Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][18]. Core Views - The company has shown improvement in its performance with a significant increase in revenue and net profit in the first half of 2025, driven by the growth in lithium-ion battery materials [2][3]. - The company is focusing on expanding its product offerings and enhancing its competitive edge through innovation and integrated operations, particularly in new lithium battery materials and technologies [8][9]. Financial Summary - For the first half of 2025, the company reported a revenue of 7.03 billion, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 268 million, up 12.79% year-on-year [1][2]. - The overall gross margin for the first half of 2025 was 18.69%, slightly down from the previous year, while the net profit margin was 3.77%, reflecting a decrease of 0.61 percentage points year-on-year [2]. - The company’s cash flow from operating activities increased by 12.26% year-on-year, amounting to 409 million [3]. - The revenue from lithium-ion battery materials reached 6.30 billion, representing a 33.18% increase year-on-year, accounting for 89.66% of total revenue [3][4]. Future Projections - The company is projected to achieve revenues of 16.98 billion, 21.46 billion, and 25.71 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 811 million, 1.38 billion, and 1.93 billion [9]. - The expected EPS for the years 2025, 2026, and 2027 are 0.42, 0.72, and 1.01, respectively, with the current P/E ratios projected to decrease from 49.2 to 20.7 over the same period [9].

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 哔哩哔哩-W（09626.HK） 利润持续释放，AI 驱动广告商业化效率持续提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,528 | 26,832 | 30,261 | 33,187 | 35,706 | 股票信息 | | 增长率 yoy（%） | 2.87 | 19.10 | 12.78 | 9.67 | 7.59 | | | 归母净利润（百万元） | -4,822 | -1,347 | 799 | 1,797 | 2,497 | | | 增长率 yoy（%） | 35.7 | 72.1 | 159.3 | 124.9 | 39.0 | | | ROE（%） | -33.5 | -9.5 | 5.4 | 10.8 | 13.0 | | | EPS 最新摊薄（元） | -11.46 | -3.20 | 1.90 | 4.27 | 5.93 | | | P/E（倍） ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 中颖电子（300327.SZ） 25H1 利润同比承压，控制权变更加强协同效应 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,300 | 1,343 | 1,411 | 1,629 | 1,885 | | 增长率 yoy（%） | -18.8 | 3.3 | 5.0 | 15.5 | 15.7 | | 归母净利润（百万元） | 186 | 134 | 105 | 133 | 206 | | 增长率 yoy（%） | -42.3 | -28.0 | -21.9 | 26.6 | 54.9 | | ROE（%） | 7.5 | 4.9 | 4.6 | 5.6 | 8.1 | | EPS 最新摊薄（元） | 0.55 | 0.39 | 0.31 | 0.39 | 0.60 | | P/E（倍） | 47.5 | 65.9 | 84.4 | 66.7 | 43.0 | | P/B（倍） | 5. ...

| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16,547 | 17,441 | 18,838 | 20,322 | 21,546 | | 增长率 yoy（%） | 0.9 | 5.4 | 8.0 | 7.9 | 6.0 | | 归母净利润（百万元） | 2,659 | 2,673 | 2,931 | 3,334 | 3,819 | | 增长率 yoy（%） | -10.0 | 0.5 | 9.7 | 13.7 | 14.5 | | ROE（%） | 20.6 | 20.5 | 19.3 | 18.9 | 18.5 | | EPS 最新摊薄（元） | 1.20 | 1.21 | 1.33 | 1.51 | 1.73 | | P/E（倍） | 13.0 | 12.9 | 11.8 | 10.4 | 9.0 | | P/B（倍） | 2.7 | 2.7 | 2.3 | 2.0 | 1.7 | 资料来源：公司财报，长城证券产业金融研究院 事件：三七互娱发布 25 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [16]. Core Insights - The company's adjusted net profit exceeded market expectations, with a significant focus on the commercialization of its AI technology, Keling AI, which is leading the video generation sector [1][2]. - The company reported a revenue of 350.46 billion yuan for Q2 2025, a year-on-year increase of 13.1%, and an adjusted net profit of 56.18 billion yuan, up 20.1% year-on-year [1]. - Keling AI's revenue surpassed 250 million yuan in Q2 2025, with a creator base of 45 million and over 20,000 enterprise users, indicating strong growth potential in various application scenarios [2]. Financial Summary - The company is projected to achieve revenues of 143.26 billion yuan, 159.09 billion yuan, and 173.48 billion yuan for the years 2025, 2026, and 2027 respectively, with adjusted net profits of 17.52 billion yuan, 22.15 billion yuan, and 25.72 billion yuan for the same years [1][7]. - The company's revenue growth rates are expected to be 12.89%, 11.05%, and 9.05% for 2025, 2026, and 2027 respectively [1][8]. - The report highlights a significant increase in the company's advertising revenue, which grew by 12.8% year-on-year to 198 billion yuan in Q2 2025, benefiting from improved user engagement and new monetization channels [3]. Business Performance - The e-commerce segment showed a GMV growth of 17.6% year-on-year, reaching 358.9 billion yuan in Q2 2025, driven by an increase in per capita spending [4]. - The company has introduced new features and models in its AI technology, enhancing user experience and operational efficiency across its content and commercial ecosystem [2][3][7].

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 兴业科技（002674.SZ） 汽车内饰皮革业务保持高增，盈利能力持续提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,700 | 2,951 | 3,079 | 3,387 | 3,738 | | 增长率 yoy（%） | 35.8 | 9.3 | 4.3 | 10.0 | 10.4 | | 归母净利润（百万元） | 186 | 142 | 121 | 165 | 216 | | 增长率 yoy（%） | 23.7 | -24.0 | -14.5 | 36.7 | 30.3 | | ROE（%） | 8.9 | 7.7 | 6.3 | 8.0 | 9.6 | | EPS 最新摊薄（元） | 0.63 | 0.48 | 0.41 | 0.56 | 0.73 | | P/E（倍） | 20.2 | 26.6 | 31.1 | 22.7 | 17.5 | | P/B（倍） | 1.6 | ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 百度集团-SW（09888.HK） 百度核心广告业务承压，萝卜快跑领跑 Robotaxi 行业 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 134,598 | 133,125 | 123,380 | 134,497 | 145,109 | | 增长率 yoy（%） | 8.83 | -1.09 | -7.32 | 9.01 | 7.89 | | 归母净利润（百万元） | 20,315 | 23,760 | 24,542 | 19,116 | 21,301 | | 增长率 yoy（%） | 168.75 | 16.96 | 3.29 | -22.11 | 11.43 | | ROE（%） | 8.34 | 9.01 | 8.52 | 6.22 | 6.48 | | EPS 最新摊薄（元） | 7.39 | 8.64 | 8.92 | 6.95 | 7.75 | | P/E（倍） | 10.8 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 芯原股份（688521.SH） Q2 营收环比+50%，在手订单保持高位，拟收购芯来智融补齐 RISC-V 处理器 IP | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,338 | 2,322 | 2,907 | 3,634 | 4,806 | | 增长率 yoy（%） | -12.7 | -0.7 | 25.2 | 25.0 | 32.3 | | 归母净利润（百万元） | -296 | -601 | -102 | 57 | 200 | | 增长率 yoy（%） | -501.6 | -102.7 | 83.1 | 156.0 | 251.0 | | ROE（%） | -11.0 | -28.3 | -5.0 | 2.7 | 8.8 | | EPS 最新摊薄（元） | -0.56 | -1.14 | -0.19 | 0.11 | 0.38 | | P/E（倍） | -271.3 | -13 ...

盘龙药业（002864.SZ） 25H1 业绩稳步增长，中药饮片业务表现亮眼 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 981 | 974 | 1,238 | 1,459 | 1,671 | | 增长率 yoy（%） | 0.7 | -0.7 | 27.2 | 17.8 | 14.5 | | 归母净利润（百万元） | 110 | 120 | 124 | 143 | 169 | | 增长率 yoy（%） | 9.2 | 8.9 | 3.3 | 15.3 | 18.0 | | ROE（%） | 7.2 | 7.3 | 7.1 | 7.7 | 8.5 | | EPS 最新摊薄（元） | 1.04 | 1.13 | 1.17 | 1.35 | 1.59 | | P/E（倍） | 28.4 | 26.1 | 25.3 | 21.9 | 18.6 | | P/B（倍） | 2.0 | 1.9 | 1.8 | 1.7 | 1.6 | 资料来源：公司财报，长城证券产业 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 固生堂（02273.HK） 业绩稳健增长，"国医 AI 分身+院内制剂"有望打造成长新动能 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2323 | 3022 | 3405 | 4014 | 4826 | | 增长率 yoy（%） | 43.0 | 30.1 | 12.7 | 17.9 | 20.2 | | 归母净利润（百万元） | 252.2 | 306.8 | 406.4 | 532.8 | 677.4 | | 增长率 yoy（%） | 37.6 | 21.6 | 32.5 | 31.1 | 27.1 | | 经调整净利润（百万元） | 304.7 | 400.4 | 451.39 | 567.81 | 702.45 | | 增长率 yoy（%） | 53.6 | 31.4 | 12.73 | 25.79 | 23.71 | | ROE（%） | 10.9 | 12.9 | 14.6 ...