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].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, indicating a positive trend in its business operations [4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 999 million yuan, representing a year-on-year increase of 18.45%, and a net profit attributable to shareholders of 15.7 million yuan, up 33.59% year-on-year [4]. - The plastic packaging and film capacitor segments experienced rapid revenue growth, with plastic packaging revenue at 637 million yuan (+21.22% YoY) and film capacitors at 252 million yuan (+38.30% YoY) [5]. - The overall profitability improved due to a decrease in expense ratios, with gross margin at 15.02% (down 1.97 percentage points YoY) and net margin at 2.25% (up 1.03 percentage points YoY) [5]. Group 2: Business Segments - The company’s revenue from military electronics decreased by 35.81% to 45 million yuan, while other business segments saw a slight decline of 1.23% to 66 million yuan [5]. - The gross margins for different segments were as follows: plastic packaging at 17.41% (+0.47 percentage points YoY), military electronics at 38.60% (+5.61 percentage points YoY), film capacitors at 8.09% (-6.23 percentage points YoY), and other businesses at 2.40% (-5.57 percentage points YoY) [5]. Group 3: Capital Projects - The company successfully raised 929 million yuan through a private placement, with 691 million yuan allocated for the expansion and upgrade of the Ningbo Xinrong film capacitor project, which is currently 55.41% complete as of H1 2025 [6]. - The subsidiary Ningbo Xinrong has introduced advanced ultra-thin vacuum deposition equipment from Germany and Japan, enabling self-controlled production processes for capacitors used in various sectors including new energy vehicles and military applications [6]. Group 4: Strategic Partnerships - The company has signed a procurement contract with Fusion New Energy (Anhui) for the supply of energy storage capacitors for a controlled nuclear fusion project, with deliveries ongoing and expected to be completed by 2025 [7]. - The project timeline has been accelerated by two months, with the goal of completing all construction by 2027, positioning the company to benefit from the rapid development of the nuclear fusion industry [8].

Core Viewpoint - The company maintains its leading position in sales despite a decline in both signed area and amount, focusing on quality and service to enhance product competitiveness [4][5]. Sales Performance - In August 2025, the company achieved a signed area of 940,000 square meters, a year-on-year decrease of 25.07%, and a signed amount of 18.02 billion yuan, down 18.54% year-on-year [4]. - From January to August 2025, the total signed area was 8.985 million square meters, a decrease of 26.63%, with a signed amount of 181.2 billion yuan, down 17.92% year-on-year [4]. Competitive Advantage - The company has solidified its competitive advantage in key cities, with sales contribution from 38 core cities increasing by 3 percentage points to 92% in the first half of 2025 [5]. - The company ranks first in market share in nine cities, including Shanghai, Guangzhou, Chengdu, and Xi'an, and ranks in the top three in eight other cities [5]. Resource Allocation and Land Acquisition - The company is focusing on precise resource allocation, targeting key segments and high-end customer groups in 38 core cities, with strict land acquisition standards [5]. - In the first half of 2025, the company added 26 new projects in major cities, with a total land price of 50.9 billion yuan and a total construction area of 2.28 million square meters [5]. Debt Management - As of June 30, 2025, the company's debt ratios improved, with a debt-to-asset ratio of 73.53%, a net debt ratio of 59.64%, and a decrease in both ratios compared to the beginning of the period [6]. - The structure of debt has been optimized, with long-term interest-bearing debt increasing to 42.8% of total debt, while short-term interest-bearing debt decreased to 21.4% [6]. - The average cost of new interest-bearing debt decreased by 21 basis points to 2.71%, further lowering the overall financing cost [6].