Core Viewpoint - The report from Guolian Minsheng indicates that due to intensified industry competition, the sales and profitability of Li Auto are under pressure, with projected revenues and net profits showing fluctuations from 2025 to 2027 [1][2]. Financial Performance - In Q2 2025, Li Auto delivered 111,000 vehicles, a year-on-year increase of 2.3%, with total revenue of 30.2 billion yuan, a quarter-on-quarter increase of 16.7% but a year-on-year decrease of 4.5% [2][3]. - The net profit attributable to the parent company for Q2 2025 was 1.09 billion yuan, with a non-GAAP net profit of 1.46 billion yuan [2]. Revenue and Profit Forecast - For the years 2025 to 2027, Li Auto's projected revenues are 123.9 billion yuan, 190.3 billion yuan, and 220.8 billion yuan, with year-on-year growth rates of -14.3%, 53.6%, and 16.0% respectively [1]. - The projected net profits for the same period are 6.74 billion yuan, 12.4 billion yuan, and 14.85 billion yuan, with year-on-year growth rates of -16.1%, 84.0%, and 19.8% respectively [1]. Margin and R&D Investment - Li Auto's gross margin for Q2 2025 was 20.1%, a year-on-year increase of 0.6 percentage points, while the automotive business gross margin was 19.4% [4]. - The company maintained high R&D investment, with R&D expenses and SG&A at 2.81 billion yuan and 2.72 billion yuan respectively, representing 9.3% and 9.0% of revenue [4]. Infrastructure Development - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities, with 3,190 charging stations and 17,597 charging piles in operation [5].

Core Viewpoint - The company faces challenges in sales and profitability due to intensified industry competition, with projected revenue and net profit showing fluctuations over the next few years [1][3]. Group 1: Financial Performance - In Q2 2025, the company delivered 111,000 vehicles, a year-on-year increase of 2.3%, with total revenue of 30.2 billion yuan, a quarter-on-quarter increase of 16.7% but a year-on-year decrease of 4.5% [2][3]. - The net profit attributable to shareholders for Q2 2025 was 1.09 billion yuan, with a non-GAAP net profit of 1.46 billion yuan [2]. - The projected revenues for 2025-2027 are 123.9 billion, 190.3 billion, and 220.8 billion yuan, with year-on-year growth rates of -14.3%, 53.6%, and 16.0% respectively [1]. Group 2: Margin and Cost Management - The gross margin for Q2 2025 was 20.1%, showing a year-on-year increase of 0.6 percentage points, while the automotive business gross margin was 19.4% [4]. - The company maintains strong cost control and has a well-established production management system, contributing to its robust gross margin performance [4]. Group 3: Research and Development - The company invested 2.81 billion yuan in R&D and 2.72 billion yuan in SG&A for Q2 2025, with R&D and SG&A expense ratios of 9.3% and 9.0% respectively [4]. - High R&D investment is expected to accelerate the company's progress in AI, which may be crucial for future growth [4]. Group 4: Market Position and Infrastructure - As of August 31, 2025, the company has established 543 retail centers and 536 authorized service centers across 222 cities, enhancing its market presence [5]. - The company has deployed 3,190 charging stations and 17,597 charging piles nationwide, contributing to the development of its electric vehicle ecosystem [5].

| 股份代號: | 01456 | | --- | --- | | 上市法國名稱: | 國聯民生證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 19/08/2025 - 19/09/2025 | 格隆汇9月19日丨根据联交所最新权益披露资料显示，2025年9月12日，国联民生(01456.HK)获易方达基金管理有限公司在场内以每股均价6.45港元增持9.15 万股，涉资约59.02万港元。 增持后，易方达基金管理有限公司最新持股数目为5763.1万股，持股比例由13.00%上升至13.02%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | | | 份百分比 | | | | | | | | | 1.9/a | | CS202 ...

来源：格隆汇APP 格隆汇9月19日丨根据联交所最新权益披露资料显示，2025年9月12日，国联民生(01456.HK)获易方达基 金管理有限公司在场内以每股均价6.45港元增持9.15万股，涉资约59.02万港元。 | 麦植座壁 | 次股東/鹽事/產園日放人員名 作出該擔的 寶入 / 費出或涉及的 細胞的平均價 | | 持真假益的股份數目 佔已發行的 為關事件的目開 相關注意核份資權證權益 | | | --- | --- | --- | --- | --- | | 2011 | 野田新目 | | (磷香類上持*基 南投票權服(日/月/年) 概益 | | | | | | 司目分比 | | | CS20250917E00325 男方达基金管理有限公司 1101(L) | | 91 500(L) | HKD 6 4500 57,631,000(L) 13.02(L)12/09/2025 | ECHNER | 增持后，易方达基金管理有限公司最新持股数目为5763.1万股，持股比例由13.00%上升至13.02%。 | 股份代號: | 01456 | | --- | --- | | 上市法國名稱: | 國聯民生體券股 ...

Group 1 - E Fund Management Co., Ltd. increased its stake in Guolian Minsheng (01456) by 91,500 shares at a price of HKD 6.45 per share, totaling approximately HKD 590,200 [1] - After the increase, E Fund's total shareholding in Guolian Minsheng reached 57.631 million shares, representing a 13.02% ownership stake [1]

智通财经APP获悉，香港联交所最新数据显示，9月12日，易方达基金管理有限公司增持国联民生 (01456)9.15万股，每股作价6.45港元，总金额约为59.02万港元。增持后最新持股数目为5763.1万股，持 股比例为13.02%。 ...

Group 1 - Tianli Lithium Energy's stock price fell by 4.77% to 27.57 yuan as of market close [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on August 29, 2022, with an initial public offering of 30.5 million shares at a price of 57.00 yuan per share [1] - The highest price recorded on the first trading day was 82.00 yuan, marking the peak since its listing, and the stock is currently in a state of decline [1] Group 2 - The total amount raised from the initial public offering was 173.85 million yuan, with a net amount of 155.03 million yuan, exceeding the original plan by 71.39 million yuan [1] - The company planned to use the raised funds for the construction of two ternary cathode material projects located in Huaibei and Xinxiang [1] - The total issuance costs for the IPO amounted to 18.82 million yuan, with underwriting and sponsorship fees accounting for 16.32 million yuan [1]

Core Viewpoint - The report from Guolian Minsheng Securities indicates a significant recovery in the profits of 59 sample listed property companies in the first half of 2025, with a total net profit of 10.06 billion yuan, reflecting a year-on-year increase of 22.0% due to improved expense ratios and reduced impairment impacts [1] Financial Performance - Revenue growth is slowing while profits are recovering, with total revenue of 147.07 billion yuan, a year-on-year increase of 4.1%, which is a slowdown of 1.9 percentage points compared to the first half of 2024, as companies focus on refining operations and cutting low-efficiency projects [1] - The total net profit of 10.06 billion yuan represents a year-on-year increase of 22.0%, with leading companies like China Resources Vientiane Life, Country Garden Services, and Poly Property showing the highest profits [1] - Gross profit margin stands at 19.4%, down 1.2 percentage points, primarily due to low payment willingness from owners and rising labor costs [1] - Selling and administrative expense ratio is 7.4%, down 0.5 percentage points, indicating positive results in cost reduction and efficiency improvement [1] Balance Sheet - Accounts receivable turnover days are approximately 114 days, a decrease of about 3 days compared to the first half of 2024, with state-owned enterprises performing best at around 70 days, significantly better than the industry average [2] - Total net cash amounts to 92.94 billion yuan, remaining stable year-on-year, with state-owned and quality private enterprises showing strong cash flow advantages, supporting ongoing dividend payments [2] Business Structure - Revenue from property management services increased by 7.6% year-on-year, accounting for 72.7% of total revenue, as companies focus on their core business and solidify their fundamentals [3] - Revenue from community value-added services decreased by 2.3%, as companies cut low-efficiency businesses to enhance quality [3] - Revenue from non-owner value-added services fell by 24.6%, influenced by a decline in new home sales, with its revenue share likely to continue decreasing [3] - Managed area and contracted area increased by 1.4% and 0.2% year-on-year, respectively, shifting focus from "scale expansion" to "refined management" and "profit quality enhancement" [3] Dividend and Buyback - Total dividends amount to 4.4 billion yuan, a year-on-year increase of 0.1%, with leading companies like China Resources Vientiane Life, Wanwu Cloud, and China Overseas Property showing strong dividend intentions [4] - Share buybacks are progressing steadily, with companies like Wanwu Cloud, Greentown Service, and Country Garden Services continuing to repurchase shares to stabilize stock prices and enhance confidence [4] - Some leading property companies exhibit strong dividend intentions, with dividend yields at relatively high levels, showcasing good characteristics of dividend assets and long-term investment value [4] Investment Recommendations - The property management sector is still in an adjustment phase, with a shift in focus from scale expansion to operational efficiency and cash flow management [5] - Leading property companies maintain strong resilience in basic property management due to resource endowments, customer stickiness, and service capabilities, while continuously improving overall operational efficiency by exiting low-efficiency businesses and optimizing diversified business structures [5] - Recommendations include property management companies with high dividend intentions, good operational efficiency, and solid fundamentals, such as China Resources Vientiane Life (01209) and Wanwu Cloud (02602) [5]

Livestock Industry - The number of new piglets in China is expected to increase from the second half of 2024 to June 2025, indicating a continued ample supply of pigs in the second half of 2025, leading to a relatively low price fluctuation for pigs [1] - In the first half of 2025, selected listed pig farming companies are projected to achieve revenues of 235.068 billion yuan, a year-on-year increase of 16.46%, and a net profit of 16.848 billion yuan, a year-on-year increase of 1315% [1] - The profit margin for pig farming is expected to narrow gradually starting from the fourth quarter of 2024, despite maintaining profitability for 15 consecutive months as of July [1] Pet Industry - In the first half of 2025, selected pet food companies reported total revenues of 6.4 billion yuan, a year-on-year increase of 22%, with individual company performances varying [2] - Guai Bao Pet achieved a revenue growth of 33%, while Zhong Chong Co. saw a 24% increase, while Peidi Co. experienced a 14% decline in revenue [2] - The domestic pet food market remains strong, despite fluctuations in overseas business due to tariff policies [2] Feed Industry - In the first half of 2025, selected feed companies reported total revenues of 81.3 billion yuan, a year-on-year increase of 15%, with Bangji Technology showing a remarkable growth of 167% [3] - The overall performance of major feed companies improved, with total net profits reaching 2.94 billion yuan, a year-on-year increase of 42% [3] - The second quarter of 2025 saw total revenues for feed companies reach 46 billion yuan, reflecting an 18% year-on-year growth [3]

Industry Overview - The "old-for-new" policy has shown further effects in Q2 2025, with both passenger and commercial vehicle sales increasing quarter-on-quarter [1] - The total wholesale sales of passenger vehicles in Q2 2025 reached 7.11 million units, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 10.8% [2] - The total industry revenue for Q2 2025 was 921.1 billion yuan, a year-on-year increase of 9.1% and a quarter-on-quarter increase of 15.4% [1] - The overall net profit attributable to the parent company was 33.9 billion yuan, a year-on-year decrease of 8.9% but a quarter-on-quarter increase of 2.0% [1] Passenger Vehicles - The wholesale sales of new energy passenger vehicles in Q2 2025 reached 3.63 million units, a year-on-year increase of 33.6% and a quarter-on-quarter increase of 25.2%, with a penetration rate of 51.1% [2] - The passenger vehicle segment achieved total revenue of 532.2 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 21.4% [2] - The net profit attributable to the parent company for the passenger vehicle segment was 13.31 billion yuan, a year-on-year decrease of 29.1% and a quarter-on-quarter decrease of 5.5% [2] Components - The components sector achieved total revenue of 251.64 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 9.9% [3] - The net profit attributable to the parent company in the components sector was 14.97 billion yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 6.5% [3] - The accounts receivable turnover days improved to 88.3 days, a decrease of 8.0 days quarter-on-quarter [3] Trucks and Buses - Heavy truck sales increased quarter-on-quarter in Q2 2025, with leading companies performing better than expected due to strong product capabilities and cost control [4] - The net profit attributable to the parent company for Weichai Power and China National Heavy Duty Truck was 2.93 billion yuan and 360 million yuan, respectively, with China National Heavy Duty Truck showing a year-on-year increase of 4.0% [4] - The bus sector saw a net profit of 1.33 billion yuan in Q2 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 50.2% [4] Investment Recommendations - The "old-for-new" policy is expected to boost downstream consumer demand, with recommendations for companies such as Geely Automobile, BYD, and Xpeng Motors [5] - In the components sector, recommended companies include Xinquan Co., Top Group, and BYD Electronics [5] - For heavy trucks, recommendations include China National Heavy Duty Truck, Weichai Power, and Yutong Bus [6]