事项： 公司发布25Q2 业绩，实现营收918.4 亿元，yoy+11.7%，qoq+6.1%；利润端： 毛利率实现33.1%（去年同期41.2%），实现经调整净利润14.9 亿元，yoy-89.0%。 经调整利润率1.6%，同比下降14.9pct，环比下降11pct。 评论： 机构：华创证券 研究员：刘欣/郭子萱 核心本地商业利润因竞争激烈大幅下滑；新业务收入增长但受海外扩张影响，亏损持续。分业务来看： ①25Q2 的核心本地商业收入达653.5 亿元（yoy+7.7%）。其中，配送收入为236.6 亿(yoy+2.8%)，收入 增幅远低于即时配送交易笔数的增幅，主要是由于应对激烈竞争，使得配送服务收入中扣除的补贴大幅 增加；佣金收入为249.5 亿(yoy+12.9%)，主要是由于交易金额增加；在线营销收入135.5 亿 (yoy+10.5%)，主要是由于在线营销活跃商家数量增加；其他服务31.9亿(yoy-2.9%)。核心本地商业的经 营利润大幅下降至37 亿元（25Q1 是135 亿元），主要原因是外卖行业竞争激烈。②新业务收入264.9 亿 (yoy+22.8%)，主要受食杂零售业务和海外业务的推动 ...

Core Viewpoint - Ningbo Jinda (603088.SH) aims to enhance its upstream and downstream sales and product categories by establishing a wholly-owned subsidiary for metal forming equipment and related sales, with an investment of 20 million RMB [1] Group 1 - The company plans to improve supply chain collaboration between parent and subsidiary companies [1] - The establishment of the sales company is intended to increase after-sales service efficiency [1] - The investment will support future business expansions, such as setting up new production bases and expanding product lines [1] Group 2 - The company will invest 20 million RMB using its own funds, with a 100% ownership stake in the new sales company [1]

Group 1 - The company plans to establish a wholly-owned sales subsidiary to enhance its sales capabilities and improve after-sales service efficiency, supporting future business expansion [1][2] - The investment amount for the new sales company is set at 20 million RMB, with the company holding 100% equity [1][2] - The subsidiary will focus on the sales of metal forming equipment, molds, and related mechanical components, among other services [2] Group 2 - The establishment of the sales company is within the board's decision-making authority and does not require shareholder approval [2] - The company aims to strengthen its market competitiveness and expand its development space through this investment [2][3] - The investment will not significantly impact the company's normal operating funds and is not expected to have a substantial effect on the company's performance in the short term [3]