指南针 20250828 摘要 指南针公司一季度业绩较高，主要由于高端产品思想家系列的销售以及 收购先锋基金产生的公允价值重估投资收益约 6,500 万元，需扣除该部 分以反映实际经营情况。 公司定向增发流程仍在审核中，旨在为麦高证券增资。上半年已通过自 有资金为麦高证券增资 2 亿元。同时，股权激励计划产生的股份支付费 用对公司利润有一定影响。 先锋基金目前处于前期业务梳理和团队整合阶段，短期内可能亏损，但 对整体业务影响不大。长期来看，完善治理结构将提升其经营效益。 今年公司收入增长显著，整体增幅约为 60%，包括券商利息和手续费在 内的总收入增长达到 120%。二季度销售费用增长主要由于新客户投流 获取、销售团队扩张以及职工薪酬提升。 目前新增注册用户的获客成本大约在 80 到 100 元之间。今年上半年， 公司广告投入达 3 亿元，可推算新增注册用户约为 300 万，通过客服营 销转化为付费用户。 Q&A 公司在再融资方面进展如何？ 公司目前定向增发流程仍在正常审核中。证券行业的再融资存在一定限制，公 司仍在努力争取完成相关事项，以便为麦高证券增资。今年上半年，公司已通 过自有资金方式为麦高证券增资 ...

开润股份 20250828 摘要 2025 年上半年开润股份的整体经营情况如何？ 2025 年上半年，开润股份在全球外部环境变化较大的情况下，坚定主业并紧 密围绕客户需求，充分发挥产能布局优势，提升数字化信息化管理水平和经营 管理水平，深化客户关系，在多项挑战中挖掘业务机会。公司实现收入 24.3 亿元，同比增长 32.5%。其中 ToB 制造实现收入 20.98 亿元，同比增长 37.22%；ToC 实现收入 3.1 亿元，同比增长 8.87%。归母净利润为 1.87 亿 元，其中第二季度归母净利润突破 1 亿元。剔除去年同期收购家乐产生的一次 性投资收益影响，上半年经营性归母净利润同比增速约为 23%。 开润股份在箱包和服装板块的表现如何？ 2025 年上半年，公司箱包板块稳健增长，实现收入 14.2 亿元，同比增长 13%；服装板块实现收入 6.8 亿元，同比增长 148%。ToB 毛利率同比提升 公司在印尼已建成五个生产基地，积极寻找合适土地，确保未来产能建 设。美国新一轮关税政策下，印尼仍是客户首选产能地之一，多数客户 积极推进采购向印尼倾斜。 品牌经营收入 3.1 亿元，同比增长 8.87%，小米 ...

Q&A 袁飞宠物在 2025 年上半年的经营情况如何？ 2025 年上半年，袁飞宠物的营业收入约为 7.9 亿元。其中，宠物零食的收入 为 4.1 亿元，牵引用具及其他宠物用品的收入约为 3 亿元。公司在国内市场自 主品牌的发展符合预期，上半年代理品牌业务收入约为 1.4 亿元，自主品牌业 务收入约为 2000 万元。海外市场方面，由于产能转移，目前处于稳定增长阶 段。 袁飞宠物 2025 年第二季度的业绩表现如何？ 2025 年第二季度，公司单季度收入增速达到 53%，利润增速超过 30%。这一 业绩表现超出预期，反映了公司在自主品牌和代工业务上的良好发展趋势。 源飞宠物 20250828 摘要 袁飞宠物 2025 年第二季度收入增速达 53%，利润增速超 30%，超出 预期，主要得益于自主品牌和代工业务的良好发展。 2025 年上半年，袁飞宠物国内市场总收入约 1.7 亿元，自主品牌贡献 2000 万元，其中皮卡普品牌占自主品牌收入 80%以上，二季度收入达 1,500 万元。 袁飞宠物海外市场美国占比约 70%且稳定增长，欧洲市场下滑，日本市 场稳定。美国订单转移至柬埔寨生产，毛利率最高，欧洲和日本仍在 ...

27 August 2025 | 9:15PM HKT Boqian New Materials (605376.SS) Improving outlook for MLCC electrode materials; reviving opportunities for solar conductive materials; maintain Neutral on valuation 605376.SS 12m Price Target: Rmb47.00 Price: Rmb46.80 Upside: 0.4% We raise our EPS estimates substantially (38-47%) and correspondingly our SoTP-based 12-m TP (to Rmb47.0 from Rmb23.0 previously), post 2Q25 results (NP +48% yoy) which revealed faster-than-expected recovery of the company's MLCC electrode material bus ...

August 27, 2025 03:29 PM GMT Shandong Weigao | Asia Pacific 1H25 Slight Below; Healthy Mid- Term Growth Outlook Remained Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 1H segment results: General Consumables rose 0.2% YoY as OPM fell 3.1ppt due to FX and VBP impact. Pharma Packaging was flat, with flushing tubes down DD%, prefille ...

August 27, 2025 03:43 PM GMT Horizon Robotics | Asia Pacific 1H25 in line – pinning high-end hopes on J6P debut Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Total shipments doubled YoY in 1H25, to 1.98mn units – including nearly 50% from AD products (vs. <20% in 1H24), thanks to major customers BYD and Li Auto, which combined accounted for > ...

28 August 2025 | 12:18AM HKT Wuliangye Yibin (000858.SZ): 2Q25 First Take: Resilient prints largely in line, with stable topline yoy and customer advances qoq; NPM Wuliangye reported 2Q25 results on Aug 29th. The company grew its total revenue/net profit by 4.2%/2.3% in 1H25, slightly better than GSe of 2%/2%. Implied 2Q sales and NP changed by +0.1%/-7.6% yoy to Rmb15.8bn/Rmb4.6bn, vs. GSe of -7%/-7% (sales better, NP in line). 2Q25 OPM/NPM reached 35.4%/29.3% respectively (below GSe of 38.1%/31.8%), -2.9p ...

27 August 2025 | 12:00PM CST Aier Eye Hospital (300015.SZ): Earnings review: 1H25 revenue/EBIT in line, optometry business grew faster/cataract under pressure; Buy Aier Eye Hospital reported 1H25 results on Aug 26, 2025. 1H25 revenue grew by 9.1% (-1.6% vs. GSe), slower than 1Q25 (+16% yoy) mainly due to earlier admissions of military academy/military recruitment in Spring, which created a pull-forward effect in demand in 2Q25. However, 1H25 net profits were Rmb2,051mn (+0.1% yoy, -9.9% vs. GSe) due to lowe ...

27 August 2025 | 8:09PM HKT Zijin Mining (2899.HK) Buy Earnings Review: 1H25 above on strong gold and copper profit; Maintain Buy | 2899.HK | 12m Price Target: HK$30.00 | Price: HK$24.74 | Upside: 21.3% | | --- | --- | --- | --- | | 601899.SS | 12m Price Target: Rmb31.00 | Price: Rmb22.53 | Upside: 37.6% | Zijin reported 1H25 NP of Rmb23.29bn and EPS of Rmb0.876, up 54% yoy, in line with the previous profit alert. Excluding one-offs, which mainly included a fair value gain and investment gain, recurring NP ...

27 August 2025 | 11:40PM HKT NARI Technology (600406.SS): 2Q25 GPM under pressure, yet positive progress in overseas; maintain Buy (on CL) Post market close on Aug 27, Nari Tech announced 2Q25 results, with revenue above expectations, but GPM under pressure. 2Q25 revenue/gross profit/EBIT/net profit came in at Rmb15,348mn/4,260mn/2,636mn/3,137mn, +24%/+8%/+12%/+7% yoy, +8%/-2%/+4%/-4% vs. GSe. GPM/OPM/NPM came in at 28%/17%/15%, -4pp/-2pp/-2pp yoy, -3pp/-1pp/-2pp vs GSe. GPM was under pressure in 1H25 (-2.6 ...