Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's revenue performance has experienced a phase decline due to overseas demand and policy impacts, with a 1.78% year-on-year decrease in revenue for H1 2025 [2][4] - The company is a leading player in the domestic massage chair market and a significant global manufacturer, with a well-established R&D, industrial design, and quality control system [11] - The company is expected to see a recovery in demand, leading to a rapid rebound in growth, with projected net profits of 173 million, 199 million, and 224 million yuan for 2025, 2026, and 2027 respectively [11] Financial Performance Summary - For H1 2025, the company achieved operating revenue of 810 million yuan, a decrease of 1.78% year-on-year, and a net profit attributable to shareholders of 85.34 million yuan, down 23.35% year-on-year [2][4] - In Q2 2025, the company reported operating revenue of 415 million yuan, a decline of 2.14% year-on-year, and a net profit of 41.40 million yuan, down 14.81% year-on-year [2][4] - The company's gross margin decreased by 0.43 percentage points year-on-year in H1 2025, with a notable improvement in Q2 2025 where gross margin increased by 1.95 percentage points year-on-year [11] Product and Market Analysis - The revenue from massage chairs decreased by 0.36% year-on-year, while the revenue from massage small appliances fell by 14.71%. Conversely, experiential massage services grew by 10.34% [11] - Domestic business revenue increased by 16.92% year-on-year, while overseas business revenue declined by 13.24% [11] - The company is expanding its market presence, with positive growth in regions like Australia, Central Asia, and South Asia, while facing challenges in the U.S. market due to increased tariff costs [11]

| | | 上海荣泰健康科技股份有限公司 截至2025年9月3日收市后，距离9月8日（"荣泰转债"最后交易日）仅剩3 个交易日，9月8日为"荣泰转债"最后一个交易日。 最后转股日：2025 年 9 月 11 日 截至2025年9月3日收市后，距离9月11日（"荣泰转债"最后转股日）仅剩 6个交易日，9月11日为"荣泰转债"最后一个转股日。 上海荣泰健康科技股份有限公司（以下简称"公司"）股票自 2025 年 7 月 29 日至 2025 年 8 月 18 日，已在连续三十个交易日内有十五个交易日的收盘价 关于实施"荣泰转债"赎回暨摘牌的第七次提示性 公告 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： 本次提前赎回完成后，"荣泰转债"将自 2025 年 9 月 12 日起在上海证 券交易所摘牌。 投资者所持"荣泰转债"除在规定时限内通过二级市场继续交易或按照 23.07 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期 应计利息 2.1713 元/张（即合计 102.1713 元/张）被强 ...

证券之星消息，9月3日其他家电板块较上一交易日下跌2.07%，奥佳华领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。其他家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603579 | 荣泰健康 | 39.30 | -1.80% | 12.69万 | | 5.01亿 | | 300247 | 融捷健康 | 4.36 | -2.24% | 18.32万 | | 8097.05万 | | 002614 | 奥佳华 | 6.86 | -2.56% | 12.59万 | | 8723.26万 | 从资金流向上来看，当日其他家电板块主力资金净流入85.22万元，游资资金净流出278.45万元，散户资 金净流入193.23万元。其他家电板块个股资金流向见下表： | 代码 | | | 名称 │主力净流入（元）│主力净占比│游资净流入（元）│游资净占比│散户净流入（元）│散户净占比 | | | | | --- | ...

Core Viewpoint - The company announces the early redemption of "Rongtai Convertible Bonds" with specific dates and conditions for investors to be aware of [1][2][6]. Redemption Details - Redemption registration date is September 11, 2025 [1][4]. - Redemption price is set at 102.1713 CNY per bond [1][4]. - Redemption payment date is September 12, 2025 [1][4]. - Last trading day for the bonds is September 8, 2025 [1][6]. - Last conversion day is also September 11, 2025 [1][6]. Conditions for Redemption - The company has triggered the conditional redemption clause due to the stock price being at least 130% of the conversion price for 15 out of 30 trading days [2][3]. - The conversion price is 23.07 CNY per share, meaning the stock price must be at least 29.99 CNY per share [2][3]. Interest Calculation - The accrued interest per bond is calculated as 2.1713 CNY based on a face value of 100 CNY, an annual interest rate of 2.5%, and a total of 317 days from the last interest payment [3][4]. Tax Implications - Individual investors will be subject to a 20% tax on the interest income, resulting in a net redemption amount of 101.7370 CNY per bond after tax [4][5]. Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends [5]. - Bonds will be frozen after the redemption registration date, and the company will announce the redemption results afterward [5][6]. Trading and Conversion Timeline - As of September 2, 2025, there are 4 trading days left until the last trading day and 7 trading days until the last conversion day [6][7]. Delisting Information - The "Rongtai Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting September 12, 2025 [7].

重要内容提示： | | | 上海荣泰健康科技股份有限公司 关于实施"荣泰转债"赎回暨摘牌的第六次提示性 公告 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。 截至2025年9月2日收市后，距离9月8日（"荣泰转债"最后交易日）仅剩4 个交易日，9月8日为"荣泰转债"最后一个交易日。 最后转股日：2025 年 9 月 11 日 截至2025年9月2日收市后，距离9月11日（"荣泰转债"最后转股日）仅剩 7个交易日，9月11日为"荣泰转债"最后一个转股日。 本次提前赎回完成后，"荣泰转债"将自 2025 年 9 月 12 日起在上海证 券交易所摘牌。 投资者所持"荣泰转债"除在规定时限内通过二级市场继续交易或按照 23.07 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期 应计利息 2.1713 元/张（即合计 102.1713 元/张）被强制赎回。若被强制赎回， 可能面临较大投资损失。 公司提醒"荣泰转债"持有人注意在限期内转股或卖出。 上海荣泰健康科技股份有限公司（以下简称"公司"）股票自 2025 年 ...

Group 1 - The other home appliance sector increased by 2.53% compared to the previous trading day, with Rongtai Health leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Rongtai Health's closing price was 40.02, reflecting a rise of 5.87%, with a trading volume of 191,200 shares and a transaction value of 731 million yuan [1] Group 2 - The net inflow of main funds in the other home appliance sector was 42.78 million yuan, while retail funds experienced a net outflow of 39.16 million yuan [1] - Rongtai Health saw a net inflow of 56.41 million yuan, representing 7.72%, while retail funds showed a net outflow of 46.81 million yuan, or 6.40% [1] - Rongjie Health and Aojiahua experienced net outflows of 2.19% and 11.03% respectively, indicating a negative trend in their fund flows [1]

Group 1 - The core viewpoint of the news is that Rongtai Health has seen a significant increase in its stock price, rising by 5.08% to reach 39.72 CNY per share, with a trading volume of 642 million CNY and a turnover rate of 8.80%, resulting in a total market capitalization of 7.627 billion CNY [1] - Rongtai Health, established on November 15, 2002, and listed on January 11, 2017, specializes in the design, research and development, production, and sales of massage equipment [1] Group 2 - Among the top circulating shareholders of Rongtai Health, a fund under the Fortune Fund ranks as a significant stakeholder, with the Fortune Emerging Industries Stock A/B fund newly entering the top ten circulating shareholders, holding 2.5575 million shares, which accounts for 1.44% of the circulating shares [2] - The Fortune Emerging Industries Stock A/B fund, established on March 12, 2015, has a latest scale of 3.137 billion CNY and has achieved a year-to-date return of 65.86%, ranking 134 out of 4222 in its category [2] - The fund manager, Sun Quan, has a cumulative tenure of 3 years and 188 days, with the fund's total asset size at 7.75 billion CNY, achieving a best return of 106.08% and a worst return of 38.87% during his tenure [2]

Core Points - The company is implementing the early redemption of "Rongtai Convertible Bonds" with a redemption price of 102.1713 CNY per bond [1][4] - The last trading day for the bonds is set for September 8, 2025, and the last conversion day is September 11, 2025 [1][6] - The redemption will take effect on September 12, 2025, when the bonds will be delisted from the Shanghai Stock Exchange [1][7] Redemption Details - The redemption registration date is September 11, 2025, and the redemption payment date is September 12, 2025 [1][4] - The company has triggered the conditional redemption clause due to the stock price exceeding 130% of the conversion price for at least 15 trading days [2][3] - The calculation for the accrued interest is based on a formula that considers the bond's face value, interest rate, and the number of days until redemption [3][4] Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 101.7370 CNY per bond after tax [4][5] - Qualified foreign institutional investors will receive the full redemption amount of 102.1713 CNY per bond without tax deductions [5] Trading and Conversion - Investors are advised to convert or sell their bonds before the last trading day to avoid forced redemption [2][6] - The company will notify bondholders of the redemption process and results through designated media after the redemption is completed [5][6]

| 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：113606 | 债券简称：荣泰转债 | | 上海荣泰健康科技股份有限公司 关于实施"荣泰转债"赎回暨摘牌的第五次提示性 公告 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。 本次提前赎回完成后，"荣泰转债"将自 2025 年 9 月 12 日起在上海证 券交易所摘牌。 投资者所持"荣泰转债"除在规定时限内通过二级市场继续交易或按照 23.07 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期 应计利息 2.1713 元/张（即合计 102.1713 元/张）被强制赎回。若被强制赎回， 可能面临较大投资损失。 公司提醒"荣泰转债"持有人注意在限期内转股或卖出。 重要内容提示： 截至2025年9月1日收市后，距离9月8日（"荣泰转债"最后交易日）仅剩5 个交易日，9月8日为"荣泰转债"最后一个交易日。 最后转股日：2025 年 9 月 11 日 截至2025年9月1日 ...

Group 1 - The other home appliance sector increased by 1.52% on September 1, with Aojiahua leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Aojiahua's closing price was 7.13, with a rise of 2.74%, and a trading volume of 185,500 shares, amounting to 131 million yuan [1] Group 2 - The net inflow of main funds in the other home appliance sector was 44.88 million yuan, while retail funds experienced a net outflow of 23.53 million yuan [1] - Rongtai Health saw a net inflow of 44.14 million yuan from main funds, but a net outflow of 28.66 million yuan from retail investors [1] - Rongtai Health's stock price was 37.80, with a rise of 2.11%, and a trading volume of 142,000 shares, amounting to 531 million yuan [1]