Core Viewpoint - The report on Bairun Co., Ltd. indicates a continued adjustment in the ready-to-drink (RTD) liquor segment, while there are expectations for growth in the whisky category, leading to a "buy" rating for the company [1][4]. Financial Performance - For the first half of 2025, Bairun's revenue was 1.489 billion yuan, a year-on-year decrease of 8.56%, with a net profit attributable to shareholders of 389 million yuan, down 3.32% year-on-year [2]. - In Q2 2025, revenue was 752 million yuan, a decline of 8.98% year-on-year, and the net profit attributable to shareholders was 208 million yuan, down 10.85% year-on-year [2]. - The RTD liquor segment saw revenue of 1.297 billion yuan, down 9.35% year-on-year, while the food flavoring segment generated 169 million yuan, down 3.91% year-on-year [2]. Product and Channel Analysis - The RTD liquor segment continues to face challenges, but new products like "Mikushen" are expected to perform well, while whisky products are gradually contributing to revenue growth [2][4]. - Revenue from offline channels was 1.311 billion yuan, down 9.63% year-on-year, while digital retail channels generated 155 million yuan, a slight decrease of 0.57% [2]. Profitability and Cost Structure - The net profit margin after deducting non-recurring items in Q2 2025 decreased by 4.18 percentage points to 23.71%, primarily due to a decline in gross margin and an increase in expense ratios [3]. - The gross margin fell by 0.79 percentage points to 71.00%, influenced by reduced economies of scale and changes in product mix [3]. Future Outlook - The company is focusing on inventory reduction in the RTD liquor segment and expects new product launches to improve sales performance [4]. - The whisky segment is anticipated to have significant growth potential, with ongoing marketing investments needed to reach a sales turning point [4]. - Profit forecasts for 2025 to 2027 have been updated to 786 million yuan, 902 million yuan, and 1.048 billion yuan, respectively, with corresponding price-to-earnings ratios of 37, 33, and 28 times [4].

证券时报·数据宝统计显示，公司8月27日公布了半年报，共实现营业收入44.28亿元，同比增长 33.63%，实现净利润19.32亿元，同比增长65.76%，基本每股收益为0.39元，加权平均净资产收益率为 4.53%。 资金面上看，该股8月27日主力资金净流出3.01亿元，近5日主力资金净流出6.93亿元。 两融数据显示，该股最新融资余额为22.16亿元，近5日增加2.26亿元，增幅为11.35%。 按申万行业统计，东吴证券所属的非银金融行业共有8家公司公布了2025半年度分配方案，派现金额最 多的是中国平安，派现金额为172.02亿元，其次是东吴证券、国元证券，派现金额分别为6.86亿元、 3.49亿元。（数据宝） 2025半年度非银金融行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601318 | 中国平 安 | 0.00 | 9.5 | 1720225.99 | 2 ...

Group 1: Insurance Industry Overview - The insurance industry's liability and asset sides are continuously improving, with significant upward valuation potential remaining [1] - The market's savings demand remains strong, and with ongoing regulatory guidance and proactive transformation by insurance companies, liability costs are expected to gradually decrease, alleviating pressure from interest rate spreads [1] - The ten-year government bond yield has recently fallen to approximately 1.76%, and it is anticipated that as the domestic economy recovers, long-term interest rates may rise, easing pressure on new fixed-income investment returns for insurance companies [1] Group 2: Life Insurance Sector Performance - In July, the life insurance sector's premium income increased by 26.2% year-on-year, significantly up from June's growth rate [1] - From January to July 2025, the original premium income for life insurance reached 33,203 billion yuan, a year-on-year increase of 7.5%, while the scale premium was 37,498 billion yuan, up 6.4% year-on-year [1] - The growth in July's premium income is attributed to the ongoing "deposit migration" phenomenon and the suspension of old products due to reduced preset interest rates [1] Group 3: Health Insurance Sector Insights - In July, health insurance premiums increased by 2.6% year-on-year, marking a return to positive growth after a decline in June [2] - From January to July 2025, health insurance premiums grew by 2.3% year-on-year, compared to a 7.8% increase in the same period of 2024 [2] - The long-term outlook for health insurance remains positive, with potential for growth through the establishment of a comprehensive health ecosystem integrating insurance, medical services, and wellness management [2] Group 4: Property Insurance Sector Developments - In July, property insurance premiums rose by 5.3% year-on-year, with non-auto insurance business showing improved growth [3] - From January to July 2025, property insurance premiums totaled 10,933 billion yuan, reflecting a year-on-year increase of 5.1% [3] - The growth in non-auto insurance premiums in July was driven by health insurance, with significant increases in various segments such as health, accident, agricultural, and liability insurance [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 东吴证券（601555.SH）交出上半年成绩单。报告期内，东吴证券实现营业收入44.28亿元，同比增长 33.63%；实现归属于母公司股东的净利润19.32亿元，同比增长65.76%。公司拟向全体股东每10股派发 现金红利1.38元（含税），合计派发现金红利约6.86亿元，占半年度净利润的35.50%。 分业务来看，投资交易业务表现最为亮眼，实现营业收入21.10亿元，同比增长69.69%，毛利率达 93.30%，对公司整体业绩增长贡献显著。该业务营业成本同比下降39.07%，显示出较强的成本控制能 力和资金运用效率。 | | | | | 单位:元 | 币种:人民币 | | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 毛利率 | 营业收入比 | 营业成本比 上年增减(%) | | | | | (%) | 上年增减(%) | | | 财富管理业务 | 1.655,892,769.32 | 837,112,844.34 | 49.45 | 21.58 | 7.56 | ...

每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 王晓波） 每经AI快讯，科达利发布公告称，2025年8月27日，科达利接受东吴证券等投资者调研，公司董事会秘 书罗丽娇等人回答了投资者提出的问题。 ...

东吴证券股份有限公司关于长华控股集团股份有限公司使 用部分暂时闲置募集资金进行现金管理的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为长华控股 集团股份有限公司（以下简称"长华集团"或"公司"）非公开发行股票的保荐机构， 根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规则》、 《上市公司募集资金监管规则》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，对长华集团使用部分暂时闲置募集资金进行现金 管理之事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江长华汽车零部件股份有限公司非 公开发行股票的批复》（证监许可〔2021〕3676 号）核准，公司非公开发行人 民币普通股（A 股）51,806,353 股，每股发行价为人民币 14.67 元，募集资金总 额为人民币 759,999,198.51 元，扣除各项发行费用（不含税）人民币 7,026,232.41 元，实际募集资金净额为人民币 752,972,966.10 元。募集资金已于 2022 年 3 月 9 日存入募集资金专户，立信会计师事务所（特殊普通 ...

东吴证券股份有限公司关于 张家港海锅新能源装备股份有限公司 2025 年半年度持续督 导跟踪报告 东吴证券股份有限公司对张家港海锅新能源装备股份有限公司（以下简称 "海锅股份"或"公司"）2025 年半年度的持续督导跟踪报告如下： 保荐机构名称：东吴证券股份有限公司 被保荐公司简称：海锅股份 保荐代表人姓名：尹宝亮 联系电话：0512-62938168 保荐代表人姓名：毕宇洪 联系电话：0512-62938168 一、保荐工作概述 项 目 工作内容 （1）是否及时审阅公司信息披露文件 是 （2）未及时审阅公司信息披露文件的 次数 制度的情况 （1）是否督导公司建立健全规章制度 （包括但不限于防止关联方占用公司 是 资源的制度、募集资金管理制度、内控 制度、内部审计制度、关联交易制度） （2）公司是否有效执行相关规章制度 是 （1）查询公司募集资金专户次数 每月查阅募集资金专户银行对账单 （2）公司募集资金项目进展是否与信 是 息披露文件一致 （1）列席公司股东大会次数 0 次，均事前或事后审阅相关文件 （2）列席公司董事会次数 （3）列席公司监事会次数 （1）现场检查次数 0 （2）现场检查报告是否按照本所规 ...

证券代码：601555 股票简称：东吴证券 公告编号：2025-040 东吴证券股份有限公司 关于 2025 年半年度利润分配方案的公告 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。 重要内容提示： ● 本次利润分配每股分配比例：每股派发现金红利人民币 0.138 元（含税）。 ● 本次利润分配以公司实施权益分派方案时股权登记日在册的全体股东所 持股份数为基数，具体日期将在权益分派实施公告中明确。 ● 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 本次利润分配方案结合了公司发展阶段、未来的资金需求等因素，不会对公 司每股收益、现金流状况及正常经营产生重大影响。 （一）利润分配方案的具体内容 根据公司 2025 年半年度财务报告（未经审计），截至 2025 年 6 月 30 日， 东吴证券股份有限公司（以下简称"公司"）母公司报表期末未分配利润为人民 币 6,670,964,613.53 元。经董事会决议，公司 2025 年半年度拟以实施权益分派 股权 ...

中证报中证网讯（记者 林倩）8月27日盘后，东吴证券公告了2025年半年度报告。报告期内，东吴 证券实现营业收入44.28亿元，同比增长33.63%；归属于母公司股东的净利润19.32亿元，同比增长 65.76%。 ...

8月27日晚间，东吴证券发布2025年半年报，报告期内，公司营业收入44.28亿元，同比增长33.63%；归 属于母公司所有者的净利润19.32亿元，同比增长65.76%；基本每股收益0.39元，同比增长69.57%。其 中，东吴证券第二季度营业收入13.36亿元，同比增长22.75%；归属于母公司所有者的净利润9.52亿 元，同比增长34.2%。 ...