Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit are under pressure, but overseas business is experiencing growth [1] - The company has adjusted its profit forecasts for 2025-2027 due to the impact of local government debt and a slowdown in industry investment [6] - The company's mineral resources business is expected to drive a return to valuation recovery [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 1,156,734 million, with a year-on-year decline of 0.3% [5] - Net profit attributable to the parent company for 2025 is projected to be 25,157 million, down 9.8% year-on-year [5] - The company's gross margin for 2025 is expected to be 9.6% [5] - The company reported a net cash flow from operating activities of -796.3 million for the first half of 2025, an increase in cash outflow by 103 million year-on-year [6] - The company’s infrastructure construction revenue for the first half of 2025 was 436.2 billion, down 7.78% year-on-year [6] - The company’s overseas revenue for the first half of 2025 was 36.97 billion, up 8.34% year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Ninghu Expressway [2][7][17] Core Views - The company's performance slightly underperformed expectations due to changes in the dividend cycle of Jiangsu Bank, with a reported revenue of RMB 9.406 billion, a year-on-year decrease of 5.6% [7] - The toll revenue for H1 2025 showed a stable increase, amounting to approximately RMB 4.6 billion, reflecting a year-on-year growth of about 1.65% [7] - The ongoing expansion projects are expected to significantly improve regional traffic flow, with the completion of key infrastructure projects by the end of 2025 and mid-2026 [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 15.192 billion - 2024: RMB 23.198 billion - 2025E: RMB 23.935 billion - 2026E: RMB 24.730 billion - 2027E: RMB 25.436 billion - Year-on-year growth rates for revenue are projected at 15% for 2023, 53% for 2024, and 3.2% for 2025E [6][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: RMB 4.413 billion - 2024: RMB 4.947 billion - 2025E: RMB 5.447 billion - 2026E: RMB 5.790 billion - 2027E: RMB 6.049 billion - The projected PE ratios are 10 for 2023, 9 for 2024, and 8 for 2025E [6][8]

Investment Rating - The report maintains an "Outperform" rating for Yunda Holdings [1] Core Views - Yunda Holdings reported a revenue of 24.83 billion yuan in H1 2025, a year-on-year increase of 6.8%, but the net profit attributable to shareholders fell by 49.19% to 529 million yuan, which was below expectations [6] - The company has been focusing on cost control and efficiency improvements, with a notable reduction in sorting and transportation costs per package, indicating effective cost management [6] - Despite the pressure on profits due to intensified competition in the express delivery sector, there is optimism for profit recovery in the second half of 2025 as the company continues to enhance its operational efficiency and network collaboration [6] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 1.51 billion, 1.71 billion, and 1.91 billion yuan respectively, reflecting a year-on-year decline of 21.0% in 2025, followed by growth in subsequent years [6] Financial Data and Profit Forecast - Total revenue projections for Yunda Holdings are as follows: 52.03 billion yuan in 2025, 54.93 billion yuan in 2026, and 59.06 billion yuan in 2027, with growth rates of 7.2%, 5.6%, and 7.5% respectively [5] - The gross profit margin is expected to stabilize around 7.1% in 2025, with a gradual improvement to 7.4% by 2027 [5] - The return on equity (ROE) is projected to be 7.1% in 2025, increasing to 7.9% by 2027 [5]

Group 1: Market Dynamics - 26 new private placement projects were added in the last two weeks, a 8.33% increase from the previous period, with 17 being competitive bids[5] - The number of projects terminated remained stable at 10, with 6 being competitive bids[5] - The approval rate for projects was 100%, with 5 projects approved by the review committee, a decrease of 50% from the previous period[5] Group 2: Fundraising and Pricing - A total of 166.42 billion CNY was raised from 9 projects, a staggering 1613.24% increase compared to the previous period[34] - The average base discount rate for competitive projects was 12.59%, up 6.78 percentage points, while the market price discount rate averaged 13.27%, down 0.86 percentage points[34] - The average market price discount rate for non-competitive projects was 33.37%[34] Group 3: Competitive Bidding Insights - The average number of institutions participating in competitive bids was 25, with an average allocation rate of 63.86%, an increase of 28.44 percentage points[43] - The average premium rate for competitive bids was 8.52%, down 3.44 percentage points from the previous period[43] Group 4: Project Analysis - Aikodi plans to raise up to 520 million CNY for acquisitions, with a projected PE of 10.25X, lower than its current PE of 20.18X[25] - Lukan Pharmaceutical aims to raise up to 1.2 billion CNY for high-end formulation projects, with a market outlook driven by aging population and chronic diseases[27]

自酒中 2025 年 09 月 01 日 食品饮料/ 白酒 2025 年中报总结 25Q2 基本面加速下行，报表端开始释压 相关研究 《白酒持仓降至低位 食品持仓基本稳定- 一食品饮料 2025 年二季度基金持仓分 析》 2025/07/21 《白酒压力显现 食品分化加剧 -- 食品 饮料 2025 年中报业绩前瞻 》 2025/07/18 《 需求承压, 增速放缓, 分化加剧 - 白酒板块 2024 年报&25Q1 季报总结 》 2025/05/06 证券分析师 周缘 A0230519090004 zhouyuan@swsresearch.com 目昌 A0230516010001 lvchang@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 (8621)23297818× wanqza@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 投资分析意见：我们认为板块近期上涨主要受益市场轮动，我们判断行业基本面仍要耐 心等待，白酒要经历筑底和磨底的过程，因此在缺乏基本面引领的背景下，板块的绝对 收益更多取 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance met expectations, with a revenue of 4.608 billion yuan in H1 2025, down 2.58% year-on-year, and a net profit attributable to shareholders of 712 million yuan, down 6.28% year-on-year [6] - The "old-for-new" policy continues to be reinforced, with strong growth in traditional kitchen appliance categories, particularly in the range hood and gas stove markets [6] - The company's profitability remains stable, with a gross margin of 50.43% in H1 2025, an increase of 1.55 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling approximately 472.47 million yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.786 billion yuan, with a year-on-year growth rate of 5.1% [5] - The net profit attributable to shareholders is expected to be 1.679 billion yuan in 2025, reflecting a year-on-year increase of 6.4% [5] - The earnings per share (EPS) is projected to be 1.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [5] - The company is expected to achieve net profits of 1.782 billion yuan and 1.879 billion yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 6.1% and 5.5% [5]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][6]. Core Insights - The chemical industry is experiencing a recovery in profitability in Q2 2025, driven by a decrease in oil and coal prices, which has alleviated cost pressures. The industry is expected to enter a long-term upward trend due to improved supply-demand balance and supportive domestic policies [4][5][7]. - The report highlights strong demand recovery in specific sectors such as pesticides, fluorochemicals, potassium fertilizers, and coal chemicals, while some sectors like organic silicon and viscose have seen significant declines [5][6][7]. - The report emphasizes the importance of focusing on high-growth demand sectors, including the textile supply chain, agricultural chemicals, and export-related products, while also considering the benefits from "anti-involution" policies [5][6][7]. Summary by Sections 1. Industry Overview - In Q2 2025, the chemical sector's revenue reached 548.3 billion yuan, a year-on-year increase of 2% and a quarter-on-quarter increase of 10%. Net profit was 35.5 billion yuan, down 5% year-on-year but up 8% quarter-on-quarter [5][32]. - The overall gross margin for the chemical industry was 17.9%, with a slight quarter-on-quarter increase of 0.3 percentage points [5][32]. 2. Sector Performance - The report identifies significant performance improvements in sectors such as pesticides, fluorochemicals, potassium fertilizers, and coal chemicals, while sectors like organic silicon and viscose have faced declines [5][6]. - The report notes that the overall asset-liability ratio for the chemical industry is at 50.0%, indicating a historical low, and capital expenditure growth has significantly slowed down [5][32]. 3. Future Outlook - The report anticipates a long-term recovery in demand driven by stable global GDP growth and easing external trade tensions, with a focus on key materials for semiconductor and AI-related industries [5][6][7]. - The report suggests that the chemical industry will benefit from a combination of improved demand and supply-side reforms, including the exit of outdated production capacities [5][6][7].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant increase in pig sales and optimized production management, leading to cost reduction and efficiency improvement [1][6] - In H1 2025, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 66.5%, and a net profit attributable to shareholders of 181 million yuan, marking a return to profitability [6] - The company has a robust growth outlook, with expected revenues of 7.642 billion yuan in 2025, 9.317 billion yuan in 2026, and 10.224 billion yuan in 2027, reflecting year-on-year growth rates of 25.7%, 21.9%, and 9.7% respectively [6][8] Financial Data and Profit Forecast - Total revenue projections for 2024 to 2027 are as follows: - 2024: 6,078 million yuan - 2025E: 7,642 million yuan - 2026E: 9,317 million yuan - 2027E: 10,224 million yuan - Net profit attributable to shareholders is projected to be: - 2025E: 563 million yuan - 2026E: 853 million yuan - 2027E: 1,146 million yuan - The company’s earnings per share (EPS) is expected to grow from 1.10 yuan in 2025 to 2.25 yuan in 2027 [2][8] Market Data - As of September 1, 2025, the closing price of the stock was 21.22 yuan, with a market capitalization of 10,824 million yuan [3] - The stock has a price-to-earnings (PE) ratio projected at 19 for 2025, 13 for 2026, and 9 for 2027 [2][3] Operational Highlights - The company reported a significant increase in pig sales, with 1.9096 million pigs sold in H1 2025, a year-on-year increase of 74.47% [6] - The cost of raising pigs was reported at 6.16 yuan per jin, attributed to improved genetic management and biosecurity measures [6] - The company aims to enhance production efficiency through a dual approach of technology and management optimization [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance continues to improve, with the polyester and refining sectors entering an upward cycle [1] - The company reported a total revenue of 44.16 billion yuan in H1 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.10 billion yuan, a year-on-year increase of 2.93% [7] - The report anticipates a recovery in the polyester filament market, with significant profit elasticity expected in the upcoming peak season [7] - The PTA market is experiencing a downturn, but the report suggests that the industry is nearing a bottom [7] - Investment income from Zhejiang Petrochemical is expected to improve as refining profitability gradually increases [7] - The profit forecasts for 2025-2027 have been raised to 2.53 billion, 3.71 billion, and 5.01 billion yuan respectively, with corresponding PE ratios of 14X, 9X, and 7X [7] Financial Data and Profit Forecast - Total revenue is projected to reach 103.08 billion yuan in 2025, with a year-on-year growth rate of 1.7% [6] - The net profit attributable to shareholders is expected to be 2.53 billion yuan in 2025, reflecting a significant year-on-year growth of 110.5% [6] - The gross profit margin is forecasted to be 6.4% in 2025, with an increase to 8.0% by 2027 [6] - The return on equity (ROE) is expected to improve from 6.5% in 2025 to 10.5% in 2027 [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][16][28] Core Insights - The company reported a 37.8% year-on-year revenue growth in the first half of 2025, reaching RMB 1.41 billion, with net losses of RMB 570 million, aligning with expectations [5][12] - Key product sales, particularly cadonilimab and ivonescimab, have ramped up significantly following their inclusion in the National Reimbursement Drug List (NRDL) [5][12] - The company has a strong cash reserve of approximately RMB 7.14 billion as of June 2025 [5][12] Financial Data and Profit Forecast - Revenue projections for 2025E are set at RMB 3.15 billion, with a year-on-year growth rate of 48.38% [10] - The forecast for net profit attributable to shareholders for 2025E is a loss of RMB 870 million, with subsequent years showing a recovery to RMB 1.57 billion by 2027E [10] - Earnings per share (EPS) estimates have been adjusted downwards for 2025E to -RMB 0.97, with a gradual recovery expected in the following years [10][16] Clinical Development and Pipeline Expansion - The AK112 clinical trial has achieved significant overall survival (OS) benefits, with multiple indications under development, including NSCLC [6][13] - Cadonilimab (AK104) is undergoing extensive clinical trials for various indications, with three already approved by the NMPA [7][14] - The company is expanding its non-oncology pipeline, with new products and ongoing clinical trials for several indications [8][15] Target Price Adjustment - The target price has been raised from HK$ 87 to HK$ 189, indicating a potential upside of 21% [16]