Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company has returned to a growth trajectory with significant year-on-year profit increases, achieving a net profit of 2.5 billion yuan in the first half of 2025, which is an increase of 858.95% compared to the previous year [2][6]. - The company’s operational metrics show strong growth, with ASK (Available Seat Kilometers) increasing by 19.3% and RPK (Revenue Passenger Kilometers) increasing by 26.3% in Q2 2025 [10]. - The company is expected to achieve net profits of 700 million yuan, 1.01 billion yuan, and 1.21 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.9X, 12.4X, and 10.3X [10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 36.1 billion yuan, a 12.4% increase year-on-year, and a net profit of 2.5 billion yuan, reflecting a substantial increase [2][6]. - For Q2 2025, the company achieved revenue of 18.4 billion yuan, up 15.1% year-on-year, and a net profit of 1.69 billion yuan, which is an increase of 1.7 billion yuan compared to the previous year [2][6]. Operational Metrics - The company’s passenger load factor improved significantly, with a year-on-year increase of 4.6 percentage points to reach 83.2% in Q2 2025 [10]. - The company’s unit non-fuel cost was recorded at 0.263 yuan/ASK, a year-on-year increase of 0.98%, primarily due to engine overhaul cycles [10]. Strategic Outlook - The company is positioned to benefit from a narrowing pilot shortage and increased capacity utilization, which is expected to enhance growth prospects [10]. - The focus on regional routes and government subsidies for branch lines is anticipated to provide more stable mid-term profitability [10].

Group 1 - The report outlines four consumption eras in Japan, highlighting the evolution from state-level private ownership to a focus on sharing and altruism in the fourth consumption era [4][7][19] - The transition from the second to the third consumption society marked a shift from family-based consumption to individual consumption, emphasizing personal preferences and quality over quantity [8][30][40] - The report emphasizes that the current fourth consumption society retains characteristics from the previous three eras, indicating a complex interplay of consumption patterns [10][32][36] Group 2 - The third consumption society is characterized by a significant decline in GDP growth rates, with an average of 4.05% from 1974 to 1990 and only 0.95% from 1991 to 2010, reflecting economic stagnation [30][35] - The report identifies five key features of the transition from the third to the fourth consumption society, including a shift from individualism to social consciousness and from private ownership to sharing [9][57] - The rise of non-profit organizations and shared living arrangements in the fourth consumption society reflects a growing interest in altruism and community engagement among the Japanese population [62][65]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q2 2025, the company achieved operating revenue of 1.414 billion yuan, representing a year-on-year growth of 12.16%, and a net profit attributable to shareholders of 81 million yuan, with a year-on-year increase of 24% [2][6]. - The company's high-end strategy continues to advance, with double-digit growth in revenue and improved brand structure contributing to enhanced profitability. The self-owned brands achieved 1.04 billion yuan in H1 2025, with a gross margin of 77%, up by 5.7 percentage points year-on-year [12]. - The company is focused on building a "global emerging luxury beauty group" label, benefiting from business structure optimization and brand investment, leading to double-digit revenue growth and gradual profit margin recovery [12]. Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 1.414 billion yuan, a 12.16% increase year-on-year, and a net profit of 81 million yuan, up 24% year-on-year [2][6]. - The gross margin improved by 3.7 percentage points year-on-year, attributed to the continuous optimization of brand structure and an increase in the proportion of high-end products [12]. Brand Development - The company has successfully launched new products and improved its product lineup, with significant growth in popular items such as the upgraded super mask and essence sunscreen [12]. - The company has opened eight new direct-operated stores in key cities, enhancing its offline high-end channel presence [12]. Future Outlook - The company expects net profits attributable to shareholders to reach 260 million yuan, 360 million yuan, and 430 million yuan for the years 2025, 2026, and 2027, respectively [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 1.77 billion yuan for the first half of 2025, representing a year-on-year growth of 30.8%, while the net profit attributable to shareholders was 190 million yuan, up 5.2% year-on-year. In the second quarter alone, revenue reached 920 million yuan, with a year-on-year increase of 33.5%, but net profit fell by 23.1% year-on-year to 50 million yuan [2][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.77 billion yuan, a 30.8% increase year-on-year, and a net profit of 190 million yuan, which is a 5.2% increase year-on-year. For the second quarter, revenue was 920 million yuan, reflecting a 33.5% year-on-year growth, while net profit decreased by 23.1% year-on-year to 50 million yuan [2][4][10] Brand and Product Strategy - The company continues to implement a big product strategy, with its main brands, Marubi and Lianhuo, achieving revenues of 1.25 billion yuan and 520 million yuan respectively in the first half of 2025, representing year-on-year growth of 34.4% and 23.9%. New products such as the small gold needle cream and small gold needle mask have been launched, contributing to the brand's ongoing expansion [10] Sales and Profitability - The company's net profit margin decreased by 2.6 percentage points to 10.5% in the first half of 2025, primarily due to a 3.4 percentage point increase in sales expenses. Although management and R&D expenses were optimized, the overall expense ratio still increased [10] Future Outlook - The company is expected to maintain its growth trajectory with projected earnings per share (EPS) of 1.06 yuan, 1.43 yuan, and 1.78 yuan for 2025, 2026, and 2027 respectively. The ongoing brand momentum and effective cost management are anticipated to support future profitability improvements [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.11 billion HKD for H1 2025, representing a year-on-year growth of 22.5%. The net profit attributable to shareholders was 1.18 billion HKD, up 20.2% year-on-year, while the adjusted net profit reached 1.21 billion HKD, reflecting a 17.4% increase [2][4]. Summary by Sections Revenue Performance - In H1 2025, the revenue breakdown by product categories showed medical dressings, functional skincare, and health food generating revenues of 690 million HKD, 2.41 billion HKD, and 10 million HKD respectively, with year-on-year growth rates of 17%, 24%, and 16% [6]. - By brand, the revenues for 可复美, 可丽金, and other brands were 2.54 billion HKD, 500 million HKD, and 60 million HKD respectively, with growth rates of 23%, 27%, and -10% [6]. - Channel-wise, revenues from DTC, e-commerce direct sales, offline direct sales, and distribution were 1.82 billion HKD, 390 million HKD, 120 million HKD, and 790 million HKD respectively, with year-on-year growth rates of 13%, 134%, 74%, and 12% [6]. Profitability - The net profit margin slightly decreased by 0.7 percentage points in H1 2025, attributed to a 0.7 percentage point decline in gross margin and changes in sales, management, and R&D expense ratios [6]. - The overall expense ratio narrowed by 1.6 percentage points, while the income tax expense increased by approximately 87.06 million HKD year-on-year [6]. Investment Outlook - The company is expected to maintain healthy growth throughout the year, with projected adjusted net profits of 2.55 billion HKD, 3.00 billion HKD, and 3.65 billion HKD for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 23, 19, and 16 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first half of 2025, the company achieved revenue of 12.35 billion, representing a year-on-year growth of 251%. The net profit attributable to shareholders was 2.27 billion, with a year-on-year increase of 286%. After adding back stock incentive expenses, the net profit attributable to shareholders was 2.35 billion, reflecting a growth of 291% [2][4]. Summary by Relevant Sections Company Performance - The company reported a same-store sales growth of 201% in the first half of 2025, with a total of 41 stores after opening 5 new locations. The new stores include locations in Beijing, Shanghai, and Singapore, while also optimizing existing store spaces [7]. - Online sales contributed 1.62 billion in revenue, marking a year-on-year increase of 313%, with significant performance during the Tmall 618 sales event [7]. Financial Metrics - The gross profit margin decreased by 3.1 percentage points to 38.1% in the first half of 2025, while the net profit margin increased by 1.0 percentage point to 18.4%. The inventory turnover days improved from 195 days in 2024 to 150 days in the first half of 2025 [7]. Strategic Initiatives - The company has implemented a new round of stock incentive plans, with expenses increasing by 494% to 83.3 million in the first half of 2025. The mid-term dividend proposed is 9.59 per share, with a payout ratio of 73%, indicating confidence in long-term growth [7]. - The company is focusing on high-end branding and expanding its global presence, with the first overseas store opening in Singapore in June 2025, aiming to capture growth opportunities in the Southeast Asian jewelry market [7]. Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 27.7, 38.2, and 47.9 respectively, indicating strong growth potential [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved revenue of 7.71 billion yuan, a year-on-year increase of 14.0%, and a net profit attributable to shareholders of 1.69 billion yuan, up 16.8% year-on-year [2][4] - The second quarter alone saw revenue of 4.55 billion yuan, with a year-on-year growth of 11.4%, and a net profit of 890 million yuan, reflecting a 20.8% increase year-on-year [2][4] - The company is benefiting from a favorable market environment in Yiwu, with a stable growth in market operations and a rapid increase in trade services [5] - The company has made significant progress in its various business segments, with market operations and trade services generating revenues of 2.38 billion yuan and 530 million yuan respectively, representing year-on-year growth of 5% and 43% [5] - The company has also successfully introduced innovative import mechanisms and established a "bonded+" industrial cluster in Yiwu, enhancing its import trade capabilities [6] Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities increasing by 1.3 billion yuan year-on-year [10] - The company expects earnings per share (EPS) to reach 0.76 yuan, 0.99 yuan, and 1.21 yuan for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [10]

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0911 A 股日评：高位低位，都有机会 报告要点 [Table_Summary] 今日 A 股市场强势反弹，三大指数均上涨，创业板指和科创 50 指数领涨，市场成交额再次站 上 2.4 万亿。今日电信业务、电子、计算机等科技板块领涨，医疗保健、家用装饰及休闲等板 块涨幅落后。从指数表现来看，上证指数上涨 1.65%，深证成指上涨 3.36%，创业板指上涨 5.15%，上证 50 上涨 1.48%，沪深 300 上涨 2.31%，科创 50 上涨 5.32%，中证 1000 上涨 2.35%，市场成交额约 2.46 万亿元。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0911 A 股日评：高位低位，都有机会 [Table_Summary2] 事件描述 今日 A 股市场强势反弹，三大指数均上涨，创业板指和科创 50 指数领涨，市场成交额再次站 上 2.4 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0911 港股日评：不惧风浪，迎头赶上 报告要点 [Table_Summary] 2025 年 9 月 11 日，港股市场大市成交额达到 3252.1 亿港元，南向资金净买入 189.89 亿港 元。港股三大股指今日震荡走低，整体表现疲软。受海外 AI 算力巨头业绩超预期及对未来 AI 相关收入给出积极指引的催化，港股市场 AI 算力板块相关个股集体走强，并显著带动 Wind 香 港半导体指数成为市场领涨板块。国内 1-8 月汽车产销均破 2000 万辆，新能源车产销同比增 超 36%，推动稀土永磁等需求预期。叠加中国稀土自主可控能力提升，相关个股强势上涨，带 动 Wind 香港有色金属板块整体上行。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0911 港股日评：不惧风浪，迎头赶上 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q2 2025, the company's performance showed gradual improvement, aligning with the current delivery pace. The IDC delivery scale reached a record high, and the AIDC revenue structure was optimized, significantly enhancing business profitability and stability, showcasing industry-leading technology [2][13]. - For H1 2025, the company achieved a revenue of 2.496 billion yuan, representing a year-on-year increase of 15.3%. However, the net profit attributable to the parent company was 882 million yuan, down 8.7% year-on-year [6][13]. Summary by Sections Event Description - On August 28, the company released its H1 2025 report, achieving a revenue of 2.496 billion yuan, up 15.3% year-on-year, and a net profit of 882 million yuan, down 8.7% year-on-year [6]. Event Commentary - The company's performance in H1 2025 was in line with the current delivery pace, with IDC revenue reaching 1.61 billion yuan, a year-on-year increase of 6.15%. The gross margin was 46.9%, down 4.4 percentage points due to new delivery buildings still ramping up. The AIDC revenue was 880 million yuan, up 36.95%, with a gross margin of 53.9%, down 16.7 percentage points [13]. - The company has established a leading position in liquid cooling delivery, having collaborated with clients since early 2021 and successfully delivered the industry's first large-scale liquid-cooled computing center in 2023 [13]. Financial Projections - The company is projected to achieve net profits of 2.59 billion, 3.05 billion, and 3.54 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 18%, and 16%. The corresponding price-to-earnings ratios are expected to be 32x, 28x, and 24x [13].