丨证券研究报告丨 公司研究丨点评报告丨华夏航空（002928.SZ） [Table_Title] 盈利同比高增，重回增长曲线 报告要点 [Table_Summary] 华夏航空发布 2025 年中报，2025 年上半年公司实现营业收入 36.1 亿元，同比增加 12.4%， 实现归属净利润 2.5 亿元，同比增加 858.95%；其中 2025Q2 公司实现营业收入 18.4 亿元， 同比增加 15.1%，实现归属净利润 1.69 亿元，同比增加 1.7 亿元，符合业绩预告的指引。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华夏航空（002928.SZ） cjzqdt11111 [Table_Title2] 盈利同比高增，重回增长曲线 [Table_Summary2] 事件描述 华夏航空发布 2025 年中报，2025 年上半年公司实现营业收入 36.1 ...

%% %% [Table_Title] 日本消费时代启示录：四阶段演进中的需求变迁 ——新消费之日本经验篇（一） %% %% research.95579.com 1 市场策略丨深度报告 %% %% %% %% research.95579.com 2 丨证券研究报告丨 报告要点 [Table_Summary] 三浦展在《第四消费时代》中，基于社会经济背景、人口结构、消费取向等多个变量，将日本 自工业革命至今划分为四个消费时期。消费观念依次经历了从国家层面的私有主义，到家庭层 面的私有主义，再到个人主义的私有主义，最终演进至第四消费时代以共享主义和利他主义为 核心的消费观念。随着经济背景与人口结构等社会环境的变迁，日本的消费时代呈现出截然不 同的特点。本报告旨在梳理日本消费社会的宏观变迁背景，重点聚焦于第三和第四消费时代的 阶段特征，以期从日本消费变迁中汲取经验，为理解当前"新消费"模式的发展路径提供借鉴。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 26 [Table_Title 日本消费时代启示录：四 ...

丨证券研究报告丨 公司研究丨点评报告丨水羊股份（300740.SZ） [Table_Title] 水羊股份 2025 年半年报点评：品牌结构持续优 化，业绩迎来收获阶段 报告要点 [Table_Summary] 2025Q2，公司实现营业收入 14.14 亿元，同比增长 12.16%，实现归母净利润 0.81 亿元，同 比增长 24%。 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 请阅读最后评级说明和重要声明 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 水羊股份（300740.SZ） cjzqdt11111 [Table_Title 水羊股份 2022]5 年半年报点评：品牌结构持续优 化，业绩迎来收获阶段 [Table_Summary2] 事件描述 2025Q2，公司实现营业收入 14.14 亿元，同比增长 12.16%，实现归母净利润 0.81 亿元，同 比增长 24%。 事件评论 丨证券研究报告丨 2025-09-11 公司研 ...

报告要点 公司研究丨点评报告丨丸美生物（603983.SH） [Table_Title] 丸美生物 2025 年中报点评：品牌蓄势破圈，利 润阶段性承压 [Table_Summary] 公司发布 2025 年中报。2025H1，公司实现营收 17.7 亿元，同比增长 30.8%；归母净利润 1.9 亿元，同比增长 5.2%。单二季度，公司实现营收 9.2 亿元，同比增长 33.5%；归母净利润 0.5 亿元，同比下滑 23.1%。 分析师及联系人 丨证券研究报告丨 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丸美生物（603983.SH） cjzqdt11111 [Table_Title 丸美生物 2025 2] 年中报点评：品牌蓄势破圈，利 润阶段性承压 [Table_Summary2] 事件描述 公司发布 2025 年中报。2025H1，公司实现营收 17.7 亿元，同比增长 30.8%；归母净利润 1.9 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.11 billion HKD for H1 2025, representing a year-on-year growth of 22.5%. The net profit attributable to shareholders was 1.18 billion HKD, up 20.2% year-on-year, while the adjusted net profit reached 1.21 billion HKD, reflecting a 17.4% increase [2][4]. Summary by Sections Revenue Performance - In H1 2025, the revenue breakdown by product categories showed medical dressings, functional skincare, and health food generating revenues of 690 million HKD, 2.41 billion HKD, and 10 million HKD respectively, with year-on-year growth rates of 17%, 24%, and 16% [6]. - By brand, the revenues for 可复美, 可丽金, and other brands were 2.54 billion HKD, 500 million HKD, and 60 million HKD respectively, with growth rates of 23%, 27%, and -10% [6]. - Channel-wise, revenues from DTC, e-commerce direct sales, offline direct sales, and distribution were 1.82 billion HKD, 390 million HKD, 120 million HKD, and 790 million HKD respectively, with year-on-year growth rates of 13%, 134%, 74%, and 12% [6]. Profitability - The net profit margin slightly decreased by 0.7 percentage points in H1 2025, attributed to a 0.7 percentage point decline in gross margin and changes in sales, management, and R&D expense ratios [6]. - The overall expense ratio narrowed by 1.6 percentage points, while the income tax expense increased by approximately 87.06 million HKD year-on-year [6]. Investment Outlook - The company is expected to maintain healthy growth throughout the year, with projected adjusted net profits of 2.55 billion HKD, 3.00 billion HKD, and 3.65 billion HKD for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 23, 19, and 16 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first half of 2025, the company achieved revenue of 12.35 billion, representing a year-on-year growth of 251%. The net profit attributable to shareholders was 2.27 billion, with a year-on-year increase of 286%. After adding back stock incentive expenses, the net profit attributable to shareholders was 2.35 billion, reflecting a growth of 291% [2][4]. Summary by Relevant Sections Company Performance - The company reported a same-store sales growth of 201% in the first half of 2025, with a total of 41 stores after opening 5 new locations. The new stores include locations in Beijing, Shanghai, and Singapore, while also optimizing existing store spaces [7]. - Online sales contributed 1.62 billion in revenue, marking a year-on-year increase of 313%, with significant performance during the Tmall 618 sales event [7]. Financial Metrics - The gross profit margin decreased by 3.1 percentage points to 38.1% in the first half of 2025, while the net profit margin increased by 1.0 percentage point to 18.4%. The inventory turnover days improved from 195 days in 2024 to 150 days in the first half of 2025 [7]. Strategic Initiatives - The company has implemented a new round of stock incentive plans, with expenses increasing by 494% to 83.3 million in the first half of 2025. The mid-term dividend proposed is 9.59 per share, with a payout ratio of 73%, indicating confidence in long-term growth [7]. - The company is focusing on high-end branding and expanding its global presence, with the first overseas store opening in Singapore in June 2025, aiming to capture growth opportunities in the Southeast Asian jewelry market [7]. Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 27.7, 38.2, and 47.9 respectively, indicating strong growth potential [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved revenue of 7.71 billion yuan, a year-on-year increase of 14.0%, and a net profit attributable to shareholders of 1.69 billion yuan, up 16.8% year-on-year [2][4] - The second quarter alone saw revenue of 4.55 billion yuan, with a year-on-year growth of 11.4%, and a net profit of 890 million yuan, reflecting a 20.8% increase year-on-year [2][4] - The company is benefiting from a favorable market environment in Yiwu, with a stable growth in market operations and a rapid increase in trade services [5] - The company has made significant progress in its various business segments, with market operations and trade services generating revenues of 2.38 billion yuan and 530 million yuan respectively, representing year-on-year growth of 5% and 43% [5] - The company has also successfully introduced innovative import mechanisms and established a "bonded+" industrial cluster in Yiwu, enhancing its import trade capabilities [6] Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities increasing by 1.3 billion yuan year-on-year [10] - The company expects earnings per share (EPS) to reach 0.76 yuan, 0.99 yuan, and 1.21 yuan for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [10]

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0911 A 股日评：高位低位，都有机会 报告要点 [Table_Summary] 今日 A 股市场强势反弹，三大指数均上涨，创业板指和科创 50 指数领涨，市场成交额再次站 上 2.4 万亿。今日电信业务、电子、计算机等科技板块领涨，医疗保健、家用装饰及休闲等板 块涨幅落后。从指数表现来看，上证指数上涨 1.65%，深证成指上涨 3.36%，创业板指上涨 5.15%，上证 50 上涨 1.48%，沪深 300 上涨 2.31%，科创 50 上涨 5.32%，中证 1000 上涨 2.35%，市场成交额约 2.46 万亿元。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0911 A 股日评：高位低位，都有机会 [Table_Summary2] 事件描述 今日 A 股市场强势反弹，三大指数均上涨，创业板指和科创 50 指数领涨，市场成交额再次站 上 2.4 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0911 港股日评：不惧风浪，迎头赶上 报告要点 [Table_Summary] 2025 年 9 月 11 日，港股市场大市成交额达到 3252.1 亿港元，南向资金净买入 189.89 亿港 元。港股三大股指今日震荡走低，整体表现疲软。受海外 AI 算力巨头业绩超预期及对未来 AI 相关收入给出积极指引的催化，港股市场 AI 算力板块相关个股集体走强，并显著带动 Wind 香 港半导体指数成为市场领涨板块。国内 1-8 月汽车产销均破 2000 万辆，新能源车产销同比增 超 36%，推动稀土永磁等需求预期。叠加中国稀土自主可控能力提升，相关个股强势上涨，带 动 Wind 香港有色金属板块整体上行。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0911 港股日评：不惧风浪，迎头赶上 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 ...

丨证券研究报告丨 公司研究丨点评报告丨润泽科技（300442.SZ） [Table_Title] 润泽科技 2025 半年报点评： IDC 交付规模创新高，AIDC 收入结构优化 报告要点 [Table_Summary] 2025Q2，公司业绩环比逐步改善，财报表现与当前交付节奏匹配。IDC 交付规模创新高，上架 速度加快，在上半年能评审批收紧的背景下，公司能耗指标仍进一步增长。AIDC 收入结构优 化，业务盈利能力与稳定性显著提升，技术行业领先。此外，公司率先协助客户完成单机柜百 千瓦级超节点国产液冷智算集群部署，液冷交付经验丰富，战略布局领先。 分析师及联系人 1 润泽科技（300442.SZ） cjzqdt11111 [Table_Title 润泽科技 2025 2] 半年报点评： IDC 交付规模创新高，AIDC 收入结构优化 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary2] 事件描述 ...