建银国际发表研报指，同程旅行第二季业绩表现稳健，收入符合预期，经调整净利润略胜预期。展望 2025年第三季，该行预期酒店收入势头将维持稳定。高利润率的酒店业务贡献上升，加上营销效率及营 运杠杆改善，将继续推动利润率提升，目前预测第三季收入将继续按年增长10%至55亿元，经调整后净 利润将按年增长17%至10.6亿元，目标价从25.9港元上调至27.2港元，维持"跑赢大市"评级。 ...

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]

Group 1: Insurance Asset Management - The development trend of China's insurance asset management is anchored by insurance capital and supported by third-party services, focusing on enhancing equity research capabilities and alternative investments in high-dividend and national strategic areas [5][7] - The insurance asset management industry in China has gone through three stages: initial establishment in 2003, policy relaxation from 2012 to 2017, and accelerated market-oriented reforms since 2018, leading to increased competitiveness [5][6] - The current state of the industry shows continuous scale expansion but a decline in concentration, with insurance capital accounting for 74% of funding sources and a preference for fixed-income assets [6][7] Group 2: Midea Group - Midea Group is positioned as a leading player in the home appliance industry, with flexible mechanisms and a focus on global expansion and supply chain efficiency, which are expected to enhance its competitive edge [9][10] - The company has a strong dividend policy, with a current dividend yield of 4.8%, and is projected to achieve net profits of 43.9 billion, 47.6 billion, and 51.8 billion yuan from 2025 to 2027, corresponding to PE ratios of 13, 12, and 11 [9][10] - Midea's strategic focus on B-end business and continuous investment in core components and integrated solutions is expected to contribute to long-term growth [10] Group 3: Sifen Technology - Sifen Technology's industrial purification business is rapidly growing, with a projected revenue of 384.2 million, 464.7 million, and 558.3 million yuan from 2025 to 2027, reflecting a year-on-year growth of 21.8%, 21.0%, and 20.1% [12][13] - The company achieved a revenue of 183 million yuan in the first half of 2025, with a net profit of 54 million yuan, indicating a year-on-year growth of 19.8% and 40.9% respectively [12][13] - The growth in the GLP-1 related products segment is particularly notable, with a revenue increase of 177.5% [12][13] Group 4: Huafeng Aluminum - Huafeng Aluminum's performance in the first half of 2025 showed resilience despite industry challenges, with revenue of 5.964 billion yuan, a year-on-year increase of 20.87% [15][16] - The company is awaiting the launch of its Chongqing Phase II project, which is expected to alleviate bottlenecks in hot-rolled production and drive future growth [16][17] - Adjustments to the company's EPS forecasts for 2025-2027 are made to 1.29, 1.50, and 1.88 yuan, with corresponding PE ratios of 14, 12, and 10, maintaining a "buy" rating [16][17] Group 5: Tongcheng Travel - Tongcheng Travel reported a revenue of 9.05 billion yuan in the first half of 2025, reflecting an 11.5% year-on-year increase, with adjusted EBITDA growing by 35.2% [19][20] - The core online travel platform business is experiencing rapid growth, with significant contributions from hotel management services [19][20] - The company aims to enhance its international market presence and strengthen its hotel management business as a second growth curve [20]

Core Insights - Tongcheng Travel has experienced a significant growth period due to structural changes in the domestic tourism market, particularly in non-first-tier cities, leading to a revenue increase of 11.5% year-on-year to 9.05 billion yuan in the first half of 2025 [2] - The company reported an adjusted EBITDA of 2.34 billion yuan, reflecting a 35.2% increase, and an adjusted net profit of 1.56 billion yuan [2] Revenue Growth - In the first half of 2025, Tongcheng Travel's accommodation business revenue grew by 18.8% year-on-year, reaching 2.56 billion yuan, driven by an increase in demand for quality accommodations [3] - The transportation ticketing service revenue rose by 7.9% year-on-year to 1.88 billion yuan in Q2 2025, with international ticket sales reaching a historical high, growing nearly 30% [4][5] User Engagement and Market Penetration - As of the end of Q2 2025, Tongcheng Travel's cumulative service users reached 1.99 billion, a 7.2% increase year-on-year, with over 87% of registered users coming from non-first-tier cities [6][7] - The company has expanded its service offerings to include a variety of transportation options, enhancing user engagement and satisfaction [7] Diverse Travel Demand - The demand for travel services has diversified, with a notable increase in leisure travel and experiences among users from non-first-tier cities, contributing to a 24.1% year-on-year growth in other revenues, reaching 1.36 billion yuan [8] - The introduction of innovative services such as "dynamic packaging" and "multi-modal transport combinations" has made travel more cost-effective for users [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's core business is experiencing stable growth, with profit margins improving [1] - Revenue for Q2 2025 reached 4.67 billion, a year-on-year increase of 10%, exceeding the upper end of guidance [8] - The adjusted net profit for Q2 2025 was 780 million, reflecting a year-on-year growth of 18% [8] - The Core-OTA segment saw a revenue increase of 14% year-on-year, with transportation ticketing and accommodation booking revenues growing by 8% and 15% respectively [8] - Gross margin improved to 65.0%, with a net profit margin of 16.6%, up by 1.1 percentage points year-on-year [8] - The company is tightening user subsidies to ensure profit levels while actively leveraging WeChat traffic for growth [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 11.896 billion - 2024: 17.341 billion - 2025: 19.280 billion - 2026: 21.837 billion - 2027: 24.571 billion [1] - Adjusted net profit forecasts for 2025-2027 are 2.675 billion, 3.207 billion, and 3.541 billion respectively [8] - The projected P/E ratios for 2025-2027 are 15.68, 13.08, and 11.85 respectively [1]

今日港股三大指数全线下跌，同程旅行(0780.HK)跳空高开逆势走强，最终收涨7.43%报21.12港元。 中金认为，同程旅行2Q25Non-IFRS归母净利润7.7亿元，超市场预期3.3%，对应16.6% Non-IFRS净利润率，系营销费 用效率提升。该行维持同程旅行25/26年收入和盈利预期，维持跑赢行业评级和目标价23港元。 绩后，多家大行发研报看好同程旅行，其中： 花旗表示，同程旅行第二季业绩符市场预期。进入下半年，由于平均每日房价进一步复苏，预期酒店营业额增长将逐 渐加快，提成率按年略有改善，业务量增长温和。该行将其目标价由26港元上调至28港元，维持"买入"评级，因估值 不高，且未来酒店业务增长有望加快。 高盛亦指，同程旅行次季业绩符合预期，平台GMV及利润率均有所改善，期内净利润按年增长18%，较该行及市场预 期高出3%，总收入按年增长10%，符合增长7%至12%的指引，维持其"买入"评级。 消息面上，同程旅行昨日盘后发布2025年第二季度及上半年业绩报告。上半年公司实现营收90.5亿元，同比增长 11.5%；经调整EBITDA(税息折旧及摊销前利润)23.4亿元，同比增长35.2%；经调整净 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 9.05 billion yuan for the first half of 2025, representing a year-on-year increase of 11.5%. The adjusted EBITDA was 2.34 billion yuan, up 35.2%, with an adjusted EBITDA margin of 25.9%, an increase of 4.5 percentage points year-on-year [2][5] - The core online travel platform business is experiencing rapid growth, with significant contributions from hotel management, which has over 2,700 operating hotels and a pipeline of 1,500 hotels as of Q2 2025. However, the vacation business faced a decline of 8.0% year-on-year due to safety issues in Southeast Asia [2][3] - The user base continues to expand, with annual paying users growing by 10.2% to 252 million, and 69.0% of new paying users coming from non-first-tier cities [3] - The company aims to deepen its core online travel platform business, enhance its international market presence, and strengthen its hotel management business, which is expected to become a second growth curve for the company [3] Financial Projections - The company is projected to achieve net profits of 2.60 billion yuan, 3.24 billion yuan, and 3.90 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31.9%, 24.3%, and 20.7% [3][4] - Revenue is expected to grow from 11.90 billion yuan in 2023 to 26.38 billion yuan by 2027, with a compound annual growth rate of approximately 14% [4][9] - The earnings per share (EPS) is forecasted to increase from 0.69 yuan in 2023 to 1.67 yuan in 2027, reflecting a positive growth trajectory [4][9]

了解到，8月18日，同程旅行（00780）发布2025年上半年财报，实现收入90.5亿元，同比增长11.5%，而盈利能力保持上升趋势，经调整EBITDA为23.4亿 元，同比增长35.2%，经调整净利润15.6亿元。其中交通票务收入38.8亿元，同比增长11.6%，住宿预订业务收入25.6亿元，同比增长18.8%。 此次业绩增长主要得益于，一方面旅游行业持续复苏，OTA行业也均受益行业实现了稳步增长；另一方面公司采取价值增长战略，前瞻性抓住行业结构性机 会，积极探索更多的创新旅游供给，实现了用户价值的持续释放，期间该公司年累计服务人次继续创新高，达到19.9亿。 同程旅行抓住了行业结构性机遇，深挖用户需求，从用户规模增长向价值增长转型，带动ARPU不断走高驱动业绩高增，2025年上半年，其客均收入贡献 （ARPU）相较去年同期增长13.8%。而受此次业绩利好影响，该公司股价次日高开高走，一度涨超7%。 从规模增长转向价值增长，这是企业增长逻辑转向的重要信号。 行业从规模增长到高质量增长 从行业来看，旅游行业持续复苏，根据文化和旅游部公布，从2022-2024年，国内旅游仍人次从25.3亿增长至56.15亿人次 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - In Q2 2025, the company achieved revenue of 4.669 billion yuan, a year-on-year increase of 10.0%, and an adjusted net profit of 775 million yuan, up 18.0% year-on-year. The adjusted net profit margin improved to 16.6% from 15.5% in the same period last year [2][6]. - The company's core OTA business is experiencing steady growth, with significant contributions from hotel management. In Q2, accommodation revenue reached 1.371 billion yuan (+15.2%), transportation revenue was 1.881 billion yuan (+7.9%), and other revenue was 755 million yuan (+27.5%) [6][9]. - The company is expected to see revenue growth of 19.685 billion yuan, 22.668 billion yuan, and 26.018 billion yuan for the years 2025 to 2027, with adjusted net profits of 3.338 billion yuan, 3.920 billion yuan, and 4.615 billion yuan respectively, corresponding to a current PE of 13, 11, and 9 times [2][6]. Summary by Sections Revenue Performance - The company's core OTA business is growing steadily, with accommodation bookings benefiting from a recovery in average room rates and a shift towards higher-quality products. The platform's average daily rate (ADR) has shown positive growth, and the proportion of bookings for three-star hotels has increased by 4 percentage points year-on-year [6][9]. - The hotel management business is emerging as a significant growth driver, with over 2,700 hotels in operation and more than 1,500 in preparation. Q2 revenue growth for this segment exceeded 60%, contributing 25% to other business revenues [6][9]. Profitability - The company's profitability is on an upward trajectory, with the adjusted net profit margin reaching 16.6%, an increase of 1.1 percentage points year-on-year. This improvement is attributed to optimized sales costs and enhanced marketing efficiency [6][9]. - The report highlights that the company is well-positioned to continue improving its profit margins, supported by rising average revenue per user (ARPU) and operational efficiency [6][9]. Market Outlook - The travel industry is expected to maintain long-term growth potential as consumers increasingly seek unique experiences. The company has established a strong competitive moat through its user base, supply chain capabilities, and service efficiency [2][6]. - The report anticipates that the company's marketing strategies and refined subsidies will further enhance profitability, with room for improvement in sales expense ratios and take rates [2][6].

从规模增长转向价值增长，这是企业增长逻辑转向的重要信号。 智通财经APP了解到，8月18日，同程旅行（00780）发布2025年上半年财报，实现收入90.5亿元，同比增长11.5%，而盈利能力保持上升趋势，经调整 EBITDA为23.4亿元，同比增长35.2%，经调整净利润15.6亿元。其中交通票务收入38.8亿元，同比增长11.6%，住宿预订业务收入25.6亿元，同比增长 18.8%。 此次业绩增长主要得益于，一方面旅游行业持续复苏，OTA行业也均受益行业实现了稳步增长；另一方面公司采取价值增长战略，前瞻性抓住行业结构性机 会，积极探索更多的创新旅游供给，实现了用户价值的持续释放，期间该公司年累计服务人次继续创新高，达到19.9亿。 同程旅行抓住了行业结构性机遇，深挖用户需求，从用户规模增长向价值增长转型，带动ARPU不断走高驱动业绩高增，2025年上半年，其客均收入贡献 （ARPU）相较去年同期增长13.8%。而受此次业绩利好影响，该公司股价次日高开高走，一度涨超7%。 行业从规模增长到高质量增长 从行业来看，旅游行业持续复苏，根据文化和旅游部公布，从2022-2024年，国内旅游仍人次从25.3亿增长至 ...