传媒互联网重点公司 25Q2 业绩解读 20250825 摘要 美图公司 2025 年上半年收入 18.2 亿港元，调整后归母净利润约 26%，月活跃用户同比增长约 8.5%，付费用户数同比增长 42%至 1,540 万人，中期股息每股 0.045 港元。研发支出增速较快，底层数学 大模型训练完成，转向垂类模型训练，有望提升毛利率。 小米汽车业务在 2025 年第二季度表现亮眼，单季度毛利率达 26.4%， 但由于新车规划预计到 2026 年，下半年市场关注点将聚焦于产能释放。 预计下半年汽车业务毛利率将在 22%至 26%之间维持合理水平。手机 和 IoT 产品毛利率环比有所下降，受 BOM 成本上升和手机业务结构变 化影响。 网易 2025 年第二季度营收同比增长 9%，略低于预期。网易云音乐收 入同比下降 4%，主要受社交娱乐板块下滑影响，但预计社交娱乐板块 将会企稳，核心在线音乐业务单季增速将在第三季度维持 15%以上，音 乐板块毛利率高于预期。 小米在高端化战略方面取得进展，小米汽车的成功证明了战略有效性。 新零售体系形成商业闭环，国内外市场表现出色，有望持续增加市场份 额，实现利润规模提升。 Q& ...

Investment Rating - The investment rating for Gree Electric Appliances is "Buy-A" with a target price of 61.64 CNY for the next six months [5]. Core Views - Gree Electric Appliances reported a strong operational performance in Q1 2025, with a year-on-year revenue increase of 13.8% and a net profit increase of 26.3% [1][4]. - The company is expected to benefit from the ongoing "old-for-new" air conditioning subsidy policy, which is anticipated to boost sales during the peak season [2]. - Gree's profitability has significantly improved, with a net profit margin of 24.0% in Q4 2024, marking a new high since its listing [3]. Financial Performance Summary - In 2024, Gree achieved total revenue of 1900.4 billion CNY, a decrease of 7.3% year-on-year, while net profit reached 321.8 billion CNY, an increase of 10.9% [1]. - For Q4 2024, the company reported a revenue of 426.2 billion CNY, down 13.4% year-on-year, but net profit increased by 14.5% to 102.2 billion CNY [1]. - In Q1 2025, Gree's revenue was 416.4 billion CNY, up 13.8% year-on-year, with a net profit of 59.0 billion CNY, reflecting a 26.3% increase [1]. - The operating cash flow for Q1 2025 improved significantly, reaching 110.0 billion CNY, a year-on-year increase of 474.1% [4]. Profitability and Efficiency - Gree's net profit margin for Q4 2024 was 24.0%, an increase of 5.8 percentage points year-on-year, attributed to improved tax efficiency and reduced impairment losses [3]. - The management expense ratio decreased by 1.0 percentage points in Q4 2024, indicating effective cost control measures [3]. - The company has maintained stable product gross margins and marketing efficiency, with a slight decrease in gross sales difference in Q1 2025 [3]. Dividend Policy - Gree plans to distribute a cash dividend of 20 CNY per 10 shares, totaling 117.7 billion CNY, resulting in a dividend payout ratio of 52.1%, which is an increase of 6.8 percentage points year-on-year [8].