[Table_Main] 公司研究|工业|资本货物 证券研究报告 运机集团(001288)公司点评报告 2025 年 09 月 01 日 上半年公司在深耕传统矿山、港口等领域的同时，积极拓展新兴市场，国际 化布局取得新进展。2025H1 公司输送机设备整机/技术服务及备件/永磁电 机滚筒分别营收 6.70/0.75/0.87 亿元，其中输送机设备整机/技术服务及备 件分别同比增长 22.74%/89.70%。分地区来看，公司境内/海外分别实现营 收 3.91/4.90 亿元，同比分别增长 104.75%/21.81%。 输送设备整机持续增长，境内增速快于境外 [Table_Title] 海外订单高景气，延续数字化转型 ——运机集团 2025 半年度报告点评 [Table_Summary] 事件： 公司发布 2025 年半年度报告：2025 年半年度公司实现营收 8.80 亿元，同 比增长 48.50%；分别实现归母/扣非归母净利润 0.73/0.62 亿元，同比分别 增长 20.35%/5.44%。其中第二季度公司实现收入 4.73 亿元，同比增长 44. 07%，实现归母/扣非归母净利润分别为 0.35/0 ...

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

8月28日，运机集团子公司华运智远宣布，将在"运机—华为"联合创新中心和华运智远技术中心的共同 孵化下组建智能机器人团队，并正式开启团队招募。智能机器人团队将聚焦矿山、散料输送港口等行业 的少人无人化作业、智能搬运、智能巡检与智能运维等场景，研发具备自主感知、自主决策、自主执行 能力的行业定制化智能机器人产品。 ...

Core Viewpoint - The recent financial report of Yunjigroup (001288) shows significant growth in revenue and net profit, but raises concerns regarding cash flow and debt levels [1][3][4]. Financial Performance - The total revenue for the first half of 2025 reached 880 million yuan, a year-on-year increase of 48.5% [1]. - The net profit attributable to shareholders was 73.38 million yuan, up 20.35% year-on-year [1]. - In Q2 2025, revenue was 473 million yuan, reflecting a 44.07% increase compared to the same quarter last year [1]. - The gross profit margin improved to 30.87%, an increase of 6.18% year-on-year, while the net profit margin decreased to 8.61%, down 16.29% [1]. Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 36.68% due to increased expenditures on investment projects and inventory procurement [3]. - The company’s receivables increased by 34.19%, attributed to the growth in sales volume [3]. - The total interest-bearing debt rose by 87.90%, indicating a significant increase in bank borrowings [1][3]. Expense Overview - Total selling, administrative, and financial expenses amounted to 93.82 million yuan, accounting for 10.66% of revenue, which is a 7.05% increase year-on-year [1]. - Sales expenses surged by 52.36%, driven by increased employee compensation and stock incentives [3]. - Management expenses rose by 77.75%, also due to higher employee compensation and stock incentives [3]. Investment and Capital Expenditure - The company’s capital expenditures are primarily driving its performance, necessitating close scrutiny of the profitability of these investments [6]. - The return on invested capital (ROIC) for the previous year was 6.26%, indicating average capital returns [6]. Shareholder Insights - The controlling shareholder has indicated no plans for secondary market reductions in the next 2-3 years, except for a small portion held by employees [5]. Fund Holdings - The largest fund holding Yunjigroup shares is Bosera Convertible Bond Enhanced Bond A, with a scale of 980 million yuan and a recent net value increase of 52.81% over the past year [4].

据证券之星公开数据整理，近期运机集团(001288)发布2025年中报。截至本报告期末，公司营业总收入 8.8亿元，同比上升48.5%，归母净利润7337.97万元，同比上升20.35%。按单季度数据看，第二季度营 业总收入4.73亿元，同比上升44.07%，第二季度归母净利润3450.2万元，同比上升13.38%。本报告期运 机集团应收账款上升，应收账款同比增幅达34.19%。 本次财报公布的各项数据指标表现一般。其中，毛利率30.87%，同比增6.18%，净利率8.61%，同比减 16.29%，销售费用、管理费用、财务费用总计9381.92万元，三费占营收比10.66%，同比增7.05%，每股 净资产9.18元，同比减22.74%，每股经营性现金流-2.79元，同比减45.44%，每股收益0.43元，同比增 13.16% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.93亿 | 8.8亿 | 48.50% | | 归母净利润(元) | 6097.09万 | 7337.97万 | 20.35% | | 扣 ...

近年来，海外业务已成为运机集团的重要业绩增长点之一。今年4月份，公司成功签订几内亚铝土矿项 目128公里长距离越野转弯带式输送系统工程总承包（EPC）合同，合同金额达4.06亿美元（约合人民 币29.26亿元）。该项目系迄今为止全球最长里程带式输送机，不仅创造了运机集团单笔合同金额的新 纪录，更标志着公司跨国大型输送机整机项目总承包服务能力的重大突破，预计将对公司营收和利润形 成有力支撑。 本报记者舒娅疆 8月26日，四川省自贡运输机械集团股份有限公司（以下简称"运机集团"）披露2025年半年报。今年上 半年，公司实现营业收入8.8亿元，同比增长48.5%；归属于上市公司股东的净利润7337.97万元，同比 增长20.35%。 作为国内输送机械装备领域的专业供应商，运机集团在上半年继续坚持技术创新与市场需求双轮驱动， 紧跟"一带一路"倡议，在复杂多变的市场环境中保持了业务的稳定性和成长性。半年报显示，重大项目 的获取与顺利实施、技术创新带动产品升级、政策环境持续优化、管理效能不断提升、市场拓展策略调 整取得显著成效，上述因素为公司业绩增长带来了积极影响。 半年报显示，运机集团改变过去以价格竞争为主的营销模式， ...

公司最新总资产周转率为0.18次，较去年同期总资产周转率增加0.01次，同比较去年同期上涨5.01%。 最新存货周转率为1.63次。 公司股东户数为9814户，前十大股东持股数量为1.67亿股，占总股本比例为71.15%，前十大股东持股情 况如下： 2025年8月26日，运机集团(001288.SZ)发布2025年中报。 公司营业总收入为8.80亿元，较去年同报告期营业总收入增加2.87亿元，实现5年连续上涨，同比较去年 同期上涨48.50%。归母净利润为7337.97万元，较去年同报告期归母净利润增加1240.88万元，实现5年 连续上涨，同比较去年同期上涨20.35%。经营活动现金净流入为-6.55亿元。 公司摊薄每股收益为0.43元，较去年同报告期摊薄每股收益增加0.05元，实现3年连续上涨，同比较去年 同期上涨13.16%。 公司最新资产负债率为53.35%，较上季度资产负债率减少0.11个百分点。 公司最新毛利率为30.87%，较上季度毛利率增加0.53个百分点，实现2个季度连续上涨，较去年同期毛 利率增加0.02个百分点，实现2年连续上涨。最新ROE为3.24%，较去年同期ROE增加0.27个百分 ...

证券日报网讯 8月25日晚间，运机集团发布公告称，公司董事会于近日收到公司副总经理刘顺清先生提 交的辞职申请，刘顺清先生因工作调动申请辞去公司副总经理职位，辞职后仍在公司任职。 （文章来源：证券日报） ...

每经AI快讯，运机集团（SZ 001288，收盘价：24.05元）8月25日晚间发布公告称，公司第五届第二十 四次董事会会议于2025年8月25日在公司四楼418会议室以现场及视频通讯相结合的方式召开。会议审议 了《关于公司<2025年半年度报告及其摘要>的议案》等文件。 2024年1至12月份，运机集团的营业收入构成为：输送机设备占比100.0%。 截至发稿，运机集团市值为56亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） ...

格隆汇8月25日丨运机集团(001288.SZ)公布半年度报告，营业收入8.8亿元，同比增长48.50%，归属于上 市公司股东的净利润7337.97万元，同比增长20.35%，归属于上市公司股东的扣除非经常性损益的净利 润6172.7万元，同比增长5.44%。 ...