Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a high-end gold jewelry brand that combines luxury attributes with investment value, targeting high-net-worth individuals. The contribution of customers spending over 1 million yuan annually has increased from 8.5% in 2021 to 15.9% in 2023 [9][35]. - The company's revenue and profit are expected to grow significantly, with projected revenues of 185.7 billion yuan in 2025, 272.9 billion yuan in 2026, and 366.9 billion yuan in 2027, reflecting year-on-year growth rates of 118%, 47%, and 34% respectively [19]. - The company benefits from a unique craftsmanship that creates a significant premium on its products, with some items showing a price premium of 38% to 114% compared to competitors [14]. Summary by Sections 1. Is the company a luxury brand? - The company successfully blends luxury and investment attributes, appealing to high-net-worth customers through unique cultural experiences and high-quality craftsmanship [9][22]. 2. How does gold price affect it? - The company benefits from a fixed-price model that allows it to capitalize on rising gold prices, with a compound annual growth rate (CAGR) of 14% in gold prices from 2020 to 2024, while its core products have seen lower price increases, enhancing perceived value [10][43]. 3. Is discounting a problem? - The company faces pricing risks from secondary market discounts, with recovery rates of 70%-80% for its products. However, it maintains brand premium through limited supply and complex craftsmanship [11][66]. 4. What is the store expansion potential? - The company has significant room for growth in both domestic and international markets, with only 37 stores in China compared to an average of 49 for international luxury brands. There are also opportunities in high-end shopping malls and overseas markets like Singapore [12][67]. 5. Who are the competitors? - The competitive landscape includes high-end custom brands and mass-market players, with varying pricing strategies and market shares [13]. 6. What is the craftsmanship premium? - The company's products exhibit a notable craftsmanship premium, with some items achieving a price premium of up to 114% compared to competitors [14]. 7. Are there barriers to craftsmanship? - The company utilizes traditional techniques and complex processes that create significant barriers to entry, making it difficult for competitors to replicate its products [15]. 8. What is the profit margin trend? - The company has improved its operational efficiency, leading to a projected net profit margin of 17% in 2024, driven by reduced customer acquisition costs and enhanced store performance [17]. 9. What is the ceiling for single-store operations? - The average revenue per store is expected to increase significantly, with projections of 4 billion yuan in 2025 and 6 billion yuan by 2027, driven by store expansion and product pricing strategies [18]. 10. How to value the company? - The company is valued based on a premium compared to international luxury brands, with a target market capitalization of 160.8 billion yuan by 2026, reflecting its growth potential and unique market positioning [19].

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company has shown continuous improvement in profit margins, with a focus on international expansion performance [3][6]. - In Q1 2025, the company achieved revenue of 4.4 billion yuan, representing a year-over-year increase of 13%, and an adjusted net profit of 790 million yuan, up 41% year-over-year, with an adjusted net profit margin of 18%, an increase of 3.6 percentage points year-over-year [5][6]. Financial Performance - The core online travel platform generated revenue of 3.8 billion yuan in Q1 2025, a year-over-year increase of 18%, with an operating profit margin of 29.2%, up 6.6 percentage points year-over-year [6]. - Revenue from transportation ticketing reached 2 billion yuan, up 15% year-over-year, benefiting from increased demand and enhanced value-added services [6]. - Accommodation bookings generated 1.2 billion yuan in revenue, a 23% year-over-year increase, with international hotel night volume growing over 50% [6]. - The vacation business faced short-term revenue pressure, generating 590 million yuan, down 11.8% year-over-year, due to safety issues in Southeast Asia [6]. User Metrics - The average monthly paying user count reached 46.5 million, a 9.2% year-over-year increase, with annual paying users totaling 247 million, up 7.8% year-over-year [6]. - Over 87% of registered users reside in non-first-tier cities in China, with 68% of new paying users from these areas, reinforcing the platform's position in the mass market [6]. Future Projections - Revenue forecasts for 2025-2027 are adjusted to 19.3 billion, 22.1 billion, and 24.9 billion yuan respectively, with net profits projected at 2.7 billion, 3.0 billion, and 3.5 billion yuan [8]. - The target market capitalization for 2025 is set at 51.4 billion yuan, with a target price of 24 HKD per share [8].

2025 年 05 月 26 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 87 期 证券研究报告 1、最新报告摘要 1.1、中科曙光(603019)深度报告：高端计算自主领军， "智算+AI 应用"双 引擎提速--中科曙光/计算机设备(603019/217101) 公司 PPT 报告 分析师：刘熹 S0350523040001 核心逻辑：公司是我国核心信息基础设施领军企业，是中科院顶级孵化平台，迎来人工智能和自主可控双轮驱 动，长期成长趋势明确。 中科院顶级孵化平台，我国核心 IT 基础设施领军企业 公司是我国核心信息基础设施领军企业，主要从事高端计算机、存储、安全、数据中心产品的研发及制造，同 时大力发展数字基础设施建设、智能计算等业务。公司实控人是中科院计算所，公司是中科院顶级技术孵化平 台，在体内投资了海光信息、中科星图、曙光云、中科三清、中科天机、曙光数创等多项优质资产，与参控股 子公司全方位覆盖了从上游芯片、服务器硬件、IO 存储到中游云计算平台、大数据平台、算力服务平台以及 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum industry is expected to benefit from favorable domestic policies and supply disruptions in Guinea affecting bauxite supply, leading to potential price increases and inventory reductions [6][9] - The report highlights that the aluminum industry is likely to experience a sustained "de-inventory + price increase" trend, supported by improving export conditions and limited supply growth [9] Summary by Sections 1. Prices - As of May 23, the LME three-month aluminum closing price was $2466.0 per ton, while the Shanghai aluminum active contract closing price was ¥20155.0 per ton [19] - The average price of A00 aluminum in Changjiang was ¥20400.0 per ton, showing a week-on-week increase of ¥170.0 [19] 2. Production - In April 2025, the production of electrolytic aluminum was 360.6 million tons, a month-on-month decrease of 10.8 million tons but a year-on-year increase of 2.5 million tons [51] - The production of alumina in April 2025 was 708.4 million tons, down 46.6 million tons month-on-month but up 30.2 million tons year-on-year [51] 3. Inventory - As of May 22, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 557,000 tons, a week-on-week decrease of 24,000 tons [6] - The inventory of aluminum rods was 130,800 tons, down 740 tons week-on-week, remaining at a three-year low [6] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The sector is considered a foundational industry, supporting various fields such as electronic information, new energy, biotechnology, and environmental protection [5][19]. Summary by Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials. The global semiconductor manufacturing industry showed typical seasonal patterns at the beginning of 2025, with a 16% quarter-on-quarter decline in electronic product sales, while integrated circuit (IC) sales saw a 23% year-on-year increase, indicating sustained investment in AI and high-performance computing infrastructure [6][7][26]. 2. Aerospace Sector - Emphasis on PI films, precision ceramics, and carbon fiber. Recent successful launches of satellites by China's aerospace industry highlight the sector's growth and capabilities [10][11]. 3. New Energy Sector - Key areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials. The active vehicle count in China's new energy vehicle market has surpassed 30 million, leading globally [13][14]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services. Initiatives in Shanghai aim to enhance the quality of technology services and promote innovation in various fields, including robotics and satellite internet [16][17]. 5. Energy Conservation and Environmental Protection Sector - Attention on adsorbent resins, membrane materials, and biodegradable plastics. Recent measures support small and micro enterprises in financing, promoting growth in innovative small businesses [18][19]. Key Companies and Profit Forecasts - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2024, 2025, and 2026, along with their respective investment ratings [20].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025, driven by factors such as inventory depletion, profit bottoming out, and supportive fiscal policies in China and the US [8][9][30] - Key opportunities include low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [10][11] Summary by Sections 1. Key Company Tracking - Focus on companies like Zhuhai Holdings, Baotou Steel, and others for potential investment opportunities [30] 2. Market Observation - The chemical industry is experiencing a tightening supply-demand situation, particularly in chromium salts and phosphate rock, which are expected to see price increases due to rising demand from AI data centers and lithium iron phosphate batteries [6][7] 3. Data Tracking - The Guohai Chemical Prosperity Index was reported at 92.90 as of May 22, 2025, indicating a slight decrease from the previous week [5] 4. Weekly Focus on Individual Stocks - Companies such as Wanhua Chemical and Linglong Tire are highlighted for their stable performance and potential for growth [14][15] 5. Investment Recommendations - Emphasis on sectors like chromium salts and phosphate rock, with specific companies recommended for investment based on their growth potential and market conditions [6][10][30]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has stabilized, and daily consumption has increased, indicating potential opportunities for recovery in the sector during peak season [1] - The report highlights that the coal mining industry is showing signs of bottoming out, with a narrowing decline in coal prices and a decrease in port inventories [4][13] - The demand from coastal power plants is expected to strengthen as the peak season approaches, with significant replenishment potential [4][13] Summary by Sections 1. Thermal Coal - Port coal prices have stabilized, with a weekly decline narrowing to 3 CNY/ton from 16 CNY/ton the previous week, maintaining at 611 CNY/ton from May 20 to May 23 [13][14] - The production capacity utilization rate in the main production areas has increased by 0.99 percentage points, mainly due to the resumption of normal operations after previous maintenance [13][21] - Daily consumption at coastal power plants has increased, with a week-on-week rise of 15.2 thousand tons for coastal plants [13][23] 2. Coking Coal - Supply has contracted slightly, with a decrease in production capacity utilization by 0.42 percentage points due to accidents and inventory pressures [5][40] - The average customs clearance volume at the Ganqimaodu port has decreased by 178 vehicles week-on-week [46] - Coking coal prices at the port have declined, with the main coking coal price at Jing Tang Port dropping by 20 CNY/ton [41][41] 3. Coke - The first round of price reductions for coke has been implemented, but the overall profit margins for coking enterprises remain acceptable [49] - The average profit per ton of coke has decreased by 22 CNY/ton week-on-week, indicating pressure on profitability [56] - The production rate of independent coking plants has varied, with an overall utilization rate of 75.16% [59] 4. Anthracite - The supply of anthracite remains stable, with prices holding steady due to sufficient market supply and demand being primarily driven by essential procurement [69][71] 5. Key Companies and Profit Forecasts - The report emphasizes the investment value of leading coal companies, highlighting their strong cash flow and high dividend yields [7] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8]

Investment Rating - The report upgrades the industry investment rating to "Recommended" [1] Core Insights - The semiconductor industry faces reduced visibility in the second half of 2025 due to tariff uncertainties, while the storage market shows positive trends in Q2 [1][3] - AI hardware demand remains strong, driven by cloud service providers and government sectors, suggesting a focus on leading companies in the AI hardware segment such as NVIDIA and TSMC [1][3] Semiconductor Sector - IC Design: In April 2025, MediaTek reported revenue of NT$48.8 billion, a month-on-month decrease of 12.9% but a year-on-year increase of 16.0%. The company noted uncertainty due to tariffs [3][11] - IC Manufacturing: TSMC achieved record revenue of NT$349.6 billion in April 2025, with a month-on-month increase of 22.2% and a year-on-year increase of 48.1% [3][14] - IC Testing: ASE Technology's revenue in April 2025 was NT$52.2 billion, a month-on-month decrease of 2.9% but a year-on-year increase of 13.9% [3][22] PC/Server Sector - The PC market is affected by tariff uncertainties, with companies like Hon Hai reporting April revenue of NT$641.4 billion, a month-on-month increase of 16.2% and a year-on-year increase of 25.5% [3][25] - Quanta's April revenue was NT$154 billion, a month-on-month decrease of 20.0% but a year-on-year increase of 58.2% [3][25] PCB Sector - The PCB manufacturing sector saw overall revenue increase by 5.6% month-on-month and 18.6% year-on-year in April 2025, driven by demand for AI servers and high-end networking [3][27] - Zhen Ding's revenue reached NT$13.6 billion in April, a year-on-year increase of 22.9% [3][27] Optical Components Sector - The optical components sector is experiencing a traditional off-season, with Largan Precision reporting April revenue of NT$4.4 billion, a month-on-month decrease of 10.6% but a year-on-year increase of 26.5% [3][28] Storage Sector - The storage market is showing positive signs, with companies like Nanya Technology reporting a month-on-month revenue increase of 13.3% in April 2025 [3][4] - DRAM prices are expected to rise, with TrendForce adjusting its Q2 price forecast from -5% to +8% [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance in community engagement and gaming, leading to continuous improvement in profitability [1] - The Q1 2025 financial results indicate a significant year-over-year revenue growth of 24%, reaching 7.003 billion RMB, and a turnaround in net profit, achieving 362 million RMB compared to a loss of 512 million RMB in the same period last year [5][6] Summary by Relevant Sections Operating Performance - In Q1 2025, the platform's user traffic, engagement, and payment rates have all increased, with MAU growing by 8% to 368 million and DAU increasing by 5% to 107 million. The average daily usage time rose from 105 minutes to 108 minutes, and ARPU improved from 17 RMB to 19 RMB [6] Key Financial Metrics - The company reported Q1 2025 revenue of 7.003 billion RMB, with mobile gaming revenue at 1.731 billion RMB (YoY +76%), live streaming and value-added services at 2.807 billion RMB (YoY +11%), advertising revenue at 1.998 billion RMB (YoY +20%), and IP derivatives and other businesses at 467 million RMB (YoY -4%) [7][8] - Gross margin stood at 36%, an increase of 8 percentage points year-over-year, with continuous optimization in expense ratios [7] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" has performed exceptionally well, driving mobile gaming revenue up by 76% to 1.731 billion RMB in Q1 2025. The game is expected to maintain its appeal with upcoming updates [8] Live Streaming and Value-Added Services - Revenue from live streaming and value-added services grew by 11% year-over-year to 2.807 billion RMB, with a record high of 32 million monthly paying users [8] Advertising Business - Advertising revenue increased by 20% year-over-year to 1.998 billion RMB, with a significant rise in the number of advertisers. AI-driven advertising solutions have contributed to this growth, particularly in the gaming and e-commerce sectors [10] Financial Forecasts - The company is projected to achieve revenues of 30.505 billion RMB in 2025, with a non-GAAP net profit of 2 billion RMB. The target price for 2025 is set at 168 RMB, maintaining a "Buy" rating [12][14]

Group 1 - The report highlights that Alibaba Health achieved a revenue of 30.6 billion yuan in FY2025, representing a 13% year-on-year growth, and a net profit of 1.4 billion yuan, which is a 62% increase year-on-year [3][4] - The medical e-commerce platform business saw a robust growth of 54% year-on-year, reaching 3.6 billion yuan, driven by stable GMV growth and the inclusion of marketing and value-added services [4] - The self-operated pharmaceutical business also grew by 10% year-on-year to 26.1 billion yuan, supported by an increase in active consumers and ARPU [4][5] Group 2 - The report indicates that the AIDC business has a promising outlook, with the global power quality governance market expected to grow from 38.6 billion USD in 2024 to 56.3 billion USD by 2030 [8] - The demand for power quality governance is driven by sectors sensitive to power quality, such as semiconductor manufacturing and data centers, with the low-voltage power quality governance equipment market projected to grow significantly [8][9] - The company is positioned as a leader in the domestic power quality equipment market, benefiting from the construction boom in data centers [9] Group 3 - The report notes that Guangxin Co. experienced a 20.9% decline in revenue to 4.64 billion yuan in 2024, primarily due to falling pesticide prices and increased competition [13] - The company’s pesticide segment revenue dropped by 17% year-on-year, while the intermediate products segment saw a 25% decline [13][14] - The report anticipates a recovery in pesticide demand, with projected revenues of 4.8 billion, 5.8 billion, and 6.9 billion yuan for 2025, 2026, and 2027 respectively [14][22] Group 4 - The report discusses the potential bankruptcy of Monsanto, which could benefit domestic glyphosate and glyphosate ammonium producers, as it holds a 32% global market share [17][18] - Glyphosate prices have stabilized, with a reported price of 23,200 yuan per ton, indicating a potential turning point for the industry [19][20] - The report suggests that the domestic glyphosate and glyphosate ammonium companies may see increased demand due to the competitive landscape shifting [22][23] Group 5 - The report indicates that Tongkun Co. achieved a revenue of 101.3 billion yuan in 2024, a 22.6% increase year-on-year, with a net profit of 1.202 billion yuan, reflecting a 50.8% growth [26][28] - The company’s polyester filament sales increased, supported by limited new capacity in the industry and growing downstream demand [26][27] - Future revenue projections for Tongkun are set at 101.3 billion, 105.3 billion, and 111.3 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding net profit forecast of 2.233 billion, 3.129 billion, and 3.973 billion yuan [30]