Investment Rating - The report maintains a "Buy-A" rating for the company [2][8] Core Views - In the first half of 2025, the company achieved a revenue of 14.966 billion, representing a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 3.177 billion, up 8.4% year-on-year [2][3] - The company's revenue growth was primarily driven by an increase in sales volume, although the profit growth lagged behind revenue due to a decline in gross margin and an increase in effective tax rate [3][4] - The company has seen a steady growth in sportswear and a remarkable performance in casual wear, with casual wear revenue growing significantly due to demand from markets in Japan, Europe, and other regions [3][4] Revenue Breakdown - Domestic market revenue slightly declined by 2.1%, while overseas markets experienced rapid growth, with revenue from the EU, the US, Japan, and other regions growing by 19.9%, 35.8%, 18.1%, and 18.7% respectively [4] - The company's four core customers accounted for 82.1% of total revenue, with significant growth in revenue from Uniqlo, Nike, Adidas, and Puma [4] Profitability and Costs - The gross margin decreased by 1.9 percentage points to 27.1% due to increased employee costs, while the inventory turnover improved with a decrease in inventory turnover days by 12 days [5][7] - The net profit margin decreased by 1.4 percentage points to 21.2% due to various factors including increased effective tax rate and government subsidies [7] Future Outlook - The company is expected to continue benefiting from its diversified product strategy and enhanced customer service capabilities, with a projected earnings per share of 4.40, 4.92, and 5.45 for 2025, 2026, and 2027 respectively [8][10] - The report anticipates that the negative impact of employee costs on gross margin will diminish in the second half of the year, and the company's vertical integration in fabric and garment production remains a core competitive advantage [8]

Market Trends - Major domestic indices showed varying degrees of increase, with the Shanghai Composite Index rising by 3.49% and the ChiNext Index increasing by 5.85% [4][6][9] - The total trading volume in A-shares reached 12.94 trillion yuan, with an average daily trading volume of 2.59 trillion yuan, reflecting a week-on-week increase of 23.10% [7] Industry Commentary Non-Bank Financial - The China Securities Regulatory Commission (CSRC) has revised the classification regulations for securities companies, emphasizing the enhancement of professional capabilities and encouraging differentiated development among small and medium-sized firms [6][7] - Recent mergers and acquisitions in the industry include Guosen Securities becoming the major shareholder of Wanhua Securities, which is expected to enhance its competitive edge [7] Communication - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product, which aims to redefine "scale across" for connecting geographically dispersed data centers [8] - The release of DeepSeek V3.1 is expected to enhance the capabilities of domestic chips, particularly in AI applications [8] Company Reviews Yongtai Energy (600157.SH) - In the first half of 2025, Yongtai Energy reported a revenue of 10.676 billion yuan, a year-on-year decrease of 26.44%, and a net profit of 126 million yuan, down 89.41% [11] - The company anticipates a rebound in coal prices in the third quarter, which may improve its coal business performance [11] Sinochem Fertilizer (00297.HK) - Sinochem Fertilizer achieved a revenue of 14.715 billion yuan in the first half of 2025, up 7.56% year-on-year, with a net profit of 1.104 billion yuan, an increase of 5.04% [12][14] - The company is focusing on optimizing its product structure and enhancing profitability through its "Bio+" strategy [14] Glodon Company (002410.SZ) - Glodon reported a revenue of 2.8 billion yuan in the first half of 2025, a decrease of 5.37%, but net profit increased by 23.65% to 237 million yuan [15][16] - The company is optimizing its business structure and has begun to see the benefits of its AI initiatives [16][17] Lianrui New Materials (688300.SH) - Lianrui New Materials achieved a revenue of 519 million yuan in the first half of 2025, a year-on-year increase of 17.12%, with a net profit of 139 million yuan, up 18.01% [20] - The company is focusing on high-end powder materials and has plans for a convertible bond project to support growth [20][21] Jujiao Co., Ltd. (301283.SZ) - Jujiao reported a record high quarterly performance in Q2 2025, with revenue of 990 million yuan, a year-on-year increase of 5.5%, and a net profit of 80 million yuan, up 41.4% [24][25] - The company is expanding its production capacity in response to strong demand in the hygiene hot melt adhesive market [25] Sailun Tire (601058.SH) - Sailun Tire's revenue for the first half of 2025 was 17.59 billion yuan, a year-on-year increase of 16.1%, but net profit decreased by 14.9% [28] - The company is expected to see cost improvements in Q3 due to a decrease in raw material prices [28][30] AVIC Xi'an Aircraft Industry Group (000768.SZ) - The company reported a revenue of 19.416 billion yuan in the first half of 2025, a decrease of 4.49%, while net profit increased by 4.83% to 689 million yuan [31] - AVIC is focusing on expanding its international subcontracting business and enhancing its capabilities in the civil aviation sector [31][32] Megachip Coatings - The company achieved a revenue of 888 million yuan in the first half of 2025, a year-on-year increase of 17.09%, with a net profit of 110 million yuan, up 48.83% [35] - The demand for new energy coatings is driving growth, with significant contributions from the wind power sector [35][36]

非银行金融 行业周报（20250818-20250824） 领先大市-A(维持) 2025 年 8 月 28 日 行业研究/行业周报 非银行金融行业近一年市场表现 【山证非银行金融】半年报陆续披露， 关 注 板 块 投 资 价 值 - 行 业 周 报 （20250811-20250817）： 2025.8.19 【山证非银行金融】港股 IPO 定价迎新 规 ， 券 商 业 务 整 体 回 暖 - 行 业 周 报 （20250804-20250810）： 2025.8.14 分析师： | 李明阳 | | --- | | 执业登记编码：S0760525050002 | | 邮箱：limingyang@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | 券商分类评价优化，行业并购重组再迎新进展 投资要点 资料来源：最闻 相关报告： ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][5]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 10.676 billion yuan, down 26.44% year-on-year, and net profit at 126 million yuan, down 89.41% year-on-year [2]. - The coal production and sales remained stable, with expectations of improvement in the third quarter due to a rebound in coal prices driven by policy changes [2][3]. - The integration of coal and electricity operations has shown benefits, with the electricity segment's gross profit increasing by 20.51% year-on-year, reaching 1.64 billion yuan, and a gross margin of 20.96% [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 5.035 billion yuan, a decrease of 29.98% year-on-year, and a net profit of 75 million yuan, down 89.63% year-on-year but up 47.06% quarter-on-quarter [2]. - The average revenue per ton of coal for the first half of 2025 was 367.87 yuan, down 54.45% year-on-year, with a gross profit per ton of 85.88 yuan, down 80.39% year-on-year [2]. Project Development - The Haizetang coal mine project is progressing steadily, with 65% of the underground phase two construction completed by mid-2025, which is expected to significantly improve the company's performance upon production [3][5]. Future Projections - The company forecasts net profits for 2025, 2026, and 2027 to be 368 million yuan, 675 million yuan, and 1.506 billion yuan, respectively, indicating a recovery trend [5].

云软件服务 广联达（002410.SZ） 增持-A(维持) 2025 年 8 月 28 日 公司研究/公司快报 | 市场数据：2025 年 8 | 28 | | | 日 | | 月 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元）： | | | 15.38 | | | | | 年内最高/最低（元）： | | 16.25/8.81 | | | | | | 股/总股本（亿 A | | 15.88/16.52 | | | 流通 | | | 股）： | | | | | | | | 流通 A 股市值（亿）： | | | 244.25 | | | | | 总市值（亿）： | | | 254.07 | | | | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.14 | | 摊薄每股收益(元)： | | | 0.14 | | 每股净资产(元)： | | | 3.62 | | 净资产收益率(%)： | | | 4.28 | 方闻千 执业登记编码：S076052 ...

| 年 月 市场数据：2025 8 | 27 日（HKD） | | --- | --- | | 收盘价（元）： | 1.390 | | 年内最高/最低（元）： | 1.530/0.910 | | 流通A股/总股本（亿）： | 70.24/70.24 | | 流通 A 股市值（亿）： | 97.64 | | 总市值（亿）： | 97.64 | | 基础数据：（HKD） | | | --- | --- | | 基本每股收益(元)： | 0.17 | | 摊薄每股收益(元)： | 0.17 | | 每股净资产(元)： | 1.73 | | 净资产收益率(%)： | 10.27 | 资料来源：同花顺 iFinD 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 中化化肥（00297.HK） 买入-A(维持) 营收与盈利双升，差异化产品结构优化 2025 年 8 月 28 日 公司研究/公司快报 事件描述 8 月 25 日，公司发布《2025 半年度报告》，2025H1 实现 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [7] Core Views - The company's Q2 performance was impacted by tariffs and tax rates, but a significant improvement in costs is expected in Q3 [1] - The company's tire sales growth outpaced the industry, with a 13% year-on-year increase in H1 2025, despite a decline in profit margins due to external policy impacts [3][4] - The company is enhancing its global supply chain resilience through expanded overseas production capabilities [5] Financial Performance Summary - In H1 2025, the company achieved total revenue of 17.59 billion yuan, a year-on-year increase of 16.1%, while net profit was 1.83 billion yuan, down 14.9% year-on-year [1] - Q2 2025 saw total revenue of 9.18 billion yuan, with a year-on-year increase of 16.8%, but net profit decreased by 29.1% year-on-year [1] - The gross margin and net margin for Q2 2025 were 24.3% and 8.9%, respectively, both showing declines compared to the previous year [3][4] Market Data - As of August 28, 2025, the closing price was 14.30 yuan, with a market capitalization of 47.02 billion yuan [3] - The company has a basic earnings per share of 0.56 yuan [4] Future Projections - The company is projected to achieve net profits of 4.1 billion, 4.87 billion, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 12, 10, and 9 [7] - Revenue is expected to grow from 25.98 billion yuan in 2023 to 45.46 billion yuan in 2027, reflecting a compound annual growth rate [9]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][6] Core Views - The company achieved a record high quarterly performance in Q2 2025, with revenue of 990 million yuan, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 80 million yuan, a significant increase of 41.4% year-on-year [4] - The competitive landscape for hot melt adhesives is favorable, with the industry reaching a turning point, supported by the introduction of a child-rearing subsidy policy that is expected to boost the sanitary materials industry [5][6] Financial Performance - For the first half of 2025, the company reported a revenue of 990 million yuan, with a net profit of 80 million yuan, and a net profit excluding non-recurring items of 73 million yuan, reflecting a year-on-year growth of 37.2% [4] - The company’s revenue for Q2 2025 was 490 million yuan, showing a year-on-year increase of 6.2% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 2.69 yuan, with a net profit forecast of 216 million yuan, representing a year-on-year growth of 176.6% [11] Market Position and Strategy - The company has successfully captured market share from major competitors and has expanded its production capacity significantly, with new facilities in Poland, Guangzhou, and Malaysia totaling approximately 240,000 tons [4][5] - The company has enhanced its research and development capabilities, achieving product performance and cost advantages that meet the standards of developed countries [5] Future Outlook - The company’s net profit forecasts for 2025, 2026, and 2027 are 216 million yuan, 280 million yuan, and 324 million yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 11 times [6][11] - The introduction of the child-rearing subsidy policy is expected to gradually stabilize birth rates, benefiting the domestic hot melt adhesive industry [5]

公司近一年市场表现 资料来源：最闻 市场数据：2025 年 8 月 28 日 | 收盘价（元）： | 59.79 | | --- | --- | | 年内最高/最低（元）： | 72.37/37.55 | | 流通A股/总股本（亿）： | 2.41/2.41 | | 流通 A 股市值（亿）： | 144.37 | | 总市值（亿）： | 144.37 | | 资料来源：最闻 | | | 基本每股收益(元)： | 0.57 | | --- | --- | | 摊薄每股收益(元)： | 0.57 | | 每股净资产(元)： | 6.43 | | 净资产收益率(%)： | 8.93 | | 资料来源：最闻 | | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 其他化学原料 联瑞新材（688300.SH） 买入-B(维持) 事件点评 高性能高速基板需求推动产品认证速度加快。公司聚焦 AI/5G/HPC 芯 片封装、Chiplet/HBM 异构集成、M8/M9 覆铜板、新 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][45]. Core Insights - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product, which aims to redefine "scale across" for connecting geographically dispersed data centers, facilitating the creation of AI super factories with a power capacity exceeding one billion watts [3][15]. - The release of DeepSeek V3.1 enhances intelligent agent capabilities and is optimized for the next generation of domestic FP8 chips, indicating a significant improvement in performance and efficiency [4][16]. - The market is experiencing accelerated rotation among AI computing sectors, with expectations for continued highs, suggesting a focus on individual stock performance and strategic entry points during market corrections [5][17]. Summary by Sections Industry Dynamics - Nvidia's Spectrum-XGS product addresses the limitations of traditional scaling methods for AI demands, utilizing advanced algorithms and hardware-software optimizations to mitigate communication delays and congestion in GPU clusters [3][15]. - The introduction of the GSE standard by China Mobile aims to enhance bandwidth stability between data centers, highlighting potential investment opportunities in companies involved in network cards, switching chips, and optical modules [3][15]. Market Performance - The overall market performance for the week of August 18-22, 2025, showed varied results, with the STAR Market index rising by 13.31%, the Shenwan Communication Index by 10.84%, and the ChiNext Index by 5.85% [5][17]. - The top-performing sectors included the Internet of Things (+17.5%), optical modules (+16.3%), and cloud computing (+14.0%), indicating strong investor interest in these areas [5][17]. Recommended Companies - Key companies to watch include: - DCI: Dekor, Guangku Technology, Zhongji Xuchuang, New Yi Sheng, Changfei Fiber, Hengtong Optic-Electric - OCS: Guangku Technology, Lingyun Optics, Tengjing Technology, Saiwei Electronics, Tianfu Communication, Changxin Bochuang - Domestic Super Nodes: Shengke Communication, Luxshare Precision, Huiju Technology, Huafeng Technology, Wolong Nuclear Materials, Ruikeda, ZTE Corporation - Commercial Aerospace: Xinke Mobile, Shanghai Huanxun, Tongyu Communication, Zhenlei Technology, Tianyin Machinery, Shanghai Port Bay [6][18].