丨证券研究报告丨 公司研究丨点评报告丨志邦家居（603801.SH） [Table_Title] 志邦家居 2025H1 点评：短期承压，行稳致 远 报告要点 [Table_Summary] 公司 2025H1 实现营收/归母净利润/扣非净利润 18.99/1.38/0.87 亿元，同比-14%/-7%/-31%； 其中 2025Q2 对应 10.82/0.96/0.51 亿元，同比-22%/-5%/-41%。收入端：H1 收入受大宗业务 扰动较大，整装贡献增量。盈利端：H1 经营盈利阶段性承压。展望后续，挖潜与控费是方向， 优化组织架构助力南方市场的发展&坚定执行出海战略。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% 1 志邦家居（603801.SH） cjzqdt11111 [Table_Title2] 志邦家居 2025H1 点评：短期承压，行稳致远 [Table_Summary2] 事件描述 公司 2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 4.551 billion yuan, a net profit attributable to shareholders of 319 million yuan, and a net profit excluding non-recurring items of 429 million yuan for the first half of 2025, representing year-on-year declines of 8%, 43%, and 19% respectively. In Q2 2025, the figures were 2.513 billion yuan, 307 million yuan, and 278 million yuan, with year-on-year declines of 11%, 23%, and 26% respectively. Both retail and bulk sales faced pressure, and profitability was under strain in Q2 [2][6] Summary by Sections Revenue - Revenue from traditional retail, integrated decoration, bulk sales, and exports showed year-on-year changes of -7%, -13%, -12%, and +39% respectively in H1 2025. Exports demonstrated a strong growth trend. The brands saw revenue changes of -7% for Sophia, -27% for Milan, -22% for Huaher, and +9% for others [12] Profitability - In Q2 2025, the net profit margin and net profit excluding non-recurring items decreased by 1.9 and 2.3 percentage points year-on-year. The gross margin and operating expenses showed a year-on-year change of -2.3 and +0.8 percentage points respectively. The overall gross margin for H1 decreased by 1.4 percentage points, while the gross margin for retail and bulk sales decreased by 0.6 and 8.8 percentage points respectively [12] Store Dynamics - The net change in the number of stores for the brands in H1 2025 was +14 for Sophia, -26 for Si Mi, -19 for Huaher, and +13 for Milan, resulting in a total of 2,517, 135, 260, and 572 stores respectively [12] Future Outlook - The company’s integrated home strategy positions retail as the core, with Milan and integrated decoration showing growth potential. The expansion of supporting products and customer order value is expected to contribute to revenue growth. The average customer order value reached 22,340 yuan in H1 2025, down from 19,619 yuan in 2023, but is expected to recover. The integrated decoration segment is improving in quality, with partnerships covering 211 and 1,450 market areas respectively. The company has established 26 overseas distributors across 23 countries/regions, indicating potential for growth in exports [12] Long-term Value - The long-term value in the home furnishing sector remains intact, with expectations for continued high dividends. The company is set to benefit from national subsidies in the home furnishing sector, with a projected dividend of 960 million yuan for 2024, representing 88% of net profit excluding non-recurring items, yielding a dividend rate exceeding 7%. Forecasted net profits for 2025-2027 are approximately 1.17 billion, 1.16 billion, and 1.28 billion yuan, with corresponding price-to-earnings ratios of 11, 11, and 10 times [12]

丨证券研究报告丨 公司研究丨点评报告丨周大生（002867.SZ） [Table_Title] 周大生 2025 年中报点评：25Q2 盈利显著增长， 直营渠道表现较优 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary] 2025 上半年公司实现收入 46 亿元，同比下滑 43.9%，归母净利润 5.9 亿元，同比下滑 1.3%， 单二季度实现收入 19 亿元，同比下滑 38.5%，归母净利润 3.4 亿元，同比增长 31.3%，扣非 归母净利润 3.4 亿元，同比增长 36.1%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490525080008 SFC：BUV258 李锦 罗祎 张彦淳 research.95579.com 1 周大生（002867.SZ） cjzqdt11111 [Table_Title 周大生 20252]年中报点评：25Q2 盈利显著增长， 直营渠道表现较优 [Table_Summary2] 事件描述 2025 上半年公司实现收入 46 亿元，同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.79 billion yuan for H1 2025, a year-on-year decline of 7.05%, and a net profit attributable to shareholders of 110 million yuan, down 15.2% year-on-year [2][4] - In Q2 alone, the company achieved a revenue of 910 million yuan, a decrease of 11.7% year-on-year, with a net profit of 57.25 million yuan, down 16.1% year-on-year [2][4] - The cosmetics business, particularly the Yilian brand, showed steady growth, while the Aier Doctor brand is undergoing a phase of adjustment [10] Summary by Sections Financial Performance - For H1 2025, the cosmetics, pharmaceutical, and raw materials segments generated revenues of 1.09 billion, 210 million, and 180 million yuan respectively, with year-on-year changes of -7.7%, -13.9%, and +4.2% [10] - The Yilian brand achieved a revenue of 550 million yuan, a growth of 23.8% year-on-year, while the Aier Doctor brand saw a revenue decline of 30% to 450 million yuan [10] - The overall gross profit margin slightly improved, with a net profit margin of 6%, down 0.6 percentage points year-on-year [10] Business Segments - The Yilian brand's growth was supported by the announcement of a global spokesperson, leading to a 43% increase in the spray product line [10] - The Aier Doctor brand is in a brand adjustment phase, with new product launches expected to drive future growth [10] - The raw materials business showed stability, with sales of hyaluronic acid reaching 120 million yuan, a year-on-year increase of 23.4% [10] Future Outlook - The company is expected to focus on its main brands, with the Yilian brand showing strong momentum and the Aier Doctor brand undergoing necessary adjustments [10] - The company anticipates improvements in profitability due to optimized channel structures and enhanced gross margins in the raw materials segment [10] - EPS forecasts for 2025-2027 are projected at 0.24, 0.29, and 0.34 yuan per share respectively [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company's performance has been under pressure, primarily due to changes in the subscription model for educational materials, leading to a significant decline in revenue [4] - The company is actively transforming its main business and promoting its educational segment, with a focus on innovative sales models and deepening IP resource utilization [4] - The company has launched various initiatives in the education sector, including VR projects and AI-integrated reading platforms, which have shown promising user engagement [4] Summary by Relevant Sections Financial Performance - In H1 2025, the company reported revenue of 1.106 billion yuan, a decrease of 21.4% year-on-year, with a net profit of 40 million yuan [4] - The forecast for 2025-2027 indicates revenues of 1.786 billion yuan, 1.662 billion yuan, and 1.687 billion yuan, reflecting a year-on-year growth rate of -26.59%, -6.93%, and +1.52% respectively [4][7] - The projected net profit for the same period is 87 million yuan, 98 million yuan, and 115 million yuan, with growth rates of +3.00%, +12.01%, and +17.15% respectively [4][7] Business Segments - The publishing segment generated 420 million yuan in revenue in H1 2025, focusing on popular IP products and collaborations with notable brands [4] - The educational segment is advancing with innovative sales strategies, including online live broadcasts and community marketing, to enhance customer engagement [4] Cost and Expenses - The company's expense ratios for sales, management, and R&D have slightly increased due to the significant drop in revenue, with sales expenses at 10.8% and management expenses at 7.7% in H1 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to maintain high growth in domestic solar storage product shipments, with overseas storage accelerating, which will enhance performance. The forecast for net profit for 2025-2027 is 634 million, 807 million, and 984 million yuan, respectively, with year-on-year growth rates of 51%, 27%, and 22% [4][5] Financial Performance Summary - For 2023A, the company is projected to achieve revenue of 4,933 million yuan, with a year-on-year growth rate of 111%. The net profit attributable to the parent company is expected to be 286 million yuan, reflecting a year-on-year increase of 250% [2] - In 2025, the company is expected to generate revenue of 6,236 million yuan, with a year-on-year growth rate of 31%, and a net profit of 634 million yuan, with a year-on-year growth rate of 51% [2][4] - The gross profit margin for the first half of 2025 is reported at 24.1%, with a year-on-year increase of 1.2 percentage points [4] Market Position and Growth Drivers - The company has a strong position in the domestic ground-mounted solar market and is increasing its share in distributed business. It is also expanding into overseas markets such as India, the Middle East, and Europe, which are expected to support rapid growth in global solar business [4] - The revenue from the photovoltaic inverter business in the first half of 2025 reached 1.58 billion yuan, with a year-on-year increase of 14%. The overseas revenue for the same period was 980 million yuan, reflecting a year-on-year growth of 106% [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 27.1, 21.3, and 17.5, respectively [2][5] - The projected P/B ratios for the same years are 6.2, 4.9, and 3.9, respectively [2][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company reported a strong performance in Q1 and Q2 of 2025, with revenue growth driven by market and product expansion [4][6] - The company is expected to achieve significant revenue and profit growth in the coming years, with projected revenues of 7,480 million in 2023, increasing to 19,810 million by 2027 [3] - The company is focusing on expanding its market presence in Europe, Southeast Asia, and the Middle East, which is expected to contribute to its growth [6] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 5.535 billion, a year-on-year increase of 16.6%, and a net profit of 1.522 billion, up 23.2% year-on-year [4] - Q2 2025 revenue was 2.969 billion, a 3.7% increase year-on-year and a 15.7% increase quarter-on-quarter [4] - The gross margin for H1 2025 was 37.5%, slightly up by 0.3 percentage points year-on-year [4] Revenue Breakdown - The inverter segment generated revenue of 1.4 billion in Q2 2025, a 3% increase year-on-year and a 13% increase quarter-on-quarter [6] - The battery pack segment saw revenue of 740 million, a 56% increase year-on-year [6] - The home appliance segment reported a revenue decline of 16% year-on-year, with a gross margin of 13.2% [6] Market Expansion - The company is launching new energy storage products tailored to different markets, enhancing its competitive edge [6] - Demand in Europe is recovering, and new markets in Southeast Asia and the Middle East are showing significant growth potential [6] - The company plans to introduce new off-grid energy storage solutions to meet the needs of underdeveloped regions [6] Profit Forecast and Valuation - The company is expected to achieve net profits of 3.594 billion, 4.404 billion, and 5.096 billion in 2025, 2026, and 2027 respectively, with a year-on-year growth of 21%, 23%, and 16% [3][6] - The current stock price corresponds to a P/E ratio of 18, 15, and 13 for the years 2025, 2026, and 2027 respectively [6]

公司报告 | 半年报点评 复星医药（600196） 证券研究报告 自研创新药出海+股权激励出台，看好后续发展 事件 复星医药披露 2025H1 业绩，其中营业收入 195.14 亿元（yoy-4.63%）。收 入承压，主要受药品集采续标及部分地方集采开展的影响，创新药品收入 超 43 亿元，（yoy+14.26%），仍保持较快增长；归母净利润 17.02 亿元 （yoy+38.96%），快速增长系出售和睦家相关的剩余权益以及其他非核心资 产的收益贡献。 为了建立、健全长期激励机制，公司将归母净利润（60%）及创新药品收 入（40%）作为考核目标，进行股权激励。其中 2025-2027 年归母净利润 目标分别为 33.2/39.6/47.7 亿元，创新药品收入目标为 93.6/112.3/134.8 亿 元，CAGR 约 20%。公司在非战略非核心资产处置的同时，适时推出股权激 励目标，清晰未来发展目标，我们认为公司管理效率有望持续提升。 子公司复宏汉霖进展顺利，有望进一步提振复星医药表现 子公司复宏汉霖的 HLX22、斯鲁利单抗在多个Ⅱ期、Ⅲ期临床试验中展示 出相较于竞品更佳的数据，体现公司在抗体领域深厚的技 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Viewpoints - The company's performance met expectations with significant market expansion, achieving revenue of 268 million yuan in the first half of 2025, a year-on-year increase of 13.50% [6][12] - The company actively expanded its customer base, adding 623 new clients in the first half of 2025, and developed 56 new product specifications across 13 series based on customer needs [2][12] - Gross margin improved to 42.57%, up 1.16 percentage points from 41.41% in 2024, while net margin increased to 17.74%, up 4.68 percentage points from 13.06% in 2024, driven by enhanced production efficiency and scale effects [12] - The company focused on overseas markets, generating 168 million yuan in overseas revenue, accounting for approximately 62.83% of total revenue, with over 30% from the U.S. market [12] - The company has developed a comprehensive product system with over 100 specifications across seven major categories in laboratory consumables and a series of biological reagents [12] - Future profit projections for the company are optimistic, with expected net profits of 90 million, 113 million, and 143 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 30, 24, and 19 times [12]

丨证券研究报告丨 公司研究丨点评报告丨家家悦（603708.SH） [Table_Title] 家家悦 2025 年中报点评：2025Q2 盈利改 善，商品毛利率提升 报告要点 [Table_Summary] 2025 上半年公司实现收入 90.1 亿元，同比下滑 3.8%，归母净利润 1.8 亿元，同比增长 7.8%， 单二季度实现收入 40.7 亿元，同比下滑 2.6%，归母净利润 0.4 亿元，同比增长 82.6%，扣非 净利润 0.4 亿元，同比增长 120.5%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490525080008 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家家悦（603708.SH） cjzqdt11111 [Table_Title 家家悦 20252]年中报点评：2025Q2 盈利改善， 商品毛利率提升 [Table_Summary2] 事件描述 2025 上半年公司实现收入 90.1 亿元，同 ...