Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 18.07 CNY per share, compared to the current share price of 14.85 CNY [5][7]. Core Insights - The company achieved a revenue of 2.78 billion CNY in H1 2025, representing a year-on-year growth of 17.18%, while the net profit attributable to shareholders was 216 million CNY, a decrease of 15.63% year-on-year [1]. - In Q2 2025, the company reported a revenue of 1.44 billion CNY, which is a 9.83% increase year-on-year and a 7.84% increase quarter-on-quarter, driven by strong sales from core customer Chery and the continued growth of new energy vehicle clients [2]. - The company’s gross margin in Q2 2025 was 15.81%, down 3.31 percentage points year-on-year but up 0.84 percentage points quarter-on-quarter, with improvements attributed to economies of scale [2]. - Investment income from joint ventures and associates was 70 million CNY in Q2 2025, down 8.65% year-on-year but up 98.18% quarter-on-quarter, indicating a significant recovery [3]. - The report highlights multiple factors driving future growth, including the expansion of new energy vehicle clients, international market development, and breakthroughs in exterior parts business [4]. Financial Summary - The company is projected to achieve net profits of 530 million CNY, 640 million CNY, and 770 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 10.7, 8.8, and 7.3 [5][12]. - The company’s revenue is expected to grow from 46.0 billion CNY in 2023 to 100.4 billion CNY by 2027, reflecting a compound annual growth rate of approximately 20% [12].

PD-L1 ADC HLX43 快速推进中，早期临床数据优异。早期临床 数据方面， I 期首次人体临床研究数据表明 HLX43 在非小细胞肺 癌（NSCLC）、胸腺鳞癌（TSCC）等实体瘤中展现出"高效、低毒" 的治疗潜力，且对于鳞状/非鳞状 NSCLC，有无 EGFR 突变、有无 脑/肝转移、PD-L1 阳性/阴性的 NSCLC 患者人群都显示出优异疗 效，不依赖生物标志物筛选，后续更多数据读出值得期待。临床 开发进展方面，目前公司正全力推进 HLX43 在 NSCLC 中的国际多 中心 II 期临床研究，并在中、美两国完成首例受试者给药；此 外，公司还计划于近期启动针对胸腺癌国际多中心临床研究，同 步推进该产品在更多实体瘤，包括宫颈癌、肝细胞癌、食管鳞癌、 头颈鳞癌、鼻咽癌、结直肠癌、胃/胃食管结合部癌等瘤种中的 II 期临床研究，持续挖掘其治疗潜力。 多个早期管线产品具备较高潜力，后续临床推进值得期待。公 司还布局了多个具备较高潜力的早研品种，包括人唾液酸酶融合 蛋白 HLX79、较现有 CD47 靶向疗法更具安全性优势的新型 SIRP α-Fc 融合蛋白 HLX701、创新抗 PD-L1/VEGF 双 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 16.56 CNY per share [6]. Core Views - The company reported excellent Q2 2025 performance with revenue of 9.752 billion CNY, a year-on-year increase of 27.21%, and a net profit attributable to shareholders of 1.074 billion CNY, up 82.26% year-on-year [1]. - The company's self-owned brand, Wujie, is experiencing rapid growth, with H1 2025 sales reaching 1.980 billion CNY, a year-on-year increase of 30.23% [2]. - The company is expanding its product categories and enhancing its marketing and distribution capabilities, leading to improved product competitiveness [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a comprehensive gross margin of 19.71%, an increase of 0.30 percentage points year-on-year and 1.62 percentage points quarter-on-quarter [3]. - The company reported a net profit of 567 million CNY in Q2 2025, reflecting a year-on-year increase of 70.99% and a quarter-on-quarter increase of 11.93% [3]. Market Expansion - The company is focusing on expanding its Wujie brand in the domestic market, particularly in the mid-to-large displacement motorcycle segment, with significant sales growth expected from new product launches [4]. - In overseas markets, particularly Italy and Spain, the company has seen substantial growth, with a 2024 revenue of 1.35 billion CNY from overseas, a year-on-year increase of 107.5% [10]. Future Projections - The company is projected to achieve net profits of 1.89 billion CNY, 2.22 billion CNY, and 2.69 billion CNY for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 13.8, 11.7, and 9.7 [10][11].

2025 年 08 月 27 日 亚盛医药-B(06855.HK) 奥雷巴替尼持续放量，Lisaftoclax 国 内获批成为新增量 事件：公司发布 2025 年中期业绩，报告期内公司实现营业收入 2.34 亿元，实现归母净利润-5.91 亿元。 奥雷巴替尼持续放量，多个临床快速推进中。销售放量方面， 2025 年上半年奥雷巴替尼在中国的销售收入增长 93%，从 2024 年 上半年的 1.13 亿元人民币增至 2.17 亿元人民币，放量趋势明显。 临床开发方面，治疗既往系统性治疗失败的琥珀酸脱氢酶（SDH） 缺陷型胃肠间质瘤（GIST）患者的注册 III 期临床 POLARIS-3 研 究、治疗伴有或不伴有 T315I 突变的经治 CML-CP 成年患者的注 册 III 期临床 POLARIS-2 研究、联合化疗对比伊马替尼联合化疗 治疗新诊断费城染色体阳性（Ph+）急性淋巴细胞白血病（ALL） 患者的注册 III 期临床 POLARIS-1 研究正顺利推进中，且公司正 计划争取 FDA 许可以开展一项针对新诊断 Ph+ ALL 患者的注册 III 期临床研究。 Bcl-2 抑制剂 Lisaftoclax ...

2025 年 08 月 27 日 臻镭科技(688270.SH) 订单饱满业绩释放，多极成长未来可期 事件：2025H1 公司实现营收 2.05 亿元，同比+73.64%；归母净 利润 0.62 亿元，同比+1007%；扣非归母净利润 0.53 亿元，去年 同期为-61 万元。 下游需求回暖业绩快速释放，规模增加提升盈利能力 期内下游需求快速回暖，公司在收入和利润端实现快速增长；在收入 规模提升背景下，公司盈利能力得到提升，2025H1 公司净利率同比 提升 25.6pct 至 30.4%，25Q2 净利率同比提升 12.5pct 至 30.1%。 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 公司快报 各领域订单饱满，商业航天配套产品转批产打造多成长极 公司延续高研发投入，25H1研发投入达0.67亿元，研发费用率32.5%。 伴随下游需求回暖，各领域项目和订单积极释放，在手订单大幅增长。 同时，伴随遥感卫星和低轨卫星批量发射和组网应用，公司部分配套 产品进入批产交付阶段，成为公司另一重要成长极，未来成长可期。 投资建议： 我们预计公司 25/26/27 年净利润分别为 1.12/1.8 ...

风险提示：原材料成本上升，新业务拓展不及预期、教材教辅 政策变化等。 2025 年 08 月 27 日 南方传媒(601900.SH) 经营持续稳健，受免税政策影响利润端 高增 事件： 公司发布 2025 年中报，2025 年上半年实现收入 39.72 亿（yoy- 1.3%），归母净利润为 4.51 亿(yoy+50.74%)。 收入端小幅下滑，利润端高增。2025Q1 收入端小幅下滑，主要 受到教辅、报媒收入增长和教材、一般图书、课后服务业务下降 的综合影响。2025H1 综合毛利率为 35.01%，较 2024 年提升 1.47pct；销售费用率、管理费用率、研发费用率分别为 9.36%、 10.83%、0.50%，具有较强的控费能力。受免税政策影响，所得税 费用同比大幅减少，拉动利润端实现高增，2025H1 实现归母净利 润为 4.51 亿，同增 50.74%。 教材教辅基本盘稳固，持续夯实出版壁垒。公司背靠广东人口 大省，2025 年春发行中小学教材约 1.72 亿册。同时不断夯实教 材教辅出版壁垒，目前共有 23 个学科国标教材通过教育部审定， 科目数量仅次于人教社，同时共有 6 套地方综合课程通 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 57.32 CNY per share, compared to the current price of 44.98 CNY [5][8]. Core Insights - The company achieved a revenue of 124.5 billion CNY in H1 2025, representing a year-on-year increase of 20.18%. The net profit attributable to shareholders was 6.644 billion CNY, up 23.13% year-on-year [1]. - The communication and automotive sectors are expected to drive sustained growth, with the automotive business showing a remarkable year-on-year increase of 82.07% in H1 2025 [3][4]. - The company is benefiting from the AI-driven innovation cycle in the consumer electronics sector, which is projected to continue its growth trajectory [2]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 124.5 billion CNY, with a net profit of 6.644 billion CNY, marking increases of 20.18% and 23.13% respectively [1]. - For Q2 2025, the revenue was 62.715 billion CNY, a 22.51% increase year-on-year, and the net profit was 3.601 billion CNY, up 23.09% [1]. - The Q3 2025 forecast indicates a net profit of 4.246 to 4.699 billion CNY, reflecting a year-on-year increase of 15.41% to 27.74% [1]. Business Segments - The consumer electronics segment generated 97.799 billion CNY in H1 2025, accounting for 78.55% of total revenue, with a year-on-year growth of 14.32% [2]. - The communication and data center business saw a revenue of 11.098 billion CNY in H1 2025, a significant increase of 48.65% year-on-year [2]. - The automotive business reported a revenue of 8.658 billion CNY in H1 2025, with a remarkable growth of 82.07% year-on-year, driven by new projects from major automotive manufacturers [3]. Profitability and Cost Management - The overall gross margin for H1 2025 was 11.61%, slightly down by 0.09 percentage points year-on-year, primarily due to a decrease in the gross margin of the consumer electronics segment [4][8]. - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 0.45%, 2.53%, and 3.69% respectively [8]. - The net profit margin improved to 5.86%, reflecting a year-on-year increase of 0.30 percentage points, indicating resilience in profitability [11].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 32.50 CNY [7]. Core Views - The company experienced a revenue decline of 20.43% year-on-year in H1 2025, with total revenue of 811 million CNY and a net profit of -0.49 million CNY [1]. - The drone-related business faced significant short-term pressure, with revenues dropping 44.39% to 305 million CNY in H1 2025, while technical service revenue saw a substantial increase [2]. - There is an anticipated demand turning point in the domestic and international drone markets, with expectations of recovery in the second half of the year [3]. - The company has significantly increased its contract liabilities by 392% to 169 million CNY, indicating proactive inventory buildup in anticipation of demand recovery [4]. Financial Summary - The company forecasts net profits of 268 million CNY, 379 million CNY, and 457 million CNY for 2025, 2026, and 2027, respectively, with growth rates of 204%, 41.5%, and 20.6% [5]. - The projected revenue for 2025 is 4.24 billion CNY, with a net profit margin of 6.3% [11]. - The company’s average PE ratio for comparable companies is projected at 138 and 85 for 2025 and 2026, respectively, with the company being valued at 85 times PE for 2026 [5][10].

2025 年 08 月 27 日 西子洁能(002534.SZ) 余热锅炉龙头，核电+SOFC 蓄力长期发 展 事件： 2025 年 8 月 25 日，公司发布 2025 年半年度报告，公司 2025H1 实现 营业总收入 27.94 亿元（同比-6.49%），归母净利润 1.48 亿元（同比 -56.81%），扣非归母净利润 1.29 亿元（同比+37.58%）。 余热锅炉龙头，"传统能源+新能源"双轮驱动： 公司的核心业务包括余热锅炉、清洁环保能源装备、换热器及压力容 器为核心设备的解决方案、备件及服务。经过多年发展，形成了"传 统能源+新能源"两大业务板块。在传统能源领域，公司是我国规模 最大、品种最全的余热锅炉研究、开发和制造基地，主要产品包括燃 机余热锅炉、干熄焦余热锅炉等，市场占有率位居行业前列。新能源 领域，公司经过多年发展，逐步实现单一的产品制造商向节能环保设 备和能源利用整体解决方案供应商方向转变，涵盖了核电设备、光热 发电关键部件、用户侧储能以及多能联储、火电灵活性改造等综合解 决方案等多方面，具备充分的项目经验和制造优势。 核电设备空间广阔，前瞻性布局 SOFC 把握产业先机： 积极布局 ...

2025 年 08 月 26 日 迪普科技(300768.SZ) 业绩稳健增长，布局国产算力交换机 事件概述 1）近期，公司发布 2025 年半年报，上半年实现营业收入 5.51 亿元， 同比增长 9.59%，上半年实现归母净利润 0.52 亿元，同比增长 0.17%。 公司业绩实现稳健增长。 2）近期，公司推出国产化 400G 算力交换机系列，选用国产 CPU 与国 产交换芯片，支持丰富的数据中心特性。算力交换机有望拉动公司业 务新增长。 运营商行业稳健增长，应用交付及网络产品成长可期 收入拆分方面，分行业来看，公司上半年运营商业务实现收入 1.57 亿元，同比增长 16.75%；政府业务实现收入 0.92 亿元，同比下降 43.19%；公共事业实现收入 0.86 亿元，同比增长 2.64%；金融行业 实现收入 0.78 亿元，同比增长 85.58%。公司收入占比最高的运营商 行业维持稳健增长，对公司业务起到支撑作用。 分产品来看，网络安全产品实现收入 3.19 亿元，同比下降 12.76%； 应用交付及网络产品实现收入 1.69 亿元，同比增长 81.67%。传统网 络安全需求依然承压，但是公司在应用交付 ...