Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][20] Core Views - The company has shown significant growth in revenue and net profit, with a 35.50% year-on-year increase in revenue and a 54.12% increase in net profit for the first half of 2025 [1][8] - The modified plastics business is experiencing stable growth, with sales volume increasing by 19.74% and revenue growing by 18.62% in the same period [1][9] - The green petrochemical sector is accelerating its integrated construction, optimizing product structure, and reducing production costs [2][9] - The medical health segment is actively expanding its market presence, with a remarkable 185.37% increase in sales revenue [3][15] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 316.36 billion yuan and a net profit attributable to shareholders of 5.85 billion yuan [1][8] - The gross profit margin for the first half of 2025 was 12.29%, with the second quarter showing a revenue of 159.70 billion yuan, a 24.41% increase year-on-year [1][8] Modified Plastics Business - The sales volume of modified plastics reached 1.3088 million tons, with revenue of 164.73 billion yuan, reflecting a year-on-year growth of 19.74% and 18.62% respectively [1][9] - The company is enhancing its global competitiveness by deepening cooperation with leading enterprises in various industries [1][9] Green Petrochemical Sector - The main product revenue from the Ningbo plant was 37.61 billion yuan, up 43.17%, while the ABS product sales from the Liaoning plant increased by 40.65% [2][9] - The company is focusing on the integration of green petrochemicals and modified plastics to improve product value and competitiveness [2][9] New Materials Segment - The new materials segment saw a sales volume of 12.85 million tons, a 31.39% increase year-on-year [2][12] - The company has successfully launched production of bio-based products, expanding applications in various fields [2][12] Medical Health Segment - The medical health segment reported sales revenue of 4.68 billion yuan, a staggering 185.37% increase, with significant growth in nitrile glove sales [3][15]

证券研究报告 | 2025年08月27日 中材科技（002080.SZ） 优于大市 2025 中报点评：收入利润双增长，高端突破优势领先 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,889 | 23,984 | 28,138 | 30,785 | 33,106 | | (+/-%) | 17.1% | -7.4% | 17.3% | 9.4% | 7.5% | | 净利润(百万元) | 2224 | 892 | 1978 | 2596 | 3081 | | (+/-%) | -36.7% | -59.9% | 121.7% | 31.3% | 18.7% | | 每股收益（元） | 1.33 | 0.53 | 1.18 | 1.55 | 1.84 | | EBIT Margin | 11.8% | 4.0% | 10.3% | 12.5% | 13.5% | | 净资产收益率（ROE） | 12.0% | 4.8% | 10.0% | 12. ...

证券研究报告 | 2025年08月27日 绿城中国（03900.HK） 优于大市 结算和计提节奏导致盈利承压，销售拿地仍优于行业平均 归母净利润同减近九成。2025 上半年公司实现营业收入 533.7 亿元，同比下 降 23.5%；归母净利润 2.1 亿元，同比下降 89.7%。公司收入下降的原因主 要是上下半年结转节奏分布不均匀，公司归母净利润下降的主要原因是计提 资产减值及公允价值约 20 亿元（2024 年共 49 亿元）。 销售拿地优于行业平均。2025 上半年公司实现总销售面积 535 万平方米，同 比下降 10%；实现总销售金额 1222 亿元，同比下降 3%，位居全行业 TOP2， 公司销售增速显著优于行业平均水平。在公司的操盘销售中，自投销售 803 亿元，归属公司权益金额为 539 亿元。上半年，公司首开高效，溢价凸显， 其中上海潮鸣东方整盘溢价预计 6.5 亿元，利润率较交底水平提升 7.6pct。 公司聚焦高能级城市，一、二线销售额占比高达 86%，回款率达 94%，继续 维持高位。分区域看，公司长三角区域占销售总额的 69%。 2025 上半年公司新增项目 35 个，新增建面 355 ...

Macro and Strategy - The equity market is currently in an accelerating upward phase, prompting discussions on how to adjust positions to prepare for potential market fluctuations [8] - Investors are advised to consider right-side position reduction as a more reasonable choice, given the current market dynamics [8] - Historical data suggests that low-priced convertible bonds (priced between 110-115 yuan) tend to be more resilient during market downturns [8] Company and Industry Analysis - **Dengkang Dental (001328.SZ)**: The company reported a stable growth in Q2 2025, with revenue reaching 842 million yuan, a year-on-year increase of 19.72%, and a net profit of 85 million yuan, up 17.59% [10][11] - **Marubi Biotechnology (603983.SH)**: The company achieved a revenue of 1.769 billion yuan in H1 2025, a 30.83% increase year-on-year, while net profit grew by 5.21% to 186 million yuan [13][14] - **Haidi Lao (06862.HK)**: The company reported a revenue of 20.7 billion yuan in H1 2025, a decrease of 3.7%, with core operating profit down 14% [17][18] - **Green Tea Group (06831.HK)**: The company achieved a revenue of 2.29 billion yuan in H1 2025, a 23.1% increase, with adjusted net profit rising by 40% [19][20] - **Haisco Pharmaceutical (002653.SZ)**: The company reported a revenue of 2 billion yuan in H1 2025, an 18.6% increase, with anesthetic product revenue growing by 54% [22][23] - **Furui Co., Ltd. (300049.SZ)**: The company achieved a revenue of 713 million yuan in H1 2025, an 11.02% increase, while net profit was impacted by foreign exchange losses [26][27] - **Kaili Medical (300633.SZ)**: The company reported a revenue of 964 million yuan in H1 2025, a decrease of 4.78%, with net profit down 72.43% due to high initial investments in new product lines [29][30] - **Yuyue Medical (002223.SZ)**: The company reported a revenue of 4.659 billion yuan in H1 2025, an 8.2% increase, with net profit rising by 7.4% [31][32]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][19]. Core Views - The company continues to invest in its e-commerce ecosystem, with a focus on long-term growth despite short-term challenges [4][19]. - The revenue for Q2 2025 reached 104 billion yuan, reflecting a year-on-year growth of 7%, with online marketing services revenue increasing by 13% [2][11]. - The company is expected to maintain steady growth in domestic e-commerce GMV, while facing challenges in transaction service revenue due to its semi-managed transition [2][11]. Revenue Summary - The company achieved a revenue of 1040 billion yuan in Q2 2025, with online marketing service revenue at 557 billion yuan, up 13% year-on-year [2][11]. - Transaction service revenue was 483 billion yuan, showing a modest increase of 1% year-on-year, but a slowdown compared to Q1 [2][11]. - The company has initiated a 100 billion yuan support plan to assist merchants, which is expected to impact commission rates on the main platform [2][11]. Profit Summary - The gross margin for Q2 2025 was 56%, down 9.4 percentage points year-on-year, primarily due to increased fulfillment costs and payment processing fees [3][12]. - Sales expense ratio improved to 26.2%, reflecting better control over spending in the context of the support plan and reduced competition in traffic costs [3][12]. - Interest income reached 10.4 billion yuan, a significant increase of 115% year-on-year, marking a historical high for the company [3][12]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 4363 billion yuan, 4990 billion yuan, and 5633 billion yuan, representing year-on-year growth rates of 11%, 14%, and 13% respectively [4][19]. - Non-GAAP net profit is forecasted to be 1064 billion yuan, 1314 billion yuan, and 1464 billion yuan for the same period, with adjustments of +27%, +22%, and +16% [4][19]. - The current price-to-earnings ratio (PE) is projected to be 12x, 10x, and 9x for the years 2025, 2026, and 2027 respectively [4][19].

Investment Rating - The report maintains an "Outperform" rating for the company [3][5][30]. Core Views - The company achieved a revenue of 18.605 billion yuan in the first half of 2025, representing a year-on-year growth of 20.14%, while the net profit attributable to shareholders decreased by 23.98% to 471 million yuan [1][3]. - The semiconductor packaging and testing company is focusing on increasing its research and development investments, particularly in the automotive sector, which has shown significant growth potential [2][3]. - The company has successfully expanded its market share in the computing electronics sector, which has now become the second-largest downstream market, surpassing consumer electronics [2][3]. Financial Performance - In the first half of 2025, the company's gross profit margin increased by 0.1 percentage points to 13.47%, while R&D expenses rose by 20.49% to 987 million yuan, maintaining a stable R&D expense ratio of 5.30% [1][4]. - The second quarter of 2025 saw revenues of 9.270 billion yuan, a year-on-year increase of 7.24%, but a quarter-on-quarter decrease of 0.70% [1][4]. - The company forecasts revenues of 40.244 billion yuan for 2025, with a projected net profit of 1.841 billion yuan, reflecting a growth rate of 14.4% [4][28]. Market Dynamics - The report highlights that all downstream application markets, except for consumer electronics, achieved double-digit year-on-year revenue growth in the first half of 2025, with automotive electronics growing by 34.2% and industrial and medical electronics by 38.6% [2][3]. - The company is enhancing its collaboration with leading domestic and international clients, which is expected to solidify its growth foundation for the future [2][3].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - Layout of the bottom - position is as important as flexible offense. A basket of "high - dividend × low - volatility" dividend assets can provide a natural "shock absorber" for the portfolio, and the combination can withstand extreme market conditions by suppressing volatility with stable cash flows and low β and then capturing market mismatches with the remaining positions [3]. - To amplify returns in the dividend pool, a dual - screening approach is more reliable than relying solely on the "high - dividend" indicator. Adding a second filter such as low - volatility, earnings quality, or institutional holdings can eliminate potential risks and further increase the returns of general dividend assets [3]. - On top of the dividend bottom - position, there are systematic excess opportunities from the left - to - right shift of the industrial cycle. Priority should be given to companies with stable cash flows despite pressured profits. Industries such as cement, silicone, and phosphate chemicals are currently in the preferred range, while the photovoltaic chain is still in a state of "double losses in profit and cash flow". The overall allocation strategy involves initially establishing an observation position, increasing the position after confirming the leading indicators of the profit inflection point, and exiting when profits weaken again or the gross margin is inverted [3]. 3. Summary by Relevant Catalogs 3.1 Bottom - Position Allocation Necessity: "Pure Left" and "Pure Right" Are Not Desirable - In a market with an increasing industry rotation center, it is crucial to build a long - term core position first. A 15 - year quarterly rotation experiment on 31 Shenwan primary industries shows that both extreme left - side bottom - fishing and extreme right - side chasing result in single - digit annualized returns and significant drawdowns. In contrast, a dividend portfolio characterized by "high - dividend × low - volatility" can provide double - digit annualized returns and keep drawdowns within an acceptable range. Therefore, increasing the exposure of "high - dividend + low - β" in the bottom - position can provide a safety cushion for the portfolio [7]. - Dividend assets are the optimal core bottom - position in terms of return - to - drawdown. Historical stress tests show that the dividend index has shallower drawdowns, a stable 3 - year rolling Sharpe ratio, and does not require market timing in the long - term perspective. It also has higher probabilities of achieving positive returns in different holding periods compared to most broad - based and style indices [10][12][21]. 3.2 Dividend Yield Single - Factor Trap - Selecting stocks based solely on the "high - dividend" factor often leads to choosing high - volatility stocks with limited return increases and large drawdowns. Adding a second filter such as low - volatility or earnings quality can improve the overall cost - effectiveness. Statistical regression shows that the dividend yield alone has a weak explanatory power for future returns [29]. - Several case studies illustrate different types of "false high - dividend" traps. For example, some companies rely on one - time gains to support high dividends, some have high dividends due to falling stock prices rather than improved profitability, and some have high dividends at the peak of the business cycle or due to high leverage. To avoid these traps, specific financial and operational criteria need to be set [37][40][44]. 3.3 High - Dividend Smart - Beta's Distortion Risk - Modified dividend indices such as "Dividend Quality" and "Dividend Potential" have larger fluctuations and deeper drawdowns than the CSI Dividend Index. Their style drift and uncontrolled risk exposure lead to higher volatility, especially in bear markets. The main reasons are their high - concentration weighting, high - valuation requirements, and frequent chasing of market highs [60][64]. - The CSI Dividend Index selects 100 stocks based on a three - year dividend yield with a diversified weighting, while the Dividend Quality and Dividend Potential indices select 50 stocks by adding factors such as ROE and EPS growth, with a more concentrated and high - chasing weighting. As a result, they are more likely to suffer from double - kills of earnings and valuation when the market weakens [64]. 3.4 Potential Ways to Enhance Dividend Low - Volatility - **Dividend + Pricing Power Approach**: Traditional high - dividend indices have several drawbacks, including style drift, inclusion of high - risk high - dividend stocks, and right - side trading characteristics. A comprehensive scoring system based on pricing power, price - to - earnings ratio, and stability can be used to select the top 20 stocks for a portfolio. A ten - year back - test shows that this combination has better performance in terms of cumulative return, annualized return, and drawdown control compared to the CSI Dividend Index [83][84]. - **Considering Institutional Participation Rate**: Incorporating institutional holdings into high - dividend screening reveals that stocks with high institutional participation (≥20%) from stable - cash - flow industries have better risk - return profiles, including higher cumulative returns, greater upside potential, and controlled drawdowns. In contrast, stocks with low institutional participation (<20%) from cyclical industries perform less well. Therefore, combining high - dividends with institutional recognition can build a safer and more sustainable dividend portfolio [89]. 3.5 Bottom - Position Is Not Just Dividends: Quality Low - Volatility and Cash Cows - The "quality + low - volatility" dual - screened bottom - position established in June 2020 can achieve a balance between offense and defense. By filtering out high - leverage and low - resilience companies and compressing risk thresholds, it has achieved a five - year rolling net value increase of about 1.6 times, with stable single - digit annualized returns and significantly reduced volatility and drawdowns compared to ordinary low - volatility strategies [94]. - The long - term returns of dividend assets mainly come from stable dividends and profits rather than valuation increases. From 2014 - 2025, the annualized total returns of Dividend Low - Volatility and CSI Dividend after reinvestment were 13.9% and 13.2% respectively, with dividend contributions exceeding 9 percentage points and accounting for over 70% of the total returns [98]. - The cash - cow enhancement framework uses six dimensions to examine potential risks in high - dividend portfolios and provides corresponding enhancement measures. These measures include equal - weighting industries and quality sorting to address concentration risks, using free - cash - flow and growth thresholds to eliminate "high - dividend traps", and implementing valuation gates and hedging strategies to manage valuation risks [108]. 3.6 Industrial Cycle Reversal: From Left to Right - At the inflection point of the industrial cycle, multi - dimensional indicators such as fundamentals, inventory, price, valuation, and funds often show concurrent inflection points. The consistency in the industry dimension, from raw material prices to mid - stream production and downstream demand, can improve the reliability of inflection - point signals. For example, the anti - involution market rhythm is often in line with this "consistency chain" [111][112]. - At the company level, by dividing samples into leading, mid - stream, and tail companies, monitoring the second - order derivatives of 10 key indicators can help identify the acceleration of marginal improvements in demand, pricing, or cash flows. When at least three indicators in any two of the three sample layers show positive second - order derivatives, it can be regarded as a company - level consistency inflection point [114]. - The industrial cycle reversal framework uses a "three - light" approach to determine investment opportunities. When the three conditions of valuation repair, profit - cash flow resonance improvement, and completion of inventory reduction and demand expansion are met simultaneously, it indicates a three - dimensional resonance of supply - demand, profit, and sentiment, and investors can make aggressive investments. Otherwise, they should continue to hold the dividend bottom - position [115].

Report Industry Investment Rating - No relevant content provided Core View of the Report - Convertible bond investors face the challenge of achieving both absolute and relative returns. With the current equity market in an accelerated upward phase, it's time to consider adjusting positions to handle the potential post - peak volatility, and the discussion is carried out from two dimensions: position adjustment and structure switching [2] Summary According to Relevant Catalogs How to Adjust Positions - Right - side position reduction is more reasonable as it's difficult to predict the end of the capital inflow. Left - side position reduction may lead to missed buying opportunities and increased trading costs if the equity market continues to rise [3] - The decision should be based on key time nodes and account profit - loss conditions. Historical data shows that the market's performance after key time nodes is uncertain. If the floating profit is limited, early position reduction can be considered [4] How to Switch Structures Anti - Drop Convertible Bonds - Historically, convertible bonds priced between 110 - 115 yuan are the most anti - drop, but there are no institution - allocable bonds below 110 yuan currently, and these bonds may be affected by the bond market pressure [9][10] Bonds with Strong Investor Reluctance to Sell - Bonds with strong conversion demands from the company, especially those with a history of full - scale downward revisions, short remaining terms, and high asset - liability ratios, may see issuers take measures to promote conversion [11] - Bonds related to sectors with strong positive - stock logic, such as overseas computing power and sectors with improving profitability, as well as positive - stock high - volatility under - valued sectors, may be favored by investors [13] - Convertible bonds that have risen smoothly this year and offer a good holding experience, as indicated by a high Sharpe ratio, may also be subject to investor reluctance to sell [15] Other Options - Diversify in major asset classes, such as rapidly increasing the position of pure bonds and appropriately increasing the portfolio duration to reduce the overall portfolio net - value volatility [16]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.187 billion yuan, representing a year-over-year increase of 58.20%. However, the net profit attributable to shareholders was -295 million yuan, indicating a continued loss but with a narrowing loss margin compared to the previous year [1]. - The company is focusing on diversifying its product offerings in emerging fields, with over 3,200 product models available as of mid-2025. New products have been launched in sectors such as renewable energy, automotive electronics, and communication [3]. - Despite short-term profit pressures due to intense market competition and high R&D investments, the company is expected to successfully expand into new markets and launch new products, maintaining the "Outperform the Market" rating [3]. Financial Performance Summary - In the first half of 2025, the company's revenue from power management chips reached 1.105 billion yuan, accounting for 93% of total revenue, with a gross margin increase of 0.76 percentage points to 28.44% [2]. - The revenue from DC-DC chips grew by 82.92% year-over-year to 674 million yuan, representing 57% of total revenue, while the gross margin for these chips improved by 0.3 percentage points to 25.50% [2]. - The company forecasts a gradual improvement in net profit, with estimates of -130 million yuan in 2025, followed by positive net profits of 52 million yuan in 2026 and 146 million yuan in 2027 [5][26].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][21]. Core Views - The company reported strong performance in the second quarter, with significant revenue and profit growth driven by breakthroughs in copper mining projects [2][3]. - The mining service business showed stable revenue, while the mining resource business experienced rapid growth in both revenue and profit margins [3][19]. - The company is expected to maintain its growth trajectory, with projected revenue and net profit increases over the next few years [4][21]. Summary by Sections Financial Performance - In the first half of the year, the company achieved revenue of 6.316 billion yuan, a year-on-year increase of 47.82%, and a net profit of 1.111 billion yuan, up 81.29% [2][8]. - The second quarter alone saw revenue of 3.505 billion yuan, a 52.39% increase year-on-year, and a net profit of 689 million yuan, which is a 103.25% increase year-on-year [2][8]. Mining Service Business - The mining service segment generated revenue of 3.322 billion yuan in the first half, a slight increase of 0.57%, but the gross profit decreased by 17.26% to 767 million yuan, resulting in a gross margin of 23.10% [2][13]. - The decline in gross profit was attributed to the transition of Lubambe copper mine to an internal management unit and operational disruptions due to seismic activities [2][13]. Mining Resource Business - The mining resource segment reported revenue of 2.912 billion yuan, a substantial increase of 238.03%, with gross profit rising by 276.83% to 1.388 billion yuan, achieving a gross margin of 47.68% [3][19]. - The company produced approximately 39,400 tons of copper equivalent and sold about 43,900 tons, with sales exceeding production due to inventory at Lonshi copper mine [3][19]. Future Projections - The company forecasts revenues of 12.856 billion yuan, 13.718 billion yuan, and 16.529 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 29.3%, 6.7%, and 20.5% [4][21]. - Net profit projections for the same years are 2.515 billion yuan, 2.598 billion yuan, and 3.260 billion yuan, with growth rates of 58.8%, 3.3%, and 25.5% respectively [4][21].