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].

Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

2025 年 09 月 03 日 公司研究 评级：增持(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] 运营效率持续提升，静待周期反转 ——优然牧业（09858）公司动态研究 最近一年走势 | 相对恒生指数表现 | | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 优然牧业 | -7.0% | 32.5% | 195.6% | | 恒生指数 | 4.0% | 10.1% | 44.1% | | 市场数据 | | | 2025/09/02 | | 当前价格（港元） | | | 3.34 | | 周价格区间（港元 ...

研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn [Table_Title] 润滑油添加剂放量，AI 产业链爆发有望带动 抗老化助剂需求 ——利安隆（300596）公司动态研究 最近一年走势 投资要点: 2025 年 09 月 03 日 公司研究 评级：买入(维持) | 流通市值（百万） | 7,456.39 | | --- | --- | | 总股本（万股） | 22,961.97 | | 流通股本（万股） | 22,304.48 | | 日均成交额（百万） | 242.07 | | 近一月换手（%） | 3.30 | 相关报告 《利安隆（300596）2024 年三季报点评：Q3 盈 利受需求端影响环比有所下滑，新产能逐步释放 （买入）*化学制品*李永磊，董伯骏，杨丽蓉》— —2024-11-03 2025Q2 归母净利润同环比均增长，润滑油添加剂放量 2025H1，公司实现营业 ...

2025 年 09 月 03 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | | 相对沪深 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 太力科技 | 6.3% | 7.4% | - | | 沪深 300 | 10.7% | 16.9% | - | | 市场数据 | | | 2025/09/02 | | 当前价格（元） | | | 40.91 | | 52 周价格区间（元） | | | 36.41-66.88 | | 总市值（百万） | | | 4,429.73 | | 流通市值（百万） | ...

2025 年 09 月 03 日 公司研究 评级：买入(首次覆盖) [Table_Title] 能源服务收入高速增长， 携手蚂蚁共谱能源 AI 篇章 ——协鑫能科（002015）2025 年半年报点评 最近一年走势 | 事件: | | --- | 2025H1 公司实现收入 54.2 亿元，同比+15.3%，归母净利润 5.2 亿元， 同比+26.4%。2025Q2 收入 24.9 亿元，同比+8.8%，归母净利润 2.7 亿 元，同比+19.1%。 投资要点: | 相对沪深 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 协鑫能科 | 8.0% | 60.8% | 81.0% | | 沪深 300 | 10.7% | 16.9% | 37.5% | | 市场数据 | 2025/09/02 | | --- | --- | | 当前价格（元） | 12.61 | | 周价格区间（元） 52 | 6.30-15.00 | | 总市值（百万） | 20,470.12 | | 流通市值（百万） | 20,470. ...

证券研究报告 2025年09月03日 新经济的科技不动产 ——数据中心REITs概述 林加力(证券分析师) 许潇琦(证券分析师) S0350524100005 S0350525080004 linjl01@ghzq.com.cn xuxq01@ghzq.com.cn 本篇报告解决了以下核心问题：数据中心REITs的商业模式有何特殊性？国内数据中心REITs的供需格局、竞争态势与盈利能力 如何？海外成熟市场如何估值？投资价值与风险边界在哪里？ 请务必阅读报告附注中的风险提示和免责声明 3 最近一年走势 相关报告 -7% 3% 12% 22% 32% 42% 2024/09/03 2024/11/03 2025/01/032025/03/03 2025/05/03 2025/07/03 沪深300 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 沪深300 | 10.7% | 16.9% | 37.5% | 请务必阅读报告附注中的风险提示和免责声明 2 《反内卷政策下的行业比较——发掘格局优化与盈利修复的机会*林加力，许 潇琦》——2025 ...

2025 年 09 月 03 日 公司研究 | 研究所： | | | --- | --- | | 证券分析师： | 马川琪 S0350523050001 | | | macq@ghzq.com.cn | | 联系人 ： | 丁婧欣 S0350124040002 | | | dingjx@ghzq.com.cn | [Table_Title] 音频中心化社交娱乐公司，2025H1 全面扭亏 ——Sound Group（SOGP.O）动态研究 最近一年走势 相对标普 500 表现 | | | 1M | 3M | 12M | | --- | --- | --- | --- | --- | | SOGP | | 360.42% | 1595.35% | 1149.71% | | 标普 | 500 | -0.69% | 7.45% | 13.58% | | 市场数据 | 2025/09/02 | | --- | --- | | 当前价格（美元） | 21.87 | | 52 周价格区间（美元） | 1.18-23.24 | | 总市值（百万美元） | 98.54 | | 流通市值（百万美元） | 73.26 | | 总 ...

2025 年 09 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn [Table_Title] Q2 归母净利同比+34.5%， 梅蓄一期现货市场收益增加 ——南网储能（600995）2025 年半年报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 南网储能 | | 4.5% | 4.2% | 9.9% | | 沪深 300 | | 10.7% | 16.9% | 37.5% | | 市场数据 | 2025/09/02 | | --- | --- | | 当前价格（元） | 10.56 | | 周价格区间（元） 52 | 8.63-12.16 | | 总市值（百万） | 33,749.82 | | 流通市值（百万） | 11,712.11 | | 总股本（万股） | 319,600.58 | | 流通股本（万股） | 110,910.16 | | 日均成交额（ ...

2025 年 09 月 03 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 供应链改革成效显著，大家居战略持续推进 ——欧派家居（603833）2025H1 中报业绩点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 欧派家居 | 6.7% | -6.9% | 32.4% | | 沪深 300 | 10.7% | 16.9% | 37.5% | | 市场数据 | | | 2025/09/02 | | 当前价格（元） | | | 55.02 ...