Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company reported a significant revenue increase of 25.28% year-on-year for the first half of 2025, reaching 10.241 billion yuan, while the net profit attributable to shareholders decreased by 5.12% to 282 million yuan [5][6] - The company is focusing on the low-altitude economy development strategy, enhancing its product offerings and optimizing costs [6][8] Financial Performance - For the first half of 2025, the company achieved a revenue of 10.241 billion yuan, with a year-on-year growth of 25.28% [5] - The net profit attributable to shareholders was 282 million yuan, a decrease of 5.12% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 23.91% to 206 million yuan [5] - The total liabilities decreased by 7.58% to 31.192 billion yuan, and cash and cash equivalents increased by 158.08% to 7.941 billion yuan [5] - The company reported a significant increase in revenue in Q2 2025, achieving 7.865 billion yuan, a year-on-year growth of 63.80% [6] Cost Optimization - The company has successfully reduced its management expense ratio by 1 percentage point to 4.54%, sales expense ratio by 0.66 percentage points to 0.51%, and financial expense ratio by 0.36 percentage points to -0.38% [6] Future Outlook - The company is committed to enhancing its product lineup and capitalizing on opportunities in the low-altitude economy, with ongoing improvements and testing of new helicopter models [6][8] - EPS forecasts for 2025-2027 are projected at 0.71, 0.85, and 0.99 yuan, with corresponding P/E ratios of 55.8, 47.1, and 40.4 [8]

Group 1 - The core viewpoint of the articles highlights the robust performance of Zhongzhong Co., Ltd. in the first half of 2025, driven by the growth of the low-altitude economy and increased product delivery volume [1][2] - Zhongzhong Co., Ltd. achieved an operating revenue of 10.241 billion yuan, a year-on-year increase of 25.28%, while the net profit attributable to shareholders decreased by 5.12% to 282 million yuan due to rising costs and increased R&D investment [1] - The company's operating costs rose to 9.597 billion yuan, a 34.25% increase year-on-year, indicating pressure from raw material price fluctuations and supply chain costs [1] Group 2 - The product portfolio of Zhongzhong Co., Ltd. includes various types of helicopters and general aircraft, with a significant increase in revenue from aviation products, which accounted for 99.4% of total revenue [2] - The company is focusing on the development of low-altitude economy strategies and has made progress in research and development, including improvements to the AC313A helicopter and ongoing test flights for the AC332 model [3] - Recent market expansion efforts led to new orders for the AC311A helicopter, and successful completion of rescue missions demonstrated the helicopter's performance in challenging environments [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 10.241 billion yuan, a year-on-year increase of 25.28%, while net profit attributable to the parent company was 282 million yuan, a decrease of 5.12% [1] - The main reason for the profit decline was a significant increase in operating costs, which rose by 35.11%, compressing profit margins [1] - The company's total assets as of mid-2025 were 48.454 billion yuan, a decrease of 7.23% from the end of the previous year, primarily due to a 40.17% reduction in cash and cash equivalents [2] Group 2: Business Operations - The company's main business includes helicopter manufacturing, components, and aviation services, with aviation products generating 10.180 billion yuan in revenue, accounting for 99.4% of total revenue, reflecting a slight increase of approximately 0.3 percentage points year-on-year [1] - The increase in helicopter revenue share was driven by a rise in delivery volumes, particularly for the AC series helicopters and new model deliveries [1] - The company signed new orders for 3 AC311A helicopters and completed procurement selection for 11 helicopters, indicating progress in low-altitude economy initiatives [3] Group 3: Competitive Position and Future Outlook - The company's core competitiveness has been strengthened, with successful test flights of the AC313A helicopter and advancements in the C919 large passenger aircraft's composite material technology [3] - The company completed a private placement in July 2024, raising 2.968 billion yuan to enhance helicopter production capacity and fund new model development and drone research [3] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 622 million, 697 million, and 766 million yuan respectively, reflecting a decrease from previous estimates [3]

2025 年上半年，公司实现营业收入102.41 亿元（同比+25.28%，完成年度预算33.86%）；实现归母净利 润2.82 亿元（同比-5.12%，完成年度预算46.69%）。 营收增长强劲，利润端略有下滑。2025 年上半年，公司实现营业收入102.41亿元（同比+25.28%，完成 年度预算33.86%）；实现归母净利润2.82 亿元（同比-5.12%，完成年度预算46.69%）。单季度来看， Q2 实现营收78.65亿元（同比+63.80%），归母净利润8032.29 万元（同比-51.99%）。分部来看，哈尔 滨分部资产总额达299.67 亿元，实现收入80.93 亿元，净利润3.39亿元，净利率4.19%；景德镇分部资产 总额187.01 亿元，实现收入20.72 亿元，净利润-4147.14 万元，净利率-2.00% 民用深化低空经济布局，eVTOL 研发与应用齐头并进。公司作为国内直升机制造业中规模最大、产值 最高、产品系列最全的主力军，在低空经济领域，一方面加强民用直升机市场的开拓，另一方面积极布 局eVTOL 等新能源飞行器，持续深化低空经济产业布局：1）eVTOL 研发突破：公司聚焦 ...

机器学习因子选股月报（2025 年 9 月） 截至 2025 年 8 月，8 月当期多头组合超额收益最高的五个行业（除综合）分 别为纺织服饰、公用事业、汽车、非银金融、医药生物，多头组合相对行业指 数超额收益分别为 5.19%、3.62%、3.29%、2.56%以及 1.47%。此外在 30 个申万一级行业（除综合）中，有 13 个行业多头组合未跑赢行业指数。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为家用 电器、建筑材料、公用事业、食品饮料、纺织服饰，超额收益分别为 4.97%、 4.11%、3.94%、3.86%以及 3.35%。且 30 个申万一级行业（除综合）中， GAN_GRU 因子多头组合近一年均跑赢对应申万一级行业指数。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 联系人：祝晨宇 邮箱：zhcy@swsc.com.cn [Table_ReportInfo] 2025 年 08 月 31 日 证券研究报告•金融工程报告 机器学习金融工程月报 相关研究 机器学习金融工程 ...

财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为98.16%、近3年经营性现金流均 值/流动负债仅为5.01%)建议关注公司应收账款状况(应收账款/利润已达1630.78%) 据证券之星公开数据整理，近期中直股份(600038)发布2025年中报。截至本报告期末，公司营业总收入 102.41亿元，同比上升25.28%，归母净利润2.82亿元，同比下降5.12%。按单季度数据看，第二季度营 业总收入78.65亿元，同比上升63.8%，第二季度归母净利润8032.29万元，同比下降51.99%。本报告期 中直股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1630.78%。 本次财报公布的各项数据指标表现一般。其中，毛利率6.28%，同比减49.91%，净利率2.31%，同比减 35.39%，销售费用、管理费用、财务费用总计4.79亿元，三费占营收比4.67%，同比减23.8%，每股净资 产20.92元，同比增17.46%，每股经营性现金流-9.04元，同比增28.14%，每股收益0.34元，同比减 15.34% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | ...

公司代码：600038 公司简称：中直股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 单位: 股 ■ 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不涉及 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重大影响和预计未来会有重大影响的事项 □适用 ...

证券日报网讯 8月29日晚间，中直股份发布公告称，公司第九届董事会第十次会议审议通过了《关于公 司2025年半年度报告及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月29日晚间，中直股份发布公告称，公司第九届监事会第九次会议审议通过了《关于公 司2025年半年度报告及其摘要的议案》等多项议案。 ...