公牛集团股份有限公司2025 年半年度报告 公司代码：603195 公司简称：公牛集团 公牛集团股份有限公司 GONEO GROUP CO.,LTD. 公牛集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人阮立平、主管会计工作负责人刘圣松及会计机构负责人（会计主管人员）沈科 伟声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者及相关人士对此保持足够的风险认识，并理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 公牛集团(603195) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com [Table_Title] 公牛集团：短期业绩略有承压，积极探索增量 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportDate] 2025 年 08 月 29 日 [Table_S 事件：公司ummar发布y] 2025 半年报。2025H1 公司实现收入 81.68 亿元（同比 -2.6%），归母净利润 20.60 亿元（同比-8.0%），扣非归母净利润 18.42 亿 元（同比-3.2%）；2025Q2 实现收入 42.46 亿元（同比-7.4%），归母净利润 10.85 亿元（同比-17.2%），扣非归母净利润 9.87 亿元（同比-9.1%）。 点评： 电连接：坚持产品创新夯实市场地位，电动工具贡献增量。2025H1 电连 ...

Core Viewpoint - Bull Group (603195) reported a decline in revenue and net profit for the first half of the year, indicating increased challenges in the current international trade and domestic consumption landscape [1] Financial Performance - The company achieved operating revenue of 8.168 billion yuan, a year-on-year decrease of 2.6% [1] - The net profit attributable to shareholders was 2.060 billion yuan, down 8% year-on-year [1] - The net cash flow from operating activities reached 2.378 billion yuan, an increase of 0.71% year-on-year [2] Business Segments - **Electrical Connection Business**: Revenue was 3.662 billion yuan, a decline of 5.37% year-on-year. The company is innovating towards high-end fashion products, launching items like "invisible track sockets" and "Z generation series" [2] - **Smart Electrical Lighting Business**: Revenue was 4.094 billion yuan, down 2.78% year-on-year. The company focuses on "AI smart + healthy lighting" and has introduced innovative products such as "Butterfly III ultra-thin switches" [2] - **New Energy Business**: Revenue reached 386 million yuan, a growth of 33.52% year-on-year. The company launched new charging pile products and is expanding its overseas business [3] Strategic Initiatives - The company is actively pursuing opportunities in AI and new energy sectors, collaborating with major clients like ByteDance and Tencent for data center solutions [3] - International expansion has progressed from Southeast Asia to Europe, the Middle East, and Latin America, covering over 40 countries [3]

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