交银国际每日晨报-20250811

Group 1: 华虹半导体 - The company experienced a rebound in gross margin, with a notable demand for power management devices, leading to an upward revision in profit forecasts [1][2] - For Q2 2025, revenue reached $566 million, slightly exceeding guidance, with a gross margin of 10.8%, surpassing expectations [1] - The management indicated that price adjustments made in Q2 2025 will reflect more significantly in Q3 and Q4, with Q3 revenue guidance set between $620 million and $640 million [1][2] Group 2: 和黄医药 - The company faced short-term pressure in H1 2025, with total revenue declining by 9% year-on-year, significantly impacted by competition in mainland China [3][4] - The revenue from oncology and immunology businesses dropped by 15%, leading to a downward revision of the full-year revenue guidance from $350-450 million to $270-350 million [3] - Despite the challenges, the company is expected to achieve operational breakeven in H2 2025 [3][4] Group 3: 爱旭股份 - The company reported a profit of 63 million RMB in Q2 2025, marking a significant turnaround, with a gross margin of 7.4%, up 6.9 percentage points from the previous quarter [9] - The shipment volume of ABC components was 4.03 GW, although it saw an 11% quarter-on-quarter decline, with overseas sales exceeding 40% [9] - The rising prices of silicon wafers since July may compress the profit margins of ABC components, and there are uncertainties regarding the potential cancellation of a 9% export tax rebate on photovoltaic products [9]