Investment Rating - The report does not provide a specific investment rating for the company [6] Core Views - The company achieved a revenue of 2.657 billion yuan in the first half of 2025, representing a year-on-year growth of 10.12%, and a net profit attributable to shareholders of 747 million yuan, up 3.57% year-on-year [1] - The WPS personal business revenue grew steadily, reaching 1.748 billion yuan in the first half of 2025, with a year-on-year increase of 8.4% [2] - The company launched WPS AI 3.0, with monthly active users reaching 29.51 million, a growth of 50% compared to Q4 2024 [3] - The company has adjusted its revenue and net profit forecasts for 2025-2027, with expected revenues of 5.918 billion yuan, 7.082 billion yuan, and 8.319 billion yuan respectively, reflecting a downward adjustment of 5.7%, 7.7%, and 8.3% [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.356 billion yuan, a year-on-year increase of 14.14%, while the net profit attributable to shareholders was 344 million yuan, a decrease of 2.83% year-on-year [1] - The total contract liabilities reached 3.271 billion yuan, up 22% year-on-year [2] Business Segments - WPS Office's global monthly active device count reached 651 million, with a year-on-year growth of 8.6% [2] - The WPS 365 business revenue was 309 million yuan, showing a significant growth of 62.3% [2] Research and Development - The company invested 959 million yuan in R&D in the first half of 2025, an increase of 18.7% year-on-year, with R&D personnel accounting for approximately 66% of the total workforce [3] Profitability and Valuation - The projected earnings per share (EPS) for 2025 is 4.03 yuan, with a price-to-earnings (P/E) ratio of 82x [5] - The company maintains a gross margin of approximately 85.2% for 2025 [11]

2025 年 8 月 23 日 公司研究 营收降幅环比收窄，零售不良读数改善 ——平安银行（000001.SZ）2025 年半年报点评 增持（维持） 当前价：12.06 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 194.06 | | 总市值(亿元)： | 2,340.35 | | 一年最低/最高(元)： | 9.12/13.33 | | 近 3 月换手率： | 66.47% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.02 | -4.24 | -9.69 | | 绝对 | -3.75 | 8.53 | 22.45 | 资料来源：Wind 要点 事件： 8 月 22 日，平安银行发布 2025 年半年度报告，上半年实 ...

公司研究 2025 年 8 月 23 日 规模扩张再提速，业绩增长韧性高 ——江苏银行（600919.SH）2025 年半年报点评 买入（维持） 当前价：11.15 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 183.51 | | 总市值(亿元)： | 2,046.17 | | 一年最低/最高(元)： | 7.02/12.42 | | 近 3 月换手率： | 66.22% | 股价相对走势 收益表现 % 1M 3M 1Y | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -9.06 | -9.46 | 12.09 | | 绝对 | -2.79 | 3.31 | 44.23 | | 资料来源：Wind | | | | 要点 事件： 8 月 22 日，江苏银行发布 2025 年半年报，上半年公司实现营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - In the first half of 2025, the company achieved a revenue of 2.18 billion yuan, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 190 million yuan, a year-on-year increase of 17% [5]. - The domestic home textile business showed steady recovery, with a revenue increase of 7% and profit growth of 19%, while the U.S. furniture business experienced an 8% decline in revenue and an expanded loss [6][10]. - The company plans to distribute a cash dividend of 0.2 yuan per share, corresponding to a payout ratio of 90% for the first half of the year [5]. Revenue Performance - The company's revenue from the home textile business accounted for 82% of total revenue, with a year-on-year increase of 6.5%, while the U.S. furniture business accounted for 18% with a decline of 7.8% [6]. - Online sales grew by 18.3%, while franchise and other channels saw mixed results [6]. Profitability and Margins - The gross margin for the first half of 2025 improved by 1.1 percentage points to 47.8%, with the domestic home textile business gross margin at 51.4% [8]. - The operating cash flow improved significantly, reaching 380 million yuan, a year-on-year increase of 28.9% [9]. Store Network - As of June 2025, the company had a total of 2,523 stores, a net decrease of 115 stores from the beginning of the year [7]. Future Outlook - The report anticipates a gradual improvement in the domestic retail environment, which could enhance the company's performance, particularly in the franchise business [10]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 510 million, 610 million, and 700 million yuan, respectively [10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.77 billion yuan in the first half of 2025, representing a year-on-year growth of 30.8%, while the net profit attributable to shareholders grew by only 5.2% [5] - The slower profit growth compared to revenue is attributed to increased sales expenses [9] - The company plans to distribute a cash dividend of 0.25 yuan per share, corresponding to a payout ratio of 54% for the first half of the year [5] Revenue Performance - The company's two main brands, Marubi and Lianhuo, saw revenue growth of 34% and 24% respectively, with online channel revenue increasing by 38% [6] - For the first half of 2025, Marubi brand revenue was 1.25 billion yuan, accounting for 71% of total revenue, while Lianhuo brand revenue was 520 million yuan, making up 29% [6] Financial Metrics - The gross margin for the first half of 2025 slightly decreased by 0.1 percentage points to 74.6% [7] - The operating cash flow significantly increased by 97.4% year-on-year to 120 million yuan [8] - The company’s inventory as of June 2025 increased by 35.9% year-on-year to 240 million yuan [8] Profitability and Valuation - The report projects a downward revision of the net profit forecast for 2025 to 390 million yuan, reflecting a 13% decrease from previous estimates [9] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 46 for 2025 [9] Future Projections - The company is expected to achieve a revenue of 3.75 billion yuan in 2025, with a growth rate of 26.3% [10] - The projected net profit for 2025 is 393 million yuan, with a growth rate of 15.1% [10]

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - In the primary market, credit bond issuance increased by 12.45% week-on-week, with different trends for industrial, urban investment, and financial bonds. In the secondary market, industry credit spreads showed mixed movements, and the total trading volume of credit bonds increased by 16.04% week-on-week [1][3][4]. Summary by Directory 1. Primary Market 1.1 Issue Statistics - From August 18 to August 22, 2025, a total of 375 credit bonds were issued, with a total issuance scale of 376.74 billion yuan, a week-on-week increase of 12.45%. Industrial bonds, urban investment bonds, and financial bonds accounted for 31.64%, 30.74%, and 37.61% of the total issuance scale respectively. The average issuance term of credit bonds was 2.72 years, and the average issuance coupon rate was 2.23% [1][11][18]. 1.2 Cancellation of Issue Statistics - A total of 10 credit bonds cancelled their issuance this week [23]. 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed movements. In the Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in the pharmaceutical and biological sector (4.7BP), and the largest decrease was in the household appliances sector (1.4BP). Coal credit spreads showed mixed movements, and steel credit spreads generally increased. Urban investment and non - urban investment credit spreads, as well as state - owned enterprise credit spreads, generally increased, while private enterprise credit spreads showed mixed movements. Regional urban investment credit spreads also showed mixed movements [25][26][27]. 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1286.402 billion yuan, a week - on - week increase of 16.04%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][28]. 2.3 Actively Traded Bonds This Week - The report provides the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [31][32][34].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has been under pressure due to falling oil prices, with a potential bottom reversal in the refining sector expected as "anti-involution" policies are promoted [1][7] - The company reported a revenue of 103.9 billion yuan for the first half of 2025, a decrease of 7.7% year-on-year, and a net profit of 3.05 billion yuan, down 24% year-on-year [4][5] - The report highlights the gradual production of new capacities and the ongoing development of high-value-added new material industrial chains [6] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 46.9 billion yuan, down 13.5% year-on-year and 17.8% quarter-on-quarter, with a net profit of 999 million yuan, down 47% year-on-year and 51% quarter-on-quarter [4][5] - Brent crude oil averaged 66.76 USD per barrel in Q2 2025, down 22% year-on-year and 11% quarter-on-quarter [5] - The company is expected to have net profits of 8.3 billion, 9.7 billion, and 10.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.18, 1.38, and 1.52 yuan [8][9] Industry Outlook - The "anti-involution" policies initiated in 2024 are expected to improve market competition and reduce vicious price competition in the refining industry, leading to a potential recovery in the sector's profitability [7] - The report emphasizes the shift in the petrochemical industry towards high-value-added transformations, indicating a new phase in policy direction [7] Valuation and Forecast - The report adjusts the profit forecast for 2025-2027 downwards, with expected net profits of 8.3 billion, 9.7 billion, and 10.7 billion yuan, reflecting a 10% reduction for 2025 [8] - The company is projected to maintain a high dividend policy, aiming to create a "growth + return" type of listed company [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a significant recovery in Q2 2025, with a notable increase in net profit compared to the previous quarter, driven by improved refining and polyester filament price spreads [4][7] - The company is accelerating its layout of high-value differentiated products, with a focus on biodegradable fibers and other high-margin products, positioning itself for future growth [6][7] - The Brunei refining project is expected to benefit from the expanding supply-demand gap in the Southeast Asian refined oil market, enhancing the company's competitive advantage [5][7] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 55.96 billion yuan, a year-on-year decrease of 13.6%, and a net profit attributable to shareholders of 230 million yuan, down 47.3% year-on-year. In Q2 alone, revenue was 28.79 billion yuan, down 13.0% year-on-year but up 6.0% quarter-on-quarter, with a net profit of 175 million yuan, a year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [3][4] Market Conditions - The average Brent crude oil price in Q2 2025 was $66.76 per barrel, down 22% year-on-year and 11% quarter-on-quarter. The price spread for refining improved significantly, indicating a recovery in the company's performance despite a challenging market environment [4] Growth Prospects - The company has a total polyester production capacity of 13.25 million tons per year, with a focus on differentiated products. The proportion of differentiated fiber production has increased to 27%, leading the industry [6] - The Southeast Asian refined oil market is projected to face a supply-demand gap of 68 million tons by 2026, which the company is well-positioned to exploit through its Brunei refining project [5][7] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to the declining industry outlook, with expected net profits of 580 million yuan, 764 million yuan, and 965 million yuan respectively. The report maintains a positive outlook on the company's future growth potential [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record high revenue and profit in the first half of 2025, with total revenue of 14.08 billion HKD, a year-on-year increase of 32.5% [5] - The increase in revenue was primarily driven by heightened trading activity in the Hong Kong stock market, with average daily trading volume rising by 117.6% to 240.2 billion HKD [5][7] - The report projects continued growth in the second half of 2025, supported by favorable market conditions and increased listings from mainland companies [8] Financial Performance Summary - Total revenue for the first half of 2025 was 14.08 billion HKD, with a net profit of 8.52 billion HKD, reflecting a year-on-year growth of 39.1% [5] - The EBITDA margin improved to 79%, up by 6 percentage points compared to the previous year [5] - The company’s investment income netted 2.88 billion HKD, a 14.0% increase year-on-year, benefiting from non-recurring foreign exchange gains [6] Market Activity Summary - The average daily trading volume for stock securities reached 222.8 billion HKD, marking a 122.1% increase year-on-year [7] - The derivatives market also saw significant growth, with average daily trading volume increasing by 72.3% [7] - The number of new listings in Hong Kong rose to 44 in the first half of 2025, a 46.7% increase year-on-year, with total funds raised amounting to 109.4 billion HKD [8] Earnings Forecast - The report revises the company's net profit forecasts for 2025-2027 to 17.3 billion, 18.5 billion, and 19.5 billion HKD respectively, reflecting an optimistic outlook based on current performance [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company experienced a decline in profit due to the ramp-up of new factories, but continues to expand its customer base and production capacity [11]. - In the first half of 2025, the company achieved a revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, while the net profit attributable to shareholders decreased by 11.1% to 1.67 billion yuan [5][6]. - The company is actively diversifying its customer structure and expanding production capacity, with new factories in Sichuan and Indonesia contributing to revenue growth despite some pressure from existing customers [11]. Financial Performance - The company's gross profit margin decreased by 6.4 percentage points to 21.8% in the first half of 2025, primarily due to many new factories being in the ramp-up phase [9]. - The net profit margin for the first half of 2025 was 13.2%, down 3.2 percentage points year-on-year [6]. - The company plans to distribute a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 70% [5]. Production and Sales - The company sold 115 million pairs of sports shoes in the first half of 2025, with a year-on-year sales volume increase of 6.1% and an average price increase of approximately 3.6% [7]. - The production capacity utilization rate was 95.8%, with total production capacity at 120 million pairs [8]. - The revenue contribution from the top five customers accounted for 71.9%, a decrease of 4.7 percentage points year-on-year, indicating a shift towards new customer orders [7]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates by 18%, 17%, and 15% respectively, with projected net profits of 3.57 billion, 4.17 billion, and 4.84 billion yuan [11]. - The expected earnings per share (EPS) for 2025-2027 are 3.06 yuan, 3.57 yuan, and 4.15 yuan, respectively [11].