上 市 公 司 家用电器 2025 年 08 月 26 日 奥普科技 (603551) ——Q2 业绩略超预期，高比例分红下长期配置价值凸显 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 12.79 | | 一年内最高/最低（元） | 12.83/9.06 | | 市净率 | 3.8 | | 股息率%（分红/股价） | 6.65 | | 流通 A 股市值（百万元） | 4,923 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.37 | | 资产负债率% | 33.79 | | 总股本/流通 A 股（百万） | 390/385 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 ...

Core Viewpoint - Aux Electric Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with a share price range of HKD 16 to HKD 17.42, aiming to raise approximately HKD 3.287 billion based on a mid-range price of HKD 16.71 [1][2]. Group 1: IPO Details - Aux plans to issue 207 million shares, with 196.8 million shares allocated for international offerings and 10.36 million shares for public offerings in Hong Kong [1]. - The cornerstone investors include China Post Insurance, China Post Wealth Management, Huaying Hong Kong, and others, collectively subscribing approximately USD 124.3 million (around HKD 974.2 million) [2][3]. Group 2: Financial Performance - Aux reported revenues of approximately RMB 30 billion for 2024, with an adjusted net profit of RMB 2.935 billion [4][8]. - The company’s revenue for 2022, 2023, and 2024 was RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion respectively, with corresponding gross profits of RMB 4.15 billion, RMB 5.42 billion, and RMB 6.24 billion [8][9]. - For the first quarter of 2025, Aux achieved revenue of RMB 9.35 billion, a 27% increase from RMB 7.36 billion in the same period last year [8][10]. Group 3: Product and Market Strategy - Aux specializes in high-quality home and central air conditioning systems, with a focus on energy efficiency, comfort, health, and intelligence [5][7]. - The company has established strategic partnerships for compressor research and production with Panasonic and has expanded its overseas presence in markets such as Malaysia, Thailand, and the USA [8]. Group 4: Ownership Structure - Prior to the IPO, Aux Holdings controlled 96.36% of the shares, with Zheng Jianjiang being the major shareholder [13][17]. - Post-IPO, Aux Holdings will hold 83.54% of the shares, with the remaining shares distributed among other investors and the public [23]. Group 5: Competitive Landscape - Aux has a long-standing rivalry with Gree Electric Appliances, which has included legal disputes over product quality and competition practices [24][25]. - Despite the competitive pressure, Aux has been focusing on expanding its market share and product offerings, particularly in the face of emerging competitors like Xiaomi [27].

第二条 公司重大信息内部报告制度是指按照本制度规定，负有报告义务的 部门、有关人员及相关公司对可能发生或已经发生的本制度规定的重大信息，应 在第一时间将有关情况向董事长、董事会、经营管理层和董事会秘书报告的制度。 浙江比依电器股份有限公司 重大信息内部报告制度 第一章 总则 第一条 为规范浙江比依电器股份有限公司（以下简称"公司"或"本公司"） 重大信息的内部报告工作，保证公司内部重大信息依法及时归集和有效管理，确 保公司信息披露的真实、准确、完整、及时，维护投资者的合法权益，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）等法律法规和《浙江比依电器股份有限公司章程》 （以下简称"《公司章程》"） 的相关规定，结合公司实际情况，制定本制度。 本制度所指"重大信息"是指对上市公司股票及其衍生品种交易价格可能或者 已经产生较大影响的尚未公开的信息或事项。 "尚未公开"是指尚未在证监会指定的上市公司信息披露刊物或网站上正式公 开的事项。。 第三条 本制度所称"内部信息报告义务人"包括： （一） ...

格隆汇8月25日丨比依股份(603215.SH)公布2025年半年度报告，报告期实现营业收入11.57亿元，同比增 长34.53%；归属于上市公司股东的净利润5371.22万元，同比下降21.04%；归属于上市公司股东的扣除 非经常性损益的净利润4888.67万元，同比下降26.65%；基本每股收益0.29元。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a revenue of 18.072 billion yuan in the first half of 2025, representing a year-on-year growth of 20.80%. The net profit attributable to the parent company was 417 million yuan, a slight increase of 0.26%. However, the net profit excluding non-recurring items decreased by 9.81% to 391 million yuan [5][11] - In the second quarter of 2025, the company reported a revenue of 10.711 billion yuan, with a year-on-year growth of 18.84%. The net profit attributable to the parent company was 236 million yuan, down 9.66%, and the net profit excluding non-recurring items fell by 11.88% to 217 million yuan [5][11] - The company’s air conditioning business generated approximately 11.575 billion yuan in revenue, growing by 36.18%, while the refrigerator business saw a decline of 4.10% to 4.545 billion yuan. The washing machine segment grew by 32.70% to 1.040 billion yuan [11] - The company’s gross profit margin decreased by 0.37 percentage points to 10.44% in the first half of 2025, with the air conditioning segment's gross margin improving by 0.24 percentage points to 6.98% [11] - The company is expected to benefit from structural opportunities in the industry, with projected net profits for 2025, 2026, and 2027 being 772 million yuan, 856 million yuan, and 945 million yuan respectively, corresponding to PE ratios of 10.84, 9.78, and 8.86 times [11]

Core Insights - The launch of the new products by Aucma, including the Slim Double Tank V and Health Moisturizing H electric water heaters, aims to address three major bathing challenges [1] - The flagship model FCD-60C511-V6, featuring the innovative Ceramic Clean 8-shaped tank technology, is designed to eliminate issues such as stagnant water accumulation, uneven hot and cold water mixing, and weld seam leakage [3] Product Innovations - The 8-shaped tank technology introduces a threefold innovation: dynamic water flow, constant temperature, and seamless design, ensuring efficient water circulation and improved water quality [4] - The FCD-60C511-V6 model features a compact design of 695mm, enhancing space efficiency while also serving as an aesthetic addition to modern homes [5] - The product incorporates a seamless inner tank created through advanced welding and coating techniques, along with a unique water purification system that includes four core technologies for optimal water quality [6] Market Positioning - The release of the Slim Double Tank V series and Health Moisturizing H series signifies Aucma's commitment to advancing health technology and space efficiency in home appliances, reflecting a return to the essence of living through technology [8]

证券代码：600336 证券简称：澳柯玛 编号：临 2025－032 澳柯玛股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 会、九届八次监事会，审议通过了《关于计提资产减值准备的议案》，根据《企业会计 准则》和公司会计政策的相关规定，2025 年半年度公司计提各类资产减值准备共计 合计 38,463,499.28 / 二、本次计提资产减值准备事项的具体说明 根据《企业会计准则第 1 号—存货》的规定，资产负债表日按成本与可变现净值孰 低计量，存货成本高于其可变现净值的，计提存货跌价准备，计入当期损益。在确定存 货的可变现净值时，以取得的可靠证据为基础，并且考虑持有存货的目的、资产负债表 日后事项的影响等因素。公司对 2025 年 6 月 30 日的存货项目进行了减值测算，并计提 存货跌价准备 19,896,046.30 元。 根据《企业会计准则第 22 号—金融工具确认和计量》的规定，公司对于以摊余成 本计量的金融资产，以预期信用损失为基础确认损失准备。对于存在客观证据表明存在 减值， ...

Global Economic Trends - Global economic growth is expected to be 2.8% in 2025, which is 0.4 percentage points lower than the average growth rate from 2010 to 2019[14] - The World Bank predicts a global economic growth of only 2.3% in 2025, down from earlier forecasts[15] - International trade growth is anticipated to decline, with a projected decrease of 0.2% in global merchandise trade volume in 2025[16] China's Economic Outlook - China's GDP is projected to grow by approximately 4.7% in the second half of 2025, with a nominal GDP growth of 4.3% in the first half[27][28] - The Consumer Price Index (CPI) may turn negative in the second half of 2025, while the Producer Price Index (PPI) is expected to decline by around 3.0% for the year[30] - The unemployment rate for urban areas averaged 5.2% in the first half of 2025, reflecting a slight increase from the previous year[27] A-Share Market Performance - A-share companies' overall market value creation ability decreased by nearly 40 basis points in 2024 compared to 2023[40] - The performance of A-share companies is increasingly diverging from nominal GDP growth, particularly in the manufacturing sector[40] - The return on assets (ROA) and return on equity (ROE) for A-share companies continued to decline in 2024[40] Sector-Specific Insights - The first industry saw a significant recovery in asset returns due to rising pork prices, while the second and third industries experienced declines[10] - R&D investment in some sectors continued to rise in 2024, although some industries began to see a decrease[10] - The manufacturing sector is facing severe "involution" competition, impacting profitability and pricing power[30]

Group 1: Report Basic Information - The research was conducted on August 21, 2025, with the research object being Xingshuaier, which belongs to the home appliance industry [16]. - Participating research institutions include Northeast Securities, Zheshang Securities, Guojin Securities, China Merchants Bank Wealth Management, CITIC Construction Investment, etc. [2] Group 2: Company Overview - Xingshuaier was listed on the Shenzhen Stock Exchange in April 2017. It is a high - tech enterprise with strong innovation and R & D capabilities, and participates in the formulation of national or industry standards [25]. - The company's main business includes R & D, production, and sales of thermal protectors, starters, and sealed terminal posts for refrigeration compressors, temperature controllers for small household appliances, various types of motors, and photovoltaic module products [25]. Group 3: Company Performance in H1 2025 - The company achieved an operating income of 1.132 billion yuan in H1 2025, a year - on - year increase of 8.59%, and a net profit attributable to shareholders of the listed company of 122 million yuan, a year - on - year increase of 31.79% [25]. - The growth in net profit was mainly due to the growth of the home appliance and photovoltaic sectors. The home appliance sector developed steadily with optimized business structure, and the photovoltaic module business in H1 2025 had full orders and saw performance growth [25][26]. Group 4: Company's Future Development Strategy - The home appliance business will continue to provide stable customers, orders, and cash flow, and has the ability for steady and continuous development [26]. - The company plans to focus on R & D of new motor products and projects, increase support for its subsidiary Zhete Motor, and focus on R & D of high - efficiency permanent magnet motors and servo motors [27]. Group 5: Company's Investment Plan - The company acquired the fund shares of Hangzhou Rongteng No. 2 Venture Capital Partnership (Limited Partnership) held by Jiaxing Rongjia Venture Capital Partnership, aiming to use resources better and expand new business communication channels through co - investment with professional institutions [27]. - The company is determined to do well in external mergers and acquisitions, and will combine internal growth with external mergers and acquisitions to expand new tracks suitable for its development [27].

证券代码：000651 证券简称：格力电器 公告编号：2025-035 珠海格力电器股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没 有 虚 假记载 、 误导性 陈述 或重 大遗 漏。 特别提示： 益 分 派 方 案 为 ： 以 公 司 现 有 总 股 本 剔 除 已 回 购 股 份 16,267,000 股 后 的 不送红股，不以资本公积金转增股本，共计派发现金股利 11,170,277,482.00 元，剩余未分配利润结转至以后年度分配。 本次利润分配实施后的除息价格=股权登记日收盘价-按公司总股本折算每股现 金分红比例=股权登记日收盘价-1.9941918 元。 一、股东大会审议通过利润分派方案情况 议通过，方案为：以本利润分配预案披露日享有利润分配权的股本总数 不送红股，不以公积金转增股本，共计派发现金红利 11,170,277,482.00 元。 如在分配预案披露之日至实施权益分派股权登记日期间，公司享有利润分配 权的股本总额发生变化，公司将按每股分配比例不变的原则，相应调整分红总额。 二、本次实施的利润分配方案 剔除已回购股份 16,267,000 股后的 5,585, ...