从资金流向上来看，当日专业连锁板块主力资金净流入8279.95万元，游资资金净流出1.03亿元，散户资 金净流入2067.32万元。专业连锁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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300755 华致酒行 | | 1.10亿 | 13.22% | -1.23 乙 | -14.77% | 1298.69万 | 1.56% | | 000829 天音控股 | | 1242.98万 | 4.65% | 1608.93万 | 6.02% | -2851.91万 | -10.67% | | 603214 爱婴室 | | -84.39万 | -1.45% | 335.75万 | 5.77% | -251.36万 | -4.32% | | 002416 | 爰施德 | -169.97万 | -0.84% | -1072.85万 | -5.29% | 1242.81万 | 6.13% | | 300 ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300755 华致酒行 | | 5869.68万 | 15.79% | -850.45万 | -2.29% | -5019.23万 | -13.50% | | 000829 天音控股 | | 2321.77万 | 12.33% | -409.47万 | -2.17% | -1912.30万 | -10.15% | | 301078 孩子王 | | 1365.75万 | 3.40% | 103.63万 | 4 0.26% | --1469.38万 | -3.65% | | 603214 爱婴室 | | 287.22万 | 4.77% | -198.30万 | -3.30% | -88.92万 | -1.48% | | 002416 爱施德 | | -2.29万 | -0.01% | -25.27万 | -0.13% | 27.56万 | 0.14% | | 300022 ...

优化业务结构，拓展海外市场 爱施德(002416) ——爱施德 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 陈笑(分析师) | 021-38677906 | chenxiao2@gtht.com | S0880518020002 | 本报告导读： 公司通过业务结构调整优化、海外市场拓展，有望推动营收净利企稳回升；苹果即 将发布 iPhone17 系列，公司作为渠道头部经销商望充分受益。 投资要点： | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 13.86 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 9.13-21.41 | | --- | --- | | 总市值(百万元) | 14,462 | | 总股本/流通A股(百万股) | ...

Core Viewpoint - Aishide reported a net profit attributable to shareholders of 222 million yuan in the first half of the year, a year-on-year decrease of 43.98%, and a net profit of 206 million yuan after deducting non-recurring items, down 32.61% year-on-year. The revenue decline is mainly due to the company's proactive optimization of its business structure and adjustments in brand partnerships, leading to a reduction in low-margin businesses. Despite the revenue contraction, the company's operational quality has significantly improved [1]. Group 1 - The consumer electronics industry is gradually recovering, which is expected to drive terminal demand rebound [1]. - The company has a strong channel network and continuously enhances its full-scenario digital service capabilities, with significant advantages in core channels for Apple products [1]. - The ongoing new product cycle is expected to benefit the company [1]. Group 2 - Expansion into overseas markets and the development of proprietary brands are bringing new growth momentum [1]. - The company is a core channel partner for leading brands such as Honor, and is expected to benefit from the upcoming IPO process of Honor, which may catalyze further valuation increases [1]. - The company has been given a "buy" rating by Guohai Securities, indicating positive market sentiment towards its future performance [1].

荣耀在中国区10个省份启动线下零售渠道改革首批试点，10个试点省份（含部分直辖市与自治区）将取 消原来的"国包"（一级代理商），其中黑龙江、吉林、云南、贵州、新疆改为由厂家直供，浙江、北 京、上海、天津、深圳由深圳爱施德股份(002416.SZ)接"省包"（二级代理商）。厂家组织层面，部分星 耀、前锦、促销员，员工关系转入"新省包"，省代表处核心岗位(省长、销售主管、零售主管、财务、 HRBP)全部保留，体验店并入零售体系，地市仅保留核心岗位(地市经理、零售经理、KA经理)，非核 心岗转"新省包"。（智通财经） ...

Group 1 - The core viewpoint highlights the stable growth of the main business while actively exploring new opportunities in semiconductors and embodied intelligence [3][6] - The company achieved a revenue of 1.099 billion yuan in H1 2025, a decrease of 2.4% year-on-year, with a net profit attributable to shareholders of 93 million yuan, an increase of 0.9% [3][4] - The sales gross margin improved to 26.07%, up 0.14 percentage points year-on-year, indicating effective product structure optimization [3][4] Group 2 - The report indicates that Sinopec's revenue for H1 2025 was 1.4091 trillion yuan, a decrease of 10.6% year-on-year, with a net profit of 21.5 billion yuan, down 39.83% [8][9] - The company achieved a historical high in domestic oil and gas equivalent production, reaching 262.81 million barrels, a year-on-year increase of 2.0% [11][12] - The refining segment faced challenges due to fluctuating international oil prices and declining demand for gasoline and diesel [13][39] Group 3 - The report on Ruihua Tai indicates a revenue of 182 million yuan in H1 2025, a year-on-year increase of 37.86%, with a net profit loss of 34 million yuan, showing a reduction in losses [17][18] - The company is gradually ramping up production capacity at its Jiaxing base, with new product development in the semiconductor and renewable energy sectors [21][19] Group 4 - Yanggu Huatai reported a revenue of 1.722 billion yuan in H1 2025, an increase of 2.09% year-on-year, but a net profit decrease of 8.43% [25][26] - The company is actively pursuing the acquisition of Bomi Technology, which specializes in semiconductor materials, indicating a strategic expansion into the electronic chemicals sector [28][29] Group 5 - Xinxiang Chemical Fiber reported a revenue of 3.738 billion yuan in H1 2025, a decrease of 1.52% year-on-year, with a significant drop in net profit by 58.58% [32][33] - The company maintains a leading position in the production of biomass cellulose filament, leveraging unique technology to enhance supply chain security [35][36] Group 6 - Hengyi Petrochemical's revenue for H1 2025 was 55.96 billion yuan, a decrease of 13.59% year-on-year, with a net profit of 227 million yuan, down 47.32% [38][39] - The company is set to launch a new nylon project in the second half of 2025, which is expected to strengthen its market position [40][41] Group 7 - Dongfang Shenghong reported a revenue of 60.916 billion yuan in H1 2025, a decrease of 16.36% year-on-year, but a net profit increase of 21.24% [43] - The company’s refining segment turned profitable, indicating resilience amid challenging market conditions [43]

核心主业"减负增效"，盈利能力与经营质量逐步提升 2025 年上半年，公司实现营业收入253.70 亿元，同比下降34.69%；实现归母净利润2.22 亿元，同比下 降43.98%；实现扣非归母净利润2.06亿元，同比下降32.61%。营收下滑主要系公司主动优化业务结构， 调整品牌合作，收缩部分低毛利业务所致。 尽管收入规模有所收缩，但公司经营质量显著提升。2025 年上半年公司整体毛利率由去年同期的3.75% 提升1.19 个百分点至4.94%。同时，公司加强运营资金管控，经营活动产生的现金流量净额达18.19 亿 元，同比大幅增长304.21%，主要得益于存货及预付账款的有效控制。2025H1财务费用同比减少 24.94%，主要系销售规模下降，融资减少。 公司坚定推进"极致运营"和"稳中求进"的战略，主动对业务结构进行优化调整，聚焦核心优势领域。这 一战略调整是理解上半年营收下滑而盈利能力和经营质量提升的关键。 风险提示行业竞争加剧风险、海外业务风险、新业务拓展风险、新品销售及拓展不及预期、手机销售不 达预期、荣耀IPO 进程不及预期 有品牌运营：新式茶饮品牌"茶小开"、3C 数码配件品牌"UOIN"等持 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10][12]. Core Insights - The company is focusing on "reducing burdens and increasing efficiency" in its core operations, leading to improved profitability and operational quality despite a decline in revenue [4][10]. - The company has strategically optimized its business structure, resulting in a significant increase in gross margin and a substantial improvement in cash flow from operating activities [4][10]. - The company is well-positioned to benefit from the upcoming product cycles of major brands like Apple, as it holds significant distribution rights and has a robust retail network [8][10]. Financial Performance - In the first half of 2025, the company reported revenue of 25.37 billion yuan, a year-on-year decrease of 34.69%, and a net profit attributable to shareholders of 2.22 billion yuan, down 43.98% [4]. - The overall gross margin improved from 3.75% to 4.94% year-on-year, indicating enhanced operational efficiency [4]. - The net cash flow from operating activities reached 1.819 billion yuan, a remarkable increase of 304.21% year-on-year, attributed to effective inventory and accounts receivable management [4]. Business Segments - Distribution Business: Revenue was 16.207 billion yuan, down 35.08% year-on-year, with a stable gross margin of 3.71% [5]. - Retail Business: Revenue was 9.022 billion yuan, down 34.26%, but gross margin increased by 2.97 percentage points to 6.14%, showcasing significant improvements in retail efficiency [5]. - Overseas Sales: Revenue from overseas markets reached 1.203 billion yuan, a year-on-year growth of 29.96%, becoming a key growth driver for the company [6]. Future Outlook - The company forecasts revenues of 67.041 billion yuan, 69.217 billion yuan, and 72.233 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 611 million yuan, 667 million yuan, and 716 million yuan [10][11]. - The company is expected to benefit from the recovery in the consumer electronics sector and the potential IPO of Honor, which could enhance the valuation of its holdings [9][10].

雷达财经 文|冯秀语 编|李亦辉 9月10日，深圳市爱施德股份有限公司（证券代码：002416，证券简称：爱施德）发布公告，公司股东深圳市神州通投资集团有限公司将其持有的公司部分 股份进行了补充质押。本次补充质押股份数量为3,000,000股，占其所持股份比例的0.61%，占公司总股本的0.24%。质押起始日为2025年9月9日，质押到期 日为2028年1月24日，质权人为华夏银行股份有限公司深圳分行，质押用途为补充流动资金。 截至公告披露日，神州通投资及其一致行动人累计质押股份数量为153,920,000股，占其所持股份比例的25.23%，占公司总股本的12.42%。公司控股股东及 其一致行动人资信状况良好，具有足够的资金偿付能力，质押风险在可控范围之内，目前未出现平仓风险或被强制平仓的情形。 天眼查资料显示，爱施德成立于1998年06月08日，注册资本123928.1806万人民币，法定代表人黄文辉，注册地址为深圳市福田区泰然大道东泰然劲松大厦 20F。主营业务为数字化智慧分销、数字化智慧零售和其他创新业务。 目前，公司董事长为黄文辉，董秘为吴海南，员工人数为3631人，实际控制人为黄绍武。 公司参股公司 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002416 证券简称：爱施德 公告编号：2025-045 深圳市爱施德股份有限公司 注：上表中若出现合计数与各分项数值之和尾数不符的情况，为四舍五入所致。 关于公司股东股份补充质押的公告 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。 深圳市爱施德股份有限公司（以下简称"公司"）于2025年9月10日接到公司股东深圳市神州通投资集团 有限公司（以下简称"神州通投资"）的通知，神州通投资将其持有的公司部分股份进行了补充质押，具 体事项如下： 一、股东股份补充质押基本情况 ■ 本次补充质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保障用途的情形。 二、股东股份累计被质押的情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： ■ 深圳市爱施德股份有限公司董事会 三、控股股东及其一致行动人股份质押情况 1、本次股份补充质押融资不用于满足公司生产经营相关需求。 2、公司控股股东及其一致行动人半年内到期的质押股份累计数量29,590,000股，占其所持股份比例 4.85%，占公司总股本 ...