编号：2025-002 | 投资者活动类 | □特定对象调研 分析师会议 □媒体采访 业绩说明会 | | --- | --- | | 别 | □新闻发布会 □路演活动 □现场参观 | | | □其他______ | | | 董事、总裁 吴志雄先生 | | 公司接待 | 财务总监 蔡军先生 | | 成员名单 | 副总裁 胡谦先生 | | | 副总裁 陈宇超先生 | | | 董事会秘书 代雨女士 | | 接待时间 2025 | 年 8 月 26 日 | | 地点 | 电话会议形式召开 | | | 民生加银基金管理有限公司、同泰基金管理有限公司、前海开源 基金管理有限公司、敦和资产管理有限公司、大家资产管理有限 | | 参与单位名称 | | | 及人员姓名 | 责任公司、广银理财有限责任公司、长信基金管理有限责任公司、 | | | 深圳深高私募证券基金管理有限公司、北京高熵资产管理有限公 | | | 司、华夏久盈资产管理有限责任公司 | | | 一、公司董事会秘书代雨女士简要介绍公司 年半年度经营情 2025 | | | 况，如下： 感谢大家对公司的关注和支持。过去几年公司实施了一系列 | | 投资者关系活 | ...

食品加工 | | | | . | | --- | --- | --- | --- | | 评级: | 买入 | 维持 | 1 | 转》2024-10-29 安井食品（603345.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 333.29 | | 流通股本(百万股) | 333.29 | | 市价(元) | 77.06 | | 市值(百万元) | 25,683.25 | | 流通市值(百万元) | 25,683.25 | 请务必阅读正文之后的重要声明部分 全面拥抱定制化，产品驱动稳健发展 ——安井食品 2025 年半年报点评 股价与行业-市场走势对比 事件：公司发布 2025 年半年报。25H1，公司实现营业收入 76.04 亿元，同比+0.80%； 归母净利润 6.76 亿元，同比-15.79%；扣非归母净利润 6.03 亿元，同比-21.85%；其 中 25Q2 收入 40.05 亿元，同比+5.69%；归母净利润 ...

2025 年中报点评：装饰板材收入承压，盈利 能力同比改善 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,063 | 9,189 | 9,532 | 10,127 | 10,798 | | 同比（%） | 1.63 | 1.39 | 3.74 | 6.24 | 6.63 | | 归母净利润（百万元） | 689.42 | 585.25 | 754.38 | 877.47 | 957.99 | | 同比（%） | 54.66 | (15.11) | 28.90 | 16.32 | 9.18 | | EPS-最新摊薄（元/股） | 0.83 | 0.70 | 0.91 | 1.05 | 1.15 | | P/E（现价&最新摊薄） | 12.71 | 14.97 | 11.61 | 9.98 | 9.15 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·装修建材 ...

Summary of Conference Call Records Industry and Companies Involved - **Companies**: Pop Mart (泡泡玛特) and Blokus (布鲁可) - **Industry**: Toy and IP-related products Key Points and Arguments Pop Mart (泡泡玛特) 1. **Category Expansion**: Pop Mart is expanding its product categories (Mega, sugar gel, plush toys) to enhance consumer engagement and is actively exploring small appliances and other derivatives to strengthen its consumer base [1][2][3] 2. **IP Matrix Health**: Monitoring the sales proportion of the LaBuBu IP is crucial; if it remains around 30%, it indicates a healthy IP matrix with growth in other IPs [1][3] 3. **Classic IP Performance**: Classic IPs like Molly, Dimo, and Skull Panda are expected to maintain growth in the first half of the year, with new forms and collaborations broadening consumer appeal [1][4] 4. **Emerging IP Success**: New IPs such as Crybaby, Gorilla Man, and Zizika are performing well, enriching the product line and attracting new fans [1][5] 5. **Overseas Market Potential**: The performance of stores in overseas markets, particularly in Southeast Asia and the US, is significantly higher than in the domestic market, indicating strong long-term expansion potential [1][2][21] 6. **Sales Growth Expectations**: For the first half of 2025, Pop Mart anticipates revenue growth of no less than 200% and profit growth of no less than 350%, leading to an upward adjustment in market expectations for the full year [2] Blokus (布鲁可) 1. **Performance Below Expectations**: Blokus's performance in the first half of the year was below expectations due to inventory pressure from distributors and the timing of new product launches [1][9] 2. **Future Product Expansion**: Plans to expand into adult and female-oriented products, deepen market penetration in lower-tier cities, and accelerate overseas expansion are in place, with expectations for significant growth in the second half of the year [1][10][11] 3. **Market Penetration**: The company is gradually expanding its domestic network and utilizing major channels like Walmart and Costco in North America, with the second half expected to be a peak sales season [1][11] 4. **New Product Launches**: Blokus plans to release 800 SKUs this year, doubling last year's offerings, with a focus on new IPs and optimizing existing ones to drive sales [9][10][16] 5. **Competitive Positioning**: Blokus holds a competitive advantage in the building block sector against competitors like LEGO and Bandai, primarily due to its pricing strategy and channel penetration [1][14] 6. **Valuation Insights**: The estimated valuation for Blokus is projected to be between 20 to 25 times earnings, reflecting its growth potential and brand premium [15] Additional Insights 1. **Second-Hand Market Impact**: The second-hand market's pricing dynamics are being monitored, with a focus on maintaining a healthy price range to avoid market risks associated with excessive speculation [8] 2. **Seasonality of Revenue**: Blokus's revenue exhibits seasonality, with historical data indicating stronger performance in the second half of the year due to several sales peaks [17] 3. **IP Development and Market Trends**: The overall toy industry is experiencing growth driven by demand for IP-related products, while traditional toy segments remain relatively flat [23] 4. **Future Growth Potential**: Both companies are positioned for future growth, with Pop Mart focusing on IP expansion and Blokus on market penetration and product diversification [28][25] This summary encapsulates the key insights from the conference call records, highlighting the strategic directions and performance expectations of Pop Mart and Blokus within the toy industry.

Group 1 - Moutai Sauce Wine Company achieved its operational goals for the first half of 2025, emphasizing a shift from a production-driven market to a consumer-driven one [1] - The company aims to enhance its brand, channel, and product capabilities, positioning its sauce series as a key growth driver [1] - This strategic focus may strengthen market perception of the growth potential of its sauce series and could set a benchmark for competition in the liquor sector [1] Group 2 - Zhujiang Beer expects a net profit of approximately 575 million to 625 million yuan for the first half of 2025, representing a year-on-year growth of 15% to 25% [2] - The company attributes this growth to steady high-quality development and continuous optimization of its product structure, leading to increased beer sales and revenue [2] - However, compared to Yanjing Beer, Zhujiang's revenue scale and growth rate are lower, raising concerns about its regional dependency and long-term growth potential [2] Group 3 - Xifeng Liquor's marketing strategy for the second half of 2025 focuses on deepening channel penetration and addressing market pain points [3] - The company plans to implement a "Golden Network Project" to enhance quality and efficiency, alongside fostering collaboration between manufacturers and distributors [3] - This strategy aligns with the overall trend in the liquor industry, emphasizing the importance of penetrating second and third-tier cities and county markets to maintain competitive positioning [3]

Core Viewpoint - The company reported a decline in net profit primarily due to increased sales expenses related to consumer promotions, which are intended to enhance consumer engagement and brand interaction [1] Group 1: Financial Performance - The management indicated that the increase in sales expenses is a strategic move to boost consumer loyalty and brand interaction [1] - The company has experienced a slowdown in terminal sales, particularly after the alcohol ban, which significantly impacted mid-to-high-end liquor sales [1] - The management acknowledged that the gross sales margin has been declining over the past two quarters, attributing this to adjustments in sales expenses in response to market competition [2] Group 2: Product Strategy - The company is addressing the overlap in price ranges between its new and old products by considering consumer needs and market competition when adjusting its product mix [1] - The mid-to-low price range products in the new series are performing well, while the high-end products are underperforming compared to expectations [1] - The company maintains a comprehensive product matrix that covers all mainstream price segments and will adjust its product operation strategies based on market and competitive dynamics [2] Group 3: Market Strategy - The company plans to deepen channel reforms and strengthen its market foundation while adjusting its competitive strategies in response to market conditions [1] - The company is focusing on expanding its presence in strategic regions outside its home province, including North China, East China, and South China, based on local competition and business needs [2] - The company aims to enhance its channel resilience and depth by implementing a "downward" strategy to penetrate county and town markets, while also enriching e-commerce channels and innovating marketing methods [2]

Summary of the Conference Call for Rabbit Baby Industry and Company Overview - The conference call discusses Rabbit Baby, a company focused on the building materials industry, particularly in the production and distribution of wood-based panels and home decoration products. Key Points and Arguments Market Strategy and Revenue Growth - Rabbit Baby is actively pursuing channel penetration, focusing on mid-western cities and economically developed county-level towns, with expected revenue from town channels reaching 3.9 billion in 2023 and 9 billion in 2024, aiming to develop 1,500 stores by 2025 [2][5][4] - The furniture factory channel accounts for 39% of the company's total market channels, showing rapid growth, with a focus on particle board in northern markets and multi-layer and solid wood boards in southern regions [2][6] Product and Service Integration - The company has merged its panel and home decoration company channels to form a home decoration operation company, which is expected to generate nearly 14 billion in revenue in 2024, marking it as a significant growth point [2][8] - The engineering channel primarily targets public projects and has shifted from basic materials to quick-install materials like honeycomb aluminum fireproof panels [2][9] Supply Chain and Cost Management - Rabbit Baby maintains profit margins through strengthened supply chain management and cost control, ensuring supplier profitability while seeking cost reduction and efficiency improvements [4][15] - The company has adjusted its product structure to include flooring and integrated wall products to boost sales and enhance customer loyalty through promotional activities [5][4] Retail and Online Strategy - The establishment of a new retail operation center aims to assist distributors in creating online stores, leveraging platforms like Douyin and Xiaohongshu to drive orders [10][4] Performance and Risk Management - The company reported a slow market recovery in Q1 2025, with a slight rebound in April followed by a decline in May. The full custom home business saw growth in order volume during the same period [3][11] - Risk control is emphasized in the Qingdao business, focusing on managing accounts receivable and ensuring healthy operations for distributors [11][4] Competitive Landscape and Consumer Behavior - The company faces competition from small enterprises, with a significant number exiting the market, providing opportunities for leading brands to capture market share [15][16] - Consumer preferences vary by region, with northern markets favoring particle boards due to climatic conditions, while southern markets show a stronger preference for solid wood and multi-layer boards [18] Future Outlook and Dividend Strategy - The company plans to maintain stable or increasing absolute dividend amounts rather than focusing solely on dividend rates, with a target to match or exceed the 2024 dividend level of 0.28 per share [28] - There are no immediate plans to diversify into new business areas, with a focus on core operations and avoiding blind investments [28] Additional Important Insights - The company has implemented channel incentives to promote inventory turnover, ensuring that stock levels remain within reasonable limits [14][27] - The integration of high-margin products like gypsum boards and adhesives into the sales strategy is expected to enhance overall profitability [19][20] This summary encapsulates the key insights from the conference call, highlighting Rabbit Baby's strategic initiatives, market positioning, and future outlook in the building materials industry.

Group 1 - The core trend in the automotive industry is the deep integration of new energy and intelligent driving technology, with multiple brands launching new models in March [2] - BYD leads the ranking with a sales figure of 1.93 million units, followed by Volkswagen at 1.82 million and Xpeng at 1.29 million, indicating strong competition among top brands [1] - The market is shifting from a price war to a focus on capturing consumer mindsets in lower-tier cities, with brands employing strategies like localized service networks and precise marketing [3] Group 2 - The 2025 Xpeng G6 was launched on March 13, achieving over 5,000 pre-orders within 7 minutes, showcasing strong consumer interest in intelligent features [2] - Leap Motor introduced the global model Leap B10, which integrates advanced lidar systems into a more affordable price range, demonstrating a commitment to cost control and performance [2] - BYD's strategy includes a limited-time price reduction for non-intelligent driving versions of its models, aiming to enhance market penetration of intelligent driving features [3]

Core Viewpoint - The competition in China's high-end kitchen appliance market is intensifying, with Vatti, Fotile, and Boss forming a "three strong" situation, while Vatti demonstrates resilience and growth potential despite market pressures [1][2]. Group 1: Industry Trends and Market Position - Vatti, despite being smaller in scale compared to Fotile and Boss, has carved out a differentiated path through unique value propositions and growth resilience [2]. - In 2024, Fotile reported revenue of over 17 billion, Boss at 11.21 billion, and Vatti at 6.37 billion, with Vatti achieving a net profit of 485 million, marking an 8.39% year-on-year increase, showcasing its ability to break through value under pressure [2]. Group 2: Product Innovation and Brand Strategy - Vatti has established "value recognition" in the high-end market by breaking the conventional logic that "industry downturns must lead to price cuts," focusing on technological innovation and quality upgrades [3]. - The company emphasizes user needs by developing products that are "easy to use, aesthetically pleasing, and easy to clean," with notable products like the second-generation ultra-thin range hood and powerful dishwashers [3]. - Vatti's average selling price increased by 2.15%, indicating enhanced brand premium and competitive strength through product technology iterations [1]. Group 3: Market Expansion and Consumer Trends - With rising incomes and changing consumer attitudes, Vatti captures the trend of consumers willing to pay a premium for intelligent, healthy, and aesthetically pleasing high-end products [5]. - The company employs a "channel flattening + localized product" strategy to penetrate lower-tier markets, developing products like simplified smart stove packages priced under 20,000, catering to the aspirations of rural consumers [5]. Group 4: Diversification and Ecosystem Development - Vatti is exploring diversification paths centered around a "clean kitchen" system, expanding into related categories like water purification and waste disposal, while avoiding blind expansion [6]. - The company maintains a focus on core categories, with over 66% of revenue coming from range hoods and stoves, and a 6.14% increase in R&D investment [9]. Group 5: Marketing and Brand Image - Vatti is actively pursuing a brand rejuvenation strategy targeting younger consumers, collaborating with young celebrities to enhance brand appeal [7]. - The company has launched a series of short videos showcasing how kitchen appliances improve quality of life, achieving over 100 million views and increasing brand recognition among consumers aged 18-35 by 30-40% [9]. Group 6: Channel Strategy and Sales Growth - Vatti has established a unique competitive barrier in lower-tier markets through a comprehensive channel strategy, achieving a 41.35% growth rate in new retail channel GMV and increasing its revenue share from lower-tier markets to 35% [12]. - The company has transitioned from "single-point breakthroughs" to "full-domain penetration" in lower-tier markets, forming a refined network of online and offline sales [12][13].

Core Viewpoint - Huaxi Securities initiates coverage on Blukoo (00325) with a "Buy" rating, highlighting the company's rapid market capture through pricing strategy and frequent product launches, alongside long-term growth potential from IP development and overseas market expansion [1] Company Overview - Blukoo is the largest building block character toy manufacturer in China, achieving explosive growth through product transformation and channel expansion [2] - In 2023, Blukoo's GMV reached approximately 1.8 billion yuan, capturing 30.3% of the Chinese building block character toy market and 7.4% of the overall building block toy market [2] - The company is projected to have a revenue CAGR of 89% from 2021 to 2024, with expected revenue of 2.24 billion yuan in 2024 and a gross margin of 52.9% [2] - The core revenue driver is building block character toys, which account for 98.2% of total revenue, with major IPs like Ultraman, Transformers, and Hero Infinite contributing over 90% of gross profit [2] Industry Opportunities - The Chinese building block character toy market is expected to grow at a CAGR of 41.3% from 2023 to 2028, with the market size projected to exceed 32.5 billion yuan by 2028 [2] - The share of building block character toys within the overall character toy market in China is anticipated to increase from 14.3% in 2023 to 35.6% in 2028 [2] Competitive Landscape - The domestic building block character toy market is highly concentrated, with the top five companies holding a combined market share of 77% in 2023, while Blukoo leads with a 30.3% share [3] - Globally, the market is dominated by Bandai (39.5%) and LEGO (35.9%), presenting challenges for local companies to overcome technical and IP barriers [3] Competitive Advantages - Blukoo's success with the Ultraman IP demonstrates its ability to replicate core advantages across other IPs [4] - The company's growth strategy is supported by a combination of high cost-performance, deep IP operations, technical patents, channel penetration, and user co-creation [4] - Blukoo has established an IP matrix with over 50 popular licensed IPs and its own IP "Hero Infinite," achieving broad age group coverage [4] - The company boasts over 500 patents that support a standardized parts system, reducing new product development cycles to 6-7 months, compared to the industry average of 10-12 months [4] - The distribution network includes 511 dealers covering second-tier cities and over 80% of third-tier and below cities, with offline revenue expected to account for 92% in 2024 [4] Financial Projections - Revenue projections for 2025-2027 are 3.907 billion, 5.606 billion, and 7.403 billion yuan, representing year-on-year growth rates of 74%, 43%, and 32% respectively [5] - Net profit attributable to the parent company is expected to be 963 million, 1.468 billion, and 1.986 billion yuan for the same years, with growth rates of 340%, 52%, and 35% respectively [5] - EPS estimates for 2025-2027 are 3.87, 5.89, and 7.97 yuan, with corresponding PE ratios of 39.2, 25.7, and 19.0 based on the latest stock price [5]