每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 曾健辉） 2025年1至6月份，睿能科技的营业收入构成为：分销业务占比61.91%，工业自动化业务占比36.82%， 其他业务占比1.27%。 截至发稿，睿能科技市值为47亿元。 每经AI快讯，睿能科技（SH 603933，收盘价：22.41元）10月29日晚间发布公告称，公司2025年前三季 度计提资产减值准备金额共计2411.76万元，将减少公司2025年前三季度利润总额2411.76万元。本次计 提资产减值准备未经会计师事务所审计，对公司2025年年度利润的影响以会计师事务所年度审计结果为 准。 ...

证券研究报告 2025年09月29日 行业报告 | 行业专题研究 供应链物流：流量变现，第二成长曲线 作者： 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 1 行业评级： 上次评级： 强于大市 强于大市 首次 （ 评级） 请务必阅读正文之后的信息披露和免责申明 物流 摘要 ⚫ 庞大流量变现 供应链物流企业的经手货值庞大，通过"物流—贸易—制造"业务延伸，流量变现打造第 二成长曲线，海外如日本商社投资制造业，国内如密尔克卫拓展分销、嘉友国际开发陆港 项目、物产中大投资并购高端实业。 ⚫ 新业务高增长 把控核心环节，上下游赋能，使新业务高增长、利润占比上升。2018-24年物产中大制造 业务毛利润年化增速22%，占比从16%上升到41%；密尔克卫分销毛利润年化增速21%， 占比从3%上升到62%。流量变现空间较大、模式更加成熟，未来新业务有望持续高增长。 ⚫ 有望戴维斯双击 新业务利润高增长、占比上升，推动公司整体利润增速上行；商品价格回升，供应链业务 利润反转；公司风险下降、市场风险偏好上升，估值有望上升。 ⚫ 供应链物流公司经手货值往往较大，如物产中大、厦门象屿等。 ⚫ 供应 ...

Core Viewpoint - TCL Technology reported a revenue of 85.56 billion yuan for the first half of 2025, marking a year-on-year increase of 6.65%, and a net profit attributable to shareholders of 1.883 billion yuan, up 89.26% compared to the previous year [1][2]. Financial Performance - Revenue for the first half of 2025 was 85.56 billion yuan, compared to 80.22 billion yuan in the same period last year, reflecting a growth of 6.65% [2]. - Net profit attributable to shareholders reached 1.883 billion yuan, a significant increase of 89.26% from 995 million yuan in the previous year [2]. - The net profit excluding non-recurring gains was 1.559 billion yuan, up 178.96% from 559 million yuan [2]. - Operating cash flow increased by 115.90%, reaching 27.27 billion yuan compared to 12.63 billion yuan last year [2]. - Basic earnings per share rose to 0.1014 yuan, an increase of 89.53% from 0.0535 yuan [2]. - Total assets at the end of the reporting period were 400.47 billion yuan, up 5.87% from 378.25 billion yuan at the end of the previous year [2]. Business Segment Performance - The semiconductor display business generated revenue of 57.55 billion yuan, a year-on-year increase of 15.38%, with a gross margin of 20.30% [2]. - The new energy photovoltaic and other silicon materials business reported revenue of 13.40 billion yuan, down 17.36%, with a negative gross margin of 7.57% [2]. - The distribution business achieved revenue of 14.68 billion yuan, up 7.51%, with a gross margin of 3.38% [2]. Subsidiary Performance - TCL Huaxing reported revenue of 50.43 billion yuan, a 14.4% increase, with a net profit of 4.316 billion yuan, up 74.0% [3]. - TCL Zhonghuan recorded revenue of 13.40 billion yuan but reported a net loss of 4.836 billion yuan [3]. Strategic Developments - The company completed the acquisition of 100% equity in LG Display (China) and LG Display (Guangzhou), integrating them into a new entity named T11, with a production capacity of 180k/month [4]. - TCL Technology acquired a 21.53% stake in Shenzhen Huaxing Semiconductor Display Technology Co., which is expected to enhance net profit attributable to shareholders [5]. - The OLED business continued to grow, with sales increasing by 8.7% and revenue up by 9.2% [5]. Industry Context - Major panel manufacturers in mainland China have reported improved performance, with TCL Huaxing being the most profitable among them, achieving a net profit increase of over 70% [9]. - The overall industry environment is improving, with companies like TCL and BOE enhancing their market positions through strategic acquisitions and expansions [11][12].

Group 1 - The company, RuiNeng Technology, announced a provision for asset impairment amounting to 26.4862 million yuan for the first half of 2025, which will reduce the total profit for that period by the same amount [1] - The asset impairment provision has not been audited by an accounting firm, and the impact on the annual profit for 2025 will be determined based on the results of the annual audit [1] - As of the report date, RuiNeng Technology has a market capitalization of 3.5 billion yuan [1] Group 2 - For the year 2024, the revenue composition of RuiNeng Technology is as follows: distribution business accounts for 57.18%, industrial automation business accounts for 41.43%, and other business revenue accounts for 1.39% [1]