业绩简评 2025 年 8 月 27 日早晨，公司发布 2024 中期业绩：实现营收 85.2 亿元，同比+6.5%；归母净利润 20.3 亿元，同比+7.4%；核心净利 润 20.1 亿元，同比+15.0%。 经营分析 毛利率水平持续提升，两费费率下降，提质增效带动业绩高质量 增长。2024 年①收入同比+6.5%，其中商业航道同比+14.6%，物业 航道同比+1.1%。②毛利率：综合 37.1%，同比+3.1pct，其中商业 航道 66.1%，同比+5.2pct；物业航道 18.8%，同比-0.1pct。③两 费费率 6.3%，同比-0.6pct。 提升中期派息率并宣派特别股息，首次实现中期核心净利润 100% 分派。1H25 公司中期每股股息 0.529 元，同比+89.6%；同时宣派 特别股息每股 0.352 元。公司以股东价值最大化为导向，首次在 中期实现 100%核心净利润分派。 盈利预测、估值与评级 考虑到公司在商业航道持续领跑市场，构筑广阔壁垒，近年来购 物中心开业持续放量；在物业航道实现有质量的规模增长。我们 预计公司2025-2027年归母净利润分别为41.0亿元、45.0元、48.9 亿 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a significant net profit growth of 32.3% year-on-year, reaching 24.455 billion yuan in the first half of 2025, driven by improved underwriting profits and investment returns [1][2] - The company maintained its leading market share in the insurance industry at 33.5%, with original insurance premium income of 323.282 billion yuan, reflecting a year-on-year increase of 3.6% [1] - The underwriting profit increased by 44.6% year-on-year to 13.015 billion yuan, supported by the expansion of auto insurance, health insurance, and corporate property insurance [2] - The company is focusing on expanding its non-auto insurance business, particularly in policy-based health insurance, and enhancing its service to small and micro enterprises [2] Summary by Sections Financial Performance - The company reported a total investment income of 17.260 billion yuan, a year-on-year increase of 26.6% [3] - The comprehensive cost ratio (COR) improved by 1.4 percentage points to 94.8%, with the claims ratio and expense ratio decreasing to 71.8% and 23.0%, respectively [3] - The company’s equity asset proportion increased to 26.1%, contributing significantly to investment returns [3] Future Outlook - The company plans to deepen its engagement in technology finance, green insurance, and inclusive finance while advancing digital transformation and AI applications [4] - Earnings per share (EPS) forecasts for 2025 to 2027 are projected at 1.55, 1.67, and 1.77 yuan per share, respectively, with a current price-to-book (P/B) ratio of 1.33, 1.28, and 1.23 for the same period [4][5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 47.57 billion yuan, representing a year-on-year growth of 34.6%, but the net profit attributable to shareholders decreased by 25.2% to 1.37 billion yuan due to pressure on gross margin and an increase in minority shareholder losses [6][9] - The company’s sales performance was significantly better than its peers, with a sales amount of 61.5 billion yuan, up 11.0% year-on-year, and it is expected to meet its annual sales target [6][9] - The company has maintained a healthy financial structure with a leading financing cost in the industry, and its debt structure continues to optimize [6][9] Summary by Sections Revenue and Profitability - In the first half of 2025, the company reported a revenue of 47.57 billion yuan, a 34.6% increase, while the gross margin fell by 3.1 percentage points to 10.6%. The net profit attributable to shareholders was 1.37 billion yuan, down 25.2% [6][9] Sales Performance - The company’s sales amount reached 61.5 billion yuan, reflecting an 11.0% increase year-on-year, outperforming the industry average decline of 11.4%. The company completed 51% of its annual sales target by mid-year [6][9] Land Acquisition and Market Position - The company acquired 13 plots of land in core cities with a total construction area of approximately 1.48 million square meters, maintaining a low average premium rate of about 9%, significantly below the average of the top 10 real estate companies [6][9] Financial Health - The weighted average borrowing cost decreased by 41 basis points year-on-year to 3.16%, with further reduction to below 3% at the end of the period. The company maintains a healthy financial status with a net debt ratio of 53.2% and a cash-to-short-term debt ratio of 1.7 [6][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 12.354 billion yuan in H1 2025, representing a year-on-year increase of 251%, and an adjusted net profit of 2.351 billion yuan, up 291% year-on-year [1] - The company plans to distribute a cash dividend of 9.59 yuan per share, totaling 1.806 billion yuan, which accounts for 77% of the adjusted net profit [1] - The brand's influence continues to expand, with a high-end positioning validated, driving significant revenue growth [2] - The average sales performance per store reached 459 million yuan in H1 2025, maintaining the top position in average revenue and sales per square meter among all jewelry brands in mainland China [2] - The company ranked first in the gold category sales on Tmall during the "618" shopping festival, achieving over 1 billion yuan in sales [2] - The brand loyalty membership increased to 480,000, up by 130,000 from the end of 2024, indicating a growing consumer base [2] - The company has a high overlap with international luxury consumer groups, with a 77.3% overlap with major luxury brands [2] - The gross margin for H1 2025 was 38.1%, a decrease of 3.2 percentage points year-on-year, but is expected to recover in the second half of the year due to a recent price adjustment of 12%-13% [2] - The company opened 41 self-operated stores in 16 cities by June 30, 2025, including new entries into high-end commercial centers [3] Financial Projections - Revenue projections for 2025-2027 are 25.052 billion yuan, 34.524 billion yuan, and 41.938 billion yuan, representing year-on-year growth of 195%, 38%, and 21% respectively [4] - The projected net profit for the same period is 4.953 billion yuan, 6.881 billion yuan, and 8.353 billion yuan, with growth rates of 236%, 39%, and 21% respectively [4] - The price-to-earnings ratio (P/E) is expected to be 23, 17, and 14 times for 2025, 2026, and 2027 respectively [4]

Investment Rating - The report maintains an "Outperform" rating for Nongfu Spring [2][5]. Core Insights - Nongfu Spring has returned to double-digit growth, with H1 2025 revenue reaching RMB 25.622 billion, a year-on-year increase of 15.6%, and a net profit of RMB 7.622 billion, up 22.1% [3][10]. - The packaged water business has rebounded, generating RMB 9.443 billion in revenue, a 10.7% increase year-on-year, as the impact of previous public opinion issues fades [11][3]. - The tea beverage segment has shown remarkable performance, achieving RMB 10.089 billion in revenue, a 19.7% increase, making it the largest revenue segment [12][4]. - Efficient expense management has led to improved profit quality, with a gross profit margin of 60.3% in H1 2025, up 1.5 percentage points year-on-year [13][4]. Financial Forecast - Revenue projections for 2025-2027 are RMB 49.95 billion, RMB 56.64 billion, and RMB 63.72 billion, with year-on-year growth rates of 16.4%, 13.4%, and 12.5% respectively [14][5]. - Expected net profits for the same period are RMB 14.44 billion, RMB 16.19 billion, and RMB 18.20 billion, corresponding to EPS of RMB 1.28, RMB 1.44, and RMB 1.62 [14][5]. - The company's ROE is among the top tier in the industry, justifying a valuation premium with a target price set at HKD 55.9 for 2025 [14][5].

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [1][16]. Core Views - The company's profit-sharing strategy has led to short-term pressure on operating profit, but diversified brands are expected to drive new growth [1][16]. - The company achieved a revenue of USD 400 million in 1H25, a 7.0% year-on-year increase, and a net profit of USD 28.352 million, marking a turnaround from a loss in the previous year [5][15]. - The report highlights the strong growth in the takeaway business and the introduction of new business opportunities through strategic marketing collaborations [6][16]. Financial Performance Summary - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2.3%/2.0%/1.9% to USD 860 million, USD 960 million, and USD 1.06 billion, respectively, with year-on-year growth rates of 10.2%, 11.5%, and 10.7% [10][16]. - The net profit attributable to shareholders is projected to be USD 40 million, USD 60 million, and USD 70 million for 2025-2027, reflecting year-on-year growth of 104.7%, 28.4%, and 21.9% [10][16]. - The operating profit margin for 1H25 was reported at 6.4%, down 2.3 percentage points year-on-year, consistent with the company's profit-sharing policy [5][15]. Revenue Breakdown - Restaurant operating revenue reached USD 380 million in 1H25, a 5.9% increase year-on-year, with significant contributions from Southeast Asia, East Asia, and North America [6][10]. - The takeaway business generated USD 7.738 million, showing a remarkable growth of 49.0% year-on-year, attributed to product optimization and strategic marketing [6][10]. - Other income amounted to USD 11.527 million, a 24.6% increase year-on-year, driven by the popularity of hot pot seasonings and the launch of a second brand under the "Red Pomegranate Plan" [6][10]. Cost Structure and Efficiency - In 1H25, the cost of raw materials and consumables increased by 8.1% to USD 130 million, accounting for 34.0% of revenue [8][10]. - Employee costs rose by 11.0% to USD 140 million, with an employee cost ratio of 35.3%, reflecting the expansion of the restaurant network and increased investment in employee welfare [8][10]. - The company is implementing measures to reduce costs and improve efficiency, which are expected to enhance profitability in the second half of 2025 [8][10].

Investment Rating - The report maintains a "Buy" rating for China Overseas Development [2][4][14] Core Views - The company's performance decline is in line with expectations, with increased investment and the lowest financing costs [4] - The company focuses on core first and second-tier cities, maintaining a strong market presence [4] - Financial indicators remain robust, with a low average financing cost of 2.9% [4] Financial Data and Profit Forecast - Revenue for 2023 is projected at 202,524 million, with a year-on-year growth rate of 12.3%, but expected to decline by 8.6% in 2024 [3][5] - Net profit attributable to the parent company is forecasted to be 25,610 million in 2023, decreasing to 15,636 million in 2024, reflecting a year-on-year decline of 38.9% [3][5] - Earnings per share (EPS) is expected to decrease from 2.34 in 2023 to 1.43 in 2024 [3][5] Sales and Market Position - In the first half of 2025, the company reported sales of 1,201.5 million, a year-on-year decrease of 19% [4] - The average selling price per square meter decreased by 14% to 23,500 [4] - The company aims to maintain stable sales targets for 2025 despite market challenges [4] Land Acquisition and Investment Strategy - The company acquired land in 10 cities and Hong Kong, with a total investment of 403.7 million, a year-on-year increase of 313.2% [4] - The land acquisition ratio to sales reached 34%, indicating a strategic focus on high-potential urban areas [4] Financial Health and Stability - The company maintains a green status on the "three red lines" indicators, with a net debt ratio of 28.4% [4] - Cash to short-term debt ratio stands at 4.9 times, indicating strong liquidity [4] - Commercial revenue remained stable at 35.4 million, with contributions from various sectors [4]

Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of HKD 11.65, reflecting an upside potential of 21.6% based on an 8.5x FY26 target P/E ratio [4][6][19]. Core Insights - The company's FY25 interim results exceeded expectations, with a 32.8% year-on-year increase in net profit attributable to shareholders, reaching RMB 440 million. This growth was driven by a 17.3% increase in total revenue to RMB 4.39 billion, primarily from the smart metering business, which saw a 29.8% revenue increase to RMB 1.88 billion [1][3]. - The company effectively controlled sales, administrative, and R&D expenses, leading to a decrease in financial costs by 5.4% to RMB 59 million, and a reduction in the effective tax rate from 16.9% to 15.1% [1][3]. Revenue Breakdown - Domestic grid customers remain the largest revenue source, with a 21.6% year-on-year increase in related revenue to RMB 1.80 billion, accounting for 41.0% of total revenue. However, overseas customer revenue grew rapidly, increasing by 19.2% to RMB 1.24 billion, representing 30.8% of total revenue, primarily from the smart metering business [2][11]. - The company has commenced operations at its factories in Johor, Malaysia, and PT Willfar in Indonesia, which are expected to further drive overseas business growth [2]. Profit Forecast Adjustments - Following the FY25 interim results, the profit forecasts for FY25-27 have been raised by 9.1%, 9.6%, and 10.1%, respectively, resulting in projected net profits of RMB 980 million, RMB 1.26 billion, and RMB 1.54 billion, with year-on-year growth rates of 38.4%, 28.6%, and 22.9% [3][15].

2025 年 08 月 27 日 乐普生物-B(02157.HK) EGFR ADC 获批上市值得期待，多个管 线产品快速推进中 事件：公司发布 2025 年中期业绩，报告期内公司实现营业收入 4.66 亿元，实现归母净利润 0.42 亿元。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 EGFR ADC 获批上市值得期待，多个数据即将在 ESMO 学术会议 披露。公司 EGFR ADC MRG003 鼻咽癌适应症已在 NDA 上市审核阶 段，后续获批上市值得期待，此外联用 PD-1 的 R/M 鼻咽癌适应症 正在进行 3 期临床，单药治疗二线及以上头颈癌适应症正在进行 3 期临床。数据披露方面，公司预计在 ESMO 2025 年会上披露 MRG003 联合 PD-1 的头颈癌 2 期数据以及联合 PD-1 的鼻咽癌 2 期 数据，相关数据披露值得期待。 其他多个管线产品快速推进中，已达成多个对外授权合作。其 他产品管线方面， TF ADC MRG004A 已在 2025 年 8 月进入 3 期注 册临床阶段，预计将在 ESMO 2025 年会上披露胰腺癌 1b 期数据； 溶瘤病毒 CG0 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of HKD 93.45 [3][6]. Core Insights - The company reported a revenue of CNY 2.82 billion and a net profit of CNY 390 million for the reporting period [1]. - The early clinical data for PD-L1 ADC HLX43 is promising, showing high efficacy and low toxicity in treating various solid tumors, including non-small cell lung cancer (NSCLC) and thymic squamous cell carcinoma (TSCC) [1]. - The company is advancing multiple early-stage products with high potential, including HLX79, HLX701, HLX37, HLX97, HLX3901, HLX3902, HLX48, and HLX316, which are expected to progress in clinical trials [2]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are CNY 5.88 billion, CNY 5.30 billion, and CNY 6.60 billion, respectively, with net profits of CNY 870 million, CNY 770 million, and CNY 1.34 billion [3][8]. - The company anticipates a significant increase in earnings per share (EPS) from CNY 1.60 in 2025 to CNY 2.46 in 2027 [8][14]. - The projected net profit margin is expected to rise from 14.74% in 2025 to 20.23% in 2027 [14]. Clinical Development - The company is actively conducting an international multi-center Phase II clinical trial for HLX43 in NSCLC and plans to initiate trials for thymic cancer and other solid tumors [1]. - The report highlights the potential of HLX43 to demonstrate efficacy across various patient populations without relying on biomarker selection [1]. Market Performance - The stock has shown significant relative and absolute returns over the past 1 month (28.5% and 34.8%), 3 months (85.7% and 99.3%), and 12 months (232.0% and 264.0%) [7].