传媒/广告营销 天下秀（600556.SH） 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(元) | 5.48 | | 一年最高最低(元) | 8.30/3.30 | | 总市值(亿元) | 99.06 | | 流通市值(亿元) | 99.06 | | 总股本(亿股) | 18.08 | | 流通股本(亿股) | 18.08 | | 近 3 个月换手率(%) | 183.48 | 股价走势图 -50% 0% 50% 100% 150% 2024-08 2024-12 2025-04 天下秀 沪深300 数据来源：聚源 相关研究报告 《深耕红人营销，"拓平台+出海"驱 动增长飞轮—公司首次覆盖报告》 -2025.3.26 业绩短期波动，"AI+出海"驱动长期成长 ——公司信息更新报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 看好 AI、出海、创新业务驱动业绩修复，维持"买入"评级 2025H1 公司实现营业收入 18.4 亿元（同比-8%），归母净利润 0. ...

IP仍是决定能否将故事持续讲下去的关键。 作者 | 钟艺璇 编辑 | 乔芊 中国版乐高，又有了新故事。 全球第三、中国第一拼搭类玩具公司布鲁可发布了2025年中期财报。上半年，布鲁可营收约13.38亿元，同比增长27.9%；期内利润由去年同期亏损 2.55亿元转为盈利2.97亿元。 从纸面上看，在连续亏损四年后，布鲁可终于扭亏为盈。但剔除优先股变动损失、股权激励费用计提外，早在2023年，布鲁可在经营层面便已实现盈 利，其2023和2024上半年的经调整利润分别为0.73、2.92亿元，且2024上半年经调整利润率达到27.92%。 一个事实是，布鲁可上半年营收增速低于预期，对比过去两年同期营收增速56.1%、47.1%，今年放缓至27.9%。就国内市场变化而言，布鲁可今年继 续加大对9块9价格带产品的发力，收效不错。去年11月开始，布鲁可开始售卖9块9的变形金刚星辰版，截止到报告期的7个月内，这个以盲盒形式出现 的小玩具，因为价格低廉，组装简单，且正版授权，迅速卖出了4860万盒，贡献收入超过2亿元。 但本期财报最大的亮点之处，还在于海外业绩的增长。 今年上半年，布鲁可海外营收达到1.1亿元，相较去年同期增 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company's revenue and profit have significantly increased due to the expansion of its mining service business and the consolidation of Xuefeng Technology, with a revenue of 9.15 billion yuan in the first half of 2025, representing a year-on-year growth of 63.83%, and a net profit of 504 million yuan, up 22.05% [1][9]. - The company is focusing on expanding its civil explosives production capacity, achieving a revenue of 1.38 billion yuan in the civil explosives segment, a year-on-year increase of 40.31%, with a gross margin of 36.35% [1][10]. - The mining service segment has a strong order backlog of over 35 billion yuan, with significant revenue growth in key markets such as Xinjiang and Tibet [2][17]. - The company is actively pursuing overseas business opportunities, with international revenue reaching 718 million yuan, a growth of 18.87% year-on-year, and plans to expand into markets in Asia, South America, Europe, and Africa [2][18]. - The company is transitioning towards military industry, with plans to acquire a 60% stake in Dalian Changzhilin, which specializes in aviation equipment [3][24]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 9.15 billion yuan, a 63.83% increase year-on-year, and a net profit of 504 million yuan, up 22.05% [1][9]. - The civil explosives segment generated a revenue of 1.38 billion yuan, with a gross margin of 36.35%, while the mining service segment reported a revenue of 6.44 billion yuan, a 48.74% increase [2][10]. Business Expansion - The company is expanding its civil explosives production capacity, currently holding an annual capacity of 725,500 tons, and aims to achieve a million-ton capacity through mergers and acquisitions [1][10]. - The mining service segment has a strong order backlog of over 35 billion yuan, with significant growth in revenue from Xinjiang and Tibet [2][17]. International Operations - The company is enhancing its overseas business, with international revenue of 718 million yuan, representing an 18.87% year-on-year increase, and plans to establish production lines in various regions [2][18]. Strategic Acquisitions - The company is pursuing acquisitions to strengthen its military equipment segment, including the planned acquisition of a 60% stake in Dalian Changzhilin, which focuses on aviation components [3][24]. Earnings Forecast - The earnings forecast for the company has been adjusted upwards, with expected net profits of 1.10 billion yuan, 1.30 billion yuan, and 1.52 billion yuan for 2025, 2026, and 2027 respectively [25].

Core Viewpoint - Huace Film & TV reported significant growth in its 2025 semi-annual report, with a revenue increase of approximately 115% year-on-year, driven primarily by its television production and distribution business [1] Group 1: Financial Performance - The company achieved an operating income of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, reflecting a year-on-year growth of about 65% [1] - The non-recurring net profit reached 72.16 million yuan, up 67.9% year-on-year [1] - Revenue from television production and distribution surged to 360 million yuan, marking a substantial increase of 1259% [1] Group 2: Business Development - Huace Film & TV is expanding into short dramas, animation, and computing power to create a "second growth curve" [2] - The company has increased its monthly production capacity of short dramas to 20 episodes through various strategies [2] - In the animation sector, Huace is collaborating with Hasbro on a new "Peppa Pig" animated film, expected to release in 2026 [2] Group 3: International Expansion - The series "Guose Fanghua" has been distributed to over 10 countries and regions, and the company's first international short drama app, DailyShort, has been launched [3] - Overseas business revenue reached 88.12 million yuan, reflecting a year-on-year growth of 28.5% [3]

Summary of Conference Call Records Industry and Companies Involved - **Companies**: Pop Mart (泡泡玛特) and Blokus (布鲁可) - **Industry**: Toy and IP-related products Key Points and Arguments Pop Mart (泡泡玛特) 1. **Category Expansion**: Pop Mart is expanding its product categories (Mega, sugar gel, plush toys) to enhance consumer engagement and is actively exploring small appliances and other derivatives to strengthen its consumer base [1][2][3] 2. **IP Matrix Health**: Monitoring the sales proportion of the LaBuBu IP is crucial; if it remains around 30%, it indicates a healthy IP matrix with growth in other IPs [1][3] 3. **Classic IP Performance**: Classic IPs like Molly, Dimo, and Skull Panda are expected to maintain growth in the first half of the year, with new forms and collaborations broadening consumer appeal [1][4] 4. **Emerging IP Success**: New IPs such as Crybaby, Gorilla Man, and Zizika are performing well, enriching the product line and attracting new fans [1][5] 5. **Overseas Market Potential**: The performance of stores in overseas markets, particularly in Southeast Asia and the US, is significantly higher than in the domestic market, indicating strong long-term expansion potential [1][2][21] 6. **Sales Growth Expectations**: For the first half of 2025, Pop Mart anticipates revenue growth of no less than 200% and profit growth of no less than 350%, leading to an upward adjustment in market expectations for the full year [2] Blokus (布鲁可) 1. **Performance Below Expectations**: Blokus's performance in the first half of the year was below expectations due to inventory pressure from distributors and the timing of new product launches [1][9] 2. **Future Product Expansion**: Plans to expand into adult and female-oriented products, deepen market penetration in lower-tier cities, and accelerate overseas expansion are in place, with expectations for significant growth in the second half of the year [1][10][11] 3. **Market Penetration**: The company is gradually expanding its domestic network and utilizing major channels like Walmart and Costco in North America, with the second half expected to be a peak sales season [1][11] 4. **New Product Launches**: Blokus plans to release 800 SKUs this year, doubling last year's offerings, with a focus on new IPs and optimizing existing ones to drive sales [9][10][16] 5. **Competitive Positioning**: Blokus holds a competitive advantage in the building block sector against competitors like LEGO and Bandai, primarily due to its pricing strategy and channel penetration [1][14] 6. **Valuation Insights**: The estimated valuation for Blokus is projected to be between 20 to 25 times earnings, reflecting its growth potential and brand premium [15] Additional Insights 1. **Second-Hand Market Impact**: The second-hand market's pricing dynamics are being monitored, with a focus on maintaining a healthy price range to avoid market risks associated with excessive speculation [8] 2. **Seasonality of Revenue**: Blokus's revenue exhibits seasonality, with historical data indicating stronger performance in the second half of the year due to several sales peaks [17] 3. **IP Development and Market Trends**: The overall toy industry is experiencing growth driven by demand for IP-related products, while traditional toy segments remain relatively flat [23] 4. **Future Growth Potential**: Both companies are positioned for future growth, with Pop Mart focusing on IP expansion and Blokus on market penetration and product diversification [28][25] This summary encapsulates the key insights from the conference call records, highlighting the strategic directions and performance expectations of Pop Mart and Blokus within the toy industry.

Core Insights - Yushu Technology has emphasized the importance of its overseas business, which has accounted for approximately 50% of its annual performance [1] Company Overview - Yushu Technology began its overseas operations in 2018, indicating a long-term commitment to the global market [1]

互联网大厂的亏损原因 互联网大厂第一季度的开门红效应已经不再，据高盛预计，中国互联网大厂在今年第二季度、第三季度 将持续亏损，财报出现数年以来的首次负增长，而亏损的主要原因，正是还在继续的外卖大战，以及不 确定性持续上升的出海业务。 虽已被顶层设计叫停，但事实上的外卖大战仍在一定程度上的持续，互联网大厂对用户和流量的争夺需 要决出胜负，因此投入强度没有明显放缓。之前的补贴让入局的互联网大厂盈利已经承压，而当下的补 贴竞争还未达到高点，"每一单都有亏损压力"的说法并不夸张，据测算，互联网大厂每季度的亏损都可 能在一百亿元以上。外卖大战看似让消费者获益，但中小商家却并未完全受益，且外卖领域的 ...

Core Viewpoint - The stock price of Hang Seng Electronics has surged significantly, likely driven by rumors of a partnership with Ant Group regarding stablecoins, leading to a broader rally in financial technology stocks [1] Group 1: Company Performance - Hang Seng Electronics experienced a sharp increase in stock price, reaching the daily limit up after 10 AM [1] - The surge in Hang Seng Electronics' stock price has positively influenced other financial technology stocks such as Wealth Trend and Guotou Intelligent [1] Group 2: Market Rumors and Reactions - The market activity is speculated to be linked to rumors about a collaboration between Hang Seng Electronics and Ant Group on stablecoins [1] - The investor relations department of Hang Seng Electronics acknowledged awareness of the market rumors but could not confirm any partnership with Ant Group at this time [1] - The company is actively exploring opportunities in stablecoins and virtual assets, having had preliminary discussions with Ant Group and other firms, but any official confirmation will depend on future announcements [1]

Summary of Conference Call on Medical Device Industry Industry Overview - The medical device industry is transitioning its valuation system from DCF to PB or dividend valuation due to the impact of centralized procurement policies. However, by 2025, the policy direction is expected to become more rational, with price increases observed in certain segments like coronary stents, indicating a healthier industry overall [1][3][2]. Key Companies and Their Performance 1. **Shanwaishan** - Expected profit for 2025 is between 160-180 million yuan, with revenue exceeding 800 million yuan. The equipment segment is projected to grow at 15%-20%, while the consumables segment may exceed 40%. The compound annual growth rate (CAGR) over the next three to five years is anticipated to reach 25%-30% [1][7]. - The self-produced consumables ratio has increased to over 50%, positively impacting overall gross and net profit margins [1][8]. 2. **Aidi Te** - Aidi Te's zirconia materials are not affected by centralized procurement, with overseas business growth outpacing domestic growth. Sales from 3D printer products are expected to exceed 100 million yuan, contributing at least 20 million yuan in profit. The industry growth rate is projected to be over 10% due to aging demographics [1][10]. 3. **Times Angel** - Times Angel anticipates over 50% growth in overseas business for 2025, with domestic and international sales volumes becoming comparable. The company aims for profitability in overseas operations by 2026, with a target market capitalization of 15 billion yuan based on domestic profit and sales scale [1][11]. Market Trends and Changes - The medical device industry is experiencing positive changes in 2025, with a controlled reduction in prices due to centralized procurement policies. Some segments, such as high-value consumables, are seeing price increases, particularly in ophthalmic artificial crystals and OK lenses [3][13]. - The implementation of anti-involution policies is expected to benefit mid-to-low-end consumables, allowing large manufacturers to leverage automated production lines to reduce costs [3][27]. Investment Recommendations - Recommended companies include Shanwaishan, Aidi Te, and Times Angel, with Shanwaishan showing strong performance in bidding data and overseas business growth, particularly in blood dialysis equipment [1][5]. - The high-value consumables sector, especially in ophthalmology and cardiology, is highlighted as a key area for investment, with specific companies like Aidi, Opcon Vision, and Haohai Medical recommended for their strong market positions [1][13]. Future Outlook - The overall valuation levels in the medical device sector are low, with potential for improvement in both performance and valuation levels, indicating a "Davis Double Play" scenario [1][6]. - The industry is expected to continue its growth trajectory, with a focus on brand volume and the gradual reduction of price differences among similar products, facilitating domestic replacements for foreign products [1][27].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the automotive parts industry, particularly the transition towards intelligent and robotic technologies, highlighting significant growth opportunities in the sector [1][3][4]. Core Insights and Arguments - **Rapid Growth in Intelligent Technologies**: The laser radar market is projected to grow from $4 billion in 2024 to $12 billion by 2028, while the chip market is expected to increase from over $20 billion to over $50 billion. The line control braking system is anticipated to rise from $15 billion to over $26 billion, driven by a shift in consumer preferences towards intelligent features in vehicles [1][3][5][6]. - **ASP Increase in Technological Fields**: Although sectors like seating, lighting, and glass do not exhibit explosive growth, the average selling price (ASP) continues to rise due to enhanced configurations. For instance, the price of Xiaomi's dimmable skylight can reach 3,000 yuan [1][4][6]. - **Successful Overseas Expansion**: Chinese automotive parts manufacturers are successfully expanding into markets in North America, Europe, and Japan, with overseas market potential estimated to be three times that of the domestic market. The establishment of factories in Mexico has led to favorable order conditions and excellent profit margins [1][4][7][8]. - **Robotics Industry Growth**: The humanoid robotics industry is expected to experience significant growth in the next three to five years, with automotive parts companies beginning to pivot towards robotics, potentially opening a second growth curve [1][3][10]. Additional Important Content - **European Market Trends**: The European automotive market has seen a decline in total volume but is witnessing a resurgence in new energy vehicles (NEVs), with a penetration rate of 19% in Q1 2025, up approximately 4% year-on-year. The EU aims for a 24% penetration rate this year, driven by carbon reduction policies [3][9]. - **Investment Strategy**: The current investment strategy should focus on core companies with the ability to navigate cycles, such as Berteli and Xinquan in the domestic intelligent sector, and Fuyao and Jifeng with global layouts. Additionally, key suppliers in the robotics field like Topu should be monitored for growth opportunities [3][12]. - **Technological Breakthroughs Needed**: The development of the robotics sector is hindered by slow progress in ToB applications, with future advancements relying on breakthroughs in brain and reducer technologies [2][10][11]. This summary encapsulates the essential insights and trends discussed in the conference call, providing a comprehensive overview of the automotive parts industry's current landscape and future potential.