东吴证券8月21日发布研报称，给予兔宝宝（002043.SZ，最新价：10.45元）增持评级。评级理由主要 包括：1）事件：公司发布2025年中报；2）装饰板材业务有所承压，继续推进渠道下沉；3）毛利率同 比有所改善，期间费用率有所提高；4）经营性现金流有所下滑，继续保持高分红。风险提示：下游房 地产竣工不及预期的风险、行业竞争加剧的风险、应收账款回款风险。 （文章来源：每日经济新闻） ...

Q2 收入降幅收窄，扣非净利略有下滑。2025H1 公司实现营收36.3 亿元，同比-7.01%，归母净利润2.68 亿元，同比+9.71%，扣非归母净利润2.38 亿元，同比+1.35%，非经常性损益同比变化主因持有联翔股 份公允价值变动影响，报告期48 万，上年同期为-2279 万元，EPS 为0.33 元/股，同时公司拟中期分红 10 派2.8 元（含税）；其中Q2 单季度实现营收23.63 亿元，同比-2.55%，归母净利润1.67 亿元，同比 +7.15%，扣非归母净利润1.51 亿元，同比-2.05%，盈利同比承压主要受裕丰汉唐持续降规模控风险影 响，H1 裕丰汉唐收入同比-60.5%，净利润同比-12.4%。 板材持续优化渠道产品结构，全屋定制逆势小幅增长。2025H1 装饰材料/定制家居业务分别实现营收 29.9/6.2 亿元，同比-9.05%/+4.46%，其中装饰材料业务中的板材/板材品牌使用费/其他装饰材料收入分 别为17.9/1.9/10.1亿元，同比-16.45%/-15.64%/+9.87%，报告期易装业务转入家居运营，剔除后品牌使用 费同比-12.4%，在家装需求整体承压背景下， ...

Group 1 - A new company, Bozhou Jiesheng Decoration Materials Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Chen Liangsui [1] - The company's business scope includes sales of various construction materials, metal fittings, electrical equipment, and ceramic products [1] Group 2 - The company is involved in both wholesale and retail of hardware products and plastic products [1] - The business operations are not limited to licensed activities, allowing for self-managed operations in compliance with legal regulations [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company shows steady profit growth and margin improvement, with a reported revenue of 3.634 billion yuan in H1 2025, a year-on-year decrease of 7.0%, while net profit attributable to shareholders increased by 9.7% to 268 million yuan [5] - The company is optimizing its product and channel structure in response to pressures in the decorative materials segment, with a revenue of 2.985 billion yuan in H1 2025, down 9.05% year-on-year [5] - The custom home business is growing steadily, with revenue of 621 million yuan in H1 2025, an increase of 4.46% year-on-year [5] - The profit forecast for 2025-2027 has been revised down, with expected net profits of 706 million, 832 million, and 923 million yuan respectively, corresponding to PE ratios of 12, 10, and 9 [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8.602 billion yuan, with a year-on-year growth rate of -6.4% [4] - Net profit attributable to shareholders for 2025 is projected at 706 million yuan, with a year-on-year growth rate of 20.7% [4] - The company’s gross margin is expected to improve to 19.6% in 2025, with a return on equity (ROE) of 22.7% [4]

Core Viewpoint - Shijiazhuang Zonglin Decoration Materials Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the decoration materials industry [1] Company Summary - The legal representative of the company is Liu Wenlong, which may suggest a centralized management structure [1] - The company’s business scope includes the sale of cork products, daily wooden products, doors and windows, indoor wooden door and window installation services, retail of hardware products, manufacturing and sales of metal structures, sales of metal tools, sales of metal products, sales of furniture accessories, and sales of building decoration materials [1] - The company is allowed to operate independently within the scope of its business license, except for projects that require legal approval [1]

Summary of Key Points Core Viewpoint - Dong Chengfei, Chief Research Officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipeng Microelectronics as of August 20, 2025 [1]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of circulating shares [3][4]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, representing a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [5]. - The company's stock price has risen approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [6]. Group 2: Tubao - Ruijun Youfu No. 1 private equity fund has also newly invested in Tubao, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [8][9]. - Tubao reported a total revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [10]. - The stock price of Tubao has decreased by approximately 8.8% year-to-date [11]. Group 3: Chipeng Microelectronics - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Microelectronics by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [13]. - Chipeng Microelectronics achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].

Group 1: Guocera Materials - The company is developing both oxide and sulfide solid electrolyte technologies and has established a joint venture focused on sulfide [1] - The honeycomb ceramic products have shown steady growth, covering domestic automotive brands and entering the supply chains of international leading car manufacturers [1] - The subsidiary Guocera Saichuang has mass-produced and sold ceramic substrates for optical modules, with plans for increased investment after the completion of the second-phase factory [1] - The company is expanding its market share in automotive and server MLCCs, with limited impact from rare earth regulations [1] Group 2: Rabbit Baby - The distribution channels for decorative materials are composed of 38.5% from distributors, 49.6% from furniture factories, 8.1% from home decoration companies, and 3.8% from engineering [2] - The company has seen growth in rural channels, with 847 new stores opened and 600,000 sales of decorative boards in the first half of the year [2] - Gross margins in the decorative materials business have improved due to cost control measures and a 9.9% increase in auxiliary material sales [2] - The custom home business has shown stable growth, with a 46.5% year-on-year increase in sales through home decoration company channels [2] Group 3: Meihua Medical - In the first half of 2025, the company achieved revenue of 733 million yuan and a net profit of 114 million yuan, with adjusted net profit of 129 million yuan [3] - The company has increased R&D investment, with home and consumer electronics components revenue growing by 35.69% and other medical product components by 54.41% [3] - The company is advancing its investment and acquisition efforts while focusing on risk control [3] - The company has begun mass deliveries of injection pens and CGM products, and is exploring the humanoid robot industry [3]

Core Viewpoint - The recent financial report of Tubaobao (002043) indicates a decline in total revenue but an increase in net profit, highlighting a mixed performance in the company's financial health and operational efficiency [1][3]. Financial Performance - Total revenue for the first half of 2025 was 3.634 billion yuan, a decrease of 7.01% year-on-year [1]. - Net profit attributable to shareholders reached 268 million yuan, an increase of 9.71% year-on-year [1]. - Gross margin improved to 18.27%, up 4.57% year-on-year, while net margin increased to 7.43%, up 16.81% year-on-year [1]. - Operating cash flow per share decreased significantly by 61.28% to 0.13 yuan [1]. Key Financial Metrics - The company reported a decrease in accounts receivable by 33.12% to 645 million yuan, indicating improved collection efficiency [3]. - Cash and cash equivalents increased by 26.25% to 2.112 billion yuan, reflecting a healthy liquidity position [1]. - The total of selling, administrative, and financial expenses was 238 million yuan, accounting for 6.56% of revenue, which is a 5.74% increase year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) was 16.81%, indicating strong capital returns [4]. - The estimated earnings for 2025 are projected at 729 million yuan, with an average earnings per share of 0.88 yuan [5]. Market Position and Strategy - The company has optimized its channel management, with distribution channels accounting for 38.5% of sales, and has focused on expanding its presence in rural markets [7]. - The sales of the key product, 彩臻板 (particle board), reached approximately 6 million units in the first half of the year, matching last year's total sales [7].

Core Viewpoint - A new company, Shanghai Wu Suo Wei Decoration Materials Co., Ltd., has been established with a registered capital of 50,000 RMB, focusing on various construction and decoration materials and related services [1] Company Summary - The legal representative of the company is Wu Jiangjiang [1] - The registered capital of the company is 50,000 RMB [1] - The company operates in multiple sectors including sales of construction decoration materials, manufacturing of specialized machinery for construction materials, and production of automotive decoration products [1] Business Scope - The business scope includes general projects such as: - Sales of building decoration materials - Manufacturing of specialized machinery for construction materials - Manufacturing of automotive decoration products - Manufacturing of plastic products - Installation services for general machinery equipment - Manufacturing of metal materials - Retail of hardware products - Manufacturing of waterproof roll materials for construction - Sales of daily necessities and ceramic products - Sales of packaging materials and products - Leasing services for storage equipment - General cargo storage services (excluding hazardous chemicals requiring approval) - Sales of paper products [1]

Core Viewpoint - The company,兔宝宝, reported a revenue of 3.634 billion yuan and a net profit of 268 million yuan for the first half of 2025, reflecting a year-on-year growth of 9.71% in net profit and 10% in basic earnings per share, indicating a stable performance amidst a transitioning market towards high-quality development [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 36.34 billion yuan and a net profit of 2.68 billion yuan, with a year-on-year increase of 9.71% in net profit [1][2]. - The main business segments, including decorative materials and brand usage fees, generated revenues of 28.00 billion yuan and 201 million yuan, respectively, with gross margins of 12.20% and 99.22% [2]. - The company’s sales expenses, management expenses, and financial expenses were 116 million yuan, 204 million yuan, and -34.04 million yuan, reflecting a year-on-year increase of 8.39% in sales expenses and a decrease of 23.04% in management expenses [7]. Market Position and Strategy - The company has established a vast terminal network with over 6,000 specialized stores, positioning itself as a leading player in the board material industry [1]. - The company has formed stable business partnerships with over 20,000 custom furniture enterprises, driving strong momentum for industry transformation [1][2]. - The company is focusing on high-quality development and has optimized its operational strategies across various channels, including furniture factories, home decoration companies, and construction projects [3][4][6]. Industry Trends - The Chinese building decoration materials market is projected to reach 4.2 trillion yuan in 2024, with an expected compound annual growth rate of over 7% [2]. - The demand for decorative materials is anticipated to be significantly boosted by real estate stimulus policies and expanding consumer subsidy programs [2]. Innovation and Sustainability - The company is committed to green innovation, focusing on the development of high-quality, environmentally friendly decorative materials, and has maintained a leading position in the high-end eco-friendly furniture board market [8][9]. - The company has received a BBB ESG rating, ranking 19th among 50 companies in the paper and forestry products sector, reflecting its commitment to sustainable development [8]. Shareholder Returns - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, amounting to 229 million yuan for the first half of 2025, as part of its commitment to enhancing shareholder returns [10]. - The company has a three-year shareholder return plan, committing to distribute at least 50% of its distributable profits in cash annually [10][11].