Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for H1 2025 is 1.391 billion yuan, a year-on-year decrease of 5.24%, while the net profit attributable to shareholders is 190 million yuan, down 23.01%. In Q2 2025, total revenue reached 749 million yuan, an increase of 21.93%, and net profit attributable to shareholders was 115 million yuan, up 62.72% [2][4] Revenue Analysis - In H1 2025, offline channel revenue was 974 million yuan, down 19.6%, while Q2 showed a year-on-year increase of 9.54%. Online channel revenue reached 407 million yuan, up 60.11%, with Q2 growth at 66.69%. The company also reported 138 million yuan in revenue from its subsidiary Shicui, a 20.52% increase year-on-year [5][6] Profitability Improvement - The company's net profit margin for H1 2025 decreased by 3.16 percentage points to 13.66%, while the gross profit margin fell by 0.86 percentage points to 38.7%. However, in Q2 2025, the net profit margin improved by 3.86 percentage points to 15.39%, and the gross profit margin increased by 3.63 percentage points to 36.96% [6][7] Growth Model - The company has established a sustainable growth model through product innovation, capacity layout, and channel development. It has successfully integrated Shicui and Jiandian Zhiwei to enhance its product matrix and capture market opportunities [7] Financial Forecast - The expected EPS for 2025 and 2026 is 0.57 yuan and 0.63 yuan, respectively, with corresponding PE ratios of 21 and 19 times [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for H1 2025 reached 5.526 billion yuan, representing a year-on-year increase of 3.01%. The net profit attributable to shareholders was 397 million yuan, up 33.76% year-on-year, while the net profit excluding non-recurring items was 411 million yuan, an increase of 31.17% year-on-year [2][4] - In Q2 2025, the company reported total revenue of 2.901 billion yuan, a year-on-year increase of 5.46%. The net profit attributable to shareholders was 263 million yuan, up 27.37% year-on-year, and the net profit excluding non-recurring items was 270 million yuan, an increase of 26.85% year-on-year [2][4] - The improvement in gross margin is primarily driven by structural optimization, with the gross margin for H1 2025 increasing by 0.79 percentage points to 30.02% [6] - The company has focused on regional deep cultivation and differentiated innovation strategies, achieving a competitive edge against leading dairy companies [7] Summary by Sections Revenue and Profitability - The company's H1 2025 total revenue was 5.526 billion yuan, with a net profit of 397 million yuan, reflecting strong growth in profitability [2][4] - The Q2 2025 results showed continued revenue growth and significant profit increases, indicating a positive trend in financial performance [2][4] Structural Optimization - New product revenue accounted for over 10% of total sales, with low-temperature product sales growing over 10% year-on-year. The high-end fresh milk and "Today's Fresh Milk Shop" sales also saw growth exceeding 10% [5] - The company has adopted a "fresh and sour dual strong" product development strategy, leveraging technological breakthroughs and supply chain integration to enhance market presence [5][6] Financial Metrics - The net profit margin for H1 2025 improved by 1.65 percentage points to 7.18%, while the gross margin increased to 30.02% [6] - The company has maintained a focus on cost control, with a decrease in the expense ratio by 1.15 percentage points to 20.82% [6] Future Outlook - The company is expected to achieve net profits of 703 million yuan and 830 million yuan for 2025 and 2026, respectively, with corresponding PE valuations of 22 and 18 times [7]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The current industry is at the historical bottom of the raw milk cycle, and the company's performance reflects the pressure from low milk prices. The company's earnings elasticity may come from the resonance of the "milk and meat" dual cycles, as the price of culled cattle (beef cattle) has entered an upward cycle, thereby reducing impairment losses on biological assets. With the industry's capacity reduction and the bottoming out of raw milk prices, the company is expected to see profit improvement in the second half of 2025 [2][8]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved revenue of 6.073 billion yuan, a year-on-year decrease of 5.4%. The net profit attributable to shareholders recorded a loss of 913 million yuan, compared to a loss of 228 million yuan in the same period last year. The loss pressure mainly came from the fair value changes of dairy cows, which resulted in a loss of 1.823 billion yuan, an increase of 58.4% year-on-year. The cash EBITDA was 1.477 billion yuan, a slight decrease of 2.5% year-on-year, while the net cash generated from operating activities was 490 million yuan, a year-on-year increase of 23.3% [4][5]. Raw Milk Business - The raw milk business revenue was 5.069 billion yuan, a slight decrease of 0.8% year-on-year. The comprehensive breeding solution business (feed, digital platform, etc.) revenue was 1.004 billion yuan, a year-on-year decrease of 23.2%, mainly due to the company's proactive adjustment of sales strategy to control risks and focus on high-quality customers [5]. Cost Control and Efficiency - During the industry's price decline, the company's raw milk business demonstrated strong operational resilience. The average selling price of raw milk decreased by 10.1% to 3.29 yuan/kg, which is lower than the industry average decline of 11.66%. Benefiting from the expansion of herd size and improved yield efficiency, the total sales volume of raw milk increased by 10.3% to 1.542 million tons, offsetting some of the revenue decline due to price drops. The average unit cost of milk decreased to 2.32 yuan/kg (from 2.58 yuan in the same period last year), with core feed costs significantly reduced by 11.4% to 1.79 yuan/kg. The company's excellent cost control allowed the raw milk business gross margin to remain stable at a high level of 30.2%, compared to 30.3% in the same period last year [6]. Herd Structure Optimization - The pressure on the company's performance in the first half of 2025 was mainly due to the loss of 1.823 billion yuan from the fair value changes of biological assets, which is related to the company's proactive culling of low-yield and inefficient cattle and the reduction in cattle valuation. This short-term impact on the profit statement lays a solid foundation for long-term development. The herd structure has improved, with the proportion of dairy cows in the total herd increasing by 3.5 percentage points to 54.1%, leading to higher production efficiency. The average annual yield per dairy cow reached a record high of 13.2 tons, a year-on-year increase of 1.5% [7]. Market Outlook - The current industry is at the historical bottom of the raw milk cycle, and the company's performance reflects the pressure from low milk prices. The company's earnings elasticity may come from the resonance of the "milk and meat" dual cycles, as the price of culled cattle (beef cattle) has entered an upward cycle, thereby reducing impairment losses on biological assets. With the industry's capacity reduction and the bottoming out of raw milk prices, the company is expected to see profit improvement in the second half of 2025 [2][8].

丨证券研究报告丨 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 公司研究丨点评报告丨再升科技（603601.SH） [Table_Title] 收入阶段性偏弱，关注冰箱能效标准提升 报告要点 [Table_Summary] 再升科技发布中报：2025H 实现收入 6.6 亿元，同比下降 12%，归属净利润约 0.60 亿元，同 比下降 21%，扣非净利润同比下降 17%。2 季度实现收入 3.3 亿元，同比下降 19%，归属净利 润 0.27 亿元，同比下降 39%，扣非净利润同比下降 39%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 再升科技（603601.SH） cjzqdt11111 [Table_Title2] 收入阶段性偏弱，关注冰箱能效标准提升 [Table_Summary2] 事件描述 公司发布中报：2025H 实现收入 6.6 亿元，同比下降 12%，归属净利润约 0.60 亿元，同比下 ...

丨证券研究报告丨 公司研究丨点评报告丨长海股份（300196.SZ） [Table_Title] 新产能起量，盈利稳健增长 报告要点 [Table_Summary] 长海股份发布 2025 年中报：上半年实现收入 14.56 亿元，同比增长 19%，归属净利润 1.74 亿 元，同比增长 42%，扣非净利润 1.78 亿元，同比增长 53%。单 2 季度实现收入 6.92 亿元，同 比增长 8%，归属净利润 0.92 亿元，同比增长 28%，扣非净利润 0.91 亿元，同比增长 27%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 research.95579.com 1 长海股份（300196.SZ） cjzqdt11111 [Table_Title2] 新产能起量，盈利稳健增长 [Table_Summary2] 事件描述 公司发布 2025 年中报：上半年实现收入 14.56 亿元，同比增长 19%，归属净利润 1.74 亿元， 同比增长 42%，扣非 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - As of August 29, 2025, the construction industry has experienced a decline in scale and performance, with overall revenue down by 5.57% year-on-year, totaling 39,639.92 billion yuan, while net profit decreased by 5.18% to 938.27 billion yuan [21][22]. - The industry's profitability remains relatively stable despite the decline in revenue, attributed to prior adequate impairment provisions [6][19]. - The second quarter of 2025 showed a slight improvement in profitability, with net profit margin increasing due to reduced expense ratios and impairment loss rates [6][19]. Summary by Sections Industry Overview - The construction industry faced a decline in revenue and performance in the first half of 2025, with a more significant drop in revenue compared to net profit [19][21]. - The overall industry is constrained by sluggish demand, but companies have managed to maintain stable profitability due to prior impairment provisions [6][19]. Profitability - The overall gross margin for the industry decreased to 10.09%, while the net profit margin slightly increased to 2.37% [28][30]. - The expense ratio saw a minor increase, with the financial expense ratio rising to 0.91% [28][30]. Cash Flow - The net cash outflow from operations decreased to 4,872.31 billion yuan, a reduction of 144.56 billion yuan year-on-year, indicating improved cash flow management [37]. - The collection ratio increased to 95.29%, while the payment ratio rose to 107.01% [37]. Subsector Performance - The construction sector's performance varied significantly across subsectors, with most experiencing revenue declines [48]. - The oil engineering subsector showed a notable profit increase of 13.38%, while the international engineering subsector faced a profit decline of 24.15% [52][53]. - The gross margin improved in seven subsectors, with the international engineering subsector achieving a gross margin of 15.14% [55][56].

丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 如何看待家电零部件企业产业延展机会？ 报告要点 [Table_Summary] 随着家电行业进入存量竞争阶段，传统品类需求趋于饱和，叠加"国补"造成的需求前置与基 数压力，家电内销市场或面临增速中枢下移的挑战，整机上市公司业绩弹性或边际减弱。在此 背景下，上游零部件企业的战略价值亟待重估；一方面，智能化、绿色化转型推动零部件技术 迭代加速，企业竞争壁垒正被重构，另一方面，部分零部件厂商依托技术积累向新能源车配套、 机器人等较高景气赛道延伸，形成"第二增长曲线"。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title2] 如何看待家电零部件企业产业延展机会？ [Table_Summary2] 引言：当前时点为何关注零部件企业？ 随着家电行业进入存量竞争阶段，传统品类需求趋于饱和，叠加"国补"政策造成的需求前置 效应与基数高企的 ...

丨证券研究报告丨 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 联合研究丨公司点评丨影石创新（688775.SH） [Table_Title] 收入延续高速增长，销售&研发坚定投入 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 36.71 亿元，同比增长 51.17%，实现 归母净利润 5.20 亿元，同比增长 0.25%，实现扣非归母净利润 4.92 亿元，同比增长 0.06%； 其中单二季度公司实现营业收入 23.16 亿元，同比增长 58.05%，实现归母净利润 3.43 亿元， 同比增长 1.73%，实现扣非归母净利润 3.31 亿元，同比增长 2.60%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 影石创新（688775.SH） cjzqdt11111 [Table_Title2] 收入延续高速 ...

丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2025 年 8 月销量点评：增长持续强 劲，新能源月销创历史新高 报告要点 [Table_Summary] 吉利汽车发布 2025 年 8 月销量。公司 8 月销量 25.0 万辆，同比+38.0%，环比+5.2%。2025 年 1-8 月累计销量 189.7 万辆，同比+47.3%。新平台赋能，吉利汽车有望开启产品新时代。 GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品牌新能源转型顺利推进，规模效应 逐步凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持续打开海外新 空间。智能化战略即将开启，加速提升智驾能力。整车强势新周期下盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 吉利汽车（0175.HK） cjzqdt11111 [Table_Title 吉利汽 ...

Market Overview - The Shanghai Composite Index experienced increased volatility with a slight decline in trading volume during the week[2] - Growth style saw a pullback, but a strong rebound was noted on the last trading day, particularly in the ChiNext Index[2] Trading Activity - Dividend style trading activity showed signs of recovery, while high profitability quality continued to rise[3] - The congestion level in high dividend sectors like coal and insurance remains at the bottom, indicating potential for growth[2] Sector Performance - The healthcare sector led the weekly performance, with healthcare leaders significantly outperforming dividend stocks in the same sector[3] - The value stable and value prosperity composite strategies outperformed during the week[3] Fund Performance - The Fund Heavyweight 50 Index recorded a weekly return of 2.35%, continuing its upward trend[22] - The overall performance of the Fund Heavyweight Index was volatile, but it led the institutional series in returns[22] Theme Trends - The low-carbon leader indices (30/60) showed strong weekly performance, with returns of 8.58% and 8.26% respectively[34] - The carbon neutrality index also performed well, with a weekly return of 5.53%[34]