Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is experiencing a turning point in operations, supported by the resilience of the retail market and the rapid replication of new business models such as "Immediate Move-In" and "Beautiful Countryside" [1][2] - The overall price competition in the paint industry has temporarily subsided, leading to a steady growth in retail and an improvement in gross margins [2] - The demand for renovation in the paint sector has exceeded 50%, with the "Immediate Move-In" model aligning well with consumer needs in the existing housing market [3] - The company is actively participating in rural revitalization, maintaining the top market share in the imitation stone paint segment [4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenues of 1.574 billion, 1.795 billion, 1.733 billion, and 460 million for home decoration wall paint, engineering wall paint, base materials, and waterproof membranes respectively, with year-on-year changes of +8.4%, -2.3%, +10.4%, and -28.6% [2] - The overall gross margin improved to 32.35%, a year-on-year increase of 3.7 percentage points, with specific margins for home decoration wall paint, engineering wall paint, base materials, and waterproof membranes at 49.4%, 35.4%, 20.6%, and 13.8% respectively [2] - The company forecasts net profits of 780 million, 980 million, and 1.21 billion for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 54.0% [5] Market Position and Strategy - The company has over 2,300 "Immediate Move-In" community stores, reaching 420,000 households, with more than 15,000 professional service personnel [3] - The imitation stone paint market in China is projected to reach 22 billion by 2024, with the company holding a market share of 7.6% [4] - The company's revenue from the "Beautiful Countryside" business, primarily based on imitation stone paint, reached 940 million, growing over 50% year-on-year [4] Valuation - The target price for the company is set at 53.19 RMB, with a closing price of 47.71 RMB as of August 27 [11] - The report assigns a 40x price-to-earnings (PE) ratio for 2026, reflecting the strong retail attributes of the paint sector and the potential for domestic brand replacement [5]

Investment Rating - The report maintains an investment rating of "Buy" for the company [7]. Core Views - The company has shown steady growth in its power generation operations, with a focus on diversification proving effective [1]. - The company aims to reduce capital expenditures while increasing dividend levels and improving the quality of earnings [1]. - The report anticipates stable growth in cement investment returns amid a backdrop of reduced competition [1]. Revenue and Profitability - In the first half of 2025, the company achieved revenue of 3.09 billion CNY, a decrease of 1.6% year-on-year, primarily due to a decline in revenue from waste disposal construction [1]. - The net profit attributable to shareholders was 1.29 billion CNY, an increase of 9.3% year-on-year [1]. - The core net profit from the waste-to-energy business was 450 million CNY, a decrease of 6.0% year-on-year, impacted by a high base and losses in the new energy segment [1][2]. Waste Disposal Operations - The waste disposal segment generated revenue of 2.38 billion CNY in the first half of 2025, down 7.0% year-on-year, with construction revenue dropping significantly by 54.5% [2]. - The operational revenue increased by 7.6% year-on-year to 2.11 billion CNY, with 8.02 million tons of municipal waste processed, a 3% increase year-on-year [2]. - The company has improved its operational quality, with 87 waste-to-energy projects in operation by the end of the first half of 2025 [2]. Cash Flow and Dividends - The company reported a net cash inflow from operating activities of 910 million CNY, a slight decrease of 20 million CNY year-on-year [3]. - The company announced an interim dividend of 0.1 HKD per share, totaling 164 million CNY [3]. - The asset-liability ratio at the end of the first half of 2025 was 40.05%, a decrease of 0.23 percentage points year-on-year [3]. Joint Venture Investments - The share of profits from joint ventures was 840 million CNY, an increase of 19.7% year-on-year, benefiting from improved competition in the cement industry [4]. - The report highlights a positive outlook for joint venture earnings, particularly from the Conch Cement Group, which reported a net profit of 4.368 billion CNY, up 31.3% year-on-year [4]. Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 2.48 billion CNY, 2.76 billion CNY, and 3.03 billion CNY, respectively [5]. - The report assigns a valuation of 8.8x 2025 P/E for the environmental business and 9.3x 2025 P/E for the Conch Cement investment business [5]. - The target price has been raised by 16.6% to 12.12 HKD, based on the updated valuation metrics [5].

证券研究报告 中闽能源 (600163 CH) 业绩低于预期，海上风电新项目启动 2025 年 8 月 28 日│中国内地 发电 中闽能源发布半年报，1H25 实现营收 7.94 亿元（yoy-3%），归母净利 3.14 亿元（yoy-8%），扣非净利 3.02 亿元（yoy-7%）。其中 Q2 实现营收 2.80 亿元（yoy-21%，qoq-45%），归母净利 6,325 万元（yoy-51%，qoq-75%）， 归母净利低于我们的预测（1.05~1.16 亿元）、主要是电价下降导致毛利率 低于预期。长乐 B 区海上风电项目完成投决，我们预计有望于 26 年底前投 运、27 年贡献利润增量。维持"买入"评级。 并网装机同比持平，来风资源影响净利表现 截至 2025 年 6 月末公司并网装机合计 95.73 万千瓦，较年初无变化。1H25 福建海上风电净利 yoy-3.5%至 2.22 亿元、福建陆上风电净利 yoy+20%至 1.55 亿元。来风大小是影响公司业绩的核心变量，1H25 公司的福建陆上/ 海上风电利用小时分别为 1,356/2,037 小时（yoy+6.6%/-1.6%），均好于国 内风电均 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 21.42 [1][4]. Core Views - The company reported a revenue of RMB 49.9 billion for H1 2025, a year-on-year increase of 5.92%, and a net profit of RMB 3.475 billion, up 159% year-on-year. However, Q2 showed a revenue of RMB 25.5 billion, which was a 1.20% increase year-on-year but a 26.39% decrease quarter-on-quarter [1][2]. - The company has seen a continuous decline in pig farming costs, with estimated Q2 costs dropping to approximately RMB 12.4 per kilogram, leading to a significant profit advantage per head. The balance sheet is improving, although the chicken farming segment is facing losses due to a depressed market [1][2][3]. - The report suggests that the pig farming industry is beginning to show signs of "anti-involution," indicating a shift towards higher quality competition, which could benefit low-cost, high-quality producers like the company [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved RMB 32.7 billion in revenue from pig farming, a 16% increase year-on-year, driven by a 16% rise in sales volume to 16.62 million heads. The average profit per head for the first half is estimated to be around RMB 300 [2]. - The chicken farming segment generated RMB 15.1 billion in revenue, a 9% decrease year-on-year, with a sales volume of 598 million birds, reflecting an 18% drop in average selling price due to a relaxed supply situation [2]. Industry Outlook - The report highlights that the Ministry of Agriculture's monitoring indicates a reduction in the number of breeding sows, suggesting a potential stabilization in pig prices and improved profitability for the industry in the long term [3]. - The company is expected to benefit from its cost advantages and improved balance sheet, which may enhance its dividend-paying capacity as capital expenditures decrease [3]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of RMB 9.4 billion for 2025, RMB 9.4 billion for 2026, and RMB 19.4 billion for 2027. The company is valued at a price-to-book ratio of 2.97x for 2025 [4][8].

1. Report's Industry Investment Rating No industry investment rating was provided in the report. 2. Core Views of the Report - The relative value advantage of the domestic stock market over bonds has declined but remains relatively high compared to historical levels. Strategically, investors can continue to rely on the negative correlation between stocks and bonds for portfolio allocation, and tactically, the dynamic weight allocation still favors overweighting stocks [1][2][8]. - Since August, the increase in Hong Kong stocks has significantly lagged behind that of A - shares, possibly due to liquidity differences. There may be potential catch - up opportunities for Hong Kong stocks when the Fed turns dovish, and the indicative significance of the AH premium may be weakened [2][19]. - Globally, A - share valuations are still relatively low and may have significant room for improvement from perspectives such as the stock market capitalization/GDP ratio [2][27]. - In the US stock market, during the interest - rate cut cycle, small - and medium - cap and cyclical sectors, which are more sensitive to interest rates, may perform relatively well in the short term, while leading technology stocks with strong earnings may remain the long - term main theme [1][2][33]. 3. Summary by Relevant Catalogs Market Condition Assessment - Domestic: New and second - hand housing transactions have marginally stabilized, export throughput has maintained resilience, and price trends are differentiated. The central bank has continuously supported the liquidity, and the Fed's expected interest - rate cut provides room for subsequent incremental monetary policies. Fiscal policy may see a window of opportunity around the junction of the third and fourth quarters. Real estate policies continue to boost demand [3][45][47]. - Overseas: The US economy has maintained resilience. Powell's dovish speech signaled a possible interest - rate cut in September. The US 8 - month Markit composite PMI reached a 9 - month high [46]. Configuration Suggestions - **Large - scale assets**: The Fed's dovish stance steepens the US Treasury yield curve, benefiting global cyclical assets. It is advisable to use gold as a defensive position. A - shares are expected to be active in the short term and re - evaluated in the long term. The US Treasury yield curve is more likely to steepen, and short - end operations have higher certainty. The volatility of US stocks may increase in the short term, and it is recommended to hedge risks. Commodity sentiment has generally improved [4][39]. - **Domestic bond market**: The current bond market has weak coupon protection, high speculation, and strong sentiment - driven characteristics. Interest rates are likely to have an upper limit. It is recommended to look for opportunities after October and focus on curve steepening transactions. Avoid some volatile bond varieties [39]. - **Domestic stock market**: Near - term events may disrupt the market, but the overall environment remains favorable. Investors are advised to focus on the "hard technology" theme and explore "anti - involution" sub - themes. Increase trading flexibility if certain signals appear [40]. - **US Treasury bonds**: The market's expectation of an interest - rate cut has increased. It is expected that there will be at least two interest - rate cuts this year. Short - term trading may revolve around interest - rate cut expectations, and long - term, the probability of a steepening yield curve is higher. Band trading is recommended, with higher certainty at the short end [41]. - **US stocks**: After the Fed turns dovish, cyclical sectors may perform well in the short term, but there may be回调 risks. Technology stocks may remain the long - term main theme. It is recommended to hedge risks and wait for opportunities after Nvidia's earnings report [41]. - **Commodities**: The expectation of interest - rate cuts and the weakening of the US dollar have warmed commodity sentiment. Mineral stocks may have greater elasticity. Gold is expected to be strong, oil prices have bottomed out but are bearish in the long term, and copper prices may fluctuate in the short term [44]. Follow - up Concerns - **Domestic**: China's official and S&P Global manufacturing PMI for August, and the Shanghai Cooperation Organization Tianjin Summit [61]. - **Overseas**: The US second - quarter real GDP annualized quarterly rate revision, July existing home sales index monthly rate, July core PCE price index annual and monthly rates, and other economic data from the US, Eurozone, UK, and Japan [61].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.26 [7][9]. Core Views - The company reported a revenue of RMB 1.915 billion for H1 2025, a year-on-year decrease of 17.96%, and a net loss attributable to the parent company of RMB 5.6682 million, a year-on-year increase in loss of 106.86% [1][7]. - The ceramic industry is experiencing intense competition, and the company's strategic engineering business is closely tied to real estate, which has negatively impacted revenue. However, the expansion of new retail channels and the ongoing industry consolidation are seen as positive factors [1][2]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenues of RMB 1.915 billion, with a significant decline in net profit, aligning with previous forecasts of a loss between RMB 3.2 million and RMB 6.3 million [1][7]. - Q2 2025 saw revenues of RMB 1.229 billion, down 18.96% year-on-year but up 79.07% quarter-on-quarter, with a net profit of RMB 53.6132 million, down 26.52% year-on-year but up 190.44% quarter-on-quarter [1][2]. Product and Channel Analysis - The company’s revenue from glazed tiles and ceramic boards was RMB 1.562 billion and RMB 230 million respectively, reflecting declines of 15.94% and 12.13% year-on-year. The overall gross margin decreased to 24.96%, down 1.87 percentage points year-on-year due to price declines amid fierce market competition [2][3]. - The company is focusing on optimizing its product structure and enhancing its multi-channel approach to improve profitability [2]. Cost Management and Cash Flow - The company maintained strict control over operating expenses, with a period expense ratio of 21.56%, up 0.29 percentage points year-on-year, while absolute expenses decreased by 16.9% [3]. - Operating cash flow for H1 2025 was RMB 91 million, a decline of 75.67% year-on-year, indicating challenges in cash generation despite cost control efforts [3]. Industry Outlook - The ceramic industry is facing challenges due to a prolonged downturn in the real estate sector, leading to reduced demand and increased competition. However, the trend of "anti-involution" is driving industry consolidation, with weaker players exiting the market [4][5]. - The company is actively working on transferring debt assets and has signed agreements to offset debts with real estate, indicating a proactive approach to managing financial challenges [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards due to ongoing price competition, with expected net profits of RMB 165 million, RMB 240 million, and RMB 290 million respectively [5]. - The company is assigned a PE valuation of 26 times for 2026, leading to an upward adjustment of the target price to RMB 15.26, reflecting a more favorable outlook despite current challenges [5].

Investment Rating - The report maintains an investment rating of "Buy" for the company [1][5]. Core Views - The company's Q2 performance shows a quarter-on-quarter improvement, with core games stabilizing after entering a mature phase, leading to a year-on-year revenue decline [1][2]. - The company is optimistic about the future potential of its new SLG games and its long-term operational capabilities, as well as the progress in AI and cloud business product implementations [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.685 billion RMB, a year-on-year decrease of 12.05%, and a net profit attributable to shareholders of 509 million RMB, down 19.26% year-on-year [1]. - Q2 revenue was 1.361 billion RMB, down 12.99% year-on-year but up 2.85% quarter-on-quarter, with a net profit of 271 million RMB, reflecting a year-on-year decline of 19.40% but a quarter-on-quarter increase of 13.45% [1][4]. Game Portfolio - The company's core games, "Age of Origins" and "War and Order," have been operational for over six years, each generating over 1 billion USD in cumulative revenue [2]. - New games "Stellar Sanctuary" and "Next Agers" are expected to drive revenue growth, with the former being a sci-fi simulation and SLG game, and the latter combining various gameplay elements [2]. AI and Cloud Business - The company has launched the AI application avavox, which can generate voice responses in 30 seconds and is designed for various business scenarios [3]. - The cloud business is expanding with new enterprise-level products and solutions, aiming to enhance the company's integrated "cloud + AI" capabilities [3]. Profitability and Cost Management - The gross margin for H1 2025 was 59.83%, a decrease of 2.48 percentage points, primarily due to a higher proportion of lower-margin AI/ICT operations [4]. - The sales expense ratio improved to 14.56%, down 3.46 percentage points, attributed to reduced advertising and promotion costs [4]. Earnings Forecast and Valuation - The company forecasts net profits of 1.15 billion RMB, 1.71 billion RMB, and 2.02 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.59 RMB, 0.87 RMB, and 1.03 RMB [5]. - The target price has been adjusted to 20.01 RMB, reflecting a 23x PE valuation for 2026, up from a previous target of 19.13 RMB [5].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 18.34 [1][5] Core Insights - The company reported a revenue of RMB 3.691 billion for H1 2025, representing a year-over-year increase of 33.74%, and a net profit of RMB 503 million, up 384.52% year-over-year [1][2] - The gaming business turned profitable in H1 2025, with revenue of RMB 2.906 billion, a 9.67% increase year-over-year, primarily driven by the launch of "Zhu Xian World" and growth in esports revenue [2][4] - The film and television segment saw significant growth, with revenue reaching RMB 767 million, a staggering 756.35% increase year-over-year, attributed to multiple successful releases [2][4] Financial Performance - The company achieved a gross margin of 56.68% in H1 2025, a decrease of 8.19 percentage points year-over-year, mainly due to the higher proportion of lower-margin film and television business [4] - The company’s operating expenses decreased, with a sales expense ratio of 8.9%, down 9.4 percentage points year-over-year, and a management expense ratio of 9.1%, down 7.8 percentage points year-over-year [4] Future Outlook - The company is optimistic about its self-developed games, with new products expected to enhance performance and profitability [1][2] - The upcoming game "Yihuan" is anticipated to perform well, with significant user engagement during testing phases [3][5] - The company is investing in AI tools to enhance research and development efficiency, which is expected to further improve performance in the future [4][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.30 RMB [7][10]. Core Views - The company has shown signs of improvement in its jewelry business, with a narrowing revenue decline in Q2 and a strategic shift towards high-margin sales and brand upgrades [1][2]. - The overall revenue for the first half of 2025 decreased by 30.7% year-on-year, primarily due to structural adjustments in the consumer industry and high international gold prices [1][2]. - The company is focusing on enhancing its operational efficiency and expanding its overseas presence, particularly in the jewelry fashion segment [1][4]. Summary by Sections Revenue Performance - In 1H25, the jewelry fashion segment's revenue fell by 37.0% to 129.0 billion RMB, influenced by industry adjustments and fluctuating gold prices [2]. - Q2 revenue showed a sequential improvement, increasing by 47% to 76 billion RMB [2]. - The restaurant management and services segment saw a 27.8% decline to 4.7 billion RMB, while the commercial and property segments dropped by 27.1% to 12.8 billion RMB [2]. Profitability Analysis - The gross margin improved by 1.8 percentage points to 15.1% in 1H25, with the jewelry fashion segment's gross margin rising by 1.5 percentage points to 8.9% [3]. - The operating expense ratio increased by 2.5 percentage points to 12.4%, but showed improvement in Q2, decreasing to 10.9% [3]. - Investment income fell by 85.6% year-on-year to 2.8 billion RMB due to one-time gains from subsidiary disposals in the previous year [3]. Business Strategy and Growth Potential - The company is deepening its structural adjustments, with consumer industry revenue now accounting for 76% of total income [4]. - It is enhancing its new retail matrix and focusing on brand expansion through platforms like Xiaohongshu and Douyin [4]. - The jewelry fashion segment launched 81 new product series, generating sales of 11.6 billion RMB, which accounted for 7.2% of total sales [4]. Earnings Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards by 46%, 22%, and 18% to 9.2 billion, 16.7 billion, and 20.6 billion RMB respectively [5]. - The company is assigned a 17x PE for 2026, reflecting a valuation adjustment due to sector performance [5]. - The target price of 7.3 RMB is based on a comparison with peer companies, with a current closing price of 6.17 RMB [7][5].

Investment Rating - The report maintains a "Buy" rating for the company [6][2][1] Core Insights - The company reported a revenue of 8.52 billion RMB for the first half of 2025, reflecting a year-on-year growth of 7%, with a net profit of 2.03 billion RMB, also up 7% year-on-year. The core net profit increased by 15% year-on-year, aligning with the company's guidance for double-digit growth for the full year [1][2] - The interim dividend payout ratio based on core net profit reached 100%, exceeding the company's guidance of a 60% base payout ratio for the year, indicating enhanced shareholder returns [1][2] - The shopping center segment continues to show strong operational and performance metrics, with retail sales increasing by 21% year-on-year to 122 billion RMB, and rental income from owners rising by 17% year-on-year [3][2] Summary by Sections Revenue and Profitability - The company achieved a steady revenue growth with property and commercial channels showing year-on-year increases of 1% and 15% respectively. The overall gross margin improved by 3.1 percentage points to 37.1% [2][3] - The gross margin for the property channel slightly decreased by 0.1 percentage points to 18.8%, while the commercial channel's gross margin increased by 5.2 percentage points to 66.1% due to cost reductions from digital strategies [2][3] Shopping Center Performance - The company opened 4 new shopping centers and signed contracts for 6 third-party shopping centers, bringing the total to 125 operational centers, with 53 ranking first in local retail sales [3][2] - The company anticipates a revenue growth of 19% for shopping centers in 2025, with an expected gross margin increase of 4.4 percentage points to 77.0% [3][2] Property Management Segment - The basic property management segment saw revenue growth of 9% and 15% for residential and urban space respectively, focusing on high-quality projects and exiting loss-making ones [4][2] - Community value-added services revenue decreased by 33% year-on-year, but the gross margin improved by 9.5 percentage points to 40.4% due to a shift towards a platform-based, light-asset model [4][2] Earnings Forecast and Valuation - The report adjusts revenue forecasts for non-owner value-added services downwards while increasing the gross margin forecast for shopping centers. The core EPS estimates for 2025-2027 are maintained at 1.77, 2.01, and 2.28 RMB respectively [5][2] - The target price is set at 46.60 HKD, reflecting an increase from the previous target of 39.81 HKD, based on a 25 PE ratio [5][2]