证券日报网讯康斯特（300445）9月1日发布公告，在公司回答调研者提问时表示，国内主要竞争来自小 品牌低价产品，但公司不参与价格战。公司坚持高端化策略，避开低毛利竞争，通过产品性能、智能化 体验和技术优势维持差异化。 ...

证券代码：300445 证券简称：康斯特 答：压力全自动产品比传统的手动泵和表的解决方案要更好，因 此我们现在主推高端产品，并且推出自动化、智能化功能较多且相对 方便的产品。 北京康斯特仪表科技股份有限公司投资者关系活动记录表 编号：20250829 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （ ） 参与单位名称 及人员姓名 东北证券、汇泉基金、天弘基金、国泰基金、同泰基金、中再资产、 中信期货 （以上排名不分先后） 时间 2025-08-29 地点 公司会议室&电话会议系统 上市公司接待 人员姓名 何 欣 总经理 刘楠楠 董事会秘书 李 广 证券事务代表 投资者关系活 动主要内容 校准与测试业务 （1） 请教一下国内外市场需求情况，目前我们的下游资本开支压力 较大，什么时候能看到拐点？ 答：国内主要下游资本开支承压，国际主要是关税政策带来的不 确定性，但个别行业和局部高端需求仍有结构性机会。 海外市场中，美国业务前期受关税冲击大，4、5 月新增订单少， 公司将非美国业务转至新加坡运营中心，未来将大力开拓非美国际业 务。 （2） ...

摩根士丹利发布研报称，因应华润啤酒(00291)于上半年向合资企业出售土地录得一次性收益，将2025 年净利润预测上调10%，2025至2027年经常性盈利预测上调1%至2%，维持润啤的"增持"评级，目标价 从34港元上调至35港元。 虽然行业环境较为艰难，但华润啤酒业务EBIT上半年仍录得14%增长，表现跑赢同业，相信通过高端 化策略及加强非即饮渠道渗透，结合持续利润率改善，盈利增长预料持续。大摩对今年下半年及全年展 望保持不变，管理层表明将持续推进高端化策略，通过喜力、雪花等核心品牌及其他高端、次高端品牌 持续提升市场份额。 ...

Core Viewpoint - Yanjing Beer reported strong financial performance in the first half of the year, with revenue of 8.558 billion yuan, a year-on-year increase of 6.37%, and a net profit of 1.103 billion yuan, up 45.45% year-on-year, driven by its focus on high-end products and major brands [2][4]. Group 1: Financial Performance - Yanjing Beer achieved revenue of 8.558 billion yuan in the first half of the year, reflecting a 6.37% year-on-year growth [2]. - The net profit attributable to shareholders reached 1.103 billion yuan, representing a 45.45% increase compared to the previous year [2]. - The beer segment accounted for 92.26% of total revenue, approximately 7.896 billion yuan, with mid-to-high-end beers contributing 5.536 billion yuan, a 9.3% increase year-on-year [4]. Group 2: Market Dynamics - The overall beer consumption in the industry was weak, but Yanjing Beer managed a 2.03% increase in sales volume to 2.3517 million tons, with an average price per ton rising by 4.75% to 3,357.5 yuan [4]. - The company aims for its U8 product line to reach a sales target of 1 million kiloliters, requiring a growth rate of over 43.7% this year to meet its "14th Five-Year Plan" goals [4]. Group 3: Strategic Initiatives - Yanjing Beer is increasing investment in the U8 product system to enhance competitiveness and is focusing on promoting canned products and retail channels [6]. - The company is implementing a "total and sub-building" model to strengthen its market presence in underdeveloped areas, expanding from its "Hundred Counties Project" to a "Hundred Cities Project" [6]. Group 4: Regional Performance - The North China region remains a key revenue contributor, generating approximately 4.85 billion yuan, a 5.61% increase, but its market share has decreased from 57.08% to 56.67% [7][8]. - The South China region showed the slowest growth at 0.3%, with revenue of 1.83 billion yuan, while the Central and Eastern China regions experienced over 15% growth [8]. Group 5: New Product Launch - Yanjing Beer launched the Beiste soft drink in March, aiming to create a second growth curve, with initial flavors including orange, lychee, and mixed fruit [8][9]. - The Beiste soft drink is positioned as a national beverage product, priced competitively to attract market share, although its revenue contribution remains minimal at 0.83 million yuan, accounting for less than 1% of total revenue [10].

德国运动品牌Puma彪马近日遭遇重挫，股价在7月25日单日暴跌18.4%，创下近年来最大跌 幅，起因是彪马当日公布2025财年第二季度及上半年财报，经汇率调整后本季度全球营收 19.42亿欧元，同比下降2%，低于市场预期的20.6亿欧元，调整后经营利润出现1320万欧元 的亏损。公司同时宣布下调其2025财年业绩预期，理由是销售增长低于预期、零售渠道结构 调整以及全球运动消费市场的整体放缓，并受到美国新一轮拟征关税的冲击。 预测称，经汇率调整后的全年销售额将出现"低双位数百分比的下降"，远低于此前预计的"低至中等个 位数增长"。这一转变也意味着与2024年4.4%销售增长、总收入88.2亿欧元的基准相去甚远。利润方面 的预期更为悲观，预计全年或将从此前的盈利4.45亿欧元至5.25亿欧元，转为经营亏损。彪马表示，尽 管已通过供应链优化、价格策略调整及加强与合作伙伴的协作来应对压力，但仍预计2025年毛利润将因 美国关税减少约8000万欧元，成为压垮利润的关键变量。 据南都此前报道，2025财年一季度，彪马实现汇率调整后营收20.7亿欧元，同比仅微增0.1%，息税前利 润（EBIT）收窄至5770万欧元，净利润 ...

Summary of Hengan International Conference Call Company Overview - Hengan International reported a 16% year-on-year decline in operating profit to 3.4 billion yuan and a 48% drop in net profit to 2.3 billion yuan for 2024, with earnings per share approximately 2.015 yuan. Despite challenges, the company maintained a stable earnings per share of 0.4 yuan, with an annual earnings ratio of 40.8% [2][3][4]. Key Business Segments 1. **Zijin Business Segment** - Sales decreased by 2.4% to 13.4 billion yuan, while sales volume increased by 2%, leading to market share expansion. Increased promotional expenses over 30% resulted in a nearly 5% price drop [2][4]. 2. **Sanitary Napkin Business** - Revenue fell by 8% to 5.71 billion yuan, but a high-end strategy maintained a gross margin of 63.7% [2][4][5]. 3. **Diaper Business** - The diaper segment showed a slight growth of 0.5%, with high-end products now accounting for 44% of sales, boosting the gross margin from 38.1% to 45.4% [2][5]. Financial Performance - Total sales and administrative expenses rose by 40 million yuan to 5.1 billion yuan, with the expense ratio increasing from 21.3% to 22.5% due to brand promotion and employee costs, alongside a relative increase in expenses due to declining sales [2][6]. - Cash flow remained robust, with cash on hand at 18.9 billion yuan, a decrease of 700 million yuan year-on-year, while debt reduced by 1.1 billion yuan to 13.1 billion yuan, resulting in a net cash flow of 5.8 billion yuan, an increase of 400 million yuan [2][7]. Market Outlook - For 2025, the sanitary products market is expected to remain competitive, with limited potential for further increases in promotional expenses. Raw material costs are anticipated to stabilize, and the diaper business is expected to improve through high-end products, although no significant improvements are seen in the sanitary napkin sector [4][8][9]. Production Capacity and Utilization - Hengan's production capacity for household paper reached 1.62 million tons in 2024, with a utilization rate exceeding 80%. The company plans to expand capacity in Guangdong and Hubei to meet growing demand [2][10][19]. E-commerce and Retail Channels - In new retail channels, B2B e-commerce accounts for nearly 50%, while B2C channels make up about 30%. The remaining 20% is from retail centers and community group purchases [2][21]. Promotional Strategies - Promotional expenses increased in 2024 to combat fierce competition and boost brand promotion, leading to a recovery in specific channel sales. The company aims to maintain market share and promote long-term growth through stable promotional investments [2][14][26]. Challenges and Competitor Landscape - The company faced challenges from competitors engaging in aggressive promotional activities, reflecting intensified market competition. Despite not being directly affected by negative industry events, Hengan has paused marketing activities to address consumer sentiment [2][13][28][29]. Conclusion - Hengan International is navigating a challenging market environment with a focus on high-end product strategies and maintaining cash flow stability. The outlook for 2025 suggests continued competition, particularly in the sanitary products sector, with a strategic emphasis on e-commerce and promotional management to sustain market presence and profitability [2][8][30].