深圳博普科技有限公司，专注于量化投资领域，利用先进的金融工程思想和自行设计的软硬件交易系 统，通过市场中立的数学统计套利策略为投资者实现低风险的稳健收益。 根据市场公开信息及8月26日披露的机构调研信息，知名私募博普科技近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 1）潮宏基 （深圳博普科技参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续 围绕客户需求发力产品，打造非遗花丝、古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专 家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗系列，IP授权涵 盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一 城一非遗"活动。线上子公司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540 家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

根据市场公开信息及8月26日披露的机构调研信息，知名私募煜德投资近期对3家上市公司进行了调研，相关名单如下： 1）潮宏基 （煜德投资参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续围绕客户需求发力产品，打造非遗花丝、 古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗 系列，IP授权涵盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一城一非遗"活动。线上子公 司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 2）星云股份 （煜德投资管理参与公司特定对象调研&线上会议） 调研纪要：2025年上半年，星云股份着力提升经营质量、聚焦主业，经营毛利率持续改善，费用下降。公司完成向特定对象发行股票工作，引入 新投资者助力未来发展。锂电池产业整体积极，下游电池企业推进固态电池等新技术和海外产能建设，公司受益于需求增长。电池检测在新能源 汽 ...

根据市场公开信息及8月26日披露的机构调研信息，知名私募涌津投资近期对1家上市公司进行了调研， 相关名单如下： 1）潮宏基 （涌津投资参与公司电话会议） 调研纪要：公司近年推出臻金臻钻、梵华、黄财神、故宫文化等高克重系列，提升客单价，未来将持续 围绕客户需求发力产品，打造非遗花丝、古法高工、潮搭串珠、IP领域领先地位。Soufflé定位礼赠专 家，产品年轻化，已开60家门店，与主品牌形成互补。主品牌推出"花丝?弦月"等非遗系列，IP授权涵 盖哆啦A梦、三丽鸥等，并新增多个IP。品牌推广以"意象东方?非遗新生"为主线，携手宋轶，开展"一 城一非遗"活动。线上子公司净利润同比增长70.64%，推动线上线下一体化。截至6月底门店达1,540 家，净增72家，海外在吉隆坡、泰国、柬埔寨开店，表现超预期。 机构简介： 涌津投资定位为专业的价值成长投资和低风险套利投资私募管理机构，遵循"自上而下"和"自下而上"相 结合的投研逻辑，坚守"以合理价格买入优秀公司"的投资理念，寻找"有成长的价值"和"有价值的成 长"的公司，尤其是传统王者和新兴龙头。 秉承"感恩、专业、团结、向上"的企业文化，始终以追求投 资者利益最大化为目标 ...

证券代码：002345 证券简称：潮宏基 4、潮宏基珠宝在品牌推广上，上半年有哪些亮点？ 答：潮宏基珠宝上半年继续以"意象东方•非遗新生"为品牌 传播主线，携手品牌代言人宋轶开展全方位推广。同时线下通过 升级第九代终端门店形象和用户体验，强化时尚东方的品牌调性。 品牌推广方面，除了精准和高效的常规广告投放，上半年以来在 核心门店举办多场"一城一非遗"主题活动，在提升品牌力的同 时，也带来门店当期和后续较好的销售增长，实现了品牌曝光与 销售转化的双赢。 5、潮宏基线上业务今年的预期如何？ 答：近年来，公司积极优化调整电商业务策略，聚焦品牌一致 性与全域营销协同，在品牌价值提升、盈利增长和运营质量方面 提出更高的要求，去年以来取得较好的效果。尽管销售同比没有 增长，但是盈利水平有较大幅度提升，上半年负责线上销售的子 公司净利润同比增长 70.64%。未来，公司将进一步推动线上线下 | 的一体化运营，通过资源互通与场景互补提升整体效率，例如从 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 线上引导至线下消费，线下服务支持线上销售需求，实现协同 ...

百果园管理层表示，门店网络优化已于今年上半年完成。由于当前门店毛利率及净利率已恢复至较健康 水平，加盟商盈利能力改善信心增强，此外，上半年部分闭店属临时性调整，目前正积极选址重启，同 时，公司推出多项门店支持政策，包括开业补贴、特许权使用费减免、开店成本压缩等，预计下半年有 望实现100家左右净开店。 财报显示，2025年上半年，百果园重新升级改造门店门头，突出"百果园"及IP形象，以提升消费者对公 司的品牌认知度。截至报告期末，百果园已在印度尼西亚开设七家门店，初步成功建立了区域市场布 局，为未来进一步拓展海外市场奠定了基础。 8月21日晚，百果园（02411.HK）发布2025年中期业绩。报告期内公司实现收入43.76亿元，同比下滑 21.8%，归母净亏损3.42亿元，毛利率跌至4.9%。截至报告期末，百果园门店数量为4386家，比上年同 期净减少1639家，收缩幅度达27%。 对此，百果园方面表示，2025年上半年，公司持续通过优化全国零售门店布局以提高零售门店的运营效 率，主动引导加盟商重新审视门店位置及所在商圈，搬迁或者关闭租金费用率高、人工费用高或者经营 业绩较差的劣势门店，更加专注于优势门店。 ...

Core Insights - Yonghui Supermarket reported a significant decline in both revenue and profit for the first half of 2025, with total revenue of 29.948 billion yuan, a year-on-year drop of 20.73%, and a net profit of -241 million yuan, down 187.38% compared to a profit of 275 million yuan in the same period of 2024 [1] - The company's strategic transformation, aimed at emulating the "Pang Donglai" model, has led to a systemic crisis characterized by a severe imbalance in resource allocation and operational inefficiencies [1][2] - The loss of consumer trust due to food safety issues and procurement corruption has compounded the challenges faced by the company, making it difficult for any strategic adjustments to gain market patience [3] Financial Performance - Yonghui Supermarket's total revenue for the first half of 2025 was 29.948 billion yuan, reflecting a 20.73% decline year-on-year [1] - The company reported a net loss of 241 million yuan, a drastic decrease from a profit of 275 million yuan in the same period of the previous year, marking a decline of over 500 million yuan [1] Strategic Challenges - The company's attempt to adopt the "quality retail" transformation has resulted in a strategic trap, with significant store closures and adjustments leading to a short-term revenue gap [1] - The aggressive elimination of half of its suppliers has disrupted the established supply chain ecosystem, leading to a disconnect between product quality and pricing [1][2] - The management restructuring has caused decision-making fragmentation, reducing organizational efficiency and undermining the execution of the transformation strategy [2] Operational Issues - The transition to self-operated brands and customized products has lagged behind channel adjustments, resulting in a lack of product competitiveness [1] - The company's online and offline integration strategy has lost focus, with online services failing to create a differentiated advantage [2] Brand Trust Crisis - Periodic food safety issues and procurement corruption have eroded consumer trust, particularly highlighted by incidents in remodeled stores [3] - The loss of trust has intensified the challenges of the company's aggressive transformation efforts, making it difficult to regain market confidence [3]

Core Viewpoint - Yonghui Supermarket continues to struggle despite ongoing store closures and adjustments, reporting significant revenue decline and net losses in the first half of 2025 [2][3][4]. Financial Performance - In the first half of 2025, Yonghui Supermarket achieved revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, with a net loss attributable to shareholders of 241 million yuan [3][5]. - The company has incurred total losses exceeding 9.5 billion yuan over the past four years, although the loss amount is showing signs of narrowing [4][5]. - The comprehensive gross margin for the reporting period was 20.80%, down 0.78% from the previous year [5]. Strategic Adjustments - The revenue decline is attributed to the company's deep strategic transformation initiated in the second half of 2024, which includes closing long-term loss-making stores and undergoing store adjustments [5][6]. - Yonghui Supermarket closed 227 loss-making stores during the reporting period, incurring costs related to leasing and employee compensation [5][6]. Management Outlook - The management remains pessimistic about the overall revenue for the year, expecting it to be lower than in 2024 due to the high number of store closures [6]. - However, they anticipate significant sales growth in the second half of the year as the remaining operational stores undergo steady transformation [6]. Online Business Performance - The online business generated revenue of 5.49 billion yuan, accounting for 18.33% of total revenue, but it still operates at a loss despite a reduction in losses compared to the previous year [6][7]. - The company is exploring various innovative models for its online channels, including an O2O (online-to-offline) model [6][7]. Store Transformation Efforts - Yonghui Supermarket is focusing on a transformation strategy inspired by the "Fat Donglai model," emphasizing quality retail [7][8]. - As of August 15, 2025, the company had completed adjustments on 160 stores, with plans to reach 200 by the end of September [7][8]. Market Perception - Analysts express skepticism about the effectiveness of Yonghui's transformation efforts, noting that while the company has adopted some successful strategies, it still lacks strong brand recognition compared to competitors [8][9]. - Following the release of the mid-year report, Yonghui's stock price fell to 4.93 yuan per share, reflecting market concerns [9].

Core Viewpoint - JD Health is focusing on strengthening its supply chain capabilities and enhancing medical service capabilities, particularly through the integration of online and offline services, which is a key part of its long-term strategy [1][2]. Business Developments - On August 15, JD Health announced a strategic partnership with Eisai China, allowing the exclusive online launch of the insomnia treatment drug, Lemborexant, which is expected to reshape the insomnia medication market [1]. - In the first half of 2025, JD Health launched over 30 innovative drugs online and collaborated with various medical device and health supplement brands for multiple product launches [1][2]. Service Model Innovation - The digital healthcare industry is increasingly focusing on the integration of online and offline services, with JD Health developing a comprehensive service model that includes "medical testing, diagnosis, and medication" [3]. - JD Health has established an internet hospital that offers specialized services in five key areas, enhancing its service depth and breadth [3]. User Growth and Financial Performance - In the first half of 2025, JD Health achieved a revenue of 35.3 billion yuan, a year-on-year increase of 24.5%, with active user numbers surpassing 200 million [7]. - The revenue from JD Health's pharmaceutical e-commerce segment reached 29.3 billion yuan, growing by 23%, while medical services revenue increased by 34% to 6 billion yuan [8]. AI Integration and Market Response - Following the financial report, JD Health's stock price surged by 21% over two trading days, reflecting market confidence in its business model and performance [13][14]. - JD Health has launched the "AI Jingyi" series, which includes various AI-driven services, and has served over 50 million users, indicating a strong focus on AI applications in healthcare [14][15].

Core Viewpoint - JD Health has surpassed 200 million active users, driven by innovations in medical service models and technology, positioning itself as a leader in China's digital health market [2][11]. Business Strategy and Developments - JD Health focuses on strengthening supply chain capabilities and enhancing medical service capabilities, aiming to create an integrated online and offline service system [3][4]. - A strategic partnership with Eisai China was established to exclusively launch the insomnia treatment drug, Lemborexant, on JD Health's platform, reinforcing its supply chain advantages [3][4]. - In the first half of 2025, JD Health launched over 30 innovative drugs online and collaborated with various medical device and health brands for multiple product launches [3]. Service Model Innovation - The integration of online and offline services is a key trend in the digital healthcare industry, with JD Health developing a "medical testing, diagnosis, and medication" service loop [6][9]. - JD Health has expanded its home service capabilities, offering 64 types of home nursing services and over 160 rapid testing services, enhancing user experience through speed and breadth [6][7]. User Growth and Financial Performance - JD Health reported a revenue of 35.3 billion yuan in the first half of 2025, a 24.5% year-on-year increase, with active users exceeding 200 million [11][12]. - The growth in revenue is attributed to the increase in active users and higher spending per user, reflecting the positive impact of supply chain and service capabilities [12][14]. AI Integration and Future Outlook - The company has launched the "AI Jingyi" series, which includes AI doctors and pharmacists, serving over 50 million users, indicating a strong focus on AI applications in healthcare [19][20]. - Continuous investment in AI is expected to break traditional growth bottlenecks in the internet healthcare sector, potentially enhancing the company's market valuation [20].

Core Insights - JD.com is expanding its offline retail presence with the launch of new formats such as the Seven Fresh Food MALL and discount supermarkets, aiming to leverage its supply chain expertise in physical retail [2][3][9] Group 1: Seven Fresh Food MALL - The first Seven Fresh Food MALL opened two months ago, with CEO Xu Ran personally overseeing operations, indicating a strong commitment to this new retail format [2] - Since its opening, foot traffic has increased over three times, with a near 100% purchase rate, suggesting high consumer engagement [2] - The MALL plans to expand its delivery service with a new model called "cross-store selection, one order delivery," which allows customers to order from multiple stores in a single delivery [4][5] Group 2: Discount Supermarkets - JD.com opened its first large discount supermarket, attracting over 100,000 customers within two days, showcasing strong initial demand [3] - The discount supermarket features over 5,000 SKUs, focusing on fresh food and daily necessities, and is approximately 3 to 4 times larger than typical stores in the industry [8] - The supermarket's strategy includes direct sourcing from producers and factories to minimize costs and offer competitive pricing [8] Group 3: Supply Chain Integration - JD.com emphasizes that its delivery service is fundamentally about enhancing its supply chain, differentiating its model from competitors like Meituan [6] - The integration of supply chain logistics allows for efficient delivery of fresh produce and other goods, reducing inventory pressure for merchants [6] - The company is exploring synergies between its various retail formats, indicating a strategic approach to resource utilization [6] Group 4: Market Strategy and Future Plans - JD.com is actively pursuing a nationwide expansion of the Seven Fresh Food MALL, with plans to open multiple locations in cities like Beijing and Xi'an [5] - The company aims to create a seamless online and offline shopping experience, recognizing the importance of physical stores in reaching diverse consumer demographics [10] - Analysts suggest that JD.com's focus on offline retail is a response to the saturation of online markets, with a belief that physical stores can enhance customer engagement and sales [10]