明源云2025 年上半年收入低于我们预期，利润超出我们预期明源云公布2025 年上半年业绩：收入同比 下滑15.9%至6.1 亿元，低于我们此前预期，主要受地产行业逆风的影响；经调整净利润录得3,312 万 元，实现扭亏为盈（去年同期为亏损1,696 万元），对应经调整净利率5.5%，超出我们此前预期，主要 受益于公司的费用控制。 降本增效成果显著。2025 年上半年，明源云持续进行降本增效，探索AI 赋能，上半年整体费用（剔除 股份支付）同比降低20%至5.6 亿元，其中管理/研发/营销同比下滑5%/21%/22%，人均产值同比提升 14.6%至34.5 万元。在降本增效的举措下，公司上半年经调整净利润录得3,312 万元，实现扭亏为盈； 经营性现金流净流出4,280 万元，同比收窄74%，扣除年度绩效支付的影响，经营现金流已实现回正。 盈利预测与估值 考虑到行业逆风的影响，下调2025 年和2026 年收入预测18.0%和17.6%至12.7 亿元和12.7 亿元；考虑到 公司的费用控制，将2025 年和2026 年经调整归母净利润预测由-191 万元和1,773 万元上调至6,810 万元 和8,705 ...

【#国内多品牌金饰涨至1060元#】#黄金价格七连涨#受国际金价持续上涨影响，9月4日，国内足金首饰 价格继续上调，并突破1060元/克。其中，周大福、周大生足金首饰价格涨至1060元/克，周生生足金饰 品价格涨至1062元/克。（中国新闻网）#黄金# ...

Core Insights - The company reported a slight increase in net profit attributable to shareholders of 0.3% year-on-year for the first half of 2025, despite an 8.0% decline in revenue [1] - The gross margin improved to 28.2% in 2025H1 from 27.5% in 2024H1, attributed to automation in production, cost control, and efficiency improvements [1] - The company is focusing on optimizing its customer structure in the environmental business and is cautiously developing its supply chain service platform [2] Financial Performance - In 2025H1, the company achieved revenue of 12.475 billion yuan, down from the previous year, while net profit was 1.046 billion yuan [1] - Interest expenses decreased to 374 million yuan in 2025H1 from 484 million yuan in 2024H1, reflecting improved debt structure [1] - Financial and contract asset impairment losses were reported at 35 million yuan, down from 141 million yuan in the previous year [1] Business Development - The company is actively promoting agricultural applications of its plastic pipe systems, maintaining a gross margin of 29.4% [2] - The renewable energy sector faces challenges such as overcapacity and supply-demand imbalance, prompting the company to adopt a cautious approach and adjust its strategies accordingly [2] - The company is expanding its overseas market presence, with a focus on Southeast Asia, North America, and Africa, including the recent opening of a production base in Ethiopia [3] Strategic Outlook - The company forecasts net profits of 2.201 billion yuan, 2.476 billion yuan, and 2.675 billion yuan for 2025, 2026, and 2027 respectively [3] - A target price of 7.10 yuan is set for 2025, based on a 10x PE ratio, translating to 7.80 HKD when considering the exchange rate [3]

上半年经营性利润减亏良好，主因降本控费和达成授权许可合作。根据公司公告，1H25，公司倍诺达 销售同比基本保持稳定。2025 年4 月，公司公告和Juno 达成授权合作，授予其JW sLVV 生产工艺及相 关技术知识非独家许可，Juno 支付的对价不超过1 千万美元，我们预计在上半年已部分确认，增厚业 绩。此外，1H25 公司产品销售毛利率提升至51.1%，同比+0.7ppt，销售费用率72.0%，同比-15.7ppt， 行政和研发开支也分别减少45.7%和39.0%，展现良好控费情况，我们预计全年减亏趋势有望持续。 新增披露CD19/20 双靶点CAR-T 管线，年底有望数据读出。根据公司公告，2H24 公司启动JWCAR201 在血液瘤和自免的IIT 研究，目前正在入组中。该产品公司具备全球权益，通过结合双靶向，公司认为 该产品有望具备更广泛的疗效、更高的信号阈值。根据公司公告，血液瘤已经获得令人鼓舞的初步数 据，计划在2025 年12 月美国血液学会年会公布IIT 数据。 机构：中金公司 研究员：张琎/刘雅馨/朱言音 1H25 经营性利润减亏情况好于我们预期 公司公布1H25 业绩：收入1.06 亿元， ...

（2）从收入结构看：2025 上半年公司同城配送收入57.8 亿，同比增长43.1%，占总收入比例为56.5%， 其中同城非餐场景收入21.4 亿，同增28.6%，占同城配送收入比例下降4.1pc t 至37.1%。 风险分析 顺丰同城发布2025 上半年业绩公告 2025 上半年收入102.4 亿元人民币，同比增长48.8%，毛利同比增加43.8%至约6.8 亿元；毛利率略有回 调，维持6.7%水平。上半年净利润约1.37 亿元，同比增长171%；净利率较2024 年的0.8%提升至1.3%; 经调整净利润约1.6 亿。上半年经营活动现金流入为约1.8 亿元，同比大幅增长86%。 点评 1、收入：公司依靠同城配送及最后一公里双轮驱动，上半年总收入实现48.8%的较高增速，连续4 个半 年增速提升，其中KA客户的服务品质和渗透不断提升 （1）2025 上半年公司总收入为102.4 亿，同比增长48.8%，外部客户收入占比54.5%，同比下降4 个百 分点。 机构：中信建投证券 研究员：韩军/梁骁 核心观点 顺丰同城2025 上半年业绩：依靠同城配送及最后一公里双轮驱动，上半年总收入实现48.8%的较高增 速， ...

Core Insights - The company reported a significant revenue increase of 48.8% year-on-year for the first half of 2025, reaching 10.236 billion yuan, with net profit rising by 120.4% to 137 million yuan [1] - Adjusted net profit for the same period was 160 million yuan, reflecting a 139.0% increase, with an adjusted net profit margin of 1.6% [1] Group 1: Business Performance - The company's same-city delivery service revenue grew by 43.1% year-on-year to 5.779 billion yuan, with order volume increasing by over 50% [2] - Revenue from merchant-facing and consumer-facing services grew by 55.4% and 12.7% respectively, driven by marketing activities that boosted demand for food delivery [2] - The tea beverage delivery revenue saw a remarkable growth of 105% year-on-year [2] - Non-food delivery scenarios also showed robust growth, with revenue increasing by 28.6% to 2.142 billion yuan [2] - The number of active merchants reached 850,000, a 55% increase year-on-year, indicating an expanding customer base [2] Group 2: Last-Mile Delivery - Last-mile delivery service revenue surged by 56.9% year-on-year to 4.457 billion yuan, benefiting from increased penetration in SF Express's delivery volume [3] - Revenue from subsidiaries of SF Express grew by 63% year-on-year, highlighting strong collaboration [3] - The company is enhancing its delivery capabilities and expanding services such as "same-day delivery" and multi-scenario logistics [3] Group 3: Profitability and Cost Management - The company maintained stable gross margins while reducing sales, R&D, and management expense ratios, leading to a net profit margin increase of 0.4 percentage points to 1.3% [4] - The revenue growth is driving economies of scale, improved operational efficiency, and enhanced profitability potential [4] - Profit forecasts for 2025-2027 have been adjusted upwards, indicating a positive outlook for long-term profit growth [4]

Group 1: Financial Performance - Company reported total revenue of 14.6 billion HKD for 1H25, a year-on-year increase of 6% [1] - EBITDA decreased by 5% year-on-year to 1.65 billion HKD, with EBITDA margin declining by 1.3 percentage points to 11.2% [1] - Net loss widened from 160 million HKD in 1H24 to 180 million HKD in 1H25, primarily due to underperformance of the Lisboa project [1] Group 2: Earnings Forecast - Earnings per share forecast for 2025 revised down from 0.30 HKD to 0.01 HKD, with new forecasts introduced for 2026 at 0.12 HKD and 2027 at 0.17 HKD [1] - Target price adjusted down from 3.7 HKD to 3.3 HKD, indicating a potential upside of 13% [1] Group 3: Second Quarter Performance - In 2Q25, gross gaming revenue increased by 5% year-on-year, with mass gaming revenue up by 6% and VIP gaming revenue down by 14% [1] - EBITDA for 2Q25 fell by 21% year-on-year to 688 million HKD, with the Lisboa project's EBITDA turning from a profit of 104 million HKD in 2Q24 to a loss of 6.6 million HKD [1] Group 4: Acquisition Plans - Company announced plans to acquire part of the Lisboa Hotel for a total consideration of 529 million HKD, aiming to expand the operational area of the Lisboa Casino by an additional 7,504 square meters [2] - The acquisition is expected to enhance the overall operations of the integrated resort, making it the largest on the Macau Peninsula [2] - The company plans to redistribute gaming tables and slot machines from satellite casinos that will cease operations by the end of 2025 [2] Group 5: Industry Outlook - Company maintains an "overweight" rating, citing resilience in the gaming industry [2]

9月4日，A股三大指数开盘涨跌不一。 盘面上，CPO概念、创新药概念、电气设备等板块涨幅居前；白酒概念、国防军工、石油、半导体等板块跌幅 居前。 消息面上，根据SMM消息，8月份，在需求以及供应双向的支撑下，光伏玻璃集团挺价拉涨，效果明显。2.0mm 单层镀膜玻璃9月新单价格较8月初上调2元/平方米，有望促进光伏玻璃龙头盈利修复。 另外，CPO概念开盘走强，腾景科技一度涨超10%，光库科技、长飞光纤、胜宏科技、罗博特科等跟涨。截至发 稿，CPO概念股跳水，太辰光跌逾10%，天孚通信、仕佳光子、新易盛、中际旭创、剑桥科技、华工科技等跌幅 居前。 苹果概念股活跃 港股方面，恒生指数和恒生科技指数开盘微涨。比亚迪股份、京东集团、理想汽车、腾讯控股涨超1% 。截至发 稿，两大指数转跌，蔚来汽车跌超 4% ，中芯国际跌逾 3% 。 锂电池概念全线走强 盘初，锂电池概念走强，亿纬锂能涨超10%，股价创新高。天际股份封板，宁德时代涨逾3%。 固态电池板块持续活跃，东方锆业涨停，海博思创、中伟股份、杭可科技、孚能科技、派能科技、先惠技术等 涨幅居前。 消息面上，锂电板块迎来多重利好。政策上，中国有色金属工业协会锂业分会发布《 ...

机构：华福证券 研究员：姚婧/张望 投资要点： 创新药业务25H1 实现收入0.58 亿元，同比提升96.6%。子公司轩竹生物已储备10+款在研创新药产品， 至25H1 已获批上市安奈拉唑钠肠溶片（国内唯一一个PPI 创新药）、吡洛西利片共2 款创新药。至2025 年7 月，吡洛西利片已完成全国首发、首批处方落地，未来商业化进度可期。惠升生物核心产品德谷门 冬双胰岛素产品新增覆盖医院1800 家，借助带量采购政策实现销量200%同比增长，预计德谷胰岛素注 射液全年覆盖超500 家目标医院，有序推进线下渠道布局。 盈利预测与投资建议 四环医药基本面修复持续推进，中报业绩扭亏强化未来的增长信心。当前医美与创新药新品均已上市， 有望加强管线协同力与业绩兑现度。我们预计公司2025-2027 年实现营收24.3/37.1/50.8 亿元（前值为 23.2/34.4/47.3 亿元），预计增速为28%/53%/37%，归母净利润为1.8/6.8/10.2 亿元（前值为0.6/5.3/7.8 亿 元），对应2026 年业绩PE 为18倍，维持"买入"评级。 风险提示 医美业务25H1 实现收入5.9 亿元，同比增长81. ...

Core Viewpoint - Lion Group Holdings (2562.HK) experienced a nearly 12% increase in stock price, reaching HKD 17.9, following the announcement of its new multi-model large language model (LLM) platform, Geene M2 [1]. Company Summary - The newly launched Geene M2 platform integrates various large language models, including Geene R1, Geene TurboGT, OpenAI's ChatGPT, Alibaba's Qwen, ByteDance's SkyLark, and other LLMs [1].