证券研究报告 上半年，物流业务实现营收 66.6 亿元，同比-16.7%，实现毛利 6.6 亿元， 同比-0.6%，毛利率同比/环比分别提升 1.6pct/1.4pct 至 9.9%。1）智能公 路港：上半年实现营收 6.1 亿元（yoy+0.03%），毛利 4.9 亿元（yoy+2.1%）， 毛利率 80.5%（yoy+1.6pct）。公路港出租率稳步提升，同步开展资产转型， 积极探索新型零担运力平台化整合、多元自营仓、"产业+物流"等业务模 式；2）网络货运平台：上半年实现营收 55.5 亿元（yoy-18.5%），毛利 1.0 亿元（yoy-0.4%），毛利率 1.9%（yoy+0.3pct），持续调优客户结构。 顺丁橡胶营收高增，化学业务毛利率环比提升 上半年，化学业务实现营收 55.6 亿元，同比+13.0%，实现毛利 11.7 亿元， 同比+0.7%，毛利率同比下滑 2.6pct 至 21.1%，但环比 2H24（18.6%）有 所回升。1）印染纺织助剂：上半年实现营收 35.8 亿元（yoy+3.3%），毛 利 9.4 亿元（yoy-1.2%），毛利率 26.2%（yoy-1.2pct），推进营 ...

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

业务方面，于相关期间，集团新拓展5个自营海外仓，分别位美国、加拿大及英国，总面积增加约11万 平方米。公司持续优化仓网布局，以降低客户的履约成本，提升订单的履约时效，改善消费者购物体 验。随着集团品牌价值及客户品牌力日益提升，公司对服务品质要求亦不断提高。基于集团长远发展角 度考虑，长期稳定且可自主运营的仓储网络，将为集团于未来引入物流机器人等智能化设备提供可靠基 础，从而有序推动仓储网络的智能化升级。截至2025年6月30日，集团共承包61个海外仓，覆盖全球三 大洲及40多个城市。 格隆汇8月22日丨EDA集团控股(02505.HK)公告，截至2025年6月30日止6个月的中期业绩，收入增加 23.2%至人民币9.19亿元；相关期间利润减少35.6%至人民币1930万元；每股基本盈利及每股摊薄盈利为 人民币0.04元；董事会已议决宣派截至2025年6月30日止6个月中期股息每股3.5港仙。 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Fujian Dongbai Group Co., Ltd. for the first half of 2025, indicating a slight increase in revenue and net profit, while emphasizing the company's dual-driven strategy of commercial retail and logistics. Financial Performance - The company achieved operating revenue of CNY 928.56 million, a year-on-year increase of 0.11% [3][4] - Total profit reached CNY 156.12 million, reflecting a growth of 7.09% compared to the previous year [3][4] - Net profit attributable to shareholders was CNY 71.56 million, up 2.40% from the same period last year [3][4] - The net cash flow from operating activities was CNY 257.14 million, an increase of 12.94% [3][4] Business Segments - The commercial retail segment generated CNY 791 million in revenue, a decrease of CNY 21 million, attributed to structural changes in the consumer market and intensified competition [3][4] - The logistics segment reported revenue of CNY 83 million, an increase of CNY 19 million, due to the completion of several logistics projects and increased rental income [3][4] - The hotel and catering segment saw revenue rise to CNY 40 million, an increase of CNY 3 million, driven by enhanced service quality and expanded capacity [3][4] Strategic Initiatives - The company continues to implement a "first store" strategy, introducing 201 new brands, including 67 first stores, enhancing customer experience and brand diversity [9][10] - The logistics division has completed 18 logistics projects, with a total area of approximately 1.8 million square meters, and has successfully attracted major clients like BYD and Xiaomi [12][13] - The company is advancing its asset securitization strategy, with plans to issue a special plan for logistics assets to enhance liquidity and operational funding [13][14] Market Environment - The domestic consumption market showed resilience, with retail sales reaching CNY 24.55 trillion, a year-on-year growth of 5.0%, indicating a positive trend for the retail sector [8][9] - The logistics sector also experienced growth, with a total logistics volume of CNY 171.3 trillion, up 5.6% year-on-year, reflecting strong demand for logistics services [8][9]

福建东百集团股份有限公司 2025 年半年度主要经营数据公告 信息披露文件 证券代码：600693 证券简称：东百集团 公告编号：临 2025—042 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。 福建东百集团股份有限公司（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（以下简称"报 告期"）主要经营数据披露如下： 一、2025 年第二季度公司门店变动情况 无。 二、2025 年第二季度公司拟增加门店情况 无。 三、2025 年半年度公司主要经营数据分析 （一）主营业务分行业情况 1. 商业零售业务收入较上期下降 2.63%，主要是消费市场的结构性变化，零售市场 - 1 - 单位:万元 币种:人民币 分行业 营业收入 营业成本 毛利率 (%) 营业收入 比上年同 期增减 (%) 营业成本 比上年同 期增减 (%) 毛利率比 上年同期增减 商业零售 79,052.15 35,996.64 54.46 -2.63 -1.12 减少 0.70 个百分点 ...

今年以来，枣庄市市中区税郭镇以"聚力突破、实干争先"为引领，锚定"创一流、打头阵"的战略定位， 聚焦"大抓工业、强镇富民"的目标导向，以培育壮大主导优势产业为核心竞争力，强招引、抓项目、重 技改、促转型，全力推动纺织服装、新型建材、铁精粉深加工、智能制造、仓储物流五大主导产业深度 融合与创新发展，推动镇域经济高质量发展。 纺织服装，全产业链锻造"针织名镇" 擦亮"中国针织服装名镇"金字招牌，税郭镇以产业提档升级和园区提升建设双轮驱动，推动纺织产业提 质增效发展。加快谋划实施工业供排水一体化等项目落地，提升园区承载能力。坚持技改焕新，实施山 东鲁瑞针织智能化高效染整技术改造、富祥针织绣品等技改项目，新上惠帝年产20万套高端服装设计与 加工一体化项目，推动传统纺织产业"机械换人"，加速向自动化、智能化转型，重塑产业竞争优势。1- 7月份，全镇纺织产业完成产值7.5亿元。 目前，全镇纺织服装企业达192家，形成集纺纱、织布、印花、刺绣、漂染、成衣加工为一体的外向型 全产业链条，年产纱线8000吨、针织服装1.75亿件，漂染布产能达3.42万吨，花色品种超200个，产品远 销30余个国家和地区。 智能制造，智能装备赋 ...

(记者 刘志远 张海妮) 上期（总第210期）A股绿色周报显示，共有8家上市公司在近期暴露了环境风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每经AI快讯，"A股绿色报告"项目监控到的数据显示，宏川智慧（SZ002930）间接控股子公司中山市宏川石化仓储有限公司丙类仓 库新建项目环评审批获同意。该项目总投资额达5287.28万元。该审批信息于2025年7月25日被相关监管机构披露。 2024年年报显示，宏川智慧的主营业务为仓储及中转综合服务、智慧客服服务、洗舱及污水处理服务、其他业务、物流链管理服 务，占营收比例分别为：96.82%、1.48%、0.76%、0.6%和0.22%。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在让上市公司环境信息更加阳光 透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境监管数据，筛选监控上市公司及其旗下公司（包括分公司、 参股公司和控股公司）的环境表现，加以专业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周 报，定期动态更新上市公司环 ...

Core Viewpoint - Baiyue Group (08545) announced the acquisition of a property for HKD 4.8 million to address the increasing demand for warehouse and distribution facilities due to rapid expansion in mainland China [1] Group 1: Acquisition Details - The property being acquired is located at 7th floor, Wanglong Industrial Building, 11 Longde Street, Tsuen Wan, New Territories [1] - The acquisition price is set at HKD 4.8 million [1] Group 2: Business Rationale - The rapid expansion in mainland China has led to increased demand, putting pressure on existing warehouse and distribution facilities, resulting in decreased inventory management efficiency and order fulfillment delays [1] - The new property will be utilized as a warehouse to provide sufficient space for additional inventory, streamline logistics processes, reduce transportation costs, and shorten delivery times [1] - This strategic move is expected to enhance operational efficiency and strengthen the company's competitive position in the Chinese market [1] Group 3: Future Expansion Potential - The facility will also offer scalability for future expansion, including support for new product lines and serving as a potential regional distribution hub [1]

Report Industry Investment Rating No relevant content provided. Core Views - The overall year-on-year revenue growth rate of public REITs declined marginally by 3 pct to -3%. The financial completion rate remained at a high level. Except for the water supply limitation of Yin Hua Shaoxing Raw Water, resulting in a 68% revenue completion rate for the water conservancy facilities sector, the revenue completion rates of the remaining sectors were above 93%. Due to the non-arrival of subsidies, the distributable amount completion rate of the energy sector was only 48%, while the completion rates of the remaining sectors were all above 94% [2]. - Consumption and affordable housing are still high-performing sectors with high revenue growth. Consumption revenue increased by 4% year-on-year, with a completion rate of 102%/114% (revenue/distributable amount, excluding new bonds, the same below), continuing to lead. The month-on-month changes of individual bonds were divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian were weaker than other individual bonds. The market seemed to accept the seasonal attribution of Huaxia Capital and CIFI Group's CM奥莱's manager, and it rose slightly by 1.48% after the release of the second-quarter report (from July 18th to July 29th, the same throughout the text). Huaan Bailian, on the other hand, fell by 8.88%. Affordable housing revenue increased by 6% year-on-year, with a completion rate of 100%/98%, and the occupancy rate remained relatively stable [2]. - The performance of warehousing and logistics was better than expected. Although it continued to "exchange price for volume", most assets were able to achieve a stable or increasing occupancy rate, and the sector's revenue stabilized marginally. The year-on-year revenue decreased by 4%, with a month-on-month growth rate increase of 2 pct, and the completion rate was 97%/98%. The main operating pressure on the sector came from the entry of competitors rather than trade frictions. The coastal warehousing and logistics operations of Hongtu Yantian Port and Huaxia Shenzhen International Hangzhou Project were not weak [3]. - The energy sector had a high revenue completion rate, but the quarterly fluctuations in distributable amounts dragged down the market performance. The year-on-year revenue increased by 1%, with a completion rate of 99%/48%. The delayed payment of national subsidies for wind and solar projects led to cash flow shortages, and the distributable completion rate of some projects was below 53%. If the subsidies are concentrated in the second half of the year, the completion rate is expected to improve [3]. - The sectors with weak performance were mainly industrial parks and transportation. The revenue of industrial parks decreased by 14% year-on-year, and the decline marginally widened by 4 pct. The completion rates were 93%/96%, both relatively low among all sectors. Many industrial parks mentioned the pressure from the entry of competitors, and the occupancy rates generally decreased month-on-month. However, factory projects showed operational resilience, and the occupancy rates of some factories increased against the trend. After the release of the second-quarter report, the market repriced the operational resilience of Bosera Jinkai Industrial Park [3]. - The revenue of the transportation sector decreased by 2% year-on-year, and the growth rate decreased by 2 pct marginally. Only a few individual bonds showed operational improvements [3]. - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. As of July 29th, the CSI REITs Total Return Index has corrected by 3% from its peak. In late June, the CSI REITs Total Return Index reached a phased high in February 2023, and its relative cost-effectiveness compared to stocks and bonds was relatively low. Driven by the recovery of risk appetite and the increase in REITs supply, REITs prices have declined. Valuation compression was the main theme of trading during the quarterly report period. Sectors and individual bonds with high year-to-date gains tended to fall, and price changes did not fully match performance. However, individual bonds with outstanding performance were also priced [4]. - REITs may enter a volatile range, and stable sectors are still preferred. On the one hand, REITs valuations are not low, and the improvement in risk appetite may continue. June may be a phased high. On the other hand, on July 25th, the cash distribution rate of property rights REITs was 3.86%, and the overall market IRR was 4.05%. There was still a spread of 232 BP between the IRR and the 10-year Treasury bond, supporting investor demand. Observe whether the REITs index can stabilize at the previous low price level (such as the level at the end of April). Currently, it is judged that the volatile range of the CSI Dividend Total Return is between 1052 - 1125 (1052 is the low in April, and 1125 is the high in June). If risk appetite changes drastically, it may break through the volatile range, while a slowdown in REITs supply will help stabilize the bottom of the range. When selecting bonds, first, the valuation advantages of sectors with relatively stable cycles are not extreme (the IRR spread is at the median), and stable sectors have performance support. It is expected that stable sectors such as consumption and affordable housing will still perform better. Second, the arrival of national subsidies is theoretically a short-term impact, and there may be investment opportunities after the adjustment of new energy individual bonds is in place. Third, factory-type individual bonds in industrial parks are still worthy of attention [5]. Summary by Directory REITs Overall - The overall revenue growth rate of REITs was -3% year-on-year, a 3 pct decline compared to Q1 2025. The revenue of property rights REITs decreased by 4% year-on-year. Consumption and affordable housing had positive year-on-year growth, warehousing and logistics and affordable housing stabilized marginally, while industrial parks continued to decline. The year-on-year revenue growth rates of industrial parks, warehousing and logistics, affordable housing, and consumption were -14%, -4%, +6%, and +4% respectively, with marginal changes of -4 pct, +2 pct, +6 pct, and -53 pct compared to Q1 2025. The revenue of franchise rights REITs decreased by 2% year-on-year, and the energy sector performed relatively well. The year-on-year revenue growth rates of transportation, energy, and environmental protection were -2%, +1%, and -6% respectively, with marginal changes of -2 pct, +19 pct, and -2 pct compared to Q1 2025 [17]. - After excluding the impact of new bonds, the overall market operating revenue completion rate was 96%. The revenue completion rates of the municipal, consumption, and affordable housing sectors met the standards. The distributable amount completion rate of the energy sector was relatively low due to the existence of an account period for new energy subsidies, resulting in quarterly fluctuations in the distributable amount. The completion rates of the remaining sectors were all above 94% [18][23]. Market Reaction - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. The CSI REITs Total Return Index reached its peak on June 20th and had corrected by 3% by July 29th. Valuation compression was the main theme of trading during the quarterly report period, causing the rise and fall of REITs to not fully match performance. The month-on-month increase of individual bonds after the release of the quarterly report was generally negatively correlated with the year-to-date increase. The affordable housing sector with a high year-on-year revenue growth rate fell by 2.86%, not significantly better than other sectors, which was related to its high valuation and year-to-date increase. The industrial park sector with the most obvious marginal weakening of performance did not decline significantly, possibly because its valuation was not high, and the cash distribution rate on July 18th was at the 53% percentile in history. Some individual bonds with low valuations did not decline significantly even if their performance remained weak, such as CICC Hubei KeTou Optics Valley and Jianxin Zhongguancun. Some individual bonds with performance that exceeded expectations, such as Bosera Jinkai Industrial Park, Huatai Jiangsu Expressway, and Huaxia JINMAO Commercial, continued to rise on the basis of their significant increases this year. Several energy REITs with low distributable amounts and Guangfa Chengdu Gaotou with a large decline in occupancy rate fell significantly. Consumption had a high year-to-date increase and was still one of the three best-performing sectors after the quarterly report, indicating strong market recognition of this sector [27]. Sector Analysis - **Industrial Parks**: The revenue of industrial parks decreased by 14% year-on-year, and the growth rate decreased by 4 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 93% and 96% respectively. The occupancy rates generally decreased month-on-month, while rents varied. Factory-type projects showed performance resilience. New supply led to intensified competition. Some individual bonds faced significant performance pressure. At the individual bond level, Jianxin Zhongguancun Industrial Park, Huaxia Hefei High-tech, Huaxia Hangzhou HeDa High-tech, CICC Hubei KeTou, and others were worthy of attention [31][32]. - **Warehousing and Logistics**: The revenue of warehousing and logistics decreased by 4% year-on-year, and the growth rate increased by 2 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 97% and 98% respectively. It adopted a strategy of "exchanging price for volume", and the occupancy rates of most assets were stable or increasing. The main operating pressure came from the entry of surrounding competitors. At the individual bond level, Hongtu Yantian Port, CICC Puluosi, Huaxia Shenzhen International Warehouse Logistics, and others were worthy of attention [36]. - **Affordable Housing**: The revenue of the affordable housing sector increased by 6% year-on-year, and the growth rate increased by 6 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 100% and 98% respectively. The occupancy rates of the underlying assets fluctuated slightly, with most fluctuations within 2 pct [45]. - **Consumption**: The revenue of the consumption sector increased by 4% year-on-year. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 102% and 114% respectively. The month-on-month revenue was divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian's month-on-month revenue were at least 10 pct lower than other individual bonds. At the individual bond level, Huaxia Vanke Commercial, Huaxia Capital and CIFI Group's CM奥莱, and Yifangda Huawai Agricultural Trade were worthy of attention [46]. - **Transportation**: The revenue of the transportation sector decreased by 2% year-on-year, and the decline widened by 2 pct compared to Q1 2025. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 95% and 97% respectively. Some individual bonds, such as Ping An Guangzhou Guanghe, CICC Anhui Expressway, and Huatai Jiangsu Expressway, performed well. At the individual bond level, Huaxia China Communications Construction, CICC Anhui Expressway, Zhongjin Shandong High-Speed, and others were worthy of attention [51]. - **Energy**: The revenue of the energy sector increased by 1% year-on-year, a 19 pct increase compared to Q1 2025, reflecting the large quarterly fluctuations in the revenue of the energy sector. The revenue and distributable amount completion rates were 99% and 48% respectively. The accounts receivable of new energy REITs such as photovoltaic and wind power were relatively high, resulting in a significantly lower distributable amount completion rate than the revenue completion rate. It is expected that the distributable amount completion rate will gradually increase in the second half of the year. At the individual bond level, Penghua Shenzhen Energy, CITIC Construction Investment National Power Investment New Energy, and others were worthy of attention [55]. - **Utilities**: Except for Yin Hua Shaoxing Raw Water, the revenue completion rates were at a relatively high level of 95% - 110%. At the individual bond level, AVIC Shougang Biology and Yin Hua Shaoxing Raw Water were worthy of attention [63].

证券研究报告 | 行业专题研究 gszqdatemark 2025 08 14 年 月 日 房地产 公募 REITs 二季报业绩点评：分化成主基调，择时为关键 仓储物流：小幅以价换量，出租率现修复趋势。二季度仓储物流 REITs 底 层项目整体呈现出租率回升的修复态势；但租户扩租意向普遍谨慎，租约 倾向于更高灵活性、分阶段起租的特征。出租率回升一是关税政策阶段性 调整后部分区域尤其是港口城市用仓需求呈现修复态势；二是部分项目强 化主动管理，以更灵活的租赁策略有效挖掘市场需求，以价换量效果较好。 消费基础设施：业态调改与首店经济体现管理溢价。二季度消费业态往往 呈现一定淡季特征。但已上市消费 REITs 底层资产几乎均为国内较优质的 消费载体，叠加头部运营商具备在运营管理能力与品牌影响力上的优势， 因此二季度已上市消费 REITs 在运营端仍呈现多项亮点，且当期底层项目 平均出租率为 97.1%，环比提升 0.9pcts。 保障房：配租型项目天然具备出租率、租金双稳定性。保障房 REITs 项目 在政策红利加持下租金收入与出租率展现出较强韧性。二季度已上市项目 出租率几乎保持在 90%以上，政策类保障房的整体稳 ...