Core Viewpoint - The report highlights the financial performance and operational strategies of Gongniu Group Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit while emphasizing the company's focus on innovation and market expansion in the electrical connection, smart electrical lighting, and new energy sectors [1][9]. Financial Performance - The total revenue for the first half of 2025 was approximately 8.17 billion RMB, a decrease of 2.60% compared to the same period last year [2][3]. - The total profit amounted to approximately 2.49 billion RMB, reflecting a decline of 6.93% year-on-year [2][3]. - The net profit attributable to shareholders was approximately 2.06 billion RMB, down 8.00% from the previous year [2][3]. - The company's net assets decreased by 7.34% to approximately 14.70 billion RMB compared to the end of the previous year [2][3]. Business Overview - Gongniu Group operates primarily in three business segments: electrical connections, smart electrical lighting, and new energy products, focusing on consumer needs and product quality since its establishment in 1995 [4][9]. - The company has established a comprehensive supply chain and production capabilities, enhancing its competitive edge in the market [13][19]. Market Position and Trends - The company is positioned as a leader in the domestic market for electrical connection products, with significant sales in converter and wall switch categories [9][21]. - The demand for electrical connection, smart electrical lighting, and new energy products is expected to continue growing due to rising disposable income and consumption levels in China [8][21]. Innovation and Product Development - The company has introduced innovative products such as the "invisible track socket" and high-end charging solutions, which have received positive market feedback [10][11]. - The new energy segment has shown significant growth, with revenue increasing by 33.52% to approximately 386 million RMB in the first half of 2025 [21][22]. Sales and Marketing Strategies - Gongniu Group employs an integrated online and offline sales strategy, leveraging e-commerce platforms and a vast offline distribution network to enhance market penetration [7][9]. - The company is actively expanding its presence in Southeast Asia and other international markets, aiming for global business growth [7][9].

证券研究报告 公牛集团 (603195 CH) 短期营收增长放缓，积极培育新动能 2025 年 8 月 29 日│中国内地 小家电 公司公布上半年业绩：25H1 实现营收 81.68 亿元（yoy-2.60%），归母净 利 20.60 亿元（yoy-8.00%），扣非净利 18.42 亿元（yoy-3.20%）。其中 Q2 实现营收 42.46 亿元（yoy-7.37%，qoq+8.24）。受新房销售筑底的影 响，传统主业增长放缓。展望未来，公司一方面提质增效，有望维持传统主 业的高盈利能力，另一方面加快培育新能源业务，探索增量业务，维持"增 持"评级。 传统主业增长放缓，加速布局新能源业务 | 华泰研究 | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | | 2025 年 8 月 29 日│中国内地 | 小家电 | 目标价(人民币): | 59.00 | | | | 樊俊豪 | 研究员 | SAC No. S0570524050001 SFC No. BDO986 分品类看，25H1 电连接业务营收 36.62 亿元，同比-5.37%；智能电工照明 业务营 ...