以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 过去风光无限的厨电巨头，究竟为何一步步走入深渊？ 曾被誉为"厨电第一股"的华帝股份，在历经长达11年的"内斗"后，还是成为了家族企业。 不久前，华帝股份在今年第一次临时股东会上，宣布补选孙冬柏为公司第九届董事会独立董事。至此，新 董事会成员中，除去赵述强、麦强和孙冬柏，剩下四人均为"潘氏家族"成员。 | 序号 | 专门委员会名称 | 主任委员 | 委员 | | --- | --- | --- | --- | | 1 | 战略委员会 | 潘叶江 | 潘浩标、潘锦枝、潘叶钊、孙冬柏、赵述强、 麦强、 | | 2 | 审计委员会 | 赵述强 | 孙冬柏、潘锦枝 | | 3 | 提名委员会 | 麦强 | 孙冬柏、潘叶钊 | | 4 | 薪酬与考核委员会 | 孙冬柏 | 麦强、潘浩标 | 同时，华帝也一并修改了公司章程，删去了"创始人亲属不得担任高管"的条款，彻底改写了过去由黄文枝、 黄启均、关锡源、李家康、关锡源、杨建辉、潘权枝"华帝七君子"定下的"不许亲戚进厂"的老规 ...

行 华福证券 投资要点： 始祖鸟/萨洛蒙 8 月天猫平台同比翻倍 行 业 定 期 报 告 7-8 月运动电商平台分化，户外天猫抖音平台保持高增。据久谦 数据，2025 年 7-8 月三大平台运动服饰大盘表现分化，8 月天猫/京东 /抖音分别同比+13%/-11%/+1%，天猫表现较 Q2 显著改善。户外服饰 在天猫、抖音平台延续高增趋势，其中 8 月天猫/京东/抖音分别同比 +50%/-20%/+18%。 行情数据 本周家电板块涨跌幅-0.8%，其中白电/黑电/小家电/厨电板块涨 跌幅分别-0.8%/-0.7%/-2.5%/-3.6%。原材料价格方面，LME 铜、LME 铝环比上周分别-1.46%、-1.04%。 本周纺织服装板块涨跌幅-2.59%，其中纺织制造涨跌幅-1.75%， 服装家纺涨跌幅-2.89%。本周 328 级棉现货 15043 元/吨（-1.57%）， 美棉CotlookA77.7美分/磅（-0.89%），内外棉价差891元/吨（-15.86%）。 投资建议 政策支持下内需有望迎来复苏，建议关注以下方向：1）大家电 预计继续受益以旧换新，建议关注美的集团、海尔智家、格力电器、 海信家电、TC ...

Group 1 - Jiangsu Youao Intelligent Technology Co., Ltd. increased R&D efforts to meet specific demands in Germany, France, and Southeast Asia, achieving an export sales revenue of 823 million yuan, a year-on-year increase of 10.38%, despite a 20% decline in the U.S. market [1][3] - In 2024, Jiangsu's foreign trade import and export is expected to reach 5.62 trillion yuan, marking a historical high and maintaining the second position nationally for 22 consecutive years [1][3] - Jiangsu attracted 19.05 billion USD in actual foreign investment in 2024, ranking first in the country for seven consecutive years [1] Group 2 - Nanjing Konne Electric Co., Ltd. successfully delivered high-speed train doors in collaboration with Nanjing Engineering Institute, showcasing its innovation capabilities [2][3] - The company emphasizes the importance of R&D investment, with approximately 3.5% of revenue allocated to R&D, enabling rapid product development and maintaining industry leadership [3] Group 3 - Bosch Siemens Home Appliances (Jiangsu) Co., Ltd. upgraded its R&D center in Nanjing to a global R&D center, highlighting China's market potential and talent resources [4][5][6] - Hawe China has the highest manufacturing efficiency and lowest costs among its global subsidiaries, benefiting from a robust supply chain in the Yangtze River Delta region [6][7] Group 4 - Jiangsu has implemented strategies to optimize the business environment and support foreign enterprises, including tailored services to help foreign companies navigate local supply chains [9][10] - The region has organized various events to facilitate supply-demand matching and promote foreign trade enterprises' participation in international exhibitions [10]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.6 yuan [2][9]. Core Insights - The company reported a revenue of 2.8 billion yuan for the first half of 2025, reflecting a year-over-year decline of 9.7%. The net profit attributable to the parent company was 270 million yuan, down 9.2% year-over-year [2][9]. - The core business is under pressure due to the low real estate market, which is closely related to the kitchen appliance industry. The sales area of new residential properties decreased by 3.5% year-over-year in the first half of 2025 [9]. - Despite the revenue decline, the company's gross margin improved to 43.5%, up 2.9 percentage points year-over-year, driven by a shift in consumer preferences towards higher-margin products due to national subsidy policies [9]. - The company's net profit margin for the first half of 2025 was 9.7%, a slight increase of 0.1 percentage points year-over-year, indicating stable profitability [9]. Financial Summary - The total revenue forecast for 2025 is 6.149 billion yuan, representing a year-over-year decline of 3.5%. The net profit is projected to be 509 million yuan, with a growth rate of 5.0% [5][10]. - The earnings per share (EPS) for 2025 is estimated at 0.60 yuan, with a price-to-earnings (P/E) ratio of 11 times [5][10]. - The company’s total assets are projected to reach 7.356 billion yuan by 2025, with a debt-to-equity ratio of 3.3% [10].

Investment Rating - The report indicates a positive investment outlook for the home appliance sector, with the sector outperforming the Shanghai and Shenzhen 300 Index by rising 1.6% while the index fell by 0.4% [2][3]. Core Insights - The report highlights the joint issuance of policies by nine departments aimed at expanding service consumption, which includes 19 specific measures to promote service consumption [9][63]. - The Federal Reserve's decision to cut interest rates by 25 basis points is expected to provide greater operational space for China's monetary policy, potentially alleviating depreciation pressure on the RMB [10]. - The report notes a rise in average prices for major home appliances, with air conditioners, refrigerators, and washing machines showing varying trends in sales volume and revenue [29][31][33][35]. Summary by Sections Industry Dynamics - The joint policy measures aim to enhance service consumption through promotional activities and improved access to cultural and recreational venues [9][63]. - The Federal Reserve's interest rate cut signals potential further reductions, which could impact foreign investment flows into RMB assets [10]. Data Observations - In August, the average retail price of air conditioners increased by 0.32% year-on-year, with retail volume up by 2.2% and retail revenue up by 2.9% [29]. - Refrigerator sales volume decreased by 0.4% year-on-year, but revenue increased by 3.8%, with the average price rising by 2.4% to 6438 RMB [31]. - Washing machine sales volume and revenue both declined by 0.4% and 7.4% respectively, while the average price increased by 5.5% to 4364 RMB [33]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth [29]. 2. Export opportunities driven by large customer orders and stable profitability for companies like Ousheng Electric and Dechang Shares [29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [29].

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a favorable investment environment [2]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenyin Wanguo home appliance index rising by 1.6% while the CSI 300 index fell by 0.4% [2][3]. - Key companies such as Sanhua Intelligent Controls (20.7%), Zhejiang Meida (11.3%), and Yitian Intelligent (10.5%) led the gains, while companies like Bear Electric (-6.2%) and Beiqing Song (-3.0%) faced declines [4][2]. - The report highlights the implementation of policies aimed at expanding service consumption, with 19 specific measures proposed by nine government departments [9]. - The Federal Reserve's decision to cut interest rates by 25 basis points to 4.00%-4.25% is expected to provide greater operational space for China's monetary policy [10]. Data Observations - In August, the offline average price of white goods increased year-on-year, with air conditioners seeing a retail volume increase of 2.2% and a retail value increase of 2.9% [30]. - The average price of air conditioners reached 4,138 yuan, up 0.32% year-on-year, while the market share of Haier increased by 2.6 percentage points to 22.8% [30][32]. - For refrigerators, retail volume decreased by 0.4% in August, but retail value increased by 3.8%, with the average price rising by 2.4% to 6,438 yuan [32]. - In the kitchen appliance segment, the retail volume of range hoods increased by 15.7% and retail value by 22.5%, with an average price increase of 5.2% to 4,246 yuan [36]. Investment Highlights - Three main investment themes are identified: 1. **White Goods**: The reversal of real estate policies is expected to benefit the white goods sector, characterized by low valuations, high dividends, and stable growth. The "trade-in" policy is anticipated to catalyze demand [2]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are recommended due to their stable income growth from large customer orders and expanding automotive parts business [2]. 3. **Core Components**: The report suggests investing in companies like Huaxiang Co. and Shun'an Environment, which are positioned to benefit from the increased demand for core components in the white goods sector [2].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [2][8] Core Views - The company's core business remains resilient, with an increase in profitability despite a slight decline in revenue [2][8] - The company reported a revenue of 4.61 billion yuan for H1 2025, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 710 million yuan, down 6.3% year-on-year [2][8] - In Q2 2025, the company achieved a revenue of 2.53 billion yuan, reflecting a year-on-year growth of 1.6%, and a net profit of 370 million yuan, up 3.0% year-on-year [2][8] Financial Performance Summary - The company’s total revenue is projected to grow from 11,213 million yuan in 2024 to 12,843 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4] - The net profit attributable to shareholders is expected to increase from 1,577 million yuan in 2024 to 1,870 million yuan in 2027, reflecting a CAGR of about 5.7% [4] - The earnings per share (EPS) is forecasted to rise from 1.67 yuan in 2024 to 1.98 yuan in 2027 [4] Market Position and Competitive Advantage - The company maintains a leading market position in key product categories, with market shares in range hoods, gas stoves, dishwashers, and integrated machines ranking first or third [8] - The company benefits from national subsidy policies, which support demand recovery despite the challenging real estate market [8] Profitability and Cost Management - The gross margin improved to 50.4% in H1 2025, up 1.6 percentage points year-on-year, driven by a better product mix and higher sales of high-margin products [8] - The net profit margin reached 14.7% in Q2 2025, an increase of 0.2 percentage points year-on-year, attributed to stable expense management and increased gross margins [8] Investment Recommendations - The report suggests that while short-term demand is pressured by the real estate market, the company is well-positioned for medium to long-term growth through diversified product development [8] - The target price is set at 25.4 yuan, indicating potential upside from the current price of 19.47 yuan [4][8]

Core Viewpoint - The company's performance in 1H25 fell short of expectations, primarily due to external environmental pressures affecting revenue [1] Revenue Performance - 1H25 revenue was 2.8 billion yuan, down 9.7% year-on-year; net profit attributable to shareholders was 272 million yuan, down 9.2% year-on-year [1] - In 2Q25, revenue was 1.54 billion yuan, down 10.4% year-on-year; net profit attributable to shareholders was 166 million yuan, down 5.6% year-on-year [1] - The decline in revenue was influenced by the real estate market and a shortage of national subsidy funds starting in June [2] Product and Channel Analysis - Major revenue sources in 1H25 included range hoods, gas stoves, and water heaters, which collectively generated 2.423 billion yuan, accounting for 87% of total revenue [2] - Offline channel revenue decreased by 6% to 1.488 billion yuan, while overseas channel revenue fell by 8% to 347 million yuan [2] - The company has been focusing on deepening its presence in lower-tier markets, with new retail channel revenue growing from 608 million yuan in 2022 to 1.251 billion yuan in 2024, achieving a CAGR of 43% [2] Strategic Initiatives - The company is implementing a high-end strategy, which has led to a 2.9 percentage point increase in gross margin to 43.5% in 1H25 [3] - The gross margin for 2Q25 reached 44.7%, marking a new high since 2021 [3] - The company has opened over 1,000 new stores across various platforms, including 100 large stores in 1H25 [2] Profitability Forecast - Due to real estate pressures and diminishing effects of national subsidies, the company has revised its net profit forecasts for 2025 and 2026 down by 5.3% and 7.0% to 486 million yuan and 521 million yuan, respectively [4] - The current stock price corresponds to a P/E ratio of 11.3x for 2025 and 10.6x for 2026, with an expected upside of 25.4% based on a target price of 8.15 yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance met expectations, with a revenue of 4.608 billion yuan in H1 2025, down 2.58% year-on-year, and a net profit attributable to shareholders of 712 million yuan, down 6.28% year-on-year [6] - The "old-for-new" policy continues to be reinforced, with strong growth in traditional kitchen appliance categories, particularly in the range hood and gas stove markets [6] - The company's profitability remains stable, with a gross margin of 50.43% in H1 2025, an increase of 1.55 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling approximately 472.47 million yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.786 billion yuan, with a year-on-year growth rate of 5.1% [5] - The net profit attributable to shareholders is expected to be 1.679 billion yuan in 2025, reflecting a year-on-year increase of 6.4% [5] - The earnings per share (EPS) is projected to be 1.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [5] - The company is expected to achieve net profits of 1.782 billion yuan and 1.879 billion yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 6.1% and 5.5% [5]

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]