证券研究报告·公司点评报告·白酒Ⅱ 今世缘（603369） 2025 年中报点评：主动降速纾压，筑牢发展 基础 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） | 10,100 | 11,546 | 10,594 | 11,250 | 12,166 | | 同比（%） | 28.05 | 14.31 | (8.24) | 6.19 | 8.14 | | 归母净利润（百万元） | 3,136 | 3,412 | 2,983 | 3,214 | 3,569 | | 同比（%） | 25.30 | 8.80 | (12.56) | 7.72 | 11.07 | | EPS-最新摊薄（元/股） | 2.52 | 2.74 | 2.39 | 2.58 | 2.86 | | P/E（现价&最新摊薄） | 17.61 | 16.19 | 18.51 | 17.19 | 15.47 | [Table_Tag] [Table_Summ ...

稳健医疗 · 300888 并驾齐驱 稳健前行 2025年半年度业绩推介材料 2025 年 8 月 免责声明 19.1 21.2 26.1 26.9 Q1 Q2 营业收入 （亿元） 各季度营业收入情况 业务结构 （亿元） 医用耗材业务 消费品业务 47% 52% 其他 1% 21.1 41.8 40.6 51.6 42.7 40.3 53.0 2019H1 2020H1 2021H1 2022H1 2023H1 2024H1 2025H1 36.5% 26.7% 31.3% 本材料由稳健医疗用品股份有限公司（以下简称"公司"）准备，仅供参考和一般信息之用 。您观看本材料 就表明您已经确认并同意如下限制： 本材料中包含的信息仅供参考和一般信息之用，不得以任何方式复制 、向任何其他人披露或散发 、或在 任何其他报告或文件中引用或使用。 本材料中包含的信息为截至相应报告期日的判断，可能发生变化，公司不承担任何更新该等信息的义务。 公司或其关联人、雇员不承担任何由于对本材料或其内容的任何使用而造成的任何损失，或以其它方式产 生的与本材料相关的损失。 01 上半年财务表现 02 上半年业务回顾 上半年财务表现 两大主业 ...

证券代码：300888 证券简称：稳健医疗 稳健医疗用品股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | 参与单位名称 | 交银施罗德基金、嘉实基金、信达澳亚基金等 139 位机构投资者，名单详见 | | 及人员姓名 | 附件（排名不分先后） | | 时间 | 年 月 日 2025 8 22 | | 地点 | 公司总部会议室 | | | 方修元：董事、首席财务官 | | 上市公司接待 | 吴克震：监事、医疗板块轮值 CEO | | 人员姓名 | 廖美珍：董事、全棉时代高级副总裁 | | | 陈惠选：副总经理、董事会秘书 | | | 介绍内容详见附件业绩推介材料，问答记录如下： | | 1. | 请问公司如何看待全棉时代近期恢复情况，并请分享一下消费品业务下 | | | 半年展望以及未来 1-2 年的核心增长动力。 | | | 答：首先，全棉时代第二季度实现 13%同比增长，公 ...

稳健医疗 20250822 摘要 稳健医疗上半年营收 25 亿元，同比增长 46%，剔除并购公司 Gri 影响 后增长 13.2%。全棉时代营收 27.5 亿元，同比增长 20%，消费品板块 增长显著，但二季度受 315 事件影响增速放缓。 公司销售费用率因 Gri 公司 ToB 业务占比提升而下降，管理费用率因 Gri 公司管理费用较高而上升，但剔除 Gri 影响后均与去年同期持平。研 发投入持续加大，取得多项专利和医疗产品注册证。 全棉时代加强科技创新，在九大科技领域取得突破，重点推进零添加棉 柔巾和超净洗卫生巾等产品。奈斯公主卫生巾增长 68%，棉柔巾增长 19%，线上渠道增长 23.6%，抖音平台增长 100%。 公司坚持产品领先、卓越运营、品牌向上和全球视野四大战略。聚焦棉 柔巾、卫生巾、贴身衣物及婴童服饰等核心产品，推进门店经营精细化， 加强品牌建设，拓展海外市场。 医疗板块表现优异，营业利润率提升至 8.6%，消费品业务营业利润率 提升至 14%，整体毛利率提升至 58.6%。通过优化生产流程、增强品 牌影响力、推广创新产品和加强全球供应链管理，支持中长期成长目标。 Q&A 稳健医疗在 2025 ...

8月22日盘后晚间，舍得酒业（600702.SH）发布2025年半年度报告。数据显示，今年上半年，舍得 酒业实现营业收入27.01亿元，归属于上市公司股东的净利润4.43亿元。其中，第二季度表现抢眼， 实现营业收入11.25亿元，同比基本持平，归母净利润9717万元，同比大幅增长139.5%。 在行业继续深度调整的压力下，舍得酒业锚定老酒战略，主动调整，去年以来连续多个季 度大力去库存收效显著，继今年一季度归母净利润超去年全年之后，二季度归母净利润同 比翻倍，上半年基本盘稳固，经营强势恢复性增长，为下半年发展奠定了积极基调。 Q2归母净利润同比翻倍 库存去化下业绩强劲修复 今年上半年，受行业下行和相关政策影响，叠加二季度传统淡季下消费需求偏弱，白酒行 业整体承压，经营挑战加剧。舍得酒业凭借2 0 2 4年提前布局去库存、稳价格措施，在2 0 2 5 年释放出强劲经营韧性和增长后劲。 财报显示，舍得酒业一季度归母净利润3 . 4 6亿元，超过去年全年净利润。今年第二季度， 舍得酒业实现归母净利润9 7 1 7万元，同比大幅增长1 3 9 . 5%；营收11 . 2 5亿元，同比基本持 平，环比第一季度降幅明显收 ...

截至今年第二季度末，舍得酒业去库存已接近尾声，库存回归至理性水平。在去库存、稳价格策略下， 舍得酒业核心大单品品味舍得和藏品舍得10年保持价盘稳固，带动渠道信心强劲恢复，上半年舍得酒业 经销商数量达2585家。 在稳存量的同时，今年上半年舍得酒业有力执行"渠道向下、品牌向上、全面向C"策略，在增量市场取 得突出成效。其中，互联网、团购直销增长超预期。上半年，舍得酒业发力电商、直播等新渠道，实现 电商渠道销售3.36亿元，同比增长31.38%；互联网销售和动销双增长，且互联网渠道专属产品占比实现 大幅增长；团购直销业务销售超去年全年。此外，在复星全球生态资源的持续赋能下，上半年舍得酒业 出海已触达40个国家和地区，国际化进程进一步深化。 今年上半年，受行业下行影响，叠加第二季度传统淡季下消费需求偏弱，白酒行业整体承压，经营挑战 加剧。舍得酒业凭借2024年提前布局去库存、稳价格措施，在2025年释放出强劲经营韧性和增长后劲。 中证报中证网讯(王珞)舍得酒业（600702）8月22日晚发布2025年半年报，上半年，舍得酒业实现营业 收入27.01亿元，实现归母净利润4.43亿元。其中，第二季度表现抢眼，实现营业收 ...

据定期财报显示，2025年上半年，舍得酒业实现营业收入27.01亿元，同比下降17.41%；实现净利润 4.43亿元，同比下降29.34%。 但值得关注的是，舍得酒业今年一季度净利润3.46亿元，超过去年全年净利润。第二季度，舍得酒业表 现抢眼，实现营业收入11.25亿元，同比基本持平；而净利润则达到9717万元，同比大幅增长139.5%； 净利润率同比提升近五个百分点，展现出业绩回升的向好趋势。 舍得酒业方面表示，至今年二季度末，公司去库存已接近尾声，库存回归至理性水平。在去库存、稳价 格策略下，舍得酒业核心大单品品味舍得和藏品舍得10年保持价盘稳固，带动渠道信心强劲恢复，上半 年舍得酒业经销商数量达2585家。 此外，多项核心数据持续优化提升，也印证了舍得酒业上半年业绩的修复态势。半年报显示，舍得酒业 总资产达到124.07亿元，较上年度同期增长5.12%；经营活动产生的现金流量净额为6736.74万元，由负 转正，同比增长达427.77%，显示财务状况明显改善。同时，管理费用同比下降19.49%，表明精益管理 水平继续提升。 当前，白酒行业处于深度调整期，受到市场需求不稳定等多方面因素影响，行业发展存在 ...

Core Viewpoint - Xiaopeng Motors is experiencing a turnaround, primarily driven by the positive shift in the reputation of the P7 model, which was previously undervalued [1] Summary by Sections P7 Reputation Turnaround - The P7's reputation has improved due to subjective investor feedback and objective analysis of its design advantages [1] - The company's philosophy has shifted since last year from prioritizing technology to also emphasizing aesthetics [1] - The management's decision to maintain design integrity during a low point in 2023 reflects their leadership and industry influence [1] Pricing and Sales Expectations - The decision not to announce a pre-sale price is seen as correct, allowing discussions to focus on the product rather than pricing [1] - The entire lineup is expected to be priced below the standard version of the SU7, with potential pricing for the max version around 240,000 [1] - Despite positioning as a flagship brand, the strategy remains to provide consumers with substantial value and maintain reasonable profit margins [1] - The sales target of 8,000 units per month is considered overly ambitious; a more realistic target of 5,000 units with high customer satisfaction is preferred [1] - The goal is to enhance brand recognition and innovation perception, even among non-purchasers [1] Brand Positioning - The brand aims to balance technology and artistry, with innovation being the key path forward [1] - The brand's perception should be dynamic, focusing on product strength and design rather than fixed impressions [1] - The P7 is expected to elevate the brand's status, making future high-end models more acceptable to consumers [1] - The work of the design team led by Juanma is anticipated to support future product strength and creativity [1]

Core Viewpoint - The article discusses the shifting dynamics in the new energy vehicle (NEV) market, highlighting the competitive landscape among new players and traditional automakers, with a focus on sales performance and market strategies. Group 1: New Forces Sales Rankings - In July 2025, the top three new energy vehicle brands by sales were Leap Motor (50,129 units), AITO (40,753 units), and Xpeng (36,717 units), with Leap Motor achieving its first monthly sales exceeding 50,000 units [5][6][9] - The second tier of new forces includes Li Auto (30,731 units), Xiaomi (over 30,000 units), and NIO (21,017 units), with Li Auto dropping out of the top three for the first time this year [6][19] - The overall competition among new forces is intensifying, with significant fluctuations in sales figures and market positions [8][19] Group 2: Traditional Automakers and New Brands - Traditional automakers are increasingly entering the NEV market, with Deep Blue leading the charge by delivering 27,169 units in July, followed closely by Aion with 26,557 units [29][30] - The "10,000-unit club" includes brands like Zeekr (16,977 units) and BYD's Fangchengbao (14,180 units), indicating a growing presence of traditional brands in the NEV sector [31][33] - The article emphasizes the importance of leveraging parent company resources for new brands to thrive in a competitive market [33] Group 3: Market Trends and Challenges - The entry of Xiaomi's YU7 is expected to trigger a price war in the 20-35 million yuan range, prompting other manufacturers to reassess their pricing strategies [34] - The article highlights the critical need for companies to convert orders into actual deliveries, as production capacity constraints could lead to lost sales opportunities [34] - The ongoing competition will require brands to focus on product differentiation, brand positioning, and user experience to maintain market relevance [35][36]

Core Insights - The Chinese automotive industry achieved a significant milestone in the first half of 2025, with both production and sales surpassing 15 million units, and new energy vehicle production and sales growing over 40% year-on-year [1] - The "2025 China Automotive Forum" highlighted the need for further strengthening the industry's development advantages and promoting sustainable growth [1] Group 1: Innovation and Technology - Artificial intelligence is identified as a key driver for the digital transformation of the automotive industry, with innovation being the core engine for shaping the future mobility ecosystem [2] - There is a fundamental shift in user demand with the rise of smart connected vehicles, emphasizing the importance of understanding and meeting emotional needs in automotive product development [2] - The focus on technological innovation includes lightweight materials, integrated die-casting, and modular manufacturing, promoting the application of smart technologies across all aspects of new energy vehicle development [2] Group 2: Industry Challenges and Strategies - The automotive industry's profit margins have been declining for nearly eight years, highlighting the urgency for maintaining healthy and sustainable development [3] - The industry faces a dilemma of "increasing volume without increasing profit," necessitating a shift from price-driven to value-driven market dynamics [3] - Collaboration and restructuring of the industry ecosystem are essential to avoid disorderly competition and enhance the overall health of the automotive sector [3][4] Group 3: Global Context and Cooperation - The rise of protectionism and unilateralism has led to trade disputes, making global supply chains more vulnerable [4] - New regulatory focuses such as artificial intelligence, carbon emissions, and data flow have increased the complexity of the industry development environment [4] - There is a collective call for deepening cooperation, promoting complementary advantages, and creating new industry value growth points to navigate these challenges [4]