Group 1 - The core viewpoint of the report is that Guoli Group (300979.SZ) is rated as outperforming the market due to its new factory ramp-up and gradual improvement in gross margin, despite a slowdown in growth and a decline in profit margins in Q2 [1] - The report highlights that the company's growth has slowed down in the second quarter, with profit margins declining both year-on-year and quarter-on-quarter [1] - The successful ramp-up of the new factory is expected to positively impact the gross margin over time [1] Group 2 - The report includes risk factors such as potential underperformance in capacity expansion, weak sales from downstream brands, and international political and economic risks [1]

格隆汇8月25日丨华利集团(300979.SZ)于近期投资者关系活动表示，美国是运动鞋重要的消费市场，预 估美国市场约占公司销售收入的4成左右。美国进口关税税率上调，会增加客户销往美国市场的关税成 本，但是客户销往非美国地区的关税不会有影响。目前有部分客户在与公司商讨关税带来的成本问题， 部分客户还没有与公司讨论关税带来的成本问题。 ...

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·纺织制造 华利集团（300979） 2025 年中报点评：On 和 New Balance 跻身 前五大客户，期待新工厂效率爬坡 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 20,114 | 24,006 | 26,706 | 30,664 | 35,118 | | 同比（%） | (2.21) | 19.35 | 11.24 | 14.82 | 14.53 | | 归母净利润（百万元） | 3,200 | 3,840 | 3,567 | 4,344 | 5,116 | | 同比（%） | (0.86) | 20.00 | (7.12) | 21.79 | 17.77 | | EPS-最新摊薄（元/股） | 2.74 | 3.29 | 3.06 | 3.72 | 4.38 | | P/E（现价&最新摊薄） | 19. ...

证券研究报告 | 2025年08月25日 华利集团（300979.SZ） 优于大市 新客户与欧洲市场驱动收入增长，盈利短期承压 收入增长稳健，老客户订单波动叠加新产能爬坡致利润短期承压。2025 年上半年，公司实现营业收入 126.61 亿元，同比增长 10.36%，主要得益于 新客户订单的快速增长，弥补部分老客户订单波动。归母净利润同比下滑 11.06%至 16.71 亿元；利润下滑主要由于毛利率受新工厂投产及老工厂产能 调配影响，同比下降 6.38 个百分点至 21.83%。净利率下滑幅度小于毛利率， 主要得益于管理费用（因绩效薪酬减少而同比下降 39.67%）和财务费用（因 汇兑收益增加而同比减少 721.39%）的显著优化。公司拟进行半年度分红， 分红率约为 70%。ROE 同比下降 1.08 百分点至 22.49%；存货/应收/应付周 转天数同比-8/+2/+2 天至 55/66/44 天。资本开支 13.78 亿元，同比增长 约 74.8%，主要因新厂密集投产，公司在中国和印尼的新厂已于 2025 年 2 月开始投产，四季度预计仍有两家新工厂投产。 二季度公司增长放缓，利润率同环比下滑。2025Q ...

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

Core Viewpoint - On August 22, a total of 213 stocks received buy ratings from brokerages, with 53 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 Haishike, Dong'a Ejiao, and Funeng Shares, with target price increases of 50.56%, 48.55%, and 47.27% respectively [1] - Among the stocks rated, 205 maintained their ratings, 2 stocks had their ratings upgraded, and 6 stocks received their ratings for the first time [1] Group 2: Brokerage Attention - A total of 36 stocks received attention from multiple brokerages, with Yangnong Chemical, Huali Group, and Muyuan Foods leading in the number of ratings, receiving 6, 5, and 4 ratings respectively [1] Group 3: Industry Distribution - The sectors with the most stocks receiving buy ratings include Materials II, Capital Goods, and Food, Beverage & Tobacco, with 40, 36, and 18 stocks respectively [1]

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 近期，华利集团（300979）接待了众多机构的调研。此次调研活动备受市场关注，以下为本次调研的详 细情况。 调研活动基本信息投资者活动关系类别：特定对象调研、分析师会议时间：2025年8月21日、2025年8月 22日地点：线上为腾讯会议，线下在深圳参与单位名称：天风证券、华泰证券、摩根士丹利、山西证 券、国联民生证券、高盛亚洲、中金公司、大和证券、华福证券、国信证券、申万宏源、西部证券、东 方证券、银河证券、长江证券、光大证券、国泰海通、国金证券、广发证券、国盛证券、华西证券、中 信建投证券、汇丰前海证券、东北证券、华源证券、浙商证券、兴业证券、中信证券、 ...

Group 1: Financial Performance and Impact of Tariffs - The U.S. market accounts for approximately 40% of the company's sales revenue, and increased tariffs will raise costs for customers shipping to the U.S. [2] - The company experienced a decline in overall gross margin in the first half of the year due to new factories ramping up production, with a recovery expected in Q3 and Q4 [2][3] - In the first half of 2025, the company reported asset impairment of 66 million and credit impairment of 4.8 million, primarily due to inventory depreciation and bad debt provisions [6] Group 2: Production and Capacity Management - New factories typically require 10-12 months to reach breakeven, with one factory achieving profitability in Q2 2025 [2][3] - The company’s production capacity is flexible and adjusted based on order conditions, with targets set according to the current stage of the factory and employee proficiency [7] - The company is actively expanding production capacity, planning to build several new factories in Indonesia and Vietnam, with capital expenditures projected between 1.1 billion to 1.7 billion RMB annually from 2022 to 2024 [13] Group 3: Supply Chain and Material Sourcing - Approximately 56% of the raw materials for the Vietnam factory are sourced locally, with additional materials procured from mainland China, Taiwan, and South Korea [4] - The company produces its own shoe soles, with most production facilities equipped to manufacture mid and outer soles [11] Group 4: Customer Relations and Market Trends - The back-to-school season is a peak sales period for athletic shoes, and the company is awaiting sales data to adjust inventory plans [5] - The company has seen significant revenue growth from new customers, including a partnership with Adidas initiated last year [9] Group 5: Taxation and Regulatory Environment - The company benefits from Vietnam's corporate tax incentives, although many factories' tax benefits have expired, limiting the impact of tax rate changes on overall tax burden [12] - The company maintains competitive salary levels to attract labor in Vietnam, where hiring remains stable despite increased competition for workers [10] Group 6: Shareholder Returns - The company has a strong commitment to shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and projected dividends for 2025 expected to be around 70% of net profit [14][15]

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]