Core Insights - Zhang Xiaoqin reported a revenue of 472 million yuan for the first half of 2025, representing a year-on-year growth of 9.80%, with a net profit of 27.50 million yuan, up 124.29%, indicating a significant improvement in profitability [1][4] Group 1: Business Performance - The core knife and scissors business generated revenue of 334 million yuan, a year-on-year increase of 10.54%, accounting for over 70% of total revenue, serving as the main driver for growth [2] - Online sales contributed 53.92% of the main business revenue, with Tmall platform sales reaching 60.17 million yuan, representing 12.82% of main business revenue [2] - The kitchen hardware segment achieved revenue of 92.63 million yuan, up 13.44%, while home hardware revenue was 43.03 million yuan, a slight increase of 0.98% [2] Group 2: Brand and Innovation - The company conducted over 90 user experience and product trial events nationwide, enhancing brand recognition and customer loyalty [3] - New product series such as "Huayao," "Heiyao," "Liuguang," and "Quantai" were launched, covering various categories to meet diverse consumer needs [3] - The company added one invention patent, two utility model patents, and seven design patents during the reporting period, reinforcing its technological and R&D advantages [3] Group 3: Manufacturing and Future Outlook - The company is advancing smart manufacturing, achieving automation in key processes, which significantly enhances production efficiency and transparency [3] - The overall strategy focuses on technological innovation, product upgrades, and channel expansion to establish itself as a leading national brand in quality lifestyle products [4]

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 8月28日15:00 - 16:00，广东德尔玛科技股份有限公司通过电话会议的形式召开业绩说明会，副总经理、 董事会秘书孙秀云，副总经理、财务总监孙斐，证券事务代表谭佳丽接待了开源证券、中金公司、国泰 海通等16家机构。 会上，公司介绍了2025年半年度经营情况。数据显示，2025年上半年，公司实现营业收入16.86亿元， 同比增长3.99%，归属上市公司归母净利率0.69亿元，同比增长1.08% 。 在互动交流环节，机构与公司就多个业务问题展开讨论： -毛利率波动原因：毛利率受多种因素影响， 上半年因渠道策略调整面临阶段性压力。不过，公司通过产品创新和成本 ...

证券代码：301332 证券简称：德尔玛 编号：2025-003 广东德尔玛科技股份有限公司 机构活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | | □新闻发布会 路演活动 | | 活动类别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名 | 开源证券、中金公司、国泰海通、国联民生、华泰证券、天风 | | | 证券、中信证券、长江证券、西南证券、广发证券、招商证券、 | | 称及人员 | 华西证券、银河证券、东方证券、高恩私募、开弦资本等机构 | | 时间 | 2025 年 8 月 28 日 15:00-16:00 | | 地点 | 电话会议 | | | 副总经理、董事会秘书孙秀云 | | 接待人员姓名 | 副总经理、财务总监孙斐 | | | 证券事务代表谭佳丽 | | 投资者关系活 | 一、公司 2025 年半年度经营情况 | | 动主要内容介 | 2025 年半年度，公司实现营业收入 16.86 亿元，同比 | | 绍 | 增长 3.99%，归属上市公司归母净利率 0.69 亿元，同 ...

Financial Data and Key Metrics Changes - In Q4, net sales increased by 30.4% to $207 million, and unit volume increased by 16.8% to 1,221 boats [18] - Consolidated net sales per unit increased by 11.6% to $169,565, driven by inflation and a favorable model mix [19] - Gross profit increased by 162.1% to $32.7 million, with gross margin rising to 15.8% from 7.9% in the prior year [19] - For the full fiscal year 2025, net sales decreased by 2.6% to $807.6 million, and unit volume decreased by 9% to 4,898 boats [22] - Adjusted EBITDA decreased by 9.1% to $74.8 million, with adjusted EBITDA margin decreasing by 60 basis points to 9.3% [23] Business Line Data and Key Metrics Changes - The Malibu and Axis brands represented approximately 46.6% of unit sales, while Cobalt represented 26.9% and saltwater fishing represented 26.5% [19] - Adjusted EBITDA margin for the Malibu segment increased to 19.4% from 15.3% in the previous year, while the saltwater fishing segment decreased to 9.5% from 10.8% [24] Market Data and Key Metrics Changes - Initial market data indicated that fiscal Q4 was the weakest quarter of the year, with the broader market down mid-teens percentage points [9] - Elevated interest rates and macroeconomic uncertainty affected consumer sentiment, leading to softer industry retail data [9] Company Strategy and Development Direction - The company plans to introduce 11 new model year 26 boats while maintaining a commitment to quality and safety [7] - A focus on dealer health and inventory alignment is central to the company's strategy, with proactive steps taken to reduce dealer inventory [9][10] - The company aims to remain disciplined and aligned with market conditions while preparing for potential growth when the market normalizes [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging retail environment and macroeconomic uncertainties but expressed confidence in the company's ability to navigate these challenges [6][15] - The company anticipates a modest direct impact from tariffs on cost of sales, estimated between 1.5% to 3% [15] - For fiscal year 2026, the company expects net sales to be flat to down mid-single digits, with gradual improvement projected towards the back half of the year [28][29] Other Important Information - The company generated $29 million in free cash flow and returned $36 million to shareholders through share repurchases [8][25] - The balance sheet remains strong, with $19 million of net cash and over $300 million of untapped liquidity on the credit facility [25][26] Q&A Session Summary Question: Inventory levels and destocking expectations - Management indicated that elevated inventory levels are modest, around one to two weeks, and will be addressed in fiscal 2026 guidance [32][33] Question: Impact of tariffs on pricing - Management is exploring multiple mitigation strategies for tariffs, including supply chain adjustments, but has incorporated increased costs into guidance [34][35] Question: Retail outlook and interest rate cuts - Guidance does not assume any interest rate cuts, and management expects normalized promotions to drive market share during the boat show season [39][40] Question: Health of the dealer base and industry inventory levels - The dealer network is generally healthy, but there is a slight excess inventory due to softer retail in Q4; the industry is improving overall [56][58] Question: Pricing and cost mitigation strategies - Management has taken steps to mitigate costs through advanced purchases and expects some price increases to be necessary [60][61] Question: Long-term debt and capital expenditure plans - There is no change in capital strategy; the company maintains a strong net cash position while being disciplined in capital expenditures [66][67]

周四晚间，海天味业公布2025年中期业绩，核心要点如下： 海天味业延续了稳健增长态势，营收同比增长7.6%，虽较此前动辄两位数的增长明显放缓，但毛利率 显著改善，较去年同期提升3.2个百分点，主要得益于原材料价格下降和生产效率提升。 财务表现 核心业务进展 盈利质量持续改善：传统产品线稳健，健康系列产品加速增长 研发费用4.1亿元，增长8.2%，持续的技术投入体现了公司对创新的重视。 这种费用结构变化反映了公司当前的战略重点：一方面通过规模效应和技术升级控制生产成本，另一方 面加大市场投入和组织建设，为长期发展奠定基础。 现金流依然强劲 更值得关注的是盈利能力的显著提升，毛利率达到39.3%，较去年同期大幅提升3.2个百分点，主要得益 于部分原材料价格下降以及生产效率的提升。 从具体业务来看，各产品线均实现正增长。传统大单品醤油、蠔油虽然依然占据主导地位，但增速已相 对温和，而复合调料、醋、料酒等延展品类的快速增长，暗示着消费者需求的多元化趋势。 醬油业务作为公司基本盘，收入79.3亿元，增长9.1%，健康系列产品（有机、薄盐）增长明显，数字化 推广效果显现。 蠔油业务保持稳定增长态势，收入25.0亿元，增长 ...

| | | | 单位: 元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同 | | | (1-6月) | | 期增减(%) | | 营业收入 | 20,491,167,745 | 20.068.307.930 | 2.11 | | 利润总额 | 5.263.157.400 | 4.909.634.563 | 7.20 | | 归属于上市公司股东的净利润 | 3.904.325.353 | 3.641.652.772 | 7.21 | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 3.631.640.266 | 3.426.521.909 | 5.99 | | 经营活动产生的现金流量净额 | 4.799.544.157 | 5.713.872.510 | -16.00 | | | 本报告期末 | 上年度末 | 本报告期末比上年 | | | | | 度末增减(%) | | 归属于上市公司股东的净资产 | 29.962,756,389 | 29.060.384.527 | 3.11 | | 总资产 | 52.369. ...

8月27日，蒙牛乳业(2319.HK)发布2025年度中期业绩公告。面对终端消费复苏缓慢、原奶价格持 续低迷的行业困局，蒙牛通过产品创新、渠道 升级 和精益管理三大引擎创新求变，今年上半年实现 收入 415.7 亿元，经营利润 35.4 亿元，同比增长 13.4 %。 公告显示，蒙牛持续推进的精益化管理成效显著，上半年其经营现金流实现同比增长 46.2% ，经营 利润率提升 1.5 个百分点至 8.5 %。 链接新人群 百余新品迎需求 面对乳制品同质化竞争，蒙牛选择以产品创新破局。2025年上半年，蒙牛响应不同年龄人群的多元 化需求，推出超百款新品，覆盖从常温奶到低温酸奶、从鲜奶到冰淇淋，从功能牛奶到婴儿配方奶粉 的全品类矩阵，引领消费者"喝上奶、喝好奶、喝对奶"。同时，蒙牛加速品类多元化升级，在低温 酸奶、鲜奶、奶粉、奶酪、冰品细分赛道均呈增长趋势。 为了让消费者"喝上奶" ， 蒙牛常温板块一举推出72款新品，全面强化基础营养，打造极致"质价 比"。高端鲜奶"每日鲜语"则通过洞察消费者需求，融入自研HMO打造儿童呵护营养奶，尤其针对 乳糖不耐受群体推出了零乳糖双蛋白产品； 为了让消费"喝好奶"， 20年老品 ...

这份成绩单背后，藏着一套消费巨头穿越周期的组合拳。它不再迷信单一爆品，而是用"质价比"的基础款 稳住大众，再用沙漠有机奶、功能酸奶等高附加值产品精准狙击细分人群；它也开始告别传统商超依赖， 转而拥抱会员店、直播间和B端茶饮店，在离钱更近的地方抢夺增量。 半年狂推超百款新品、猛攻新渠道、大玩IP联名……蒙牛的这套"新玩法"是应对行业寒冬的解药，还是短 期续命的猛药？透过这份财报，我们或许能窥见整个快消行业在存量市场中，如何用尽浑身解数"求生"的 真实缩影。 虎嗅注： 消费疲软，行业内卷，这几乎是所有消费品公司头顶的乌云。当原奶价格持续低迷，乳业的价格战似乎一 触即发时，巨头蒙牛却交出一份利润逆势增长13.4%的半年报。 8月27日，蒙牛乳业 (2319.HK) 发布2025年度中期业绩公告。面对终端消费复苏缓慢、原奶价格持续 低迷的行业困局，蒙牛通过产品创新、渠道升级和精益管理三大引擎创新求变，今年上半年实现收入 415.7亿元，经营利润35.4亿元，同比增长13.4%。 公告显示，蒙牛持续推进的精益化管理成效显著， 上半年其经营现金流实现同比增长46.2%，经营 利润率提升1.5个百分点至8.5%。 同时，为 ...

来源：环球网 【环球网消费综合报道】"为何喝、喝什么"正成为中国消费者审视乳制品的新标尺。目前，中国奶业正 经历着从宏观政策驱动向微观消费创新的根本性转变。面对原奶成本高企、消费增速放缓的挑战，整个 行业正以"降本增效"为基础，以"产品创新"为矛，以"渠道下沉"为盾，全力开启一场全民消费的破局之 战。 降本增效，破解"喝不起"的结构性难题 在国人的膳食结构中，牛奶已经逐渐转变为日常消费品。 据2023年中国农业科学院农业经济与发展研 究所《中国奶业竞争力研究报告》数据分析，中国原奶平均生产成本约为3.8—4.2元/公斤，而全球平均 成本（按汇率折算）约为2.5—3.0元/公斤，国内每公斤原奶生产成本比全球平均水平高出30%～40%， 这种成本压力最终传导至乳品终端市场，使得部分国产液态奶产品零售价普遍偏高。 农业农村部食物与营养发展研究所专家程广燕指出，加工乳品与生鲜乳的比价持续攀升，使得高端化不 应成为乳制品的发展趋势，亲民而优质的产品才是市场主流。 在此背景下，政策层面与产业界协同发力，旨在从源头破解成本困局。近期，农业农村部出台《关于加 快奶业纾困提升奶业高质量发展水平的通知》，从财政扶持、金融支持、技 ...

8月27日晚间，沪上阿姨（上海）实业股份有限公司（以下简称"沪上阿姨"）披露上市后首份财报。 2025年上半年，公司实现营业收入18.18亿元，同比增长9.7%；毛利5.72亿元，同比增长10.4%；期内利 润2.03亿元，同比增长20.9%；经调整净利润2.44亿元，同比增长14.0%；基本每股盈利1.97元，同比增 长19.4%。 值得一提的是，财报同步公布了沪上阿姨中期股息派付计划：公司拟按每十股6.76元（含税）计算，共 计派发中期股息约7112万元。 下沉市场布局凸显成效 近年来，新茶饮行业竞争愈发激烈。一线市场趋于饱和，头部品牌争相抢占高地，但同质化严重、单店 盈利能力不断承压。相比之下，下沉市场则展现出强劲的成长性。根据灼识咨询数据，2023年至2028 年，中国三线及以下城市的现制茶饮市场按商品交易总额计规模最大，且增速最快。 沪上阿姨捕捉到这一趋势，推进下沉战略。截至2025年6月30日，公司门店总数达到9436家，同比增加 近千家。其中三线及以下城市门店占比已达51.1%。业内人士分析称，沪上阿姨在增长潜力最为广阔的 下沉市场深耕多年，从而在行业周期存在不确定性的情况下，依旧实现了相对稳健 ...