Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][8]. Core Insights - The fluorochemical industry has shown strong performance, with the fluorochemical index rising by 16.75% in August, outperforming major indices [1][15]. - Main refrigerant prices are expected to continue stable growth, driven by limited supply and strong demand, particularly for R32 and R134a [2][22]. - The development of liquid cooling technology is anticipated to significantly boost demand for fluorinated liquids and refrigerants, as traditional cooling methods become inadequate [4][62]. Summary by Sections 1. Industry Performance - As of August 29, 2025, the fluorochemical index reached 1681.54 points, up 16.75% from the end of July, outperforming the Shenwan Chemical Index by 7.77 percentage points [1][15]. 2. Refrigerant Market Review - R32 prices are projected to rise to 62,000 CNY/ton by November, while R134a is expected to reach 54,000 CNY/ton [2][22]. - Export prices for R32, R22, and R134a as of July 2025 were 46,576 CNY/ton, 26,480 CNY/ton, and 44,598 CNY/ton respectively [2][35]. 3. Liquid Cooling Demand - The shift towards liquid cooling in data centers is driven by increasing power densities, with a projected market size exceeding 100 billion CNY by 2027 [62][66]. - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players benefiting from this trend [4][70]. 4. Regulatory Environment - The report discusses China's compliance with the Montreal Protocol, with significant reductions in HCFCs and HFCs production and usage planned for 2025-2030 [71][74]. - The production quota for R22 is set to decrease by 28% compared to 2024, reflecting ongoing regulatory pressures [74][76]. 5. Key Company Forecasts - Juhua Co., Dongyue Group, and Sanmei Co. are recommended as investment targets due to their strong market positions and growth potential in the refrigerant sector [5][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company has shown steady revenue growth, with a 0.89% year-on-year increase in revenue to 2.578 billion yuan in the first half of 2025, and a 17.41% increase in net profit to 950 million yuan [1][10]. - The product matrix is continuously enriched, with significant growth in overseas business, achieving a 59.6% year-on-year increase in overseas revenue to 202 million yuan [2][14]. - The company is advancing AI applications, launching self-developed AI platforms and new business models, which are expected to create new growth curves [3][19]. Financial Performance - In the first half of 2025, the company achieved a total revenue of 2.578 billion yuan, with a net profit of 950 million yuan, leading to a diluted EPS of 0.44 yuan [1][10]. - For Q2 2025, the company reported a revenue of 1.225 billion yuan, a 1.8% decrease year-on-year, while net profit increased by 12.8% to 432 million yuan [1][10]. - The financial forecast for 2025, 2026, and 2027 projects net profits of 2.268 billion yuan, 2.432 billion yuan, and 2.661 billion yuan respectively, with corresponding diluted EPS of 1.05 yuan, 1.13 yuan, and 1.24 yuan [19][21]. Product and Market Development - The product lineup includes both nostalgic and innovative categories, with successful titles in both segments contributing to revenue growth [2][14]. - The overseas performance of the game "Xianjian Qixia Chuan: New Beginning" has been notable, achieving top rankings in various app stores, which has significantly boosted overseas revenue [2][14]. - The company is also focusing on AI-driven game development and community platforms, which are expected to enhance user engagement and create new revenue streams [3][19].

Investment Rating - The report maintains an "Outperform" rating for the company [5][15][23] Core Insights - The company achieved a revenue of 3.733 billion yuan in the first half of the year, representing a year-on-year growth of 49.23%. However, it reported a net loss attributable to shareholders of 856 million yuan, a decline of 119.86% year-on-year [1][8] - The second quarter revenue reached 1.969 billion yuan, up 52.17% year-on-year, with a net loss of 87 million yuan, down 57.1% year-on-year, indicating a significant reduction in loss compared to the first quarter [1][8] - The growth in revenue is primarily driven by the commercialization of AI and contributions from music and short drama segments, while the net loss is attributed to R&D investments in AI and losses from investment income [1][8] Revenue Growth and AI Commercialization - The company has seen a strong performance in AI commercialization, launching several industry-leading models and applications, including the Skywork Super Agents, which can generate various types of content [2][10] - The short drama platform DramaWave has shown robust growth, achieving an annual recurring revenue (ARR) of over 240 million USD, with a monthly revenue exceeding 20 million USD, showcasing significant commercial potential [2][10] Overseas Business Performance - The company's overseas revenue reached 3.441 billion yuan in the first half of the year, a year-on-year increase of 56.02%, accounting for 93.0% of total revenue. The Opera segment generated 286 million USD in revenue, up 35% year-on-year [3][14] - By the second quarter of 2025, Opera's global monthly active users reached 289 million, with an annualized ARPU of 1.97 USD, reflecting a 35% year-on-year increase [3][14] Financial Forecasts - The report maintains profit forecasts, projecting net profits of -439 million yuan, 370 million yuan, and 398 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of -0.36, 0.03, and 0.32 yuan [3][15][16] - The company is positioned to become a platform company in the AIGC era, with ongoing commercialization efforts expected to gradually improve operational performance [3][15]

证券研究报告 | 2025年09月01日 中国神华（601088.SH） 优于大市 降本提效成本明显改善，中期分红率 79% 电力业务：下游需求疲软，发/售电量下降；售电价维持平稳、成本下降， 毛利率改善。2025Q2 公司发/售电量为 484/454 亿千瓦时，分别同比 -3.6%/-3.5%，环比-4.1%/-4.3%；毛利率 16.9%，同比+2.3pct，环比+1.5pct。 截至 2025 年 6 月末公司控制并运营的发电机组装机容量 47632 兆瓦，相比 一季度末增加 127MW。 公司发布 2025 年半年报：2025H1 公司实现营收 1381.1 亿元，同比-18.3%， 归母净利润 246.4 亿元，同比-12.0%。其中 2025Q2 公司实现营收 685.2 亿 元，同比-15.4%，环比-1.5%，归母净利润 126.9 亿元，同比-5.6%、环比+6.2%。 运输业务：铁路、港口业务修理费用下降致成本降低，盈利改善。2025H1 铁 路 / 港 口 / 航 运 分 部 营 收 分 别 为 214/35/16 亿 元 ， 分 别 同 比 -4.5%/+0.6%/-34%，毛利率分别 ...

证券研究报告 | 2025年09月01日 广电计量（002967.SZ） 优于大市 上半年归母净利润同比增长 22%，新质生产力业务加速驱动 2024 年收入同比增长 10.01%，归母净利润同比增长 22.11%。公司 2025 年 上半年实现收入 14.78 亿元，同比增长 10.01%，归母净利润 0.97 亿元，同 比增长 22.11%，扣非归母利润 0.83 亿元，同比增长 26.35%，其中二季度收 入 8.60 亿元，同比增长 13.79%，归母净利润 0.92 亿元，同比增长 17.83%， 扣非归母净利润 0.85 亿元，同比增长 17.95%，受益新质生产力业务实现较 好增长，利润增速快于收入增速。另上半年毛利率/净利率 43.36%/6.25%， 同比提升 1.47/0.70 个百分点，结构优化、降本增效明显。 核心观点 公司研究·财报点评 机械设备·通用设备 | 证券分析师：吴双 | 证券分析师：王鼎 | | --- | --- | | 0755-81981362 | 0755-81981000 | | wushuang2@guosen.com.cn | wangding1@guose ...

公司发布 2025 年半年报：2025H1 公司实现营收 779.8 亿元，同比-14.2%， 归母净利润 76.4 亿元，同比-31.2%。其中 2025Q2 公司实现营收 378.2 亿元， 同比-20.5%，环比-5.8%，归母净利润 28.3 亿元，同比-54.6%、环比-41.0%。 二季度陕煤朱雀新材料产业 2 期单一资产管理清算退出，冲回递延所得税费 用对利润产生一定影响。 煤炭业务：自产煤产销量、成本保持相对稳定，煤价下行致毛利下滑；积极 推进资源接续工作，期待产能增长。2025H1 公司煤炭产/销量为 8740/12599 万吨，同比+1%/+1%；其中自产煤销量 8087 万吨，同比+1.4%。2025Q2 煤炭 产量为 4346 万吨，同环比-3%/-1%，自产煤销量 4132 万吨，同环比-2%/+4%。 2025H1 自产煤售价 420 元/吨，同比-118 元/吨；原选煤单位完全成本 280 元/吨，同比-1.39 元/吨，其中材料费增加 3.68 元/吨，维护及修理费增加 4.31 元/吨，薪酬减少 2.17 元/吨，相关税费减少 8.08 元/吨，其他支出减 少 2.87 元/ ...

Investment Rating - The automotive industry is rated as "Outperform" [5][6][13] Core Views - The industry is transitioning into a technological era with significant advancements in electrification, intelligence, and connectivity, leading to structural development opportunities [13][14] - The domestic automotive market is expected to maintain a compound annual growth rate of 2% over the next 20 years, with a strong focus on electric and intelligent vehicles [14][22] - The report emphasizes the rise of domestic brands and the opportunities in incremental components driven by electrification and intelligence [9][25] Monthly Production and Sales Data - In July 2025, automotive production and sales reached 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [1] - From August 1 to 24, 2025, retail sales of passenger vehicles were 1.285 million units, a 3% increase year-on-year, while wholesale sales were 1.341 million units, a 12% increase year-on-year [1] Weekly Market Performance - For the week of August 25-31, 2025, the CS Automotive index rose by 0.28%, while the CS Passenger Vehicle index increased by 0.71% [2] - The CS Automotive sector underperformed compared to the CSI 300 index by 2.44 percentage points [2] Key Companies and Investment Recommendations - Recommended companies include: - Leap Motor, Geely, and JAC Motors for strong new product cycles [3][5] - Intelligent component suppliers like KOBOT, Huayang Group, and Junsheng Electronics [3][5] - Robotics companies such as Top Group and Sanhua Intelligent Control [3][5] - Domestic replacement companies like Xingyu, Fuyao Glass, and Jifeng [3][5] Industry Trends and Projections - The report highlights the expected growth in new energy vehicle sales, projecting over 1.55 million units in 2025, a year-on-year increase of over 25% [25][29] - The rise of domestic brands is supported by technological advancements and market strategies from companies like Huawei and Xiaomi [25][28] Company Earnings Forecasts - Key companies' earnings forecasts indicate significant growth potential, with Leap Motor expected to achieve a notable increase in sales [5][31] - The report provides detailed earnings projections for various companies, emphasizing the strong performance of domestic brands [5][31]

Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Outperform the Market" [6][19]. Core Views - The company is experiencing accelerated performance release, with a new technology cycle positioning it as a leading consumer battery enterprise. In H1 2025, the company achieved a net profit of 117 million yuan, a year-on-year increase of 15%, and revenue of 6.098 billion yuan, also up 14% year-on-year [1][4]. - The company's consumer battery sales are steadily growing, maintaining its industry-leading position. In H1 2025, the estimated sales volume of consumer batteries reached approximately 200 million units, a year-on-year increase of over 17% [2][15]. - The company is focusing on high-rate scenarios in its dynamic storage battery segment, with revenue from its subsidiary Zhejiang Guanyu reaching 973 million yuan in H1 2025, a year-on-year increase of 140% [3][17]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 6.098 billion yuan, a 14% increase year-on-year, and a net profit of 117 million yuan, also up 15% year-on-year. In Q2 2025, revenue reached 3.599 billion yuan, a 29% year-on-year increase and a 44% quarter-on-quarter increase, with a net profit of 141 million yuan, marking a 53% year-on-year increase [1][9]. - The gross margin for Q2 2025 was 24.65%, up 3.27 percentage points quarter-on-quarter, while the net margin was 3.47%, up 5.73 percentage points quarter-on-quarter [1][9]. Sales and Market Position - The company estimates that in H1 2025, consumer battery sales reached approximately 200 million units, with year-on-year growth rates of 7% for laptop batteries, 43% for mobile phone batteries, and 80% for other consumer batteries [2][15]. - The self-supply ratio of consumer battery cells reached 44.43%, an increase of 3.68 percentage points year-on-year [2][15]. Technological Advancements - The company is set to launch steel-shell battery products in H2 2025, which are expected to double in price compared to traditional soft-pack batteries, potentially driving revenue and profit growth [2][16]. - The company has established a solid-state lithium battery experimental line, providing a core platform for future technological breakthroughs [2][16]. Dynamic Storage Battery Segment - The dynamic storage battery segment is focusing on high-rate applications, with revenue from Zhejiang Guanyu reaching 973 million yuan in H1 2025, a year-on-year increase of 140% [3][17]. - The company has secured significant partnerships with major automotive manufacturers for low-voltage batteries and has seen over 200% year-on-year growth in drone battery revenue [3][17]. Profit Forecast Adjustments - The profit forecast has been adjusted, with expected net profits of 610 million yuan, 1.401 billion yuan, and 1.808 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 42%, 130%, and 29% [4][19].

证券研究报告 | 2025年09月01日 三峡能源（600905.SH） 优于大市 利用小时数、电价下降影响利润，新能源项目建设稳步推进 2025Q2 营业收入小幅下降，扣非归母净利润降幅较大。2025 年上半年，公 司实现营业收入 147.36 亿元（-2.19%），归母净利润 38.15 亿元 （-5.48%），扣非归母净利润 32.00 亿元（-20.74%）。2025 年第二季 度，公司实现营业收入 71.07 亿元（-0.79%），归母净利润 13.68 亿元 （-15.41%），扣非归母净利润 11.16 亿元（-31.02%）。公司营业收入 和归母净利润下降的原因：（1）受电源分布和各地区消纳情况综合影 响，发电平均利用小时数同比下降；（2）上网电量结构变化和市场化 交易电量比重上升，综合平均电价同比有所下降；（3）随着并网项目 陆续投产，折旧及运营成本随在建工程转固同比增加。公司扣非归母净 利润下降幅度较大的原因：2025 年上半年，公司处置参控股水电公司股 权及相关债权，投资收益较同比增加 4.66 亿元，导致非经常性收益较 高。 新能源项目建设推进，装机容量持续增长。公司围绕"沙戈荒大基地 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][25][6] Core Views - The company achieved a revenue of 13.03 billion yuan in H1 2025, representing a year-on-year growth of 23.0%, and a net profit of 1.21 billion yuan, up 27.6% year-on-year, driven by policies stimulating demand for electric two-wheelers [1][8] - The gross margin for H1 2025 was 19.2%, an increase of 1.4 percentage points year-on-year, while the net margin was 9.5%, up 0.4 percentage points year-on-year, indicating improved profitability due to the old-for-new policy and alleviation of price wars [2][13] - The company is actively expanding its product lines and channels, including launching new product lines targeting women and technology, which is expected to enhance sales and market share [3][20] Financial Performance - The company forecasts net profits of 2.623 billion yuan, 3.137 billion yuan, and 3.726 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 3.02 yuan, 3.61 yuan, and 4.29 yuan [4][25] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 12, 10, and 9 respectively, indicating a favorable valuation outlook [4][25] Product and Channel Development - The company plans to increase its terminal store count from 30,000 in 2023, aiming to enhance sales efficiency and reach more customers [21][23] - The electric three-wheeler segment is expected to become a new growth point, with sales projected to reach 550,000 units in 2024, reflecting a year-on-year growth of 28.9% [24][3]