Core Viewpoint - The article highlights the steady growth and strategic developments in the domestic allergy testing and immunodiagnostics industry, focusing on a leading company that has shown resilience and innovation in its operations [4][5][6]. Group 1: Company Performance - The company achieved a revenue of 402 million yuan in 2024, reflecting a year-on-year growth of 2.01%, with a net profit attributable to shareholders of 37 million yuan [4]. - The compound annual growth rate (CAGR) of the company's revenue from 2020 to 2024 reached 16%, indicating robust revenue growth in recent years [4]. Group 2: Product and Technology Development - Allergy testing products are the primary revenue source, accounting for 52.7% of total revenue in 2024 [5]. - The company utilizes core technologies such as enzyme-linked immunosorbent assay (ELISA) and chemiluminescence methods, with several well-known product series including "欧博克," "符博克," and "纳博克" [5]. - By the end of 2024, the company had obtained a total of 104 registration certificates for chemiluminescence allergy and autoimmune detection projects [5]. Group 3: Strategic Developments - China National Pharmaceutical Group's acquisition of Haooubo marks a significant milestone as the first case of a Hong Kong-listed company acquiring an A-share listed company, facilitating deep collaboration between the two entities [6]. - The acquisition enables the integration of resources across the entire industry chain, enhancing product development and market expansion, particularly in Southeast Asia [6]. - The partnership aims to create an integrated solution for desensitization treatment, promoting the replacement of imported products in the allergy and immunology sector [6]. Group 4: Market Opportunities - There is a substantial demand for desensitization treatment in China, with current domestic drugs only covering a limited number of allergens, while over 90% of patients are sensitive to multiple allergens [7]. - The company has signed an exclusive agreement with Inmunotek to introduce the "欧脱克" series of desensitization drugs, addressing the urgent need for multi-allergen treatment [7]. - Ongoing international multi-center clinical trials for dual mite products are expected to accelerate the上市 process, filling a gap in the domestic desensitization drug market and enhancing the company's growth and profitability [8].

Core Viewpoint - The company reported a solid revenue growth in H1 2025, but faced significant pressure on profitability due to increased competition in downstream markets [4][5]. Revenue and Profitability - In H1 2025, the company achieved a revenue of 4.674 billion yuan, a year-on-year increase of 16.52%. However, the net profit attributable to shareholders was 174 million yuan, a decrease of 44.82% [4]. - The gross profit margin was 22.07%, down by 3.77 percentage points year-on-year. The revenue growth was driven by various business segments, particularly the new energy and rail transportation sectors, which saw a remarkable growth of 150.94% [5]. R&D Investment and AI Server Power Business - Despite the pressure on profitability, the company maintained a high level of R&D investment, with an R&D expense ratio of 11% in H1 2025, totaling 514 million yuan, an increase of 15.24% year-on-year [6]. - The company has made significant breakthroughs in the AI server power sector and has formed a partnership with NVIDIA, becoming one of its designated suppliers for data center components [6]. Project Delays and Fundraising - The intelligent warehousing project, originally scheduled for completion in October 2025, has been postponed to October 2026 due to the project's technical complexity and long system debugging cycles [7][8]. - As of June 30, 2025, the cumulative investment in this fundraising project was approximately 168.86 million yuan, with an investment progress of 67.54%. The company plans to raise up to 2.663 billion yuan to expand production capacity, enhance R&D innovation, and optimize its global layout and capital structure [8].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【浩欧博（688656.SH）】过敏自免双轮驱动，制药龙头赋能诊疗协同——投资价值分析报告 公司从事体外诊断领域过敏和自免体外检测领域试剂的研发、生产、销售及服务，是国内较早从事过敏原 检测的企业之一。2024年公司实现营收4.02亿元，同比增长2.01%；归母净利润0.37亿元，扣非归母净利 润0.36亿元。 （王明瑞/黎一江）2025-09-08 您可点击今日推送内容的第1条查看 【中国海外宏洋集团（0081.HK）】结算规模下降明显，拿地补货较为积极——动态跟踪报告 2025年8月，公司实现销售额21.3亿元、销售面积20.3万平米，单月同比分别上升6.1%及4.5%。2025年1-8 月，公司累计实现销售额20 ...

海螺水泥发布2025年半年报。2025H1，公司实现收入/归母净利润/扣非净利润分别为413/44/42亿元，同 比-9%/+31%/+32%；25Q2分别为222/26/25亿元，同比-8%/+40%/+40%。 报告摘要 事件： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点评： 水泥熟料业务：均价同比提升，煤价下降带动吨毛利显著改善 骨料业务盈利能力下滑，商混业务产能持续增长 25H1，公司骨料及机制砂业务收入约21亿元，同比-3.6%；毛利率43.9%，同比-4pcts，仍处于较高水平。 25H1，新增骨料产能 350 万吨，截至25H1末，公司拥有骨料产能 1.67 亿吨。25H1，公司商品混凝土业务收入 约15亿元，同比+29%；毛利率11.4%，同比+3pcts，盈 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 公司Q2单季度实现收入30.21亿元，同比增长66.06%，环比增长35.92%；归母净利润2.22亿元，同比增长 69.55%，环比增长47.94%；扣非净利润2.19亿元，同比增长63.89%，环比增长54.82%；毛利率为 20.23%，同比下降2.57pct，环比下降5.38pct。得益于全球算力投资的快速增长，算力中心和数据中心建设 加速，推动了对高端光器件和高速光模块的市场需求，公司业绩实现高增。公司Q2毛利率下滑主要受两方 面因素影响：一是传输业务受产品结构影响，毛利率有所下滑；二是数通业务结构变化对公司整体业绩虽 呈正向影响，但国内市场竞争加剧导致部分产品降价幅度较大，同时公司的降本效果尚未完全体现，预计 下半年降本效果 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 点击注册小程序 查看完整报告 2025年上半年，公司营业收入为145.4亿元（同比下降33.4%），毛利13.5亿元（同比下降36.1%），毛利 率9.3%（2024年同期为9.6%）。拆分业务板块来看：1）2025年上半年，地产开发结算板块的营业收入为 143.1亿元（同比下降33.9%），毛利率为8.6%（2024年同期为9.2%）。2）商业运营维持相对稳定，公司 在17个城市持有优质商业物业，截至2025年6月末已出租面积约为48万平方米。2025年上半年，商业运营 板块的营业收入约为2.3亿元（2024年同期约为2.1亿元）。3）2025上半年，公司销售费用为5.7亿元，销 售费用率为3.9%（2024年同期为2.8%），管理费用为2.9 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 查看完整报告 研发投入加大，在研项目稳步推进，储备未来增长动能 25H1，公司研发投入为1.00亿元，同比增长36.67%。公司在研项目涉及FPGA、ADC/DAC、零中频射频收发 机、SoC芯片、MCU、电源管理芯片、总线接口芯片等多个产品线，在研项目稳步推进，并取得积极进展。其 中，超高速ADC/DAC项目的技术水平达到国际先进，主要应用领域为通信、雷达探测与对抗等，截至25H1已 完成10位128GSPS超高速内核验证样品，并进行测试。 4通道12位40G 射频直采ADC新品发布，技术水平国际领先，已获意向订单 据2025年9月2日公司公告，公司研发的4通道12位40G高速高精度射频直采ADC（模数转换器）于近日成功发 布，该芯片填补 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2Q25仍处新老产品交替期,看好2H25E交付增长驱动的基本面逐步改善前景 1）2Q25交付量同比+25.6%/环比+71.2%至7.2万辆，汽车业务收入同比+2.9%/环比+62.3%至161.4亿元 （ASP同比-18.1%/环比-5.2%至22.4万元），汽车业务毛利率同比-1.9pcts/环比+0.1pcts至10.3%。2）2Q25 Non-gaap研发费用率同比-3.5pcts/环比-11.1pcts至13.1%，Non-GAAP SG&A费用率同比-1.2pcts/环 比-15.6pcts至19.4%。3）2Q25 Non-GAAP单车亏损同环比收窄至5.7万元，自由现金流改善。截至2Q25 末，在手现金合计27 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in demand and increased competition in the industry [4][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.17 billion, net profit attributable to shareholders of 80 million, and net profit excluding non-recurring items of 70 million, representing year-on-year declines of 27.3%, 63.0%, and 63.9% respectively [4]. - The operating cash flow for the first half of 2025 was 10 million, a year-on-year decrease of 94.2% [4]. - For Q2 2025, the company reported revenue of 630 million, net profit attributable to shareholders of 20 million, and net profit excluding non-recurring items of 20 million, with year-on-year declines of 30.9%, 86.7%, and 87.5% respectively [4]. Group 2: Market Conditions - The company faced weak downstream demand and intensified industry competition, leading to an expanded revenue decline in Q2 compared to Q1 [5]. - Revenue from ceramic fiber, industrial filtration, and automotive pads was 1.03 billion, 80 million, and 60 million respectively, with year-on-year declines of 28.7%, 20.3%, and 4.0% [5]. Group 3: Profitability and Cost Structure - The gross margin for the first half of 2025 was 24.4%, a decrease of 4.4 percentage points year-on-year, with specific product margins of 25.7%, 8.9%, and 22.2% for ceramic fiber, industrial filtration, and automotive pads respectively [6]. - The expense ratio for the period was 13.4%, an increase of 1.1 percentage points year-on-year, with sales, management, financial, and R&D expense ratios of 6.3%, 6.0%, -0.2%, and 1.2% respectively [6]. - The final net profit margin was 6.5%, down 6.3 percentage points year-on-year [6].

Core Viewpoint - The company is experiencing significant pressure on its performance in the first half of 2025, with a notable decline in revenue and an increase in losses compared to the previous year [4][5]. Group 1: Financial Performance - In 1H25, the company achieved a revenue of 19.36 billion, a year-on-year decrease of 9.1%, and reported a net loss attributable to shareholders of 770 million (compared to a net profit of 300 million in 1H24) [4]. - The second quarter of 2025 saw a revenue of 9.56 billion, reflecting a year-on-year decline of 4.7% and a quarter-on-quarter decline of 2.5%, with a net loss of 550 million [4]. - The company's gross margin decreased by 2.3 percentage points to 9.0% in 1H25, and further declined to 7.9% in 2Q25 [5]. Group 2: Sales Performance - Total vehicle sales in 1H25 fell by 7.5% year-on-year to 191,000 units, with passenger vehicle sales down by 16.1% to 66,000 units and new energy vehicle sales down by 35.1% to 8,000 units [5]. - In 2Q25, total vehicle sales decreased by 8.5% year-on-year to 91,000 units, with a significant drop in new energy vehicle sales by 35.9% [5]. Group 3: Product Development and Market Position - The company launched the Zun Jie S800 in collaboration with Huawei, priced between 708,000 and 1,018,000, achieving over 6,500 pre-orders in the first month, indicating strong product competitiveness in the ultra-luxury market [6]. - The company plans to raise 3.5 billion for the development of high-end intelligent electric platforms, which will support the production ramp-up of the Zun Jie project [6]. - The management anticipates that the monthly production capacity of the S800 will reach 3,000 units by September 2025, with a target of 4,000 units by the end of the year [6].