财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 19.9元的速干T恤、49.9元的双肩包、99元的登山鞋，这些让消费者高呼真香的迪卡侬商品，自两年前以肉 眼可见的速度消失后，去迪卡侬的消费者就变少了。 以下文章来源于财经天下WEEKLY ，作者财经天下 在消费者加速"逃离"中，迪卡侬开始考虑出售中国业务了。今年4月以来，迪卡侬中国业务"卖身"的传闻就 在坊间流传开来。8月下旬，有媒体报道称，迪卡侬正计划出售中国子公司约30%的股权。这一业务初步估 值区间约10亿~15亿欧元，折合人民币约100亿元。对于市场传闻，迪卡侬中国方面回复称："不予置评。" 据了解，目前已有多家投资机构进入谈判阶段。 知情人士王啸告诉《财经天下》，"早就听说安踏与迪卡侬在接触，但由于价格一直没谈妥，估计年底有结 果，安踏认为迪卡侬要价高了"。 迪卡侬在中国是怎么走到今天这一步的？ 01 涨价后消费者不爱去了 不是消费者抛弃迪卡侬，而是迪卡侬亲手关上了"乐园"的大门。 北京的宋城曾是一个长在迪卡侬里的快乐男人。在迪卡侬线下门店，宋城一逛就是大半天。他不仅能在里 面找到物美价 ...

工信部通过规范条件管理引导企业提升技术创新、质量管控和安全生产能力，旨在引导企业向绿色 化、数字化、智能化、高端化转型，推动行业高质量发展。2025年版名单包含416家企业，其中新申报 通过评审企业66家，复核通过企业350家，覆盖大气治理、污水治理、环境监测仪器、固废处理装备四 大细分领域。该名单替代了2024年版，由工信部经地方推荐、专家评审和公示程序后发布。 记者8月22日从省工信厅获悉，在工信部公示的《符合环保装备制造业规范条件企业名单（2025年 版）》中，江苏东方滤袋股份有限公司等17家新申报的江苏企业通过评审，包括大气治理领域企业5 家、污水治理领域企业10家、环境监测仪器领域2家，新增数量全国第一，占全国比重25.8%。江苏共 有90家企业进入《符合环保装备制造业规范条件企业名单（2025年版）》，数量居全国第一，占全国比 重21.6%。 ...

证券研究报告 | 2025年08月24日 投资建议：公司二季度呈现积极增长态势，经营质量持续提升，在高端化战 略的深化推进中，自有品牌业务表现强劲，伊菲丹、佩尔赫乔和 Revive 等 通过全球拓展强化市场地位并提升盈利能力；同时代运营业务稳步复苏，逐 步回归正常发常轨道。考虑到短期公司进一步加大品牌投放，但长期高端美 妆品牌持续稳步推进运营，平价品牌御泥坊等也大幅减亏，我们略下调 2025 年 并 上 调 2026-2027 年 归 母 净 利 润 至 2.27/2.96/3.52 （ 原 值 为 2.33/2.66/2.90 亿，对应 PE 分别为 35/27/23x，维持"优于大市"评级。 水羊股份（300740.SZ） 优于大市 二季度归母净利同比增长 24%，高端化转型成效显著 二季度公司业绩加速向好。公司 2025 上半年实现营收 25.00 亿/yoy+9.02%； 归母净利润 1.23 亿/yoy+16.54%；扣非归母净利润 1.21 亿/yoy+1.04%。单 Q2 实现营收 14.14 亿/yoy+12.16%；归母净利润 0.81 亿/yoy+23.76%；扣非 归母净利润 0.79 ...

据证券之星公开数据整理，近期泰坦股份（003036）发布2025年中报。截至本报告期末，公司营业总收 入6.82亿元，同比下降17.1%，归母净利润3624.03万元，同比下降42.08%。按单季度数据看，第二季度 营业总收入3.83亿元，同比下降15.47%，第二季度归母净利润1726.01万元，同比下降58.95%。本报告 期泰坦股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达733.71%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率15.67%，同比减7.19%，净利率5.69%， 同比减27.78%，销售费用、管理费用、财务费用总计6100.43万元，三费占营收比8.94%，同比增 33.58%，每股净资产6.36元，同比增2.99%，每股经营性现金流-0.53元，同比减250.55%，每股收益0.17 元，同比减41.38% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.23 Z | 6.82亿 | -17.10% | | 归母净利润(元) | 6257.27万 | 3 ...

证券研究报告 | 公司点评 | 化妆品 Q2 业绩增长提速，高端转型效果渐显 EDB：追求良性健康发展。1）品牌建设：通过刘嘉玲、梁朝伟夫妇合作代言、 高端时尚活动、持续品牌种草等活动推广精准触达高净值客户群体，品牌高奢形 象进一步强化；2）产品梯队建设：超级面膜二代、超级 CP 组合渗透持续提 升，精华防晒、rich 面霜等储备单品高速增长，持续孵化身体护理等产品线； 3）渠道建设：线上以自播为代表的自主销售、平销占比提升，线下加快高端渠 道体系化布局，门店模型基本跑通、目标 3 年开出 50 家带 SPA 的门店。 PA：在中国区成功推出 4 款全新产品，持续完善品牌产品体系。 RV：明星单品销售亮眼。品牌曝光度与人群资产持续提升，受到胡兵、李湘、 江疏影、张俪、章小蕙等明星名媛自发种草，1H25 大单品一夜回春油持续成为 天猫进口精华油热销榜第一名，奇肌眼精华多次荣登进口眼部精华热销榜第一 名。 ❑ 大众线自有品牌及 CP 业务经营企稳 御泥坊新品 "黑参胶原盒"在抖音渠道表现突出，全年有望实现盈亏平衡；CP 业务持续完善各细分品类品牌矩阵布局，聚焦资源、聚焦质量，通过品牌分层分 阶管理，提升经营管理质 ...

Group 1 - Decathlon plans to sell approximately 30% of its Chinese subsidiary, with an estimated valuation between €1 billion and €1.5 billion (RMB 8.4 billion to 12.6 billion) [1] - Decathlon China has been facing performance pressure, with revenue in 2023 reported at €15.6 billion, reflecting a growth rate of only 1.15% [1] - The company has a history in China dating back to 1994, with over 200 stores currently operating despite recent store closures [1] Group 2 - Starting in 2024, Decathlon aims to enter the high-end market, restructuring its business lines and launching four specialized brands [2] - In June 2023, Decathlon China opened three new stores in prime urban locations, with plans to open 20 to 30 additional stores this year [2] - Despite these efforts, the company's revenue for 2024 is projected at €16.2 billion, a growth of only 3.8%, with net profit expected to decline by 15.5% to €787 million [2]

Summary of Ming Tai Aluminum Industry Conference Call Industry Overview - Ming Tai Aluminum operates in the aluminum industry, focusing on high-end products and applications in electronics and new energy sectors, with a projected 5% increase in these areas by 2024 [2][3]. Key Points and Arguments - **Cost Reduction and Efficiency Improvement**: The company is transforming to reduce costs and improve efficiency, achieving a balance of volume and price through high-end capacity expansion and product upgrades [2][3]. - **Stable Gross Margin**: The pricing model based on aluminum ingot plus processing fees allows the company to maintain stable gross margins despite fluctuations in aluminum prices [3]. - **Domestic Market Demand**: Increased demand in domestic markets, particularly in new energy vehicles and power grids, compensates for reduced exports. The cancellation of aluminum processing export tax has a limited impact on demand [2][4]. - **High-End Capacity Shortage**: There is a national push for high-end transformation due to insufficient high-end aluminum capacity domestically. Leading companies leverage technological, research, and financial advantages [2][6]. - **Emerging Market Opportunities**: The demand from new sectors such as new energy vehicles and photovoltaics provides opportunities for Ming Tai to optimize its product structure [2][6]. - **Recycled Aluminum Production**: The company plans to increase its recycled aluminum capacity to 950,000 tons by the end of 2024, which will help reduce raw material costs [2][7]. - **High-End Product Development**: Ming Tai is advancing the construction of high-end production lines for aerospace and automotive applications, which are expected to yield higher processing fees [2][8]. Additional Important Insights - **Investor Returns**: The company has increased its dividend frequency and ratio, implementing two dividends in 2024, which is expected to enhance investor confidence and support valuation recovery [4][9]. - **Cash Reserves and Capital Expenditure**: With sufficient cash reserves and stable operations, the company anticipates a gradual reduction in capital expenditures, which may further improve investor returns [4][9]. - **Risk Management**: Despite a lower dividend yield compared to peers, the company aims to enhance its dividend level through continuous quality improvement and efficiency gains, while also managing inventory cost risks in a capital-intensive industry [4][9].

风险提示：化工行业景气度波动风险，原材料价格波动风险，市场竞争加剧风险。 来源:金融界 公司总经理陈蜀康近期表示，通过一系列改革措施，沈阳化工生产经营形势持续好转。公司成立了国内 首个PVC糊树脂校企联合研发中心，并与英科医疗合作建立手套应用实验室。在聚醚多元醇领域，公司 产能从30万吨提升至40万吨，并新建24万吨产能项目。 8月13日沈阳化工主力资金净流出215.66万元，近五日累计净流出1019.40万元。 截至2025年8月13日收盘，沈阳化工股价报4.17元，较前一交易日下跌0.01元，跌幅0.24%。当日成交量 为13.27万手，成交金额5500万元，振幅1.44%。 沈阳化工是我国重要的化工生产企业，主要产品包括聚氯乙烯糊树脂、聚醚多元醇等。公司拥有"东 大"牌聚醚多元醇等知名品牌，产品广泛应用于聚氨酯、医疗手套等领域。2025年上半年公司预计实现 净利润5300万至6800万元，同比实现扭亏为盈。 ...

所以，我们看到，这些年小米一直在努力的冲击高端市场，因为只有高端市场站稳脚，才能真正有希望 打赢苹果、三星。 目前在全球手机市场，小米是全球第三名，而第一名是三星，第二名是苹果。 小米之前定了一个目标，那就是2024年时超过苹果、三星，成为全球第一名，但很明显，没有达到这个 目标。 原因就是在美国市场小米进不去，而在欧洲这样的地方，小米打不过苹果、三星。 美国就不说了，因为小米进不去。但欧洲，因为属于发达国家，手机的销售中，高端机占比较多，小米 平均价格才1000出头，更多的是红米这样的低端机，所以很难打过苹果、三星。 事实上，过去五年，小米一直是欧洲市场的第三名，如今终于首次超过苹果，成为第二名了。 对此，卢伟冰表示称，下一步，高端化是小米在欧洲市场的核心战略。 事实上，高端化不仅仅是小米欧洲市场的核心战略，也是小米在全球市场的战略，毕竟小米目前的销 量，更多是红米撑起来的。 而这次欧洲手机市场格局的改写，一定程度上而言，其实也标志着小米的高端化转型已经进入了收获 期。 接下来如果小米继续在高端市场上表现突出，那么有没有可能，小米真的会超过苹果，在全球也成为第 二名？最后小米再坐二望一？ 而近日，随着欧洲市 ...

Summary of Hualing Steel Conference Call Company Overview - **Company**: Hualing Steel - **Industry**: Steel Manufacturing Key Financial Performance - In Q1 2025, Hualing Steel reported a total profit of 1.202 billion yuan and a net profit attributable to shareholders of 562 million yuan, representing a year-on-year increase of 44% and a quarter-on-quarter increase of 115% [2][4] - Earnings per share (EPS) stood at 7.87 yuan, with a debt-to-asset ratio of 57.24%, indicating a stable financial structure despite being in a state of net asset deficit [2][4] - The company has consistently ranked among the top three listed steel enterprises in terms of total profit since 2018 [5] Strategic Initiatives - Hualing Steel is undergoing a transformation towards high-end products, increasing equipment investment, and adjusting product layout, with projects like the automotive steel phase one completed and silicon steel projects accelerating [2][7] - The company collaborates with Huawei and China Mobile to launch an AI model, enhancing the efficiency of standardized inspections in cold-rolled processes by over 60% [2][7] - Hualing Steel is committed to ultra-low emissions, achieving record levels of self-generated electricity [2][7] Future Projects and Investments - Hualing Hengguan is constructing a 559 mm diameter large-caliber seamless pipe project, expected to be operational in the first half of 2026, which will enhance its capabilities in oil and gas and renewable energy sectors [2][8] - The company plans to maintain a high capital expenditure of 5.5 billion yuan in 2025, with nearly half allocated to ultra-low emissions modifications [4][13] Shareholder Returns - Hualing Steel is actively returning value to shareholders through increased cash dividends, share buybacks, and major shareholder purchases, with a cash dividend of 687 million yuan in 2025, representing 34% of the net profit [9][10] - As of June 30, 2025, the company had repurchased 42.06 million shares for a total of 200 million yuan, with major shareholders increasing their stakes [10][32] Industry Outlook - The steel industry is expected to see a bottom reversal in 2025, with Hualing Steel showing strong performance despite being undervalued [3][11] - The industry faces challenges such as supply-demand imbalances, but companies with technological advantages and reasonable product structures are likely to maintain stable profitability [11][12] - The overall demand for steel is stabilizing, with structural opportunities emerging despite a slow decline in total demand [11][26] Challenges and Opportunities - Hualing Steel faced challenges in 2024 due to transitional adjustments in raw material structures, which have since been resolved [6] - The company is focused on high-end, green, and intelligent transformation to maintain its leading profitability in the industry [4][13] R&D and Product Development - R&D investment accounts for approximately 4% of revenue, with ongoing efforts to enhance product offerings in high-end markets, particularly in silicon steel [7][22][37] - Hualing Steel has become the largest domestic producer of silicon steel since 2021, with plans to further penetrate the mid-to-high-end market [22][23] Conclusion - Hualing Steel is positioned for growth through strategic investments in high-end products, technological advancements, and a commitment to sustainability, while actively enhancing shareholder value and navigating industry challenges.