报喜鸟控股股份有限公司 公司本次修订《公司章程》事项尚须 2025 年第二次临时股东会审议通过， 除上述修订外，《公司章程》其他条款内容不变。为保证后续工作的顺利开展， 公司董事会将提请股东会授权公司管理层根据工商部门的具体审核要求对上述 内容进行调整，按照工商部门的最终核准意见，办理工商备案变更的全部事宜。 报喜鸟控股股份有限公司 董 事 会 2025 年 8 月 23 日 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第八 届董事会第十九次会议，审议通过了《关于修订<公司章程>的议案》。为进一步 完善公司治理规范，公司根据《公司法》、《证券法》、《深圳证券交易所股票上市 规则》、《上市公司章程指引（2025 年修订）》等有关法律法规、规范性文件等有 关规定，结合实际情况对《公司章程》进行修订，主要条款修订如下： | 序号 | 原公司章程条款 | 修订后公司章程条款 | | --- | --- | --- | | | 第八条 董事长为公司的法定代表人。董事长辞 | 第八条 代表公司执行公司事务的董事或者经理为 | | | | 公司的法定代表人。担任法定代表人的董事或者经理辞 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025-039 报喜鸟控股股份有限公司 关于 2025 年第二次临时股东会增加临时提案 暨补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 报喜鸟控股股份有限公司（以下简称"公司"或"报喜鸟"）于2025年8月 14日召开公司第八届董事会第十八次会议，决定于2025年9月2日召开公司2025 年第二次临时股东会，具体内容详见巨潮资讯网（www.cninfo.com.cn）和2025 年8月16日《证券时报》、《上海证券报》、《中国证券报》。 2025年8月22日，公司第八届董事会第十九次会议审议通过《关于修订<公司 章程>的议案》，该议案尚须提交股东会审议，具体内容详见巨潮资讯网 （www.cninfo.com.cn）。同日，公司董事会收到公司控股股东吴志泽先生提交 的《关于提请报喜鸟控股股份有限公司董事会增加2025年第二次临时股东会的临 时提案的函》，为提高决策效率，吴志泽先生提请公司董事会将《关于修订<公 司章程>的议案》作为临时提案，提交公司2025年第二次临时股东会审议。经核 查，截 ...

证券代码：002154 证券简称：报喜鸟 公告编号：2025——038 报喜鸟控股股份有限公司 第八届董事会第十九次会议决议公告 二、董事会会议审议情况 经全体出席会议的董事审议表决，形成以下决议： 1、审议通过了《关于修订<公司章程>的议案》； 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 《章程修正案》详见巨潮资讯网（www.cninfo.com.cn）。 该议案尚须提交公司 2025 年第二次临时股东会审议。 三、备查文件 1、公司第八届董事会第十九次会议决议。 特此公告。 报喜鸟控股股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 报喜鸟控股股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日以专人送 达或邮件形式发出了召开第八届董事会第十九次会议的通知，会议于 2025 年 8 月 22 日以现场结合通讯方式召开，应出席董事 7 名，实际出席董事 7 名。会议 的召集、召开程序及出席的董事人数符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定，合法、有效。会议由公司董事长兼总 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to a sluggish domestic consumption environment and increased strategic expenses aimed at achieving long-term sustainable development goals [1] Group 1: Financial Performance - Revenue for 25H1 was 2.391 billion yuan, down 3.58% year-on-year [1] - Net profit attributable to shareholders was 197 million yuan, a decrease of 42.66% year-on-year, while the non-recurring net profit was 162 million yuan, down 46.61% year-on-year [1] - Gross margin slightly increased by 0.21 percentage points to 68.39% in 25H1 [3] - Operating cash flow net amount was 95 million yuan, a decrease of 31.92% year-on-year, mainly due to reduced cash collection from declining revenue [3] Group 2: Brand and Channel Performance - The brand performance varied, with Haggis and Le Fei Ye showing growth, while the main brand and group purchase business faced pressure [2] - Revenue changes for brands in 25H1 included: Baoxini -9.60%, Haggis +8.37%, Baoniao -22.53%, Le Fei Ye +20.48%, and Kaimi -11.41% [2] - Online sales increased by 17.65%, while group purchase revenue fell by 20.94% [2] Group 3: Cost Structure and Inventory Management - The expense ratio increased significantly by 5.67 percentage points to 54.41%, with sales expenses rising due to channel optimization and increased online promotion costs [3] - Inventory as of 25H1 was 1.138 billion yuan, down 5.52% from the beginning of the year, indicating good inventory control [3] - Finished goods inventory turnover days were 271 days [3] Group 4: Future Outlook and Investment Rating - The company adjusted its net profit forecasts for 2024 and 25H1 down to 405 million yuan and 474 million yuan respectively, while increasing the 27-year forecast to 542 million yuan [4] - The long-term strategy focuses on high-quality development and brand investment, which is expected to enhance brand competitiveness [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a divergence in brand performance, with increased expenses leading to pressure on net profit. The company is focusing on high-quality and sustainable development, which has resulted in strategic investments despite a challenging domestic consumption environment [7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Total revenue for 2023 is projected at 5,254 million, with a decline to 5,068 million in 2025, followed by a recovery to 5,860 million by 2027. - Net profit is expected to decrease from 697.85 million in 2023 to 404.65 million in 2025, before increasing to 541.66 million in 2027 [1][8]. - **Brand Performance**: - Revenue changes for various brands in H1 2025: Baoxini (-9.60%), Haggis (+8.37%), Baonia (-22.53%), Lefeiye (+20.48%), and Kaimiqie & TB (-11.41%). Lefeiye's growth is attributed to its positioning in the outdoor segment [7]. - **Channel Performance**: - Online sales increased by 17.65%, while direct sales grew by 2.33%. However, franchise and group purchase channels saw declines of 16.66% and 20.94%, respectively [7]. - **Profitability Metrics**: - Gross margin remained stable, slightly increasing to 68.39%. However, the expense ratio rose significantly, leading to a net profit margin decline to 8.25% [7][8]. - **Cash Flow and Inventory Management**: - Operating cash flow for H1 2025 was 0.95 billion, down 31.92% year-on-year, primarily due to decreased revenue and increased brand investments. Inventory was well-controlled, with a reduction of 5.52% from the beginning of the year [7]. - **Valuation Metrics**: - The report adjusts the net profit forecasts for 2025 and 2026 down to 4.05 billion and 4.74 billion, respectively, with corresponding P/E ratios of 14 and 12 [7][8].

Summary of Key Points Core Viewpoint - The financing activities of Baidu (002154) indicate a positive sentiment among investors, with a net financing purchase of 489.51 million yuan on August 21, 2025, and a total net purchase of 1,608.35 million yuan over the last three trading days [1][4]. Financing Activities - On August 21, 2025, Baidu had a financing buy of 16.3081 million yuan and a financing repayment of 11.413 million yuan, resulting in a net financing purchase of 4.8951 million yuan [1]. - The financing balance reached 254 million yuan, with a net financing purchase occurring on 11 out of the last 20 trading days [1][4]. Margin Trading Data - On August 21, 2025, the margin trading balance was 255 million yuan, reflecting an increase of 1.97% from the previous day [4]. - The margin trading balance has shown fluctuations, with a notable increase of 871.19 million yuan on August 19, 2025, representing a 3.65% change [4]. Short Selling Activities - On August 21, 2025, there were 6,400 shares sold short, with a net short sale of 5,700 shares [2][3]. - The short selling balance was recorded at 81.69 million yuan, with a remaining short selling volume of 21,000 shares [3].

Investment Rating - The report maintains a "Buy" rating for the company [7][2]. Core Views - The company's profit adjustments due to negative factors such as retail pressure, rising expense ratios, and unclear subsidy expectations are gradually being digested, indicating potential defensive value at the current position. Anticipation exists for profit elasticity driven by future retail improvements. The projected net profit for the company from 2025 to 2027 is estimated at 360 million, 430 million, and 480 million yuan, with corresponding PE ratios of 16, 13, and 12 times [2][5]. Financial Performance Summary - For the first half of 2025, the company reported revenues, net profit attributable to the parent company, and net profit excluding non-recurring items of 2.39 billion, 197 million, and 162 million yuan, respectively, reflecting year-on-year changes of -3.6%, -42.7%, and -46.6%. In Q2 alone, revenues, net profit attributable to the parent company, and net profit excluding non-recurring items were 1.09 billion, 27 million, and -1 million yuan, with year-on-year changes of -3.5%, -71.4%, and -102.0% [5][2]. Revenue and Profitability Analysis - The company's revenue in H1 was pressured primarily by the main brand and group purchases, with a year-on-year decline of 9.6%. The H1 performance of the main brand was negatively impacted by a decrease in same-store traffic, leading to a year-on-year decline in single-store annual efficiency of 11%. The company also experienced a net closure of 4 stores compared to the end of 2024 [11][5]. - In terms of profitability, Q2 maintained a gross margin of 66.0% year-on-year, attributed to effective discount control across channels. However, the net profit margin was pressured by high operating expenses, resulting in a year-on-year decline of 5.9 percentage points to 2.5% [11][5].

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]

Core Viewpoint - The company's 1H25 performance fell short of expectations, with revenue declining by 3.58% year-on-year and net profit down by 42.66% due to weak retail demand and increased fixed costs leading to negative operating leverage [1][2]. Financial Performance - 1H25 revenue was 2.391 billion yuan, with a net profit of 197 million yuan. In 2Q25, revenue was 1.087 billion yuan, and net profit was 27 million yuan, reflecting a year-on-year decline of 3.47% and 71.37%, respectively [1]. - By brand, revenue for 1H25 showed a mixed performance: Baoshiniao down 9.60%, Haggis up 8.37%, Baoniao down 22.53%, Lefeiye up 20.48%, and other brands down 9.42% [1]. - The company’s overall gross margin remained stable year-on-year, but online and group purchase models faced pressure [2]. Expense and Profitability Analysis - In 2Q25, the sales expense ratio increased by 3.8 percentage points to 49.5% due to rising rental and promotional costs associated with store expansion [2]. - The net profit margin for 2Q25 decreased by 5.9 percentage points to 2.5% [2]. Inventory and Cash Flow - As of 1H25, inventory increased by 5.9% year-on-year to 1.138 billion yuan, with inventory turnover days rising by 23 days to 268 days [2]. - The net cash flow from operating activities decreased by 32% year-on-year to 95 million yuan, while cash reserves stood at approximately 1.43 billion yuan [2]. Development Trends - The company plans to open 10% to 20% new stores while optimizing underperforming locations, with expectations for brand influence to improve through increased investment [3]. - The outdoor brands Lefeiye and Woolrich are anticipated to have good growth potential [3]. Profit Forecast and Valuation - Due to uncertainties in the retail environment, the company has lowered its profit forecasts for 2025 and 2026 by 31% and 27%, respectively, to 368 million yuan and 438 million yuan [4]. - The current stock price corresponds to a P/E ratio of 15x for 2025 and 13x for 2026, with a target price reduction of 17% to 4.44 yuan, indicating a potential upside of 15.3% from the current price [4].

Group 1 - The core viewpoint of the report is that GuoXing Securities has given a "better than market" rating to Baoxiniang (002154.SZ) based on its performance and growth potential [2] - In the first half of the year, the company's revenue decreased by 3.6%, with increased expenses and asset impairment losses putting pressure on net profit [2] - The revenue decline continued into the second quarter, with a larger drop in net profit compared to the first quarter [2] Group 2 - Despite the overall decline, the brands HajiSi and LeFeiYe have maintained growth, with online channels showing a leading growth rate [2] - Risks identified include ongoing weakness in offline consumption, potential damage to brand image, and slower-than-expected channel expansion [2]