2025 年 09 月 07 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 魏连昆 S0350125050006 | | | | weilk@ghzq.com.cn | [Table_Title] 关注《超自然》长线运营与后续利润释放 ——巨人网络（002558）点评报告 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 巨人网络 | 37.8% | 138.7% | 317.9% | | 沪深 300 | 8.7% | 15.0% | 36.9% | | 市场数据 | | | 2025/09/05 | | 当前价格（元） | | | 38.39 | | 周价格区间 ...

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Investment Rating - The report gives a "Buy" rating for the company [9][18]. Core Views - The company's performance in H1 2025 shows significant improvement, with revenue of 6.5 billion and a net profit of 560 million, reflecting year-on-year increases of 15% and 206% respectively [6][7]. - The Model C business is gaining traction, contributing 40.1% to revenue in H1 2025, with a gross margin of 30.2%, indicating a positive trend for future growth [8][9]. Financial Performance - In H1 2025, the company achieved a revenue of 6.5 billion, up 15% year-on-year, and a net profit of 560 million, up 206% year-on-year. The gross margin was 21.4%, an increase of 1.2 percentage points, and the net margin was 9.6%, an increase of 5.8 percentage points [6][7]. - In Q2 2025, revenue reached 3.8 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 43%. The net profit for Q2 was 300 million, up 932% year-on-year and 16% quarter-on-quarter [6][7]. Product Segment Performance - The herbicide segment generated revenue of 4.7 billion, up 11% year-on-year, with a gross margin of 19.3%, an increase of 0.9 percentage points. The insecticide segment achieved revenue of 1.06 billion, up 34%, with a gross margin of 28.2%, an increase of 1.1 percentage points. The fungicide segment had revenue of 670 million, up 16%, with a gross margin of 24.6%, an increase of 2.4 percentage points [7]. Future Outlook - The company is expected to achieve revenues of 15 billion, 17.1 billion, and 19.4 billion in 2025, 2026, and 2027 respectively, with net profits of 1.15 billion, 1.36 billion, and 1.66 billion. The corresponding P/E ratios are projected to be 19, 16, and 13 [8][10]. - The company aims to increase its To C business proportion, expand its North American and EU operations, and enhance its insecticide and fungicide segments, indicating a strong growth potential [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a year-on-year increase of 32% in net profit attributable to shareholders in Q2, and it plans to distribute its first interim dividend [2] - The company's revenue for H1 2025 was 57.19 billion yuan, a decrease of 1.9% year-on-year, while the net profit attributable to shareholders was 4.58 billion yuan, an increase of 47.3% year-on-year [5][7] - The company has adjusted its dividend policy to distribute at least 50% of net profit attributable to shareholders in cash annually [5] Financial Performance Summary - In H1 2025, the company's total profits from coal, wind, hydro, and solar power were 3.15 billion, 1.94 billion, 1.21 billion, and 0.4 billion yuan respectively, with year-on-year increases of 109%, 71.3%, 17.2%, and 3.6% [7] - The company's asset impairment losses decreased by 6.9 billion yuan year-on-year to 270 million yuan in H1 2025 [7] - The company reported an operating cash flow of 15.56 billion yuan in H1 2025, a year-on-year increase of 39.8% [7] Earnings Forecast and Valuation - The company is expected to generate revenues of 119.6 billion, 123.1 billion, and 124.6 billion yuan for the years 2025 to 2027, with net profits of 5.94 billion, 6.37 billion, and 6.88 billion yuan respectively [9][10] - The corresponding price-to-earnings ratios (PE) are projected to be 11, 10, and 10 for the same years [9][10] - The report anticipates steady growth in profitability for 2025, maintaining the "Buy" rating [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's gross margin and expense ratio have improved, leading to sustained performance [3] - The company has shown significant revenue growth, with a 106.89% year-on-year increase in revenue for the first half of 2025, reaching 22.583 billion [6] - The company is positioned as a leading brand in the snack wholesale channel, with expectations for continued revenue and profit growth as new store formats are optimized [6][7] Financial Performance Summary - In H1 2025, the company achieved revenue of 225.83 billion, with a net profit attributable to shareholders of 4.72 billion, compared to 93.46 million in the same period of 2024 [6] - The company’s gross margin for H1 2025 was 11.41%, an increase of 0.89 percentage points year-on-year, while the net profit margin reached 2.2%, up by 2.3 percentage points [6] - The average monthly sales per store decreased by 20% year-on-year to approximately 255,000, attributed to a high base from last year's discount activities [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 538.95 billion, 649.40 billion, and 749.12 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 67%, 20%, and 15% [8] - The net profit attributable to shareholders is expected to reach 10.01 billion, 15.67 billion, and 18.95 billion for the same years, reflecting growth rates of 241%, 57%, and 21% [8] - The earnings per share (EPS) are forecasted to be 5.33, 8.35, and 10.10 for 2025, 2026, and 2027, respectively [8]

2025 年 09 月 04 日 公司研究 评级：买入(首次覆盖) 研究所： | 证券分析师： | 杨仁文 S0350521120001 | | --- | --- | | | yangrw@ghzq.com.cn | | 证券分析师： | 谭瑞峤 S0350521120004 | | | tanrq@ghzq.com.cn | | 证券分析师： | 王春宸 S0350525080002 | | | wangcc@ghzq.com.cn | [Table_Title] AI 产品或成新一代增长引擎 ——粉笔（2469.HK）2025 半年报点评 最近一年走势 | 相对恒生指数表现 | | | 2025/09/03 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 粉笔 | -14.6% | 34.4% | 11.8% | | 恒生指数 | 3.4% | 7.8% | 43.6% | | 市场数据 | | | 2025/09/03 | | 当前价格（港元） | | | 2.93 | | 周价格区间（港元） 52 | | | 2.03-3.93 | | 总市 ...

2025 年 09 月 04 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 方博云 S0350521120002 | | | | fangby@ghzq.com.cn | | 联系人 | ： | 肖江洁 S0350125050005 | | | | xiaojj@ghzq.com.cn | [Table_Title] 收入延续高增，客户与流量双端繁荣 ——汇量科技（01860）2025H1 业绩点评 最近一年走势 | 相对恒生指数表现 | | | 2025/09/03 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 汇量科技 | 77.6% | 168.8% | 1,168.8% | | 恒生指数 | 3.4% | 7.8% | 43.6% | | 市场数据 | | | 2025/09/03 | | 当前价格（港元） | | | 15.86 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company has shown steady revenue growth with a total operating income of 6.112 billion yuan in H1 2025, representing a year-on-year increase of 2.43%. The net profit attributable to shareholders reached 2.665 billion yuan, up 6.87% year-on-year [6][7] - The introduction of the "Tap and Go" feature is expected to enhance user engagement and expand marketing opportunities, linking online and offline marketing scenarios [10][12] Revenue and Profitability - The company achieved an operating income of 6.112 billion yuan in H1 2025, with Q2 income at 3.255 billion yuan, reflecting a year-on-year growth of 0.52% and a quarter-on-quarter increase of 13.89% [7] - The gross margin for H1 2025 was 68.3%, an increase of 3.2 percentage points year-on-year, while the net margin was 43.4%, up 2.3 percentage points year-on-year [7] Media Expansion and Client Diversification - The company expanded its television media points while reducing poster media points, with a total of 1.287 million elevator TV media devices as of July 31, 2025, marking a year-on-year growth of 7.3% [8] - The client structure is diversifying, with the top three client types in elevator media being daily consumer goods, internet, and entertainment, accounting for 51.6%, 15.7%, and 5.6% respectively [8][9] Future Outlook - The company is expected to benefit from domestic demand expansion policies and the new "Tap and Go" interaction method, which will enhance user reach efficiency [12] - Revenue projections for 2025-2027 are 13.270 billion yuan, 14.033 billion yuan, and 14.642 billion yuan respectively, with net profits of 5.528 billion yuan, 5.955 billion yuan, and 6.244 billion yuan [11][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company's operational service revenue has increased, optimizing its business structure. In H1 2025, operational service revenue reached 99.43 billion HKD, a year-on-year increase of 5%, accounting for 70% of total revenue [7]. - The company has achieved a significant scale in waste treatment, with a design capacity for municipal waste treatment exceeding 162,900 tons per day, and operational efficiency steadily improving [7]. - The dividend payout ratio has increased year-on-year, with an interim dividend of 0.15 HKD per share in H1 2025, up from 0.14 HKD in the same period of 2024, resulting in a payout ratio of 42% [7]. - The gross profit margin has significantly improved, reaching 44.26% in H1 2025, an increase of 5.53 percentage points year-on-year, while the net profit margin slightly increased to 19.44% [7]. Financial Performance - In H1 2025, the company reported a revenue of 143.04 billion HKD, a decrease of 8% year-on-year, and a net profit attributable to shareholders of 22.07 billion HKD, down 10% year-on-year [6]. - The company expects revenues for 2025-2027 to be 286.71 billion HKD, 276.40 billion HKD, and 275.91 billion HKD respectively, with net profits of 36.66 billion HKD, 39.24 billion HKD, and 42.65 billion HKD [9]. - The projected P/E ratios for 2025-2027 are 7.46, 6.97, and 6.41 respectively, indicating a favorable valuation [9]. Market Performance - The company's stock has outperformed the Hang Seng Index over various time frames, with a 1-month performance of 7.0%, 3-month performance of 18.4%, and a 12-month performance of 31.3% [4].

Investment Rating - The report upgrades the investment rating for the company to "Buy" [1][11]. Core Insights - The company is experiencing high growth in revenue and profitability, with expectations for continued growth logic to be realized [2][6][9]. - The company reported a revenue of 10.236 billion yuan for H1 2025, representing a year-on-year increase of 48.81%, and a net profit attributable to shareholders of 137 million yuan, up 120.43% year-on-year [5][11]. Summary by Sections Recent Performance - In the past year, the company's stock performance has been -9.6% over 1 month, +0.3% over 3 months, and +34.4% over 12 months compared to the Hang Seng Index [4]. Financial Metrics - The company achieved a gross margin of 6.65% in H1 2025, a slight decrease of 0.23 percentage points year-on-year. The overall expense ratio improved by 0.85 percentage points to 5.41% [7]. - The net profit margin increased by 0.44 percentage points to 1.34% year-on-year, with adjusted net profit margin at 1.6%, up 0.60 percentage points [7]. Growth Drivers - The company's ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery order volume, driving revenue growth of 43.11% to 5.779 billion yuan [6]. - The ToB delivery revenue reached 4.467 billion yuan, up 55.42% year-on-year, with notable growth in the food delivery segment [6]. Future Projections - Revenue projections for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, with year-on-year growth rates of 40%, 29%, and 25% respectively [11]. - Net profit projections for the same period are 2.98 billion yuan, 5.15 billion yuan, and 9.00 billion yuan, with growth rates of 125%, 73%, and 75% respectively [11].