证券研究报告 晨会 hyzqdatemark 2025 年 09 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年09月10日 华源晨会精粹 20250910 新消费 2025 年 8 月抖音美妆数据点评——8 月抖音美妆类目同增 20%，国货表现 亮眼：2025 年 8 月，抖音美妆类目 GMV 超 200 亿元，同比增长 19.56%，环比增 长 21.46%，增长态势较好。分品牌来看，优质国货表现亮眼，外资品牌销售承压。 抖音美妆消费趋势逐步由"尝鲜消费"到"稳定复购"转变。根据青眼情报，GMV 前 1000 的 SPU 中，2025 年上架的商品为 15 个，占比 1.5%，较去年同期的 17.7% 下降 16.2pct。我们分析变化原因一方面系消费者在抖音美妆品类消费趋势由"尝鲜 消费"转至"稳定复购"，消费者逐步趋向理性消费，更为重视产品的实用性，另 一方面也受抖音平台策略调整影响。国货替代逻辑持续兑现，建议关注在主流渠道 不断提升市场规模及品牌影响力的国货。 风险提示：终端消费需求修复不及预期；化妆品行业景气度下降风险；化妆品行业 竞争加剧风险；新品牌投入市场不及预期风险 ...

Core Viewpoint - The company is focusing on expanding its market share while enhancing product quality and developing new materials to meet diverse customer needs in the sealing component industry [1][3]. Group 1: Business Strategy - The company plans to improve its material system and product development capabilities while pursuing acquisitions of high-quality enterprises in the material technology sector [1]. - The company aims to enhance product quality and optimize existing materials to cater to personalized demands across various fields [1]. Group 2: Financial Performance - In 2024, the company's net increase in cash and cash equivalents was -92,718,573.88 yuan, a decrease of 277.00% year-on-year, primarily due to a significant asset restructuring [2]. - The company anticipates potential fluctuations in performance due to macroeconomic conditions and industry cycles, while emphasizing the importance of material research and product quality [3]. Group 3: Market Position and Competition - The company is positioned relatively well in the domestic market, with major competitors including international firms like NOK, Parker Hannifin, and Trelleborg [4]. - The company has achieved domestic substitution for some products in specific applications, such as excavators and oil and gas extraction equipment [5]. Group 4: International Expansion - The company is actively expanding its overseas business through collaborations with international clients and direct supply to foreign customers, primarily in the oil and gas and construction machinery sectors [5]. - The impact of global trade tariff disputes on the company's product sales is limited due to the small proportion of international business [5]. Group 5: Research and Development - The company is exploring the feasibility of entering the humanoid robot market and has plans for potential collaborations in developing low-friction, long-life sealing components [6]. - Currently, the company's products do not yet serve the humanoid robot sector, but there is recognition of the market potential [6].

证券代码：837663 证券简称：明阳科技 公告编号：2025-041 明阳科技（苏州）股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 8 日 活动地点：公司通过全景网"投资者关系互动平台"（http://ir.p5w.net）采用 网络方式召开 2024 年年度业绩说明会。 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：王明祥先生；公司董事会秘书、 财务总监：郭成文先生；公司保荐代表人：张明先生、周祥先生。 三、 投资者关系活动主要内容 本次业绩说明会通过年报视频解读等形式对公司情况及 2024 年经营业绩情 况进行了介绍。同时，公司就投资者在本次说明会中的提问进行了回复，主要问 题及回复如下： 问题 2：请对 ...