Macro and Strategy Research - In July 2025, the Consumer Price Index (CPI) showed a shift from a year-on-year increase to stability, with a month-on-month increase driven by summer travel demand and improved consumption policies [2] - The Producer Price Index (PPI) saw a narrowing of the decline in July 2025, with international pricing of oil and non-ferrous metals rising, while domestic production material prices remained weak due to adverse weather conditions [3][4] Industry Research - The price of corrugated paper has increased, with leading companies like Nine Dragons Paper raising prices, which has led to downstream companies issuing price increase notices for cardboard [6][7] - Beijing has optimized its housing purchase restrictions, allowing eligible families to buy multiple properties outside the Fifth Ring Road, which is expected to positively impact the home goods sector [8] - The light industry manufacturing sector outperformed the CSI 300 index by 1.34 percentage points, while the textile and apparel sector outperformed by 3.00 percentage points during the week of August 4 to August 8 [7] - The corrugated paper price rose by 50 yuan per ton from August 1 to August 8, indicating a positive trend in the packaging paper market as demand increases in the second half of the year [7][8]

Core Insights - As of August 8, a total of 160 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is Huicheng Environmental, which has seen net buying for 20 trading days [1] - Other notable stocks with significant consecutive net inflows include China Baowu, Jichuan Pharmaceutical, Taijing Technology, Sairun Bio, Tanshan, Hengsheng Electronics, China High-Tech, Xinjin Steel, Limin Co., and CIMC Vehicles, with net inflows for 14, 13, 11, 11, 11, 11, 11, 10, 10, and 10 trading days respectively [1]

Core Viewpoint - The company, Tanshaner, is experiencing a significant decline in its financial performance for the first half of 2025, with net profits expected to drop substantially compared to the previous year [2][3][4] Group 1: Trading Information - On August 8, 2025, Tanshaner closed at 9.14 yuan, up 0.22%, with a turnover rate of 5.14% and a trading volume of 453,700 hands, resulting in a transaction amount of 415 million yuan [1] - The net inflow of main funds on August 8 was 33.0183 million yuan, while retail investors experienced a net outflow of 26.1638 million yuan [1][4] Group 2: Performance Disclosure - Tanshaner announced a performance forecast for the first half of 2025, estimating a net profit attributable to shareholders of 16 million to 22 million yuan, representing a decline of 74.27% to 81.29% compared to the same period last year [2][3][4] - The forecasted net profit after deducting non-recurring gains and losses is expected to be between 12 million and 16 million yuan, reflecting a decrease of 80.32% to 85.24% year-on-year [2][3][4] Group 3: Company Announcement Summary - The decline in performance is attributed to the outdoor business being affected by market conditions and the pace of new product iterations, leading to lower-than-expected sales and increased inventory impairment provisions [3][4] - Additionally, the chip business has been impacted by exchange rate fluctuations, resulting in significant changes in foreign exchange gains and losses, further dragging down overall performance [3][4]

Core Viewpoint - The company, Tanshaner (300005), announced a significant decline in expected net profit for the first half of 2025, projecting a decrease of 74.27% to 81.29% compared to the same period last year [1] Financial Performance Summary - The expected net profit attributable to shareholders is projected to be between 16 million to 22 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 12 million to 16 million yuan [1] - This represents a decline of 80.32% to 85.24% compared to the same period last year [1]

Core Viewpoint - The company, Teren, expects a significant decline in net profit for the first half of 2025, projecting a profit of 16 million to 22 million yuan, which represents a year-on-year decrease of 74.27% to 81.29% [1] Group 1: Financial Performance - The anticipated decline in profit is primarily attributed to the outdoor business being affected by market conditions and new product iterations, leading to a decrease in sales revenue [1] - An increase in inventory impairment provisions has also contributed to the profit decline [1] - The chip business has been impacted by exchange rate fluctuations, resulting in significant changes in foreign exchange gains and losses, further exacerbating the overall profit decrease [1]

Core Viewpoint - The company,探路者, anticipates a net profit of 12 million to 16 million yuan after deducting non-recurring items for the first half of 2025, indicating a decline in performance compared to previous periods [1] Group 1: Performance Forecast - The company expects a net profit of 12 million to 16 million yuan for the first half of 2025 after deducting non-recurring items [1] Group 2: Reasons for Performance Decline - The decline in performance is attributed to several factors: - The outdoor business faced challenges due to market conditions and the pace of new product iterations, leading to lower-than-expected product sales and increased inventory impairment provisions, which negatively impacted profitability [2] - Although the chip business is developing positively, fluctuations in exchange rates have caused significant changes in foreign exchange gains and losses, further dragging down overall performance [2] Group 3: Financial Highlights - In the first quarter of 2025, the company reported: - Main revenue of 356 million yuan, a year-on-year decrease of 7.04% [2] - Net profit attributable to shareholders of 49.32 million yuan, a year-on-year decrease of 30.7% [2] - Deducted non-recurring net profit of 48.31 million yuan, a year-on-year decrease of 27.78% [2] - Debt ratio of 24.84% [2] - Investment income of -360,800 yuan [2] - Financial expenses of -990,300 yuan [2] - Gross profit margin of 48.81% [2]

Core Viewpoint - The company, Tanshan (300005.SZ), anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 74.27% to 81.29% year-on-year, primarily due to challenges in its outdoor business and fluctuations in foreign exchange losses [1] Financial Performance - The expected net profit attributable to shareholders is between 16 million to 22 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 12 million to 16 million yuan, reflecting a year-on-year decline of 80.32% to 85.24% [1] Business Challenges - The decline in performance is attributed to several factors: - The outdoor business faced adverse market conditions and issues with the pace of new product iterations, leading to lower-than-expected sales and increased inventory impairment provisions [1] - Although the chip business is developing positively, significant fluctuations in foreign exchange gains and losses have negatively impacted overall performance [1]

Core Viewpoint - The company, Teren, is expected to report a significant decline in net profit for the first half of 2025, with estimates ranging from 16 million to 22 million yuan, representing a decrease of 74.27% to 81.29% compared to the same period last year [1] Group 1: Financial Performance - The net profit forecast for the first half of 2025 is between 16 million and 22 million yuan [1] - This represents a substantial decline of 74.27% to 81.29% year-on-year [1] Group 2: Business Segments - The outdoor business has been adversely affected by market conditions and the pace of new product iterations, leading to lower-than-expected product sales [1] - Revenue has declined during the reporting period, and there has been an increase in inventory impairment provisions, negatively impacting profitability [1] - The chip business is developing positively overall; however, it has faced challenges due to exchange rate fluctuations, resulting in significant changes in foreign exchange gains and losses that have further impacted performance [1]

Core Viewpoint - The company expects a significant decline in net profit for the first half of 2025, projecting a range of 16 million to 22 million yuan, which represents a year-on-year decrease of 74.27% to 81.29% compared to 85.5 million yuan in the same period last year [1] Group 1: Financial Performance - The anticipated net profit for the first half of 2025 is between 16 million and 22 million yuan, indicating a substantial drop from the previous year's profit of 85.5 million yuan [1] - The decline in performance is attributed to a decrease in outdoor business sales due to market conditions and product iteration cycles, leading to lower revenue and increased inventory impairment provisions [1] - The chip business is performing well overall; however, it is negatively impacted by exchange rate fluctuations, resulting in significant changes in foreign exchange gains and losses that further drag down overall performance [1]

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant decline in net profit attributable to shareholders for the first half of 2025 [Performance Forecast Period](index=1&type=section&id=(I)%20Performance%20Forecast%20Period) The company's performance forecast for H1 2025 covers January 1 to June 30, 2025 - The performance forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) [Core Financial Indicator Forecast](index=1&type=section&id=(II)%20Performance%20Forecast%20Details) The company forecasts a significant year-over-year decline in net profit and adjusted net profit for H1 2025 H1 2025 Performance Forecast Core Financial Indicators | Indicator | Current Period Forecast (million Yuan) | Prior Period (million Yuan) | Year-over-Year Change Range | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Profit: 16 – 22 | Profit: 85.50 | Decrease: 74.27% – 81.29% | | Net Profit After Deducting Non-Recurring Gains/Losses | Profit: 12 – 16 | Profit: 81.30 | Decrease: 80.32% – 85.24% | [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) This performance forecast's financial data remains unaudited, emphasizing its preliminary nature for investors - The financial data related to this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) Performance decline is attributed to underperforming outdoor business, increased inventory impairment, and adverse exchange rate effects on the chip segment - Outdoor business sales fell short of expectations due to market conditions and new product iteration cycles, resulting in **revenue decline** and **increased inventory impairment provisions**, thus **dragging down profitability**[5](index=5&type=chunk) - The chip business is generally developing well, but **significant exchange rate fluctuations** led to substantial changes in exchange gains and losses, **negatively impacting overall performance**[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%20IV.%20Other%20Relevant%20Information) This performance forecast provides preliminary financial estimates, with final data pending the 2025 Semi-Annual Report, urging investor caution - The data in this performance forecast is a **preliminary estimate** by the company's finance department, and detailed performance data will be subject to the company's 2025 Semi-Annual Report[6](index=6&type=chunk) - The company urges investors to make **cautious decisions** and be aware of **investment risks**[6](index=6&type=chunk)