Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

智通财经APP获悉，国信证券发布研报称，当前楼市景气度未有显著回暖，地产基本面仍在磨底，8月 京沪先后出台需求端边际放松政策，在宏观经济承压和美元降息预期之下，政策加码空间打开，建议关 注地产板块博弈机会。9月推荐中国金茂(00817)、华润置地(01109)、招商蛇口(001979.SZ)、滨江集团 (002244.SZ)、绿城中国(03900)。 国信证券主要观点如下： 行业：京沪政策边际放松，基本面延续磨底。从统计局数据看，2025年1-7月，全国商品房销售额同 比-6.5%，降幅较1-6月扩大了1.0个百分点;商品房销售面积同比-4.0%，降幅较1-6月扩大了0.5个百分 点。观察相对历史同期的销售规模，2025年7月，商品房的销售额和销售面积分别相当于2019年同期的 43%和44%，均创下2022年以来历史同期新低。 新建商品房销售均价9613元/㎡，同比-2.6%，降幅较1-6月扩大了0.5个百分点。从城市维度看，新房 端，2025年7月，70城新建商品住宅销售价格同比-3.4%，降幅较6月收窄了0.3个百分点，自2024年11月 以来已连续9个月收窄;70城新房销售价格环比-0.3%，降幅与6 ...

SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 丨证券研究报告丨 行业研究丨专题报告丨房地产 [Table_Title] 土地供需相对平淡，低线城市同比边际改善 ——2025 年 7 月房企拿地质量报告 报告要点 [Table_Summary] 7 月核心城市核心地块的供应继续放缓，低线城市土地供应有所放量；土地成交整体平淡，仅 低线城市同比边际改善。7 月中海、绿城、招蛇等在土地市场积极发力，1~7 月金茂、建发、 绿城等拿地强度较高，且金茂、建发销售表现更好；7 月样本房企获取的重点项目中，滨江的 预计利润兑现相对更优，绿城、招蛇、中海获取的地块区位能级更高。结构上重视具备区域优 势、产品力和轻库存的龙头房企，以及拥有稳定现金流的龙头经纪、商业地产和央国企物管。 分析师及联系人 [Table_Author] 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 房地产 cjzqdt11111 [Table_Title 土地供需相对平淡，低线城市同比边际改善 2] ——2025 年 7 月房企拿地质量报 ...

聚焦杭州，全年目标千亿不变；持续降低负债规模和成本，直接融资比例控制在 20%以内 ◎ 作者 / 房玲 核 心 观 点 【 省内业绩贡献超95%，全年目标千亿左右不变 】 2025年上半年滨江集团实现销售额527.5亿元，同比下降9.4%，降幅低于全口径TOP10房企的加权平 均值（降幅13.4%）。位列克而瑞《2025年1-6月中国房地产企业销售TOP100排行榜》全口径销售金额第10名，也是TOP10中唯一的民营房企。企业长期 聚焦杭州市场，上半年杭州一城的销售贡献占比达到了77.4%。全年计划销售额在1000 亿元左右不变，预计行业排名15名以内，全国份额 1%以上。 【权益销售回款50%用于投资，杭州继续保持且增加】 上半年新增土地项目16个，其中杭州14个，金华2个，进一步巩固杭州市场份额。新增项目计容建 筑面积合计100.7万平方米，同比增长15%；土地总价款332.7亿元，同比增长49%。全口径拿地销售金额比为0.63，较2024年全年的0.4明显提升，权益拿 地销售金额比为0.72。滨江集团表示，"投资金额控制在权益销售回款50%左右。区域布局上，杭州继续保持且增加，省内适度减少，省外关注上海 ...

报告期内，公司实现营业收入454.49亿元，同比上升87.8%；实现净利润26.92亿元，同比上升120%，其中归母净利润 18.53亿元，同比上升58.87%。主要系公司2025 年上半年交付楼盘体量较上年同期增加所致。上半年毛利率12.24%， 较上年同期上升2.67个百分点。 当下房地产行业正深陷亏损面持续扩大、销售疲软、债务重压、部分企业面临退市风险的艰难调整期，民营房企标杆 滨江集团（002244.SZ）却再次晒出一张振奋人心的"期中成绩单"：销售位居行业前列，业绩增速稳如磐石，融资成 本极具竞争力…… 8月26日，滨江集团发布2025年半年度报告称，今年1-6月，公司实现销售金额527.5亿元，位列克而瑞全国房企排行榜 第10位，同时也是TOP10中唯一的民营房企，成为当之无愧的民营房企"领头羊"。 今年Q1，滨江集团营业收入为225.1亿元，同比上升64.3%；归母净利润为9.76亿元，同比上升47.9%。据此计算，Q2 公司营业收入229.41亿元，同比上升118.49%；同期归母净利润8.77亿元，同比上升73.19%。 揽云锦绣里 在市场处于筑底期的当下，滨江集团的业绩表现，让大多数房地产 ...

据证券之星公开数据整理，近期滨江集团(002244)发布2025年中报。截至本报告期末，公司营业总收入 454.49亿元，同比上升87.8%，归母净利润18.53亿元，同比上升58.87%。按单季度数据看，第二季度营 业总收入229.41亿元，同比上升118.49%，第二季度归母净利润8.77亿元，同比上升73.19%。本报告期 滨江集团盈利能力上升，毛利率同比增幅27.88%，净利率同比增幅17.16%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率12.24%，同比增27.88%，净利率5.92%，同比增 17.16%，销售费用、管理费用、财务费用总计9.38亿元，三费占营收比2.06%，同比减43.87%，每股净 资产9.46元，同比增11.61%，每股经营性现金流-2.88元，同比减95.52%，每股收益0.6元，同比增 62.16% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 242.01亿 | 454.49 Z | 87.80% | | 归母净利润（元） | 11.66 Z | 18.53亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported significant growth in revenue and profit for the first half of 2025, driven by an increase in delivery scale and a strong focus on high-quality land reserves in Hangzhou, leading to a recovery in profitability [6] - The financing cost has decreased to the level of state-owned enterprises, enhancing the company's financial stability [8] - The company maintains a high investment intensity of over 60% and is expected to continue benefiting from the transfer of high-priced land [6] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 454.5 billion yuan, a year-on-year increase of 87.8% - Net profit reached 26.9 billion yuan, up 120% year-on-year, while attributable net profit was 18.5 billion yuan, reflecting a 58.9% increase [6] - The company reported a gross margin of 12.24% and a net margin of 5.92%, with both margins showing improvements compared to the previous year [6] Sales and Land Acquisition - The company recorded sales of 527.5 billion yuan in the first half of 2025, a decrease of 9.4% year-on-year, ranking tenth in the industry and first among private enterprises [7] - In Hangzhou, the company achieved a sales amount of 287 billion yuan, maintaining the highest market share [7] - The company acquired 16 plots of land in Hangzhou and Jinhua, with a total land payment of 332.7 billion yuan, indicating a land acquisition intensity of 63% [7] Debt and Financing - As of the end of the first half of 2025, the company's consolidated interest-bearing debt was 333.5 billion yuan, a decrease of 40.8 billion yuan from the beginning of the year [8] - The financing cost has been reduced to 3.1%, down by 30 basis points from the beginning of the year, reflecting improved financial management [8] - The company maintains a cash-to-short-term debt ratio of 3.14 times, indicating strong liquidity [8] Earnings Forecast - The company forecasts attributable net profits of 29.4 billion yuan, 32.7 billion yuan, and 34.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.94, 1.05, and 1.10 yuan [6]

作者 | 黄昱 8月26日，滨江集团公布了2025年半年度报告。上半年，滨江集团实现营业收入454.49亿元，同比增长 87.8%；归属于母公司所有者的净利润18.53亿元，同比增长58.87%。 随着房地产进入深度调整期这三四年来，地产行业格局已经经历了大洗牌，如今销售额排名前十的房企 中只剩了一家民企，那就是来自杭州的滨江集团。 在保持一定投资强度的同时，对于滨江而言，确保财务健康仍然是其当前的首要任务。 财报显示，截至上半年底，滨江集团的权益有息负债约为265.06 亿元，较年初下降近40亿元，并表有息 负债规模333.52亿元，较上年末下降40.83 亿元，其中银行贷款占比 83.9%，直接融资占比 16.1%。 在市场处于筑底期的当下，滨江集团得以实现业绩反弹，主要是因为其上半年交付楼盘体量较去年同期 增加。同时，上半年毛利率同比增长2.67个百分点，回升至12.24%。 从销售额来看，今年上半年，滨江集团实现销售额 527.5 亿元，同比减少9.4%，位列克而瑞全国房企排 行榜第 10 位，较2024年同期下降两位，但仍是民营企业第 1位。 为了确保"拿地-销售"的正循环，滨江集团也保持了一定的投 ...

Core Viewpoint - The company has demonstrated strong sales performance and significant revenue and profit growth in the first half of 2025, positioning itself as a leading player in the real estate industry, particularly in the Hangzhou market [1][2][6]. Group 1: Sales Performance and Financial Results - In the first half of 2025, the company achieved sales of 52.75 billion yuan, ranking 10th among national real estate companies and 1st among private enterprises [1]. - The company reported operating income of 45.449 billion yuan, an increase of 87.8% year-on-year, and a net profit of 2.692 billion yuan, up 120% year-on-year, with attributable net profit of 1.853 billion yuan, rising 58.87% year-on-year [2]. - The gross profit margin for the first half of 2025 was 12.24%, an increase of 2.67 percentage points compared to the same period last year [2]. Group 2: Asset and Debt Management - As of the end of the reporting period, the company's total assets were 240.644 billion yuan, a decrease of 7.12% from the end of the previous year, while net assets attributable to shareholders increased by 6.90% to 29.426 billion yuan [2]. - The company’s asset-liability ratio, excluding pre-receipts, was 57.8%, indicating an optimized debt structure [3]. - The company’s interest-bearing liabilities decreased significantly, with a net debt ratio of 7.03% and a cash-to-short-term debt ratio of 3.14 times, ensuring effective coverage of short-term debts [3]. Group 3: Strategic Development and Land Acquisition - The company added 16 new land reserve projects during the reporting period, with a total construction area of 1.0067 million square meters and total land costs of 33.272 billion yuan, focusing on the Hangzhou market [3]. - The land reserves are concentrated in high-quality areas, with 73% located in Hangzhou, providing a strong foundation for sustainable development [3]. Group 4: Financing and Liquidity - The company has seen a continuous decline in financing costs, with an average cost of 3.1% as of June 2025, down 0.3 percentage points from the previous year [4]. - The total bank credit limit was 129.02 billion yuan, with 76% remaining available, indicating strong liquidity [4]. Group 5: Business Diversification - The company is expanding its construction business and has added a new project in Nanjing, with a construction area of approximately 57,000 square meters [5]. - The rental business includes approximately 490,500 square meters of commercial properties, generating rental income of 200 million yuan during the reporting period [5]. - The company’s first elderly care project has achieved a 90% occupancy rate, indicating successful operations in the healthcare sector [5]. Group 6: Market Outlook and Analyst Sentiment - Analysts from Shenwan Hongyuan believe the company’s strong market position and financial health will provide significant sales and profit elasticity in the future [6]. - Ping An Securities highlights the company's clear strategic planning and robust financial status, positioning it as a leading private enterprise in the real estate sector [7].

分析师：何敏仪 SAC 执业证书编号： S0340513040001 电话：0769-22177163 | 公 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | | | | | | | | | | 研 | | | | | | | | | | 究 | | | | | | | | | | 分析师：何敏仪 | SAC | 执业证书编号： | | | | | | | | S0340513040001 | 电话：0769-22177163 | | | | | | | | | 邮箱：hmy@dgzq.com.cn | | | | | | | | | | 主要数据 | 2025 | 年 | 8 | 月 | 26 | 日 | 收盘价(元) | 10.71 | | 总市值（亿元） | 333.24 | 总股本(亿股) | 31.11 | | | | | | | 流通股本(亿股) | 26.86 | ROE（TTM） | 10.98% | | | | | | | 12 | 月最高价(元) | 12.44 | 12 | 月 ...