上 市 公 司 2025 年 08 月 26 日 比依股份 (603215) ——2025 年中报点评：Q2 业绩符合预期，新品类持续 放量 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 21.52 | | 一年内最高/最低（元） | 23.60/12.21 | | 市净率 | 3.4 | | 股息率%（分红/股价） | 1.39 | | 流通 A 股市值（百万元） | 4,029 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.27 | | 资产负债率% | 61.52 | | 总股本/流通 A 股（百万） | 188/187 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 家用电器 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 ...

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） 每经AI快讯，比依股份（SH 603215，收盘价：21.52元）8月25日晚间发布公告称，公司第二届第二十 五次董事会会议于2025年8月25日在公司会议室召开。会议审议了《关于修订公司若干治理制度的议 案》等文件。 2025年1至6月份，比依股份的营业收入构成为：空气炸锅和空气烤箱占比85.12%，其他占比9.43%，油 炸锅占比4.43%，环境电器占比1.03%。 截至发稿，比依股份市值为40亿元。 ...

Group 1 - The company, Biyi Co., Ltd. (SH 603215), announced that its second board meeting will be held on July 30, 2025, to discuss the employee stock ownership plan [2] - For the year 2024, the revenue composition of Biyi Co., Ltd. is as follows: air fryers and air ovens account for 88.09%, deep fryers account for 6.08%, other products account for 3.73%, environmental appliances account for 1.31%, and other businesses account for 0.79% [2]

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in net profit, while Q1 2025 shows strong revenue growth and improved profitability metrics [1][2][3][4]. Financial Performance - In 2024, the company achieved total revenue of 2.059 billion yuan (+32.01%) and a net profit of 140 million yuan (-30.84%) [1]. - Q1 2025 revenue reached 530 million yuan (+65.68%) with a net profit of 15 million yuan (+47.96%) [1]. - The company plans to distribute a cash dividend of 0.30 yuan per share, totaling 56 million yuan, which is 40.01% of the net profit for 2024 [1]. Product Performance - The air frying segment saw rapid growth, with revenues from air fryers, coffee machines, and other environmental appliances reaching 1.813 billion, 125 million, and 27 million yuan respectively, with notable growth in coffee machines (+103.40%) [2]. - Domestic and international revenues were 143 million and 1.899 billion yuan respectively, both showing strong growth [2]. Operational Efficiency - The company's gross margin for Q1 2025 was 12.70%, a slight decrease from the previous quarter, attributed to a higher proportion of low-margin products [3]. - The net profit margin for Q1 2025 was 2.57%, showing a smaller decline compared to the previous quarter [3]. - Management expenses have been optimized, with a decrease in management expense ratio, indicating improved operational efficiency [3]. Industry Outlook - The air frying industry is facing cyclical adjustments, but the coffee machine market presents significant growth opportunities [4]. - The company is expanding its product matrix and has a stable customer base, with expectations for gradual volume growth in coffee machines [4]. - The construction of a smart factory is progressing, enhancing the company's ability to manage international trade risks and support revenue growth [4]. Profit Forecast - The company’s projected net profits for 2025-2027 are 179 million, 220 million, and 262 million yuan, with corresponding EPS of 0.95, 1.17, and 1.39 yuan [4].