Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Viewpoints - The company reported a revenue of 3.124 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -356 million yuan, primarily due to the consolidation of Yaxin Technology [8][3]. - The company's security business revenue decreased by 22.8% to 510 million yuan, while the gross margin for the cybersecurity business improved to 59.6%, up 4.7 percentage points year-on-year [8][3]. - The launch of the AI XDR product is expected to drive future growth, with orders already exceeding ten million [2][3]. - The collaboration with Yaxin Technology and other partners in AI model delivery is anticipated to enhance the company's ecosystem [2][3]. Financial Performance Summary - For 2025, the company expects net profits of 158 million yuan, 268 million yuan, and 320 million yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 55, 32, and 26 [4][3]. - The projected revenue growth for 2025 is 153.6%, with a significant increase in operating income expected in the following years [4][3]. - The gross margin is projected to stabilize around 43% from 2025 onwards, indicating a focus on improving operational quality [15][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company achieved significant revenue and profit growth in the first half of 2025, with Q2 revenue growth exceeding 20%. The total revenue for H1 2025 was 1.565 billion yuan (+17.36%), and the net profit attributable to the parent company was 363 million yuan (+17.04%) [1][8]. - The growth in Q2 2025 was primarily driven by the consolidation of the acquired Spanish company CME, continuous expansion of overseas channels, and the ramp-up of innovative products [1][8]. - Domestic business faced pressure with a revenue decline of 7.1% to 656 million yuan, mainly due to centralized procurement affecting product prices. In contrast, international market revenue surged by 43.81% to 898 million yuan, with overseas revenue accounting for 57.37% of total revenue [1][13]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 64.89% (-3.04 percentage points), primarily due to price pressures from domestic centralized procurement. The sales expense ratio was 21.56% (-1.17 percentage points), while the management expense ratio was 12.69% (+0.25 percentage points) [2][21]. - The company expects revenue for 2025-2027 to be 3.214 billion, 3.630 billion, and 4.019 billion yuan, with year-on-year growth rates of 16.6%, 12.9%, and 10.7%, respectively. The net profit attributable to the parent company is projected to be 688 million, 800 million, and 885 million yuan, with growth rates of 24.3%, 16.3%, and 10.6% [3][23]. Strategic Developments - The company completed the acquisition of 51% of CME in February 2025, contributing 123 million yuan in revenue and 22 million yuan in net profit. This acquisition not only provided new revenue sources but also facilitated product line integration and optimization [2][13]. - The company is also constructing a manufacturing center in Thailand, expected to be operational by the end of 2025, which will enhance the global supply chain and support overseas business expansion [2][13].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][32]. Core Insights - The social services sector experienced a 5.18% increase during the reporting period from August 11 to August 24, 2025, which underperformed the broader market by 1.47 percentage points [13][15]. - Key stocks that performed well include Kede Education (39.74%), Dongfang Zhenxuan (22.88%), and Huazhu Group-S (12.91%), while stocks like Keri International (-7.52%) and New Macau International Development (-5.84%) saw declines [15][16]. - The report highlights the ongoing development of AI education products by companies such as Dou Shen Education, Fenbi, and NetEase Youdao, which aim to enhance learning experiences through innovative technology [2][17][18][19]. Summary by Sections Market Performance - The consumer services sector's performance was ranked 13th among 30 industry indices, with a 5.18% increase compared to a 6.65% rise in the CSI 300 index during the same period [13][15]. Industry and Company Dynamics - Dou Shen Education updated its AI training series, enhancing interactive learning experiences [17]. - Fenbi launched an AI exam preparation class and a smart speaker, creating a comprehensive learning solution [18]. - NetEase Youdao introduced several AI education products, including an upgraded answering pen and a comprehensive listening device [19]. - The Supreme Court's new regulation on social security payments will take effect on September 1, 2025, impacting labor relations [20]. Stock Holdings - Notable changes in stock holdings during the reporting period include an increase in Haidilao's holding ratio by 0.84 percentage points to 21.54% and a significant increase in Tianli International Holdings by 3.43 percentage points to 56.95% [3][29]. Investment Recommendations - The report suggests focusing on companies like Atour, Ctrip Group-S, Xiaocaiyuan, and BOSS Zhipin for investment, with a mid-term preference for China Duty Free, Meituan-W, and others [4][32].

Report Industry Investment Rating There is no information about the report industry investment rating in the content. Core Viewpoints - Last week, the equity market continued to rise, with the Shanghai Composite Index hitting a ten - year high and breaking through 3800 points. The semiconductor and computing power domestic substitution logic was strengthened, and the technology sector performed well. The bond market generally declined due to the stock - bond seesaw effect, tightened capital at the tax period, and weakened expectations of total easing policies in the second half of the year. The 10 - year treasury bond rate closed at 1.78% on Friday, up 3.53bp from the previous week. The convertible bond market showed a strong performance, with most convertible bond issues rising. The CSI Convertible Bond Index rose 2.83% for the whole week [1][7][8]. - In the future, the short - term popularity of the stock market is expected to remain high. With the dovish speech of the Federal Reserve Chairman at the Jackson Hole meeting, it is recommended to increase the consideration of performance and layout along the directions with strong industrial trend certainty such as computing power, robotics, intelligent driving, and semiconductor self - controllability. Attention can also be paid to the clause game opportunities of convertible bonds with short remaining terms and strong debt - reduction demands [3][15]. Summary According to Relevant Catalogs 1. Market Focus (2025/8/18 - 2025/8/22) Stock Market - The equity market continued to rise last week. The Shanghai Composite Index reached a ten - year high and broke through 3800 points. The semiconductor and computing power domestic substitution logic was strengthened by news such as DeepSeek updating its model to DeepSeek - V3.1, NVIDIA suspending the production of H20 chips, and the 2025 China Computing Power Conference being held in Datong. The technology sector performed well throughout the week [1][7]. - By industry, all Shenwan primary industries closed up last week. Communications (+10.84%), electronics (+8.95%), comprehensive (+8.25%), computer (+7.93%), and beauty care (+5.35%) led the gains, while real estate (+0.50%), coal (+0.92%), pharmaceutical biology (+1.05%), and banks (+1.25%) lagged behind [8]. Bond Market - The bond market generally declined last week. The stock - bond seesaw effect was obvious due to the sharp rise in the equity market. The capital at the tax period tightened marginally, and the central bank's second - quarter monetary policy implementation report weakened the market's expectation of total easing policies in the second half of the year. The 10 - year treasury bond rate closed at 1.78% on Friday, up 3.53bp from the previous week [1][8]. Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index rose 2.83% for the whole week, the median price rose 2.82%, the calculated arithmetic average parity rose 2.24% for the whole week, and the market conversion premium rate increased by 2.07% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.44%, +3.20%, and +1.10%, respectively, and were at the 99%, 100%, and 97% quantiles since 2023 [2][8]. - By industry, most convertible bond industries closed up last week. Beauty care (+7.29%), computer (+5.26%), electronics (+4.54%), and petroleum and petrochemicals (+4.30%) performed well, while media (-0.32%), household appliances (+0.05%), building decoration (+0.66%), and social services (+0.84%) lagged behind [10]. - At the individual bond level, convertible bonds such as Jintong (liquid - cooled server concept), Huayi (semiconductor clean room), Weice (IC testing), Dongjie (control right change), and Shuiyang (skin care products & significant increase in mid - year report performance) led the gains. Convertible bonds such as Linuo (medical glass), Rongtai (massage equipment & announced forced redemption), Sheyan (engineering design and survey & announced forced redemption), Weixin (innovative drugs), and Youzu (game concept & announced forced redemption) led the losses [2][11]. - The total trading volume of the convertible bond market last week was 470.3 billion yuan, with an average daily trading volume of 94.06 billion yuan, basically the same as the previous week [13]. 2. Valuation - As of last Friday (2025/08/22), in the equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 48.87%, 36.41%, 28.98%, 22.02%, 14.46%, and 11.73%, respectively, at the 99%/100%, 96%/99%, 96%/99%, 95%/98%, 89%/87%, 95%/93% quantiles since 2010/2021. - In the bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 6.12%, at the 0%/0% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.97%, at the 89%/94% quantiles since 2010/2021. The difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was - 3.29%, at the 64%/64% quantiles since 2010/2021 [16]. 3. Primary Market Tracking - Last week (2025/8/18 - 2025/8/22), Jinwei Convertible Bond was issued, and no convertible bonds were listed. Jinwei Convertible Bond has a scale of 1.292 billion yuan, a credit rating of AA, and its underlying stock is Jindawen, a company in the food and beverage industry. After deducting the issuance fees, the funds are planned to be invested in projects such as the coenzyme Q10 reconstruction and expansion project [24]. - In the coming week (2025/8/25 - 2025/8/29), no convertible bonds are announced for issuance, and Weidao Convertible Bond is expected to be listed. Weidao Convertible Bond has a scale of 1.17 billion yuan, a credit rating of AA, and its underlying stock is Weidao Nano, a company in the power equipment industry. After deducting the issuance fees, the funds are planned to be invested in projects such as the intelligent factory construction project for semiconductor thin - film deposition equipment [25]. - Last week, the exchanges accepted applications from JINPAN TECHNOLOGY and UNIRAY NEW MATERIAL, the general meetings of shareholders passed the plans of JINGYAN TECHNOLOGY and AOKE TECHNOLOGY, and the board of directors proposed plans for LONGHUA NEW MATERIAL, TBEA, SHENGQUAN GROUP, JIWU HIGH - TECH, and JINSANJIANG. There were no new companies approved for registration by the exchanges or passed by the listing committee. As of now, there are 77 convertible bonds to be issued, with a total scale of 128.34 billion yuan, including 2 issues with a total scale of 1.45 billion yuan that have been approved for registration and 4 issues with a total scale of 8.98 billion yuan that have passed the listing committee [26].

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet sector [4][42]. Core Views - The media sector experienced a 6.47% increase this week, outperforming the CSI 300 index (4.90%) but underperforming the ChiNext index (8.62%) [1][11]. - Key highlights include the release of the second installment of "Black Myth," the introduction of 21 reform measures by the National Radio and Television Administration, and advancements in AI applications [1][17][38]. - The report emphasizes a positive outlook on AI applications and IP trends, suggesting that the industry is on an upward performance cycle [3][38]. Summary by Sections Industry Performance - The media sector's performance ranked 5th among all sectors this week, with notable gains from companies like Shunwang Technology and Guomai Culture, while Shanghai Film and Ice River Network saw declines [1][11][12]. Key Data Tracking - The box office for the week (August 17-24) reached 974 million yuan, with the top three films being "The Little Monster of Langlang Mountain" (290 million yuan), "Nanjing Photo Studio" (230 million yuan), and "Chasing the Wind" (167 million yuan) [2][19]. - In the gaming sector, the top three mobile games in July 2025 were from Diandian Interactive, including "Whiteout Survival" and "Kingshot" [27]. Investment Recommendations - The report suggests focusing on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [3][38]. - It highlights the potential for growth in AI applications and IP trends, recommending companies like Pop Mart and Zhejiang Digital Culture [3][38]. Company Earnings Forecasts - Key companies such as Kaiying Network, Fenzhong Media, and Mango Super Media are rated as "Outperform the Market," with projected earnings per share (EPS) for 2025E and 2026E [4][40].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has turned a profit in the second half of FY2025, with sustainable net profit increasing by 16% [1][4] - The strategic transformation is expected to yield positive results, particularly with the focus on self-operated products and membership models [4][19] - The company has experienced a significant decline in sustainable revenue and profit due to the divestiture of its subsidiary "Yuhui Tongxing" [1][9] Financial Performance Summary - For FY2025, the company achieved sustainable revenue of 4.39 billion yuan, a decrease of 32.7% year-on-year, primarily due to the impact of the subsidiary divestiture [1][9] - The sustainable net profit for FY2025 was 6.19 million yuan, down 97.5% year-on-year; however, excluding one-time expenses and profits from the sale of "Yuhui Tongxing," the ongoing net profit was 135 million yuan, an increase of 30% [1][9] - In FY2025H2, the company reported sustainable revenue of 2.21 billion yuan, a decline of 46.4% year-on-year, but a sustainable net profit of 1.03 billion yuan, reflecting a 16.1% increase [1][9] Product and Channel Analysis - In FY2025, the GMV for self-operated products was 3.81 billion yuan, accounting for 43.8% of total GMV, showing an upward trend from approximately 40% in FY2024 [2][10] - The estimated gross margin for self-operated products improved to about 23% due to reduced promotional efforts [2][10] - The sales channel distribution for FY2025 showed that the company's own app accounted for 15.7% of GMV, an increase of 7.3 percentage points [2][10] Profitability and Cost Structure - The gross margin for FY2025 was 32.0%, an increase of 6.0 percentage points, driven by reduced promotional activities [3][16] - The net profit margin was 0.1%, with a significant improvement in H2, where the net profit margin turned positive at 4.7% [3][16] - The company is focusing on deepening its own app layout and expanding membership benefits to drive traffic growth [19] Future Earnings Forecast - The net profit forecast for FY2026 is adjusted to 266 million yuan, with projections for FY2027 and FY2028 at 572 million yuan and 1.05 billion yuan, respectively [4][22] - The company is expected to maintain a PE valuation of 130x for FY2026, 60x for FY2027, and 33x for FY2028 [4][22]

证券研究报告 | 2025年08月25日 社会服务行业双周报（第 113 期） 优于大市 中报业绩密集披露，豆神、粉笔、有道等迭代 AI 教育新品 核心观点 行业研究·行业周报 社会服务 板块复盘：消费者服务板块报告期内上涨 5.18%，跑输大盘 1.47pct。报告 期内（2025 年 8 月 11 日-2025 年 8 月 24 日），国信社服板块涨幅居前的股 票为科德教育（39.74%）、东方甄选（22.88%）、华住集团-S（12.91%）、 华天酒店、全聚德、君亭酒店、豆神教育、奈雪的茶、BOSS 直聘、长白山。 国信社服板块跌幅居前的股票为科锐国际（-7.52%）、新濠国际发展 （-5.84%）、天立国际控股（-4.38%）、中国东方教育（-4.01%）、学大教 育（-3.88%）、美高梅中国、九毛九、银河娱乐、澳博控股、北京人力。 行业与公司动态：豆神教育 AI 超练系列更新超练作文与阅读新单元，通过 AI 互动指导提升学习体验。粉笔发布事业单位考试 AI 刷题班与智能音响， 打造"AI+硬件"备考解决方案。网易有道推出多款 AI 教育新品，包括升级 版答疑笔和全面屏听力宝，进一步构建 AI 教 ...

证券研究报告 | 2025年08月25日 公募 REITs 周报（第 31 期） 指数继续调整，各板块普跌 主要结论：本周中证 REITs 指数继续调整，下跌 1.62%，在年初较快上涨以 后，估值逐渐回归理性。产权类 REITs 和特许经营权类 REITs 平均周涨跌幅 为-1.93%、-1.10%，从主要指数周涨跌幅对比来看：深 300>中证转债>中证 全债>中证 REITs。各个类型 REITs 均收跌，保障房、水利设施、市政设施 REITs 跌幅最大。截至 8 月 22 日，公募 REITs 年化现金分派率均值为 6.4%， 产权 REITs 股息率比中证红利股股息率均值高 34BP,经营权类 REITs 内部收 益率均值与十年期国债收益率利差为 209BP。 中证 REITs 指数周涨跌幅为-1.9%，年初至今涨跌幅为 6.7%。截至 2025 年 8 月 22 日 ， 中 证 REITs （ 收 盘 ） 指 数 收 盘 价 为 838.00 点 ， 整 周 （2025/8/18-2025/8/22）涨跌幅为-1.9%，表现弱于沪深 300 指数（+4.2%）、 中证转债指数（+2.8%）以及中证全 ...

Group 1: Macro and Strategy Insights - The macroeconomic weekly report indicates that high-frequency indicators have shown a continuous seasonal rise, suggesting improving domestic economic momentum [12][13] - The high-tech manufacturing macro diffusion index remains stable, with certain sectors like lithium hexafluorophosphate and dynamic random access memory experiencing price increases, while others like acrylonitrile see declines [11][12] - The report highlights a positive outlook for the stock market, with the Shanghai Composite Index reaching 3825.76 points, reflecting a weekly increase of 3.49% [27] Group 2: Industry and Company Analysis - The low-altitude economy is emerging as a significant opportunity, with the market expected to exceed 1 trillion yuan by 2026, driven by the growth of electric vertical takeoff and landing (eVTOL) aircraft [32][33] - The report notes that China's drone industry leads globally, holding approximately 70% of related patent applications, indicating a strong foundation for the low-altitude economy [33] - Companies in the agricultural sector, such as Yangnong Chemical, are experiencing a recovery in profitability, while others like Huazhu Group are expanding their asset-light strategies [8][9] Group 3: Financial Engineering and Market Trends - The convertible bond market has shown strong performance, with the China Convertible Bond Index rising by 2.83% over the week, indicating robust investor interest [17][18] - The report emphasizes the importance of performance and terms in evaluating individual convertible bonds, as the market continues to react to equity market movements [16][17] - The report suggests a focus on sectors with strong growth potential, such as semiconductors and AI, as the market remains optimistic about future performance [18][27]

证券研究报告 | 2025年08月25日 超长债周报 股债跷跷板 核心观点 固定收益周报 超长债复盘：上周债市继续大跌。上周税期资金面收紧，公布 8 月 MLF 超额续作 3000 亿，A 股放量大涨，上证指数创 10 年新高，股债跷跷板 效应明显，超长债继续暴跌。成交方面，上周超长债交投活跃度小幅下 降，交投相当活跃。利差方面，上周超长债期限利差走阔，品种利差走 阔。 超长债投资展望： 30 年国债：截至 8 月 22 日，30 年国债和 10 年国债利差为 31BP，处于 历史偏低水平。从国内经济数据来看，7 月经济依然面临下行压力。我 们测算的 7 月国内 GDP 同比增速约 4.3%，较今年上半年的增速大幅下滑。 通胀方面，7 月 CPI 为 0.0%，PPI-3.6%，通缩风险依存。我们认为，短 期债市会不断面临预期和现实的博弈，10 年期国债在【1.65%，1.8%】 区间震荡。一方面，现实基本面依然偏弱，对债市形成支撑；另一方面， "反内卷"的确是当前政策的重要抓手，投资者通缩担忧有所消散，长 期宏观叙事出现变化，预期和情绪对债市产生压制。当前 30 年国债期 限利差依然偏低，期限利差保护度有限 ...