机构：中金公司 研究员：徐卓楠/柳政甫/邹煜莹 风险 1H25 业绩符合我们预期 公司公布1H25 业绩，收入实现60.1 亿元，同增18.3%，归母净利润实现5 亿元，同降30.8%，调整股权 激励费用后归母净利润7.4 亿元，同降2.1%，业绩符合我们预期。分季度看，1Q/2Q25 净利润实现2/3 亿元，分别同比-40.7%/+12.7%。此外，公司派发中期股息每股20 港仙，对应分红率225.1%（1H24 为 38.7%），股东回报力度加大。 发展趋势 1、品类切换下欧洲电子雾化快增，美国市场有望随执法趋严迎来改善。公司1H25 ToB 收入同增19.5% 至47.39 亿元，其中，1）欧洲及其他：收入同增38%至27.3 亿元，随英国、法国等一次性禁令落地，合 规企业以优质产品力及渠道优势高效承接用户转化，公司伴随客户实现快速成长；2）美国：收入同增 1.5%至18.9 亿元，我们判断随美国执法趋严，公司Q2 起美国市场经营或已迎来改善，后续有望持续向 好；3）国内：收入同降6.1%至1.2 亿元。 2、APV 欧洲延续快增，雾化美容商业化加速。1H25 ToC 收入同增14.1%至12.74 亿 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 6.013 billion yuan, a year-on-year increase of 18.3%, aligning with forecast values and exceeding early-year high single-digit expectations [1] - The net profit was 492 million yuan, a year-on-year decrease of 28.0%, which is the midpoint of the forecast range, attributed to increased management expenses and legal compliance costs [1] - Adjusted net profit was 737 million yuan, a year-on-year decline of 2.1%, also within the forecast range [1] - The company's gross margin for H1 was 37.3%, a decrease of 0.5 percentage points year-on-year, while the adjusted net profit margin was 12.3%, an increase of 2.5 percentage points year-on-year [1] Group 2: Business Segments - The self-owned brand business generated revenue of 1.274 billion yuan in H1, a year-on-year increase of 14.1%, with European revenue growing by 15.1% [1] - The To B business revenue was 4.739 billion yuan, a year-on-year increase of 19.5%, with European revenue rising by 38.0% [2] - The HNB market is experiencing rapid growth, with the company collaborating with British American Tobacco on the HNB product gloHilo, which received positive feedback during trials in Japan [2] Group 3: Market Outlook and Projections - The company is adjusting its profit forecasts due to the impact of incentive amortization and other expenses, projecting net profits of 1.33 billion, 2.22 billion, and 2.89 billion yuan for 2025-2027 [3] - The company maintains a "buy" rating, with projected P/E ratios of 100, 60, and 46 for the respective years [3]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【雾芯科技公布2025年Q2财报：净营收同比增40.3%，多项指标表现亮眼】雾芯科技(RLX.US)今日揭 晓了截至2025年6月30日的第二季度未经审计财务业绩。数据呈现，Q2净营收达8.80亿元人民币(合 1.228亿美元)，去年同期为6.272亿元人民币，同比攀升40.3%，超越市场平均预期；Q2毛利率为 27.5%，较2024年同期的25.2%有所上扬。 非公认会计准则经营利润为1.162亿元人民币(合1620万美 元)，2024年同期为4690万元人民币。非公认会计准则净利润为2.912亿元人民币(合4060万美元)，2024 年同期为2.148亿元人民币。稀释后每股盈利为0.023美元/股，略微超出市场平均预期。 雾芯科技联合 创始人、主席兼王颖(Kate Wang)女士评价称："本季度我们再度达成强劲业绩，这得益于在全球行业持 续变革的背景下，我们有力执行战略并在国际拓展中取得坚实进展。监管政策与消费者行为的快速改变 正在重塑竞争格局，同时为增长、创新和长期市场发展释放新契机。 作为全球成年吸烟者信赖的电子 雾化品牌，我们通过优先推进全 ...

具体来看，自有品牌业务在欧洲及其他市场的收入达10.69亿元，同比增长15.1%，主要得益于公司行业 领导品牌VAPORESSO的出色表现。报告期内，公司继续通过其自主开发的数据系统，加强其营销数字 化、销售本地化和终端门店监控，从而能够迅速应对市场变化。这一战略巩固了其在全球主要市场的领 先品牌地位。 此外，公司的雾化医疗附属公司传思生物在佛罗里达州迈阿密附近建立了一个吸入产品研发中心，该中 心具备产品开发的全部能力。传思生物亦积极与世界领先的合同开发和制造组织(CDMO)合作，建立药 械结合产品的制造能力，并将持续与欧美药品监管机构保持定期沟通搜集反馈。 公司的自有品牌雾化美容产品"岚至"品牌在中国内地销售，产生收入约0.31亿元，同比增长约 2595.2%。产品组合包括面向零售客户的家用"岚至"家用美容仪和专为美容机构设计的"岚至"专业设 备。面向零售客户的"岚至"家用美容仪的用户数量已突破1万人，"岚至"专业设备亦获得了二类医疗器 械认证。推出后，已被多家全国性美容机构和公立医院采用，目前有超过100家私营机构采购该设备。 对于未来前景，公司表示，将以科技创新为基石，将继续以"雾化科技"为核心，在电子 ...

作为全球成年吸烟者信赖的电子雾化品牌，我们通过优先推进全球合规、实施数据驱动的本地化策略、 深化战略合作伙伴关系以强化国际分销网络，在这一动态环境中巩固了领先地位。展望未来，我们有信 心驾驭复杂挑战、把握新兴机遇，在塑造全球行业未来的同时，为所有利益相关方创造可持续价值并带 来长期收益。" 雾芯科技首席财务官Chao Lu先生补充道："本季度业绩表现强劲，净营收同比增长40.3%、环比增长 8.9%至8.80亿元人民币，这主要得益于国际扩张的持续动能。 此外，我们严格的成本控制和优化的产品组合推动非公认会计准则经营利润同比大幅增长147.6%至 1.162亿元人民币。在有效的全球增长战略、高效运营及对创新的深度投入支撑下，我们已做好准备继 续推动可持续盈利发展，为股东创造长期价值。" 雾芯科技(RLX.US)今日公布了截至2025年6月30日的第二季度未经审计财务业绩。数据显示，Q2净营收 为8.80亿元人民币(合1.228亿美元)，去年同期为6.272亿元人民币，同比增长40.3%，超出市场平均预 期;Q2毛利率为27.5%，较2024年同期的25.2%有所提升。 非公认会计准则经营利润为1.162亿元人民 ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in the European electronic vaporization market, and the HNB (Heat-not-Burn) segment is expected to release profit elasticity [8] - The company's revenue for the first half of 2025 reached 6.013 billion yuan, a year-on-year increase of 18.3%, aligning with forecast values and exceeding initial high single-digit expectations [8] - The HNB market is in a rapid growth phase, with the company collaborating with British American Tobacco on new products, indicating potential for future profit contributions [8] Financial Summary - Total revenue projections for the company are as follows: - 2023A: 11.177 billion yuan - 2024A: 11.799 billion yuan - 2025E: 13.722 billion yuan - 2026E: 16.166 billion yuan - 2027E: 18.395 billion yuan - Year-on-year growth rates are projected at (8.06)%, 5.56%, 16.30%, 17.81%, and 13.79% respectively [1] - Net profit attributable to the parent company is forecasted as: - 2023A: 1.645 billion yuan - 2024A: 1.303 billion yuan - 2025E: 1.329 billion yuan - 2026E: 2.217 billion yuan - 2027E: 2.891 billion yuan - Year-on-year growth rates are projected at (34.47)%, (20.78)%, 1.96%, 66.84%, and 30.40% respectively [1] - The latest diluted EPS (Earnings Per Share) is projected as follows: - 2023A: 0.27 yuan - 2024A: 0.21 yuan - 2025E: 0.21 yuan - 2026E: 0.36 yuan - 2027E: 0.47 yuan [1] - The P/E (Price-to-Earnings) ratios at current price and latest diluted EPS are: - 2023A: 80.56 - 2024A: 101.69 - 2025E: 99.73 - 2026E: 59.78 - 2027E: 45.84 [1]

Core Viewpoint - The company reported strong revenue growth in the first half of the year, driven by regulatory enforcement in the US and Europe, while net profit declined due to increased non-cash share-based payments and rising operational costs [1][2][3] Financial Performance - The company achieved revenue of 6.013 billion yuan, a year-on-year increase of 18.3%, while net profit was 492 million yuan, down 28.0% year-on-year [1] - Adjusted net profit was 737 million yuan, a slight decrease of 2.1% year-on-year, aligning with previous forecasts [1] - The gross profit margin for the first half was 37.3%, a decrease of 0.5 percentage points year-on-year [3] Business Segments - The To B business segment generated revenue of 4.939 billion yuan, up 19.5% year-on-year, with significant growth in Europe and other markets [2] - The To C business segment reported revenue of 1.274 billion yuan, a year-on-year increase of 14.1%, with notable performance from the "Lan Zhi" brand in China [2] - The HNB (Heat-not-Burn) business is progressing as planned, with product launches in Serbia and Sendai, Japan, expected to expand further [3] Cost and Expenses - The increase in share-based payments contributed to a rise in management expense ratios, while R&D expense ratios decreased [3] - Distribution and sales expenses rose due to increased marketing efforts for the company's own brands and global expansion [3] Future Outlook - The company anticipates continued recovery in its core vaporization business, supported by improving regulatory frameworks in the US and Europe [1][2] - The introduction of new HNB products is expected to open a second growth curve for the company [3] Profit Forecast and Valuation - Profit forecasts have been adjusted downward due to the impact of share-based payments, with expected net profits for 2025-2027 at 1.007 billion, 1.830 billion, and 2.559 billion yuan respectively [3] - The target price for the company's stock is set at 27.00 HKD, based on a 71 times PE ratio for 2026 [3]

Core Viewpoint - The company reported its 2025 first-half results, showing revenue growth driven by effective enforcement actions against non-compliant products and the rapid launch of innovative compliant products to meet market demand [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 6.013 billion yuan, a year-on-year increase of 18.3%, while net profit was 492 million yuan, a decrease of 28.0% [1] - Adjusted net profit was 737 million yuan, down 2.1% year-on-year [1] - The gross margin for H1 2025 was 37.3%, a decrease of 0.5 percentage points year-on-year [2] Group 2: Business Segments - The self-owned brand business generated revenue of 1.274 billion yuan, up 14.1% year-on-year, with significant growth in Europe and other regions [1] - Revenue from the HNB (Heated Not Burned) business is expected to grow significantly, with the global market projected to reach approximately 66.86 billion USD by 2029, growing at a CAGR of about 10.1% from 2024 to 2029 [2] Group 3: Strategic Initiatives - The company is increasing marketing investments and enhancing employee incentives to solidify long-term competitive advantages [2] - The company is focusing on supporting strategic clients in launching high-end HNB product series in key markets, with positive early consumer feedback [2] Group 4: Future Outlook - The company expects revenue growth for 2025-2027 to be 13.45 billion, 15.49 billion, and 17.66 billion yuan respectively, with year-on-year growth rates of 14%, 15%, and 14% [3] - The company anticipates a significant increase in net profit in 2026 and 2027, with projections of 1.812 billion and 2.595 billion yuan respectively [3]

Core Viewpoint - Smoore International (06969) reported a strong performance in its interim results, with revenue growth driven by effective enforcement actions against non-compliant products and the company's ability to quickly launch innovative compliant products to meet market demand [1] Financial Performance - The company achieved a revenue of RMB 6.013 billion in the first half of the year, representing an increase of 18.3% year-on-year [1] - Adjusted profit for the period was RMB 737 million, a decrease of 2.1% year-on-year, while net profit was RMB 492 million, down 27.96% year-on-year [1] Business Segments - The ToB (business-to-business) segment generated approximately RMB 4.739 billion in revenue, reflecting a year-on-year growth of about 19.5% [1] - The proprietary brand electronic vaporization business achieved revenue of approximately RMB 1.274 billion, with a year-on-year increase of about 14.1%, supported by the strong performance of the leading brand VAPORESSO [1]