证券研究报告 公牛集团 (603195 CH) 传统业务短期承压，新业务积极推进 2025 年 10 月 31 日│中国内地 小家电 公司公布三季度业绩：25Q3 单季实现营收 40.3 亿元（yoy-4.44%， qoq-5.08%），归母净利 9.19 亿元（yoy-10.29%，qoq-15.26%）。25 年 前三季度实现营收 121.98 亿元（yoy-3.22%），归母净利 29.79 亿元 （yoy-8.72%），扣非净利 27.01 亿元（yoy-4.87%）。受国内消费环境及 新房销售放缓的影响，传统主业短期增长承压，但公司积极布局新能源、数 据中心电连接业务打开增量空间，长期增长逻辑清晰，维持"增持"评级。 传统主业增长承压，新业务布局持续推进 25 年前三季度，总营收同比-3.22%，主要受国内新房销售放缓的影响，智 能电工照明等核心业务需求较弱。公司 2025 年 9 月末在建工程余额 4.40 亿元，较 2024 年末的 3.17 亿元增长 38.97%，生产线建设与技术储备有利 于后续产能优化和产品研发升级。同时，依托现有品牌与渠道优势，公司持 续拓展 To B 业务场景，目前已与 ...

刚刚完成2.5亿元的股票回购，大股东立马抛出一份约16亿元的减持计划——这是"插座一哥"公牛集团 在2025年10月给资本市场抛出的一道难题。 这份由公司副董事长阮学平发出的减持计划，引发市场广泛关注。而在这背后，阮氏兄弟通过直接和间 接方式共同控制着公牛集团84.76%的股权。 资本迷局：刚回购就减持，阮学平此前曾套现十六亿 国庆假期刚过，公牛集团的一纸公告给股民的心中蒙上了一层阴影。10月10日，公牛集团公告称，公司 实控人之一阮学平拟通过大宗交易方式减持公司股份不超过3617.18万股，减持比例不超过公司总股本 的2%。以10月9日公司股票收盘价45.85元/股计算，若此次减持顶格实施，阮学平将套现约16.5亿元。 阮学平前后两次大额减持公牛集团股票，均是因为自身资金需求。实际上，自2020年公牛集团上市以 来，已累计派发现金红利超过120亿元。 令人玩味的是，今年6月以来，公司实施股份回购，并于9月18日完成。实际回购股份503.60万股，占公 司总股本的0.28%，回购最高价50.62元/股、最低价47.05元/股、均价49.68元/股，使用资金总额2.50亿 元。 回购期间公司股价不涨反跌，从今年 ...

Core Viewpoint - The collaboration between Zhejiang Mobile and Bull Group has led to the establishment of a smart factory that exemplifies the transformation of the home appliance industry through advanced technologies such as 5G and AI, achieving significant efficiency and productivity improvements. Group 1: Smart Factory Features - The smart factory covers over 300,000 square meters and utilizes an "industrial neural network" for automated production processes, achieving a unit production per hour (UPPH) that is seven times the industry average [1][8] - The factory has implemented a fully automated production line that produces one electrical connection product every two seconds, significantly enhancing production efficiency [8] - The integration of AI technology allows for real-time monitoring and identification of safety hazards, reducing safety incidents by 80% and improving hazard elimination rates by over 90% [9] Group 2: Technological Infrastructure - The factory operates on a 5G private network with a stability rate of 99.99%, ensuring seamless data transmission and operational continuity [4][6] - The deployment of over 1,100 terminals and edge computing nodes supports cross-regional production coordination, enhancing the overall manufacturing process [4][6] - The use of passive IoT technology allows for real-time tracking and management of tools, reducing management costs by over 2 million yuan annually [6] Group 3: Industry Impact and Recognition - Bull Group's smart factory has been recognized as a benchmark for intelligent transformation in the home appliance sector, being selected for the Ministry of Industry and Information Technology's list of exemplary smart factory projects for 2025 [1][10] - The collaboration has resulted in a replicable model for the discrete manufacturing industry, focusing on technology reuse, quantifiable benefits, and scalable transformation solutions [10][11] - The initiative has attracted interest from nearly 100 manufacturing enterprises, showcasing the potential for widespread adoption of smart manufacturing practices [10]

Core Points - The Vice Chairman of Bull Group plans to reduce his holdings, potentially cashing out over 1.6 billion yuan [1] - The reduction plan comes amid a decline in both revenue and net profit for the company in the first half of the year [1] Summary by Categories Company Actions - On October 10, Bull Group announced that Vice Chairman Ruan Xueping intends to reduce his shareholding by up to 36.1718 million shares, which is no more than 2% of the company's total share capital [1] - The reduction will be executed through block trading within three months after the announcement, starting from 15 trading days post-announcement [1] Financial Implications - Based on Bull Group's closing price of 45.15 yuan per share on October 10, the total market value of the shares to be sold is estimated to exceed 1.6 billion yuan [1] - The company's revenue and net profit have both declined in the first half of the year, indicating potential financial challenges [1]

Financial Data and Key Metrics Changes - Revenue reached $354.7 million, up 22.1% compared to the prior period [11][15] - EBITDA was $46.4 million, an increase of 19.3% year-over-year [11][19] - EBIT stood at $39.2 million, up 18.4% from the previous year [12][19] - Net profit increased to $26.2 million, reflecting a 17% growth [12][26] - Earnings per share rose to 25.3 cents, an 8.6% increase [12][20] - Operating cash flow improved to $52.7 million, up from $35.5 million [12][24] - Net cash position was $9.8 million, up from a net debt position of $8.8 million [22][24] Business Line Data and Key Metrics Changes - Core traditional IPD business grew by 5.2% [15][16] - CMI Minto plugs and receptacles revenue increased by 6.4% [16] - EX Engineering revenue also rose by 5.2% [16] - CMI cables revenue declined due to challenges in the commercial construction sector [16] - Adelaidec's revenue decreased due to project delays [16] - Data center revenues surged by 33%, now representing 16% of total revenue [13][16] Market Data and Key Metrics Changes - New South Wales contributed 36% of total revenue, followed by WA at 22% and Queensland at 21% [43] - Commercial construction and buildings accounted for 32% of total revenue [45] - Data centers are the fastest-growing segment, now at 16% of total revenue [46] Company Strategy and Development Direction - The company aims to enhance infrastructure through energy efficiency, automation, and secure connectivity [3] - Focus on organic growth through customer value and market expansion, alongside potential strategic acquisitions [67][68] - Emphasis on sustainability and reducing environmental footprint while promoting social impact [70][71] Management's Comments on Operating Environment and Future Outlook - Management expects to grow at twice the market rate, projecting market growth of 3% over the next year [78] - Positive sentiment in commercial construction is noted, with expectations for increased activity [28] - Data center growth is anticipated to continue at around 25% [88] - Price increases are planned for February, expected to be around 4% due to inflationary pressures [90] Other Important Information - The company declared a fully franked dividend of 6.2 cents per share, totaling 12.6 cents for FY '25, a 16.7% increase [25][26] - The company has opened new offices in Brisbane and Melbourne to enhance operational capabilities [23] Q&A Session Questions and Answers Question: What is the current outlook on market growth versus your growth for the next twelve months to three years? - The company expects to continue growing at twice the market rate, estimating market growth of around 3% and aiming for 5-6% growth [78] Question: What are your thoughts on M&A strategies? - The M&A strategy focuses on adjacent spaces to the current portfolio, with ongoing conversations about potential acquisitions [81][82] Question: What are your expectations in the data center space over the next twelve months? - The company anticipates around 25% growth in the data center segment, supported by a strong order book [88] Question: How are you thinking about pricing across your product portfolio over the next twelve months? - A price increase of approximately 4% is planned for February, reflecting normalized pricing mechanisms post-COVID [90]

Core Points - Recent heavy rainfall across multiple regions in China has led to severe flooding and natural disasters, affecting thousands of people and causing significant property damage [2][3]. Group 1: Impact of Flooding - Hebei Province experienced strong rainfall, with a 24-hour precipitation of 362.6 millimeters, nearly equivalent to the annual rainfall, resulting in mountain floods [2]. - Over 300,000 people were affected in Beijing due to continuous heavy rain, with 24,000 houses damaged [2]. - Guangdong Province faced the strongest rainfall of the year, leading to waterlogging in several cities [2]. - Zhengzhou in Henan Province saw multiple tunnel closures and nearly 100 bus routes suspended due to heavy rain and severe convective weather [2]. Group 2: Vehicle Safety Post-Flood - Vehicle owners are advised to assess their vehicles after flooding, particularly checking if the water level exceeded the vehicle's air intake [4][5]. - If the vehicle was submerged, it is crucial to avoid restarting the engine to minimize damage [10][12]. - For electric vehicles, the primary risk lies in the safety of electronic circuits and components after water exposure [11]. Group 3: Insurance and Claims Process - If water levels exceed the vehicle's floor, insurance claims should be initiated promptly, including reporting to the insurance company within 24 hours and documenting the damage with photographs [12][13]. - It is essential to have all relevant documents ready for the claims process, including identification and vehicle registration [13]. Group 4: Post-Disaster Home Safety - Homeowners should inspect their properties for safety before re-entering, particularly assessing the foundation and structural integrity [17][18]. - Visible cracks or tilting in buildings indicate potential danger, especially in brick and adobe structures [19][23]. - Electrical systems should be checked for water damage, with all power switches turned off before re-energizing the home [24][28].