| 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 | 联系人 | ： | 曾子华 | S0350124080006 | | zengzh@ghzq.com.cn | | | | | [Table_Title] 钾肥景气周期售价上升，公司业绩同比大幅增长 ——盐湖股份（000792）2025 年半年报点评 最近一年走势 2025 年 09 月 03 日 公司研究 评级：买入(维持) | 相对沪深 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 盐湖股份 | 9.7% | 24.6% | 35.5% | | 沪深 300 | 10.7% | 16.9% | 37.5% | | 市场数据 | | | 2025/09/02 | | 当前价格（元） | | | 1 ...

研究所： 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn ——申洲国际（02313）2025H1 中报点评 最近一年走势 | 相对恒生指数表现 | | 2025/09/02 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 申洲国际 | 6.1% | 8.1% | -0.0% | | 恒生指数 | 4.0% | 10.1% | 44.1% | | 市场数据 | | | 2025/09/02 | | 当前价格（港元） | | | 59.55 | | 52 周价格区间（港元） | | | 42.60-74.65 | | 总市值（百万港元） | | | 89,516.89 | | 流通市值（百万港元） | | | 89,516.89 | | 总股本（万股） | | | 150,322.24 | | 流通股本（万股） | | | 150,322.24 | 相关报告 2025 年 09 月 03 日 公司研究 评级：买入(维持) 《申 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company achieved record high revenue and profit, driven by significant growth in its sub-healthcare segment [5]. - The company's revenue for H1 2025 reached 1.459 billion RMB, a year-on-year increase of 28.2%, with a net profit of 171 million RMB, up 35.5% year-on-year [5]. - The "internal + external" strategy is expected to continue driving growth, with projected revenues of 3 billion RMB in 2025, 3.4 billion RMB in 2026, and 3.7 billion RMB in 2027 [5]. Financial Performance - The company reported a gross margin of 49.3% for H1 2025, an increase of 2.3 percentage points year-on-year [5]. - The operating cash flow for H1 2025 was 410 million RMB, reflecting an 84.4% increase year-on-year [5]. - As of June 30, 2025, the company had cash and cash equivalents totaling 2 billion RMB, a 27.5% increase year-on-year [5]. Business Segments - The beauty and wellness services segment generated revenue of 807 million RMB in H1 2025, a year-on-year increase of 29.6% [5]. - The medical beauty segment reported revenue of 499 million RMB, up 13.0% year-on-year, driven by increased patient visits [5]. - The sub-healthcare services segment saw remarkable growth, with revenue reaching 154 million RMB, a 107.8% increase year-on-year [5]. Membership Growth - The company experienced a 46.5% year-on-year increase in active members, reaching 120,000 members [5]. - The number of visitors to direct-operated stores exceeded 920,000 in H1 2025, representing a 47.8% increase year-on-year [5]. Future Projections - The company forecasts revenue growth of 18% in 2025, followed by 10% in 2026 and 9% in 2027 [5]. - The projected net profit for 2025 is 300 million RMB, with expected growth rates of 34% in 2025, 15% in 2026, and 15% in 2027 [5].

2025 年 09 月 03 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 多元化布局下增长有韧性，期待利润率修复带来 业绩弹性 ——顺丰控股（002352）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 | | 顺丰控股 | | -9.4% | -8.5% | 20.1% | | 沪深 300 | | 10.7% | 16.9% | 37.5% | | 市场数据 | 2025/09/02 | | --- | --- | | 当前价格（元） | 41.82 | | 52 周价格区间（元） | 35.80-51.13 | | 总市值（百万） | 210,748.61 | | 流通市值（百万） | 199,565.46 | | 总股本（万股） | 503,942.17 | | 流通股本（万股） | 477,200.99 | | 日均成交额（百万） | 3,348.93 | | 近一月换手（%） | 0.73 | 相关报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights a stable performance in H1 2025, with a revenue of 38.54 billion, representing a year-on-year increase of 14.3%, while the net profit attributable to the parent company was 7.03 billion, down 8.9% year-on-year, but adjusted for the impact of Amer Sports' listing, it shows a 14.5% increase [4][6] - The company is optimistic about the development of its multi-brand matrix, with strong growth in outdoor brands and a focus on refined store operations [6][9] Financial Performance Summary - In H1 2025, the company's revenue by brand showed a year-on-year increase: Anta brand revenue increased by 5.4% to 16.95 billion, FILA brand revenue increased by 8.6% to 14.18 billion, and other brands saw a significant increase of 61.1% to 7.41 billion [6] - The gross profit margin slightly decreased by 0.7 percentage points to 63.4%, primarily due to a decline in Anta's gross margin by 1.7 percentage points to 54.9% and a decrease in FILA's gross margin by 2.2 percentage points to 68% [6] - The operating profit margin increased by 0.6 percentage points to 26.3%, while the adjusted net profit margin decreased by 1.2 percentage points to 17.1% [6] Store Network and Operational Efficiency - As of H1 2025, the company operated 7,187 Anta stores, 2,722 Anta Kids stores, 2,054 FILA stores, 241 Descente stores, 199 Kolon stores, and 50 MAIAACTIVE stores, indicating a strategic focus on enhancing store efficiency and consumer experience [7] - The average inventory turnover days increased by 22 days to 136 days, while accounts receivable turnover days remained stable at 19 days, and accounts payable turnover days also remained stable at 52 days [6] Future Earnings Forecast - The company is projected to achieve revenues of 79.56 billion, 88.05 billion, and 97.57 billion for 2025, 2026, and 2027 respectively, with growth rates of 12%, 11%, and 11% [9][10] - The net profit attributable to the parent company is expected to be 13.52 billion, 15.34 billion, and 17.05 billion for the same years, with a decrease of 13% in 2025 followed by increases of 13% and 11% in subsequent years [9][10]

2025 年 09 月 03 日 公司研究 评级：买入(维持) | 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] 2025Q2 业绩同比企稳，农药需求逐渐复苏 ——广信股份（603599）公司动态研究 最近一年走势 风险提示 产品价格回落的风险、上游原材料价格大幅涨价的风险、新 | 相对沪深 300 | 表现 | | 2025/09/03 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广信股份 | -2.5% | 6.2% | 12.4% | | 沪深 300 | 10.0% | 15.8% | 36.2% | | 市场数据 | | | 2025/09/03 | | 当前价格（元） | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Views - The company has turned its performance around, achieving profitability driven by improved efficiency and growth in short drama business [4][9]. - Significant revenue growth is noted, with a year-on-year increase of 108.5% in H1 2025, reaching 401 million yuan, alongside a positive adjusted net profit of 14.44 million yuan [4][9]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 401 million yuan, a 108.5% increase year-on-year, and an adjusted net profit of 14.44 million yuan, compared to a loss of 49.41 million yuan in H1 2024 [4][5]. - The gross margin improved to 25.2%, up by 2.8 percentage points year-on-year, while the adjusted net margin increased by 29.3 percentage points to 3.6% [4][5]. Business Segments - The overseas and short drama business segments have shown substantial growth, with overseas revenue exceeding 33 million yuan, approximately 2.5 times that of the previous year [5][6]. - The short drama segment generated over 50 million yuan in revenue, with more than 3,400 minutes of content released, reflecting a growth of over 70% [7]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.029 billion yuan, 1.803 billion yuan, and 2.085 billion yuan respectively, with corresponding net profits of 40 million yuan, 167 million yuan, and 202 million yuan [8][9]. - The report anticipates a strong growth trajectory, with a projected PE ratio of 39 for 2025, decreasing to 8 by 2027 [9][10].

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Group 1 - The core viewpoint highlights the strong growth in motorcycle business and the expansion of new ventures for Longxin General [5][6] - The company reported a revenue of 9.752 billion yuan for H1 2025, a year-on-year increase of 27.21%, and a net profit of 1.074 billion yuan, up 82.26% [5][6] - The motorcycle segment generated 7.273 billion yuan in revenue, reflecting a growth of 23.14% year-on-year, with significant sales from the high-displacement brand series [6][7] Group 2 - Ximai Food's revenue for H1 2025 reached 1.149 billion yuan, a year-on-year increase of 18.07%, with a net profit of 81 million yuan, up 22.46% [8][9] - The product structure is continuously optimized, with high-margin composite oatmeal products showing the fastest revenue growth [10][11] - The company is expanding its product matrix and channel strategies, aiming for further profitability improvements [11][12] Group 3 - Focus Technology reported a revenue of 915 million yuan for H1 2025, a year-on-year increase of 15.9%, with a net profit of 295 million yuan, up 26.1% [13][14] - The company is expanding its light industry category through the "Top Ten Light Industry" initiative, which aims to enhance long-term order space [16][17] - The overall traffic on the platform increased by 35% year-on-year, with significant growth in various regions [20] Group 4 - North China Hua Chuang achieved a revenue of 16.14 billion yuan in H1 2025, a year-on-year increase of 29.5%, with a net profit of 3.21 billion yuan, up 15% [24][25] - The company is focusing on R&D investments to ensure product innovation and has seen a significant increase in inventory, indicating growth potential [25][26] - The company has a comprehensive layout in etching and film deposition equipment, with substantial revenue contributions from these segments [26][27] Group 5 - Red Child City Technology reported a total revenue of 3.181 billion yuan for H1 2025, a year-on-year increase of 40%, with a net profit of 489 million yuan, up 118% [28][29] - The social business segment is the main growth driver, with significant revenue contributions from various core products [30][31] - The company is leveraging AI to enhance product operations and has launched an AI creative community product [32] Group 6 - Shenzhen International reported a revenue of 6.670 billion HKD for H1 2025, a year-on-year increase of 0.9%, but a net profit decline of 24.9% [33][34] - The company is focusing on the steady development of its toll road and environmental protection businesses, while logistics operations are under pressure [34][35] - The company is advancing its logistics park project, which is expected to support future earnings [36][37] Group 7 - The chemical industry is expected to undergo a revaluation due to anti-involution measures, with potential for increased dividend yields as capacity expansion slows [39][40] - The demand for chromium salts is anticipated to rise significantly due to increased orders in the aerospace sector, leading to a projected supply gap by 2028 [41][42] - The report emphasizes the importance of focusing on leading companies in various sub-sectors for investment opportunities [44]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 2.512 billion yuan, representing a year-on-year increase of 45.77%, while the net profit attributable to shareholders was 352 million yuan, up 51.95% year-on-year [4] - The significant growth in Q2 2025 was driven by the release of new production capacity, seasonal recovery, and increased sales from core customers [5] - The company has established strong partnerships with major clients such as Geely, BYD, and new energy vehicle manufacturers, which are expected to further enhance performance in the second half of 2025 [6] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.412 billion yuan, with a year-on-year and quarter-on-quarter increase of 52.66% and 28.41% respectively [5] - The net profit for Q2 2025 was 203 million yuan, reflecting a year-on-year increase of 55.01% and a quarter-on-quarter increase of 36.00% [5] Cost Management - The net profit margin for Q2 2025 improved to 14.38%, with a year-on-year increase of 0.22 percentage points and a quarter-on-quarter increase of 0.80 percentage points [5] - The company optimized its expense ratio, with a period expense ratio of 7.17%, down 1.64 percentage points year-on-year and 1.11 percentage points quarter-on-quarter [5] Production Capacity and Product Development - The company is expanding its production capabilities and product offerings, including entering mass production of integrated die-casting products in Q2 2025 [5] - The company has established 12 subsidiaries across key regions, which will enhance collaboration with core customers and localize supply [5] Earnings Forecast - The company is projected to achieve revenues of 5.835 billion, 7.842 billion, and 9.875 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 38%, 34%, and 26% [6] - The net profit attributable to shareholders is expected to reach 884 million, 1.152 billion, and 1.434 billion yuan for the same years, with growth rates of 44%, 30%, and 25% respectively [6]