Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of HKD 5.6 [1][4][7] Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to RMB 25.902 billion and a net profit increase of 14.3% to RMB 3.514 billion for FY25, with a high dividend payout ratio of 84.1% [1][2][4] - The company continues to focus on its main brand and product innovation to drive growth, with projected EPS for 2026-2028 at RMB 0.34, 0.38, and 0.42 respectively [1][4] Revenue and Profit Growth - For the fiscal year ending March 31, 2025, the group achieved a revenue of RMB 25.902 billion, up 11.6% year-on-year, and a net profit of RMB 3.514 billion, up 14.3% year-on-year, despite a slight decline in gross margin [2][5] - The main brand's revenue grew by 10.1% to RMB 18.481 billion, while the OEM business saw a significant increase of 26.4% to RMB 3.373 billion [2][3] Business Segment Performance - The down jacket business generated revenue of RMB 21.668 billion, with a gross margin decrease of 1.6 percentage points to 63.4% [2] - The women's wear segment faced challenges, with a revenue decline of 20.6% to RMB 0.651 billion and a gross margin drop of 4.3 percentage points to 63.2% [3] - The diversified business segment reported a revenue increase of 2.8% to RMB 0.209 billion, with the school uniform business growing by 3.0% [3] Financial Projections - The report forecasts revenue growth rates of 10.1% for FY26, 10.7% for FY27, and 10.2% for FY28, with net profit growth rates of 10.9%, 11.2%, and 11.1% respectively [5][10] - The projected gross margin is expected to stabilize around 57.3% for FY26 and beyond [5][11]

2025.07. 06 7月6日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 南京商旅：控股股东南京旅游集团拟进行改革重组 南京商旅公告，公司收到控股股东南京旅游集团通知，经南京市委深改委研究决定，拟以南京旅游集 团为主体，推进南京旅游集团、南京市文化投资控股集团有限责任公司、南京体育产业集团有限责任 公司的整合重组工作，打造南京市文旅体商综合开发运营主平台。此次控股股东改革重组完成后，公 司控股股东仍为南京旅游集团（重组完成后可能涉及更名），实控人仍为南京市国资委。此次控股股 东改革重组不涉及公司主营业务变更，除了公司正在推进的发行股份及支付现金购买南京旅游集团持 有的南京黄埔大酒店有限公司100%股权事项以外，控股股东目前无其他与公司有关的文商旅资产或 与"苏超"相关体育资产注入计划。 天茂集团：公司股票被实施退市风险警示 股票简称变更为"*ST天茂" 天茂集团公告，公司无法在法定期限内披露2024年年度报告和2025年第一季度报告，已自2025年 5月6日起停牌。停牌两个月内仍无法披露，依据相关规则，公司股票交易将被深圳证券交易所实施 退市风险警示 ...

| 证券代码：001391 证券简称：国货航 公告编号：2025-043 | | --- | | 中国国际货运航空股份有限公司 | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， | | 没有虚假记载、误导性陈述或重大遗漏。 | | 一、 本期业绩预计情况 | | （一） 业绩预告期间 | | （二） 业绩预告情况 | | 预计净利润为正值且属于下列情形之一： | | 扭亏为盈 同向上升√ 同向下降 | | 项 目 本报告期 上年同期 | | 归属于上市公司股东 盈利：118,675 万元–126,675 万元 | | 盈利：66,622.74 万元 | | 的净利润 比上年同期增长：78.13%-90.14% | | 扣除非经常性损益后 盈利：112,675 万元–123,675 万元 | | 盈利：65,582.83 万元 | | 的净利润 比上年同期增长：71.81%-88.58% | | 基本每股收益 盈利：0.098 元/股–0.104 元/股 盈利：0.062 元/股 | | 二、 与会计师事务所沟通情况 | | 本次业绩预告相关的财务数据未经会计师事务所审计。 | | 公司就本次 ...

行 业 及 产 业 非银金融/ 2025 年 07 月 05 日 2Q25E 业绩同比双位数高增，环比 回正 证券Ⅱ 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 看好 ——证券行业 2Q25E 业绩前瞻 本期投资提示：我们预计券商板块 2Q25E 净利润在低基数下延续同比双位数增长，1Q25 市场回 暖背景下环比增速回正。我们预计 2Q25 券商板块实现归母净利润 436 亿元/yoy+26%/qoq+1%。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 相关研究 - ⚫ ⚫ 投资业务：股债市场回暖，自营亮眼表现延续。股票市场：4 月初，权益市场受中美关税干扰而阶 段性触底，在"国家队"托底、央国企率领回购、增持等稳市举措下市场持续回升，2Q25 沪深 300 指数+1.25%（VS ...

Group 1 - The core point of the news is that Shaoyang Hydraulic plans to acquire 100% of Chongqing Xincheng Hangrui Technology Co., Ltd. through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring [2][10] - Shaoyang Hydraulic's stock has been suspended since June 23, and prior to the suspension, the stock price surged over 10% on June 20, indicating potential market interest in the upcoming acquisition [2][5] - The company reported an 11.93% increase in stock price over the 20 trading days leading up to the announcement, while the ChiNext Index and CITIC Machinery Index saw declines of 1.74% and 2.62%, respectively [5][6] Group 2 - The top ten shareholders of Shaoyang Hydraulic have seen significant changes, with several new individual investors appearing in the list, while notable foreign investment institutions like Morgan Stanley and UBS have reduced their holdings [4][7] - New shareholders Li Yuanfang and Cao Kangseng entered the top ten list, holding 724,200 shares and 537,750 shares, respectively, as of June 20 [9][10] - The financial performance of Xincheng Hangrui has been declining, with revenues of 353 million yuan and 347 million yuan in 2023 and 2024, respectively, and net profits of approximately 43.51 million yuan and 30.23 million yuan [10][11] Group 3 - The acquisition aims to seek new growth points for Shaoyang Hydraulic, leveraging Xincheng Hangrui's complete manufacturing process in forging and casting, which spans various industries including energy, aerospace, and military [10][14] - Post-acquisition, the two companies are expected to achieve process overlap and technical synergy, enhancing Shaoyang Hydraulic's flexible production capabilities and Xincheng Hangrui's ability to process various metal materials [14]

Core Viewpoint - Shaoyang Hydraulic plans to acquire 100% of Chongqing Xincheng Hangrui Technology Co., Ltd. through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring [2][15]. Group 1: Acquisition Details - The acquisition aims to seek new growth points for Shaoyang Hydraulic, as Xincheng Hangrui is a specialized manufacturer of forged and cast components, serving various industries including energy, aerospace, and military [15]. - The financial performance of Xincheng Hangrui has declined in recent years, with revenues of 353 million yuan and 347 million yuan in 2023 and 2024, respectively, and net profits of approximately 43.51 million yuan and 30.23 million yuan [15]. Group 2: Stock Performance and Shareholder Changes - Shaoyang Hydraulic's stock price increased by 11.93% over the 20 trading days prior to the announcement, while the ChiNext Index and the CITIC Machinery Index saw declines of 1.74% and 2.62%, respectively [7][8]. - Notably, several natural persons have significantly increased their holdings in Shaoyang Hydraulic before the suspension, with the top ten shareholders' list showing substantial changes [4][9]. Group 3: Financial Performance of Shaoyang Hydraulic - In 2024, Shaoyang Hydraulic reported revenues of 351 million yuan, a year-on-year increase of 27.33%, while net profit decreased by 2.76% to approximately 6.40 million yuan [17]. - The decline in net profit is attributed to investments in technology upgrades and capacity expansion, as well as increased depreciation and bad debt provisions [17]. Group 4: Strategic Benefits of the Acquisition - The acquisition is expected to enhance Shaoyang Hydraulic's flexible production capabilities and allow for better adaptation to various metal materials, benefiting both companies through technological synergy [17].

惠而浦公告称，公司预计2025年半年度实现归属于母公司所有者的净利润2.05亿元左右，与上年同期相 比，将增加1.74亿元左右，同比增加559%左右。报告期内，公司主营业务收入同比增长。 芯动联科：上半年净利润同比预增144%—199% 今日焦点惠而浦：上半年净利润同比预增559%左右 芯动联科公告称，预计2025年上半年实现营业收入在2.28亿元至2.78亿元之间，同比增长约66.04%至 102.45%；实现归属于上市公司股东的净利润在1.38亿元至1.69亿元之间，同比增长约144.46%至 199.37%。公司在手订单充足，按计划在上半年顺利实现交付。 中国船舶：吸收合并中国重工事项获上交所审核通过 普利特：上半年净利润同比预增38.88%—66.65% 中国船舶公告，公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中国证监会予以注册以及 其他可能涉及的必要批准、核准、备案或许可（如需）后方可正式实施。 国投中鲁：拟购买中国电子工程设计院股份有限公司100%股份，股票复牌 国投中鲁公告称，公司拟通过发行股份购买国家开发投资集团有限公司等持有的中国电子工程设计院股 份有限公司100%股份，并向不超 ...

LED 聚灿光电（300708.SZ） 买入-A(维持) 公司业绩稳健增长，股份用途变更+股权激励彰显长期发展信心 2025 年 7 月 4 日 公司研究/公司快报 | 市场数据：2025 年 月 7 | 日 3 | | --- | --- | | 收盘价（元）： | 12.17 | | 年内最高/最低（元）： | 15.38/7.63 | | 流通A股/总股本（亿）： | 5.22/6.80 | | 流通 A 股市值（亿）： | 63.56 | | 总市值（亿）： | 82.77 | | 基础数据：2025 年 | 3 月 | 31 | 日 | | | --- | --- | --- | --- | --- | | 基本每股收益(元)： | | | | 0.09 | | 摊薄每股收益(元)： | | | | 0.09 | | 每股净资产(元)： | | | | 3.96 | | 净资产收益率(%)： | | | | 2.30 | 公司近一年市场表现 事件描述 高宇洋 邮箱：dongwendan@sxzq.com 2025 年 6 月 17 日，聚灿光电发布《关于变更回购股份用途并注销暨减 少注册资本的公告》 ...

长江商报消息 铝箔制造和医疗洁净生产商常铝股份（002160.SZ）再签大单。 7月1日晚间，常铝股份发布公告称，公司全资子公司上海朗脉洁净技术股份有限公司（简称"上海朗 脉"）与康乐卫士（昆明）生物技术有限公司（简称"康乐卫士"）签订供货总承包合同，金额1.65亿 元，公司表示，这将对公司医疗洁净健康业务板块的经营产生正面影响。 长江商报记者注意到，3月底，上海朗脉也签订了一份医疗洁净订单，两份合同金额合计3.1亿元，有利 于公司医疗洁净业务板块发展。 值得一提的是，常铝股份为提升产品竞争力，持续进行研发投入。2022年至2024年，公司累计投入研发 费用近10亿元。 上半年拿下2单医疗洁净合同 根据公告，常铝股份全资子公司上海朗脉与康乐卫士签订《重组疫苗临床及产业化基地厂房定制化建设 项目（一期）5#楼3层HPV九价原液车间项目洁净装修、机电安装及设备供货总承包合同》，合同金额 （含税）为1.65亿元，占上海朗脉2024年度主营业务收入的18.11%。常铝股份表示，本合同的签订预计 将对公司医疗洁净健康业务板块的经营产生正面影响。 今年3月份，常铝股份已签订了一份医疗洁净业务合同。 近3年累投近10亿研发 ...

Performance Forecast - The company expects a net profit of between 130.16 million yuan and 137.39 million yuan for the current reporting period, compared to 65.99 million yuan in the same period last year, representing a growth of 97.25% to 108.21% [1] - The profit attributable to shareholders is projected to be between 112.16 million yuan and 119.39 million yuan, up from 72.36 million yuan last year, indicating a growth of 55.00% to 65.00% [1] - The profit after deducting non-recurring gains and losses is estimated to be between 106.16 million yuan and 113.39 million yuan, compared to 63.13 million yuan last year, reflecting a growth of 68.16% to 79.62% [1] - Basic earnings per share are expected to be between 0.29 yuan and 0.31 yuan, compared to 0.19 yuan last year [1] Reasons for Performance Change - The significant increase in revenue and profit is attributed to long-term strategic cooperation with leading companies in the fast-moving consumer goods sector, enhancing operational and resource utilization efficiency [1] - The company has maintained a high level of digital operational capability through supply chain management systems, while also expanding sales regions and replicating business models, leading to substantial growth in revenue and profit [1] Communication with Auditors - The financial data in this performance forecast has not been audited by the accounting firm, but the company has communicated with the auditors regarding the performance forecast, and there are no discrepancies between the two parties [1]