证券研究报告 | 2025年09月08日 风险提示：国内外风电装机需求不及预期；行业竞争加剧；国际贸易保护加 剧；原材料价格上涨。 投资建议：维持盈利预测，维持 "优于大市"评级。 时代新材（600458.SH）——2025 年中报点评 优于大市 风机叶片显著放量，新材料业务蓄势待发 2025 年上半年业绩 3.0 亿元，同比+37%。2025 年上半年，公司实现营业收 入 92.6 亿元，同比+7%；归母净利润 3.0 亿元，同比+37%；扣非归母净利润 2.3 亿元，同比+16%，扣非增速低于归母增速的原因是上半年发生 0.6 亿元 汇兑损失；综合毛利率 16.1%，同比-0.4pct；净利率 3.6%，同比+0.9pct。 单季度来看，2025 年第二季度公司实现营业收入 51.0 亿元，同比+14%，环 比+23%；归母净利润 1.52 亿元，同比+49%，环比基本持平；扣非归母净利 润 1.41 亿元，同比+57%，环比+52%；综合毛利率 16.6%，同比+0.4pct，环 比+1.0pct；净利率 3.3%，同比+1.0pct，环比-0.7pct。 轨交与工业工程业务受产能迁移拖累。2025 年 ...

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The food and beverage industry in H1 2025 shows signs of stabilization in overall volume and structural differentiation, with revenue growth of +2.5% in Q1 and +2.4% in Q2 year-on-year, while net profit attributable to shareholders decreased by -2.1% in Q2 [4][5] - The liquor sector is experiencing a consensus on deceleration, with many companies entering an adjustment phase. In Q2, major brands like Moutai and Wuliangye managed to achieve positive growth despite overall revenue declines in the sector [4][6] - The consumer goods sector benefits from proactive inventory reduction and macroeconomic policy support, leading to improved operations for leading companies in H1 2025. High-growth segments include sugar-free tea, functional beverages, and snacks [4][6] Summary by Sections Liquor Industry - In H1 2025, the liquor industry saw a revenue of 330.42 billion yuan, a slight increase of 0.19% year-on-year, while profits fell by 10.93% to 87.69 billion yuan. The number of large-scale enterprises decreased by over 100 compared to the previous year [7][8] - Major liquor companies reported a total revenue of 244.04 billion yuan, down 1.5% year-on-year, with a net profit of 95.21 billion yuan, a decrease of 1.3% [7][8] - High-end liquor companies achieved a total revenue of 160.3 billion yuan, up 6.2% year-on-year, accounting for 65.7% of total revenue from listed companies [7][8] Consumer Goods Sector - The consumer goods sector is showing signs of recovery, with leading companies like Nongfu Spring and Dongpeng Beverage reporting strong revenue growth due to product innovation and channel expansion [4][6] - The snack segment is experiencing cost pressures due to rising prices of raw materials, but some companies are improving profitability through scale efficiency and quality enhancement [4][6] - Investment recommendations highlight quality leaders such as Moutai, Shanxi Fenjiu, and Dongpeng Beverage as key targets for potential investment opportunities [4][6]

Investment Rating - The investment rating for Changbai Mountain (603099.SH) is "Outperform the Market" [5] Core Views - The summer peak season showed strong visitor performance, with policies, transportation improvements, and expansion of scenic areas laying the groundwork for the winter season [2][3] - The company’s revenue for H1 2025 was 240 million yuan, down 7.4% year-on-year, with a net profit attributable to shareholders of -2.05 million yuan, a decrease of 109.8% [10] - The company anticipates a recovery in profits during the third quarter, supported by strong summer visitor numbers and favorable policies promoting the ice and snow economy [2][4] Summary by Sections Financial Performance - In H1 2025, the company’s revenue was 240 million yuan, with a net profit of -2.05 million yuan, reflecting a significant decline due to weather disruptions and increased labor costs [10] - Q1 and Q2 revenues were 129 million yuan and 107 million yuan, showing a year-on-year change of +0.73% and -15.7% respectively [10] Visitor Trends - From July to August, the main scenic area received 1.63 million visitors, an increase of 26% year-on-year, indicating a strong recovery in visitor numbers [2] - The company aims to achieve a visitor target of 4 million for 2025, representing a 17.3% year-on-year growth [2] Policy and Transportation Developments - The government is actively promoting the ice and snow economy, with a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 [2] - The opening of the Shenyang-Baihe high-speed railway is expected to significantly reduce travel time and increase visitor numbers, with an estimated annual capacity of over 10 million passengers [3] Company Growth Initiatives - The company has received approval for a private placement project to raise 236 million yuan, which will be invested in the second phase of the volcanic hot spring project and transportation equipment upgrades [4] - The second phase of the volcanic hot spring project is expected to be completed by 2025, adding approximately 400 guest rooms [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][19][20] Core Views - The company's performance is steadily increasing, driven by the booming energy storage installation market, with a projected net profit of 77.35 billion yuan for the first half of 2025, representing a year-on-year increase of 56% [1][4] - The energy storage business has become a core pillar, contributing 178.03 billion yuan in revenue in the first half of 2025, a year-on-year growth of 127.78% [2][14] - The photovoltaic inverter business also shows robust growth, with a revenue of 153.27 billion yuan in the first half of 2025, up 17.06% year-on-year [2][14] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 435.33 billion yuan, a year-on-year increase of 40.3%, and a gross profit margin of 34.4%, up 1.9 percentage points [1][9] - For Q2 2025, the company reported a revenue of 244.97 billion yuan, a year-on-year increase of 33.1%, and a net profit of 39.08 billion yuan, up 36.5% year-on-year [1][9] Business Segments - The energy storage segment's revenue accounted for 40.89% of total revenue, surpassing the inverter segment for the first time [2][14] - The photovoltaic inverter segment continues to expand globally, with a significant increase in global photovoltaic installations, reaching 310 GW in the first half of 2025, a 60% year-on-year growth [2][14] Future Outlook - The company has adjusted its profit forecasts upward, expecting net profits of 139.70 billion yuan, 145.95 billion yuan, and 150.84 billion yuan for 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [4][19] - The company is also venturing into the AIDC power supply business, leveraging its expertise in power electronics to create a comprehensive solution integrating photovoltaic generation, energy storage, and AIDC power supply [3][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company achieved a significant year-on-year sales growth of 242% in Q2 2025, with total revenue reaching 18.3 billion yuan, a 125% increase compared to the same period last year [1][7][3] - The launch of new models such as the G7 and the new P7, equipped with advanced technologies like the Turing chip, is expected to drive sales further [3][31][27] - The company maintains its profit forecast, projecting revenues of 88.5 billion yuan, 118.1 billion yuan, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, while expecting net losses to decrease over the same period [4][35] Financial Performance - In Q2 2025, the company reported a net loss of 4.8 billion yuan, an improvement from a loss of 12.9 billion yuan in the same quarter last year [1][7] - The gross margin for Q2 2025 was 17.3%, reflecting a year-on-year increase of 3.3 percentage points, while the net margin improved to -2.6% [2][9] - The company’s R&D expense ratio decreased to 12.1%, down 6.0 percentage points year-on-year, indicating improved cost efficiency [2][9] Sales and Delivery - The company sold 103,000 vehicles in Q2 2025, marking a 241.6% increase year-on-year and a 9.8% increase quarter-on-quarter [3][16] - For July and August 2025, the company delivered 36,700 and 37,700 vehicles respectively, with year-on-year growth rates of 229% and 169% [3][16] - The company expects Q3 2025 vehicle deliveries to be between 113,000 and 118,000 units, representing a year-on-year increase of 143% to 154% [3][16] Model Launches and Innovations - The G7 model was officially launched on July 3, 2025, featuring advanced AI capabilities and a high-performance Turing chip [3][31] - The new P7 model was launched on August 27, 2025, also equipped with three self-developed Turing AI chips, enhancing its intelligent driving capabilities [31][27] - The company has expanded its strategic cooperation with Volkswagen Group to enhance its electronic and electrical architecture technology [27][31]

证券研究报告 | 2025年09月08日 投资建议：业绩周期向上，中长期持续看好 AI 应用及 IP 潮玩。1）基本面 底部改善，关注游戏、广告媒体、影视等板块，把握个股α。游戏板块 自下而上把握产品周期及业绩表现，推荐恺英网络、姚记科技、心动公 司等标的；媒体端关注经济底部向上带来的广告投放增长（分众传媒、 哔哩哔哩等）；影视内容关注供给端底部改善可能，渠道（万达电影等） 以及内容（华策影视等）；高分红、低估值以及市值管理提升角度关注 国有出版板块；2）行业β持续看好高景气的 IP 潮玩以及从 0 到 1 阶段 的 AI 应用。IP 潮玩推荐泡泡玛特、浙数文化、姚记科技等；AI 应用重 点把握应用场景机会，关注游戏、玩具、广告、教育、电商、社交、等 方向；2B/2G 关注营销、教育等领域落地可能；2C 关注 AI 游戏、AI 玩 具等领域。 风险提示：监管政策风险；业绩风险；商誉及资产减值风险等。 重点公司盈利预测及投资评级 传媒互联网周报 优于大市 OpenAI 推出 AI 招聘平台，即梦 AI 向企业开放 API 服务 传媒板块本周表现：行业下跌 0.66%，跑赢沪深 300，跑输创业板指。本周 （9. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Views - The company achieved a significant increase in profits in Q2 2025, with a pre-sale of the revamped M7 model exceeding 100,000 units within one hour, indicating strong market demand [3][25]. - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 173.1 billion, 211.5 billion, and 247.1 billion yuan respectively, while maintaining a net profit forecast of 9.437 billion, 13.533 billion, and 16.992 billion yuan for the same years [3][34]. Financial Performance Summary - In H1 2025, the company reported revenues of 62.402 billion yuan, with a net profit of 2.941 billion yuan. Q2 2025 saw revenues of 43.255 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.91% [1][7]. - The gross margin for H1 2025 was 28.93%, and the net profit margin was 4.71%, both reaching record highs. In Q2 2025, the gross margin increased to 29.52%, and the net profit margin rose to 5.07% [1][12]. - The company maintained high investment in R&D and sales, with sales, management, and R&D expense ratios of 14.33%, 2.46%, and 4.69% respectively in H1 2025 [18]. Sales Performance Summary - The core product, the Wanjie series, sold 152,100 units in H1 2025, with Q2 sales reaching 106,800 units, reflecting a year-on-year growth of 8.09% and a quarter-on-quarter growth of 135.81% [2][19]. - The revamped M9 model has consistently sold over 10,000 units monthly since its relaunch, while the M8 model, launched in April, has also seen strong sales, exceeding 22,000 units in June and July [19][25]. Future Outlook - The company is expected to benefit from the strong pre-sale performance of the revamped M7 model, which is anticipated to significantly boost sales in Q4 2025 and into 2026 [3][25]. - The company has revised its profit margin expectations upward due to improved product structure and economies of scale, with projected gross margins increasing to between 28.5% and 30% [33][34].

证券研究报告 | 2025年09月08日 小马智行（PONY.O） 优于大市 单二季度收入同比增长 76%，Robotaxi 规模化运营持续推进 2025Q2 公司实现营收 2146 万美元，同比增长 76%。2025Q2，公司实现 收入为 2146 万美元，同比增长 75.9%，环比增长 53.5%，净利润为-5310 万美元（2024Q2 为-3072 万美元，2025Q1 为-4299 万美元），调整后净 利润（即加回股权激励费用后的净利润）为-4589 万美元（2024Q2 为-3005 万美元，2025Q1 为-3398 万美元）。分业务来看，1）2025Q2，公司 Robotaxi 服务收入为 153 万美元，同比增长 157.8%，其中乘客车费收入同比增长 超过 300%，强劲的增长主要得益于用户使用量的扩大、一线城市的旺盛 需求以及部署车辆数量的增加。2）2025Q2，公司 Robotruck 服务收入 为 952 万美元，同比减少 9.9%。3）2025Q2，公司授权和应用收入为 1041 万美元，同比大幅增长 901.8%，主要得益于驾驶域控制器交付量的增加。 2025Q2，公司毛利率同比 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. Core Views - The company achieved a significant increase in profits in Q2 2025, with a pre-sale of the revamped M7 model exceeding 100,000 units within one hour, indicating strong market demand [3][25]. - The company has adjusted its revenue forecasts for 2025-2027, now expecting revenues of 173.1 billion, 211.5 billion, and 247.1 billion yuan respectively, while maintaining the "Outperform the Market" rating [3][34]. Financial Performance Summary - In H1 2025, the company reported revenues of 62.402 billion yuan, with a net profit of 2.941 billion yuan. Q2 2025 saw revenues of 43.255 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 125.91% [1][7]. - The gross margin for H1 2025 was 28.93%, and the net profit margin was 4.71%, both reaching record highs. In Q2 2025, the gross margin increased to 29.52%, and the net profit margin rose to 5.07% [1][12]. - The company maintained high investment in R&D and sales, with sales, management, and R&D expense ratios of 14.33%, 2.46%, and 4.69% respectively in H1 2025 [18]. Sales Performance Summary - The core product series, the "Wenjie" models, sold 152,100 units in H1 2025, with Q2 sales reaching 106,800 units, reflecting a year-on-year growth of 8.09% and a quarter-on-quarter growth of 135.81% [2][19]. - The revamped M9 model has consistently sold over 10,000 units monthly since its relaunch, while the M8 model, launched in April, has also seen strong sales, exceeding 22,000 units in June and July [19][25]. Future Outlook - The company is expected to see significant sales growth with the revamped M7 model, which has already shown strong pre-sale performance. The anticipated launch in Q4 2025 and 2026 is expected to contribute significantly to revenue growth [3][25]. - The company has revised its profit forecasts, now projecting net profits of 9.437 billion, 13.533 billion, and 16.992 billion yuan for 2025-2027, respectively [34].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][77]. Core Insights - The company reported a core net profit of 10 billion yuan for the first half of 2025, a year-on-year decrease of 7%, with the contribution from recurring business rising to 60%, an increase of 9 percentage points [10][1]. - The company's revenue for the first half of 2025 reached 94.9 billion yuan, reflecting a year-on-year growth of 20% [10][1]. - The gross margin improved to 24.0%, up 2 percentage points year-on-year, with the gross margin for development and sales business increasing by 3 percentage points to 15.6% [10][1]. - The company’s financial health remains robust, with a net interest-bearing debt ratio of 39% and an asset-liability ratio of 55% excluding advance receipts [64][1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 94.9 billion yuan, up 20% year-on-year, and a core net profit of 10 billion yuan, down 7% year-on-year [10][1]. - The core net profit margin was 10.5%, a decrease of 3 percentage points, primarily due to a 4 percentage point decline in the core net profit margin of the development and sales business [10][1]. Development and Sales Business - The revenue from the development and sales business was 74.4 billion yuan, a year-on-year increase of 26%, while the contracted sales amount was 110.3 billion yuan, down 12% [25][2]. - The company ranked third in industry sales, maintaining a leading position in 15 cities [25][2]. - The land acquisition amount was 44.7 billion yuan, a 75% increase year-on-year, with a land reserve area of 48.95 million square meters as of the end of the first half of 2025 [25][2]. Operational Performance of Shopping Centers - The operating income from the property management business was 12.1 billion yuan, a 6% increase year-on-year, with rental income from shopping centers reaching 10.4 billion yuan, up 10% [50][3]. - The overall occupancy rate of shopping centers was 97.3%, remaining stable year-on-year, with a retail sales figure of 110.1 billion yuan, reflecting a 20% increase [50][3]. Financial Health - The company’s weighted average financing cost was 2.79%, a decrease of 32 basis points compared to the end of 2024 [64][1]. - It is expected that the recurring business income will cover twice the dividend and interest expenses for the full year of 2025, indicating low debt repayment pressure [64][1]. Profit Forecast - The report maintains previous profit forecasts, expecting the company's net profit attributable to shareholders to be 24.5 billion yuan and 24.1 billion yuan for 2025 and 2026, respectively, with corresponding earnings per share of 3.43 yuan and 3.39 yuan [77][1].