Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvements in operational efficiency, cash flow, and dividend logic continues to be fulfilled [7] - The company's main business revenue for H1 2025 was HKD 14.304 billion, a year-on-year decrease of 8%, with a net profit attributable to shareholders of HKD 2.207 billion, down 10% year-on-year [2] - The report highlights a decline in construction revenue and an increase in impairment losses and foreign exchange losses impacting net profit [7] Financial Summary - Total revenue forecast for 2023A is HKD 32.495 billion, with a year-on-year decrease of 13.92% [1] - Net profit attributable to shareholders for 2023A is projected at HKD 4.429 billion, a decrease of 3.75% year-on-year [1] - The latest diluted EPS for 2023A is HKD 0.72, with a P/E ratio of 5.94 [1] - The company’s cash flow has improved, with a mid-year dividend payout ratio increasing by 7 percentage points to 42% [7] - The company’s construction revenue for H1 2025 was HKD 1.844 billion, down 49% year-on-year, while operational revenue increased by 5% to HKD 9.943 billion [7] - The company has a market capitalization of approximately HKD 26.292 billion and a price-to-book ratio of 0.51 [5] Operational Highlights - The environmental energy segment contributed HKD 5.142 billion in operational revenue for H1 2025, a 6% increase [7] - The company has implemented cost reduction and efficiency improvement measures, leading to a 12% increase in net profit contribution from the environmental energy segment [7] - The company is actively exploring new business opportunities, including projects in Uzbekistan and Thailand [7]

证券研究报告 | 2025年08月24日 光大环境（00257.HK） 优于大市 运营收入占比超 70%，中期派息比例提升 7pct 营收利润双降但结构明显优化。2025H1 年公司实现营业收入 143.04 亿港元， 同比下滑 8%，主要原因是新建项目减少，导致建造收入下降；公司实现归母 净利 2.07 亿港元，同比下滑 10%，主要系建造利润减少和汇兑损失扩大所致。 报告期内，公司收入结构明显优化，毛利率较高的运营收入为 99.43 亿港元， 同比增长 5%；毛利率相对较低的建造收入为 18.44 亿港币，同比下滑 49%； 公司运营/建造/财务收入占比为 70%/13%/17%。 毛利率净利率双升。2025H1 公司的销售毛利率为 44.26%，较去年同期提升 5.53pct；净利率为 19.4%，同比提升 0.8pct；管理费用率为 11.7%，同比提 升 4.6pct，主要系汇兑损失扩大所致（为降低财务费用，公司使用利用较低 的人民币贷款置换外币，2025H1 人民币出现明显升值，在汇率折算时，人民 币负债以港币计价的金额相应增加）；财务费用率为 8.7%，同比下降 0.9pct。 分板块来看，环保 ...

上 市 公 司 房地产 ——业绩靓眼、销投改善、资产质量优异 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（港币） | 18.50 | | 恒生中国企业指数 | 9079.93 | | 52 周最高/最低（港币） | 19.58/10.06 | | 收盘价（港币） | 18.50 | | --- | --- | | 恒生中国企业指数 | 9079.93 | | 52 周最高/最低（港币） | 19.58/10.06 | | H 股市值（亿港币） | 414.43 | | 流通 H 股（百万股） | 2,240.15 | | 汇率（人民币/港币） | 1.0955 | 2025 年 08 月 24 日 建发国际集团 (01908) 一年内股价与基准指数对比走势： -19% 31% 81% HSCEI 建发国际集团 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.c ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a focus on increasing market share despite a challenging market environment [2][3] - The company achieved revenue of 7.88 billion yuan in H1 2025, representing a year-on-year growth of 10.5% [10] - The company is expected to continue benefiting from its standardized services and cost-effective products, leading to sustained growth in market share [3] Revenue and Profitability - Total revenue projections for the company are as follows: 13.606 billion yuan in 2023, 14.759 billion yuan in 2024, 16.284 billion yuan in 2025, 17.926 billion yuan in 2026, and 19.658 billion yuan in 2027, with year-on-year growth rates of 17.67%, 8.47%, 10.34%, 10.08%, and 9.66% respectively [1] - The net profit attributable to the parent company is projected to be 6.703 billion yuan in 2023, 483.79 million yuan in 2024, 545.87 million yuan in 2025, 653.23 million yuan in 2026, and 747.03 million yuan in 2027, with significant fluctuations in growth rates [1] - The company's gross margin for H1 2025 was 25.2%, slightly down by 0.7 percentage points year-on-year, primarily due to a shift in consumer preference towards cost-effective products [4] Market Expansion and User Growth - The company expanded its store network to 7,205 locations by June 30, 2025, a net increase of 331 stores from the beginning of the year, with over 60% of new stores located in second-tier and lower-tier cities [10] - The total number of transaction users reached 26.5 million, a year-on-year increase of 23.8%, maintaining a user satisfaction rate of 95% and a repurchase rate of 64% [10] Financial Forecasts - Adjusted net profit forecasts for 2025 and 2026 have been revised to 7.53 billion yuan and 8.60 billion yuan respectively, with a new forecast for 2027 set at 9.53 billion yuan [11] - The company is expected to maintain a stable long-term growth outlook, with a price-to-earnings ratio projected at 21, 18, and 16 times for 2025, 2026, and 2027 respectively [11]

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [2][22]. Core Insights - Genscript Biotech reported a revenue of US$519 million for 1H25, representing a year-on-year increase of 81.9%. The net loss attributable to shareholders narrowed to US$25 million, while the adjusted net profit from continuing operations rose to US$178 million, a significant increase of 509.6% [3][15]. Summary by Sections Life Sciences Services and Products - Revenue for this segment in 1H25 was approximately US$247.6 million, an increase of 11.3%. The adjusted gross margin slightly decreased from 53.9% to 51.0%, and adjusted operating profit decreased from approximately US$47.8 million to US$46.4 million. Growth was driven by platform innovation and automation upgrades, improved operational efficiency in production sites, and enhanced customer engagement. The decline in operating profit was attributed to increased investments in marketing transformation and R&D [4][16]. Biologics Development Services - This segment saw revenue increase to US$246.9 million, a year-on-year growth of 511.1%. The adjusted gross margin improved significantly from 14.7% to 73.6%, with adjusted operating profit reaching US$149.6 million, compared to a loss of US$18.9 million in the same period last year. The growth was primarily due to sublicensing revenue from Lixin Pharmaceutical. Excluding this effect, the segment still achieved double-digit growth driven by GMP order completions and global expansion of the viral vector business [5][17]. Industrial Synthetic Biology Products - Revenue for this segment was approximately US$28.3 million, reflecting an 8.4% year-on-year increase. However, it reported an adjusted operating loss of US$0.6 million, compared to a profit of US$2.3 million in the same period last year. The revenue increase was attributed to the expansion of synthetic biology operations in China and the establishment of sales channels and local teams overseas. The operating loss was due to increased R&D expenses, which are expected to support future innovation and revenue growth [6][18]. Valuation - The report employs a segment-based valuation approach, estimating the total equity value of Genscript Biotech at approximately US$6.866 billion, which translates to HK$53.7 billion. This corresponds to a target price of HK$24.62 per share based on the company's total share count of 2.181 billion shares [8][22].

Investment Rating - The investment rating for China Tobacco Hong Kong (6055.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential. Core Views - The report highlights that China Tobacco Hong Kong's revenue for the first half of 2025 reached HKD 10.316 billion, representing an 18.5% year-on-year increase, while the net profit attributable to shareholders was HKD 706 million, up 9.8% year-on-year. The gross margin was 9.2%, down 1.9 percentage points year-on-year, and the net profit margin was 6.9%, down 0.5 percentage points year-on-year [1][2]. Summary by Sections Revenue Performance - The revenue from tobacco leaf imports in H1 2025 was HKD 8.399 billion, a 23.5% increase year-on-year, with sales volume and average price increasing by 2.5% and 20.5% respectively. The gross margin for this segment was 8.2%, down 1.8 percentage points year-on-year. The overall performance remained stable despite fluctuations in tariffs between China and the US [1][2]. Export Performance - The revenue from tobacco leaf exports in H1 2025 was HKD 1.156 billion, a 25.9% increase year-on-year, with a gross margin of 5.5%, up 1.4 percentage points year-on-year. This strong performance was attributed to the company's active market expansion and customer acquisition, with sales volume increasing by 12.7% and average price rising by 11.7% [2]. Cigarette Export - The revenue from cigarette exports in H1 2025 was HKD 0.552 billion, a slight increase of 0.8% year-on-year. The sales volume decreased by 7.9%, while the average price increased by 9.4%, resulting in a gross margin of 25.7%, up 8.1 percentage points year-on-year. The report anticipates a strong recovery in H2 2025 due to increased efforts in expanding self-operated channels and new product launches [2]. New Tobacco Products - The revenue from new tobacco products in H1 2025 was HKD 0.015 billion, a significant decline of 66.5% year-on-year, primarily due to geopolitical conflicts affecting supply chains and changing overseas policies. A marginal recovery is expected in H2 2025 [3]. Brazil Operations - The revenue from operations in Brazil for H1 2025 was HKD 0.195 billion, down 50.3% year-on-year, with sales volume and average price decreasing by 34.8% and 23.8% respectively. The gross margin improved to 27.4%, up 9.9 percentage points year-on-year, due to a shift in product mix towards higher-margin products. A recovery is anticipated in H2 2025 as weather conditions normalize [3]. Profit Forecast - The report forecasts steady performance in the tobacco leaf import and export sectors, with expectations for marginal recovery in cigarette and new tobacco product exports. The company is positioned as the exclusive operational entity for international business expansion and related trade for China Tobacco, which may accelerate the acquisition of quality targets in the future. Projected net profits for 2025-2027 are HKD 1.02 billion, HKD 1.16 billion, and HKD 1.29 billion, respectively, with corresponding P/E ratios of 25.9X, 22.6X, and 20.4X [3].

Investment Rating - The investment rating for TCL Electronics is maintained at "Buy-A" with a target price of HKD 11.82 for the next six months [5]. Core Views - TCL Electronics reported a significant growth in H1 2025, achieving revenue of HKD 54.78 billion, a year-on-year increase of 20.4%, and a net profit of HKD 1.09 billion, up 67.8% year-on-year. The company is expected to benefit from its television business expansion, innovative solar energy initiatives, and comprehensive marketing strategies [1][2]. Summary by Sections Financial Performance - In H1 2025, TCL's large-size display business revenue grew by 9%, with domestic revenue increasing by 4% and overseas revenue by 12%. The company's global TV market share rose by 0.9 percentage points year-on-year [2]. - The domestic Mini LED TV shipments surged by 154%, while overseas shipments increased by 197% in H1 2025 [2]. - The internet business revenue grew by 20%, driven by enhanced user experience and partnerships with major platforms like Google, Roku, and Netflix [2]. - The solar energy business saw a remarkable revenue increase of 111% in H1 2025 [2]. Profitability Metrics - The gross margin for H1 2025 decreased by 0.6% year-on-year, primarily due to the rapid growth of the lower-margin solar business. However, the net profit margin improved to 2.0%, up 0.6 percentage points year-on-year, reflecting enhanced operational efficiency and scale effects [3]. - The sales expense ratio and R&D expense ratio decreased by 1.1 percentage points and 0.3 percentage points, respectively [3]. Future Projections - The projected earnings per share (EPS) for TCL Electronics are HKD 1.07, HKD 1.25, and HKD 1.46 for the years 2025, 2026, and 2027, respectively. The estimated price-to-earnings (P/E) ratio for 2025 is 11 times [3][7]. - Revenue forecasts for the upcoming years are HKD 993.2 billion for 2024, HKD 1,193.7 billion for 2025, HKD 1,341.7 billion for 2026, and HKD 1,511.4 billion for 2027 [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][14]. Core Insights - The company has demonstrated significant revenue growth, with a reported revenue of 138.8 billion yuan for H1 2025, representing a year-over-year increase of 204.4%. The adjusted net profit reached 47.1 billion yuan, up 362.8% year-over-year, indicating strong operational performance and cost control [6][7][9]. Financial Performance - Revenue for H1 2025 was 138.8 billion yuan, with an expected full-year revenue exceeding 300 billion yuan. The adjusted net profit was 47.1 billion yuan, with an adjusted net profit margin of 33.9%, an increase of 11.6 and 5.8 percentage points compared to H1 2024 and H2 2024 respectively. The gross margin was 70.3%, up 6.3 percentage points year-over-year [6][9][12]. - The company effectively controlled costs, with a decrease in sales expense ratio by 6.7 percentage points and management expense ratio by 4 percentage points year-over-year. The inventory turnover days improved from 102 days in 2024 to 83 days in H1 2025 [9][10]. Revenue Breakdown - Online sales growth outpaced offline, with online revenue increasing by 365% year-over-year, accounting for 39.6% of total revenue. Offline revenue grew by 159% year-over-year, making up 55.7% of total revenue [8][9]. - Domestic revenue reached 82.8 billion yuan, representing 59.7% of total revenue, with online domestic revenue growing by 212.2% year-over-year [9][10]. International Expansion - Overseas revenue surged by 440% year-over-year, accounting for 40.3% of total revenue. The Americas and Europe showed particularly strong growth, with year-over-year increases of 1142.3% and 729.2% respectively [11][12]. - The company plans to expand its store count to 200 by the end of the year, with significant growth in the Americas and Europe [11][12]. Product and IP Performance - The plush category has become the largest product category, with revenue from plush toys growing by 1276% year-over-year. The company has 13 IPs generating over 1 billion yuan in revenue [12][13]. - Membership growth has been robust, with a total of 59.12 million members by H1 2025, and a member repurchase rate of 50.8% [12][13]. Earnings Forecast - The company is projected to achieve revenues of 330.25 billion yuan, 452.39 billion yuan, and 566.76 billion yuan for the years 2025, 2026, and 2027 respectively. The adjusted net profit is expected to reach 115.48 billion yuan, 159.05 billion yuan, and 200.87 billion yuan for the same years [15][16].

Investment Rating - The report maintains a "Buy" rating for the company Tuhu-W (09690) [1][7] Core Insights - The company has shown robust store expansion and a significant increase in transaction users, with the number of stores growing from 6,311 to 7,205 year-on-year, representing a 14.2% increase. Transaction users rose from 21.4 million to 26.5 million, a growth of 23.8% [5] - Revenue for the first half of 2025 reached 7.877 billion RMB, a year-on-year increase of 10.5%, while adjusted net profit was 410 million RMB, up 14.6% [5] - The gross margin slightly decreased from 25.9% to 25.2% due to lower margins in tires and automotive maintenance, but other income surged by 326.1% to 897 million RMB, primarily from increased government subsidies [5] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 15.960 billion, 17.621 billion, and 19.318 billion RMB, respectively, with growth rates of 8%, 10%, and 10% [6] - Adjusted net profits are forecasted to be 755 million, 939 million, and 1.215 billion RMB for the same years, reflecting growth rates of 21%, 24%, and 29% [6] - The adjusted P/E ratios are expected to be 20.8, 16.7, and 12.9 for 2025, 2026, and 2027, respectively [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.002 billion HKD for the first half of 2025, representing a year-on-year increase of 10.83%, and a net profit attributable to shareholders of 941 million HKD, up 3.38% year-on-year, indicating a recovery in profits after two years of stagnation [4][10] - The sales of exclusive/brand and innovative products continued to grow, accounting for 62.1% of total revenue, up from 56.1% in the same period last year [4] Summary by Sections Financial Performance - The company’s total revenue for the reporting period was 4.002 billion HKD, with a year-on-year growth of 10.83% - The net profit attributable to shareholders was 941 million HKD, reflecting a year-on-year increase of 3.38% - The gross profit margin was 72.26%, down 2.41 percentage points year-on-year, primarily due to changes in product mix and increased investment in R&D [5][10] R&D and Innovation - R&D expenses increased significantly by 91.79% to 202 million HKD, with an R&D expense ratio of 5.06%, up 2.14 percentage points year-on-year [5] - The company has five innovative drugs that have entered commercialization, with rapid progress in their commercialization [6] Business Segments - Traditional business lines, such as cerebrovascular disease, generated sales of 2.216 billion HKD, up 0.6%, while the digestive and autoimmune disease lines saw sales of 1.411 billion HKD, up 4.9% [6] - New business segments, particularly the dermatology and aesthetic line (De Mei Health), reported sales of 498 million HKD, a remarkable increase of 104.3% [6] Future Catalysts - Several products are in the NDA/IND review stage, with two self-developed innovative drugs having received IND approval and set to begin clinical trials [7][8] - The company is in the process of splitting De Mei Health for independent listing, which is expected to enhance its market position [9] Financial Projections - Revenue projections for 2025-2027 are 8.32 billion HKD, 9.454 billion HKD, and 11.043 billion HKD, with expected year-on-year growth rates of 11%, 14%, and 17% respectively [10] - Net profit projections for the same period are 1.628 billion HKD, 1.892 billion HKD, and 2.252 billion HKD, with expected growth rates of 0%, 16%, and 19% respectively [10]