证券研究报告 公司研究 [Table_ReportType] 点评报告 | [Table_StockAndRank] 舍得酒业 (600702.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_A 赵丹晨 uthor 食品饮料] 行业分析师 执业编号：S1500523080005 邮箱： zhaodanchen@cindasc.com 相关研究 [舍得酒业（ Table_Other600702.SH Report] ）：逆 势激励，注入信心 2025.03.28 舍得酒业（600702.SH）：保 持自信坚韧，坚守长期主义 2024.04.25 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 [Table_Title] 战略灵活，多效并举 [Table_ReportDate] 2025 年 08 月 25 日 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 二季度收入降幅收窄，矩阵式发展路径清晰。25Q2， ...

Group 1 - The agreement between the governments of China and Malaysia to mutually exempt visa requirements for ordinary passport holders is now in effect, significantly reducing travel costs and expected to boost bilateral tourism by millions of visitors annually [1] - WeChat Pay has seen a substantial increase in transaction volume and number of transactions in Malaysia, covering 2.6 million local merchants, enhancing the convenience for Chinese tourists [1] - A promotional campaign from July 15 to September 15 allows WeChat Pay users to collect Malaysian-themed commemorative coins and earn vouchers, further integrating digital ecosystems between the two countries [1] Group 2 - Malaysian tourists in China benefit from the digital convenience of WeChat Pay, which supports transactions in various locations, making their experience seamless and familiar [2] - The digital ecosystem of WeChat is facilitating deeper exploration for Malaysian visitors in China, with features like translation and cashless payments enhancing their travel experience [2] - The implementation of the visa exemption policy is creating new opportunities for cross-border travel, making the experience feel like being at home for both Chinese and Malaysian tourists [2]

Group 1: Company Insights - 博实股份 reported a gross margin increase to 40% in Q1, driven by product structure adjustments and plans to enhance high-profit product promotion in overseas markets [1] - 云图控股 achieved record high sales of phosphate fertilizers in Q1, with significant recovery in profitability and ongoing projects for new fertilizer production [2] - 捷邦科技 acquired 49.90% of赛诺高德, integrating it into consolidated financials, and is focusing on carbon nanotube products for solid-state batteries [3] - 可孚医疗 is enhancing its core product strategy, with a focus on hearing aids and health monitoring, and plans to launch a new generation of ventilators in 2025 [4] - 三峰环境 expects a 65% increase in equipment sales revenue to 1.57 billion yuan in 2024, with international business revenue exceeding 100% growth [5] - 传音控股 reported a 25.45% decline in Q1 revenue to 13.004 billion yuan, primarily due to market competition and supply chain costs [6] - 宏发股份 indicated limited impact from the US-China tariff war, with plans to enhance profitability through product structure optimization and increased efficiency [7] - 完美世界's game titles are performing well, with ongoing development and plans for esports events to enhance its ecosystem [8] - 哈药股份 achieved significant sales growth in key products, with a focus on optimizing business models and enhancing cash flow management [9] - 香飘飘's milk tea business faced challenges, but new product trials received positive feedback, and the company is focusing on customized products and marketing strategies [10] Group 2: Industry Trends - The automation and digitalization trends in the chemical industry are expected to drive growth opportunities for companies like 博实股份 [1] - The fertilizer industry is seeing a shift towards new types of fertilizers, with companies like 云图控股 expanding their product offerings [2] - The solid-state battery market is gaining traction, with companies like 捷邦科技 investing in advanced materials [3] - The healthcare sector is increasingly integrating AI technology into medical devices, as seen in 可孚医疗's product development [4] - The environmental sector is witnessing significant growth in equipment sales and international business, particularly in waste management [5] - The smartphone market in emerging regions presents opportunities for growth, despite competitive pressures faced by companies like 传音控股 [6] - The electronics and automation sectors are experiencing robust demand, particularly in renewable energy and smart home applications [7] - The gaming industry continues to evolve with new titles and esports events, indicating a strong market presence for companies like 完美世界 [8] - The pharmaceutical industry is focusing on optimizing product strategies and enhancing operational efficiency to drive sales growth [9] - The beverage industry is adapting to market changes with innovative product offerings and targeted marketing strategies [10]