证券代码:603187 证券简称:海容冷链 公告编号：2025-039 青岛海容商用冷链股份有限公司 关于变更部分募集资金用途的补充公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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个别及连带责任。 本次变更部分募集资金用于印尼工厂项目增加投资的具体原因、项目投资金 额变化等内容详见公司在上海证券交易所官方网站（www.sse.com.cn）披露的《关 于变更部分募集资金用途的公告》（公告编号：2025-035）。 特此公告。 青岛海容商用冷链股份有限公司 董事会 2025 年 8 月 29 日 "智能冷链设备及商用自动售货设备产业化项目"计划实施主体为海容冷链。 项目计划总投资 65,242.28 万元，其中，场地投入 31,583.49 万元，占比 48.41%； 设备购置及安装费投入 26,850.18 万元，占比 41.15%；铺底流动资金 3,886.92 万元，占比 5.96%；基本预备费 2,921.68 万元，占比 4.48%。项目计划使用募集 资金金额 49,373.52 万元。 截至 2025 年 6 月 30 日，项 ...

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown improvement in operational quality, with revenue and profit growth accelerating. In H1 2025, the company achieved revenue of 1.79 billion (+12.9%) and a net profit attributable to the parent of 220 million (+10.4%) [1]. - Domestic sales have performed well, particularly in refrigerated cabinets, smart cabinets, and supermarket cabinets. The company maintains a strong market share despite a decline in commercial frozen display cabinet sales due to overall industry demand issues [1]. - The overseas market has seen steady growth, with H1 overseas revenue increasing by 9.4%. The company is expanding its presence in Southeast Asia and plans to enhance its production capacity in Indonesia [2][3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 880 million (+20.0%) and a net profit attributable to the parent of 120 million (+36.6%) [1]. - The gross margin in Q2 stabilized at 27.9%, showing a year-on-year increase of 0.4 percentage points [2]. - The company has adjusted its profit forecast upwards, expecting net profits of 400 million, 450 million, and 510 million for 2025, 2026, and 2027 respectively, with growth rates of +12%, +14%, and +12% [3]. Market Position and Strategy - The company is a leader in the commercial cold chain industry in China, leveraging its R&D, production, and scale advantages to expand its domestic and international customer base [3]. - The Indonesian factory is expected to begin trial production by the end of 2025, which will enhance the company's ability to serve Southeast Asia, South Asia, and Oceania markets [2]. Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 14, 13, and 11 respectively, indicating a favorable valuation compared to its growth prospects [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 1.791 billion yuan in the first half of 2025, representing a year-on-year growth of 12.86%. The net profit attributable to the parent company was 221 million yuan, up 10.38% year-on-year, and the net profit after deducting non-recurring gains and losses was 212 million yuan, reflecting a growth of 20.41% [2][4]. - In the second quarter of 2025, the company reported a revenue of 882 million yuan, which is a 19.96% increase year-on-year. The net profit attributable to the parent company reached 117 million yuan, marking a significant year-on-year growth of 36.63%, while the net profit after deducting non-recurring gains and losses was 111 million yuan, up 41.34% [2][4]. Summary by Sections Revenue Growth - The company experienced accelerated revenue growth, with a 12.86% increase in H1 2025. The commercial display cabinet segment saw a revenue increase of 12.94%, while other businesses grew by 11.41%. Domestic revenue rose by 14.38%, and overseas revenue increased by 9.38%. Direct sales grew by 17.24%, while the distribution model saw a decline of 6.44% [10]. Profitability Improvement - The company's gross margin slightly decreased by 0.85 percentage points in H1 2025. However, the operating profit increased by 22.88%, leading to an improvement in the operating profit margin by 1.06 percentage points. In Q2 2025, the gross margin increased by 0.40 percentage points, and the operating profit grew by 41.43%, with the operating profit margin improving by 2.11 percentage points [10]. Investment Outlook - The company focuses on the commercial cold chain equipment industry and has established a strong competitive advantage in the frozen display cabinet sector. The brand influence in refrigerated and supermarket display cabinets is rapidly increasing, and the company is proactively expanding into smart display cabinets, indicating significant growth potential in the future. The projected net profits for 2025-2027 are 389 million, 441 million, and 496 million yuan, respectively, with corresponding price-to-earnings ratios of 13.83, 12.21, and 10.86 [10].

Core Insights - The stock price of Hailong Cold Chain (603187) closed at 14.92 yuan on August 25, 2025, with an increase of 1.57% and a turnover rate of 5.82% [1] - The company reported a total revenue of 1.791 billion yuan for the first half of 2025, representing a year-on-year growth of 12.86%, and a net profit attributable to shareholders of 221 million yuan, up 10.38% year-on-year [1] - Hailong Cold Chain has a current ratio of 2.757, a quick ratio of 2.372, and a debt-to-asset ratio of 27.20% [1] Financial Performance - Total revenue for Hailong Cold Chain reached 1.791 billion yuan, with a year-on-year increase of 12.86% [1] - Net profit attributable to shareholders was 221 million yuan, reflecting a year-on-year growth of 10.38% [1] - The company's non-recurring net profit was 212 million yuan, showing a significant year-on-year increase of 20.41% [1] Investment and Intellectual Property - Hailong Cold Chain has made investments in 13 companies and participated in 92 bidding projects [2] - The company holds 50 trademark registrations and 467 patents, along with 54 administrative licenses [2]

Core Viewpoint - The company reported a significant acceleration in revenue and performance in Q2 2025, driven by expanding overseas market demand, indicating an upward turning point in operations [1]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.791 billion yuan, a year-on-year increase of 12.86%, and a net profit attributable to shareholders of 221 million yuan, up 10.38% year-on-year [2]. - In Q2 2025, the company recorded operating revenue of 882 million yuan, a year-on-year increase of 19.96%, and a net profit attributable to shareholders of 117 million yuan, up 36.63% year-on-year [2]. Investment Outlook - The profit forecast has been raised, maintaining a "buy" rating. The expected net profit attributable to shareholders for 2025-2027 is projected at 397 million, 463 million, and 577 million yuan, representing year-on-year growth of 12%, 17%, and 25% respectively [2]. - The target price has been adjusted to 19.57 yuan, based on a 19x PE ratio for 2025 [2]. Market Dynamics - The domestic market is seeing an increase in the share of refrigerated products, while overseas demand for frozen cabinets in Indonesia is experiencing a significant surge [3]. - The company is actively responding to the trend of domestic fast-moving consumer goods going overseas, with exports to Indonesia expected to account for 65-70% of total exports [3]. Strategic Investments - The company plans to invest an additional 90 million yuan to establish a new subsidiary in Indonesia and build a commercial display cabinet manufacturing plant, following a previous investment of 377 million yuan [3]. - This investment is driven by the demand from international clients for increased supply capabilities of smart vending machines and the strategic upgrade of the Indonesian project to support the company's global market strategy [3].

Summary of Haierong Cold Chain Conference Call Company Overview - **Company**: Haierong Cold Chain - **Industry**: Cold Chain and Refrigeration Equipment Key Points Financial Performance - In Q2 2025, Haierong's frozen domestic sales revenue decreased by 40% year-on-year, while export revenue increased by 52%, driven by product structure optimization and higher gross margins in export business [2][5] - The company maintains a full-year revenue growth forecast of 7%-16%, currently achieving approximately 13% [3][18] - Cash flow remains strong, with expectations for the trend to mirror the first half of the year [3][17] Business Segments Performance - Domestic cold storage revenue grew by 36% year-on-year in Q2 2025, benefiting from deeper collaborations with clients in the beverage sector [2][6] - Supermarket cabinet sales saw a nearly 50% increase in domestic revenue and a 61% increase in export revenue, attributed to enhanced cooperation with existing clients and new application scenarios [2][5] - Smart cabinet domestic revenue surged by 240%, driven by increased investments from downstream brand clients, although overseas market growth is limited due to 5G infrastructure and mobile payment challenges [2][5][21] Market Trends and Outlook - The North American market experienced a 29% decline in sales in H1 2025 due to tariff policies, with expectations for this trend to continue into H2 [2][8][9] - The domestic frozen market is not expected to see a significant turning point in H2 2025, but the likelihood of further substantial declines is low due to previous downturns [2][10] - The company is optimistic about the domestic cold storage business over the next three to five years, supported by strong product competitiveness and established client relationships [6][7] Competitive Landscape - The company maintains a stable position among major clients like Yili and Mengniu, despite the introduction of other suppliers [11] - The overall industry demand has decreased significantly, but Haierong has increased its market share among smaller clients, maintaining its industry position [12] Regional Performance - In H1 2025, revenue growth in Asia (excluding China) was 37%, accounting for 58% of total export revenue, while North America saw a 29% decline [13] - The European market is expected to grow slowly due to cultural differences and competition, while the Southeast Asian market, particularly Indonesia, is viewed as a key growth area due to favorable economic conditions [19] Gross Margin and Product Strategy - The improvement in gross margin is primarily due to the optimization of product structure, with the frozen export business having the highest gross margin [15] - The domestic cold storage business's gross margin reached 13% in Q2 2025, with expectations for gradual improvement [16] Future Strategies - The company is developing products suitable for local networks and payment methods in overseas markets to address current limitations [21] - There are no specific growth targets provided for individual product categories, only an overall revenue guidance [20] Additional Insights - The company is actively working on the construction of its factory in Indonesia, which is expected to alleviate tariff impacts once operational [4][9] - The cash flow situation has improved due to reduced accounts receivable and effective collection efforts [17]

Investment Rating - The report maintains an "Outperform" investment rating for the company [6] Core Insights - The company's Q2 performance exceeded expectations, with H1 2025 total revenue reaching 1.791 billion yuan, a year-on-year increase of 12.86%, and net profit attributable to shareholders at 221 million yuan, up 10.38% year-on-year [6] - The cold storage cabinet business is experiencing rapid growth, while the frozen product sector maintains its competitive advantage [6] - The company's profitability remains stable, with a sales gross margin of 26.66% in H1 2025, and a net profit margin of 12.27% [6] - The company plans to maintain a cash dividend ratio of no less than 50% of the net profit for 2025, indicating a commitment to steady dividends [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.095 billion yuan, with a year-on-year growth rate of 9.3% [5] - The net profit attributable to shareholders is forecasted to be 377 million yuan in 2025, reflecting a year-on-year increase of 6.5% [5] - The earnings per share (EPS) is expected to be 0.97 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 15 [5]

Group 1: Event Overview - The company announced its performance for the first half of 2025, reporting revenue of 1.79 billion yuan (YOY +13%) and a net profit attributable to shareholders of 220 million yuan (YOY +10%) [1] - In Q2 2025, the company achieved revenue of 880 million yuan (YOY +20%) and a net profit of 120 million yuan (YOY +37%) [1] Group 2: Revenue Change Reasons - In the domestic market, the demand for commercial frozen display cabinets decreased, leading to a decline in sales volume, while the company maintained its market share and industry position [2] - For commercial refrigerated display cabinets, the company increased its supply share among various clients, resulting in rapid sales growth [2] - The supermarket display cabinets saw good sales growth due to the company's one-stop solution and deepening cooperation with existing clients, as well as exploring new application scenarios [2] - Smart vending cabinets experienced rapid sales growth as brand recognition among downstream clients improved due to the company's technological and product advantages [2] Group 3: International Market Performance - The Southeast Asian market showed good growth, while the North American market faced a decline due to tariff policies and clients stocking up in advance for 2024 [3] - Other regions experienced moderate growth in business volume [3] Group 4: Profitability Breakdown - The gross margins for frozen cabinets, refrigerated cabinets, display cabinets, and smart cabinets in 2024 were 35%, 14%, 22%, and 22% respectively, with domestic and overseas business gross margins at 22% and 39% [4] - For H1 2025, the gross margin was 26.7% (YOY -0.9pct) and the net margin was 12.3% (YOY -0.4pct) [4] - In Q2 2025, the gross margin improved to 27.9% (YOY +0.4pct) and the net margin to 13.2% (YOY +1.5pct) [4] - The expense ratios for sales, management, R&D, and financial expenses in Q2 showed changes of +0.3, -0.4, +0.2, and -0.1pct respectively, with a significant reduction in the negative impact of credit impairment losses on revenue by 2pct due to improved accounts receivable management [4] Group 5: Investment Recommendations - Based on the latest financial report, the company adjusted its profit forecasts, expecting revenues of 3.2 billion, 3.8 billion, and 4.4 billion yuan for 2025-2027, representing year-on-year growth of 13%, 19%, and 16% respectively [5] - The expected net profits attributable to shareholders for 2025-2027 are 380 million, 460 million, and 570 million yuan, with year-on-year growth of 7%, 21%, and 24% respectively [5] - Corresponding EPS for 2025-2027 are projected to be 0.98, 1.18, and 1.46 yuan, with a PE ratio of 14, 12, and 10 times based on the closing price of 13.93 yuan on August 21, 2025, maintaining a "buy" rating [5]

交易性金融资产变动幅度为-43.08%,原因:报告期末银行理财产品减少。 据证券之星公开数据整理，近期海容冷链（603187）发布2025年中报。截至本报告期末，公司营业总收 入17.91亿元，同比上升12.86%，归母净利润2.21亿元，同比上升10.38%。按单季度数据看，第二季度 营业总收入8.82亿元，同比上升19.96%，第二季度归母净利润1.17亿元，同比上升36.63%。本报告期海 容冷链公司应收账款体量较大，当期应收账款占最新年报归母净利润比达437.58%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率26.66%，同比减3.1%，净利率12.27%，同比减 3.24%，销售费用、管理费用、财务费用总计1.52亿元，三费占营收比8.5%，同比减4.17%，每股净资产 10.77元，同比增5.18%，每股经营性现金流0.57元，同比增673.88%，每股收益0.58元，同比增11.54% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.87亿 | 17.91亿 | 12.86% | | ...