Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [37]. Core Insights - The company, Tongyu New Materials, is recognized as a national-level specialized and innovative "little giant" with leading core technology in the industry. Its main business revenue primarily comes from MDI modified epoxy resin, with projected revenues of 1.193 billion CNY, 886 million CNY, and 952 million CNY for 2022, 2023, and 2024 respectively, reflecting growth rates of 25.95%, -25.70%, and 7.47% [1][26]. - The global PCB market is expected to reach nearly 100 billion USD by 2026, with China's rigid copper-clad laminate output increasing from 6.1 billion USD in 2014 to 13.9 billion USD in 2021, capturing 73.9% of the global market share [2][11]. - The company has achieved breakthroughs in multiple core technologies, holding 19 authorized invention patents, and has successfully broken foreign monopolies in key technologies such as DOPO modified epoxy resin [2][29]. Summary by Sections Industry Overview - The electronic resin industry is crucial for producing copper-clad laminates, semiconductors, and printed circuit board inks, with the global rigid copper-clad laminate market experiencing fluctuations due to macroeconomic conditions [10][11]. - China's electronic resin production has significant room for growth, particularly in high-performance specialty resins that meet environmental standards [14][19]. Company Profile - Tongyu New Materials focuses on the R&D, production, and sales of electronic resins, positioning itself as a leading supplier in the domestic high-end copper-clad laminate market. The company has developed a mature product system suitable for lead-free and halogen-free applications [20][25]. - The company’s revenue sources are diversified across five major product categories, with MDI modified epoxy resin consistently being the core revenue driver, accounting for over 30% of total revenue [26][29]. Financial Performance - The company reported revenues of 1.193 billion CNY in 2022, with a net profit of 188 million CNY, and forecasts a decline in net profit to 144 million CNY in 2024 [26][30]. - In the first half of 2025, the company achieved a revenue of 517 million CNY, a year-on-year increase of 19.98%, while net profit decreased by 11.81% [26][30]. Competitive Advantages - The company has established a strong market presence and technical capabilities, being recognized as a major supplier in the domestic high-end electronic resin market, with products integrated into the supply chains of leading companies like Kingboard Group and Unimicron Technology [3][29]. - The company operates automated production lines, ensuring stable production quality and rapid delivery, while also focusing on environmental compliance and sustainable development [30].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 326 million yuan, up 37.5% [2] - The company continues to innovate its product offerings, launching 55 new products and upgrading 9 existing ones in H1 2025, which has positively impacted sales [3] - The company is focusing on improving the quality of its domestic stores while actively expanding its overseas business, with a net increase of 49 domestic stores and 7 overseas stores in H1 2025 [4] - Cost management and supply chain optimization have led to an improvement in the company's cost-to-income ratio, with a gross margin of 32.6%, up 0.9 percentage points year-on-year [5] - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan respectively, with net profits of 872 million, 1.002 billion, and 1.132 billion yuan [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2.5 billion yuan, a 4.3% increase year-on-year, and a net profit of 326 million yuan, a 37.5% increase [2] - The adjusted net profit was 340 million yuan, reflecting a decrease of 13.8%, with an adjusted net profit margin of 13.6%, down 2.9 percentage points [2] Product and Sales Growth - The company launched 55 new products and upgraded 9 existing products in H1 2025, contributing to a 7.8% increase in product sales [3] - The sales from single stores averaged approximately 270,000 yuan, marking a 3.7% increase [3] Store Expansion and Quality Improvement - The company added 49 new domestic stores, bringing the total to 8,444, while also expanding its international presence with 7 new stores, totaling 21 overseas locations [4] Cost Management and Efficiency - The gross margin improved to 32.6%, with a year-on-year increase of 0.9 percentage points, and a sequential increase of 1.9 percentage points [5] - The sales expense ratio, management expense ratio, and R&D expense ratio were reported at 6.0%, 10.3%, and 0.6% respectively, with a notable reduction in the sequential expense ratios [5] Earnings Forecast - The revised earnings forecast for 2025-2027 includes revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan, and net profits of 872 million, 1.002 billion, and 1.132 billion yuan respectively [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is facing performance pressure due to inventory reduction, with a focus on the progress of share buybacks [1] - In H1 2025, the company's revenue, net profit attributable to the parent, net profit excluding non-recurring items, and operating cash flow were CNY 1.091 billion, CNY 106 million, CNY 93 million, and CNY 290 million respectively, showing year-on-year declines of -16.56%, -51.31%, -51.95%, and an increase in cash flow of 210.80% [2] - The decline in revenue is primarily attributed to inventory reduction in the franchise channel, with a more significant drop in net profit due to decreased gross margin and increased sales expenses [2] Summary by Sections Revenue Analysis - Revenue across all channels has declined, with the franchise channel experiencing the largest drop. In H1 2025, online, direct sales, and franchise revenues were CNY 501 million, CNY 281 million, and CNY 186 million, reflecting year-on-year declines of 5.01%, 9.10%, and 43.34% respectively [3] - The number of direct and franchise stores decreased by 2% and 12% respectively, with a net opening of 1 direct store and a closure of 59 franchise stores [3] Profitability Metrics - The gross margin for H1 2025 decreased by 1.4 percentage points to 53.6%, primarily due to a decline in franchise gross margin as a result of inventory reduction [4] - The net profit margin decreased by 6.9 percentage points to 9.7%, with the decline attributed to increased sales and financial expense ratios, as well as reduced investment income [4] Inventory and Receivables - Inventory decreased by 6.61% year-on-year to CNY 764 million, with inventory turnover days increasing by 39 days to 271 days [5] - Accounts receivable increased by 10.94% to CNY 275 million, with turnover days increasing by 24 days to 68 days [5] Investment Recommendations - The company is expected to focus on inventory reduction throughout the year, with anticipated performance pressure in Q3 and Q4 [6] - Long-term prospects include potential growth from group buying and supermarket channels, with significant contributions expected from partnerships with Sam's Club and others [6] - The revenue forecasts for 2025-2027 have been adjusted downwards to CNY 2.598 billion, CNY 2.731 billion, and CNY 2.851 billion, with net profit forecasts adjusted to CNY 380 million, CNY 437 million, and CNY 485 million respectively [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In August, the "stock - bond seesaw" effect was significant. Interest rates first declined and then rose. Credit bond yields generally followed the upward trend of interest - rate bonds. Short - duration varieties were more resistant to decline, while medium - and long - duration ones were weaker. Looking ahead to September, credit bonds still need defensive strategies [1][11][12]. - After the adjustment in August, some bank capital bonds have fallen to show relative value. For example, 3 - year AA and above second - tier capital bonds are oversold, and 4 - 5 - year large - bank capital bonds also have certain value for accounts with different liability characteristics [29][33][37]. 3. Summary According to the Directory 3.1 High - Coupon Short - Term Bonds as Shields, Oversold Perpetual and Second - Tier Capital Bonds as Spears 3.1.1 Credit Bond Defense with Short - and Medium - Duration - In August, the "stock - bond seesaw" effect was prominent. Short - end bonds outperformed long - end ones. Credit bond yields generally rose with interest - rate bonds. Short - duration credit bonds were more resistant to decline, and institutions further shortened the duration to within 3 years. The net buying scale of credit bonds decreased, and the trading activity also declined [1][11][12]. - In September, credit bonds need defense. Bank wealth - management scale usually declines at the end of the quarter, reducing the demand for credit bonds. Credit spreads are at a relatively low level, and institutions will pay more attention to controlling drawdowns when investing in credit bonds [16]. - There are two defensive ideas for credit bonds. One is to select high - coupon individual bonds within 3 years. The other is to appropriately allocate defensive varieties such as 1Y inter - bank certificates of deposit and 2Y commercial financial bonds, which have certain cost - effectiveness compared with medium - and short - term notes of the same term [3][19][22]. 3.1.2 Bank Capital Bonds: Opportunities Arising from Declines - In August, the yields of bank capital bonds generally rose, and spreads widened. After the adjustment, some varieties showed relative value. For example, 3 - year AA and above second - tier capital bonds were oversold, and the yields of 3 - year AA second - tier capital bonds were equivalent to those of 3 - year AA perpetual bonds [28][29][30]. - The yields of 4 - 5 - year large - bank capital bonds rose significantly in August. As the decline deepened, insurance, wealth - management, and other asset - management products increased their allocation. For accounts with stable liability ends, they are still cost - effective coupon assets. For accounts with unstable liability ends, it is recommended to follow the interest - rate bond market for right - side layout [33][36][37]. 3.2 Urban Investment Bonds: Supply Recovery, Short - End and Low - Rating Bonds Resistant to Declines - In August, the net financing of urban investment bonds was positive and increased year - on - year but decreased month - on - month. The issuance of long - duration bonds decreased, and the weighted average issuance interest rate increased. The net financing performance varied by province [39]. - The yields of urban investment bonds generally rose in August. Short - end and low - rating bonds were more resistant to decline, while 10 - year ultra - long - term bonds were the weakest. Credit spreads showed differentiation [45]. - The trading activity of urban investment bonds was not high in August. The proportion of TKN and low - valuation transactions decreased compared with July. Short - duration bonds had an increase in trading volume, while 3 - 5 - year bonds had weaker trading [51]. 3.3 Industrial Bonds: Supply Contraction, Yields Generally Rising - In August, the issuance and net financing of industrial bonds decreased year - on - year. The issuance sentiment weakened, and the issuance proportion of short - duration bonds within 1 year decreased, while the proportion of 1 - 3 - year bonds increased. The issuance interest rates rose across the board, with medium - and long - duration bonds having a larger increase [54]. 3.4 Bank Capital Bonds: Net Financing Turns Negative, Trading Sentiment is Weak No detailed content provided in the given text for this part other than the title. It can be inferred from the previous content that in August, the net financing of bank capital bonds may have turned negative, and the trading sentiment was weak as the yields generally rose and spreads widened, and the relative performance was inferior to that of general credit bonds [28].

Market Trends - In August, the bond market's trading logic shifted to "watch stocks and trade bonds," with 10-year and 30-year government bond yields peaking at 1.79% and 2.06% respectively[1][12]. - The bond market's traditional pricing mechanisms failed as the stock market's performance overshadowed bond expectations, leading to a significant rise in yields despite a generally loose funding environment[1][12]. Institutional Behavior - Major banks reported a significant decline in financial investment returns, with state-owned banks experiencing an average year-on-year drop of 30 basis points (bp) in the first half of 2025, compared to 11 bp in the same period of 2024[2][23]. - Since May, large banks have been selling long-term bonds while buying short-term ones, indicating a strategy to realize profits amid pressure on revenue KPIs[2][24]. Funding Conditions - September is expected to see a tightening of funds initially, followed by a loosening, with historical trends suggesting a rise in funding rates post-August[3][39]. - The central bank has maintained a supportive stance on funding, with significant short-term injections to stabilize market sentiment, including a net injection of 4,217 billion yuan during the month-end transition[3][41]. Economic Indicators - Key economic indicators such as inflation, credit, and real estate have shown a downward trend, which the bond market has largely ignored, potentially leading to increased expectations for loose monetary policy[5][50]. - The upcoming release of August's economic data could reinforce the downward trend in key indicators, impacting market expectations for monetary policy[5][50]. Future Outlook - The bond market's ability to regain its "independent personality" hinges on three factors: stock market volatility, the impact of August's economic data, and the resolution of negative institutional behaviors[6][57]. - The market is divided into three phases for September: an observation period, a gaming period, and a bargain-hunting period, with strategies focusing on maintaining a neutral duration of around 3.5-4.0 years[7][57].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported significant growth in its financial performance, with a 90.31 billion yuan revenue in the first half of 2025, representing an 86% year-on-year increase, and a net profit of 21.43 billion yuan, up 366.89% year-on-year [1][2] - The company is capitalizing on the opportunities presented by artificial intelligence, with a strong performance in the HDI market, which is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, while AI-related HDI is projected to grow at a CAGR of 19.1% [2][3] - The company has established a leading position in the high-layer PCB manufacturing sector, with capabilities exceeding 100 layers and significant advancements in HDI technology, which are crucial for AI computing and data center applications [3][4] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 90.31 billion yuan, with a net profit of 21.43 billion yuan, marking a year-on-year increase of 366.89% [1] - For Q2 2025, the company reported a revenue of 47.19 billion yuan, a 91.51% year-on-year increase, and a net profit of 12.22 billion yuan, reflecting a 390.14% year-on-year growth [1][2] - The company plans to increase its revenue forecasts for 2025-2027, expecting revenues of 203.48 billion yuan, 272.82 billion yuan, and 326.56 billion yuan, with respective year-on-year growth rates of 89.6%, 34.1%, and 19.7% [8][10] Strategic Initiatives - The company is implementing a "China + N" global layout strategy to enhance its supply delivery capabilities, establishing production lines in Thailand and Vietnam to meet overseas demand for high-layer PCBs and advanced HDI [4] - The company has significantly increased its R&D investment, which grew by 78.46% year-on-year, reinforcing its competitive edge in the industry [3]

Investment Rating - The investment rating for Fosun International is "Buy" [1] Core Views - Fosun International's core industries are operating steadily, and the RWA ecological layout is progressing steadily. The company reported a total revenue of 87.3 billion yuan in the first half of 2025, a year-on-year decrease of 10.8% [2]. - The company is focusing on local and international dual-driven strategies in its insurance segment, with total premium income of 3.27 billion euros in the first half of 2025, an increase of 16.5% year-on-year [3]. - The company has made significant advancements in its RWA ecological layout, obtaining licenses for virtual assets and launching a leading RWA platform [4][5]. - Fosun Pharma's innovative drug revenue is steadily growing, with a revenue of over 4.3 billion yuan, a year-on-year increase of 14.26% [6][7]. - The performance of core subsidiary Yuyuan Inc. showed improvement in Q2, with revenue of 19.11 billion yuan, a year-on-year decrease of 30.68% [8]. Summary by Sections Financial Performance - In the first half of 2025, Fosun International's total revenue was 87.3 billion yuan, with a net profit of 660 million yuan, a year-on-year decrease of 8.2% [2]. - The company adjusted its revenue forecasts for 2025-2026 to 96 billion and 103.4 billion yuan, respectively, with net profit estimates of 730 million and 930 million yuan [9]. Insurance Segment - Fosun Portugal Insurance's total premium income reached 3.27 billion euros, with a market share of 29.3% in Portugal [3]. - The international business of Fosun Portugal Insurance reported a premium income of 920 million euros, a year-on-year increase of 4.3% [3]. RWA Ecological Layout - The company has obtained licenses for virtual asset trading and investment management, enhancing its capabilities in the RWA sector [4][5]. Pharmaceutical Segment - Fosun Pharma's revenue was 19.426 billion yuan, with a net profit of 1.702 billion yuan, a year-on-year increase of 38.94% [6][7]. Subsidiary Performance - Yuyuan Inc. reported a revenue of 19.112 billion yuan in Q2, with a significant improvement in operational cash flow [8].

人民币升值将助推资产重估 大类资产首席分析师：孙付 SAC NO：S1120520050004 2025年9月2日 证券研究报告 请仔细阅读在本报告尾部的重要法律声明 1 核心观点 经济基本面与政策展望： ● 海外：美国经济动能在放缓，尽管关税对通胀的冲击仍在发酵，但美联储独立性在减弱，更加重视就业，非农数据 的转弱将促使9月重启降息。 ● 国内：经济呈现弱稳定，宏观政策温和发力，货币流动性保持宽裕状态。关税谈判持续推进，关税不确定对经济的 扰动减弱。 "反内卷"更多依靠技术创新促进落后产能淘汰、优化供给结构，对物价的影响是结构性与温和的。 物价展望：宏观政策对服务消费支持力度加大，我们预计核心CPI在温和回升后保持相对稳定；广谱CPI逐步有所回升， 中枢上移至0.5%；PPI逐渐向-1%靠拢。GDP平减指数有望在2026年年中转正。 人民币升值预期增强： 美元：降息重启叠加美国削减贸易逆差诉求，美元呈现弱势。 人民币汇率：双顺差带来外汇池子资金增加，汇率走强；外汇掉期显示有升值预期。 资产展望：人民币升值将助推中国资产重估 股票：在经济边际企稳，流动性较为宽松，人民币升值背景下，股票市场有望维持牛市氛围。 ...

Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [30]. Core Insights - The company, Dingjia Precision, is recognized as a national-level "specialized, refined, distinctive, and innovative" enterprise, primarily engaged in the production of functional consumer electronics products. The company has shown a steady increase in revenue and profit margins over the years, with a projected revenue growth from 3.28 billion CNY in 2022 to 4.07 billion CNY in 2024, and a net profit increase from 0.53 billion CNY to 0.59 billion CNY during the same period [1][19]. - The global consumer electronics market is expected to exceed 1 trillion USD by 2028, indicating a robust growth trajectory for the industry. The company is well-positioned to benefit from this growth due to its strong technological capabilities and established customer relationships [2][7]. - The company holds 208 patents, including 20 invention patents, and has developed core technologies that support its production processes, enhancing product stability and reducing costs [2][14]. Summary by Sections Industry Overview - The consumer electronics functional and protective products industry is closely tied to the overall consumer electronics market, which has seen significant growth, increasing from 919.5 billion USD in 2018 to 1,027.6 billion USD in 2023, with expectations to reach 1,176.7 billion USD by 2028 [2][7]. Company Profile - Dingjia Precision specializes in the design, research, production, and sales of functional and protective consumer electronics products. The company has established itself as a key player in the industry, serving major clients such as Compal Electronics and Delta Electronics, with products used in well-known brands like Dell and HP [14][24]. - The company’s revenue from functional products accounted for 70.91% of total revenue in 2024, highlighting its core business focus [19]. Financial Performance - The company reported revenues of 3.28 billion CNY in 2022, 3.66 billion CNY in 2023, and a projected 4.07 billion CNY in 2024, with corresponding net profits of 0.53 billion CNY, 0.51 billion CNY, and 0.59 billion CNY [1][19]. - In the first half of 2025, the company achieved revenues of 1 billion CNY and 1.15 billion CNY for Q1 and Q2 respectively, marking growth rates of 20.36% and 17.52% year-on-year [1][19]. Competitive Advantages - The company has a strong focus on technological innovation, with a commitment to meeting customized client needs through continuous product development and improvement [23][24]. - The industry is characterized by high market concentration, with the company having established long-term relationships with high-quality clients, ensuring a stable demand for its products [24].

Investment Rating - The investment rating for the company is "Accumulate" [1][7]. Core Views - The company reported a revenue of 920 million yuan for the first half of 2025, representing a year-on-year growth of 16%, and a net profit attributable to shareholders of 295 million yuan, also up by 26% [2]. - The user base for the AI product "AI 麦可" is rapidly growing, with over 13,000 paid members as of June 30, 2025, excluding trial users [3]. - The company is set to launch a new Sourcing AI tool for buyers in the second half of 2025, enhancing its offerings on the platform [5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 480 million yuan, with a net profit of 180 million yuan, both reflecting a 16% year-on-year increase [2]. - The company’s B2B business gross margin stood at 80.75%, consistent with the previous year, while the gross margin for Q2 saw a slight decline of 1.6 percentage points [3]. Business Segments - Revenue growth for various segments in the first half of 2025 includes: - China Manufacturing Network: +17% - New Insurance Station: -12% - Cross-border Business: +6% - Agency Business: +12% - AI Business: +92% [3]. - The China Manufacturing Network accounted for 83% of total revenue, with a membership increase of 2,966 compared to the previous year [3]. Traffic and User Engagement - The overall traffic for the China Manufacturing Network increased by 35% year-on-year, with significant growth in emerging markets such as the Middle East (+45%) and South America (+43%) [4]. - The company has implemented various traffic optimization strategies, enhancing user engagement and transaction potential across different industries [4]. Future Outlook - The company has revised its revenue forecasts for 2025 to 1,954 million yuan, with net profits expected to be 487 million yuan, reflecting a downward adjustment from previous estimates [6]. - The expected earnings per share (EPS) for 2025 is projected at 1.54 yuan, with corresponding price-to-earnings (PE) ratios of 34 times [6][7].