公司点评 | 中科曙光 自主研发上下游软硬件，打造完备计算产业生态 中科曙光（603019.SH）2025 年半年报点评 业绩摘要：2025 年上半年，公司实现营业收入 58.50 亿元（YoY+2%），实 现归母净利润 7.29 亿元（YoY+29%）。其中，2025Q2 单季度实现营业收入 32.64 亿元（YoY+1%），实现归母净利润 5.42 亿元（YoY+29%）。 公司有效控制应收账款和存货规模，截至 2025 年二季度末，应收账款 29.08 亿元（YoY-1.6%），存货 33.23 亿元（YoY-7%）。公司费用情况总体稳定， 2025 年上半年研发费用为 6.29 亿元（YoY+0.7%），销售费用为 3.28 亿元 （YoY-5%），管理费用为 1.70 亿元（YoY+13%）。 公司通过强化自主可控、深化产业协同、赋能行业应用，积极推动国产算力 生态建设，沿产业链布局的海光信息、中科星图、曙光数创等多项优质资产 获得了良好的投资回报。公司自主研发上下游软硬件，降低了对外部供应链 的依赖，同时，加大与人工智能、存储、网安等厂商的技术合作，加强公司 核心产品与产业链厂商的适配和协同，打造 ...

公司点评 | 泸州老窖 理性降速强基固本，务实积蓄长期动能 泸州老窖（000568.SZ）2025 年半年报点评 事件：公司发布 2025 年半年报，25H1 实现营收 164.54 亿元，同比-2.67%， 实现归母净利润 76.63 亿元，同比-4.54%，扣非归母净利润 76.50 亿元，同 比-4.30%。25Q2 实现营收 71.02 亿元，同比-7.97%，归母净利润 30.70 亿 元，同比-11.10%，扣非归母净利润 30.55 亿元，同比-11.24%。 产品结构间表现出现分化，中高档酒类相对更稳健。25H1 公司中高档酒类 销量同比+13.33%至 2.41 万吨，营收同比-1.09%至 150.48 亿元，收入占比 提升至 91.45%；其他酒类销量-6.89%至 2.48 万吨，营收-16.96%至 13.50 亿元，营收占比仅有 8.20%。毛利率方面，中高档酒/其他酒毛利率分别 -1.23pct/-10.55pct 至 91.03%/44.33%。 渠道端新兴渠道快速增长但总量仍较低。25H1 公司传统/新兴渠道营收分别 -3.99%/+27.55% 至 154.65 亿 元 / ...

公司点评 | 长春高新 利润短期承压，差异化创新管线未来可期 长春高新（000661.SZ）2025 年半年报点评 摘要内容：公司发布 2025 年半年报，2025 年上半年公司实现营业收入 66.03 亿元（-0.54%）；实现归属于上市公司股东净利润 9.83 亿元（-42.85%）。公 司处于关键转型期，短期业绩承压。 子公司金赛药业营收企稳，利润端短期承压。2025H1 子公司金赛药业实现 收入 54.69 亿元（+6.17%），实现归母净利润 11.08 亿元（-37.35%）。公司 持续加强金蓓欣、促卵泡激素、美适亚等销售推广力度，随着金蓓欣（伏欣 奇拜单抗）等新产品陆续上市，公司产品线不断丰富拓宽。 核心数据 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 14566.04 | 13465.63 | 13384.02 | 13782.59 | 14332.96 | | 增长率 | 15.35% | -7.55% | -0.61% | 2.98% | 3.99 ...

行业日报 | 北交所 指数微跌显韧性，北交所迎来设立 4 周年 北交所市场点评——20250901 核心结论 行情回顾：1）指数层面：9 月 1 日北证 A 股成交金额达 280.4 亿元，较上一 交易日减少42.5亿元，北证50指数收盘价为1568.62，下跌0.36%，PE_TTM 为 76.59 倍。北证专精特新指数收盘价为 2730.23，下跌 0.33%。2）个股 层面：当日北交所 274 家公司中 149 家上涨，3 家平盘，122 家下跌。其中 涨幅前五的个股分别为：宏裕包材（30.0%）、荣亿精密（30.0%）、科创 新材（17.4%）、凯腾精工（17.1%）、海达尔（15.7%）；跌幅前五的个 股分别为：豪声电子（-5.6%）、创远信科（-4.3%）、路桥信息（-4.3%）、 国源科技（-4.3%）、七丰精工（-4.2%）。 新闻汇总：1）造车新势力 8 月交付量："零小蔚"均创历史新高 理想"掉 队"： 零跑汽车、小鹏汽车和蔚来汽车均创下单月交付量新高，均实现同 比增长。然而，理想汽车因产品转换和销服体系调整，交付量连续三个月环 比下降，8 月交付 28,529 辆，同比下降 40.72% ...

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company's revenue for H1 2025 was 404 million yuan, a decrease of 24.8% year-on-year, with a net profit attributable to shareholders of 35 million yuan, down 66.27% year-on-year, primarily due to increased investment in new AI business and adjustments in traditional business [1][5]. - The construction and operation business saw significant growth, with revenue of 98 million yuan, up 60.59% year-on-year, while the system integration business generated 293 million yuan, down 32.25% year-on-year [2]. - The company has made substantial progress in AI technology, with R&D investment of 29.62 million yuan in H1 2025, focusing on power AI and intelligent inspection systems [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 404 million yuan, a decline of 24.8% year-on-year, and a net profit of 35 million yuan, down 66.27% year-on-year [1][5]. - The construction and operation business contributed significantly with revenue of 98 million yuan, reflecting a growth of 60.59% year-on-year [2]. Business Segments - The system integration business generated 293 million yuan, down 32.25% year-on-year, while the power design business saw a significant contraction with revenue of 11 million yuan, down 74.59% year-on-year [2]. - Revenue from the Jiangsu market was 200 million yuan, up 27.61% year-on-year, while the Guangdong market achieved 70 million yuan, a remarkable increase of 446.77% year-on-year [2]. Technology and R&D - The company has enhanced its technical and financial reserves, with a total R&D investment of 29.62 million yuan in H1 2025, focusing on power AI and intelligent inspection systems [3]. - The successful acceptance of the intelligent inspection model algorithm project in March 2025 marks a significant breakthrough for the company [3]. Future Outlook - The company is expected to achieve net profits of 222 million yuan, 266 million yuan, and 322 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.66 yuan, and 0.80 yuan [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company experienced a loss in the first half of 2025 due to demand pressure, but achieved profitability in Q2 [1] - The company is accelerating its overseas expansion and has implemented stricter cost control measures [3] - The company’s revenue and net profit are projected to improve in the coming years, with expected net profits of 0.83 billion, 1.46 billion, and 2.09 billion for 2025, 2026, and 2027 respectively [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 2.755 billion, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -0.30 billion, a decline of 722.32% [1] - Q2 2025 saw revenue of 1.549 billion, down 16.02% year-on-year but up 28.42% quarter-on-quarter, with a net profit of 0.10 billion, down 79.94% year-on-year but up 125.07% quarter-on-quarter [1] Business Segments - Revenue from various product lines showed mixed results, with significant declines in door and window hardware systems and home products, while some segments like door control hardware systems saw growth [2] - Domestic revenue fell by 19.95% to 2.278 billion, while overseas revenue increased by 30.75% to 0.477 billion, with overseas revenue accounting for 17.32% of total revenue [2] Cost Management - The company's gross margin decreased by 0.90 percentage points to 30.27%, with increased asset impairment losses of 0.20 billion, up 65.78% year-on-year [3] - The net profit margin declined by 1.62 percentage points to -1.20% [3] Future Projections - The company is expected to see a gradual recovery in revenue and profitability, with projected earnings per share (EPS) of 0.24, 0.41, and 0.59 for 2025, 2026, and 2027 respectively [3]

2025 年 09 月 02 日 三一重能（688349.SH）2025 年半年报点评 事件：公司发布 2025 年中报，2025H1 公司实现营收 85.94 亿元，同比 +62.75%；实现归母净利润 2.10 亿元，同比-51.54%。单 Q2 实现营收 64.07 亿元，同比+80.35%；实现归母净利润 4.01 亿元，同比+139.20%，业绩符 合预期。 公司点评 | 三一重能 公司业绩表现优秀，风机销售毛利率有望迎来底部反转 证券研究报告 风机销售营收同比提升，销售容量达 4.72GW：25H1 公司实现风机销售 64.07 亿元，同比+30.32%。25H1 公司风机对外销售容量 4.72GW，同比增 长约 44%。 风机销售毛利率下半年有望实现反转：25H1 公司风机销售毛利率 4.65%， 同比-10.48pct。受 2024 年风机订单价格下降影响，公司上半年毛利率同比 出现下滑。上半年低价订单有望逐步出清，看好下半年风机销售毛利率反转。 持续获取海外订单，出海风机毛利率优势较国内明显：2025 年上半年，公 司海外新增订单 1GW，截止 8 月 28 日，2025 年海外新增订单已超 ...

Fixed Income - August PMI data shows manufacturing PMI contraction slowing down, while service sector sentiment significantly rebounds, with manufacturing PMI at 49.4%, up 0.1 percentage points month-on-month [6][7] - The service sector's business activity index is at 50.3%, up 0.2 percentage points month-on-month, indicating a recovery in service sector activities [6][9] - The report suggests controlling duration levels in the bond market and focusing on structural opportunities such as tax-inclusive bonds and new/old bonds, as the bond market is expected to remain in a volatile trend [6][9] Basic Chemicals - Yuntian Holdings - Yuntian Holdings reported a 2025 H1 revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit of 511 million yuan, up 12.60% year-on-year [11][12] - The company’s gross margin and net profit margin improved to 11.99% and 4.48%, respectively, with significant growth in new compound fertilizer sales [12][13] - Future net profits are projected at 1.009 billion, 1.305 billion, and 1.614 billion yuan for 2025-2027, with corresponding PE ratios of 13.7, 10.6, and 8.5, maintaining a "buy" rating [12][13] Computer - Dingjie Intelligence - Dingjie Intelligence achieved a 2025 H1 revenue of 1.045 billion yuan, a 4.1% year-on-year increase, and a net profit of 45 million yuan, up 6.1% year-on-year [15][16] - The company’s AI business saw a significant revenue increase of 125.9%, becoming a key growth driver [17] - Future revenue projections are 2.568 billion, 2.816 billion, and 3.056 billion yuan for 2025-2027, with net profits of 202 million, 251 million, and 293 million yuan, maintaining a "buy" rating [17] Media - Xindong Company - Xindong Company reported a 2025 H1 revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% year-on-year [19][20] - The company’s self-developed games and the TAPTAP platform significantly contributed to revenue growth, with game revenue reaching 2.071 billion yuan, a 39.4% increase year-on-year [19][20] - Future net profit projections are 1.727 billion, 2.137 billion, and 2.305 billion yuan for 2025-2027, with growth rates of 113%, 24%, and 8% respectively, maintaining a "buy" rating [20] Home Appliances - Midea Group - Midea Group achieved a 2025 H1 revenue of 251.124 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.014 billion yuan, up 25.04% year-on-year [25][26] - The company’s B-end solutions saw a revenue increase of 20.8%, with significant contributions from new energy and industrial technology sectors [26] - Future revenue projections are expected to grow at rates of 9.9%, 8.0%, and 7.2% for 2025-2027, with net profit growth of 15.2%, 10.4%, and 9.9%, maintaining a "buy" rating [27] Automotive - Changan Automobile - Changan Automobile reported a 2025 H1 revenue of 72.69 billion yuan, a year-on-year decrease of 5.3%, with a net profit of 2.29 billion yuan, down 19.1% [29][30] - The company’s new energy vehicle sales reached 452,000 units, a 49.1% increase year-on-year, outperforming the industry average [29][30] - Future revenue projections are 187 billion, 209.6 billion, and 229.7 billion yuan for 2025-2027, with corresponding EPS of 0.90, 1.09, and 1.24 yuan, maintaining a "buy" rating [30] Light Industry Manufacturing - Craft Home - Craft Home reported a 2025 H1 revenue of 1.681 billion yuan, a year-on-year increase of 39.29%, and a net profit of 432 million yuan, up 51.38% [35][36] - The company’s gross margin improved to 25.69%, driven by product structure upgrades and increased sales of high-value products [36][37] - Future net profit projections are 903 million, 1.124 billion, and 1.332 billion yuan for 2025-2027, maintaining a "buy" rating [37] Agriculture - Juxing Agriculture - Juxing Agriculture reported a 2025 H1 revenue of 371.7 million yuan, a year-on-year increase of 66.49%, and a net profit of 18.1 million yuan, up 504.12% [39][40] - The company’s pig sales volume increased significantly, with a total of 1.907 million pigs sold in H1, a 75.02% increase year-on-year [39][40] - Future net profit projections are 569 million, 867 million, and 1.116 billion yuan for 2025-2027, maintaining a "buy" rating [41]

核心结论 行情回顾：1）指数层面：8 月 29 日北证 A 股成交金额达 323.0 亿元，较上一 交易日增加 17.7 亿元，北证 50 指数收盘价为 1574.25，上涨 1.28%，PE_TTM 为 76.91 倍。北证专精特新指数收盘价为 2739.33，上涨 0.52%。2）个股层面： 当日北交所 274 家公司中 147 家上涨，4 家平盘，123 家下跌。其中涨幅前五 的个股分别为：荣亿精密（30.0%）、德瑞锂电（19.1%）、捷众科技（16.5%）、 科达自控（14.9%）、贝特瑞（13.6%）；跌幅前五的个股分别为：曙光数创（-8.9%）、 智新电子（-7.3%）、中航泰达（-7.3%）、方盛股份（-6.9%）、巴兰仕（-6.6%）。 新闻汇总：1）国家数据局局长刘烈宏：持续打造便捷高效、自主安全、世 界领先的国家级数据基础设施：刘烈宏指出，面向"十五五"，国家数据局 将进一步聚焦高质量的标准构建、大规模的设施部署、市场化的生态运营， 持续打造便捷高效、自主安全、世界领先的国家级数据基础设施，有效支撑 数字经济发展、科技创新和全国统一大市场建设。 重点公告：1）无锡晶海：公司本次以闲置自有 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved a revenue of 1.835 billion yuan in the first half of 2025, representing a year-on-year increase of 8.31%, with a net profit of 47 million yuan, up 10.17% year-on-year [1][6] - The growth is driven by effective offline expansion and operational upgrades, along with integrated online and offline channel collaboration [1] - The company opened 34 new stores in 22 cities nationwide and implemented a sixth-generation standardized store model, leading to a nearly 20% increase in store traffic and sales [1] - Online initiatives, particularly O2O instant retail, effectively attracted over 70,000 customers to offline stores [1] - The self-owned brand strategy has deepened, with sales proportion exceeding 30%, and the supply chain management business grew by 31% year-on-year, forming a second growth curve [1] - The company plans to open approximately 100 new stores throughout the year, focusing on core regional cities and key business districts [2] Summary by Sections Financial Performance - In H1 2025, the gross margin was 25.90%, a decrease of 0.55 percentage points year-on-year, primarily due to the expansion of low-margin businesses [2] - The net profit margin improved to 3.00%, an increase of 0.30 percentage points year-on-year, supported by an improved expense structure [2] - The company expects EPS to be 0.97, 1.13, and 1.29 yuan for 2025, 2026, and 2027 respectively [2] Strategic Initiatives - The company aims to enhance its product structure and self-owned brand development, continuously increasing the sales proportion of its own brands [2] - Plans to strengthen digitalization and AI empowerment to optimize O2O channel profitability [2] - The differentiated positioning and operational efficiency improvements are expected to sustain steady growth amid intensified competition in the maternal and infant industry [2]