Investment Rating - The report maintains a "Positive" investment rating for the home appliance sector, highlighting its undervalued status, high dividends, and stable growth potential [3][7]. Core Insights - The home appliance sector is expected to benefit from a reversal in real estate policies, with the "old-for-new" policy likely to stimulate demand. The report anticipates a rise in both volume and price in the white goods industry [7]. - The report emphasizes the growth in online and offline sales for air conditioners and kitchen appliances, indicating a positive trend in consumer demand [4][5][32][33][38]. Sales Data Summary - **Air Conditioners**: In July 2025, online retail sales reached 4.64 million units, a year-on-year increase of 28.9%. Offline sales were 892,000 units, up 37.4% year-on-year. The average online price increased by 6.5% to 2,629 yuan per unit, while the offline average price decreased by 0.9% to 3,978 yuan per unit [4][32]. - **Kitchen Appliances**: For July 2025, online sales of range hoods were 473,000 units, up 16.6% year-on-year, and offline sales were 91,000 units, up 17.9%. The average online price rose by 3.5% to 1,474 yuan per unit, and the offline average price increased by 5.7% to 4,226 yuan per unit. Dishwashers saw online sales of 60,000 units, up 25.5%, and offline sales of 17,000 units, up 30.7% [5][33][38]. Company Performance Summary - **Midea Group**: The company has secured a major project for a large-scale liquid-cooled intelligent computing data center in the Guangdong-Hong Kong-Macao Greater Bay Area, indicating strong growth potential in its smart building technology business [6][14]. - **Huaxiang Co., Ltd.**: For the first half of 2025, the company reported revenue of 1.976 billion yuan, a 2% increase year-on-year, and a net profit of 290 million yuan, up 26% year-on-year [6][15]. - **Bolei Technology**: The company reported a significant decline in revenue for the first half of 2025, with a 36% drop to 385 million yuan, indicating challenges in its market performance [6][56]. Market Dynamics - The home appliance sector has underperformed compared to the CSI 300 index, with the home appliance index rising by 2.2% while the CSI 300 increased by 4.2% during the same period [6][8]. - The report notes a significant increase in demand for air conditioners and fans in overseas markets due to extreme heat in Europe, with exports from Guangdong experiencing substantial growth [62][65].

Core Viewpoint - Huaxiang Co., Ltd. (603112) reported a solid performance in its 2025 mid-year financial results, with notable increases in revenue and net profit, indicating improved profitability and operational efficiency [1][2]. Financial Performance Summary - Total revenue reached 1.976 billion yuan, a year-on-year increase of 2.38% [1] - Net profit attributable to shareholders was 290 million yuan, up 25.66% year-on-year [1] - Gross margin improved to 23.32%, reflecting an increase of 8.88% compared to the previous year [1] - Net margin rose to 14.43%, with a year-on-year increase of 25.77% [1] - Total expenses (selling, administrative, and financial) amounted to 101 million yuan, accounting for 5.09% of revenue, down 13.42% year-on-year [1] - Earnings per share (EPS) increased to 0.59 yuan, a rise of 11.32% year-on-year [1] Key Financial Metrics - Cash and cash equivalents increased by 19.24% to 446 million yuan [2] - Accounts receivable rose by 13.23% to 1.132 billion yuan [2] - Interest-bearing debt decreased significantly by 46.49% to 796.7 million yuan [2] - The company's net asset per share increased by 26.07% to 7.82 yuan [1] Changes in Financial Items - Accounts receivable financing surged by 90.2% due to an increase in bank acceptance bills [2] - Other receivables rose by 58.31% due to increased employee social security and inter-company transactions [2] - Inventory increased by 18.02% due to higher work-in-progress and finished goods [2] - Long-term equity investments grew by 42.9% due to additional external investments [2] Cash Flow and Investment Insights - Operating cash flow showed a significant decline of 169.25%, attributed to increased cash outflows for purchasing goods [4] - Investment cash flow increased by 133.8% due to higher redemptions of financial products [4] - Financing cash flow rose by 51.02% due to increased dividend payments [4] Market Position and Analyst Expectations - Analysts expect the company's performance in 2025 to reach a net profit of 603 million yuan, with an average EPS forecast of 1.12 yuan [6] - The company's return on invested capital (ROIC) was reported at 11.52%, indicating average capital returns [4]

2025年8月22日，华翔股份(603112.SH)发布2025年中报。 公司营业总收入为19.76亿元，较去年同报告期营业总收入增加4593.67万元，实现2年连续上涨，同比较去年同期上涨2.38%。归母净利润为2.90亿元，较去 年同报告期归母净利润增加5929.92万元，实现2年连续上涨，同比较去年同期上涨25.66%。经营活动现金净流入为-1.76亿元。 公司最新资产负债率为29.50%，较上季度资产负债率减少16.67个百分点，较去年同期资产负债率减少16.16个百分点。 公司最新毛利率为23.32%，较去年同期毛利率增加1.90个百分点。最新ROE为6.89%。 公司摊薄每股收益为0.59元，较去年同报告期摊薄每股收益增加0.06元，实现2年连续上涨，同比较去年同期上涨11.32%。 公司最新总资产周转率为0.32次。最新存货周转率为1.99次。 | 序号 | 股东名称 | 持股 | | --- | --- | --- | | 1 | 山西临汾华翔实业有限公司 | 55.2 | | 2 | 山西省交通开发投资集团有限公司 | 8.42 | | 3 | 申万菱信基金-光大银行-申万菱信常鸿1号集合资 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603112 公司简称：华翔股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所网站（www.sse.com.cn）网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本次公司拟向全体股东每10股派发现金红利2.16元（含税）。截至2025年6月30日，公司总股本 539,170,563股，以此为基数，计算合计派发现金红利116,460,841.61元（含税），占公司2025年半年度 财务报表（未经审计）中归属于上市公司股东的净利润290,350,350.87元的比例为40.11%，本次利润分 配不进行资本公积金转增股本，不送红股。 如实施权益分派的股权登记日前公司总股本发生变动的，拟维持 ...

Group 1 - The board of directors of Shanxi Huaxiang Group Co., Ltd. held its 29th meeting on August 21, 2025, to discuss various proposals [1] - The meeting approved the 2025 semi-annual report and its summary with a unanimous vote of 9 in favor [1] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, also with a unanimous vote [2] Group 2 - The board approved the 2024 sustainable development report with a unanimous vote of 9 in favor [2] - A profit distribution plan for the first half of 2025 was proposed, which includes a cash dividend of 2.16 yuan per 10 shares (tax included), based on a total share capital of 539,170,563 shares as of June 30, 2025 [2] - The profit distribution proposal will be submitted to the third extraordinary general meeting of shareholders in 2025 for approval [3] Group 3 - The board proposed to convene the third extraordinary general meeting of shareholders in 2025, which was also approved unanimously [3]

证券代码：603112 证券简称：华翔股份 公告编号：2025-088 （一）审议通过了《关于公司 2025 年半年度报告及其摘要的议案》 监事会认为：公司《2025 年半年度报告及其摘要》的内容和格式，符合中 国证监会和上海证券交易所的各项规定，报告的编制和审议程序，符合法律法规 和公司章程及公司内部管理制度的规定，从各方面真实地反映公司 2025 年半年 度的经营管理和财务状况。监事会未发现参与 2025 年半年度报告编制及审议的 人员有违反保密规定的行为。 表决结果：同意 5 票，反对 0 票，弃权 0 票，回避 0 票。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的《山西华翔集团股份有限公司 2025 年半年度报告及摘要》。 山西华翔集团股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 山西华翔集团股份有限公司（以下简称"公司"）第三届监事会第二十六次 会议于 2025 年 8 月 21 日在公司会议室以现场加通讯表决方式召开。会 ...

证券代码：603112 证券简称：华翔股份 公告编号：2025-091 山西华翔集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年9月11日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 11 日 14 点 30 分 召开地点：山西省临汾市洪洞县甘亭镇华林村山西华翔集团股份有限公司 (五) ...

股份有限公司 年 度 可 持 续 发 展 报 告 编制依据 关于本报告 《上海证券交易所上市公司自律监管指南第 4 号 —— 可持续发展 报告编制》 《上海证券交易所上市公司自律监管指引第 14 号 —— 可持续发展报告 （试行）》 并参考以下ESG披露原则： 联合国17项可持续发展目标 (SDGs) 财政部等九部门《企业可持续披露准则——基本准则(试行)》 全球可持续发展标准委员会《可持续发展报告标准》（GRI Standards） 编制说明 联合国全球契约十项原则 气候相关财务信息披露工作组（TCFD）《气候相关财务信息披露工作组 建议报告》 《山西华翔集团股份有限公司2024年度可持续发展报告》（以下简称"ESG报告""本报告"）是山西华翔集团股份有限公司第一份可持 续发展报告，旨在向各利益相关方真实、客观地展示公司在环境、社会和治理方面所采取的行动和达到的成效，系统地回应利益相关 方的期望和要求，促进公司更好发展的同时，积极履行社会责任。 数据说明 报告使用数据来源于山西华翔集团股份有限公司的官方文件及相关统计数 据。 具体包括公司实际运行的原始数据、政府部门公开数据、年度财务数据、 内部相关统计报表 ...

差异 注 1：公司募集资金专项账户余额与实际募集资金净额存在 7.65 万元差异，系公司支 付承销及保荐费、登记费、申报文件制作及其他费用含税价与不含税价价差所致（尾差系 四舍五入所致）； 注 2：部分合计数与各明细数相加之和在尾数上存在差异，系四舍五入所致。 二、募集资金管理情况 （一）募集资金的管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者 权益，公司已按照《公司法》《证券法》《上市公司募集资金监管规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规、规范 性文件及《公司章程》的规定，结合公司实际情况，制订了《募集资金管理制 度》。根据《募集资金管理制度》，公司对募集资金实行专户存储，在银行设 立募集资金专户，并连同保荐机构分别与中国民生银行股份有限公司太原分行、 招商银行股份有限公司太原分行、中信银行股份有限公司临汾分行签订了《募 集资金专户储存三方监管协议》和《募集资金专户储存四方监管协议》，对公 司、保荐机构及开户银行的相关责任和义务进行了详细约定。该三方监管及四 方监管协议与上海证券交易所三方监管协议范本不存在重大差异，公司在使用 募集资金时已 ...

| 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | （%） | | 603303 | 得邦照 明 | 0.00 | 6.41 | 29976.94 | 209.89 | | 5.31 | | 603112 | 华翔股 份 | 0.00 | 2.16 | 11646.08 | 40.11 | | 1.38 | | 300403 | 汉宇集 | 0.00 | 0.5 | 3015.00 | 25.70 | | 0.32 | 8月21日华翔股份发布2025半年度分配预案，拟10派2.16元（含税），预计派现金额合计为1.16亿元。派 现额占净利润比例为40.11%，这是公司上市以来，累计第7次派现。 团 | | | 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 ...