联合研究丨组合推荐 [Table_Title] 金融制造行业 10 月投资观点及金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江金融行业（地产、非银、银行）和制造行业（电新、机械、军工、轻工、环保）2025 年 10 月投资观点及金股推荐。 分析师及联系人 [Table_Author] 邬博华 于博 赵智勇 SAC：S0490514040001 SAC：S0490520090001 SAC：S0490517110001 SFC：BQK482 SFC：BUX667 SFC：BRP550 王贺嘉 蔡方羿 徐科 SAC：S0490520110004 SAC：S0490516060001 SAC：S0490517090001 SFC：BUX462 SFC：BUV463 SFC：BUV415 刘义 吴一凡 马祥云 SAC：S0490520040001 SAC：S0490519080007 SAC：S0490521120002 SFC：BUV416 SFC：BUV596 SFC：BUT916 请阅读最后评级说明和重要声明 2 / ...

New figures from the British Retail Consortium (BRC) suggest that over 80 per cent of the additional cost incurred by the UK’s new packaging tax—operating under the extended producer responsibility (EPR) scheme—will be passed on to consumers. The tax came into force at the beginning of October 2025. Leading retailers warn of mounting financial and administrative pressure due to EPR, saying that the burden of compliance and costs will further strain a sector already squeezed by wage and tax increases. Ri ...

UK retailers are to pass on most of the costs from the UK's new Extended Producer Responsibility (EPR) legislation, the country's principal retail trade body has said. According to a new survey from the British Retail Consortium (BRC), which says the EPR is set to “cost industry billions", more than 80% of costs from the new regulations are likely to be passed onto consumers. Under the EPR scheme, producers must report how much packaging they put into the market and pay associated rates per tonnage. The ...

Core Points - Kodak faces significant financial challenges due to a lack of promised financing or available liquidity to repay $500 million in debt, raising serious doubts about its ability to continue operations [2] - The company's stock price plummeted over 25% on the 12th and fell 21% to $5.43 per share on the morning of the 13th [2] - CEO Jim Continenza stated that despite the uncertain business environment, Kodak continues to progress towards its long-term plans [3] Financial Strategy - Kodak plans to stop pension payments to free up cash for debt repayment [3] - A company spokesperson expressed confidence in repaying a significant portion of the debt before it matures and aims to amend, defer, or refinance the remaining debt and preferred stock obligations [3] Historical Context - Kodak, founded in 1892, once dominated the film camera market, holding 90% of the U.S. film market and 85% of the camera market in the 1970s, but has struggled since the rise of digital cameras [3] - The company filed for bankruptcy reorganization in 2012 and returned to the New York Stock Exchange in September 2013, expanding its business into commercial printing, packaging, and film [3] - In 2020, Kodak received a $765 million loan from the U.S. government to enter the non-patented drug raw materials manufacturing sector [3] Investor Sentiment - Investors are questioning whether Kodak can navigate this debt crisis successfully or if it is nearing the end of its operational history [3]

Core Viewpoint - Kodak faces significant financial challenges due to a lack of committed financing or available liquidity to repay a $500 million debt, raising serious doubts about its ability to continue operations [1][2] Financial Performance - Kodak's stock price plummeted over 25% on December 12, and further declined by 21% to $5.43 per share on the morning of December 13 [2] - The company plans to stop pension payments to generate cash for debt repayment and expresses confidence in repaying a substantial portion of the debt before maturity [2] Historical Context - Founded in 1892, Kodak once dominated the film camera market, holding 90% of the U.S. film market and 85% of the camera market in the 1970s, but has struggled since the rise of digital cameras [2] - Kodak filed for bankruptcy restructuring in 2012 and returned to the New York Stock Exchange in September 2013, expanding its business into commercial printing, packaging, and film production [2] Future Outlook - The company received a $765 million loan from the U.S. government in 2020 to enter the non-patent drug raw materials manufacturing sector [2] - Investors are questioning whether Kodak can navigate this debt crisis successfully or if it is nearing the end of its operational history [2]

Group 1 - The stock price of Shanying International is 1.92 yuan as of August 6, 2025, remaining unchanged from the previous trading day, with a trading volume of 1.8055 million hands and a transaction amount of 345 million yuan [1] - Shanying International operates in the paper printing industry, with main businesses including paper manufacturing, packaging, and trade [1] - The company announced plans to establish a partnership by utilizing 100% equity of its subsidiary Guangdong Shanying and 36.56% equity of Xiangheng Creative, aiming to raise no more than 748 million yuan [1] Group 2 - For the year 2024, Shanying International reported an operating revenue of 29.229 billion yuan, a year-on-year decrease of 0.35%, and a net profit attributable to shareholders of -450 million yuan [1] - In the first quarter of 2025, the company achieved an operating revenue of 6.766 billion yuan, a year-on-year increase of 1.45%, but the net profit attributable to shareholders decreased by 16.00% to 32.8145 million yuan [1] - As of the end of the first quarter, the company had short-term borrowings of 15.363 billion yuan and cash and cash equivalents of 4.757 billion yuan [1]

Group 1: Furniture Industry - The furniture industry is experiencing a recovery supported by the demand from the existing housing market and the ongoing "old-for-new" national subsidy policy [1] - Leading companies possess comprehensive channel layouts, stronger brand power, and mature marketing systems, while smaller firms may face "traffic bottlenecks," amplifying the advantages of top players [1] Group 2: Personal Care Industry - The demand in the personal care sector is relatively inelastic, with companies focusing on product innovation and precise consumer targeting, while the integration of online and offline channels is becoming a trend [1] Group 3: Export Chain - Starting from Q4 2024, the performance of the export chain will be affected by a weakening low base effect, with internal growth becoming more significant, depending on downstream industry demand and the company's efforts in category, channel, and customer expansion [1] - Increased tariff disruptions are expected, benefiting companies with overseas production capacity, leading to further excess revenue performance [1] Group 4: Two-Wheeled Vehicles - The "old-for-new" policy is being intensified, and major automotive companies are set to launch significant new products in early 2025, with inventory replenishment at the channel level to meet peak season demand, resulting in an upward trend in performance [1] - In the medium to long term, the competitive advantages of leading brands are expected to expand due to new national standards and manufacturing capacity constraints, leading to a continued concentration in the market [1] Group 5: Millet and Stationery - The millet market has a broad outlook, with traditional stationery moving towards cultural and creative products, while the pan-entertainment toy market is expected to grow faster due to its entertainment and interactivity [2] Group 6: Smart Glasses - The smart glasses industry is witnessing an explosion in trends, with major manufacturers accelerating the integration of products with AI models, and the first generation of products has been released, with others expected to launch by 2025 [2] Group 7: Paper Industry - A turning point in cost has been confirmed, with a positive outlook for the profitability of specialty paper compared to bulk paper, as profitability is expected to improve starting Q4 2024 [2] - Price increases for paper are anticipated, with pulp prices peaking in Q1 2025, leading to improved profit margins [2] Group 8: Packaging Industry - The packaging industry is currently stable, with an expected improvement in profitability driven by optimized market structure, as capital expenditure is slowing down and companies focus on efficiency and shareholder returns [2] - As the industry enters a competitive phase in the existing market, mergers and acquisitions among leading companies are accelerating, which may lead to an upward shift in the overall profitability of the industry [2]

Group 1 - The core viewpoint of the articles highlights the financial performance and strategic positioning of Haoxin Holdings in the logistics industry, particularly in cold chain logistics [1][2] - As of June 25, Haoxin Holdings' stock price increased by 5.31%, reaching $1.632 per share, with a total market capitalization of $22.44 million [1] - Financial data indicates that for the year ending December 31, 2024, Haoxin Holdings reported total revenue of $25.57 million, a decrease of 4.1% year-on-year, and a net profit attributable to shareholders of $3.17 million, down 20.05% year-on-year [1] Group 2 - Haoxin Holdings has been engaged in the logistics industry since 2009, focusing on container shipping, freight forwarding, and cold chain transportation [1] - The company aims to become the leading cold chain logistics provider in the Yangtze River Delta region, with its operations centered around Ningbo-Zhoushan Port and extending to major distribution centers across China [1] - The cold chain transportation industry in China is still in its infancy compared to Europe and the United States, with a market share of less than one-tenth of that in foreign markets [1] - Haoxin Holdings is currently a leader in the temperature-controlled transportation of new energy materials, with expectations for explosive growth in future performance [1] Group 3 - The company has introduced the latest logistics management systems to enhance pricing verification with clients and improve vehicle dispatch efficiency [2] - Advanced information processing technology and efficient workflows are crucial for the company's continuous improvement and operational effectiveness [2] - The company offers personalized and customized logistics services, designing comprehensive logistics solutions based on real-time information analysis for different clients [2] - Additional value-added services provided by the company include barcode management, replenishment, packaging, and inventory analysis, which help clients respond quickly and save costs [2]

Core Viewpoint - The company reported a decline in total revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating ongoing challenges in the market but potential for improvement in profitability due to cost management strategies [1][2][4]. Financial Performance - Total revenue for 2024 was 1.739 billion yuan, a decrease of 9% year-on-year, with a net profit of 40 million yuan, down 43% [1] - Q4 2024 revenue was 287 million yuan, a 16% decrease, with a net loss of 38 million yuan compared to a loss of 30 million yuan in the same period of 2023 [1] - Q1 2025 revenue was 446 million yuan, a decrease of 3%, but net profit increased by 36% to 44 million yuan [1] Cost Management and Profitability - Gross margin for 2024 and Q1 2025 was 32.76% and 35.21%, respectively, with a year-on-year increase in 2024 due to lower raw material costs [2] - Sales expense ratio increased by 2 percentage points in 2024 but decreased by 3 percentage points in Q1 2025, indicating effective cost control [2] - Net profit margin improved in Q1 2025 to 9.81%, up 3 percentage points from the previous year [2] Business Challenges - Revenue from main products such as fresh goods, packaging, and rice products declined by 14%, 10%, and 2%, respectively, due to store closures [3] - The company closed 837 stores in 2024, ending the year with 3,660 stores, indicating increased pressure on physical retail operations [3] - The company aims to enhance brand appeal and operational efficiency through digital upgrades to improve store survival rates [3] Future Outlook - The company faced losses from a warehouse fire and goodwill impairment, impacting net profit, but is focusing on stabilizing store closures and improving single-store performance [4] - EPS forecasts for 2025-2027 are projected at 0.14, 0.18, and 0.21 yuan, with corresponding PE ratios of 71, 57, and 48 times, suggesting a "buy" investment rating [4]

Core Viewpoint - Huaxi Securities recently published a research report on Huangshanghuang (002695), highlighting a recovery in profit margins and improved operational performance, maintaining a "buy" rating for the company [1] Financial Performance - In 2024, the total operating revenue was 1.739 billion yuan, a decrease of 9% year-on-year, primarily due to increased pressure at the store level. The net profit attributable to shareholders was 40 million yuan, down 43% year-on-year, while the net profit excluding non-recurring items was 41 million yuan, down 16% year-on-year [1] - For Q4 2024, total operating revenue was 287 million yuan, a decrease of 16% year-on-year, with a net loss attributable to shareholders of 38 million yuan compared to a loss of 30 million yuan in the same period of 2023 [1] - In Q1 2025, revenue was 446 million yuan, a decrease of 3% year-on-year, but the net profit attributable to shareholders increased by 36% to 44 million yuan, and the net profit excluding non-recurring items rose by 48% to 39 million yuan [1] Profitability and Cost Management - The gross profit margins for 2024 and Q1 2025 were 32.76% and 35.21%, respectively, with a year-on-year increase of 4 percentage points and a decrease of 0.4 percentage points, attributed to a decline in the procurement prices of duck by-products. The company has made strategic reserves to smooth out raw material costs, leading to a continuous release of gross margin benefits [2] - The selling expense ratio increased by 2 percentage points in 2024 to 16.80% but decreased by 3 percentage points in Q1 2025 to 10.88%. The management expense ratio also saw an increase of 2 percentage points in 2024 to 10.36% and a slight increase of 0.1 percentage points in Q1 2025 to 9.22%, indicating effective cost control [2] - The net profit margin for 2024 was 2.17%, down 1 percentage point year-on-year, while for Q1 2025, it improved by 3 percentage points to 9.81% [2] Business Challenges and Strategic Initiatives - The revenue from the main products, including fresh goods, packaged products, and rice products, faced pressure, with revenues of 1.209 billion yuan, 49 million yuan, and 351 million yuan, respectively, all showing year-on-year declines of 14%, 10%, and 2%. This was influenced by store closures [3] - As of the end of 2024, the company had 3,660 specialty stores, a net decrease of 837 stores from the beginning of the year. The company is facing increased pressure to close stores due to weak external demand and is focusing on brand rejuvenation and digital upgrades to improve operational capabilities [3] Future Outlook - The company experienced a loss of 16.17 million yuan due to a warehouse fire at a subsidiary in 2024, along with a goodwill impairment of 10.75 million yuan affecting net profit. However, the company is stabilizing its store closures and optimizing single-store operations, with expectations for gradual recovery in business performance [4] - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.14 yuan, 0.18 yuan, and 0.21 yuan, respectively, with current stock prices corresponding to price-to-earnings ratios of 71, 57, and 48 times [4]