心 有色翁属 2025 年 09 月 02 日 会天钛业 (688750) -25H1 业绩符合预期,看好后续航空+海装+民航三 大领域放量 报告原因:有业绩公布需要点评 增持(维持) | 市场数据: | 2025年09月02日 | | --- | --- | | 收盘价（元） | 23.52 | | 一年内最高/最低（元） | 37.01/17.41 | | 市净率 | 4 4 | | 股息率% (分红/股价) | 0.36 | | 流通 A | 1,958 | | 上证指数/深证成指 | 3,858.13/12,553.84 | | 注・"昭自家" 「島近一年コペな分で半質 | | 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) | 5.29 | | 资产负债率% | 28.80 | | 总股本/流通 A 股 (百万) | 463/83 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大儒对 会天针业 沪深300指数 联系人 田听 (8621)23297818× tianxin@swsresear ...

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]