Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage with a current price of 57.8 CNY [5]. Core Insights - The company, founded in 1998, has evolved from producing high-end pet snacks to becoming a pioneer in the Chinese pet food industry, with a focus on international expansion and brand development [5][11]. - The pet food market in China is projected to grow from 173.2 billion CNY in 2022 to 267 billion CNY by 2025, with a compound annual growth rate (CAGR) of 15.5% [5][33]. - The company aims to enhance its product structure by increasing the proportion of high-margin staple foods, which have seen a rise in revenue share from 6.36% in 2020 to 24.78% in 2024 [5][40]. Financial Forecast - Total revenue is expected to grow from 37.47 billion CNY in 2023 to 55.33 billion CNY in 2025, reflecting a growth rate of 23.93% [4][5]. - Net profit attributable to shareholders is forecasted to increase from 2.33 billion CNY in 2023 to 4.68 billion CNY in 2025, with a growth rate of 18.81% [4][5]. - The company's return on equity (ROE) is projected to rise from 12.07% in 2023 to 17.08% in 2025 [4]. Market Position and Strategy - The company operates 23 modern pet food production bases globally and has established a strong brand matrix, including "WANPY," "TOPTREES," and "ZEAL," to capture both domestic and international markets [5][46]. - The penetration rate of pet ownership in China has increased from 13% in 2019 to 22% in 2023, indicating significant growth potential compared to the 70% rate in the US [5][35]. - The company is committed to maintaining a focus on domestic market growth while accelerating overseas market expansion [5][40].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company reported strong performance in its Q3 2025 results, with a revenue of 734 million yuan, representing a year-on-year growth of 69.25%, and a net profit attributable to shareholders of 8.41 million yuan, up 178.80% year-on-year [7] - The revenue for Q3 alone was 276 million yuan, showing a year-on-year increase of 69.21%, while the net profit for the quarter was 3.33 million yuan, reflecting a significant growth of 374.07% [7] - The company is benefiting from the increasing demand for AI computing power, particularly in its computing power services and supercomputing cloud system businesses [5][10] Financial Performance Summary - For the first three quarters of 2025, the revenue breakdown shows that the computing power services generated 697 million yuan, a growth of 69.76% year-on-year, while the supercomputing cloud system revenue reached 22.25 million yuan, growing by 256.13% [10] - The gross margin for computing power services was 21.91%, down 11.19% year-on-year, whereas the gross margin for supercomputing cloud systems was 47.10%, up 30.15% year-on-year [10] - The company forecasts revenues of 1.05 billion yuan, 1.74 billion yuan, and 2.74 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 60.88%, 65.12%, and 57.63% [10][11] - The net profit attributable to shareholders is projected to be 19 million yuan, 30 million yuan, and 108 million yuan for the same years, with growth rates of 56.49%, 59.49%, and 258.63% [10][11] Strategic Developments - The company has entered into a strategic cooperation agreement with the Laoshan District government and Qingdao Unicom to advance the "3000 Card Intelligent Computing Resource Pool" project, which aims to support the AI industry park in Qingdao [10] - This project will involve the construction and hosting of computing resource pools, joint operation of computing services, and collaborative investment in domestic computing resource pools [10]

- The report provides a snapshot of the A-share market, focusing on the performance of broad-based indices on November 5, 2025, with the ChiNext Index and CSI 2000 showing the largest gains of 1.03% and 0.77%, respectively [1][2] - The report compares the moving averages of various indices, noting that the CSI 2000 broke above its 5-day and 10-day moving averages, while other indices remained below their 5-day and 10-day moving averages [14] - The turnover rates for various indices are highlighted, with the CSI 2000 having the highest turnover rate at 4.45, followed by the CSI 1000 at 2.66, and the ChiNext Index at 2.62 [17] - The distribution of daily returns is analyzed, showing that the ChiNext Index has the largest negative skewness and kurtosis, while the CSI 1000 has the smallest negative skewness and kurtosis [24] - The risk premium relative to the 10-year government bond yield is discussed, with the ChiNext Index and CSI 2000 having the highest 5-year percentile values of 76.59% and 69.21%, respectively [28][30] - The PE-TTM ratios of various indices are examined, with the CSI 1000 and CSI 500 having the highest 5-year percentile values of 97.27% and 96.53%, respectively [39][40] - The dividend yield of various indices is analyzed, with the ChiNext Index and CSI 1000 having the highest 5-year historical percentile values of 68.43% and 39.34%, respectively [51] - The report also discusses the net asset value ratios, noting that the current net asset value ratios for various indices are as follows: SSE 50 (20.0%), CSI 300 (15.33%), CSI 500 (11.2%), CSI 1000 (7.4%), CSI 2000 (2.8%), ChiNext Index (1.0%), and CSI All Share (5.79%) [52]

Content: --------- <doc id='1'>证券研究报告·金融工程报告 2025 年 11 月 5 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.11.05 ◆市场表现：2025 年 11 月 4 日, 各宽基指数（表 1）全部下跌，其中创业板指（-1.96%） 投资要点：</doc> <doc id='2'>分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和中证 500（-1.67%）跌幅最大。当年涨跌情况，创业板指（46.34%）涨幅最大， 其次是中证 2000（32.06%）和中证 500（25.94%），中证 1000（24.81%）和中证全 指（22.68%）涨幅缩小，而上证 50（12.22%）涨幅最小。 ◆均线比较：所有跟踪指数已跌破 5 日均线，除中证 2000 外其余跟踪指数跌破 10 日均线，沪深 300、中证 500、中证 1000 和中证全指跌破 20 日均线。各跟踪指数 已远离近 250 日高位超过 1.8%。 ◆资金占比与换手：2025 年 11 月 4 日, 沪深 300（26.86%）交易金额占比最高， 相关研究报告 态 2025.11.04 A 股市场快照：宽基指数每日投资动 态 2025.11.03 A 股市场快照：宽基指数每日投资动 态 2025.10.31 其次是中证 2000（23.42%）和中证 1000（20.3%）。各宽基指数当前换手率分别为 中证 2000（4.06），创业板指（2.64），中证 1000（2.59），中证全指（1.79），中 证 500（1.71），沪深 300（0.71）和上证 50（0.33）。 ◆日收益率分布：创业板指的峰度负偏离最大，沪深 300 的峰度负偏离最小。创 业板指的负偏态最大，沪深 300 的负偏态最小。 ◆风险溢价：2025 年 11 月 4 日, 上证 50（45.32%）和中证 2000（23.57%）风险溢 价近 5 年分位值较高，创业板指（9.44%）和中证 500（7.7%）较低。</doc> <doc id='3'>◆PE-TTM：中证 1000（96.69%）和中证 500（96.45%）分位值较高，而中证 2000 （81.16%）和创业板指（55.79%）分位值较低。 ◆股债性价比：没有指数高于其 80%分位，中证 500 低于其 20%分位。 ◆股息率：创业板指（69.17%）和中证 1000（40.91%）所处近 5 年历史分位值较 高，而中证 2000（17.27%）和中证 500（16.12%）较低。 ◆破净率：当前，各指数破净率为上证 50（20.0%），沪深 300（15.67%），中证 500（11.0%），中证 1000（7.5%），中证 2000（2.85%），创业板指（1.0%）和中 证全指（5.85%）。 ◆风险提示：本报告可能存在数据缺失、数据错误、数据不及时、模型处理错误 等风险。本报告仅从金融工程角度，对重要指数的市场数据进行跟踪、统计、分 析，不构成对市场指数、行业或个股进行预测或推荐。</doc> <doc id='5'>| 市场衣乳… | | --- | | 1.1 指数表现 … | | 1.2 指数与均线的比较 | | 1.3 资全占比与换手率 … | | 2 日收益分布 | | 2.1 收益区间分布对比 | | 22 分布形态变化对比 | | 3 风险溢价 … | | 3.1 各宽基指数的风险溢价 | | 32 风险溢价历史分布 | | 4 PE-TTM. | | 4.1 各宽某指数 PE-TTM 和分位值 | | 4.2 PE-TTM 历史对比… | | 4.3 股债性价比历史对比… | | 5 吸血率… | | 5.1 近一年各宽某指数股息率变化情况, | | 5.2 股息率历史对比… | | 6 玻璃率 | | 7 风险提示 . |</doc> <doc id='7'>| 表 1、各宽基指数表现情况 | | --- | | 表 2、各宽基指数与均线、近250交易日高位和低位的比较 … | | 表 3 、各宽基指数分布形态变化 … | | 表 4、各宽基指数和十年期国债即期收益率的风险溢价 | | 表 5、各宽基指数 PE-TTM 分位值和历史值 | | 表 6、各宽基指数当前股息率和历史情况 | | 图 1、各宽基指数交易全额占比和换手率 | | 图 2、各宽基指数每日收益率分布情况 | | 图 3、各宽基指数相对十年国债即期收益率的风险溢价 | | 图 4、各宽基指数相对沪深 300 的风险溢价的近 5年分布 . | | 图 5 、各宽基指数 PE-TTM 及其分位值 | | 图 6、各宽基指数的股债性价比… | | 图 7、各宽基指数股息率 | | 图 8、各宽基指数破净个股数和占比………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 |</doc> <doc id='9'>1 市场表现 本报告将从指数涨跌幅、连阴连阳、上涨下跌分布等维度对各宽基指数进 行评价和跟踪。 1.1 指数表现 </doc> <doc id='10'>2025 年 11 月 4 日, 各宽基指数（表 1）全部下跌，其中创业板指（-1.96%） 和中证 500（-1.67%）跌幅最大。当周涨跌情况，各跟踪指数除了上证 50（0.05%） 外全部下跌，其中创业板指（-1.68%）和中证 500（-1.64%）跌幅最大。当季 涨跌情况，各跟踪指数涨跌各现，其中上证 50（0.8%）和中证 2000（0.25%） 上涨，而创业板指（-3.21%）和中证 500（-2.72%）跌幅最大。当年涨跌情况， 创业板指（46.34%）涨幅最大，其次是中证 2000（32.06%）和中证 500（25.94%）， 中证 1000（24.81%）和中证全指（22.68%）涨幅缩小，而上证 50（12.22%） 涨幅最小。 表 1、各宽基指数表现情况 指数名称 指数代码 当日涨幅% 当周涨幅% 当月涨幅% 当季涨幅% 当年涨幅% 日K </doc> <doc id='11'>| | | | 涨幅最小。 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数名称 | 指数代码 | 当日涨幅% | 当周涨幅% | 当月涨幅% | 当季涨幅% | 日K 当年涨幅% 连阴连阳 | 周K 连阴连阳 | 月K 连阴连阳 | | 季K 连阴连阳 | 年K 连阴连阳 | | | 上证50 | 000016.SH | -0.11 | 0.05 | 0.05 | 0.80 | 12.22 | | |

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is entering a rapid growth phase, with the national ice and snow industry expected to exceed 1 trillion yuan in 2025, reaching 10,053 billion yuan [7] - The winter ice and snow tourism "Hundred Days Action" in Heilongjiang Province will start on November 8, 2025, focusing on product supply and creating a new all-domain ice and snow tourism system [7] - The government has shown strong support for the ice and snow economy, aiming for the industry to reach 1.2 trillion yuan by 2027 and over 1.5 trillion yuan by 2030 [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -10.04% compared to the CSI 300 index, with an absolute return of 7.04% [3] Investment Highlights - The ice and snow industry is projected to grow significantly, with a 25% year-on-year increase in consumer participation and spending during the 2024-2025 ice and snow season, amounting to over 1,875 billion yuan [7] - The search volume for outdoor ski resorts has surged nearly 900% since mid-October 2025, indicating a rising interest in ice and snow tourism [7] - Key companies in the ice and snow industry, such as Anta Sports and Bosideng, are expected to benefit from the growth in ice and snow sports and tourism [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 61.50 yuan [6]. Core Views - The company reported a revenue of 114 million yuan for the first three quarters of 2025, representing a year-on-year growth of 5.17%. However, the net profit attributable to shareholders decreased by 4.22% to 30 million yuan, and the net profit after deducting non-recurring gains and losses fell by 6.09% to 27 million yuan [6][11]. - The third quarter of 2025 saw a revenue of 38 million yuan, a year-on-year increase of 4.55%, but the net profit attributable to shareholders declined by 4.64% to 11 million yuan, indicating that the company's performance was below expectations due to macroeconomic pressures [6][7][9]. Summary by Sections Revenue Performance - The revenue growth rate was lower than expected, influenced by increased macroeconomic pressures. The company achieved a revenue of 38 million yuan in Q3 2025, which is similar to the 39 million yuan in Q2 2025, indicating a trend of single-digit growth [7][9]. Profitability - The company's overall performance was below expectations, with a gross margin of 68.70% in Q3 2025, down 1.30 percentage points from Q3 2024. The net margin also decreased to 27.50%, down 3.02 percentage points year-on-year, attributed to product price reductions [9][11]. Financial Forecast - The company is expected to achieve revenues of 175 million yuan, 203 million yuan, and 223 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.81%, 15.70%, and 10.08%. The net profit attributable to shareholders is projected to be 58 million yuan, 66 million yuan, and 73 million yuan for the same years, with growth rates of 40.00%, 13.36%, and 10.24% [10][11]. Valuation Metrics - The earnings per share (EPS) are forecasted to be 1.50 yuan, 1.70 yuan, and 1.88 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 40.94, 36.12, and 32.76 [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its main business, although the production of subsidiaries has lowered the overall gross margin. The transformer export value has reached a historical high for four consecutive months [4][9] - The energy structure transformation and the demand for AI computing power are driving the power equipment market into a high growth cycle. The global investment in the power sector is expected to reach $1.5 trillion in 2025, with grid investment surpassing $400 billion for the first time [9] - The company is projected to achieve revenues of 1.65 billion yuan in 2025, with a year-on-year growth rate of 22.46%, and net profits of 48 million yuan, reflecting a growth rate of 11.38% [9] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.039 billion yuan, a year-on-year increase of 22.38%, while the net profit attributable to the parent company was 20 million yuan, a decrease of 23.00% [5] - In Q3 2025, the company reported operating revenue of 338 million yuan, a year-on-year increase of 3.14%, but a net loss of 3 million yuan, a decline of 144.87% year-on-year [5] - The gross margin for the first three quarters of 2025 was 12.18%, down 3.97 percentage points year-on-year, and the net margin was 2.01%, down 1.06 percentage points year-on-year [9] Revenue and Profit Forecast - The forecast for total operating revenue from 2025 to 2027 is 1.65 billion yuan, 2.19 billion yuan, and 2.80 billion yuan, with growth rates of 22.46%, 32.89%, and 27.79% respectively [7] - The net profit attributable to the parent company is expected to be 48 million yuan, 65 million yuan, and 89 million yuan for the years 2025 to 2027, with growth rates of 11.38%, 35.21%, and 38.39% respectively [9] - The earnings per share (EPS) for the same period is projected to be 0.25 yuan, 0.34 yuan, and 0.47 yuan [9] Market Performance - The company's stock price has shown relative returns of 11.17% over the past month, 1.63% over the past three months, and 29.62% over the past year compared to the North Securities 50 index [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite recent performance challenges [10]. Core Insights - The company has experienced a decline in revenue and net profit, with a significant drop in gross and net profit margins. The revenue for the first three quarters of 2025 was 210 million yuan, a decrease of 6.15% year-on-year, while the net profit attributable to shareholders fell by 78.97% to 4.11 million yuan [6][8]. - The company is focusing on product structure optimization and cost control to improve profitability, with expectations for revenue growth driven by new product launches and market expansion [10]. Financial Performance Summary - For the first three quarters of 2025, the company reported a gross margin of 16.12%, down 4.40 percentage points year-on-year, and a net margin of 1.84%, down 6.76 percentage points year-on-year [8]. - The company’s sales expenses increased by 91.71% year-on-year, primarily due to rising service costs in domestic sales, while management expenses rose by 44.51% [8]. - The financial forecast for 2025 estimates total revenue of 336.70 million yuan, with a growth rate of 8.52%, and a net profit of 10.87 million yuan, reflecting a significant decline of 51.59% [9][10]. Future Outlook - The company plans to enhance its product offerings, particularly in the natural vitamin P category, and aims to strengthen its market presence through e-commerce and international collaborations [10]. - The management is committed to improving production efficiency and reducing costs to restore profitability, with 2026 identified as a critical year for development and product expansion [10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 39.39 yuan [7]. Core Views - The company reported a significant recovery in demand, with third-quarter performance meeting expectations. For the first three quarters of 2025, the company achieved operating revenue of 652 million yuan, a year-on-year increase of 16.62%. The net profit attributable to shareholders was 56 million yuan, up 55.38% year-on-year, and the net profit after deducting non-recurring gains and losses was 55 million yuan, an increase of 77.53% year-on-year. In Q3 2025 alone, the company achieved operating revenue of 243 million yuan, a year-on-year increase of 35.04%, and a net profit attributable to shareholders of 19 million yuan, a staggering increase of 698.40% year-on-year [7][10]. Summary by Sections Revenue Performance - The revenue growth rate in Q3 2025 marked a clear turning point, likely linked to the continued recovery in downstream demand. The operating revenue for Q3 was 243 million yuan, with a year-on-year growth rate of 35.04%, compared to 219 million yuan in Q2 with a growth rate of 17.00%. The recovery in the defense sector and stable development in the aerospace sector contributed to this growth, alongside an expansion in the civil communication high-end equipment business [8]. Profitability - The company's performance in Q3 2025 was impressive, with both gross margin and net margin showing year-on-year improvements. The gross margin for Q3 was 36.09%, an increase of 5.59 percentage points from Q3 2024, while the net margin was 8.87%, up 6.73 percentage points from the previous year. This improvement is attributed to increased production and sales scale, as well as enhanced product profitability [10][11]. Financial Forecast - The company maintains its earnings forecast, expecting operating revenues of 913 million yuan, 1.05 billion yuan, and 1.19 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 19.75%, 14.92%, and 13.00%. The net profit attributable to shareholders is projected to be 123 million yuan, 147 million yuan, and 180 million yuan for the same years, with growth rates of 139.92%, 20.23%, and 22.37% respectively. The earnings per share (EPS) are expected to be 0.65 yuan, 0.79 yuan, and 0.96 yuan for 2025, 2026, and 2027 respectively [12][14].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][5] Core Views - The company has shown a recovery in performance with revenue and profit growth. For the first three quarters of 2025, the company achieved revenue of 411 million yuan, a year-on-year increase of 5.90%, and a net profit attributable to the parent company of 104 million yuan, up 13.45% year-on-year [3][5] - The company focuses on a multi-dimensional product layout and market expansion, primarily leading with APIs while extending into new materials and ensuring a solid reserve of intermediates [5][6] - The company plans to register 1-2 new API varieties annually and is actively pursuing registrations for both old and new products in high-end regulatory markets in Europe and the United States [5][6] Financial Performance Summary - For the first three quarters of 2025, the company reported a gross margin of 47.15%, an increase of 3.61 percentage points year-on-year, and a net margin of 26.31%, up 2.20 percentage points year-on-year [5] - The company’s Q3 revenue was 150 million yuan, representing a 29.45% increase, with a net profit of 35.73 million yuan, up 64.79% year-on-year [5] - The company’s financial forecasts for 2025-2027 indicate expected revenues of 604.89 million yuan, 662.66 million yuan, and 765.83 million yuan, with corresponding net profits of 147.17 million yuan, 170.59 million yuan, and 201.32 million yuan [6][8] Market Position and Strategy - The company is enhancing its competitiveness by extending its industrial chain and exploring emerging markets, aiming for a transition towards proprietary APIs [5][6] - The company has successfully formed commercial orders for new products, indicating a robust pipeline and commitment to innovation [5][6] - The company’s first major shareholder is Jinghua Pharmaceutical Group Co., Ltd., holding a 72.31% stake, which provides a strong backing for its strategic initiatives [1][5]