证券代码： 301055 证券简称：张小泉 张小泉股份有限公司投资者关系活动记录表 编号：2025-002 张小泉股份有限公司 | 渠道的多元化需求；以新材料、新工艺、新设备的研发应用为关键支撑， | | --- | | 深化基础研究与技术成果转化，加速构建核心自主知识产权体系。 | 3、请问一下咱们在文创领域是否有布局？ 答：文创产品的战略布局与零售渠道的全面建设具有深度绑定的协同 关系。产品供给是渠道拓展的核心基础，而渠道网络是产品变现的关键支 撑，二者相辅相成、缺一不可。公司近年来推出多款文创属性产品及品牌 IP"新匠师"的形象，适配线下零售门店的销售场景，未来也将加大资源 投入与精力倾斜，围绕文化 IP 深度挖掘，进一步丰富文创产品矩阵、拓 宽市场覆盖范围、深化品牌文化赋能，助力文创板块成为公司新的增长引 擎与核心竞争力之一。 4、近两年来公司营业收入和净利润双增长的主要原因？ 答：一是持续深化市场精细化运营，通过精准锚定产品定位与客群需 求，优化经销商体系结构、补齐空白市场短板、稳步搭建配送访销一体化 模式，夯实市场基础；二是聚焦战略主轴落地见效，以场景化为导向推进 产品开发，构建多元化、高品质的产 ...

Core Viewpoint - FAW Hongqi is undergoing a comprehensive brand renewal, establishing a three-brand structure to meet diverse market demands, as announced at the 2025 Guangzhou International Auto Show [1][2]. Brand Structure - The "Hongqi" brand will focus on mainstream consumers, offering a range of fuel, hybrid, and electric vehicles, representing the most significant and widely covered sub-brand of FAW Hongqi [1]. - The "Hongqi Tiangong" sub-brand targets trendy and youthful users, emphasizing innovative design and a vibrant driving experience [2]. - The "Hongqi Jinkuihua" sub-brand aims at the ultra-luxury market, promoting vehicles that reflect Eastern values and cater to high-status individuals [2]. Product Launch - The new HS6 PHEV model is highlighted as a pioneering product in the brand's renewal efforts, with a pre-sale price range of 178,800 to 228,800 yuan, designed to meet diverse user needs [2]. - The HS6 PHEV has set a Guinness World Record for the longest distance driven by a plug-in hybrid SUV on a full tank and battery, achieving 2,327.343 kilometers [2]. Safety and Testing - FAW Hongqi is committed to safety, collaborating with the China Automotive Center to conduct extreme environment tests, aiming to be the first brand to complete all-weather extreme environment testing [3]. - The HS6 PHEV has successfully passed tests in three extreme environments, with plans for further testing in cold conditions [3]. Market Positioning - The three sub-brands reflect FAW Hongqi's strategic adjustment to target different consumer segments, from mainstream to ultra-luxury markets [4]. - The introduction of customized models under the Jinkuihua brand reinforces its positioning in the ultra-luxury segment, showcasing a focus on high-quality materials and design [4]. - The brand restructuring aims to enhance market competitiveness amid pressures from electric and intelligent vehicle transitions and competitive pricing from joint venture brands [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 75 yuan [2][7]. Core Views - The company reported a revenue of 6.95 billion yuan for H1 2025, a decrease of 4.8% year-on-year, and a net profit attributable to shareholders of 2.23 billion yuan, down 9.5% year-on-year. In Q2 alone, revenue was 1.85 billion yuan, down 29.7%, and net profit was 580 million yuan, down 37.1% [2][7]. - The report indicates that the company is actively managing its inventory and has begun a phase of destocking, which is expected to relieve pressure in the coming year. The company is focusing on deepening market penetration in provincial areas and expanding its presence in key markets outside the province [7][8]. - The report highlights that the company has increased its marketing and promotional expenses, which has impacted profitability. The gross margin for Q2 was 72.8%, a slight decrease of 0.2 percentage points year-on-year [7][8]. Financial Summary - The total revenue forecast for 2025 is 10.11 billion yuan, reflecting a year-on-year decline of 12.4%. The net profit forecast for 2025 is 2.89 billion yuan, down 15.5% year-on-year [3][7]. - The earnings per share (EPS) for 2025 is projected to be 2.31 yuan, with a price-to-earnings (P/E) ratio of 19 times [3][7]. - The company’s total assets are estimated to reach 25.71 billion yuan by 2025, with a debt-to-equity ratio of 10.6% [3][7].