洽洽食品（002557.SZ）2025 年半年报点评 业绩承压，关注新品表现 2025 年 08 月 26 日 ➢ 公司发布 2025 年中报业绩公告。公司 25H1 实现营业收入 27.52 亿元，同 比下降 5.05%，归母净利润 0.89 亿元，同比下降 73.68%，扣非净利润 0.43 亿 元，同比下降 84.77%。其中，25Q2 公司实现营业收入 11.81 亿元，同比增长 9.69%，归母净利润 0.11 亿元，同比下降 88.17%，扣非净利润-0.15 亿元，同 比转亏。 ➢ 春节错期影响 25H1 收入表现，持续优化渠道布局。分产品看，2025H1 葵 花籽/坚果类/其他产品分别实现营业收入 17.72/6.14/3.04 亿元，分别同比- 4.45%/-6.98%/-13.76%，主要是由于宏观经济形势、外部渠道的变化以及一季 度春节错期等因素的影响。分渠道看，25H1 经销/直营渠道分别实现营业收入 19.73/7.8 亿元，分别同比-18.49%/+63.01%。渠道竞争方面，折扣化、近场化 趋势加剧，大卖场、超市、便利等传统渠道客流持续下滑，公司在以上渠道的销 售占比较大，因此销 ...

在经营业绩上，2025年上半年，旗下医疗机构整体门急诊服务总量达131.91万人次，同比增长5.42%； 住院服务量9.63万人次，同比减少4.01%。公司实现营业收入203,430.77万元，同比减少15.95% ，归母 净利润 -16,496.18万元，同比减亏4.98%。经营性现金流量净额59,254.20万元，较去年同期增长 12.75%。二季度以来经营改善，二季度营业收入10.37亿元，环比增长4.02%；归母净利润 -5,860.80万 元，环比减亏44.89%；经营性现金流量净额3.49亿元，环比增长43.04%；管理费用率环比下降0.95个百 分点；财务费用率环比降低0.34个百分点。 旗下医疗机构经营情况方面，西安高新医院上半年门急诊服务量57.87万人次，同比增长；营业收入 63,874.14万元，同比降低17.30%，净利润3,097.74万元，同比降低37.48%。西安国际医学中心医院上半 年门急诊服务量74.05万人次，同比增长7.37%；住院服务量6.60万人次，同比降低2.80%；营业收入 138,327.49万元，同比降低15.37%；净利润 -11,320.98万元，同比降低 ...

证券代码：000516 证券简称：国际医学 编号：2025-04 西安国际医学投资股份有限公司投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动 | □新闻发布会 路演活动 | | 类别 | | | | 现场参观 | | | 其他_____ | | 参与单位名称及 | 天风证券杨松、李慧瑶，中信建投证券贺菊颖、王在存、华冉， | | | 国盛证券徐雨涵，兴业证券孙媛媛、黄翰漾、东楠，东北证券文 | | 人员姓名 | 将儒，广发证券王少喆，西部证券吕晔，申万宏源证券张静含、 | | | 余玉君，开源证券阮帅，华创证券王港，华创证券孙芊荟，华创 | | | 证券郑辰、王宏雨，招商证券梁广楷、张语馨，东海证券杜永宏、 | | | 赖菲虹，华泰证券代雯、沈卢庆、孙茗馨，华福证券陈铁林、何 | | | 展聪，中信证券陈竹、宋硕、沈睦钧、魏巍，华安证券李雨涵， | | | 东吴证券冉胜男，东方证券王光宇，东北证券古翰羲，长江证券 | | | 盛夏，国海证券李明，国融证券王林，中金公司张一弛，招银国 | | | 际黄本晨 ...

公司报告 | 半年报点评 中煤能源（601898） 证券研究报告 Q2 净利润呈现低波动率，中期分红回报投资者 Q2 净利润环比小幅下滑 公司 2025H1 实现营业收入 744.36 亿元，同比-19.9%；营业成本达 561.1 亿元，同比-18.4%；实现归母净利润 77.05 亿元，同比-21.3%；扣非归母净 利润达 76.53 亿元，同比-20.7%；公司利润同比下滑，主要是受到煤价中 枢下跌影响，从环比来看公司的利润表现相对稳定，公司 2025Q2 归母净 利润为 37.27 亿元，环比-6.3%。 煤炭业务受煤价下跌影响收入下滑，但公司积极降本实现平滑 2025H1 公司煤炭业务营业收入 605.68 亿元，同比-22.1%，营业成本 462.21 亿元，同比-20.2%，营收下降主要受到煤价下跌影响。公司 2025H1 商品煤 产量为 6734 万吨，同比+1.3%，商品煤销量 1.287 亿吨，同比-3.6%，其中 自产商品煤销量 6711 万吨，同比+1.4%。 公司成本控制能力较强，2025H1 公司自产商品煤单吨成本为 262.97 元/吨， 同比减少 29.91 元/吨，同比降幅为 ...

截至2025年8月22日收盘，深圳机场（000089）报收于7.19元，较上周的7.2元下跌0.14%。本周，深圳 机场8月18日盘中最高价报7.27元。8月20日盘中最低价报7.06元。深圳机场当前最新总市值147.45亿 元，在航空机场板块市值排名10/12，在两市A股市值排名1272/5152。 本周关注点 机构调研要点 8月19日特定对象调研 问：国际航线恢复情况？答：截至 2025 年 7 月末，深圳机场国际旅客吞吐量 330.58万人次，同比增长 30.07%；地区旅客吞吐量 28.57 万人次，同比增长 7.09%。作为粤港澳大湾区的重要枢纽门户，深圳机 场紧抓机遇，联合航空公司新开或加密往返万象、墨西哥城、利雅得、新加坡等多条国际及地区航线， 有力带动了国际客运市场的增长。未来，深圳机场将持续优化航线布局，以更密集的航线网络，更优质 的服务体验，搭建起联通世界的"空中通道"，丰富市民旅客的跨境出行选择，助力深圳扩大高水平对外 开放。 问：三跑道后续投产进展？答：为满足深圳机场未来航空主业可持续发展的需要，解决基础设施保障资 源面临饱和的制约，2020 年 3月，深圳机场三跑道扩建工程项目正式开 ...

休闲食品 2024-10-27 2、《洽洽食品（002557.SZ）2024 投放加大》2024-08-30 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 505.86 | | 流通股本(百万股) | 504.77 | | 市价(元) | 23.57 | | 市值(百万元) | 11,923.00 | | 流通市值(百万元) | 11,897.51 | 洽洽食品（002557.SZ） 证券研究报告/公司点评报告 2025 年 08 月 22 日 破局革新，盈利短期承压 ——洽洽食品 2025 年半年报点评 收入端：受春节错期、渠道变化影响收入小幅下滑，电商及海外增势良好。25H1， 公司葵花子/坚果类/其他产品收入分别同比-4.45%/-6.98%/-13.76%至 17.72/6.14/3.04 亿元。25H1，公司经销和其他/直营渠道收入分别同比 -18.49%/+63.01%至 19.73/7.80 亿元。25H1，东方/南方/北方/电商/海外地区收入分 别同比-24.76%/+2 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 3.533 billion, representing a year-on-year growth of 20.73% [3] - The net profit attributable to shareholders for the same period was CNY 222 million, a decline of 6.19% year-on-year, primarily due to a decrease in gross profit margin [3] - The gross profit margin for the first half of 2025 was 21.51%, down by 3.57 percentage points compared to the previous year, largely due to rising prices of raw materials such as gold and copper [3] Group 2: Cost Management Strategies - The company is implementing several measures to improve profitability, including optimizing the sales structure and focusing on high-value customers [4] - Cost management initiatives include enhancing unit cost monitoring, improving material utilization, and implementing price adjustments for certain products [6][7] - The company aims to reduce unit costs and improve operational efficiency to mitigate the impact of rising raw material costs [7] Group 3: Capacity Expansion and Utilization - The current overall capacity utilization rate is approximately 85% [8] - The company is accelerating capacity expansion at its Zhuhai plants and establishing a new HDI factory to meet increasing market demand [8] - Plans are in place to enhance production capabilities in Thailand and optimize domestic production processes to support future growth [8][14] Group 4: Market Diversification and Risk Management - The company has diversified its market strategy, with domestic sales accounting for over 50% of total revenue, reducing reliance on the U.S. market [12] - Strategies to address U.S. tariffs include optimizing customer cooperation strategies and accelerating the establishment of overseas production bases [13][14] - The company is committed to maintaining stable operations and ensuring investor rights amid changing market conditions [5]

率 -2.49% -13.72% 81.85% 期末比上年度 本报告 摘要 | 深圳市联建光电股份有限公司 | | | 2025 年半年度报告 | | --- | --- | --- | --- | | 摘要 | | | | | 证券代码：300269 证券简称：联建光电 | | | 公告编号： | | 2025-030 | | | | | 2025 深圳市联建光电股份有限公司 年半年度报告摘要 | | | | | 一、重要提示 | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | 资者应当到证监 | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | 非标准审计意见提示 | | | | | □适用 ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | □适用 ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | 二、公司基本情况 | | | | | ...

Core Viewpoint - Zhongshun Jierou has adjusted its share repurchase plan, increasing the total repurchase amount from "not less than 110 million yuan and not exceeding 160 million yuan" to "not less than 160 million yuan and not exceeding 210 million yuan" due to confidence in future business development and market value [1][2][4]. Group 1: Share Repurchase Plan - The repurchase plan initiated in April 2025 has seen multiple adjustments, with the latest increase in the total repurchase amount [3]. - As of August 15, 2025, Zhongshun Jierou has repurchased 15.28 million shares, accounting for 1.19% of the total share capital, with a total repurchase amount of 110 million yuan [3][4]. Group 2: Financial Performance - In the first half of 2025, Zhongshun Jierou achieved operating revenue of 4.33 billion yuan, a year-on-year increase of 7.67%, and a net profit of 150 million yuan, a year-on-year increase of 71.44% [2][6]. - The company has experienced a significant recovery in profitability due to a decline in raw material prices and improved cost control and management efficiency [2][6]. Group 3: Historical Context and Market Position - Founded in 1979, Zhongshun Jierou has evolved into a diversified group enterprise, becoming a leading player in the domestic consumer paper industry [5]. - The company has faced challenges in recent years, with net profits declining from a peak of 906 million yuan in 2020 to 77.18 million yuan in 2024, largely due to rising raw material costs [5][6].

Group 1: Cost Management and Optimization - The company emphasizes cost control, with overall blueberry costs slightly increasing year-on-year, while farm costs remain stable compared to the previous production season. Non-farm costs have risen due to rapid expansion [1] - Future cost reductions will stem from improved technology and management systems, including more precise production techniques and refined operational management [2] Group 2: KA Channel Strategy - The company successfully entered the Sam's Club in Fuzhou during the last production season, aiming to enhance the coverage and sales proportion of KA channels in the new season [3] - Strengthened cold chain logistics and supply chain capabilities are expected to ensure stable, high-quality supply to KA customers, making KA channels a significant sales avenue for blueberries [3] Group 3: Pesticide Business Outlook - The pesticide business is in a cyclical upswing, with upstream raw material prices recovering and confidence among channels and end farmers improving [4] - The "one product, one certificate" strategy supports long-term development, focusing on brand strategy and product diversity to boost pesticide formulation sales [4] Group 4: Laos Company Strategic Positioning - The Laos company is strategically positioned for blueberry production capacity, utilizing a replication model to overcome land resource constraints in Yunnan, facilitating future expansion [5] - The company is exploring "direct sales from production areas to overseas" to enhance international operational capabilities and risk resilience [5] Group 5: Brand Building and Marketing Strategies - The new production season will focus on the "Aimei Zhuang" brand, increasing brand visibility and image enhancement [6] - The company will segment blueberry production areas into four chains, emphasizing consumer experience, repurchase rates, and product quality management [6] Group 6: Sales Channels and Export Plans - The company plans to leverage the "Aimei Zhuang" brand to deepen collaborations with major retailers like JD.com and Hema, expanding the KA channel's sales proportion [7] - Southeast Asia is identified as a strategic export region, with sales already initiated in Japan, Singapore, and Malaysia, and plans to adjust exports based on domestic supply and demand dynamics [8]