Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Group 1 - The core viewpoint of the news is that Yipuli's stock performance has shown fluctuations, with a year-to-date increase of 15.97% and a recent decline over the past five and twenty trading days [1] - As of September 4, Yipuli's stock price was 13.51 CNY per share, with a total market capitalization of 16.758 billion CNY [1] - The company has seen a net inflow of main funds amounting to 1.4578 million CNY, with significant buying and selling activities recorded [1] Group 2 - For the first half of 2025, Yipuli reported a revenue of 4.713 billion CNY, reflecting a year-on-year growth of 20.42%, and a net profit attributable to shareholders of 409 million CNY, up 16.43% [2] - The company has distributed a total of 889 million CNY in dividends since its A-share listing, with 577 million CNY distributed over the past three years [3] Group 3 - Yipuli's main business segments include blasting services (75.36% of revenue), industrial explosives (13.53%), and other products [1] - The company is categorized under the basic chemical industry, specifically in chemical products related to civil explosives, and is involved in various concept sectors such as civil explosives, hydropower, and the Belt and Road Initiative [1]

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

丨证券研究报告丨 联合研究丨公司点评丨易普力（002096.SZ） [Table_Title] 业绩及订单稳增，并购持续推进 报告要点 [Table_Summary] 公司发布 2025 半年报，实现收入 47.1 亿元（同比+20.4%），实现归属净利润 4.1 亿元（同比 +16.4%），实现归属扣非净利润 4.0 亿元（同比+17.6%）。其中 Q2 单季度实现收入 27.0 亿元 （同比+26.4%，环比+34.5%），归属净利润 2.4 亿元（同比+12.6%，环比+47.4%），实现归属 扣非净利润 2.4 亿元（同比+15.8%，环比+53.2%）。 分析师及联系人 [Table_Author] 马太 范超 徐静 SAC：S0490516100002 SAC：S0490513080001 SFC：BUT911 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% 易普力（002096.SZ） cjzqdt11111 [Table_Title2] 业绩及订单稳增，并购持续推进 [Table_Summary2] 事件描述 公司发布 2025 半年报，实现收入 47.1 亿元（同 ...

| | □分析师会议 特定对象调研 | | --- | --- | | 投资者关系活动 | 媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 其他（电话会议） | | | 方正证券：韩 宇；长江证券：徐 静 | | | 天风证券：刑颜凝；东北证券：庄嘉骏 | | | 东方财富证券：梅宇鑫；中信证券：裘 科 | | | 兴业证券：吉 金、陈 垒；中泰证券：曹 惠 | | | 申万宏源证券：任 杰、丁 莹、范一洲 | | | 国海证券：于 畅、张富强；长城证券：王 龙 | | | 太平洋证券：王 亮；南京证券：顾诗园 | | | 华福证券：魏征宇、周丹露；国联证券：武慧东 | | | 国金证券：任建斌、李含钰；国新证券：李 彬 | | | 东兴证券：郑及游；财信证券：梁 游 | | 参与单位名称及人 | 长城基金：李金洪；浙江银万基金：王予乐 | | 员姓名 | 银润资产：李 悦；上海仙人掌基金：阚震洋 | | | 浙江丰道；夏甘霖；乐盈投资：陈清远 | | | 瀑布资管；杨 森；前海君安资管：卢晓冬 | | | 长江资管 ：汪中昊；中金公司：金宾斌 | | | 财 ...

经营分析 爆破服务营收同比高增，新签订单助力公司稳健增长。根据公司半年报，25 年上半年公司爆破服务业 务实现营业收入35.51 亿元，同比增长28.49%；工业炸药实现营收6.38 亿元，同比增长2.95%；工业雷 管实现营收2.22 亿元，同比下滑35.01%。盈利能力方面，上半年公司爆破服务、工业炸药、工业雷管 的毛利率分别为21.15%、34.48%、29.19%，相较于去年同期分别+0.20%、+0.83%、-1.10%。据中国爆 破器材行业协会编制的《2025 年上半年民爆行业运行情况》统计，2025 年上半年，民爆行业生产企业 累计实现爆破服务收入172.72 亿元，同比增长18.29%，公司爆破服务收入增速显著高于行业增速。此 外，根据公司日常经营合同情况公告，2025 年1-3 月新签或开始执行的爆破服务工程类日常经营合同金 额合计人民币20.88 亿元，4-6 月合计59.03 亿元，上半年合计近80 亿元，助力公司爆破服务业务稳健增 长。 业绩简评 2025 年8 月28 日，公司发布2025 年半年报，上半年公司实现营业收入47.13 亿元，同比增长20.42%； 实现归母净利润4.0 ...

本次财报公布的各项数据指标表现尚佳。其中，毛利率22.43%，同比减6.04%，净利率9.34%，同比减 1.21%，销售费用、管理费用、财务费用总计3.75亿元，三费占营收比7.97%，同比减18.41%，每股净资 产6.12元，同比增7.23%，每股经营性现金流0.43元，同比增587.2%，每股收益0.33元，同比增17.86% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 39.14 Z | 47.13 Z | 20.42% | | 归母净利润(元) | 3.51亿 | 4.09 亿 | 16.43% | | 扣非净利润(元) | 3.4亿 | 4亿 | 17.60% | | 货币资金(元) | 22.12亿 | 29.13 乙 | 31.68% | | 应收账款(元) | 18.12亿 | 22.18亿 | 22.41% | | 有息负债(元) | 2.88亿 | 2.57亿 | -10.64% | | 毛利率 | 23.87% | 22.43% | -6.04% | | 净利率 | 9.46% | ...

上 市 公 司 公 司 研 究 / 公 基础化工 2025 年 08 月 29 日 易普力 (002096) ——Q2 业绩基本符合预期，矿服维持高增 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 13.67 | | 一年内最高/最低（元） | 17.06/10.01 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 1.68 | | 流通 A 股市值（百万元） | 9,582 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.12 | | 资产负债率% | 36.87 | | 总股本/流通 A 股（百万） | 1,240/701 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 任杰 (8621)23297818× renjie@swsresearch.com 本研究报 ...

Group 1 - The company reported a significant increase in both revenue and net profit for the first half of 2025, achieving a revenue of 4.713 billion yuan, a year-on-year growth of 20.42%, and a net profit of 409 million yuan, up 16.43% [1] - The operating cash flow saw a remarkable increase to 531 million yuan, representing a year-on-year growth of 587.20%, indicating improved operational efficiency alongside expansion [1] Group 2 - The core business of the company, which focuses on integrated services in the civil explosives industry, has shown strong growth, with the blasting service segment generating 3.551 billion yuan in revenue, a substantial increase of 28.49% year-on-year, and its share of total revenue rising from 70.63% to 75.36% [2] - The company capitalized on the booming market demand in the northwest region of China, achieving 2.353 billion yuan in revenue from this area, a significant increase of 38.56%, accounting for 49.93% of total revenue [2] - The company is expanding its global footprint, with operations now in countries such as Liberia, Namibia, and Pakistan, while maintaining a strong domestic market presence [2] Group 3 - The company is a leader in the digital transformation of green mining and has developed an intelligent mining framework that includes advanced technologies such as 3D blasting design software and remote-controlled drilling machines, enhancing production efficiency and safety [3] - The company has pioneered domestic technology in the production of on-site mixed water gel explosives, achieving international advanced levels, and has developed original technologies that are internationally leading [3] - The company is well-prepared for future high-quality development, having improved its operational quality, strategic layout, and innovation capabilities [3]

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]