Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 56.37 [1][7]. Core Views - The company has shown strong recovery in its leading position, with revenue and net profit for the first half of 2025 reaching CNY 256.2 billion and CNY 76.2 billion, respectively, representing year-on-year increases of 15.6% and 22.1% [5][6]. - The report highlights effective brand maintenance and distribution efforts since the beginning of 2025, leading to improved market share in the packaged water segment and continued growth in the ready-to-drink tea and juice businesses [5][6]. - The company's gross margin increased by 1.5 percentage points to 60.3% in the first half of 2025, driven by lower raw material costs and improved operational efficiency [6]. Summary by Sections Financial Performance - For the first half of 2025, the company's revenue from packaged water increased by 10.7% to CNY 94.4 billion, while the ready-to-drink tea segment saw a revenue increase of 19.7% [5][6]. - The juice business reported a revenue growth of 21.3%, indicating a rising acceptance of NFC juice products in the market [5][6]. Profitability Metrics - The net profit margin improved by 1.6 percentage points to 29.7% in the first half of 2025, supported by effective cost control and a reduction in financial expenses [6]. - The report anticipates continued focus on the packaged water and sugar-free tea segments, with new product launches expected to contribute to revenue growth [6][7]. Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at CNY 1.35, CNY 1.52, and CNY 1.69, respectively, reflecting upward revisions of 4%, 5%, and 6% from previous forecasts [7][15]. - The report assigns a price-to-earnings (PE) ratio of 38x for 2025, leading to the target price of HKD 56.37, which is an increase from the previous target of HKD 53.59 [7].

证券研究报告 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 8 月 | 26 日│中国内地 | | 饮料 | 目标价(人民币): | 59.02 | | 公司发布 总营收/归母净利/扣非净利 | 2025 年半年报，25H1 | | 31.6/11.3/10.9 | 龚源月 | 研究员 | | 亿，同比 25Q2 /归母净利 | -16.9%/-18.2%/-19.9% ； | 总 营 收 | /扣 非 净 利 | SAC No. S0570520100001 SFC No. BQL737 | gongyuanyue@htsc.com +(86) 21 2897 2228 | | 年上半年中高档酒业绩表 11.1/3.0/2.8 亿，同比-24.1%/-35.2%/-40.2%。25 | | | | | | | | | | | 宋英男 | 研究员 | 迎驾贡酒 (603198 CH) Q2 需求承压，省内经营更优 2025 年 8 月 26 日│中国内地 饮料 SAC No. S05705 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 7.70 [1][4]. Core Views - The company reported a robust growth in chicken sales and a significant increase in profits despite market pressures, with H1 2025 revenue reaching RMB 2.54 billion, a year-on-year increase of 5.24%, and net profit attributable to shareholders at RMB 137 million, up 344.55% year-on-year [1][2]. - The company benefits from new production capacity and a focus on product innovation in its processed food segment, leading to stable sales growth in chicken products and a 16.44% increase in revenue from processed products [2][3]. - The ongoing expansion of production capacity, particularly from the Zhucheng project, is expected to enhance the company's slaughter capacity to 250-270 million chickens, which may lead to a recovery in chicken prices as industry capacity adjusts [3][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 2.54 billion, with a net profit of RMB 137 million, reflecting a year-on-year increase of 344.55% [1][2]. - Q2 2025 revenue was RMB 1.43 billion, up 7.20% year-on-year and 29.23% quarter-on-quarter, with net profit reaching RMB 88.71 million, a year-on-year increase of 273.76% [1][2]. Business Segments - Chicken products and processed food segments generated revenues of RMB 2.26 billion and RMB 202 million respectively in H1 2025, with year-on-year growth rates of 5.69% and 16.44% [2]. - The company’s chicken product sales volume increased by 9.34% to 27.95 thousand tons, while processed food sales volume rose by 16.82% to 1.43 thousand tons [2]. Capacity Expansion and Market Outlook - The company is in the process of completing a project that will increase its annual chicken production capacity to 120 million, with total slaughter capacity expected to reach 250-270 million chickens [3]. - The white feather chicken industry has faced losses for over two years, and potential capacity reduction may lead to a price recovery if domestic consumption improves in 2025 [3][4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of RMB 302 million, RMB 338 million, and RMB 325 million for 2025, 2026, and 2027 respectively, corresponding to EPS of RMB 0.35, RMB 0.39, and RMB 0.38 [4][9]. - The company is assigned a PE ratio of 22x for 2025, leading to a target price of RMB 7.70, an increase from the previous target of RMB 7.00 [4].

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Insights - The company reported a revenue of 728 million RMB for H1 2025, a year-over-year decrease of 13.94%, with a net profit attributable to the parent company of 79.1 million RMB, down 19.23% year-over-year [1][2]. - In Q2 2025, the company achieved a revenue of 399 million RMB, representing a year-over-year decline of 13.56% but a quarter-over-quarter increase of 21.17%. The net profit for Q2 was 56.87 million RMB, showing a year-over-year increase of 1.15% and a quarter-over-quarter increase of 155.85% [1][2]. - The report highlights that the impact of tariffs continues to pressure overseas revenue, which is estimated to have declined by approximately 15% year-over-year, while domestic revenue is slightly down due to a high base from last year’s agency business. However, the company's proprietary brands are experiencing rapid growth [2][3]. Summary by Sections Revenue and Profitability - For H1 2025, the revenue breakdown includes: - Chewable animal skin revenue of 232 million RMB, down 11.91% year-over-year, with a gross margin increase of 5.28 percentage points - Plant-based chewable revenue of 221 million RMB, down 25.72%, with a gross margin increase of 3.12 percentage points - Nutritional meat snacks revenue of 217 million RMB, up 14.35%, with a gross margin increase of 6.75 percentage points - Main and wet food revenue of 45 million RMB, down 44.74%, with a gross margin increase of 11.04 percentage points [2][3]. Margin Improvement - The company has shifted most of its production capacity to overseas factories in Vietnam and Cambodia, leading to improved raw material costs and exchange rates, resulting in a gross margin of 32% for H1 2025, up 5.63 percentage points year-over-year. Q2 2025 gross margin reached 34.8%, up 6.75 percentage points year-over-year [3][4]. Future Outlook - The company is expected to launch new products such as honey-glazed rabbit bones and baked dog food, which may further enhance domestic business margins and drive growth in proprietary brands [3][4]. - The profit forecast for 2025-2027 is set at 189 million RMB, 224 million RMB, and 263 million RMB respectively, with corresponding EPS of 0.76, 0.90, and 1.06 RMB [4][8]. - The target price is set at 22.04 RMB, based on a PE ratio of 29 times for 2025 [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 42.46 [6][11]. Core Insights - The company achieved a revenue of RMB 582 million in H1 2025, a year-over-year decrease of 18.70%, while net profit attributable to shareholders was RMB 12.69 million, an increase of 65.75% year-over-year [1]. - The decline in revenue is attributed to the strategic contraction of low-margin businesses and related business upgrades, while the increase in net profit is due to improved gross margins and cost reduction efforts [1]. - The "What Worth Buying" platform is expected to continue evolving and solidifying its competitive moat under the influence of AI, supported by long-term technological advantages [1]. User and Content Growth - The "What Worth Buying" app successfully completed an upgrade, enhancing user retention and activity through interest-based recommendations and AI services [2]. - In H1 2025, the platform saw a stable growth in users, with an average monthly active user count of 38.27 million, a year-over-year increase of 1.26% [2]. - The content published on the platform increased by 19.31% year-over-year to 34.04 million entries, with AIGC content rising by 73.63%, accounting for 52.51% of total content [2]. Commercialization and Product Development - The company launched the "Haina" MCP Server, a standardized consumer data service platform, which has already facilitated over 8.22 million content outputs by June 2025, reflecting a quarter-over-quarter growth of 81.73% [3]. - The platform's core interfaces allow partners to integrate functionalities into their own products, indicating a potential acceleration in commercialization [3]. Financial Performance and Projections - The gross margin for H1 2025 was 49.2%, an increase of 2.23 percentage points year-over-year, primarily due to the contraction of low-margin businesses [4]. - Research and development expenses decreased by 8.31% year-over-year to RMB 83 million, attributed to efficiency improvements through AI [4]. - The company forecasts net profits of RMB 131 million, RMB 157 million, and RMB 180 million for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 0.66, RMB 0.79, and RMB 0.91 [4][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 91.10, up from a previous target of HKD 87.02 [5][4]. Core Views - The company's revenue for 1H25 reached USD 161 million, representing a year-on-year increase of 33.1%, while net profit surged by 583.6% to USD 14 million. Adjusted net profit also increased by 84.8% to USD 20 million, aligning with prior profit forecasts [1]. - The growth in profit is attributed to robust case growth in the domestic market and sustained high growth in overseas revenue. The delay in the investment in new overseas factories resulted in lower operational costs for 1H25, highlighting the potential for overseas business performance without additional factory investments [1]. - Looking ahead to 2H25, the company expects stable net profit figures due to ongoing case growth domestically and internationally, despite uncertainties in the domestic market and increased costs related to overseas supply chain development and patent improvements [1]. Domestic Business Summary - In 1H25, the domestic market generated USD 90 million in revenue, remaining stable compared to 1H24. The case volume grew by 14% year-on-year to approximately 95,300 cases [2]. - For the full year of 2025, the company anticipates domestic case volume to reach 250,000 cases, driven by the demand for children's orthodontics and product upgrades for adult patients [2]. Overseas Business Summary - The overseas market achieved USD 72 million in revenue for 1H25, marking a 123% year-on-year increase, with case volume rising by 103.5% to 117,200 cases [3]. - The company expects continued high growth in overseas case volume, potentially reaching 240,000 to 250,000 cases for the year, supported by improved product recognition and local sales support structures [3]. Profit Forecast and Valuation - The adjusted EPS forecast for 2025, 2026, and 2027 is USD 0.16, USD 0.16, and USD 0.21 respectively. The company is assigned a 73x PE for 2025, reflecting a premium over comparable companies due to its unique market position and growth potential [4][5]. - The target price of HKD 91.10 reflects the company's growth trajectory and market conditions, with a significant upside from the current closing price of HKD 68.10 [5].

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Views of the Report - Since the end of June 2025, the REITs secondary - market heat has cooled, but the primary - market sentiment remains strong, showing eight characteristics: supply slowdown, asset diversification, low subscription ratio, high post - listing gains, difficulty in obtaining strategic allocation, no offline lock - up period, narrowing regulatory valuation reduction, and opening of the upper limit of the inquiry range. Primary projects still have relative cost - effectiveness, the subscription ratio is expected to remain low, post - listing gains may decline, and new - issue strategy should focus on fundamentals, while new assets may have a certain premium [1]. - The primary issuance speed has slowed down, asset types are becoming more diverse, REITs are scarce, the subscription ratio is low, and post - listing gains are significant. However, the valuation reduction amplitude in the exchange's feedback response draft has narrowed, the inquiry range has widened, and the subscription price is close to the upper limit. It is expected that the post - listing gains will narrow, and new - issue returns will show a convergence trend [2]. Group 3: Summary by Relevant Catalogs I. Eight Characteristics of 2025 Public Offering REITs Primary Issuance 1. Primary issuance speed slows down - China's public offering REITs pilot officially started in 2020, and a "first - issuance + expansion" mechanism has been gradually established. In 2025, from January to August, 15 public offering REITs were listed, with a total of 29.884 billion yuan, and 2 expansion projects were completed, with 2.669 billion yuan. The overall issuance progress is slower than that of 2024 [10][11]. 2. Asset types become more diverse - The current underlying assets involve eight categories: municipal environmental protection, affordable rental housing, warehousing and logistics, industrial parks, highways, energy, consumption, and data centers. In August 2025, two new data center REITs were listed, further enriching the underlying asset types [14]. 3. Low subscription ratio - From 2021 - 2025, the average offline effective subscription ratios were 12.27%, 1.26%, 43.92%, 42.86%, and 0.85% respectively, and the average public effective subscription ratios were 5.50%, 1.07%, 37.96%, 35.43%, and 0.19% respectively. The low subscription ratio is related to market conditions and the scarcity of REITs [15]. 4. High post - listing gains - Due to the significant price difference between the primary and secondary markets, the post - listing gains of REITs are considerable. In 2025, the average first - day listing gain is 26.86%, and the average first - 5 - day gain is 33.63%. The high - gain situation on the first day further reduces the subscription ratio [16]. 5. Active strategic allocation, extended lock - up period, and active participation of securities firms' proprietary business - It is difficult to obtain strategic allocation quotas, and the lock - up period has been extended from 1 year to 2 - 3 years. Securities firms' proprietary business participates actively, followed by fund special accounts and insurance funds. Insurance and industrial capital are more cautious about the extended lock - up period. By underlying asset type, insurance funds participate more in the strategic allocation of affordable rental housing, warehousing and logistics, and data centers [21][23]. 6. Removal of the offline partial lock - up period, and insurance funds become the largest offline institutional investors - Recently, 9 newly listed REITs have cancelled the offline partial lock - up period, and Southern SF REIT has adjusted the trading share ratio limit to 50%. In 2025, insurance funds (7.48% of the total share) have surpassed securities firms' proprietary business (4.49%) to become the largest institutional investors [29]. 7. Narrowing of the valuation reduction amplitude in the exchange's feedback response draft - In 2025, the median REITs valuation adjustment is about - 6.04%, a 4.81 - percentage - point recovery compared to 2024. The valuation reduction amplitudes of most industries such as industrial parks, energy, and consumption have narrowed [33]. 8. Opening of the upper and lower limits of the inquiry range, and the subscription price is close to the upper limit - In June 2025, under regulatory guidance, the upper limit of the inquiry range for newly issued REITs was raised to 25%. The average width of the inquiry range in 2025 for 4 projects after Huadian Clean Energy is significantly widened to over 50%, and the subscription price is mostly above 90% of the inquiry range [38]. II. Public Offering REITs New - Issue Return Calculation - New - issue returns are calculated as: subscription ratio * post - listing gains - capital cost. Historically, the absolute value of offline new - issue returns mostly does not exceed 0.5%. In 2025, the average offline new - issue return is 0.25%, and the average public new - issue return is only 0.05%. Public new - issue returns are mostly lower than offline ones, mainly due to lower public subscription ratios, more capital occupation costs, fewer allocated shares, and a 0.4% subscription fee [4][50]. III. Future Opportunities in the Primary Market - It is expected that the market size will reach 250 billion yuan by the end of this year. Primary projects still have cost - effectiveness compared to secondary ones. New - issue returns are expected to show a convergence trend. Future primary new - issue participation should focus more on asset fundamentals, especially for public investors. New asset types may have a certain valuation premium and can be focused on [5][53][54].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 90.72 billion RMB for H1 2025, a year-over-year decrease of 0.35%, while the net profit attributable to shareholders was 3.10 billion RMB, an increase of 9.26% year-over-year [1]. - The company has seen strong growth in overseas revenue, with a 28.8% year-over-year increase, while domestic revenue decreased by 8.9% [2]. - The company has increased its mid-term dividend payout ratio to 19.7%, reflecting a commitment to shareholder returns [1]. Summary by Sections Financial Performance - For H1 2025, the company achieved a comprehensive gross margin of 9.86%, a year-over-year increase of 0.11 percentage points [2]. - The revenue breakdown for H1 2025 includes chemical engineering at 74.8 billion RMB, infrastructure at 9.1 billion RMB, environmental governance at 0.5 billion RMB, industrial and new materials at 4.8 billion RMB, and modern services at 0.8 billion RMB [2]. - The company’s operating cash flow was negative 10 billion RMB, primarily due to a decrease in net funds from the financial company's repurchase business [3]. Order and Project Development - The company signed new orders totaling 206.1 billion RMB in H1 2025, a year-over-year increase of 1.2%, with the chemical sector contributing 160 billion RMB, up 6.5% year-over-year [4]. - The company has actively pursued high-value projects, including coal-to-olefins and coal-to-oil projects [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 6.126 billion RMB, 6.473 billion RMB, and 6.810 billion RMB respectively [5]. - The target price has been adjusted to 11.03 RMB, based on a price-to-earnings ratio of 11x for 2025 [5].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a revenue of 4.316 billion RMB for the first half of 2025, representing a year-on-year increase of 9.4%, with a net profit of 115 million RMB, up 118% year-on-year, aligning with performance forecasts [1] - The significant improvement in profit is attributed to the increase in gross margins for key products, ongoing brand development, and a reduction in credit impairment losses [1] - The company is expected to continue its growth trajectory due to its global production capacity, particularly in North America, and its focus on brand and channel development in the domestic market [1] Revenue Analysis - The company achieved overseas revenue of 3.418 billion RMB in the first half of 2025, a year-on-year increase of 8.1%, with North America, Europe, and other regions contributing 2.18 billion, 960 million, and 280 million RMB respectively [2] - Domestic sales reached 753 million RMB, up 11.7% year-on-year, with the Dream Lily brand contributing 550 million RMB, a 4.0% increase [2] Product Performance - Revenue from memory foam mattresses reached 2.247 billion RMB, growing 11.7% year-on-year, with a gross margin of 40.8%, an increase of 3.8 percentage points [3] - Other product categories, including sofas and memory foam pillows, also showed positive growth, with revenues of 566 million and 300 million RMB respectively [3] Profitability Metrics - The company's gross margin improved to 39.2%, up 1.1 percentage points year-on-year, driven by product upgrades and business structure optimization [4] - The net profit margin for the first half of 2025 was 2.7%, an increase of 1.3 percentage points year-on-year [4] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025-2027, expecting net profits of 271 million, 375 million, and 482 million RMB respectively, with corresponding EPS of 0.47, 0.66, and 0.85 RMB [5] - The target price is set at 10.81 RMB, based on a 23 times PE ratio for 2025, reflecting the company's competitive advantages in global production and brand development [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved a revenue of 3.963 billion RMB in H1 2025, representing a year-over-year increase of 63.55%, and a net profit attributable to shareholders of 36.7541 million RMB, up 134.94% year-over-year [1][2] - The copper foil production reached approximately 41,400 tons, a year-over-year increase of 72.46%, with sales of 40,700 tons, up 63.01% year-over-year [2] - The company is optimistic about the second half of the year, driven by a recovery in the lithium battery industry and an increase in demand for high-value-added products [1][2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.982 billion RMB, a year-over-year increase of 32.75% and a quarter-over-quarter increase of 0.07% [1] - The net profit for Q2 was 12.2977 million RMB, reflecting a year-over-year increase of 121.42% but a quarter-over-quarter decrease of 49.72% [1] Production and Capacity - The company has a production capacity utilization rate exceeding 90% as of the end of H1 2025, with plans to increase production to meet a target of over 100,000 tons for the year [2] - The company is expanding its production lines for high-end electronic circuit copper foil, with a planned total capacity of 35,000 tons, of which over 10,000 tons are already in production [3] Business Diversification - The company is diversifying its business by developing high-performance precision copper wire and expanding into photovoltaic energy storage [4] - The company is also exploring new growth areas such as AI computing, semiconductors, and robotics, potentially through mergers and acquisitions [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB, respectively [5] - The target price for the company is set at 35.73 RMB, based on a price-to-book ratio of 2.17 for 2025 [5][9]