证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 27 年 月 日 朝闻国盛 央地财政关系的历史、现状和前景分析 今日概览 重磅研报 【固定收益】央地财政关系的历史、现状和前景分析——20250826 研究视点 【有色金属】锑：7 月供应大幅下滑，锑品出口收紧或接近尾声—— 20250826 【计算机】寒武纪-U（688256.SH）-时代的主角，利润率大超预期—— 20250827 【计算机】中科创达（300496.SZ）-AI 端侧成为重要成长动力，智能软 件与汽车业务提供稳健基本盘——20250827 【环保】聚光科技（300203.SZ）-业绩短期承压，高端科学仪器发力在 即——20250827 【食品饮料】今世缘（603369.SH）-充分释压，行稳致远——20250827 【建材】赛特新材（688398.SH）-国内市场价格和盈利阶段性承压，新 国标或带来显著订单增量——20250827 【食品饮料】农夫山泉（09633.HK）-龙头强势恢复，业绩表现亮眼—— 20250827 【环保】华宏科技（002645.SZ）-利润大幅增长，稀土价格回升&新增 产能提升盈利弹性——202 ...

股票代码：002293 证券简称：罗莱生活 罗莱生活科技股份有限公司 编号：2025-08-25 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他(请文字说明其他活动内容) | | | 申万宏源证券 王立平、求佳峰；三井住友德思资管、杨畅；恒安标准 | | | 人寿 李元玮；合煦智远基金 张夺；华泰资管 朱南钰；仁桥资产 谢雨 | | | 阳；明河投资 张翎、姚咏絮；晨燕资产 倪耿皓；华安基金 张峦；宁 | | | 泉资产 浦嘉懿；工银瑞信基金 李迪；君茂资本 张明蕾、高新宇；华 | | | 泰保兴基金 付梦阳；国投瑞银 綦缚鹏；安信基金 陈相合；九泰基金 刘 | | | 科岑；交银施罗德 高逸云；方正证券 陈佳妮；摩根大通 姚倩、樊荣； | | | 山西证券 王冯、孙萌；国泰海通证券 盛开、钟启辉；光大保德信基 | | | 金 张禹；处厚沁慕基金 程锋；安信证券资管 胡红伟；中国国金 王凯； | | 活动参与人员 | 中兴威投资 卢晓冬；东北证券自营 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 21.06亿 | 21.81亿 | 3.60% | | 归母浄利润（元） | 1.59亿 | 1.85 Z | 16.97% | | 扣非净利润(元) | 1.41亿 | 1.54亿 | 9.77% | | 货币资金(元) | 13.84亿 | 3.8亿 | -72.53% | | 应收账款(元) | 3.22亿 | 2.47亿 | -23.31% | | 有息负债(元) | 6.25亿 | 4.95亿 | -20.74% | | 毛利率 | 46.74% | 47.82% | 2.32% | | 净利率 | 7.55% | 8.53% | 12.97% | | 三费占营收比 | 31.50% | 33.75% | 7.13% | | 每股净资产 (元) | 4.89 | 4.85 | -0.84% | | 每股收益(元) | 0.19 | 0.22 | 17.47% | | 每股经营性现金流(元) | 0.35 | 0.45 | 28.99% | 据证券之星公开数 ...

2025 年 8 月 23 日 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 公司研究 上半年归母净利润同比增 17%，国内家纺业务稳步回升 ——罗莱生活（002293.SZ）2025 年中报点评 买入（维持） 当前价：8.63 元 作者 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 8.34 | | --- | --- | | 总市值(亿元)： | 71.98 | | 一年最低/最高(元)： | 5.71/9.55 | | 近 3 月换手率： | 45.96% | 股价相对走势 -15% -1% 13% 26% 40% 08/24 11/24 02/25 05/25 罗莱生活 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y ...

Core Viewpoint - Li Ning (02331.HK) announced an interim dividend of RMB 0.3359 per share to be distributed on September 16, 2025, with a strong buy rating from multiple investment banks [1] Group 1: Company Performance - Li Ning's market capitalization is HKD 47.483 billion, ranking 4th in the apparel and home textiles industry [2] - The company reported a revenue of HKD 28.676 billion, placing it 2nd in the industry [2] - Li Ning's net profit margin stands at 10.51%, significantly higher than the industry average of -12.58% [2] - The company's gross profit margin is 49.37%, compared to the industry average of 36.03% [2] - Li Ning's return on equity (ROE) is 11.81%, while the industry average is -5.0% [2] - The company's debt ratio is 26.9%, which is lower than the industry average of 50.99% [2] Group 2: Analyst Ratings - In the past 90 days, 17 investment banks have issued buy ratings for Li Ning, with an average target price of HKD 19.01 [1] - Guotai Junan Securities recently provided a buy rating for Li Ning [1] - Various investment banks have set target prices ranging from HKD 16.28 to HKD 20.82, indicating a positive outlook for the stock [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.587 billion CNY, with a net profit of 246 million CNY, reflecting a year-on-year growth of 10.92% [2] - The non-recurring net profit reached a historical high of 250 million CNY, up 15.71% year-on-year [2] - Operating cash flow net amount was 447 million CNY, a significant increase of 197.95% year-on-year [2] Group 2: Business Segments - The home textile business generated revenue of 1.807 billion CNY, with a gross margin of 26.38%, an increase of 3.02 percentage points compared to the previous year [3] - The new materials segment saw revenue of 215 million CNY, a year-on-year growth of 43.47% [3] - Coating materials and electrolyte additive businesses achieved revenues of 97.71 million CNY and 117 million CNY respectively, with growth rates of 18.97% and 73.13% [4] Group 3: Market Dynamics - The company faced challenges due to U.S. tariffs, which affected order volumes but managed to recover some orders by actively communicating with overseas clients [3][7] - Exports to the U.S. decreased, but there was a slight increase in exports to Europe and Japan [3] - The company is exploring new markets in Southeast Asia and Africa for future factory setups [9] Group 4: Strategic Initiatives - The company is focusing on differentiated product development to avoid low-price competition, particularly in the domestic market [6] - Plans for the second half of the year include expanding differentiated product offerings and enhancing brand presence on e-commerce platforms [6] - The company aims to improve gross margins by phasing out low-margin channels and promoting high-end products [8] Group 5: Production and Capacity - The coating materials business has a capacity utilization rate of around 50%, with expectations for improvement as business expands in the shipbuilding and automotive sectors [12] - The company has achieved IATF 16949 certification for automotive quality management and is actively promoting its products in the shipbuilding sector [10][14] - The VC project has a total capacity of 10,000 tons, with a current production rate of over 25 tons per day [16] Group 6: Industry Outlook - The market price for vinyl carbonate (VC) has decreased by 4.17% from the previous quarter, with expectations for recovery as industry capacity clears [18] - The company is positioned among the top three in the domestic electrolyte additive industry, benefiting from a full supply chain and cost advantages [17] - The company anticipates no significant impairments in 2025, with gradual improvement expected as the market recovers [19]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 25.87 billion and net profit attributable to shareholders at 2.46 billion, marking a year-on-year growth of 10.92% [2][3]. Financial Performance - Revenue for 2025 H1 was 25.87 billion, compared to 18.07 billion in the previous year [3][5]. - Net profit attributable to shareholders for 2025 H1 was 2.46 billion, up from 2.22 billion in 2024 H1 [3][2]. - Total assets amounted to 76.16 billion, with cash flow from operating activities at 4.47 billion [3]. Market Expansion - The company is actively expanding its global market presence, achieving a total export of home textile products worth 234 million USD, with slight growth in exports to Europe and Japan [8]. - Domestic home textile business revenue reached 3.42 billion, indicating a strong performance in the local market [8]. Product Development - The company has implemented a differentiated product strategy, achieving a sample production rate of 83.3% for bedding products, which is a 58.3% increase compared to the same period last year [8]. - Group purchase business revenue grew by 11.6%, while e-commerce initiatives focused on product and brand image upgrades, resulting in a 194% increase in average order value during the 618 shopping festival [8]. Brand Promotion - The company has intensified brand promotion efforts, achieving over 80 million exposures [9]. New Materials Business - The new materials segment is experiencing rapid growth, with revenue from coating materials and electrolyte additives showing significant increases [10][11]. - Revenue from functional coating materials grew by 18.97%, while revenue from lithium battery electrolyte additives surged by 73.13% [12][16]. Strategic Partnerships - The company has strengthened collaborations with leading electrolyte enterprises, achieving a sales volume of 2,793.69 tons, which is a 71.92% increase year-on-year [16].

Core Insights - Mercury Home Textiles has been included in the 2025 Cash Dividend Ranking of listed companies in China, recognized as one of the top 100 companies by dividend yield [1] - The ranking is based on objective cash dividend data, considering total cash dividends, dividend payout ratios, and dividend yields [1] Group 1: Ranking Characteristics - The ranking emphasizes compliance and integrity, with non-compliant companies being excluded [1] - It focuses on the continuity and stability of dividends, requiring companies to have a history of consistent and increasing dividends [1] - The evaluation is multidimensional, combining absolute and relative indicators of dividend amounts and ratios [1] Group 2: Mercury Home Textiles' Performance - The company has reinforced its investment return philosophy, maintaining a consistent and stable profit distribution policy [1] - In 2023 and 2024, the total cash dividends and repurchase amounts reached 254 million and 355 million respectively, accounting for 67% and 96.84% of the net profit attributable to shareholders [1] - The cash dividend amounts represented 62.38% and 63.58% of the net profit for the respective years [1] Group 3: Dividend Policy - Mercury Home Textiles has established a systematic guarantee for its cash dividends, as outlined in its shareholder return plan for 2023 to 2025 [1]

Core Viewpoint - The company Fuanna (002327.SZ) has disclosed a draft for its 2025 employee stock ownership plan, aiming to raise a total of no more than 87.96 million yuan [1] Summary by Relevant Sections Employee Stock Ownership Plan - The total amount of funds to be raised from the employee stock ownership plan is capped at 87.96 million yuan [1] - The funding sources include employee self-raised funds and a special bonus from the company, with a 1:1 ratio for the special bonus [1] - The total amount of employee self-raised funds is limited to 43.98 million yuan, matching the amount of the special bonus [1] Stock Acquisition - The stocks for the employee stock ownership plan will be sourced from the company's repurchased shares held in a special securities account [1] - The purchase price for the repurchased shares is set at 7.33 yuan per share [1] - The total number of shares to be held under this plan will not exceed 12 million shares [1] Participation and Duration - The total number of employees participating in the plan is capped at 220, including 4 directors (excluding independent directors), 1 supervisor, and up to 216 other employees [1] - The duration of the employee stock ownership plan is set for 72 months, starting from the date the plan is approved by the company's shareholders [1]

Group 1: Tianli Composite Materials - Tianli Composite is a leading company in the domestic layered metal composite materials industry, established in 2003 and listed on the Beijing Stock Exchange in 2023. The company has developed over fifty types of layered metal composite materials, which have been certified by major domestic and international manufacturers [2][4]. - The company achieved a revenue of 135.02 million yuan in Q1 2025, a year-on-year decrease of 22.74%, and a net profit of 9.44 million yuan, down 47.08% year-on-year. This decline is attributed to structural overcapacity in downstream industries, leading to reduced project construction demand and fewer major project orders [3][5]. - The application areas for layered metal composite materials include petrochemical, power, metallurgy, new energy, marine engineering, environmental protection, and aerospace. The industry has significant growth potential as these materials gradually replace traditional materials due to their performance and cost advantages [4][5]. Group 2: Banking Sector - In Q2 2025, the total market value of public funds' holdings in the banking sector reached 63.51 billion yuan, an increase of 27.12% quarter-on-quarter, with a holding ratio of 4.85%, the highest since Q2 2021 [8][9]. - The net inflow of northbound funds into the banking sector was 254.2 billion yuan in Q2 2025, a quarter-on-quarter increase of 11.69%, with a net inflow of 26.596 billion yuan [10]. - The banking sector is benefiting from the expansion of passive index funds and the optimization of performance benchmarks, indicating a positive outlook for the sector's fundamentals and potential performance recovery [11]. Group 3: Photovoltaic Industry - The CPIA has raised its forecast for China's new photovoltaic installations in 2025 to between 270GW and 300GW, reflecting a year-on-year growth of 2.52% [15]. - The photovoltaic manufacturing sector experienced a significant decline in production growth in the first half of 2025, with upstream polysilicon production down 43.8% year-on-year [14][15]. - The industry is undergoing a "反内卷" (anti-involution) movement, focusing on eliminating low-cost sales practices to enhance product quality and promote orderly competition [17][19]. Group 4: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 10.74 billion yuan in H1 2025, a year-on-year increase of 36.4%, with a net profit of 2.37 billion yuan, up 37.2% year-on-year [26][27]. - The company is transitioning towards a comprehensive beverage group, with significant growth in energy drinks and electrolyte beverages, and an increase in the number of distribution points [27][29]. - The company is expected to maintain high growth trends in Q3 2025 due to accelerated network development and the introduction of new products [29][30]. Group 5: Luolai Life - Luolai Life focuses on home textile products, with a revenue of 4.559 billion yuan in 2024, a year-on-year decrease of 14.22%, but showing signs of recovery with a revenue of 1.094 billion yuan in Q1 2025, up 0.57% year-on-year [32][33]. - The company employs a multi-channel sales strategy, integrating online and offline channels to enhance market penetration, particularly in lower-tier cities [33][34]. - The company is actively optimizing its supply chain and enhancing operational efficiency through smart manufacturing initiatives [34][35].