Core Viewpoint - The report from Tianfeng Securities highlights that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expecting continuous expansion in the Chinese market, improved profitability through store expansion, cost reduction, and headquarters expense dilution [1] Financial Performance - For the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, and operating profit at the store level of 380 million yuan, up 28.0% year-on-year [1] - The adjusted net profit for 25H1 was 90 million yuan, reflecting a significant year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points compared to 24H1 [1] Store Expansion and Operations - As of the end of 25H1, the total number of stores reached 1,198, marking a year-on-year growth of 31.1%, with a net addition of 190 stores in 25H1 [2] - The company aims to achieve a target of 300 new stores by 2025, with 43 additional stores opened by August 15, 2025, and 27 more under construction [2] - In terms of same-store sales, there was a decline of 1.0% in 25H1, primarily due to high base effects from strong sales in newly entered markets after December 2022 [2] Revenue by Market - In 25H1, revenue from first-tier cities was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier cities reached 1.51 billion yuan, up 46.6%, contributing to 58.2% of total revenue, an increase of 8 percentage points year-on-year [2] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points [3] Cost Management - The raw material cost ratio remained stable at 27.3%, while the overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - The rental expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all maintaining relative stability year-on-year [4]

Core Viewpoint - The report from Tianfeng Securities indicates that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expected to continue expanding in the Chinese market, supported by store expansion, cost reduction, and improved profitability through overhead cost dilution [1] Financial Performance - In the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, with operating profit at 380 million yuan, up 28.0% year-on-year, and an operating profit margin of 14.6%, which is an increase of 0.1 percentage points compared to 24H1 and 0.2 percentage points compared to 24H2 [1] - Adjusted net profit for 25H1 was 90 million yuan, representing a year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points year-on-year and stable compared to 24H2 [1] Store Expansion and Operations - The company aims to achieve a store opening target of approximately 98% for the year, with a total of 1,198 stores by the end of 25H1, a year-on-year increase of 31.1%, and a net addition of 190 stores in 25H1 [2] - By August 15, an additional 43 stores were opened, with 27 under construction and 35 signed, aiming for a total of 300 new stores by 2025 [2] - In 25H1, same-store sales declined by 1.0%, primarily due to high base effects from strong sales in newly entered markets after December 2022, while first-tier cities maintained positive same-store growth [2] Revenue by Market - In 25H1, revenue from first-tier markets was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets reached 1.51 billion yuan, up 46.6%, with the revenue share increasing to 58.2%, an 8 percentage point increase year-on-year, driven by store expansion and strong performance of new stores in newly entered markets [2] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points year-on-year [3] Cost Management - In 25H1, the raw material cost ratio was 27.3%, stable year-on-year, while overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - Store-level employee cash compensation ratio increased by 0.3 percentage points to 27.7%, due to increased staffing for new market entries, while headquarters employee cash compensation ratio decreased by 0.4 percentage points to 5.1% due to economies of scale [4]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Anta Sports, indicating confidence in the company's growth potential and market position [1] Group 1 - The report highlights Anta Sports' strong brand portfolio and market leadership in the sportswear industry [1] - Anta's financial performance is expected to improve, driven by increased consumer demand and effective marketing strategies [1] - The company's expansion plans and product innovation are seen as key factors for future growth [1]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Anta Sports (02020), emphasizing the company's strategy of "single focus, multiple brands, and globalization" to drive growth through its dual core brands [1] Brand Analysis - Mature Brand: Anta brand achieved revenue of 17 billion yuan in H1 2025, a year-on-year increase of 5.4%, accounting for approximately 44% of total revenue with a gross margin of 54.9% [2] - Growth Brand: FILA brand generated revenue of 14.2 billion yuan in H1 2025, up 8.6% year-on-year, representing about 37% of total revenue with a gross margin of 68% [2] - Emerging Brand Portfolio: Other brands, including DESCENTE and KOLONSPORT, reported revenue of 7.4 billion yuan in H1 2025, a significant year-on-year increase of 61.1%, now accounting for about 19% of total revenue with a gross margin of 73.9% [2] Channel Analysis - DTC: Direct-to-Consumer (DTC) revenue reached 9.4 billion yuan in H1 2025, growing 5.3% year-on-year, making up approximately 56% of total revenue [3] - E-commerce: Revenue from e-commerce was 6.1 billion yuan in H1 2025, reflecting a year-on-year growth of 10.1%, contributing about 36% to total revenue [3]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Anta Sports (02020), emphasizing the company's focus on "single focus, multiple brands, and globalization" to drive growth through its dual core brands [1] Brand Analysis - Mature Brand: Anta brand achieved revenue of 17 billion yuan in H1 2025, a year-on-year increase of 5.4%, accounting for approximately 44% of total revenue with a gross margin of 54.9% [2] - Growth Brand: FILA brand generated revenue of 14.2 billion yuan in H1 2025, up 8.6% year-on-year, representing about 37% of total revenue with a gross margin of 68% [2] - Emerging Brand Portfolio: Other brands, including DESCENTE and KOLONSPORT, reported revenue of 7.4 billion yuan in H1 2025, a significant year-on-year increase of 61.1%, now accounting for about 19% of total revenue with a gross margin of 73.9% [2] Channel Analysis - DTC: Direct-to-Consumer (DTC) revenue reached 9.4 billion yuan in H1 2025, a year-on-year growth of 5.3%, making up approximately 56% of total revenue [3] - E-commerce: E-commerce revenue was 6.1 billion yuan in H1 2025, reflecting a year-on-year increase of 10.1%, contributing about 36% to total revenue [3]

Core Viewpoint - The report from Tianfeng Securities indicates that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expecting continuous expansion in the Chinese market and improvements in profitability through store expansion, cost reduction, and overhead expense dilution [1] Financial Performance - In the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, with operating profit at 380 million yuan, up 28.0% year-on-year, and an operating profit margin of 14.6%, which is an increase of 0.1 percentage points compared to 24H1 and 0.2 percentage points compared to 24H2 [1] - Adjusted net profit for 25H1 was 90 million yuan, representing a year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points year-on-year and stable compared to 24H2 [1] Store Expansion and Operations - The company aims to achieve a store opening target of approximately 98% for the year, with a total of 1,198 stores by the end of 25H1, reflecting a year-on-year growth of 31.1% [2] - In 25H1, the company opened 190 new stores, with an additional 43 stores opened by August 15, and 27 stores under construction, aiming for a total of 300 new stores by 2025 [2] - By the end of 25H1, the company had entered 48 cities, with 9 new cities added in 25H1 [2] Same-Store Sales and Revenue by Region - Same-store sales in 25H1 declined by 1.0%, primarily due to high base effects from new market entries after December 2022, while first-tier cities maintained positive growth [2] - Revenue from first-tier markets reached 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets was 1.51 billion yuan, up 46.6%, with the revenue share increasing to 58.2% [3] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points year-on-year [3] Cost Management - In 25H1, the raw material cost ratio was 27.3%, stable year-on-year, while the overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - The cash compensation expense ratio for store employees was 27.7%, up 0.3 percentage points, while the headquarters' cash compensation expense ratio decreased by 0.4 percentage points to 5.1% [4]

Core Viewpoint - The report from Tianfeng Securities indicates that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expecting continuous expansion in the Chinese market and improvements in profitability through store expansion, cost reduction, and headquarters expense dilution [1] Financial Performance - For the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, and a store-level operating profit of 380 million yuan, up 28.0% year-on-year [1] - The adjusted net profit for 25H1 was 90 million yuan, reflecting a significant year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points from 24H1 [1] Store Expansion and Operations - As of the end of 25H1, the total number of stores reached 1,198, representing a year-on-year growth of 31.1%, with a net addition of 190 stores in 25H1 [2] - The company aims to achieve a target of 300 new stores by 2025, with 43 additional stores opened by August 15, 2025, and 27 stores under construction [2] - In terms of same-store sales, there was a decline of 1.0% in 25H1, primarily due to high base effects from new market entries after December 2022 [2] Revenue by Market Segment - In 25H1, revenue from first-tier markets was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets reached 1.51 billion yuan, up 46.6%, with the revenue share from non-first-tier markets increasing to 58.2% [3] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points [3] Cost and Expense Management - The raw material cost ratio for 25H1 was 27.3%, remaining stable year-on-year, while the overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - The rental expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all maintaining relative stability year-on-year [4]

Core Viewpoint - Shenzhen Amperelong Technology Co., Ltd. has recently engaged with 18 institutions, including Tianfeng Securities and E Fund, for investor activities, showcasing strong operational performance in the first half of 2025 with significant revenue growth and strategic advancements in various sectors [1] Group 1: Investor Activities - The investor activities included specific object research, on-site visits, and online meetings held from September 5 to September 25, 2025 [1] - Participating institutions included Tianfeng Securities, Century Asset Management, and E Fund among others [1] - Company representatives included Zhang Yanhong, the Secretary of the Board, and Peng Biyong, the Director of Investor Relations [1] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 553,874,075.46 yuan, representing a year-on-year increase of 34.44% [1] - Domestic revenue was 468,344,613.60 yuan, up 38.03%, accounting for 84.56% of total revenue, while overseas revenue was 85,529,461.86 yuan, up 17.68%, making up 15.44% [1] - Net profit attributable to shareholders was 42,132,049.92 yuan, a 19.60% increase year-on-year, with a net profit of 38,266,307.13 yuan after deducting non-recurring gains, reflecting a 24.76% growth [1] Group 3: Product Performance - Pressure sensors generated revenue of 292.41 million yuan, a 61.88% increase, contributing 52.79% to total revenue [1] - Thermistors and temperature sensors achieved revenue of 251.40 million yuan, up 12.99%, accounting for 45.39% of total revenue [1] - MEMS pressure sensors saw a remarkable revenue increase of 382.33%, reaching 24.45 million yuan, indicating strong demand in automotive and home appliance applications [1] Group 4: Strategic Developments - The company is actively expanding into the robotics sector by forming a research team focused on force control sensors [1] - Global expansion includes establishing a wholly-owned subsidiary in Germany for localized sales and support, a research subsidiary in Belgium for sensor chip technology, and a subsidiary in Hong Kong for supply chain coordination [1] - Progress on the production line for EMB brake system force sensors is underway, with equipment selection completed and installation in progress to meet market demand [1]

Core Viewpoint - Huazhi Wine's stock closed at 20.01 yuan, experiencing a decline of 3.43% [1] Group 1: Company Analysis - Tianfeng Securities has downgraded its profit forecast for Huazhi Wine and adjusted its rating to "Accumulate" [1] - The previous report from Tianfeng Securities maintained a "Buy" rating for Huazhi Wine, indicating a shift in outlook due to current market conditions [1] Group 2: Industry Context - The report titled "Huazhi Wine: Under Pressure During Industry Adjustment Period, Awaiting Reform Efforts" highlights the challenges faced by the industry [1] - The earlier report from May 28 suggested that Huazhi Wine was proactively adjusting its performance, with a potential for profit recovery in 2025 [1]

Core Viewpoint - Tianfeng Securities projects Angelalign's revenue for 2025-2027 to be $342 million, $406 million, and $478 million respectively, with an upward revision due to accelerated global expansion, maintaining a "Buy" rating [1] Financial Performance - In H1 2025, the company achieved revenue of $161 million, representing a year-on-year growth of 33.1% [1] - The net profit attributable to the parent company for H1 2025 was $14.64 million, showing a significant year-on-year increase of 364.25% [1] - Operating cash flow for H1 2025 reached $17.54 million, reflecting a year-on-year growth of 196.72% [1] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 were adjusted to $342 million, $406 million, and $478 million respectively, up from previous estimates of $322 million, $383 million, and $453 million [1] - Net profit forecasts for the same period are $12 million, $23 million, and $40 million, revised from $12 million, $21 million, and $38 million [1]