Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

证券研究报告 | 2025年08月29日 黄金产量远期有望持续提升：公司黄金资源储量丰富，有众多项目同步扩产。 今年上半年，三山岛金矿副井工程施工至-1900 米标高、刷新国内深井记录； 焦家金矿资源整合项目设计的 5 条主控性竖井工程中，已有 4 条顺利掘砌到 底，正在有序推进配套装卸载、排水配电、运输平巷等工程的施工，全力保 障施工进度；新城金矿资源整合项目 4 条主要竖井工程均已掘砌到底，正在 进行井下排水配电系统、粉矿回收系统建设，同步推进回风石门巷道、主要 运输巷道掘砌施工。公司将加快世界级黄金资源产业基地的建设，未来随着 扩能改造项目投产达产，公司黄金产量有望持续提升。 利润分配方面：拟每 10 股派发现金红利累计人民币 1.80 元(含税)，总计约 8.05 亿元，约占 2025 年半年度合并报表扣除永续债利息后归属于上市公司 普通股股东净利润 31.45%，分红比例相对较高。 风险提示：项目建设进度不及预期；黄金价格大幅回调；安全和环保风险。 投资建议：维持"优于大市"评级。 上 调 公 司 的 盈 利 预 测 。 预 计 公 司 2025-2027 年 营 业 收 入 分 别 为 1094/ ...

最近，黄金震荡上行，涨幅明显。 8月28日，国际金价再现"W型"走势，现货黄金价格早间失守3390美元后震荡上行，现报3399.793美元/盎司，涨0.08%；COMEX黄金期货报3455.8美元/盎 司，涨幅0.21%，创近期新高。 在A股方面，8月28日，受隔夜纽约金价走高及半年报业绩报喜影响， 黄金相关ETF纷纷走强，截至收盘，黄金股ETF涨4.51%，其持仓股湖南白银、周大 生、山东黄金等股涨幅居前，有色金属ETF基金涨1.32%，其持仓股中国稀土涨停，西部超导、博威合金等股纷纷走强，近3日获资金净流入超4000万；黄 金ETF华夏涨0.29%。 山东黄金与西部黄金于8月27日晚间发布上半年业绩公告。报告显示，山东黄金净利润28.08亿元，同比增长102.98%；西部黄金净利润1.54亿元，同比激 增131.94%。 实物黄金方面，8月28日， 国内多数品牌黄金首饰克价已突破1000元/克。 | 国内现货 | 国际现货 | 黄金实物 | | | --- | --- | --- | --- | | 品牌 | 银行 回收 | | | | 品牌 | | 价格(元/克) | 日涨跌幅 | | 周大福 | | ...

Core Insights - Shandong Gold's total revenue for the first half of 2025 reached 56.766 billion yuan, a year-on-year increase of 24.01%, while net profit attributable to shareholders was 2.808 billion yuan, up 102.98% year-on-year [1] - The company's second-quarter revenue was 30.83 billion yuan, reflecting a 14.97% increase year-on-year, with net profit for the quarter at 1.782 billion yuan, marking a significant rise of 160.68% [1] - Key financial metrics showed an increase in gross margin by 23.32% to 17.46% and net margin by 44.46% to 6.82% [1] Financial Performance - Total revenue for 2024 was 45.773 billion yuan, compared to 56.766 billion yuan in 2025, indicating a growth of 24.01% [1] - Net profit attributable to shareholders rose from 1.383 billion yuan in 2024 to 2.808 billion yuan in 2025, a growth of 102.98% [1] - The company's gross margin improved from 14.16% to 17.46%, while net margin increased from 4.72% to 6.82% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 2.67 billion yuan, representing 4.7% of revenue, a decrease of 6.87% year-on-year [1] - The company's cash flow per share increased by 81.72% to 2.35 yuan, while earnings per share rose by 119.23% to 0.57 yuan [1] Investment Insights - The company's return on invested capital (ROIC) was 5.53%, indicating average capital returns, with a historical median ROIC of 5.13% over the past decade [3] - The company has a history of one loss year since its IPO, suggesting a need for careful analysis of its financial performance [3] Fund Holdings - The most notable fund manager holding Shandong Gold is Han Chuang from Dacheng Fund, who has a strong track record in selecting growth stocks [4] - The largest fund holding Shandong Gold is the Yongying CSI Hong Kong and Shanghai Gold Industry ETF, with a scale of 4.75 billion yuan [5]

| 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 12.04 | 381.19 | 31.66 | -4.03 | 申港证券股份有限 | 招商证券股份有限公司济南 | | | | | | 公司山东分公司 | 经十路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 山东黄金8月28日大宗交易平台出现一笔成交，成交量12.04万股，成交金额381.19万元，大宗交易成交 价为31.66元，相对今日收盘价折价4.03%。该笔交易的买方营业部为申港证券股份有限公司山东分公 司，卖方营业部为招商证券股份有限公司济南经十路证券营业部。 证券时报·数据宝统计显示，山东黄金今日收盘价为32.99元，上涨2.64%，日换手率为1.39%，成交额为 16.60亿元，全天主力资金净流入7495.97万元，近5日该股累计上涨8.02%，近5日资金合计净流出 5965.68万元。 8月28日 ...

事件：8 月27 日公司发布半年报，25H1 公司营收567.66 亿元，同比+24.0%，归母净利28.08 亿元，同 比+103.0%，其中Q2 实现营收308.30 亿元，同比+15.0%，环比+18.9%，归母净利17.82 亿元，同比 +160.7%，环比+73.6%。 价：金价上升显著推动公司净利润增长，逆全球化背景下继续看好黄金长牛。 25Q2 黄金现货收盘价为 770.2 元/克，同比+39.4%，环比+14.8%，黄金价格上涨明显，这一涨幅也显著 推动了公司的净利润增长。展望未来，去美元化+地缘政治博弈是驱动金价上涨的重要逻辑，目前多国 央行也纷纷增加黄金储备，黄金正开启新一轮上涨周期，继续看好长牛。8 月22 日鲍威尔释放降息信 号，9 月降息预期明显提升，预计也将对金价构成向上驱动。 内生运营优化+增储扩产持续推进，公司矿产金产量有望持续增长。1）管理方面：2025 年公司加快推 进生产系统优化、加强"机械化、信息化、自动化、智能化"四化等重点工作，25H1 采掘总量同比增长 29.36%、选矿处理量同比增长23.36%，内生运营正持续优化；2）储量方面：公司通过资源整合、主动 兼并、资 ...

公司点评 | 山东黄金 金价上行+管理优化，看好公司未来业绩弹性 山东黄金（600547.SH）2025 半年报业绩点评 事件：8 月 27 日公司发布半年报，25H1 公司营收 567.66 亿元，同比+24.0%， 归母净利 28.08 亿元，同比+103.0%，其中 Q2 实现营收 308.30 亿元，同比 +15.0%，环比+18.9%，归母净利 17.82 亿元，同比+160.7%，环比+73.6%。 价：金价上升显著推动公司净利润增长，逆全球化背景下继续看好黄金长牛。 25Q2 黄金现货收盘价为 770.2 元/克，同比+39.4%，环比+14.8%，黄金价 格上涨明显，这一涨幅也显著推动了公司的净利润增长。展望未来，去美元 化+地缘政治博弈是驱动金价上涨的重要逻辑，目前多国央行也纷纷增加黄 金储备，黄金正开启新一轮上涨周期，继续看好长牛。8 月 22 日鲍威尔释 放降息信号，9 月降息预期明显提升，预计也将对金价构成向上驱动。 内生运营优化+增储扩产持续推进，公司矿产金产量有望持续增长。1）管理 方面：2025 年公司加快推进生产系统优化、加强"机械化、信息化、自动 化、智能化"四化等重点工作， ...

Group 1 - Shandong Gold has undergone significant management changes, with Han Yaodong appointed as the new chairman and legal representative, replacing Li Hang [1][2] - The company has a strong shareholder base, with major stakeholders including Shandong Gold Group, Shandong Zhaojin Group, and Shandong Laizhou Gold Group, reflecting a diversified ownership structure [1] - The company was established in January 2000 and has a registered capital of approximately 4.473 billion RMB, focusing on gold mining, processing, and related equipment production [1][3] Group 2 - The new leadership is expected to bring fresh strategic perspectives and operational approaches to navigate the complex market environment facing the gold industry [2] - The gold industry has been challenged by various domestic and international factors, making it crucial for the new management to maintain a competitive edge [2] - With ongoing technological innovation, management optimization, and market expansion, Shandong Gold aims to strengthen its leading position in the gold sector and create greater value for shareholders [3]

山东黄金（600547.SH）2025 年半年报点评 金价上行助推利润大幅增长，期待远期项目投产 2025 年 08 月 28 日 ➢ 事件：公司发布 2025 年半年报。2025 年上半年公司实现营收 567.66 亿 元，同比增长 24.01%，归母净利润 28.08 亿元，同比增长 102.98%，扣非归母 净利 28.1 亿元，同比增长 98.74%；单季度看，25Q2 公司实现营收 308.3 亿 元，同比增长 14.97%，环比增长 18.87%，归母净利润 17.82 亿元，同比增长 160.68%，环比增长 73.74%，扣非归母净利 17.79 亿元，同比增长 152.72%， 环比增长 72.67%，业绩同环比均实现大幅增长。 ➢ 点评：金价上行驱动公司业绩。量：2025 上半年公司实现矿产金产量 24.71 吨，同比增长 0.77%，其中国内产金 19.04 吨，海外 5.67 吨。自产金销量 23.6 吨，维持产大于销。结合 2024 年年报，公司自产金库存已达 5.5 吨。生产目标： 根据 2024 年年报规划，公司 2025 年生产目标为黄金产量不低于 50 吨。价： 2025 年 ...

8月28日，山东黄金大宗交易成交12.04万股，成交额381.19万元，占当日总成交额的0.23%，成交价31.66元，较市场收盘价32.99元折价4.03%。 | 2025-08-28 | 山东黄金 | 600547 | 31.66 381.19 12.04 | 申港证券股份有限 | 招商证券股份有限 | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | 公司山东分公司 | 公司济南经十路证 | 卖出营业部 | ...