公司在不同产品线和区域市场的表现如何？ 从收入构成来看，手工具仍然是主要业务，占比 65.74%。电动工具增长显著， 占比从 7%提升至 10%，符合公司预期。工业工具基本持平，受欧洲经济状况 和竞争加剧影响较大。美洲市场增速快于欧洲市场，考虑汇率因素，美洲实际 公司资产负债率降至历史新低 19.04%，归还约 20 亿元借款，计划继 续降低负债率，账上净现金较高，上半年每 10 股派发现金红利 2.5 元， 总分红 2.98 亿元，力求保持净利润 30%左右的分红率。 公司预计全年收入增长为中个位数，三季度经营情况将有所改善，毛利 率有望稳定增长，长期看好美国降息通道带来的机遇，并有信心提升市 场份额。 巨星科技 20250826 摘要 巨星科技 2025 年上半年净利润 12.54 亿元，同比增长 3.94%，经营活 动现金流大幅增长 76.54%至 10.33 亿元，归属于上市公司股东的净资 产达 181 亿元，增长 10.69%。 手工具仍是主要收入来源，占比 65.74%，电动工具增长显著，占比提 升至 10%，工业工具受欧洲经济和竞争影响基本持平，美洲市场增速超 过欧洲，自有品牌增长快于客户品牌。 ...

上 市 公 司 农林牧渔 2025 年 08 月 26 日 乖宝宠物 (301498) ——自有品牌提速带动营收高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 95.73 | | 一年内最高/最低（元） | 125.88/42.37 | | 市净率 | 8.6 | | 股息率%（分红/股价） | 0.52 | | 流通 A 股市值（百万元） | 17,138 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 11.11 | | 资产负债率% | 14.94 | | 总股本/流通 A 股（百万） | 400/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06 ...

8月25日晚间，乖宝宠物、天元宠物、佩蒂股份等A股宠物行业上市公司也适时发布2025年半年度报告。财报与盛会两相印证，一些新 的行业趋势逐渐明朗。 每经记者｜黄海 涂颖浩 每经编辑｜金冥羽 张益铭 易启江 "毛孩子"们为消费市场带来的新活力愈加明显。 刚刚过去的一周里，第二十七届亚洲宠物展览会（以下简称亚宠展）在上海举行。收官日当晚，王伟（化名）发了条朋友圈"秀战 绩"："一年一度宠物的'春节'——亚宠展结束了。还有5包狗粮，实在搬不动，发快递了。"其配图中，近百包宠物主粮和各类零食被整 齐地铺开，种类繁多。 王伟是广大爱宠群体的一个缩影。过去一周里，亚宠展上扫货的年轻人纷纷在社交媒体上晒出成果：有人自嘲"一代人有一代人的鸡蛋 要领"，也有人打趣"战果能开宠物店"…… 视觉中国 长期以来，亚宠展都被外界视为宠物行业的风向标。据统计，本届亚宠展再次刷新纪录，吸引超过13万名专业观众，超过39万名宠物 爱好者参观，共有2600多家展商参展，展览规模达到31万平方米。观众更多、种类更全、产品更优成为各界共识。 宠物经济高速发展 这两年，随着我国人均可支配收入持续提高、养宠人群扩大及消费升级，宠物用品及服务市场需求不 ...

长期以来，亚宠展都被外界视为宠物行业的风向标，据统计，本届亚宠展再次刷新纪录，吸引了超13万 名专业观众、超39万名宠物爱好者参观，共有2600多家展商参展，展览规模达31万平方米。观众更多、 种类更全、产品更优成为各界共识。 8月25日晚间，乖宝宠物、天元宠物、佩蒂股份等多家A股上市宠物公司也适时发布2025年半年度报 告。财报与盛会两相印证，一些新的行业趋势逐渐明朗。 这两年，随着我国人均可支配收入的持续提高、养宠人群的扩大及消费升级，宠物用品及服务的市场需 求不断释放，国内宠物行业展现出广阔的市场空间和强劲的增长潜力。 《2025年中国宠物行业白皮书》显示，2024年城镇宠物（犬猫）主人数已达7689万人，较2023年增长 2.4%；2024年宠物犬数量为5258万只，较2023年增长1.6%；宠物猫数量为7153万只，较2023年增长 2.5%。 合计超1.2亿只的"毛孩子"，共为中国城镇宠物（犬猫）消费市场带来3002亿元的规模，较2023年增长 7.5%。分产品来看，尽管当下宠物产品的品类变得愈加丰富，但宠物食品仍是宠物主的主要消费市 场，市场份额为52.8%。 每经记者｜黄海 每经编辑｜张益铭 ...

上半年由盈转亏，在永辉超市（601933.SH）今日召开的公司业绩说明会上，公司全年业绩展望、门店 调改进度以及调改店经营情况成为投资者尤为关注的问题。 结合财报来看，上半年，公司一共关闭了227家亏损门店。截至报告期末，公司已开业门店合计552家， 调改开业门店124家。谈及调改门店的经营情况，吴凯之介绍，调改店完成后，销售相比调改前取得了 非常明显的增长。此外，进入稳定经营期的调改店，整体也已进入稳定盈利状态。 从调改节奏来看，据公司官微消息，截至本月15日，永辉超市全国自主调改门店总数达到160家。公司 并计划，到9月底，实现全国调改门店达到200家。 与此同时，闭店在下半年也还将继续。董事长张轩松介绍，公司的闭店工作正在按既定战略稳步推进， 今年下半年的闭店数量，会依据市场状况以及门店的综合经营情况来确定。 门店调改的同时，永辉超市还在推进自有品牌产品。张轩松介绍称，截至目前，公司自有品牌已上架橙 汁和洗衣液两款产品，市场反响不错。全年计划上新60支单品，覆盖日用、食用标品等。 考虑到上半年归母净利润亏损，有投资者担忧公司会有ST风险。对此，董秘黄晓枫回应称，公司目前 有可持续经营能力，没有ST风险。 ...

证券研究报告·公司点评报告·一般零售 永辉超市（601933） 2025 年半年报点评：归母净亏损 2.4 亿元， 调改快速推进，供应链&自有品牌取得进展 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） | 78,642 | 67,574 | 53,514 | 64,996 | 71,765 | | 同比（%） | (12.71) | (14.07) | (20.81) | 21.46 | 10.41 | | 归母净利润（百万元） | (1,329.05) | (1,465.46) | (865.58) | 439.18 | 1,039.72 | | 同比（%） | 51.90 | (10.26) | 40.93 | 150.74 | 136.74 | | EPS-最新摊薄（元/股） | (0.15) | (0.16) | (0.10) | 0.05 | 0.11 | | P/E（现价&最新摊薄） | (33.94) ...

Core Viewpoint - The company, Ruoyuchen, reported significant revenue and profit growth in its 2025 semi-annual report, driven by its own brand business and brand management services [1][3]. Financial Performance - The company achieved operating revenue of 1.319 billion yuan, a year-on-year increase of 67.55% [2]. - Net profit attributable to shareholders was 72.26 million yuan, up 85.60% compared to the previous year [2]. - The self-owned brand business generated 603 million yuan in revenue, a substantial growth of 242.42%, accounting for 45.75% of total revenue [1][3]. Brand Performance - The brand "Zhanjia" generated 444 million yuan in revenue, reflecting a growth of 157.11% [3]. - The health product brand "Feicui" achieved revenue of 160 million yuan, with significant growth during the second quarter [5]. Sales Channels - The highest sales revenue came from Douyin, accounting for 37.24% of total sales, with a reported sales amount of 489 million yuan [6]. - During the 618 shopping festival, the overall GMV for "Zhanjia" increased by over 160%, with significant growth across multiple platforms [3]. Brand Management and Operations - The brand management business generated 335 million yuan, a year-on-year increase of 52.53% [6]. - The company’s agency operation business reported revenue of 380 million yuan, a slight decline of 2.79%, but with improved overall gross profit margins [7]. Legal Disputes - The company faced legal disputes with Mead Johnson and Mentholatum, involving contract and trademark issues, respectively [7][8]. - A court ruling required Mead Johnson to pay Ruoyuchen 18.47 million yuan, while Ruoyuchen was ordered to pay 750,000 yuan for product costs [7][8]. Future Plans - Ruoyuchen plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise funds for product development, brand building, and global expansion [9]. - The company is focusing on expanding into Southeast Asian markets, particularly with its self-owned brand "Zhanjia," which has significant growth potential in the region [10].

Core Insights - The company reported a revenue of 1.835 billion yuan in the first half of 2025, representing a year-on-year growth of 8.31% [1] - The net profit attributable to shareholders was 46.738 million yuan, up 10.17% year-on-year, while the net profit after deducting non-recurring items was 36.966 million yuan, reflecting a growth of 20.65% [1] - The company plans to distribute a cash dividend of 1.30 yuan per 10 shares to all shareholders as part of its profit distribution plan for the 2025 interim period [1] Expansion and Operations - The company operates nearly 500 offline stores, leading the domestic market in the mother and baby specialty retail sector, particularly in cities like Shanghai, Ningbo, and Wuhan [2] - In the first half of 2025, the company accelerated its store expansion, opening 34 new quality mother and baby stores across 22 cities, enhancing its regional brand influence [2] - A new store model was launched in Shanghai, focusing on space optimization, product enhancement, and customer satisfaction, which has improved customer acquisition and operational efficiency [2][3] Product Development and Brand Strategy - The company has enhanced its private label products, achieving over 30% sales contribution from its own brands, including nutritional and health food series [4] - The company has introduced a "one-price" strategy for children's clothing to address consumer pain points related to price complexity and homogeneity [5] - The company announced a new corporate culture brand strategy aimed at becoming a leading mother and baby health brand in China, emphasizing responsibility, quality, professionalism, and innovation [5] Market Trends and Government Policies - The implementation of a national childcare subsidy policy starting January 1, 2025, will provide families with 3,600 yuan per year for each child until the age of three, which is expected to support sustainable growth in the mother and baby industry [5]

Summary of Conference Call on Yonghui Supermarket Industry Overview - The retail industry is undergoing a transformation during the economic adjustment period, with consumers increasingly focusing on cost-effectiveness. Retailers and distributors are showing higher growth potential compared to traditional food and beverage companies, as evidenced by the annualized returns of Japanese and American retail companies exceeding those of traditional firms during similar economic conditions [2][3]. Key Insights on Yonghui Supermarket - Yonghui Supermarket, as a major Chinese retail chain, is positioned to capitalize on the low online penetration rates in food and beverage sectors. The company aims to enhance its competitive edge through improved operational efficiency, optimized supply chain management, and innovative service models [2][8]. - The shift from deep distribution to large-scale, multi-category distribution in China is driven by declining terminal sales momentum and increasing consumer demand for high-cost performance products. This new distribution model enhances risk resistance by lowering markup rates and improving efficiency [2][7]. Consumer Behavior and Market Dynamics - Despite the rapid growth of e-commerce in China, offline supermarkets still have significant development potential. Online consumption has plateaued at over 30%, with substantial differences in online penetration rates across product categories. For instance, beverages and snacks have online penetration rates below 20%, particularly in lower-tier cities [2][5]. - Instant retail is expected to coexist with traditional supermarkets, primarily catering to convenience needs but often at higher prices. Price-sensitive consumers are likely to prefer large chain supermarkets that offer lower prices and guaranteed quality [2][6]. Yonghui's Strategic Initiatives - Yonghui's new model eliminates entry fees, leading to lower terminal prices and a more competitive product mix tailored to consumer preferences. The emphasis on baked goods and prepared foods aligns with the growing demand for convenience among aging and smaller households in China [4][14]. - The company is expanding its private label offerings to provide lower-priced products, thereby creating a price advantage and broadening its product range [4][17]. Financial Performance and Future Outlook - Yonghui's financial performance is influenced by high headquarters financial costs, projected to be around 1 billion to 1.1 billion yuan in 2024. However, these costs are expected to decrease as cash flow improves and new store openings generate positive cash flow [26]. - The forecast for Yonghui's store profitability indicates potential growth, with expectations of achieving profits of 1.815 billion yuan in 2026 and 2.38 billion yuan in 2027, assuming a stable sales performance across its stores [24][27]. Challenges and Competitive Landscape - The Yonghui model is not easily replicable by other supermarkets due to high capital requirements, scale advantages, and extensive experience in fresh produce management. These factors contribute to Yonghui's competitive edge in the market [22]. - The company faces uncertainties regarding individual store performance and the potential for exceeding expectations, particularly in lower-tier markets where e-commerce penetration is low [27]. Conclusion - Yonghui Supermarket is well-positioned to leverage its strengths in supply chain management and operational efficiency to navigate the current economic landscape. By focusing on enhancing its product offerings and optimizing its business model, Yonghui has the potential to emerge as a strong investment opportunity in the retail sector [28].

Core Viewpoint - The rise of private labels in retail is seen as a crucial strategy for brick-and-mortar stores to protect themselves against the competition from instant retail and online platforms, with companies like Aldi and Pang Donglai setting benchmarks in the industry through their strong private label development capabilities [1][4]. Group 1: Development of Private Labels - Metro was the first to gain customer trust with its private label in China, launching in 1996 and expanding rapidly by 2010 [2] - Costco and Sam's Club also successfully introduced their private labels in China, leveraging online platforms and strong product offerings to attract consumers [2] - Domestic retailers like Wumart and CR Vanguard have followed suit, creating their own private label brands to compete in the market [3] Group 2: Challenges and Strategies - Many domestic retailers struggle to create impactful private labels due to reliance on suppliers and lack of unique branding strategies, leading to prices that do not reflect the cost advantages of private labels [3][6] - Successful private label strategies, as seen with Aldi and Pang Donglai, involve direct procurement from manufacturers and the ability to set competitive prices, enhancing brand image and market position [4][5] - The development of private labels requires significant investment and a shift in operational strategy, with many retailers needing to adopt a long-term perspective to see returns [6][8] Group 3: Quality Control and Risks - The emphasis on low prices for private labels can compromise product quality, as retailers may cut corners on materials and quality control [7] - Retailers face significant risks if private label products fail to meet quality standards, which can damage their reputation and customer trust [7][11] - The need for a comprehensive quality control system is critical, as evidenced by recent quality issues faced by major retailers like Sam's Club [11] Group 4: Collaboration Between Manufacturers and Retailers - The trend of co-branding between manufacturers and retailers is emerging as a solution to leverage strengths from both sides, allowing for better product quality and competitive pricing [9][10] - Successful co-branding requires alignment on product understanding and quality assurance between both parties [10] Group 5: Future Outlook - The private label market in China is still in its early stages, with many retailers only beginning to explore this avenue [6] - The potential for private labels to transform the retail landscape is significant, but requires careful planning and execution to avoid pitfalls [8][11]