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伟星股份(002003):短期经营表现波动,关注公司长期全球份额提升进度
GOLDEN SUN SECURITIES· 2025-08-24 09:50
➢ 单 Q2 来看,公司营收同比下降 9.2%至 13.6 亿元,归母净利润同比下降 20.4%至 2.69 亿元,扣非后归母净利润同比下降 18.81%至 2.64 亿元,Q2 公司接单情况较弱,同时汇兑损失也对公司业绩造成负面压力。 分品类看:2025H1 年拉链/纽扣销售保持稳定,其他服饰辅料业务贡献增长。 2025H1 公司拉链/纽扣营收同比分别+2.68%/-0.17%至 12.9/9.3 亿元,其他服饰 辅料业务营收同比增长 11.2%至 0.8 亿元,期内拉链和纽扣销售收入保持平稳, 受益于公司的"大辅料战略",其他服饰辅料业务为公司贡献新的增长动能,长期 来看公司将依托现有拉链和纽扣的客户,带动其他辅料业务规模扩张;利润率方 面来看,2025H1 公司纽扣业务毛利率同比提升 1.39pcts 至 43.48%,拉链业务毛 利率同比提升 0.43pcts 至 43.32%,在公司优异的成本控制以及智慧制造能力的 持续提升下,中长期我们预计公司各项产品毛利率稳中有进。 证券研究报告 | 半年报点评 gszqdatemark 2025 08 24 年 月 日 伟星股份(002003.SZ) 短期经营 ...
格林美筹划发行H股股票并在香港联交所主板上市
Zhi Tong Cai Jing· 2025-08-24 09:40
格林美(002340)(002340.SZ)发布公告,为满足公司全球化发展的需要,深入推进全球化战略,提升 国际品牌形象和综合竞争力,更好地借助国际资本市场、多元化融资渠道,助力公司可持续发展及管 理,经充分研究论证,董事会同意公司发行H股股票并在香港联合交易所有限公司(以下简称"香港联交 所")主板挂牌上市。 ...
华勤技术拟赴港上市 深化全球布局赋能高质量发展
Zhong Zheng Wang· 2025-08-23 05:57
Core Viewpoint - Company Huqin Technology has officially launched its H-share listing plan to accelerate its globalization strategy, broaden international financing channels, and enhance corporate governance transparency [1] Group 1: H-share Listing Plan - The company plans to issue H-shares not exceeding 8% of its total share capital post-issuance (before the exercise of the over-allotment option) [1] - The listing in Hong Kong is expected to support the company's overseas business expansion, investment in cutting-edge technologies, and global capacity upgrades [1] Group 2: Business Performance and Growth - For the first half of 2025, the company anticipates a revenue of 83 billion to 84 billion yuan, representing a year-on-year growth of 110.7% to 113.2% [1] - The net profit attributable to shareholders is projected to be between 1.87 billion to 1.90 billion yuan, reflecting a year-on-year increase of 44.8% to 47.2% [1] Group 3: Global Manufacturing Strategy - The company has established a "1+5+5" global layout, including one headquarters in Shanghai and five R&D centers across various cities, along with domestic and overseas manufacturing bases [2] - The Hong Kong capital market is seen as a platform to leverage for rapid expansion, facilitating future refinancing and overseas mergers and acquisitions [2] - The listing will also enable the company to implement an equity incentive plan for international employees, enhancing its ability to attract and retain top talent globally [2]
映翰通2025年中报简析:营收净利润同比双双增长,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-08-22 22:16
据证券之星公开数据整理,近期映翰通(688080)发布2025年中报。截至本报告期末,公司营业总收入 3.51亿元,同比上升34.69%,归母净利润6734.82万元,同比上升26.07%。按单季度数据看,第二季度 营业总收入2.02亿元,同比上升30.46%,第二季度归母净利润4507.63万元,同比上升21.4%。本报告期 映翰通公司应收账款体量较大,当期应收账款占最新年报归母净利润比达117.94%。 本次财报公布的各项数据指标表现尚佳。其中,毛利率48.83%,同比减6.92%,净利率19.45%,同比减 4.62%,销售费用、管理费用、财务费用总计5790.43万元,三费占营收比16.48%,同比减6.78%,每股 净资产14.97元,同比增14.73%,每股经营性现金流0.12元,同比减75.04%,每股收益0.91元,同比增 24.66% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.61亿 | 3.51亿 | 34.69% | | 归母净利润(元) | 5341.94万 | 6734.82万 ...
上半年营收净利双增 鱼跃医疗产品提升智能化
Zheng Quan Shi Bao· 2025-08-22 18:54
在全球化战略的驱动下,鱼跃医疗持续加大对海外市场的资源配置,面向全球招募专业人才,组建本地 化团队促进文化协同。数据显示,公司上半年实现海外营收6.07亿元,同比增长26.63%,并取得国际注 册认证85项,为新品的全球推广提供支撑。下半年公司还将继续加大海外团队建设力度和属地化销售网 络布局,推动海外业务的扎根与发展。 上半年,鱼跃医疗在AI医疗方面的布局取得阶段性突破。依托在医疗器械领域二十余年的专业技术和 临床数据积累,公司将人工智能、大数据、物联网等前沿技术融入运营管理与产品开发全流程,提升产 品的智能化水平。同时,公司高度重视具备连续性监测功能的产品研发,正积极开展涉及血糖、血压、 血氧等指标的AI智能穿戴医疗设备研发工作。 鱼跃医疗还表示,在生态构建层面,公司正逐步打造"硬件+软件+数据"的一体化健康管理生态体系, 推出鱼跃AI Agent健康管家应用,通过整合旗下多品类医疗设备的数据接口,实现健康数据的采集与管 理、分析与解读,使得用户黏性与使用频次稳步提升,并成为连接公司产品与用户需求的重要纽带。 8月22日晚间,鱼跃医疗(002223)发布2025年半年度报告,上半年,公司实现营业收入46. ...
华大智造: 关于公司2025年度提质增效重回报行动方案的半年度评估报告
Zheng Quan Zhi Xing· 2025-08-22 16:48
为落实"以投资者为本"的理念,推动公司优化经营、规范运作和积极回报投资 者,深圳华大智造科技股份有限公司(以下简称"公司")结合发展战略、经营情况、 财务状况和内部控制等,于 2025 年 4 月 30 日发布《2025 年度"提质增效重回报"行 动方案》,为公司 2025 年度提质增效重回报行动制定出明确的工作方向。公司根据行 动方案内容,积极开展和落实各项工作,现将 2025 年上半年的主要工作成果报告如下。 一、聚焦主业,以高水平的经营质量,深度推进全球化战略 (一)以基因测序为核心,带动三大业务线持续增长 导向优化业务布局,实现了战略层面的稳步推进。国际市场方面,美国生物安全法案 虽未最终落地,但其引发的政治不确定性及关税壁垒仍对公司美洲业务形成阶段性压 力;对此,公司紧抓国际客户供应链多元化需求的机遇,深入推进全球化战略布局, 加速在欧非、中东等高潜力区域拓展,开辟新增长空间以应对单一市场风险。国内市 场方面,商务部"不可靠实体清单"政策的实施,为公司创造了重要窗口期,公司敏 锐把握这一机遇,通过方案升级和服务提质,加速了国内下游客户测序平台的切换进 程,进一步巩固了本土市场的竞争优势。 值得关注的 ...
水羊股份(300740) - 2025年8月22日投资者关系活动记录表
2025-08-22 09:24
证券代码:300740 证券简称:水羊股份 债券代码:123188 债券简称:水羊转债 水羊集团股份有限公司投资者关系活动记录表 编号:2025-004 | 投资者关系活动 | 特定对象调研 分析师会议 媒体采访 业绩说明会 ☐ ☐ ☐ | | --- | --- | | 类别 | | | | 新闻发布会 路演活动 现场参观 其他 ☐ ☐ ☐ ☐ | | | 中信证券、中信建投证券、中泰证券、中欧基金管理、中国太平洋保险、 | | | 中国平安保险、中国国际金融、浙商证券、浙江象舆行投资管理、招商银 | | | 行、长信基金、长江证券(上海)资产管理、长江证券、长安基金、粤佛基 | | | 金、甬兴证券、兴业证券、兴业基金、信达证券、新华基金、溪牛投资管 | | | 理、西部证券、天治基金、天风证券、太平养老保险、四川诚富投资管理、 | | | 四川博金汇股权投资基金、世纪证券、深圳中胤信弘投资、深圳市长青藤 | | | 资产管理、深圳市兴亿投资管理、深圳市新高投资管理、深圳市尚诚资产 | | | 管理、深圳市凯丰投资管理、深圳市华安合鑫私募证券基金、深圳前海华 | | | 杉投资管理、深圳光峰科技、上海中 ...
泡泡玛特(09992):港股公司信息更新报告:全球化发展持续加速,2025H1收入利润创新高
KAIYUAN SECURITIES· 2025-08-22 05:44
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has demonstrated significant growth in revenue and profit in the first half of 2025, with revenue reaching 13.88 billion (up 204.4% year-on-year) and net profit of 4.57 billion (up 396.5%) [5] - The company expects full-year revenue for 2025 to be no less than 30 billion, with plans to increase its overseas store count to 200 and domestic store count by approximately 10 [5] - The report highlights the company's strong performance in both domestic and international markets, with a notable increase in the contribution from overseas operations [6][7] Financial Performance - In H1 2025, the company achieved a gross margin of 70.3% (up 6.3%), driven by a higher proportion of overseas business and improved supply chain efficiency [6] - The net profit margin reached 33.0% (up 12.8 percentage points), indicating significant improvement in profitability [6] - The company has 13 IPs generating over 100 million in revenue, with five IPs exceeding 1 billion, showcasing the effectiveness of its diversified IP strategy [6] Revenue Breakdown - Domestic revenue (including mainland China and Hong Kong, Macau, and Taiwan) was 82.8 billion (up 135%), with retail store revenue at 44.1 billion (up 120%) [7] - Overseas revenue reached 55.9 billion (up 440%), accounting for 40.3% of total revenue, with significant growth in the Americas [7] - The company plans to expand into South America and the Middle East in 2025, anticipating further revenue growth in these regions [7] Valuation Metrics - The projected net profit for 2025-2027 is estimated at 10.79 billion, 15.03 billion, and 20.21 billion respectively, with corresponding EPS of 8.0, 11.2, and 15.1 [5][9] - The current P/E ratios for 2025, 2026, and 2027 are 32.2, 23.1, and 17.2 respectively, indicating a favorable valuation outlook [5][9]
长城汽车以技术创新重构竞争格局
Core Viewpoint - The official launch of the Haval H6 GT at the new factory in São Paulo marks a new phase in Great Wall Motors' globalization strategy, supported by significant R&D investments and a robust patent portfolio [1][2]. R&D Investment - Great Wall Motors has maintained high R&D investments, with 2024 spending projected to reach 10.4 billion yuan, continuing a trend of over 10 billion yuan for three consecutive years [2]. - Nearly 40% of the R&D budget is allocated to key areas such as new energy and intelligent technology, resulting in substantial technological achievements, including nearly 50,000 patent applications [2]. Technological Advancements - The company has achieved breakthroughs in core technologies, with a mature technology route encompassing hybrid, pure electric, and hydrogen energy systems [3]. - The Hi4 electric hybrid four-wheel drive system meets diverse needs, and the Hi4-G heavy-duty hybrid technology has undergone rigorous testing over 5 million kilometers [3]. - Strategic vertical integration has led to over 70% self-sufficiency in core components, enhancing cost advantages [3]. Quality Control - Great Wall Motors emphasizes quality control throughout the R&D ecosystem, with advanced facilities such as a 5.1 billion yuan multi-angle safety collision laboratory [3][4]. - The company’s manufacturing processes, including a fully enclosed stamping line and high automation rates, ensure superior product quality [4]. Globalization Strategy - The São Paulo factory represents a milestone in the company's globalization strategy, transitioning from product export to a comprehensive local ecosystem [4]. - The company has developed an ethanol plug-in hybrid system tailored to Brazil's unique market, showcasing its intelligent manufacturing capabilities [4]. Financial Performance - In the first half of 2025, Great Wall Motors sold 15,700 vehicles in Brazil, a year-on-year increase of 19.8%, significantly outpacing the local industry average [4]. - The company’s international strategy has led to over 20 million vehicles exported and projected overseas revenue exceeding 45.3 billion yuan in 2024, with higher gross margins than domestic operations [5]. Future Outlook - Great Wall Motors anticipates that its technological reserves in new energy and intelligent sectors will enter a harvest phase, with the Brazilian factory expected to drive significant revenue growth [5][6]. - The company’s approach exemplifies the successful transformation of China's manufacturing industry through substantial R&D investments and localized value creation [6].
SHEIN考虑迁回中国:许老板或将回国布局,为回港上市铺路?
Sou Hu Cai Jing· 2025-08-21 18:30
近期,有关中国跨境电商巨头SHEIN可能将其新加坡总部迁回中国的消息引起了广泛关注。这家以低调和神秘著称的公司,虽然在全球范围内取得了显著 成就,但其总部迁移的动向却引发了多方讨论。 SHEIN,这家由许仰天创立的企业,以其快速时尚模式和强大的供应链管理能力,在全球170多个国家拥有大量顾客。然而,自其在新加坡注册成立以 来,关于其总部地点的争议就未曾停歇。去年,SHEIN高管克劳尔在全球人工智能峰会上的一番言论,更是将这一争议推向高潮。他明确表示,希音虽诞 生于中国,但为了全球化发展,已选择新加坡作为总部。 此番言论无疑加深了公众对SHEIN总部迁移背后原因的猜测。尽管克劳尔强调,这一决策是为了企业的全球化战略考虑,但不可否认的是,新加坡的税收 政策对跨国企业具有极大的吸引力。新加坡的低税率和"发展及扩张激励计划"等优惠政策,使得许多企业选择在此设立总部,以优化税务结构。 据透露,SHEIN的母公司Roadget Business Pte在2021年至2023年期间,利润大幅增长,而其在新加坡缴纳的所得税也相应增加。然而,与全球业务规模相 比,新加坡的税收负担仍然相对较轻。有媒体评估,SHEIN将总部设在新 ...