来源：市场投研资讯 （来源：源媒汇） 作者 | 潘卓伦 "奇瑞汽车（9973.HK）处于向新能源与智能化升级转型的过程中，其销量规模、品牌及业绩已经属于 国内民营车企第一梯队，但市值被低估。" "奇瑞的海外优势与燃油车基本盘能提供稳定现金流，若募资能有效投入新能源领域，有望在2025-2027 年实现营收与利润的'二次增长'。" 以上分别是国证国际、中信证券等投资机构在奇瑞登陆港股后的评价，对于这宗港股年内最大车企 IPO，市场普遍看好其发展前景。但也有观点认为，奇瑞汽车在2025年完成IPO是因为业绩进入了快车 道，趁着公司在2024年营收达到约2699亿元人民币高位抓紧机会，不然过了这个村可能就没这个店。 显然，这种观点的目光有点短浅了。 只要翻一翻2025年中期报告和近半年的细分车型销量，就会发现当下只不过是奇瑞汽车刚开始厚积薄发 的时候。 在电车赛道兑现国民油车IP价值 提到奇瑞汽车，不少人对这家车企的印象可能还停留在燃油车时期。 诚然，在奇瑞已经卖出的超过1500万辆整车中，燃油车占大头，承载这些奇瑞燃油车的风云、QQ、瑞 虎等经典IP更是深入人心。但如今到了新能源车时代，这些积累没有白费，尤其是上 ...

2025 年 09 月 28 日 公司研究 评级：买入(维持) | | | | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 锚定"品牌向上、稳健增长" ，医疗&消费 协同发展 ——稳健医疗（300888）公司动态研究 最近一年走势 | 相对沪深 | 300 表现 | | 2025/09/26 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 稳健医疗 | | -9.2% | -4.4% | 43.7% | | 沪深 300 | | 2.2% | 15.3% | 28.3% | 2）医疗板块：老龄化显著推动医疗需求提升，提供医用耗材一 ...

● 龚梦泽 熊永红 随着中国长安汽车集团有限公司挂牌成立，其内部人事结构与资源调配策略亦迎来深刻变革。 9月上旬，长安汽车旗下子公司深蓝汽车已完成"换帅"，原公司CEO邓承浩升任为深蓝汽车董事长，其 职位由荣耀前中国区首席市场官姜海荣接任。而最新变动则出现在阿维塔科技，目前朱华荣已正式卸任 阿维塔科技董事长一职，该职位由王辉接任。 值得关注的是，王辉的任职背景也从侧面反映出长安汽车管理层年轻化的趋势。中国证券报记者从长安 汽车方面获悉，当前集团12位副总裁中有7位80后：米梦冬、李名才、王辉、张法涛、王孝飞、贺刚、 邓承浩。 除了销量层面的不及预期，更深层危机还在于，品牌差异化优势稀释——华为技术加持已非独有标签， 智驾与豪华配置渐成行业标配，而高端定位尚未完全转化为市场认可。 为此，王辉履新后迅速烧起"第一把火"，推出阿维塔战略2.0直面行业激烈竞争。新车方面，作为战略 落地首款车型，阿维塔07 2026款被寄予厚望。新车共推出6款配置，官方指导价21.99万元起，限时权益 价20.99万元起。但价格并非最大亮点，真正引发行业关注的是其"入门即满配"的产品逻辑。 "如果将过去的长安比作一艘小船，如今的长安汽 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The report highlights that Chaohongji plans to go public in Hong Kong, and Xuezhongfei has proposed a strategic initiative of "brand enhancement and innovative breakthroughs" [1][6]. - The jewelry business of Chaohongji achieved a revenue of 392.4 million yuan in the first half of 2025, with a year-on-year growth of 21.2%, while the handbag business saw a decline of 17.4% [17][18]. - The report notes a significant increase in same-store sales for Chaohongji's jewelry business, with self-operated stores growing by 26.5% and franchise stores by 32.0% in the first half of 2025 [18]. Summary by Sections Industry Performance - The textile and apparel sector saw a decline of 0.26% this week, while the light industry manufacturing sector fell by 0.58%. The SW textile and apparel sector outperformed the market by 0.19 percentage points [19]. - The SW textile manufacturing sub-sector increased by 0.76%, and the SW apparel and home textile sub-sector rose by 0.66% [19]. Company Performance - The report lists the top five companies in the textile and apparel sector by weekly performance: Taimushi (+61.05%), Hongdou (+26.14%), Baoxini (+22.51%), Xingye Technology (+19.90%), and Xinhua Jin (+10.39%) [28]. - Conversely, the bottom five performers included Mankalon (-10.80%), Laishen Tongling (-8.78%), Meibang Apparel (-7.48%), Mingpai Jewelry (-7.35%), and Dia Shares (-7.05%) [28]. Industry Data Tracking - The report provides insights into raw material prices, noting that the cotton price index was 15,283 yuan/ton, with a month-on-month increase of 0.2% [33]. - For the first eight months of 2025, China's textile and apparel exports amounted to 94.513 billion and 102.761 billion USD, reflecting a year-on-year growth of 1.6% and a decline of 1.7%, respectively [48]. - In August 2025, the domestic retail sales totaled 3.97 trillion yuan, with a year-on-year growth of 3.4% [55]. Industry News - Skechers has completed its privatization and delisting from the New York Stock Exchange, with a transaction price exceeding 9 billion USD [6][67]. - Xuezhongfei debuted its new ice and snow series at the China International Fashion Week, emphasizing its strategic goal to become the leading brand in China's ice and snow down jackets [68][70]. - VF Corporation announced the sale of its Dickies brand for 600 million USD to Bluestar Alliance, aligning with its strategy to focus on core outdoor brands [71][73].

历经28年风雨淬炼，以"长期主义"安身立命的车圈"理工男"——奇瑞汽车终于迎来属于自己的资本盛 宴。 9月17日，奇瑞汽车股份有限公司（股票代码：09973.HK）正式启动招股，并计划于9月25日正式登陆 港交所，预计募资金额区间为82.53亿至91.45亿港元（按发行价27.75-30.75港元/股计算，且假如未行使 超额配股权），成为港股市场2025年以来最大车企IPO。 连续22年中国自主品牌出口第一、1300万辆全球累计销量，奇瑞汽车手握多张"王牌"，已将全球化融入 企业基因。而今，公司通过港股上市融入国际资本市场，正以品牌向上、全球深耕、智能跃迁"三箭齐 发"，加速打造中国智造出海的崭新样板。 业绩狂飙："技术直男"的商业爆发力 一直以来，奇瑞总以车圈"理工男"的形象示人：死磕技术，钻研务实，殊不知"技术直男"的赚钱能力也 毫不逊色。 2022年至2024年，奇瑞汽车营业收入从926.18亿元大幅攀升至2698.97亿元，年复合增长率超70%；净利 润从58.06亿元增至143.34亿元，复合增长率达57%，远超行业平均水平。 销量方面，2024年奇瑞汽车总销量为229.5万辆，同比增长49.4%， ...

Core Insights - The core viewpoint of the article emphasizes that the competition in the automotive market is shifting from low-cost vehicles to the mid-to-high-end market, where brand building will be crucial for future growth [2][12]. Group 1: Market Dynamics - The main source of market share growth for domestic car manufacturers from 2024 to 2025 will be in the A-class car market priced between 50,000 to 150,000 CNY, where domestic brands currently hold a 70.6% market share as of Q2 2025 [12][16]. - The mid-to-high-end market (150,000 to 250,000 CNY) is expected to see significant competition, with current domestic market share below 50%, indicating substantial room for growth [5][18]. - The luxury market (250,000 CNY and above) is dominated by brands like Li Auto, Xiaomi, and Huawei, which are leveraging electric and intelligent vehicle technologies to establish themselves as leaders in this segment [5][13]. Group 2: Profitability and Brand Loyalty - The profitability in the mid-to-high-end market is strong, with the 150,000 to 250,000 CNY segment projected to generate annual revenues of approximately 1.1 to 1.2 trillion CNY and net profits of around 550 to 600 billion CNY [3][12]. - Brand loyalty is becoming increasingly important in the 150,000 to 250,000 CNY market, where consumers are less price-sensitive and more focused on overall product quality and brand reputation [18][19]. - The luxury market is characterized by high brand barriers, making it difficult for new entrants to compete solely on price, thus emphasizing the need for established brand identities [4][5]. Group 3: Competitive Landscape - The competitive landscape in the 250,000 CNY and above luxury market is becoming clearer, with domestic brands like Li Auto and Huawei gaining significant market shares, while traditional luxury brands are experiencing a decline [21][22]. - The 150,000 to 250,000 CNY market is fragmented, lacking a clear leader, which presents opportunities for traditional automakers and emerging players to capture market share through innovation and design [5][14]. - The article suggests that traditional automakers and second-tier new forces should focus on the mid-range market (150,000 to 250,000 CNY) as it offers a better opportunity for growth compared to the high-end luxury segment [14][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively managing its growth rate to alleviate pressure and strengthen its development foundation [7] - The revenue forecast for 2025 is adjusted to 10,594 million yuan, reflecting a year-on-year decrease of 8.24% [1] - The net profit forecast for 2025 is updated to 2,983 million yuan, indicating a year-on-year decline of 12.56% [1] - The company is focusing on enhancing its market share in the short term while aiming for breakthroughs in provincial markets [7] Financial Summary - Total revenue for 2023 is projected at 10,100 million yuan, with a year-on-year growth of 28.05% [1] - The net profit for 2023 is estimated at 3,136 million yuan, showing a year-on-year increase of 25.30% [1] - The earnings per share (EPS) for 2025 is expected to be 2.39 yuan, down from 2.74 yuan in 2024 [1] - The price-to-earnings (P/E) ratio for 2025 is projected at 18.51 times [1] Market Performance - The closing price of the company's stock is 44.30 yuan, with a market capitalization of 55,233.24 million yuan [5] - The company has a price-to-book (P/B) ratio of 3.41 [5] - The company’s operating cash flow for 2024 is projected at 2,867 million yuan [8]

Financial Performance - In the first half of 2025, the company achieved a total revenue of 5.3 billion yuan, representing a year-on-year growth of 31.3% [11] - The revenue for Q1 and Q2 was 1.9 billion yuan and 2.6 billion yuan respectively, showing a steady increase [12] - The overall gross profit margin remained stable, with the operating profit margin increasing by 0.7 percentage points compared to the same period last year [16] Profitability - The net profit attributable to shareholders was 490 million yuan, with a year-on-year growth of 28.1% [16] - The net profit excluding non-recurring gains and losses was 460 million yuan, reflecting a growth of 40.9% [16] - The company's asset-liability ratio decreased to 32%, indicating improved asset quality [18] Business Segments Medical Consumables - The medical segment generated a revenue of 2.52 billion yuan, with a year-on-year increase of 46.4% [29] - Excluding the contribution from the newly acquired GRI, the revenue was 1.95 billion yuan, up 13.2% year-on-year [29] - Key product categories such as surgical consumables and high-end dressings showed strong growth [29] Consumer Products - The consumer segment achieved a revenue of 2.75 billion yuan, growing by 20.3% year-on-year [40] - The core product, the Nai Si Princess sanitary napkin, significantly contributed to the overall growth [40] - The online sales channel generated 1.71 billion yuan, with a year-on-year increase of 23.6% [45] R&D and Innovation - The company emphasized R&D investment, with a steady increase in the number of patents and medical product registrations [18] - The focus on product innovation led to the development of high-end materials and improved product offerings [25][35] Shareholder Returns - The mid-term profit distribution plan for 2025 includes a cash dividend of 4.5 yuan per 10 shares, totaling 260 million yuan, which is 53% of the net profit attributable to shareholders [23] - Cumulatively, the company has distributed 2.88 billion yuan in cash dividends since its listing [23]

Group 1: Business Performance and Growth Outlook - The company achieved a 13% year-on-year growth in the second quarter for its All Cotton Era brand, with sales growth showing a recovery trend since July [1] - The medical consumables sector is projected to grow at a compound annual growth rate (CAGR) of approximately 6% from 2024 to 2030, outpacing current GDP growth [3] - The penetration rate of disposable medical supplies in China is currently between 20-30%, indicating significant growth potential compared to over 90% in developed countries [3] Group 2: Strategic Initiatives - The company will focus on four strategic pillars: product leadership, operational excellence, brand elevation, and global vision to drive business development [1][2] - Plans to enhance product offerings include launching differentiated packaging for cotton soft towels and expanding into beauty-related products [5] - The company aims to optimize its store operations by focusing on high-quality core stores and closing underperforming locations [2][10] Group 3: Financial Performance and Profitability - The gross profit margin for the All Cotton Era brand increased by 1.7 percentage points year-on-year, driven by improved product mix and inventory management [9] - The overall operating profit margin reached 14%, returning to levels seen in 2018 [9] - The company's effective tax rate increased to 17.6% in Q2 due to changes in business structure and tax rates applicable to different segments [12] Group 4: Market Challenges and Responses - The GRI acquisition faced challenges due to U.S.-China trade tensions, impacting supply chains and leading to temporary losses; however, recovery is expected in the latter half of the year [6] - The company is actively pursuing automation and smart manufacturing to enhance production efficiency and competitiveness [4] - The focus on high-value membership services aims to improve customer retention and drive sales in physical stores [11]

Summary of the Conference Call for稳健医疗 (2025) Company Overview - **Company**: 稳健医疗 - **Industry**: Medical and Consumer Products Key Financial Performance - **Revenue**: In the first half of 2025, the company achieved revenue of 53 billion, a year-on-year increase of 31% [3] - **Net Profit**: Net profit reached 4.9 billion, up 28% year-on-year [3] - **Medical Segment Revenue**: 25 billion, a 46% increase year-on-year, with a 13.2% increase after excluding Gri's impact [3] - **Consumer Segment Revenue**: 27.5 billion, a 20% increase year-on-year [3] Strategic Initiatives - **Core Strategies**: The company focuses on product leadership, operational excellence, brand elevation, and a global perspective [2] - **Product Development**: Continuous investment in R&D, with 22 patents and 53 medical product registrations obtained in the first half of 2025 [7] - **Market Expansion**: Plans to enhance brand reputation through international exhibitions and new product launches [11][12] Challenges and Responses - **Challenges**: Faced dual challenges from the 315 incident and tariff wars [4] - **Response Strategies**: - Optimizing product structure to increase the proportion of high-end medical supplies [4] - Focusing on the growing demand for medical services due to China's aging population [18] - Enhancing online sales channels and improving inventory turnover [4] Financial Metrics - **Sales Expense Ratio**: Decreased due to the lower sales expense ratio of Gri's ToB business [6] - **Management Expense Ratio**: Increased due to higher management costs from Gri, but remained stable when excluding Gri's impact [6] - **Gross Margin**: Overall gross margin improved to 58.6% [2] Consumer Segment Insights - **All-Cotton Era Performance**: Achieved significant growth in the consumer segment, with key products like奈斯公主卫生巾 growing by 68% [9] - **Online Sales Growth**: Online sales increased by 23.6%, with Douyin platform sales doubling [2] - **Future Product Strategy**: Plans to introduce new products and enhance existing ones to meet consumer demand for natural and soft cotton products [22] Taxation and Financial Management - **Corporate Tax Rate**: Increased due to a higher proportion of high-margin business and changes in tax policies [26][28] - **Tax Strategy**: Improved financial management to enhance deduction ratios and mitigate tax burdens [26] Future Outlook - **Growth Confidence**: Despite external challenges, the company remains confident in its growth trajectory, supported by a clear strategic path and strong market potential [9] - **Long-term Goals**: Focus on enhancing operational efficiency, brand influence, and global supply chain management to sustain growth [19][13] Additional Insights - **Market Trends**: Noted a shift in consumer preference towards 100% cotton products, indicating a growing market for natural materials [21][22] - **Store Operations**: Plans to optimize store operations by focusing on high-quality locations and enhancing customer experience [27][15] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategies, challenges, and future outlook in the medical and consumer products industry.