格隆汇9月12日｜国海证券研报指出，爱施德上半年实现归母净利润2.22亿元，同比下降43.98%；实现 扣非归母净利润2.06亿元，同比下降32.61%。营收下滑主要系公司主动优化业务结构，调整品牌合作， 收缩部分低毛利业务所致。尽管收入规模有所收缩，但公司经营质量显著提升。该行认为，随着消费电 子行业逐步复苏、行业β有望驱动终端需求回暖；公司在渠道网络深厚、全场景数字化服务能力持续提 升，苹果核心渠道优势显著，新品周期持续受益。海外市场与自有品牌拓展带来新动能，经营质量稳步 提升。公司作为荣耀等头部品牌核心渠道商，后续有望受益于荣耀IPO进程催化，估值有望持续提升， 首次覆盖，给予"买入"评级。 ...

2025 年 09 月 12 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 161 期 观点精粹: 最新报告摘要 主业稳健增长，积极探索半导体、具身智能新机遇--安利股份/塑料(300218/212205) 公司动态研究 上半年业绩承压，国内油气产量创历史同期新高--中国石化/炼化及贸易(600028/217503) 公司动态研究 上半年业绩承压，嘉兴项目逐步放量--瑞华泰/塑料(688323/212205) 科创板公司动态研究 2025H1 业绩略降，积极推进波米科技收购事项--阳谷华泰/橡胶(300121/212206) 公司动态研究 上半年业绩承压，菌草技术制浆优势领先--新乡化纤/化学纤维(000949/212204) 公司动态研究 看好下半年锦纶项目投产放量，多措并举重视投资者回报--恒逸石化/炼化及贸易(000703/217503) 公司动态 研究 2025H1 扣非归母净利润同比大增，看好 EVA、POE 项目投产放量--东方盛虹/炼化及贸易(000301/217503) 公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue due to business restructuring, with H1 2025 revenue at 25.37 billion yuan, down 34.69% year-on-year, and net profit at 2.22 billion yuan, down 43.98% year-on-year [6] - The company is focusing on integrating new distribution and retail capabilities, achieving strong growth in its retail business, with over 80% year-on-year growth in overall sales and over 100% growth in instant retail business [6] - The company is optimizing resource allocation and enhancing asset management capabilities, resulting in improved cash flow and a significant reduction in prepaid accounts and inventory [6] - The overseas market, particularly in Hong Kong, Macau, and Southeast Asia, is showing new growth potential, with overseas sales revenue increasing by 29.96% year-on-year [6] - The company is making strides in AI and industrial investment, establishing partnerships to enhance its capabilities in smart terminals and AI [6] - The company is adjusting its profit forecasts for 2025-2027, with net profit estimates revised to 6.62 billion yuan, 7.78 billion yuan, and 9.11 billion yuan respectively, maintaining a PE ratio of 23, 20, and 17 for the same years [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 69.96 billion yuan, with a year-on-year growth rate of 6.3% [5] - The net profit for 2025 is projected to be 6.62 billion yuan, reflecting a year-on-year increase of 13.9% [5] - The company’s gross margin is expected to be 3.9% in 2025, with a return on equity (ROE) of 10% [5]

Core Viewpoint - Aishide's half-year report for 2025 shows significant growth in revenue and profit, highlighting its strategic focus on digital distribution and retail services in the mobile and consumer electronics sectors [1] Financial Performance - In the first half of 2025, Aishide achieved operating revenue of 25.37 billion and a net profit of 255 million [1] - The gross profit margin increased from 3.88% in the same period last year to 5.09% [2] Business Strategy and Operations - The company is enhancing its distribution service capabilities and expanding retail presence while optimizing low-margin and uncertain businesses [1][2] - Aishide's Apple business segment served over 2,000 authorized stores, while the Honor segment supported over 7,000 clients with a self-developed store management system [2] - The company added 36 self-operated Apple APR stores, bringing the total to 236, maintaining the largest APR channel scale in the country [3] Product Development and Innovation - Aishide's IoT solutions have made significant progress, establishing partnerships with leading IoT module manufacturers and expanding international eSIM platform capabilities [3] - The company launched new beverage brands and expanded its 3C accessory brand, focusing on product innovation and higher sales value [3] International Expansion - Aishide's overseas sales revenue grew by 29.96% year-on-year, with successful market penetration in countries like Thailand and Vietnam [4][5] - The company has established localized operations and supply chain services to support international brand expansion [5] Strategic Investments - Aishide is pursuing a dual strategy of internal growth and external development, investing in emerging sectors such as AI and low-altitude economy [6] - The company has formed a joint venture in the AI computing field and is actively exploring new growth opportunities [6]