证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 莱绅通灵(603900.SH) 投资评级 上次评级 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 莱绅通灵(603900.SH)25H1 点评：产品转型顺 产品转型顺畅，黄金镶嵌表现亮眼。25H1，黄金品类收入实现突破性增长， 黄金销售占比 80%，镶嵌黄金收入同增 200%，镶嵌钻石饰品/传统黄金饰 品/翡翠饰品/其他产品收入 4.79/3.22/0.24/0.40 亿元，同比+68%/+11%/- 14%/+46%。 线下直营、加盟渠道收入均实现较快增长，打造千万级标杆门店规划稳步 推进。分渠道，25H1 直营/加盟/线上收入分别为 5.73/0.98/1.95 亿元，直 营店单店效益稳步提升，直营收入同增 47%，加盟业务收入同比增长 109%，线上业务在去年高基数情况下仍保持稳健体量。基于现有千万级门 店年化表现，公司全年规划 50 家千万级直营店及 15 ...

Financial Data and Key Metrics Changes - Match Group's total revenue for Q2 was $864 million, flat year over year, and down 1% on an FX neutral basis [28] - Operating income was $194 million, down 5% year over year, representing an operating income margin of 22% [29] - Adjusted operating income (AOI) was $290 million, down 5% year over year, with an AOI margin of 34% [29] - Tinder's direct revenue was $461 million, down 4% year over year, with payers declining 7% to 9 million [30] - Hinge's direct revenue was $168 million, up 25% year over year, with payers growing 18% to 1.7 million [31] Business Line Data and Key Metrics Changes - Tinder's revenue per payer (RPP) grew 3% year over year to $17.14 [30] - Hinge's RPP grew 6% year over year to $31.96, driven by strong user growth and monetization optimization [31] - E and E direct revenue was $148 million, down 8% year over year, with payers declining 15% to 2.3 million [32] - Match Group Asia's direct revenue was $69 million, down 6% year over year, with pairs increasing 6% year over year to 1.1 million [33] Market Data and Key Metrics Changes - Hinge grew its monthly active users (MAU) by nearly 20% year over year in the first half of the year, with European markets seeing over 60% growth [23] - Match Group's indirect revenue was up 15% year over year, driven by strength in the advertising business [29] Company Strategy and Development Direction - The company is undergoing a three-phase turnaround: reset, revitalize, and resurgence, with a focus on user outcomes and product innovation [5][12] - Tinder is being restructured to prioritize low-pressure ways to connect, while Hinge focuses on intentional dating [12][20] - The company plans to allocate approximately $50 million in 2025 towards product testing, geographic expansion, and early-stage bets [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the online dating category's growth potential, citing Hinge's success as evidence of ongoing user interest [26][82] - The company anticipates a year-over-year revenue growth of 2% to 3% for Q3, with a focus on reinvesting savings into product innovation [36][38] Other Important Information - The company plans to change its non-GAAP profitability measure from adjusted operating income to adjusted EBITDA starting next quarter [41] - A new marketing strategy is being implemented to improve engagement with younger users, particularly under 30 [47][48] Q&A Session Summary Question: Update on Tinder's engagement with U.S. users under 30 - Management highlighted that features like DoubleDate are resonating well with this demographic, with 90% of users being under 30 [47][48] Question: How to track the status of the turnaround - Management indicated that they are monitoring metrics such as new account registrations, MAU, four-way chats, and contact exchanges to gauge progress [56][58] Question: Expansion of face check feature - Management is studying the impact of the face check feature on trust and safety, revenue, and user perception [63] Question: Insights on alternative payments - Testing of alternative payments has shown a 30% shift in transactions from in-app purchases to the web, resulting in a 10% increase in net revenue [66] Question: Addressing weaknesses among younger users - Management noted that while there is still some pressure on younger users, they are not seeing further macroeconomic impacts and are testing various monetization strategies [89] Question: Key drivers for Hinge's revenue acceleration - Hinge's growth is attributed to product innovation, a focus on the female experience, onboarding improvements, and international expansion [92][94]

Core Insights - Non-listed life insurance companies in China reported significant growth in both insurance business revenue and net profit for the first half of the year, with net profit increasing by 242% year-on-year [1][2][3] Group 1: Financial Performance - A total of 58 non-listed life insurance companies achieved an aggregate insurance business revenue of 727.65 billion yuan and a net profit of 28.64 billion yuan in the first half of the year, both showing year-on-year increases [2][4] - Among these companies, 37 reported profits totaling 32.91 billion yuan, while 21 companies incurred losses amounting to 4.27 billion yuan [2][4] - Leading companies such as Taikang Life and China Post Life Insurance reported revenues exceeding 100 billion yuan, with Taikang Life generating 130.97 billion yuan and China Post Life generating 118.07 billion yuan [2][4] Group 2: Market Dynamics - The significant increase in net profit is attributed to product transformation that reduced liability costs and a recovery in investment income driven by a strong stock market performance [3][5] - The market exhibits a "Matthew Effect," where larger companies like Taikang Life dominate both revenue and profit, with Taikang Life accounting for 56% of the total net profit among the 58 companies [4][5] Group 3: Strategic Recommendations - Smaller insurance companies are encouraged to focus on niche markets and develop specialized products and services to enhance competitiveness, such as home care services and value-added health insurance offerings [5] - Companies need to proactively adjust product structures and pricing rates in response to the ongoing decline in preset interest rates, aiming for sustainable and high-quality growth [5]

Core Viewpoint - The popularity of the "facekinis" in Qingdao has significantly declined, with fewer people wearing them and limited sales at beach vendors, indicating a shift in consumer preferences and market dynamics [1][2][4]. Market Trends - The article highlights the transition of "facekinis" from a trendy beach accessory to a rarely seen item, with reports of almost no one wearing them at various beaches in Qingdao during the summer of 2025 [2][3]. - Sales of "facekinis" have plummeted, with local vendors reporting minimal stock turnover and some even ceasing to sell them altogether [3][4]. Product Evolution - The "facekini," invented by Zhang Shifan, initially aimed to protect swimmers from sunburn and jellyfish stings, evolving over the years into a cultural symbol with various designs [5][6]. - The product has undergone multiple iterations, with improvements in design and materials, including the introduction of cultural motifs, which helped it gain international attention [6][7]. Competitive Landscape - The market has seen an influx of imitation products, which has contributed to the decline in sales of the original "facekini," as these cheaper alternatives attract price-sensitive consumers [8][9]. - The shift in consumer behavior, with fewer locals swimming at beaches, has further exacerbated the sales decline, leading to a reduction in the number of vendors selling "facekinis" [8][9]. Future Outlook - Zhang Shifan is exploring new applications for "facekinis" beyond beach use, such as outdoor activities and seasonal products, in an effort to revitalize the brand and adapt to changing market conditions [8][9]. - Despite the challenges, the commitment to the original protective purpose of the "facekini" remains strong, with hopes for its continued relevance in various protective scenarios [9].

Core Viewpoint - Mercedes-Benz has decided to extend the production of the A-Class until 2028, contrary to previous plans to discontinue it in 2026, due to sustained demand in the European market for this entry-level fuel vehicle [4][12][20]. Group 1: Production Decisions - The decision to extend the A-Class production was confirmed by production chief Jörg Burzer, who stated that this will be the "last round of production" for the A-Class [5][19]. - The A-Class was initially set to be the last generation of its series, with plans to shift focus to new models based on the Mercedes-Benz Modular Architecture (MMA) platform [10][11]. - The production of the A-Class may be transferred to the Kecskemet plant in Hungary to free up capacity at the Rastatt plant for the new MMA models [18] Group 2: Market Demand and Strategy - Despite a decline in overall compact car sales, the A-Class has shown relatively strong performance in the European market, with sales of 27,772 units in the first five months of the year, although this is down from 32,711 units in the same period last year [16]. - Mercedes-Benz plans to reduce its compact car lineup from seven to four models, indicating a strategic shift to focus on more attractive models for global markets [10][21]. - The extension of the A-Class production is seen as a response to the strong customer base in Europe, where the A-Class has been one of the best-selling compact cars [20][22]. Group 3: Future Outlook - The new CLA will take over the entry-level role in the Mercedes lineup after the A-Class is phased out, with production of the next-generation CLA set to begin in 2026 [11][21]. - The additional two years of A-Class production serve as a farewell to European customers who prefer fuel vehicles, while also providing a transition period before the new electric models are introduced [22][23].

Core Viewpoint - The company has achieved large-scale and stable delivery of its Switch2 backlight module products, with sales expected to grow alongside the sales of the Switch2 main unit, maintaining reasonable profit levels [1] Group 1: Company Transformation - The company's sales structure has successfully transformed from primarily low-margin mobile products to focusing on high-margin products such as the Switch2 gaming products and tablets [1] - This transformation is expected to drive continuous improvement in the company's operating conditions from 2024 to the first quarter of 2025 [1] Group 2: Production and Profitability - In the first half of the year, the company focused on sample development and trial production, with mass supply expected to begin in the second half of the year [1] - As the proportion of high-end customers and high-value-added products increases, both gross margin and net margin are anticipated to further grow [1]

Liability Side - The insurance industry has seen initial success in product transformation, with the proportion of participating insurance in new business increasing, thereby improving the quality of the liability structure [2] - In the first quarter, the original insurance premium income for life insurance companies was approximately 1.66 trillion yuan, a year-on-year decrease of 0.3%, with life insurance premium income down nearly 1% [2] - The new business value rate has generally improved due to optimized product structures and channel strategies, particularly in the bancassurance channel, leading to rapid growth in comparable new business value [2][3] Asset Side - The proportion of equity investments has continued to rise, with bond allocation exceeding 51% in the first quarter, marking a new high [4] - Insurers are expected to continue increasing equity asset allocation to enhance investment returns, particularly in high-dividend stocks and sectors like AI and renewable energy [4][5] - The overall investment strategy is shifting towards long-duration bonds to stabilize investment returns while increasing equity positions for greater return elasticity [4] Market Outlook - The proportion of participating insurance is expected to increase further, with a focus on improving channel quality [3] - The overall premium income is anticipated to maintain steady growth, supported by renewal premiums despite pressure on new business [3] - The insurance industry is expected to pursue stability while seeking progress through product optimization, channel efficiency enhancement, and increased equity investments [5]

Core Viewpoint - Tongfang Global Life Insurance Co., Ltd. has undergone significant management changes, raising questions about its strategic direction amidst a backdrop of increasing revenue but declining net profits from 2021 to 2023, although a turnaround was noted in 2024 with both premium and net profit growth [2][11]. Management Changes - The company has recently announced a broad adjustment in its executive team, including the promotion of internal talent to various key positions such as Secretary of the Board and Chief Executive Officer of Group Insurance [2][3]. - Chen Shangwen, who has over 30 years of experience in international finance, was appointed as the new chairman in October 2024, succeeding Wang Lin [3][4]. - Zhang Yuanyuan was appointed as the vice chairman, bringing a wealth of experience from various roles within the company [4]. Financial Performance - Despite a steady increase in premium income from 26.99 billion in 2017 to 87.37 billion in 2024, the company faced a decline in net profits from a peak of 4.26 billion in 2020 to 0.31 billion in 2023, indicating a "growth without profit" scenario [5][6]. - In 2024, the company reported a net profit of 0.36 billion, a 15.76% increase year-on-year, alongside a 6.88% growth in insurance business revenue [11]. Investment Strategy - The company has demonstrated strong investment performance, leading the industry with an average comprehensive investment return of 8.98% over the past three years [9]. - In 2024, investment income reached 1.53 billion, with 64.3% derived from available-for-sale financial assets, showcasing a diversified investment strategy aimed at risk mitigation and stable returns [10][11]. Strategic Focus - The new management team is focused on product transformation to meet the growing wealth management needs of clients, emphasizing the development of dividend-based insurance products and enhancing the sales system [12]. - The company aims to strengthen its offerings in health and retirement insurance, enhancing customer experience through product upgrades [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's profit growth exceeded expectations due to significant performance in insurance services, with a year-on-year increase in net profit of 39.5% to 28.802 billion yuan in Q1 2025, surpassing the forecast of 4.1% [4] - The company's net asset value increased by 4.5% compared to the end of 2024, reaching 532.507 billion yuan [4] - The new business value (NBV) showed a year-on-year increase of 4.8%, exceeding the expected growth of 0.4% [5] - The company’s total investment assets grew by 3.1% to 6.82 trillion yuan by the end of Q1 2025, although the annualized net investment return decreased by 0.22 percentage points [6] - The report projects an upward adjustment in profit forecasts for 2025-2027, with expected net profits of 114.29 billion yuan, 128.46 billion yuan, and 152.56 billion yuan respectively [7] Financial Data Summary - The company reported operating revenue of 405.04 billion yuan in 2023, projected to increase to 528.57 billion yuan in 2024, followed by a decrease to 486.72 billion yuan in 2025 [8] - The net profit attributable to shareholders is expected to rise from 51.18 billion yuan in 2023 to 106.94 billion yuan in 2024, and further to 114.29 billion yuan in 2025 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 20.0 in 2023 to 9.0 in 2025, indicating improved valuation [8]

Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The insurance industry saw a positive growth in premium income, with total original premium income reaching 21,745 billion yuan in the first quarter of 2025, reflecting a year-on-year increase of 0.9% [8][6]. - Life insurance premiums decreased by 1.0% year-on-year but showed a month-on-month increase of 2.5 percentage points, indicating a narrowing decline [8][6]. - Property insurance premiums increased by 4.2% year-on-year, driven primarily by non-auto insurance segments [8][6]. - The total assets of the insurance industry reached 37.84 trillion yuan by the end of March 2025, a 5.4% increase from the previous year [8][6]. - The report highlights a divergence in performance among listed companies, with New China Life and China Pacific Insurance achieving positive premium growth, while Ping An experienced a decline in new orders [8][6]. Summary by Sections Industry Overview - The insurance industry achieved a total original premium income of 21,745 billion yuan in Q1 2025, with life insurance contributing 13,832 billion yuan and property insurance contributing 3,867 billion yuan [8][6]. - The overall premium growth turned positive, primarily due to the narrowing decline in life insurance [8][6]. Life Insurance Companies - Life insurance companies reported original premium income of 16,590 billion yuan, with a year-on-year decrease of 0.3% [8][6]. - The decline in life insurance premiums is narrowing, with a month-on-month positive growth trend observed [8][6]. Property Insurance Companies - Property insurance companies recorded original premium income of 5,155 billion yuan, reflecting a year-on-year increase of 5.1% [8][6]. - The growth in property insurance is mainly attributed to non-auto insurance segments, with health insurance and liability insurance showing significant increases [8][6]. Asset Changes - As of March 2025, the total assets of the insurance industry reached 37.84 trillion yuan, with a net asset increase of 6% year-on-year [8][6]. Investment Recommendations - The report suggests that the overall underwriting profitability of the industry is improving, with expectations of continued growth in property insurance premiums [8][6].