Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 42.46 [6][11]. Core Insights - The company achieved a revenue of RMB 582 million in H1 2025, a year-over-year decrease of 18.70%, while net profit attributable to shareholders was RMB 12.69 million, an increase of 65.75% year-over-year [1]. - The decline in revenue is attributed to the strategic contraction of low-margin businesses and related business upgrades, while the increase in net profit is due to improved gross margins and cost reduction efforts [1]. - The "What Worth Buying" platform is expected to continue evolving and solidifying its competitive moat under the influence of AI, supported by long-term technological advantages [1]. User and Content Growth - The "What Worth Buying" app successfully completed an upgrade, enhancing user retention and activity through interest-based recommendations and AI services [2]. - In H1 2025, the platform saw a stable growth in users, with an average monthly active user count of 38.27 million, a year-over-year increase of 1.26% [2]. - The content published on the platform increased by 19.31% year-over-year to 34.04 million entries, with AIGC content rising by 73.63%, accounting for 52.51% of total content [2]. Commercialization and Product Development - The company launched the "Haina" MCP Server, a standardized consumer data service platform, which has already facilitated over 8.22 million content outputs by June 2025, reflecting a quarter-over-quarter growth of 81.73% [3]. - The platform's core interfaces allow partners to integrate functionalities into their own products, indicating a potential acceleration in commercialization [3]. Financial Performance and Projections - The gross margin for H1 2025 was 49.2%, an increase of 2.23 percentage points year-over-year, primarily due to the contraction of low-margin businesses [4]. - Research and development expenses decreased by 8.31% year-over-year to RMB 83 million, attributed to efficiency improvements through AI [4]. - The company forecasts net profits of RMB 131 million, RMB 157 million, and RMB 180 million for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 0.66, RMB 0.79, and RMB 0.91 [4][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 91.10, up from a previous target of HKD 87.02 [5][4]. Core Views - The company's revenue for 1H25 reached USD 161 million, representing a year-on-year increase of 33.1%, while net profit surged by 583.6% to USD 14 million. Adjusted net profit also increased by 84.8% to USD 20 million, aligning with prior profit forecasts [1]. - The growth in profit is attributed to robust case growth in the domestic market and sustained high growth in overseas revenue. The delay in the investment in new overseas factories resulted in lower operational costs for 1H25, highlighting the potential for overseas business performance without additional factory investments [1]. - Looking ahead to 2H25, the company expects stable net profit figures due to ongoing case growth domestically and internationally, despite uncertainties in the domestic market and increased costs related to overseas supply chain development and patent improvements [1]. Domestic Business Summary - In 1H25, the domestic market generated USD 90 million in revenue, remaining stable compared to 1H24. The case volume grew by 14% year-on-year to approximately 95,300 cases [2]. - For the full year of 2025, the company anticipates domestic case volume to reach 250,000 cases, driven by the demand for children's orthodontics and product upgrades for adult patients [2]. Overseas Business Summary - The overseas market achieved USD 72 million in revenue for 1H25, marking a 123% year-on-year increase, with case volume rising by 103.5% to 117,200 cases [3]. - The company expects continued high growth in overseas case volume, potentially reaching 240,000 to 250,000 cases for the year, supported by improved product recognition and local sales support structures [3]. Profit Forecast and Valuation - The adjusted EPS forecast for 2025, 2026, and 2027 is USD 0.16, USD 0.16, and USD 0.21 respectively. The company is assigned a 73x PE for 2025, reflecting a premium over comparable companies due to its unique market position and growth potential [4][5]. - The target price of HKD 91.10 reflects the company's growth trajectory and market conditions, with a significant upside from the current closing price of HKD 68.10 [5].

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Views of the Report - Since the end of June 2025, the REITs secondary - market heat has cooled, but the primary - market sentiment remains strong, showing eight characteristics: supply slowdown, asset diversification, low subscription ratio, high post - listing gains, difficulty in obtaining strategic allocation, no offline lock - up period, narrowing regulatory valuation reduction, and opening of the upper limit of the inquiry range. Primary projects still have relative cost - effectiveness, the subscription ratio is expected to remain low, post - listing gains may decline, and new - issue strategy should focus on fundamentals, while new assets may have a certain premium [1]. - The primary issuance speed has slowed down, asset types are becoming more diverse, REITs are scarce, the subscription ratio is low, and post - listing gains are significant. However, the valuation reduction amplitude in the exchange's feedback response draft has narrowed, the inquiry range has widened, and the subscription price is close to the upper limit. It is expected that the post - listing gains will narrow, and new - issue returns will show a convergence trend [2]. Group 3: Summary by Relevant Catalogs I. Eight Characteristics of 2025 Public Offering REITs Primary Issuance 1. Primary issuance speed slows down - China's public offering REITs pilot officially started in 2020, and a "first - issuance + expansion" mechanism has been gradually established. In 2025, from January to August, 15 public offering REITs were listed, with a total of 29.884 billion yuan, and 2 expansion projects were completed, with 2.669 billion yuan. The overall issuance progress is slower than that of 2024 [10][11]. 2. Asset types become more diverse - The current underlying assets involve eight categories: municipal environmental protection, affordable rental housing, warehousing and logistics, industrial parks, highways, energy, consumption, and data centers. In August 2025, two new data center REITs were listed, further enriching the underlying asset types [14]. 3. Low subscription ratio - From 2021 - 2025, the average offline effective subscription ratios were 12.27%, 1.26%, 43.92%, 42.86%, and 0.85% respectively, and the average public effective subscription ratios were 5.50%, 1.07%, 37.96%, 35.43%, and 0.19% respectively. The low subscription ratio is related to market conditions and the scarcity of REITs [15]. 4. High post - listing gains - Due to the significant price difference between the primary and secondary markets, the post - listing gains of REITs are considerable. In 2025, the average first - day listing gain is 26.86%, and the average first - 5 - day gain is 33.63%. The high - gain situation on the first day further reduces the subscription ratio [16]. 5. Active strategic allocation, extended lock - up period, and active participation of securities firms' proprietary business - It is difficult to obtain strategic allocation quotas, and the lock - up period has been extended from 1 year to 2 - 3 years. Securities firms' proprietary business participates actively, followed by fund special accounts and insurance funds. Insurance and industrial capital are more cautious about the extended lock - up period. By underlying asset type, insurance funds participate more in the strategic allocation of affordable rental housing, warehousing and logistics, and data centers [21][23]. 6. Removal of the offline partial lock - up period, and insurance funds become the largest offline institutional investors - Recently, 9 newly listed REITs have cancelled the offline partial lock - up period, and Southern SF REIT has adjusted the trading share ratio limit to 50%. In 2025, insurance funds (7.48% of the total share) have surpassed securities firms' proprietary business (4.49%) to become the largest institutional investors [29]. 7. Narrowing of the valuation reduction amplitude in the exchange's feedback response draft - In 2025, the median REITs valuation adjustment is about - 6.04%, a 4.81 - percentage - point recovery compared to 2024. The valuation reduction amplitudes of most industries such as industrial parks, energy, and consumption have narrowed [33]. 8. Opening of the upper and lower limits of the inquiry range, and the subscription price is close to the upper limit - In June 2025, under regulatory guidance, the upper limit of the inquiry range for newly issued REITs was raised to 25%. The average width of the inquiry range in 2025 for 4 projects after Huadian Clean Energy is significantly widened to over 50%, and the subscription price is mostly above 90% of the inquiry range [38]. II. Public Offering REITs New - Issue Return Calculation - New - issue returns are calculated as: subscription ratio * post - listing gains - capital cost. Historically, the absolute value of offline new - issue returns mostly does not exceed 0.5%. In 2025, the average offline new - issue return is 0.25%, and the average public new - issue return is only 0.05%. Public new - issue returns are mostly lower than offline ones, mainly due to lower public subscription ratios, more capital occupation costs, fewer allocated shares, and a 0.4% subscription fee [4][50]. III. Future Opportunities in the Primary Market - It is expected that the market size will reach 250 billion yuan by the end of this year. Primary projects still have cost - effectiveness compared to secondary ones. New - issue returns are expected to show a convergence trend. Future primary new - issue participation should focus more on asset fundamentals, especially for public investors. New asset types may have a certain valuation premium and can be focused on [5][53][54].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 90.72 billion RMB for H1 2025, a year-over-year decrease of 0.35%, while the net profit attributable to shareholders was 3.10 billion RMB, an increase of 9.26% year-over-year [1]. - The company has seen strong growth in overseas revenue, with a 28.8% year-over-year increase, while domestic revenue decreased by 8.9% [2]. - The company has increased its mid-term dividend payout ratio to 19.7%, reflecting a commitment to shareholder returns [1]. Summary by Sections Financial Performance - For H1 2025, the company achieved a comprehensive gross margin of 9.86%, a year-over-year increase of 0.11 percentage points [2]. - The revenue breakdown for H1 2025 includes chemical engineering at 74.8 billion RMB, infrastructure at 9.1 billion RMB, environmental governance at 0.5 billion RMB, industrial and new materials at 4.8 billion RMB, and modern services at 0.8 billion RMB [2]. - The company’s operating cash flow was negative 10 billion RMB, primarily due to a decrease in net funds from the financial company's repurchase business [3]. Order and Project Development - The company signed new orders totaling 206.1 billion RMB in H1 2025, a year-over-year increase of 1.2%, with the chemical sector contributing 160 billion RMB, up 6.5% year-over-year [4]. - The company has actively pursued high-value projects, including coal-to-olefins and coal-to-oil projects [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 6.126 billion RMB, 6.473 billion RMB, and 6.810 billion RMB respectively [5]. - The target price has been adjusted to 11.03 RMB, based on a price-to-earnings ratio of 11x for 2025 [5].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a revenue of 4.316 billion RMB for the first half of 2025, representing a year-on-year increase of 9.4%, with a net profit of 115 million RMB, up 118% year-on-year, aligning with performance forecasts [1] - The significant improvement in profit is attributed to the increase in gross margins for key products, ongoing brand development, and a reduction in credit impairment losses [1] - The company is expected to continue its growth trajectory due to its global production capacity, particularly in North America, and its focus on brand and channel development in the domestic market [1] Revenue Analysis - The company achieved overseas revenue of 3.418 billion RMB in the first half of 2025, a year-on-year increase of 8.1%, with North America, Europe, and other regions contributing 2.18 billion, 960 million, and 280 million RMB respectively [2] - Domestic sales reached 753 million RMB, up 11.7% year-on-year, with the Dream Lily brand contributing 550 million RMB, a 4.0% increase [2] Product Performance - Revenue from memory foam mattresses reached 2.247 billion RMB, growing 11.7% year-on-year, with a gross margin of 40.8%, an increase of 3.8 percentage points [3] - Other product categories, including sofas and memory foam pillows, also showed positive growth, with revenues of 566 million and 300 million RMB respectively [3] Profitability Metrics - The company's gross margin improved to 39.2%, up 1.1 percentage points year-on-year, driven by product upgrades and business structure optimization [4] - The net profit margin for the first half of 2025 was 2.7%, an increase of 1.3 percentage points year-on-year [4] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025-2027, expecting net profits of 271 million, 375 million, and 482 million RMB respectively, with corresponding EPS of 0.47, 0.66, and 0.85 RMB [5] - The target price is set at 10.81 RMB, based on a 23 times PE ratio for 2025, reflecting the company's competitive advantages in global production and brand development [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved a revenue of 3.963 billion RMB in H1 2025, representing a year-over-year increase of 63.55%, and a net profit attributable to shareholders of 36.7541 million RMB, up 134.94% year-over-year [1][2] - The copper foil production reached approximately 41,400 tons, a year-over-year increase of 72.46%, with sales of 40,700 tons, up 63.01% year-over-year [2] - The company is optimistic about the second half of the year, driven by a recovery in the lithium battery industry and an increase in demand for high-value-added products [1][2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.982 billion RMB, a year-over-year increase of 32.75% and a quarter-over-quarter increase of 0.07% [1] - The net profit for Q2 was 12.2977 million RMB, reflecting a year-over-year increase of 121.42% but a quarter-over-quarter decrease of 49.72% [1] Production and Capacity - The company has a production capacity utilization rate exceeding 90% as of the end of H1 2025, with plans to increase production to meet a target of over 100,000 tons for the year [2] - The company is expanding its production lines for high-end electronic circuit copper foil, with a planned total capacity of 35,000 tons, of which over 10,000 tons are already in production [3] Business Diversification - The company is diversifying its business by developing high-performance precision copper wire and expanding into photovoltaic energy storage [4] - The company is also exploring new growth areas such as AI computing, semiconductors, and robotics, potentially through mergers and acquisitions [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB, respectively [5] - The target price for the company is set at 35.73 RMB, based on a price-to-book ratio of 2.17 for 2025 [5][9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 9.80 [1][5]. Core Insights - The company reported a revenue of RMB 6.745 billion for H1 2025, a year-over-year decrease of 25.66%, while the net profit attributable to shareholders was RMB 424 million, reflecting a slight increase of 1.11% year-over-year [1]. - The overseas business revenue significantly increased, accounting for 74% of total revenue, with a gross margin improvement to 15.12% in H1 2025, up 3.66 percentage points year-over-year [2]. - The company is expected to maintain steady growth due to favorable overseas market conditions and potential recovery in the domestic steel industry [1]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 6.745 billion, with a net profit of RMB 424 million, and a non-recurring net profit of RMB 422 million, showing a year-over-year increase of 13.01% [1]. - The second quarter revenue was RMB 3.226 billion, down 22.67% year-over-year and 8.31% quarter-over-quarter, with a net profit of RMB 193 million, down 5.88% year-over-year [1]. Profitability Metrics - The overall gross margin for H1 2025 was 15.12%, with the second quarter gross margin reaching 16.62%, reflecting significant improvements in both domestic and international margins [2]. - The net profit margin for H1 2025 was 6.29%, an increase of 1.67 percentage points year-over-year, while the non-recurring net profit margin was 6.26%, up 2.14 percentage points year-over-year [3]. Cash Flow and Financial Health - The operating cash flow for H1 2025 was negative RMB 2.912 billion, a decline of RMB 1.355 billion year-over-year, primarily due to delayed payments from clients [4]. - The company's debt ratio stood at 66.65%, a decrease of 2.30 percentage points year-over-year, with an interest-bearing debt ratio of 6.08%, an increase of 1.76 percentage points year-over-year [4]. Earnings Forecast and Valuation - The forecasted net profits for the company are RMB 878 million, RMB 925 million, and RMB 969 million for 2025, 2026, and 2027 respectively [5]. - The company is assigned a price-to-earnings (P/E) ratio of 16 times for 2025, leading to an adjusted target price of RMB 9.80, reflecting a valuation adjustment based on comparable companies [5].

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company achieved a revenue of 27.231 billion RMB in H1 2025, representing a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion RMB, up 26.6% year-on-year. The second quarter saw revenue growth of 8.59% and net profit growth of 36.72%, indicating continuous improvement in profitability [1][7] - The company is expected to maintain its competitive edge in the industry through product upgrades, diversification into new businesses, and global capacity expansion [1] Summary by Sections Television Business - The company's television business remains robust, holding the largest retail market share in China. The brand's price index has improved, indicating competitiveness in mid-to-high-end products. In Q3, online and offline retail sales showed year-on-year increases of 20.3% and 6.89%, respectively, with retail prices rising by 12.5% and 17.4% [2] - Despite a 5% year-on-year decline in the domestic television export value in H1 2025, the company has mitigated this through capacity adjustments in Mexico and Vietnam, as well as a focus on large-screen products. The export decline has narrowed to 0.5% in July 2025, with signs of recovery in Europe and Oceania [2] New Display and New Business - In H1 2025, the new display business generated revenue of 3.434 billion RMB, a year-on-year increase of 7.43%. The laser display applications are expanding into commercial and automotive sectors, showing potential for new growth. Overseas revenue from commercial displays grew by 43% year-on-year, highlighting global expansion potential [3] - The company is also advancing in cloud services and AI-related products, with plans to launch AI smart headphones and lightweight AI glasses [3] Profitability and Financial Metrics - The gross margin for H1 2025 was 16.37%, up 1.01 percentage points year-on-year, benefiting from an increased proportion of Mini LED products and stable panel prices. Despite rising marketing expenses, the net profit margin improved by 0.6 percentage points year-on-year [4] - The report forecasts net profits of 2.59 billion RMB, 2.89 billion RMB, and 3.23 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.99 RMB, 2.22 RMB, and 2.48 RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 26.29 [6][4]. Core Views - The company achieved a revenue of RMB 32.049 billion in H1 2025, representing a year-over-year increase of 20.42%, while the net profit attributable to shareholders was RMB 1.613 billion, up 0.24% year-over-year [1]. - The company is focusing on expanding its business in high-growth areas such as marine energy, communication, optical communication, and smart grid [1]. - The report highlights the company's ongoing development of AI new optical fibers, including the launch of hollow-core anti-resonant optical fibers with advanced loss values [3]. Financial Performance - In H1 2025, the company's gross margin was 13.59%, down 2.96 percentage points year-over-year, primarily due to changes in product mix and rising raw material costs [2]. - The company reported a net profit margin of 5.03% in H1 2025, a decrease of 1.01 percentage points year-over-year [2]. - The company has a backlog of orders amounting to approximately RMB 20 billion for submarine cables and marine engineering products, indicating strong future revenue potential [3]. Profit Forecast and Valuation - The forecasted net profit for the company is RMB 3.242 billion in 2025, RMB 3.893 billion in 2026, and RMB 4.733 billion in 2027 [4]. - The report assigns a 20x PE valuation for 2025, reflecting the company's expansion in the AI new optical fiber sector, with a target price increase from RMB 20.37 to RMB 26.29 [4].

Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Views - The company's Q2 performance exceeded expectations, driven by the ramp-up of its 1.6T optical engine products and effective cost management [7][10]. - The company is expected to benefit from the ongoing demand in the AI computing sector, particularly in the 800G optical communication industry [10][11]. - The report projects significant revenue growth, with a forecasted revenue of RMB 5.736 billion in 2025, representing a 76.41% increase year-on-year [6][11]. Financial Summary - The target price is set at RMB 164.16, with the closing price as of August 25 at RMB 129.35 [3][11]. - The company's market capitalization is RMB 100.559 billion, with an average daily trading volume of RMB 2.508 million over the past six months [3]. - For the first half of 2025, the company reported revenue of RMB 2.456 billion, a 58% increase year-on-year, and a net profit of RMB 899 million, a 37% increase year-on-year [7][8]. - The company’s gross margin for the first half of 2025 was 50.79%, a decrease of 6.98 percentage points year-on-year, attributed to changes in revenue structure [9]. Growth Projections - Revenue is projected to grow to RMB 8.710 billion by 2027, with a compound annual growth rate (CAGR) of 17.84% from 2025 to 2027 [6][11]. - The net profit attributable to the parent company is expected to reach RMB 3.601 billion by 2027, reflecting a CAGR of 18.42% [6][11]. - The report highlights the company's strong position in the CPO field and anticipates continued growth driven by the demand for 1.6T related products [10][11].