Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The company's H1 2025 performance met market expectations, with rapid revenue growth and profit growth slightly lagging behind revenue growth. The company's konjac product line is experiencing rapid growth, and both bulk and quantitative distribution channels have performed well. The report is optimistic about the company's path of expanding product categories and channels while leveraging its supply chain advantages to build long-term competitive advantages [1][5] Financial Performance Summary - In H1 2025, the company achieved revenue of 2.94 billion yuan (up 19.6% year-on-year) and a net profit attributable to shareholders of 373 million yuan (up 16.7% year-on-year). The net profit excluding non-recurring items was 334 million yuan (up 22.5% year-on-year). In Q2 2025, revenue was 1.4 billion yuan (up 13.5% year-on-year), with a net profit of 195 million yuan (up 21.7% year-on-year) [2][5] - The konjac product line continues to grow rapidly, achieving 790 million yuan in H1 2025. Other product categories such as soybean products, eggs, and deep-sea snacks also showed good growth, with year-on-year increases of 13%, 30%, and 12%, respectively [3][5] - The company's gross margin for H1 2025 was 29.66% (down 2.87 percentage points year-on-year), while Q2 2025 gross margin was 30.97% (down 1.98 percentage points year-on-year). The slight year-on-year decline is mainly due to high raw material costs and channel structure adjustments. However, the gross margin improved by 2.5 percentage points from Q1 2025 to Q2 2025, reflecting the scale effect of the company's core products [4][5] Future Projections - The report slightly lowers the previous profit forecast, estimating revenues for 2025, 2026, and 2027 to be 6.248 billion, 7.295 billion, and 8.488 billion yuan, respectively, with year-on-year growth rates of 17.81%, 16.76%, and 16.35%. The net profit attributable to shareholders is projected to be 810 million, 986 million, and 1.169 billion yuan for the same years, with growth rates of 26.62%, 21.63%, and 18.64% [5][10]

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company's revenue decline in Q2 has narrowed compared to previous quarters, with soy sauce and other product revenues showing signs of recovery [2] - The major shareholder's plan to increase their stake in the company reflects confidence in its long-term development [5] - The company is expected to experience a revenue decrease in 2025, followed by growth in subsequent years, with a projected net profit recovery [6] Revenue Analysis - For H1 2025, the company achieved revenue of 2.13 billion yuan, a year-on-year decrease of 18.6%, and a net profit of 260 million yuan, down 26.6% [1] - In Q2 2025, revenue was 1.03 billion yuan, a decline of 9.1%, with a net profit of 80 million yuan, down 31.6% [1] - Revenue breakdown by product for H1 2025 shows soy sauce at 1.3 billion yuan (-16.7%), chicken essence at 260 million yuan (-22.0%), cooking oil at 110 million yuan (-49.4%), and other products at 330 million yuan (-3.2%) [2] - Revenue by sales model indicates a decline in distribution revenue by 20.1% to 1.89 billion yuan, while direct sales increased by 35.7% to 100 million yuan in H1 2025 [2] Cost and Profitability - The gross margin improved to 39.0% in H1 2025, up 2.4 percentage points, while the net margin decreased to 12.1%, down 2.6 percentage points [4] - In Q2 2025, the gross margin further improved to 39.4%, with a net margin of 7.4%, reflecting the impact of lower raw material costs [4] Shareholder Confidence - The major shareholder, Huojuzhong Group, plans to increase its stake by investing between 200 million and 400 million yuan over the next 12 months, indicating strong confidence in the company's future [5] Financial Forecast - The company is projected to generate revenues of 5.05 billion yuan in 2025, a decrease of 8.5%, followed by increases of 9.7% and 8.4% in 2026 and 2027, respectively [6] - The forecasted net profit for 2025 is 740 million yuan, down 17.3%, with expected recoveries of 16.0% and 11.7% in the following years [6]

业绩超预期，数通业务快速增长 ——源杰科技中报点评 证券研究报告 | 公司点评 | 半导体 投资要点 ❑ 业绩超预期，打造电信+数通双引擎 2025 年上半年，公司营收 2.05 亿元，同比+70.6%，归母净利润 0.46 亿元，同比 +330%。毛利率 48.8%，同比+15.4pct。净利率 22.57%，同比+13.6pct。其中 25Q2 营收 1.21 亿元，同比+101%，环比+42.8%，归母净利润 0.32 亿元，同比 +14667%，环 比 123%，毛利 率 51.7%，同比+19.7pct，环比+7.07pct,净利率 26.5%，同比+26.1pct，环比增长 9.5pct。费用端持续向研发和销售倾斜。公司在 深耕电信市场的基础上，积极把握 AI 发展带来的数通市场机遇，加速向"电信+ 数通"双轮驱动的高端光芯片解决方案供应商转型，上半年，公司高毛利率的数 据中心板块业务大幅增加，产品结构进一步优化。 ❑ 数通业务占比有望持续提升，CW 光源批量出货 25H1，公司数据中心及其他业务实现营收 1.05 亿元，同比+1034%，毛利率为 66.8%，同比-10.79pct。公司 AI ...

经营指标显著向好， AI 类营收订单高增，渠道赋能出境战略 ——星环科技 2025 年半年报点评报告 投资要点 ❑ 星环科技于 2025 年 8 月 28 日发布半年报 证券研究报告 | 公司点评 | 软件开发 25H1，大模型相关商机带动公司近 3,000 万元订单，主要包括大模型运营平台和 AI 就绪的数据平台等，客户覆盖金融、政府、能源、教育、制造等多个行业。 ❑ 绑定香港宽频，坚定走出去战略 公司 2025 年 8 月 27 日发布公众号，表明星环科技与香港宽频企业方案达成战略 合作，成为全港首家网络运营商正式销售星环科技一站式数据与人工智能（AI） 解决方案。同时，星环科技已加入香港宽频创科生态联盟（iTEA），共同推动香 港企业数智化转型。 ❑ 业绩回暖态势明显，各项经营指标显著向好 公司 25H1 实现营收 1.53 亿元，同比增长 8.82%，实现归母净利润-1.43 亿元，较 去年同期缩亏明显。实现销售毛利率 45.68%。费用率方面，公司销售、管理、 研发费用率分别为 49.48%、39.84%、64.92%，同比变化-36.83、-3.76、-13.8 pct。经营性现金流净额为-1.3 ...

证券研究报告 | 宏观专题研究 | 中国宏观 8 月 PMI：新动能或主要支撑经济修复 —2025 年 8 月 PMI 数据解读 核心观点 8 月制造业采购经理指数（PMI）为 49.4%，较 7 月回升 0.1 个百分点，说明 经济维持修复态势，经济的主要支撑来自政策组合拳协同共振，内生动能尚 有一定改善空间。从结构上看，生产指数和供应商配送时间指数均高于临界 点，新订单指数、原材料库存指数和从业人员指数低于临界点，说明制造业 有效需求依然承压，供给侧的韧性主要来自工业稳增长政策效能释放。我们 认为，前期的"两重"和"两新"等政策稳步发力，新近推出的财政贴息、加 强全国碳市场建设、金融支持新型工业化、"人工智能+"行动等政策也更多 支撑新动能。 从重点行业来看，新动能加快扩张，传统产业边际改善。8 月高技术制造业和 装备制造业 PMI 分别为 51.9%和 50.5%，比上月上升 1.3 和 0.2 个百分点， 支撑引领作用持续增强；消费品行业 PMI 为 49.2%，比上月下降 0.3 个百分 点；高耗能行业 PMI 为 48.2%，比上月上升 0.2 个百分点，景气水平连续回 升。 大类资产方面，我们认 ...

证券研究报告 | 公司点评 | 小金属 中矿资源(002738) 报告日期：2025 年 08 月 31 日 铜冶炼拖累业绩，铜矿业务稳步推进 ——中矿资源中报点评报告 投资要点 ❑ 公司发布 2025 半年报。2025H1 公司实现营收 32.7 亿元，同比+34.9%，归母净 利 0.9 亿元，同比-81.2%，扣非归母净利 0.1 亿元，同比-98.3%。单季度看， 25Q2 营收 17.3 亿元，同比+33.6%，环比+12.6%，归母净利-0.5 亿元，扣非归 母净利-0.4 亿元。 ❑ 铯铷业务收入与毛利保持高速增长 新能源汽车销量不及预期， 公司项目推进不及预期，锂价大幅波动。 2025H1 铯铷板块营业收入 7.1 亿元，同比增加 50.4%，毛利 5.1 亿元，同比增加 50.2%；其中 25H1 铯铷精细化工营收 4.1 亿元，同比增加 24.9%，毛利 3.1 亿 元，同比增加 26.6%，甲酸铯营收 3.0 亿元，同比增加 107.6%，毛利 2.0 亿元， 同比增加 110.6%。随着全球科学技术的进步和对相关领域高品质需求的提升， 铯铷盐产品的应用空间和市场规模将进一步拓展。 ❑ ...

证券研究报告 | 公司点评 | 通用设备 耐普矿机(300818) 报告日期：2025 年 08 月 31 日 短期业绩承压，长期增长可期 ——耐普矿机点评报告 事件：公司发布 2025 年中报 ❑ 25H1 公司营收、归母净利同比下滑，短期业绩承压 ❑ 投资建议：选矿设备民企龙头，受益海外需求和品类拓展 预计 2025-2027 年公司实现营业收入 9.8、12.8、15.8 亿元，同比增长-12%、 30%、24%，2024-2027 年 CAGR 为 12%；实现归母净利润 0.9、1.3、1.9 亿元， 同比增长-26%、48%、48%，2024-2027 年 CAGR 为 17%；对应 PE52、35、 24X，维持"买入"评级。 ❑ 风险提示 1）2025H1 公司实现营收 4.1 亿元，同比-34%；归母净利润 1699 万元，同比- 80%，业绩下滑主因去年同期含 EPC 总包业务。 2）分业务看，橡胶耐磨制品、矿用金属备件、选矿设备及备件、矿用管道，工 业设备耐磨衬里收入分别为 2.9 亿元、5805 万元、4315 万元、1526 万元，同比 分别-3%、-3%、-9%、+5%； ❑ 公司 ...

证券研究报告 | 宏观深度报告 | 中国宏观 居民存款搬家跟踪新视角：关注"信息杠杆" ——存款搬家系列报告（三） 核心观点 智能手机和社交软件的快速发展和广泛渗透将使信息出现几何式快速传播，我们称之 为"信息杠杆"，区别于借贷资金的杠杆，信息杠杆是一种虚拟的杠杆，能够强化个人 投资者的羊群行为。我们选取"牛市"、"开户"、"基金"三个关键词，提取关键词的 百度搜索指数及资讯指数，其中值得注意的是"开户"百度资讯指数波动性并不大， 媒体报道对"开户"的信息传播效果并不强，也就是说，对于"开户"而言，个人投 资者的被动信息触达（公开媒体信息）明显弱于主动搜索。我们认为在居民存款搬家 入股市的过程中，"信息杠杆"将发挥信心及股市行情放大器的作用，需重点关注。 ❑ "信息杠杆"将发挥信心及股市行情放大器作用 智能手机和社交软件的快速发展和广泛渗透将使信息出现几何式快速传播，我们 称之为"信息杠杆"，区别于借贷资金的杠杆，信息杠杆是一种虚拟的杠杆，能 够强化个人投资者的羊群行为。随着以微信、微博、抖音、快手为典型代表的社 交平台的快速发展，用户数量的大幅提高，熟人社交的信息传播速度大幅提高。 相比媒体传播，熟人社交具 ...

证券研究报告 | 公司更新 | 房地产开发 2） 城市更新领域门槛高，竞争少 城市更新尽管不是新事物，但是过往城市更新因粗放式发展和缺少法律法规 约束，一方面开展速度较慢，另一方面无序竞争加剧了供给过剩的问题。我们认 为，此次城市更新较以往会有明显不同，在"推动城市高质量发展"战略下，城市 更新的法律法规会更加完善，更合理的城市规划会有助于房产长期保值和增值。 招商蛇口(001979) 报告日期：2025 年 08 月 29 日 城市更新机遇带来长期 Alpha ——招商蛇口更新报告 投资要点 ❑ 一句话逻辑：城市更新战略推动有望带给招商蛇口长期 Alpha ❑ 超预期逻辑 1） 城市更新是房地产长期发展重要战略 2025 年 5 月 15 日《中共中央办公厅 国务院办公厅关于持续推进城市更新 行动的意见》正式印发。国务院新闻发布会明确房地产行业在增量转向存量的过 程中，"实施城市更新行动，就是要推进城市结构优化、功能完善、文脉赓续、 品质提升，推动城市高质量发展，同时，能够有效拉动投资和消费，扩大内需， 不断满足人民群众美好生活需要，对于促进经济增长、进一步保障和改善民生都 具有十分重要的意义。"同年，7 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The current bull market contains three ESG investment themes: improvement in corporate governance leading to valuation uplift, long-term opportunities from high-quality economic development and green transformation, and short-term supply optimization under energy transition [1][2][3] Summary by Sections 1. High-Quality Development of Capital Markets and Corporate Governance - Following the "New National Nine Articles," China's capital market has entered a phase of high-quality development, with regulatory guidance aimed at enhancing corporate governance to elevate A-share valuations [10][11] - The experience from Japan and South Korea indicates that improved corporate governance can significantly enhance market price-to-book ratios [11][14] - The report highlights the importance of institutional investors, particularly public funds, in actively participating in corporate governance to drive quality improvements in listed companies [10][21] 2. Long-Term Opportunities from Economic High-Quality Development and Green Low-Carbon Transition - The "Five Major Articles" are driving the financial sector's transformation, linking it with five ESG-value industries, which is expected to enhance asset quality and profitability [2][33] - The report emphasizes the role of technology in fostering new productive forces, particularly in sectors like AI and green computing, which are poised for significant growth [2][50] - Traditional industries are encouraged to undergo green transformation, integrating "new energy+" to enhance efficiency and sustainability [2][34] 3. Energy Transition: Short-Term Supply Optimization and Long-Term Structural Changes - The report identifies investment opportunities in the energy transition sector, particularly under the "dual carbon" policy framework, which aims to optimize supply in high-energy-consuming industries and promote structural changes in energy usage [3][35] - Short-term policies are expected to improve market dynamics in sectors like renewable energy and electric vehicles, while long-term changes will reshape the entire energy supply chain [3][45] 4. Financial Sector Transformation - The financial sector is undergoing a shift from traditional profit models to comprehensive service models, driven by the "Five Major Articles," which require banks and insurance companies to adapt their product offerings and risk management strategies [45][46] - The report notes significant growth in green finance, with outstanding loans increasing from 8.23 trillion yuan in 2018 to 42.39 trillion yuan by mid-2025, reflecting a compound annual growth rate [35][38] 5. Digital Economy and Technological Innovation - The digital economy in China has grown from 39.2 trillion yuan in 2020 to 53.9 trillion yuan in 2023, with a compound annual growth rate of 11.2%, indicating a strong trend towards digital transformation [50][53] - The report forecasts that the digital transformation market will maintain a high growth rate of 15.6% annually from 2023 to 2028, highlighting the importance of technology in driving economic development [50][56]