洽洽食品（002557.SZ）2025 年半年报点评 业绩承压，关注新品表现 2025 年 08 月 26 日 ➢ 公司发布 2025 年中报业绩公告。公司 25H1 实现营业收入 27.52 亿元，同 比下降 5.05%，归母净利润 0.89 亿元，同比下降 73.68%，扣非净利润 0.43 亿 元，同比下降 84.77%。其中，25Q2 公司实现营业收入 11.81 亿元，同比增长 9.69%，归母净利润 0.11 亿元，同比下降 88.17%，扣非净利润-0.15 亿元，同 比转亏。 ➢ 春节错期影响 25H1 收入表现，持续优化渠道布局。分产品看，2025H1 葵 花籽/坚果类/其他产品分别实现营业收入 17.72/6.14/3.04 亿元，分别同比- 4.45%/-6.98%/-13.76%，主要是由于宏观经济形势、外部渠道的变化以及一季 度春节错期等因素的影响。分渠道看，25H1 经销/直营渠道分别实现营业收入 19.73/7.8 亿元，分别同比-18.49%/+63.01%。渠道竞争方面，折扣化、近场化 趋势加剧，大卖场、超市、便利等传统渠道客流持续下滑，公司在以上渠道的销 售占比较大，因此销 ...

近期，有关"2万月薪吃不起百果园"的话题冲上热搜，一时间引发热议。 第一财经记者在经过水果原产地、渠道和零售端多方面采访后了解到，每种水果的收成、定价都不同，但在市场会有比较热销的关键品类，这些品类的价格 是随行就市的，加上运输成本、冷链保鲜等会有一定程度的加价。而百果园这类业态则还要加上果切服务费用，因此会让消费者觉得价高。 值得关注的是，不少关键水果品类都是进口水果为主，比如西梅、车厘子等，而随着国产同类水果的种植加强，如今国产水果平替化正在崛起，部分进口高 端水果的市场价格正在下降。 高价进口水果"跌落凡尘" 清晨时分，首衡高碑店国际农产品交易中心一片繁忙的景象，作为京津冀地区最大的"菜篮子"工程，一挂挂货车将南来北往的蔬果在这里集中。 郭立秋也是市场中从事进口水果业务的大商之一，前前后后做了30多年水果生意，但近两年进口水果市场的变化，让他颇为感慨，过去价格高高在上的进口 水果价格纷纷跌落凡尘。比如今年的车厘子比去年要便宜2到3成，蓝莓、西梅等过去稀罕的水果也都进入"平价时代"。 中国是水果消费大国。国家统计局数据显示，2024年全国居民人均鲜瓜果消费量为61.6千克，而在10年前，这一数据为40.5 ...

Investment Rating - The report maintains a "Buy" rating for JD Group with a target price not specified [7] Core Views - JD Group's revenue for Q2 2025 reached 356.7 billion yuan, a year-on-year increase of 22.4%, exceeding Bloomberg's consensus expectations [1] - The company's retail segment showed strong performance with a revenue increase of 20.6% year-on-year, driven by government subsidies and a recovery in domestic demand [2] - The new business segment, particularly food delivery, saw significant growth, with revenue up 198.8% year-on-year, indicating a robust long-term strategic direction [3] - JD Logistics is expanding its overseas operations, with revenue growth of 16.6% year-on-year, highlighting its global reach [4] - The company is actively executing a share repurchase plan, having repurchased approximately 80.7 million shares for about 1.5 billion USD [5] Summary by Sections Financial Performance - In Q2 2025, JD Group's total revenue was 356.7 billion yuan, with product revenue at 282.4 billion yuan (up 20.7%) and service revenue at 74.2 billion yuan (up 29.1%) [1] - Non-GAAP net profit for Q2 2025 was 7.4 billion yuan, a decline of 49.0% year-on-year, with a net profit margin of 2.1% [1] Retail Segment - JD Retail achieved revenue of 310.1 billion yuan in Q2 2025, a 20.6% increase, with operating profit rising 37.9% to 13.9 billion yuan [2] - The electronics and home appliances category generated 178.9 billion yuan, up 23.4%, benefiting from government subsidies [2] - Daily necessities revenue reached 103.4 billion yuan, growing 16.4%, with supermarkets maintaining double-digit growth for six consecutive quarters [2] New Business Development - The food delivery segment generated 13.85 billion yuan in revenue, with daily orders exceeding 25 million, indicating strong growth and market penetration [3] - Management emphasized the strategic importance of food delivery and instant retail, highlighting synergies with core retail operations [3] Logistics Expansion - JD Logistics reported revenue of 51.6 billion yuan, a 16.6% increase, while operating profit decreased by 10.3% to 1.96 billion yuan [4] - The logistics segment is expanding internationally, with new warehouses established in multiple countries, enhancing local operational capabilities [4] Shareholder Returns - JD Group is executing a share repurchase plan with a total budget of up to 5 billion USD, having completed repurchases worth approximately 1.5 billion USD [5]

证券研究报告·海外公司点评·家庭电器及用品(HS) 泡泡玛特（09992.HK） 2025 年半年报点评：业绩超预期，继续看好 优质 IP 在全球市场的商业价值潜力 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,301 | 13,038 | 30,480 | 42,818 | 52,361 | | 同比（%） | 36.46 | 106.92 | 133.78 | 40.48 | 22.29 | | 归母净利润（百万元） | 1,082 | 3,125 | 10,045 | 14,256 | 17,791 | | 同比（%） | 127.55 | 188.77 | 221.40 | 41.92 | 24.80 | | Non-IFRS 净利润（百万元） | 1,191 | 3,403 | 10,689 | 15,146 | 18,888 | | 同比（%） | 107.57 | 185.86 | 214.0 ...

Core Viewpoint - The expected peak in birth rates during the Year of the Dragon did not materialize, yet the company Aiyingshi reported strong performance in the first half of 2025, achieving revenue growth despite demographic challenges [1] Financial Performance - Aiyingshi achieved operating revenue of 1.835 billion yuan, a year-on-year increase of 8.31% - The net profit attributable to shareholders was 47 million yuan, up 10.17% - The net profit excluding non-recurring items reached 37 million yuan, reflecting a growth of 20.65% [1] Market Strategy - The company capitalized on the trend of increased spending per child among parents born in the 1980s and 1990s, focusing on premium products and services [1] - Aiyingshi's growth was attributed to a dual-channel strategy, expanding offline stores while enhancing online presence through new media platforms [1][2] Store Expansion - Aiyingshi focused on expanding its direct-operated stores in East, Central, and South China, ending the reporting period with a total of 487 stores [2] - The company opened 20 new stores in East China, 6 in South China, and 9 in Central China during the reporting period [2] Revenue Structure - Revenue from various business segments included: - Store sales: 1.28 billion yuan (up 5.76%) - E-commerce: 760 million yuan (down 14.87%) - Maternal and infant services: 200 million yuan (up 13.44%) - Supply chain management: 365 million yuan (up 31.04%) [2][3] Supply Chain Optimization - Aiyingshi's revenue growth was significantly driven by its maternal and infant health supply chain management business [2] - The company implemented a supply chain network optimization strategy, enhancing market penetration and operational efficiency [4] O2O Integration - The company developed an O2O (Online to Offline) instant fulfillment network, partnering with platforms like Meituan and Ele.me to improve delivery efficiency [5] - O2O channel revenue accounted for 18% of total revenue, with a gross margin 3.2 percentage points higher than traditional e-commerce [5] Private Label Strategy - Aiyingshi's private label products now account for 35% of its offerings, allowing for better cost control and product differentiation [5] - The integration of supply chain management with product development has led to a 70% success rate for new product launches [5]

Core Viewpoint - The a2 Milk Company announced the acquisition of 100% of the Pokeno factory from Mengniu's subsidiary Yashili International for NZD 282 million, aiming to secure registration opportunities for two new Chinese standard formula milk products and expand its market access in China [2][3]. Group 1: Acquisition Details - The acquisition is based on a "debt-free, cash-free" structure, with a planned investment of approximately NZD 100 million to enhance production capacity and create over 100 new jobs at the Pokeno factory [3]. - The acquisition is part of a broader strategy to optimize the supply chain and enhance growth opportunities, with plans for a NZD 300 million fully franked special dividend post-approval from Chinese regulators [3][9]. Group 2: Mengniu's Strategy - Mengniu stated that the sale of New Zealand assets is part of its strategy to manage capital expenditures, assess inefficient assets, and optimize its asset portfolio [4][12]. - Mengniu's international business is primarily driven by its ice cream brand "Aixue" and infant formula brand "Bellamy," focusing on emerging markets in Southeast Asia and Latin America [4][12]. Group 3: Market Context - The acquisition aligns with a2 Milk Company's strategy to gain more Chinese label infant formula registrations, which are crucial for market entry in China [5][9]. - The company has been increasing its distribution efforts in China since 2014, with the Chinese market becoming its largest overseas market for infant formula [5][6]. Group 4: Financial Performance - a2 Milk Company reported a revenue increase of 13.5% to NZD 1.902 billion and a net profit increase of 21.1% to NZD 202.9 million for the 2025 fiscal year, with significant growth in the Chinese and Asian markets [10]. - The company's market share in the Chinese infant formula market rose from 7.1% in the 2024 fiscal year to 8% [10]. Group 5: Future Outlook - a2 Milk Company plans to continue executing its growth strategy in the 2026 fiscal year, focusing on maximizing potential in the Chinese market and expanding related product categories [10]. - The company aims to obtain regulatory approval for the new product registrations and initiate a multi-year capital investment plan [10].

Core Viewpoint - The a2 Milk Company announced the acquisition of the Pokeno factory in New Zealand for NZD 282 million to secure registration opportunities for two new Chinese label formula milk products, aiming for broader market access in China [1][2]. Group 1: Acquisition Details - The acquisition of the Pokeno factory is based on a "debt-free, cash-free" structure, with a planned investment of approximately NZD 100 million to enhance production capacity and create over 100 new jobs [2]. - The Pokeno factory, established in 2015, has experience in producing formula milk and will utilize A2 protein source milk from New Zealand's Waikato region for a2 brand products [9]. Group 2: Strategic Implications - The acquisition and the planned divestment of Mataura Valley Milk are seen as milestones in optimizing the supply chain and providing further growth opportunities for the company [3][8]. - The company aims to obtain regulatory approval in China to register the new products under the a2 brand, potentially expanding its product offerings and market presence [9]. Group 3: Market Context - The Chinese infant formula market has undergone significant changes, with a2 Milk Company shifting focus from cross-border purchases to securing local registrations for its products [5][10]. - The company has seen a steady increase in revenue from the Chinese market, with a reported 13.9% growth in revenue from China and other Asian regions in the 2025 fiscal year [10]. Group 4: Competitive Landscape - The company has been diversifying its supply chain to reduce reliance on Synlait Milk, which has been a key partner in obtaining Chinese registration for its products [6][7]. - The divestment of the Pokeno factory by Mengniu is part of a broader strategy to manage capital expenditures and optimize asset portfolios, indicating a shift in focus towards more efficient operations [1][11].

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit both increasing by 18.5% year-on-year, driven by growth in vegetable products and effective channel strategies [1][2] Financial Performance - H1 2025 revenue reached 3.48 billion yuan, with a net profit of 740 million yuan, both reflecting an 18.5% increase year-on-year [1] - The company's gross margin and net margin were 47.2% and 21.1%, respectively, showing a slight decline of 2.6 percentage points and 0.1 percentage points year-on-year [2] - The company announced an interim dividend of approximately 0.18 yuan per share, with a payout ratio of about 60% [2] Product Performance - Sales of noodle products, vegetable products, and other categories were 1.31 billion yuan, 2.11 billion yuan, and 60 million yuan, respectively, with vegetable products growing by 44.3% year-on-year, while noodle products saw a decline of 3.2% [1] - The company expects continued growth in the konjac segment, benefiting from new flavors and product forms [2] Channel Strategy - Offline sales increased by 21.5%, while online sales decreased by 3.8% in H1 2025, indicating a shift in consumer purchasing behavior [1] - The company is enhancing its traditional channels and accelerating cooperation with emerging channels, which is expected to drive performance [2] Regional Performance - Revenue growth by region in H1 2025 was as follows: East China +22.9%, Central China +14.7%, North China +13.5%, South China +34.6%, Southwest +17.3%, Northwest +18.9%, and overseas +54.4% [1]

Financial Data and Key Metrics Changes - For Q2 2025, net sales from continuing operations were $2 billion, an 8% decline compared to the previous year, primarily due to store optimization activities completed in Q1 [28] - Comparable sales growth was positive at 0.1% for the quarter, with an estimated 25 basis points headwind from the timing of Easter [28] - Adjusted gross profit was $880 million, representing 43.8% of net sales, resulting in gross margin expansion of about 16 basis points compared to last year [31] - Adjusted diluted earnings per share from continuing operations was $0.69, compared to $0.62 in Q2 last year [33] Business Line Data and Key Metrics Changes - The Pro business achieved low single-digit growth sequentially, translating to mid single-digit growth on a two-year basis, driven by core hard parts categories [23] - DIY business performance was stable compared to Q1, with signs of stabilization, although it underperformed with a low single-digit sales decline [25][30] - The company added over 60,000 new SKUs year to date, a nearly 300% increase compared to last year, improving parts availability [13] Market Data and Key Metrics Changes - The company noted that more than 90% of its business is non-discretionary, driven by maintenance work for an aging vehicle fleet in the U.S. [5] - The market is in a transition phase, with consumers adapting to higher prices, and the company is closely monitoring consumer behavior [6][37] Company Strategy and Development Direction - The turnaround plan is built around three strategic pillars, focusing on merchandising excellence, supply chain optimization, and operational efficiency [9] - The company is committed to enhancing parts availability and service levels, with plans to open a total of 10 market hubs this year [22] - The company aims to achieve an adjusted operating income margin of approximately 7% by fiscal 2027, with a focus on gross margin expansion and supply chain productivity [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround efforts, reaffirming full-year sales, operating margin, and free cash flow guidance [6][36] - The company anticipates that tariffs will have a more pronounced impact in the second half of the year, with a cautious approach to pricing adjustments [5][38] - Management acknowledged the challenges posed by inflation and consumer behavior, particularly in the DIY segment, and emphasized the importance of training and service execution [25][106] Other Important Information - The company completed a debt offering of $1.95 billion to support its turnaround plan and maintain financial flexibility [34] - The company expects to operate with a net adjusted debt leverage ratio of approximately 2 to 2.5 times, aiming to regain an investment-grade credit rating in the future [42] Q&A Session Summary Question: On the revised capital structure, are you expecting cost savings? - Management indicated that the new structure provides stability for the supply chain financing program and may lead to cost savings over time, but no immediate benefits were implied in guidance [46][48] Question: What percentage of the store base needs CapEx to bring it up to market standard? - Management noted that a significant portion of the store base requires upgrades, with many HVAC systems and roofs beyond their useful life [51] Question: What gives you confidence in achieving comparable sales growth in the second half of the year? - Management highlighted improving trends and easier comparisons in the back half of the year, along with ongoing initiatives in the Pro business [56][58] Question: How should we think about the linearity of progress from here? - Management acknowledged that while some initiatives are progressing well, others may take longer to yield benefits, and they are focused on maintaining a clear trajectory towards their 2027 goals [67][70] Question: What are you seeing in terms of how peers are reacting to tariff costs? - Management observed a rational industry response, with competitors also adjusting prices in line with tariff impacts [84][85]

Core Viewpoint - ASMPT has announced the voluntary liquidation of its indirect wholly-owned subsidiary, Advanced Semiconductor Equipment (Shenzhen) Co., Ltd. (AEC), to optimize its global supply chain and align with evolving market dynamics and customer demands [1] Group 1: Company Actions - AEC's shareholders have established a liquidation committee to proceed with the voluntary liquidation under applicable laws and regulations in the People's Republic of China [1] - The decision to liquidate AEC is deemed to be in the overall interest of the company and its shareholders [1] Group 2: Impact on Employees and Operations - The closure of AEC will affect approximately 950 employees [1] - The liquidation is expected to enhance the cost competitiveness, flexibility, and resilience of the group's global manufacturing and supply chain operations [1] Group 3: Financial Implications - The estimated one-time restructuring costs associated with the voluntary liquidation are approximately RMB 360 million, which includes severance pay, shutdown-related costs, and inventory write-offs [1] - The anticipated annual cost savings from the voluntary liquidation, based on current production levels, is expected to be around RMB 115 million, thereby improving the operational cost efficiency of the group [1]