交银国际研究 每日晨报 2025 年 8 月 25 日 今日焦点 | 卓胜微 300782 CH 关注产能爬升后利润率水平；维持中性 评级: 中性 | | 全球主要指数 | | | | | --- | --- | --- | --- | --- | --- | | 收盘价: 人民币 80.02 潜在涨幅: -10.0% 人民币 | 目标价: | | 收盘价 | 升跌% | | | 72.00 | | 恒指 | 25,339 | 0.97 | 23.53 | | 王大卫, PhD, CFA Dawei.wang@bocomgroup.com | | 国指 | 9,080 | 1.17 | 24.56 | | 1H25 同比由盈转亏，产能爬升对成本压力或接近峰值：2Q25 营收 9.48 亿 | | 上 A | 4,010 | 1.45 | 14.15 | | 元（人民币，下同），同比降 13%。2Q25/1H25 分别录得亏损 1.01/1.47 亿 | | 上 B | 267 | 0.25 | -0.26 | | 元。管理层提到，随着芯卓产品持续上量，产线运转效率提升，降本拐点 | | 深 A | 2,504 ...

Macro Commentary - The speech by Powell at the Jackson Hole central bank conference was more dovish than expected, interpreted by the market as a signal for a potential rate cut in September. However, two regional Fed presidents later tempered this optimism, indicating that the decision would depend on economic data [2][4]. - Inflation in the U.S. is expected to rebound in August, with a potential impact on the unemployment rate due to a decrease in immigrant labor. If inflation rises less than the unemployment rate, a rate cut in September is likely; otherwise, it may be postponed to October [2][4]. - The Fed is anticipated to cut rates again in December and potentially two more times in the following year [2][4]. Company Analysis Bilibili (BILI US) - Bilibili reported Q2 2025 earnings with total revenue of RMB 7.34 billion, a 20% year-on-year increase, meeting expectations. Adjusted net profit reached RMB 562 million, exceeding consensus estimates by 8% due to better-than-expected control of sales expenses [5]. - For Q3 2025, revenue growth is expected to slow to 4% year-on-year, primarily due to high base pressure from mobile gaming. However, advertising and value-added services are projected to remain resilient [5]. Weishijia (856 HK) - Weishijia's H1 2025 revenue grew by 14% to HKD 45.5 billion, driven by strong demand for AI computing, with cloud revenue increasing by 68% year-on-year. Net profit rose by 36% to HKD 649 million [5]. - The target price has been raised to HKD 14.2, reflecting the increased contribution from AI-related business [5]. CSPC Pharmaceutical Group (1093 HK) - CSPC reported H1 2025 total revenue of RMB 13.3 billion, with core revenue declining by 25% year-on-year. The management expects a rebound in product sales in H2 2025, with at least 5% quarter-on-quarter growth anticipated [6][7]. - The company has completed six external licensing deals since late 2024 and expects to finalize two more significant deals in H2 2025, each exceeding USD 5 billion [7][9]. Li Ning (2331 HK) - Li Ning's revenue for H1 2025 was RMB 14.8 billion, a 3% year-on-year increase, slightly above expectations. However, net profit fell by 11% to RMB 1.74 billion, reflecting challenges in retail sales and increased discounts [11][13]. - The company maintains its FY 2025 guidance, expecting stable sales growth and high single-digit net profit margins, despite pressures from inventory and promotional costs [10][11]. Binjiang Service (3316 HK) - Binjiang Service reported a 12.2% increase in net profit for H1 2025, with total revenue up 22.7%. The basic property management segment showed strong growth, benefiting from improved collection rates and property fee increases [14][16]. - The company aims to achieve a 70% dividend payout ratio and plans to pursue inclusion in the Hong Kong Stock Connect by FY 2026 [16]. Zhaosheng Microelectronics (300782 CH) - Zhaosheng Microelectronics reported Q2 2025 revenue of RMB 948 million, a 25% quarter-on-quarter increase but a 13% year-on-year decline, indicating ongoing weak demand and competitive pressures [17]. - The company has adjusted its revenue forecasts downwards for 2025 and 2026 due to persistent pricing pressures and lower-than-expected demand [17].

事实上，面对如此庞大的诱惑，不止小红书，整个互联网都想来分一杯羹。就目前来看，腾讯、优酷、爱奇艺等一众长视频网站冲在最前头。 2025年，腾讯视频动漫大赏年度发布会上释出近90部二次元项目；阅文集团借着谷子经济的热度，上半年归母净利同比大增68.5%，IP衍生品业务的GMV 达到了4.8亿元；二次元话题在抖音、快手的播放量现已分别达6589亿次和1755亿次……另外，B站这个老二次元玩家还在坚守阵地。 小红书在内容赛道狂奔的这些年，的确积累了不少二次元用户。数据显示，过去一年，小红书内容发布量增速最快的类目就是二次元与游戏内容，分别同 比增长了175%与168%，仅次于时尚与美食。 自谷子经济爆发后，整个二次元市场的消费力再次映入互联网眼帘。 《2025微博泛二次元内容生态研究报告》显示，2024年泛二次元用户规模达5.03亿人，接近网民规模的一半，泛二次元及周边市场规模达5977亿元，还有 多家研究机构数据显示，中国二次元消费市场规模超千亿。 花钱、花钱，还是为了"花钱" 在互联网流量增长放缓的背景下，二次元文化似乎又为各位提供了一些新的破局思路。 坦白来说，二次元用户群体以 Z 世代为核心，凭借强情感连接 ...

B站Q2扭亏为盈，净利创新高，下半年游戏收入指引不及预期，股价大跌6% 李旎表示，下半年公司将推出更多多端多场景的广告产品，并强化AI自动化投放工具，以进一步提升ROI。 用户层面，B站二季度日均活跃用户数（DAU）1.09亿，同比增长7%；月均活跃用户数3.63亿，同比增长8%；月均付费用户3100万，同比增长9%。本季 度，B站用户日均使用时长105分钟，较去年同期增长6分钟。 现金流方面，公司二季度实现了19.9亿元正向运营现金流，并完成了约1亿美金股票回购，以提升股东回报。截至2025年6月30日，公司持有现金及现金等价 物、定期存款和短期投资总额为222.9亿元人民币。 然而，在B站财报扭亏为盈的同时，其美股预托证券价格却下跌，收跌6.1%报23.76美元。 从业务上看，广告业务收入24.5亿元，同比增长20%；游戏业务收入16.1亿元，同比增长60%；增值服务业务收入28.4亿元，同比增长11%；IP衍生品及其他 业务收入4.4亿元，同比减少15%。 其中，游戏业务的增长，得益于策略游戏《三国：谋定天下》（以下简称"《三谋》"）的出色表现。据B站董事长兼CEO陈睿在二季度财报电话会议中介 绍，《三 ...

Group 1 - Diversification is emphasized as crucial in the current market environment, particularly as stock market gains are largely driven by large-cap U.S. tech stocks, suggesting a need to rotate portfolios into under-recognized sectors [1] - Gary Alexander has extensive experience in technology, having worked on Wall Street and in Silicon Valley, and has been an adviser to seed-round startups, indicating a strong understanding of industry trends [1] Group 2 - The article highlights the importance of moving away from recent winners in the stock market to achieve better portfolio balance [1]

机构：中金公司 毛利率环比继续提升，关注后续盈利稳步释放。2Q25 毛利率环比提升0.2ppt 至36.5%，主要因效果广告 收入增速亮眼和经营杠杆。2Q25 销售/管理费用绝对值环比略有下滑，研发费用略有环比增长，但相对 节制。我们判断，中长期，公司成本与费用相对平稳，营收增长与结构改善或释放经营杠杆，我们预计 后续季度毛利率或逐步提升至4Q25 达到37%，长期有望达到40%~45%；叠加公司费用相对节制，我们 预计4Q25 Non-GAAP 经营利润率有望达10%。 用户经营数据良性增长，坚持优质内容和社区氛围。公司2Q25 MAU、DAU 和人均单日使用时长均取 得同比增长，其中DAU 2Q25 达1.09 亿人。我们认为，公司社区属性明显且用户粘性维持较高水平。公 司业绩会提到当前广告预算在从多平台向核心平台汇聚，而具备差异化定位平台可能更受偏好；展望未 来，商业化层面，随着公司不断打磨商业化基建能力和年轻用户社区属性，建议持续关注广告、游戏及 充电计划的发展潜力。 盈利预测与估值 维持25/26 年Non-GAAP 净利润预测不变。当前港/美股均交易于33/25 倍25/26 年Non-GAAP ...

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜视觉中国 缓了三个月，B 站总算企稳了经营节奏。 8 月 21 日，B 站向市场递上 2025Q2 财报，盈利成季度最大亮点，再次实现预期反转——原本，B 站 2025Q1 因为再度掉入亏损泥潭（净亏损 1070 万元）而遭受市场质疑；但 2025Q2 营收同比增长 20% 达 73.4 亿元， 盈利一改颓势、跑出陡峭的上扬曲线—— 净利润与调整后净利润均创历史新高，分别为 2.2 亿元、5.6 亿元。 与此同时，B 站的社区粘性也更具包容性——经历 2025Q1 季度 MAU 环比净增 2800 万的爬升高峰后， 2025Q2 季度 MAU 同比提升 8% 达 3.63 亿，仅环比流失 500 万，证明 B 站运营效率与粘性得到了进一步提 升。 说白了，学会闷声赚钱的 B 站在保持游戏、广告持续高增速前提下，难能可贵平衡好了商业变现与用户口碑的 撕扯，迈入了"健康盈利"的轨道。 年轻红利开始兑现 缓缓铺开 B 站 2025Q2 财报，增值服务、广告、游戏和 IP 衍生 ...

点击按钮▲立即报名 美国Markit制造业PMI创三年新高 8月22日消息，多地土地市场已涌现出一批"调规再出让"的地块，调整规划后的地块市场表现显著提升。据悉，地块"调规"主要通过降低容积 率、降低商业比例、放宽计容规则等方式，增加项目开发价值与市场吸引力。以深圳宝安区一宗宅地为例，该地块原起始价为86.27亿元，地块 住宅部分占比49%，但无房企报名。今年7月，该地块重新挂牌，地块不仅大幅降低商业用地配比，还提高居住用地面积占比，并将起始价定为 64.09亿元。 据不完全统计，2024年以来，包括上海、深圳、广州、武汉、宁波、长沙等多个一线、二线城市已有地块通过调整规划重新入市。据悉，目前 土地"调规再出让"主要分为两类：一类地块是通过调规增加地块吸引力，使其顺利出让，另一类则主要是收储地块。（澎湃新闻） ｜点评｜ 近几年土拍市场持续遇冷，多地政府不仅拿出优质地块吸引房企，还在地块建筑规划上放松了限制。例如深圳宝安区的地块，地理位 置优质，只是原先地块商业规划占比过多。现在写字楼、购物中心等商业地产市场供大于求，地块上开发过多商业建筑，房企的最终盈利将面 临较大不确定。提高居住用地面积占比，降低容积率，房 ...

与此同时，B 站的社区粘性也更具包容性——经历 2025Q1 季度 MAU 环比净增 2800 万的爬升高峰后，2025Q2 季度 MAU 同比提升 8% 达 3.63 亿，仅环比 流失 500 万，证明 B 站运营效率与粘性得到了进一步提升。 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜视觉中国 缓了三个月，B 站总算企稳了经营节奏。 8 月 21 日，B 站向市场递上 2025Q2 财报，盈利成季度最大亮点，再次实现预期反转——原本，B 站 2025Q1 因为再度掉入亏损泥潭（净亏损 1070 万元） 而遭受市场质疑；但 2025Q2 营收同比增长 20% 达 73.4 亿元，盈利一改颓势、跑出陡峭的上扬曲线——净利润与调整后净利润均创历史新高，分别为 2.2 亿元、5.6 亿元。 说白了，学会闷声赚钱的 B 站在保持游戏、广告持续高增速前提下，难能可贵平衡好了商业变现与用户口碑的撕扯，迈入了"健康盈利"的轨道。 年轻红利开始兑现 缓缓铺开 B 站 2025Q2 财报，增值服务、广告、游戏和 IP 衍生品及其他业务收入占比分别为 39%、33%、22%、6%——相较上一季度，游戏占比略微下降 ...

Financial Performance - Bilibili reported fiscal second-quarter revenue of $1.02 billion (7.34 billion yuan), representing a 20% year-over-year increase, aligning with analyst forecasts [1] - Adjusted earnings per ADS were 19 cents, exceeding the consensus estimate of 8 cents, more than doubling expectations [1] User Growth Metrics - Daily active users grew by 7%, monthly active users increased by 8%, and monthly paying users rose by 9% year-over-year [2] - Users spent an average of 105 minutes daily, which is six minutes more than the previous year [2] Strategic Focus - The company aims to deliver premium content that resonates with younger audiences to drive user growth and engagement [3] - Bilibili is focused on unlocking the full commercial potential of its ecosystem [3] Stock Performance and Analyst Ratings - Following the earnings announcement, Bilibili shares gained 0.9%, closing at $23.97 [3] - Benchmark analyst Fawne Jiang maintained a Buy rating but lowered the price target from $30 to $28 [8] - Barclays analyst Jiong Shao maintained an Overweight rating and raised the price target from $25 to $28 [8]