业绩简评 2025 年 8 月 23 日，公司发布 2025 年半年度报告。25H1 公司实现 营业收入 14.48 亿元（同比+2.68%），归母净利润 3.21 亿元（同 比+3.66%），扣非归母净利润 3.17 亿元（同比+3.84%）。 单季度来看，25Q2 公司实现收入 7.03 亿元（同比+0.24%），归母 净利润 1.37 亿元（同比+0.47%），扣非归母净利润 1.35 亿元（同 比-0.20%）。 经营分析 业绩平稳增长，正畸业务持续复苏。25H1 公司业绩实现平稳增长， 门诊量达 173.22 万人次（同比+1.21%）。分业务看，正畸业务表 现亮眼，实现收入 2.29 亿元（同比+7.75%），延续了 Q1 的复苏态 势。种植业务收入 2.55 亿元，同比基本持平（同比+0.02%），集 采后"以量补价"效应持续，业务发展稳固。修复（同比+3.59%） 与大综合（同比+2.44%）业务作为基础刚需，为公司提供了可靠的 业绩支撑。儿科业务收入 2.36 亿元，同比下降 1.48%。 "区域总院+分院"模式持续深化，扩张成效显著。25H1 公司旗下 运营医疗机构 89 家，拥有专业医疗 ...

积极调改调优 中百集团是以商业零售为主业的大型连锁企业，拥有大卖场、社区超市、24H便利店、购物中心、电器 专卖店、智慧物流、食品工厂、零售科技、塑料制品生产等多种业态。公司网点数量和经营规模位居湖 北市场企业前列，已形成以商业零售为主，以数智科技、物流配送、食品加工、环保包装为后台保障支 撑的现代化商业生态体系。 汪梅方表示，去年6月份，公司安排了逾20名员工赴胖东来学习，同时邀请胖东来集团董事长于东来到 武汉指导。同年7月，公司自主调改了首个门店。该门店位于武汉光谷（中百仓储关山光谷店），是基 础较好的自有物业，通过借鉴胖东来做法并结合自身实际打造，开业三天平均日销约120万元，是平时 的7-8倍，调改效果显著。 汪梅方称，自去年首个门店调改后，公司已完成13家大业态以及42家小业态门店的闭店调改；另有60多 家小业态门店通过边营业边调优的方式，微调商品结构和动线布局。今年年初及一季度复盘数据显示， 公司调改调优门店效果优于未调改门店。未调改门店销售额同比降幅约18%，而调改门店的销售额和来 客数同比均增长10%以上，证明调改方向正确。 汪梅方认为，当前超市行业整体仍处于下行态势，行业内大规模闭店实则是零 ...

● 本报记者傅苏颖 中百集团（000759）董事长汪梅方日前在接受中国证券报记者专访时表示，未来2-3年将以关闭亏损门 店"减负"为重要抓手，通过突出小业态扩张、推进"千店千面"转型及数字化赋能，攻坚2027年盈利目 标，同时深耕社区便民服务，打造邻里生活服务商。 积极调改调优 中百集团是以商业零售为主业的大型连锁企业，拥有大卖场、社区超市、24H便利店、购物中心、电器 专卖店、智慧物流、食品工厂、零售科技、塑料制品生产等多种业态。公司网点数量和经营规模位居湖 北市场企业前列，已形成以商业零售为主，以数智科技、物流配送、食品加工、环保包装为后台保障支 撑的现代化商业生态体系。 汪梅方表示，去年6月份，公司安排了逾20名员工赴胖东来学习，同时邀请胖东来集团董事长于东来到 武汉指导。同年7月，公司自主调改了首个门店。该门店位于武汉光谷(中百仓储关山光谷店)，是基础 较好的自有物业，通过借鉴胖东来做法并结合自身实际打造，开业三天平均日销约120万元，是平时的 7-8倍，调改效果显著。 汪梅方认为，当前超市行业整体仍处于下行态势，行业内大规模闭店实则是零售企业主动适应市场变化 的调整举措，核心是通过关闭经营不善、持续 ...

积极调改调优 ● 本报记者 傅苏颖 中百集团董事长汪梅方日前在接受中国证券报记者专访时表示，未来2-3年将以关闭亏损门店"减负"为 重要抓手，通过突出小业态扩张、推进"千店千面"转型及数字化赋能，攻坚2027年盈利目标，同时深耕 社区便民服务，打造邻里生活服务商。 汪梅方认为，当前超市行业整体仍处于下行态势，行业内大规模闭店实则是零售企业主动适应市场变化 的调整举措，核心是通过关闭经营不善、持续亏损的门店实现止损。当前实体零售业态之所以下行，主 要是无法适应消费需求。传统业态存量若要生存，必须调整经营模式，融入新业态元素。因此，关店和 调改仍是今年的方向。 三策并举提质效 汪梅方表示，公司未来三年将围绕"稳存量、换赛道、数字化"三大方面实施主动调整策略，核心是践 行"经营有质量，发展可持续"理念，通过优化业态结构实现有质量发展。 汪梅方称，过去公司依托规模扩张，门店到2024年底已增至1600余家。但受线上渠道分流、大卖场商品 与线上同质化严重且价格偏高影响，未调改门店销售下行，亏损面扩大。在此现状下，关店成为必然趋 势。作为经营主体，及时关闭亏损门店，既是为了及时止损，更是为了改善经营质量。 关于小业态的扩 ...

证券研究报告 小商品城 (600415 CH) H1 净利同增 17%，创新业务+AI 赋能驱动 华泰研究 中报点评 投资评级(维持): 买入 2025 年 8 月 18 日│中国内地 零售 | 目标价(人民币): | 26.64 | | --- | --- | | 樊俊豪 | 研究员 | SAC No. S0570524050001 SFC No. BDO986 石狄 研究员 shidi@htsc.com +(86) 755 8249 2388 杨耀* 联系人 SAC No. S0570124070059 yangyao@htsc.com 基本数据 | 目标价 (人民币) | 26.64 | | --- | --- | | 收盘价 (人民币 截至 8 月 15 日) | 19.07 | | 市值 (人民币百万) | 104,573 | | 6 个月平均日成交额 (人民币百万) | 1,024 | | 52 周价格范围 (人民币) | 7.77-22.02 | | BVPS (人民币) | 3.72 | 股价走势图 (6) 47 100 153 206 Aug-24 Dec-24 Apr-25 Aug-25 ...

Core Viewpoint - The term "involution" reflects a superficial price war among companies, but its deeper essence lies in the imbalance of value creation models [1] Economic Roots of "Involution" - Price discrimination and market segmentation failure are significant inducements for "involution," where companies fail to effectively cover high willingness-to-pay consumer groups, leading to increased price sensitivity among overall consumers [2] - Supply-demand imbalance exacerbates the spread of price wars, as excessive competition can lead to oversupply, causing prices to drop below costs and overall industry profit levels to decline [3] - Unsustainable pricing below average variable costs (AVC) further weakens companies' competitive resilience, as long-term pricing strategies must cover both AVC and average costs (AC) to ensure profitability and support reinvestment [3] Economic Logic of "Anti-Involution" - "Anti-involution" is not a denial of competition but a restructuring of competitive frameworks, focusing on value creation rather than low-dimensional price competition [4] - Key paths include restoring pricing power, achieving supply-demand matching, and returning to cost-based pricing, which are interrelated and form the internal logic of "anti-involution" [4] Transition from "Involution" to "Creation" - Companies need to build a comprehensive competitive system based on precise pricing, driven by technological innovation and brand building, to shift from passive consumption to active creation [6] - Technological innovation is fundamental for long-term competitiveness, allowing companies to shift focus from price comparison to performance, quality, and experience [6] - Brand building and emotional premium can enhance pricing power, as consumers are willing to pay for recognition and values [6] - Cross-industry collaboration and supply chain cooperation can help the industry escape inefficient competition by reducing redundant investments and improving resource utilization [6] - Digital empowerment through big data and AI can support precise pricing and demand forecasting, reducing the risk of excessive competition [7]

General Information - Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited was established on September 1, 1997, and is registered in Guangzhou, China [1] - The company was approved to issue 219,900,000 shares to foreign investors and listed on the Hong Kong Stock Exchange in October 1997 [1] - The company later issued 78,000,000 shares to the public and was listed on the Shanghai Stock Exchange in February 2001 [1] Company Structure - The company is a permanent joint-stock company and operates under the laws of the People's Republic of China [3] - The legal representative of the company is elected by the board of directors and must be determined within 30 days of any resignation [2][3] - The company has established a Chinese Communist Party organization to play a political core role [3] Business Objectives and Scope - The company's business objective is to implement new development concepts, serve national strategies, and focus on innovation-driven development [4] - The business scope includes drug research and development, manufacturing of chemical drugs, traditional Chinese medicine, and various health-related products [4][5] Share Capital and Structure - The registered capital of the company is RMB 1,625,790,949 [8] - The share structure includes state shares, foreign shares, and domestic shares, with the largest shareholder being Guangzhou Pharmaceutical Group Co., Ltd. [7][8] - The company has issued a total of 1,625,790,949 shares, with the following distribution: 45.04% held by the state, 13.53% by foreign investors, and 41.43% by domestic investors [8] Shareholder Rights and Obligations - Shareholders have the right to request meetings, receive dividends, supervise company operations, and access company documents [16][39] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not abuse their rights to harm the company or other shareholders [45][46] Governance and Decision-Making - The company’s governance structure includes a board of directors and a shareholder meeting, which is the highest authority [50] - Major decisions, such as capital increases, mergers, and financial guarantees, require approval from the shareholder meeting [24][26] - The company must hold an annual shareholder meeting within six months after the end of the fiscal year [56]

Core Insights - The article emphasizes the competitive landscape of the Gansu liquor market, highlighting the dominance of three local brands: Jinhui, Binhai, and Hongchuan, which collectively hold a significant market share against national brands [2][3][4] Market Overview - The Gansu liquor market is characterized by a "3+3" brand competition structure, with local brands Jinhui, Binhai, and Hongchuan competing against national brands like Wuliangchun and Jianan Chun, capturing 80% of the market [2][3] - The estimated market capacity for Gansu in 2024 is approximately 95-103 billion yuan, with Jinhui leading with a revenue of 30.21 billion yuan [3][4] Competitive Dynamics - Jinhui stands out with a robust performance across the province, while Binhai and Hongchuan have focused on specific regional markets [3][4] - The main sales price range in the market is concentrated between 100-300 yuan, accounting for over 50% of total sales [4] Brand Strategies - Jinhui employs a comprehensive strategy focusing on brand systematization and nationwide expansion, achieving a revenue milestone of over 30 billion yuan in 2024 [6] - Binhai Group focuses on regional markets and leverages its unique "Nine Grain Aroma" to establish a technological barrier, while also controlling pricing to ensure distributor profits [7][8] - Hongchuan targets the government and business group purchasing channels, emphasizing quality and cultural integration to strengthen its market position [9][10] Lessons Learned - The experiences of the three leading brands provide valuable insights for regional liquor companies, emphasizing the importance of brand culture, market focus, and channel management [11][12] - Companies should adapt their strategies based on their market size and development stage, with a focus on building strong local market presence and product differentiation [12][14] Pricing and Market Positioning - Regional brands are advised to concentrate on the 50-200 yuan price range to avoid direct competition with high-end national brands, while also catering to local consumer preferences [17][18] - The article suggests that a multi-channel approach, integrating group purchases, traditional channels, and e-commerce, can enhance market competitiveness [19] Digital Transformation - Implementing a digital framework that combines product information and anti-counterfeiting measures can improve brand trust and operational efficiency [20] - The introduction of a dual incentive system for stores has proven effective in maintaining sales despite market challenges [20][21]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved total meat sales of 1.565 million tons, a year-on-year increase of 3.7% [4] - Total revenue reached 28.5 billion yuan, reflecting a 3.0% year-on-year growth [4] - Net profit attributable to shareholders was 2.3 billion yuan, with a year-on-year increase of 1.2% [4] Group 2: Business Segment Analysis - Fresh products business saw a decline in operating profit due to significant differences in pork market conditions compared to the previous year [4] - Meat products experienced a turnaround in sales and profit growth in Q2, with new channel sales showing strong growth, particularly in convenience stores and online channels [4] - Other business segments, including pig and poultry farming, showed significant revenue growth and reduced losses due to improved breeding performance and lower costs [4] Group 3: Strategic Initiatives for H2 2025 - The company plans to enhance network development and implement market innovation strategies [5] - Focus on optimizing product structure and expanding market networks through differentiated competition [5] - Continued emphasis on digitalization projects to improve supply chain visibility and operational efficiency [5] Group 4: Sales and Marketing Strategies - Q2 saw a 21% year-on-year increase in meat product sales from new channels, which accounted for 17.6% of total sales [7] - The company will continue to reform sales structures and expand customer networks to boost sales [11] - Emphasis on developing high-quality, cost-effective products and enhancing marketing efforts [11] Group 5: Inventory and Product Performance - By the end of Q2, the company's meat product inventory was at a low level compared to previous years [12] - New products such as marinated sausages and the "Delicious Oriental" series received positive market feedback [13]

"一镇一模式"打造特色样板 立足各镇资源禀赋，斗门区精心打造"一镇一模式"样板：井岸镇草朗村将闲置农房改造为企业人才房， 白蕉镇虾山村活化闲置农房发展民宿业态，乾务镇新村村把闲置农房改建为陪读房，斗门镇下洲村创 新"村集体+农户+企业"入股模式，莲洲镇石龙村则通过农房盘活吸引青年返乡创业。 目前，全区已建成民宿105套、人才房111套、文化体验点9个，实现"农房+文旅""农房+产业"深度融 合。 据介绍，为支持闲置农房盘活，斗门区金融服务中心推出"整村授信"特色产品，实现全区101个行政 村"整村授信"全覆盖。通过派驻101名金融村官，简化农户贷款手续，实现"随用随贷"。截至目前，累 计贷款余额达24.31亿元。 南都讯 记者李洁琼 8月11日，珠海市斗门区正式上线"斗来居"数字化平台，通过体制机制创新与金融政 策支持，将农村闲置农房转化为乡村振兴新动能。该平台的上线标志着斗门区在探索"创新乡村再造体 制机制"方面迈出重要一步。 三级服务体系构建盘活新格局 斗门区创新构建"1+5+N"三级服务架构，形成区级统筹、镇级招商、村级收储的联动机制。 斗门区农业农村局局长刘斌介绍，该体系包括1个区级运营平台、5个镇级 ...