Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 920 million yuan, a year-on-year increase of 188.9%, and a net profit of 150 million yuan, up 177.4% year-on-year [7][8] - The company has raised its dividend payout ratio to 60%, with a proposed dividend of 0.107 yuan per share, resulting in a dividend yield of 4.54% based on the closing price on August 26 [7] - The company is focusing on expanding its quality education segment, which has driven substantial revenue growth, particularly in the Guangzhou, Shenzhen, and Foshan markets [8][9] Financial Performance - For the first half of 2025, the revenue breakdown includes 720 million yuan from quality education, 100 million yuan from full-time review, and 90 million yuan from tutoring projects, with respective year-on-year growth rates of 513.1%, -18.3%, and +17.6% [8] - The company’s contract liabilities stood at 590 million yuan as of June 30, 2025, reflecting a year-on-year increase of 28.1%, which supports revenue growth for the second half of the year [9] - The company is implementing AI technologies in its educational offerings, enhancing teaching quality and user experience [9] Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 1.95 billion yuan, 2.24 billion yuan, and 2.55 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 320 million yuan, 390 million yuan, and 450 million yuan [9][11] - The projected price-to-earnings (P/E) ratios for the next three years are 12x, 10x, and 9x, indicating a favorable valuation outlook [9][11]

2025 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] GMV 拐点持续强化，看好长期增长 ——东方甄选（1797.HK）FY2025 财报点评 最近一年走势 投资要点: FY2025H2 核心业务利润稳健增长 | 相对恒生指数表现 | | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 东方甄选 | 48.1% | 112.6% | 129.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | | 2025/08/27 | | 当前价格（港元） | | | 27.34 | | 周价格区间（港元） 52 | | | 10.12-53.70 | | 总市值（百万港元） | | | ...

Group 1 - The report highlights the increase in user stickiness and the upward revision of annual guidance for Duolingo, with Q2 2025 revenue reaching $252 million, a year-over-year increase of 41.46% [3][4] - The company achieved a gross profit of $183 million in Q2 2025, with a gross margin of 72.38%, benefiting from reduced AI-related costs [4][5] - Duolingo's adjusted EBITDA for Q2 2025 was $79 million, exceeding previous guidance by 27.7%, with a margin of 31.19% [4][5] Group 2 - The report indicates that Yingjia Gongjiu's H1 2025 total revenue was 3.16 billion yuan, a year-over-year decrease of 16.51%, with a net profit of 1.13 billion yuan, down 18.02% [8][9] - In Q2 2025, the company reported revenue of 1.11 billion yuan, a decline of 23.81%, and a net profit of 302 million yuan, down 35.22% [9][10] - The company is focusing on its core product line and optimizing its pricing strategy to manage performance pressures [9][10] Group 3 - China Resources Power's H1 2025 revenue was 50.27 billion HKD, a decrease of 3.1%, with a net profit of 7.87 billion HKD, down 15.9% [12][13] - The decline in net profit was attributed to the absence of subsidiary acquisition gains and increased impairment losses [13][14] - The company plans to maintain stable operations with a focus on coal and renewable energy segments [13][14] Group 4 - Li Ning's H1 2025 revenue was 14.82 billion yuan, a year-over-year increase of 3.3%, while net profit decreased by 11% to 1.74 billion yuan [15][16] - The company experienced growth in e-commerce and licensed distribution channels, but direct sales faced challenges [16][17] - Li Ning's cash flow remains strong, with a net operating cash flow of 2.41 billion yuan, supporting future strategic investments [17][18] Group 5 - Beike-W reported Q2 2025 revenue of 26 billion yuan, an increase of 11.3%, with a net profit of 1.30 billion yuan, down 31.2% [19][21] - The company continues to expand its network of stores and agents, with a total of 60,500 stores, a year-over-year increase of 31.8% [22][23] - Beike is diversifying its business model, focusing on traditional brokerage, home decoration, and rental services [23][24] Group 6 - Wanwu Xingsheng's Q2 2025 revenue reached 4.99 billion yuan, a year-over-year increase of 32.2%, driven by the government's electronic product recycling subsidy policy [25][26] - The company reported a gross margin of 20.7%, slightly down from the previous year, but maintained a positive operating profit [26][27] - Future revenue projections for 2025-2027 are optimistic, with expected growth rates of 28%, 25%, and 22% respectively [27]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported Q2 2025 total revenue of 4.992 billion yuan, a year-on-year increase of 32.2%, exceeding previous guidance, driven by the acceleration of national subsidies for electronic product recycling and an increase in the penetration rate of trade-in programs [5] - The company expects Q3 2025 total revenue to be between 5.05 billion and 5.15 billion yuan, representing a year-on-year growth of 24.7% to 27.1% [5] - The company anticipates revenue growth rates of 28%, 25%, and 22% for the years 2025, 2026, and 2027, respectively, with Non-GAAP net profit expected to grow by 42%, 40%, and 36% in the same years [5][7] Revenue Breakdown - In Q2 2025, the company's 1P product revenue was 4.264 billion yuan, up 28.8% year-on-year, primarily due to growth in online sales of second-hand consumer electronics [5] - The 3P service revenue reached 390 million yuan, a year-on-year increase of 14.2%, driven by revenue growth from multi-category recycling services and the "拍机堂" platform [5] Operational Metrics - The company achieved a product transaction volume of 10.3 million units in Q2 2025, compared to 8.4 million units in the same period last year [5] - As of the end of Q2 2025, the total number of offline stores reached 2,092, with 987 self-operated standard stores and 994 franchise standard stores [5] Profitability Metrics - The company's Q2 2025 gross margin was 20.7%, slightly down by 0.1 percentage points year-on-year [5] - GAAP operating profit for Q2 2025 was 91 million yuan, compared to a loss of 6 million yuan in the same period last year, with a GAAP operating margin of 1.8% [5] Valuation Metrics - As of August 26, 2025, the closing price was $4.62, corresponding to a PE valuation of 11, 8, and 6 times for the years 2025, 2026, and 2027, respectively [5][8]

2025 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] 用户粘性提升、全年指引上调 ——多邻国（DUOL）2025Q2 财报点评 最近一年走势 （1）用户量增长受舆论影响减缓，但粘性进一步提高：2Q2025 DAU 达到 0.48 亿，qoq+2.36%，yoy+39.9%，MAU 1.28 亿， qoq-1.46%，yoy+23.84%，主要由于 4 月 CEO 内部信中的 国海证券研究所 请务必阅读正文后免责条款部分 （1）收 入 端 ： 公 司 2Q2025 实 现 营 业 收 入 2.52 亿 美 元 ， yoy+41.46%，高于彭博一致预期 4.84%，其中订阅收入 2.11 亿美元，yoy+46.40%，与主要市场渗透率提升和中国地区营销 策略成功有关。 （2）毛利端：公司 2Q2025 ...

——华润电力（00836）2025 年中报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/26 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华润电力 | -7.9% | -7.6% | -12.5% | | 恒生指数 | 0.5% | 9.6% | 43.4% | | 市场数据 | 2025/08/26 | | --- | --- | | 当前价格（港元） | 18.20 | | 周价格区间（港元） 52 | 16.64-23.10 | | 总市值（百万港元） | 94,222.45 | | 流通市值（百万港元） | 94,222.45 | | 总股本（万股） | 517,705.77 | | 流通股本（万股） | 517,705.77 | | 日均成交额（百万港元） | 552.34 | | 近一月换手（%） | 0.36 | 2025 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn 相关报告 《华润电力（00836）20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7][8] Core Views - The company has released performance pressure in Q2 2025, with its core product series showing resilience in the Anhui market [3][7] - Despite a decline in revenue and net profit, the company is focusing on its core products and optimizing its organizational structure [5][7] Financial Performance Summary - For H1 2025, the company reported total revenue of 3.16 billion yuan, a year-on-year decrease of 16.51%, and a net profit of 1.13 billion yuan, down 18.02% [2][5] - In Q2 2025, total revenue was 1.11 billion yuan, a decline of 23.81%, with net profit at 302 million yuan, down 35.22% [2][5] - The company’s sales gross margin decreased by 2.82 percentage points to 68.33% in Q2 2025, attributed to weak demand affecting product structure [5][7] Market and Product Insights - In Q2 2025, the mid-to-high-end and regular product segments generated revenues of 817 million yuan and 210 million yuan, respectively, with year-on-year declines of 23.60% and 32.90% [5] - The company’s revenue from the Anhui market in Q2 2025 was 730 million yuan, down 20.29%, while revenue from outside Anhui was 296 million yuan, down 36.38% [5] - The company is focusing on the洞藏 series core products and has implemented strict price management [5][7] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 6.154 billion yuan, 6.468 billion yuan, and 7.069 billion yuan, respectively, with corresponding net profits of 2.128 billion yuan, 2.294 billion yuan, and 2.561 billion yuan [6][7] - The expected EPS for 2025, 2026, and 2027 are 2.66 yuan, 2.87 yuan, and 3.20 yuan, respectively [6][7]

Group 1 - Jiangsu Bank achieved operating income of 44.864 billion yuan, a year-on-year increase of 7.78%, and a net profit of 20.238 billion yuan, up 8.05% year-on-year in H1 2025 [4][5] - The bank's non-performing loan ratio reached a historical low of 0.84%, with total assets growing to 4.79 trillion yuan, a year-on-year increase of 26.99% [4][5] - The bank's net interest income rose significantly by 19.10% year-on-year, contributing to the overall high growth in revenue and profit [4][5] Group 2 - Kingsoft Office reported total operating income of 2.657 billion yuan in H1 2025, a year-on-year increase of 10.12%, with a net profit of 727 million yuan, up 5.77% year-on-year [6][7] - The WPS personal business generated 1.748 billion yuan in revenue, growing by 8.38% year-on-year, while WPS 365 business saw a remarkable growth of 62.27% [8][11] - The launch of the AI assistant Lingxi is expected to significantly enhance the company's revenue potential by integrating various AI functionalities into office workflows [14] Group 3 - Qiaqia Food reported a revenue of 2.752 billion yuan in H1 2025, down 5.05% year-on-year, with a net profit of 89 million yuan, a decrease of 73.68% [21][22] - The company faced pressure from high raw material costs, leading to a gross margin of 20.31%, down 8.10 percentage points year-on-year [22][23] - E-commerce and overseas channels showed strong growth, with revenues of 451 million yuan and 278 million yuan, respectively, indicating a successful expansion strategy [23] Group 4 - Yun Aluminum achieved operating income of 29.08 billion yuan in H1 2025, a year-on-year increase of 18%, with a net profit of 2.77 billion yuan, up 10% [26][27] - The company reported a significant increase in aluminum production, with a total output of 1.6132 million tons, a year-on-year increase of 15.6% [27] - The mid-term dividend was raised to 40%, reflecting the company's strong financial performance and commitment to returning value to shareholders [28] Group 5 - Mango Super Media reported H1 2025 revenue of 5.96 billion yuan, down 14.3% year-on-year, with a net profit of 760 million yuan, a decrease of 28.3% [35][36] - The company’s membership revenue showed resilience, with a slight increase of 0.4% year-on-year, indicating strong user engagement [37] - The introduction of new policies by the broadcasting authority is expected to enhance the flexibility and commercial efficiency of the company's content production [36] Group 6 - Miaokelando reported H1 2025 revenue of 2.567 billion yuan, an increase of 7.98% year-on-year, with a net profit of 133 million yuan, up 86.27% [42][43] - The cheese business experienced double-digit growth, contributing significantly to the overall revenue, with a focus on expanding product offerings [43][44] - The company’s sales expenses were optimized, leading to an improved net profit margin of 5.18%, up 1.19 percentage points year-on-year [45] Group 7 - Tianrun Dairy reported H1 2025 revenue of 1.395 billion yuan, down 3.30% year-on-year, with a net loss of 22 million yuan, although the loss narrowed compared to the previous year [47][48] - The company’s second-quarter performance showed a significant recovery in profitability, with a net profit margin of 6.67%, indicating improved operational efficiency [49][50] - The company is focusing on product innovation and market expansion to enhance its competitive position in the dairy sector [50]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance is bolstered by an increase in aluminum production, with a mid-term dividend raised to 40% [2] - In the first half of 2025, the company achieved operating revenue of 29.08 billion yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 2.77 billion yuan, up 10% year-on-year [2] - The second quarter of 2025 saw operating revenue of 14.67 billion yuan, a quarter-on-quarter increase of 2% and a year-on-year increase of 10%, with net profit attributable to shareholders reaching 1.79 billion yuan, a quarter-on-quarter increase of 84% and a year-on-year increase of 32% [2] Revenue and Production Summary - The company reported a significant increase in aluminum production, with a total output of 1.6132 million tons in the first half of 2025, up 15.6% year-on-year [6] - The revenue from electrolytic aluminum reached 16.90 billion yuan, a year-on-year increase of 22.13%, while the revenue from aluminum processing was 11.83 billion yuan, up 13.4% year-on-year [6] - The average price of aluminum in the first half of the year was 20,318 yuan/ton, reflecting a year-on-year increase of 2.6% [6] Dividend and Profit Forecast - The company announced a mid-term dividend of 3.2 yuan per 10 shares (before tax), totaling 1.11 billion yuan, which accounts for 40.1% of the net profit attributable to shareholders for the first half of the year [6] - Profit forecasts for 2025-2027 indicate operating revenues of 58.37 billion yuan, 60.11 billion yuan, and 61.90 billion yuan respectively, with net profits of 6.534 billion yuan, 7.189 billion yuan, and 7.874 billion yuan [8][9] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.88 yuan, 2.07 yuan, and 2.27 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 9.58, 8.70, and 7.95 [8][9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The upward space for the bond market is relatively limited. The redemption of funds is a short - term shock, and the bond - allocation behavior of wealth management products remains stable with a controllable redemption pressure. Also, current interest rate levels have reached the desired points of left - side institutions, which can reduce the risk of a significant rise in interest rates. However, the hot stock market suppresses the bond market due to the stock - bond seesaw effect. Institutions with stable liability ends can look for allocation opportunities and buy on the dips, while those with unstable liability ends need to wait for further long - buying opportunities [2][20]. 3. Summary by Related Catalogs 3.1 Recent Institutional Behavior Changes - **Trading Disk**: Funds faced a significant increase in redemption this week, with a net cash - bond selling volume exceeding 200 billion yuan. The selling was mainly concentrated from Monday to Wednesday and weakened later. Rural financial institutions continued their left - side trading strategy, actively entering the market on price increases [11][12]. - **Allocation Disk**: Although wealth management products have been redeeming funds in the past two weeks, their bond allocation did not shrink significantly. They increased their positions in credit bonds and secondary - tier perpetual bonds after getting more liquidity from fund redemptions. Insurance companies' motivation for bond allocation increased significantly when the yield of 30 - year treasury bonds rose above 1.9% - 1.95%, and their net bond - buying volume returned to a high level this week [16][19]. 3.2 Institutional Bond Custody No specific analysis content provided, only relevant charts are presented [22]. 3.3 Institutional Fund Tracking - **Fund Price**: Liquidity slightly eased this week. R007 closed at 1.48%, remaining basically unchanged from last week, DR007 closed at 1.47%, down 1BP from last week, and the 6 - month state - owned and joint - stock bank bill transfer discount rate closed at 0.64%, down 4BP from last week [3][29]. - **Financing Situation**: The balance of inter - bank pledged reverse repurchase this week was 1,160.634 billion yuan, a 1.8% decrease from last week. Fund companies and wealth management products had net financings of - 79.74 billion yuan and - 75.84 billion yuan respectively [32]. 3.4 Quantitative Tracking of Institutional Behavior - **Fund Duration**: The duration of top - performing interest - rate bond funds and general interest - rate bond funds this week were 6.71 and 5.52 respectively, down 0.11 and 0.26 from last week [42]. - **"Asset Shortage" Index**: The "asset shortage" index decreased [4]. - **Institutional Behavior Trading Signals**: Signals for secondary - tier capital bonds, ultra - long treasury bonds, and 10 - year local bonds are presented through various indicators, but no specific analysis is provided [52][55][58]. - **Institutional Leverage**: The overall market leverage ratio was 107.1% this week, a 0.2 - percentage - point decrease from last week. Among them, the leverage ratio of insurance institutions was 117.6%, up 0.5 percentage points; that of funds was 101.8%, down 1.0 percentage points; and that of securities firms was 211.9%, up 8.3 percentage points [60]. - **Bank Self - operation Comparison Table**: Data on nominal yields, tax costs, and yields after considering tax and risk capital for various assets such as general loans, 10 - year treasury bonds, and 10 - year AAA - rated local bonds are presented [64]. 3.5 Asset Management Product Data Tracking - **Funds**: Relevant charts show the weekly establishment scale of various types of funds and the annualized yield distribution of funds in 2025, but no specific analysis is provided [66]. - **Wealth Management Products**: The overall market's wealth management product break - even rate increased slightly this week, reaching 1.7% [67]. 3.6 Treasury Bond Futures Trend Tracking No specific analysis content provided, only relevant charts are presented [73]. 3.7 General Asset Management Pattern The scale changes of various asset management sectors such as private funds, securities firm asset management, and public funds from 2017 to 2025 are presented through a chart [78].