Investment Rating - The report assigns a "Buy-A" rating to the company, with a target price of 15.36 CNY based on a 16x PE for 2025 [5][13]. Core Insights - The company reported a revenue of 6.335 billion CNY for H1 2025, a decrease of 8.09% year-on-year, while the net profit attributable to shareholders increased by 31.46% to 1.017 billion CNY [1]. - The decline in revenue is attributed to the company's strategic reduction in low-margin bulk business and a drop in traditional e-commerce sales [1]. - The gross margin improved to 45.84%, up 1.49 percentage points from 2024, due to lower raw material prices [1]. - The company demonstrated strong cost control, with sales, management, and R&D expense ratios decreasing by 1.83, 0.41, and 0.18 percentage points, respectively, compared to 2024 [1]. Business Structure and Market Position - The company operates nine publishing houses, five of which are among the top 100 in the country, and has a leading position in the mass-market book sector [2]. - In H1 2025, the company achieved a market share of 5.25% in the national book retail market, ranking second, and a 6.07% share in the new book retail market, ranking first [2]. - The company is actively exploring innovative business models in the education services market, including promoting campus reading and expanding into vocational education [2]. Financial Performance and Forecast - The company plans to distribute a cash dividend of 0.1 CNY per share, totaling 180 million CNY, continuing its trend of high dividend payouts [3]. - Revenue forecasts for 2025-2027 are 13.32 billion CNY, 13.45 billion CNY, and 13.60 billion CNY, with net profits projected at 1.727 billion CNY, 1.779 billion CNY, and 1.891 billion CNY, respectively [11][12]. - The overall gross margin is expected to be 44.53%, 44.90%, and 45.06% for 2025-2027 [10]. Valuation and Market Comparison - The company is positioned as a leading publishing group with a significant revenue scale, justifying a valuation premium compared to peers [13]. - The average PE of comparable companies is 12.52, while the company is valued at 16 times PE for 2025 [13][14].

2025 年 09 月 04 日 居然智家(000785.SZ) 招商模式改革成效明显， 数智化持续推进 事件：居然智家发布 2025 年半年报。 25H1 公司实现营业收入 64.45 亿元，同比增长 1.54%；归母净利润 3.28 亿元，同比下降 45.52%；扣非后归母净利润 3.64 亿元，同比下降 46.03%。25Q2 公司实现营业收入 31.33 亿元，同比下降 2.40%；归母净利润 1.17 亿元，同比下降 53.95%；扣非后归母净利润 1.51 亿元，同比下 降 49.97%。 25H1 营收稳健增长，数智化转型成效显著 分产品看，2025H1 租赁管理、商品销售、加盟管理、装修服务分别实 现收入 23.8/36.3/2.17/1.04 亿元，同比增长 - 21.27%/29.49%/3.85%/-14.94%。 1）连锁家居卖场业务，公司以销售为核心，多维度筑牢发展基石。 联合多平台构建 "1+N+X+K" 云卖场矩阵，开展主题直播与全国促 销活动，通过发券获客引流，效果显著；积极推动家居卖场向智能家 居体验中心转型升级，截至 25H1 已有 29 家开业运营，坪效表现优于 传统卖场 ...

Investment Rating - The investment rating for the company is "Add-A" with a 12-month target price of 3.35 CNY, while the current stock price is 2.93 CNY [5]. Core Views - The company has shown significant cost reduction and efficiency improvement in H1 2025, despite a notable decline in revenue and an increase in losses [1][11]. - The core business is under short-term pressure, but the main operations of the shopping malls remain relatively stable [2]. - The partnership with Jianfa has led to effective collaboration across various business sectors, enhancing overall business potential [3][11]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 3.337 billion CNY, a year-on-year decrease of 21.01%, and a net profit attributable to shareholders of -1.9 billion CNY, widening losses by 51.63% [1]. - The company's gross profit margin for H1 2025 was 61.50%, an increase of 0.83 percentage points year-on-year [9]. - The net profit margin for H1 2025 was -61.26%, a decline of 29.84 percentage points year-on-year, primarily impacted by non-operating losses [10]. Business Segments - The self-operated and leasing income for H1 2025 was 2.451 billion CNY, down 15.6% year-on-year, accounting for 73.4% of total revenue [2]. - The management business revenue decreased by 26.4% year-on-year to 609 million CNY, mainly due to a reduction in the number of managed malls [2]. - The construction and decoration services segment generated revenue of 104 million CNY, representing 3.1% of total revenue, affected by industry contraction [2]. Strategic Developments - Since Jianfa's investment in 2023, there has been significant synergy in various sectors, including home appliances and home decoration [3]. - The company has actively responded to the "old-for-new" policy, achieving 743,000 orders and sales of 7.31 billion CNY in H1 2025, with central subsidies of 1.17 billion CNY [3]. - Future strategic planning includes a five-year roadmap to enhance competitive advantages and explore new business models and overseas market opportunities [3][11].

2025 年 09 月 03 日 志邦家居(603801.SH) 25H1 业绩短期承压， 海外业务表现亮眼 事件：志邦家居发布 2025 年半年报。2025H1 公司实现营收 18.99 亿元，同比下降 14.14%；归母净利润 1.38 亿元，同比下降 7.21%； 扣非后归母净利润 0.87 亿元，同比下降 30.65%。其中，2025Q2 公司实现营收 10.82 亿元，同比下降 22.29%;归母净利润 0.96 亿 元，同比下降 5.49%；扣非后归母净利润 0.51 亿元，同比下降 40.71%。 25H1 厨柜收入有所下滑，木门营收稳健增长 分产品看，2025H1 整体厨柜、定制衣柜、木门分别实现收入 7.11/9.05/1.46 亿元，同比增长-26.42%/-2.54%/+5.13%。25Q2 整体 厨柜、定制衣柜、木门分别实现收入 4.46/4.84/0.82 亿元，同比增 长-31.34%/-11.18%/-12.66%。随着消费者对全屋定制需求的增加， 定制衣柜业务占比逐步提升，而传统的厨柜业务则受到房地产市场的 冲击更为明显。其中，25H1 木门收入实现增长，主要来自公司整家战 略 ...

公司快报 2025 年 09 月 03 日 索辰科技(688507.SH) "天工-开物"双擎驱动，物理 AI 打开第二增长曲线 事件概述 近日，公司披露 2025 年中报。2025H1，公司实现总营收 5735.09 万 元，同比增长 10.82%；归母净利润-4569.83 万元，同比增长 31.21 （上年同期为-6643.08 万元）；其中 25Q2，公司实现总营收 1856.36 万元，同比减少 6.65%；归母净利润-3006.75 万元，同比增长 33.42% （上年同期为-4516.28 万元）。 技术储备扎实，成功从传统 CAE 向物理 AI 延伸 公司对收入口径进行了调整，产品大类分为天工及开物两大系列：天 工系列聚焦盖流体、结构、电磁、声学、光学等多学科的工程仿真软 件和仿真产品开发，开物系列涵盖了物理 AI 开发及应用平台的全场 景解决方案。2025H1 公司天工系列共实现 4947.51 万元，其中工程 仿真软件方面公司依托多年 CAE 技术积累，持续攻克关键技术难点： 通过软件功能进行技术迭代，提升了算法求解能力，并基于自主内核 升级求解器，丰富了物理模型算法库。2025H1 工程 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 87.61 CNY, compared to the current stock price of 74.38 CNY [6][11]. Core Views - The company has shown significant revenue growth, with total revenue reaching 3.299 billion CNY in H1 2025, a year-on-year increase of 37.44%. The net profit attributable to shareholders was 158 million CNY, up 51.84% year-on-year [1]. - The smart IoT business line has seen substantial growth, achieving revenue of 270 million CNY in H1 2025, a remarkable increase of 136.14% year-on-year. The company is integrating new IoT technologies with AI and edge computing, enhancing product capabilities [2]. - The company has effectively controlled costs, resulting in improved profit margins. The gross margin and net margin for H1 2025 were 33.16% and 5.29%, respectively, with a notable increase in net margin by 1.15 percentage points year-on-year [3]. - The company is expanding its global market presence, with overseas revenue growing by 81.41% year-on-year in H1 2025, indicating strong international demand for its products [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 3.299 billion CNY, a 37.44% increase year-on-year, and a net profit of 158 million CNY, up 51.84% year-on-year. In Q2 2025, revenue was 1.831 billion CNY, a 49.72% increase year-on-year, with net profit soaring by 384.21% to 66 million CNY [1]. Business Segments - The smart IoT segment generated 270 million CNY in revenue, a 136.14% increase year-on-year. The smart automotive segment reported revenue of 1.189 billion CNY, a 7.85% increase, while the smart software segment achieved 841 million CNY, up 10.52% year-on-year [2]. Cost Management - The company maintained a good cost control rhythm, with sales, management, and R&D expense ratios decreasing by 0.33, 0.46, and 3.43 percentage points, respectively, compared to the same period last year [3]. Global Expansion - The company has established R&D centers in 16 countries, leading to a 12.96% increase in domestic revenue and an 81.41% increase in overseas revenue in H1 2025 [4].

2025 年 09 月 03 日 TCL 科技(000100.SZ) 聚焦三大核心业务，半导体显示板块业 绩大幅提升 事件： 公司发布 2025 年半年度业绩报告，上半年营业收入 855.6 亿元，同 比增长 6.65%，归母净利润 18.84 亿元，比上年同期增长 89.26%。 行业格局持续优化，半导体显示板块业绩大幅提升： 2025 年上半年，需求端受国内国补政策刺激面板大尺寸化，行业总 体需求面积保持增长。供给端产能进一步集中，行业格局持续优化， 供需关系均衡发展。中报披露，报告期内公司完成对乐金显示（中国） 有限公司 100%股权和乐金显示（广州）有限公司 100%股权的收购， 将其整合命名为 t11，产能达 180k/月。自二季度起，此次收购对公 司经营业绩的贡献正逐步提升。同期，公司还完成广州 t9 项目二期 建设工作。t9 与 t11 将形成良好的产业协同效应，增强公司在中小 尺寸的业务规模和竞争力、优化产品结构，为公司 LCD 业务持续发 展奠定基础。报告期内，TCL 华星发挥规模和效率效益优势，持续优 化业务和产品结构，经营业绩大幅提升。报告期内，TCL 华星实现营 业收入 504.3 亿 ...

2025 年 09 月 02 日 中国金茂(00817.HK) 产品品质领先，财务表现稳健 销售推盘：聚焦核心城市，驱动销售增长 2025 年上半年，中国金茂销售金额同比增长 20%至 534 亿元，住宅平 均签约单价提升至约 2.6 万/㎡，其中 74.5%来自前十核心城市，其 中上海（93.6 亿元）、北京（88.1 亿元）贡献超三成。 运营效率持续提升贡献销售增长。2024 年以来获取的 16 个新项目于 本年度完成首开，全部实现 6 个月内开盘，平均首开周期 4.8 个月， 开盘去化率 81%，经营现金流回正周期 11.4 个月，较往期显著提速。 拿地拓展：聚焦核心，优质项目快速转化 2025 年以来，中国金茂新增土地获取聚焦"核心城市、核心板块"战 略，上半年累计获取 16 个项目，总计容建筑面积 145 万平方米，总 地价 492 亿元，权益地价 222 亿元。拿地全部位于一二线城市，其中 北京、上海两大战略深耕城市投资占比达 66%，凸显"投好投足"的精 准布局；项目推盘节奏紧凑，82%将在 2025 年二至四季度入市，支撑 销售规模逆势增长。 收入利润：多业务协同，收入利润稳健增长 上半年总收 ...

2025 年 09 月 02 日 思泉新材(301489.SZ) 数据中心散热升级驱动液冷需求高涨， 25H1 业绩实现高增 事件：8 月 28 日公司发布 2025 年半年度报告 1）25H1 公司实现营业收入 3.86 亿元，同比增加 78.24%；归母净利 润 0.31 亿元，同比增加 33.19%；扣非后归母净利润 0.28 亿元，同 比增加 30.50%。 2）25Q2 公司实现营业收入 2.03 亿元，同比增加 66.30%；归母净利 润 0.13 亿元，同比减少 1.92%；扣非后归母净利润 0.12 亿元，同比 减少 5.13%。 供需两侧合力推动业绩增长，25H1 盈利能力保持稳定 1）收入端：25H1 公司营收实现高增受益于多项驱动因素。需求侧， 数据中心算力需求持续攀升带动液冷产品需求快速上升，全球平板电 脑、PC、智能可穿戴设备等市场增速较快，共同形成对业绩的拉动作 用；供给侧，公司募投项目产能持续释放，越南生产基地等海外布局 持续发力，且业务协同效应逐步显现等精准匹配市场需求，预计公司 业绩将持续受益于需求供给两侧的合力推动。 2）利润端：25H1 公司毛利率为 27.03%，同比+ ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 2.61 yuan [4][5]. Core Views - The company is currently facing pressure on its mid-year performance due to the impact of medical insurance policies and drug procurement [1]. - The company is actively exploring new business opportunities and models, particularly in commercial insurance and high-end services, to enhance revenue [2][3]. - The company aims to expand its asset base by increasing the number of hospital beds and enhancing its service capabilities [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 1.59 billion yuan, a year-on-year decrease of 20.6%. The net profit attributable to shareholders was 7.43 million yuan, down 88.3% year-on-year [1]. - The pharmaceutical segment generated revenue of 210 million yuan, a decline of 44.6%, while the medical segment reported revenue of 1.38 billion yuan, down 15.1% [1]. Business Strategy - The company is focusing on commercial insurance growth by collaborating with various insurance companies to develop and implement related products [2]. - It plans to enhance hospital revenue through service upgrades, optimizing disease structures, and providing differentiated medical services [2]. - The company currently operates 4 tertiary hospitals and 13 secondary hospitals, with ongoing expansions to increase bed capacity [3]. Future Projections - Revenue growth rates are projected to be -4.8% in 2025, followed by 11.3% in 2026 and 10.1% in 2027. Net profit growth rates are expected to be -9.3%, 18.3%, and 15.0% for the same years [4]. - The report anticipates a potential recovery in operations and the possibility of quality asset injections from the controlling shareholder [4].