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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported strong financial performance for 25H1, with revenue of 138.8 billion yuan, a year-on-year increase of 204.4%, and a net profit of 45.7 billion yuan, up 396.5% year-on-year. The adjusted net profit reached 47.1 billion yuan, reflecting a growth of 362.8% year-on-year. The net profit margin was 33.0%, an increase of 12.8 percentage points year-on-year [1][11] - The company continues to expand its IP portfolio, with significant contributions from its top four IPs, which accounted for 34.7%, 9.8%, 8.8%, and 8.8% of revenue, showing impressive growth rates of 668%, 74%, 112%, and 249% respectively [1][2] - Membership growth remains strong, with 59.12 million members in mainland China, a 28% increase from the end of 2024, and a repurchase rate of 50.8% [2] Financial Performance - Domestic revenue for 25H1 was 82.8 billion yuan, a 135% increase year-on-year, with retail store efficiency reaching 9.95 million yuan, up 98% year-on-year [3] - The overseas revenue for 25H1 was 55.9 billion yuan, a remarkable 440% increase year-on-year, with North America showing significant growth [4][10] - The gross profit margin for 25H1 was 70.3%, an increase of 6.3 percentage points year-on-year, driven by higher overseas business contributions and improved cost control [11] Future Outlook - The company is expected to maintain high domestic store efficiency due to strong IP and category expansion, with projections for adjusted net profits of 112 billion yuan and 161 billion yuan for 25 and 26 respectively [12][14] - The company is positioned for continued growth in overseas markets, particularly in Europe and North America, with expectations for sustained momentum in e-commerce [10][12]