证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] 聚焦创新药研发，长期增长动能强劲 [Table_Title2] 海思科(002653) [Table_Summary] 事件概述 2025H1 公司实现营收 20.0 亿元（yoy+18.6%），归母净利润 1.3 亿 元 （ yoy -21.8% ）， 扣 非 归 母 净 利 润 1.4 亿 元 （ yoy +90.8%）。单 Q2 营收 11.1 亿元（yoy+18.7%），归母净利润 0.8 亿元（yoy+13.0%），扣非归母净利润 0.9 亿元（yoy+104.8%）； 业绩符合我们预期。 盈利能力方面，2025H1 公司毛利率 73.0%（+1.0pcts），其中自 产产品毛利率高达 80.36%，合作产品毛利率为 50.13%；归母净 利率 6.4%（-3.3pcts），扣非归母净利率 7.2%（+2.7pcts）；单 Q2 毛 利 率 75.1% （ -3.01pcts ）， 归 母 净 利 率 7.4% （ - 0.4pcts），扣非归母净利率 8.5%（+3.6pcts）。 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated strong growth in its private label and brand management business, showcasing robust brand incubation capabilities [3] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.319 billion yuan, a year-on-year growth of 67.55%, and net profit of 72 million yuan, up 85.6% [2] Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from different segments was as follows: 380 million yuan from agency operations, 340 million yuan from brand management, and 600 million yuan from private label, with year-on-year changes of -2.79%, +53%, and +242% respectively [3] - The gross profit margin for the first half of 2025 was 56.92%, an increase of 11.4 percentage points year-on-year, primarily due to improved margins in agency operations and a higher proportion of revenue from private label products [3] Brand Development - The brands "Zhanjia" and "Feicui" are expanding their product categories around home cleaning and anti-aging, establishing a comprehensive multi-channel marketing capability [4] - "Zhanjia" has launched 18 different fragrance variants of its core product "Four Seasons Bloom Laundry Liquid," which accounts for over 40% of total sales [4] - "Feicui" achieved revenue of 160 million yuan in the first half of 2025, with a significant increase in sales through various channels, including a 62% quarter-on-quarter growth in GMV [5] Shareholder Returns - The company announced a mid-term dividend plan, proposing a cash dividend of 3 yuan per 10 shares, totaling approximately 65.6 million yuan, and a capital reserve conversion of 4 shares for every 10 shares held [7] - A share buyback plan was also announced, with a budget of 100 to 200 million yuan to repurchase 1.3 to 2.6 million shares, reflecting confidence in long-term growth [7] Earnings Forecast - The earnings forecast for 2025-2027 has been revised upwards, with expected revenues of 2.983 billion yuan, 3.848 billion yuan, and 4.619 billion yuan respectively, and net profits of 179 million yuan, 265 million yuan, and 339 million yuan [8] - The expected EPS for the same period is 0.82 yuan, 1.21 yuan, and 1.55 yuan, with corresponding PE ratios of 74, 50, and 39 times [8]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance in H1 2025 met market expectations, with a significant recovery in its main business leading to profitability [2][3] - The small molecule API business continues to show rapid growth, contributing significantly to revenue [2][7] - The new molecular business is expected to become a new driver for the company's performance [7] Summary by Sections Event Overview - In H1 2025, the company achieved revenue of 1.621 billion yuan, a year-on-year increase of 19.88%, and a net profit attributable to shareholders of 27 million yuan, marking a return to profitability [1] Performance Analysis - The small molecule API business generated revenue of 1.5 billion yuan in H1 2025, up 20% year-on-year, while the gene and cell therapy business saw a 71% increase in revenue [2] - The overall gross margin for H1 2025 was approximately 28%, with a gross margin of about 29% in Q2 2025, indicating a recovery [3] Financial Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted to 3.526 billion yuan, 4.141 billion yuan, and 4.851 billion yuan, respectively, with EPS estimates adjusted to 0.16 yuan, 0.55 yuan, and 0.85 yuan [7] - The company is expected to show a trend of marginal improvement in performance over the medium to long term [7]

公司发布 2025 上半年业绩公告。2025H1 公司实现营业收入 93.9 亿元，同比增长 21.06%，实现 净利润 9.06 亿元，同比下滑 23.1%，实现经调整归母净利润 12.8 亿，同比增长 3%。2025Q2 公司 实现营业收入 49.66 亿元，同比增长 23%，实现净利润 4.9 亿元，同比下降 16.67%，实现经调整 净利润 6.9 亿元，同比增长 10.6%。调整项主要包含收购永辉股权的银行贷款的利息开支、与股 票挂钩证券有关的利息开支以及分占永辉亏损等。 ► 25Q2 收入增长环比提速，国内及海外同店持续向好 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] Q2 盈利能力环比改善，发力自有 IP 矩阵 [Table_Title2] 名创优品(9896.HK) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 9896 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 51.05/25.05 | | 目标价格(港元 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year growth of 27.9%, and a net profit of 297 million yuan, turning from a loss to profit [2] - The sales revenue growth is attributed to an increase in sales volume and the growth of affordable product sales, with overseas sales increasing by 899% due to a low base [3] - The company has diversified its IP products, reducing reliance on top IPs, with products for consumers aged 16 and above accounting for 15% of total revenue [6][7] - The company is expected to leverage its reusable product development capabilities to accelerate the incubation of major licensed IPs and original IPs, with overseas markets anticipated to become a second growth curve [8] Financial Performance - The company achieved a gross margin of 48.4% in the first half of 2025, a decrease of 4.5 percentage points year-on-year [5] - The revenue forecast for 2025-2027 is adjusted to 3.207 billion, 4.640 billion, and 6.182 billion yuan, with year-on-year growth rates of 43%, 45%, and 33% respectively [8] - The adjusted net profit for the same period is projected to be 773 million, 1.150 billion, and 1.579 billion yuan, with year-on-year growth rates of 293%, 49%, and 37% respectively [8] Product and Market Analysis - The sales revenue from building block toys decreased by 46% to 13 million yuan, with a 43% drop in sales volume [3] - The online sales channel generated 108 million yuan, a year-on-year increase of 45%, accounting for 8% of total sales [4] - The company has commercialized 19 IPs and launched 925 SKUs, with 273 new SKUs contributing to 53.1% of total revenue [6]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Insights - The company is a leading domestic player in the special chip market, focusing on both analog and digital products, with rapid progress in new product development [3][14]. - The recovery in downstream demand for special and civilian products is expected to continue, with significant opportunities for domestic substitution in the FPGA and ADC/DAC markets [1][2]. Summary by Sections Company Overview - Chengdu Huami is a leading enterprise in high-end integrated circuit design in China, focusing on the research and industrialization of analog and digital chips, covering core categories such as ADC/DAC, intelligent SoC, and FPGA [10]. - The company is actively pushing for high-performance products in the analog chip sector, particularly in high-speed and high-precision data converters and power management [10]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 1,002 million, 1,170 million, and 1,420 million yuan, respectively, with net profit estimates of 360 million, 421 million, and 530 million yuan [3][11]. - The expected EPS for the same period is 0.57, 0.66, and 0.83 yuan [3][11]. Market Position and Growth Potential - The domestic FPGA chip market is projected to reach approximately 29.7 billion yuan in 2023, with significant room for increasing domestic market share [1]. - The ADC chip market in China is expected to exceed 15 billion yuan in 2023, indicating a broad replacement space in the high-end market currently dominated by foreign players [1][2]. Product Development - The company has introduced a series of high-speed and high-precision ADC products, achieving mass production and actively developing AI chips for edge computing with significant processing capabilities [2][10]. - The product lineup includes various types of chips such as logic chips, storage chips, microcontrollers, and power management chips, indicating a comprehensive approach to market needs [2][10]. Valuation Metrics - The projected PE ratios for 2025-2027 are 83.17, 71.10, and 56.51, respectively, based on the closing price of 47.04 yuan per share on August 22, 2025 [3][14]. - The company is positioned favorably compared to peers, with a higher PE ratio reflecting its growth potential in the special chip market [14].

证券研究报告|投资策略周报 [Table_Date] 2025 年 08 月 25 日 [Table_Title] 中科闻歌投资创奇思推动 AI 技术出海，飞猪 AI 问一问功能更新 可查目的地客流 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 中科闻歌投资创奇思，共同推动中国 AI 技术出 海，引领中国香港 AI 生态再迈新台阶 全球领先的互联网社区创建者-网龙网络控股有限公司欣然宣 布，网龙及其子公司创奇思（Cherrypicks）联同中科闻歌，致 力推动人工智能技术于企业及教育领域的创新应用，8 月 15 日 共同举办"引领未来 AI 移动智能：网龙旗下创奇思与中科闻歌 战略联盟成立仪式"，此次合作不仅标志着中国 AI 核心技术首 次由中国香港企业牵头走向国际，更为中国香港 AI 生态注入强 大动力，促进中国香港成为大湾区及国际 AI 创科枢纽，推动中 国 AI 技术出海，引领中国香港 AI 生态再迈新台阶。网龙旗下创 奇思与中科闻歌将在中国大陆以外地区展开独家合作，共同推 广人工智能服务。网龙旗下创奇思将成为中科闻歌于境外市场 的唯一独家出海平台与商业化伙伴。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices [2] - The planting industry is focusing on pest control for autumn crops, which is crucial for achieving the annual grain production target of approximately 1.4 trillion jin [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] Summary by Sections Planting Industry - A national meeting was held to address pest control for autumn crops, emphasizing its importance for overall grain yield [11] - The autumn crop accounts for three-quarters of the annual grain production, making pest control critical [11] - The Ministry of Agriculture is promoting the protection of new plant varieties to support innovation in the seed industry [11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and major seed companies like Dabeinong and Longping High-Tech [11] Swine Farming - The average price of external three-breed pigs is 13.80 yuan/kg, with a slight weekly decrease of 0.07% [2] - Demand remains weak, and there are no immediate positive factors expected to boost demand [2] - The number of breeding sows has decreased to 40.43 million, down 370,000 from the peak last year [2] - Recommended stocks in the breeding sector include DeKang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2] Key Agricultural Products Data Tracking - Corn: The average price is 2385.10 yuan/ton, down 0.39% week-on-week [24] - Wheat: The average price is 2435.58 yuan/ton, down 0.10% week-on-week [27] - Rice: The average price for japonica rice is 2892.80 yuan/ton, down 0.66% week-on-week [32] - Soybeans: The average price is 3952.63 yuan/ton, up 0.27% week-on-week [37] - Cotton: The average price in Xinjiang is 15090.00 yuan/ton, up 0.18% week-on-week [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 yuan/kg, down 0.37% week-on-week [49] - The average price of vitamin E is 67.50 yuan/kg, unchanged week-on-week [49]

Investment Rating - Industry Rating: Recommended [4] Core Insights - DeepSeek-V3.1 has achieved significant breakthroughs in architecture, intelligent agent capabilities, and ecosystem development, showcasing strong technical strength and industrial value [14][20] - The introduction of UE8M0 FP8 precision is tailored for domestic chips, enhancing the performance and efficiency of Chinese AI computing [15][40] - The recent Nvidia supply chain disruptions have amplified the urgency for domestic computing solutions, marking a shift towards self-sufficiency in China's AI industry [16][17] Summary by Sections 1. DeepSeek-V3.1: Architectural Renewal and FP8 Empowerment - DeepSeek-V3.1 features an innovative mixed reasoning architecture that supports both "thinking" and "non-thinking" modes, improving response speed and reducing inference costs by 20%-50% while maintaining performance [14][21] - The model's total parameters reach 671 billion, with only 37 billion activated during processing, optimizing storage and computational efficiency for domestic chip deployment [24] - The model has been open-sourced in major communities, significantly lowering API usage costs to 0.5 yuan per million tokens, thus reducing barriers for adoption [28] 2. Supply Chain Risks and Opportunities for Autonomy - Nvidia's request for suppliers to halt production of H20 chips highlights the uncertainties in the overseas GPU supply chain, increasing the demand for domestic computing solutions [16][40] - The release of DeepSeek-V3.1, designed for domestic chips, is expected to drive upgrades in hardware architecture and operator libraries for companies like Huawei and Cambrian [16][40] - The combination of external supply chain challenges and internal technological advancements is fostering a new phase of autonomy and scalability in China's AI ecosystem [17] 3. Investment Recommendations - Beneficiary stocks include AI chip manufacturers such as Cambrian, Haiguang Information, and Chipone, as well as Huawei server companies like Gaoxin Development and Tuo Wei Information [18]

Investment Rating - The industry rating is "Recommended" [5] Core Viewpoints - The State Council's executive meeting emphasized the need to stimulate sports consumption demand and enhance the quality of the sports industry, indicating significant growth potential in sports consumption [1][2] - The retail sales of sports goods on major e-commerce platforms are projected to reach 218.17 billion yuan in the first half of 2025, reflecting a growth rate of 17.5%, which is significantly higher than the overall online retail growth rate of 6.0% [1] - The spillover effects of sports events are notable, with events like "Su Super" driving substantial related consumption, estimated at over 38 billion yuan [2] Summary by Sections Investment Suggestions - Five investment themes are highlighted: 1. Continuous upgrades in AI technology with beneficiaries including Keri International, Focus Technology, and others [3] 2. Increased consumer willingness to pay for emotional value, benefiting high-growth new retail sectors like Miniso and Pop Mart [3] 3. Recovery of cyclical sectors under domestic demand promotion, with beneficiaries including Mixue Group and Haidilao [3] 4. Broad prospects for overseas consumption, with a focus on service providers and strong product brands [3] 5. Return of offline traffic revitalizing traditional formats, with beneficiaries including Yonghui Supermarket and Kidswant [3] Industry & Company Dynamics - The report discusses various industry dynamics, including the opening of Lucky Coffee's first overseas store in Malaysia and the expansion plans of Pandora in China [21][22] - It also covers significant financing events, such as Topline Pro's $27 million B round and the strategic investment in Qubaobao [24] Macro & Industry Data - Retail sales in July reached 3.88 trillion yuan, growing by 3.7% year-on-year, with a notable increase in sports and entertainment goods retail sales by 13.7% [40][41] - The online retail sales of physical goods accounted for 24.9% of total retail sales, indicating a stable trend despite a decline in growth rates [41][52]