业绩拐点确立，"一模一体两翼"战略加速落地 2025 年中报点评 本报告导读： 业绩拐点确立，盈利能力大幅改善。 "AI+制造"战略成果显著，成为增长核心引擎。 "一模一体两翼"战略加速落地。 投资要点： 请务必阅读正文之后的免责条款部分 海 外 公 司 ( 中 财务摘要(百万人民币) 2023A 2024A 2025E 2026E 2027E 营业总收入 1752.55 1221.77 1500.95 1854.82 2276.28 (+/-)% 12.5% -30.3% 22.9% 23.6% 22.7% 毛利润 588.49 423.07 535.68 675.66 846.21 净利润 -582.34 -593.81 -154.33 -115.88 -47.69 (+/-)% -60.4% -2.0% 74.0% 24.9% 58.8% PE -8.83 -5.34 -30.16 -40.14 -98.49 PB 2.58 2.13 3.34 3.64 3.78 资料来源：Wind，HTI 研究 国 香 港 ) 证 券 研 究 报 告 股 票 研 究 股票研究 /[Table_Date] 2025.0 ...

Investment Rating - Maintain "Outperform" rating, with a target price of 4.23 HKD/share, reflecting a 29% reduction from previous estimates [8][9]. Core Insights - The company has ample orders and growth momentum across major sectors, with new orders doubling year-on-year [9][10]. - The "Data x AI" strategy is being continuously advanced, enhancing the company's capabilities in delivering intelligent solutions across various scenarios [11]. Financial Summary - For 2025H1, the company achieved revenue of 7.87 billion RMB, a year-on-year increase of 12.04%, and a net profit attributable to shareholders of 15 million RMB, up 40.70% year-on-year [9][10]. - New orders in 2025H1 were approximately 9.48 billion RMB, representing a 98% year-on-year growth, with total orders on hand reaching 10.44 billion RMB, up 27% year-on-year [9][10]. - The three main business sectors showed growth: big data products and solutions revenue increased by 12% to 1.43 billion RMB, software and operation services revenue rose by 13% to 2.45 billion RMB, and information innovation and traditional services revenue grew by 11% to 3.99 billion RMB [10][11]. Business Strategy - The company is focusing on the "Data x AI" strategy, which includes the development of the "YanCloud Infinity Platform" to enhance data intelligence capabilities [11]. - Successful implementations of intelligent solutions in smart supply chain and government-enterprise digitalization scenarios have been noted, showcasing the effectiveness of the company's strategic initiatives [11].

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology (01024) [6] Core Insights - Kuaishou's Q2 2025 revenue reached 35.046 billion CNY, a year-on-year increase of 13.1%, with adjusted net profit of 5.618 billion CNY, up 20.1%, achieving a record quarterly adjusted net profit margin of 16.0%, exceeding market expectations [6] - The company declared its first special dividend since listing, distributing 0.46 HKD per share, totaling approximately 2 billion HKD [6] - Kuaishou's daily active users (DAU) reached 409 million, a 3.4% year-on-year increase, while monthly active users (MAU) reached 715 million, up 3.3%, with user engagement at 57.2% [6] - The OneRec end-to-end recommendation system contributed to stable traffic growth, with average daily usage time of 126.8 minutes, a 7.5% year-on-year increase [6] Financial Data and Earnings Forecast - Revenue projections for Kuaishou are as follows: - 2023: 113.47 billion CNY - 2024: 126.90 billion CNY - 2025E: 142.71 billion CNY - 2026E: 156.47 billion CNY - 2027E: 171.03 billion CNY - Adjusted net profit forecasts are: - 2023: 10.27 billion CNY - 2024: 17.72 billion CNY - 2025E: 20.25 billion CNY - 2026E: 22.93 billion CNY - 2027E: 26.67 billion CNY - The report adjusts revenue forecasts downwards for 2025-2027 due to short-term macro pressures, with new estimates of 142.71 billion CNY, 156.47 billion CNY, and 171.03 billion CNY respectively [3][7] Business Performance - Kuaishou's online marketing revenue for Q2 2025 was 19.8 billion CNY, a 12.8% year-on-year increase, with e-commerce GMV reaching 358.9 billion CNY, up 17.6% [6] - The company’s other revenue sources grew by 26% year-on-year, exceeding market expectations [6] - The introduction of the Keling AI technology has led to significant improvements in model quality and performance, contributing to revenue of 250 million CNY in Q2 2025, surpassing expectations [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported stable operations in the first half of the year with a significant decrease in capital expenditures [5] - The company achieved a revenue of 6.845 billion RMB in the first half, a year-on-year increase of 3.26%, while net profit decreased by 4.37% [7] - The company plans to distribute a dividend of 0.03 RMB per share, unchanged from the previous year [7] - The increase in power generation was primarily due to new installations, with total power generation reaching 18.9 billion kWh, up 10.22% year-on-year [7] - The company’s controllable installed capacity reached 19.07 million kW, an increase of 22.59% year-on-year [7] - The company’s financial structure is being optimized with a significant reduction in capital expenditures, down 37.43% year-on-year to 2.6 billion RMB [7] Financial Performance and Forecast - Revenue and profit forecasts for the company from 2023 to 2027 are as follows: - Revenue (million RMB): 12,802 in 2023, 12,576 in 2024, 13,333 in 2025E, 14,173 in 2026E, 14,889 in 2027E [6][8] - Net profit (million RMB): 2,240 in 2023, 1,925 in 2024, 1,774 in 2025E, 1,837 in 2026E, 1,907 in 2027E [6][8] - The company’s price-to-earnings ratio (P/E) is projected to be 9.7 for 2025, 9.4 for 2026, and 9.0 for 2027 [6][8] - The company’s average financing cost decreased to 2.48%, down 36 basis points from the beginning of the year [7]

上 市 公 司 社会服务 2025 年 09 月 09 日 东软睿新集团 (09616) ——开拓医养业务，提升多业务协同效应，未来增长可期 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 09 月 08 日 | | --- | --- | | 收盘价（港币） | 2.75 | | 恒生中国企业指数 | 9121.66 | | 52 周最高/最低（港币） | 3.98/2.23 | | H 股市值（亿港币） | 17.77 | | 流通 H 股（百万股） | 646.22 | | 汇率（人民币/港币） | 1.0978 | 一年内股价与基准指数对比走势： -2% 48% 98% 09/09 10/09 11/09 12/09 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 HSCEI 东软睿新集团 资料来源：Bloomberg 相关研究 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 财务 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 14.8, representing a potential upside of 51.6% from the current price of HKD 9.76 [2][6]. Core Insights - The company's cloud service business has shown significant growth, with a revenue increase of 30% year-on-year, and it now accounts for 52% of total revenue. The cloud business is expected to maintain a growth rate of over 20% in the next 3-5 years [6]. - The company has transitioned from a loss to profitability in its cloud services segment, achieving a profit of nearly RMB 200 million in the first half of 2025, with a profit margin of 1.6% [6]. - The company is focusing on expanding its customer base by targeting small and medium-sized enterprises (SMEs) and overseas markets, with a particular emphasis on Southeast Asia [6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 8.29 billion, a year-on-year increase of 19.1%. The net profit attributable to shareholders was RMB 201.63 million, reflecting a growth of 69.9% [3][8]. - The earnings per share (EPS) for 2025 is projected to be RMB 0.46, with a forecasted net profit of RMB 522.37 million [3][8]. - The company’s financial metrics indicate a projected price-to-earnings (P/E) ratio of 21.4 for 2025, decreasing to 12.9 by 2027, suggesting improving valuation over time [3][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 85.00 [7][8] Core Views - Despite facing external factors in Q2 2025, the company achieved revenue and profit growth in H1 2025, demonstrating brand resilience and performance stability [1][7] - The upcoming Double 11 shopping festival is expected to boost sales through brand promotion and influencer marketing activities [1] - The company has recently acquired exclusive patents related to collagen and ginseng saponins, indicating ongoing innovation and potential for expanding the application of its premium raw materials [1][3] - The brand's sales on Douyin are anticipated to recover, aided by influencer promotions, with a notable live-streaming event generating over HKD 16 million in sales [2][3] Revenue and Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be RMB 2.6 billion, RMB 3.2 billion, and RMB 3.8 billion respectively, with corresponding EPS of RMB 2.53, RMB 3.11, and RMB 3.71 [5][10] - Revenue is projected to grow significantly, with estimates of RMB 7.1 billion in 2025, RMB 8.8 billion in 2026, and RMB 10.5 billion in 2027, reflecting growth rates of 28.45%, 23.37%, and 19.18% respectively [10][19] Market Expansion and Innovation - The company is actively exploring overseas markets, having successfully entered Malaysia and expanded into South Korea and France, which may provide new growth opportunities [4] - Recent patent approvals for innovative products indicate a strong focus on R&D and potential for future product launches [3][4] Sales Performance - The sales performance in July and August showed strong growth, with GMV for the brands reaching HKD 172 million and HKD 19 million respectively, marking year-on-year increases of 48% and 77% [2][3] - The company has been expanding its offline presence, with new store openings and product placements in key retail locations [3]

Investment Rating - The report suggests to "focus on" the company due to its strong revenue guidance and improving fundamentals [1][4]. Core Insights - The company, WanKa YiLian, is a mobile application store game advertising distributor, with 99% of its revenue coming from advertising in the first half of 2025. The stock price has increased by 491% year-to-date and 53% over the last 20 trading days, with an average daily trading volume of 25 million HKD [1][2]. - The company expects a revenue of 3.8 to 4 billion HKD for 2025, representing a year-on-year growth of 45% to 52% [1][4]. Summary by Sections Business Overview - WanKa YiLian's core business is mobile application store game advertising distribution, with mobile advertising revenue contributing 97% since 2021. The company collaborates with major smartphone manufacturers, linking over 2 billion devices [2][3]. Financial Performance - In the first half of 2025, total revenue reached 1.71 billion HKD, a 39% increase year-on-year. Mobile advertising revenue grew by 43%, outpacing the domestic mobile game market growth of 17% [2][9]. - The adjusted net profit for the first half of 2025 was 52 million HKD, a 10% increase year-on-year, with a net profit margin of 3% [2][9]. International Expansion - The overseas revenue in the first half of 2025 was 41.87 million HKD, a 4.4 times increase year-on-year, and is expected to accelerate in the second half of the year [3]. - The company aims to increase its overseas revenue contribution to 30% over the next three years, currently focusing on platforms like Apple and Xiaomi, with plans to support advertising on Meta, Google, and TikTok [3]. Strategic Partnerships - The company has entered a three-year strategic cooperation with Alibaba Cloud to enhance AI-driven marketing and smart terminal capabilities [3]. Shareholder Actions - A share buyback plan of up to 200 million HKD was announced, with 21.81 million shares repurchased as of September 5, 2025 [3]. Financial Outlook - The company projects a revenue of 3.8 to 4 billion HKD for 2025, with a mid-term goal of exceeding 10 billion HKD by 2029, implying a CAGR of 31% from 2024 to 2029 [4].

数据来源 :Wind 、国元证券经纪 ( 香港 ) 整理 主要股东 国家能源投资集团 (58.72%) 瑞众人寿保险 (6.36%) 信泰人寿保险 (4.08%) 新加坡政府投资 (3.16%) 龙源电力（0916.HK） 2025-9-9 星期二 | 目标价： | 9.60 | 港元 | | --- | --- | --- | | 现价： | 7.87 | 港元 | | 预计升幅： | 22% | | 重要数据 | 日期 | 2025-9-8 | | --- | --- | | 收盘价(港元) | 7.87 | | 总股本(亿股) | 83.6 | | 总市值(亿港元) | 1,253 | | 净资产(亿元) | 881 | | 总资产 (亿元) | 2,692 | | 52 周高低 (港元) | 8.00/4.93 | | 每股净资产(元) | 8.91 | 相关报告 深度报告-20210608 更新报告-20210727/0913/1213 更新报告-20220112/0908/1111 更新报告-202302148/20230508 更新报告-20230906/20240417 更新报告-202410 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 22.2, representing a potential upside of 22.3% from the current price of HKD 18.17 [5]. Core Insights - The company has demonstrated strong performance in the first half of 2025, achieving insurance service revenue of RMB 249 billion, a year-on-year increase of 5.6%, with net profit reaching RMB 245 billion, up 32.3% [7]. - The comprehensive cost ratio (COR) has significantly improved, with the overall COR reduced to 94.8%, a decrease of 1.4 percentage points year-on-year, indicating effective risk management and operational efficiency [7]. - The company has achieved record investment returns, with total investment income of RMB 172.6 billion in the first half of 2025, reflecting a year-on-year growth of 26.6% [7]. - The report highlights the company's strong alpha capability and sustainable profitability model, supported by a stable long-term return on equity (ROE) and dividend yield [7]. Financial Summary - For the fiscal year ending December 31, 2023, the company is projected to have insurance service revenue of RMB 457.2 billion, with a net profit of RMB 24.6 billion, reflecting a year-on-year decline of 15.7% [4][8]. - The forecast for net profit growth shows a significant rebound in 2024, with an expected increase of 34.9% to RMB 33.2 billion, followed by further growth in subsequent years [4][8]. - The company aims to maintain a comprehensive cost ratio of below 96% for auto insurance and below 99% for non-auto insurance in 2025 [7].