再升科技（603601）：收入阶段性偏弱，关注冰箱能效标准提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 660 million yuan for the first half of 2025, a year-on-year decrease of 12%, with a net profit attributable to shareholders of approximately 60 million yuan, down 21% year-on-year [2][6]. - The second quarter revenue was 330 million yuan, a decline of 19% year-on-year, with a net profit of 27 million yuan, down 39% year-on-year [2][6]. - The company is focusing on the improvement of refrigerator energy efficiency standards, which is expected to enhance the penetration rate of VIP materials in the domestic market [12]. Summary by Sections Financial Performance - The company's revenue for the first half of 2025 was 660 million yuan, with a net profit of 60 million yuan, and a non-recurring net profit decrease of 17% year-on-year [2][6]. - The gross margin for the first half was approximately 22.9%, an increase of 0.6 percentage points year-on-year [12]. - The company holds a 30% stake in Youyuan Environment, which achieved a revenue of approximately 196 million yuan and a net profit of 3 million yuan in the first half of 2025 [12]. Market and Product Insights - The company’s clean air materials revenue decreased by 18.15% year-on-year, while high-efficiency energy-saving materials revenue fell by 14.95% due to reduced VIP board revenue impacted by US-China trade tensions [12]. - The company’s new product, dust-free air conditioning, saw a revenue increase of 42.59% year-on-year [12]. - The acquisition of Maikelong for 231 million yuan aims to extend the company’s reach into the vacuum insulation panel (VIP) finished product market, enhancing its supply chain from raw materials to end products [12]. Future Outlook - The company expects net profits of approximately 130 million yuan and 180 million yuan for 2025 and 2026, respectively, not accounting for the Maikelong acquisition [12]. - The new refrigerator energy efficiency standards, effective June 1, 2026, are anticipated to increase energy savings by about 40%, which aligns well with the company's VIP materials [12].