Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Insights - In H1 2025, the company achieved total revenue of 61.93 billion yuan, a year-on-year increase of 3.4%, while the net profit attributable to shareholders was 7.20 billion yuan, a decrease of 4.4%. The net profit excluding non-recurring items was 7.02 billion yuan, an increase of 31.8% [1] - The strong growth in ice cream and milk powder cheese revenue in Q2 2025 contributed to overall revenue exceeding expectations [2] - The company's market share in infant formula reached 18.1% in H1 2025, an increase of 1.3 percentage points year-on-year, ranking first in the national retail market [3] - The net profit margin improved in Q2 2025 due to increased gross sales difference, reduced spray powder, and decreased credit impairment [4] - Revenue forecasts for 2025-2027 are projected at 119.01 billion, 122.29 billion, and 124.89 billion yuan, with corresponding net profits of 11.23 billion, 12.05 billion, and 12.99 billion yuan, indicating a positive growth trend [5] Revenue Breakdown - In H1 2025, revenue from liquid milk, milk powder and dairy products, cold drinks, and other products were 36.13 billion, 16.58 billion, 8.23 billion, and 390 million yuan, with year-on-year changes of -2.1%, +14.3%, +12.4%, and -5.1% respectively [2] - In Q2 2025, revenue from liquid milk, milk powder and dairy products, cold drinks, and other products were 16.49 billion, 7.76 billion, 4.12 billion, and 200 million yuan, with year-on-year changes of -0.8%, +9.7%, +38.0%, and -3.1% respectively [2] Profitability Metrics - The gross profit margin for H1 2025 was 36.0%, an increase of 1.3 percentage points, while the net profit margin was 11.7%, a decrease of 1.0 percentage points [4] - In Q2 2025, the gross profit margin was 34.2%, an increase of 0.6 percentage points, and the net profit margin was 7.9%, an increase of 2.0 percentage points [4]

Group 1 - The report aims to summarize important in-depth reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Key companies highlighted include Shanghai Yanpu, Honghe Precision, Zhenlan Instrument, Zhejiang Rongtai, Sany Heavy Industry, China Shipbuilding, Huace Testing, Xugong Machinery, Hangcha Group, Yaxing Anchor Chain, Robotech, Juxing Technology, Yadea Holdings, Aima Technology, Hongdu Aviation, Zhongji United, and BGI [2][3] Group 2 - The mechanical equipment sector emphasizes investment opportunities in leading engineering machinery companies, with a continuous push for humanoid robots and overseas expansion [4] - As of August 22, 2025, the best-performing indices in the large manufacturing sector included the Sci-Tech Innovation 50 (+13%), the Semiconductor Index (+12%), and the ChiNext Index (+6%) [5][21] Group 3 - Zhongji United's mid-year report met expectations, with a 87% year-on-year increase in net profit attributable to shareholders for the first half of 2025 [8] - The company has significantly improved its profitability, with a sales net profit margin increasing by 8 percentage points year-on-year in Q2 2025 [8] - The wind power sector is experiencing high demand, with domestic wind power installations expected to reach approximately 105-115 GW in 2025, indicating a strong growth trajectory [9] Group 4 - Jinwo Co. reported a 94% year-on-year increase in net profit for the first half of 2025, driven by growth in its screw and insulation shaft sleeve segments [9] - The company is focusing on upgrading production capacity and enhancing its international layout through a planned fundraising of up to 950 million yuan [9] - The humanoid robot industry is anticipated to explode, with the market expected to grow significantly, driving demand for high-precision CNC machine tools [11]

Investment Rating - The investment rating for Nanjing Bank is "Buy" (maintained) [9] Core Views - Nanjing Bank's performance has shown a U-shaped improvement, with revenue and net profit increasing by 8.6% and 8.8% year-on-year respectively in the first half of 2025, indicating a positive trend [2][3] - Shareholders have shown confidence in the bank's future by increasing their holdings, with a total of nearly 6 billion yuan in active purchases [6] Summary by Sections Performance Overview - In H1 2025, Nanjing Bank's revenue and net profit increased by 8.6% and 8.8% year-on-year, with quarter-on-quarter growth of 2.1 percentage points and 1.8 percentage points respectively [2] - The bank's non-performing loan (NPL) ratio rose slightly by 1 basis point to 0.84% by the end of Q2 2025, while the provision coverage ratio decreased by 12 percentage points to 312% [2][5] Revenue and Profit Growth - The bank's revenue and net profit growth rates improved quarter-on-quarter, driven by a 27% year-on-year increase in interest-earning assets in Q2 2025, which was 7 percentage points higher than Q1 [3] - The increase in impairment losses contributed positively, with a 12% year-on-year rise in asset impairment losses in H1 2025, although the growth rate slowed by 2 percentage points compared to Q1 [3] Interest Margin and Asset Quality - The interest margin decreased by 10 basis points to 1.31% in Q2 2025, primarily due to a larger decline in asset yield compared to the cost of liabilities [4] - The bank's NPL generation rate continued to improve, with a true NPL generation rate of 1.30% in H1 2025, down 12 basis points from Q1 [5] Shareholder Confidence - Shareholders holding more than 1% of Nanjing Bank's shares have actively increased their holdings, reflecting confidence in the bank's future development and value recognition [6] Earnings Forecast and Valuation - Nanjing Bank's net profit is expected to grow by 8.94%, 6.97%, and 6.33% year-on-year from 2025 to 2027, with corresponding book values per share of 15.07, 16.35, and 17.71 yuan [7] - The target price is set at 15.70 yuan per share, corresponding to a price-to-book (PB) ratio of 1.04 for 2025, indicating a potential upside of 39% from the current price [7]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's profitability momentum is recovering, and asset quality is improving [1][2] - The bank's revenue and net profit attributable to shareholders for H1 2025 decreased by 2.3% and increased by 0.2% year-on-year, respectively, showing improvements compared to Q1 2025 [2] - The non-performing loan ratio remained stable at 1.08% as of the end of Q2 2025, with a provision coverage ratio of 229% [1][5] Summary by Relevant Sections Profitability Improvement - In H1 2025, the bank's revenue and net profit attributable to shareholders decreased by 2.3% and increased by 0.2% year-on-year, respectively, showing improvements of 1.3 percentage points and 2.4 percentage points compared to Q1 2025 [2] - Non-interest income decreased by 3.8% year-on-year, significantly improving from a 12.4% decline in Q1 2025, supported by a recovery in the bond market [2] - Impairment losses decreased by 12.2% year-on-year, further supporting profitability [2] Interest Margin Decline - The bank's interest margin for Q2 2025 decreased by 8 basis points to 1.51% [3] - The yield on assets decreased by 14 basis points to 3.27%, primarily due to industry-wide factors affecting market and loan rates [3] - The cost of liabilities improved by 6 basis points to 1.79%, benefiting from deposit rate reductions and optimized liability structure [3] Asset Quality Improvement - As of the end of H1 2025, the non-performing loan ratio and attention loan ratio remained stable and decreased by 5 basis points to 1.08% and 1.66%, respectively [4] - The generation rate of non-performing and attention loans improved significantly by 41 basis points year-on-year to 1.26% [4] - The improvement in asset quality is mainly attributed to the real estate and local government financing sectors [4] Future Outlook - The bank is expected to gradually release impairment pressure, supporting stable profitability [5] - Forecasted net profit growth for 2025-2027 is 1.56%, 3.60%, and 5.75%, respectively, with corresponding book values per share of 39.10, 41.68, and 44.45 yuan [5] - The target price is maintained at 25.82 yuan per share, corresponding to a 2025 price-to-book ratio of 0.66x, indicating a potential upside of 13% [5]

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core Views - Standing at the end of August and looking forward to September, investors are confused about the general direction of the bond market. The bullish sentiment has decreased, and operations have become more prudent. The capital market and the equity market are the core concerns of investors, and the preference for local bonds, high - grade urban investment bonds, and perpetual bonds has marginally weakened [1]. - Four mainstream expectations for the September bond market: concentrated expectations for the upper and lower limits of long - term treasury bond yields; decreased bullish sentiment in the bond market, more cautious operations, and an upward - moving interest rate oscillation center; changed overall expectations for the August economy, with increased expectations for reserve requirement ratio cuts and interest rate cuts; consistent preference for medium - and short - term interest - rate bonds and increased preference for convertible bonds [2]. 3. Summary by Directory 1. Investor Expectations are Divergent and Behavior is More Prudent - **Survey Overview**: A bond market questionnaire was released on August 26, 2025, and 114 valid questionnaires were received by August 28, covering various institutional and individual investors [9]. - **Long - term Treasury Bond Yield Expectations** - **10 - year Treasury Bonds**: 85% of investors think the lower limit of the 10 - year treasury bond yield is likely to be in the 1.65% - 1.75% range, and 51% think the upper limit is likely to be in the 1.80% - 1.85% range. Investors' expectations for an increase in the 10 - year treasury bond interest rate are gradually rising [11]. - **30 - year Treasury Bonds**: 41% of investors think the lower limit of the 30 - year treasury bond yield is likely to be in the 1.90% - 1.95% range, and 44% think the upper limit is likely to be in the 2.05% - 2.10% range. Investors are cautious about the potential further increase in the 30 - year treasury bond yield [13]. - **Economic Outlook for August**: Investor responses were relatively evenly distributed. 29% think the economy in August will show a "both year - on - year and month - on - month weakening" performance. Pessimistic expectations have decreased from 31% to 29% [15][17]. - **Expectations for Reserve Requirement Ratio Cuts and Interest Rate Cuts**: 42% of investors think there will be no further reserve requirement ratio cuts this year, and 46% think there will be no interest rate cuts. Most investors tend to postpone potential reserve requirement ratio cuts and interest rate cuts to a more distant policy window [20]. - **Impact of the Equity Market on the Bond Market**: 70% of investors think the recent strengthening of the equity market will strengthen the stock - bond seesaw effect and suppress the bond market. However, some investors think the impact is short - term [24]. - **September Bond Market Outlook**: Investor expectations for the bond market are divergent. The proportions of investors expecting the bond market to "strengthen overall with a bull - flattened yield curve" and "weaken overall with a bear - steepened yield curve" are both 23%. The preference for the short - end has also decreased [25]. - **Bond Market Operations**: In September, most investors are neutral in practice. Holding cash and waiting is the mainstream view, with a marginal increase in the proportion of investors maintaining positions and taking profits [28]. - **Preferred Bond Types**: In August, investors maintained their positions in medium - and short - term interest - rate bonds and increased their preference for convertible bonds. The preference for local bonds, high - grade urban investment bonds, and perpetual bonds decreased slightly [30]. - **Main Bond Pricing Logic**: Monetary policy, capital market conditions, and the performance of the equity market are the core concerns of bond investors. This month, the attention to the equity market has increased significantly, while the attention to institutional behavior games and fiscal policy has decreased [32].

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 29 日 浙商早知道 2025 年 08 月 29 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 1.1%，沪深 300 上涨 1.8%，科创 50 上涨 7.2%，中证 1000 上涨 1.5%，创业板指上涨 3.8%，恒生指数下跌 0.8%。 ❑ 行业：周四表现最好的行业分别是通信（+7.1%)、电子（+5.5%)、国防军工（+2.3%)、计算机（+2.1%)、非银金 融（+1.5%)，表现最差的行业分别是煤炭（-0.8%)、农林牧渔（-0.7%)、纺织服饰（-0.5%)、食品饮料（-0.4%)、 医药生物（-0.2%)。 ❑ 资金：周四沪深两市总成交额为 29708 亿元，南下资金净流出 204.4 亿港元。 ❑ 【浙商传媒互联网 冯翠婷/陈磊】神州泰岳（300002）公司点评：产品周期过渡期，新游有望 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company reported a significant increase in revenue and profitability, with total revenue for the first half of 2025 reaching 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, turning from a loss in the previous year [1] - The gross margin for Q2 2025 was 55.88%, indicating stable performance despite a slight decline from the previous quarter [2] - The company has successfully deployed its cloud-based intelligent chips and acceleration cards across various key industries, achieving a revenue of 2.870 billion yuan, a year-on-year increase of 4600.44%, which constitutes 99.62% of total revenue [3] - The government's "Artificial Intelligence+" initiative is expected to boost domestic demand for computing power chips, providing a favorable environment for the company's growth [4] - Revenue projections for 2025 to 2027 are 7.529 billion yuan, 13.459 billion yuan, and 20.555 billion yuan, with corresponding net profits of 1.832 billion yuan, 2.820 billion yuan, and 4.652 billion yuan, reflecting substantial growth rates [5] Financial Summary - The company is expected to achieve a revenue growth rate of 541% in 2025, followed by 79% in 2026 and 53% in 2027 [11] - The projected P/E ratios for 2025, 2026, and 2027 are 313, 204, and 123 respectively, indicating a high valuation relative to earnings [5][11]

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company's performance in the first half of 2025 showed a significant decline, primarily due to the drop in soda ash profitability, with revenue at 9.562 billion and net profit at 73 million, reflecting year-on-year decreases of 11.1% and 77.6% respectively [1][2] - The viscose segment is expected to recover, with stable sales and price increases contributing to profit recovery, while the soda ash segment continues to face challenges [2][3] - The viscose fiber industry has not seen new capacity additions from 2021 to 2024, leading to a concentrated supply among a few key players, which is expected to support price increases in the upcoming Q3 [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 95.62 billion, down 11.1% year-on-year, and a net profit of 0.73 billion, down 77.6% year-on-year. The second quarter saw a revenue of 47.97 billion, a decrease of 13.5% year-on-year but a slight increase of 0.7% quarter-on-quarter [1][2] - The gross margin for the first half was 12.92%, a decrease of 4.7 percentage points year-on-year, while the net margin was 0.69%, down 3.49 percentage points year-on-year [2] Product Performance - Sales volume changes for key products in the first half of 2025 were as follows: soda ash -5.6%, viscose -1.7%, caustic soda +12.7%, PVC +8.1%, and organic silicon -7.6%. Price changes were: soda ash -33.1%, viscose +3.2%, caustic soda +4.5%, PVC -13.7%, and organic silicon -11.3% [2] - The viscose segment's net profit increased to 1.07 billion, up 0.91 billion year-on-year, indicating a recovery driven by stable sales and price increases [2] Market Outlook - The viscose fiber industry is expected to see price increases in Q3 due to high operating rates and low inventory levels, with a recent average price increase of 150 yuan per ton [3] - The company's viscose production capacity is 800,000 tons, and every 100 yuan increase in price could potentially increase profits by approximately 60 million [3] Profit Forecast and Valuation - The profit forecasts for the company have been adjusted downwards due to the significant drop in soda ash prices, with projected net profits for 2025, 2026, and 2027 at 4.75 billion, 5.79 billion, and 8.07 billion respectively [4] - The current price-to-earnings ratio (PE) is projected at 26.6, 21.9, and 15.7 for the years 2025, 2026, and 2027, respectively, with a price-to-book ratio (PB) of only 0.91 [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's mid-year performance for 2025 met expectations, with a year-on-year revenue growth of 11%, driven by globalization and electrification [2] - The company is positioned as a leader in the forklift industry, with growth potential in humanoid robots and unmanned vehicles [3][4] - The forecasted net profit for 2025-2027 is expected to grow by 10%, 15%, and 18% respectively, with a compound annual growth rate (CAGR) of 16% [4] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 9.3 billion yuan, a 9% increase year-on-year. Q2 2025 revenue was 4.8 billion yuan, also up 9% year-on-year and 6% quarter-on-quarter [2] - The net profit attributable to the parent company for H1 2025 was 1.12 billion yuan, reflecting an 11% year-on-year increase. Q2 2025 net profit was 680 million yuan, up 9% year-on-year and 57% quarter-on-quarter [2] - The gross margin for H1 2025 was 22.0%, up 0.5 percentage points year-on-year, while the net margin was 12.6%, up 0.1 percentage points year-on-year [2] Market Position and Growth Potential - The global sales of industrial vehicles increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0%. In 2024, China's total forklift sales are projected to reach 1.2855 million units, a 9.5% increase year-on-year [3] - The company is expanding its international presence, with forklift sales in China growing by 10.4% year-on-year in the first seven months of 2025 [3] - The unmanned forklift market is expected to enhance warehouse space utilization, with global sales reaching approximately 30,700 units in 2023, a 46% increase year-on-year [3] Investment Forecast - The projected revenue for the company is expected to reach 18.15 billion yuan in 2025, with a year-on-year growth of 10% [5] - The estimated net profit for 2025 is 2.22 billion yuan, with a year-on-year increase of 10% [5] - The price-to-earnings (P/E) ratio is projected to be 14, 12, and 10 for 2025, 2026, and 2027 respectively [5]

盈利高增态势延续 ——杭州银行 25H1 业绩点评 投资要点 ❑ 25H1 杭州银行营收增速提升，利润增速延续高增态势。 ❑ 业绩概览 25H1 杭州银行营收、归母净利润分别同比增长 3.9%、16.7%，增速分别较 25Q1 提升 1.7pc、放缓 0.6pc；25Q2 末不良率环比持平于 0.76%，25Q2 末拨备覆盖率 环比下降 9pc 至 521%。 ❑ 营收增速提升 杭州银行 25H1 营收、归母净利润分别同比增长 3.9%、16.7%，增速分别较 25Q1 提升 1.7pc、放缓 0.6pc。营收增速环比小幅回升，主要得益于息差同比降幅收 窄，我们测算 25Q2 息差同比降幅较 25Q1 收窄 6bp。 展望 2025 年，杭州银行营收有望保持小个位数增长，利润增速有望维持稳定。 主要考虑：①核心营收增长态势延续，对冲其他非息负增压力。进一步来看，预 计规模高增态势延续，对冲息差环比下行影响。②拨备充足，盈利释放可持续。 ❑ 息差降幅收窄 测算 25Q2 息差环比下降 3bp 至 1.28%，息差环比下行，主要源于资产收益率降 幅大于负债成本率。①25Q2 资产收益率环比下行 11bp 至 3. ...