今日晚间，迎驾贡酒（603198）和今世缘(603369)披露半年报，两家公司业绩均随着白酒行业有所下降，其中今世缘降幅较小。 迎驾贡酒上半年营收31.60亿元，同比下降16.89%；归属于上市公司股东的净利润11.30亿元，同比下滑18.19%；扣非后净利润10.93亿元，降幅达19.94%，经营活动产生的现金流量净额3 今世缘表现相对稳健，上半年营收69.50亿元，同比下降4.84%；归母净利润22.29亿元，同比降幅9.46%；扣非后净利润22.24亿元，同比减少9.08%，降幅均小于迎驾贡酒，经营活动现金流 今世缘和同省的洋河股份相比表现较佳。8月18日晚间，洋河股份披露2025年半年度报告，数据显示上半年实现营业收入147.96亿元，同比下降35.32%；归属于上市公司股东的净利润43.44 洋河股份上半年经营活动产生的现金流量净额暴跌69.85%，为6.16亿元。上半年公司白酒销售量7.82万吨，同比下降32.35%；生产量4.89万吨，同比下降51.63%；库存量1.63万吨，同比 此前酒鬼酒公布上半年实现营业收入5.61亿元，较上年同期的9.94亿元大幅减少43.54%；归属于上市公司股东的净 ...

证券研究报告 [Table_ReportType] 点评报告 [Table_StockAndRank] 荣盛石化(002493.SZ) [Table_A 刘红光 uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com [Table_ReportDate] 2025 年 8 月 25 日 [Table_S 事件：202ummar 5 年y]8 月 22 日晚，荣盛石化发布 2025 年半年度报告。2025 年 上半年公司实现营业收入 1486.29 亿元，同比下降 7.83%；实现归母净利润 6.02 亿元，同比下降 29.82%；实现扣非后归母净利润为 7.55 亿元，同比 增长 12.28%；实现基本每股收益 0.06 元，同比下降 33.33%。 其中，第二季度公司实现营业收入 736.54 亿元，同比下降 8.12%，环比下 降 1.76%；实现归母净利润 0.14 亿元，同比下降 95.52%，环比下降 97.67%； 实现扣非后净利润 1.37 亿元，同比下降 30.92%，环比下降 77.91%。 点评： 公司研究 刘 ...

文丨 酱酱编辑丨 红豆 编审丨巴玖 2025年，在调味品这个传统赛道，正掀起一场波澜壮阔的IPO大潮。 第一军团：行业巨头选择"A+H"双平台运作 6月19日，海天味业（03288.HK）H股正式挂牌上市，成为调味品行业首家"A+H"双上市企业，首日市值一举突破2100亿港元。作为2025年以来发行规模 第二大的港股IPO，海天味业募资总额约101亿港元，用于海外市场拓展、产能扩张与供应链数字化、销售网络渗透、产品研发与技术升级等。 无独有偶。天味食品8月20日晚间发布公告，公司正在筹划发行境外上市股份（H股）并申请在香港联交所主板挂牌上市。 第二军团：细分领域龙头争相冲击北交所 5月9日，西式调味料企业百利食品正式在广东证监局完成IPO辅导备案，由招商证券担任辅导机构，计划登陆北交所，拟募集资金约11.64亿元。据悉，百 利食品于5月6日刚刚登陆新三板。 海天味业在港交所交易大厅的敲钟声余音未散，又一波调味品企业已经排队敲响资本市场的大门，包括天味食品、百利食品、幺麻子、中盐股份、广盐股 份、丹丹豆瓣等。 8月4日，幺麻子正式向北交所IPO发起冲刺。朝着"藤椒油第一股"迈进，幺麻子展现出惊人的"加速度"：2 ...

Core Viewpoint - In the first half of 2025, the company experienced a significant decline in revenue and net profit due to weak supply and demand dynamics, alongside inventory losses from falling oil prices [1][2]. Financial Performance - The company reported a total revenue of 1,409.05 billion yuan, a year-on-year decrease of 10.60% [1] - The net profit attributable to shareholders was 21.48 billion yuan, down 39.83% year-on-year [1] - The basic earnings per share (EPS) was 0.18 yuan, reflecting a 40.2% decline compared to the previous year [1] - In Q2 2025, revenue was 673.70 billion yuan, down 14.31% year-on-year and 8.39% quarter-on-quarter [1] - The net profit for Q2 was 8.22 billion yuan, a year-on-year decrease of 52.73% and a quarter-on-quarter decrease of 38.04% [1] Segment Performance - The exploration and development segment generated 23.6 billion yuan, down 55% year-on-year; refining segment earned 3.5 billion yuan, down 36%; marketing segment earned 8 billion yuan, down 67%; and the chemical segment reported a loss of 4.2 billion yuan, down 11% [2] - In Q2, the exploration and development segment earned 11.9 billion yuan, while the refining and chemical segments saw a quarter-on-quarter decline [2] Production and Cost Management - The company achieved a record high oil and gas equivalent production of 262.81 million barrels, a 2.0% increase year-on-year [3] - The cash operating cost for oil and gas was 718.0 yuan per ton, a reduction of 4.7% year-on-year [3] Refining and Chemical Sector - The refining sector faced weak oil product demand, processing 120 million tons of crude oil, a 7.6% decrease year-on-year, while producing 71.4 million tons of refined oil [4] - The chemical sector saw improvements in production and sales, with ethylene production increasing by 16.4% to 7.56 million tons and synthetic resin production rising by 12.8% to 11.04 million tons [4] Industry Outlook - The company is positioned to benefit from the current competitive landscape as domestic refining capacity approaches regulatory limits, with a focus on eliminating inefficient production [5] - The long-term investment value of the company is viewed positively, with projected net profits for 2025-2027 at 46.17 billion, 47.86 billion, and 51.73 billion yuan respectively [5]

证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 中国石化(600028.SH) | | | 上次评级 买入 [Table_A 刘红光uthor 石化行业联席首席分析师 ] 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [炼化板块 Table_Title带来] 拖累，公司业绩静待修复 [Table_ReportDate] 2025 年 8 月 22 日 [Table_S 事件： ummary] 2025 年 8 月 21 日晚，中国石化发布 2025 年半年度报告。2025 年 上半年公司实现营业收入 14090.52 亿元，同比下降 10.60%；实现归母净 利润 214.83 亿元，同比下降 39.83%；实 ...

Group 1: Lao Pu Gold - Lao Pu Gold reported a net profit of 2.35 billion yuan for the first half of 2025, with revenue reaching 12.354 billion yuan, a year-on-year increase of 251% [1] - The adjusted net profit grew by 290.6% compared to the previous year [1] - The company has established 29 stores in top commercial centers and has a loyal membership base of approximately 480,000, an increase of 130,000 members since the end of last year [1] Group 2: iQIYI - iQIYI's total revenue for the second quarter of 2025 was 6.63 billion yuan, reflecting an 11% year-on-year decline [2] - Membership service revenue accounted for 4.09 billion yuan, while online advertising service revenue was 1.27 billion yuan [2] - The decline in revenue may indicate a shift in the online video industry towards a more competitive landscape [2] Group 3: Pop Mart - Pop Mart plans to expand into emerging markets such as the Middle East and South Asia, while continuing to develop flagship stores in major cities like Paris, Sydney, Milan, and New York [3] - The company expects to have over 200 overseas stores by the end of the year [3] - This strategy reflects Pop Mart's accelerated global expansion and aims to enhance brand exposure and high transaction value conversion [3] Group 4: Amer Sports - Amer Sports reported a 23% year-on-year revenue increase for the second quarter, reaching 1.236 billion USD (approximately 8.878 billion yuan) [4] - Revenue in the Greater China region surged by 42% to 410 million USD [4] - The growth in the Greater China market highlights the strong demand for sports consumption, positioning it as a key growth driver for the company [4]

Core Viewpoint - The article discusses the challenges and strategic adjustments of Yanghe Co., highlighting its focus on quantity control and price stability in response to the ongoing adjustments in the liquor industry, with an emphasis on the growth of the light bottle liquor market and the introduction of new products [2][5][9]. Industry Overview - The liquor industry is currently in a "stock competition" phase, characterized by a rational demand for high-end liquor and increased pressure on mid-range prices, while the mass consumption market shows a dual trend of "quality upgrade" and "cost-performance pursuit" [4][5]. - The industry is experiencing a continuous decline in overall market sentiment, with a trend towards concentration and differentiation as rational consumption becomes more prevalent [5][6]. Company Performance - In the first half of 2025, Yanghe Co. reported revenue of 14.796 billion yuan and a net profit of 4.344 billion yuan, indicating a proactive approach to managing performance amid industry challenges [2]. - The company has begun to lower its growth expectations since the second half of 2023 to address high channel inventory and price inversion issues, positioning itself as a leader in the industry [6][7]. Strategic Adjustments - Yanghe Co. has implemented a policy of quantity control and price stability for its main products, such as Meng Liu and Hai Zhi Lan, to help reduce inventory and stimulate sales [7]. - The company reported a 49.26% year-on-year increase in contract liabilities, indicating a recovery in confidence among distributors [7]. Product Development - The light bottle liquor market has been growing, with expectations to reach 200 billion yuan in 2025, particularly in the 50-100 yuan price range, which is projected to grow over 40% [9]. - Yanghe Co. has launched the seventh generation of Hai Zhi Lan and developed the Yanghe Daqu high-line light bottle liquor, targeting the mass consumption market with a focus on quality and cost-effectiveness [9][10]. Quality and Brand Strategy - The company emphasizes quality as its lifeline, maintaining strict standards in raw material selection and brewing processes to enhance consumer experience [10]. - The strategic adjustments made by Yanghe Co. have shown early signs of success, indicating potential for future growth despite ongoing industry adjustments [10].

Core Viewpoint - The credit card industry is undergoing significant adjustments, with many banks reducing credit card benefits and closing branches, indicating a shift towards a more streamlined and competitive landscape [1][5][12]. Group 1: Industry Adjustments - Many banks are experiencing a decline in credit card issuance, with over 40 credit card branches approved for closure this year [5][12]. - The credit card sector is facing intense competition in the credit consumption market, leading to a transformation at a critical juncture [6][7]. - The trend of banks focusing on installment payment options is increasing, as they seek to enhance customer retention and profitability [3][10]. Group 2: Market Trends - The total number of credit cards in circulation has decreased, with a drop of approximately 4 million cards year-on-year, marking a 5.14% decline [14]. - Major banks like ICBC and CCB have reported a reduction in their credit card issuance, with ICBC's issuance down by 1.96% and CCB's by 300,000 cards [14]. - Credit card consumption amounts are also declining, with significant drops reported by various banks, including a 16.57% decrease in total consumption for Ping An Bank [14][16]. Group 3: Strategic Shifts - The industry is transitioning from a focus on acquiring new customers to optimizing existing customer relationships, emphasizing quality over quantity [15][17]. - Banks are increasingly targeting high-net-worth clients and integrating various financial services to enhance customer retention and profitability [17]. - The emphasis on product innovation and risk management is crucial for sustainable development in the credit card sector [15][17].

Core Viewpoint - The article highlights the achievements and strategic direction of FAW Jiefang in the first half of 2025, emphasizing its leadership in the commercial vehicle market and commitment to innovation and collaboration with partners [3][5][10]. Group 1: Market Performance - In the first half of 2025, FAW Jiefang achieved eight "industry firsts," maintaining its position as the leading brand in the commercial vehicle sector for 14 consecutive years, with a brand value of 1450.29 billion [3]. - The company secured a 23.2% market share in the domestic heavy-duty truck market, 24.6% in the tractor market, and 28.3% in the cargo truck market, all ranking first in the industry [3]. - FAW Jiefang's market share in the new energy heavy-duty truck sector reached 14.5%, with the fastest growth rate in the industry, while its share in the new energy tractor market was 16.3%, also ranking first [3]. Group 2: Strategic Initiatives - FAW Jiefang's Chairman, Li Sheng, emphasized the need for the company to adapt to energy structure transformations and intense market competition, aiming to consolidate its advantages in the heavy-duty truck segment [5]. - The company plans to enhance its overseas exports, which have seen a 61% growth across seven regions, including Southeast Asia and West Africa [5]. - The marketing strategy for the second half of the year includes a focus on maintaining leadership in key segments and expanding in new energy and core markets [10]. Group 3: Product Development - FAW Jiefang is strengthening its core competitiveness by launching 10 new models in the traditional energy sector and 22 new models in the new energy sector, showcasing advancements in its powertrain technology [15]. - The company introduced new products featuring four new self-developed engine assemblies and three new transmission assemblies, enhancing its technological edge [15]. - The exhibition at the conference showcased 13 representative models and six powertrain products, highlighting the company's commitment to innovation in both traditional and new energy vehicles [17][18]. Group 4: Collaboration and Future Outlook - The company called for partners to maintain confidence in the commercial vehicle industry's future and FAW Jiefang's brand development, emphasizing the importance of collaboration [5][8]. - FAW Jiefang aims to achieve high-quality development and successfully complete the "14th Five-Year Plan" by working closely with its commercial partners [18].

Core Viewpoint - The fashion brand Dazzle is facing significant challenges, with declining revenues and profits, as well as a loss of market position among urban women's clothing brands, reflecting a broader shift in consumer preferences and fashion trends [3][10][24]. Financial Performance - Dazzle's financial report indicates a decline in both revenue and net profit for the fiscal year 2024, with a continued downward trend into the first quarter of 2025 [3][10]. - The company closed over 100 stores within a year, with its main brand Dazzle experiencing an 18.37% revenue drop, the largest among its four brands [3][10][24]. - The revenue in the East China region, which contributes the most to Dazzle's earnings, fell by 15.16% to 9.62 billion [10]. Market Position and Competition - Dazzle's main brand did not make it to the top sales rankings during major promotional events, while competitors like Moco, Cos, and Edition performed well [3][10][24]. - The brand's image and offerings are perceived as lacking differentiation in a market that has become increasingly segmented and competitive [21][24]. Consumer Behavior and Trends - There is a noticeable shift in consumer preferences, with high heels and luxury handbags losing their appeal, leading to a more casual workplace attire [26]. - Consumers express dissatisfaction with Dazzle's current offerings, citing a lack of appealing designs [10][21]. Marketing and Brand Strategy - Dazzle is attempting to revitalize its brand image through collaborations with popular celebrities and influencers, but this has not translated into increased sales [22][24]. - The brand's marketing expenses have decreased, which may impact its visibility and sales performance [24][25]. Online and Offline Sales Channels - Dazzle's online revenue decreased by 7.31% to 3.68 billion, accounting for 16.60% of total revenue, while offline sales dropped by 17.88% to 18.46 billion, making up 83.40% of total revenue [24][25]. - The total number of Dazzle stores decreased to 890, with the main brand closing the most locations [24].