公司同时公告《2025 年股票期权激励计划》，行权条件为 2025 年净利润减亏不低于 5%（2024 年为基数）、2026 年净利润为正； 12 个月内拟回购 2-4 亿元用于员工持股计划或者股权激励。 海外出货占比维持较高水平，终端抢装带动亏损收窄。上半 年公司实现电池组件出货 33.79GW（含自用 119 MW），其中组件海 外出货占比 45.93%。测算公司 Q2 电池组件出货超 18GW，环增 16%。 4-5 月终端抢装带动组件需求增长、价格回升，Q2 公司销售毛利 率-0.95%，环比回升 5.76 PCT，测算单位亏损显著收窄。 光伏行业"反内卷"扎实推进，有望推动价格及盈利修复。6 月底以来光伏行业"反内卷"扎实推进，多晶硅、硅片、电池片等 多个环节价格已上涨，8 月 19 日六部委联合召开光伏产业座谈会， 相关光伏制造企业及发电企业参会，预计后续组件价格有望传导 上游涨幅、逐步覆盖成本，带动行业盈利修复。 股权激励+股份回购彰显公司信心，下半年起有望逐步减亏。 公司公告《2025 年股票期权激励计划》，行权条件要求 2025 年净 利润减亏不低于 5%即归母净亏损不高于 44.23 亿元 ...

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Sheneng Co. and Huadian International in the thermal power sector [4]. Core Insights - The report highlights the importance of dividend yield in investment strategies, particularly in the public utility sector, where companies like Yangtze Power and Guodian Power are expected to increase their dividend payouts significantly over the next few years [4][40]. Market Review - The Shanghai Composite Index rose by 3.49% and the ChiNext Index increased by 5.85% during the week of August 18-22. The carbon neutrality sector saw a 4.35% increase, while the public utility sector rose by 1.75% [12]. Industry News - The Ministry of Finance issued guidelines to regulate the construction and operation of existing PPP projects, aiming to enhance efficiency and public service levels [66]. - The National Energy Administration reported that the total electricity consumption in July reached 10,226 billion kWh, a year-on-year increase of 8.6% [66]. Investment Recommendations - **Thermal Power Sector**: Focus on companies with assets in regions with tight supply-demand and good competition dynamics, such as Anhui Energy and Huadian International [4]. - **Hydropower**: Recommend leading hydropower operator Yangtze Power due to stable electricity prices and regional supply-demand tightness [4]. - **Nuclear Power**: Suggest investing in China National Nuclear Power, which is expected to benefit from stable electricity prices and high dividend capabilities [4]. - **Renewable Energy**: Highlight Longyuan Power as a leading wind power operator to watch [4]. - **Environmental Sector**: Recommend Yuhua Tian as a leading urban comprehensive operation management service provider [4].

买入（维持评级） 证券研究报告 业绩简评 经营分析 8 月 22 日，公司发布 2025 年中报。25H1 公司营业收入为 38.58 亿元，同比+31.59%；实现归母净利润 0.54 亿元，同比+47.07%； 25Q2 营业收入 23.61 亿元，同比+42.49%；归母净利润 1.36 亿元， 同比+1.49%。 公司存货和合同负债高增，业绩迈入释放期。25H1 公司存货 （8.89 亿元）和合同负债（11.3 亿元）共达到 20.19 亿元，同比 增长，相较 24 年末的增长 58%，达到自 2020 年以来的历史新高， 公司迎来收入和盈利双拐点。25H1 年新签合同 71.23 亿元，已中 标暂未签订合同 32.72 亿元。 海洋工程业务收入爆发，项目陆续开工确收。25H1 年海洋与 环境工程业务收入为 6.89 亿元，同比+141%，主要系中广核阳江 帆石一海上风电场基础预制、施工及风机安装工程 I 段施工合同 开始执行，完工百分比从 2024 年底 24.83%提升至 69.24%。由于 大项目的开工建设，25H1 海洋工程业务的毛利率提升至 4.35%， 相较 24 年底的 2.20%和 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (P/E) ratio of 33.2/15.83/12.86 for the years 2025/2026/2027 respectively [5]. Core Insights - The company reported a revenue of 53.368 billion yuan for the first half of 2025, a year-on-year decrease of 23.5%, and a net profit attributable to shareholders of 210 million yuan, down 89.7% year-on-year [2][3]. - The decline in revenue was primarily due to uneven delivery schedules and a 22.7% year-on-year drop in recognized area for the first half of 2025 [3]. - Despite the challenges, the company's total contracted sales amounted to 122.2 billion yuan, a decrease of 3.4% year-on-year, outperforming the average decline of 11.4% in the top 100 real estate companies [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 53.368 billion yuan, with a significant decline in net profit due to reduced other income and asset impairment losses totaling 1.933 billion yuan [2][3]. - The company’s sales revenue from property sales was 49.651 billion yuan, representing 93.0% of total revenue, which also saw a year-on-year decline of 22.1% [3]. Sales and Market Position - The company maintained a strong market position, ranking fifth in self-invested sales and equity sales, with a focus on core cities where 86% of sales were generated [3][4]. - The sales collection rate remained high at 96%, supporting cash flow and reinvestment [3]. Investment and Land Acquisition - The company added 35 new projects with an equity land acquisition amounting to 36.2 billion yuan, expected to generate a new value of 90.7 billion yuan [4]. - The focus on core cities resulted in 88% of land acquisition value being concentrated in first and second-tier cities, with Hangzhou alone accounting for 47% [4]. Financing and Debt Management - The company successfully issued 7.711 billion yuan in domestic bonds and completed an offshore financing swap of 800 million USD, optimizing its debt structure [4]. - The total interest-bearing debt financing cost was reported at 3.4%, a decrease of 50 basis points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for the company, considering it as one of the potential beneficiaries of the ongoing "anti-involution" in the industry [4]. Core Insights - The company reported a revenue of 40.5 billion RMB in the first half of 2025, a year-on-year decrease of 7.5%, with a net profit attributable to shareholders of -5.029 billion RMB, indicating a deeper loss compared to the previous year [1]. - The company achieved a sales volume of 161,300 tons of polysilicon, holding a global market share of approximately 30%, leading the industry. The price of polysilicon has seen a significant increase of 39% from its previous low, which is expected to gradually cover costs and restore profitability [2]. - The company sold 24.52 GW of solar modules in the first half of the year, with explosive growth in overseas markets, particularly in Poland, Romania, and Hungary [2]. - The company maintained its position as the global leader in battery cell sales, with a volume of 49.89 GW, and continues to lead in key competitive metrics such as A-grade ratio and conversion efficiency [3]. - The company has sufficient cash reserves, totaling approximately 33.229 billion RMB, which supports its ability to navigate through market cycles [3]. Financial Forecast - The forecast for the company's net profit attributable to shareholders has been adjusted to -6.16 billion RMB for 2025, 2.972 billion RMB for 2026, and 6.071 billion RMB for 2027, reflecting the competitive advantages in the silicon and battery segments [4]. - Revenue projections for 2023 are set at 139.104 billion RMB, with a growth rate of -2.33% for 2024 and a recovery expected in subsequent years [8]. - The diluted earnings per share are projected to be -1.563 RMB in 2024, improving to 0.660 RMB in 2026 and 1.348 RMB in 2027 [8].

业绩简评 8 月 22 日，公司披露 2025 年半年报，1H25 实现营业收入 3.2 亿元，同比+43.2%，归母净利润 0.5 亿元，同比+32.5%，实现毛 利率 61.4%，同比-5.9pct；Q2 实现营业收入 1.8 亿元，同比+45.7%， 归母净利润 0.3 亿元，同比+31.3%，实现毛利率 65.7%，同比 -3.2pct，Q2 业绩符合预期。 经营分析 发电功率预测业务快速增长，领先优势稳固。受新能源装机景气 度&分布式"四可"管理要求，截至 25H1，公司功率预测业务服务 电站数量净新 1116 家，净增数量远超历史水平，用户数量达到 5461 家，细分行业市占率保持领先。公司自研"旷冥"新能源大 模型持续迭代，综合功率预测精度保持行业领先，25H1 公司功率 预测业务实现营收 2.1 亿元，同比+55.1%，毛利率 61.6%，同比 -11.9pct，主要系公司新建电站客户数量较多，低毛利功率预测 设备占比提升影响。 并网控制、新能源管理业务日臻优化产品功能、短期营收承压。 1）并网控制：传统控制类产品的参数及性能优化升级，分布式并 网融合终端产品的销售区域已逐步拓展至十余个省份， ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 4.659 billion RMB in the first half of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders was 1.203 billion RMB, up 7% year-on-year [2]. - The respiratory therapy business has returned to a growth trend, with the oxygen concentrator business recovering and home respiratory products growing over 40% year-on-year [2]. - The blood glucose management and POCT solutions achieved a revenue of 674 million RMB, a 20% increase year-on-year, driven by the launch of new CGM products [2]. - Sales expenses increased significantly by 32.99% to 812 million RMB, reflecting the company's investment in expanding its sales scale and market share [3]. - The company achieved external sales revenue of 607 million RMB, a 26.63% increase year-on-year, with a focus on expanding its overseas market [3]. Summary by Sections Performance Overview - In Q2 2025, the company achieved a revenue of 2.223 billion RMB, a 7% increase year-on-year, and a net profit of 578 million RMB, a 25% increase year-on-year [2]. - The adjusted net profit was 401 million RMB, down 3% year-on-year [2]. Business Analysis - The respiratory therapy solutions generated 1.674 billion RMB in revenue, a 1.93% increase year-on-year, indicating a recovery in this segment [2]. - The home health monitoring solutions generated 1.014 billion RMB, a 15.22% increase year-on-year, with electronic blood pressure monitors showing double-digit growth [2]. - The clinical instruments and rehabilitation business generated 1.134 billion RMB, a 3.32% increase year-on-year [2]. - The emergency solutions and other businesses achieved a revenue of 136 million RMB, a 30.54% increase year-on-year [2]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 1.989 billion RMB, 2.269 billion RMB, and 2.600 billion RMB, representing growth rates of 10%, 14%, and 15% respectively [3]. - The current price-to-earnings ratio (PE) is projected to be 18, 16, and 14 times for the years 2025, 2026, and 2027 respectively [3].

事件 8 月 22 日公司发布 2025 年半年报，25H1 营收/归母净利润分别同 比+18.52%/+9.79%至 103.16/7.06 亿港元。2025 年半年度股息为 0.19 港元/股。 经营分析 烟叶进出口及卷烟出口业务单价提升明显，整体营收表现稳健。 25H1 烟叶进口业务营收同比+23.47%至 83.99 亿港元，销量/单价 同比+2.5%/+20.50%。烟叶进口业务营收增速显著大于销量增速， 主因销售单价提升明显。25H1 烟叶出口业务营收同比+25.92%至 11.56 亿港元，销量/单价同比+12.7%/+11.66%。公司积极拓展出 口新客户且优化定价，在保证销量增长的同时单价亦有相当增长。 25H1 卷烟出口业务营收同比+0.81%至 5.52 亿港元，销量/单价同 比-7.9%/+9.51%。公司持续优化卷烟产品组合及提升自营占比，即 使销量下滑但单价提升仍拉动营收微增。25H1 新型烟草出口业务 营收同比-66.45%至 0.15 亿港元，销量/单价同比-65.4%/-4.15%。 受海外主要市场监管政策变动及供应链冲击影响，公司新型烟草 出口业务销量/营收下滑明显。25H ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 2.497 billion RMB for the first half of 2025, a year-on-year decrease of 39.6%, and a net profit attributable to shareholders of 575 million RMB, down 23.5% year-on-year [2] - The company launched several new products in H1 2025, including Zhen 50 and Li Du Gao Liang 1965, aiming to enhance market presence and sales through a new alliance model [3] - The revenue breakdown by product shows significant declines, with Zhen Jiu and other brands experiencing revenue drops of 45%, 9%, 39%, and 64% respectively [3] Revenue and Profit Analysis - The company expects revenues to decline by 20.4% in 2025, followed by growth of 11.7% in 2026 and 16.8% in 2027 [5] - The adjusted net profit is projected to decrease by 1.9% in 2025, but increase by 19.6% in 2026 and 28.4% in 2027 [5] - The overall gross margin for H1 2025 increased by 0.3 percentage points to 59.0%, while sales and distribution expenses decreased by 38.5% year-on-year [4] Product and Pricing Strategy - Revenue from high-end, mid-range, and low-end products in H1 2025 was 580 million, 980 million, and 940 million RMB respectively, with year-on-year declines of 47%, 42%, and 31% [4] - The gross margin for high-end products decreased due to internal structural adjustments, while mid-range and low-end products saw margin improvements due to cost optimizations [4] Market Position and Future Outlook - The company has established a significant network of over 2,100 alliance partners for its new product line, which is expected to contribute positively starting in H2 2025 [3] - The report indicates that the company is leveraging its experience in high-end liquor operations to enhance the performance of its new product offerings [3]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company announced the establishment of an AI-driven international supply chain technology platform, marking the official launch of its globalization strategy. The platform aims to provide comprehensive solutions for small and micro enterprises in the global supply chain, including flexible supply chain services, financial support, currency management, and digital empowerment [2]. - The company has formed partnerships with over 30 international financial institutions and several leading regional and industry players, actively expanding its business in Southeast Asia. Notable collaborations include providing cross-border supply chain services for Carro, assisting Chinese merchants on Shopee, and partnering with Shein's core suppliers to explore markets in Vietnam and Morocco [3]. - The platform will incorporate blockchain technology and promote the tokenization of real-world assets (RWA), transforming high-quality international supply chain assets into standardized, traceable digital assets on the blockchain, thereby enhancing capital turnover efficiency in the global supply chain [3]. - The company is expected to see continued growth in its e-commerce, AI, and robotics sectors, which will drive the expansion of its supply chain technology platform. The increasing proportion of high-value-added revenue is anticipated to optimize the overall fee structure and improve profitability [4]. Financial Projections - The company forecasts revenue growth from RMB 1,068 million in 2023 to RMB 2,180 million by 2027, with a compound annual growth rate (CAGR) of approximately 28% [9]. - The projected net profit attributable to the parent company is expected to rise from RMB 268 million in 2023 to RMB 1,014 million by 2027, reflecting a CAGR of 44% [9]. - The expected dividend payout for 2025 is approximately RMB 950 million, resulting in a projected dividend yield of 8.3% [4].