晨会纪要（2025/08/28） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.08.28） 宏观及策略研究 券 英伟达发布新一代机器人计算平台，关注产业链投资布局机会——机械设备 行业周报 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 利润率端边际改善，工企利润实现降幅收窄——2025 年 1-7 月工业企业效益 数据点评 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券周报 公司研究 经营积极求变，二季度业绩降幅环比收窄明显——索菲亚(002572)2025 年半 年报点评 证 行业研究 晨会纪要（2025/08/28） 宏观及策略研究 利润率端边际改善，工企利润实现降幅收窄——2025 年 1-7 月工业企业效益数据点评 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1 ...

Core Viewpoint - The company reported a decline in total revenue and a negative net profit for the first half of 2025, but showed improvement in profitability metrics such as gross margin and net margin compared to the previous year [1][27]. Financial Performance - Total revenue for the first half of 2025 was 1.552 billion yuan, a decrease of 9.24% year-on-year [1]. - The net profit attributable to shareholders was -80.6694 million yuan, an improvement of 23.83% year-on-year [1]. - The gross margin increased to 34.23%, up 11.93% year-on-year, while the net margin improved to -5.20%, a 16.04% increase year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 511 million yuan, accounting for 32.95% of revenue, a decrease of 1.16% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents decreased by 30.27% to 1.673 billion yuan due to a decline in sales collections [1][20]. - Accounts receivable increased by 62.27% to 309 million yuan, attributed to some sales contracts not yet settled [2]. - The company reported a net cash flow from operating activities of -0.97 yuan per share, an increase of 9.37% year-on-year [1][20]. Debt and Liabilities - Interest-bearing liabilities decreased by 27.36% to 1.816 billion yuan [1]. - Short-term borrowings decreased by 32.63% due to a reduction in bill discounts [8]. - Contract liabilities increased by 12.81%, indicating prepayments not yet recognized as revenue [9]. Industry Context - The home furnishing industry continues to face challenges due to a sluggish real estate market, impacting overall demand [27]. - The company is focusing on enhancing technology applications, optimizing channel layouts, and innovating integrated business models to navigate the challenging environment [27].

Group 1 - The company has revised its Articles of Association and related governance systems, eliminating the supervisory board and transferring its responsibilities to the audit committee of the board of directors [2][4] - The amendments to the Articles of Association are based on relevant laws and regulations, and the remaining provisions of the Articles will remain unchanged [2][3] - The proposed changes will be submitted to the shareholders' meeting for approval, and the board of directors will be authorized to handle the necessary registration and filing procedures [2][4] Group 2 - The company assures that the content of the announcement is free from any false records, misleading statements, or significant omissions, and takes legal responsibility for its accuracy and completeness [2][5] - The revised Articles of Association will be disclosed on the Shanghai Stock Exchange website on the same day as the announcement [3]

皇朝家居(01198)发布截至2025年6月30日止六个月中期业绩，收入1.74亿元(人民币，下同)，同比减少 31.26%;股东应占亏损2.69亿元，同比扩大81.92%;每股基本亏损10.839分。 ...

智通财经APP讯，皇朝家居(01198)发布截至2025年6月30日止六个月中期业绩，收入1.74亿元(人民币， 下同)，同比减少31.26%;股东应占亏损2.69亿元，同比扩大81.92%;每股基本亏损10.839分。 ...

格隆汇8月27日丨志邦家居(603801.SH)发布2025年半年度报告，报告期实现营业收入18.99亿元，同比下 降14.14%；归属上市公司股东的净利润1.38亿元，同比下降7.21%；扣除非经常性损益后的归属于上市 公司股东的净利润8712.22万元，同比下降30.65%；基本每股收益0.3186元。 ...

Group 1 - The company reported a revenue of 484,590,682.81 yuan for the first half of 2025, representing a year-on-year decrease of 2.20% [1] - The net profit attributable to shareholders of the listed company was 35,234,890.11 yuan, showing a year-on-year increase of 41.72% [1]

Investment Rating - The industry investment rating is "Increase" (Maintain) [14] Core Viewpoints - The light industry sector is experiencing rapid growth driven by the demand for trendy toys, with the Z generation leading new consumption trends. Products like blind boxes tap into deep emotional values. Chinese IP culture is accelerating its global penetration alongside companies like Pop Mart and Guogu [2] - The integration of new AI technologies, such as DeepSeek, with light manufacturing is expected to stabilize domestic demand gradually, supported by policies promoting trade-in programs, ongoing fiscal efforts, and government initiatives to stabilize the real estate market [2] - Pop Mart's IP business has seen significant revenue growth, with a 204.4% year-on-year increase in revenue for the first half of 2025, reaching 13.876 billion yuan. The adjusted net profit surged by 362.8% to 4.709 billion yuan. The core IPs, including THE MONSTERS and MOLLY, have all achieved revenues exceeding 1 billion yuan [3] - The export chain for light industry products, such as thermos cups and office furniture, is expected to stabilize as tariff impacts are gradually absorbed. In July, China's furniture exports amounted to 4.884 billion USD, with a focus on companies with overseas production capacity and supply chain resilience [4] Summary by Sections Light Industry - The demand for trendy toys is rapidly increasing, with significant contributions from the Z generation and emotional value-driven products [2] - AI technologies are expected to enhance the light manufacturing sector, leading to a gradual recovery in domestic demand [2] Pop Mart - Pop Mart's revenue for the first half of 2025 reached 138.76 billion yuan, a 204.4% increase year-on-year, with a net profit of 47.09 billion yuan, up 362.8% [3] - The company’s IPs are performing exceptionally well, with several exceeding 1 billion yuan in revenue [3] Export Chain - The export demand for light industry products remains stable, with a focus on companies that can navigate tariff risks effectively [4] - In July, furniture exports were recorded at 4.884 billion USD, indicating a need to monitor tariff changes in the latter half of the year [4] Home Furnishing - Gujia Home's revenue and net profit both increased, showcasing strong operational resilience, with a revenue of 9.801 billion yuan, up 10.02% year-on-year [8] - The company is expanding its retail infrastructure, with over 100 warehouses established nationwide [8] Textile and Apparel - The textile and apparel sector is expected to see stable growth in domestic sales, with retail sales of clothing and related products reaching 837.1 billion yuan in the first seven months of 2025, a 2.9% increase year-on-year [13]

证券代码：603326 证券简称：我乐家居 公告编号：2025-039 南京我乐家居股份有限公司 关于 2025 年半年度主要经营数据的公告 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个别及连带责任。 南京我乐家居股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号——行业信息披露》的要求，现将公司 2025 年半年 度主要经营情况披露如下： 一、报告期经营情况 (一)主营业务分产品情况 单位：万元 | 分产品 | 营业收入 | 营业成本 | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比上年增减 | | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | 上年增减（%） | 上年增减（%） | | | 整体厨柜 | 11,922.85 | 7,461.13 | 37.42 | -37.12 | -44.03 | 增加 7.73 个百分点 | | 全屋定制 | 54,994.70 | 28,268.00 | 48.60 | 17.57 ...

Core Viewpoint - The article highlights the significant untapped potential of the global Muslim market, which encompasses over 2 billion people, and emphasizes the challenges and opportunities for Chinese companies looking to enter this space [4][5][6]. Market Size and Potential - The global Islamic finance market is projected to reach $3.18 trillion by 2024, while the halal food and beverage market was valued at $2.09 trillion in 2021, and the halal cosmetics market is expected to reach $47.7 billion by 2024 [6]. - The Muslim market represents a vast economic opportunity that remains largely unexplored by Chinese enterprises, especially compared to the saturated markets in Europe and the U.S. [7]. Key Markets - Key markets for Chinese companies include Indonesia, Malaysia, Saudi Arabia, and the UAE, with Indonesia having 86% of its population as Muslims, translating to approximately 229 million people [10][11]. - Malaysia, despite its smaller population of 35.98 million, is recognized as a global center for the halal industry, influencing standards and practices [12]. Consumer Trends - Popular consumer categories in these markets include home goods, food, beauty, and maternal and infant products, with Muslim fashion being particularly successful on platforms like TikTok [12][13]. - The peak sales periods for Muslim fashion coincide with significant events like Ramadan, where sales strategies adapt to cultural practices [14][15]. Certification Challenges - Halal certification is a critical requirement for entering the Muslim market, ensuring that products meet specific religious standards throughout the supply chain [25][28]. - The certification process can be complex and varies by country, with some certifications being recognized across multiple nations while others are limited to specific regions [39][40]. Legal and Cultural Barriers - Chinese companies often face legal and cultural challenges when entering Muslim markets, including contract negotiations that differ significantly from domestic practices [44]. - Misunderstandings regarding local laws and cultural practices can lead to significant operational challenges and potential legal issues for companies [45][46]. Infrastructure Opportunities - The construction and infrastructure sectors in Muslim-majority countries are experiencing growth, driven by initiatives like Saudi Arabia's Vision 2030 and Indonesia's new capital project [22][23]. - Emerging sectors such as data centers and technology infrastructure present new opportunities for Chinese enterprises, leveraging their experience in these areas [24]. Conclusion - The interplay of high competition in domestic markets and the allure of the high-barrier Muslim market creates a compelling case for Chinese companies to explore these opportunities [48].