| | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入(元) | 7, 167, 629, 960. 35 | 6, 151, 505, 945. 47 | | 归属于上市公司股东的净利润 | 441, 280, 358. 42 | 402,878, 197. 11 | | (元) | | | | 归属于上市公司股东的扣除非经 | 424,525,327.08 | 364, 029, 008. 32 | | 常性损益的净利润(元) | | | | 经营活动产生的现金流量净额 | 416, 587, 965. 01 | 353, 812, 155. 92 | | (元) | | | | 基本每股收益(元/股) | 0. 53 | 0. 5000 | | 稀释每股收益(元/股) | 0.51 | 0. 4800 | | 加权平均净资产收益率 | 6. 84% | 7.10% | | | 本报告期末 | 上年度末 | | 总资产(元) | 19, 933, 548, 729. 47 | 18, 362, 138, 756. 84 | | 归属于上市公司股东的净资产 | 6,576, ...

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit growth driven by robust sales in the digital energy sector and a solid increase in new energy vehicle sales [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 7.17 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 440 million yuan, up 10% year-on-year [1]. - In Q2 2025, revenue reached 3.75 billion yuan, reflecting an 18% year-on-year increase and a 10% quarter-on-quarter increase; net profit was 230 million yuan, up 8% year-on-year and quarter-on-quarter [1]. - The overall gross margin for H1 2025 was 19%, down 2 percentage points year-on-year, while the net profit margin was 6%, down 0.4 percentage points year-on-year [2]. Business Segments - Passenger Vehicles: Domestic new energy vehicle sales reached 6.94 million units, exceeding 40% year-on-year growth; revenue from this segment was 3.8 billion yuan, accounting for 53% of total revenue, with a gross margin of 15% [1]. - Commercial Vehicles: Domestic commercial vehicle sales were 2.12 million units, up 3% year-on-year; revenue from this segment was 2.4 billion yuan, accounting for 34% of total revenue, with a gross margin of 24% [1]. - Digital Energy: The segment saw a significant increase, with new renewable energy installations reaching 300 million kilowatts, a 99% year-on-year growth; revenue was 700 million yuan, accounting for 10% of total revenue, with a remarkable 59% year-on-year growth [1]. Cost Management and Efficiency - The company has focused on internal cost reduction and efficiency improvement, with a total expense ratio of 10.4% in Q2 2025, down 0.3 percentage points quarter-on-quarter, benefiting from reductions in management, R&D, and financial expenses [2]. Market Opportunities - The global liquid cooling market for data centers is expected to grow from 3 billion USD to 8 billion USD from 2025 to 2030, with a compound annual growth rate exceeding 20%; the company has developed a comprehensive range of liquid cooling products [2]. - The company has initiated several new projects in the digital and energy sectors, anticipating an additional annual revenue of 600 million yuan upon mass production [3]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 980 million yuan, 1.26 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 32, 25, and 20 times [3].

Core Insights - Pension funds have significantly increased their presence in the secondary market, appearing in the top ten circulating shareholders of 141 stocks by the end of Q2, with 36 new entries and 39 increased holdings [1][2] - The total shareholding of pension accounts reached 1.351 billion shares, with a total market value of 27.588 billion yuan [1] - The most held stock by pension accounts is Zhengtai Electric, with a total holding of 72.2298 million shares, followed by Haiyou Development with 52.1022 million shares [1][2] Summary by Category Shareholding Details - Pension accounts are major shareholders in 68 stocks with a market value exceeding 100 million yuan, including Chuanfeng Power, Zhengtai Electric, and Transsion Holdings [1] - The highest shareholding ratio is in Lanxiao Technology, with a holding of 20.8 million shares, accounting for 6.78% of circulating shares [1][2] Stock Performance - Among the stocks held by pension accounts, 86 companies reported net profit growth in their semi-annual reports, with the highest growth seen in Rongzhi Rixin, which achieved a net profit of 14.2355 million yuan, a year-on-year increase of 2063.42% [2] Sector Distribution - The stocks held by pension accounts are primarily concentrated in the main board (100 stocks), followed by the ChiNext (30 stocks) and the Sci-Tech Innovation Board (11 stocks) [2] - The mechanical equipment and basic chemical industries are the most represented sectors, with 13 and 12 stocks respectively [2]

Group 1: Company Performance and Strategy - 大金重工 has seen a significant increase in overall shipment volume, with a year-on-year growth of over 40%, particularly in export marine products which have doubled [1] - 晶澳科技 expects a 15-18% growth in installation demand by 2025, primarily driven by the Chinese market, with a slight increase anticipated in 2026 [2] - 杭氧股份 anticipates a rapid growth in helium sales over the next three years, with sales in the first half of 2025 exceeding the total for the previous year [3] - 伟星股份 reported a 1.80% year-on-year revenue growth for the first half of 2025, with international business growing by 13.72% [4] - 新宙邦 achieved a revenue of 42.48 billion yuan in the first half of 2025, marking an 18.58% year-on-year increase [5] - 亿联网络 maintains stable gross margins and is optimistic about performance recovery in the second half of the year [6] - 银轮股份 has established a product system focused on data centers, energy storage, and low-altitude aircraft, with positive progress in customer collaborations [7] - 同飞股份 reported a 77.48% year-on-year increase in revenue from power electronics temperature control products [8] - 南方泵业's liquid cooling business generated approximately 66 million yuan in sales, with a focus on new product development [9] - 珠海冠宇 achieved a revenue of 60.98 billion yuan in the first half of 2025, reflecting a 14.03% year-on-year growth [11] - 华丰科技's sales in the new energy vehicle sector have increased, with plans to expand market scale [12] - 中际旭创 is confident in maintaining gross margin growth through cost management and technology advancements [13] Group 2: Market Trends and Opportunities - 大金重工 is expanding its integrated services and has confidence in securing European orders due to its strategic positioning in the offshore engineering sector [1] - 晶澳科技 is adjusting prices based on market conditions and anticipates continued demand growth in the solar energy sector [2] - 杭氧股份 is actively expanding its overseas business, particularly in Southeast Asia, to leverage higher margins compared to domestic sales [3] - 伟星股份 is observing a cautious industry trend but has noted a recent improvement in order intake [4] - 新宙邦 is capitalizing on market opportunities arising from the shutdown of international competitors in the fluorinated liquid sector [5] - 亿联网络's overseas capacity expansion is expected to enhance its operational capabilities in the European market [6] - 银轮股份 is focusing on developing products for emerging fields such as energy storage and low-altitude flying vehicles [7] - 同飞股份 is expanding its product offerings in the cooling solutions market, particularly for data centers [8] - 南方泵业 is enhancing its sales network in overseas markets, particularly in the Middle East and Vietnam [9] - 珠海冠宇 is advancing its research in solid-state batteries and sodium-ion technology, indicating a focus on innovative energy solutions [11] - 华丰科技 is promoting high-voltage connector applications to capture growth in the electric vehicle market [12] - 中际旭创 is exploring new applications for optical connections, indicating a focus on technological advancements in data centers [13]

Group 1: Company Insights - Jianzun Investment recently conducted research on two listed companies, Shenzhou Taiyue and Yinlun Co., focusing on their performance and product developments [1][2] - Shenzhou Taiyue's games, "Age of Origins" and "War and Order," have maintained steady revenue streams, generating 1.502 billion yuan and 465 million yuan in the first half of the year, respectively, with cumulative revenues exceeding 1 billion USD [1] - The SLG market's top products have seen a monthly revenue ceiling increase to 200 million USD, indicating an expanding market space, with the company aiming for new releases to become leading titles [1] - Yinlun Co. has established a 4+N product system targeting data centers, energy storage, charging and swapping, and low-altitude aircraft, with significant progress in customer collaborations [2] - In the data center sector, products include megawatt-level immersion cooling equipment and precision air conditioning, with a customer layout of 3+3+N [2] - The company is also advancing in the low-altitude aircraft sector with drone supercharging and has improved production capacity for energy storage thermal management and new energy heavy trucks [2] - The humanoid robot segment has developed a 1+4+N product system, focusing on key customer needs and achieving progress in product development [2] Group 2: Market Overview - The recent performance of various ETFs indicates mixed trends, with the Food and Beverage ETF showing a slight increase of 0.84% and a P/E ratio of 20.80 [6] - The Gaming ETF has experienced a notable rise of 8.05%, with a P/E ratio of 48.19, while the Cloud Computing ETF has increased by 7.94% with a significantly higher P/E ratio of 128.95 [7][6] - The Semiconductor ETF has also shown a positive trend with a 4.52% increase, reflecting ongoing interest in technology sectors [7]

Group 1: Yinlun Co., Ltd. - The company has established a product system of 4+N around four major fields: data centers, energy storage, charging and swapping, and low-altitude aircraft [1] - In the data center sector, products include megawatt-level immersion cooling equipment and precision air conditioning + cooling towers, with a customer layout of 3+3+N and positive progress in project cooperation [1] - The low-altitude aircraft sector is seeing smooth development in drone supercharging and energy storage thermal management, with an increase in megawatt-level supercharging capacity for new energy heavy trucks [1] - The humanoid robot segment has formed a product system of 1+4+N, including one major system, four modules, and key components, with progress in product development based on major customer needs [1] - A joint venture has been established with partners to focus on the development of dexterous hands, collaborating with several universities [1] Group 2: Jingxin Pharmaceutical - The company is deepening the commercialization layout of Jingnuoning, adding over 400 hospital admissions, covering more than 1,500 hospitals, and achieving revenue of 55 million yuan [2] - The JX11502 capsule has completed Phase II clinical trials, and the application for the marketing of the cariprazine capsule has been submitted, while the LP(a) lowering drug is advancing in Phase I [2] - The sales expense ratio has decreased by 2.41 percentage points, with expectations for stable expense ratios [2] - As of July 31, 2025, the company has repurchased shares worth 610 million yuan, primarily for equity incentives [2] - Revenue from medical devices reached 349 million yuan, a year-on-year increase of 12.01%, while revenue from raw materials decreased by 9.59% to 453 million yuan due to downstream destocking [2]

Group 1: Company Research - Yinlun Technology - Yinlun Technology has established a product system of 4+N around four major fields: data centers, energy storage, charging and swapping, and low-altitude flying vehicles [1] - In the data center sector, products include megawatt-level immersion cooling equipment and precision air conditioning + cooling towers, with a customer layout of 3+3+N and positive progress in project cooperation [1] - The low-altitude flying vehicle sector is seeing smooth development in customer collaboration for drone supercharging, while energy storage thermal management and new energy heavy truck megawatt supercharging capacity are being enhanced [1] - The humanoid robot segment has formed a product system of 1+4+N, including one major system, four modules, and key components, with progress in product development based on major customer needs [1] - A joint venture, Suzhou Yizhi Lingqiao Drive Technology Co., Ltd., has been established to focus on the development of dexterous hands, collaborating with several universities [1] Group 2: Company Research - Huafeng Technology - Huafeng Technology's high-speed line module products are experiencing good production and sales momentum, showing growth compared to the first quarter [2] - The sales revenue from the new energy vehicle business has increased year-on-year, with an improved product structure and plans to expand market scale for high-voltage connector applications [2] - Asset impairment mainly includes credit impairment losses and inventory write-downs, attributed to increased accounts receivable and customer cost control impacts [2] - The high-speed I/O connector business is relatively small and is one of the subsidiaries' operations, with the 224G high-speed backplane connector having completed customer validation testing [2] - The company is collaborating with multiple equipment manufacturers and internet application customers on project initiatives, with a general trend towards the continued use of line modules in the domestic market [2]

调研纪要：神农集团上半年完全成本保持下降趋势，2026年目标再降1元/公斤。公司通过优化断奶、饲 料成本及期间费用，提升运营效率，推广优秀经验，改进疫病防控，提高种猪基因质量等措施降低成 本。针对越南、广西非瘟疫情，公司采取严格防控措施，未受影响。公司代养比例达70%，未来将继续 提升。饲料板块随出栏量增加产量提升，屠宰板块稳定盈利且产能利用率高，深加工板块逐年减亏前景 良好。 根据市场公开信息及8月27日披露的机构调研信息，知名私募诚盛投资近期对2家上市公司进行了调研， 相关名单如下： 1）银轮股份 （诚盛投资参与公司特定对象调研&业绩说明会&线上会议调研） 调研纪要：公司第三曲线确定了4+N的产品体系，围绕数据中心、储能、充换电、低空飞行器四大领域 的N个系统和模块。数据中心领域产品包括兆瓦级浸没一体式液冷设备、精密空调+冷却塔等，数据中 心客户布局为3+3+N，与相关客户的项目合作取得积极进展。低空飞行器领域，无人机超充与客户开发 进展顺利，储能热管理和新能源重卡兆瓦级超充产能提升。人形机器人板块形成1+4+N的产品体系，包 括1大系统、4大模组和关键零部件，围绕头部客户需求在产品开发上取得进展，丰富合 ...

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with H1 revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Dahong Technology achieved a 50% year-on-year revenue growth in Q2, driven by its self-developed BlackEye multimodal model technology, with plans to establish 50 ultra-high-definition channels by 2025 [2] - Huada Zhizao introduced the "PrimeGen" dry-wet collaborative multi-agent system during its performance briefing [3] - Yinlun Co. has established a 4+N product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [4] - Huafeng Technology's sales revenue from its new energy vehicle business increased year-on-year, with plans to expand market scale and promote high-voltage connector applications [5] - Far East Co. has achieved bulk supply of various products to leading AI chip companies, with ongoing development of new liquid cooling technology and solid-state batteries [6] Group 2: Fund Insights - Western Lide Fund, established in 2010, has an asset management scale of 116.646 billion yuan, ranking 55th among 210 funds, with 144 public funds under management [7]