Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 97.325 billion yuan for the first half of 2025, a year-on-year decline of 2.46%. The net profit attributable to shareholders was 14.412 billion yuan, an increase of 1.95% year-on-year. The net profit excluding non-recurring items was 13.946 billion yuan, a growth of 0.59% year-on-year. In the second quarter of 2025, the revenue was 55.818 billion yuan, down 11.99% year-on-year, with a net profit of 8.508 billion yuan, a decrease of 10.07% year-on-year [2][6]. Summary by Sections Revenue Performance - The company experienced a revenue decline of 2.46% in H1 2025, with consumer electronics revenue down 5.09%, while industrial products and green energy grew by 17.13%, and smart equipment increased by 20.90%. Domestic revenue fell by 5.27%, but overseas revenue rose by 10.19%, with self-owned brands accounting for nearly 70% of export sales [12][12]. Channel Reform and Strategy - The company is actively promoting channel innovation and upgrades, focusing on live e-commerce and social e-commerce while enhancing its own online platform's user operation system. Offline, it is upgrading "Dong Mingzhu Health Home" stores to showcase a full range of health appliances, aiding the transition from air conditioning to a comprehensive home appliance brand [12][12]. Profitability and Financial Health - In H1 2025, the company's gross margin decreased by 0.88 percentage points. However, the sales expense ratio fell by 0.65 percentage points, indicating improved operational efficiency. The operating profit for H1 was 13.235 billion yuan, down 2.16% year-on-year, but the operating profit margin increased by 0.04 percentage points [12][12]. Future Outlook - The company has established a multi-brand industrial matrix covering consumer goods and industrial equipment, with a positive outlook supported by national subsidies. The projected net profits for 2025-2027 are 34.406 billion, 36.936 billion, and 40.220 billion yuan, respectively, with corresponding price-to-earnings ratios of 6.76, 6.30, and 5.78 [12][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 1.05 billion yuan in Q2 2025, representing a year-on-year increase of 3.9%, while the net profit attributable to the parent company was 100 million yuan, down 2.4% year-on-year [2][4]. - The company is expanding its product offerings in aluminum die-casting, extrusion, and forging for automotive parts, while also accelerating its layout in magnesium alloys and the robotics sector [2][8]. - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [2][8]. Summary by Sections Financial Performance - In Q2 2025, the company reported a gross margin of 22.7%, an increase of 2.1 percentage points year-on-year and 1.9 percentage points quarter-on-quarter, driven by product structure optimization and cost reduction efforts [8]. - The company’s operating expenses ratio was 8.5%, down 1.8 percentage points year-on-year and 2.7 percentage points quarter-on-quarter, benefiting from a decrease in financial expenses [8]. Business Development - The company has secured approximately 1.9 billion yuan in orders from mainstream North American electric vehicle platforms and has won key project bids from several leading domestic new energy manufacturers [8]. - The company’s Mexican factory commenced operations in June 2025, and a new facility in Thailand broke ground in July 2025, supporting its global expansion strategy [8]. Future Outlook - The company is expected to achieve net profits of 480 million yuan, 620 million yuan, and 770 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28.6X, 22.3X, and 17.9X [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company achieved operating revenue of 7.802 billion yuan, a year-on-year increase of 1.03%, and a net profit attributable to shareholders of 543 million yuan, a year-on-year increase of 22.79% [2][5]. - The company plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares to all shareholders [2][5]. - The company continues to innovate technologically, which has led to improved profitability, with a gross margin of 22.08% in the first half of 2025, an increase of 0.32 percentage points year-on-year [11]. Summary by Sections Financial Performance - For Q2 2025, the company reported operating revenue of 3.968 billion yuan, a year-on-year decline of 6.60%, while the net profit attributable to shareholders was 296 million yuan, a year-on-year increase of 9.84% [2][5]. - The gross margin for Q2 was 21.75%, reflecting a year-on-year increase of 0.12 percentage points [11]. Revenue Breakdown - In the first half of 2025, domestic and foreign sales accounted for 22.20% and 77.80% of revenue, respectively, with domestic sales declining by 3.77% and foreign sales increasing by 2.49% [11]. - The product breakdown shows that kitchen appliances, home appliances, and other products accounted for 67.69%, 18.78%, and 11.47% of revenue, respectively [11]. Profitability and Cost Management - The company’s net profit margin reached 6.96% in the first half of 2025, an increase of 1.23 percentage points year-on-year [11]. - The company is focused on establishing a diversified small home appliance technology service system to enhance customer satisfaction and improve product profitability through cost reduction and efficiency enhancement measures [11]. Future Outlook - The company expects net profits attributable to shareholders to be 1.115 billion yuan, 1.227 billion yuan, and 1.350 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.41, 10.37, and 9.43 [11].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 11.478 billion yuan for the first half of 2025, representing a year-on-year growth of 4.68%. However, the net profit attributable to shareholders was 940 million yuan, a slight decline of 0.07% year-on-year [2][5]. - The company is actively promoting product innovation and optimizing channel layouts, maintaining a leading market share in domestic sales. It is expected to benefit from national subsidies for high-priced products, with strong growth in external orders [7]. - The company has maintained a considerable dividend rate in recent years, with projected net profits attributable to shareholders of 2.258 billion, 2.523 billion, and 2.758 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 18.32, 16.39, and 15.00 times [7]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 5.691 billion yuan, a year-on-year increase of 1.87%, while the net profit attributable to shareholders was 443 million yuan, down 5.94% year-on-year [2][5]. - The gross profit margin for the first half of 2025 was 23.61%, with a slight decline compared to the previous year. The company’s net profit margin for the first half was 8.19%, down 0.39 percentage points year-on-year [12]. Sales Breakdown - For the first half of 2025, the company's revenue from domestic sales grew by 3.36%, while external sales increased by 7.55%. The domestic market accounted for 67.62% of total revenue [12]. - The company launched innovative products, such as a handheld garment steamer, which achieved the highest online market share in the first half of 2025 [12]. Future Projections - The company is expected to maintain steady growth in scale while optimizing profitability efficiency. The projected net profits for 2025-2027 indicate a positive outlook for the company's financial performance [7].

丨证券研究报告丨 公司研究丨点评报告丨石头科技（688169.SH） [Table_Title] 发布激励&持股计划，绑定人才推动长期发展 报告要点 [Table_Summary] 公司披露股权激励与事业合伙人持股计划草案。本次激励计划覆盖公司管理骨干人员、技术骨 干以及业务骨干人员共计 62人，拟授予限制性股票共 37.07万股，约占公司股本总额 0.1431%， 对应授予价格为 107.03 元/股；本次事业合伙人持股计划覆盖公司部分董事、高级管理人员、 核心技术人员以及核心业务人员不超过 53 人，拟持有股票数量不超过 36.63 万股，约占公司 股本总额 0.1414%，对应持股计划回购股份价格为 107.03 元/股。 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 石头科技（688169.SH） cjzqdt11111 [Table_Title2] 发布激励&持股计划，绑定人才推动长期发展 [Table_Summary2] 事件描述 公司披 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - In H1 2025, the company achieved revenue of 5.66 billion, a year-on-year increase of 41.2%, and adjusted profit of 1.09 billion, up 42.4% year-on-year. The growth is significantly driven by the competitive landscape in the takeaway market, which is expected to further enhance performance in Q3 [2][6]. - The company has a clear growth strategy with substantial room for store expansion, focusing on densely populated regions and leveraging a self-controlled supply chain for efficiency. High R&D investment supports rapid product innovation, which is anticipated to contribute to steady revenue growth [2][10]. - The company’s total GMV reached 14.1 billion, reflecting a 34.4% year-on-year increase, with average daily GMV per store at 7.6 thousand, up 21.2% year-on-year. The number of cups sold per store per day increased by 17% to 439 cups, while the average price per cup rose by 3% to 17.3 [10][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 1.79 billion, a 41.0% increase year-on-year, and an adjusted core profit of 1.14 billion, up 49.0% year-on-year [6][10]. - The gross margin for H1 2025 was 31.5%, slightly down by 0.1 percentage points year-on-year, while the adjusted profit margin improved by 0.2 percentage points to 19.2% [10][11]. Store Expansion - The company opened 1,570 new stores in H1 2025, a 105.2% increase year-on-year, bringing the total number of stores to 11,179, which is a 17.5% increase year-on-year. The distribution of stores across different city tiers shows a significant focus on lower-tier cities, with 81% of stores located in second-tier and below [10][11]. Product Development - The company launched 52 new products in H1 2025, demonstrating its strong R&D capabilities. The number of registered members on the company’s mini-program reached 178 million, with 50 million active members, indicating high consumer engagement [10][11]. - The company has equipped over 8,000 stores with coffee machines, achieving a coverage rate of approximately 72%, and introduced 16 new coffee products, which are expected to contribute to sales growth [10][11].

Core Insights - The A-share market experienced fluctuations with a notable rebound in the ChiNext Index, driven by gains in computing power and new energy stocks, while the Shanghai Composite Index fell by 1.16% and the Shenzhen Component Index decreased by 0.65% [2][11] - The market turnover reached 2.40 trillion yuan, with 4,558 stocks declining across the board [11][25] Market Performance - The ChiNext Index rose by 0.95%, while the Shanghai 50 Index dropped by 1.07%, and the CSI 300 Index fell by 0.68% [11] - In terms of sector performance, telecommunications (+1.68%) and electric power & new energy equipment (+1.29%) sectors saw gains, while defense and military (-5.84%) and comprehensive finance (-3.57%) sectors led the declines [11] Industry Trends - The rebound in the ChiNext Index was supported by a resurgence in computing hardware stocks, particularly in optical modules and optical communication [11] - The new energy supply chain, including photovoltaic inverters and energy storage, showed strong performance, likely influenced by surging overseas demand for energy storage [11] - Battery concepts, such as solid-state batteries and sodium-ion batteries, also saw upward movement due to industry advancements [11] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, anticipating continued monetary and fiscal support, which historically has helped the market withstand external risks and volatility [11] - Investment strategies should focus on non-bank sectors in a "slow bull" market, with an emphasis on AI computing, innovative pharmaceuticals in Hong Kong, and military sectors [11] - Additionally, sectors benefiting from improved supply-demand dynamics, such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming, are recommended for attention [11]

丨证券研究报告丨 联合研究丨公司点评丨寒武纪-U（688256.SH） [Table_Title] 寒武纪 2025H1 财报点评：净利率大幅提升，规 模效应显现 报告要点 [Table_Summary] 寒武纪公告其 2025 年半年度报告，报告期内，公司实现营业总收入 28.81 亿元，同比增长 4347.82%，实现归母净利润 10.38 亿元，同比增长 295.82%。公司所在 AI 算力行业下游需求 旺盛叠加公司强产品力助力其高速增长，归母净利润超预期。本报告期公司合同负债大幅增长， 预付和存货环比基本持平，一方面反映供不应求，同时在营收大幅增长背景下反映供应持续增 加，为后续业绩增长提供保障。公司已经进入业绩爆发期，规模效应下净利率大幅提升。 分析师及联系人 [Table_Author] 杨洋 宗建树 余庚宗 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490516030002 SFC：BUW100 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 寒武纪-U（688256.SH） cj ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 601 million yuan in the first half of the year, representing a year-on-year growth of 15.60%. However, the net profit attributable to shareholders decreased by 40.93% to 34.99 million yuan, and the net profit after deducting non-recurring items fell by 44.68% to 30.45 million yuan [2][6]. Summary by Sections Business Performance - The company's main business remains architectural design, generating 410 million yuan in revenue, a decline of 6.17% year-on-year. The prefabricated building segment saw a significant drop of 32.84% to 168 million yuan. In contrast, the engineering general contracting business grew by 81.56% to 17.12 million yuan. The digital culture business generated 109 million yuan, accounting for 18.09% of total revenue, becoming a key driver for revenue growth [12]. Profitability - The overall gross margin for the first half was 24.57%, down by 3.17 percentage points year-on-year. The gross margin for the second quarter was 28.6%, a decrease of 7.2 percentage points. The gross margin for the main architectural design business improved to 38.54%, up by 7.85 percentage points year-on-year. However, the digital culture business reported a negative gross margin of -17.43% due to higher costs [12]. Cost Management - The company successfully reduced its expense ratio to 15.8%, down by 2.6 percentage points year-on-year. The second quarter saw further improvement, with the expense ratio dropping to 13.5%. This reduction was attributed to effective control over the scale of marketing and R&D personnel [12]. Cash Flow and Financial Health - The company experienced a net cash outflow of 180 million yuan from operating activities, an increase of 60 million yuan year-on-year. The cash collection ratio was 72.7%, down by 20.4 percentage points. The asset-liability ratio improved by 2.8 percentage points to 45.6% [12]. Growth Opportunities - Urban renewal policies are expected to provide new growth opportunities in the architectural design sector. The company is also leveraging digitalization and AI technologies to develop new business models, including a BIM engineering laboratory and an online management platform, which are anticipated to drive future revenue growth [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - The company achieved an operating revenue of 43.536 billion yuan in the first half of 2025, a year-on-year decrease of 4.91%. The net profit attributable to shareholders was 2.78 billion yuan, down 13.00% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.72 billion yuan, a decrease of 13.72% year-on-year [2][6]. - The company's performance was under pressure due to project transitions, but construction is expected to accelerate in the second half of the year, supported by a significant increase in orders [11]. Summary by Sections Financial Performance - In the first half of 2025, the company experienced a decline in revenue and profit, with a total revenue of 43.536 billion yuan, down 4.91% year-on-year, and a net profit of 2.78 billion yuan, down 13.00% year-on-year. The gross profit margin was 14.50%, a decrease of 1.38 percentage points year-on-year [11]. - The second quarter saw a revenue of 20.55 billion yuan, a year-on-year decrease of 13.21%, primarily due to complex construction conditions in the Sichuan region [11]. Order Growth - The company saw a significant increase in orders in the second quarter, with a total bid amount of 37.559 billion yuan, a year-on-year increase of 25%. The total bid amount for the first half of 2025 reached 72.24 billion yuan, up 22.2% year-on-year [11]. Profitability and Cash Flow - The company's net profit margin for the first half of 2025 was 6.38%, down 0.59 percentage points year-on-year. The operating cash flow showed a net outflow of 4.284 billion yuan, which was a reduction in outflow compared to the previous year [11]. - The company plans to increase its dividend payout ratio from 50% to 60% for 2025, which could enhance its attractiveness to investors [11]. Market Outlook - The company is expected to benefit from the acceleration of infrastructure projects in Sichuan, with four major highways approved for construction, indicating a positive trend for future revenue growth [11].