2025 年 8 月 26 日 招银国际环球市场 | 睿智投资 | 公司更新 贝克微 (2149 HK) 贝克微 (2149 HK) - 在战略调整 更强劲 在战略调整中保持高盈利能力；2H25 表现或更强劲 贝克微公布 1H25 业绩，公司收入 2.92 亿元人民币（创历史新高），在 1H24 的高 基数（2.91 亿元，同比增长 42%）基础上实现 0.4%的小幅增长。公司展现出强劲 的盈利能力，毛利率维持在 51.8%（同比提升 0.5 个百分点），净利润同比增长 14.9%至 7700 万元（净利率同比提升 3.3 个百分点至 26.4%）。尽管面临关税和 分销渠道的多元化调整等因素的影响，公司 1H25 业绩仍保持稳健，SKU 数量增 至 850 个。贝克微是我们在半导体领域的首选标的之一，我们对公司的长期增长 前景保持乐观，鉴于公司专注工业级长尾芯片市场、产品矩阵持续扩展，以及稳 健的 IP/EDA 设计平台。重申"买入"评级，目标价维持 93 港元不变。 财务资料 | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | ...

➢ 短期业绩略有承压，期待后续调整回升。分业务来看：25H1，1）化妆品业 务，实现营业收入 10.94 亿元，同比减少 7.73%，主要系化妆品瑗尔博士品牌多 款核心单品处于产品迭代阶段、线上流量红利减退、OEM 产品部分客户因经营 不善流失等多种因素导致。2）医药业务，实现营业收入 2.07 亿元，同比减少 13.87%，主要受集采省份范围扩大及中标产品价格下降、新品上市尚未产生显 著效果等影响。3）原料及衍生产品、添加剂业务，实现营业收入 1.79 亿元，同 比增长 4.15%。 ➢ 颐莲增长强劲，瑷尔博士略有承压。化妆品业务中，1）颐莲品牌上半年实 现营业收入 5.54 亿元，同比增长 23.78%。得益于官宣喷雾全球代言人张凌赫 并举办夏日喷雾节活动，上半年喷雾品线销售额 4.82 亿元，增幅 43%。渠道上 创新自播形式，如打造官宣代言人日不落专场直播、上线快手 AI 数字人等，自 播渠道上半年同比增长 28%。2）瑷尔博士品牌上半年实现营业收入 4.51 亿元， 同比减少 29.97%，收入减少原因系产品迭代及严控乱价行为。上半年官宣品牌 挚友"十个勤天"，品牌定位升级为"中国微生态护肤品开创者 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 23 日 [Table_Title] 2025Q2 持续深化战略调整，业绩扭亏为盈 [Table_Title2] 上海家化(600315) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600315 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 26.87/13.67 | | 目标价格： | | 总市值(亿) | 173.03 | | 最新收盘价： | 25.74 | 自由流通市值(亿) | 173.03 | | | | 自由流通股数(百万) | 672.23 | [Table_Summary] 事件概述 公司发布 2025 年中报，2025H1 公司实现营收 34.78 亿元，同比上升 4.75%；归母净利润 2.66 亿元，同比上升 11.66%；扣非后净利为 2.21 亿元，同比下滑 5.89%（公司非经主要是持有的金融资产和负债产生的公允价值变 动损益以及处置金融资产和金融负债产生的损益）。2025Q2 公司实现营收 17.7 ...

| | 31.79%。公司紧紧围绕年度经营目标，积极应对行业竞争与市 | | --- | --- | | | 场波动，生产、销售、研发等各环节协同发力，整体经营呈现 | | | 出稳中有进的良好态势。 | | | 2、请问 2025 年上半年公司业绩同比增长的主要原因？ | | | 公司上半年净利润同比增长 30%以上，主要得益于家电板 | | | 块和光伏板块的增长。公司家电板块稳健发展，业务结构持续 | | | 优化，整体发展态势稳步向好；公司光伏板块与去年同期相比， | | 2025 | 上半年光伏组件业务在手订单饱满，多家企业接连验厂， | | | 实现业绩稳步增长。 | | | 3、公司未来的发展战略是否有优化调整？ | | | 公司家电业务板块一直为公司提供着稳定的客户、订单及 | | | 现金流，持续焕发新活力,未来仍具备稳健、持续发展的能力。 | | | 公司计划将工作重心向电机新产品、新项目的研发方面倾 | | | 斜，加大对子公司浙特电机的技术和财力支持，推动新产品研 | | | 发和市场拓展，重点研发高效永磁电机（扁线，高速）、伺服 | | | 电机等，积极迎合市场需求，寻求合作伙伴，力 ...

Core Viewpoint - Zhejiang Bangjie Holdings Group Co., Ltd. (Bangjie Co.) has disclosed that 100% equity stakes in its subsidiaries, Bangjie New Energy Technology Co., Ltd. and Suzhou Bangjie Photovoltaic Technology Co., Ltd., have been judicially frozen due to a financial loan dispute with Industrial Bank Co., Ltd. [1][4] Financial Situation - As of the end of Q1 2025, Bangjie Co. reported cash reserves of only 255 million yuan, total assets of 3.18 billion yuan, and total liabilities of 3.016 billion yuan, resulting in an asset-liability ratio exceeding 94% [1] - The financial distress raises concerns about the company's ability to repay the frozen debt amounting to 39.03 million yuan [1][5] Business Transition - Originally focused on seamless clothing, Bangjie Co. has shifted its business model to include a dual focus on seamless clothing and photovoltaic energy, following the establishment of subsidiaries in the solar industry in December 2022 [2] - The company’s subsidiary, Yangzhou Bangjie, has begun production of high-efficiency photovoltaic cells, marking a significant step in its transition [2] Legal and Operational Risks - The judicial freeze on the subsidiaries' equity stakes poses a risk of potential auction if the company fails to negotiate a settlement or repay the debts [5] - Despite the freeze, the company claims that daily operations of the affected subsidiaries will not be impacted until a court ruling is made [5] Management Changes - Significant changes in management occurred shortly before the freeze announcement, with a new chairman and general manager appointed, indicating possible shifts in company strategy [6] - The change in control was linked to a share transfer agreement that altered the company's major shareholders [6][7] Industry Challenges - The photovoltaic industry is facing multiple challenges, including market fluctuations, supply-demand imbalances, and high investment risks, prompting Bangjie Co. to reconsider its strategic focus [8] - The company has projected a net loss of 120 million to 180 million yuan for the first half of the year, raising concerns about its financial viability and potential delisting risks in 2025 [8]

Core Viewpoint - Dongfeng Motor Group announced a temporary suspension of its shares on August 11, 2025, pending the release of an announcement containing insider information [2] Financial Performance - The company expects its net profit attributable to shareholders for the six months ending June 30, 2025, to be between RMB 30 million and RMB 70 million, representing a decline of approximately 90% to 95% compared to the same period in 2024 [2] - In the first half of the year, Dongfeng Motor Group's total vehicle production was 826,279 units, a year-on-year decrease of 13.1% [2] - The total vehicle sales for the same period were 823,911 units, reflecting a year-on-year decline of about 14.7% [2] Strategic Adjustments - The company is accelerating its strategic adjustments in response to declining sales and performance, including the establishment of a joint venture with Nissan and increasing investment in its new energy vehicle brand [2] - On June 4, Dongfeng Motor Group received a notification from its controlling shareholder, Dongfeng Company, indicating that it would not be involved in any asset or business restructuring, and that the company's normal production and operational activities would not be affected [2]

Core Viewpoint - Hema is shutting down all its warehouse-style membership stores, marking a strategic shift towards focusing on its main business and achieving profitability for the first time in the last fiscal year [1][5]. Group 1: Store Closures and Strategy - Hema's CEO, Yan Xiaolei, announced that the total number of closed stores since last year does not exceed 2% of the overall store count [1]. - The last Hema X membership store in Shanghai will cease operations on August 31, indicating a complete exit from the membership store format [1]. - Hema plans to open nearly 100 new stores within the fiscal year, expanding into over 50 new cities [1]. Group 2: Financial Performance and Market Position - As of March 31, 2025, Hema Fresh is expected to have over 420 stores [1]. - Hema ranked third in China's supermarket sector with a GMV of 75 billion yuan, following Walmart China and RT-Mart, according to the 2024 China Chain Store Top 100 list [1]. Group 3: Strategic Adjustments - Analysts suggest that Hema's exit from the membership store business reflects a broader trend in retail, shifting from "scale expansion" to "efficiency first" [5]. - The closure of Hema X membership stores aligns with the company's strategy to focus on Hema Fresh and Hema NB discount stores, which require less investment and can achieve profitability more quickly [5].

过去七年，莫迪宁愿年年去美国，也没来中国，可如今，特朗普刚宣布对印度加税，莫迪就定下访华行程，时间卡得这么巧，明显不是巧合。可以说，这 就是莫迪向特朗普释放的信息：你要是对我不客气，我就去找别人谈。这个 "别人"，恰恰是美国眼里那个最需要 "围堵" 的国家。从中方角度看，莫迪愿 意来访当然是积极信号。尽管中印之间还存在边界问题，但近期双方多次表态，愿意解决分歧、推动关系正常化。因此，这次莫迪访华，可以看作印度在 对美关系上受挫后的战略调整。 有专家指出，特朗普政府近期接连向印度施压，有借此在美印经贸协议谈判中增加筹码的意图，也体现出其对调解俄乌问题进展缓慢的挫败感。上周，特 朗普以解决乌克兰冲突缺乏进展为由，对俄罗斯发出最后通牒，把此前设定的50天期限缩短到10天。他还威胁说，如果不就乌克兰问题达成协议，将对与 俄罗斯合作的国家实施二级制裁和征收关税。印度的官方表态是，连美国和欧盟都在进口俄罗斯石油和化肥而批评印度的做法是毫无根据且不理智的，印 度将采取措施以捍卫本国利益和经济安全。 本周三，美俄就结束乌克兰冲突的会谈破裂，距离白宫设定的最后期限仅剩48小时。特朗普立即宣布对印度加征关税至50%，一方面是因为 ...

Core Viewpoint - Citibank has updated its research report on HuTongDa Network (09878), highlighting a clear path for profit improvement following strategic adjustments and benefiting from policy incentives such as "national subsidies" [1] Business Segments - The company efficiently assists member stores in completing national subsidy qualification applications, which will boost revenue scale [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] - In terms of service, the company integrates mainstream large language models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration, while exploring new growth engines for profit conversion based on increased user stickiness [1] News Highlights - Since July, HuTongDa Network's Wind ESG rating has been upgraded from BBB to AA [1] - The company ranked eighth in the "2025 China Online Retail TOP 100" list published by CCFA China Chain Store & Franchise Association in collaboration with Deloitte China [1] - Strategic agreements have been signed with leading hearing aid brands and national high-tech enterprise Boyin Hearing [1] - The second phase of the intelligent manufacturing factory for air conditioning in Jiangxi Gongqingcheng, in which the company holds shares, has been successfully completed and is in production, with products targeting both domestic and overseas markets [1]

Core Viewpoint - Citibank has updated its research report on HuTongDa Network (09878), highlighting a clear path for profit improvement following the company's strategic adjustments and benefiting from policy incentives such as "national subsidies" [1] Business Segments - The company efficiently assists member stores in completing national subsidy qualification applications, which will boost revenue scale [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] - In terms of service, the company integrates mainstream large language models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration, while exploring new growth engines for profit conversion based on increased user stickiness [1] News Highlights - Since July, HuTongDa Network's Wind ESG rating has been upgraded from BBB to AA [1] - The company ranked eighth in the "Top 100 Online Retailers in China 2025" list published by CCFA and Deloitte China [1] - Strategic agreements have been signed with leading hearing aid brands and national high-tech enterprise BoYin Hearing [1] - The second phase of the intelligent manufacturing factory for air conditioning in Jiangxi Gongqingcheng, in which the company holds shares, has been successfully completed and is in production, with products targeting both domestic and overseas markets [1]