公司2025H1 归母净利同比+42.6%：公司披露2025 年中报，2025H1 实现营收24.3 亿元，同比+24.3%， 归母净利2 亿元，同比+42.6%，扣非归母净利2 亿元，同比+44.6%。单拆25Q2，公司实现营收13.3 亿 元，同比+23.4%，归母净利1.1 亿元，同比+29.8%，扣非归母净利1.1 亿元，同比+32.3%。 发展差异化品牌矩阵，自有品牌持续升级：Wanpy 顽皮主品牌，以100%鲜肉粮为核心的小金盾系列大 单品渐成规模，邀请欧阳娜娜担任代言人加速品牌焕新，通过人民网"透明工厂"探厂等进一步夯实品牌 心智。 新西兰ZEAL 真致目前已获得新西兰国家级品质认证，持续深化与天猫头部主播李佳琦知名爱宠IP"奈 娃家族"的联名合作，同时联合全国重点城市宠物社群开展线下宠物活动，精准破圈。Toptrees 领先品 牌，以科研合作与 CCTV 权威认证双轮驱动，与《武林外传》IP 联名，品牌势能进一步提升。 盈利预测与投资评级：中宠股份作为全球宠物食品行业领跑者，境内业务自有品牌顽皮、ZEAL 经历调 整后重拾增长，领先品牌势能持续强劲，境外业务与多家客户保持长期合作关系，客户基础 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and operational adjustments [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 13.57 billion yuan, a decrease of 10.8% year-on-year, with net profit down 40.2% to 560 million yuan [4]. - Q2 2025 revenue was 7.61 billion yuan, reflecting a smaller decline of 5.6% compared to Q1 [5]. - The company plans to distribute a dividend of 0.925 yuan per share, resulting in a dividend yield of 7.7% [4]. Group 2: Revenue Breakdown - Retail channel revenue in H1 2025 was 5.06 billion yuan, down 7.0%, while the engineering channel generated 6.35 billion yuan, a decrease of 5.3% [5]. - The company continues to reduce direct sales, with revenue from this segment falling 28.0% to 2.04 billion yuan [5]. - Domestic revenue was 12.99 billion yuan, down 12.3%, while overseas revenue grew by 42.2% to 580 million yuan [5]. Group 3: Profitability and Cost Management - The gross margin for H1 2025 was 25.4%, down 3.8 percentage points, attributed to price declines and changes in product mix [6]. - The company maintained cost control, with selling, general, and administrative expenses as a percentage of revenue decreasing [6]. - The net profit margin for H1 2025 was 4.0%, down 2.1 percentage points, impacted by credit impairment losses of 430 million yuan [6]. Group 4: Global Expansion and Capacity Building - The company is accelerating its global layout, focusing on overseas production capacity and acquisitions [7]. - Recent acquisitions include a Hong Kong building materials retailer and a Chilean building materials supermarket [7]. - Ongoing projects include production and logistics bases in Houston, Saudi Arabia, and Malaysia, enhancing the international supply chain [8].

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company is experiencing temporary pressure on performance, but continues to optimize its channel structure and overseas layout [9] - The waterproofing industry is a stable growth segment within the building materials sector, with increasing industry concentration [9] - The company is actively expanding its non-waterproof and overseas businesses, highlighting its competitive advantages as an industry leader [9] Financial Summary - For 2023, the company is projected to achieve a revenue of 32,823 million yuan, with a year-on-year growth rate of 5.2% [1] - The net profit attributable to the parent company is expected to be 2,273 million yuan, reflecting a year-on-year growth of 7.2% [1] - The company anticipates a significant rebound in net profit for 2025, reaching 1,296 million yuan, which represents a year-on-year increase of 1,098.2% [1] - The operating income for the first half of 2025 is reported at 135.69 billion yuan, a decrease of 10.84% year-on-year, while the net profit attributable to the parent company is 5.64 billion yuan, down 40.16% year-on-year [1][2] - The company’s gross margin and net margin for the first half of 2025 are 25.40% and 4.03%, respectively, showing a decline of 3.82 and 2.08 percentage points year-on-year [2] Channel and Retail Business - The company’s engineering and retail channel revenues totaled 114.06 billion yuan in the first half of 2025, accounting for 84.06% of total revenue, indicating an increase in channel revenue proportion [3] - Retail business revenue reached 50.59 billion yuan, a decrease of 6.98% year-on-year, but its revenue share increased by 1.54 percentage points [3][8] - The company is enhancing its retail business through the integration of its construction coating retail segment and the establishment of a C-end service brand [8] Overseas Expansion - The company is advancing its overseas layout with multiple initiatives, including the construction of bases in Houston, Saudi Arabia, Canada, and Malaysia [8] - The focus is on optimizing costs and enhancing service capabilities in North America and Europe [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company demonstrates resilience in its civil construction business while accelerating its overseas expansion [2]. - The company reported a revenue of 13.57 billion yuan for the first half of 2025, a year-on-year decline of 10.8%, with a net profit attributable to shareholders of 560 million yuan, down 40.2% year-on-year [1]. - The company is actively pursuing channel transformation and consolidating its waterproofing main business while exploring new growth avenues in mortar and overseas markets [4]. Financial Performance Summary - Revenue breakdown for the first half of 2025: - Waterproof membranes: 5.513 billion yuan, down 8.8%, gross margin 22.6%, down 5.2 percentage points - Coatings: 3.946 billion yuan, down 17.1%, gross margin 36.5%, down 1.0 percentage points - Mortar powder: 1.996 billion yuan, down 6.2%, gross margin 26.6%, down 0.87 percentage points - Engineering construction: 849 million yuan, down 32.3% [2]. - The overall gross margin for the first half of 2025 was 25.4%, a decrease of 3.8 percentage points year-on-year [3]. - The company reported a net profit margin of 4.0% for the first half of 2025, down 2.1 percentage points year-on-year [3]. Cash Flow and Dividend - As of June 30, 2025, the company's accounts receivable totaled 11.13 billion yuan, a decrease of 27.3% year-on-year, with cash and cash equivalents amounting to 4.57 billion yuan [3]. - The company announced a mid-year dividend plan of 9.25 yuan per 10 shares (including tax), totaling 2.21 billion yuan [3]. Earnings Forecast - The company’s net profit forecasts for 2025-2027 are 1.206 billion yuan, 1.427 billion yuan, and 1.461 billion yuan, with corresponding P/E ratios of 23.8, 20.1, and 19.7 [4].

Investment Rating - The report maintains an investment rating of "Synchronize with the market-A" for the solar industry [2]. Core Viewpoints - In June, the domestic photovoltaic new installed capacity decreased by 38.4% year-on-year, influenced by the end of the rush for installation. The new installed capacity in June was 14.4GW, with a cumulative new installed capacity of 212.21GW from January to June, reflecting a year-on-year increase of 107.1% [2][13]. - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, a decrease of 23.9% year-on-year [2][17]. - The export value of inverters in June was 6.59 billion yuan, showing a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, reflecting a year-on-year increase of 7.6% [3][30]. - Solar power generation in June increased by 18.3% year-on-year, with a total generation of 50.06 billion kWh, accounting for 6.29% of the total industrial power generation in the country [2][44]. Summary by Sections Installed Capacity - In June, the domestic photovoltaic new installed capacity was 14.4GW, down 38.4% year-on-year and 84.5% month-on-month. The cumulative new installed capacity from January to June was 212.21GW, up 107.1% year-on-year [13][2]. Exports - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, down 23.9% year-on-year [17][2]. - The export value of inverters in June was 6.59 billion yuan, with a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, up 7.6% year-on-year [30][3]. Power Generation - In June, solar power generation was 50.06 billion kWh, reflecting an 18.3% year-on-year increase and accounting for 6.29% of the total industrial power generation in the country [44][2]. Investment Recommendations - Key recommendations include: - New technology direction: Aisuo Co., Longi Green Energy - Supply-side improvement direction: Daqian Energy, Fulete - Overseas layout direction: Hengdian East Magnet, Sunshine Power, Canadian Solar, Deye Co. - Power marketization direction: Langxin Group - Domestic substitution direction: Quartz Co. - Additional companies to actively monitor include: Xinyi Solar, GCL-Poly Energy, Tongwei Co., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, Jinko Solar, CITIC Bo, Maiwei Co., Jingcheng Machinery, Shanghai Ailuo, and Guangxin Materials [48][2].

证券代码：688133 证券简称：泰坦科技 公告编号：2025-029 上海泰坦科技股份有限公司 关于拟收购境外公司股权并签署股权收购协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 对外投资概况：上海泰坦科技股份有限公司（以下简称"公司"）拟使 用 自 有 或自筹 资 金 5,756,429 英镑（以 2025 年 7 月 23 日汇率 折合人 民币约 易 所 上 市公司 ， 股票代 码 4044 ，以下 简称" Central Glass 日本 "）持有的 Apollo Scientific Ltd.（英格兰注册的私人股份有限公司，以下简称"标的公 司"或"ASL"） 100%的股权。（以下简称"本次交易"） ? 本次交易不构成关联交易。 ? 本次交易不构成重大资产重组。 ? 交易实施尚需履行的审批及其他相关程序： 本次交易涉及境外投资，相关股权和资产的交割须符合所在地区法律规定和 监管部门要求。 ? 其它需要提醒投资者重点关注的风险事项： 由于交易架构复杂，交易双方分别为中国和日本证券交 ...

Core Viewpoint - Titan Technology plans to acquire 100% of Apollo Scientific Ltd. (ASL) from Central Glass Japan for £5.7564 million (approximately 55.85 million RMB) to enhance its international presence and competitiveness in the chemical distribution sector [1] Group 1: Acquisition Details - The acquisition will make ASL a subsidiary of Titan Technology, included in its consolidated financial statements [1] - ASL specializes in the supply of chemicals and related products, focusing on distribution and customized services [1] Group 2: Strategic Objectives - The transaction aims to expand overseas sales channels and improve the company's international layout [1] - The acquisition is part of Titan Technology's strategy to accelerate its internationalization process and enhance core competitiveness [1] Group 3: Regulatory Requirements - The transaction is subject to approval and filing with relevant national and local authorities [1]

Group 1: Impact of External Factors - The company's business has been affected by frequent adjustments in tariff policies, but its diversified sales market and customer structure provide strong resilience against trade dispute risks [2] - The company has been actively building overseas production bases, allowing for greater flexibility in responding to tariff changes [2][3] - Exchange rate fluctuations primarily impact the company's import and export trade, with USD being the main currency for transactions [3] Group 2: Financial Strategies and Shareholder Returns - The company emphasizes shareholder returns and plans to continue providing stable and sustainable returns to investors [3] - The company is focused on enhancing its supply chain services and aims to strengthen its core business capabilities for sustainable development [4] Group 3: Operational Challenges and Talent Management - The main bottleneck for the company's development is the lack of talent, particularly those with international operational capabilities [3] - The company has established various employee incentive mechanisms, including performance-based compensation and employee stock ownership plans [4] Group 4: Innovation and Design - The Guotai Innovation Design Center is being developed in Shanghai, which will support recruitment and innovation activities [3] - The company has established marketing and design centers in key international markets to enhance customer service and increase trade value [4]

Group 1: Cost Management - The company's pig farming cost has been decreasing monthly, reaching approximately 12.2 RMB/kg in May, a decrease of nearly 0.2 RMB/kg compared to the previous month, primarily due to improved production performance [3] - The company aims to achieve a cost target of 12 RMB/kg for the year through technological innovation and refined management in areas such as health management, breeding, nutrition formulation, and intelligent applications [4] Group 2: International Expansion - The global pig farming industry presents development opportunities, and the company is actively exploring overseas markets while deepening its domestic business [5] - The company is in the initial stages of internationalization and plans to conduct thorough research on overseas market demands and industry developments to inform future expansion strategies [5] Group 3: Debt Reduction Strategy - In 2024, the company will experience its first year where capital expenditures are less than asset depreciation, marking a key turning point in its development phase [6] - The company plans to gradually reduce total debt and the debt-to-asset ratio, improving its financial structure to maintain healthier financial indicators [6] Group 4: Dividend Policy - The company has entered a stable development phase with improving cash flow, which supports an increase in the dividend payout ratio [7] - From 2024 to 2026, the company will adjust the cash distribution of profits from no less than 20% to 40% of the distributable profits, with a total cash dividend of 7.588 billion RMB planned for 2024, setting a new annual dividend scale record [7] Group 5: Meat Processing Business Outlook - Since 2019, the company has developed its meat processing business, achieving an annual capacity of 29 million heads, with no plans for additional capacity [8] - The company aims to enhance overall capacity utilization through sales channel expansion and improve product structure to increase the proportion of processed products, thereby enhancing profitability [9] - The company will leverage synergies between its slaughtering and breeding operations to better understand market demands and improve breeding and production management based on consumer needs [9]

Group 1: Company Overview - The company primarily focuses on planetary gear reducers and screw-type reducers, with plans to expand based on future customer and market demands [1] - The core equipment is mainly imported, and the overall capacity utilization rate is over 60% [1] Group 2: Business Performance - The differential assembly business is expected to see stable growth in 2025, with new project confirmations from clients [1] - Revenue for 2025 is anticipated to maintain stable growth according to current customer and market expectations [1] Group 3: Financial and Investment Insights - The company has over 100 million remaining from fundraising, which is still being invested [2] - There are no current plans for forced redemption of convertible bonds; future decisions will depend on conversion ratios and other factors [1] Group 4: International Expansion - The Thailand factory has completed the first phase of construction and equipment installation, with plans to begin small-scale production in June 2025 [2] - An investment intention has been signed with the Moroccan local government, with plans to acquire land within the year [2] Group 5: Customer Impact - The impact of annual customer declines is relatively smaller due to a high proportion of foreign, joint venture, and export businesses [2]