart, demonstrated exceptional growth with a 204.4% increase in revenue year-on-year, showcasing strong market demand for collectible products [25][26]. Summary by Sections Market Performance - The retail, social services, and beauty care sectors ranked 8th, 9th, and 5th respectively among 31 primary industries during the week of August 18-22, 2025, with notable increases in sub-sectors like internet e-commerce, education, and cosmetics [2][13][15]. Key Industry Data and News - Beauty Care: Estee Lauder reported a net sales decline of 8% for the fiscal year 2025, with a notable recovery in the Chinese market, achieving net sales of $2.741 billion [23]. - Travel Chain: Xiangyuan Culture achieved a revenue increase of 35.41% in H1 2025, indicating a strong recovery in tourism [4][28]. - IP Derivatives: Bubble Mart's revenue reached 13.88 billion yuan in H1 2025, a 204.4% increase, with significant contributions from various regions [25][26]. Company Announcements - Lao Pu Gold reported a revenue of 12.354 billion yuan in H1 2025, a 251.0% increase, with a net profit growth of 285.8% [27]. - Shanghai Jahwa achieved a revenue of 3.478 billion yuan, growing by 4.75%, with a net profit increase of 11.66% [30]. - Marubi Biological reported a revenue of 1.769 billion yuan, a 30.83% increase, with a net profit growth of 5.21% [30]. Investment Recommendations - The report suggests focusing on companies such as Shangmei, Juzi Biological, Marubi Biological, Runben, Proya, Chaohongji, Buluko, and Furida as potential investment targets within the recommended sectors [6][32].

Market Performance - On August 26, 2025, the Shanghai Composite Index fell by 0.39% to 3,868.38, while the Shenzhen Component Index rose by 0.26% to 12,473.17[16][20] - The total market turnover was 27,098.32 billion CNY, a decrease of 4,671.20 billion CNY from the previous trading day[16][20] - Out of 5,274 stocks, 2,804 rose and 2,470 fell, indicating a mixed market sentiment[16] Sector Performance - The top-performing sectors included Agriculture, Forestry, Animal Husbandry, and Fishery (+2.65%), Media (+1.36%), and Comprehensive (+1.26%) while the worst performers were Comprehensive Financial (-1.38%), Non-Bank Financial (-1.11%), and National Defense and Military Industry (-1.09%)[22] - Concept sectors saw significant gains in indices related to fruit, poultry, and pork, while sectors like CRO, rare earth permanent magnets, and weight loss drugs declined[22] Capital Flow - On August 26, 2025, the net outflow of main funds was 688.55 billion CNY, with large orders contributing to a significant portion of the outflow[26] - Small orders continued to see a net inflow of 757.00 billion CNY, indicating retail investor interest[26] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -14.27 billion CNY and -15.31 billion CNY respectively[30] - The total trading volume for these ETFs was notably lower compared to the previous trading day, reflecting reduced investor activity[30] Global Market Trends - On August 26, 2025, major Asia-Pacific indices closed lower, with the Hang Seng Index down 1.18% and the Nikkei 225 down 0.97%[33] - European indices also experienced declines, with the DAX down 0.40% and the CAC40 down 1.59%[33] - In the US, the Dow Jones Industrial Average fell by 0.77%, while the S&P 500 and Nasdaq Composite dropped by 0.43% and 0.22% respectively[33]