Investment Rating - The investment rating for the company is "Buy-A" with a target price of 14.78 CNY, maintaining the rating [4][8]. Core Insights - The company has demonstrated steady revenue growth, with H1 2025 revenue reaching 1.746 billion CNY, a year-on-year increase of 5.78%, and a net profit of 183 million CNY, up 1.72% year-on-year [1][2]. - The company is focusing on both domestic and overseas markets, with overseas revenue growing by 39.67% year-on-year in H1 2025, indicating successful market expansion [2]. - The company is enhancing its production capacity with several projects expected to be operational by mid-2026, which will support future growth [2]. Financial Performance - In H1 2025, the company's gross margin was 21.18%, a decrease of 1.20 percentage points year-on-year, while the net profit margin was 10.55%, down 0.49 percentage points year-on-year [3]. - The company has effectively controlled its expenses, with a total expense ratio of 9.45%, a decrease of 0.96 percentage points year-on-year [3]. - The projected revenue for 2025-2027 is expected to grow to 3.797 billion CNY, 4.169 billion CNY, and 4.557 billion CNY, respectively, with corresponding net profits of 503 million CNY, 558 million CNY, and 632 million CNY [4][9]. Market Position and Strategy - The company is positioned as a leader in the domestic plastic flexible packaging industry, continuously accumulating technological and management advantages [4]. - The company is actively investing in product innovation and expanding its market share, which is expected to benefit from industry upgrades and structural optimization [4].

Core Viewpoint - The company reported steady revenue growth in the domestic market and significant growth in international business revenue, indicating a successful strategy in both new consumer sectors and international market expansion [4][5]. Financial Performance - In 1H2025, the company achieved revenue of 1.75 billion yuan, a year-on-year increase of 5.8%, and a net profit attributable to shareholders of 180 million yuan, up 1.7% year-on-year [4]. - Revenue for Q1 and Q2 of 2025 was 850 million yuan and 900 million yuan, respectively, with year-on-year growth of 1.6% and 10.1% [4]. - The company’s gross margin for 1H2025 was 21.2%, a decrease of 1.2 percentage points year-on-year, with Q1 and Q2 margins at 21.3% and 21.1%, respectively [6]. Product and Market Analysis - Revenue by product in 1H2025: color printing packaging (1.22 billion yuan, +2.6%), aluminum-plated packaging (40 million yuan, +22.3%), plastic flexible packaging (370 million yuan, +20.3%), and ink (70 million yuan, +3.8%) [5]. - Revenue by region: domestic market (1.44 billion yuan, +0.6%) and international market (300 million yuan, +39.7%) [5]. Cost and Expense Management - The company’s expense ratio for 1H2025 was 9.5%, down 1.0 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios [7]. - The decrease in management expense ratio was primarily due to reduced employee compensation [7]. Dividend Policy - The company announced a cash dividend plan for 2025, proposing a distribution of 2.8 yuan per 10 shares, totaling 170 million yuan, with a current dynamic dividend yield of 5.3% [8].

Group 1: Chengdu Bank - Chengdu Bank reported a revenue of 12.27 billion yuan for H1 2025, a year-on-year increase of 5.9%, and a net profit attributable to shareholders of 6.62 billion yuan, up 7.3% year-on-year [5] - The bank's interest margin pressure has weakened, leading to accelerated revenue and profit growth [5] - The non-performing loan ratio remains low, indicating strong risk compensation ability [5] - The bank benefits from strategic opportunities in the Chengdu metropolitan area and has a natural advantage in acquiring quality corporate projects [5] Group 2: Nanda Optoelectronics - Nanda Optoelectronics achieved a revenue of 1.229 billion yuan in H1 2025, representing a year-on-year growth of 9.48%, with a net profit attributable to shareholders of 208 million yuan, up 16.30% year-on-year [5] - The company reported a non-recurring net profit of 162 million yuan, a year-on-year increase of 18.39% [5] - In Q2 2025, the company recorded a revenue of 602 million yuan, a decrease of 1.91% year-on-year and 4.12% quarter-on-quarter, while net profit was 112 million yuan, up 16.23% year-on-year and 17.47% quarter-on-quarter [5] Group 3: Weimais - Weimais reported a revenue of 2.96 billion yuan for H1 2025, a year-on-year increase of 7%, and a net profit attributable to shareholders of 272 million yuan, up 26% year-on-year [6] - The company achieved a non-recurring net profit of 253 million yuan, a year-on-year growth of 29% [6] - In Q2 2025, Weimais' revenue was 1.607 billion yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 19%, with a net profit of 171 million yuan, up 69% year-on-year and 70% quarter-on-quarter [6] Group 4: Tianfu Communication - Tianfu Communication reported a revenue of 2.456 billion yuan for H1 2025, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% year-on-year [7] - The non-recurring net profit was 867 million yuan, reflecting a year-on-year growth of 35.27% [7] Group 5: BOE Technology Group - BOE Technology Group achieved a revenue of 6.671 billion HKD for H1 2025, a year-on-year increase of 8%, with revenue from automotive display-related businesses growing by 9% to 6.245 billion HKD [8] - The industrial display revenue increased by 5% to 426 million HKD, driven by demand growth from major customers in China [8] Group 6: Yongxin Co., Ltd. - Yongxin Co., Ltd. reported a revenue of 1.75 billion yuan for H1 2025, a year-on-year increase of 5.8%, and a net profit attributable to shareholders of 180 million yuan, up 1.7% year-on-year [9] - The company achieved revenues of 850 million yuan and 900 million yuan in Q1 and Q2 2025, respectively, with year-on-year growth of 1.6% and 10.1% [9] - The net profit for Q1 and Q2 2025 was 88.92 million yuan and 94.35 million yuan, reflecting year-on-year growth of 2.9% and 0.7% [9] Group 7: Haidilao - Haidilao reported a revenue of 20.703 billion yuan for H1 2025, a year-on-year decrease of 3.7%, with a net profit attributable to shareholders of 1.759 billion yuan, down 13.7% year-on-year [9] - The company experienced a decline in table turnover rate, while the average customer spending slightly increased [9] - Despite a decrease in net profit margin due to service quality improvements, Haidilao maintained a high dividend payout ratio [9]

Core Insights - Yongxin Co., Ltd. reported a total revenue of 1.746 billion yuan for the first half of 2025, representing a year-on-year increase of 5.78% [1] - The net profit attributable to shareholders reached 183 million yuan, up 1.72% year-on-year [1] - The company's accounts receivable accounted for 143.18% of the latest annual net profit, indicating a significant amount of outstanding payments [2] Financial Performance - Total revenue for the second quarter was 898 million yuan, showing a year-on-year increase of 10.07% [1] - The gross profit margin decreased to 21.18%, down 5.38% year-on-year, while the net profit margin fell to 10.55%, a decrease of 4.4% [1] - Total expenses (selling, administrative, and financial) amounted to 90.33 million yuan, which is 5.17% of revenue, down 12.53% year-on-year [1] Key Ratios - Earnings per share (EPS) increased to 0.30 yuan, a rise of 3.45% year-on-year [1] - The company's return on invested capital (ROIC) was 13.9% last year, indicating strong capital returns [3] - The median ROIC over the past decade has been 13.32%, reflecting consistent investment returns [3] Fund Holdings - The largest fund holding Yongxin shares is the Baoying Emerging Industry Mixed A fund, which increased its holdings to 5.78 billion yuan [4] - Other funds, such as Baoying Development New Momentum Stock A and Baoying Quality Growth Mixed A, also increased their positions in Yongxin [4] - The performance of the Baoying Emerging Industry Mixed A fund has seen a 58.39% increase over the past year [4]

Investment Rating - The report does not provide a specific investment rating for Yongxin Co., Ltd. [1] Core Insights - Yongxin Co., Ltd. reported a steady revenue growth of 5.8% year-on-year, achieving a total revenue of 1.746 billion yuan in the first half of 2025. The net profit attributable to shareholders was 183 million yuan, reflecting a year-on-year increase of 1.7% [1] - The company has diversified its downstream sectors and demonstrated significant demand resilience, alongside actively expanding overseas channels, contributing to stable revenue growth. However, profitability faced slight pressure due to an increased proportion of low-margin film products [1] - The company’s overseas business continued to expand, with a revenue growth rate of approximately 40% in the first half of 2025, indicating that growth rates for printing and film segments are expected to exceed those of the domestic market [2] Financial Performance Summary - In H1 2025, the revenue from various segments was as follows: printing at 1.219 billion yuan (up 2.64%), film at 369 million yuan (up 20.34%), ink at 74 million yuan (up 3.80%), and vacuum aluminum packaging materials at 35 million yuan (up 222.33%). The gross margins for these segments were 21.90%, 14.73%, 22.16%, and 2.61%, respectively [2] - The company maintained excellent cost control, with a gross margin of 21.1% in Q2 2025, down 1.7 percentage points year-on-year. The net profit margin was 10.5%, down 1.0 percentage points year-on-year [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 491 million, 561 million, and 645 million yuan, respectively, with corresponding P/E ratios of 14.4X, 12.6X, and 11.0X [3]

Investment Rating - The report maintains a "Buy" rating for Yongxin Co., Ltd. (002014.SZ) with a current price of 11.60 CNY [1] Core Views - The company achieved steady revenue growth in the first half of 2025, with a revenue of 1.75 billion CNY, up 5.8% year-on-year, and a net profit of 180 million CNY, up 1.7% year-on-year [5][6] - The domestic market showed stable growth, while international business revenue grew significantly, with a 39.7% increase year-on-year [6] - The company plans to establish a wholly-owned subsidiary in Shanghai with an investment of 5 million CNY to enhance R&D capabilities and support international business expansion [6] - Increased market competition has led to a decline in gross margin, which was 21.2% in the first half of 2025, down 1.2 percentage points year-on-year [6][7] - The company continues to maintain a high dividend policy, proposing a cash dividend of 2.8 CNY per 10 shares, resulting in a total cash dividend of 170 million CNY, with a dynamic dividend yield of 5.3% [8][9] Summary by Sections Financial Performance - In 1H2025, revenue from various product lines was as follows: color printing packaging (1.22 billion CNY, +2.6%), aluminum-plated packaging (40 million CNY, +22.3%), plastic flexible packaging (370 million CNY, +20.3%), and ink (70 million CNY, +3.8%) [6] - The company’s gross margin by product line was: color printing packaging (21.9%), aluminum-plated packaging (2.6%), plastic flexible packaging (14.7%), and ink (22.2%) [7] - The company’s operating expense ratio was 9.5%, down 1.0 percentage points year-on-year, with a notable decrease in management expenses due to reduced employee compensation [8] Profit Forecast and Valuation - The report slightly lowers the profit forecast for 2025-2027, estimating net profits of 500 million CNY, 550 million CNY, and 600 million CNY respectively, with corresponding EPS of 0.81, 0.89, and 0.99 CNY [9][10] - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 14, 13, and 12 times respectively [9] Market Position - Yongxin Co., Ltd. is recognized as a leading enterprise in the soft plastic packaging industry, with stable domestic operations and accelerated international expansion [9]

Core Viewpoint - Yongxin Co., Ltd. reported a revenue of 1.746 billion yuan for the first half of 2025, reflecting a year-on-year increase of 5.78%, with a net profit of 183 million yuan, up 1.72% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 898 million yuan, a 10.07% increase year-on-year [1] - Net profit for Q2 2025 was 94.35 million yuan, showing a 0.65% increase year-on-year [1] - The gross profit margin decreased to 21.18%, down 5.38% year-on-year, while the net profit margin fell to 10.55%, down 4.4% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 90.33 million yuan, representing 5.17% of revenue, a decrease of 12.53% year-on-year [1] - Earnings per share (EPS) increased to 0.30 yuan, up 3.45% year-on-year, while operating cash flow per share was -0.18 yuan, a significant decrease of 151.28% year-on-year [1] Balance Sheet and Debt - Accounts receivable increased to 671 million yuan, a 14.41% rise year-on-year, with accounts receivable accounting for 143.18% of net profit [1][2] - Interest-bearing debt rose to 746 million yuan, a 10.23% increase year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 13.9% last year, indicating strong capital returns, with a historical median ROIC of 13.32% over the past decade [1] - Analysts project a performance of 504 million yuan for 2025, with an average EPS estimate of 0.82 yuan [2] Fund Holdings - The largest fund holding Yongxin shares is the Baoying Emerging Industry Mixed A fund, which holds 5.78 billion yuan in assets and has seen a 58.39% increase over the past year [3]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 0.82, 0.93, and 1.07 RMB respectively, corresponding to PE ratios of 14, 12, and 11 times [5]. Core Insights - The company reported a revenue of 1.746 billion RMB for H1 2025, a year-on-year increase of 5.78%, and a net profit attributable to shareholders of 183 million RMB, up 1.72% year-on-year. The proposed dividend is 0.28 RMB per share, with a payout ratio of 93.58% [1]. - The plastic flexible packaging segment showed significant growth, contributing to the overall revenue increase. The revenue from plastic flexible packaging grew by 20.34% year-on-year, while the main business of color printing composite packaging experienced slower growth due to insufficient recovery in downstream consumer demand [2]. - The company's gross margin for H1 2025 was 21.18%, down 1.20 percentage points year-on-year, while the net margin was 10.55%, down 0.49 percentage points. The decline in margins is attributed to high raw material prices and increased market competition [3]. - As an industry leader, the company is well-positioned to capture market share from smaller competitors and is expected to benefit from new product lines in emerging consumer segments. The ongoing investment in new multi-functional film projects is anticipated to provide additional revenue growth [4]. Summary by Sections Performance Review - In H1 2025, the company achieved a revenue of 1.746 billion RMB, with a net profit of 183 million RMB. The Q2 revenue was 898 million RMB, reflecting a 10.07% year-on-year increase [1]. Operational Analysis - The revenue breakdown for H1 2025 includes 1.219 billion RMB from color printing composite packaging, 369 million RMB from plastic flexible packaging, 74 million RMB from inks, and 35 million RMB from vacuum aluminum packaging, with respective year-on-year growth rates of 2.64%, 20.34%, 3.80%, and 22.33% [2]. Margin and Cost Control - The gross margin for H1 2025 was 21.18%, with a net margin of 10.55%. The company maintained effective cost control, with sales, management, R&D, and financial expense ratios showing improvements [3]. Market Position and Growth Potential - The company is recognized as a leader in the plastic flexible packaging industry, with a focus on expanding into new consumer markets. The high dividend payout ratio and consistent historical dividend yield reflect its stable financial position [4]. Earnings Forecast and Valuation - The projected EPS for 2025-2027 is 0.82, 0.93, and 1.07 RMB, with corresponding PE ratios of 14, 12, and 11 times, supporting the "Buy" rating [5].

近日，黄山永新股份有限公司（证券代码：002014，证券简称：永新股份）公布了最新修订的公司章 程，对公司的组织架构、经营管理、股份发行与转让、股东权益等多方面做出了详细规定。 公司基本信息与发展历程 黄山永新股份有限公司经中华人民共和国对外贸易经济合作部批准，由黄山永新装饰包装材料有限公司 整体变更设立，于2004年7月8日在深圳证券交易所上市。公司先后在2007年、2012年、2016年分别进行 了公开增发新股、非公开发行股票以及发行股份购买相关资产等资本运作。目前，公司注册资本为人民 币612,491,866元，股份总数为612,491,866股，全部为普通股。 股份相关规定 股份发行与托管 公司股份采取股票形式，发行遵循公开、公平、公正原则。面额股以人民币标明面值，股份在中国证券 登记结算有限责任公司深圳分公司集中托管。公司成立时，发起人股份为7,000万股，由黄山永佳(集团) 有限公司等五家公司持有。 股份增减和回购 公司可根据经营和发展需要，经股东会决议，通过向不特定对象发行股份、向特定对象发行股份等方式 增加资本。公司减少注册资本需按规定程序办理。公司一般不得收购本公司股份，但在减少公司注册资 ...

华福证券 塑料包装 2025 年 08 月 26 日 公 司 研 究 永新股份（002014.SZ） 经营稳健外销高增，中期高分红股息价值强化 投资要点： 公 公司发布 2025 年半年度报告。25H1 公司实现营收 17.46 亿元，同比 +5.78%，归母净利润 1.83 亿元，同比+1.72%，扣非归母净利润 1.73 亿元， 同比+1.93%。单季度来看，25Q2 公司营收 8.98 亿元，同比+10.07%，归母 净利润 0.94 亿元，同比+0.65%，扣非归母 0.89 亿元，同比+0.89%。 司 财 报 点 评 薄膜新材料增长势能充足，海外业务加速扩张。1）分产品看，25H1 彩 印 复 合 包 材 / 塑 料 软 包 薄 膜 / 油 墨 / 真 空 镀 铝 包 材 营 收 分 别 为 12.19/3.69/0.74/0.35 亿元，同比分别+2.6%/+20.3%/+3.8%/+22.3%。薄膜新 材料增长靓丽，公司聚焦于高阻隔膜、单一材质可回收膜（BOPE）等高附 加值、差异化产品，积极推进 3 万吨双向拉伸多功能膜和 2.2 万吨新型功 能膜等新产能建设，预计 2026 年起陆续投产。 ...