盈利高增态势延续 ——杭州银行 25H1 业绩点评 投资要点 ❑ 25H1 杭州银行营收增速提升，利润增速延续高增态势。 ❑ 业绩概览 25H1 杭州银行营收、归母净利润分别同比增长 3.9%、16.7%，增速分别较 25Q1 提升 1.7pc、放缓 0.6pc；25Q2 末不良率环比持平于 0.76%，25Q2 末拨备覆盖率 环比下降 9pc 至 521%。 ❑ 营收增速提升 杭州银行 25H1 营收、归母净利润分别同比增长 3.9%、16.7%，增速分别较 25Q1 提升 1.7pc、放缓 0.6pc。营收增速环比小幅回升，主要得益于息差同比降幅收 窄，我们测算 25Q2 息差同比降幅较 25Q1 收窄 6bp。 展望 2025 年，杭州银行营收有望保持小个位数增长，利润增速有望维持稳定。 主要考虑：①核心营收增长态势延续，对冲其他非息负增压力。进一步来看，预 计规模高增态势延续，对冲息差环比下行影响。②拨备充足，盈利释放可持续。 ❑ 息差降幅收窄 测算 25Q2 息差环比下降 3bp 至 1.28%，息差环比下行，主要源于资产收益率降 幅大于负债成本率。①25Q2 资产收益率环比下行 11bp 至 3. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue and profit growth are driven by excellent overseas performance of new games, with a significant increase in both revenue and net profit in the first half of 2025 [1] - The company achieved a revenue of 633 million yuan in 1H25, representing a year-on-year increase of 17.23%, and a net profit attributable to the parent company of 52 million yuan, a year-on-year increase of 1186% [1] - The successful launch of the game "Star Wings" in Japan has contributed significantly to revenue growth, with over 60% of the monthly revenue from Japan in 2025 [1][4] Revenue Summary - Game operation business revenue in 1H25 reached 92 million yuan, up 41.61% year-on-year, largely attributed to "Star Wings" [1] - IP operation business revenue in 1H25 was 40 million yuan, down 16.92% year-on-year due to declining revenue from existing products and lack of new launches [2] - Network advertising and value-added services generated 498 million yuan in revenue in 1H25, an increase of 17.52% year-on-year [2] Profitability Summary - The gross margin for Q2 2025 was 22.47%, up 2.07 percentage points quarter-on-quarter and 7.01 percentage points year-on-year, driven by rapid growth in internet and overseas gaming businesses [3] - The overall expense ratio remained stable, with a sales expense ratio of 3.79% and a management expense ratio of 3.57% in Q2 2025 [3] Product and Ecosystem Summary - The company has successfully expanded its overseas gaming business with titles like "Star Wings" and "Heroic Legend," achieving notable sales in markets like Japan and Korea [4] - The social and scene business has developed a product matrix centered around voice and AI music social products, exploring new scenarios in "AI + social" [4] Investment Recommendations - The company is supported by its gaming and social businesses, with expectations for significant profit growth in 2025 due to new game launches [5] - Revenue projections for 2025-2027 are 1.51 billion yuan, 1.71 billion yuan, and 1.87 billion yuan, with net profits of 178 million yuan, 197 million yuan, and 218 million yuan respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to see a performance turnaround in the second half of 2025, driven by improved gross margins and the successful rollout of new drug developments [6] - The company reported a revenue of 1.642 billion yuan in the first half of 2025, a year-on-year decrease of 27.29%, with a net profit attributable to shareholders of 142 million yuan, down 40.12% year-on-year [6] - The report highlights that the high base from flu demand in the previous year has pressured performance, but a recovery in gross margins is anticipated due to lower prices for traditional Chinese medicine materials [6] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 3,897.67 million yuan in 2024, 3,352.13 million yuan in 2025 (down 19.86%), 3,647.16 million yuan in 2026 (up 8.80%), and 4,017.54 million yuan in 2027 (up 10.16%) [2][7] - Net profit attributable to shareholders is projected to be 391.86 million yuan in 2024, 335.05 million yuan in 2025 (down 15.58%), 378.11 million yuan in 2026 (up 12.85%), and 423.15 million yuan in 2027 (up 11.91%) [2][7] - Earnings per share (EPS) are expected to be 0.69 yuan in 2024, 0.59 yuan in 2025, 0.67 yuan in 2026, and 0.75 yuan in 2027 [2][7] Research and Development Progress - The company has made significant progress in its R&D pipeline, with new drug registrations and clinical trial advancements [6] - Notable developments include the registration of Yu Nu Jian Granules and several clinical approvals for new indications in traditional Chinese medicine and chemical drugs [6] - The company is actively advancing multiple innovative drug candidates through clinical trials, including treatments for Alzheimer's disease and other conditions [6]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a revenue of 1.8 billion yuan for the first half of 2025, representing a year-on-year increase of 6.74%, while the net profit attributable to shareholders was 87 million yuan, down 64.14% year-on-year. The decline in performance is primarily due to a significant drop in dry bulk shipping market rates and increased costs from ship maintenance and environmental upgrades [1][2] - Despite short-term performance pressures, the company is expected to improve its performance in the second half of the year as the market recovers and the benefits of new capacity come into play [1][5] - The company has shown strong operational resilience by selecting high-margin shipping routes and flexible global vessel scheduling, achieving an average TCE of 12,258 USD per day for its self-operated ultra-flexible vessels, which is approximately 33% higher than the market average [3] - The company is expanding its capacity against the market trend, having added 12 vessels in the first half of 2025, bringing its total controlled capacity to 4.84 million deadweight tons [4] Financial Summary - The company expects net profits for 2025-2027 to be 360 million, 790 million, and 1.14 billion yuan, respectively, with corresponding EPS of 0.39, 0.87, and 1.24 yuan [5][7] - The projected revenue for 2025 is 4.129 billion yuan, reflecting a 13% increase from the previous year [7] - The company maintains a strong cost advantage and operational capability, which is expected to release higher profit elasticity as capacity expansion aligns with market recovery [5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has shown significant recovery in profitability due to declining raw material costs and expansion across multiple product categories [2][3] - In H1 2025, the company achieved a revenue of 3.658 billion yuan, a year-on-year increase of 5%, with a notable net profit growth of 115% [2][3] - The gross margin improved to approximately 14%, up by 5.6 percentage points year-on-year, indicating enhanced profitability [3] Revenue and Profitability - In H1 2025, the plant extraction business generated 1.733 billion yuan in revenue, a 9% increase year-on-year, while the cottonseed business brought in 1.765 billion yuan, a 2% increase [2] - The company reported a net profit of 215 million yuan in H1 2025, with Q2 net profit reaching 105 million yuan, reflecting a 72% year-on-year increase [2] - The net profit margin for H1 2025 was 5.9%, an increase of 3.0 percentage points compared to the previous year [3] Business Performance - The plant extraction segment saw a 43% increase in sales volume for chili red products, while the premium chili category experienced an 81% increase in sales [4] - The cottonseed business benefited from improved market conditions for commodities like soybean oil and meal, leading to a turnaround in profitability [4] Financial Forecast and Valuation - The company is projected to achieve net profits of 327 million yuan, 407 million yuan, and 497 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 248%, 24%, and 22% [5] - The corresponding price-to-earnings ratios are estimated to be 18x, 14x, and 12x for the same years [5]

——真兰仪表 2025 年半年报点评报告 投资要点 ❑ 事件：公司发布 2025 年半年度报告。 证券研究报告 | 公司点评 | 通用设备 真兰仪表(301303) 报告日期：2025 年 08 月 28 日 2025 年中报业绩亮眼，出口高增长、新业务正放量 ❑ 2025H1：营收高速增长，出口同比+40%，汽零同比+110% 3）汽车零部件：株洲、芜湖两大生产基地，依托区位优势打开市场。2024 年公 司在株洲建设汽车零部件制造项目，深度配套周边汽车产业，服务北汽、比亚 迪、吉利、广汽等客户，2025 年 2 月真兰株洲项目开工，未来汽零业务有望快 速放量。 ❑ 燃气表护城河稳固，新业务拓展第二、三增长曲线 公司基于新业务拓展与长远经营的战略布局，2024 年拓展水表和汽车零部件两 大新业务，打造第二、三增长曲线。 1）燃气表：全产业链模式打造高盈利能力护城河，自研超声波燃气表逐步放 2025 上半年，公司实现营收 7.70 亿元，同比增长 27%；归母净利润 1.47 亿元， 同比增长 14%；扣非归母净利润 1.16 亿元，同比增长 27%。从营收结构来看， 仪器仪表营收 7.10 亿元，同比增长 2 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated strong growth in operating net profit, with a 23% increase in H1 2025, despite a decline in net profit due to one-time investment income from the fair value reassessment of Shanghai Jiale [1][4] - The company's revenue reached 2.427 billion yuan in H1 2025, a year-on-year increase of 32.5%, while the net profit attributable to the parent company was 187 million yuan, down 24.8% year-on-year [1] - The company is expected to achieve double-digit growth in OEM revenue, driven by its production capacity advantages in Indonesia and an expanding client base [4] Summary by Sections OEM Manufacturing - In H1 2025, OEM manufacturing revenue was 2.098 billion yuan, up 37.2% year-on-year, with bag manufacturing revenue at 1.419 billion yuan (up 13.0%) and apparel manufacturing revenue at 679 million yuan (up 148.3%) [2] - The gross margin for OEM manufacturing was 24.67%, an increase of 0.96 percentage points year-on-year, with apparel gross margin significantly improving due to enhanced management and integration [2] Brand Operations - Brand operations revenue was 306 million yuan in H1 2025, an increase of 8.9% year-on-year, with distribution revenue at 251 million yuan (up 28.3%) and online revenue at 55 million yuan (down 35.4%) [3] - The gross margin for brand operations was 24.14%, a decrease of 1.10 percentage points year-on-year, but is expected to recover as new products are launched and channels are optimized [3] Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.164 billion yuan, 5.916 billion yuan, and 6.776 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.8%, 14.6%, and 14.5% [4] - The net profit attributable to the parent company is expected to be 372.4 million yuan, 459.2 million yuan, and 558.8 million yuan for the same years, with growth rates of -2.3%, 23.3%, and 21.7% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue increase of 8% and a net profit increase of 10% in the first half of 2025, with revenue reaching 1.835 billion yuan and net profit at 46.74 million yuan [1] - The company is focusing on expanding its direct stores in East China, Central China, and South China, while optimizing its product category structure [2] - The collaboration with Bandai Namco is expected to enhance profit margins, with the company projected to achieve revenues of 3.8 billion yuan in 2025, 4.2 billion yuan in 2026, and 4.7 billion yuan in 2027, reflecting growth rates of 9%, 11%, and 12% respectively [3] Financial Summary - The company is expected to generate revenues of 3.466 billion yuan in 2024, with a growth rate of 4.06%, and net profit of 106.41 million yuan, reflecting a growth rate of 1.61% [4] - The projected earnings per share (EPS) for 2025 is 0.97 yuan, with a price-to-earnings (P/E) ratio of 20.30 [4] - The company’s total market capitalization is approximately 2.69876 billion yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 17.587 billion yuan for the first half of 2025, a year-on-year increase of 16.05%, while the net profit attributable to shareholders was 1.831 billion yuan, a year-on-year decrease of 14.90% [1] - The company's tire production reached 40.6 million units in the first half of 2025, up 14.7% year-on-year, with sales of 39.14 million units, an increase of 13.3% year-on-year [2] - The company is accelerating its global expansion, with production bases in Vietnam, Cambodia, Mexico, and Indonesia, and plans for a new project in Egypt [3] - Due to the impact of U.S. tariffs, the company's net profit forecast for 2025 has been adjusted to 3.96 billion yuan, with expected net profits of 5.01 billion yuan and 5.62 billion yuan for 2026 and 2027, respectively [4] Summary by Sections Financial Performance - In Q2 2025, the company's revenue was 9.175 billion yuan, a year-on-year increase of 16.76% and a quarter-on-quarter increase of 9.08%. The net profit for the same period was 792 million yuan, a year-on-year decrease of 29.11% and a quarter-on-quarter decrease of 23.70% [1][2] - The gross margin for Q2 2025 was 24.35%, down 5.42 percentage points year-on-year, and the net margin was 8.93%, down 5.50 percentage points year-on-year [2] Global Expansion - The company has established a significant overseas production capacity, with plans to produce 9.75 million all-steel radial tires, 49 million semi-steel radial tires, and 137,000 tons of non-road tires across its international bases [3] Profit Forecast and Valuation - The report projects a decline in net profit for 2025 due to U.S. tariffs, with a forecast of 3.96 billion yuan, while projecting growth in subsequent years [4][6]

证券研究报告 | 公司点评 | 股份制银行Ⅱ 中信银行(601998) 报告日期：2025 年 08 月 28 日 盈利动能改善 ——中信银行 2025 年中报点评 投资要点 ❑ 中信银行 2025H1 盈利动能改善，资产质量稳中向好。 ❑ 数据概览 25H1 中信银行营收、归母净利润同比分别-3.0%、+2.8%，分别较 25Q1 改善 0.7pc、1.1pc；25Q2 末中信银行不良率环比持平于 1.16%，25Q2 末中信银行拨备 覆盖率环比持平于 208%。 ❑ 盈利动能改善 25H1 中信银行营收、归母净利润同比分别-3.0%、+2.8%，分别较 25Q1 改善 0.7pc、1.1pc。驱动因素来看，非息降幅收敛、减值支撑加大，对冲息差收窄影 响。（1）非息：25H1 中信银行非息收入同比下降 5.1%，降幅较 25Q1 的 14.4%显 著收敛。其中，中收、其他非息同比分别+3.4%、-12.0%，分别较 25Q1 改善 2.7pc、14.6pc。（2）息差：25Q2 中信银行息差（期初期末平均）较 25Q1 下降 3bp，叠加 2024年同期高基数影响，对盈利的拖累加大。（3）减值：25H1中信 ...