在液压零部件板块，锋龙股份全资子公司杜商精机自其原股东成立之日起便在行业内数十年如一日，坚 持精益求精，与国际一线液压产品品牌客户如卡特彼勒、派克汉尼汾、博世力士乐及潍柴液压等都建立 了长期合作伙伴关系，并连续多年获评"优秀供应商""优秀合作伙伴"。 在研发创新方面，2025年上半年，锋龙股份研发投入1237.24万元，新增国内发明专利2项、国内实用新 型专利7项。截至报告期末，公司及子公司持有有效专利总计219项，其中美国发明专利7项，日本发明 专利1项，国内发明专利43项和国内实用新型专利168项。同时，公司子公司还拥有5项软件著作权和1项 作品著作权。 锋龙股份表示，公司将以市场为中心，积极应对内外销市场环境变化，配合现有客户、现有业务做好贸 易战的应对和调整工作，关注超过行业发展均值的海外细分市场，协同客户做好业务拓展工作。同时， 更大力度地拓展内销市场，不断发掘新的客户和应用领域。(厉平) 8月24日晚，锋龙股份（002931）发布了2025年半年报，2025年上半年，公司实现营业收入2.51亿元， 同比增长9.71%；归母净利润0.15亿元，同比增长2217.66%；扣非净利润0.13亿元，同比增 ...

Group 1: Business Strategy and Market Response - The company has diversified its business into To B (education and leisure) and To C (fitness) segments, mitigating tariff impacts through a production base in Vietnam, which generated revenue of 334 million CNY in 2024 [2][3] - The company plans to actively explore non-US markets and restructure its global supply chain and marketing systems in response to trade tensions [3] - The company has established a product research institute to develop proprietary products, with the AI module 1.0 successfully developed and 2.0 in progress [3] Group 2: Financial Performance - The company reported a 40% revenue growth in Q1 2025, driven primarily by the education and fitness segments, with the subsidiary Ruitfei's revenue increasing nearly 100% [3] - The gross margin of the education and leisure segment has improved, contributing to the overall revenue growth [3] Group 3: Product Development and Market Position - The fitness segment has established brand recognition in the home fitness equipment market, with several products ranking first in their category on Amazon [3] - The company has opened its first offline experience store in the US in April 2025, enhancing brand competitiveness and pricing power [3][4] Group 4: Future Plans and Capacity Expansion - The Vietnam production base is not yet at full capacity, and the company plans to build a new facility in northern Vietnam to further increase production capacity [3] - The company aims to gradually implement price increases in the fitness segment, starting with small batches [3]

Investment Rating - The report indicates a modest, reactive stimulus for technology and consumption sectors, with expectations of a supplementary package of Rmb1-1.5 trillion in the second half of the year [2][8]. Core Insights - The Politburo has committed to coordinating domestic policy and addressing trade war impacts through technology investments and a gradual shift towards consumption [2]. - There is an emphasis on faster implementation of the Rmb2 trillion stimulus approved by the National People's Congress, including quicker issuance of government bonds and potential cuts to reserve requirement ratios (RRR) and interest rates [3]. - New initiatives are anticipated, including increased funding support for consumer goods trade-in programs and a new relending tool aimed at service consumption and elderly care [9]. Summary by Sections Domestic Policy Coordination - The leadership aims to tackle tariff shocks with tech investments and a gradual pivot towards consumption [2]. Stimulus Implementation - The Politburo has urged for a swift rollout of the Rmb2 trillion stimulus, with measures to boost total social financing (TSF) growth by 0.6-0.9 percentage points by the end of Q2 [3]. Future Initiatives - A supplementary package of Rmb1-1.5 trillion is expected in the second half of the year, which may not fully offset the impacts of tariff shocks [8]. - Targeted support for exporters is estimated to provide rebates of unemployment insurance up to approximately 0.1% of GDP [9].