Investment Rating - The report maintains a "Buy" rating for the company [1][12][13] Core Insights - The company has shown significant growth in revenue and net profit, driven primarily by the success of "Nezha 2" and its related merchandise, with H1 2025 revenue reaching 3.242 billion yuan, a year-over-year increase of 143%, and net profit of 2.229 billion yuan, up 371.6% [6][12] - The company is expanding its animation production capacity and has multiple animated films in development, which is expected to contribute to future growth [8][10] - The company is also diversifying its revenue streams through IP operations, including e-commerce and gaming, which are anticipated to open new growth avenues [10][12] Financial Performance - In H1 2025, the company reported a gross margin of 78.3%, an increase of 33.9 percentage points year-over-year, and a net profit margin of 68.7%, up 33.3 percentage points [6] - The company’s investment income for H1 2025 was 81.38 million yuan, a year-over-year increase of 431.9% [6] - The company’s revenue from film and related derivative businesses reached 3.1 billion yuan in H1 2025, with a gross margin of 80% [7] Future Projections - Revenue projections for 2025-2027 are estimated at 4.676 billion yuan, 2.674 billion yuan, and 3.125 billion yuan respectively, with corresponding net profits of 2.524 billion yuan, 1.081 billion yuan, and 1.314 billion yuan [11][12] - The report anticipates a significant increase in earnings per share (EPS) from 0.10 yuan in 2024 to 0.86 yuan in 2025 [11][12] Market Position - The company is positioned as a leader in the film industry, with a strong track record of producing high-quality content, as evidenced by "Nezha 2" setting box office records in China [12] - The company is actively working on multiple live-action films and TV series, which are expected to enhance its content portfolio and market presence [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's coal production and sales have shown steady growth, with a production volume of 87.4 million tons in the first half of 2025, up 1.15% year-on-year, and sales volume of 125.99 million tons, up 0.92% year-on-year [6][9] - The average selling price of coal decreased by 23.81% year-on-year to 439.67 CNY/ton, leading to a narrowing of profit margins [6][9] - The company reported a net profit of 7.64 billion CNY in the first half of 2025, down 31.18% year-on-year, with a basic earnings per share of 0.79 CNY, also down 31% [4][9] Recent Performance - In the second quarter of 2025, the company achieved a revenue of 37.82 billion CNY, a decrease of 20.46% year-on-year, and a net profit of 2.83 billion CNY, down 54.55% year-on-year [5][9] - The company's total power generation decreased by 11.82% year-on-year to 177.69 billion kWh, with total sales of 166.19 billion kWh, also down 11.38% year-on-year [6][9] Financial Forecast - The projected revenues for 2025-2027 are 157.22 billion CNY, 167.17 billion CNY, and 177.97 billion CNY respectively, with net profits expected to be 16.83 billion CNY, 18.31 billion CNY, and 20.25 billion CNY [8][9] - The estimated earnings per share for 2025, 2026, and 2027 are 1.74 CNY, 1.89 CNY, and 2.09 CNY respectively, with corresponding P/E ratios of 12.32, 11.33, and 10.24 [8][9] Dividend Policy - The company has implemented a mid-year dividend for 2025, distributing 0.039 CNY per share, corresponding to a dividend yield of 0.18% [6][9]

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： | | 方博云 S0350521120002 | | | | fangby@ghzq.com.cn | | 联系人 | ： | 肖江洁 S0350125050005 | | | | xiaojj@ghzq.com.cn | [Table_Title] 净利润同比大幅扭亏为盈，主业+并购双轨并进 ——中国儒意（00136）2025 年半年报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/27 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中国儒意 | -13.8% | 33.5% | 34.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | 2025/08/27 | | | 当前价格（港元） | | | 2.87 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8]. Core Insights - The company's main business continues to show strong growth, with a focus on building a comprehensive pet ecosystem [2][5]. - In the first half of 2025, the company achieved operating revenue of 1.708 billion yuan, a year-on-year increase of 20.53%, and a net profit attributable to the parent company of 257 million yuan, up 57.59% year-on-year [4][5]. - The company is expanding its market share in the economic animal health sector by focusing on large clients, with significant revenue growth in various product categories [5]. - The company has made substantial progress in its R&D efforts, with a total R&D investment of 114 million yuan in the first half of 2025, accounting for 6.67% of operating revenue [5]. - The company is actively enhancing its pet medical ecosystem, achieving over 40% year-on-year growth in self-owned product supply chain shipments [5]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported operating revenue of 886 million yuan, a year-on-year increase of 21.02%, and a net profit of 141 million yuan, up 93.89% year-on-year [4][5]. - The revenue from poultry biological products reached 611 million yuan, a year-on-year increase of 24.71%, while livestock biological products saw a remarkable growth of 110.55% [5]. Revenue and Profit Forecast - The revenue projections for 2025-2027 are adjusted to 3.635 billion, 4.175 billion, and 4.649 billion yuan, representing year-on-year growth rates of 18.39%, 14.88%, and 11.35% respectively [6][7]. - The net profit attributable to the parent company is forecasted to be 459 million, 551 million, and 629 million yuan for the same period [6][7]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 22.75, 18.95, and 16.62 respectively [7][8]. - The return on equity (ROE) is expected to improve from 10% in 2025 to 12% in 2027 [7][8].

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [2][12] Core Views - The company has demonstrated good cost control in H1 2025, and the gradual production of high-quality projects is expected to enhance the company's performance [2][11] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved operating revenue of 20.612 billion yuan, a decrease of 45% year-on-year; net profit attributable to shareholders was 1.032 billion yuan, down 65% year-on-year [6][11] - For Q2 2025, operating revenue was 10.05 billion yuan, a 5% decrease quarter-on-quarter; net profit attributable to shareholders was 340 million yuan, down 51% quarter-on-quarter [6] Coal Business - In H1 2025, both the volume and price of coal sales decreased year-on-year, with the cost per ton of coal down 13% [7] - The company produced 8.91 million tons of commercial coal in H1 2025, a 14% decrease year-on-year, and sold 6.48 million tons, down 19% year-on-year [7] - The unit price of commercial coal was 835 yuan/ton, a decrease of 25% year-on-year [7] Coal Chemical Business - In H1 2025, the sales and prices of coke and methanol declined year-on-year, while the ethanol project showed significant production and sales growth [8] - Coke production was 1.71 million tons, up 1% year-on-year, with a unit price of 1418 yuan/ton, down 33% year-on-year [8] - Ethanol production reached 230,000 tons, a 203% increase year-on-year, with sales of 220,000 tons, up 246% year-on-year [8] Future Outlook - The company is expected to achieve operating revenues of 62.735 billion yuan in 2025, a decrease of 5% year-on-year, and net profit of 2.975 billion yuan, down 39% year-on-year [11] - The projected EPS for 2025 is 1.10 yuan, with a PE ratio of 11.45 [11] - The company is anticipated to benefit from stable coal pricing and the gradual ramp-up of production capacity in coal, coal chemical, and thermal power sectors [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2025 performance shows a significant increase in revenue and net profit, driven by robust growth across various business segments, particularly in commercial vehicles and passenger vehicles [4][7] - The dual drivers of growth are identified as "server liquid cooling" and "robotic joints," which are expected to provide strong momentum for future growth [7] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to the parent company of 441 million yuan, up 9.53% year-on-year [4][7] - For Q2 2025, the company reported revenue of 3.751 billion yuan, with a quarter-on-quarter increase of 17.89% and a year-on-year increase of 9.81%. The net profit for Q2 was 229 million yuan, reflecting a quarter-on-quarter increase of 8.3% and a year-on-year increase of 7.79% [4][7] Business Segments - The commercial vehicle and non-road business segments generated revenue of 2.4 billion yuan, with a gross margin of 24.2%, while the passenger vehicle segment achieved revenue of 3.8 billion yuan, with a gross margin of 14.94% [7] - The company has established a comprehensive product layout in the data center sector, including various liquid cooling solutions, and is making progress in customer expansion [7] Future Projections - The company is expected to achieve revenues of 15 billion yuan, 17.1 billion yuan, and 19.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18%, 14%, and 14% [7][9] - Net profit forecasts for the same period are 1.049 billion yuan, 1.303 billion yuan, and 1.557 billion yuan, with growth rates of 34%, 24%, and 19% [9][10]

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]