公司公布1H25 业绩：1H25 营业收入3.85 亿元，同比-36%；归母净利润-3611 万元，同比-238%。对应 2Q25 营业收入1.88 亿元，同比-39%；归母净利润-3428 万元，同比-426%。公司1H25 业绩低于我们预 期，主要由于收入低于我们预期，且期间费用偏刚性拖累盈利。 发展趋势 营收阶段性承压：1H25 公司营收同比-36%，主要系线上渠道销售收入下降所致，根据久谦数据，1H25 倍轻松品牌线上渠道（天猫+京东）销售额同比下滑50%以上。分产品看，1H25 收入占比较高的肩部、 头皮+头部、眼部、腰背部按摩器收入同比都有较大幅度下滑。1H25 公司持续发布多款新品，包括姜 小竹A3、头部按摩器HAIR 3、脚部按摩器iFoot5、腰部按摩器Y3 pro、头皮按摩器Scalp 5、腿部按摩器 T1。我们认为创新和产品力向来是公司的竞争优势，我们期待类似2023 年Neck N5 Mini 一般的畅销产 品突围，带动公司经营改善。 财务分析：1H25 公司毛利率62.8%，同比+0.8ppt，我们估计主要是产品结构拉动，以及毛利率更高的 线下直销渠道经营改善。由于收入下滑但期间费用 ...

Group 1: Economic Environment and Company Performance - The global economic growth has slowed down, with various factors such as tariff impacts, trade friction, and geopolitical conflicts contributing to increased uncertainty [2][3] - In the first half of 2025, the company achieved a revenue of CNY 2.078 billion, a decrease of 11.33% year-on-year; net profit attributable to shareholders was CNY 271 million, down 20.25% [3] - Despite the decline in key operational indicators, the company's profitability, cash flow, asset quality, and operational efficiency remain strong [3] Group 2: Strategic Focus and Operational Initiatives - The company emphasizes "sustainable development" and "high-quality growth" as core principles, focusing on core business and innovative models [2][3] - Key operational focuses include enhancing retail fundamentals, promoting high-quality development in engineering, optimizing international strategy, and strengthening manufacturing capabilities [3] Group 3: Market Performance and Future Outlook - The waterproof business showed slight revenue growth despite weak market demand, with improvements in customer numbers and matching rates [4] - The sales decline of PVC products was limited, with a gross margin increase of 2.55 percentage points, reflecting the company's efforts in product innovation and brand recognition [4] - The company maintains a cautious outlook for the second half of the year, anticipating continued market challenges and intense competition [4] Group 4: Investor Relations and Communication - The company is committed to avoiding ineffective price competition and focuses on quality, value, and service [5][6] - The pricing of various products has seen a year-on-year decline due to intensified market competition and shrinking demand, but there is a gradual recovery compared to the previous half [6] - The company plans to maintain its annual targets despite external challenges, aiming to motivate employees to strive for success [6]

Group 1: Economic Environment and Company Performance - The global economic growth has slowed down, with significant uncertainties due to tariffs, trade friction, and geopolitical conflicts [3] - In H1 2025, the company achieved revenue of CNY 2.078 billion, a decrease of 11.33% year-on-year; net profit attributable to shareholders was CNY 271 million, down 20.25% [3] - Despite external challenges, the company's profitability, cash flow, asset quality, and operational efficiency remain strong [3] Group 2: Strategic Focus and Operational Highlights - The company emphasizes "sustainable development" and "high-quality growth" as core strategies, focusing on core business and model innovation [3] - Key operational focuses include enhancing retail fundamentals, promoting high-quality development in engineering, and accelerating international strategy [3] - The waterproof business showed slight revenue growth, with an increase in customer numbers and service rates [3] Group 3: Market Conditions and Future Outlook - The market environment remains challenging, with no signs of demand improvement and intense competition expected to continue [3] - The company maintains a cautious outlook for H2 2025, linking retail demand closely to economic conditions and consumer confidence [6] - Sales strategies have been adjusted to strengthen channel construction and enhance product iteration and service innovation [6][7] Group 4: Product Pricing and Profitability - In H1 2025, product prices decreased year-on-year due to intensified market competition and shrinking demand, but are gradually recovering compared to H2 2024 [5] - The gross margin for PVC products improved by 2.55 percentage points, reflecting the company's efforts over recent years [3] Group 5: Dividends and Investor Relations - The company implemented a semi-annual cash dividend, considering external conditions, development plans, profitability, and investor return needs [7]

Group 1 - The core viewpoint of the article highlights the bidding results for the 100MW/400MWh independent shared energy storage project in Pingdingshan, with the first candidate being CRRC Zhuzhou Electric Locomotive Co., Ltd. at a bid price of 478.88 million yuan, equivalent to 1.197 yuan/Wh [1] - The second candidate is Hunan Industrial Equipment Installation Co., Ltd. with a bid price of 492.32 million yuan, equivalent to 1.231 yuan/Wh [1] - The third candidate is Hunan Xinya Lin Engineering Technology Co., Ltd. with a bid price of 488.80 million yuan, equivalent to 1.222 yuan/Wh [1] Group 2 - The project is commissioned by Pingdingshan Hengzhan New Energy Co., Ltd. and is located in Pingdingshan, Henan Province [1] - The energy storage project utilizes lithium iron phosphate batteries, with an outdoor container layout for the battery system and power conversion system [1] - The project includes a 120MVA (110/35kV) booster transformer and employs a ring network connection between storage units, connecting to a 35kV distribution device [1]