中国经济网北京10月10日讯公牛集团（603195）(603195.SH)昨日晚间发布股东大宗交易减持股份计划 公告。 自减持计划公告之日起15个交易日之后3个月内(窗口期等不得减持股份期间不减持)，公牛集团实际控 制人之一阮学平拟通过大宗交易的方式减持公牛集团股份不超过36,171,753股，即不超过公牛集团目前 总股本的2%。若减持计划实施期间公牛集团发生派发红利、送红股、转增股本、增发新股或配股等股 本除权、除息事项，上述拟减持股份数量将相应进行调整。 截至公告披露日，阮学平持有公牛集团股份255,580,569股，占公牛集团总股本的14.13%；阮学平与一 致行动人宁波良机实业有限公司、阮立平、宁波凝晖投资管理合伙企业(有限合伙)、宁波梅山保税港区 铄今投资管理有限公司合计持有公牛集团股份1,532,941,975股，占公牛集团总股本的84.76%；上述股份 来源均为公牛集团司首次公开发行前持有的股份及公牛集团上市后资本公积金转增股本方式、股东解散 非交易过户方式取得的股份。 截至减持股份计划公告披露前最后一个交易日，即2025年10月9日，公牛集团收报45.85元，以此计算， 阮学平本次减持金额预计 ...

Group 1 - The core viewpoint of the news is that Bull Group has shown strong financial performance in the first half of 2025, with significant growth in revenue and profit, particularly in the new energy sector [1][2] - In the first half of 2025, the company achieved operating revenue of 8.168 billion yuan and a net profit attributable to shareholders of 2.060 billion yuan [1] - The new energy business segment reported operating revenue of 386 million yuan, representing a year-on-year growth of 33.52% [1] Group 2 - The company has established three main business segments: electrical connections, smart electrical lighting, and new energy, enhancing its brand recognition and product sales [1] - Bull Group is actively promoting channel transformation and expanding its overseas business, which has led to a positive development momentum [1] - The company has ranked first in online sales for various products, including converters, wall switches, and electric vehicle charging equipment on Tmall [1] Group 3 - Bull Group emphasizes investor returns and has repurchased 4.9722 million shares, accounting for 0.27% of the total share capital, with a total payment of 247 million yuan [2] - The company aims to deepen its strategies in "smart ecology," "new energy," and "internationalization" while enhancing its operational management capabilities [2] - The company has been awarded the "National Enterprise Technology Center" qualification by multiple government departments, reflecting its technical and qualification advantages [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating potential challenges in maintaining growth [2]. Financial Performance - Revenue for the first half of 2025 was approximately 8.17 billion, down from 8.39 billion in the same period last year, representing a decrease of about 2.5% [2]. - Total profit for the period was approximately 2.49 billion, a decline from 2.67 billion year-on-year, indicating a decrease of around 6.9% [2]. - Net profit attributable to shareholders was approximately 2.06 billion, down from 2.24 billion, reflecting a decrease of about 7.8% [2]. - The net profit after deducting non-recurring gains and losses was approximately 1.84 billion, compared to 1.90 billion last year, showing a decrease of about 3.1% [2]. - The net cash flow from operating activities was approximately 2.38 billion, slightly up from 2.36 billion, indicating a growth of about 0.71% [2]. Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets were approximately 14.70 billion, down from 15.87 billion at the end of the previous year, a decrease of about 7.4% [2]. - The company's short-term borrowings increased significantly by 278.61%, impacting the total asset ratio by 3.92 percentage points [36]. - The company's inventory decreased by 21.94%, affecting its total asset ratio by a decline of 1.6 percentage points [33]. Shareholder Structure - The largest shareholder, Ningbo Liangji Industrial Co., Ltd., holds approximately 53.82% of the shares, with a slight increase in holding [49]. - Other significant shareholders include Ruan Liping and Ruan Xueping, with their holdings also showing slight increases [50]. Valuation Metrics - As of August 29, 2025, the company's price-to-earnings (P/E) ratio was approximately 20.83, the price-to-book (P/B) ratio was about 5.8, and the price-to-sales (P/S) ratio was around 5.13 [2].

Group 1 - The company reported a revenue of 8.168 billion yuan and a net profit attributable to shareholders of 2.060 billion yuan for the first half of 2025 [2] - The company has established three main business segments: electrical connections, smart electrical lighting, and new energy, enhancing its brand recognition and product sales [2] - The new energy business achieved a revenue of 386 million yuan, representing a year-on-year growth of 33.52% [2] Group 2 - The company launched new products in the new energy sector, including the "Tianji" and "Weixing" series of charging piles, focusing on smart upgrades, aesthetic design, and safety [3] - The company is developing comprehensive commercial solutions for high-value applications such as heavy trucks and high-power scenarios, enhancing customer service capabilities across delivery, installation, and operation [3] - The company is accelerating its overseas business expansion by upgrading its product matrix centered around household energy storage in Europe [3]

Core Insights - The company reported a revenue of 8.168 billion yuan for the first half of 2025, representing a year-on-year decrease of 2.6% [1] - The net profit attributable to shareholders was 2.06 billion yuan, down 8.0% year-on-year [1] - Basic earnings per share decreased by 8.06% to 1.14 yuan [1] Revenue Analysis - The decline in revenue is attributed to changes in product structure and a slight decrease in sales compared to the same period last year [1] Business Focus - The company is concentrating on three main business areas: electrical connections, smart electrical lighting, and new energy [1] - Electrical connection products include converters (i.e., sockets), digital accessories, and power tools [1] - Smart electrical lighting products encompass wall switches and sockets, LED lighting (including smart lighting), safety circuit breakers, smart bathroom heaters, smart clothes drying racks, smart locks, and smart curtain machines [1] - New energy products primarily consist of electric vehicle charging piles/guns, home energy storage, commercial and industrial energy storage, and portable outdoor energy storage [1]

Core Viewpoint - Bull Group is expanding its new energy business, including charging piles and energy storage, amid slowing growth in its core businesses of electrical connections and smart electrical lighting [2][3]. Group 1: Business Performance - In 2024, Bull Group achieved operating revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% [3]. - The growth rates for both operating revenue and net profit in 2024 are the lowest in four years, with revenue growth rates from 2021 to 2024 being 23.22%, 13.70%, 11.46%, and 7.24% respectively [3][5]. - The electrical connection business generated revenue of 7.683 billion yuan in 2024, growing by 4.01% [4]. Group 2: Core Business Challenges - The revenue growth of the electrical connection business has slowed, with growth rates dropping from 15.58% in 2021 to 4.22% in 2022 and 4.77% in 2023 [5]. - The smart electrical lighting business has also seen a significant decline in revenue growth, from 36.90% in 2021 to 5.42% in 2024 [5]. Group 3: New Energy Business Expansion - The new energy business achieved revenue of 777 million yuan in 2024, a remarkable increase of 104.75%, becoming a new growth driver for the company [6]. - Bull Group is focusing on fast-charging products and aims to enhance its market position in personal charging piles through increased brand and marketing efforts [6][7]. Group 4: Internationalization Strategy - In 2024, Bull Group's overseas revenue reached 239 million yuan, growing by 36.75%, although the gross margin decreased by 10.80 percentage points [6][7]. - The company is expanding its business into emerging markets and Europe, developing a diverse product line that includes wall switches, lighting, and energy storage solutions [7].

前言 公司是中国民用电工龙头，转换器、墙开利基市场优势稳固，20- 23 年平均 ROE 约为 29%。近年来公司加速多元化，探索新能源 /无主灯/出海三大新兴业务，经营韧性凸显，提出"千亿公牛"目 标，本文重点解析新兴业务发展态势及后续 ROE 水平展望。 投资逻辑 参考丹纳赫经验，BBS 支撑多元化发展。公司致力于走远路，积 极学习丹纳赫等国际企业先进经验，探索出独有的公牛业务管理 体系（BBS），整合生活电器事业部。以利润率、市占率等为考核 目标，为公司实现长期战略和各业务线协同发展奠定基础。 0 200 400 600 800 1,000 1,200 1,400 61.00 67.00 73.00 79.00 85.00 91.00 240412 240712 241012 250112 人民币(元) 成交金额(百万元) 成交金额 公牛集团 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 14, ...

前言 公司是中国民用电工龙头，转换器、墙开利基市场优势稳固，20- 23 年平均 ROE 约为 29%。近年来公司加速多元化，探索新能源 /无主灯/出海三大新兴业务，经营韧性凸显，提出"千亿公牛"目 标，本文重点解析新兴业务发展态势及后续 ROE 水平展望。 投资逻辑 参考丹纳赫经验，BBS 支撑多元化发展。公司致力于走远路，积 极学习丹纳赫等国际企业先进经验，探索出独有的公牛业务管理 体系（BBS），整合生活电器事业部。以利润率、市占率等为考核 目标，为公司实现长期战略和各业务线协同发展奠定基础。 后续 ROE 水平展望：利润率主导节奏，加杠杆大有可为。未来 ROE 取决于新兴业务利润率爬坡节奏，分情景测算预计中期 ROE 在 28-31%区间。若以分红/回购调整资本结构，则上行空间更大。 新能源业务：蓝海市场空间广阔，有望复制传统品类成功经验。公 司 21 年推出充电枪/桩及储能产品，顺应新能源大趋势且技术积 淀和品牌口碑可高效复用。公司产品、渠道布局顺利，推出高端"无 极"系列彰显产品力，C 端网店已超 2.2 万家，持续建立竞争力。 1H24 新能源业务收入 2.9 亿元，同增 120.2%，线上市占 ...

国金证券股份有限公司关于公牛集团股份有限公司部分募 集资金投资项目延期的核查意见 截至2025年1月31日，公司募集资金使用情况如下： | | 产基地建设项目、研 | | | | | | --- | --- | --- | --- | --- | --- | | | 发中心及总部基地建 设项目[注2] | | | | | | 4 | 信息化建设项目 | 16,035.00 | 14,415.69 | 89.90 | 2025年2月 | | 5 | 渠道终端建设及品牌 | 84,745.75 | 88,478.84 | 104.41 | 已结项 | | | 推广项目[注3] | | | | | | | 合计 | 350,320.85 | 326,880.32 | 93.31 | / | [注1]："年产4亿套转换器自动化升级建设项目"已结项，结余募集资金14,792.51万元已永久补充公 司流动资金； [注2]："年产1.8亿套LED灯生产基地建设项目、研发中心及总部基地建设项目"投资进度超过100%主 要系该项目利用募集资金产生的利息收入投入所致； [注3]："渠道终端建设及品牌推广项目"已结项，投资进度超过 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-003 公牛集团股份有限公司 关于部分募集资金投资项目延期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟实施延期项目的名称及其情况：基于募集资金投资项目实际建设情况， 经公牛集团股份有限公司（以下简称"公司"）审慎研究，拟对募集资金投资项 目"信息化建设项目"的预定可使用状态日期延长至 2026 年 2 月。 公司于2025年2月27日召开了第三届董事会第八次会议及第三届监事会第七 次会议，审议通过了《关于部分募集资金投资项目延期的议案》。公司根据目 前募集资金投资项目（以下简称"募投项目"）的实施进度，在募投项目实施 主体、投资用途和投资规模不变的情况下，决定对"信息化建设项目"的预定 可使用状态日期进行延期。现将有关事项公告如下： 一、募集资金的基本情况 根据中国证券监督管理委员会出具的《关于核准公牛集团股份有限公司首 次公开发行股票的批复》（证监许可〔2019〕3001号），公司首次公开发行6,000 万股人民币普通股（A股）股票 ...