Core Insights - The company reported a total revenue of 3.634 billion yuan for the first half of 2025, with a net profit attributable to shareholders of 268 million yuan, reflecting a year-on-year increase of 9.71% [1] - The operating cash flow was recorded at 107 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 44.23%, a decrease of 2.99 percentage points compared to the same period last year [3] - The gross profit margin improved to 18.27%, an increase of 0.80 percentage points year-on-year [3] - Return on equity (ROE) reached 8.69%, up by 0.39 percentage points from the previous year [3] - The diluted earnings per share (EPS) was 0.33 yuan, marking a 10.00% increase compared to the same period last year [3] Operational Efficiency - The total asset turnover ratio is 0.63 times [3] - The inventory turnover ratio improved to 8.35 times, an increase of 1.63 times year-on-year, achieving a continuous rise over five years with a 24.30% year-on-year increase [3] Shareholder Structure - The number of shareholders is 43,200, with the top ten shareholders holding a total of 445 million shares, accounting for 53.46% of the total share capital [3] - The largest shareholder is Dehua Group Holdings Co., Ltd., with a holding ratio of 36.15% [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that structural optimization and fair value changes have improved profits, with a continued high dividend payout [8] - The company is experiencing a decline in revenue due to a downturn in the board industry, but is increasing efforts in auxiliary materials and customized home decoration channels [10] - The report projects a steady growth in net profit for the years 2025 to 2027, with expected EPS of 0.78, 0.89, and 1.02 respectively [8][10] Financial Performance Summary - For 1H2025, the company reported revenue of 3.634 billion yuan, a decrease of 7.01% year-on-year, while net profit was 268 million yuan, an increase of 9.71% [8][9] - The gross margin for the first half of 2025 was 18.27%, an increase of 0.80 percentage points, attributed to better sales of high-margin products [10] - The company’s net profit margin increased by 1.12 percentage points to 7.37% due to structural optimization and fair value changes [10] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 8.880 billion yuan, 9.562 billion yuan, and 10.344 billion yuan respectively, with growth rates of -3.36%, 7.67%, and 8.18% [7] - The projected net profit for the same years is 651 million yuan, 742 million yuan, and 849 million yuan, with growth rates of 11.26%, 13.94%, and 14.41% [7][10] Dividend Information - The mid-term dividend payout ratio is 86.74%, with a dividend yield of 2.74% [8][9]

Summary of Key Points Core Viewpoint - As of August 18, a total of 90 stocks received "buy" ratings from brokerages, with 20 of these stocks announcing target prices, indicating a positive sentiment in the market [1] Group 1: Stock Performance - The stocks with the highest target price increases are Tubaobao, ChuanTou Energy, and Small Commodity City, with target price increases of 36.59%, 33.96%, and 32.41% respectively [1] Group 2: Rating Adjustments - Out of the 90 stocks, 89 maintained their ratings, while 1 stock received its first rating [1] - A total of 13 stocks attracted attention from multiple brokerages, with Dongfang Cable, Huayou Cobalt, and Stone Technology receiving the most ratings, at 4, 3, and 3 ratings respectively [1] Group 3: Industry Distribution - The sectors with the highest number of stocks receiving "buy" ratings include Technology Hardware and Equipment, Materials II, and Capital Goods, with 17, 16, and 12 stocks respectively [1]

8月18日兔宝宝发布2025半年度分配预案，拟10派2.8元（含税），预计派现金额合计为2.29亿元。派现 额占净利润比例为85.63%，以该股2025半年度成交均价计算，股息率为2.63%。这是公司上市以来，累 计第20次派现。 | 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 | 10派2.8元（含税） | 2.29 | 2.63 | | 2024.12.31 | 10派3.2元（含税） | 2.63 | 2.97 | | 2024.06.30 | 10派2.8元（含税） | 2.30 | 2.69 | | 2023.12.31 | 10派5.5元（含税） | 4.56 | 4.46 | | 2022.12.31 | 10派5元（含税） | 4.22 | 4.91 | | 2021.12.31 | 10派4.7元（含税） | 3.63 | 4.55 | | 2020.12.31 | 10派2元（含税） | 1.47 | 2.11 | | 2019.12. ...

证券日报网讯 8月18日晚间，兔宝宝发布公告称，2025年半年度公司实现营业收入3，634，075，575.19 元，同比下降7.01%；归属于上市公司股东的净利润为267，847，111.36元，同比增长9.71%。 （文章来源：证券日报） ...

证券日报网讯 8月18日晚间，兔宝宝发布公告称，公司董事会近日收到公司董事、副总经理徐伟达先生 提交的书面辞职报告，为全面贯彻落实最新法律法规要求，根据公司治理结构调整安排以及徐伟达先生 个人原因，徐伟达先生自愿辞去公司董事职务，以助力公司治理结构优化工作的有序推进。辞去董事职 务后，徐伟达先生将继续在公司担任副总经理职务。 （编辑 姚尧） ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，兔宝宝发布公告称，公司第八届监事会第十次会议审议通过了《关于公司 及其摘要的议案》等多项议案。 ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，兔宝宝发布公告称，公司第八届董事会第十五次会议审议通过了《关于公 司及其摘要的议案》等多项议案。 ...

证券日报网讯8月18日晚间，兔宝宝（002043）发布公告称，公司将于2025年9月4日召开2025年第一次 临时股东大会。本次股东大会将审议《关于修订 <公司章程> 的议案》等多项议案。 ...

智通财经APP讯，兔宝宝(002043.SZ)发布2025年半年度报告，报告期内，公司实现营业收入36.34亿 元，同比下降7.01%。实现归属于上市公司股东的净利润2.68亿元，同比增长9.71%。实现归属于上市公 司股东的扣除非经常性损益的净利润2.38亿元，同比增长1.35%。基本每股收益0.33元。拟向全体股东 每10股派发现金红利2.8元(含税)。 ...