2025 年 08 月 29 日 合作引进，加码创新药研发 买入(首次) 事件 分析师：胡博新 S1050522120002 hubx@cfsc.com.cn | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 49.5 | | 总市值（亿元） | 100 | | 总股本（百万股） | 202 | | 流通股本（百万股） | 185 | | 52 周价格范围（元） | 12.26-64.7 | | 日均成交额（百万元） | 234.23 | 市场表现 资料来源：Wind，华鑫证券研究 -100 0 100 200 300 400 500 (%) 昂利康 沪深300 相关研究 —昂利康（002940.SZ）公司事件点评报告 昂利康发布公告：2025 年上半年，公司实现营业总收入 72435.50 万元，同比下降 14.52%；归属于上市公司股东的净 利润 6592.51 万元，同比下降 3.19%。 投资要点 ▌ 把握集采中选品种机遇 公司复方α-酮酸片和合作产品艾地骨化醇软胶囊于 2024 年 中选第十批国家集采，目前已进入进院采购阶段，快速上 量。除参与国采之外， ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported significant growth in its half-year performance, with a revenue of 9.246 billion yuan, up 42.1% year-on-year, and a net profit of 1.596 billion yuan, up 48.4% year-on-year [3][9] - The average gold price in the first half of 2025 increased significantly, contributing to the company's strong financial performance [5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 92.46 billion yuan, a year-on-year increase of 42.1%, and a net profit of 15.96 billion yuan, also up 48.4% [3][9] - Basic earnings per share reached 0.57 yuan, reflecting a growth of 48.4% year-on-year [3] Production and Sales - The company's gold production in the first half of 2025 was 3.72 tons, a decrease of 10.58% year-on-year, while silver production was 61.83 tons, down 24.82% [4] - Gold sales reached 4.12 tons, a decline of 6.58% year-on-year, while silver sales increased by 9.93% to 81.49 tons [4] Market Conditions - The average gold price in the Shanghai Gold Exchange for the first half of 2025 was 720 yuan per gram, up 38.27% from the same period in 2024 [5] - The company's cost of gold production was 150.96 yuan per gram, a slight increase of 3.02% year-on-year, indicating effective cost control [5] Future Outlook - The company is set to begin construction on its Osino gold project in Namibia in Q4 2025, with production expected to start in the first half of 2027 [6] - The company completed the acquisition of a 52.07% stake in Yunnan Western Mining, enhancing its resource reserves [6][8] Earnings Forecast - Projected revenues for 2025-2027 are 109.99 billion yuan, 125.05 billion yuan, and 140.53 billion yuan, respectively, with corresponding net profits of 32.87 billion yuan, 40.53 billion yuan, and 48.23 billion yuan [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company's main business remains stable, with a slight revenue increase of 2.23% year-on-year, achieving revenue of 1.651 billion yuan in the first half of 2025. However, the net profit attributable to shareholders decreased by 8.96% to 567 million yuan [1][2] - The company is focusing on investor returns by implementing a high cash dividend policy, distributing a total of approximately 631 million yuan in dividends in 2024, which accounts for 60% of the net profit attributable to shareholders [3] - The company is investing in innovative drug companies to create new growth curves, with a planned investment of 60 million USD in Accuredit Therapeutics Limited, acquiring a 40.82% stake [4] Summary by Sections Main Business Performance - In the first half of 2025, the company achieved revenue of 1.651 billion yuan, with the main product, New Active Substance, selling 4.17 million units and generating revenue of 1.456 billion yuan, accounting for 88.36% of total revenue, a year-on-year increase of 0.41%. Other products generated revenue of 192 million yuan, a year-on-year increase of 18.83% [2] Cash Dividend Policy - The company has actively implemented stable cash dividend measures, with a proposed cash dividend of 8.81 yuan per 10 shares for the first half of 2025, which represents 50.05% of the net profit attributable to shareholders for that period [3] Investment in Innovative Drugs - The company announced an investment of 60 million USD in Accuredit Therapeutics Limited, acquiring a 40.82% stake. The core asset of Accuredit is Suzhou Rui Zheng Gene, which is the first company in China to enter clinical research for in vivo gene editing products based on LNP [4][8] Financial Forecast - The company is projected to achieve revenues of 2.923 billion yuan, 3.157 billion yuan, and 3.463 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 893 million yuan, 967 million yuan, and 1.066 billion yuan for the same years [9][11]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [7]. Core Views - The company is expected to leverage the AI era to drive growth, transitioning from traditional media to a digital cultural service provider, supported by its unique resources and partnerships [3][7]. - The company's main business segments, including smart broadcasting and cultural consumption, show resilience against economic fluctuations, with a stable revenue base [2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 3.376 billion yuan, a year-on-year increase of 2.13%, while net profit attributable to shareholders decreased by 18.65% to 344 million yuan [2]. - The revenue breakdown for the main business segments includes smart broadcasting at 2.32 billion yuan (up 8.15%), cultural consumption at 960 million yuan (down 7.53%), and other businesses at 90 million yuan (down 20.58%) [2]. - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares for 2025 [2]. Growth Forecast - Revenue projections for 2025-2027 are 7.813 billion yuan, 7.970 billion yuan, and 8.217 billion yuan, respectively, with net profits expected to be 735 million yuan, 805 million yuan, and 879 million yuan [9][10]. - The earnings per share (EPS) are forecasted to be 0.22 yuan, 0.24 yuan, and 0.26 yuan for the same period [9][10]. Strategic Initiatives - The company is accelerating its digital transformation by building generative AI platforms and collaborating with leading AI firms to enhance personalized services [3][4]. - It aims to integrate online and offline experiences, promoting cultural tourism and leveraging its iconic cultural resources in Shanghai [6][4].

2025 年 08 月 29 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：84 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 40 (%) 沪深300 相关研究 | 1、《双融日报》2025-08-28 | | --- | | 2、《双融日报》2025-08-27 | | 3、《双融日报》2025-08-26 | ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 84 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、GPU、稀土 1、机器人主题：英伟达即将推出机器人新"大脑"。8 月 24 日，英伟达机器人账号在社交平台发布预热推文，"你安排 好时间了吗？2025 年 8 月 25 日。"配图中是一个黑色礼 盒，上面是一张写着"好好享受！"、带着黄仁勋签名落款 的 贺 卡 。 相 关 标 的 ： 卧 龙 电 驱 （ 600580 ） 、 长 盛 轴 承 （300718） 2、GPU 主题：工信部副 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company is focusing on the development of three major industries and is making steady progress on key projects [1][7] - Despite a decline in the sales prices of major products leading to a year-on-year profit decrease, the company continues to push forward with significant projects [5][9] - The company has slightly adjusted its profit forecast for 2025 due to the decline in product prices but remains optimistic about ongoing project developments [9] Summary by Sections Market Performance - The current stock price is 11.09 yuan, with a total market capitalization of 8.7 billion yuan and a total share capital of 782 million shares [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.358 billion yuan, a year-on-year decrease of 16.56%, and a net profit attributable to shareholders of 344 million yuan, down 28.51% year-on-year [4][5] - The average price of salt products decreased by 12.8%, while the average price of alkali products fell by 35.29% in the first half of 2025 [5] Research and Development - The company has seen an increase in R&D expenses, with the R&D expense ratio rising due to increased investment in research [6] Project Development - The company has made progress on 11 key projects, completing 58% of its annual investment plan in the first half of 2025 [7] - Significant projects include the completion of the Zhangxing gas storage project and the establishment of a helium storage project [7][8] Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 733 million yuan, 853 million yuan, and 1.014 billion yuan, respectively [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a total revenue of 76.04 billion yuan for H1 2025, a 1% increase year-on-year, while the net profit attributable to shareholders decreased by 16% to 6.76 billion yuan [1] - The gross margin pressure is attributed to rising costs of raw materials, particularly for crayfish and fish paste, alongside increased manufacturing costs and promotional efforts [2] - The company is focusing on enhancing product development efficiency and has launched a new series of meat products targeting both consumer and business markets, which is expected to improve profitability [3][4] Summary by Sections Financial Performance - In Q2 2025, total revenue reached 40.05 billion yuan, a 6% increase year-on-year, but net profit decreased by 23% to 2.81 billion yuan [1] - The gross margin in Q2 2025 fell by 3 percentage points to 18.00% due to increased costs [2] Product Development and Sales Channels - The company continues to see growth in its fresh-keeping packaging segment, while the frozen prepared foods segment reported a revenue of 17.50 billion yuan, a 1% decrease [3] - The company has introduced a new series of meat products aimed at the consumer market, which is expected to enhance profitability [3] Distribution and Market Strategy - Revenue from distribution channels in Q2 2025 was 31.34 billion yuan, a 2% increase, with significant contributions from major distributors [4] - The company is strengthening its partnerships with large supermarkets and enhancing customized product offerings to drive demand recovery [4] Profitability Forecast - The report adjusts the EPS forecasts for 2025-2027 to 4.33, 4.76, and 5.33 yuan respectively, maintaining a positive outlook on the company's profitability recovery as raw material costs stabilize [9]

2025 年 08 月 28 日 优质客户资源助力成长，竞争优势进一步巩固 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | 1、《兴欣新材（001358）：主要产 品价格下跌致业绩承压，8800t 哌嗪 系列产品项目完成试生产》2025- 03-29 —兴欣新材（001358.SZ）公司事件点评报告 兴欣新材发布 2025 年半年度报告：公司 2025 年上半年实现 营业收入 2.18 亿元，同比+0.02%；实现归母净利润 0.34 亿 元，同比-21.72%。 分季度来看，2025Q2 单季度实现营业收入 1.13 亿元，同比 +2.07%，环比+8.13%；实现归母净利润 0.16 亿元，同比- 22.04%，环比-7.68%。 投资要点 | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 25.99 | | 总市值（亿元） | 32 | | 总 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [11] Core Views - The company has achieved significant growth in copper and cobalt production, with all products exceeding targets [5] - The financial performance shows a strong increase in revenue and profit, driven by rising prices of copper and cobalt [7][10] - The company is actively expanding its production capacity in the Democratic Republic of Congo, preparing for future growth [9] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 94.773 billion yuan, with a net profit of 8.671 billion yuan, marking a 60.07% year-on-year increase [4] - The operating cash flow was 12.009 billion yuan, reflecting a stable growth of 11.40% [4] Production Data - Copper production reached 353,600 tons, up 12.68% year-on-year, while cobalt production was 61,100 tons, up 13.05% [5] - The company exceeded its production guidance for copper and cobalt by 50% [6] Revenue Breakdown - The mining segment generated revenue of 39.402 billion yuan, a 25.64% increase, with a gross profit of 20.656 billion yuan, up 40.56% [6][7] - Copper revenue was 25.718 billion yuan, increasing by 28.42%, while cobalt revenue rose to 5.728 billion yuan, up 31.94% [7] Future Outlook - The company forecasts revenues of 224.771 billion yuan for 2025, with net profits expected to reach 16.527 billion yuan [11] - The current price of copper is in an upward cycle, and the company has managed to reduce production costs [11] Dividend Policy - The company has committed to a cash dividend payout ratio exceeding 40% of net profit for the years 2024 to 2026, with a historical high cash dividend of 5.456 billion yuan for 2024 [10]

2025 年 08 月 28 日 业绩保持高增，金价上涨强势助力 2、《紫金矿业（601899）：矿产铜 金量价同比均有提升，三季报业绩 大幅增长》2024-10-24 3、《紫金矿业（601899）：矿产铜 金稳步增长，成本呈现下降趋势》 2024-08-29 紫金矿业发布 2025 年半年报：2025 年 H1 实现营业收入 1677.11 亿元，同比+11.50%；归母净利润 232.92 亿元，同 比增长+54.41%；经营活动产生的现金流量净额 288.30 亿 元，同比+41.00%。 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 22.52 | | 总市值（亿元） | 5985 | | 总股本（百万股） | 26578 | | 流通股本（百万股） | 20588 | | 52 周价格范围（元） | 13.94-2 ...