25Q2 业绩符合预期。公司25H1 营收13.95 亿元、同比-3.30%，归母净利-0.22 亿元、同比减亏，扣非净 利0.58 亿元、同比+141.32%，业绩符合此前预告。单25Q2 营收同比-3.94%、归母净利同比扭亏、扣非 净利同比显著提升至0.59 亿元，毛利率18.68%、同比+0.70pct，净利率6.28%大幅改善，主因淘汰牛等 非经常损失降低。 以价换量，渠道破局。拆分来看：1）产品层面，Q2 常温、低温乳制品收入同比分别-6.1%、-6.2%，均 环比降速，乳业消费趋势未有明显好转。2）市场层面，Q2 疆内、疆外收入同比分别 +10.6%、-17.2%，疆内增速环比Q1 显著改善，主因基数较低（24Q2 疆内收入同比-10.1%）且公司积极 开辟疆内各类新渠道出局成效，疆外增速环比进一步回落，竞争挤压依然明显。2025 年公司计划实现 乳制品销量31万吨，25H1 已完成16.23 万吨，有望完成全年目标。当前竞争较为激烈，公司以价换量特 征较为明显，Q1 乳制品销量同比+12.4%、吨均收入同比-13.6%，Q2 销量同比6.2%、吨均收入同 比-11.6%，价格和产品结构的拖累预 ...

Core Viewpoint - The article emphasizes the untapped potential of the African market for baby diapers and sanitary products, highlighting the significant growth opportunities amidst intense competition in other regions like China and Europe [1][6]. Group 1: Market Potential - Africa is the youngest continent with a median age of only 20 years and the highest birth rate globally [2]. - The penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30%, respectively, which are only one-third of those in developed markets [4]. - The market for baby diapers, pull-ups, and sanitary pads in Africa is projected to reach $5.6 billion by 2029, representing a 47% increase from five years ago [6]. Group 2: Company Overview - Leshushit Limited, a Chinese company, is rapidly capitalizing on this market potential and has filed for listing on the Hong Kong Stock Exchange [7]. - In 2024, Leshushit is expected to generate approximately $450 million in revenue, with over 40 billion baby diapers contributing to three-quarters of its revenue [8]. - Leshushit has achieved a market share of 20.3% in the African baby diaper market, surpassing established multinational companies like Procter & Gamble [9][32]. Group 3: Competitive Advantages - Leshushit has established a strong local presence, operating in over 30 countries with more than 14 years of experience in key markets [15]. - The company has built a complex distribution network to reach consumers effectively, which serves as a competitive barrier against new entrants [18]. - Leshushit has initiated local manufacturing in eight African countries, becoming the largest local manufacturer of hygiene products in the region [23]. Group 4: Growth Strategy and Challenges - The company plans to invest over $1.8 billion in expanding production capacity across 12 countries, including new factory construction and equipment procurement [24]. - However, Leshushit is experiencing a slowdown in growth, with revenue and net profit growth rates projected at 10.5% and 46.2% for 2024, down from 28.4% and 261% in 2023 [26]. - The company has adopted a low-price strategy, pricing its products at 40%-75% of international brands, which has contributed to its market share growth [29]. Group 5: Cost and Currency Risks - The cost of raw materials, which account for over 80% of total costs, is critical for maintaining the company's pricing strategy [34]. - Leshushit has not hedged against raw material costs, and a 5% increase in these costs could lead to a pre-tax profit decline of $12.6 million [38]. - The company has faced currency exchange losses amounting to $18.3 million from 2022 to 2024, representing 10% of its total net profit during that period [44].

非洲婴儿纸尿裤/拉拉裤的渗透率仅约20%，卫生巾渗透率仅约30%，只有欧美等发达市场的三分之一。 强劲的经济增速，城镇化带来的消费升级，为行业注入了高成长的预期。 这里是全球最年轻的大陆，人口年龄中位数仅20岁，并拥有全球最高的人口出生率。 巨大的人口红利之上，是极具潜力的市场空白。 在中国与欧美的纸尿裤生意陷入红海竞争的当下，非洲仍然是亟待挖掘的一座富矿。 到2029年，非洲婴儿纸尿裤、拉拉裤、卫生巾市场规模将达到56亿美元，较比五年前增长47%。 这座富矿正被一家来自中国的企业加速开掘。 它就是已经交表港交所的乐舒适有限公司（以下简称：乐舒适），而中金公司、中信证券、广发证券 （香港）为此次联席保荐人。 2024年，乐舒适收入约4.5亿美元（约合人民币32亿元），超40亿片婴儿纸尿裤为其贡献了四分之三的 营收。 这一销售成绩甚至超过了老牌跨国企业宝洁，以20.3%的销量占有率在非洲市场排名第一。 这意味着，非洲每售出的5片婴儿纸尿裤就有1片来自乐舒适。 站稳非洲 乐舒适由森大集团的快消品业务板块分拆而来。 作为最早进入非洲市场的中资企业之一，森大集团业务涵盖海外工业制造、国际贸易与实业投资，已成 为非洲市 ...

Core Insights - The Shenzhen second-hand housing market showed a positive recovery trend in August, with a recorded 1,265 transactions in the 33rd week, representing a 4.0% week-on-week increase, marking three consecutive weeks of growth [1] - The transaction structure indicates a shift in buyer preferences, with popular areas being Longgang Central City, Nanshan Qianhai, and Longgang Shuangcheng, recording 49, 43, and 41 transactions respectively [3] - The market is witnessing a significant interest in second-hand homes, particularly those priced below 3 million yuan, which accounted for 29.1% of transactions, up 2.5 percentage points from July [3][4] Market Activity - Data from multiple real estate platforms indicate increased market activity, with a 47% year-on-year rise in second-hand residential contracts from August 1 to 17 [3] - The Beike Research Institute reported a 26.3% increase in second-hand home transactions in the last week, with viewings also rising by 16% [3] - The total number of effective second-hand housing listings in Shenzhen was 76,399 as of August 18, showing a slight decrease of 92 listings from the previous week, indicating a potential improvement in supply-demand dynamics [4] Buyer Preferences - There is a growing interest in "new second-hand" homes, typically 5 to 10 years old, due to their price advantages and the absence of waiting for handover [4] - The price drop in many recently launched second-hand housing projects has created a "price inversion" phenomenon, making them more attractive compared to new homes [4] - The market continues to exhibit a trend of "price for volume," but prices for new second-hand homes have shown signs of recovery, reflecting differentiated performance among various property types [4]

Group 1: Market Trends - The latest data from the National Bureau of Statistics indicates a significant adjustment in the real estate market, with only 6 cities experiencing a month-on-month increase in new residential property prices, the lowest since the implementation of major policies last September [1] - From January to July, real estate development investment decreased by 12.0% year-on-year, while the sales area and sales revenue of new residential properties fell by 4.0% and 6.5%, respectively, highlighting a weakening effect of the "price for volume" strategy [1] - The area of new housing starts saw a substantial decline of 19.4%, further exacerbating market pessimism [1] Group 2: Performance of Major Cities - Shanghai stands out as the only first-tier city with a continuous month-on-month increase in new residential property prices for 10 consecutive months, with July sales reaching 31.4 billion yuan, where luxury properties contributed 41% of total sales [4] - In contrast, Beijing's market remains weak despite some luxury projects boosting sales, while Guangzhou has not seen any month-on-month price increases for 10 months, and Shenzhen continues to experience a widening decline [4] - Among 31 major second-tier cities, only Urumqi and Changchun reported month-on-month price increases, with cities like Chengdu and Hangzhou also facing declines [4] Group 3: Policy Responses - Despite efforts from central and local governments to stabilize the market, the response has been lukewarm, with policies such as expanding affordable housing supply in population inflow cities failing to reverse the downward trend [5] - Beijing's recent easing of purchase restrictions outside the Fifth Ring Road did not address more impactful measures like core area restrictions or mortgage rates, leading to perceptions of passive rather than proactive policy adjustments [5] - The recovery of market confidence faces multiple challenges, including limited effectiveness of the "price for volume" strategy in the second-hand market and weak demand in the new housing market [5]

Core Viewpoint - RuiPu LanJun is striving to signal a turnaround from years of losses, reporting a significant reduction in net loss for the first half of the year, indicating potential for profitability ahead [1][4][21]. Financial Performance - In the first half of 2023, RuiPu LanJun achieved revenue of 9.491 billion yuan, a year-on-year increase of 24.9%, while net loss narrowed to 65 million yuan from 440 million yuan in the same period last year [1][4]. - The company has accumulated losses of 3.8 billion yuan over six consecutive years, with a projected revenue of 17.79 billion yuan for 2024, reflecting a 29.4% year-on-year growth [6][21]. Market Position and Competition - RuiPu LanJun's performance is underwhelming compared to industry leaders like CATL, which reported revenue of 178.886 billion yuan and a net profit of 30.485 billion yuan, showing a year-on-year growth of 7.27% and 33.33% respectively [3][4]. - The company has entered the top ten Chinese lithium battery manufacturers in 2023, with a domestic market share of 2.21% in the power battery segment [9][20]. Strategic Shifts - The company has shifted its focus from power batteries to energy storage batteries, with the latter accounting for 53.6% of revenue in the first half of 2023, compared to 42.4% from power batteries [9][19]. - RuiPu LanJun has adopted a "price-for-volume" strategy to gain market share, which has led to a significant reduction in profitability [10][11]. Management Changes - In late 2024, RuiPu LanJun appointed a new president, Feng Ting, who initiated a strategy to unify pricing and eliminate internal competition, which has shown early signs of success in reducing losses [12][16][21]. Production and Capacity - The company reported a 100.2% year-on-year increase in battery sales volume, reaching 32.4 GWh in the first half of 2023, with a production capacity utilization rate of 90% [19][21]. - RuiPu LanJun plans to expand its production capacity by over 20% by 2026, driven by strong order demand, particularly in the energy storage sector [20][21]. Profitability Challenges - Despite revenue growth, RuiPu LanJun faces challenges in achieving sustainable profitability, with a gross margin of 8.7% still lagging behind competitors like CATL, which has a gross margin of 25% [21][23].

Core Viewpoint - The real estate market is stabilizing under various supportive policies, with a noticeable reduction in the sales decline of real estate companies in the first seven months of 2025 compared to the previous year [1][3]. Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, a year-on-year decline of 13.3%, significantly narrowing from a 40.1% drop in the same period last year [3][7]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [3]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, but all experienced varying degrees of sales decline compared to last year [3]. Pricing Strategy - The prevailing strategy among real estate companies is to lower prices to boost sales volume, with many companies reporting average sales prices below last year's levels [4][5]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [4]. Market Trends - The real estate market continues to be in an adjustment phase, with a general trend of declining sales performance among listed companies [4][8]. - Despite the overall decline, a few companies like Jinmao and Yuexiu reported sales growth, indicating some resilience in specific segments of the market [4]. Profitability Concerns - The strategy of lowering prices to increase sales volume has led to profit losses for many companies, with 11 out of 62 listed real estate companies forecasting losses for the first half of 2025 [8][9]. - Factors contributing to poor performance include increased asset impairment provisions and rising interest expenses on debt [9]. Policy Impact - Recent policy measures, such as the easing of purchase restrictions in Beijing, are expected to positively influence the market, potentially leading to a recovery in new home sales [10]. - Analysts suggest that while August may continue to show seasonal trends, core cities could see stable transaction volumes due to policy support and pricing strategies [10].

Core Viewpoint - The real estate market is stabilizing due to various policies, with a noticeable reduction in the sales decline of real estate companies in the first seven months of 2025 compared to the previous year [2][8]. Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, a year-on-year decline of 13.3%, significantly narrowing from a 40.1% drop in the same period last year [2][8]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [2][3]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, with sales figures of 136.8 billion yuan, 132 billion yuan, 123.6 billion yuan, and 104.6 billion yuan, respectively [3]. Pricing Strategies - Many real estate companies adopted a "price for volume" strategy, leading to a general decline in sales prices compared to last year [7][9]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [7]. Market Trends - The real estate market continues to be in an adjustment phase, with a trend of shrinking balance sheets among listed companies [6]. - Despite the overall decline in sales, some companies like Jinmao reported a sales increase of over 20% year-on-year, achieving 61.807 billion yuan in sales [6] - The market is expected to maintain stability in August, with potential improvements in sales due to ongoing policy support [10]. Profitability Concerns - The shift to a "price for volume" strategy has resulted in profit losses for many companies, with 11 out of 62 listed companies forecasting losses for the first half of 2025 [9][10]. - Factors contributing to poor performance include increased asset impairment provisions and rising interest expenses on debts [10].

乐有家研究中心的数据则显示，截至8月11日，8月以来深圳门店二手住宅看房成交率为4.22%，相较7 月上涨0.26个百分点，显示客户正加速"抄底"。据深圳贝壳研究院监测，8月上旬日均签约量较7月增长 6.4%，与去年同期相比增长32.5%。 不过，市场从业者的"体感"却有所不同。"定价权更为灵活的二手房更能反映楼市实际情况。"记者在深 圳罗湖和龙岗区采访时，多位资深二手房中介经理对记者表示，目前的二手房市场还是"以价换量"，除 了少数热门次新房小区、总价低的刚需盘以及优质学区房的成交量维持一定热度，其他房源的成交依旧 面临一定压力，前期的政策放松效果已经开始淡化，多数购房者仍在期待新的政策。 （原标题：实探深圳楼市丨二手房"以价换量"，业界期待政策放松节奏提速） 对于房地产市场来说，一线城市具有"风向标"意义。 近日，北京提出一系列放松楼市限购的举措，引发广泛关注。 数据显示，8月以来，深圳二手房市场开局势头较好。近期，记者走访了深圳多区房地产市场，从受访 情况来看，市场从业者的"体感"却有所不同，均希望出台更多的优化政策，以提振市场情绪。 楼市"体感"不一 尽管7月和8月是楼市传统的淡季，但进入8月以来，深 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the inflation trends in China, specifically focusing on the Consumer Price Index (CPI) and Producer Price Index (PPI) for July 2023, highlighting the challenges faced by the economy and their implications for stock trading strategies [1][2]. Core Insights and Arguments - In July, China's CPI decreased by 0.3% year-on-year, while PPI fell by 4.4%, both figures being below market expectations, indicating challenges in economic recovery [1]. - The decline in CPI was primarily driven by a 9.5% year-on-year drop in pork prices, which offset the impact of rising fuel prices due to international crude oil increases. However, service consumption in areas such as education, tourism, and healthcare remained active, with service CPI rising by 0.5% [1][3]. - PPI was affected by weak demand and uncertainties surrounding tariffs, leading to declines across upstream, raw materials, and downstream industries. However, the "anti-involution" policy has improved competition in industries like coal and steel, resulting in a narrowing of the month-on-month decline [1][3]. - Future inflation dynamics in China are expected to shift from goods to services, with new pricing laws expanding low-price clearance to the service sector, which is anticipated to provide momentum for overall price recovery [4][5]. Additional Important Content - The "anti-involution" policy is expected to support a mild recovery in PPI, but the impact may be limited due to weak demand-side stimulus. Additionally, uncertainties from new tariffs and trade restrictions from the U.S. may constrain inflation recovery [5]. - Short-term projections indicate that PPI is unlikely to return to positive territory, while CPI may turn positive sooner [5].