证券研究报告 | 2025年09月01日 爱玛科技（603529.SH） 优于大市 2025 年上半年利润同比提升，产品及渠道拓展促进增长 2025H1 收入及利润同比较快增长。爱玛科技 2025H1 实现营收 130.3 亿元， 同比增长 23.0%，归母净利润 12.1 亿元，同比增长 27.6%；2025Q2 实现 营收 68.0 亿元，同比增长 20.6%，环比增长 9.1%，归母净利润 6.1 亿 元，同比增长 30.1%，环比增长 0.5%。2025 年上半年电动两轮车以旧换 新等政策刺激需求提升，带动销量及盈利改善，促进收入及利润同比较 快提升。 2025H1 价格战缓解叠加以旧换新政策刺激，促进盈利提升。2025H1 公司毛 利率 19.2%，同比+1.4pct，净利率 9.5%，同比+0.4pct，2025Q2 公司毛 利率 18.9%，同比+1.3pct，环比-0.7pct，净利率 9.2%，同比+0.7pct， 环比-0.7pct。2025H1 毛利率及净利率同比提升，主要由于以旧换新带 动、价格战缓解，盈利改善；2025Q2 部分地区以旧换新政策暂停，整体 力度相较于 2025Q1 减 ...

| 哈尔滨威帝电子股份有限公司2025 | 公司简称：威帝股份 | 年半年度报告摘要 | | | | | --- | --- | --- | --- | --- | --- | | 公司代码：603023 | | | | | | | 哈尔滨威帝电子股份有限公司 | | | | | | | 哈尔滨威帝电子股份有限公司2025 | | 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | | | | www.sse.com.cn 展规划，投资者应当到 | 网站仔细阅读半年度报告全文。 | | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | 无 | | | | | | | 第二节 公司基本情况 | | | | | | | 公司股票简况 | | | | | | | 股票种类 股票上市交易所 股票简称 | | 股票代码 | | 变更前股票简称 | | | A股 上海证券交易所 威帝股份 | | 603023 | *ST威帝 | | | | 联系人和联系方式 | | 董事会秘书 | | | | | 姓名 周宝田 | | | | | ...

Core Viewpoint - The company Wei Long (09985.HK) is facing significant challenges in the competitive snack food market, leading to a decline in stock price and the decision to conduct a share placement to raise capital for expansion and brand enhancement [1][2][4]. Group 1: Share Placement Details - Wei Long announced a placement of 80 million new shares, representing 3.29% of the enlarged share capital, at a price of HKD 14.72 per share, which is a 7.88% discount to the closing price of HKD 15.98 on May 7, 2025 [2]. - The placement is expected to raise approximately HKD 1.178 billion, with a net amount of about HKD 1.167 billion after deducting commissions and estimated expenses [3]. Group 2: Use of Proceeds - Approximately 50% of the proceeds from the placement will be used to expand and upgrade production facilities and supply chain systems [3]. - About 20% will be allocated to further expand the sales and distribution network, and another 20% will be used to strengthen brand building to enhance brand influence and consumer recognition [3]. - The remaining 10% will be used for general corporate purposes [3]. Group 3: Market Performance and Challenges - Wei Long's stock price fell by 5.26% to HKD 15.14 per share, reflecting cautious market sentiment following the announcement [1][4]. - The company has experienced a slowdown in sales growth for its signature spicy strips due to changing consumer preferences towards healthier options and increased competition from brands like Liangpinpuzi and Three Squirrels [5]. - In 2024, Wei Long's overall revenue reached RMB 6.266 billion, a year-on-year increase of 28.6%, while net profit rose by 21.3% to RMB 1.068 billion [5]. Group 4: Business Segment Performance - The revenue from Wei Long's seasoning noodle products grew only 4.6% to RMB 2.667 billion, decreasing its revenue share from 52.3% to 42.6% [5]. - In contrast, the vegetable products segment saw a significant revenue increase of 59.1% to RMB 3.371 billion, surpassing the seasoning noodle products for the first time, with its share rising from 43.5% to 53.8% [5][6]. Group 5: Marketing and Brand Strategy - The success of the vegetable products segment is attributed to heavy advertising investments and enhanced multi-channel marketing efforts, with sales expenses reaching RMB 1.026 billion, a 27.22% increase year-on-year [6]. - The introduction of the new product "Konjac Snack" has achieved a market penetration rate of 78%, significantly outperforming competitors [6].