公 华福证券 司 研 究 百润股份（002568.SZ） 酒类主业承压调整，期待威士忌成长放量 公 司 财 事件：公司发布 2025 年半年报，上半年公司实现营业收入 14.89 亿元，同 比-8.56%；实现归母净利润 3.89 亿元，同比-3.32%；实现扣非归母净利润 3.56 亿元，同比-9.04%；经营活动现金流净额 4.91 亿元，同比增长 67.06%。 其中 Q2 单季度实现营收 7.52 亿元，同比-8.98%；归母净利润 2.08 亿元， 同比-10.85%，扣非归母净利润 1.78 亿元，同比-22.61%。 报 点 评 酒类主业仍处调整期，线下渠道需求阶段性承压。分产品看，25H1 公 司酒类产品板块主营业务收入 12.97 亿元，同比-9.35%；香精业务收入 1.69 亿元，同比-3.91%。分渠道看，25H1 公司线下渠道收入 13.11 亿元，同比 -9.63%；数字零售渠道收入 1.55 亿元，同比-0.57%。公司期末经销商数量 合计 2268 家，较期初净增 200 家，渠道深度广度稳步提升。 Q2 毛利率小幅下行，整体盈利能力维持稳健。2025Q2 公司实现毛利 率 7 ...

策 略 研 究 华福证券 八月行情收官 投资要点： 本周（8/25-8/29）市场震荡上行，全 A 收涨 1.90%。从指数情况看， 创业板指、科创 50 领涨，中证红利、微盘股收跌。从风格情况看，科技领 涨，金融地产领跌。本周 31 个申万行业涨跌不一，通信、有色金属、电子 领涨，银行、煤炭、纺织服饰领跌。 策 略 定 期 报 告 市场观察：市场情绪上升，行业轮动强度下降。（1）市场估值：股债 收益差下降至 0.7%，小于+1 标准差。估值分化系数有所下降。（2）市场 情绪：市场情绪上升，行业轮动强度下降。市场大盘风格占优，微盘股指 数跑输市场，主题热度主要聚集在光模块(CPO)、光通信、6G。（3）市场 结构：市场量能创下新高，通信、电子、有色金属多头个股占比居前，轻 工制造、美容护理、建筑装饰内部或存在α机会。（4）市场资金：本周陆 股通周内日平均成交金额较上周上升 536 亿元，本周陆股通周内日平均成 交笔数较上周上升 166 万笔。本周陆股通成交额排名前三的标的为宁德时 代、新易盛、东方财富，近 5 日涨幅分别为 6.6%、30.1%、3.8%。杠杆资 金净流入 1004 亿元，主要流入行业为电子、 ...

财务分析：毛利率维持高位，净利率有所改善。 华福证券 医美服务 2025 年 09 月 01 日 公 司 研 究 公 司 财 报 点 时代天使（06699.HK） 2025 半年报点评：海外案例数及收入实现高增， 国际化扩张逻辑持续兑现 事件：公司公布 25H1 业绩，报告期内实现收入 1.61 亿美元（+33%），归 母净利润 0.15 亿美元（+363%），案例数 22.58 万例（+47.7%）。 海外案例数及收入均实现高增，国际化扩张逻辑持续兑现。 评 25H1 公司实现海外案例数 11.72 万例（+103.5%），案例数占比提升 至 51.9%，客单价为 612 美元（+9.8%）；实现海外收入 0.72 亿美元（+123%）， 收入占比提升至 44%。毛利率 61.2%（+2.96pct），海外分部净利率-7.5%， 同比大幅收窄 44.5pct。海外亏损的大幅收窄主要受益于收入规模高速扩张、 海外生产基地建设的延期以及海外人员团队扩张的暂缓。 国内实现稳健增长，维持行业领先地位。 25H1 公司实现国内案例数 10.9 万例（+14%），实现收入 0.9 亿美元 （+0.7%），实现分部净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.495 billion yuan (+9.52%) and net profit attributable to shareholders of 152 million yuan (+41.9%) [3][9] - The offline business showed steady growth, with a revenue increase of 11.1% to 1.37 billion yuan, driven by new acquisitions and existing business growth [5] - The company is actively embracing AI technology, having launched its first "National Medicine AI Avatar" in June 2025, with a total of 10 avatars covering eight core traditional Chinese medicine specialties by August [8][9] Financial Performance - The company achieved a gross profit margin of 30.6% (+1.2 percentage points) and a net profit margin of 10.1% (+2.3 percentage points) in the first half of 2025 [6] - The company has expanded its network to 83 medical institutions across 20 cities in China, with one institution in Singapore as of June 30, 2025 [7] - The adjusted net profit for 2025 is forecasted at 398 million yuan, with subsequent years projected at 492 million yuan in 2026 and 588 million yuan in 2027 [9][10] Market Outlook - The demand for traditional Chinese medicine services is strong, supported by favorable policies, indicating a period of rapid growth for the industry [9] - The company is positioned as a leading chain in the traditional Chinese medicine service sector, with significant long-term growth potential due to its brand, talent, and resource advantages [9]

公 华福证券 司 研 究 晨光股份（603899.SH） IP 和出海战略深化，下半年经营改善可期 司 财 报 点 评 Q2 营收企稳，IP 和出海战略持续推进。公司 1H25 实现收入 108 亿元， 同比-2.2%。分业务，1）传统核心业务：剔除关联交易后 H1 营收同比-7%， 晨光科技 H1 实现营收 5.56 亿元，同比+15.14%，公司坚持全渠道布局，线 下聚焦重点终端开展单店质量提升、推动重点品类在终端的有效上柜，通 过终端排面的优化，促进终端产品的动销，提升商圈占比，扩大市场份额。 公司 H1 实现境外营收 5.6 亿元，同比+15.9%，持续扩大非洲及东南亚市场。 2）办公直销业务：H1 科力普实现营收 61.3 亿元，同比+0.2%，保持战略 定力、业务稳定向好。3）零售大店业务：H1 零售大店实现营收 7.8 亿元， 同比+7%，其中九木杂物社营收 7.6 亿元，同比+9.5%，截止期末公司在全 国拥有超 830 家零售大店。分产品，H1 书写工具、学生文具、办公文具、 其他产品营收分别同比-0.2%、-8.5%、-8.5%、+6.8%，其中核心品类书写 工具、学生文具单价保持提升，I ...

华福证券 2025 年 09 月 01 日 策 略 研 究 基因细胞治疗领域把握：前沿疗法为未来医疗蓄 力（2025.8.25—2025.8.29） 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业仅有 1 个录得正收益，表现不 佳。 策 略 定 期 报 告 2、根据《Gene, Cell, & RNA Therapy Landscape Repor,Q2 2025 Quarterly Data Report》报告指出，2025 年第二季度，全球基因、细胞 与 RNA 疗法领域发展迅速，共有三款新疗法获批，包括美国 FDA 批 准的 Zevaskyn 和 mNexspike，以及中国 NMPA 批准的首款血友病 B 基 因疗法 BBM-H901。全球研发管线共计 4,469 项，其中基因疗法占比 49%，RNA 疗法占 29%，细胞疗法占 22%。肿瘤和罕见病仍是研发重 点，基因编辑和递送技术成为关键创新动力。本季度行业并购活跃， 交易总额超 60 亿美元，但初创公司融资下降 35%。未来多个疗法将迎 来监管决策，行业长期前景广阔。 团队成员 分析师： 赵月(S0210524050016) zy30 ...

证券研究报告 | 行业定期报告 银行 行业评级 强于大市（维持评级） 2025年9月1日 上市银行2025中报综述 回调完，中报后，再评估银行股的投资价值 证券分析师： 张 宇 执业证书编号：S0210524050005 付思雨 执业证书编号：S0210524080005 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 2 华福证券 ➢ 上半年银行财务指标边际向好。银行的半年报数据整体较一季报边际改善，多数银行营收和利润增速回升、不良 率稳中有降、拨备覆盖率边际企稳。按照子板块来看：国有行业绩改善超预期，手续费和其他非息收入增速较Q1 显著回升，带动业绩向好；股份行在非息业务收入向好、资产质量稳定的带动下，营收和利润增速触底反弹；部 分城商行信贷投放动能强劲，利息净收入增长拉动营收增速抬升；农商行在当前环境下营收承压。 华福证券 ➢ 在基本面夯实和前期板块调整蓄力的共同作用下，银行板块有望轮动补涨。下半年以来，银行板块经历了阶段性 调整，我们认为当前板块调整已相对充分。复盘过往行情，银行板块除了在牛市初期易出现超额收益，往往在成 长股行情演绎之后迎来第二轮补涨行情。并且，银行中报整体表现向好，银行 ...

行 华福证券 电力设备 2025 年 08 月 31 日 业 研 究 行 业 电力设备 产业周跟踪：固态电池标准加速制定，9 月玻璃 报价显著上涨 投资要点： 锂电板块核心观点：锂电排产旺盛迎接金九银十，固态电池加速标准 制定。1）9 月锂电排产高增，迎接金九银十；2）固态电池加速标准制定， 产业化渐行渐近。 定 期 报 告 光伏板块核心观点：光伏玻璃库存下降，9 月玻璃新单报价显著上涨。 根据 SMM，2.0mm 单层镀膜玻璃 9 月新单报价较 8 月初上调 2 元/平方米， 且针对近期需求量较大的组件 210 版型对应的玻璃新增价差机制，报价较 2.0mm 基准价增加 1 元/平方米，我们认为，此次 9 月光伏玻璃新单报价显 著上涨，主要原因来自库存下降（头部组件厂囤货抄底带动）及后续订单 量的支撑，当前最新头部玻璃企业库存天数降至接近 20 天，部分甚至降至 10 天左右；展望后续，我们预计 9 月玻璃落地价格将确定性上涨，同时后 续随着天然气价格上涨，年末玻璃价格仍有小幅上涨预期。 风电板块核心观点：推动海洋经济高质量发展，建设海洋强国。1）推 动海洋经济高质量发展，为海洋强国建设提供有力支撑；2）英 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [64]. Core Insights - The low-altitude sector is currently in a position to rebound, supported by ongoing catalysts since the second half of the year and new directions in the Sino-US competition [4][33]. - The low-altitude economy index increased by 1.03% this week, outperforming the Shanghai Composite Index, which rose by 0.84% [3][16]. - The sector is awaiting significant catalysts, as it has been relatively stagnant since the beginning of the year, with the broader market reaching new highs [4][32]. - The establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy indicates promising future policies [4][33]. - Infrastructure development and the application of drones in various sectors are key focuses for the low-altitude economy this year [5][33]. Summary by Sections Market Review and Weekly Insights - The low-altitude economy index rose by 1.03%, ranking 138 out of 330 sectors, indicating a better performance than the overall market [3][16]. - The top five gainers in the A-share and Hong Kong stock markets included Aerospace Hongtu (up 45.29%) and Changyuan Donggu (up 19.30%) [3][19]. - The sector is currently lacking major catalysts, with some companies experiencing significant stock price corrections due to average mid-term report performances [4][32]. Industry Dynamics - Recent developments include the opening of low-altitude flight demonstration projects in Guangzhou and the publication of an agricultural drone industry white paper [39][40]. - The government is actively promoting low-altitude economic projects, including the establishment of testing bases and the issuance of special bonds for infrastructure [40][41]. Investment Recommendations - Suggested focus areas include infrastructure companies such as Suzhou Planning and Lais Information, as well as drone-related companies like Henghe Precision and Tengya Precision [6][35]. - The report emphasizes the importance of infrastructure as a prerequisite for the low-altitude economy's emergence as a new industry [5][33].

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].