截至2025年8月26日收盘，赢合科技股价报23.01元，较前一交易日下跌1.46%。当日成交额6.89亿元， 换手率4.67%。 赢合科技主营业务涵盖锂电设备制造及电子烟业务，是新能源产业链核心设备供应商。公司产品广泛应 用于动力电池、储能等领域，客户包括宁德时代、比亚迪等头部企业。 根据公司2025年半年报，锂电设备业务合同负债达25.25亿元，较年初增长52.72%，显示订单储备充 足。此外，公司在固态电池设备领域取得技术突破，相关设备已交付客户中试线使用。电子烟业务方 面，子公司斯科尔持续拓展海外市场，重点布局欧洲及北美。 资金方面，8月26日主力资金净流出3375.64万元，近五日累计净流出2.27亿元。 风险提示：行业竞争加剧、技术迭代风险、海外市场拓展不及预期。 ...

金龙机电(300032.SZ)公告称，公司全资子公司兴科电子（东莞）有限公司于2025年8月26日收到国家烟 草专卖局下发的烟草专卖生产企业许可证（电子烟代加工企业），许可证有效期延长至2026年7月31 日。此次续期标志其电子烟相关业务可以在许可范围内继续依法开展，但该业务受多种因素影响，存在 不确定性。 ...

8 月 22 日晚，赢合科技发布 2025 年半年报，多项数据展现出公司在复杂市场环境下的经营韧性与发展 潜力。报告期内，公司实现营业总收入 42.64 亿元，同比下降 3.68%；归母净利润 2.71 亿元，同比下降 19.84%。其中，公司在第二季度单季实现营业收入29.26亿元，同比增长14.24%；实现归母净利润2.56 亿元，同比增长42.48%；扣非归母净利润为2.55亿元，同比增长50.66%。 值得注意的是，上半年公司经营活动现金流净额同比改善 4.95 亿元，与去年同期相比增长了69.08%， 显示回款效率提升。尽管营收和净利润同比有所下滑，但深入剖析这份半年报，能发现公司在锂电设备 与电子烟两大核心业务板块的积极变化与长期投资价值。 锂电设备：巩固优势，创新领航 电子烟业务：海外拓展稳步推进，市场前景广阔 赢合科技的电子烟业务主要通过下属控股子公司斯科尔开展。自 2022 年大力发展自有品牌业务、积极 拓展海外市场以来，斯科尔成绩斐然。凭借产品、技术及渠道资源等优势，稳步推进在英国、德国及欧 洲其他国家的市场开拓。今年上半年，斯科尔进一步扩大销售业务团队，通过广告宣传、社媒互动、地 推宣传 ...

来源：市场资讯 （来源：BBW咏竹坊） 探索其他无烟产品之际，这家电子烟企业宣布二季度营收同比增长40%，欧洲新并购业务成为重要助力 重点： 阳歌 经历全球电子烟监管风暴后，强势反弹的雾芯科技（RLX.US）正谋求进军含尼古丁的无烟产品领域。 这种成瘾性物质，正是烟民渴求的核心成分。与此同时，这家昔日中国电子烟龙头持续深耕海外，其本 土市场正深陷非法产品治理困局，目前非法电子烟占据市场90%的销售额。 上周五发布的最新季度财报显示，全球化布局成为雾芯科技二季度主要增长引擎。今年5月完成的欧洲 收购项目，使其成功登陆欧洲大陆。此项并购叠加其他国际区域业绩提升，推动二季度营收从上年同期 的6.27亿元增至8.80亿元（约合1.23亿美元），增幅达40%。 此番强势增长延续了一季度45%的营收增速，若保持这一增长态势，雾芯科技今年营收将达约33.6亿 元。尽管当前业绩亮眼，但相较2021年巅峰期的85亿元仍有差距。当时，电子烟产业在中国本土市场蓬 勃发展，监管宽松，该单一市场一度贡献这家公司的全部销售额。 2021年，雾芯科技登陆美股时风光无两，乘全球电子烟热潮融资14亿美元。公司市值曾飙升至270亿美 元，但中国 ...

行 华福证券 轻工制造 2025 年 08 月 24 日 业 研 究 轻工制造 软体龙头 Q2 略超预期，包装纸价延续小幅回暖 投资要点： 行 业 定 期 报 告 【周观点】本周顾家家居、喜临门发布中报，均略好于市场预期，市场情 绪底部关注家居估值修复；玖龙纸业 FY25 业绩预告高增，8 月以来包装 纸价持续小幅回升，金九银十旺季在即，看好废纸系需求回暖；思摩尔国 际发布中报，电子烟 ODM 及自有品牌业务受益美国监管执法趋严、欧洲 换弹式恢复表现亮眼，营收及盈利企稳向上。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 相关报告 1、轻工纺服行业周报：7 月个护电商改善，中美 关税暂缓关注出口链——2025.08.17 2、轻工 ...

Core Insights - RLX Technology Inc. reported its Q2 2025 unaudited financial results, showing significant revenue growth driven by international business expansion [1] Financial Performance - The company's net revenue for Q2 2025 was RMB 880 million (USD 120 million), representing a quarter-over-quarter increase of 8.9% and a year-over-year increase of 40.3% [1] - Adjusted net profit under non-GAAP for Q2 2025 was RMB 290 million (USD 40.65 million), with a quarter-over-quarter growth of 15.2% and a year-over-year growth of 35.6% [1] - Gross profit for Q2 2025 was RMB 240 million (USD 33.79 million), resulting in a gross margin of 27.5%, which is an increase of 2.3 percentage points year-over-year [1] Cash Position - As of June 30, 2025, the company had a total of RMB 15.52 billion (USD 2.17 billion) in cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities [1]

Financial Data and Key Metrics Changes - The company reported net revenues of RMB880 million for Q2 2025, representing a 40% year-over-year increase and a 9% quarter-over-quarter increase [15][16] - Non-GAAP operating profit reached RMB116 million, marking the seventh consecutive quarter of positive non-GAAP operating profit, with a non-GAAP operating margin expanding by more than five percentage points year-over-year to 13.2% [6][17] - Gross margin improved by 2.3 percentage points year-over-year to 27.5%, reflecting a favorable revenue mix and continued cost optimization efforts [16][17] - Operating cash inflow was RMB230 million, a significant increase from RMB197 million in the same period last year [18] Business Line Data and Key Metrics Changes - The e-vapor segment remains a key driver of growth, with the company expanding its product offerings to include modern oral nicotine products and heat-not-burn devices [6][9] - The company has established market leadership in the e-vapor segment and is diversifying its portfolio to include additional smokeless categories [9][10] Market Data and Key Metrics Changes - The company has seen moderate year-over-year growth in its overseas business, particularly in Asian markets, despite a decline in China export data [26] - The domestic compliance market in China is recovering, driven by stricter controls on illegal products, with over 80% to 90% of the market still dominated by illegal products [30][31] Company Strategy and Development Direction - The company is committed to a multi-category strategy, focusing on sustainable product innovation and strengthening its global distribution network [13][19] - The recent acquisition of a European e-vapor company is expected to enhance the company's operational footprint and local market share [12][39] Management Comments on Operating Environment and Future Outlook - Management highlighted the positive impact of tightening regulations on non-compliant products, which is expected to benefit compliant products and business development [24][25] - The company anticipates a stabilization of the market towards the end of 2025, allowing for healthy sustainable growth in 2026 and beyond [10][19] Other Important Information - The company announced its third cash dividend since its IPO, reaffirming its commitment to delivering value to shareholders [19][35] - The company is exploring additional categories that align with evolving consumer needs and has invested in local retail support to enhance market strategies [12][11] Q&A Session Summary Question: Regulation impact on non-compliant products - Management noted that the global regulatory landscape is becoming clearer, which is benefiting compliant products and allowing the company to gain market share [24][25] Question: Organic growth of overseas business - Despite a decline in China export data, the company achieved moderate year-over-year growth in overseas business, with significant contributions from the European market [26] Question: Current situation of the China market - Management observed a moderate recovery in the domestic compliance market, driven by stricter controls on illegal products, with the company actively collaborating with regulators [30][31] Question: Dividend announcements and share repurchase program - The company does not foresee additional dividend announcements this year and plans to continue its share repurchase program while evaluating future shareholder returns [35][36] Question: Details on the investment agreement with a European company - The investment agreement with a European e-vapor company aims to enhance distribution and retail capabilities, allowing the company to gain insights into European market trends [39][40]

8月22日，雾芯科技（RLX Technology Inc.）（纽交所：RLX）公布2025年第二季度未经审计财报。财 报显示，雾芯科技2025年第二季度净营收为人民币8.8亿元（1.2亿美元），环比增长8.9%，同比增长 40.3%。非美国通用会计准则下，第二季度经调整净利润为人民币2.9亿元（4065万美元）,环比增长 15.2%，同比增长35.6%。 今年一季度雾芯科技营收为8.08亿元，同比增长46.5%。去年营收为27.486亿元，同比增长73.26%。国 内电子烟市场变动较小，雾芯科技已占据绝大部分市场份额，正在通过海外扩张的方式增加营收，目前 海外营收主要来源依然是东南亚市场。 截至2025年6月30日，雾芯科技拥有现金和现金等价物、受限制现金、短期银行存款、短期投资、长期 银行存款及长期投资证券合计为人民币155.2亿元（21.7亿美元）。 雾芯科技宣布其董事会批准向截至2025年9月12日的普通股持有人及ADS持有人分别支付每股普通股 0.01美元或每股ADS0.01美元的现金股息，以美元支付。 汪莹表示，当前行业监管与消费趋势在快速变化，重塑格局的同时，也为行业增长与创新开辟了新机 遇。作 ...

2025年第二季度财务摘要 雾芯科技2025年第二季度净营收为人民币8.8亿元（1.2亿美元），环比增长8.9%，同比增长40.3%。增 长主要得益于国际业务扩张。 2025年第二季度毛利润为人民币2.4亿元（3，379万美元），毛利率为27.5%，同比增长2.3个百分点。 非美国通用会计准则下，2025年第二季度经调整净利润为人民币2.9亿元（4，065万美元）。 截至2025年6月30日，雾芯科技拥有现金和现金等价物、受限制现金、短期银行存款、短期投资、长期 银行存款及长期投资证券合计为人民币155.2亿元（21.7亿美元） 8月22日，雾芯科技（RLX Technology Inc．）（纽交所：RLX）公布2025年第二季度未经审计财报。 财报显示，雾芯科技2025年第二季度净营收为人民币8.8亿元（1.2亿美元），环比增长8.9%，同比增长 40.3%。非美国通用会计准则下，第二季度经调整净利润为人民币2.9亿元（4，065万美元），环比增长 15.2%，同比增长35.6%。 雾芯科技创始人、董事长兼CEO汪莹表示，本季度我们取得了强劲的业绩增长，这源于战略高效执行与 全球拓展的成功推进。当前行业监管 ...

Summary of Earnings Call for Yingqu Technology Company Overview - **Company**: Yingqu Technology - **Period**: First half of 2025 - **Revenue**: 2.02 billion CNY, up 15.54% year-on-year - **Net Profit**: 138 million CNY, up 1.66% year-on-year - **Challenges**: Q2 performance slightly below expectations due to the discontinuation of old electronic cigarette models and delays in new model production [2][3] Key Business Segments Electronic Cigarettes - **Core Modules**: Performed well, while complete devices were affected by new and old model transitions - **Market Share Goal**: Aim for complete device business to reach market average, with module business targeting 50% market share - **Supplier Relationships**: 4 complete device suppliers and 2 module suppliers among major clients [2][5] Engraving Machines - **Performance**: Significant growth in 2025, but overall business proportion is low - **Future Outlook**: Expected to maintain stable growth in the coming years, with resources shifting to emerging fields [2][6] Smart Control Components - **Performance Issues**: Decline of approximately 30% in water cooling systems and video conferencing systems due to economic conditions and trade wars - **Product Development**: Focus on new products like electronic cigarettes, air purifiers, and Ebikes [4][14][15] Financial Insights - **Gross Margin Trends**: - Innovative electronic products' gross margin increased by 4.5 percentage points due to sales growth - Smart control components' gross margin decreased due to high production costs and competitive pricing pressures in automotive electronics [12] - **Stock Incentive Costs**: New stock incentive expenses estimated at 20-30 million CNY, impacting profits [10] Supply Chain and Production - **International Expansion**: Domestic supply chain moving overseas has brought new orders, but profit margins are limited - **Production Bases**: - Malaysia Phase II and Hungary fully operational - Mexico expected to start production in Q3 2025 [13][16] New Product Development - **Focus Areas**: Continuous development of new products including electronic cigarettes, air purifiers, and precision temperature control systems - **Collaborations**: Partnership with Bosch recognized as a preferred supplier, indicating strong technical capabilities [17][20] Automotive Electronics - **Market Position**: Diverse product offerings including EC mirrors and smart cockpit systems - **Client Base**: Major clients include Chery, Geely, and other domestic automakers, with expansion into international markets [21] Overall Business Outlook - **Current Status**: Steady growth across various business segments despite challenges in Q2 - **Long-term Growth**: Commitment to expanding market opportunities and developing new clients and products [22]