据证券之星公开数据整理，近期飞亚达(000026)发布2025年中报。截至本报告期末，公司营业总收入 17.84亿元，同比下降14.08%，归母净利润8244.55万元，同比下降43.97%。按单季度数据看，第二季度 营业总收入8.6亿元，同比下降14.96%，第二季度归母净利润3713.91万元，同比下降48.16%。本报告期 飞亚达公司应收账款体量较大，当期应收账款占最新年报归母净利润比达134.13%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率35.55%，同比减4.36%，净利率4.62%， 同比减34.79%，销售费用、管理费用、财务费用总计4.88亿元，三费占营收比27.38%，同比增3.61%， 每股净资产8.22元，同比增0.58%，每股经营性现金流0.62元，同比增84.25%，每股收益0.2元，同比减 42.99% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 20.76亿 | 17.84 Z | -14.08% | | 归母浄利润（元） | 1.47亿 | 8244.55万 ...

[Table_Info1] [Table_Title] 证券研究报告 / 公司动态报告 飞亚达(000026) 纺织服饰 [Table_Date] 发布时间：2025-08-22 [Table_Invest]买入 首次覆盖 | [Table_Market] 股票数据 | 2025/08/21 | | --- | --- | | 6 个月目标价（元） | 23.07 | | 收盘价（元） | 18.97 | | 12 个月股价区间（元） | 8.70~21.73 | | 总市值（百万元） | 7,697.34 | | 总股本（百万股） | 406 | | A 股（百万股） | 365 | | B 股/H 股（百万股） | 41/0 | | 日均成交量（百万股） | 18 | 深耕钟表行业，推进精密科技领域布局 [深耕钟表行业，致力于成为中国手表行业领军者 Table_Summary] 。飞亚达系中航工业集 团下属中航科创的主要投资企业之一，公司创立及发展源于航空精密科 技和材料技术，以"传承"航空报国精神"、创造品质生活"为使命，多 年来深耕钟表行业，形成了手表自有品牌与名表全面服务相互促进的核 心业务布局，致 ...

25Q2 营收和经调整净利润均创历史新高。 25Q2 公司总营收 1160 亿元，同比 +30.5%/ 环比 +4.2% ；毛利率 22.5% ，同比 +1.8pct/ 环比 -0.3pct ；经调整净利润 108 亿元，同比 +75.4%/ 环比 +1.5% ，再创新高，其中智能电动汽车及 AI 等创新业务经营亏损 3 亿元。公司稳 步执行"新十年目标"，大规模投入底层核心技术， 25Q2 研发支出 78 亿元，同比 +41.2% ，截 至 25Q2 末公司研发人员 2.26 万人创历史新高。 汽车： Q2 毛利率超预期，亏损持续收窄，期待 25H2 产能加速释放。 25Q2 智能电动汽车及 AI 等创新业务收入 213 亿元，环比 +14.4% ，其中汽车 / 其他业务收入分别为 206/6 亿元； Q2 经营亏损 3 亿元，较上季度经营亏损 5 亿元环比进一步收窄；毛利率 26.4% ，环比 +3.2pct ， 主要系核心零部件成本下降、单位制造成本降低、 SU7 Ultra 交付上量带动。公司 Q2 新车交付 量环比 +7.2% 至 8.1 万辆；关注下半年产能爬坡、新车交付上量节奏； 27 年将进军 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [8] Core Views - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion CNY, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [5][8] - The company is focusing on its "New Decade Goal," with significant investments in core technologies and a record high of 78 billion CNY in R&D spending in Q2 2025, reflecting a year-on-year increase of 41.2% [5][8] - The automotive segment is expected to see accelerated capacity release in the second half of 2025, with a narrowing of operating losses from 5 billion CNY to 3 billion CNY in Q2 2025 [5][8] - The IoT business continues to show strong growth, with revenue of 387 billion CNY in Q2 2025, a year-on-year increase of 44.7% [5][8] - The smartphone segment experienced a slight decline in revenue, with Q2 2025 revenue at 455 billion CNY, a year-on-year decrease of 2.1% [5][8] - The internet services segment reported steady growth, with revenue of 91 billion CNY in Q2 2025, a year-on-year increase of 10.1% [6][8] Summary by Sections Financial Performance - Q2 2025 total revenue was 116 billion CNY, with a gross margin of 22.5% and an adjusted net profit of 108 billion CNY, marking a year-on-year increase of 75.4% [5][8] - The company expects total revenue for 2025 to reach 489.9 billion CNY, with adjusted net profit projected at 43.1 billion CNY [8] Automotive Segment - Revenue from smart electric vehicles and AI-related businesses reached 213 billion CNY in Q2 2025, with a gross margin of 26.4% [5][8] - The company plans to enter the European market in 2027, which is expected to enhance its global brand influence [5][8] IoT Segment - The IoT business achieved a record revenue of 387 billion CNY in Q2 2025, driven by strong sales in smart home appliances [5][8] - The gross margin for IoT was 22.5%, reflecting improvements in product mix [5][8] Smartphone Segment - The smartphone business reported revenue of 455 billion CNY in Q2 2025, with a gross margin of 11.5% [5][8] - The company adjusted its annual shipment target to 175 million units, focusing on high-end and global market expansion [5][8] Internet Services - Internet services revenue reached 91 billion CNY in Q2 2025, with a gross margin of 75.4% [6][8] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6][8]

Group 1 - Trump announced significant progress on the Russia issue and called for attention from the public [2] - Trump and Putin held a meeting in Anchorage, Alaska, but did not reach an agreement on the Ukraine ceasefire [2] - Ukrainian President Zelensky confirmed a meeting with Trump, which may lead to a trilateral meeting involving the US, Russia, and Ukraine [2] Group 2 - Trump stated there are no plans to impose tariffs on China for purchasing Russian oil after his meeting with Putin [3] - The US recently imposed additional tariffs on India for buying Russian oil, indicating a potential shift in trade policy [3] Group 3 - Trump plans to announce tariffs on imported chips and semiconductors, with rates potentially reaching up to 300% [4] - Following this announcement, US chip stocks experienced significant declines, with Applied Materials dropping over 14% [4] - The Trump administration also expanded the scope of tariffs on steel and aluminum imports by 50% [4] Group 4 - The People's Bank of China reiterated a moderately loose monetary policy, focusing on improving the quality and efficiency of credit issuance [5][6] - The central bank's report highlighted the need for a balanced approach to monetary policy in response to complex international conditions [6] Group 5 - In July, non-bank deposits in China increased by 2.14 trillion yuan, the highest level recorded for that period since 2015 [7] - Analysts suggest that this influx of deposits may be directed towards the stock market, indicating a potential shift in investor behavior [7] Group 6 - Several banks in China have issued statements prohibiting credit card funds from being used in the stock market [11][12] - This move comes amid a surge in A-share market activity, with banks emphasizing the importance of compliance with regulations [12] Group 7 - China Shenhua, a state-owned enterprise, announced a major acquisition involving 13 companies, with total assets of 258.3 billion yuan [15][16] - The company plans to issue A-shares to raise funds for this acquisition, indicating a significant expansion strategy [16] Group 8 - Swatch faced backlash over a controversial advertisement and has since apologized, highlighting the importance of cultural sensitivity in marketing [17][18]

Group 1 - The high tariffs imposed by the U.S. government are significantly impacting European businesses, leading to reduced export revenues and negative effects on the economies and livelihoods of various European countries [1][2] - The French wine industry is particularly affected, with a projected sales decline of 25% in the U.S. market, resulting in a loss of up to 1 billion euros and affecting 600,000 jobs [2] - The automotive sector in Germany is facing substantial financial pressure due to high tariffs, with major companies like BMW and Volkswagen reporting significant profit declines and additional costs amounting to billions of euros [3] Group 2 - U.S. consumers are ultimately bearing the brunt of the high tariffs, as costs are being passed down from importers and retailers, leading to increased prices for goods [4][5] - The high tariffs are causing disruptions in trade, with some European manufacturers halting orders due to the inability to absorb the increased costs [3] - The overall sentiment among industry experts is that there are no winners in this situation, as both European producers and American consumers are adversely affected [5]

Group 1 - Trump's tariff policy is reshaping global supply chains and investment landscapes, prompting Switzerland to reassess its role in the world [1][2] - Switzerland has been historically viewed as a neutral mediator, but the current geopolitical climate raises questions about the viability of this stance [1][2] - The U.S. has imposed a 39% tariff on Swiss goods, shocking the nation as the U.S. is its largest single export market, with exports including watches, chocolate, pharmaceuticals, and machine tools [4][5] Group 2 - The trade deficit with the U.S. reached $48 billion as of June, primarily due to surging imports of pharmaceuticals and gold [4] - Swiss companies are considering relocating production to neighboring countries due to the high tariffs, with some already planning to shift operations [5][7] - The Gruyère cheese industry, representing 1,600 dairy farmers, anticipates a decline in exports to the U.S., which accounts for one-third of its market [7] Group 3 - The political debate in Switzerland is intensifying regarding whether to strengthen ties with the EU, with a potential public vote on expanding access to the EU single market [9][10] - Analysts suggest that the tariff situation may inadvertently bolster pro-EU sentiments among the Swiss population [10][11] - The historical neutrality of Switzerland is being challenged, especially in light of recent geopolitical events, including the war in Ukraine [8][11]

Core Viewpoint - The article discusses the impact of the 39% tariffs imposed by the Trump administration on Switzerland, highlighting the potential economic repercussions for the Swiss economy, particularly in its export sectors [4][5]. Group 1: Economic Impact on Switzerland - Switzerland's economy is heavily reliant on trade, with exports projected to reach 283 billion Swiss francs in 2024, a 3% increase from 2023 [6]. - The U.S. is Switzerland's most significant trading partner, accounting for 19% of its total exports, despite a trade deficit of nearly 40 billion francs [6][7]. - The pharmaceutical sector is a major contributor to Swiss exports, with expected exports to the U.S. reaching 35 billion dollars in 2024 [8]. - The high tariffs create a significant disadvantage for Swiss exporters, especially when compared to the 15% tariffs imposed on EU products [7][8]. Group 2: Response to Tariffs - The Swiss government is actively seeking to negotiate with the U.S. to mitigate the impact of the tariffs, with proposals likely to include increased investments in the U.S. as leverage [9][11]. - The Swiss Federal Council has introduced a "partial unemployment" scheme to help businesses cope with reduced demand due to tariffs, allowing for reduced working hours while retaining employees [12][13]. Group 3: Consumer Behavior and Local Products - Despite the tariffs, Swiss consumers remain loyal to local products, often preferring them over imported goods, which may be affected by the tariffs [17][20]. - The cultural inclination towards local products is reinforced by strict Swiss production standards and a strong sense of community support for local agriculture [20][22].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - China's economic data is positive, and there are hopes of a Fed rate cut, leading to a generally strong and volatile trend in non - ferrous metals [1][2] - Different non - ferrous metals have different market performances. For example, copper is expected to maintain a high - level volatile trend, aluminum is in an upward trend with short - term volatility, and zinc has limited upward momentum [2] Summary by Relevant Catalogs Main Variety Views Copper - China's positive economic data, Fed rate - cut expectations, and low inventory provide high - level support for copper prices, but it is in the off - season, and short - term upward driving force is insufficient. It is expected to maintain a volatile trend in the range of 78,000 - 79,500 yuan/ton. Suggested operations are range trading or waiting and seeing [2] Aluminum - The rainy season in Guinea affects bauxite mining and transportation, supporting ore prices. Alumina production capacity and inventory are both increasing. Aluminum prices are in an upward trend but with short - term volatility. It is recommended to go long on dips in August [2] Zinc - Zinc concentrate supply is loose, and domestic demand is weak in the off - season. Zinc prices are expected to have limited upward momentum, with the main contract operating in the range of 22,000 - 23,000 yuan/ton. Suggested operation is range trading [2] Lead - LME and Comex lead inventories have decreased, and domestic supply and demand are basically balanced. Lead prices are expected to maintain a volatile trend, and it is recommended to go long on dips in the range of 16,500 - 17,200 yuan/ton [2] Nickel - In the medium and long term, the nickel industry has an oversupply situation. It is recommended to hold short positions moderately on rallies, with the main contract operating in the range of 118,000 - 124,000 yuan/ton. Stainless steel is recommended for range trading in the range of 12,600 - 13,100 yuan/ton [3] Tin - In the off - season, demand is weak, and prices are volatile. Tin ore supply improvement is limited, and it is recommended for range trading, with the reference range for the Shanghai Tin 09 contract being 255,000 - 275,000 yuan/ton [3] Industrial Silicon - Production and inventory data show mixed trends. It is expected to be weakly volatile, and it is recommended to wait and see. Polysilicon has high risks, and it is also recommended to wait and see [3] Carbonate Lithium - Due to mine - end production disruptions, prices are strong. It is expected that short - term prices will be supported, and it is recommended for cautious trading [3] Non - ferrous Metal Inventory - Different non - ferrous metals have different inventory trends. For example, copper's global inventory has increased week - on - week, while tin's global inventory has decreased week - on - week [7] Macro - economic Data - China's July service industry PMI continued to expand, and exports increased year - on - year. The US service industry PMI was close to stagnation in July [9][11][14] Market Trends and Key Data Tracking - Each non - ferrous metal has corresponding price trend charts and key data tracking, such as copper's LME copper (spot/three - month) premium and discount, Shanghai copper's inter - period spread curve, etc. [30][31]

Group 1: Tariff Impact on Switzerland - The U.S. has imposed a 39% tariff on Swiss goods, the highest among developed countries, leading to significant shock and confusion in Switzerland [1][3] - The trade deficit between the U.S. and Switzerland exceeded $38 billion last year and approached $48 billion in the first half of this year, prompting U.S. dissatisfaction with Switzerland's trade balance [3] - Swiss exports to the U.S. are heavily reliant on gold, which accounted for two-thirds of exports recently, alongside strong performances in pharmaceuticals, precision machinery, watches, chocolate, and cheese [3] Group 2: Economic Consequences - Economists estimate that the U.S. tariffs could result in the loss of 7,500 to 15,000 jobs in Switzerland and potentially decrease the country's GDP by up to 1% [6] - The high tariffs, combined with the strong Swiss franc, are expected to severely impact Swiss exporters, particularly in the machinery and electrical engineering sectors [7] Group 3: Industry Responses - Swiss companies are preparing for the tariff impact by increasing exports to the U.S. before the tariffs take full effect, but the long-term effects will become apparent as inventories deplete [9] - The luxury watch industry may see prices rise by 65% in the U.S. due to tariffs, while chocolate prices could increase by nearly 55%, risking market share loss [9] Group 4: Negotiation Challenges - Swiss authorities are in ongoing discussions with the U.S. to lower tariffs, but the negotiation leverage appears limited due to Switzerland's already high level of trade liberalization with the U.S. [10] - The potential for Swiss companies to relocate production to Germany is being considered, but this process is complex and time-consuming [10] Group 5: Broader Trade Dynamics - The current trade negotiations between Switzerland and the U.S. are characterized by pressure and threats rather than traditional cooperative discussions, complicating the resolution process [11]