Investment Rating - The report maintains a "Buy" rating for the company [9][13]. Core Views - The company reported its 2025 mid-year results, showing a revenue of 6.95 billion yuan, a net profit attributable to shareholders of 2.229 billion yuan, and a net profit excluding non-recurring items of 2.224 billion yuan, reflecting year-on-year declines of 4.84%, 9.46%, and 9.08% respectively [3]. - The company’s gross margin for the first half of 2025 was 73.41%, with a net profit margin of 32.06%, both showing slight year-on-year declines [3]. - The report suggests that the second quarter of 2025 is likely to be the worst quarter for the company, with expectations of improvement in the second half of the year as policy impacts lessen and the company benefits from a low base effect [7]. Financial Performance - For the first half of 2025, the company’s sales revenue was 6.7 billion yuan, an increase of 7.63% year-on-year, while the net cash from operating activities was 1.075 billion yuan, a decrease of 13.75% year-on-year [3]. - The second quarter of 2025 saw a significant decline in revenue and net profit, with figures of 1.852 billion yuan and 585 million yuan respectively, representing year-on-year declines of 29.69% and 37.06% [4]. - The company’s revenue from various product categories in the first half of 2025 showed mixed results, with the Special A+ category generating 4.311 billion yuan, down 7.37% year-on-year [5]. Regional Performance - In the first half of 2025, the company generated 6.254 billion yuan from domestic sales and 628 million yuan from external sales, with domestic sales declining by 6.07% year-on-year while external sales increased by 4.78% [5]. - The report highlights that the company’s strategy focuses on core markets surrounding Jiangsu, with particular emphasis on enhancing product competitiveness in regions like Zhejiang, where there are no strong local brands [6]. Earnings Forecast - The company is projected to achieve revenues of 10.688 billion yuan, 11.276 billion yuan, and 12.543 billion yuan for the years 2025, 2026, and 2027 respectively, with expected year-on-year growth rates of -7.42%, 5.50%, and 11.23% [7]. - The forecasted net profit attributable to shareholders for the same period is 3.010 billion yuan, 3.209 billion yuan, and 3.676 billion yuan, with corresponding growth rates of -11.79%, 6.63%, and 14.55% [9].

Investment Rating - The investment rating for the company is "Buy" [9][16] Core Views - The company's performance in H1 2025 met expectations, with a revenue of 81.11 billion yuan, representing a 5.10% increase year-on-year, and a net profit attributable to shareholders of 1.446 billion yuan, up 19.70% [3][4] - The growth in net profit was primarily driven by steady growth in pharmaceutical distribution revenue and rapid growth in emerging business segments such as pharmaceutical manufacturing and digital logistics, which saw revenue increases of 10.77% and 24.66% respectively [3][6] - The company successfully completed the issuance and listing of public REITs for pharmaceutical warehousing and logistics infrastructure, contributing an additional 438 million yuan to net profit [3][8] - The company is focusing on a digital transformation strategy, with significant investments in AI applications across various business scenarios, enhancing operational efficiency [8] Financial Performance - In H1 2025, the gross profit margin was 7.56%, a decrease of 0.35 percentage points, while the net profit margin increased by 0.22 percentage points to 1.78% [4] - The core pharmaceutical distribution business achieved sales revenue of 67.634 billion yuan, a year-on-year increase of 6.04% [6][13] - The company anticipates revenue growth for 2025-2027 to be 164.05 billion yuan, 177.33 billion yuan, and 191.63 billion yuan respectively, with net profits projected at 2.672 billion yuan, 2.899 billion yuan, and 3.209 billion yuan [9][11] Strategic Initiatives - The company is implementing a "Three New and Two Transformations" strategy, focusing on new products, new retail, new healthcare, and digitalization, with significant investments in talent and operational capabilities [5][8] - The number of franchise stores for the "Good Pharmacist" retail business reached 31,535, with sales to franchise stores amounting to 3.418 billion yuan, a year-on-year increase of 41.30% [6][8]

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company has made significant investments in high-performance GPU technology through its 37.88% stake in Shanghai Lishuan, which is focused on developing scalable graphics rendering GPU chips [5] - The company's revenue for the first half of 2025 reached 343 million yuan, representing a year-on-year increase of 28.81%, with the second quarter showing a revenue of 201 million yuan, up 25.43% year-on-year and 41.11% quarter-on-quarter [4][6] - The semiconductor market is gradually recovering, driven by demand recovery in industrial markets and AI applications, leading to improved sales prices and profitability for the company's main products [6] Company Overview - The latest closing price of the company's stock is 100.02 yuan, with a total market capitalization of 44.2 billion yuan [3] - The company has a debt-to-asset ratio of 4.6% and a current P/E ratio of -263.21 [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 858 million yuan, 1.121 billion yuan, and 1.406 billion yuan respectively, with a gradual recovery in profits expected [9] - The company is expected to achieve a net profit of 86 million yuan by 2027, indicating a significant turnaround from previous losses [9] Product Development - The company has successfully launched its first self-developed GPU chip "7G100" and is currently in the process of customer sampling and mass production [5] - Continuous updates and iterations in storage technology are being pursued, including the mass production of 1xnm flash memory products and ongoing development of SLC NAND Flash and NOR Flash products [7][8]

证券研究报告：传媒 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 41.90 | | --- | --- | | 总股本/流通股本（亿股）12.55 / 12.54 | | | 总市值/流通市值（亿元）526 / 526 | | | 52 周内最高/最低价 | 49.94 / 25.70 | | 资产负债率(%) | 17.9% | | 市盈率 | -32.23 | | 第一大股东 | 新余盈瑞世纪软件研发 | | 中心(有限合伙) | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 昆仑万维(300418) 收入高增延续，关注 AI 算力芯片领域布局 ⚫ 事件回顾 2025 年 8 月 22 日，公司发布 2025 年半年报，2025 上半年，公 司实现营业收入 37.33 亿元，同比增长 49.23%；归母净利润-8.56 亿 元，同比减少 119.86%；扣非后归母净利润-8.59 亿元，同比减少 110.91%。2025Q2，公司实现营业收入 19.69 亿 ...

Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1][8] Core Viewpoints - The report highlights that China Mobile plans to procure approximately 7,058 AI general computing devices (inference type) for 2025-2026, with a capital expenditure of 37.3 billion yuan for AI computing resources [4][5] - The procurement project by China Mobile has a total value exceeding 5 billion yuan, divided into six packages, with significant portions allocated to CUDA and CANN ecosystem devices [4][5] - Huawei's Ascend 910C is noted to have performance comparable to NVIDIA's H100, indicating that domestic computing power can meet the inference needs of large AI models [5] Summary by Relevant Sections Industry Basic Situation - The closing index for the computer industry is 5,804.0, with a 52-week high of 5,804.0 and a low of 2,805.53 [1] Recent Research Reports - The report mentions the acceleration of AI deployment by China Mobile, with a focus on general computing devices for inference [4] - The report provides details on the winning bidders for the procurement, with ZTE winning the largest share at 885 million yuan [5] Investment Recommendations - The report suggests focusing on the domestic computing power supply chain, highlighting companies associated with Huawei and other ecosystems [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][10]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 1.708 billion yuan, a year-on-year growth of 20.53%, and a net profit attributable to shareholders of 257 million yuan, up 57.59% [3][4]. - The economic animal health segment is performing steadily, while the pet health segment is emerging as a new strategic direction, contributing to long-term growth [5][4]. - The company is focusing on large customer strategies and has established strategic partnerships with leading breeding groups, enhancing its market share through brand strength and product quality [4]. Financial Summary - The company expects its earnings per share (EPS) to be 0.99 yuan, 1.27 yuan, and 1.40 yuan for the years 2025, 2026, and 2027 respectively [5][6]. - Projected operating revenues for 2024 to 2027 are 3.070 billion yuan, 3.650 billion yuan, 4.221 billion yuan, and 4.692 billion yuan, with growth rates of 13.32%, 18.90%, 15.64%, and 11.14% respectively [6][9]. - The company's net profit attributable to shareholders is forecasted to be 300.72 million yuan in 2024, increasing to 650.39 million yuan by 2027, reflecting a growth rate of -33.70% in 2024 followed by positive growth in subsequent years [6][9].

Investment Rating - The report maintains a "Buy" rating for the company Aoshikang (002913) [5] Core Views - The company achieved a revenue of 2.565 billion yuan in the first half of 2025, representing a year-on-year growth of 19.43%. However, the net profit attributable to shareholders decreased by 11.96% to 196 million yuan [2][3] - The revenue from data centers and servers has further increased, with the company expanding its product matrix to include high-performance PCB products tailored for these applications [3] - The company is significantly increasing its R&D investment across multiple sectors, including servers, AIPC, and automotive electronics, to enhance its competitive edge and drive future growth [4] Financial Performance - For the first half of 2025, the company reported a gross margin of 22.34%, with a slight year-on-year decrease of 0.34 percentage points. In Q2 alone, the revenue was 1.401 billion yuan, showing a year-on-year increase of 19.65% and a quarter-on-quarter increase of 20.33% [3] - The projected revenues for 2025, 2026, and 2027 are 5.52 billion yuan, 6.74 billion yuan, and 8.15 billion yuan, respectively, with net profits expected to be 510 million yuan, 690 million yuan, and 870 million yuan [5][9] - The company’s financial ratios indicate a projected PE ratio decreasing from 34.58 in 2024 to 14.04 in 2027, suggesting improving valuation metrics over time [10][11] Market Position and Strategy - The company is focusing on key technological upgrades in the server sector, including advancements in BGA technology and the development of next-generation server platforms [4] - In the automotive electronics sector, Aoshikang is addressing the growing demand for PCBs driven by the electrification and automation of vehicles, positioning itself as a leader in this emerging market [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][11]. Core Insights - The company reported a revenue of 797 million yuan for the first half of 2025, representing a year-on-year growth of 34.45%. The net profit attributable to shareholders reached 145 million yuan, up 29.08% year-on-year [4]. - The growth in performance is attributed to the gradual release of production capacity from fundraising projects, which improved product structure and sales volume. The main business segments, tantalum and niobium products, generated revenues of 784 million yuan, with a gross profit of 147 million yuan, reflecting a growth of 35.50% and 31.38% respectively [5]. - The company is focusing on high-end tantalum materials, with key products like high-purity tantalum targets and powders driving revenue growth. The ultra-high purity tantalum target with a purity of 5N9 meets the demands of advanced chip manufacturing [6]. Financial Projections - The company is expected to achieve revenues of 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [6][9]. - The net profit attributable to shareholders is projected to be 291 million yuan, 371 million yuan, and 417 million yuan for the same years, with growth rates of 36.57%, 27.38%, and 12.36% respectively [6][9]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 36.43, 28.60, and 25.46 respectively [6][9].

Investment Rating - The report upgrades the investment rating of the company to "Buy" based on expected revenue and performance growth [9]. Core Views - The company reported a robust revenue growth of 24.0% year-on-year for the first half of 2025, achieving a revenue of 213 million yuan and a net profit of 85 million yuan, which is a 15.1% increase year-on-year [5]. - The growth is primarily driven by the ramp-up of the intelligent connected vehicle testing facility in the Yangtze River Delta, which began operations in July 2024, leading to increased demand from automotive companies for testing and certification [6]. - The company plans to acquire 100% equity of a winter testing facility in Hulunbuir for 111 million yuan, enhancing its testing capabilities across all seasons and potentially boosting long-term performance [8]. Summary by Sections Company Overview - Latest closing price: 6.59 yuan - Total shares: 1.324 billion, Market capitalization: 8.7 billion yuan - 52-week high/low: 7.06/4.92 yuan - Debt-to-asset ratio: 16.5%, P/E ratio: 50.69 [4]. Financial Performance - In Q2 2025, the company achieved a revenue of 125 million yuan, a 20.1% increase year-on-year, and a net profit of 56 million yuan, up 11.0% year-on-year [5]. - The gross margin for the first half of 2025 was 66.7%, reflecting a decrease due to increased depreciation costs associated with the new testing facilities [7]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 622 million, 737 million, and 841 million yuan respectively, with net profits expected to be 220 million, 273 million, and 335 million yuan [9][11]. - The expected EPS for the same period is 0.17, 0.21, and 0.25 yuan per share, with corresponding P/E ratios of 39.7, 32.0, and 26.1 [9][11].

Report Overview - The report is a fixed - income research report released on August 26, 2025, aiming to analyze the bond market adjustment and provide investment suggestions through historical review, institutional cost assessment, and market sentiment analysis [1][10] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - During the equity bull market from 2014 - 2025, the performance of the bond market was not unilaterally opposed to the stock market but depended on the dynamic balance of risk preference and capital flow [3] - The current bond market correction is more like a "topping - out period" rather than a "peaking period". The upward space and time of interest rates are constrained by factors such as the return of allocation, policy soft constraints, and marginal improvement in supply and demand [4] - It is recommended to adhere to the "bottom - line thinking", focusing on the upper - bound constraint of interest rates and entry opportunities. If the risk preference is extremely priced and the 10Y - 1Y spread reaches 50 - 60BP, the corresponding 10 - year Treasury bond yield of 1.85% - 1.95% is the bottom - line range [4] Summary by Directory 1. 2014 - 2025, Review of Bond Market Trends in Previous Stock Bull Markets 1.1 2014–2015: Bull and Divergence of Stocks and Bonds Driven by Loose Pattern and Expectation Divergence - In the early stage (June - November 2014), with the promotion of reform expectations and loose signals, the stock and bond markets showed a short - term "double - bull" pattern [11] - From November to December 2014, after the central bank's interest rate cut and price mechanism reform, the stock market accelerated, while the bond market showed "profit - taking", presenting a "stock - up, bond - down" situation [11] - From December 2014 to February 2015, during the stock market consolidation period, the bond market had a repair opportunity, and the 10 - year Treasury bond yield dropped by more than 45bp [11] - From March to April 2015, with the reduction of reserve requirements and interest rates and the expansion of leveraged funds, the stock market accelerated, and the bond market showed an "N - shaped" shock [11] - From May to June 2015, with the influx of leveraged funds into the stock market, the bond market was under pressure, showing a typical "strong - stock, weak - bond" situation [11] 1.2 2016 - 2017: "First Bull, Then Bear" in the Bond Market under the Background of Supply - side Reform and De - leveraging - From June to August 2016, due to the supply - side reform and loose monetary policy, the stock and bond markets both rose [14] - From September 2016 to February 2017, the stock market continued to rise, while the bond market was under pressure due to the expectation of economic stabilization and inflation recovery, presenting a "stock - up, bond - down" situation [14] - From March to May 2017, due to domestic de - leveraging, tightened monetary policy, and external shocks, the stock and bond markets both declined [14] - From the second half of 2017 to the end of 2017, the stock market was strong, and the bond market was weak, with the 10 - year Treasury bond yield approaching 4.0% [14][16] 1.3 2019–2021: Deduction of the Stock - Bond Seesaw and Structural Bull Market - In 2019, during the GEM bull market, the stock market was strong, and the bond market was stable with a narrow - range fluctuation of the 10 - year Treasury bond yield around 3.1% - 3.2% [17] - In 2020, affected by the epidemic, the bond market first entered a bull market, and then the stock market became strong again after the economic recovery, showing a seesaw effect [19] - In 2021, with the weakening of growth momentum, the bond market returned to a bull market, and the stock market still had structural opportunities, showing a phased resonance [19] 2. In the Assumption of an Equity Bull Market, What Stage is the Current Bond Market Correction in? 2.1 In This Round of Bond Market Correction, the Interest Rates of Some Varieties are Close to the Holding - Cost Lines of Product Accounts - For wealth management products, as of the week of August 24, the 1 - year cost yield of inter - bank certificates of deposit was 3.28BP higher than the average interest rate of certificates of deposit, and the 1 - year cost yield of 0 - 1Y policy - financial bonds was 1.86BP lower than the 1 - year CDB bond yield [22] - For funds, as of the week of August 24, the 1.5 - year cost yield of 7 - 10Y policy - financial bonds was 16.14BP higher than the 10 - year CDB bond average, and the 1.5 - year cost yield of 10Y+ Treasury bonds was 23.36BP lower than the 30 - year Treasury bond yield [22] - In terms of institutional trading behavior, insurance institutions increased their net positions in ultra - long - term bonds, rural financial institutions adjusted their positions, and wealth management products shifted from the interest - rate style to the credit style [23] 2.2 Analyzing the Market's Deduction Space from Micro - sentiment Indicators - The stock - bond seesaw effect is still significant, but the upper bound of long - term yields may be gradually clear. The stock market is hot, while the bond market sentiment is controllable [30] - The stock - bond yield spread shows that the cost - performance of bond assets has increased, attracting the return of some allocation - type institutions [30] - The scale of wealth management products is under pressure, with an increase weaker than the seasonal level, but it remains relatively stable. There is no large - scale redemption of fixed - income funds [31] 2.3 Bond Market Outlook: Adjustment May Have Intervals. Pay Attention to the "Topping - out - Returning" Rhythm with Bottom - line Thinking - The current bond market correction is relatively moderate, and the upward space and time of interest rates are constrained. Wealth management products and bond funds still have safety cushions and profit margins [34] - The central bank has increased liquidity injection. If interest rates over - adjust, the probability of the central bank's intervention will increase [34] - The supply - demand relationship may improve marginally. The peak of bond issuance has passed, and the return of allocation demand will help balance supply and demand [35] - The economic growth and inflation are in a moderate range, and the bond market pricing will return to the center determined by the fundamentals and policy interest rates. It is recommended to use bottom - line thinking for long - term interest - rate bond allocation [36]