最令藏毯艺人难忘的是，2021年6月，习近平总书记来到位于西宁市城中区的青海圣源地毯集团有限公 司考察调研，鼓励企业加大科技创新投入，促进传统工艺和现代技术有机结合。4年来，设计研发部门 借助AI（人工智能）技术，智能生成多款地毯图案。在保留传统手工编织地毯工艺基础上，新增的机 织地毯、手工枪刺地毯两种制作工艺，以及4万多种色彩的色库系统的建立，让规模化、定制化生产款 式精美、色彩丰富的机织藏毯成为可能。 图为藏毯《春蕾花开》。 浅蓝、靛青、银灰……在不同颜色毛线的层层叠织下，湖面波光粼粼、海鸥栩栩如生，岸边沙滩也闪烁 着细腻的明暗过渡，宛若一幅油画布上的光影杰作。这种羊毛编织油画的艺术效果，近日在网上引发关 注，为藏毯工艺写下生动注脚。 至少3000年前，青藏高原的先民便已掌握了原始藏毯的编织技艺。在厚重的地域文化浸润下，历经千年 传承演进，藏毯在章法、质地、色彩以及纹样图案等方面形成鲜明的民族和区域特色，有着丰富的文化 内涵。特别是穿杆结扣法使其更加结实耐用，在全球手工地毯织造技艺中独树一帜。 藏毯之于青海，远不止家居装饰这般简单。传统民族纹样、生活场景、几何图形、自然景观等，丰富多 元的图案，蕴藏着独特 ...

Core Viewpoint - The company, 万国黄金集团, reported significant growth in its mid-year financial results for 2025, indicating strong performance driven by increased sales from its mining operations [3] Financial Performance - Revenue increased by approximately 33.7% year-on-year to about 1.24 billion [3] - Gross profit rose by approximately 79.4% year-on-year to about 868 million [3] - Profit attributable to shareholders surged by approximately 136.3% year-on-year to about 601 million [3] - Basic earnings per share were approximately 55.4 cents [3] - The interim dividend declared was 20.30 Hong Kong cents per share [3] Operational Highlights - The profit growth was primarily attributed to increased sales and profit contributions from gold ingots and gold concentrate sales from the Jinling Mine [3]

机构：招商证券 研究员：丁浙川/胡馨媛 电商利润增长超预期，外卖亏损高于预期，关注后续外卖业务投入进展。利润端，Q2 京东毛利率 15.9%（一致预期15.5%），同比+0.12pct，经营利润率-0.2%（预期3.5%），同比-3.8pct，其中京东零 售经营利润139.4 亿元，同比+37.9%，高于一致预期的+19.2%，OPM 为4.5%，京东强大自营供应链壁 垒所带来的强议价能力及精细化运营能力继续带动毛利率及零售经营利润率稳步提升；京东物流经营利 润19.6 亿元（预期23 亿元）；新业务经营利润-147.77 亿元，低于一致预期的-92 亿，外卖亏损高于预 期。集团Non-gaap 归母净利润本季度为73.94 亿元，同比-48.9%，高于一致预期的-60%。预计三季度外 卖旺季公司将持续开展外卖业务投入,全年集团利润需进一步观察外卖业务后续投入进展。 外卖业务稳健发展，关注长期与电商及即时零售业务的协同发展。Q2 京东外卖稳健发展，在商家供 给、骑手运力和用户体验上不断改进，Q2 全职骑手突破5万人，入驻品质商家超过150 万家，品质正餐 订单占比持续上升，同时在系统能力上也有持续快速改进，外 ...

Group 1 - The core categories of electronic products and home appliances are experiencing a recovery in growth, benefiting from the trade-in policy [1][3] - The company has adjusted its non-GAAP net profit forecasts for 2025-2027 to 27.7 billion, 46 billion, and 52.6 billion yuan, reflecting a year-on-year growth rate of -42%, +66%, and +15% respectively [1] - The company reported Q2 2025 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, exceeding Bloomberg's consensus estimate [2] Group 2 - The company's retail operating profit margin improved by 0.6 percentage points to 4.5%, while the logistics operating profit margin decreased by 1.1 percentage points to 3.8% [2] - New business losses were higher than expected, primarily due to continued investments in the food delivery segment [2][3] - The company repurchased approximately 2.8% of its outstanding common shares as of December 31, 2024, with a remaining repurchase amount of 3.5 billion dollars [3]

机构：华泰证券 研究员：夏路路/侯杰 风险提示：外卖等新业务投入超预期，以旧换新活动效果退坡。 京东2Q25 营收同增22.4%至3,567 亿元，优于VA 一致预期/华泰预测的+15.0/+15.6%，非GAAP 归母净 利润74 亿元，同比-48.9%，优于一致预期/华泰预测的-58.8/-69.9%，主因零售板块经营利润释放好于预 期和非经常性损益及所得税情况好于预期。在外卖行业激化的竞争中，我们预计京东的投入或在3Q25 起进入效率优化阶段，但整体投入量级受季度总订单量环比增长明显影响或继续维持在较高水平（2Q 估算为130-140 亿元）。展望后续，京东如何长效留存其通过国补行动与外卖业务探索获得的新用户并 提升核心客户的活跃度，将是其核心零售业务下一阶段增长的关键，建议持续关注。维持"买入"评级。 活跃买家增长迅速，国补利好下带电品类延续加速增长2Q25 京东零售总收入3,101 亿元，同增20.6%， 经营利润139 亿元，同增37.9%，优于一致预期的同增17.5%，主因国补带动的经营效率改善和收入的超 预期增长。管理层指出京东零售季度活跃买家数同比增长超40%，连续7 个季度实现双位数增长。 ...

机构：国信证券 研究员：张伦可/王颖婕/张昊晨 收入端：本季度公司实现营业收入3567 亿元，YoY+22%。分拆看，1）本季度京东零售收入3101 亿 元，yoy+21%，自营业务中带电品类继续受益于国补，同比+23%，日用百货也继续加速，同比+16%， 受益于采销团队经营能力的不断增强，商超品类连续第六个季度实现双位数增长，时尚、家居和健康等 品类也实现双位数增长，3P 模式下佣金和广告收入也保持两位数增长势头，但随着Q3 开始带电品类的 基数提升，预计零售收入增速将有所回落；2）京东物流收入516 亿元，同比+17%，较Q1 加速明显， 主要是零售强劲增长的带动，预计Q3 开始外卖业务也将为物流收入增长带来明显贡献。 新业务收入139 亿元，yoy+199%，经营亏损148 亿元，主要是受到外卖业务影响。Q2 日单量峰值突破 2500 万，带来了明显的用户流量增长，QAC 同比+40%，购频同比+40%，交叉销售购买率持续增长， 尤其是商超品类。同时公司持续完善供给和履约侧建设，骑手规模突破15 万，入驻品质商家150 万+。 展望后续，公司一方面将持续增强系统能力，包括优化订单分配算法、规划路线等，以 ...

机构：长江证券 研究员：于旭辉/魏杏梓 事件描述 裕元集团2025H1 实现营收40.6 亿美元，同比+1.1%，归母净利润1.7 亿美元，同比-7.2%。 制造业务实现营收28.0 亿美元，同比+6.2%，归母净利润1.6 亿美元，同比-0.2%；宝胜国际实现营收 12.6 亿美元，同比-8.6%，归母净利润0.3 亿美元，同比-44.3%。此外，公司年中每股派息0.4 港元，分 红比例48%。 其中2025Q2 实现营收20.3 亿美元，同比+0.9%，归母净利润1.0 亿美元，同比+13.0%。制造业务实现营 收14.7 亿美元，同比+6.5%，归母净利润0.9 亿美元，同比+29.2%；宝胜国际实现营收5.6 亿美元，同 比-11.1%，归母净利润0.1 亿美元，同比-69.2%。 1、市场需求疲软风险； 2、产能利用率波动风险； 3、多品牌整合不及预期风险。 制造业务：量价提升共驱增长，净利率环比改善。裕元集团出货量稳健增长（Q2 同比+4.7%），产品 结构变化驱动平均单价回升（Q2 同比+3.9%），支撑制造业务Q2 收入同比+6.5%，环比提速0.5pct。Q2 产能利用率环比+4pct 至9 ...

Core Insights - The company reported a revenue of 150.285 billion yuan for 1H25, a year-on-year increase of 40%, while the net profit attributable to shareholders was 9.29 billion yuan, a year-on-year decrease of 12% [1] - In 2Q25, revenue reached 77.79 billion yuan, reflecting a quarter-on-quarter increase of 41% and a year-on-year increase of 7%, while net profit dropped 60% year-on-year to 3.62 billion yuan, primarily due to one-time gains in the previous year [1] Performance Trends - Total sales volume surged by 47% year-on-year to 1.409 million vehicles in 1H25, driving a 40% increase in total revenue [1] - New energy vehicle sales soared by 126% year-on-year to 725,000 units, accounting for 51.5% of total sales, with the Galaxy brand sales increasing by 232% to 548,000 units [1] - Exports of new energy vehicles also performed well, rising by 146% year-on-year to 40,000 units [1] - The company plans to launch six new models in the second half of the year, aiming to exceed total sales of 3 million vehicles for the year [1] Profitability and R&D - The gross margin for 1H25 decreased by 0.3 percentage points to 16.4%, mainly due to intensified competition in domestic terminal prices, although profitability from GEA architecture models mitigated some price pressures [2] - The company achieved a 21.3% year-on-year increase in R&D investment to 7.33 billion yuan, focusing on advanced driving assistance systems and new architecture development [2] - Core operating profit for 1H25 increased by 102% year-on-year to 6.66 billion yuan, indicating a trend of profit recovery [2] Strategic Initiatives - The company is advancing its "One Geely" strategy to enhance brand integration and resource synergy [2] - Global expansion efforts include investments in Renault Brazil to leverage its production and distribution networks in the Latin American market, as well as the commencement of operations at its Egypt factory and trial production at its Indonesia base [2] - The company plans to launch new products equipped with advanced driving technologies, covering a range from budget to luxury markets [2] Earnings Forecast and Valuation - The company maintains its earnings forecasts for 2025 and 2026, with the current stock price corresponding to 10.8 times and 9.8 times the earnings for those years [3] - The target price is set at 26.00 HKD, implying a potential upside of 37.2% based on the projected earnings multiples for 2025 and 2026 [3]

Core Viewpoint - Geely Automobile's performance in the first half of 2025 exceeded market expectations, particularly in non-recurring net profit, driven by strong sales growth and effective brand integration [1][2] Financial Performance - Revenue for 1H25 reached 150.3 billion RMB, a year-on-year increase of 27% [1] - Net profit attributable to shareholders was 9.29 billion RMB, a year-on-year decrease of 14% [1] - Non-recurring net profit attributable to shareholders was 6.66 billion RMB, a year-on-year increase of 102%, surpassing market expectations [1] - Sales volume reached 1.409 million units, a year-on-year increase of 47%, with new energy vehicle sales up 126% to 725,000 units [1] - Gross margin stood at 16.4%, with a slight year-on-year decline of 0.3 percentage points [1] Market Position and Strategy - Geely's market share in the new energy vehicle segment exceeded 10%, reaching 10.4% [1] - The company has raised its annual sales target from 2.7 million to 3 million units, supported by the launch of approximately five key new energy and hybrid models in the second half of 2025 [1] - The stable wholesale rhythm, with July sales reaching 238,000 units, provides a solid foundation for future sales [1] Cost Management and R&D - Selling and administrative expenses grew at a slower pace than revenue, increasing by 6.4% and decreasing by 6.1% respectively, indicating effective brand integration [1] - Research and development expenses increased by 21.3%, primarily focused on new vehicle development and intelligent driving investments [1] Future Outlook - The company is expected to benefit from industry trends against aggressive price competition, with policies limiting significant price cuts and controlling high rebates [1] - The Galaxy brand is positioned to leverage advantages in intelligent cockpit design, driving experience, and noise, vibration, and harshness (NVH) performance, potentially boosting sales in the second half of the year [2] - Revenue and profit forecasts for 2025 have been raised by 9.2% and 31.5% respectively, reflecting improved sales projections and stronger-than-expected brand integration effects [2]

Core Viewpoint - The company demonstrated strong performance in 1H25, with total revenue increasing by 26.5% year-on-year to 150.28 billion yuan, driven by rapid growth in vehicle sales and internal efficiency improvements [1] Group 1: Financial Performance - Total revenue for 1H25 reached 150.28 billion yuan, a year-on-year increase of 26.5% [1] - Gross margin decreased by 0.3 percentage points to 16.4% [1] - Net profit attributable to shareholders fell by 13.9% to 9.29 billion yuan, while core net profit increased by 102% to 6.66 billion yuan [1] Group 2: Sales Growth - Total vehicle sales in 1H25 rose by 47.4% to 1.409 million units, with new energy vehicle sales increasing by 126.5% to 725,000 units, accounting for 51.5% of total sales [1] - Specific brand performances included Galaxy sales up by 232%, Zeekr by 3%, and Lynk & Co by 22% [1] Group 3: Cost Efficiency - Selling, general and administrative (SG&A) expense ratio decreased by 1.7 percentage points to 7.5% [1] - Sales expense ratio and administrative expense ratio decreased by 1.1 percentage points and 0.7 percentage points to 5.6% and 1.9%, respectively [1] Group 4: Future Outlook - The company expects sales growth to continue in 2H25 with new models like Galaxy A7, Galaxy M9, and Lynk & Co 10EM-P ramping up production [2] - The annual sales target has been raised by 11% to 3 million units, with 47% achieved in 1H25 [2] - Integration of Lynk & Co and Zeekr is expected to enhance internal resource optimization and efficiency [2] Group 5: Strategic Initiatives - The company is advancing its "One Geely" strategy, with plans to complete the acquisition of Zeekr by the end of 2025 for approximately 2.4 billion USD [3] - Globalization efforts are underway, with a focus on expanding overseas markets despite a 7.7% decline in export sales in 1H25 [3] - The smart driving business has been integrated into a joint venture, which is expected to accelerate the production and iteration of smart driving solutions [3]