丨证券研究报告丨 %% %% research.95579.com 公司研究丨点评报告丨睿创微纳（688002.SH） [Table_Title] 需求牵引业绩高增，技术引领长期成长 报告要点 [Table_Summary] 2025H1 海内外多领域需求同步释放，牵引公司营收实现较快增长，产品技术迭代升级与产能 扩张双轮驱动，促进公司经营提质降本，支撑毛利率水平持续保持在 50%左右的高位，费用端 的良好控制助力公司上半年业绩高增。公司持续推进非制冷红外探测器芯片小型化、轻量化与 高分辨率的技术突破，加快毫米波雷达产品线在卫星互联网终端和 4D 车载成像雷达等领域的 扩展，同时，前瞻部署多维感知+AI 战略，并成立人工智能子公司，进一步提升人工智能在公 司各业务领域的应用能力，提升公司中长期竞争力水平。 分析师及联系人 [Table_Author] 王贺嘉 李麟君 SAC：S0490520110004 SAC：S0490525080002 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% 1 睿创微纳（688002.SH） cjzqdt11111 [Table_Title2] 需求牵引业绩高增 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In August 2025, the company delivered 37,709 vehicles, representing a year-on-year increase of 168.7% and a month-on-month increase of 2.7%. Cumulatively, from January to August 2025, the company delivered 272,000 vehicles, a year-on-year increase of 251.8% [2][4][8]. - The launch of new models, including the MONA M03 and P7+, is expected to drive sales growth. The company is anticipated to maintain strong sales momentum due to a robust new vehicle cycle and improvements in its marketing and distribution channels [2][8]. - The company is projected to achieve a revenue of 196-210 billion CNY in Q3 2025, reflecting a year-on-year growth of 94.0%-107.9%. The anticipated delivery volume for Q3 is between 113,000 and 118,000 vehicles, which is a year-on-year increase of 142.8%-153.6% [8]. Summary by Sections Sales Performance - In August 2025, the company achieved a record monthly delivery of 37,709 vehicles, with significant contributions from the MONA M03, which delivered over 15,000 units. The new P7 model launched on August 27, 2025, saw over 10,000 pre-orders within 7 minutes, setting a new record for the company [2][8]. Future Outlook - The company expects to continue its strong sales trajectory with multiple new models set to launch in the coming quarters. The G6 and G9 models have already gained significant market traction, and the company plans to introduce a new generation P7 in Q3 2025 [8]. Financial Projections - The company anticipates achieving a revenue of 928 billion CNY for the year 2025, with a price-to-sales ratio of 1.6X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [8].

丨证券研究报告丨 公司研究丨点评报告丨邮储银行（601658.SH） [Table_Title] 业绩增速转正，PPOP 高增长 14.9% ——2025 年中报点评 报告要点 [Table_Summary] 邮储银行上半年营收增速转正至+1.5%，归母净利润增速+0.8%，Q2 单季增速+4.8%居国有行 首位。利息净收入增速-2.7%，2025 年以来同比下滑，主要净息差下降拖累，规模增长推动降 幅收窄。上半年净息差较 Q1 下降 1BP 至 1.70%，较 2024 全年下降 17BP，降幅在国有行中 最大。上半年末不良率 0.92%，环比+1BP，较期初+2BP。上半年末拨备覆盖率 260%，环比- 6pct，较期初-26pct，Q2 降幅趋缓。作为典型的顺周期银行，如果宏观预期进一步向好，顺周 期逻辑下资产质量改善将推动估值修复。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邮储银行（601 ...

丨证券研究报告丨 公司研究丨点评报告丨五芳斋（603237.SH） [Table_Title] 五芳斋 2025 年半年报点评：利润有所承压，渠 道创新推进 报告要点 [Table_Summary] 公司 2025H1 营业总收入 15.92 亿元（同比+0.66%，下文皆为同比）；归母净利润 1.95 亿元（- 16.7%），扣非净利润 1.89 亿元（-16.26%）。2025Q2 营业总收入 13.49 亿元（-1.84%）；归母 净利润 2.4 亿元（-20.95%），扣非净利润 2.38 亿元（-19.74%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 五芳斋（603237.SH） cjzqdt11111 [Table_Title 五芳斋 20252]年半年报点评：利润有所承压，渠 道创新推进 事件评论 [Table_Summary2] 事件描述 风险提示 公司 2025H1 营业总收入 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total revenue for H1 2025 is 1.125 billion yuan, an increase of 12.03% year-on-year, while the net profit attributable to the parent company is 111 million yuan, up 18.07% year-on-year [2][4] - In Q2 2025, total revenue is 499 million yuan, a decrease of 8.22% year-on-year, but the net profit attributable to the parent company is 54.09 million yuan, an increase of 40.61% year-on-year [2][4] Summary by Sections Revenue Breakdown - Revenue from vinegar series is 739 million yuan (up 8.04% year-on-year), while Q2 shows a decline of 0.97% year-on-year - Revenue from wine series is 151 million yuan (down 5.42% year-on-year), with Q2 showing a decline of 18.92% year-on-year - Revenue from sauce series is 80 million yuan (down 3.53% year-on-year), with Q2 showing a decline of 29.04% year-on-year - Other revenue is 142 million yuan (up 167.67% year-on-year), with Q2 showing a decline of 38.56% year-on-year - Online sales are 146 million yuan (up 13.82% year-on-year), while offline sales are 966 million yuan (up 13.48% year-on-year) [5] Profitability Improvement - The net profit margin for H1 2025 increased by 0.5 percentage points to 9.83%, and the gross profit margin increased by 1.86 percentage points to 38.41% - In Q2 2025, the net profit margin increased significantly by 3.76 percentage points to 10.83%, and the gross profit margin increased by 9.6 percentage points to 42.06% [6] Future Growth Potential - The company is deepening state-owned enterprise reforms, implementing stock incentive plans, and enhancing employee motivation, particularly in the marketing team - New production capacity from projects such as 100,000 tons of yellow wine and 100,000 tons of seasoning products is now operational, providing a solid foundation for future growth - The company focuses on three core product lines: vinegar, wine, and sauce, and aims to expand sales through new retail formats and B-end channels [7]

联合研究丨公司点评丨安克创新（300866.SZ） [Table_Title] 营收延续较优表现，经营性扣非净利润高增长 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 年上半年公司实现营收 128.67 亿元，同比增长 33.36%，实现 归母净利润 11.67 亿元，同比增长 33.80%，实现扣非归母净利润 9.61 亿元，同比增长 25.55%； 其中单二季度公司实现营业收入 68.73 亿元，同比增长 30.41%，实现归母净利润 6.71 亿元， 同比增长 19.54%，实现扣非归母净利润 5.22 亿元，同比增长 15.88%。同时公司拟向全体股 东每 10 股派发现金红利 7 元（含税），预计现金红利总额占半年度归母净利润比例为 32.16%。 丨证券研究报告丨 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% re ...

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total revenue for H1 2025 is 2.132 billion yuan, a year-on-year decrease of 18.58%. The net profit attributable to shareholders is 257 million yuan, down 26.56% year-on-year, while the net profit excluding non-recurring items is 263 million yuan, a decrease of 22.53% year-on-year [2][4] - In Q2 2025, the total revenue is 1.03 billion yuan, a year-on-year decline of 9.11%. The net profit attributable to shareholders is 75.78 million yuan, down 31.57% year-on-year, and the net profit excluding non-recurring items is 82.78 million yuan, a decrease of 19.46% year-on-year [2][4] Revenue Analysis - Revenue decline is narrowing, with the main product soy sauce turning positive. For H1 2025, revenue breakdown shows soy sauce at 1.298 billion yuan (-16.68%), chicken essence and powder at 255 million yuan (-21.98%), edible oil at 109 million yuan (-49.39%), and others at 331 million yuan (-3.23%). In Q2 2025, soy sauce revenue increased by 6.39% [5] - Channel adjustments are ongoing, with Q2 pressure easing. Direct sales channel grew rapidly, with core online categories exceeding 60% growth in H1 2025 [5] Cost and Profitability - Cost reductions improved gross margin, but personnel expenses increased. The net profit margin for H1 2025 decreased by 1.31 percentage points to 12.05%. The gross margin increased by 2.42 percentage points to 39.05%, while the expense ratio rose by 4.12 percentage points to 25.16% [6] - In Q2 2025, the net profit margin decreased by 2.41 percentage points to 7.35%, with a gross margin of 39.39% [6] Operational Adjustments - The company is undergoing channel adjustments, with short-term revenue pressure. However, positive signals such as improved gross margins and accelerated online channels are emerging. With the new board in place, governance structure optimization is expected to lead to a new operational phase [7] - Looking ahead, the company aims to enhance operations around the themes of "strengthening fundamentals, diversification, and efficiency." As channel inventory is gradually digested and pricing systems are streamlined, long-term growth momentum is anticipated to be released [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a total revenue of 61.933 billion yuan in H1 2025, representing a year-on-year increase of 3.37%. The net profit attributable to shareholders was 7.2 billion yuan, down 4.39% year-on-year, while the net profit excluding non-recurring items was 7.016 billion yuan, up 31.78% year-on-year [2][4]. - In Q2 2025, the company reported total revenue of 28.915 billion yuan, a year-on-year increase of 5.77%, with a net profit of 2.326 billion yuan, up 44.65% year-on-year, and a net profit excluding non-recurring items of 2.387 billion yuan, up 49.48% year-on-year [2][4]. - The company is actively exploring business growth, with notable performance in new products and channels, alongside improved internal profitability due to lean management [6]. Summary by Sections Revenue and Profitability - In H1 2025, revenue from liquid milk was 36.126 billion yuan (down 2.06% year-on-year), while revenue from milk powder and dairy products was 16.578 billion yuan (up 14.26% year-on-year). Revenue from ice cream products reached 8.229 billion yuan (up 12.39% year-on-year) [5]. - The company’s gross profit margin improved to 36.21%, up 1.18 percentage points year-on-year, while the net profit margin for H1 2025 was 11.63%, down 0.94 percentage points year-on-year [6]. Cost Management and Efficiency - The company has seen a reduction in capital expenditures, with 2024 capex expected to be approximately 3.978 billion yuan (down 42.8% year-on-year) and H1 2025 capex down to 1.453 billion yuan (down 24.4% year-on-year) [6]. - The company’s marketing expenses have decreased, contributing to improved profit margins [6]. Future Earnings Projections - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 1.80 yuan and 1.95 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.5 and 14.3 times [6].

丨证券研究报告丨 公司研究丨点评报告丨千禾味业（603027.SH） [Table_Title] 千禾味业2025年半年报点评：舆情影响致收入、 利润承压 报告要点 [Table_Summary] 千禾味业 2025 年 H1 营业总收入 13.18 亿元（同比-17.07%）；归母净利润 1.73 亿元（同比- 30.81%），扣非净利润 1.71 亿元（同比-30.45%）。单看 2025Q2，公司营业总收入 4.87 亿元 （同比-29.86%）；归母净利润 1275.14 万元（同比-86.66%），扣非净利润 1259.29 万元（同 比-86.69%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 千禾味业（603027.SH） cjzqdt11111 [Table_Title 千禾味业 2025 2] 年半年报点评：舆情影响致收 入、利润承压 ...