刚刚完成2.5亿元的股票回购，大股东立马抛出一份约16亿元的减持计划——这是"插座一哥"公牛集团 在2025年10月给资本市场抛出的一道难题。 这份由公司副董事长阮学平发出的减持计划，引发市场广泛关注。而在这背后，阮氏兄弟通过直接和间 接方式共同控制着公牛集团84.76%的股权。 资本迷局：刚回购就减持，阮学平此前曾套现十六亿 国庆假期刚过，公牛集团的一纸公告给股民的心中蒙上了一层阴影。10月10日，公牛集团公告称，公司 实控人之一阮学平拟通过大宗交易方式减持公司股份不超过3617.18万股，减持比例不超过公司总股本 的2%。以10月9日公司股票收盘价45.85元/股计算，若此次减持顶格实施，阮学平将套现约16.5亿元。 阮学平前后两次大额减持公牛集团股票，均是因为自身资金需求。实际上，自2020年公牛集团上市以 来，已累计派发现金红利超过120亿元。 令人玩味的是，今年6月以来，公司实施股份回购，并于9月18日完成。实际回购股份503.60万股，占公 司总股本的0.28%，回购最高价50.62元/股、最低价47.05元/股、均价49.68元/股，使用资金总额2.50亿 元。 回购期间公司股价不涨反跌，从今年 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In H1 2025, the company achieved revenue of 8.168 billion yuan, a year-on-year decrease of 3%, with net profit attributable to shareholders at 2.060 billion yuan, down 8% [2][4]. - The company is facing operational pressure but is focusing on expanding new business areas, particularly in the renewable energy sector, which saw a growth of 33.52% [9]. - The gross margin remains stable, while the net profit margin has decreased due to a high base effect from the previous year [9]. Financial Performance Summary - For Q2 2025, the company reported revenue of 4.246 billion yuan, a decline of 7% year-on-year, with net profit attributable to shareholders at 1.085 billion yuan, down 17% [2][4]. - The company’s traditional business is under pressure, with a 5.4% decline in electrical connections and a 2.8% decline in smart electrical lighting [9]. - The company is actively innovating and expanding its product lines, particularly in electric tools and renewable energy solutions [9]. Business Strategy and Development - The company is enhancing its product innovation and customer service capabilities in the renewable energy sector, with new product launches and expanded distribution channels [9]. - There is a strong focus on international expansion, with operations extending to over 40 countries, including regions like Europe, the Middle East, and Latin America [9]. - The company is also developing new business lines in AI and solar lighting, establishing partnerships with major tech firms [9]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 4.281 billion yuan for 2025, with a projected PE ratio of 20 [9]. - The company has a strong cash flow and high dividend yield, with a projected dividend yield of 3.6% for 2025 based on the previous year's payout ratio [9].