证券研究报告 海信视像 (600060 CH) 电视盈利质量改善，新成长曲线延展 2025 年 8 月 26 日│中国内地 视听器材 公司公布上半年业绩：25H1 实现营收 272.31 亿元（同比+6.95%），归母 净利 10.56 亿元（同比+26.6%），其中，25Q2 营收同比+8.59%，归母净 利同比+36.72%，盈利能力持续改善。公司凭借大屏化、高端化布局和新显 示业务扩张，在收入端保持稳健增长，并在毛利率和归母净利率均改善的情 况下实现盈利能力提升。我们认为，公司在产品升级+新业务多元化+全球 化产能布局的三重驱动下，有望继续在行业分化中保持优势。维持"增持" 评级。 电视：结构升级支撑稳健增长 公司电视业务表现稳健。1）25H1 公司继续保持国内第一的电视零售份额 （奥维云网），品牌价格指数提升，显示出中高端产品竞争力。展望 Q3， 根据奥维云网数据，25W27-W33(6.30-8.17)海信/Vidda 线上+线下 KA 零售 额分别同比+20.3%/+6.89%，零售价分别同比+12.5%/+17.4%。我们继续 看好需求结构升级趋势延续，国内收入增长可期。2）海关总署数据显示， ...

投资要点： 华福证券 洗护用品 公 司 研 究 登康口腔（001328.SZ） 产品升级电商高增，冷酸灵品牌势能强劲 报 告 风险提示：市场竞争风险，品牌形象维护风险，销售模式不能适应市 场变化风险 | 财务数据和估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,376 | 1,560 | 1,836 | 2,143 | 2,485 | | 增长率 | 5% | 13% | 18% | 17% | 16% | | 净利润（百万元） | 141 | 161 | 203 | 257 | 310 | | 增长率 | 5% | 14% | 26% | 27% | 21% | | EPS（元/股） | 0.82 | 0.94 | 1.18 | 1.49 | 1.80 | | 市盈率（P/E） | 54.0 | 47.4 | 37.6 | 29.7 | 24.6 | | 市净率（P/B） | 5.4 | 5.2 | 5.0 | 4.7 | 4.4 | 数据来源：公司公告、华福 ...

| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 33,161 | 39,252 | 46,212 | 52,574 | 60,569 | | 增长率 yoy（%） | 18.0 | 18.4 | 17.7 | 13.8 | 15.2 | | 归母净利润（百万元） | 5,629 | 7,498 | 9,530 | 10,751 | 12,532 | | 增长率 yoy（%） | 18.4 | 33.2 | 27.1 | 12.8 | 16.6 | | ROE（%） | 17.9 | 21.0 | 23.5 | 22.5 | 22.1 | | EPS 最新摊薄（元） | 2.16 | 2.87 | 3.65 | 4.12 | 4.80 | | P/E（倍） | 29.3 | 22.0 | 17.3 | 15.3 | 13.2 | | P/B（倍） | 5.2 | 4.6 | 4.1 | 3.4 | 2.9 | 资料来源：公司财报、长城证券产业金融研究院 证券研 ...

Group 1 - The company reported a total revenue of 1.334 billion yuan in the first half of 2025, marking a year-on-year increase of 15.4%, achieving the highest revenue in the same period historically [3] - The net profit attributable to the parent company was 51 million yuan, a decrease of 19.58% year-on-year, primarily due to intensified competition in the advertising inkjet printing materials market and the ramp-up of new projects [3] - The revenue from label printing materials reached 419 million yuan, a year-on-year increase of 28.42%, accounting for 31% of total revenue, with a gross margin increase of 1.3 percentage points to 20.6%, becoming the largest profit contributor [2] Group 2 - The company achieved a revenue of 93 million yuan from functional base film materials, reflecting a year-on-year growth of 19.87%, with a gross margin increase of 2.79 percentage points to 5.49% [2] - The company has made significant technological breakthroughs and commercial progress in the flexible sensor field, establishing the first pilot production line and launching the first and second generation of flexible tactile sensor products [4][6] - The company invested 54 million yuan in R&D in the first half of 2025, representing 4.1% of revenue, which is the highest R&D expenditure for the same period since its listing [4] Group 3 - The company added 6 new patents during the reporting period, including 4 invention patents, bringing the total authorized patents to 118, with 73 being invention patents [6] - The company is transitioning its product line from traditional adhesive tapes and release films to higher value-added areas such as optical protective films, and has successfully developed UV release adhesive for mass production [6]

事件：公司披露 2025 年半年度业绩，25 年H1 公司实现营收5.61 亿元，同比-43.54%；归母净利润0.09 亿元，同比-92.60%；扣非归母净利润0.08 亿元，同比-92.79%。其中，25Q2 营收2.17 亿元，同 比-56.57%；归母净利润-0.23 亿元，同比-147.77%；扣非归母净利润-0.23亿元，同比-148.77%。 产品体系逐渐完善，回款谨慎致业绩短期承压。分产品来看，25H1 内参系列/酒鬼系列/湘泉系列/其他 系列/其他业务分别实现营业收入1.11/2.90/0.32/1.26/0.04 亿元，分别同 比-35.81%/-51.01%/-35.87%/-28.84%/-17.92%。公司构建"2+2+2"战略单品体系，坚持聚焦主营大单品， 稳步推进主营产品的升级和"妙品"的上市推广工作。通过分阶段分批梳理 SKU，酒鬼系列精简 SKU 超 50%。持续优化产品价值链，通过督察监督、费控管理以及针对性强化动销，解决经销商库存问题，多 措并举，实现产品价格稳中有升。 盈利能力短期承压，新产品有望实现企稳回升。25H1 公司毛利率/净利率分别为68.58%/1.60%， ...

Core Viewpoint - The article discusses the discontinuation of the old version of Guizhou Moutai's (Color Glaze Rare) due to its susceptibility to counterfeiting, and the introduction of a new version with enhanced anti-counterfeiting technology [1] Group 1 - The old version of Guizhou Moutai (Color Glaze Rare) was discontinued at the end of July due to high risks of counterfeiting [1] - The new version features a red cap and upgraded anti-counterfeiting technology, significantly increasing the difficulty of counterfeiting [1] - The new version has already been made available to distributors, marking the first upgrade in four years since its launch in late 2021 [1] Group 2 - The new version is positioned between premium Moutai and 15-year aged Moutai, with a suggested retail price of 4,599 yuan per bottle [1]

Core Insights - The company reported a robust performance in the first half of 2025, with total revenue reaching approximately 400.92 billion yuan and a net profit of 22.7 billion yuan, marking a year-on-year growth of 20.5% [1] - The overall gross margin improved by 1.9 percentage points to 34.5%, indicating a strong quality development trend [1] Instant Noodle Business - Revenue from the instant noodle segment was 134.65 billion yuan, with a gross margin increase of 0.7 percentage points to 27.8% and a net profit growth of 11.9% to 9.5 billion yuan [1] - The classic "Braised Beef Noodle" maintained its leading sales position, while the "Fresh Q Noodle" gained recognition for its "0-fried" patented technology [1] - New product launches, such as the "Oriental Food Collection" series and the "Kang Shifu 1.5 times" large portion products, contributed to growth, alongside nearly double-digit growth in the "Crispy" snack noodle segment [1] - The company expanded its distribution channels by incorporating emerging channels like membership stores and community group buying, achieving over 10 million yuan in sales for the limited edition "Chao Lu Beef Three Treasures Noodle" in its first month [1] - The introduction of aerospace patented temperature control technology enhanced production precision and strengthened food safety management [1] Beverage Business - The beverage segment generated revenue of 263.59 billion yuan, with a gross margin increase of 2.5 percentage points to 37.7% and a net profit growth of 19.7% to 13.35 billion yuan [2] - The ready-to-drink tea category developed a matrix of "popular hits + health upgrades + premium innovations," launching new products like "sugar-free + low-sugar high-fiber" and "Long Island Iced Tea flavor" [2] - New products in the sugar-free category, such as "Jasmine Longjing" and "Fresh Green Tea," performed exceptionally well [2] Sustainable Development - The company is committed to green transformation across its entire supply chain, achieving a 90% reduction in plastic through initiatives like the "Speedy Noodle Shop" series using paper bowls and bamboo forks [2] - The 380ml "Drink Boiled Water" product features an eco-friendly lightweight bottle design, reducing PET particles by approximately 420 tons annually [2] - The company set clear energy-saving goals, aiming for a 12% reduction in comprehensive energy consumption per 1 million yuan of revenue and an 18% reduction in greenhouse gas emissions by 2025 compared to 2017 [2] - In May, the company was included in the S&P Global "Sustainability Yearbook (China Edition)" for the first time, ranking 48th among 396 peers globally [2] Future Outlook - The company plans to continuously refine and innovate its products in response to the growing consumer demand for health, sustainability, and high-quality offerings [2] - Strategies will focus on optimizing channel strategies, enhancing consumer trust in the brand, and increasing brand-consumer engagement [2]

Core Viewpoint - Master Kong, once a beloved national brand, is now facing challenges with stagnant revenue growth, as evidenced by its recent financial report for the first half of 2025, which shows a revenue decline of 2.7% year-on-year [1][10]. Revenue Performance - In the first half of 2025, Master Kong reported revenue of approximately 400.92 billion yuan, a decrease of over 11 billion yuan compared to the previous year [1]. - The company's net profit attributable to shareholders was 22.71 billion yuan, reflecting a year-on-year increase of 20.5% [1]. Segment Analysis - The decline in revenue is attributed to falling sales across major product categories: - Instant noodle sales decreased by 2.5% to 134.65 billion yuan, with container noodles down 1.3%, high-priced bag noodles down 7.2%, and mid-priced bag noodles up 8% [2]. - Beverage revenue fell by 2.6% to 263.59 billion yuan, with tea drinks down 6.3%, water down 6.0%, and fruit juice down 13.0%, while carbonated drinks saw a growth of 6.3% [4]. Distribution Network Changes - Master Kong is reducing its distribution network, with the number of distributors decreasing by 3,409 to 63,806 and direct retailers down by 1,499 to 219,124 compared to the end of 2024 [4]. - This trend of declining distributors and direct retailers has been ongoing since 2021, indicating a strategic shift towards optimizing less efficient channels [4]. Market Position and Competition - The company is facing structural challenges in the consumer market, as highlighted by an analyst who noted that despite a focus on cost-effectiveness, sales continue to decline due to reduced distribution channels [5]. - Master Kong's beverage segment is attempting to enhance product competitiveness through improvements in taste, packaging, and processes, resulting in a 2.5 percentage point increase in gross margin to 37.7% [5]. Pricing Strategy - There has been a noticeable increase in prices for some products, with reports of price hikes ranging from 11% to 20%, which may affect price-sensitive consumers and provide opportunities for competitors [6][10]. Industry Trends - The instant noodle market is experiencing significant challenges from emerging fast-food alternatives, such as spicy noodles and self-heating hot pots, necessitating a transformation within the industry [10]. - Master Kong is responding to market trends by launching new herbal drinks, but faces stiff competition from other players entering this emerging segment [10].

Core Viewpoint - The article discusses the financial performance of Master Kong (康师傅) in the first half of 2025, highlighting a decline in beverage sales and the impact of pricing strategies on market share [2][4][7]. Financial Performance - Master Kong's overall beverage sales amounted to 26.359 billion yuan, a decrease of 2.6% year-on-year, marking the first decline in beverage sales since 2021 [2][4]. - The tea beverage segment reported sales of 10.670 billion yuan, down 6.3% compared to the previous year [3][4]. - For the fiscal years 2021 to 2024, Master Kong's beverage sales were 44.802 billion yuan, 48.336 billion yuan, 50.939 billion yuan, and 51.621 billion yuan, with year-on-year growth rates of 20.18%, 7.89%, 5.39%, and 1.3% respectively [5]. Pricing Strategy and Market Impact - In 2024, Master Kong implemented price increases on several products, including its popular iced tea, which led to a loss of market share to competitors [4][6]. - The price increase strategy was particularly impactful in a market where consumers are highly sensitive to price changes and have many alternatives [4][6]. New Product Launches and Marketing Efforts - In the first half of the year, Master Kong introduced new flavors for its iced tea and launched various marketing campaigns targeting younger consumers [6]. - The company expanded its distribution channels, including live streaming and content e-commerce, to enhance brand visibility among younger demographics [6]. Overall Business Performance - Master Kong reported a revenue decline of 2.7% to 40.092 billion yuan, while net profit increased by 20.5% to 2.271 billion yuan, attributed to improved gross margins [7]. - The company plans to focus on product upgrades, structural adjustments, and enhanced marketing strategies in the second half of the year to improve revenue and profit margins [7].

Core Insights - The company reported a revenue of 3,653,828,562.7 yuan for the first half of 2025, representing a year-on-year decline of 11.64%. However, the net profit attributable to shareholders increased by 108.16% to 230,387,493.54 yuan, while the net profit after deducting non-recurring gains and losses rose by 119.72% to 210,708,769.57 yuan [2] Financial Performance - As of the end of the first half, the total assets of the company were 13,579,001,318.67 yuan, down 5.12% year-on-year. The net assets attributable to shareholders increased by 16.3% to 7,848,726,591.28 yuan [3] Strategic Initiatives - The company has maintained strategic partnerships with high-quality domestic customers to ensure stable sales and cooperation. Internationally, it has intensified the promotion and sales of ceramic ink products in Africa, the Middle East, Southeast Asia, and Europe, further expanding its global business footprint [3] - The company focuses on innovation and cost optimization to enhance product competitiveness and expand market share. It has been upgrading products based on customer demand and expanding its customer base across various sectors, including consumption, digital, power, and solid-state batteries [3] Operational Efficiency - The company has optimized its operational management with a focus on profitability, leading to a continuous enhancement of overall profitability [3] - The overseas business segment has been expanding, with an increase in cathode copper production capacity contributing to growth in production and sales, while profit margins continue to improve due to rising cobalt metal prices [3] - The company has accelerated accounts receivable collection, achieving a turnover speed higher than the previous year, and has reversed bad debt provisions, generating additional income [4]