Market Performance - A-shares have been rising since August, with the Sci-Tech Innovation 50 Index increasing by 28% and the ChiNext Index rising over 24%, while the Shanghai Composite Index has gained nearly 8% [1] - Historically, since 2000, the Shanghai Composite Index has a 50% probability of rising in September, while the ChiNext Index has a slightly lower probability [1] - The Consumer Sector shows a higher probability of increase, with the 800 Consumer Index having a 60% probability of rising [1] Institutional Outlook - Institutions are generally optimistic about the future performance of A-shares, with Everbright Securities stating that the logic supporting the market's rise remains unchanged and valuations are reasonable without significant overextension [1] - New positive factors are emerging, such as the potential onset of a Federal Reserve interest rate cut cycle and a recovery in public fund issuance [1] - Zhongtai Securities indicates that liquidity factors are aiding the market's bullish trend, and liquidity is expected to continue driving the market upward, alongside the need for fundamental support [1] Company Profit Forecasts - Various companies have projected net profit growth for 2025 and 2026, with notable increases in specific sectors: - Jiejie Microelectronics (300623) expects a net profit of 37.95 million with a growth rate of 34.40% for 2025 and 34.15% for 2026 [3] - BGI Genomics (301269) anticipates a net profit of 23.82 million, with a significant growth of 82.78% in 2025 and 51.36% in 2026 [3] - Baiwei Storage (688525) forecasts a net profit of 22.15 million, with a remarkable growth of 140.65% for 2025 and 80.38% for 2026 [3] - Other companies such as Zhongwei Company (688012) and Kunlun Wanwei (300418) also show strong profit growth expectations, indicating a positive outlook in their respective industries [3]

Core Views - The report outlines the ongoing supervisory work conducted by Guangfa Securities for Jilin Aolide Optoelectronic Materials Co., Ltd. during the specific stock issuance in 2022, confirming that the company has adhered to relevant regulations and has not encountered any violations or breaches of commitments as of the first half of 2025 [1][2][5]. Supervisory Work - Guangfa Securities has established and effectively implemented a continuous supervision work system and plan for Aolide [1]. - A supervisory agreement has been signed between the sponsor and Aolide, clarifying the rights and obligations during the supervision period, which has been filed with the Shanghai Stock Exchange [1][2]. - Continuous supervision is conducted through daily communication, regular visits, on-site inspections, and due diligence [1]. Compliance and Governance - Aolide has complied with laws, regulations, and business rules set by the Shanghai Stock Exchange, with no reported violations or breaches of commitments as of the first half of 2025 [2][3]. - The company has established effective internal control systems, including financial management, accounting, and internal audit systems [3][4]. Financial Performance - For the first half of 2025, Aolide reported operating revenue of 280.95 million yuan, a decrease of 17.87% compared to the same period in 2024 [12]. - The net profit attributable to shareholders decreased significantly by 93.55%, primarily due to a decline in net profit and an increase in the total number of shares [12][13]. - The company’s gross profit margin has shown slight fluctuations, with a reported margin of 45.83% for the first half of 2025 [12][13]. Core Competitiveness - Aolide has established itself as a key supplier in the OLED upstream supply chain, focusing on both materials and equipment, which has created a synergistic effect in technology [14][19]. - The company has successfully broken through key technologies in OLED evaporation sources, providing essential support for the independent development of China's OLED industry [14][15]. - Aolide has built long-term stable partnerships with major domestic panel manufacturers, enhancing customer loyalty and market penetration [17][18]. R&D and Innovation - The company has increased its R&D investment, with a focus on developing high-performance OLED materials and evaporation sources [20]. - Aolide has made significant progress in various R&D projects, including the development of new materials and technologies aimed at enhancing product performance and market competitiveness [20][21][25]. - The company is actively pursuing collaborations with universities and research institutions to strengthen its intellectual property strategy and technological capabilities [16][19].

广发证券股份有限公司 关于吉林奥来德光电材料股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，广发证券股份有限公司（以下简称"广发证券"、 "保荐机构"）作为吉林奥来德光电材料股份有限公司（以下简称"奥来德"、 "公司"） 2022 年度向特定对象发行股票的持续督导保荐机构，负责奥来德的 持续督导工作，并出具本半年度持续督导跟踪报告。 2025 年上半年，广发证券对奥来德的持续督导工作情况总结如下： | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 了持续督导制度，已制定了相应的 | | | 划。 | 工作计划。 | | | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与奥来德签订《保荐协 | | | 开始前，与上市公司或相关当事人签署持续 | 议》，该协议已明确了双方在持续 | | 2 | 督导协议，明确双方在持续督导期间的权利 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 280 million yuan for the first half of 2025, a year-on-year decrease of 17.9%, and a net profit attributable to shareholders of 30 million yuan, down 70.6% year-on-year. The second quarter revenue was 130 million yuan, showing a year-on-year increase of 52.4% but a quarter-on-quarter decrease of 16.5% [2][6]. - The decline in revenue is primarily attributed to a reduction in orders for evaporation source equipment, while the materials business saw a revenue increase of 22.0% year-on-year [9]. - The OLED industry is undergoing a critical transition from 6th generation to 8.6th generation production lines, with the company successfully securing contracts for new projects, reinforcing its leading position in the domestic evaporation source equipment market [9]. Summary by Sections Financial Performance - In H1 2025, the company's revenue decreased by 17.9% year-on-year, with a gross margin of 45.8%, down 5.7 percentage points. The Q2 gross margin was 44.3%, reflecting a year-on-year decrease of 1.8 percentage points and a quarter-on-quarter decrease of 2.9 percentage points [9]. - The company’s organic light-emitting materials generated revenue of 340 million yuan in 2024, a year-on-year increase of 7.1%, with a gross margin of 47.7% [9]. Market Position and Developments - The company has made significant progress in both equipment and materials, completing acceptance work for major projects and successfully winning bids for equipment upgrades [9]. - The materials business has shown consistent revenue growth over five years, with new product developments in packaging materials and perovskite materials progressing steadily [9]. Future Outlook - The company is expected to achieve net profits of 180 million yuan, 310 million yuan, and 380 million yuan for the years 2025, 2026, and 2027, respectively [9].

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Group 1 - The A-share market continued to rise in August, with major indices showing an upward trend, particularly the Sci-Tech 50, which increased by 21.4%, while the Shanghai 50 had the smallest increase of 5.1% [1][8] - The Hong Kong stock market experienced a volatile upward trend, influenced by rising expectations of overseas interest rate cuts and improved domestic risk appetite, with the Hang Seng Technology Index rising by 4.5% [1][11] Group 2 - The report maintains a bullish outlook on the A-share market, suggesting that the logic supporting the market's rise remains unchanged, with reasonable valuations and new positive factors emerging, such as the potential start of a Federal Reserve rate cut cycle [2][17] - Short-term investment focus should be on sectors that are lagging behind, while medium to long-term attention should be on three main lines: technological self-reliance, domestic consumption, and dividend stocks [2][21] Group 3 - The report suggests a "dumbbell" strategy for Hong Kong stocks, focusing on technology growth and high dividend yield stocks, with an emphasis on sectors benefiting from domestic supportive policies amid the US-China competition [3][23] - Despite the continuous rise in the Hong Kong market, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [3][26] Group 4 - The A-share stock selection for September includes ten stocks: Huayou Cobalt, Zhongwei Company, Xinyi Sheng, Perfect World, Zhengguang Co., CITIC Securities, Huatai Securities, Haier Smart Home, Aolai De, and China Merchants Shekou [4][27] - The Hong Kong stock selection for September includes nine stocks: SMIC, Hua Hong Semiconductor, Horizon Robotics, Meitu, Gao Wei Electronics, Sunny Optical Technology, Huiju Technology, AAC Technologies, and Xindong Company [4][32]

Core Viewpoint - The article discusses the financial performance of several companies in the display technology sector for the first half of the year, highlighting revenue growth and profitability changes among them. TCL Electronics - TCL Electronics reported revenue of HKD 54.78 billion (approximately RMB 50.06 billion), a year-on-year increase of 20.4%, and a net profit of HKD 10.90 billion (approximately RMB 9.95 billion), up 67.8% [4][5] - The large-size display business showed strong performance with a global TV shipment of 13.46 million units, a 7.6% increase year-on-year, and Mini LED TV shipments of 1.37 million units, up 176.1% [5][6] - The internet business also saw revenue growth of 20.3%, with overseas market revenue increasing by 46.3% [7] Deep Tianma - Deep Tianma achieved revenue of RMB 17.48 billion, a 9.93% increase, and turned a profit with a net profit of RMB 206 million [8][9] - The company focuses on small and medium-sized display technologies, including AMOLED and Micro LED, and reported a 27% increase in automotive display revenue [10] OLED Technology - Aolaide, specializing in OLED materials and equipment, reported revenue of RMB 281 million, down 17.87%, and a net profit of RMB 27 million, down 70.59% [11][12] - The materials business grew by 21.99%, while the evaporation source equipment revenue fell significantly [12][14] Deep Textile - Deep Textile reported revenue of RMB 1.6 billion, a decline of 1.41%, and a net profit of approximately RMB 35 million, down 19.73% [15][16] - The company focuses on high-value products like OLED and LCD polarizers and aims to improve production efficiency [17] Skyworth Digital - Skyworth Digital reported revenue of RMB 4.095 billion, down 8.04%, and a net profit of RMB 54 million, down 70.53% [18][19] - The smart terminal business saw a revenue decline of 12.36%, while the professional display business grew by 5.05% [20] New Xiangwei - New Xiangwei achieved revenue of RMB 285 million, a 23.48% increase, and turned a profit with a net profit of RMB 5 million [21][22] - The growth was attributed to an expanded product range and increased market share [22] Asia Optical - Asia Optical reported revenue of RMB 432 million, a 30.01% increase, but a net profit of RMB 538,000, down 36.21% [25][26] - The company’s electronic paper display module revenue grew significantly by 103.01% [27] Shihua Technology - Shihua Technology reported revenue of RMB 537 million, a 73.79% increase, and a net profit of RMB 193 million, up 86.38% [28][29] - The company is focusing on functional electronic materials and high-performance optical materials, with a new project underway to enhance its product capabilities [30]

Core Viewpoint - The financial performance of Aolide (688378) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in its business model and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 281 million yuan, a decrease of 17.87% compared to 342 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 27.01 million yuan, down 70.59% from 91.81 million yuan year-on-year [1]. - The gross margin decreased to 45.85%, down 10.97% from 51.50% in the previous year [1]. - The net profit margin fell to 9.61%, a decline of 64.19% from 26.84% [1]. - The total of selling, administrative, and financial expenses reached 59.88 million yuan, accounting for 21.31% of total revenue, an increase of 40.77% year-on-year [1]. - Earnings per share dropped to 0.11 yuan, a decrease of 75% from 0.44 yuan [1]. - Operating cash flow per share increased significantly to 0.44 yuan, up 772.27% from -0.07 yuan [1]. Changes in Financial Items - The change in trading financial assets was 732.42%, attributed to the purchase of bank wealth management products that have not yet matured [3]. - Accounts receivable financing decreased by 81.9% due to the use of bank acceptance bills for payment [4]. - Other receivables increased by 36.7% due to an increase in employee loans [5]. - The change in right-of-use assets was -59.96%, due to amortization [6]. - Other non-current assets increased by 597.46%, attributed to an increase in prepaid equipment procurement [7]. - Accounts payable increased by 341.17%, due to the issuance of bank acceptance bills for equipment payments [8]. - Contract liabilities increased by 455.94%, due to customer prepayments for equipment business [9]. - Tax payable increased by 564.44%, attributed to an increase in VAT payable at the end of the reporting period [10]. - Other payables increased by 100.38%, due to accrued but unpaid expenses [11]. - Current portion of non-current liabilities increased by 31.02%, due to reclassification of lease liabilities [12]. - Other current liabilities increased by 65146.89%, due to an increase in contract liabilities leading to an increase in VAT to be transferred [13]. - Long-term borrowings increased by 204.78%, attributed to an increase in bank loans [13]. Business Model and Investment Insights - The company's performance is primarily driven by research and development, indicating a need for careful analysis of the underlying drivers of this growth [16]. - The company's return on invested capital (ROIC) was 4.6% last year, with a historical median ROIC of 5.3%, suggesting average investment returns [15]. - Analysts expect the company's revenue for 2025 to be 163 million yuan, with an average earnings per share of 0.65 yuan [17]. Fund Holdings - The largest fund holding Aolide is the Jin Xin Shenzhen Growth Mixed A, with 2.0758 million shares, showing an increase in holdings [18]. - The fund's current scale is 664 million yuan, with a recent net value of 2.7305, reflecting a 1.05% increase from the previous trading day and a 98.1% increase over the past year [18].

Group 1 - The core viewpoint of the news is that Aolide (688378.SH) has reported its semi-annual results for 2025, revealing significant details about institutional and fund holdings [1] - As of August 22, 2025, a total of 12 institutional investors disclosed holdings in Aolide A-shares, with a combined holding of 18.73 million shares, accounting for 7.51% of Aolide's total share capital [1] - The top ten institutional investors collectively hold 7.50% of the shares, which is a decrease of 3.01 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four public funds increased their holdings compared to the previous period, with an increase rate of 0.33% [2] - Two new public funds disclosed their holdings this quarter, while one public fund, the Dacheng Internet Thinking Mixed A, was not disclosed in the current period [2] - In the social security fund sector, one social security fund, the National Social Security Fund 502 Portfolio, was not disclosed in the previous quarter [3] Group 3 - In the insurance sector, one insurance company, Xinhua Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 018L-CT001 Shanghai, increased its holdings, with an increase rate of 0.2% [3]

Core Viewpoint - The report provides a detailed account of the fundraising activities and the usage of funds by Jilin Aolide Optoelectronic Materials Co., Ltd., highlighting the company's commitment to transparency and compliance with regulatory requirements [3][27]. Group 1: Company Overview - Jilin Aolide Optoelectronic Materials Co., Ltd. is listed under the stock code 688378 and is involved in the development of optoelectronic materials [3]. - The company has undergone significant fundraising activities, including an initial public offering (IPO) in 2020 and a subsequent issuance of shares to specific investors in 2022 [4][5]. Group 2: Fundraising Details - In the 2020 IPO, the company raised a total of RMB 1,144,042,394, with a net amount of RMB 1,060,238,400 after deducting issuance costs [4]. - The 2022 issuance involved 4,951,599 shares at a price of RMB 18.47 per share, raising a total of RMB 91,456,033.53, with a net amount of RMB 88,987,600.33 after costs [6]. Group 3: Fund Usage and Management - As of June 30, 2025, the company has utilized RMB 1,072,801,287.69 of the funds raised from the 2020 IPO, with a remaining balance of RMB 35,235,835.47 [7]. - The company has established a management system for the use of raised funds, ensuring compliance with regulations and protecting shareholder interests [10]. - The funds from the 2022 issuance have been fully allocated to supplement working capital as planned [8]. Group 4: Project Updates - The company has initiated projects such as the development of perovskite solar cell evaporation equipment and low-cost organic perovskite materials, with adjustments made to project timelines based on market conditions [24][25]. - The company has reported that certain projects are in the research and development phase and are not yet generating revenue, which complicates the assessment of their economic benefits [29].