医药生物/医药商业 老百姓（603883.SH） 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 18.18 | | 一年最高最低(元) | 22.97/11.90 | | 总市值(亿元) | 138.19 | | 流通市值(亿元) | 137.97 | | 总股本(亿股) | 7.60 | | 流通股本(亿股) | 7.59 | | 近 3 个月换手率(%) | 226.48 | 股价走势图 -50% 0% 50% 100% 2024-08 2024-12 2025-04 老百姓 沪深300 数据来源：聚源 相关研究报告 《2024Q3 利润端承压，火炬项目稳步 推进提毛利—公司信息更新报告》 -2024.10.31 《2024H1 利润端短期承压，毛利率稳 中 有 进 — 公 司 信 息 更 新 报 告 》 -2024.9.4 2025H1 经营业绩承压，深化下沉市场优势赋能增长 ——公司信息更新报告 | 余汝意（分析师） | 巢舒然（联系人） | | --- | --- | | yuruyi@kysec. ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company experienced pressure on performance in the first half of 2025, with revenue of 1.49 billion yuan, down 8.6% year-on-year, and a net profit attributable to shareholders of 390 million yuan, down 3.3% year-on-year. The second quarter saw revenue of 750 million yuan, down 9.0% year-on-year, and a net profit of 210 million yuan, down 10.9% year-on-year. The performance aligns with expectations. The company has proactively adjusted its channel development strategy for ready-to-drink beverages, leading to a slight downward revision of profit forecasts for 2025-2027. Expected net profits for 2025-2027 are 790 million yuan (-40 million), 900 million yuan (-60 million), and 1.03 billion yuan (-60 million), representing year-on-year growth of 10.3%, 13.4%, and 14.4% respectively. The current stock price corresponds to P/E ratios of 37.0, 32.6, and 28.5 for the respective years [4][5][6] Financial Performance Summary - In the first half of 2025, the company's liquor product revenue was 1.3 billion yuan, down 9.4% year-on-year. The fluctuation in ready-to-drink beverages was due to proactive adjustments, including channel optimization and credit contraction, which reduced channel inventory significantly, leading to healthier and more stable development. The second half is expected to see improvements with the stabilization of the 358 series and the full rollout of new products [5][6] - The online retail channel revenue remained stable at 150 million yuan, down 0.6% year-on-year, while offline channel revenue was 1.31 billion yuan, down 9.6% year-on-year, primarily due to the company's proactive adjustments. Revenue in different regions showed varied performance, with significant declines in North and West China [6][7] Profitability and Cost Analysis - The gross margin in Q2 2025 slightly decreased by 0.79 percentage points to 71.00%, mainly due to product mix adjustments and commercial discounts. The management expense ratio increased significantly, primarily due to rising salary and depreciation costs. Consequently, the net profit margin in Q2 decreased by 0.42 percentage points to 27.63% [7][8] Financial Projections - The financial summary indicates projected revenues of 3.237 billion yuan for 2025, with a year-on-year growth of 6.2%. The net profit attributable to shareholders is expected to be 793 million yuan, reflecting a year-on-year increase of 10.3%. The gross margin is projected to be 69.9%, and the net margin is expected to be 24.5% [8][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the second half of 2025, the economic growth rate is not expected to decline significantly, and structural issues such as prices are trending towards improvement [10]. - The allocation between stocks and bonds continues to shift, with bond yields and the stock market expected to rise continuously [10]. - Against the backdrop of revised economic expectations, bond yields are expected to rise trend - wise [9]. 3. Summary by Relevant Catalogs Profit - The cumulative and monthly year - on - year declines in industrial enterprise profits have both narrowed. From January to July, the profits of above - scale industrial enterprises decreased by 1.7% year - on - year, an increase of 0.1 percentage points compared to January - June. In July, the profits of above - scale industrial enterprises decreased by 1.5% year - on - year, an increase of 2.8 percentage points compared to June, indicating continuous improvement in corporate profitability [5]. - Analyzing industrial enterprise profits from the aspects of volume, price, and profit margin, from January to July, the added value of above - scale industries increased by 6.3% year - on - year, and the PPI of all industrial products decreased by 2.9% year - on - year, both decreasing by 0.1 percentage points compared to January - June. The profit margin of above - scale industrial revenue decreased by 4.63% year - on - year, an increase of 0.18 percentage points compared to January - June. The recovery of the profit margin drove the narrowing of the decline in industrial profits [5]. Structure By Industry Category - From January to July, the total profit of the mining industry decreased by 31.6% year - on - year, the profit of the manufacturing industry increased by 4.8% year - on - year, and the profit of the public utilities industry increased by 3.9% year - on - year. The expansion of the profit decline in the mining industry was due to anti - involution and frequent extreme summer weather, while the expansion of the profit increase in the public utilities industry was affected by the widespread high - temperature weather in July [6]. - In July, the profit of the manufacturing industry increased by 6.8% year - on - year, a 5.4 - percentage - point increase compared to June, driving the growth rate of the profits of above - scale industrial enterprises to accelerate by 3.6 percentage points compared to June. The profit of high - tech manufacturing changed from a 0.9% decline in June to an 18.9% increase, driving the growth rate of the profits of above - scale industrial enterprises to accelerate by 2.9 percentage points compared to June [6]. By Enterprise Nature - From January to July, the profits of state - owned enterprises decreased by 7.5% year - on - year, the profits of joint - stock enterprises decreased by 2.8% year - on - year, the profits of foreign - invested and Hong Kong, Macao, and Taiwan - invested enterprises increased by 1.8% year - on - year, and the profits of private enterprises increased by 1.8% year - on - year [7]. - In July, the profits of medium - sized enterprises above designated size increased by 1.8% year - on - year, and the profits of small enterprises increased by 0.5% year - on - year, showing significant improvement in efficiency. The monthly profit of private enterprises increased by 2.6% year - on - year, 4.1 percentage points higher than the average level of the profits of above - scale industrial enterprises [7]. By Industrial Chain Position - From January to July, the proportion of the cumulative profit of upstream raw material mining in the profits of above - scale industrial enterprises was 12.3%, the proportion of mid - stream material manufacturing was 15.4%, the proportion of downstream equipment manufacturing was 38.0%, the proportion of downstream consumer goods manufacturing was 21.1%, the proportion of other manufacturing was 0.6%, and the proportion of public utilities was 12.5% [7]. - Inventory destocking accelerated. At the end of July, the nominal and real inventory year - on - year were 2.4% and 6.0% respectively, both decreasing by 0.7 percentage points. The overall asset - liability ratio of industrial enterprises at the end of July was 57.9%, remaining flat month - on - month [7]. Market - The industrial enterprise profit data was released at 9:30. Although the cumulative and monthly year - on - year declines in industrial enterprise profits both narrowed, the bond market did not trade based on this data, and bond yields fluctuated within a narrow range. After the mid - day break, the A - share market rose first and then fell back, with heavy trading volume and a decline. Under the stock - bond seesaw effect, bond yields first rose and then fell. At the end of the session, due to redemption factors, funds changed from buying to selling, and coupled with tightening funds, bond yields rose again [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in H1 performance, with revenue reaching 9.11 billion yuan, up 17.7% year-on-year, and net profit attributable to shareholders at 1.69 billion yuan, up 75.51% year-on-year [4][5] - The report highlights the rebound in glass fiber prices and the growth potential of projects, with an upward revision of profit forecasts for 2025-2027 [4][5] - The company is expected to benefit from the increasing demand for glass fiber and electronic fabrics, with a focus on expanding market share in emerging segments [5] Financial Summary - For H1 2025, the company achieved a gross yarn and product sales volume of 1.5822 million tons, with domestic prices for 2400tex winding direct yarn averaging approximately 3,765 yuan/ton, up 10.95% year-on-year [5] - The company’s electronic fabric production capacity reached 960 million meters, with sales of 485 million meters in H1 2025, driven by demand in the electronics and automation sectors [5] - The financial projections indicate a revenue increase to 20.36 billion yuan in 2025, with net profit expected to rise to 3.70 billion yuan, reflecting a 51.4% year-on-year growth [8]

基础化工/农化制品 亚钾国际（000893.SZ） 钾肥量利齐升助力业绩高增，新建产能有序推进 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 32.79 | | 一年最高最低(元) | 33.98/14.50 | | 总市值(亿元) | 303.00 | | 流通市值(亿元) | 266.19 | | 总股本(亿股) | 9.24 | | 流通股本(亿股) | 8.12 | | 近 3 个月换手率(%) | 91.96 | 股价走势图 -50% 0% 50% 100% 150% 2024-08 2024-12 2025-04 2025-08 亚钾国际 沪深300 数据来源：聚源 相关研究报告 《Q1 业绩高增，钾肥产销保持增长， 有序推进钾肥产能扩张和非钾业务— 公司信息更新报告》-2025.4.25 《Q3 业绩环比改善，持续推进降本增 效及项目建设—公司信息更新报告》 -2024.11.4 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 4.04 billion yuan in H1 2025, a year-on-year decrease of 12.26%, while the net profit attributable to shareholders was 669 million yuan, an increase of 26.03% [3] - The gross margin for H1 2025 was 59.48%, up by 6.11 percentage points, and the net profit margin was 16.47%, up by 5.03 percentage points [3] - The report highlights the company's innovative pipeline and cost reduction strategies as key drivers for future growth [3][5] Financial Performance Summary - In H1 2025, the company reported a revenue of 4.04 billion yuan, with a net profit of 669 million yuan, and a non-recurring net profit of 641 million yuan [3] - The second quarter of 2025 saw a revenue of 1.68 billion yuan, a decrease of 19.21%, but a net profit increase of 51.23% to 343 million yuan [3] - The company expects net profits for 2025-2027 to be 1.308 billion, 1.501 billion, and 1.725 billion yuan respectively, with corresponding EPS of 0.78, 0.90, and 1.03 yuan [3][7] Product Revenue Breakdown - Cardiovascular products generated 1.963 billion yuan in revenue, down 15.14%, with a gross margin of 65.54% [4] - Respiratory products had revenue of 921 million yuan, down 28.25%, with a gross margin of 70.90% [4] - Other patented products saw a revenue increase of 53.18% to 246 million yuan, with a gross margin of 64.33% [4] Innovation and R&D Progress - The company is advancing its innovative drug pipeline, with several new drug applications under review, including those for treating postoperative pain and acute myeloid leukemia [5] - The company has received approval for the registration of new drugs such as Qifang Nasal Drops and is progressing with others in various clinical stages [5]

基础化工/农化制品 云图控股（002539.SZ） 2025 年 08 月 28 日 磷复肥景气推动业绩增长，合成氨、磷矿石等新产能 落地或助力公司成长 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 11.10 | | 一年最高最低(元) | 11.60/6.77 | | 总市值(亿元) | 134.06 | | 流通市值(亿元) | 97.81 | | 总股本(亿股) | 12.08 | | 流通股本(亿股) | 8.81 | | 近 3 个月换手率(%) | 140.13 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 2025-08 云图控股 沪深300 相关研究报告 《复合肥龙头完善上游合成氨、磷矿 石等原料布局，广西贵港项目打开未 来成长空间—公司信息更新报告》 -2025.7.10 ——公司信息更新报告 金益腾（分析师） 宋梓荣（分析师） 张晓锋（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 songziron ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is positioned as a core supplier of insulation for electrical equipment, benefiting from domestic substitution and a favorable environment in the power grid sector [1][3] - The company reported a revenue of 375 million yuan for H1 2025, representing a year-on-year increase of 44.57%, and a net profit attributable to shareholders of 96.49 million yuan, up 91.52% year-on-year [3] - The company has strong product quality advantages and is well-positioned to capture domestic substitution trends and sustained downstream demand [3][4] Financial Performance - In H1 2025, the company's insulation molding products achieved revenue of 151 million yuan, a year-on-year increase of 89.40%, with a gross margin increase of 8.54 percentage points [4] - Revenue from insulation fiber materials reached 223 million yuan, up 24.69% year-on-year, with a gross margin increase of 5.28 percentage points [4] - The company has increased its R&D investment, with R&D expenses amounting to 10.04 million yuan in H1 2025, a growth of 44.27% year-on-year [5] Market Outlook - The company operates in sectors such as power transmission and transformation systems, electrified railways, and special equipment, which are expected to see steady growth due to increasing electricity demand and the "dual carbon" goals [5] - According to the National Energy Administration, the total investment in China's power industry by major power generation companies is projected to reach 1,777 billion yuan in 2024, a year-on-year increase of 18.86%, marking the highest in the past decade [5] Earnings Forecast - The company has revised its profit forecasts for 2025-2027, expecting net profits attributable to shareholders to be 220 million, 306 million, and 390 million yuan respectively, with corresponding EPS of 2.40, 3.34, and 4.27 yuan per share [3][6] - The projected P/E ratios for 2025-2027 are 39.1, 28.1, and 22.0 times respectively [3][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][16] Core Views - The company's revenue and profit continue to maintain high growth rates, with H1 2025 revenue reaching 2.374 billion yuan, a year-on-year increase of 50.57%, and net profit attributable to shareholders reaching 1.051 billion yuan, a year-on-year increase of 60.22% [7] - The core product, Fumetnib, has shown strong sales growth, contributing significantly to the company's performance in H1 2025, with sales revenue of 2.360 billion yuan [8] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.873 billion yuan, 2.188 billion yuan, and 2.581 billion yuan respectively, with EPS of 4.16 yuan, 4.86 yuan, and 5.74 yuan [7] Financial Performance - In H1 2025, the company achieved a revenue of 2.374 billion yuan, with a net profit of 1.051 billion yuan, and a non-deductible net profit of 0.905 billion yuan [7] - For Q2 2025, revenue was 1.275 billion yuan, a year-on-year increase of 52.99%, and net profit was 0.641 billion yuan, a year-on-year increase of 83.02% [7] - The company expects to maintain a gross margin of around 96% and a net margin of approximately 37% in the coming years [10] Product Development - Fumetnib's domestic sales are expected to continue growing, with multiple new indications under registration for clinical trials [8] - The company has received approval for the NDA of Golai Lese, which is used for treating KRAS G12C mutation non-small cell lung cancer, marking the beginning of its commercialization process [9] - The company is actively developing AST2303 tablets, which have entered Phase I clinical trials for treating EGFR C797S mutation NSCLC [9]

计算机/软件开发 致远互联（688369.SH） Q2 收入增速改善，AI Agent 产品进展顺利 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 30.88 | | 一年最高最低(元) | 42.84/12.09 | | 总市值(亿元) | 35.58 | | 流通市值(亿元) | 35.58 | | 总股本(亿股) | 1.15 | | 流通股本(亿股) | 1.15 | | 近 3 个月换手率(%) | 317.11 | 股价走势图 -80% 0% 80% 160% 240% 2024-08 2024-12 2025-04 2025-08 致远互联 沪深300 数据来源：聚源 相关研究报告 《筹划新一期股权激励计划，聚焦 AI 战略推动长期发展—公司信息更新报 告》-2025.8.8 《业绩短期承压，积极布局 AI Agent —公司信息更新报告》-2025.4.27 《 降 本 增 效 成 效 显 著 ， 重 点 打 造 AI-COP 新基座—公司信息更新报告》 -2024.11.2 陈宝健（分析师） ...