公司报告 | 半年报点评 广博股份（002103） 证券研究报告 全力聚焦 IP 衍生品业务，协同创新抢抓新机遇 公司发布半年报 25Q2 公司营收 6.9 亿同减 2%，归母净利 0.5 亿同减 8%；25H1 公司营收 12 亿同增 2%，归母净利 0.8 亿同增 4%。 25H1 公司创意产品营收 0.6 亿同减 31%，办公直销营收 6 亿同增 6%；境 内收入 7 亿同减 2%，境外收入 4 亿同增 12%。 全力聚焦 IP 衍生品业务，协同创新抢抓新机遇 公司目前拥有"面包超人"、"JOJO"、"HUNTER×HUNTER"、"银魂"、"三 丽鸥"、"猫福珊迪"、"Brunch Brother"、"魔道祖师"、"天官赐福"、"初音 未来"、"盗墓笔记"、"龙族"、"葬送的芙莉莲"、"咒术回战"等多个国内 外热门 IP ，公司自主培育的"汐西酱"、"MIMO"等 IP 深受粉丝喜爱。 从产品布局来看，公司在巩固文创、常规文具优势项目同时，加速徽章（吧 唧）、卡牌、毛绒等新项目孵化，这与国内 IP 衍生品市场品类结构高度契 合。 公司打造极致单品矩阵的策略，希望通过强化产品竞争力，在细分领域抢 占先机 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The report indicates that the company has successfully navigated a challenging adjustment period in FY25, with core ongoing business showing healthy growth despite a significant drop in overall revenue and profit due to the divestment of the "Yuhui Tongxing" business [3][4] - The total GMV for FY25 is reported at 8.7 billion, a year-over-year decrease of 39.2%, with self-operated products accounting for 43.8% of this total [4] - The company has strengthened its self-operated product development, launching 732 SPUs by May 2025, up from 488 SPUs in FY24, with a diverse range of products including health foods and pet supplies [4] Summary by Sections Financial Performance - For FY25, the company reported revenue of 4.4 billion, with a net profit from ongoing operations of 620 million, and an adjusted net profit of 1.74 billion. Excluding "Yuhui Tongxing," revenue was 4.2 billion, a year-over-year decrease of 31%, while ongoing net profit was 1.35 billion, a year-over-year increase of 30% [1][2] Sales and Marketing Expenses - Sales and marketing expenses for ongoing operations were 902 million, a year-over-year increase of 4.2%, primarily due to increased advertising spending [2] Self-operated Products and Channels - The self-operated product revenue reached 3.5 billion, with a GMV of 3.8 billion, representing 43.8% of total GMV. The self-operated products on the company's app accounted for 28.8% of all self-operated product GMV [1][4] - The company's app channel has seen rapid growth, with GMV from the app increasing to 15.7%, generating revenue of 1.1 billion, up from 900 million in FY24 [5] User Engagement and Satisfaction - The number of paid app subscribers reached 264,000, a year-over-year increase of 33.1%, with user satisfaction rising to 98.7% [5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a slight decline in revenue for the first half of 2025, with total revenue of 4.61 billion yuan, down 2.6% year-on-year, and a net profit of 710 million yuan, down 6.3% year-on-year. However, the second quarter showed a positive trend with revenue of 2.53 billion yuan, up 1.6% year-on-year, and a net profit of 370 million yuan, up 3.0% year-on-year [1][2] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 470 million yuan, which corresponds to a dividend payout ratio of 66.4% of the net profit for the first half of the year [1] - The introduction of cabinet products is expected to contribute significantly to long-term growth, with 100 million yuan in revenue from this segment in the first half of 2025 [2] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 48.6%, an increase of 1.3 percentage points year-on-year. The net profit margin for Q2 2025 was 14.7%, up 0.2 percentage points year-on-year [2] - The company’s revenue projections for 2025 to 2027 are 15.8 billion yuan, 17.3 billion yuan, and 19.6 billion yuan respectively, with corresponding dynamic P/E ratios of 12.2x, 11.1x, and 9.9x [3] - The company’s total revenue for 2023 is projected at 11.20 billion yuan, with a growth rate of 9.06%, and a net profit of 1.73 billion yuan, reflecting a growth rate of 10.20% [4][10] Market Position and Strategy - The company maintains a strong position in the traditional kitchen appliance market, with significant advantages in channels and brand strength. The long-term penetration potential for products like dishwashers remains broad [3] - The company’s subsidiary, Hangzhou Mingqi, reported revenue of 240 million yuan in the first half of 2025, showing a slight increase from the previous year [2]

公司报告 | 半年报点评 欧普照明（603515） 证券研究报告 营收端相对底部，盈利能力稳健 事件： 2025 年 8 月 27 日，欧普照明发布 2025 半年报。2025H1 公司实现营业收 入 32.2 亿元，同比-4.5%，归母净利润 3.7 亿元，同比-4.1%，扣非归母净 利润 2.8 亿元，同比-13.0%。2025Q2 公司实现营业收入 17.3 亿元，同比 -3.2%，归母净利润 2.3 亿元，同比-13.6%，扣非归母净利润 1.9 亿元，同 比-12.1%。 点评： 营收降幅逐季收窄。公司 25Q2 收入同比下滑 3.2%，对比 24Q3/24Q4/25Q1 （yoy 分别-14%/-11%/-6%）降幅进一步收窄。公司在行业发展相对疲软的 周期，积极修炼内功、打磨中长期竞争力，加速渠道下沉与海外拓展，凭 借成熟的营销团队和全国覆盖的渠道网络，提升了商用、电商及国际市场 的渗透力。 毛利率同比回升，捐赠影响表观业绩。公司 25H1 毛利率 38.1%，可比口径 同比-0.3pct，净利率同比持平。2025Q2 毛利率同比+0.6pct 至 39.6%，费 用率整体平稳，销售/管理/研发 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Insights - The company reported a steady revenue growth of 7.21% year-on-year for H1 2025, with total revenue reaching 5.362 billion yuan and a net profit of 799 million yuan, reflecting a 13.80% increase [1]. - The company is planning to issue H shares and apply for listing on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business development, focusing on markets in Japan and Southeast Asia [4]. Financial Performance - In H1 2025, the gross margin improved to 73.38%, up by 3.56 percentage points year-on-year, while the net profit margin reached 14.89%, an increase of 0.86 percentage points [2]. - The company expects revenues for 2025-2027 to be 11.864 billion, 13.301 billion, and 14.824 billion yuan respectively, with net profits projected at 1.785 billion, 2.040 billion, and 2.322 billion yuan [4]. Product Development - The main brand, Proya, generated 3.979 billion yuan in revenue for H1 2025, a slight decrease of 0.08% year-on-year, while sub-brands like Color Tang and OR showed significant growth, with revenues increasing by 21.11% and 102.52% respectively [3]. - The company has launched several new products, including a new makeup line that topped sales rankings on e-commerce platforms [3]. Market Strategy - The company is enhancing its product matrix and expanding its sub-brands, which are showing strong growth, thereby opening up new opportunities for international expansion [4]. - The focus on online sales and collaboration with international suppliers from over 20 countries is part of the company's strategy to enhance its global presence [4].

公司报告 | 半年报点评 成都银行（601838） 证券研究报告 营收向上源自扎实基本面 事件： 成都银行发布 2025 半年度财报。2025 上半年，公司营业收入、归母净利润分别 同比+5.91%、+7.29%；不良率、拨备覆盖率分别为 0.66%、452.7%。 点评摘要： 净利息收入回暖，支撑营收增速向上。2025 上半年，成都银行实现营收约 122.7 亿元，同比+5.91%，环比一季度增速提升 2.74pct。营收结构上，净利息收入 97.66 亿元（YoY+7.59%），占总营收 79.6%；非息净收入 25.04 亿元，同比-0.16%， 占营收比重较一季度提升 3.0pct。拨备前利润 25Q1、25H1 增速分别为+3.59%、 +6.84%,归母净利润同比增速分别为+5.64%、+7.29%。 2025 上半年，成都银行净息差录得 1.62%，与 25Q1 持平。生息资产收益率录得 3.57%，较 2024 年末下行 27bp；计息负债成本率显著改善，较 2024 年末压降 24bp 至 1.98%。 分细项来看，公司 25H1 生息资产端，贷款收益率为 4.06%，较 2024 年末下行 ...

公司报告 | 半年报点评 蒙娜丽莎（002918） 证券研究报告 风险提示：激烈竞争产品降价幅度超预期，地产下游回款不及预期，原材 料上涨超预期，C 端扩容不及预期。 经销占比提升至 83%，减值敞口逐步出清 行业整体需求偏弱，收入和利润整体承压 公司 25H1 实现营业收入 19.15 亿元，同比-17.96%，实现归母净利润-0.06 亿元，同比-106.86%，其中 Q2 单季度实现营收 12.29 亿元，同比-18.96%， 实现归母净利润 0.54 亿元，同比-26.52%，受制于瓷砖需求整体偏弱，以 及公司主动放弃了部分账期长、收款风险大、毛利水平低的工程订单，收 入和利润有所承压。 经销占比提升，以房抵债规模缩减 分业务来看，25H1 公司瓷质有釉砖、陶瓷板及薄型陶瓷砖收入分别为 15.62、2.30 亿元，同比分别-15.94%、-12.13%；毛利率分别为 24.53%、28.57%， 同比分别-2.35、-6.03pct；从原材料角度来看，25Q2 我们跟踪的液化天然 气、瓦楞纸市场价格同比分别+3.5%、-3.7%，环比分别+0.5%、-9.5%，后续 仍应关注相关原材料价格变化。分渠道 ...

公司报告 | 半年报点评 隧道股份（600820） 证券研究报告 运营业务增速亮眼，投资收益增厚利润 收入、业绩短暂承压，面向市场推出交通大模型方案 25H1 实现收入 220.2 亿，同比-21.5%，归母净利润为 7.3 亿，同比-7.4%， 扣非净利润为 6.8 亿，同比+0.2%；单季度看，Q2 实现收入 114.7 亿，同比 -17.6%，归母净利润为 4.0 亿，同比+15.9%，Q2 业绩较好主要系投资收益 同比增加 5.5 亿以及减值损失同比减少。公司数字集团以智能交通、城建 信息两大专业子公司为核心布局新兴业务，聚焦数字化转型需求。公司孵 化战略性人工智能科技企业，参股成立了中城交（上海）科技有限公司， 深度整合交通领域的数据、先进算法以及各类优质资源，面向市场推出基 于交通大模型的一站式解决方案，以多模态、低成本、本地化部署的核心 优势，为交通行业提供大模型应用及数据增值服务。上半年现金分红为 2.5 亿，分红比例为 38%。我们预计 25-27 年归母净利润为 31、33.7、37.1 亿， 对应 PE 为 6.5、5.9、5.4 倍，维持"买入"评级。 运营业务增速亮眼，省外多区域实现 ...

公司报告 | 半年报点评 浙江交科（002061） 证券研究报告 养护业务同比高增 88%，毛利率同比改善，业务多点开花 收入、利润稳步增长，Q2 业绩短暂下滑 公司发布 25 年半年报，25H1 公司实现营业收入 186.47 亿元，同比+1.12%， 实现归母净利润 5.45 亿元，同比+6.43%，扣非归母净利润 5.30 亿元，同 比+6.19%，业绩增长快于收入增长主要系毛利率同比提升。单季度来看， 25Q2 公司收入、归母净利润分别为 104.76、3.24 亿元，同比分别-2.21%、 -0.64%。公司在巩固交通基建工程基本盘的基础上，市政、房建、港航、 铁路、养护等业务多点开花，初步形成以"交通基建"为主，"城市建设、 综合养护、交通制造、关联产业"为辅的发展格局，通过产业链强链补链， 助推公司综合竞争能力和可持续发展能力的提升。 在手订单充足，省内交通投资保持高景气 分业务看，25H1 公司路桥工程施工、养护施工分别实现营收 166.78、17.58 亿元，同比分别-3.21%、+87.82%。订单方面，25Q2 公司新签订单 47.83 亿元，同比-1.67%，25H1 累计新签订单 2 ...

固定收益 | 固定收益专题 可转债打新 证券研究报告 胜蓝转 02：国内电子连接器知名供应商 转债基本情况分析 胜蓝转 02 发行规模 11.75 亿元，债项与主体评级为 AA-/AA-级；转股价 54.56 元，截至 2025 年 8 月 26 日转股价值 96.77 元；发行期限为 6 年，各 年票息的算术平均值为 1.18 元，到期补偿利率 13%，属于新发行转债较高 水平。按 2025 年 8 月 26 日 6 年期 AA-级中债企业债到期收益率 3.74%的 贴现率计算，债底为 94.83 元，纯债价值较高。其他博弈条款均为市场化 条款，若全部转股对总股本的摊薄压力为 13.16%，对流通股本的摊薄压力 为 13.71%，存在一定的摊薄压力。 中签率分析 截至 2025 年 8 月 26 日，公司前两大股东胜蓝投资控股有限公司、伍建华 分别持有占总股本 54.20%、2.14%。前十大股东合计持股比例为 60.94%，根 据现阶段市场打新收益与环境来预测，首日配售规模预计在 65%左右。剩 余网上申购新债规模为 4.11 亿元，因单户申购上限为 100 万元，假设网上 申购账户数量介于 750-85 ...