证券之星消息，8月28日文娱用品板块较上一交易日下跌0.98%，华立科技领跌。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。文娱用品板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日文娱用品板块主力资金净流出2.85亿元，游资资金净流入1408.23万元，散户资 金净流入2.71亿元。文娱用品板块个股资金流向见下表： ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 华立科技（301011.SZ） 游艺设备海外销售积极向好，二季度发布爆款新品卡牌 游戏游艺设备国内销售进入调整期，海外销售积极向好。2025H1，公司游戏游艺 设备销售收入 2.38 亿元，同比下滑 2.81%，毛利率同比提升 3.36pct 至 29.22%。 主要系前期国内室内游乐场短期迅猛扩张，2025H1 新增游乐场数量放缓及部分游 乐场进入调整周期，叠加公司部分新品上市发行延缓，国内游戏游艺设备销售业 务承压。另一方面，公司前期针对海外市场需求加强产品布局，部分产品获得海外 客户青睐，带动产品批量销售或整场设备向公司采购，推动游戏游艺设备海外销 售积极向好。 二季度发布爆款新品《宝可梦明耀之星》，《三国幻战》在中国台湾获良好表现。 2025H1，公司动漫 IP 衍生产品销售收入 1.66 亿元，同比增长 14.51%。2025H1， 公司核心产品《宝可梦》完成迭代，第一季度《宝可梦加傲乐》迭代空档大幅影响 了单季度动漫 IP 衍生产品销售收入；在第二季度，公司有序完成新品《宝可梦明 耀之星》发行上市，产品在 4 ...

证券研究报告 | 2025年08月27日 思摩尔国际（06969.HK） 优于大市 2025 年中期业绩点评： 雾化主业如期修复，HNB 与雾化医疗蓄力长期增长 公司是全球雾化龙头，雾化基本盘业务企稳回升，HNB 商业化落地有望带来 二次增长。考虑到公司股份激励费用支出与自主品牌处于全球投入期，下调 盈利预测，预计公司 2025-2027 年归母净利润 12.4/18.2/25.6 亿元（前值 为 15.2/20.0/25.2 亿元），同比分别为-4.9%/+47.0%/+40.8%；摊薄 EPS=0.20/0.29/0.41 元，对应 PE=98/67/48 倍，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,177 | 11,799 | 13,352 | 15,158 | 18,479 | | (+/-%) | -8.1% | 5.6% | 13.2% | 13.5% | 21.9% | | 归母净利润(百万元) | ...

证券之星消息，8月27日文娱用品板块较上一交易日下跌1.67%，创源股份领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 301011 | 华立科技 | 31.85 | 2.78% | | 10.08万 | | 3.23亿 | | 001238 | 浙江正特 | 51.95 | 0.41% | | 9988.0 | | 5256.70万 | | 001222 | 源 6宠物 | 21.89 | -0.18% | | 2.96万 | | 6555.23万 | | 002348 | 高乐股份 | 3.74 | -0.80% | 1 | 27.92万 | | 1.05亿 | | 300329 | 海伦钢琴 | 13.62 | -0.87% | | 18.90万 | | 2.62亿 | | 6688809 | 晨光股份 | 31.42 | ...

证券之星消息，8月26日文娱用品板块较上一交易日下跌0.7%，群兴玩具领跌。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301287 | 康力源 | 44.41 | 4.74% | 5.62万 | | 2.51亿 | | 001300 | 三柏硕 | 14.20 | 3.73% | 8.59万 | | 1.22亿 | | 300329 | 海伦钢琴 | 13.74 | 3.31% | 30.27万 | | 4.17亿 | | 002301 | 齐心集团 | 7.44 | 1.92% | 19.43万 | | 1.44亿 | | 002862 | 实丰文化 | 21.60 | 1.65% | 12.63万 | | 2.72亿 | | 300220 | 未疑似光 | 17.97 | 0.50% | 7.09万 | | 1.28亿 | | 002899 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 25 年 月 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | 限拓展可期》 2025-06-19 | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万人民币) | 877 | 2,241 | 2,801 | 4,202 | 5,462 | | | 增长率 yoy（%） | 169.3 | 155.6 | 25.0 | 50.0 | 30.0 | | | 归母净利润(百万人民币) | -206 | -401 | 700 | 1,109 | 1,519 | | | 增长率 yoy（%） | 50.9 | -94.6 | 274.5 | 58.4 | 37.0 | | | EPS 最新摊薄（元/股） | -0.83 | -1.61 | 2.81 | 4.45 | 6.09 | | | 净资产收益率（%） | 12.8 | 25.1 | -77.9 | 523.5 | 87.7 | | | P/E（倍） | -142.1 | -73.0 ...

证券之星消息，8月22日文娱用品板块较上一交易日上涨0.85%，群兴玩具领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002575 | 群兴玩具 | 9.32 | 10.04% | 126.06万 | | 11.67亿 | | 002862 | 实丰文化 | 21.24 | 4.84% | 19.55万 | | 4.11亿 | | 300329 | 海伦钢琴 | 12.28 | 2.50% | 13.65万 | | 1.65亿 | | 605080 | 浙江自然 | 30.73 | 2.19% | 5.47万 | | 1.67亿 | | 300651 | 金陵体育 | 24.86 | 1.47% | 16.07万 | | 3.91亿 | | 301101 | 明月镜片 | 49.00 | 1.20% | 7.51万 | | 3.69亿 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has demonstrated significant growth in revenue and profit in the first half of 2025, with revenue reaching 13.88 billion (up 204.4% year-on-year) and net profit of 4.57 billion (up 396.5%) [5] - The company expects full-year revenue for 2025 to be no less than 30 billion, with plans to increase its overseas store count to 200 and domestic store count by approximately 10 [5] - The report highlights the company's strong performance in both domestic and international markets, with a notable increase in the contribution from overseas operations [6][7] Financial Performance - In H1 2025, the company achieved a gross margin of 70.3% (up 6.3%), driven by a higher proportion of overseas business and improved supply chain efficiency [6] - The net profit margin reached 33.0% (up 12.8 percentage points), indicating significant improvement in profitability [6] - The company has 13 IPs generating over 100 million in revenue, with five IPs exceeding 1 billion, showcasing the effectiveness of its diversified IP strategy [6] Revenue Breakdown - Domestic revenue (including mainland China and Hong Kong, Macau, and Taiwan) was 82.8 billion (up 135%), with retail store revenue at 44.1 billion (up 120%) [7] - Overseas revenue reached 55.9 billion (up 440%), accounting for 40.3% of total revenue, with significant growth in the Americas [7] - The company plans to expand into South America and the Middle East in 2025, anticipating further revenue growth in these regions [7] Valuation Metrics - The projected net profit for 2025-2027 is estimated at 10.79 billion, 15.03 billion, and 20.21 billion respectively, with corresponding EPS of 8.0, 11.2, and 15.1 [5][9] - The current P/E ratios for 2025, 2026, and 2027 are 32.2, 23.1, and 17.2 respectively, indicating a favorable valuation outlook [5][9]

Group 1 - Xiamen Tungsten's revenue for the first half of 2025 reached 19.178 billion yuan, an increase of 11.75% year-on-year [1] - Xiamen Tungsten's net profit attributable to shareholders decreased by 4.37% year-on-year to 972 million yuan [1] - Xiamen Tungsten plans to distribute a cash dividend of 1.84 yuan per 10 shares [1] Group 2 - Sinopec's revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year [1][2] - Sinopec's net profit attributable to shareholders fell by 39.8% year-on-year to 21.483 billion yuan [1][2] - Sinopec's basic earnings per share were 0.177 yuan [1] Group 3 - Xinhua Department Store's revenue for the first half of 2025 was 3.254 billion yuan, a decrease of 0.99% year-on-year [3][4] - Xinhua Department Store's net profit attributable to shareholders decreased by 2.52% year-on-year to 86.08 million yuan [3][4] - Xinhua Department Store plans to distribute a cash dividend of 1 yuan per 10 shares [3] Group 4 - Huaqin Technology's revenue for the first half of 2025 reached 516 million yuan, an increase of 6.44% year-on-year [5][6] - Huaqin Technology's net profit attributable to shareholders decreased by 32.45% year-on-year to 146 million yuan [5][6] - Huaqin Technology plans to distribute a cash dividend of 1.3 yuan per 10 shares [5] Group 5 - Tianhao Energy's revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [7] - Tianhao Energy's net profit attributable to shareholders decreased by 32.08% year-on-year to 69.01 million yuan [7] - Tianhao Energy's basic earnings per share were 0.0798 yuan [7] Group 6 - Wanliyang's revenue for the first half of 2025 reached 2.812 billion yuan, an increase of 2.69% year-on-year [8][9] - Wanliyang's net profit attributable to shareholders increased by 50.24% year-on-year to 277 million yuan [8][9] - Wanliyang's basic earnings per share were 0.21 yuan [8] Group 7 - Kede CNC's revenue for the first half of 2025 was 295 million yuan, an increase of 15.24% year-on-year [10] - Kede CNC's net profit attributable to shareholders increased by 1.27% year-on-year to 49.06 million yuan [10] - Kede CNC's basic earnings per share were 0.4582 yuan [10] Group 8 - Saifutian's revenue for the first half of 2025 reached 1.06 billion yuan, an increase of 62.41% year-on-year [11] - Saifutian achieved a net profit of 3.08 million yuan, recovering from a loss of 12.49 million yuan in the previous year [11] - Saifutian's basic earnings per share were 0.01 yuan [11] Group 9 - Funeng's revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [13][14] - Funeng's net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [13][14] - Funeng plans to distribute a cash dividend of 0.73 yuan per 10 shares [13] Group 10 - Ningbo Shipping reported a net loss of 39.23 million yuan for the first half of 2025 [15][16] - Ningbo Shipping's revenue for the first half of 2025 was 1.157 billion yuan, an increase of 11.33% year-on-year [15][16] - Ningbo Shipping's basic earnings per share were a loss of 0.0325 yuan [15] Group 11 - Samsung Medical's revenue for the first half of 2025 reached 7.972 billion yuan, an increase of 13.93% year-on-year [17][18] - Samsung Medical's net profit attributable to shareholders increased by 6.93% year-on-year to 1.23 billion yuan [17][18] - Samsung Medical plans to distribute a cash dividend of 4.85 yuan per 10 shares [17] Group 12 - Huiding Technology's revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.20% year-on-year [20] - Huiding Technology's net profit attributable to shareholders increased by 35.74% year-on-year to 431 million yuan [20] - Huiding Technology plans to distribute a cash dividend of 0.15 yuan per share [20] Group 13 - Baihua Pharmaceutical's revenue for the first half of 2025 reached 202 million yuan, an increase of 2.95% year-on-year [21] - Baihua Pharmaceutical's net profit attributable to shareholders increased by 12.45% year-on-year to 25.48 million yuan [21] - Baihua Pharmaceutical's basic earnings per share were 0.0663 yuan [21] Group 14 - Stanley's revenue for the first half of 2025 was 6.391 billion yuan, an increase of 12.66% year-on-year [22][23] - Stanley's net profit attributable to shareholders increased by 18.9% year-on-year to 607 million yuan [22][23] - Stanley plans to distribute a cash dividend of 0.45 yuan per 10 shares [22] Group 15 - Duoli Technology's revenue for the first half of 2025 reached 1.734 billion yuan, an increase of 13.15% year-on-year [24] - Duoli Technology's net profit attributable to shareholders decreased by 28.13% year-on-year to 157 million yuan [24] - Duoli Technology's basic earnings per share were 0.51 yuan [24] Group 16 - Datang Telecom reported a net loss of 81.17 million yuan for the first half of 2025 [25][26] - Datang Telecom's revenue for the first half of 2025 was 275 million yuan, a decrease of 3.32% year-on-year [25][26] - Datang Telecom's basic earnings per share were a loss of 0.0623 yuan [25] Group 17 - Niuwei Co.'s revenue for the first half of 2025 reached 3.404 billion yuan, an increase of 19.96% year-on-year [27][28] - Niuwei Co.'s net profit attributable to shareholders increased by 30.44% year-on-year to 637 million yuan [27][28] - Niuwei Co. plans to distribute a cash dividend of 5.8 yuan per 10 shares [27] Group 18 - ST Zhiyun reported a net loss of 106 million yuan for the first half of 2025 [29][30] - ST Zhiyun's revenue for the first half of 2025 was 89.13 million yuan, a decrease of 63.59% year-on-year [29][30] - ST Zhiyun's basic earnings per share were a loss of 0.37 yuan [29] Group 19 - Huace Testing's revenue for the first half of 2025 reached 2.96 billion yuan, an increase of 6.05% year-on-year [31] - Huace Testing's net profit attributable to shareholders increased by 7.03% year-on-year to 467 million yuan [31] - Huace Testing plans to distribute a cash dividend of 0.5 yuan per 10 shares [31] Group 20 - Taixiang's revenue for the first half of 2025 was 219 million yuan, an increase of 6.57% year-on-year [32] - Taixiang's net profit attributable to shareholders increased by 16.12% year-on-year to 25.30 million yuan [32] - Taixiang's basic earnings per share were 0.2533 yuan [32] Group 21 - Huayi Technology applied for a credit line of up to 165 million yuan from HSBC [33][34] - Huayi Technology will use real estate as collateral for the credit line [33][34] Group 22 - Hengong Precision plans to use up to 70 million yuan of idle raised funds for cash management [35][36] - Hengong Precision will invest in high-security, high-liquidity products with a term not exceeding 12 months [35][36] Group 23 - Tianhe's financial assistance to its associate company has not been repaid [37] - Tianhe provided 243,200 yuan in financial assistance to its associate company [37] Group 24 - Spring and Autumn Electronics' revenue for the first half of 2025 reached 1.926 billion yuan, an increase of 2.62% year-on-year [38] - Spring and Autumn Electronics' net profit attributable to shareholders increased by 248.44% year-on-year to 93.31 million yuan [38] - Spring and Autumn Electronics' basic earnings per share were 0.21 yuan [38] Group 25 - Kingsoft Office's revenue for the first half of 2025 was 2.657 billion yuan, an increase of 10.12% year-on-year [39][40] - Kingsoft Office's net profit attributable to shareholders increased by 3.57% year-on-year to 747 million yuan [39][40] Group 26 - Yanjinpuzi's revenue for the first half of 2025 reached 2.941 billion yuan, an increase of 19.58% year-on-year [41] - Yanjinpuzi's net profit attributable to shareholders increased by 16.70% year-on-year to 373 million yuan [41] Group 27 - Muyuan's revenue for the first half of 2025 was 76.463 billion yuan, an increase of 34.46% year-on-year [43][44] - Muyuan's net profit attributable to shareholders increased by 1169.77% year-on-year to 10.53 billion yuan [43][44] - Muyuan plans to distribute a cash dividend of 9.32 yuan per 10 shares [43][44] Group 28 - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [45][46] Group 29 - Alloy Investment's shareholder plans to reduce their stake by no more than 3% [47] - Alloy Investment's shareholder plans to sell up to 11.5531 million shares [47] Group 30 - Rongzhi Rixin's controlling shareholder plans to reduce their stake by no more than 3% [48] - Rongzhi Rixin's controlling shareholder plans to sell up to 1.2318 million shares [48] Group 31 - Yijiahe's shareholders plan to reduce their stake by no more than 2% [49] - Yijiahe's shareholders plan to sell up to 409.72 million shares [49] Group 32 - Dongfeng Group adjusted the upper limit of its share repurchase price to 6.28 yuan per share [50] Group 33 - Jingu's revenue for the first half of 2025 reached 2.123 billion yuan, an increase of 10.04% year-on-year [51] - Jingu's net profit attributable to shareholders increased by 45.36% year-on-year to 30.27 million yuan [51] Group 34 - Yibai Pharmaceutical reported a net loss of 19.9 million yuan for the first half of 2025 [52] - Yibai Pharmaceutical's revenue for the first half of 2025 was 999 million yuan, a decrease of 14.99% year-on-year [52] Group 35 - Yonghui Supermarket reported a net loss of 241 million yuan for the first half of 2025 [53] - Yonghui Supermarket's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% year-on-year [53] Group 36 - Suotong Development's net profit increased by 1568.52% year-on-year to 523 million yuan [54] - Suotong Development's revenue for the first half of 2025 was 8.306 billion yuan, an increase of 28.28% year-on-year [54]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is driven by dual growth in domestic and international markets, with core IP injecting momentum into performance growth [5] - The company reported a revenue of 138.76 billion RMB in H1 2025, representing a year-on-year increase of 204.4%, with domestic revenue at 82.83 billion RMB (up 135.2%) and international revenue showing significant growth across various regions [7] - The company achieved a net profit of 45.74 billion RMB in H1 2025, reflecting a year-on-year increase of 396.5%, driven by scale effects and improved operational efficiency [7] - The company has a strong competitive edge in IP incubation and operation, with 13 artist IPs generating over 100 million RMB in revenue in H1 2025 [7] - The company has rapidly expanded its global market presence with 571 stores and 2,597 robot stores worldwide, enhancing customer loyalty through a robust membership system [7] - The company is expected to achieve net profits of 105.46 billion RMB, 162.47 billion RMB, and 197.72 billion RMB for the years 2025 to 2027, with year-on-year growth rates of 237.42%, 54.06%, and 21.69% respectively [7] Financial Summary - The company is projected to have revenues of 35,068 million RMB in 2025, with a growth rate of 169.0% [8] - The net profit for 2025 is estimated at 10,546 million RMB, with a growth rate of 237.4% [8] - The company’s return on equity (ROE) is expected to be 49.68% in 2025, indicating strong profitability [8]