Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported better-than-expected performance for 9M25, with actual net profit of 12.7 billion, exceeding the forecast by 4% [5] - The company achieved a revenue of 27.1 billion for 9M25, a year-on-year increase of 13%, while net profit grew by 2% [5] - The report highlights a significant improvement in the company's self-operated business and stable performance in asset management [1][5] Financial Performance Summary - For 9M25, the company recorded a revenue of 271 billion, with a year-on-year growth of 13% and a net profit of 127 billion, reflecting a 2% increase [5] - The company’s Q3 2025 revenue was 109 billion, down 7% year-on-year but up 37% quarter-on-quarter [5] - The weighted ROE for 9M25 was 7.59%, a decrease of 0.38 percentage points year-on-year [5] Revenue Breakdown - The revenue from various business segments for Q3 2025 is as follows: brokerage at 6.59 billion (+66%), investment banking at 1.95 billion (+44%), and asset management at 1.35 billion (-64%) [7] - The company’s total assets exceeded 1 trillion, with an operating leverage increase from 3.58 times to 3.93 times [7] Investment Analysis - The report suggests an upward revision of profit forecasts due to strong performance in proprietary business, projecting net profits of 17.42 billion, 19.15 billion, and 20.04 billion for 2025-2027 [7] - The company’s market share in financing remained above 7%, with a net income from brokerage business of 2.84 billion in Q3 2025, reflecting a year-on-year increase of 128% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown stable performance with a significant increase in cash flow quarter-on-quarter [1] - The report highlights a decrease in revenue and net profit for the first three quarters of 2025, with a year-on-year decline of 4.1% in revenue and 12.6% in net profit [6] - The company is expected to maintain a good dividend payout ratio due to stable cash flow and capital expenditure [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 421.87 billion, with a year-on-year growth rate of 0.3% [5] - The net profit attributable to the parent company is projected to be 129.79 billion for 2025, reflecting a decline of 5.9% year-on-year [5] - Earnings per share (EPS) for 2025 is expected to be 2.73 yuan, with a projected return on equity (ROE) of 15.9% [5] - The company’s gross margin is forecasted to be 50.6% for 2025, down from 52.2% in 2024 [5] - The company’s operating cash flow for the first three quarters of 2025 was 141.7 billion, with a year-on-year decrease of 6% [6] Operational Performance - The company achieved a net oil and gas production of 578 million barrels of oil equivalent in the first three quarters of 2025, a year-on-year increase of 6.7% [6] - The average realized oil price in Q3 2025 was 66.62 USD per barrel, with a narrowing discount compared to Brent crude [6] - The company’s oil and gas production is expected to continue increasing, driven by new projects and improved operational efficiency [6]

Investment Rating - The report maintains a "Buy" rating for Jinlei Co., Ltd. [6] Core Insights - The company's gross margin continues to improve, with the profitability of castings showing sustained elasticity. In the first three quarters of 2025, the company achieved a gross margin of 24.63%, an increase of 1.88 percentage points year-on-year [6] - The revenue growth in Q3 2025 was primarily driven by an increase in the shipment volume of casting products, supported by strong domestic and international wind power demand [6] - The company is expanding its high-end transmission equipment business, with significant investments in new production lines for bearings, which are expected to enhance market opportunities [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 2,646 million yuan, with a year-on-year growth rate of 34.5% [5] - The net profit attributable to the parent company is expected to reach 447 million yuan in 2025, reflecting a year-on-year increase of 158.9% [5] - The gross margin is forecasted to rise to 27.8% in 2025, continuing its upward trend [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported Q3 2025 earnings that met expectations, with significant revenue and profit growth. Q3 revenue reached 819 million yuan, a year-on-year increase of 123.4%, while net profit attributable to shareholders was 33 million yuan, up 73.2% year-on-year [7]. - The self-owned brand segment has become the primary growth driver, with Q3 revenue from self-owned brands reaching 451 million yuan, a staggering increase of 344.5%, marking its first time accounting for over 55% of total revenue [7]. - The brand management business also saw substantial growth, with Q3 revenue of 204 million yuan, up 114.1% year-on-year, and a cumulative revenue of 539 million yuan for the first nine months, reflecting a 71.1% increase [7]. Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 3,232 million yuan, with a year-on-year growth rate of 83.0%. The net profit attributable to shareholders is expected to be 174 million yuan, representing a 65.0% increase [6]. - The gross margin is forecasted to be 50.5% in 2025, with a return on equity (ROE) of 13.0% [6]. - The company has adjusted its profit forecasts upwards, now expecting net profits of 180 million yuan, 350 million yuan, and 520 million yuan for 2025, 2026, and 2027 respectively [7].

2025 年 10 月 31 日 中欧小盘成长: 广度优势+暴 控,打造高性价比小盘基 基金经理研究系列报告之八十五 申万宏源研究微信服务号 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 小盘风格投资价值分析：量化舒适区，当下估值分位数与盈利预期相对占优 ○ 0 多维成长、内涵丰富，相比大盘估值或具备盈利预期与估值上的双重优势：1）行业结构: 年内收益靠前的行业多具备成长属性，而小盘指数成长属性更为突出；年内收益表现靠后 的行业在小盘指数中占比较少，如银行、食品饮料等；2）年内热点主题反映小盘具备丰富 内涵：提取了规模增长的非宽基、非港股指数，三只指数成分股均普遍由中小盘股票构 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is experiencing rapid growth in mall rental income, which is alleviating debt repayment pressure. The strategy of combining residential and commercial real estate is expected to drive long-term quality growth [6] - The company's financial performance shows a significant decline in revenue and profit, but the gross margin and recurring income are improving, indicating a potential for stable operations [6][8] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 88,999 million yuan, with a year-on-year decline of 25.3%. The net profit attributable to the parent company is expected to be 752 million yuan, reflecting a slight increase of 2.1% [5] - For 2025, total revenue is estimated at 59,785 million yuan, with a year-on-year decline of 32.8%. The net profit is projected to be 945 million yuan, showing a recovery with a growth rate of 25.6% [5] - The gross margin is expected to improve from 19.8% in 2024 to 34.7% by 2027, indicating better cost management and profitability [5] Operational Performance - In the first three quarters of 2025, the company reported a total revenue of 344 billion yuan, down 33.3% year-on-year, with a net profit of 9.7 billion yuan, also down 33.0% [6] - The company’s mall rental income reached 105 billion yuan in the first three quarters of 2025, up 11% year-on-year, with a target of 140 billion yuan for the full year [6] - The occupancy rate of malls is reported at 97.8%, showing a slight increase compared to the previous year [6] Debt and Financial Health - The company has seen a reduction in interest-bearing debt, with a total of 531 billion yuan, down 7.3% year-on-year. The debt repayment pressure is expected to decrease further in the coming years [6] - As of the end of Q3 2025, the company is classified in the yellow zone of the "three red lines" policy, indicating a manageable level of financial risk [6] Market Position and Strategy - The company is focusing on enhancing its commercial real estate portfolio to capture the growing consumer market, with a strategic emphasis on quality growth through effective management [6] - The increasing contribution of mall income and gross profit is expected to support the company's stable operations moving forward [6]

Investment Rating - The report maintains a "Buy" rating for the company, projecting a stable growth in net profit for the years 2025 to 2027 [7]. Core Insights - The company has shown a positive turnaround in Q3 profit growth, with overseas business expansion accelerating. The new contracts signed in Q1-Q3 of 2025 reached 1.52 trillion yuan, a year-on-year increase of 3.08%, with overseas contracts increasing by 94.52% [7]. - The company’s net profit for Q1-Q3 of 2025 was 14.81 billion yuan, a year-on-year decrease of 5.63%, which aligns with expectations. The total revenue for the same period was 728.40 billion yuan, down 3.92% year-on-year [7]. - The company has a robust order backlog of 8.10 trillion yuan, with domestic orders at 6.51 trillion yuan and overseas orders at 1.59 trillion yuan, ensuring future growth [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1,092.29 billion yuan, with a year-on-year growth rate of 2.4%. The net profit for 2025 is forecasted to be 21.41 billion yuan, reflecting a decrease of 3.6% compared to the previous year [6][9]. - The earnings per share (EPS) for 2025 is expected to be 1.58 yuan, with a gross margin of 10.1% and a return on equity (ROE) of 7.6% [6][9]. - The company’s financial performance shows a decrease in operating cash flow, with a net outflow of 79.76 billion yuan in Q1-Q3 of 2025, which is a reduction of 9.26 billion yuan compared to the previous year [7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong performance in the first nine months of 2025, with revenue of 26.2 billion yuan, a year-on-year increase of 41%, and a net profit of 10.9 billion yuan, up 62% year-on-year [5] - The brokerage and proprietary trading segments showed significant growth, with brokerage revenue reaching 6.98 billion yuan, a 75% increase, and proprietary investment income contributing positively to overall profitability [7] - The company is expected to benefit from a rebound in the Hong Kong stock market due to its international business expansion [7] Financial Data and Earnings Forecast - The company’s projected revenue and net profit for the years 2025 to 2027 are as follows: - Revenue: 34.54 billion yuan in 2025, 38.95 billion yuan in 2026, and 42.93 billion yuan in 2027 - Net profit: 13.52 billion yuan in 2025, 15.26 billion yuan in 2026, and 16.19 billion yuan in 2027 [6][8] - The company’s return on equity (ROE) is expected to improve, reaching 10.08% in 2025 [6] Business Performance - The company’s asset management business is a traditional strength, contributing significantly to revenue stability and profitability [7] - The total asset size reached 953.4 billion yuan, a 25.7% increase from the previous year, indicating robust growth and expansion [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue met expectations, while profits fell short. For the first three quarters of 2025, the company achieved a revenue of 1.356 billion yuan, representing an 8% year-on-year growth. The net profit attributable to the parent company was 95 million yuan, a 13% year-on-year increase, but the third quarter saw a decline in net profit by 7% year-on-year [6][5] - The company is focusing on expanding its cell business as a second growth curve, planning to acquire related companies from Yuaneng Group to enhance its health industry ecosystem [6][5] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 1.796 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to the parent company is expected to be 118 million yuan, reflecting a 41.5% year-on-year increase [5][6] - The company’s gross margin is expected to remain stable at around 39% from 2025 to 2027, with a return on equity (ROE) projected to increase to 11.7% by 2026 [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 118 million yuan, 152 million yuan, and 162 million yuan respectively, with corresponding price-to-earnings ratios of 33, 26, and 24 times [6][5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a total revenue of 760 million yuan for the first three quarters of 2025, a year-on-year decline of 36.2%, with a net profit attributable to the parent company of -10 million yuan [6] - In Q3 2025, the company achieved a revenue of 198 million yuan, a slight year-on-year increase of 0.78%, while the net profit attributable to the parent company was -19 million yuan [6] - The company is actively restructuring its channels and has made significant progress in optimizing its marketing expenses, which is expected to stabilize profitability in the medium to long term [6] - The company has established a partnership with a new channel, "自由爱 酒鬼酒," which is expected to enhance its market presence [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1,010 million yuan, with a year-on-year decline of 29.1% [5] - The net profit attributable to the parent company is forecasted to be 7 million yuan in 2025, with a significant recovery expected in 2026 and 2027, reaching 80 million yuan and 113 million yuan respectively [5] - The gross profit margin for Q3 2025 was reported at 61.2%, a decrease of 2.81 percentage points year-on-year [6] - The operating cash flow for Q3 2025 was -92 million yuan, an improvement from -203 million yuan in the same period last year [6]