行 业 及 产 业 海外消费服务 2025 年 08 月 22 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 港股医药中报业绩期，关注业绩超预期标的 看好 ——海外消费周报（20250815-20250821） 本期投资提示： ⚫ 海外医药：港股医药中报业绩期，关注业绩超预期标的 国内医药公司 1H25 业绩：恒瑞医药：1H25，公司实现收入 157.61 亿元，同比增长 15.9%；净利润 44.55 亿元，同比增 长 29.9%；归母净利润 44.50 亿元，同比 ...

智通财经APP获悉，周二美股盘前，医疗器械制造商美敦力(MDT.US)公布截至7月25日的2026财年第一 季度业绩。数据显示，该公司Q1营收为86亿美元，超过市场预期的84亿美元，这主要受心血管产品部 门增长的推动，其心脏消融产品营收增长了近50%;调整后每股收益增长2%至1.26美元，高于市场预期 的1.23美元。美敦力还下调关税成本预测并上调全年利润指引。 与史赛克(SYK.US)、波士顿科学(BSX.US)和GE HealthCare Technologies(GEHC.US)等同行一样，美敦力 下调了关税成本预测。根据周二发布的声明，美敦力目前预计关税将带来1.85亿美元的损失，而此前的 预期为2.0亿至3.5亿美元。 美敦力目前预计2026财年调整后每股收益为5.60美元至5.66美元，高于此前预测的5.50美元至5.60美元。 史赛克、波士顿科学和GE HealthCare Technologies也上调了利润指引。美敦力仍预计2026 财年营收的有 机增长率为5%。 据报道，在激进投资公司Elliott Investment Management 入股美敦力后，美敦力将扩大其董事会。为了提 升 ...

选对了标的，买点和止盈也得讲究，帮主给你们三个实战策略。 第一个是黄金坑首跳战法，适合那些低位第一次业绩翻倍的股票。比如刚出业绩就跳空高开，成交量是平时的3倍以上，而且这个跳空缺口三天内没补上， 这时候跟进，像钧达股份当初就是这样，后来直接翻倍。 第二个是季报学霸接力战法，要是一季度业绩就超预期，中报又比一季度还好，这时候中报出来当天跳空幅度没超过5%，成交量温和没放天量，就能跟着 进，渝开发就是这样，二季度续增后直接主升浪。 家人们，中报季是不是天天刷到"业绩翻倍"的股票？但你发现没，有的刚涨就跌，有的却能一路狂奔？今天帮主给你们扒透这里面的门道——不是所有翻倍 股都是真牛，得会挑！做了20年财经记者，见过太多人追着"业绩翻倍"冲进去，结果套在山顶，关键就在于分不清啥是真增长，啥是虚架子。 先说说核心的，业绩翻倍不代表股价能翻倍，得看这增长是不是真的超了市场预期。啥叫真增长？就是自家生意实实在在变好——比如订单接不过来，工厂 天天满负荷转，或者技术上有了突破，毛利率越来越高。就像骄成超声，合同负债涨了3倍，产能用到95%，订单都排到2026年了，这种股价涨3倍不奇怪。 那伪增长呢？要么靠政府补贴、卖套房凑数 ...

Core Viewpoint - Nu Holdings reported strong second-quarter results, with revenue and net profit exceeding expectations, indicating robust growth and customer acquisition in key markets [1] Financial Performance - The company achieved a revenue of $3.7 billion, surpassing FactSet's estimate of $3.19 billion [1] - Net profit increased by 31% year-over-year to $637 million [1] Customer Growth - The customer base expanded to 123 million, with a net addition of 4.1 million customers in the quarter [1] Market Contribution - The markets of Mexico and Colombia contributed 8% to total revenue [1] - Total loan balance grew by 40% year-over-year to $27.3 billion [1] Strategic Initiatives - The company upgraded its credit model in Brazil and increased credit card limits [1] - In Mexico and Colombia, the company optimized its balance sheet to enhance the profitability of credit products [1]

周五，Nu Holdings(NU.US)涨超11%，报13.39美元。消息面上，该公司第二季度营业收入37亿美元超出 FactSet预估31.9亿美元，净利润同比增长31%至6.37亿美元。客户基数增至1.23亿，本季度净增410万客 户，墨西哥和哥伦比亚市场贡献总营业收入8%，总贷款余额同比增长40%至273亿美元。公司升级巴西 信贷模型并提高信用卡限额，同时在墨西哥和哥伦比亚优化资产负债表提升信贷产品利润率空间。 ...

Core Viewpoint - Weibo-SW (9898.HK) opened up 5.78% at HKD 87, reaching a new high since September 2023, following the release of its earnings report [2] Financial Performance - For Q2 2025, the company reported revenue of USD 444.8 million, exceeding analyst expectations of USD 397 million, with a year-over-year growth of 2% [2] - Operating profit for the same period was USD 145.6 million, reflecting an 8% increase year-over-year [2] - Adjusted earnings per share were USD 0.54, up 12.5% from the previous year, surpassing the expected USD 0.45 [2]

春风动力（603129.SH）系列点评十 2025H1 业绩超预期 两轮+四轮量利共振 2025 年 08 月 12 日 ➢ 事件：公司披露 2025 年半年度报告，2025H1 营收 98.6 亿元，同比+30.9%； 归母净利 10.0 亿元，同比+41.4%；单季度看，公司 2025Q2 营收 56.0 亿元， 同比+25.5%，环比+31.9%；归母净利 5.9 亿元，同比+36.0%，环比+41.3%。 ➢ 业绩高速增长 两轮+四轮量利共振。1）营收端：2025H1 公司燃油摩托车 销量为 15.0 万辆，营收为 33.5 亿元，同比+3.0%，ASP 为 2.2 万元，高端化成 效愈发显著；2025Q2 燃油摩托车销量为 8.8 万台，同比-1.3%，环比+42.4%； 极核电动销量 25.0 万台，营收 8.7 亿元；四轮车销售 10.2 万台，实现销售收入 47.3 亿元，同比+34.0%，ASP 为 4.6 万元，同比+7.2%；2025Q2 四轮车销量 5.8 万辆，同比+19.4%，环比+31.4%。公司营收同环比均实现高增，系极核放 量+四轮新品周期所致。2）利润端：2025H1 公司 ...

Core Insights - The current half-year reports of listed companies are being disclosed intensively, with some companies exceeding market expectations due to high industry prosperity or technological innovation [1] - These impressive performance results not only provide strong momentum for the companies' development but also inject confidence into the market, attracting more capital attention [1] Industry Performance - As of August 5, 2025, among the stocks that have disclosed half-year performance data, 59 stocks are considered "above expectations" by brokerage institutions, including major companies like CATL, Industrial Fulian, Zijin Mining, Muyuan Foods, Zhongji Xuchuang, and WuXi AppTec [1] - The stocks are primarily from industries such as power equipment, machinery, electronics, automotive, defense, and basic chemicals, with the power equipment sector having the highest number of stocks, totaling 8 [1] Profit Growth - Among the 59 stocks, a total of 18 companies reported a net profit growth of over 100% in the first half of the year, based on half-year reports, performance forecasts, and the lower limit of net profit [1]

Core Viewpoint - A-share companies have reported better-than-expected performance in the first half of the year, attracting market attention and investment despite a challenging economic environment [1] Group 1: Performance Highlights - 59 stocks have been identified as having exceeded market expectations, with notable companies including CATL, Industrial Fulian, Zijin Mining, Muyuan Foods, and WuXi AppTec [1] - The sectors with the most stocks exceeding expectations include power equipment, machinery, electronics, automotive, defense, and basic chemicals, with power equipment having the highest representation [1] - 18 stocks reported a net profit growth of over 100% in the first half of the year [1] Group 2: Specific Company Performances - Zhimin Da achieved a net profit of 0.38 billion yuan, a year-on-year increase of 21.48 times, driven by significant order growth in embedded modules, particularly in AI products [2] - Shijia Photon reported total revenue of 0.993 billion yuan, a 121.12% increase, with overseas revenue growing by 323.59% [2] - Suotong Development expects a net profit of 0.45 to 0.54 billion yuan for the first half of 2025, reflecting a year-on-year increase of 13.35 to 16.22 times due to favorable market conditions in the aluminum industry [2] Group 3: Market Performance and Investment Trends - The average increase for the 59 stocks that exceeded expectations was 37.45% year-to-date, significantly outperforming the Shanghai Composite Index [4] - Six stocks have doubled in value, including Shijia Photon and Zhimin Da [4] - Notable financing activity has been observed, with 18 stocks seeing net purchases exceeding 100 million yuan since July, including New Yi Sheng and WuXi AppTec [4] Group 4: Noteworthy Forecasts - New Yi Sheng anticipates a net profit of 3.7 to 4.2 billion yuan for the first half of the year, representing a year-on-year growth of 327.68% to 385.47% [6] - The company benefits from increased investment in AI-related computing power and a shift towards high-speed product demand [6]

Core Insights - Western Digital (WDC.US) shares rose over 7%, approaching historical highs, closing at $76.72 [1] - The company reported Q2 2025 earnings with a 30% year-over-year sales increase, reaching $2.61 billion, exceeding Wall Street expectations by approximately 5% [1] - Non-GAAP earnings per share were $1.66, surpassing analyst expectations of $1.48 by 12.1% [1] - Adjusted operating income for Q2 was $732 million, above the anticipated $667.5 million, with a profit margin of 28.1%, exceeding expectations by 9.7% [1] - Free cash flow margin was 25.9%, significantly higher than 12.5% in the same period last year [1] - The strong 30% revenue growth in Q2, at $2.61 billion, was 4.8% above Wall Street forecasts, marking the fourth consecutive quarter of growth for the company [1] - This growth indicates that Western Digital is in an upward industry cycle, which typically lasts 8-10 quarters [1]