（3）我们认为行业的核心竞争要素从"价格竞争"到"产品升级"，竞 争态势从"全行业充分竞争"到"龙头集中"。诸如雅迪、爱玛、九号 的行业龙头企业通过利润率优势稳定刚需市场的基本盘，通过智能化 升级和用户心智培养发展不断扩容的智能车市场。未来的竞争会聚焦 于中高端市场，龙头企业"规模效应+产品升级-格局集中-盈利优势扩 大"的正向循环仍然持续，份额和盈利的相对优势会继续扩大。 | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-03-02 | [Table_Page] 深度分析|家用电器 证券研究报告 [Table_Title] 家用电器行业 两轮车行业龙头集中，竞争从价格到产品 [Table_Summary] 核心观点： （2）2020-2025 年国内电动两轮车高级配置市场占比从 2%提至 14%， 3000-5000 元价格带成竞争焦点；龙头加码智能化，九号卡位差异化 中高端智能车赛道，雅迪和爱玛跟进智能车软件付费模式，同时布局钠 电池、智驾系统等新技术。 [Table_PicQuote] 相对市场表现 [分析师： T ...

Event Overview - In FY2026H1, the company's revenue, net profit, and operating cash flow were 3.376 billion, 676 million, and 996 million yuan, respectively, representing year-on-year growth of 7.0%, 11.9%, and 21.1% [1] - Government subsidies amounted to 50.21 million yuan, and the net profit excluding these subsidies was 626 million yuan, showing a year-on-year increase of 15.5% [1] - The company declared an interim dividend of 0.52 HKD per share, with a dividend yield of 5.18% [1] Brand Performance - Revenue growth by brand in FY2026H1 was as follows: JNBY 1.860 billion, Su Xie 389 million, jnby by JNBY 495 million, LESS 394 million, and emerging brands 237 million, with year-on-year growth rates of 5.7%, 0.4%, 4.1%, 16.3%, and 22.4%, respectively [1] - Store counts for each brand were 992, 297, 527, 271, and 54, with year-on-year changes of 3.3%, -6%, 1.9%, 4.6%, and 3.8% [1] - Store efficiency (sales per store) was 1.87 million, 1.31 million, 0.94 million, 1.45 million, and 4.40 million yuan, with year-on-year growth of 2.2%, 6.5%, 2.2%, 10.7%, and 18.0% [1] Channel Performance - Revenue by channel in FY2026H1 was 1.180 billion from direct sales, 1.442 billion from distribution, and 753 million from online sales, with year-on-year growth of 5.7%, 0.3%, and 25.1% [1] - The number of direct and distribution stores was 512 and 1,651, respectively, with year-on-year growth of 4% and 1% [1] - Direct store efficiency and distribution single-store sales were 230,000 and 87,000 yuan per half year, with year-on-year growth of 1.3% and a decline of 1.1% [1] Membership and Retail Performance - As of December 31, 2025, retail sales contributed by members accounted for over 80% of total sales, remaining stable year-on-year [1] - The number of active member accounts was 590,000, reflecting a year-on-year increase of 9% [1] - The number of member accounts with annual purchases exceeding 5,000 yuan was over 340,000, growing by 3% [1] Profitability Metrics - Gross margin in FY2026H1 was 66.5%, an increase of 1.4 percentage points year-on-year [2] - By brand, gross margins were as follows: JNBY 69.4%, Su Xie 67.5%, jnby by JNBY 60.2%, LESS 70.5%, and emerging brands 48.8%, with year-on-year changes of 1.8, 2.0, 1.8, 1.7, and -3.6 percentage points [2] - The net profit margin was 20.0%, up 0.9 percentage points year-on-year [2] Expense Analysis - In FY2026H1, the sales, management, and financial expense ratios were 32.4%, 9.2%, and 0.17%, with year-on-year increases of 0.1, 0.6, and a decrease of 0.17 percentage points [2] - The increase in management expenses was primarily due to higher spending in product design and R&D departments [2] Inventory and Receivables - Ending inventory in FY2026H1 was 1.02 billion yuan, a year-on-year increase of 9.4% [3] - Accounts receivable stood at 220 million yuan, remaining stable, with a turnover period of 9 days, a decrease of 1 day year-on-year [3] - Accounts payable was 308 million yuan, up 29.2% year-on-year, with a turnover period of 44 days, a decrease of 12 days [3] Investment Outlook - Short-term revenue growth has been strong since the beginning of the year [3] - The company has significant room for expansion in its growth and emerging brands, with potential for improved store efficiency through various strategies [3] - In the medium to long term, fan loyalty is expected to support stable gross margins and further growth in net profit margins [3] - Revenue forecasts for FY26-28 are 6.004 billion, 6.396 billion, and 6.806 billion yuan, with year-on-year growth of 8.21%, 6.53%, and 6.41% [3] - Net profit forecasts for FY26-28 are 971 million, 1.040 billion, and 1.115 billion yuan, with year-on-year growth of 8.72%, 7.08%, and 7.24% [3] - Corresponding EPS forecasts for FY26-28 are 1.86, 1.92, and 2.09 yuan, with a PE ratio of 9.4, 9.1, and 8.3X based on the closing price of 20.08 HKD on February 26, 2026 [3]

智通财经APP讯，中科飞测(688361.SH)披露2025年度业绩快报，报告期内，公司实现营业总收入20.53 亿元，同比增长48.75%;实现归属于母公司所有者的净利润5771.24万元，同比扭亏为盈。 公司2025年度归属于母公司所有者的净利润5771.24万元，实现扭亏为盈，主要系规模效应逐步凸显， 公司研发投入稳步增长但占营业收入的比例同比有所下降，盈利水平提升。 ...

公司2025年度归属于母公司所有者的净利润5771.24万元，实现扭亏为盈，主要系规模效应逐步凸显， 公司研发投入稳步增长但占营业收入的比例同比有所下降，盈利水平提升。 中科飞测(688361.SH)披露2025年度业绩快报，报告期内，公司实现营业总收入20.53亿元，同比增长 48.75%;实现归属于母公司所有者的净利润5771.24万元，同比扭亏为盈。 ...

概伦电子(688206.SH)披露2025年度业绩快报，2025年度实现营业总收入4.87亿元，同比增长16.19%;归 属于母公司所有者的净利润3685.41万元，同比扭亏为盈。 报告期内，公司营业利润、利润总额、归属于母公司所有者的净利润均实现扭亏为盈，归属于母公司所 有者的扣除非经常性损益的净利润同比大幅减亏，主要原因为：1、经营规模效应逐步显现。公司营业 收入实现持续较快增长，并通过精细化管控与结构性优化，实现销售及管理费用的有效管控，带动经营 利润显著提升，规模效应进一步显现。2、非经常性损益增厚利润。公司确认的计入当期损益的政府补 助、金融资产的投资收益及公允价值变动收益等部分非经常性损益，对归属于母公司所有者的净利润产 生了积极影响。 ...

在这份财报中，最引人注目的数据无疑是31048家门店，这是截至2025年底瑞幸在全球拥有的门店总 数。财报数据显示，瑞幸在2025年全年总净收入达到492.88亿元人民币，同比增长43.0%；在美国通用 会计准则（GAAP）下，全年营业利润达到50.73亿元，营业利润率为10.3%。 不过，在增长曲线背后，瑞幸也面临着利润率下降、同店增速下滑等风险。 2月26日晚间，瑞幸咖啡（Luckin Coffee Inc.）交出了2025年成绩单。 行业数据显示，库迪咖啡在东南亚的门店数已突破数百家，蜜雪冰城更是凭借低价策略遍地开花。截至 2025年底，瑞幸在新加坡拥有81家自营门店，在马来西亚有加盟门店70家，在美国有自营门店9家。瑞 幸CEO郭谨一在财报会议中表示，新加坡市场已在门店层面实现盈利。 无法从"价格战"中全身而退 曾经以"让中国人喝上高性价比咖啡"的瑞幸，正在撕掉单一的"咖啡"标签。现在的瑞幸，正向全时段、 全品类现制饮品平台转型。2025年公司推出超140款新品，非咖啡饮品杯量占比已突破20%，相当于每 卖出5杯饮品就有1杯是果茶、轻乳茶等产品，与新茶饮品牌展开正面交锋。 瑞幸认为，中国现制饮品行业已 ...

概伦电子(688206.SH)披露2025年度业绩快报，2025年度实现营业总收入4.87亿元，同比增长16.19%;归 属于母公司所有者的净利润3685.41万元，同比扭亏为盈。 报告期内，公司营业利润、利润总额、归属于母公司所有者的净利润均实现扭亏为盈，归属于母公司所 有者的扣除非经常性损益的净利润同比大幅减亏，主要原因为：1、经营规模效应逐步显现。公司营业 收入实现持续较快增长，并通过精细化管控与结构性优化，实现销售及管理费用的有效管控，带动经营 利润显著提升，规模效应进一步显现。2、非经常性损益增厚利润。公司确认的计入当期损益的政府补 助、金融资产的投资收益及公允价值变动收益等部分非经常性损益，对归属于母公司所有者的净利润产 生了积极影响。 ...

格隆汇2月27日丨中科飞测(688361.SH)公布2025年年度业绩快报，报告期内，公司实现营业总收入20.53 亿元，同比增长48.75%；实现利润总额4,436.82万元；实现归属于母公司所有者的净利润5,771.24万 元；实现归属于母公司所有者的扣除非经常性损益的净利润-12,220.29万元。 公司2025年度归属于母公司所有者的净利润5,771.24万元，实现扭亏为盈，主要系规模效应逐步凸显， 公司研发投入稳步增长但占营业收入的比例同比有所下降，盈利水平提升。 ...

每经AI快讯，2月27日，中科飞测(688361.SH)发布2025年度业绩快报，营业总收入达到20.53亿元，同比 增长48.75%。公司利润总额和净利润分别为4436.82万元和5771.24万元，实现扭亏为盈。业绩增长主要 得益于核心技术突破、产品升级及规模效应显现。 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 02 月 27 日 [Table_Title] 业绩靓丽，剔除政府补助后净利增速更高 [Table_Title2] 江南布衣(3306.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 3306 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 15.86/11.78 | | 目标价格(港元)： | | 总市值(亿港元) | 107.08 | | 最新收盘价(港元)： | 20.08 | 自由流通市值(亿港元) | 92.03 | | | | 自由流通股数(百万) | 518.75 | [Table_Summary] 事件概述 FY2026H1 公司收入/净利润/经营活动现金流 33.76/6.76/9.96 亿元，同比增长 7.0%/11.9%/21.1%；上半 财年政府补助为 5021.1 万元、剔除政府补助影响后的净利润为 6.26 亿元、同比增长 15.5%。 公司宣派中期股息每股 0.52 港元，股息率为 5.18%。 分 ...