Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 733 million yuan in the first half of 2025, representing a year-on-year growth of 3.73%, while the net profit attributable to shareholders decreased by 32.44% [7] - The company is experiencing a decline in major business areas, but other medical product components are growing rapidly, with home respiratory machine components generating 436 million yuan in revenue, down 2.76% year-on-year, and home and consumer electronics components achieving 107 million yuan, up 35.69% year-on-year [7] - The blood glucose management product line is gradually contributing to revenue, with significant advancements in technology and production for insulin pens and continuous glucose monitoring devices [7] - The company expects to achieve revenues of 1.8 billion yuan, 2.122 billion yuan, and 2.5 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 379 million yuan, 449 million yuan, and 540 million yuan [7] Financial Performance Summary - The company reported a revenue of 1,338 million yuan in 2023, with a projected revenue growth rate of 19.2% in 2024 and 12.9% in 2025 [6][8] - The net profit for 2023 was 313 million yuan, with a projected net profit of 364 million yuan in 2024 and 379 million yuan in 2025, reflecting a net profit growth rate of 16.1% and 4.3% respectively [6][8] - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to decrease to 0.67 yuan in 2025, with a PE ratio projected to decline from 47.8 in 2023 to 30.8 in 2025 [6][8]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is expected to see a gradual recovery in sales in the second half of the year, supported by a rebound in live streaming sales and a stable offline sales network [8] - The company has a strong foundation in recombinant collagen research, with a comprehensive technology platform and a focus on high-quality product offerings [8] - The multi-dimensional product matrix of the company is expected to drive growth, with significant sales increases observed in July [8] - The company is projected to achieve substantial revenue and profit growth from 2025 to 2027, with corresponding price-to-earnings ratios indicating favorable valuation [8] Financial Forecasts - Revenue is forecasted to grow from 3,524 million RMB in 2023 to 10,206 million RMB in 2027, with a compound annual growth rate of approximately 20.17% [5] - Net profit is expected to increase from 1,452 million RMB in 2023 to 3,491 million RMB in 2027, reflecting a strong growth trajectory [5] - Earnings per share (EPS) is projected to rise from 1.49 RMB in 2023 to 3.26 RMB in 2027, indicating improved profitability [5] Market Performance - The company's products have shown resilience in the market, with significant growth in online sales channels, particularly during promotional events [8] - The company maintains a strong presence in both online and offline sales channels, with positive consumer feedback on its core products [8]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - "One - package debt - resolution policy" has been in place for two years, and debt resolution has entered the second half. The credit risk is expected to remain controllable during the debt - resolution cycle, and more attention should be paid to the creditworthiness development in the post - debt - resolution cycle [2][3] - As of now, the local government's implicit debt resolution work is expected to have passed the halfway mark. By the end of 2025, the overall progress of platform delisting in the country may reach 70 - 80%, and the resolution progress of operating debts is also expected to exceed half by the end of the year [2][3][39] Summary According to the Table of Contents 2024 - present Debt Resolution Actions - Since the "one - package debt - resolution" proposal, a series of policies centered around the "Document 35" have been introduced, including "Document 47", "Document 14", "Document 134", "Document 150", "Document 226", and "Document 99", which have continuously refined and supplemented the debt - resolution requirements [6][7] Implicit Debt Resolution Progress - In 2025, the issuance of replacement bonds continued to advance, with a disclosed issuance plan of 19042.34 billion yuan and an annual progress of 95.21%. The issuance scale of special new special bonds reached 8505.78 billion yuan [2][8] - Since 2024, a total of 63225.88 billion yuan of debt - resolution funds have been implemented, accounting for 51.4% of the implicit debt balance to be resolved before 2028. As of now, Guangdong, Beijing, Shanghai, 22 prefecture - level cities, and 113 counties have announced the achievement of the goal of "zero implicit debt across the region", and Inner Mongolia announced its withdrawal from the key debt - resolution provinces on July 29 [2][9][13] Delisting Progress - As of the end of 2024, 40% of local government financing platforms had exited the financing platform sequence. As Inner Mongolia withdrew from the key provinces, Chongqing, Guangxi, Liaoning and other places are also actively seeking delisting. It is expected that by the end of 2025, the overall delisting progress in the country may reach 70 - 80% [3][15][16] Operating Debt Disposal - By the end of 2024, the scale of operating financial debts of financing platforms was 14.8 trillion yuan, a decrease of about 25% compared with the beginning of 2023. The bond issuance interest rate has significantly decreased, and high - interest debts in bank loans and non - standard debts are mainly reduced through three ways. The proportion of bank loans in the interest - bearing debt structure has increased rapidly, and the non - standard debts have been significantly reduced [20][23][26] - In 2024, the overall interest payment scale of urban investment was 3.05 trillion yuan, with a growth rate of only 2.06%. The comprehensive financing cost of urban investment platforms was 4.72%, a decrease of about 7bp compared with 2023 [29] Industrial Transformation - The ways of establishing industrial platforms include setting up a holding parent company, separating or integrating industrial - attribute subsidiaries, and developing industrial businesses on the original basis of entities with low urban investment attributes [33] - The injected operating assets depend on local resource endowments. Industrial transformation can also be achieved through equity investment and mergers and acquisitions of listed companies [36] Summary - The "one - package debt - resolution policy" continues to advance, and debt resolution has entered the second half. The credit risk is expected to remain controllable during the debt - resolution cycle, and more attention should be paid to the creditworthiness development in the post - debt - resolution cycle [3][41]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from gypsum boards is under pressure, but its two wings of business remain stable and are expanding [7][9] - The company reported a revenue of 13.558 billion yuan in the first half of 2025, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion yuan, down 12.85% year-on-year [8] - The company is focusing on promoting high-margin products and expanding overseas projects, with significant growth in its paint segment [9] Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 22.426 billion yuan in 2023 to 31.016 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.05% [6][10] - Net profit is expected to increase from 3.524 billion yuan in 2023 to 4.748 billion yuan in 2027, with a CAGR of approximately 13.98% [6][10] - Earnings Per Share (EPS) is forecasted to rise from 2.09 yuan in 2023 to 2.81 yuan in 2027 [6][10] - The company’s price-to-earnings (PE) ratio is projected to decrease from 11.20 in 2023 to 9.54 in 2027, indicating potential undervaluation [6][10] Business Segment Performance - Gypsum Board and Keel: - Revenue from gypsum boards was 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68%, down 0.94 percentage points [7][9] - Revenue from keels was 1.137 billion yuan, down 10.72% year-on-year, with a gross margin of 21.65%, up 0.43 percentage points [7][9] - Waterproofing: - Revenue from waterproofing materials was 1.720 billion yuan, up 0.63% year-on-year, with a gross margin of 16.97%, down 2.34 percentage points [7][9] - Paint: - Revenue from paint was 2.511 billion yuan, up 40.82% year-on-year, with a gross margin of 31.79%, up 0.51 percentage points [7][9] Cost and Margin Analysis - The overall gross margin for the first half of 2025 was 30.35%, down 0.60 percentage points year-on-year, primarily due to rising costs of raw materials [7][9] - The net profit margin decreased by 2.05 percentage points to 14.23% due to increased costs and competitive pressures [7][9] Cash Flow and Financial Health - The net cash flow from operating activities was 9.62 billion yuan, down 52.86% year-on-year, attributed to changes in accounts receivable [7][9] - The company’s liquidity ratios indicate a healthy financial position, with a current ratio of 2.19 and a quick ratio of 1.57 [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that structural optimization and fair value changes have improved profits, with a continued high dividend payout [8] - The company is experiencing a decline in revenue due to a downturn in the board industry, but is increasing efforts in auxiliary materials and customized home decoration channels [10] - The report projects a steady growth in net profit for the years 2025 to 2027, with expected EPS of 0.78, 0.89, and 1.02 respectively [8][10] Financial Performance Summary - For 1H2025, the company reported revenue of 3.634 billion yuan, a decrease of 7.01% year-on-year, while net profit was 268 million yuan, an increase of 9.71% [8][9] - The gross margin for the first half of 2025 was 18.27%, an increase of 0.80 percentage points, attributed to better sales of high-margin products [10] - The company’s net profit margin increased by 1.12 percentage points to 7.37% due to structural optimization and fair value changes [10] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 8.880 billion yuan, 9.562 billion yuan, and 10.344 billion yuan respectively, with growth rates of -3.36%, 7.67%, and 8.18% [7] - The projected net profit for the same years is 651 million yuan, 742 million yuan, and 849 million yuan, with growth rates of 11.26%, 13.94%, and 14.41% [7][10] Dividend Information - The mid-term dividend payout ratio is 86.74%, with a dividend yield of 2.74% [8][9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has made significant progress in innovative drug development, with the successful launch of Deutetrabenazine soft capsules, which are approved for treating metastatic castration-resistant prostate cancer (mCRPC) [9] - The company is expected to achieve revenue of 0.8 billion, 3.0 billion, and 5.0 billion RMB in 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [9] Financial Performance - For the first half of 2025, the company reported total revenue of 0.13 million RMB and a net profit of -0.62 billion RMB, showing a reduction in losses compared to the same period last year [9] - Revenue growth rates are projected to be 21,708.1% in 2025, 275.0% in 2026, and 66.7% in 2027 [7][10] - The company is expected to continue incurring losses, with net profits projected at -221 million RMB in 2025, -85 million RMB in 2026, and -9 million RMB in 2027 [7][10] Research and Development Progress - The company has developed HP518, the first oral AR PROTAC drug in clinical trials in China, with clinical trial applications approved by both the NMPA and FDA [9] - HP515, another drug for treating MASH, has also progressed well, with clinical trial applications approved and ongoing patient enrollment [9] Market Performance - The company's stock has shown a performance of -7% over the last 12 months, compared to a 25% increase in the chemical pharmaceutical sector [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 8.856 billion yuan in the first half of 2025, with a year-on-year growth of 0.22%, and a net profit attributable to shareholders of 910 million yuan, reflecting a significant year-on-year increase of 791.93% [7] - The company has a strong cost advantage and is enhancing its brand through a comprehensive channel strategy, which has led to a market share increase despite challenging market conditions [7] - The forecast for the company's revenue and net profit for 2025-2027 is 19.994 billion yuan, 12.22 billion yuan; 21.296 billion yuan, 16.27 billion yuan; and 22.568 billion yuan, 19.56 billion yuan respectively, with corresponding PE ratios of 17.6, 13.2, and 11.0 [7] Financial Performance Summary - The company's revenue for 2023A is 18,487 million yuan, with a projected growth rate of 9.9% [6] - The net profit for 2023A is 664 million yuan, with a net profit growth rate of 61.7% [6] - The EPS for 2025E is projected to be 0.98 yuan, with a PE ratio of 17.6 [6] - The company's gross margin for the first half of 2025 is 11.97%, an increase of 2.7 percentage points year-on-year [7] - The company completed the merger with Sun Valley Holdings, adding a capacity of 65 million birds, contributing an additional 85 million yuan to the performance in the first half of 2025 [7]

Core Insights - The report indicates a significant increase in the lithium battery supply chain prices across the board, with specific price movements noted for lithium carbonate and other materials [1][12][24]. Market Review - The Shanghai Composite Index rose by 1.7% this week, while the solid-state battery index increased by 3.96%, outperforming the Shanghai index. Year-to-date, the Shanghai Composite Index is up 10.29%, the solid-state battery index is up 30%, lithium equipment (CITIC) is up 41.91%, and lithium batteries (CITIC) are up 11.47% [7][9]. - The total trading volume for the entire A-share market reached 105,094.59 billion yuan, a week-on-week increase of 23.9%. The trading volume for the solid-state battery index was 2,317.21 billion yuan, up 47.92% week-on-week, while lithium equipment (CITIC) saw a trading volume of 20.66 billion yuan, up 11.1% [7][9]. Price Tracking - As of August 15, the price of lithium carbonate (battery grade Li2CO3 ≥99.5%) was 83,000 yuan per ton, an increase of 13,000 yuan from the previous week. The price of lithium iron phosphate (domestic) was 34,300 yuan per ton, up 170 yuan week-on-week. The price of ternary materials (523) was 114.53 yuan per kilogram, up 3.03 yuan week-on-week. The price of lithium hexafluorophosphate was 55,000 yuan per ton, up 480 yuan week-on-week, and the average price of graphite electrodes was 12,500 yuan per ton, up 250 yuan week-on-week [12][24]. Industry News & Company Announcements - Funeng Technology has achieved large-scale shipments of semi-solid-state batteries, gaining recognition from various clients including major automotive manufacturers [24]. - Nandu Power has signed the world's largest semi-solid-state battery energy storage project, with a total capacity of 2.8 GWh, which is expected to significantly enhance the regional grid's ability to accept renewable energy [26]. - The solid-state battery project by Tailan New Energy has been included in the national key research and development plan, focusing on developing high-energy-density and long-cycle-life battery systems [27]. Demand Tracking for Power Batteries - In the first seven months of 2025, the production of power and other batteries reached 831.1 GWh, a year-on-year increase of 57.5%. The cumulative growth rate has slowed by 2.9 percentage points compared to the previous month. The export volume of power batteries for the same period was 96.4 GWh, up 29.4% year-on-year, with a single-month export volume of 15 GWh, up 54.17% year-on-year [29][30]. - In the first half of 2025, the registration of pure electric passenger vehicles in 30 European countries reached 1.19 million units, a year-on-year increase of 24.9%, while hybrid electric vehicles registered 2.384 million units, up 16.0% year-on-year [33][35].

Group 1 - The defense and military industry index experienced a slight increase of 0.15% over the week from August 9 to August 16, 2025, ranking 21 out of 31 in the Shenwan first-level industry classification [7][12] - Over the past month, the industry index rose by 11.17%, ranking 5 out of 31 [10][14] - In the past year, the index has increased by 46.85%, ranking 11 out of 31 [14][15] Group 2 - The current PE-TTM for the defense and military industry is 90.20, which is at the 77.77 percentile compared to the past ten years, indicating a relatively high valuation level [15][46] - The performance of individual stocks in the defense and military sector showed significant variation, with the top performers being Fenghuo Electronics (38.73%), Feilihua (30.81%), and Aowei Communication (18.03%) [19][29] - Conversely, the worst performers included Qiyi Er (-5.82%), Xice Testing (-6.00%), and Zhongguang Optical (-6.06%) [19][29] Group 3 - Key industry data indicates that the price of sponge titanium is currently 50 RMB/kg, unchanged from the previous week, but up 11.11% from a month ago [30][34] - The LME nickel spot settlement price is currently 14,910 USD/ton, reflecting a 0.17% increase from the previous week but a 7.85% decrease from a year ago [30][34] - The price of domestic acrylonitrile is 8,250 RMB/ton, down 1.20% from the previous week but up 3.13% from a year ago [34][36] Group 4 - Recent industry news includes the successful first tethered ignition test of the Long March 10 rocket and the successful launch of the satellite internet low-orbit 08 group satellites [44][45] - The defense trade market is expected to expand due to escalating geopolitical conflicts, with a focus on military trade, unmanned equipment, commercial aerospace, low-altitude economy, and military AI as key investment themes [46]

Report Title - Futures | Waiting for a Turnaround [1] Report Industry Investment Rating - Not provided Core Views - The 10Y Treasury bond active bond yield may be in the 5th wave of upward movement since May 7th, with the upward target point possibly being the high of 1.75% on July 25th (the high of the 3rd wave). The upward movement of interest rates started on May 7th when the central bank proposed dual cuts at a pre - market press conference, and the equity market reacted most明显, which promoted the adjustment of the bond market [3]. - The weekly technical analysis of Treasury bond futures shows a short - term decline, and attention should be paid to the possible turning points. This week, the 10 - year Treasury bond futures were weak. After the short - term rebound, they fell again. T2509 entered the 5th wave of decline after the equal - tariff situation, and attention should be paid to the possible turning points when the decline structure is complete or broken. The long - end Treasury bonds were significantly adjusted this week, with TL being the weakest [4]. - The data tracking of Treasury bond futures shows that they fell across the board, and it is still necessary to wait for the right time to participate in the long - basis trading strategy. This week, the trading activity of Treasury bond futures rebounded, and the position transfer was in progress. As of August 15th, the positions of the 2509 contracts of Treasury bond futures declined across the board. The CTD net basis and IRR of the 2512 contracts showed differentiation, and considering the recent upward movement of market yields, it is better to wait for a better opportunity to participate in the long - basis trading strategy [5]. Summary by Directory 1. Weekly Technical Analysis 1.1 Pre - trend Review - This week, Treasury bond futures declined significantly, and TL hit a new low first. T2509's short - term rebound ended, and it started to fall on Monday. TL had a larger decline and hit a new low on July 30th on Thursday. Currently, both the daily and weekly lines are below the moving average system, showing short - term weakness [9]. 1.2 Future Market Outlook - T2509 fell again this week and may still be in the process of decline. Attention should be paid to the changes in the trend structure during the decline, and it may bottom out and rebound after the decline ends. T2509 opened lower and moved lower on Monday, confirming that it entered the 5th wave of decline since the equal - tariff situation and may currently be in the 3rd sub - wave of the decline. Wait for the decline structure to be complete or broken for possible turning points [11]. 2. Weekly Tracking of Treasury Bond Futures - This week, Treasury bond futures fell across the board. As of the close on August 15th, the closing prices of the 2509 contracts of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures were 102.346, 105.660, 108.295, and 117.48 yuan respectively, changing by - 0.038, - 0.180, - 0.345, and - 1.84 yuan compared with the previous week [16]. - The trading activity of Treasury bond futures increased significantly this week. The average daily trading volume of the 2509 contracts of Treasury bond futures at all maturities increased to varying degrees compared with last week. The trading volume/position ratio increased at all maturities [16]. - As of August 15th, the positions of the 2509 contracts of Treasury bond futures declined across the board, and investors gradually transferred their positions to the 2512 contracts [16]. - As of August 15th, the CTD net basis of the 2512 contracts of Treasury bond futures at all maturities showed differentiation, with the 5 - year and 30 - year net basis declining and the 2 - year and 10 - year net basis rising. The IRR of the 2512 contracts at all maturities also showed differentiation, with the 2 - year IRR declining and the 5 - year, 10 - year, and 30 - year IRR rising. Considering the recent upward movement of market yields, it is better to wait for a better opportunity to participate in the long - basis trading strategy. The spread between the 09 - 12 contracts increased across the board this week [21].