Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a revenue of 25.1 billion RMB for the first half of 2025, representing a year-on-year increase of 14%, with a net profit attributable to shareholders of 1.1 billion RMB, up 8% year-on-year [1] - The growth in net profit was slightly below expectations, which anticipated a 10% increase for the full year [1] - The company has successfully increased its sales in a challenging market environment, achieving a contract sales amount of 53.4 billion RMB, a 20% year-on-year increase, ranking first among the top 10 real estate companies [3] - The company plans to resolve 80% of its existing inventory issues within three years under its "Advancement Plan" [1] Summary by Sections Financial Performance - The company’s property development revenue increased by 17% year-on-year, with a gross margin improvement of 1 percentage point to 12% [2] - Non-development business revenue grew by 3% to 5.1 billion RMB, with property services revenue increasing by 20% [2] - The company’s net debt ratio is projected to remain stable, with total interest-bearing debt at 123.3 billion RMB [4] Project Acquisition and Sales - The company acquired 41 new projects in 2024, with an average net profit margin exceeding 10% [2] - The total value of unsold land reserves reached 320 billion RMB, with 88% located in first and second-tier cities [3] Debt and Financing - The company’s financing costs have significantly decreased, with the average financing cost dropping by 90 basis points to 2.96% [4] - The company has maintained a healthy financial status, with short-term debt accounting for 22% of total debt [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 0.10, 0.10, and 0.11 RMB, reflecting an increase of 11% for 2025 and 2026 [5] - The target price for the company is set at 1.81 HKD, based on a price-to-book (PB) ratio of 0.41 times for 2025 [5]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported impressive revenue and profit growth for 25H1, with revenue reaching 4.108 billion yuan, a year-on-year increase of 17.3%, and net profit of 556 million yuan, up 34.7%, both nearing the upper limit of previous forecasts [1] - The board has proposed an interim dividend of 0.5 yuan per share [1] - The company is expanding its product categories, with strong growth in mid-to-high-end brands and a well-structured business model across six major segments, indicating a high growth ceiling [1] Summary by Sections Revenue and Profit Performance - For 25H1, the company achieved revenue of 4.108 billion yuan, a year-on-year increase of 17.3%, and net profit of 556 million yuan, up 34.7% [1] - The revenue and net profit growth rates are close to the upper limits of the company's prior forecasts [1] Brand and Product Development - The brand "韩束" maintained its leading position in online beauty sales, with a 15.5% year-on-year increase in GMV on Douyin [2] - The new high-end mother and baby brand "newpage" saw revenue of 397 million yuan, a remarkable year-on-year growth of 146.5% [3] - The company is actively launching new products across various categories, including skincare and makeup, to meet diverse consumer demands [4] Financial Metrics and Forecasts - The company achieved a gross margin of 75.5%, with a slight year-on-year decrease of 1.0 percentage points [5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 1.02 billion, 1.28 billion, and 1.56 billion yuan respectively, with corresponding EPS of 2.56, 3.22, and 3.92 yuan [6] - The target price is set at 111.30 HKD, based on a 40x PE for 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company in the A-share market and an "Overweight" rating in the H-share market [6]. Core Views - The company reported a significant revenue increase of 37.71% year-on-year for H1 2025, reaching 13.747 billion RMB, with a net profit of 6.488 billion RMB, up 47.86% year-on-year, aligning with the earnings forecast [1][2]. - The investment and brokerage businesses have shown remarkable growth, benefiting from an upturn in market conditions, leading to an upward revision of revenue and profit forecasts for 2025 [4][17]. Summary by Sections Financial Performance - In H1 2025, investment income reached 7.399 billion RMB, a 50% increase year-on-year, with brokerage income at 3.647 billion RMB, up 45% year-on-year [2][3]. - The company increased its financial investments, with a leverage ratio of 4.14x, reflecting a 0.07 percentage point increase since the beginning of the year [2]. Investment Banking and Asset Management - The investment banking segment generated a net income of 316 million RMB, a 19% increase year-on-year, with notable rankings in equity underwriting and bond issuance [3]. - Asset management income also grew by 18% year-on-year, with a focus on diversifying product offerings [3]. Profit Forecast and Valuation - The report projects a 31% year-on-year growth in operating revenue for 2025, with net profits expected to reach 14 billion RMB, 15.7 billion RMB, and 17.4 billion RMB for 2025, 2026, and 2027 respectively [4][10]. - The target price has been adjusted to 21.46 RMB for A-shares and 15.28 HKD for H-shares, reflecting a price-to-book ratio of 2.0 and 1.3 respectively for 2025 [4][7].

证券研究报告 兴业银行 (601166 CH) 息差保持韧性，负债成本改善 6 月末总资产、贷款、存款增速分别为+2.6%、+4.1%、+8.9%，较 3 月末 -1.1pct 、 -0.7pct 、 -1.4pct 。 25Q2 零 售 / 对 公 / 票 据 增 量 占 比 分 别 为 -2%/83%/19%，新增贷款主要由对公贷款驱动。25H1 利息净收入 737.55 亿元，同比微降 1.52%。1-6 月净息差为 1.75%，较 1-3 月-5bp。1-6 月生 息资产收益率、计息负债成本率分别为 3.37%、1.86%，较 24A-35bp、-31bp。 兴业银行较好平衡负债与资产，将负债稳规模、降成本摆在首要位置，有效 稳定息差表现。 业绩增速回稳，信用成本下行 财富中收增长，其他非息回稳 2025 年 8 月 29 日│中国内地 全国性股份制银行 兴业银行 1-6 月归母净利润、营业收入、PPOP 分别同比+0.2%、-2.3%、 -3.1%，增速较 1-3 月+2.4pct、+1.3pct、+1.3pct。1-6 月年化 ROE、ROA 分别同比-0.88pct、-0.02pct 至 10. ...

证券研究报告 浙商银行 (2016 HK/601916 CH) 港股通 负债成本优化，资产质量稳健 华泰研究 中报点评 2025 年 8 月 29 日│中国内地/中国香港 全国性股份制银行 1-6 月手续费及佣金净收入同比-17.6%（3M24 同比-13.2%），中收持续承 压。结构上看，代理业务收入同比+12%，主要受益于代销业务增长；担保、 承销收入分别同比-26%、-34%，为中收主要拖累，主要受到保函业务及债 券承销业务收入下降所致。1-6 月公司其他非息收入同比-10.7%，较 1-3 月 环比+14.2pct，其他非息降幅收窄。公司 1-6 月成本收入比为 28.2%，同比 持平。 资产质量稳健，前瞻指标波动 6 月末不良率、拨备覆盖率分别为 1.36%、170%，分别较 3 月末-2bp、-1pct。 零售不良率上行，较 24 年末+19bp 至 1.97%；对公不良率较 24 年末-10bp 至 1.26%。前瞻指标略有波动，6 月末关注率为 2.50%，较 24 年末提升 10bp。 测算 Q2 年化不良生成率环比上行 78bp 至 2.05%；Q2 年化信用成本为 1.91%，同比-22 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.52 [9][10]. Core Views - The company focuses on quality and return enhancement while actively expanding its business, aiming to build product strength to create competitive advantages [3]. - The company has shown resilience in revenue generation, with a slight year-on-year increase in revenue and net profit for H1 2025, indicating a stable operational performance [3][4]. - The company is optimistic about capturing resource integration opportunities amid industry changes, maintaining a positive outlook on its growth potential [3]. Revenue and Profitability - For H1 2025, the company achieved revenue of RMB 51.485 billion, a year-on-year increase of 0.41%, and a net profit of RMB 1.448 billion, up 2.18% year-on-year [3]. - The company's real estate development revenue slightly decreased by 1% to RMB 39.9 billion, but the gross profit margin rebounded by 3.4 percentage points to 16.3% [4]. - The asset management and property management revenues were RMB 3.45 billion and RMB 8.11 billion, reflecting year-on-year increases of 0.4% and 8.0%, respectively [4]. Sales Performance - The company reported a sales amount of RMB 88.89 billion for H1 2025, with a year-on-year decline of 11.9% in sales volume but a 15.3% increase in average selling price to RMB 26,500 per square meter [5]. - The company actively acquired land, with a total land acquisition amount of RMB 35.3 billion, maintaining a land acquisition intensity of 39.7% [5]. Financing and Cost Structure - The company maintains a financing advantage with a comprehensive funding cost of only 2.84%, and the average coupon rate for newly issued bonds is 1.86% [6]. - The financing structure has improved, with bank financing accounting for 66% of total financing, an increase of 3 percentage points year-on-year [6]. Earnings Forecast and Valuation - The company has set a "dual enhancement of quality and return" action plan, with EPS forecasts for 2025-2027 at RMB 0.46, 0.53, and 0.62, respectively [7]. - The company aims to maintain a price-to-book ratio of 1.0 for 2025, reflecting its strong financing advantages and balanced development [7].

Investment Rating - The report maintains a "Buy" rating for Shanghai Bank with a target price of RMB 12.02 [7][5]. Core Views - Shanghai Bank's performance shows steady growth with a year-on-year increase in net profit and operating income of 2.0% and 4.2% respectively for the first half of 2025 [1]. - The bank's non-interest income growth has rebounded, and the dividend payout ratio has increased, indicating a positive outlook for the second half of the year [1][5]. - The report highlights the importance of monitoring credit disbursement progress and non-performing asset management in the upcoming months [1]. Summary by Sections Financial Performance - For the first half of 2025, the annualized ROE and ROA were 11.00% and 0.81%, reflecting a slight decrease of 0.50 percentage points and 0.01 percentage points year-on-year respectively [1]. - Non-interest income grew by 8.1% year-on-year, with other non-interest income increasing by 12.1%, primarily due to improved investment returns and reduced fair value losses [3]. - The bank's net interest margin for the first half of 2025 was 1.15%, showing a stabilization in the decline compared to the previous year [2]. Asset Quality - As of June 2025, the non-performing loan (NPL) ratio was stable at 1.18%, with a provision coverage ratio of 244% [4]. - The annualized NPL generation rate for the first half of 2025 was 1.33%, indicating a slight increase from the previous year [4]. Valuation and Forecast - The report forecasts net profits for 2025-2027 to be RMB 242 billion, RMB 253 billion, and RMB 268 billion respectively, with year-on-year growth rates of 2.8%, 4.6%, and 5.9% [5]. - The target price of RMB 12.02 corresponds to a price-to-book (PB) ratio of 0.68 for 2025, reflecting an upward adjustment from the previous estimate of 0.67 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 9.90 [2]. Core Views - The report highlights that the company is expected to benefit from a new cycle of nuclear power generation, leading to sustained profit growth. The net profit for the first half of 2025 increased by 11% year-on-year, driven by the commissioning of new units [6][7]. - However, the report also notes that the company's net profit may face pressure due to declining electricity prices in the renewable energy sector [8][9]. Financial Forecasts and Valuation - The projected revenue for 2025 is RMB 82,062 million, with a year-on-year growth of 6.20%. The net profit attributable to the parent company is expected to be RMB 9,305 million, reflecting a growth of 6.01% [5][9]. - The report adjusts the earnings forecast for 2025-2027, with net profit estimates of RMB 93.05 billion, RMB 100.17 billion, and RMB 123.18 billion respectively, indicating a compound annual growth rate (CAGR) of 11% [9][20]. - The report also provides a comparison of the company's valuation metrics, with a projected PE ratio of 19.96 for 2025, which is higher than the average of comparable companies [22]. Operational Overview - As of the first half of 2025, the company has 26 operational nuclear units with a total capacity of 25.0 GW and 13 units under construction with a capacity of 15.14 GW. The company is also preparing for more than 15 additional units, which will support future approvals [7]. - In the renewable energy segment, the company has 33.22 GW of operational capacity and 10.45 GW under construction. However, the net profit from this segment decreased by 32% year-on-year due to falling electricity prices [8].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 6.15 [6][7]. Core Views - The company reported a turnaround in profitability in Q2 2025, achieving a revenue of CNY 466.4 billion, a year-on-year increase of 0.4%, and a net profit of CNY 18.8 billion, compared to a loss of CNY 6.7 billion in the same period last year [1][6]. - The company is expected to continue its high-quality growth, particularly in the basic building materials sector, amidst a competitive environment, while the special fiber cloth segment is anticipated to drive growth in the new materials sector [1][6]. Summary by Sections Basic Building Materials Division - In the first half of 2025, the revenue from the basic building materials division was CNY 372.0 billion, a decrease of 8.8% year-on-year, but the profit turned positive with a total profit of CNY 1.6 billion, reflecting a gross margin increase of 7.3 percentage points to 16.1% [2]. - The sales volume of cement and clinker was 97.78 million tons, down 14.1% year-on-year, which is significantly higher than the national average decline of 4.3% [2]. - The average price of cement and clinker was CNY 249.8 per ton, up 3.6% year-on-year, indicating a slight decrease compared to the average price of CNY 250.6 per ton in 2024 [2]. New Materials Division - The new materials division achieved a revenue of CNY 267.6 billion in the first half of 2025, a year-on-year increase of 13.6%, with a gross margin of 23.3%, down 0.4 percentage points [3]. - Sales volumes for fiberglass, wind turbine blades, lithium battery separators, and carbon fiber increased by 1.1%, 102.9%, 59.6%, and 51.2% respectively, while their average prices saw changes of +12.3%, -9.7%, -23.7%, and -16.6% [3]. Engineering Services Division - The engineering services division reported a revenue of CNY 213.1 billion in the first half of 2025, a year-on-year increase of 3.6%, but the overall gross margin decreased by 2.6 percentage points to 16.0% [4]. - The core subsidiary, China National Materials International, signed new orders worth CNY 41.2 billion, an increase of 11% year-on-year, with overseas orders growing by 19% [4]. Profit Forecast and Valuation - The company maintains a profit forecast of CNY 42 billion, CNY 51 billion, and CNY 61 billion for the years 2025 to 2027, respectively, with corresponding EPS of CNY 0.55, CNY 0.68, and CNY 0.80 [5]. - The target price has been raised by 28% to HKD 6.15, based on a P/E ratio of 10.2x for 2025, which is a 15% premium over the historical average [5].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a total revenue of 1.5 billion and a net profit attributable to the parent company of 110 million for the first half of 2025, reflecting a year-on-year decline of 12.8% and 56.5% respectively. The second quarter saw a more significant drop, with total revenue of 540 million and a net profit of -80 million, marking a year-on-year decrease of 31.4% and 251.2% respectively [1][2]. - The company emphasizes channel health and is focused on rational and pragmatic approaches to alleviate channel pressure. It aims to cultivate consumers and empower sales [1][2]. - The company is advancing three core strategies: product upgrade and innovation, brand premiumization, and marketing breakthroughs, with expectations for marginal improvements in terminal sales driving performance recovery in 2026-2027 [1][4]. Summary by Sections Financial Performance - In the first half of 2025, the company's gross margin decreased by 1.7 percentage points to 79.3%, with a more pronounced decline in the second quarter to 74.4%, attributed to a significant drop in high-end product sales and increased promotional gifts [3]. - The sales expense ratio increased by 2.6 percentage points to 36.3% in the first half of 2025, with a notable rise to 52.1% in the second quarter due to increased marketing investments [3]. - The net profit margin for the first half of 2025 was 7.0%, down 7.1 percentage points year-on-year, while the second quarter saw a net profit margin of -15.8% [3]. Market Strategy - The company is focusing on maintaining a stable value chain while actively managing inventory levels, with new channel revenue increasing by 126.1% in the first half of 2025 [2]. - The company categorizes core cities into fortress, pioneer, and potential types for targeted investment and support, employing a tailored approach to market layout [2]. Valuation and Forecast - The report projects earnings per share (EPS) for 2025-2027 to be 2.25, 2.36, and 2.47 RMB respectively, with a target price set at 63.00 RMB based on a 28x price-to-earnings (PE) ratio for 2025 [4][7].