丨证券研究报告丨 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2025 年半年度报告点评：公司降本成效明显， 门店保持稳健增长 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 65.26 亿元，同比下降 5.31%，实现归母净利润 3.71 亿元， 同比下降 56.27%，扣非归母净利润 4.09 亿元，同比增长 5.17%。展望未来，短期内，公司延 续较高开店计划，预计 2025 年新增开业酒店 1300 家，新增签约酒店 2000 家，中长期看好公 司"12+3+1"品牌发展战略。预计 2025-2027 年公司归母净利润分别为 10.48、13.01、14.99 亿元，对应 PE 分别为 23/19/16X，维持"买入"评级。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦江酒店（600754.SH） cjzqdt1111 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - In the first half of 2025, the company achieved operating revenue of 1.991 billion yuan, a year-on-year increase of 4.16%, while net profit attributable to shareholders was 39 million yuan, a year-on-year decrease of 33.11% [5][10] - The company adheres to the strategy of "strong brand in catering, large-scale food production," aiming to build a "large catering, large food, large brand" industrial pattern [5][10] - The company expects net profits attributable to shareholders for 2025-2027 to be 561 million, 634 million, and 692 million yuan respectively, corresponding to current price-earnings ratios of 17, 15, and 14 times [5][10] Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 945 million yuan, a year-on-year increase of 5.09%, with a net profit of -12 million yuan, continuing the loss trend [5][10] - The food manufacturing business saw a revenue increase of 2.65%, while the catering service business grew by 7.11% [10] - The overall revenue from the main business increased by 4.17% year-on-year [10] Business Strategy - The company is focusing on expanding new stores and entering new markets to enhance brand recognition [10] - It aims to innovate products and expand domestic and international channels through diversified marketing strategies [10] Market and Channel Development - The company is building a flexible and diverse channel system, emphasizing a "online + offline" collaborative strategy [10] - The food manufacturing business experienced strong growth outside Guangdong province, with a year-on-year revenue increase of 16.16% in regions outside Guangdong [10] Profitability and Cost Management - The gross profit margin decreased by 2.08 percentage points to 23.78% due to significant increases in credit impairment losses [10] - The overall period expense ratio decreased by 1.48 percentage points to 20.21%, indicating effective cost control [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In the short term, the company's performance is expected to be resilient due to the release of overseas production capacity and the growth of new customers in the automotive leather segment. In the long term, the expansion into the sports industry supply chain, having entered global brands like Adidas and VF, is anticipated to unlock growth and valuation potential. New businesses such as Hongxing and Baotai are positioned for high growth due to industry prosperity, contributing to the company's expected growth [2][5]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 1.34 billion yuan, a year-on-year increase of 6%, but the net profit attributable to the parent company decreased by 45% to 31 million yuan. In Q2 alone, revenue was 710 million yuan, with a similar year-on-year growth of 7%, while net profit dropped by 45% to 12 million yuan [4][5]. - By business segment, the main domestic sales were a drag on revenue, while automotive leather continued to show impressive growth. The shoe and bag segment saw a slight revenue decline of 0.1% to 850 million yuan, primarily due to weak domestic orders. In contrast, the automotive leather segment reported a 30% increase in revenue to 380 million yuan, driven by strong sales from core customers [5]. Profitability Insights - The overall gross margin in Q2 slightly decreased by 0.2 percentage points to 20.3%. The increase in management expenses and inventory impairment losses negatively impacted profits, with the net profit margin dropping by 1.7 percentage points to 1.7% [5]. Future Profit Forecast - The company forecasts net profits attributable to the parent company for 2025 to 2027 at 120 million, 160 million, and 190 million yuan, respectively, with year-on-year changes of -14%, +34%, and +19%. The corresponding price-to-earnings ratios are projected to be 32, 24, and 20 times [2][5].

Group 1: Metal Sector - Luoyang Molybdenum's net profit forecast for 2025 is 168.65 billion CNY, with a PE ratio of 15.32[12] - The company expects to increase copper production to 70,000 tons in 2025, a 56% year-on-year growth[14] - The strategic partnership with CATL aims to enhance lithium and nickel resource acquisition, contributing over 70% to gross profit[17] Group 2: Cement Sector - Huaxin Cement's domestic sales are projected to decline from 5,004,000 tons in 2023 to 4,078,000 tons in 2025, while overseas sales are expected to grow to 2,017,000 tons[30] - The company aims for a net profit of 19.58 billion CNY from overseas operations by 2026, reflecting a 25% increase from 2025[30] Group 3: Logistics Sector - Eastern Airlines Logistics' revenue from the US market accounts for 20%-30%, with a 5% decline in comprehensive freight rates due to tariff policies[32] - The company is adjusting its route structure to improve performance in the European market, anticipating a recovery in the second half of the year[32] Group 4: Chemical Sector - Wanhua Chemical's net profit is expected to recover as MDI prices stabilize, with a projected increase in demand from the furniture industry[50] - The company is positioned to benefit from a tightening supply of TDI, with prices expected to remain high through 2027[50] Group 5: Power Sector - Changjiang Electric Power's EPS forecast for 2025 is 1.38 CNY, with a PE ratio of 20.26, supported by a commitment to maintain a dividend payout ratio of no less than 70%[74] - The company plans to repurchase shares worth 4-8 billion CNY, reflecting confidence in its future growth[74]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 1.478 billion yuan for the first half of 2025, representing a year-on-year increase of 10.0%. The net profit attributable to shareholders was 97 million yuan, up 22.1% year-on-year, aligning with previous forecasts [2][6] - The company focuses on special industries, new energy vehicles, aerospace, and integrated circuits, maintaining a good level of prosperity with rapid growth in orders and revenue. It continues to prioritize economic efficiency, resulting in an improvement in net profit margin [2][6] Summary by Sections Revenue Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion yuan, a 10.0% increase year-on-year. The second quarter revenue was 860 million yuan, up 13.8% year-on-year. The company’s performance was in line with its prior guidance [6][12] - Revenue by business segment for the first half of 2025 includes: - Measurement services: 348 million yuan, up 1.1% - Reliability and environmental testing: 374 million yuan, up 17.7% - Integrated circuit testing: 130 million yuan, up 17.6% - Electromagnetic compatibility testing: 166 million yuan, up 11.7% - Data science analysis and evaluation: 65 million yuan, up 47.1% - Life sciences: 210 million yuan, down 8.5% - EHS evaluation services: 41 million yuan, down 13.8% [12] Profitability - The company’s net profit margin for the first half of 2025 was 6.2%, an increase of 0.7 percentage points year-on-year. The gross profit margin was 43.4%, up 1.47 percentage points. The expense ratio was 37.8%, up 1.68 percentage points [12][12] Cash Flow and Dividends - The company generated a net operating cash flow of 79 million yuan in the first half of 2025, with the second quarter alone contributing 185 million yuan, an increase of 18.7% year-on-year. The company plans to distribute a cash dividend of approximately 84 million yuan, with a dividend payout ratio of 86.4% [12] Future Outlook - The company plans to raise up to 1.3 billion yuan through a private placement to enhance its capabilities in emerging industries. The funds will be allocated to various projects, including testing platforms for aerospace equipment and artificial intelligence chips [12] - Revenue projections for 2025-2027 are 3.57 billion yuan, 3.98 billion yuan, and 4.45 billion yuan, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% respectively. The net profit attributable to shareholders is expected to reach 423 million yuan, 512 million yuan, and 625 million yuan during the same period, with corresponding growth rates of 20.0%, 21.2%, and 22.1% [12]

Investment Rating - The report maintains a "Positive" investment rating for the electric two-wheeler industry [10]. Core Insights - The electric two-wheeler market is experiencing a high-end upgrade, with companies like Niu, Ninebot, and Jike leveraging technology and user needs to capture market share. Niu focuses on urban user demands for convenience, security, and safety, while Ninebot capitalizes on the 3C certification transition to enhance its market position. Jike emphasizes product reliability through extreme testing and community engagement [4][8][41]. Summary by Sections Review of the High-End Electric Two-Wheeler Journey - Niu Electric has effectively identified and addressed three key pain points: charging convenience, theft prevention, and safety. By utilizing Panasonic lithium batteries, Niu has reduced weight and improved performance, leading to significant revenue growth from 769 million yuan in 2017 to 3.288 billion yuan in 2024, with a CAGR of 23.07% [19][33]. Niu: Redefining High-End Electric Two-Wheelers - Niu's strategy includes using high-quality components like Bosch motors and advanced battery management systems to enhance performance and safety. The company has also implemented a user-friendly app for remote vehicle control, contributing to its brand recognition and market penetration [20][27]. Current Competitive Landscape of High-End Two-Wheelers - The competitive landscape features new brands like Jike, Ninebot, and Niu, which focus on community engagement and product reliability. Traditional brands like Yadi and Aima are improving core technologies but lag in smart features compared to new entrants [7][70]. Ninebot: Differentiated Positioning in the Mid-High-End Market - Ninebot has rapidly grown its revenue, reaching 14.196 billion yuan in 2024, with a 38.87% year-on-year increase. The company has successfully transitioned to a major player in the electric two-wheeler market, with a focus on smart technology and user engagement [44][41]. Investment Recommendations: New Force Brands Stand Out - The report recommends focusing on new force leaders like Ninebot and Chuncheng Power, which have demonstrated significant advantages in technology and market positioning. These companies are well-positioned to capture the growing demand for high-end electric two-wheelers [8][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is positioned well in the current environment where supply is constrained by policies, focusing on high-quality breeding capacity. It has established a strong foundation through top-level design in breeding stock, biosecurity, and management systems, maintaining a significantly lower debt ratio compared to the industry. The projected net profits for 2025-2027 are estimated at 777 million, 1.548 billion, and 2.357 billion yuan respectively, making it a key recommendation [2][6] Financial Performance - In the first half of 2025, the company reported revenue of 2.798 billion yuan, a year-on-year increase of 12%. The net profit attributable to shareholders was 388 million yuan, reflecting a year-on-year increase of 213%. In Q2 alone, revenue was 1.326 billion yuan, with a net profit of 159 million yuan, marking a 24% increase year-on-year [6][2] - The average cost of production for the first half of 2025 was approximately 12.4 yuan per kilogram, down 1.5 yuan from the average cost in 2024. The company plans to further reduce costs by an additional 1 yuan per kilogram based on current raw material prices [6][2] Business Strategy - The company has maintained a low debt level, with an asset-liability ratio of approximately 26% as of June 2025. It has over 900 million yuan in cash, which supports its quality development strategy. A new stock incentive plan was announced, covering 850,000 restricted shares to motivate key personnel [6][2] - The company is focused on high-quality breeding capacity, which is seen as a rare asset in the current market. It aims for sustainable growth through quality costs and stable capital support [2][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported Q2 2025 revenue of 7.34 billion, representing a year-on-year growth of 20%. Gross profit reached 2.68 billion, up 46% year-on-year, with a gross margin increase of 6.6 percentage points to 36.5%. This marks the 12th consecutive quarter of sequential improvement. The Non-GAAP net profit was 560 million, indicating sustained profitability [2][5] Revenue Breakdown - Advertising revenue for Q2 2025 was 2.45 billion, a year-on-year increase of 20%. The growth was driven by enhanced advertising efficiency through AI integration and an increase in the number of advertisers by over 20% year-on-year [11] - Value-added services revenue was 2.84 billion, showing nearly 11% year-on-year growth, supported by high user retention rates with 270 million official members and an 80% retention rate over 12 months [11] - Mobile gaming revenue reached 1.61 billion, a significant year-on-year increase of 60%, primarily due to the strong performance of the game "Three Kingdoms: Strategize" [11] Operational Metrics - The company's community ecosystem continues to thrive, with Daily Active Users (DAU) reaching 109 million and Monthly Active Users (MAU) at 363 million. The average daily usage time was 105 minutes [11] - The platform supports nearly 2 million content creators, with a 60% increase in the number of creators earning income through video and live streaming [11] Profitability Analysis - The gross profit for Q2 2025 was 2.68 billion, reflecting a 46% year-on-year increase, driven by high-margin business growth and effective cost control. The gross margin improved to 36.5% [11] - The Non-GAAP net profit of 560 million indicates ongoing profitability, with a net operating cash flow of 1.99 billion, marking eight consecutive quarters of positive cash flow [11]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 633 million yuan for the first half of 2025, representing a year-on-year growth of 17.23%. The net profit attributable to the parent company reached 52.30 million yuan, a significant increase of 1186.02% year-on-year, marking a turnaround to profitability [2][4]. - The company's overseas gaming operations have entered a new phase, with expectations for new game launches in the second half of the year to contribute to performance growth. The integration of AI and social features is progressing positively, with plans to open up AI virtual character creation, which is expected to further expand market opportunities [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 318 million yuan, a year-on-year increase of 11.09%. The net profit attributable to the parent company was 26.87 million yuan, with a non-recurring net profit of 26.08 million yuan, indicating a return to profitability [2][4]. - The gaming overseas business revenue grew significantly, leading to a 41.61% year-on-year increase in gaming operation revenue to 92 million yuan in H1 2025. The gross margin for gaming operations improved by 41.70 percentage points to 54.38% [10]. Product Development - The company is focusing on new game launches, including a new action game based on "Dynasty Warriors 8," which is currently in the review stage and expected to be released within the year. Additionally, the independent game "Huo Xia Chuan" is set to launch a DLC version soon [10]. - The company is expanding its core media agency qualifications, resulting in a significant increase in advertising revenue, which grew by 71.45% year-on-year to 247 million yuan in H1 2025, accounting for 39.10% of total revenue [10]. AI and Social Features - The company is continuously iterating on AI functionalities for its social products, with plans to launch AI virtual character creation features. This includes roles such as AI companions and AI therapists, aimed at providing various services [10]. Cost Management - Management expenses showed slight optimization, with a year-on-year decrease of 39.17% in Q2 2025, resulting in a management expense ratio of 3.57% [10]. Profit Forecast - The company forecasts net profits of 152 million yuan and 202 million yuan for 2025 and 2026, respectively, with corresponding EPS of 0.31 yuan and 0.41 yuan [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 565 million yuan for the first half of 2025, a year-on-year decrease of 22.4%, with a net profit attributable to shareholders of -180 million yuan. In Q2 2025, revenue was 313 million yuan, down 20.5% year-on-year, and the net profit was -69 million yuan, showing a slight reduction in losses [2][6]. Summary by Sections Company Overview - The company has faced significant revenue declines in 2024 and the first half of 2025, with no clear signs of a turnaround. The revenue drop in Q2 2025 was slightly less severe than in previous quarters, indicating potential stabilization [11]. Business Segments - In H1 2025, the revenue breakdown by business segments showed: - Life Sciences and Health Environmental revenue of 367 million yuan, down 27.05% year-on-year - Automotive and Other Consumer Goods revenue of 106 million yuan, down 17.85% - Safety Assurance revenue of 58 million yuan, up 10.02% [11]. Future Outlook - The company plans to focus on deepening customer demand, particularly in biomedicine, cosmetics, medical devices, new energy vehicles, special equipment, low-altitude economy, and special industry testing sectors. It aims to improve laboratory capacity utilization and control capital expenditures while optimizing sales incentives and improving operational cash flow [11]. Financial Projections - The company is expected to recover from losses in the latter half of 2025, with projected revenues of 1.752 billion yuan, 1.986 billion yuan, and 2.243 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 13.7%, 13.3%, and 12.9%. The net profit attributable to shareholders is projected to be 37 million yuan, 152 million yuan, and 248 million yuan for the same years, indicating a gradual recovery in profitability [11].