Core Viewpoint - Yunnan Baiyao demonstrated resilient growth in the first half of 2025, overcoming multiple external challenges while optimizing its business structure [1] Financial Performance - The company achieved revenue of 21.26 billion yuan, representing a year-on-year increase of 3.9% [1] - The net profit attributable to shareholders reached 3.63 billion yuan, with a year-on-year growth of 13.9% [1] Business Structure Optimization - The industrial sales revenue accounted for 40.0% of total revenue, an increase of 2.6 percentage points year-on-year [1] - The gross margin improved to 30.9%, reflecting a year-on-year increase of 1.6 percentage points [1] Growth Drivers - The pharmaceutical and health product segments are driving growth through a dual-engine strategy [1] - The company is enhancing innovation and systematically advancing its pipeline layout [1] Valuation - Based on the average price-to-earnings ratio of comparable companies, a valuation of 23 times PE for 2025 is suggested, corresponding to a target price of 65.78 yuan, maintaining a "buy" rating [1]

（ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B條規則作出。 茲載列公司在上海證券交易所網站刊登之《東方證券股份有限公司第六屆董事會第 九次會議（臨時會議）決議公告》，僅供參閱。 承董事會命 董事長 龔德雄 中國•上海 2025年 9月 12日 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 东方证券股份有限公司（以下简称"公司"）第六届董事会第九 次会议于 2025 年 9 月 12 日以通讯表决方式召开。公司董事同意豁免 本次会议的通知时限，本次会议通知于 2025 年 9 月 8 日以电子邮件 和专人送达方式发出，20 ...

东方证券股份有限公司（以下简称"公司"）第六届董事会第九 次会议于 2025 年 9 月 12 日以通讯表决方式召开。公司董事同意豁免 本次会议的通知时限，本次会议通知于 2025 年 9 月 8 日以电子邮件 和专人送达方式发出，2025 年 9 月 12 日完成通讯表决形成会议决议。 本次会议应表决董事 14 人，实际表决董事 14 人。本次会议的召集召 开符合《公司法》《公司章程》等有关规定。本次会议审议并通过了 以下议案： 证券代码：600958 证券简称：东方证券 公告编号：2025-044 东方证券股份有限公司 第六届董事会第九次会议（临时会议）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、审议通过《关于公司组织架构设置调整的议案》 1 表决结果：14 票同意，0 票反对，0 票弃权。 本议案已经公司董事会合规与风险管理委员会成员审议通过。 特此公告。 东方证券股份有限公司董事会 2025 年 9 月 12 日 表决结果：14 票同意，0 票反对，0 票弃权。 二、审议通过《关于调整公司年度资产负债 ...

Core Viewpoint - Baipusais's performance in the first half of the year continues to show high growth, with improving profitability and operational quality [1] Group 1: Financial Performance - Domestic sales revenue reached 120 million yuan, a year-on-year increase of 36.7% [1] - Overseas sales revenue amounted to 260 million yuan, reflecting a year-on-year growth of 22.9% [1] Group 2: Competitive Advantage and Market Opportunities - The company maintains a competitive edge in its core products, with continued industry demand expected to create more business opportunities [1] - Increased efforts in new product development are aimed at enriching the product line [1] Group 3: Valuation and Investment Rating - Based on comparable company average price-to-earnings ratio, a 2025 PE valuation of 74 times is suggested, corresponding to a target price of 67.34 yuan [1] - The investment rating is maintained at "Buy" [1]

Group 1 - The core viewpoint of the news is that Dongfang Securities experienced a decline in stock price and significant capital outflow, despite a year-to-date increase in stock value [1][2] - As of September 12, Dongfang Securities' stock price was 10.89 yuan per share, with a market capitalization of 92.528 billion yuan and a trading volume of 1.109 billion yuan [1] - The company has seen a year-to-date stock price increase of 4.10%, but a decline of 9.78% over the past 20 days [1] Group 2 - Dongfang Securities' main business segments include wealth and asset management (64.31%), institutional and sales trading (18.83%), international and other businesses (15.90%), and investment banking and alternative investments (7.09%) [1] - As of June 30, the number of shareholders was 179,300, a decrease of 6.59% from the previous period [2] - For the first half of 2025, Dongfang Securities reported a net profit of 3.463 billion yuan, a year-on-year increase of 64.02% [2] Group 3 - Since its A-share listing, Dongfang Securities has distributed a total of 15.143 billion yuan in dividends, with 4.022 billion yuan distributed in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, increasing its holdings by 40.67 million shares [3] - The top ten circulating shareholders include Huatai-PineBridge CSI 300 ETF as a new entrant, holding 93.023 million shares [3]

Core Viewpoint - The report from Dongfang Securities indicates that the terminal sales of Luolai Life have improved in July and August, reflecting a gradual recovery in the company's fundamentals [1] Group 1: Sales and Performance - Terminal sales in July and August showed improvement compared to the second quarter, with an expected year-on-year growth approaching double digits, laying a foundation for a slight increase in revenue in the second half of the year [1] - The feedback from the spring/summer ordering meeting held at the end of August was positive, indicating a gradual recovery in dealer confidence and recognition of the company's new products [1] Group 2: Company Strategy and Outlook - The company is one of the early adopters in the industry to optimize channels and inventory, leading to a steady improvement in operational quality in recent years [1] - The company is expected to maintain stable and sustainable profit growth over the next three years, combined with high dividend expectations, making it one of the more attractive options in the textile and apparel industry [1] Group 3: Valuation - Based on comparable companies, a 16 times PE valuation for 2025 is suggested, corresponding to a target price of 9.60 yuan, with a maintained "buy" rating [1]

Core Viewpoint - The global DRAM market is expanding, driven by the rise of generative AI, leading to optimistic AI order expectations and benefiting the storage industry chain [1][3]. Group 1: Market Trends - The NAND price is expected to rise in Q3, with SanDisk announcing a price increase of over 10% for all channels, indicating the start of a new pricing cycle [1][2]. - The global DRAM market size increased by approximately 17% in Q2 2025, reaching $30.9 billion, primarily due to the demand from generative AI [3]. Group 2: Supply and Demand Dynamics - The supply-demand gap is expected to widen, with strong storage demand driven by AI applications and data centers, while supply is constrained due to production shifts and financial difficulties of some suppliers [2]. - The transition of NAND manufacturers to next-generation nodes is causing a shortage of low-density chips, further tightening supply [2]. Group 3: Domestic Industry Growth - Domestic advanced storage capacity is expanding, with companies like Zhaoyi Innovation and Changxin Storage maintaining close partnerships to benefit from the transition to DDR5/LPDDR5 [3]. - Changxin Storage is projected to capture about 30% of the domestic NAND market this year, with expectations to reach 15% of global NAND flash capacity by the end of 2026 [4].

Core Viewpoint - The company continues to experience high growth in performance and profitability, with significant increases in revenue and net profit in the first half of 2025 [1] Financial Performance - The company achieved revenue of 390 million yuan in the first half of 2025, representing a year-on-year growth of 29.4% [1] - The net profit attributable to the parent company was 80 million yuan, showing a year-on-year increase of 47.8% [1] Domestic and International Sales - Domestic sales revenue reached 120 million yuan, growing by 36.7% year-on-year [1] - International sales revenue was 260 million yuan, with a year-on-year growth of 22.9% [1] - The rapid growth in domestic sales is attributed to the recovery of the innovative drug market and increased efforts in new product development [1] Product Development and Market Expansion - The company is actively expanding its product and technical services in the ADC field, including various target proteins and enzymes for linker cleavage [1] Profit Forecast and Investment Recommendation - The company maintains its profit forecast, predicting net profits of 154 million yuan, 208 million yuan, and 253 million yuan for 2025-2027 [1] - Based on the average price-to-earnings ratio of comparable companies, a target price of 67.34 yuan is set for 2025, with a "buy" rating maintained [1]

Core Viewpoint - The report from Dongfang Securities projects Meitu Inc. (01357) to achieve adjusted net profits of 0.943 billion, 1.234 billion, and 1.593 billion CNY for the years 2025 to 2027, with a target price of 13.25 HKD per share and a "buy" rating [1] Group 1: Financial Projections - Expected adjusted net profits for Meitu are 0.943 billion CNY in 2025, 1.234 billion CNY in 2026, and 1.593 billion CNY in 2027 [1] - Target price set at 13.25 HKD per share [1] Group 2: Market Dynamics - The image editing sector benefits from significant advancements in diffusion models for generative tasks, providing foundational support for product innovation [1] - Meitu's accumulation of technical and aesthetic data positions the company to capitalize on technological dividends [1] Group 3: Product Development - The company is accelerating product version iterations and introducing new features, with a notable increase in AI functionality [1] - The domestic market is characterized by stable competition, while overseas markets contribute significantly to user growth [1] Group 4: Competitive Landscape - In the domestic market, Meitu and Byte (Xingtu) are the core players, with intense competition having stabilized [1] - Meitu's domestic monthly active users (MAU) remain stable at 170 to 180 million, with user growth primarily driven by overseas markets [1] Group 5: AI and Monetization Potential - The company is optimistic about AI driving accelerated paid penetration of its products, as AI features enhance product effectiveness [2] - Current paid feature penetration for Meitu's products is relatively low compared to competitors, indicating significant room for growth [2] - The paid penetration rate for tool-based products is around 10%, while content-based products range from 20% to 30% [2]

Core Viewpoint - The report from Dongfang Securities projects Meitu's adjusted net profit for 2025-2027 to be 0.943 billion, 1.234 billion, and 1.593 billion CNY respectively, with a target price of 13.25 HKD per share and a "Buy" rating [1] Group 1: Financial Projections - Meitu's adjusted net profit is expected to grow significantly, reaching 0.943 billion CNY in 2025, 1.234 billion CNY in 2026, and 1.593 billion CNY in 2027 [1] - The target price set for Meitu is 13.25 HKD per share, indicating a positive outlook for the company's stock [1] Group 2: Market Dynamics - The image editing sector is benefiting from advancements in diffusion models, which provide foundational support for product innovation [1] - Meitu's domestic market is characterized by stable competition, with the primary user growth coming from overseas markets [1] - The company maintains a stable monthly active user (MAU) count of 170-180 million in the domestic market, with growth driven mainly by international users [1] Group 3: Product Development and AI Integration - Meitu is accelerating product iteration and feature updates, with a significant increase in AI functionalities [1] - The company is leveraging its accumulated technical and aesthetic data to capitalize on technological advancements [1] - AI features are expected to enhance product differentiation from overseas competitors, particularly in niche markets like body and hair beauty [1] Group 4: Revenue Potential and Payment Penetration - The company is optimistic about AI driving faster payment penetration in its products, as current paid feature adoption remains low to moderate [2] - Existing tools have a payment penetration rate of around 10%, while content-based products range from 20% to 30% [2] - Historical trends in the content copyright industry show a significant increase in payment penetration, suggesting potential for Meitu to improve its paid feature adoption [2]