Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a stable performance in H1 2025, with a year-on-year improvement in profitability. Revenue for H1 2025 was CNY 3.661 billion, down 1.93% year-on-year, while net profit attributable to shareholders was CNY 397 million, up 11.08% year-on-year [5][7] - The hotel business saw a slight decline in revenue, while the scenic area revenue remained stable. The hotel business generated revenue and profit of CNY 3.365 billion and CNY 395 million, respectively, with a year-on-year decrease of 2.09% in revenue but an increase of 20.53% in profit [5][6] - The company opened 664 new hotels in H1 2025, a year-on-year increase of 17.1%, with a focus on optimizing the store structure [6][8] Summary by Sections Financial Performance - In H1 2025, the overall gross margin was 38.33%, an increase of 0.76 percentage points year-on-year. The net profit margin for H1 2025 was 10.85%, up 1.27 percentage points year-on-year [7][12] - The company’s revenue growth rate is projected to be -0.94% for 2025, with net profit expected to grow by 12.86% [9][10] Revenue Breakdown - The hotel business revenue decreased by 7.85% due to the closure of underperforming stores and a decline in RevPAR, while the hotel management business revenue increased by 11.70% due to the expansion of franchise stores [5][6] - The RevPAR for all hotels, excluding light management hotels, was CNY 153, down 4.3% year-on-year [6] Store Expansion and Structure - The company continues to optimize its store structure, focusing on standard management hotels. As of H1 2025, the total number of hotels reached 7,268, with the proportion of mid-to-high-end hotels increasing to 29.3% [6][8] Profitability and Cost Control - The company has effectively controlled costs, with a decrease in the expense ratio to 24.02%, down 0.79 percentage points year-on-year. The sales expense ratio increased due to higher OTA commissions, while management expenses decreased due to improved cost control [7][12] Future Outlook - The company’s mid-to-high-end brand layout is becoming more complete, and the report expresses optimism about the company's future development prospects, maintaining the "Accumulate" rating [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company exceeded production targets in the first half of 2025, leading to better-than-expected financial performance. Revenue reached 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders was 8.671 billion yuan, an increase of 60.07% [1][2]. - The company achieved production targets across all product lines, with copper production at 353,600 tons, a year-on-year increase of approximately 12.68%, and cobalt production at 61,100 tons, a year-on-year increase of approximately 13.05% [2]. - The company is optimistic about future copper prices due to macroeconomic factors and supply-demand dynamics, expecting a price increase in the coming months [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 94.773 billion yuan, a decrease of 7.83% year-on-year, and a net profit of 8.671 billion yuan, an increase of 60.07% year-on-year. The net profit excluding non-recurring items was 8.724 billion yuan, up 55.08% year-on-year [1][4]. - The company has adjusted its full-year production expectations upward due to strong performance in the first half and rising prices for tungsten and molybdenum [4]. Production and Pricing - The company’s copper and cobalt mines, TFM and KFM, are set for expansion, with TFM achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, and KFM with a capacity of over 150,000 tons of copper and 50,000 tons of cobalt [3]. - Prices for copper, cobalt, molybdenum, ammonium paratungstate, and monoammonium phosphate have all increased in the first half of 2025, with copper averaging $9,431 per ton, a 3.75% increase year-on-year [2]. Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 16.44 billion yuan, 17.62 billion yuan, and 19.006 billion yuan respectively, with increases of 22%, 23%, and 16% compared to previous estimates. The current stock price corresponds to P/E ratios of 15, 14, and 13 for 2025-2027 [4][17].

Investment Rating - The industry is rated as "Buy" for non-metallic building materials and "Overweight" for construction and engineering [5][8]. Core Insights - The central government has issued opinions to promote high-quality urban development, emphasizing the need for better housing construction and urban infrastructure, which is expected to benefit leading companies with strong industry chains and financing capabilities [1]. - Shanghai has accelerated the renovation of urban villages, with 21 new projects planned for 2024, which is anticipated to benefit regional construction companies [2]. - Investment suggestions include focusing on companies such as China State Construction, Deep City Transportation, Tunnel Shares, and others in the construction and infrastructure sectors [1][2]. Summary by Sections Urban Development Initiatives - The central government aims to systematically promote the construction of "good houses" and complete communities, while also supporting the renovation of old housing and urban infrastructure [7]. - Emphasis is placed on enhancing urban infrastructure, including optimizing layouts, improving safety management, and integrating modern communication networks [7]. Company Focus - Current investment recommendations highlight companies in new materials such as China Jushi and Guoen Co., as well as construction and infrastructure firms like China State Construction and Dongfang Yuhong [3].

2025 年 9 月 1 日 总量研究 TMT 主题基金涨幅优势延续，超百亿资金加仓 TMT、周期行业 ETF ——基金市场与 ESG 产品周报 20250901 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.8.25-2025.8.29）国内权益市场热度持续，创业板指上涨 7.74%，港股 呈现调整。行业方面，本周通信、有色金属、电子行业涨幅居前，纺织服 饰、煤炭、银行行业跌幅居前。基金市场方面，本周权益型基金整体表现较 好，偏股混合型基金领涨，混合债券型一级基金回调。 基金产品发行情况：本周国内新基市场热度上升，股票型基金发行火热，新 成立基金 44 只，合计发行份额为 282.05 亿份。其中股票型基金 29 只、混 合型基金 5 只、债券型基金 5 只、FOF 基金 2 只、REITs1 只、货币市场型 基金 2 只。全市场新发行基金 29 只，从类型来看，股票型基金 19 只、混合 型基金 7 只、债券型基金 3 只。 基金产品表现跟踪：行业主题基金方面，本周各主题基金净值多数上涨， TMT 主题基金涨幅优势延续，净值上涨 5.85%，金融地产、医药主题基金呈 现回 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 677 million yuan in the first half of 2025, a decrease of 5.77% year-on-year, and a net profit attributable to shareholders of 77.91 million yuan, down 18.97% year-on-year [1][2]. - Despite a decline in revenue, the company has seen an increase in the gross margin for specialty gases, which improved by 2.4 percentage points year-on-year, partially offsetting the impact of price declines [2][3]. - The company is actively promoting domestic substitution of specialty gases and has established a comprehensive production base across key economic regions in China, enhancing its international brand influence [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 339 million yuan, a year-on-year decrease of 12.11%, but a slight quarter-on-quarter increase of 0.23%. The net profit for the quarter was 33.51 million yuan, down 34.36% year-on-year and 24.52% quarter-on-quarter [1][2]. - The specialty gas segment generated 423 million yuan in revenue, down 8.79% year-on-year, while the industrial gas segment saw a revenue increase of 15.26% to 149 million yuan [2]. Cost and Expenses - The company experienced an increase in sales, management, and financial expenses, which rose by 10.3%, 13.5%, and 16.2% respectively in the first half of 2025. Research and development expenses decreased by 7.5% [2]. Profitability Forecast - The report revises the profit forecast for 2025-2027, estimating net profits of 201 million yuan, 247 million yuan, and 283 million yuan respectively, down from previous estimates [3][5]. - The company is expected to maintain strong demand for specialty gases driven by sectors like AI and cloud infrastructure, alongside the release of new production capacities [3]. Valuation Metrics - The report provides a summary of key financial metrics, including projected revenue growth rates and profit margins, indicating a gradual recovery in the coming years [5][12].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved stable revenue growth in the first half of 2025, with total revenue reaching 11.4 billion yuan, a year-on-year increase of 3.59% [1] - The company's net profit attributable to shareholders was 511 million yuan, up 12.60% year-on-year, while the net profit after deducting non-recurring gains and losses was 495 million yuan, an increase of 12.10% year-on-year [1] - The revenue from the phosphate compound fertilizer business grew by 21.6% year-on-year, contributing 7.22 billion yuan in revenue [2] - The company is actively expanding its upstream nitrogen and phosphorus raw material layout, with significant projects underway [3] - The profit forecast for 2025-2027 has been revised upward, with expected net profits of 1.012 billion yuan, 1.232 billion yuan, and 1.426 billion yuan respectively [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 5.689 billion yuan, a decrease of 5.99% year-on-year and 0.40% quarter-on-quarter [1] - The gross margin for the phosphate compound fertilizer business improved to 15.0%, up 0.8 percentage points year-on-year [2] - The company’s other businesses, such as yellow phosphorus and soda ash, experienced mixed results, with yellow phosphorus revenue at 620 million yuan (down 1.5%) and soda ash revenue at 323 million yuan (down 34.6%) [2] Business Development - The company is focusing on strengthening its nitrogen and phosphorus supply chain, with ongoing projects including a 700,000-ton ammonia synthesis project and multiple phosphate mining projects [3] - The company’s phosphate mining resources total approximately 549 million tons, with significant projects like the Aju Luo Xia phosphate mine already underway [3] Profit Forecast and Valuation - The report projects a steady increase in net profit due to product structure optimization and favorable industry conditions, with revised profit estimates for 2025-2027 [3] - The expected earnings per share (EPS) for 2025 is 0.84 yuan, with a price-to-earnings (P/E) ratio of 14 [5][12]

业绩稳健增长，产业链布局升级 2025 年 9 月 1 日 公司研究 ——运机集团（001288.SZ）2025 年中报点评 要点 事件：公司发布 2025 年中报。2025 年上半年，公司实现营业收入 8.8 亿元，同 比增长 48.5%，归母净利润 0.7 亿元，同比增长 20.4%；其中 2025 年 Q2，公 司实现营业收入 4.7 亿元，同比增长 44.1%，环比增长 16.3%，归母净利润 0.3 亿元，同比增长 13.4%，环比下降 11.3%。 点评： 业绩稳健增长，几内亚项目将有力支撑未来业绩：2025 年上半年，公司营收同 比延续大幅增长趋势；综合毛利率为 30.9%，同比持平；净利率为 8.6%，同比 下降 1.7pct，主要因信用减值损失增加明显等因素影响；公司归母净利润同比 整体保持稳健增长趋势，主要受益于：1）在手订单量持续增长，公司与几内亚 银谷国际有限公司签署铝土矿输送系统 EPC 总承包合同，合同金额达 4.06 亿美 元（约合 29.26 亿人民币），该项目预计未来将对公司营收和利润形成有力支撑， 国内方面亦有多个项目的订单持续增长；2）公司研发的智能控制系统、数字孪 生仿 ...

行业研究 2025 年 9 月 1 日 伦敦金现价格创历史新高水平 ——金属周期品高频数据周报（2025.8.25-8.31） 要点 流动性：伦敦金现价格创历史新高水平。（1）BCI 中小企业融资环境指数 2025 年 8 月值为 46.37，环比上月+0.61%；（2）M1 和 M2 增速差与上证 指数存在较强的正向相关性：M1 和 M2 增速差在 2025 年 7 月为-3.2 个百分 点，环比+0.5 个百分点；（3）本周伦敦金现价格为 3447 美元/盎司。 基建和地产链条：8 月中旬重点企业粗钢旬度日均产量环比+1.98%。（1） 本周价格变动：螺纹-0.61%、水泥价格指数-0.30%、橡胶+0.68%、焦炭 +0.00%、焦煤+0.00%、铁矿+1.30%；（2）本周全国高炉产能利用率、水 泥、沥青、全钢胎开工率环比分别-0.23pct、-3.18pct、-0.5pct、 -0.92pct；（3）8 月中旬重点企业粗钢旬度日均产量环比+1.98%。 地产竣工链条：钛白粉、平板玻璃毛利润处于低位水平。本周钛白粉、玻璃 的价格环比分别+0.00%、+0.00%，玻璃毛利润为-58 元/吨，钛白粉利润 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a significant decline in net profit due to high base effects from the previous year, but the non-recurring net profit showed a year-on-year increase [3][4] - The company is progressing well with its store opening plans, having opened 673 new hotels in the first half of 2025, with a net increase of 380 hotels [6] - The company is focusing on a light-asset model, with a significant increase in franchise hotels while reducing directly operated hotels [6] Financial Performance - In H1 2025, the company achieved operating revenue of 6.526 billion yuan, a year-on-year decrease of 5.31%, and a net profit attributable to shareholders of 371 million yuan, down 56.27% [3] - The non-recurring net profit for H1 2025 was 409 million yuan, reflecting a year-on-year increase of 5.17% [3] - The gross profit margin for H1 2025 was 36.28%, a decrease of 3.57 percentage points year-on-year, primarily due to declining room rates [5] RevPAR Analysis - The RevPAR for limited-service hotels in H1 2025 was 146.0 yuan, down 5.10% year-on-year, with average room rates decreasing by 6.15% [4] - The RevPAR for full-service hotels in H1 2025 was 215.67 yuan, down 10.23% year-on-year [4] - The company’s overseas limited-service hotels achieved a RevPAR of 38.88 euros, a year-on-year decrease of 1.67%, but the average room rate increased by 2.27% [5] Store Opening Strategy - The company plans to open 1,300 new hotels in 2025 and has signed contracts for 2,000 new hotels [6] - The franchise strategy is being deepened, with a net increase of 414 franchise hotels in H1 2025 [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates of 1.006 billion yuan, 1.205 billion yuan, and 1.412 billion yuan respectively [6][7] - The current stock price corresponds to a P/E ratio of 25 for 2025, 21 for 2026, and 18 for 2027 [6][7]

2025 年 9 月 1 日 公司研究 25H1 公司冲泡业务承压，盈利能力同比下滑 ——香飘飘（603711.SH）2025 中报点评 增持（维持） 当前价：13.52 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.13 | | 总市值(亿元)： | 55.82 | | 一年最低/最高(元)： | 9.95/20.41 | | 近 3 月换手率： | 78.12% | 股价相对走势 -10% 12% 35% 57% 79% 08/24 12/24 03/25 06/25 香飘飘 沪深300 相关研报 要点 事件：香飘飘发布 25 年半年度报告，25H1 实现营收 10.35 亿元，同比-12.21%； ...