Investment Rating - The investment rating for the beauty care industry is "Positive" (maintained) [4][12] Core Viewpoints - In August 2025, the GMV of the beauty category on Douyin exceeded 20 billion yuan, showing a year-on-year growth of 19.56% and a month-on-month increase of 21.46%, indicating a strong growth trend [5] - Domestic brands are performing exceptionally well, with Han Shu leading the market with a GMV exceeding 700 million yuan, and its product, the Han Shu Red Waist Ring Hexapeptide Set, being the only product to surpass 100 million yuan in sales during August [5] - The consumption trend on Douyin is shifting from "trial consumption" to "stable repurchase," with a decrease in the proportion of new products launched in the top 1000 SPUs [5] Summary by Sections Market Performance - Domestic brands like Baique Ling, Marubi, and Mao Geping have significantly improved their rankings compared to the previous year, with increases of 78, 19, and 14 places respectively [5] - Foreign brands such as Helena and L'Oreal are facing sales pressure, with L'Oreal dropping out of the top three rankings, showing a decline of 7 places year-on-year [5] Investment Recommendations - The report suggests focusing on domestic brands that are expanding their market scale and brand influence through mainstream channels. Recommended stocks include: 1. Mao Geping, a leading high-end domestic beauty brand with strong product and channel capabilities 2. Proya, known for its mature organizational structure and industry-leading marketing and management capabilities 3. Marubi, which continues to release strong single products and accelerate brand growth 4. Shumei Co., benefiting from the trend of affordable consumption with strong operational performance and product growth certainty [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that foreign trade profits have been realized, and there is a focus on the company's dividend attributes [6] - The company achieved a revenue of 5.338 billion yuan in the first half of 2025, a year-on-year decrease of 6.99%, with a net profit attributable to shareholders of 1.072 billion yuan, a year-on-year increase of 41.59% [9] - The company's strategy of coordinating domestic and foreign trade is expected to support profit growth, driven by demand recovery in domestic trade and favorable conditions in foreign trade [9] Financial Performance Summary - Revenue forecast for 2023 to 2027 shows a decline from 12.439 billion yuan in 2023 to 10.974 billion yuan in 2027, with a projected growth rate of -12.46% in 2023 and a slight recovery in subsequent years [8] - Net profit attributable to shareholders is expected to grow from 1.717 billion yuan in 2023 to 2.240 billion yuan in 2027, with a year-on-year growth rate of 11.25% in 2025 [8] - Earnings per share (EPS) is projected to increase from 0.82 yuan in 2023 to 1.07 yuan in 2027 [8] Dividend Policy - The company plans to distribute a dividend of 9.03 billion yuan in the first half of 2025, which is 84.27% of the net profit for that period [9]

证券研究报告 晨会 hyzqdatemark 2025 年 09 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年09月09日 华源晨会精粹 20250909 新消费 新消费 2025H1 板块表现总结——25H1 强者恒强，建议关注新兴消费趋势： 美护板块 25H1 整体表现平淡，细分赛道个护表现较优。25H1 黄金珠宝板块分化， 茶饮公司受益于外卖价格战，酒旅、博彩相对平淡。潮玩产业作为新世代年轻人的 新兴消费产品延续行业此前的高热度。25H1 纺服行业社零数据整体表现平稳。港股 方面，纺服大众品牌 25H1 在年初新年旺季销售增长、天气、"五一假期"、"618" 大促等因素影响下整体营收及利润符合预期，后续建议关注消费需求修复节奏对板 块的整体影响。港股运动服饰品牌交出符合预期的 2025 年中期业绩，我们认为品牌 短期受宏观经济、行业整体折扣较大等外部因素影响业绩仍有波动的可能性，但伴 随中长期经济复苏预期下行业周期向上，各品牌现阶段的资源渠道储备有望逐步打 开未来增长预期。 风险提示：终端消费需求修复不及预期；经营环境修复不及预期；国际政治变动风 险。 北交所 国家新一轮光通 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported stable operations in the first half of the year with a significant decrease in capital expenditures [5] - The company achieved a revenue of 6.845 billion RMB in the first half, a year-on-year increase of 3.26%, while net profit decreased by 4.37% [7] - The company plans to distribute a dividend of 0.03 RMB per share, unchanged from the previous year [7] - The increase in power generation was primarily due to new installations, with total power generation reaching 18.9 billion kWh, up 10.22% year-on-year [7] - The company’s controllable installed capacity reached 19.07 million kW, an increase of 22.59% year-on-year [7] - The company’s financial structure is being optimized with a significant reduction in capital expenditures, down 37.43% year-on-year to 2.6 billion RMB [7] Financial Performance and Forecast - Revenue and profit forecasts for the company from 2023 to 2027 are as follows: - Revenue (million RMB): 12,802 in 2023, 12,576 in 2024, 13,333 in 2025E, 14,173 in 2026E, 14,889 in 2027E [6][8] - Net profit (million RMB): 2,240 in 2023, 1,925 in 2024, 1,774 in 2025E, 1,837 in 2026E, 1,907 in 2027E [6][8] - The company’s price-to-earnings ratio (P/E) is projected to be 9.7 for 2025, 9.4 for 2026, and 9.0 for 2027 [6][8] - The company’s average financing cost decreased to 2.48%, down 36 basis points from the beginning of the year [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of the year exceeded expectations, and it announced its first interim dividend, reflecting management's confidence [5] - The company reported a revenue of 57.2 billion yuan in the first half, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan [7] - The decline in coal prices and growth in installed capacity contributed significantly to the profit increase, particularly in the coal and wind power sectors [7] Summary by Sections Market Performance - The closing price of the company's stock is 3.72 yuan, with a market capitalization of approximately 68.84 billion yuan [3] Financial Data - The company’s total assets are projected to be 322.6 billion yuan in 2024, with a debt-to-asset ratio of 68.25% [8] - The forecasted revenue for 2025 is 121.2 billion yuan, with a net profit of 6.474 billion yuan, reflecting a growth rate of 43.67% [6][8] Earnings Forecast and Valuation - The company is expected to achieve a net profit of 6.652 billion yuan in 2026 and 6.752 billion yuan in 2027, with corresponding P/E ratios of 10.35 and 10.20 [6] - The new dividend policy indicates a commitment to distribute at least 50% of the net profit attributable to ordinary shareholders, enhancing predictability in cash dividends [7]

hyzqdatemark 2025 年 09 月 09 日 证券分析师 证券研究报告 海外 行业定期报告 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 板块表现： 特朗普现身辟谣健康问题，DAT 模式面临更强监管 投资评级： 无 ——海外科技周报（25/9/1-25/9/5） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 海外 AI：本周世界核能研讨会召开，WNA 发布 2025 年世界核燃料报告。核电发展预期上修，能源转型驱动增 强。报告将 2040 年全球核电装机容量在"参考情景"下上调至 686 GWe（较 2023 年版上调 60GWe），在 "高情景"下可能接近 966 GWe（较 2023 年版上调 35 GWe）。这一上修反映出各国政府在碳中和目标下对 核电接受度显著提升，核电在保障能源安全与主权独立方面的战略地位持续强化。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 541 million yuan in H1 2025, representing a year-on-year increase of 16%, with a net profit attributable to shareholders of 64.77 million yuan, up 8% year-on-year [7] - The growth is driven by demand in automotive electronics, consumer electronics, and AI servers, with significant overseas market breakthroughs [7] - The company is focusing on high-potential applications such as optical modules, server BBU, and HDI boards, with a new subsidiary in Thailand expected to add 4 million square meters of production capacity [7] Summary by Sections Market Performance - Closing price as of September 8, 2025, is 38.30 yuan, with a total market capitalization of 5,823.31 million yuan and a circulating market value of 2,684.88 million yuan [3] Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 78.51 million yuan, with a sales expense ratio of 1.31% and a management expense ratio of 3.10% [7] - For Q2 2025, revenue reached 299 million yuan, a year-on-year increase of 20%, with a net profit of 36.35 million yuan, also up 20% year-on-year [7] Revenue and Profit Forecast - The company forecasts revenues of 1,207 million yuan in 2025, with a year-on-year growth rate of 15.71%, and net profits of 148 million yuan, reflecting a growth rate of 19.96% [8] - Expected earnings per share (EPS) for 2025 is 0.97 yuan, with a projected price-to-earnings (P/E) ratio of 39.37 [8] Strategic Focus - The company is expanding its focus on high-end server BBU applications and optical communication modules, with significant investments in R&D, amounting to 20.93 million yuan in H1 2025 [7] - The automotive electronics segment has become the largest application area, accounting for over 40% of revenue in H1 2025, driven by the electrification trend in new energy vehicles [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's mid-year performance slightly exceeded market expectations, with a focus on the integration of hydropower assets [5][8] - The company aims to become a global leader in clean energy supply, with ongoing asset restructuring to enhance its market position [8] Financial Performance - For the first half of 2025, the company reported revenue of 23.858 billion RMB, a year-on-year decrease of 13.48%, while the profit attributable to equity holders was 2.835 billion RMB, an increase of 1.16% [8] - The company's net profit (including perpetual bond interest) for the first half of 2025 was 2.835 billion RMB, with contributions from coal, hydropower, wind, and solar power segments showing mixed results [8] - The forecasted net profit for 2025-2027 is approximately 3.7 billion, 4.0 billion, and 4.5 billion RMB, respectively, with corresponding P/E ratios of 11, 10, and 9 [6][9] Segment Performance - Coal power segment performance exceeded expectations due to a significant decrease in fuel costs, with a unit fuel cost of 234.52 RMB/MWh, down 14% year-on-year [8] - Wind power segment growth was attributed to the acquisition of multiple power plants, while hydropower and solar segments faced declines due to adverse weather and market conditions [8] - The company plans to increase its wind and solar capacity to 16.4 GW and 22.4 GW, respectively, by the end of 2025 [8] Market Data - The closing price of the company's stock is 3.48 HKD, with a market capitalization of approximately 43.048 billion HKD [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 09 日 证券分析师 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 光通信作为通信行业主流通信方式之一，应用于数据中心、电信网络等领域。光通信是以光波为信息载 体的通信方式，主要采用光纤作为传输介质从而实现用户间信息的传递。相较于传统的电信号传输模式， 光通信具有更大的传输带宽及传输容量、更低的传输损耗、更强的抗电磁干扰能力和更高的传输质量。 随着国家新一轮光通信网络建设带来发展机遇，国内光通信企业走向国际市场，华为、中兴、烽火通信 等企业位居全球光通信企业前列。随着 5G 通信、云计算、物联网等新技术的发展，光通信在这些领域得 到了广泛应用。光电子器件是光电子技术的关键和核心部件，是现代光电技术与微电子技术的前沿研究 领域，是信息技术的重要组成部分。2024 年中国光电子元器件产量达 18479.7 亿只，同比增长 28.51%， 2025 年中国光电子器件产量或将超过 20000 亿只。光通信器件包括光芯片、光模块等关键组件，它们负 ...

证券研究报告 商贸零售 行业点评报告 新消费 2025H1 板块表现总结 投资评级： 看好（维持） ——25H1 强者恒强，建议关注新兴消费趋势 hyzqdatemark 2025 年 09 月 09 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 王悦 wangyue03@huayuanstock.com 板块表现： 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 25H1 美妆板块表现平淡。2025 年 1-6 月中国限额以上单位化妆品类商品零售额同比增长 2.9%，低于中国消费品社零总额增速 5.0%，整体表现较为平稳。拆分月度数据来看，2025 年 1-2 月中国限额以上单位化妆品类商品零售额同比增长 4.4%，3 月增速放缓至 1.1%，我 们认为主要系 38 大促线上平台提前至 2 月开启预售致使部分需求前置释放，4 月增速回升至 7.2%，5 月增速为 4.4%，6 月同比下滑 2.3%，为今年以来首个同比下降月份，我们认为原 因或为 618 大促前置影响叠 ...