事件概述 公司公告2025 年上半年业绩 根据公司公告： 25H1 ： 收入17.9 亿元（ YOY+13% ）， 归母净利2.2 亿元（YOY+10%）； 国外市场： 东南亚地区业务量实现较好增长，北美地区受到关税政策以及客户2024 年提前备货的影响业务量有所 下降， 其他地区业务量均有一定增长。 盈利拆分 24 年冷冻柜、冷藏柜、展示柜、智能柜毛利率分别：35%、14%、22%、22%；国内业务、海外业务毛 利率分别22、39%。 25Q2 ： 收入8.8 亿元（ YOY+20% ）， 归母净利1.2 亿元（YOY+37%）。 收入变动原因: 根据公司半年报， 国内市场： 商用冷冻展示柜：下游行业整体需求不足，产品销量下降，公司市场占有率和行业地位维持稳定； 商用冷藏展示柜：公司凭借综合竞争优势，在多家客户中的供货份额逐步提升，产品销量快速增长； 商超展示柜：公司凭借一站式解决方案，持续深化与原有客户合作，并积极开拓新兴应用场景，产品销 量实现较好增长；智能售货柜：公司凭借技术和产品优势，下游客户中品牌商客户认可度逐步提升，产 品销量快速增长。 25H1：毛利率26.7%（ YOY-0.9pct）、净利 ...

Core Insights - The overall price index of Linyi Mall decreased slightly this week, indicating a minor decline in market prices across various categories [1] Price Index Summary - **Grain and Food Category**: The price index for grain and food increased to 95.11 points, up by 0.04 points, driven by rising prices in oil and food products, while other subcategories remained stable or saw minor declines [1] - **Board Category**: The price index for boards fell to 97.20 points, down by 0.27 points, due to weak demand and a slight decrease in raw material prices, leading to lower average sales prices [2] - **Home Appliances and Audio-Visual Equipment**: The index for this category decreased to 103.11 points, down by 0.15 points, primarily due to price drops in cooling and kitchen appliances, despite some seasonal sales boosts [3] - **Steel Category**: The steel price index dropped to 98.35 points, down by 0.11 points, as construction activity slowed due to adverse weather, leading to reduced demand and lower prices [4] - **Clothing and Accessories**: The index for clothing and accessories fell to 104.83 points, down by 0.07 points, influenced by price reductions in footwear and overall weak consumer demand [5] - **Furniture Category**: The furniture price index decreased to 89.03 points, down by 0.06 points, reflecting weakened market demand due to the sluggish real estate sector [6]

Core Viewpoint - The overall price index of Linyi Mall has slightly decreased this week, indicating mixed trends across various product categories with some experiencing price increases while others face declines [1]. Price Index Summary - The total price index for Linyi Mall this week is 102.89 points, down 0.02 points or 0.02% from the previous week [1]. - Among 14 categories, 5 saw price increases, 1 remained stable, and 8 experienced declines [1]. Furniture Category - The furniture category index rose to 89.09 points, increasing by 0.21 points, driven by growing demand, particularly for mattresses [2]. - The price of beds and related products saw significant increases, while prices for chairs and sofas remained stable [2]. Home Appliances and Audio-Visual Equipment - The index for home appliances and audio-visual equipment increased to 103.26 points, up 0.04 points [3]. - Kitchen and cooling appliances led the price increases, with stable sales for air conditioners and other seasonal products [3]. Building and Decoration Materials - The building and decoration materials index rose to 105.75 points, up 0.03 points [4]. - Despite a seasonal downturn in construction, prices for certain materials like paint and valves saw slight increases [4]. Steel Category - The steel category index fell to 98.46 points, down 0.11 points [5]. - A decline in demand and reduced market activity contributed to the downward trend in prices for pipes and sheets [5]. Agricultural Inputs - The agricultural inputs index decreased to 87.06 points, down 0.05 points [6]. - Seasonal demand drops led to price reductions for items like agricultural films and breeding tools, while some pesticides saw price increases due to rising demand [6]. Daily Necessities - The daily necessities index fell to 102.79 points, down 0.03 points [7]. - Prices for various consumer goods, including crafts and bags, decreased, influenced by high temperatures and promotional activities from e-commerce platforms [7].