证券研究报告 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月12日 华源晨会精粹 20250612 北交所 同力股份(834599.BJ)点评：无人矿车打开长期增长空间，独具成长与红利双 重属性。2024 年中国自动驾驶矿卡的总出货量约为 1,400 辆，2026 年预计将增加 至约 5,500 辆。2024 年全球自动驾驶矿卡的总出货量约为 2,100 辆，2026 年预计 将增加至约 8,700 辆。纵观全球市场需求，中东、澳大利亚及南美洲亦属全球主要 的煤炭、铜及锂等重要资源供应地，为自动驾驶矿卡解决方案的部署提供了重大机 会，有望于未来几年内在推动全球市场扩张方面发挥重要作用。公司与易控智驾、 伯镭科技深度合作，截至 2024 年同力股份无人驾驶车型交付约 700 多台、线控底盘 预估占国内市场一半以上的份额。2024 年 5.49%股息率积极回报投资者，是截至目 前唯一入选中证红利指数的北交所上市企业，当前以 0.8070%权重位列中证红利指 数第 79 位。看好公司未来发展的可持续性，上调至"买入"评级。 风险提示：工程机械行业波动风险、技术更新和产品开发风险、公司无实际控制人 ...

证券研究报告 食品饮料 | 食品加工 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 06 | 月 | 日 | 2025 | | | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 28.61 | | | | | | | 一 年 高 低 | 最 | 最 | | | 34.00/8.28 | | | 内 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 3,561.95 | | | | | | | 流通市值（百万元） | | | | | 3,241.20 | | | | | | | 总股本（百万股） | | | | | 124.50 ...

原标题：双面马拉松 又到一年路跑季！ 每年3月份至5月份的周末，国内马拉松赛事便多了起来，赶上超级比赛日，一个周末甚至有几十场 比赛在各地开跑。 马拉松的新闻随处可见，推广文案在城市广场滚动播放，活力四射的跑友在短视频平台刷跑量、晒 配速，琳琅满目的体育用品商店辟出专区卖装备，各个路跑团俱乐部组织成员忙着抢签备战…… 一些数据证实了马拉松的繁荣。《2024中国路跑赛事蓝皮书》显示，2024年全国累计举办各级各类 路跑赛事749场，赛事总规模达704.86万人次，较2023年增长100万人次。把寒冬与酷暑都算上，全年平 均每天有2场以上的路跑赛事举办。 建设健康中国。如今，越来越多百姓加入跑步行列，跑不了全马就跑个半马，实在不行，迷你马、 健康跑也可以。身材管理是个大课题，跑步不占用太多资源，门槛相对较低，是健康锻炼的不错选择。 带动产业发展。马拉松赛事涉及的运动装备门类多，运动鞋帽和衣服是基础，稍微讲究点的再配上 运动耳机、手环，高级点的还有各类能量胶、盐丸、肌肉贴、护肤防晒品，这还没有算理疗康复、培训 服务、信息咨询等。 当然也有人发出灵魂拷问：办马拉松是为了什么？花那么多钱、动用那么多资源，又是组织志愿 ...

Group 1: Investor Relations Activities - The company conducted investor relations activities including specific object research and performance briefings from May 7 to May 8, 2025 [3] - Participants included various securities and asset management firms, with key company representatives present [3] Group 2: Sales and Market Strategy - The company is optimizing its e-commerce operations but cannot disclose specific sales growth rates due to lack of data from platforms [4] - The company plans to enhance marketing efforts for its sub-brand, 康食季, to improve product visibility [5] - There are no current plans to expand overseas sales channels, but the company is focusing on building a physical sales network [6] Group 3: Product Development and Innovation - The company is exploring the development of non-sport beverages and plans to launch a new sports drink, focusing on taste and packaging improvements [6] - The company has signed military supply orders for 2024, which will be executed in 2025, with military products accounting for approximately 10% of revenue [8] - The company is investing 100 million yuan in expanding its production capacity for sports nutrition products [9] Group 4: Financial Performance and Management - Accounts receivable increased due to military sales, while inventory rose to ensure business continuity [10] - The company aims to enhance gross margins through technological innovation and supply chain optimization [11] - The company has 198 authorized patents, with significant advancements in product development, including a new high-quality protein product [20] Group 5: Social Responsibility and Community Engagement - The company launched the "Public Energy Rabbit" initiative to support runners in marathons, participating in nearly 470 events in 2024 [14] - Future plans include expanding social responsibility projects and promoting sports nutrition knowledge in communities [15] Group 6: Market Trends and Regulatory Environment - The health and sports nutrition industry is experiencing growth due to government policies promoting health consumption and sports participation [21] - The company plans to establish four product project teams targeting protein supplementation, energy products, weight control, and professional sports markets [22] Group 7: Profitability and Operational Efficiency - The company is focused on high-quality operations, with improved inventory turnover from 2.34 in 2022 to 3.02 in 2024 [23] - The accounts receivable turnover increased from 9.5 in 2022 to 14.84 in 2024, indicating enhanced operational efficiency [23]

Core Insights - The 2025 Shanghai Half Marathon has become a significant platform for brand marketing, with numerous companies sponsoring the event to leverage its visibility and reach [1][3][5] - The event is part of a broader trend in China where marathons are increasingly popular, attracting a growing number of participants and sponsors [4][6][10] Group 1: Event Overview - The 2025 Shanghai Half Marathon featured 15,000 participants and numerous sponsors, including major brands like Pudong Development Bank and Adidas [1][3] - April 20 marked a peak day for marathons in China, with nearly 50 events occurring nationwide, highlighting the growing popularity of the sport [3][10] Group 2: Sponsorship Dynamics - The sponsorship landscape for marathons includes various levels, with costs ranging from 100,000 to over 1 million yuan depending on the event's scale and location [8][9] - Major brands are increasingly investing in marathon sponsorships as a strategic move to enhance brand visibility and engage with consumers [5][6] Group 3: Economic Impact - Marathons not only generate direct revenue from registration fees but also stimulate local economies through increased spending on accommodation, food, and transportation by non-local participants [10][12] - For instance, the 2025 Wuxi Marathon attracted 84.2% of participants from outside the region, contributing approximately 505 million yuan to the local economy [12] Group 4: Market Trends - The number of participants in marathons is on the rise, with the 2025 Shanghai Half Marathon seeing a significant increase in registrations compared to previous years [4][6] - The trend indicates a shift in consumer behavior, with more individuals participating in running events, thus creating a lucrative market for brands targeting this demographic [4][5]