Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 293 million yuan for the first half of 2025, a year-on-year decline of 8.81%, and a net profit attributable to shareholders of 21 million yuan, down 47.75% year-on-year. In Q2 2025, revenue was 129 million yuan, a decrease of 10.31%, with a net profit of 1 million yuan, down 79.13% year-on-year. The slowdown in high-speed rail passenger growth has led to a slow recovery in high-speed rail advertising, while point optimization and expansion have negatively impacted profits. However, the company's resource layout is still ongoing, and future performance is expected to improve [2][5][10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 293 million yuan, a decrease of 8.81% year-on-year, and a net profit of 21 million yuan, down 47.75% year-on-year. For Q2 2025, revenue was 129 million yuan, a decline of 10.31%, with a net profit of 1 million yuan, down 79.13% year-on-year [2][5]. Business Operations - The growth rate of high-speed rail passenger traffic has slowed, impacting high-speed rail advertising revenue, which was 255 million yuan in the first half of 2025, down 9.27% year-on-year. The company has signed agreements with 18 domestic railway bureau groups, establishing a digital media network that reaches over 2 billion passengers annually across 30 provincial-level regions [10]. Strategic Developments - The company is actively expanding its outdoor naked-eye 3D screen business, with installations in major commercial areas such as Guangzhou, Chengdu, and Beijing. In the first half of 2025, revenue from outdoor naked-eye 3D media was 38 million yuan, a decrease of 5.56% year-on-year. The company is also making significant progress in AI digital image processing for its advertising [10]. Profitability Outlook - Due to the upfront costs associated with point optimization and expansion, the company expects net profits of 72 million yuan and 146 million yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 67.84 and 33.66 [10].

Investment Rating - The investment rating for Kuaishou-W (1024.HK) is "Buy" and is maintained [8] Core Views - Kuaishou achieved revenue of 35 billion yuan in Q2 2025, representing a year-on-year growth of 13.1%. The Non-GAAP net profit reached 5.6 billion yuan, up 20.1% year-on-year. Domestic business operating profit was 5.4 billion yuan, also up 20.1% year-on-year, while overseas business operating profit was 0.19 billion yuan [2][5] Revenue Breakdown - Kuaishou's online marketing service revenue in Q2 2025 was 19.8 billion yuan, a year-on-year increase of 12.8%, contributing 56.4% to total revenue. This growth was driven by AI technology enhancing marketing solutions, leading to increased ad spending from clients [10] - Live streaming revenue reached 10 billion yuan, an 8% increase year-on-year, accounting for 28.7% of total revenue. The company focused on building a sustainable live streaming ecosystem, with a more than 30% year-on-year increase in signed streamers [10] - Other services, including e-commerce, generated 5.2 billion yuan, a 26% year-on-year increase, contributing 14.9% to total revenue. E-commerce GMV reached 358.9 billion yuan, up 17.6% year-on-year [10] Operational Data - Kuaishou's content ecosystem continues to thrive, with average daily active users (DAU) growing 3.4% year-on-year to 409 million, and average monthly active users (MAU) increasing 3.3% to 715 million. Daily usage time also rose by 7.5% [10] Profitability - The gross margin for Kuaishou in Q2 2025 was 55.7%, with an adjusted net profit margin of 16.0%, both reaching record highs. This was attributed to the higher proportion of high-margin online marketing and e-commerce businesses, along with cost control [10] - R&D expenses increased by 21.2% year-on-year to 3.4 billion yuan, primarily due to increased investment in AI [10] AI and Special Dividend - The commercialization of Kuaishou's AI service, Keling, progressed well, generating over 250 million yuan in revenue in Q2 2025, a 67% quarter-on-quarter increase. As of August 21, 2025, Keling served over 20,000 enterprise clients [10] - Kuaishou declared its first special dividend of 0.46 HKD per share, totaling 2 billion HKD [10]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 11.936 billion yuan for H1 2025, representing a year-on-year growth of 24.75%. The net profit attributable to shareholders was 1.02 billion yuan, up 58.94% year-on-year. In Q2 2025, revenue reached 6.713 billion yuan, with a year-on-year increase of 25.87% and a quarter-on-quarter increase of 28.55%. The net profit for Q2 was 562 million yuan, reflecting a year-on-year growth of 94.8% and a quarter-on-quarter growth of 22.69% [2][5]. Financial Performance - In H1 2025, the photovoltaic business shipped 13.4 GW, a year-on-year increase of over 65%, with a gross margin of 16.70%, up 5.29 percentage points. This was driven by full production and sales of overseas battery capacity, strict cost control, and continuous development of differentiated new products. The battery production efficiency improved to 26.85%, and R&D efficiency reached 27.25% [10]. - The magnetic materials business shipped 107,300 tons in H1 2025, with a gross margin of 27.71%, an increase of 1.22 percentage points year-on-year. The company has solidified its leading position in the market and is actively expanding into new products [10]. - The lithium battery business shipped over 300 million units in H1 2025, a year-on-year increase of 12.25%, with a gross margin of 12.90%, up 2.06 percentage points. The company maintained industry-leading utilization rates and launched several high-capacity new products [10]. Future Outlook - The company is expected to achieve a net profit attributable to shareholders of 2 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 14 times. The company will continue to focus on differentiated products and market entry while enhancing product power through technological upgrades and process optimization [10].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 8.5 billion yuan, a year-on-year increase of 37.8%, and net profit attributable to shareholders of 1.29 billion yuan, up 45.7% year-on-year [2][4]. - The overseas business has shown remarkable growth, with overseas revenue increasing by 89.5% year-on-year, accounting for 33.7% of total revenue [8]. - The company is expected to achieve a net profit of 2.76 billion yuan for the full year 2025, corresponding to a valuation of approximately 25 times earnings [8]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 5.27 billion yuan, a year-on-year increase of 50.2% and a quarter-on-quarter increase of 63.3% [2][4]. - The net profit for Q2 2025 was 850 million yuan, reflecting a year-on-year growth of 61.5% and a quarter-on-quarter growth of 89.5% [2][4]. - The gross profit margin for the first half of 2025 was 31.74%, slightly down from the previous year, while the Q2 gross profit margin improved to 32.61% [8]. Cost and Expenses - The company’s total expense ratio for the first half of 2025 was 13.48%, down 1.32 percentage points year-on-year, with an increase in sales expense ratio due to expanded overseas market efforts [8]. - The inventory at the end of Q2 2025 was 4.715 billion yuan, up 38.5% year-on-year, indicating continued strong demand for future deliveries [8]. Market Outlook - The company is experiencing robust growth in overseas markets, with a strong order backlog and favorable market conditions expected to continue [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 6.013 billion HKD in H1 2025, representing an 18% year-on-year increase. However, net profit was 492 million HKD, down 28% year-on-year, while adjusted net profit was 737 million HKD, a decrease of 2% year-on-year. The company also reported a share-based payment expense of 245 million HKD for H1 2025 and declared an interim dividend of 0.2 HKD per share, totaling approximately 1.24 billion HKD in dividends to shareholders [2][6] Revenue Analysis - The revenue growth in H1 2025 was primarily driven by the recovery of the vaping business. Specifically, the TOB (business-to-business) segment saw a 19% year-on-year increase, accounting for 79% of total revenue. Revenue from the TOB segment in the US, mainland China, Europe, and other regions showed varied performance, with increases of 1%, decreases of 6%, and increases of 38% respectively. The TOC (business-to-consumer) segment also grew by 14%, making up 21% of total revenue, with significant growth in mainland China at 2595% year-on-year [10] Profitability Analysis - The overall performance met the central expectations of the earnings forecast, with adjusted profits down 2% year-on-year. The decline in net profit was attributed to insufficient revenue and gross profit growth to offset rising expenses, including a significant increase in share-based payment expenses due to a stock incentive plan launched in late 2024. Additionally, distribution and sales expenses rose by 31% to 491 million HKD, and professional fees related to legal and compliance services surged by 820% to 140 million HKD [10] HNB Business Development - A significant milestone for the company in H1 2025 was the launch of Glo Hilo in collaboration with British American Tobacco. The product received positive consumer feedback during trials in Serbia and Sendai, Japan, with highlights including a close-to-tobacco flavor and reduced preheating time. The company plans to expand Glo Hilo across Japan in September 2025 and into more key markets later in the year. The company aims to continue investing in R&D for HNB products to maintain technological leadership and enhance customer adoption rates [10] Growth Potential - The company is optimistic about its growth potential in the global new tobacco trend. The vaping segment is showing signs of recovery, benefiting from regulatory shifts and increased market share among major clients. The HNB business has significant growth potential, especially considering the current market share of IQOS at over 70%. The industry is expected to continue growing at a double-digit annual rate, with ample room for penetration as the current global penetration rate is only about 6%. Long-term growth trends are also positive for medical vaping and special-purpose vaping [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with room for increased penetration. Continuous technological iterations are expected to enhance the value of individual products. Compared to its US counterpart Samsara, the company's valuation is significantly lower, indicating potential for upward adjustment in valuation [2][6]. Financial Performance - In H1 2025, the company achieved revenue of 1.156 billion yuan, a year-on-year increase of 0.29%, and a net profit attributable to shareholders of 203 million yuan, a year-on-year increase of 64.21%. In Q2 2025, revenue was 641 million yuan, a year-on-year decrease of 1.43%, with a net profit of 102 million yuan, a year-on-year increase of 45.09% [6]. - The company recorded a gross margin of 47.92% in H1 2025, an increase of 7.18 percentage points year-on-year, and a net margin of 17.79%, an increase of 6.92 percentage points year-on-year. This improvement is attributed to the divestiture of a non-core subsidiary, which is no longer included in the consolidated financial statements [12]. Business Growth - The company’s pre-installation business has shown significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 198.50%. The company is actively expanding its European pre-installation customer base, aiming to penetrate the market with high-end products based on artificial intelligence [12]. - The overseas market generated revenue of 769 million yuan, a year-on-year increase of 27.84%, while the domestic market revenue was 387 million yuan, a year-on-year decrease of 29.77%. The decline in the domestic market is primarily due to the divestiture of a low-margin subsidiary [12]. Future Outlook - The company is expected to benefit from the ongoing recovery in industry demand and the implementation of European standards, with multiple business lines anticipated to continue high growth. Projections for net profit attributable to shareholders for 2025-2027 are 406 million, 526 million, and 717 million yuan, representing year-on-year growth rates of 40%, 30%, and 36%, respectively [6]. - The company plans to continue its global strategy, enhancing production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions. Future plans include expanding overseas production capacity and establishing new smart manufacturing centers to meet growing demand [12].

Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [7]. Core Views - The report highlights that TCL Electronics achieved a revenue of HKD 54.777 billion in the first half of 2025, representing a year-on-year growth of 20.4%. The net profit attributable to shareholders reached HKD 1.09 billion, a significant increase of 67.8% year-on-year. The adjusted net profit attributable to shareholders was HKD 1.06 billion, up 62.0% year-on-year [4][6]. Summary by Sections Business Performance - The display business continues to improve, with TCL TV global shipments reaching 13.46 million units in the first half of 2025, a year-on-year increase of 7.6%. Mini LED TV shipments surged by 176.1% to 1.37 million units, maintaining the global leading position. In the Chinese market, the high-end strategy has shown significant results, with Mini LED TV shipments' market share increasing by 12.6 percentage points to 21.2% [7][8]. - The international market for TCL TVs saw a year-on-year shipment increase of 8.7%, with Mini LED TV shipments growing by 196.8%. In North America, while total shipments declined, the product structure improved significantly, with shipments of TVs larger than 65 inches increasing by 60.5% [7][8]. Financial Metrics - The overall gross margin for the company decreased by 0.6 percentage points to 15.3%, primarily due to the increased revenue share from the lower-margin solar business. However, the gross margin for the display business improved by 0.1 percentage points to 15.6% due to the advancement of the high-end strategy and product structure optimization [7][8]. - The report indicates that the overall expense ratio decreased by 1.0 percentage points to 11.5%, with sales and distribution expenses decreasing by 1.1 percentage points to 7.3% [7][8]. Future Outlook - The report suggests that the black electrical appliance industry continues to present structural opportunities. TCL is expected to expand its global market share in black electrical appliances, enhance the proportion of high-end products, and optimize operational efficiency to achieve high profit growth. The projected net profits for 2025, 2026, and 2027 are HKD 2.405 billion, HKD 2.868 billion, and HKD 3.386 billion, respectively, with corresponding P/E ratios of 10.17, 8.53, and 7.22 [7][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 423 million yuan in H1 2025, representing a year-on-year growth of 18.8%. However, the net profit attributable to shareholders decreased by 57.5% to 49.03 million yuan, while the net profit excluding non-recurring items fell by 12.7% to 47.22 million yuan [2][6] - Excluding the one-time investment income impact from H1 2024, the net profit attributable to shareholders in H1 2025 decreased by 8.75%, primarily due to the drag from the comprehensive solution business. In contrast, the operational services and product sales showed impressive growth, with revenues increasing by 53.0% and 41.8% respectively [2][12] - The company is expanding its copper extraction agent production capacity, achieving a doubling of capacity. The resource recycling and new materials projects are gradually being implemented, indicating potential for category expansion and new growth opportunities [2][12] Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 423 million yuan, a year-on-year increase of 18.8%. The net profit attributable to shareholders was 49.03 million yuan, down 57.5%, while the net profit excluding non-recurring items was 47.22 million yuan, down 12.7% [6][12] - For Q2 2025, the company achieved revenues of 253 million yuan, a slight increase of 0.34% year-on-year, with a net profit of 31.30 million yuan, down 12.9% [6][12] - The comprehensive solution business saw a revenue decline of 49.8%, while operational services and product sales grew significantly [12] Business Segments - Revenue breakdown for H1 2025: heavy metal pollution prevention solutions generated 53 million yuan, operational services 201 million yuan, and product sales 166 million yuan [12] - The gross margin for H1 2025 decreased by 2.08 percentage points to 35.0%, with product sales, operational services, and comprehensive solutions having gross margins of 45.1%, 29.8%, and 21.0% respectively [12] Growth Potential - The core subsidiary, Longli Chemical, reported a net profit of 26.63 million yuan in H1 2025, a year-on-year increase of 76.5%. The total production capacity for copper extraction agents increased from 3,400 tons/year to 7,000 tons/year, a 106% increase [12] - The company is actively pursuing multiple research projects, including lithium slag recycling and high-value recovery of rare metals, with promising results in new lithium extraction agents [12] - A stock incentive plan was announced in July 2025, targeting a revenue CAGR of 24.9% and a net profit CAGR of 17.0% from 2025 to 2027 [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 6.729 billion yuan for H1 2025, representing a year-on-year growth of 6.05%. The net profit attributable to shareholders was 535 million yuan, an increase of 12.94% year-on-year, while the net profit excluding non-recurring items was 517 million yuan, up 11.04% year-on-year. In Q2 2025, the revenue was 3.708 billion yuan, a slight decline of 0.31% year-on-year, but the net profit attributable to shareholders increased by 19.69% to 318 million yuan, and the net profit excluding non-recurring items rose by 15.24% to 306 million yuan [3][7]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 6.729 billion yuan, with a year-on-year growth of 6.05%. The net profit attributable to shareholders was 535 million yuan, marking a 12.94% increase year-on-year. The net profit excluding non-recurring items was 517 million yuan, up 11.04% year-on-year. For Q2 2025, the revenue was 3.708 billion yuan, down 0.31% year-on-year, while the net profit attributable to shareholders increased by 19.69% to 318 million yuan, and the net profit excluding non-recurring items rose by 15.24% to 306 million yuan [3][7]. Margin and Profitability - The company's gross margin stabilized, and operating profit significantly increased. In H1 2025, the gross margin decreased by 0.54 percentage points year-on-year. The operating profit for H1 2025 was 530 million yuan, a year-on-year increase of 10.93%, with an operating profit margin of 7.87%, up 0.35 percentage points year-on-year. In Q2 2025, the operating profit was 336 million yuan, a year-on-year growth of 16.82%, with an operating profit margin of 9.05%, up 1.33 percentage points year-on-year [7]. Business Segments - The company experienced a slight decline in revenue from the refrigeration equipment segment, which fell by 31.43% year-on-year, primarily due to a downturn in the central air conditioning industry and strategic contraction to avoid competition with the controlling shareholder, Gree Electric. Conversely, the refrigeration parts segment grew by 8.80% year-on-year, benefiting from the "old-for-new" policy. The new energy vehicle thermal management segment saw a remarkable growth of 81.84% year-on-year, driven by the gradual release of prior orders [7]. Future Outlook - The company is positioned as a leader in the global refrigeration components market. With a renewed focus on its core refrigeration business and the easing of debt issues following Gree's acquisition, operational performance is stabilizing. The domestic air conditioning market still has significant growth potential, and the company is expected to achieve steady revenue and profit growth in this area. The new energy vehicle thermal management segment is anticipated to become a core growth driver for the company, with substantial global expansion opportunities [7].

丨证券研究报告丨 请阅读最后评级说明和重要声明 公司研究丨点评报告丨阿特斯（688472.SH） [Table_Title] Q2 组件业务盈利修复，储能业务量利表现优异 报告要点 [Table_Summary] 阿特斯发布 2025 年半年报，2025H1 公司实现收入 210.52 亿元，同比下降 4.13%；归母净利 7.31 亿元，同比下降 41.01%；其中，2025Q2 实现收入 124.67 亿元，同比增长 0.85%，环比 增长 45.2%；归母净利 6.84 亿元，同比增长 3.51%，环比增长 1346.82%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 阿特斯（688472.SH） cjzqdt11111 [Table_Title2] Q2 组件业务盈利修复，储能业务量利表 ...