行业报告 | 行业点评 纺织服饰 证券研究报告 从老铺财报看高端金饰发展 老铺上半年取得出色成绩 25 年上半年公司实现销售 142 亿同增 249%，收入 124 亿同增 251%，非国 际财务报告准则下经调整净利 23.5 亿同增 291%。 截至 2025 年 6 月 30 日，忠诚会员达到约 48 万名，相较 2024 年 12 月 31 日增长 13 万名，消费人群正不断扩大。根据弗若斯特沙利文调研数据显示， 老铺黄金消费者与路易威登、爱马仕、卡地亚、宝格丽等国际五大奢侈品牌 的消费者平均重合率高达 77.3%，老铺黄金消费者与国际奢侈品牌人群高度 重合，具备高端消费特点，验证品牌高端定位。 凭借高级感的品牌调性以及现有门店的往绩记录，老铺黄金拥有较强的渠道 拓展能力，使老铺能够在准入要求严格的知名商业中心系统性地在理想位置 开设新门店。截至 2025 年 6 月 30 日，老铺在 16 个城市共开设 41 家自营 门店，全部位于包括 SKP 系（6 家）和万象城系（11 家）在内的具有严格 准入要求的 29 家知名商业中心。 通过以上数据，我们认为以老铺为代表的高端金饰为行业发展注入新思路 回顾行 ...

港股公司报告 | 公司点评 华润电力（00836） 证券研究报告 纯火电权益核心利润保持增长，一次性因素扰动业绩 事件： 公司发布 2025 年中期业绩。上半年公司持有人应占利润为 78.72 亿港元， 同比减少 15.9%；持有人应占核心业务利润 82.78 亿港元，同比增加 0.1%。 公司 2025 年中期拟每股派息 0.356 港元。 点评 风光全年并网容量 10GW 规划不变，预计下半年投产火电权益装机 6GW 上半年公司新增风光并网装机约 4,839 兆瓦，新增火电项目权益并网装机 894 兆瓦。截至 6 月底，公司火力发电权益并网装机容量为 39.14GW，风 电权益并网装机容量为 25.55GW，光伏权益并网装机容量为 12.97GW；公 司风电在建管理装机容量为 8,679 兆瓦，光伏在建管理装机容量为 6,515 兆瓦。上半年公司获得可再生能源开发建设指标 5,874 兆瓦，其中风电项 目 3,996 兆瓦，光伏项目 1,878 兆瓦。展望后续，公司规划全年新增风电 和光伏项目并网容量 10,000 兆瓦，与年初目标一致；下半年公司预计投产 的火电机组权益装机容量约 5,982.5 兆瓦。 ...

公司报告 | 半年报点评 零售转型成效显现，多品类均衡发展 公司发布 2025 年中期报告 25Q2 公司实现收入48.9 亿元，同比+7.2%；归母净利润5.0 亿元，同比+5.4%； 扣非归母净利润 4.4 亿元，同比+8.9%； 25H1 公司实现收入 98.0 亿元，同比+10.0%；归母净利润 10.2 亿元，同比 +13.9%；扣非归母净利润 9.0 亿元，同比+15.3%；若剔除股份支付费用 0.36 亿的影响，归母及扣非分别同增 18%、20%。 公司经营业绩持续向好，内贸零售企稳向好，外贸收入持续增长，同时得 益于产品力改善和效率提升，实现结构性增长，同时盈利能力、现金流等 核心经营指标同步优化； 25Q2 毛利率 33.4%，同比+0.4pct，归母净利率 10.3%，同比-0.2pct，盈利 能力保持稳定； 25H1 经营活动产生的现金流量净额 10.94 亿元，同比增长 71.89%。 单品均衡发展，高潜品类展现结构性成长 ①沙发收入 56.67 亿元，同比+14.7%，毛利率 36.1%，同比+1.0pct，其中 功能沙发态势较好，尤其内贸功能沙发业务上半年实现较好的同比增长； 顾家 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 15.657 billion yuan for the first half of 2025, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.519 billion yuan, down 14.4% year-on-year [1]. - The company plans to distribute a cash dividend of 0.1 yuan per share (pre-tax), totaling approximately 0.836 billion yuan (pre-tax) [1]. - The company achieved a net increase of 2.1 GW in new energy installed capacity in the first half of the year, bringing the total controlled installed capacity to 43.2 GW [2]. - The company completed a total electricity generation of 39.652 billion kWh in the first half of the year, with wind power generation at 33.503 billion kWh, a year-on-year increase of 6.07%, and solar power generation at 6.147 billion kWh, a year-on-year increase of 71.37% [3]. - The average on-grid electricity price for wind power was 422 yuan/MWh, a decrease of 16 yuan/MWh year-on-year, while for solar power, it was 273 yuan/MWh, down 5 yuan/MWh year-on-year [3]. - Operating expenses for the first half of the year were 9.567 billion yuan, an increase of 10.8% year-on-year, primarily due to increased depreciation and amortization from new projects [4]. - The company’s operating profit from continuing operations was 6.730 billion yuan, a year-on-year decrease of 6.2% [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 6.9 billion, 7.2 billion, and 7.6 billion yuan, respectively, with corresponding P/E ratios of 7.6, 7.2, and 6.9 [5]. Summary by Sections Financial Performance - Revenue for H1 2025 was 15.657 billion yuan, down 18.6% year-on-year [1]. - Net profit attributable to shareholders was 3.519 billion yuan, down 14.4% year-on-year [1]. - Operating profit from continuing operations was 6.730 billion yuan, down 6.2% year-on-year [4]. Installed Capacity and Generation - The company added 2.1 GW of new energy installed capacity in H1 2025, totaling 43.2 GW [2]. - Wind power generation was 33.503 billion kWh, up 6.07% year-on-year, while solar power generation was 6.147 billion kWh, up 71.37% year-on-year [3]. Cost and Profitability - Operating expenses were 9.567 billion yuan, up 10.8% year-on-year [4]. - Wind power segment profit was 6.213 billion yuan, down 10.5% year-on-year, while solar power segment profit was 0.550 billion yuan, up 51.1% year-on-year [4]. Future Outlook - The company has adjusted its profit forecast for 2025-2027 to 6.9 billion, 7.2 billion, and 7.6 billion yuan, maintaining a "Buy" rating [5].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Views - The company reported a 10.17% year-on-year increase in net profit attributable to shareholders, amounting to 46.74 million yuan in the first half of 2025 [1]. - Revenue for the first half of 2025 reached 1.835 billion yuan, reflecting an 8.31% year-on-year growth [1]. - The company is focusing on optimizing store formats and accelerating store openings, with a net increase of 12 stores in the first half of 2025, bringing the total to 487 stores [3]. - A partnership with Bandai Namco is expected to create a new growth avenue, with plans to open more stores featuring popular IPs [4]. Financial Performance - In Q2 2025, the company achieved revenue of 976 million yuan, a 9.89% increase year-on-year, and a net profit of 40.04 million yuan, up 10.9% year-on-year [2]. - The gross profit margin for the first half of 2025 was 25.9%, a slight decrease of 0.55 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 1.3 yuan for every 10 shares, with a dividend payout ratio of 38.53% [2]. Store Expansion and Strategy - The company has opened 35 new stores and closed 23 in the first half of 2025, with a focus on high-consumption cities [3]. - A new standardized store model has been developed to enhance customer acquisition and operational efficiency, resulting in a nearly 20% increase in customer visits and sales [3]. - The company has signed agreements for 30 additional stores to be opened in 2025, indicating a strong commitment to expansion [3]. Financial Projections - The company expects net profits to reach 135 million yuan, 168 million yuan, and 204 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 16, and 13 [4][5]. - Revenue projections for the next few years are as follows: 3.812 billion yuan in 2025, 4.223 billion yuan in 2026, and 4.765 billion yuan in 2027, with growth rates of 9.96%, 10.77%, and 12.86% respectively [5][10].

公司报告 | 半年报点评 柏诚股份（601133） 证券研究报告 收入、业绩小幅承压，海外收入增速亮眼 收入、业绩小幅承压，拟派发中期分红回馈投资者 25H1 公司实现收入 24.2 亿，同比-3.14%，归母、扣非净利润为 0.83、0.79 亿，同比-16.1%、-17.7%；Q2 实现收入 13.87 亿，同比+2.15%，归母、扣 非净利润为 0.39、0.37 亿，同比-10.4%、-13.3%。25 年上半年公司拟进行 现金分红 0.26 亿，分红比例 31.6%，重视股东回报。考虑到上半年业绩有 所承压，我们预计 25-27 年公司归母净利润为 2.3、2.6、3 亿（前值为 2.54、 3、3.46 亿），对应 PE 为 31、27、23 倍，维持"买入"评级。 新型显示领域保持较高景气度，海外收入实现大幅增长 分下游来看，25H1 半导体及泛半导体、新型显示、生命科学及食品药品大 健康分别实现营收 14.9、4.2、2.5 亿，同比-23.2%、+47.2%、+8.7%；25H1 公司在手订单17.5亿，同比下滑22%，以上三个领域25H1 在手订单为12.3、 2.9、1.6 亿，同比-3 ...

Group 1 - The report outlines the core objectives of the "14th Five-Year Plan," emphasizing economic development, social progress, ecological improvement, and enhanced governance efficiency as key areas of focus [11][12][13] - The "15th Five-Year Plan" is positioned as a critical phase connecting the "14th Five-Year Plan" and the "16th Five-Year Plan," with significant implications for achieving the 2035 vision [3][5] - The report highlights the importance of innovation and technology in driving economic growth, with a focus on enhancing the capabilities of state-owned enterprises and fostering a modern industrial system [5][35] Group 2 - The report indicates that the economic growth rate averaged 5.5% over the past four years, with a projected GDP of approximately 140 trillion yuan for the current year [19][16] - It notes that the contribution of final consumption to economic growth has increased, reaching an average of 56.2% over the past four years, which is an improvement of 8.6 percentage points compared to the "13th Five-Year Plan" period [19] - The report emphasizes the need for a robust consumer spending mechanism to support economic recovery, highlighting the importance of increasing residents' disposable income [18] Group 3 - The report discusses the significant progress made in ecological transformation, with energy consumption per unit of GDP decreasing by 11.6% over the past four years, positioning China as one of the fastest countries in terms of energy intensity reduction [29][30] - It highlights the improvement in air quality, with the proportion of days with good air quality remaining stable at around 87%, which is a 3 percentage point increase compared to the "13th Five-Year Plan" period [30][32] - The report also mentions the increase in renewable energy generation capacity, which has surpassed coal power for the first time, reflecting a shift towards cleaner energy sources [30][29] Group 4 - The report outlines the advancements in high-tech industries, with the added value of high-tech manufacturing increasing by 42% compared to the end of the "13th Five-Year Plan" period [35] - It emphasizes the growth of the digital economy, with the core industries' added value rising by 73.8%, accounting for 10.4% of GDP [35] - The report indicates that the number of high-value invention patents per ten thousand people has reached 15.3, surpassing the target set for the "14th Five-Year Plan" [38]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [8]. Core Insights - The company's revenue for Q2 2025 reached 35 billion RMB, representing a year-on-year growth of 13.1%, while adjusted net profit increased by 20.1% to 5.62 billion RMB [1]. - The core business shows steady growth, with significant contributions from AI commercialization and operational efficiency improvements [1][3]. - The company has declared its first special dividend since its listing, amounting to 0.46 HKD per share, reflecting confidence in long-term growth prospects [7]. Revenue Breakdown - **Core Business Performance**: The company achieved a gross profit of 19.5 billion RMB, with sales and marketing expenses growing by 4.6% to 10.5 billion RMB, accounting for 30% of total revenue [1]. - **User Engagement**: The average Daily Active Users (DAU) reached 409 million, with a slight year-on-year increase of 3.4%, and the average daily usage time per DAU was 126.8 minutes, up 7.5% [2]. - **AI Revenue**: The AI segment, particularly the 可灵 AI model, generated over 250 million RMB in revenue during Q2 2025, showing rapid growth [3]. - **Online Marketing Services**: Revenue from online marketing services reached 19.8 billion RMB, marking a 12.8% year-on-year increase, driven by strong performance in external advertising sectors [4]. - **E-commerce Growth**: Other service revenues, including e-commerce, grew by 25.9% to 5.2 billion RMB, with e-commerce GMV reaching 358.9 billion RMB, a 17.6% increase [5]. - **Live Streaming Revenue**: Live streaming revenue was 10 billion RMB, reflecting an 8.0% year-on-year growth, supported by an increase in signed agencies and streamers [6]. - **International Business**: Overseas revenue grew by 20.5% to 1.3 billion RMB, with stable performance in the Brazilian market [7].

公司报告 | 半年报点评 技术突破：以无人驾驶为核心，推出 ET100/ET70M 等新能源无人矿卡，搭 载"御石"线控平台，实现矿区无人化运营；开发大吨位车型，通过高强度 车架、多轴驱动技术提升运输效率，满足大型矿山高效集约化需求；布局 纯电、混动、氢燃料等全技术路线，多个产品获行业金奖并出口至力拓等 国际矿业巨头。全球拓展：2025H1 公司海外营收占比 15.5%，海外高端市 场突破显著，建立新加坡等海外子公司完善服务体系。 同力股份（834599） 证券研究报告 中报业绩表现稳健，看好公司三大业务提供增长新动能 公司发布 2025 年半年报，业绩表现稳健： 2025H1 公司实现收入 31.69 亿元，同比+12.69%；其中国内收入 26.77 亿元、 同比+12.85%，国外收入 4.92 亿元、同比+11.87%、收入占比 15.53%。归母 净利润 3.21 亿元，同比+8.25%，扣非归母净利润 3.18 亿元，同比+10.09%。 25H1 公司毛利率为 19.78%，同比+1.23pct；分产品来看，整车毛利率 18.96%、同比+1.42pct，配件销售毛利率 31.39%、同比-7. ...

Investment Rating - The investment rating for the company is "Buy" with a target price maintained [7] Core Views - The company is experiencing accelerated overseas expansion in its structural components business and is developing a second growth driver in the robotics sector [2][3] - The company reported a slight decline in profit in Q2 2025 due to increased R&D expenses and significant credit impairment [1][4] - The forecast for the company's net profit for 2025 and 2026 has been adjusted downwards to 1.75 billion and 2.12 billion respectively, primarily due to underestimated R&D costs and impairment impacts [4] Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 10,511.36 million - 2024: 12,029.68 million - 2025E: 14,796.50 million - 2026E: 17,755.80 million - 2027E: 21,306.96 million - The expected growth rates are 21.47% for 2023, 14.44% for 2024, and 23.00% for 2025 [5][12] - The projected net profit for 2025 is 1,751.61 million, with a growth rate of 19.03% [5][12] - The company's earnings per share (EPS) is expected to be 6.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.53 [5][12] Business Development - The company is investing up to 5 million euros in Hungary to enhance the production capacity of precision structural components for power batteries [2] - The development of humanoid robot products is progressing well, with positive trends in customer development [3][11]