Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Insights - The company's core products, Taietisib and Vidisizumab, have seen significant sales growth, contributing to a 48.02% increase in revenue for the first half of 2025 compared to the same period last year [2]. - The company has established a commercial team of approximately 900 sales personnel for autoimmune products and over 500 for oncology, achieving drug access in more than 1,000 hospitals [2]. - The report highlights accelerated clinical trial progress for multiple drug candidates both in China and overseas, with ongoing developments targeting various indications [2]. Financial Forecasts and Valuation - The projected net profit for the company from 2025 to 2027 is estimated at -1.02 billion, -0.43 billion, and +0.175 billion respectively [2]. - Revenue forecasts for the years 2023 to 2027 are 1.083 billion, 1.717 billion, 2.529 billion, 3.389 billion, and 4.278 billion respectively, with growth rates of 40.26%, 58.54%, 47.33%, 33.97%, and 26.25% [3][9]. - The report indicates that the company has strong product innovation capabilities and potential for overseas expansion [2]. Profitability and Financial Metrics - The gross margin is projected to improve from 77.4% in 2023 to 84.7% in 2027 [11]. - The report outlines a significant reduction in net losses, with projections showing a decrease from -1.511 billion in 2023 to a profit of 0.175 billion in 2027 [9][11]. - The company's operating cash flow is expected to improve significantly, moving from -1.503 billion in 2023 to a positive cash flow of 0.301 billion by 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 38.54 billion HKD in the first half of 2025, representing a year-on-year growth of 14.3%. The net profit attributable to shareholders, excluding gains from the Amer listing, was 7.03 billion HKD, reflecting a 14.5% increase year-on-year. The main business net profit, excluding the Amer listing gains and losses, was 6.60 billion HKD, which is a 7.1% year-on-year growth. The earnings per share (EPS) stood at 2.53 HKD, with a proposed interim cash dividend of 1.37 HKD per share, resulting in a payout ratio of 50.2% [4][5][10] Financial Performance - The gross margin for the first half of 2025 was 63.4%, a decrease of 0.7 percentage points year-on-year. The operating profit margin improved by 0.6 percentage points to 26.3%. The net profit margin attributable to shareholders, excluding the Amer listing gains, remained stable at 18.2%, while the main business net profit margin decreased by 1.1 percentage points to 17.1% due to an increase in the effective tax rate [5][8] - The company reported a significant increase in revenue from the Amer brand, which reached 19.26 billion HKD, a year-on-year growth of 23.5% [5][6] Brand and Product Performance - Revenue growth for the main brands in the first half of 2025 was as follows: Anta brand +5.4%, FILA +8.6%, and other brands +61.1%. Online sales increased by 17.6%, accounting for 34.8% of total revenue, which is a 1.0 percentage point increase year-on-year [6][7] - The revenue breakdown by product category showed footwear at 42.5%, apparel at 54.2%, and accessories at 3.3%, with respective year-on-year growth rates of +12.0%, +15.5%, and +24.6% [6] Strategic Developments - The company completed the acquisition of the German outdoor brand Wolfskin in May 2025, enhancing its presence in the professional outdoor sports market and advancing its globalization strategy. The company continues to focus on a "single focus, multi-brand, globalization" strategy [8][9] - The company has established a joint venture with MUSINSA to operate Korean fashion businesses in mainland China and Hong Kong, which is expected to strengthen its position in the sports fashion segment [9] Future Outlook - For the full year of 2025, the company has adjusted its retail revenue guidance for the Anta brand from high single digits to mid single digits, while maintaining the FILA brand's guidance for mid single-digit growth. Other brands are expected to see revenue growth of over 40% [10] - As of June 2025, the company had a net cash position of 31.54 billion HKD, indicating strong cash reserves and risk resilience [10]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved record oil and gas production in H1 2025, demonstrating resilience in profitability during periods of oil price volatility [5][11]. - Despite a decline in revenue and net profit year-on-year, the company has shown strong cash flow performance and maintained a prudent financial policy [5][11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 207.6 billion yuan, a decrease of 8.4% year-on-year, and a net profit attributable to shareholders of 69.5 billion yuan, down 12.8% year-on-year [4]. - The Q2 2025 results showed a total revenue of 100.8 billion yuan, down 12.6% year-on-year, and a net profit of 33.0 billion yuan, down 17.6% year-on-year [4]. Production and Operational Highlights - The company achieved a net production of 385 million barrels of oil equivalent in H1 2025, marking a 6.1% increase year-on-year, setting a historical high for the same period [6]. - Natural gas production increased by 12.0% year-on-year, with significant contributions from new gas field projects [6]. Cost Management - The average cost per barrel of oil equivalent decreased by 0.81 USD to 26.94 USD, reflecting effective cost control measures [8]. - The company continues to strengthen its cost competitiveness, with a focus on maintaining a cost-leading strategy during periods of oil price fluctuations [8]. Dividend Policy - The company has a strong commitment to shareholder returns, with a mid-year dividend payout ratio of 45.9%, reflecting its intent to share development results with shareholders [9]. Capital Expenditure and Growth Strategy - The company plans to maintain high capital expenditures, with a budget of 125 to 135 billion yuan for 2025, to support stable production growth [10]. - The production target for 2025 is set at 760 to 780 million barrels of oil equivalent, with a focus on high-quality development and effective production growth [10]. Profitability Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 135.4 billion, 139.8 billion, and 144.3 billion yuan respectively, with expected EPS of 2.85, 2.94, and 3.04 yuan per share [11].

2025 年 8 月 28 日 公司研究 研发管线覆盖多个治疗领域，产品极具竞争力 ——益方生物-U（688382.SH）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，实现营业收入 0.19 亿元，同比+28.85%；归 母净利润为-1.19 亿元；扣非归母净利润为-1.29 亿元；经营活动产生的现金流量 净额为-1.07 亿元。 点评： 研发管线覆盖多个治疗领域，产品极具竞争力。 公司在研产品管线覆盖肿瘤、 代谢疾病、自身免疫疾病等治疗领域。自成立以来，公司已将 5 个小分子化合物 从源头自主发现推进至临床研究阶段，其中贝福替尼二线、一线治疗均已获得 NMPA 批准上市，且均进入《国家医保目录》。格索雷塞已于 2024 年 11 月获 得 NMPA 批准上市。截至 2025 年 6 月 30 日，公司共有 2 款对外授权的上市产 品，1 款处于注册临床试验阶段的产品、2 款处于 II 期临床试验阶段的产品以及 多个临床前在研项目。各临床管线的研发进度均位居各赛道全球或中国前列。 1）Taragarestrant（D-0502）：D-0502 是中国公司中第一个在美国进入临床 试验阶段的口 ...

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) [1] Core Views - Hangzhou Bank's revenue improved quarter-on-quarter, with a year-on-year revenue increase of 3.9% to 20.09 billion, and a net profit attributable to shareholders of 11.66 billion, up 16.7% year-on-year [3][4] - The bank's annualized weighted average return on equity (ROE) stands at 19%, a slight decrease of 0.48 percentage points year-on-year [3] Revenue and Profitability - The bank's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders for the first half of 2025 grew by 3.9%, 4.7%, and 16.7% year-on-year, respectively [4] - Net interest income increased by 9.4% year-on-year, while non-interest income decreased by 5%, with the decline narrowing compared to the first quarter [4][8] Asset and Loan Growth - As of the end of the second quarter, the bank's interest-earning assets and loans grew by 12.7% and 12% year-on-year, respectively [5] - The proportion of loans in interest-earning assets slightly increased to 45.2% [5] Deposit and Funding Structure - The growth rate of interest-bearing liabilities and deposits was 12.4% and 16.2% year-on-year, respectively, both showing a decline compared to the first quarter [6] - Retail deposits increased, while corporate deposits decreased, indicating competitive pressures in the market [6] Interest Margin and Cost Management - The net interest margin narrowed by 6 basis points to 1.35% compared to the beginning of the year [7] - The bank has been actively managing costs, with a decrease in the cost of interest-bearing liabilities by 26 basis points to 1.87% [7] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a strong provision coverage ratio of 520.9%, leading the industry [9][10] Capital Adequacy - The bank's capital adequacy ratios improved significantly, with the core Tier 1 capital ratio reaching 9.74% as of the end of the second quarter [10][32] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025-2027 at 2.72, 3.18, and 3.71 yuan, respectively, with corresponding price-to-book (PB) ratios of 0.91, 0.80, and 0.69 [11][12]

2025 年 8 月 28 日 公司研究 收入利润好于预期， 开店速度加快 ——古茗（1364.HK）2025 年半年报点评 买入（维持） 当前价：22.60 港元 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 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -4.07 | -45.42 | / | | 绝对 | -3.44 | -35.16 | / | | 资料来源：Wind | | | | 相关研报 全品类货架型品牌，"结硬寨"践行长期主 义——古茗（1364.HK）投资价值分析报告 （2025-06-04） 要点 事件：古茗 25H1 实现营业收入 56.63 亿元，同比+41.2%；归母净利润 16.25 亿元， 同比+121.5%；经调整核心利润 11.36 亿元，同比+49.0%。 单店表现韧性强，各项经营指标均同比增长。25H1 销售商品及设备/加盟管理服务/ 直营门店销售分别实现营收 44.96/11.59/0 ...

2025 年 8 月 28 日 公司研究 Q2 扣非后归母净利润同环比均扭亏为盈 ——新钢股份（600782.SH）2025 年中报业绩点评 要点 事件： 2025H1 公司实现营业收入 175.12 亿元，同比-18.33%；实现归母净利润 1.11 亿元，同比实现扭亏为盈；实现扣非后归母净利润-0.61 亿元，同比亏损收 窄。2025Q2 公司实现营业收入 87.63 亿元，同比-13.66%，环比+0.17%；实现 归母净利润 0.99 亿元，同比+22.30%，环比+690.99%，实现扣非后归母净利润 0.11 亿元，同环比均实现扭亏为盈。 风险提示：原料价格大幅上涨；钢铁行业需求超预期回落；公司产品结构优化不 及预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 71,143 | 41,804 | 37,990 | 39,084 | 40,377 | | 营业收入增长率 | -28.14% | -41.24% | -9.12% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company reported a significant revenue increase of 40.34% year-on-year, reaching 43.533 billion yuan in H1 2025, with a net profit growth of 55.97% to 7.735 billion yuan [1]. - The energy storage business experienced remarkable growth, with revenues of 17.803 billion yuan, a year-on-year increase of 127.78%, driven by the global application of energy storage systems [2]. - The photovoltaic inverter business also saw steady growth, with revenues of 15.327 billion yuan, up 17.06% year-on-year, supported by new product launches and an expanded global market presence [2]. - The renewable energy investment and development business faced a slight revenue decline of 6.22% to 8.398 billion yuan, although the gross margin improved by 1.18 percentage points [3]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 14 billion, 15.9 billion, and 17.5 billion yuan respectively, reflecting a positive long-term growth outlook [3]. Summary by Sections Revenue and Profitability - H1 2025 revenue reached 43.533 billion yuan, a 40.34% increase year-on-year, with net profit at 7.735 billion yuan, up 55.97% [1]. - The energy storage segment generated 17.803 billion yuan, a 127.78% increase, while the photovoltaic inverter segment brought in 15.327 billion yuan, a 17.06% increase [2]. Business Segments - Energy storage business: Revenue of 17.803 billion yuan, gross margin at 39.92%, with significant product innovations enhancing market competitiveness [2]. - Photovoltaic inverter business: Revenue of 15.327 billion yuan, gross margin at 35.74%, with new product launches aimed at reducing costs and meeting new market demands [2]. - Renewable energy investment: Revenue of 8.398 billion yuan, a 6.22% decline, but with improved gross margin due to brand premium and scale effects [3]. Financial Projections - Revised profit forecasts for 2025-2027: 14 billion yuan, 15.9 billion yuan, and 17.5 billion yuan in net profits, with corresponding PE ratios of 14, 13, and 11 [3].

Investment Rating - The report has downgraded the investment rating to "Accumulate" due to the company's active contraction of its land wind equipment business and the time required for the release of offshore engineering capacity [3]. Core Views - The company is actively pursuing a strategic transformation from land to offshore operations, focusing on expanding its offshore engineering business while controlling the scale of its land wind equipment segment [2]. - The company reported a revenue of 2.189 billion yuan in the first half of 2025, a decrease of 3.08% year-on-year, with a net profit attributable to the parent company of 54 million yuan, down 75.08% year-on-year [1]. - The offshore engineering products saw a significant revenue increase of 124.40% year-on-year, reaching 207 million yuan, although the gross margin declined [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.189 billion yuan, a decrease of 3.08% year-on-year, and a net profit of 54 million yuan, down 75.08% year-on-year [1]. - The second quarter of 2025 showed a revenue of 1.263 billion yuan, an increase of 4.82% year-on-year and a 36.40% increase quarter-on-quarter [1]. - The revenue from wind towers and related products increased by 33.10% to 810 million yuan, while the gross margin decreased by 4.32 percentage points to 3.89% [1]. Business Strategy - The company is focusing on the development of offshore engineering business, with its Guangdong Yangjiang base entering the production sprint phase and the expansion of the Sheyang Phase II officially launched [2]. - The company aims to establish a full industry chain layout for zero-carbon industrial business, having obtained 1,180 MW of wind power project indicators across three provinces [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 409 million yuan, 709 million yuan, and 924 million yuan respectively, reflecting a reduction of 44%, 35%, and 32% [3]. - The current stock price corresponds to a P/E ratio of 30, 17, and 13 for the years 2025-2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a significant decline in revenue and increased losses in the first half of 2025, with total revenue of 3.663 billion yuan, down 42.53% year-on-year, and a net profit attributable to shareholders of -264 million yuan, indicating an expanded loss [1]. - Despite domestic market challenges, the company achieved a remarkable 116.15% year-on-year growth in overseas sales, reaching 1.9 billion yuan, which now constitutes 51.87% of total revenue [2]. - The company is actively enhancing its N-type battery technology, achieving over 0.2% improvement in average production conversion efficiency and a 20% reduction in non-silicon costs [3]. - The company is diversifying its overseas production capacity, having signed a strategic cooperation agreement for a high-efficiency battery project in Turkey, although the progress of the Oman 5GW project has been affected by international trade conditions [4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 3.663 billion yuan, a decrease of 42.53% year-on-year, and a net profit of -264 million yuan, worsening from the previous year [1]. - The Q2 2025 revenue was 1.788 billion yuan, down 32.76% year-on-year, with a net profit of -158 million yuan, indicating a sequential increase in losses [1]. Overseas Market Expansion - The overseas sales revenue grew by 116.15% to 1.9 billion yuan in H1 2025, increasing its share of total revenue from 23.85% in 2024 to 51.87% [2]. - The gross margin for overseas sales improved by 2.83 percentage points to 4.50%, while domestic sales faced a 67.91% decline to 1.763 billion yuan, with a gross margin of -0.78% [2]. Technology Development - The company is focused on improving N-type battery efficiency and reducing costs, with a 0.2% increase in average production conversion efficiency and a 20% decrease in non-silicon costs [3]. - The TBC battery's conversion efficiency is projected to exceed mainstream N-type battery efficiency by 1-1.5 percentage points, with laboratory efficiency for perovskite tandem batteries reaching 32.08% [3]. Strategic Initiatives - The company is pursuing a diversified approach to overseas production capacity, including a strategic partnership in Turkey to address regional battery capacity gaps [4]. - The construction of the Oman 5GW project is being approached cautiously due to fluctuations in international trade and tariff policies [4].