Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.78 CNY, maintaining the rating [4][8]. Core Insights - The company has demonstrated steady revenue growth, with H1 2025 revenue reaching 1.746 billion CNY, a year-on-year increase of 5.78%, and a net profit of 183 million CNY, up 1.72% year-on-year [1][2]. - The company is focusing on both domestic and overseas markets, with overseas revenue growing by 39.67% year-on-year in H1 2025, indicating successful market expansion [2]. - The company is enhancing its production capacity with several projects expected to be operational by mid-2026, which will support future growth [2]. Financial Performance - In H1 2025, the company's gross margin was 21.18%, a decrease of 1.20 percentage points year-on-year, while the net profit margin was 10.55%, down 0.49 percentage points year-on-year [3]. - The company has effectively controlled its expenses, with a total expense ratio of 9.45%, a decrease of 0.96 percentage points year-on-year [3]. - The projected revenue for 2025-2027 is expected to grow to 3.797 billion CNY, 4.169 billion CNY, and 4.557 billion CNY, respectively, with corresponding net profits of 503 million CNY, 558 million CNY, and 632 million CNY [4][9]. Market Position and Strategy - The company is positioned as a leader in the domestic plastic flexible packaging industry, continuously accumulating technological and management advantages [4]. - The company is actively investing in product innovation and expanding its market share, which is expected to benefit from industry upgrades and structural optimization [4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.8 yuan over the next six months [5][9]. Core Views - The company's revenue for the first half of 2025 was 2.685 billion yuan, with a net profit of 510 million yuan, reflecting year-on-year declines of 12%, 19%, and 21% respectively [1][2]. - The gaming business remains a significant contributor to the company's performance, accounting for 75.53% of total revenue, despite a 16.41% decline in revenue from this segment [1][2]. - The company has established a strong position in the gaming industry, with ongoing innovation and new product launches expected to sustain growth [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 2.685 billion yuan and a net profit of 510 million yuan, with declines of 12% and 19% year-on-year respectively [1]. - The gaming segment's revenue decreased by 16.41%, primarily due to the transition of key products into a stable growth phase [2]. - The company anticipates revenues of 5.68 billion yuan, 6.12 billion yuan, and 6.62 billion yuan for 2025, 2026, and 2027 respectively [9]. Business Segments - The gaming business generated 75.53% of total revenue, while AI/ICT operations contributed 19.90%, IoT/communications 2.04%, and innovative businesses 1.99% [1]. - The AI/ICT operations include four business dimensions: artificial intelligence, cloud services, ICT operations management, and information security, with significant advancements in AI model applications [3]. - The company is leveraging partnerships with Amazon Cloud Technologies to enhance its core competitiveness in the public cloud sector [3]. Market Position and Future Outlook - The company has built a robust R&D advantage in the gaming sector, with expectations for continued product supply and success rates [2][9]. - The gaming business is expected to maintain its growth trajectory through content enrichment and innovative gameplay [2]. - The company is positioned to benefit from its established industry status in overseas gaming markets [9].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 23.80 CNY, corresponding to a 14 times dynamic price-to-earnings ratio for 2025 [4][2]. Core Insights - The company reported a revenue of 4.61 billion CNY for the first half of 2025, a year-over-year decrease of 2.6%, and a net profit attributable to shareholders of 710 million CNY, down 6.3% year-over-year. In Q2 alone, the revenue was 2.53 billion CNY, showing a year-over-year increase of 1.6%, while the net profit was 370 million CNY, up 3.0% year-over-year [1][2]. - The company is expected to benefit from the old-for-new policy, which is anticipated to improve the performance of its core channels and main products [1]. - The company has been actively promoting old kitchen renovations and optimizing its service system, which is expected to enhance user experience and drive revenue growth in offline retail channels [1][2]. Financial Performance Summary - Q2 net profit margin was 14.7%, an increase of 0.2 percentage points year-over-year, primarily due to an increase in gross margin by 1.3 percentage points [2]. - The company’s operating cash flow for Q2 increased by 340 million CNY year-over-year, attributed to the growth in sales revenue [2]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.70 CNY, 1.77 CNY, and 1.87 CNY respectively [2][4]. Sales Channel Performance - In Q2, the online sales of the company's range of kitchen appliances remained stable year-over-year, while offline retail channels showed positive growth due to the promotion of the old-for-new program [1]. - The engineering channel revenue saw a decline due to a 17% year-over-year drop in national residential completion area, but the company is focusing on expanding its presence in the renovation market [1].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][4] Core Views - The company reported a revenue of 1.567 billion, a year-on-year increase of 67.6%, while operating losses expanded to 1.59 billion [1] - The upcoming mass production of the HSD advanced driver assistance product is expected to open new growth opportunities, with initial deployment on the Chery Xingji Yuan E05 [1] - The company has made significant progress in overseas expansion, securing model designations from two Japanese OEMs for markets outside China, potentially leading to over 7.5 million units in lifetime shipments [1] Financial Performance - Revenue from product solutions increased significantly by 249.97% to 778 million, with hardware shipments doubling to 1.98 million units [7] - The adjusted operating loss for the first half of 2025 was 1.11 billion, reflecting an increase in R&D expenses to 2.3 billion, up 62% year-on-year [7] - The gross margin for the first half of 2025 was 65.36%, a decrease of 13.76 percentage points year-on-year due to changes in revenue structure [7] Future Projections - Revenue projections for 2025 to 2027 are estimated at 3.52 billion, 5.48 billion, and 8.02 billion respectively, with growth rates of 47.6%, 55.8%, and 46.3% [2][9] - The target market capitalization is set at 123.2 billion RMB, with a target price of 9.66 HKD [2]

务高速增长 事件：8 月 26 日，经纬恒润发布 2025 年半年报。2025 年上半年公司实 现营收 29.1 亿元（同比+43.48%），归母净利润-0.87 亿元（同比亏损收窄）， 扣非归母净利润-1.15 亿元（同比亏损收窄）。2025Q2 公司实现营收 15.8 亿元（同比+38.9%，环比+18.98），归母净利润 0.33 亿元（扭亏为盈），扣 非归母净利润 0.19 亿元（扭亏为盈）。 公司迎来经营拐点，汽车电子产品业务持续高速增长。 公司汽车电子产品布局完善，域控技术加速升级，为未来增长奠定基础。 在公司持续高强度的研发投入下，公司已基本完成整车电控产品的全覆盖 布局：物理区域控制器产品实现 100 万套下线；智能驾驶域控制器与市场 头部物流公司达成战略合作，将于年底量产；车身域控产品持续获得新的 定点；底盘域控定点新一代车型项目，并且启动国产芯片方案的量产开发； 新能源多合一控制器产品配套主流车型并实现快速放量。 2025 年 08 月 28 日 经纬恒润-W(688326.SH) 25Q2 公司经营迎来拐点，汽车电子业 股价表现 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对 ...

Q2 单季盈利能力同比改善：新宝 Q2 归母净利率为 7.5%，同比 +1.1pct。公司单季盈利能力同比提升，主要因为：1）Q2 投资收 益占收入的比例同比+0.8pct，主要受到人民币兑美元汇率波动影 响，本期外汇期权合约投资损失减少。2）Q2 毛利率同比+0.1pct， 主要因为国补带动内销产品结构改善。费用方面，Q2 期间费用率 同比+0.1pct，整体费用效率变动较稳定，其中销售、管理、研发、 财务费用率同比+0.4pct、-0.8pct、-0.1pct、+0.6pct。 Q2 经营现金流净流出：Q2 新宝经营性现金流净额-1.2 亿元， 上年同期为 2.7 亿元。公司经营性现金流净流出，主要因为 Q2 购 买商品、接受劳务支付的现金 YoY+26.6%，我们推测主要受到增 加产能建设和备货支出的影响。Q2 期末公司在建工程、存货 YoY+49.1%、+2.6%。 2025 年 08 月 28 日 新宝股份(002705.SZ) Q2 外销有所承压，盈利能力改善 事件：新宝股份公布 2025 年中报。公司 2025 年上半年实现收 入 78.0 亿元，YoY+1.0%；实现归母净利润 5.4 亿元， ...

2025 年 08 月 28 日 康缘药业(600557.SH) 创新药研发加速，多个产品有望取得关 键临床进展 事件及观点：公司发布 2025 年中报。我们认为，公司短期内业 绩承压核心在于去年同期高基数及中药领域部分外部因素影响， 后续影响有望弱化；且公司未来创新药看点丰富，包括下一代乙 酰胆碱酯酶抑制剂氟诺哌齐、三靶点减重药 ZX2021 及双靶点减 重药 ZX2010 等产品后续有望陆续读出临床数据，后续催化剂较 多。 业绩情况：2025 年上半年公司实现营业收入 16.42 亿元，同比 下滑 27.36%，归母净利润 1.42 亿元，同比下滑 46.36%，经营性 现金流量净额 1.44 亿元。主业下滑主要在于去年同期高基数影 响，叠加宏观环境及医药行业政策影响公司呼吸、心脑疾病领域 药品终端市场需求出现波动。业绩虽有所承压，但在销售端，公 司持续推进营销改革，品种端，公司独家品种数量丰富，并推进 存量产品新适应症开发及创新中药布局，上半年玉女煎颗粒（用 于胃热阴虚证）、淫羊藿总黄酮胶囊（血管性痴呆适应症）、固本 消疹颗粒（用于慢性自发性荨麻疹卫表不固证）、连参更年颗粒（用 于更年期综合征（阴虚火旺 ...

策略主题报告 证券研究报告 2025 年 08 月 28 日 还是靠出海赚钱！——再论出海定价"十大关键" 虽然 2025 年全球市场环境对于中国企业出海出口并不算友好，但我国出口依 旧体现出了较强韧性，2025 年 1-7 月出口增速（以人民币计）达 7.30%，同时 2024 年中国制造业 500 强海外员工增长 14.26%，2025 年上半年对"一带一 路"沿线非金融类 OFDI 亦延续高增 20.70%。就资本市场定价而言，相较于去 年上半年出海出口链大规模β定价，虽然年初至今出海出口链定价由β定价减 弱，但依然是 2025 年以来主动权益基金超额业绩的主要来源。事实上，当我 们对年初至今收益排名在前 25%的主动权益基金重仓持股进行梳理后发现"赚 钱还是看出海"：2025 年初至今收益越高的主动权益基金其对于出海的配置敞 口整体越高——整体而言，收益前 25%的主动权益基金其对出海的配置比例较 全部主动基金高出了 5.47 pct。而从配置线索层面观察，亦能够发现：无论 是重仓全球 AI 算力链或是重仓创新药 BD，还是重仓新消费下的泡泡玛特，其 背后本质均为出海。事实上，"赚钱还是看出海"背后核 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 51.40 CNY [5]. Core Views - The company's revenue for H1 2025 reached 10.56 billion CNY, a year-on-year increase of 4.4%, while the net profit attributable to shareholders was 400 million CNY, a year-on-year decrease of 19.7% [1]. - The company is actively expanding its overseas business and new business directions such as home appliance controllers and computing devices, which are expected to create new growth curves [3]. - The company has seen a positive trend in domestic education business revenue growth, driven by the promotion of educational AI products [2]. Financial Performance Summary - In Q2 2025, the company achieved revenue of 5.56 billion CNY, a year-on-year decrease of 1.2%, and a net profit of 240 million CNY, a year-on-year decrease of 25.5% [1][2]. - The net profit margin for Q2 was 4.2%, down 1.4 percentage points year-on-year, primarily due to rising raw material prices and a higher proportion of lower-margin home appliance controller business [2]. - The company’s operating cash flow for Q2 increased by 220 million CNY year-on-year, attributed to higher cash payments for goods and services [3]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.41 CNY, 1.61 CNY, and 1.82 CNY respectively [3]. - The company’s revenue is forecasted to grow from 24.66 billion CNY in 2025 to 30.64 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 11.3% [4][15].

2025 年 08 月 27 日 乐普生物-B(02157.HK) EGFR ADC 获批上市值得期待，多个管 线产品快速推进中 事件：公司发布 2025 年中期业绩，报告期内公司实现营业收入 4.66 亿元，实现归母净利润 0.42 亿元。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 EGFR ADC 获批上市值得期待，多个数据即将在 ESMO 学术会议 披露。公司 EGFR ADC MRG003 鼻咽癌适应症已在 NDA 上市审核阶 段，后续获批上市值得期待，此外联用 PD-1 的 R/M 鼻咽癌适应症 正在进行 3 期临床，单药治疗二线及以上头颈癌适应症正在进行 3 期临床。数据披露方面，公司预计在 ESMO 2025 年会上披露 MRG003 联合 PD-1 的头颈癌 2 期数据以及联合 PD-1 的鼻咽癌 2 期 数据，相关数据披露值得期待。 其他多个管线产品快速推进中，已达成多个对外授权合作。其 他产品管线方面， TF ADC MRG004A 已在 2025 年 8 月进入 3 期注 册临床阶段，预计将在 ESMO 2025 年会上披露胰腺癌 1b 期数据； 溶瘤病毒 CG0 ...