机构：长江证券 研究员：蔡方羿/米雁翔 引言：低谷砺锋，再续华章凭借研发优势推出HNB 产品，迎接新一轮产业趋势。从上一轮雾化电子烟 发展周期看，思摩尔国际具备强研发能力（陶瓷芯技术）和优质大客户优势（与全球烟草巨头深度合 作），是典型的技术驱动型企业。公司的雾化烟业务在面临国内和海外监管政策重大变化后，经历数年 的调整期，而今逐步企稳回升。2024 年，公司推出HNB 的重磅产品与英美烟草再度强强联合，商业模 式从器具供应商转向烟草业务，开辟极具潜力的新成长曲线，同年发布股权激励：2025-2030 年间激励 市值3000/4000/5000 亿港元，彰显长期信心，2025 年是变革发展的起点。 核心业务：HNB 迎来加速发展，技术为核抢占全球市场行业：全球传统烟草销量下滑，新型烟草是破 局之路，2025 年是国际烟草巨头加速发展元年。 传统业务：海外政策走向友好，雾化电子烟企稳回升美国对违规产品严管趋严，同时对非烟草味放宽， 利好思摩尔雾化主业企稳回升。2021-2024年，美国雾化电子烟市场规模从198.1 亿美元增长至270.3 亿 美元，CAGR 达11%。其中，非法市场规模增幅为63%，合规市场规 ...

Core Viewpoint - SF Express's performance in H1 2025 shows significant growth in revenue and profit, driven by strong demand in the ToB delivery and last-mile logistics sectors, benefiting from the rapid expansion of the food delivery and instant retail industries [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 10.236 billion yuan, a year-on-year increase of 48.81% - The net profit attributable to shareholders was 137 million yuan, up 120.43% year-on-year - Adjusted net profit reached 160 million yuan, reflecting a 138.97% increase year-on-year [1] Business Segments - The ToB delivery and last-mile business experienced high growth, with same-city delivery order volume increasing by over 50% year-on-year, contributing to a revenue increase of 43.11% to 5.779 billion yuan - ToB delivery revenue was 4.467 billion yuan, up 55.42% year-on-year, with significant growth in the food delivery segment, particularly tea delivery, which saw a 105% increase [1] - ToC delivery revenue was 1.312 billion yuan, a 12.71% increase year-on-year, with "one-to-one exclusive delivery" revenue tripling, indicating rapid growth in lower-tier markets [1] Last-Mile Business - Last-mile business revenue reached 4.457 billion yuan, a year-on-year increase of 56.92% - The volume of collected items increased by over 150% year-on-year, with rapid growth in e-commerce delivery scale [1] Profitability and Cost Management - The company's gross margin was 6.65%, a slight decrease of 0.23 percentage points year-on-year - Overall improvement in expenses led to a decrease in the expense ratio by 0.85 percentage points to 5.41% - The net profit margin attributable to shareholders increased by 0.44 percentage points to 1.34%, with adjusted net profit margin at 1.6%, up 0.60 percentage points year-on-year [2] Market Position and Growth Potential - The company is leveraging its brand strength and neutral positioning to penetrate diverse scenarios in the local life market, with continued expansion of its market share - The integration with the group's network is expected to further boost volume, while technology-driven cost reductions and refined management are anticipated to sustain the release of scale effects [2] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, representing year-on-year growth of 40%, 29%, and 25% respectively - Expected net profits for the same period are 298 million yuan, 515 million yuan, and 900 million yuan, with year-on-year growth of 125%, 73%, and 75% respectively - Corresponding PE ratios are projected at 42.46, 24.53, and 14.06 [3]

机构：中邮证券 研究员：盛丽华/徐智敏 事件 公司发布25 年中期业绩公告，25H1 公司收入74.34 亿元，同比+14.3%，溢利31.35 亿元，同比 +15.0%。 投资要点 创新药及合作收入维持高增，总收入占比提升至83%。 2025 年上半年创新药与合作产品收入约61.5 亿元，占比提升至82.7%。按治疗领域来看，抗肿瘤收入 45.3 亿元占比60.9%；抗感染收入7.4 亿元，占比9.9%；中枢神经系统收入7.7 亿元，占比10.4%；代谢 及其他领域收入14.0 亿元，占比18.8%。 阿美替尼新适应症获批贡献增量，多项创新管线稳健推进。 研发进展角度来看，阿美替尼在2025 年新获批两项适应症：辅助治疗NSCLC 和不可切除NSCLC 患者 根治性放化疗后的维持治疗。同时2025 年6 月在英国获批上市单药的一线治疗，有望持续抬升阿美替尼 的收入天花板。同时公司新增多个3 期关键注册临床：B7H3 ADC（骨与软组织肉瘤）、B7H4 ADC （卵巢癌）、IL-23p19(中重度板块状银屑病，荃信生物合作)，推进稳健为公司未来成长提供动力。 BD 合作收入持续增厚业绩。 2025H1 公司已 ...

Core Viewpoint - The company's 1H25 performance was below expectations, primarily due to reduced investment income from its associate, Shanghai Port Group, following a dilution of shareholding in Postal Savings Bank of China. This one-time impact does not affect cash flow, and the core port business showed better-than-expected revenue and profit growth [1][2]. Financial Performance - The company reported a revenue of HKD 6.457 billion for 1H25, representing a year-on-year increase of 11.4%. The net profit attributable to shareholders was HKD 3.584 billion, with basic earnings per share of HKD 0.854, down 19.5% year-on-year [1]. - The operating cash flow declined year-on-year due to timing differences in dividend receipts from associates, but excluding this factor, cash flow remained robust [1]. Port Operations - Domestic and overseas port throughput and profitability increased year-on-year. The company's controlled terminal container throughput rose by 11.3%, while the overall throughput of associate-controlled ports increased by 4.3% [2]. - By region, container throughput in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and overseas terminals grew by 7.8%, 5.9%, 0.1%, and 5.0% respectively. Notably, throughput at the company's Pearl River Delta and overseas terminals increased by 10.2% and 20.1% respectively [2]. Cost Management - The company achieved significant cost reductions through optimized port operations, increased automation, and effective expense management. The cost-to-revenue ratio decreased, resulting in a gross margin of 51%, up 2.9 percentage points year-on-year [2]. Growth Outlook - The company is optimistic about long-term growth potential from overseas terminal volumes. The throughput at major overseas terminals showed impressive growth, with the Sri Lanka HIPG terminal's throughput increasing by 542.9% year-on-year. Upgrades at certain overseas terminals also contributed to volume growth, such as a 24.6% increase at the West Africa TCP terminal [2]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025 and introduces a net profit estimate of HKD 7.7 billion for 2026. The current stock price corresponds to 8.2 times the 2025 P/E ratio and 8.0 times the 2026 P/E ratio. The target price has been raised by 13.8% to HKD 16.5 per share, reflecting a potential upside of 12.8% from the current price [2].

机构：国海证券 公司于2025 年4 月上线AI 刷题系统班，定价399 元，AI 产品可以实时规划学习数据、动态定制并调整 学习计划，极大提升用户体验。 截至2025 年6 月30 日，已销售5 万份，累计销售额约2000 万元，按MAU 930 万计算，用户渗透率不到 1%，产品潜在空间广阔，有望成为新的拳头产品。 盈利预测和投资评级：公司是公考培训赛道头部企业，产品、研发、技术能力优秀，看好AI 产品渗透 率提升，带来增量收入空间。我们预测公司2025-2027 年实现营收25.25/26.18/27.93 亿元，归母净利润 2.17/2.86/3.31 亿元，对应PE 分别为29/22/19 倍，首次覆盖，给予"买入"评级。 风险提示：教育政策变化风险、市场竞争加剧风险、学生数量增长不及预期风险、产品表现不及预期风 险、港股流动性风、AI 技术冲击培训需求等。 研究员：杨仁文/谭瑞峤/王春宸 事件: 公司2025 年8 月29 日发布2025 年半年报，2025H1 实现营业收入14.92亿元（yoy-8.5%），归母净利润 2.27 亿元（yoy-18.39%），经调整净利润2.71 亿元（yoy- ...

机构：麦高证券 研究员：周撷 影像与设计业务收入持续增长，美业及其他业务快速战略调整优化。2025 上半年付费订阅用户数快速 增长，带动高毛利核心业务影像与设计产品收入占比持续提升，影像与设计业务营收同比+45.2%至 13.51 亿元，广告业务同比+5.1%至4.34 亿元，二者占总收入的98%。截至2025H1，公司整体毛利率环 比+4.9个百分点至73.6%，经调整归母净利润同比+71.34%达4.7 亿元，落于自愿性公告上沿 （65%-72%）。 公司注重垂类模型能力扎实发展，AI 赋能推动内地用户回升，海外用户持续增长。公司通过调用三方 多模态大模型整合自主微调的闭源模型，受益于基础大模型能力的不断提升与垂类高质量数据的长期积 累，持续沉淀AI 产品力。截至2025H1，公司MAU 同比+8.6%，较2024 年末+5.3%增长1400 万至2.8 亿。订阅用户数达1540 万，同比+42.5%，环比+22.1%，订阅渗透率自2024 年底增长0.8 个百分点至 5.5%。内地市场MAU 同比+5.2%至1.82 亿，环比+6.2%（去年同期+0.9%，前值-1%）；海外MAU 同比 +15.7%至 ...

Core Viewpoint - The company reported its 1H25 performance, showing a slight decline in revenue but a significant increase in net profit, aligning with market expectations [1][2]. Financial Performance - Revenue for 1H25 was 4.356 billion yuan, a year-on-year decrease of 0.8% [1] - Net profit attributable to shareholders was 1.358 billion yuan, a year-on-year increase of 24.6% [1] - Adjusted net profit was 1.136 billion yuan, a year-on-year increase of 2.1%, meeting market expectations [1] Business Trends - Sales of core commercial products faced pressure in 1H25: - Revenue from Teva Australia was 2.371 billion yuan, down 4.2%, accounting for 54.4% of total revenue [1] - Revenue from Yibiao was 346 million yuan, down 12.1% [1] - Revenue from Cyber was 110 million yuan, down 10.4% [1] - Combined revenue from the above two products accounted for 10.5% of total revenue [1] - Revenue from the hair loss sector was 690 million yuan, up 23.8%, accounting for 15.8% of total revenue [1] - Revenue from Mandi was 682 million yuan, up 24.0% [1] - CDMO business achieved revenue of 101 million yuan, up 76.1% [1] - Revenue from Sanofi was 642 million yuan, up 7.6% [1] Research and Development - As of the end of 1H25, the company had a rich pipeline of 30 products under research, covering areas such as hematology, oncology, autoimmune diseases, and nephrology [2] - Notable products include: - SSGJ-706 (anti-PD-1/PD-L1 bispecific antibody) approved for two Phase II clinical trials [2] - SSGJ-705 (anti-PD-1/HER2 bispecific antibody) has received FDA approval for IND in the U.S. [2] - SSS59 (MUC17/CD3/CD28 trispecific antibody) has entered Phase I clinical trials for solid tumors [2] Collaborations and Partnerships - The company continues to engage in external collaborations: - Granted Pfizer global rights to SSGJ-707 (PD-1/VEGF bispecific antibody), receiving a $1.25 billion upfront payment and potential future milestone payments exceeding $4.8 billion [2] - Collaborated with Haihe Pharmaceuticals for oral paclitaxel, which is under preliminary review for inclusion in the 2025 National Medical Insurance Directory [2] - Partnered with Hanyu Pharmaceuticals for semaglutide injection, completing patient enrollment for Phase III clinical trials [2] - Signed a collaboration with Ying'en Bio for commercialization rights of DB-1303 (HER2 ADC) in mainland China, Hong Kong, and Macau [2] Profit Forecast and Valuation - The company raised its net profit forecasts for 2025 and 2026 by 186.5% and 138.3% to 6.249 billion yuan and 5.664 billion yuan, respectively [2] - The current stock price corresponds to 11.3x and 12.3x P/E ratios for 2025 and 2026 [2] - The target price was raised by 39.9% to 36.50 HKD, implying a 14.9% upside potential [2]

Group 1 - The company reported a revenue of RMB 446 million for H1 2025, representing a 48% year-on-year increase, with a significant reduction in non-IFRS losses by 31% [1] - The gross margin, excluding non-cash items, was 76.4%, and the cash reserves reached RMB 1.6 billion by the end of June 2025 [1] - Sales of the drug NAI Fukan reached RMB 303 million in H1 2025, an 81% increase year-on-year, with expectations for annual sales to reach RMB 1.2-1.4 billion [1] Group 2 - The drug NAI Fukan is the first targeted therapy for IgA nephropathy, successfully commercialized in mainland China in May 2024 and included in the medical insurance directory in November 2024 [1] - The company anticipates that NAI Fukan will be included in the KDIGO 2025 guidelines and the first IgA nephropathy guidelines in China [1] - Sales of the drug Yijia reached RMB 143 million in H1 2025, a 6% increase year-on-year, with a 37% increase in pure sales from core hospitals [1] Group 3 - The drug EVER001 (Hibutinin) is positioned as a potential best-in-class product, with positive results from ongoing clinical trials presented at the ERA 2025 conference [2] - The drug Aiqumide has completed a significant clinical study in Asia for moderate to severe ulcerative colitis and is expected to receive approval in mainland China by H1 2026 [2] - The company is leveraging its proprietary mRNA technology platform to develop globally competitive products, including personalized cancer vaccines [3] Group 4 - The mRNA-based cancer vaccine EVM16 completed its first patient dosing in March 2025, while EVM14 received FDA IND approval, marking a significant milestone for the company [3] - The company expects to complete preclinical milestones for its CAR-T project based on the mRNA technology platform in the second half of 2025 [3] - The revenue forecast for the company has been raised, with projected total revenues of RMB 1.738 billion, RMB 2.869 billion, and RMB 3.351 billion for 2025-2027 [3]

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by the inclusion of its product in the national medical insurance directory and deepening market penetration, indicating strong growth potential in the healthcare sector [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 446 million RMB, representing a year-on-year increase of 48% [1]. - The non-deductible net profit attributable to the parent company was -250 million RMB, showing a year-on-year reduction in losses of 59.44% [1]. Group 2: Kidney Disease Sector - The product "耐赋康" has been included in the national medical insurance directory since 2024, covering 29 provinces, with sales reaching 303 million RMB in the first half of 2025, an increase of 81% year-on-year [1]. - The product's sales in August alone reached 520 million RMB, with an expected annual revenue of 1.2 to 1.4 billion RMB, leading to anticipated operational profitability in the second half of 2025 [1]. - The clinical trial data for EVER001, a treatment for membranous nephropathy, shows significant reductions in anti-PLA2R antibodies and proteinuria, with a clinical remission rate exceeding 90% [1]. Group 3: Infection Sector - The product "依嘉" achieved revenue of 143 million RMB in the first half of 2025, reflecting a year-on-year growth of 37% [2]. - The company plans to initiate local production and expects to start medical insurance negotiations in 2026 [2]. - Combined revenue from "耐赋康" and "依嘉" is projected to be between 1.6 to 1.8 billion RMB in 2025 [2]. Group 4: Autoimmune Sector - "艾曲莫德" is positioned to become a key product for ulcerative colitis, having been included in the 2025 ACG clinical guidelines as a strongly recommended first-line treatment [2]. - The product has received approvals in multiple regions, with expectations for domestic approval in the first half of 2026 [2]. Group 5: Strategic Developments - The company has launched an AI+mRNA platform and achieved its first clinical results, with the personalized tumor vaccine EVM16 completing its first administration [3]. - The self-generating CAR-T project EVM18 is set to begin clinical trials by the end of 2025 after successful preclinical studies [3]. - The company invested 30.9 million USD in I-Mab, becoming its largest shareholder, which is a strategic move in the field of tumor immunotherapy [3]. Group 6: Revenue Forecast - The company forecasts revenues of 1.806 billion RMB, 3.396 billion RMB, and 5.380 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 155.63%, 87.98%, and 58.43% [3]. - The net profit attributable to the parent company is projected to be -486 million RMB, 146 million RMB, and 744 million RMB for the same years, with growth rates of -1.38%, 0.42%, and 2.12% [3].

多方合作深化，换电业务有望朝轻资产方向落地。2025 年3 月17 日，宁德时代与蔚来于福建宁德正式 签署战略合作协议，双方明确将共建 "全球最大换电网络"，并同步推进换电技术标准统一；宁德时代 拟以不超过25 亿元对蔚来能源实施战略投资。同年5 月22 日，科大智能与蔚来能源亦正式签署战略合 作框架协议，双方计划未来三年内在全国范围内合作建设不少于 500 座一体化超充站，预计总投资额达 20 亿元人民币。依托多方合作共建网络、资本协同赋能的路径，公司换电业务有望朝轻资产方向落 地，减少自有资金对重资产投入的依赖，更利于提升运营效率与资产周转能力。 盈利预测：我们预计公司2025-2027 年实现营收941.84/1230.94/1485.93亿元，归母净利润分别 为-168.21/-105.13/-43.18 亿元，给予"推荐"评级。 风险提示：市场竞争超预期，新车上市销量不及预期，新能源渗透不及预期。 事件：2025 年9 月2 日，公司发布2025 年H1 业绩报告。公司于25H1 期间实现收入310.4 亿元，同比 +13.5%；归母净亏损120.32 亿元，亏损同比扩大15.9%。25Q2 期间， ...