证券研究报告|行业研究周报 [Table_Date] 2025 年 08 月 24 日 [Table_Title] 政策利好持续加持，关注体育消费 [Table_Title2] 社服零售行业周报 [Table_Summary] ► 国常会明确激发体育消费需求，受益标的力盛体育 风险提示 宏观经济下行，居民收入及消费意愿恢复不及预期，行业竞 争加剧。 评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 -24% -15% -6% 2% 11% 19% 2024/03 2024/06 2024/09 2024/12 2025/03 社会服务 沪深300 [Table_Author] 分析师：许光辉 邮箱：xugh@hx168.com.cn SAC NO：S1120523020002 联系电话： 8 月 22 日，国务院常务会议就释放体育消费潜力进一步推进 体育产业高质量发展的意见进行研究。会议指出，要增加体 育产品供给，丰富体育赛事活动，推动体育用品升级，强化 产业要素支撑，提升服务保障水平，培育体育产业增长点， 加快构建现代体育产业体系。会议还指出，要 ...

Investment Rating - Industry rating: Recommended [4] Core Insights - The first day sales of Huijia Times Supermarket's "Fat Transformation" store reached 2.44 million yuan, with a customer flow of 70,000, representing a 127% year-on-year increase and a 286% increase compared to the same period last year [1] - Laopuhuang announced a price increase for its products, with price hikes ranging from 4% to 12%, and expects a sales performance of 14.3 billion yuan for the first half of 2025, a 252% year-on-year increase [2] Summary by Sections Industry & Company Dynamics - Huijia Times partnered with Pang Donglai to create the first Pang Donglai transformation store in Xinjiang, optimizing the product structure to align with 90% of Pang Donglai's offerings [1] - Laopuhuang's price adjustment is its second for 2025, with the first occurring in February, indicating a strategy focused on high-end brand development [2] Investment Recommendations - Five investment themes are suggested: 1. Continuous upgrades in AI technology with beneficiaries including Keri International and Focus Technology [3] 2. Increased consumer willingness to pay for emotional value, benefiting new retail players like Miniso and Pop Mart [3] 3. Recovery of cyclical sectors under domestic demand stimulation, with beneficiaries including Heytea and Haidilao [3] 4. Broad prospects for consumer brands going overseas, with a focus on service providers and strong product offerings [3] 5. Return of offline traffic revitalizing traditional formats, with beneficiaries including Yonghui Supermarket and Kidswant [3] Macro & Industry Data - In July, the total retail sales of consumer goods reached 3.88 trillion yuan, a year-on-year increase of 3.7%, with a decline in growth rate compared to the previous month [28] - The retail sales of gold and jewelry in July showed a year-on-year increase of 8.2%, indicating a recovery in summer consumption [30] - National gold consumption in Q2 2025 was 214.71 tons, a slight decrease of 0.06% year-on-year, with jewelry demand remaining weak [45]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - In Q2 2025, the company achieved revenue of $2.787 billion, a 4% increase year-on-year, with operating profit of $304 million, up 14%, and net profit of $215 million, up 1% [1][24] - Same-store sales turned positive, with a continuous increase in franchise ratio. The overall system sales for KFC and Pizza Hut increased by 5% and 3% respectively, while same-store sales rose by 1% for both KFC and Pizza Hut [1][24] - The company added 336 new stores in Q2 2025, with a franchise ratio of 26%, including 295 new KFC stores (40% franchise) and 95 new Pizza Hut stores (22% franchise) [1][24] Summary by Sections Industry & Company Dynamics - The company reported a Q2 2025 operating profit margin of 10.9%, an increase of 1.0 percentage points, with restaurant profit margins at 16.1%, up 0.6 percentage points [2][25] - The increase in delivery sales, which accounted for 45% of total sales, led to a rise in rider costs [2] Investment Suggestions - Five investment themes are suggested: 1. Continuous upgrades in AI technology benefiting companies like Keri International and Focus Technology 2. Increased consumer willingness to pay for emotional value, benefiting new retail players like Pop Mart and Miniso 3. Recovery in cyclical sectors under domestic demand, benefiting companies like Haidilao and Yum China 4. Expanding overseas consumption opportunities, with a focus on brands like Pop Mart and Miniso 5. Revitalization of traditional business formats as offline traffic returns, benefiting companies like Yonghui Supermarket and China Resources [6][49][52] Macro & Industry Data - In June, the total retail sales of consumer goods reached 4.23 trillion yuan, a year-on-year increase of 4.8% [26][28] - The online retail sales of physical goods accounted for 24.9% of total retail sales, with a year-on-year growth of 6.0% [27][33] Key Company Announcements - The company returned $274 million to shareholders in Q2 2025, including $184 million in stock buybacks and $90 million in cash dividends [24] - The flagship store of Pop Mart in Thailand opened on August 8, showcasing local cultural elements and interactive areas for consumers [3][22]

Group 1: Autonomous Driving and Strategic Partnerships - LoBo Fast Run has announced a strategic partnership with Lyft to provide autonomous driving services in Europe, with plans to deploy its sixth-generation autonomous vehicles in Germany and the UK by 2026, expanding to thousands of vehicles across Europe thereafter [1] - LoBo Fast Run has accelerated its global expansion this year, deploying over 1,000 autonomous vehicles in 15 cities, achieving over 170 million kilometers of safe driving, and serving over 11 million users worldwide [1] Group 2: AI and Pharmaceutical Collaborations - JingTai Technology has signed a cooperation order with overseas biopharmaceutical company DoveTree, totaling approximately HKD 47 billion, marking a record in the AI and new drug development sector [2] - The collaboration involves JingTai utilizing its AI tools for new drug development targeting specific pathways designated by DoveTree, with potential milestone payments and sales sharing agreements [2] Group 3: Renewable Energy Projects - Sungrow Power Supply has secured a new order to provide PowerTitan 2.0 solutions for Galp's energy storage projects in Spain and Portugal, totaling approximately 74MW/147MWh [3] - Galp has initiated the construction of five battery energy storage system projects, with funding partially supported by a €100 million subsidy from the EU [3] Group 4: International Expansion in Consumer Goods - ZhuanZhuan Group has signed a memorandum of cooperation with Dubai Airport Free Zone to establish a regional headquarters, aiming to create a cross-border supply chain center for second-hand goods in the Middle East [4] - Lingji has opened three overseas stores and signed contracts for 18 additional stores across various countries, including the US, Malaysia, and Cambodia [5] Group 5: Strategic Initiatives in Food and Retail - Meituan's international brand Keeta has launched a founding partner program in the UAE, offering early restaurant and retail partners strategic advantages and exclusive benefits [7] - Gree Electric Appliances plans to pilot the establishment of overseas regional sales companies to enhance its international manufacturing base [8] Group 6: Technological Innovations in Media - Bilibili has launched an AI original voice translation feature to enhance overseas user experience, currently supporting English and aiming to expand to other languages based on demand [9] Group 7: Green Energy Initiatives - Sungrow Power Supply has signed a memorandum of understanding to build a hydrogen electrolyzer factory in Oman, supporting the country's green energy transition [10] - Crystal Group plans to establish a textile and garment factory in Egypt, leveraging local raw materials to create a high-value supply chain [11] Group 8: Investment and Financing Developments - Tencent has co-led a $65.5 million funding round for Uzbek e-commerce company Uzum, which aims to accelerate fintech innovation and expand its e-commerce ecosystem [12] - XGIMI Technology is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its international brand recognition [13] - Zhiyuan Robotics has received strategic investments from LG Electronics and Mirae Asset, marking LG's first global investment in the embodied intelligence sector [14]

Investment Rating - Industry rating: Recommended [4] Core Insights - The introduction of the national childcare subsidy policy is expected to benefit the maternal and infant industry chain, with a subsidy of 3,600 yuan per child per year for families with children under three years old, potentially impacting over 20 million families annually [1][2] - New Oriental's FY2025Q4 performance shows a revenue of 150 million USD, a year-on-year decline of approximately 30%, but with a sequential improvement in operating profit margin from 3% in FY25Q3 to 7% in FY25Q4 [3] - The company is transitioning from a host-driven model to a product-driven model, with significant sales in sanitary products and self-branded items [3] Summary by Sections 1. Industry Overview - The report highlights the positive impact of the national childcare subsidy on birth rates, particularly in lower-tier markets, citing examples from cities like Panzhihua and Tianmen where similar policies led to increased birth rates [2] 2. Company Performance - New Oriental's recent performance indicates a recovery in profit margins despite a decline in revenue, with key products like sanitary napkins and self-branded food items performing well in sales [3] 3. Investment Recommendations - The report suggests five investment themes, including the continuous upgrade of AI technology, the emotional value consumers place on purchases, the recovery of cyclical sectors, the potential of domestic brands going global, and the revival of traditional retail formats [6]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - Domestic gold jewelry consumption decreased by nearly 30% in the first half of 2025 due to high gold prices, with total gold consumption at 505.21 tons, down 3.54% year-on-year. Gold jewelry consumption specifically fell to 199.83 tons, a decrease of 26% [1][3] - The demand for gold bars and coins increased significantly, with a rise of 23.69% to 264.24 tons, while industrial and other gold usage saw a slight increase of 2.59% to 41.14 tons [1] - The performance of gold jewelry companies varied, with Chow Tai Fook reporting a 1.9% decline in retail value for FY2026Q1, while Lao Pu Gold expected a revenue increase of approximately 240%-252% in the same period [2][28] Summary by Sections Industry Overview - In the first half of 2025, gold jewelry consumption was significantly impacted by high gold prices, leading to a 26% decline in gold jewelry sales. However, demand for gold bars remained strong, driven by investment needs amid geopolitical tensions and economic uncertainty [1][3] Company Performance - Chow Tai Fook's retail value in mainland China fell by 3.3% in FY2026Q1, while its performance in Hong Kong and Macau improved by 7.8%. The company closed 311 underperforming stores in mainland China [2][25] - Lao Pu Gold projected a substantial increase in sales and profits for the first half of 2025, with expected revenues between 138-143 billion yuan and net profits between 22.3-22.8 billion yuan, marking a growth of approximately 279%-288% [28] Investment Recommendations - The report suggests focusing on five investment themes, including the continuous upgrade of AI technology, the high demand for emotional value in consumer purchases, and the recovery of cyclical sectors. Beneficiaries include companies like Keri International, Focus Technology, and others in the new retail space [3][53][56]

Group 1: Robotaxi Business - Wenyuan Zhixing launched the first Robotaxi trial operation in Riyadh, Saudi Arabia, under the supervision of the Saudi Transport General Authority (TGA) [1] - The trial service will cover seven locations, including King Khalid International Airport and Princess Nourah University, with a total of 13 pick-up and drop-off points [1] - The trial will last for 12 months, with full commercial operations expected to begin by the end of the year [1] Group 2: Cross-Border Payment - Ant Group's Alipay+ entered the Armenian market through a partnership with local payment provider Idram, enabling international travelers to use digital wallets for payments [2] Group 3: eVTOL Procurement - Volant Aviation signed the largest single procurement order for high-grade passenger eVTOLs in China, totaling $1.75 billion for 500 VE25-100 "Tianxing" aircraft [3] - The eVTOLs will be used for inter-island and short-distance transportation in Thailand and the Maldives, with infrastructure support from China Aviation Technology International Engineering [3] Group 4: E-commerce Expansion - Taobao launched a Thai version to enhance the shopping experience for Thai consumers, marking its third foreign language version after Russian in Kazakhstan [4] - Yuanji Yunjiao opened its first two stores in Singapore, with the first store generating over 1.3 million Singapore dollars (approximately 7 million RMB) in revenue within six months [5] - Tianshan LaLa plans to have nearly 200 overseas stores by the first half of 2025, with 137 stores already signed in Indonesia [6] - JOOCYEE opened its first overseas offline store in Singapore, expanding its presence in over 30 countries since 2021 [8] Group 5: Legal Actions - Pop Mart filed a lawsuit against 7-Eleven in the U.S. for selling counterfeit LABUBU toys, which were priced similarly to the original [9] Group 6: Overseas Manufacturing Investments - Minth Group announced a €950 million (approximately $1.1 billion) investment to build two new factories in Serbia, creating 2,800 jobs [10] - Chint New Energy plans to invest $700 million in a solar component factory in Turkey, with an initial capacity of 3GW [11] - XPeng Motors launched its first overseas manufacturing base in Indonesia, delivering the first locally produced X9 vehicle [12] - Hunan Youneng plans to invest approximately 560 million Malaysian Ringgit (about 950 million RMB) in a lithium battery cathode materials project in Malaysia [13] - Hailide plans to invest $200 million to expand its factory capacity in Vietnam, with expected annual revenues of $348 million [14] Group 7: Investment and Acquisitions - JD.com is in talks to acquire German consumer electronics retailer Ceconomy for approximately €2.2 billion (about 185 billion RMB) [15] - Luxshare Precision completed a 4.1 billion RMB acquisition of a 50.1% stake in German automotive wiring harness company Leoni AG [16] - Anker Innovations is planning an IPO in Hong Kong to raise approximately $3.9 billion, marking a significant step in its global strategy [16]

Group 1: Strategic Partnerships and Expansions - Baidu's autonomous driving service platform "Luobo Kuaipao" has formed a global strategic partnership with Uber to expand driverless services beyond the US and mainland China, with thousands of sixth-generation driverless cars expected to join Uber's global network by the end of this year [1] - DingTalk, a subsidiary of Alibaba, has launched its first independent AI application "7Ding" overseas, integrating AI, office collaboration, and e-commerce procurement functions to enhance business efficiency [2] - WeRide has commenced pure driverless operations of its autonomous shuttle "Robobus" in Singapore, marking a milestone for smart mobility in Southeast Asia [3] Group 2: Market Entries and Product Launches - CHAGEE (霸王茶姬) has officially re-entered the Vietnamese market with its first store opening in Ho Chi Minh City, focusing on fresh leaf milk tea and original tea series products [4] - Midea Group has signed a sponsorship deal for the 2025 Africa Cup of Nations, aiming to accelerate its investment in the African market, with plans to invest at least $50 million in local production of home appliances by early 2026 [5][6] - Chery Automobile plans to launch two new SUV models in the UK, optimizing them for the local market, following a successful sales increase in the previous year [7] Group 3: Entertainment and Cultural Exports - The Chinese animated film "Nezha 2" premiered in the UAE and is set to release in North America starting August 22, having already broken numerous box office records [8] Group 4: Overseas Manufacturing Initiatives - Changan Automobile is in the planning stage for establishing a factory in Europe, with a focus on selling electric vehicles across ten European countries by 2027 [9] - Shoujia Technology is exploring the feasibility of establishing a manufacturing base in Romania as part of its overseas growth strategy, with a significant portion of its business now coming from exports [10] Group 5: Financing and IPO Activities - XPeng Huitian has completed a $250 million Series B financing round to support the development and commercialization of its flying car [11][12] - MiniMax, backed by Alibaba, has submitted an IPO application in Hong Kong, with a valuation of approximately $4 billion [13] - Zhipu AI is considering relocating its IPO to Hong Kong, seeking to raise around $300 million [14] - Yushu Technology has initiated its IPO counseling process with CITIC Securities as the advisory firm [15]

Group 1: AI and Healthcare - Alibaba's Damo Academy has globally promoted its multi-cancer early screening AI, serving 20 million people across 9 countries and regions, positioning AI as a crucial tool in combating cancer [1] Group 2: Corporate Movements - Manus, an AI company, has relocated its headquarters to Singapore and is laying off some domestic staff while focusing on enhancing operational efficiency [2] - Dele Glass has initiated a $50 million production base project in Egypt, with plans to build a high-standard glass furnace [6] - Zhongwei Co. has fully launched its production in Morocco, establishing the first renewable energy materials base in Africa with an annual output of 40,000 tons of nickel-based materials [7] Group 3: Market Expansion - Tea Yan Yue Se has announced its entry into the North American market through e-commerce, launching nearly 40 product types across various platforms [2] - IM5 and IM6 models from Zhiji Auto have been officially launched in the UK, with prices starting at £39,450 (approximately 384,000 RMB) and £47,995 (approximately 467,000 RMB) respectively [3] Group 4: Investment and Acquisitions - Beijing Jiuzhijia Technology Co. has launched an IPO on the Hong Kong Stock Exchange, becoming the first global AMR warehouse robot company, with over 70% of its revenue coming from overseas [8] - ByteDance's Moutong Technology has acquired Hangzhou Xinguangliumei Network Technology Co., aiming to tap into the East Asian market [9] Group 5: Legal and Regulatory Issues - Hikvision has filed for judicial review in Canada after being ordered to cease operations, and the company has resumed normal operations while seeking legal recourse [10]

Investment Rating - Industry rating: Recommended [3] Core Insights - The demand ratio for commercial spaces in the global trade center for baby and beauty products has exceeded 14:1, highlighting the strong appeal of Yiwu as a trading hub [1] - The company expects a net profit of 1.63 to 1.7 billion yuan for the first half of 2025, representing a year-on-year growth of 12.57% to 17.40% [1][39] - The first batch of 389 jewelry industry shops in the global trade center has seen a bidding demand ratio of 4.25:1, indicating significant market interest [1] Summary by Sections Industry & Company Dynamics - The report highlights the strong performance of companies like Kid King, Small Commodity City, and Jihong Co., with expected profit increases of 50% to 100% for Kid King and 13% to 17% for Small Commodity City [4][35][39] - Jihong Co. anticipates a net profit of 130.16 to 137.4 million yuan, reflecting a year-on-year increase of 97% to 108% [5][31] Investment Recommendations - Five investment themes are suggested: 1. Recovery of offline traffic benefiting traditional retail [6] 2. Continuous upgrades in AI technology benefiting related companies [6] 3. Increased consumer willingness to pay for emotional value benefiting new retail [6] 4. Recovery of cyclical sectors under domestic demand policies [6] 5. Expanding overseas consumption opportunities for domestic brands [6]