❑ 25H1 净利润明显承压。25H1 公司营收 126.6 亿元，同比+10.4%，净利润 16.7 亿元，同比-11.1%。25Q2 公司营收 73.1 亿元，同比+8.96%，净利润 9.08 亿元，同比-16.8%。 1）分业务：25H1 公司运动鞋收入同比+10.8%至 113.4 亿元，户外鞋靴收入 同比-57.3%至 2.61 亿元，运动凉鞋及其他收入同比+74.4%至 10.52 亿元。 证券研究报告 | 公司点评报告 2025 年 08 月 25 日 华利集团（300979.SZ） 25H1 老客户订单承压&产能错配，盈利能力下滑 消费品/轻工纺服 25Q2 公司收入和净利润分别同比+9%、-17%，新工厂爬坡速度加满，同时老 客户订单较差导致产能错配效率较低，盈利能力明显下滑。我们下调业绩预期， 预计 25-27 年公司归母净利润规模为 35.1 亿元、41.8 亿元、49.5 亿元，同比 增速为-9%、19%、18%。当前市值对应 2025PE18X、2026PE15X，维持强烈 推荐评级。 2）分地区：按照客户总部所在地，25H1 公司北美收入同比-0.4%至 98.9 亿 元，欧洲收 ...

华利集团 (300979. SZ) 纺织制造 买入(维持) 评级: 分析师:张潇 执业证书编号: S0740523030001 Email: zhangxiao06@zts.com.cn 分析师: 邹文婕 相关报告 1、《H1 盈利能力受新工厂爬坡拖累, 拟进行高额中期分红》2025-08-11 2、《Q2盈利能力有望逐步改善,新 客户进入快速放量期》2025-05-06 3、《预计关税影响有限，期待阿迪放 量》 2025-04-14 证券研究报告/公司点评报告 2025 年 08 月 24 日 | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 20.114 | 24.006 | 26.671 | 30.469 | 34.497 | | 增长率 yoy% | -2% | 19% | 11% | 14% | 13% | | 归母净利润(百万元) | 3.200 | 3,840 | 3.498 | 4.346 | 4.9 ...

事件：公司披露25H1 业绩，利润端短期有所承压。25H1 实现营业收入126.6 亿元，同比+10.36%；归 母净利润16.6 亿元，同比-11.42%。25Q2 实现营业收入73.1 亿元，同比+9.0%；归母净利润9.02 亿元， 同比-17.3%。 欧洲区客户实现高增。分产品看，25H1 运动休闲鞋收入113.4 亿元，同比+10.78%；运动凉鞋/拖鞋及其 他收入10.5 亿元，同比+74.35%，户外鞋靴收入2.6 亿元，同比-57.31%。判断产品品类结构变化主要系 部分客户产品品类结构调整所致。分地区看（按客户总部所在地划分），北美客户收入98.9 亿元，同 比-0.43%；欧洲客户收入23.97 亿元，同比+88.94%；其他地区客户收入3.64 亿元，同比+45.87%。判断 欧洲客户收入大幅增长主要受阿迪达斯、On 等高潜客户推动。量价拆分来看，25H1 销量1.15 亿双，同 比+6.1%；人民币口径单价约110.09 元，同比约+3.6%。25Q2 销量约0.66 亿双，同比约+6.5%；人民币 口径单价约110.72 元，同比约+2.4%。 Q2 盈利能力受新工厂爬坡影响。25H ...

Core Insights - The seminar emphasizes the importance of a comprehensive safety support system for scientific exploration in extreme environments, particularly in cold and arid regions [1] - The event showcases the collaboration between various companies and research institutions to innovate safety solutions for scientific expeditions [3][10] Group 1: Seminar Overview - The seminar was organized by the China Scientific Exploration Association and the Northwest Institute of Eco-Environment and Resources, focusing on safety challenges in scientific exploration [1] - Key participants included manufacturers such as Dongfeng Motor Group, Huawei, and other technology companies, highlighting a collaborative approach to addressing safety in scientific research [3] Group 2: Key Discussions - The chairman of the China Scientific Exploration Association praised the seminar's significance, particularly regarding the application of off-road vehicles in field research [6] - The secretary of the Northwest Institute discussed the current needs and requirements for off-road vehicles in scientific exploration [8] Group 3: Technical Presentations - A technical expert from Dongfeng introduced the M817 vehicle, detailing its design and performance advantages for extreme environments, including its hybrid capabilities and various off-road modes [16] - The seminar included discussions on the construction of a safety assurance framework for scientific exploration, focusing on environmental risk assessment and emergency response [14] Group 4: Practical Experience - Participants engaged in a test drive of the M817 vehicle, experiencing its performance in various off-road scenarios, which received positive feedback [24] - Outdoor activity experts shared personal experiences and suggestions regarding vehicle performance in exploration contexts [18][20]