证券研究报告 | 公司点评报告 2025 年 09 月 03 日 地平线机器人-W（09660.HK） 25H1 营收高增长，看好下半年 HSD 放量、中长期出海空间 TMT 及中小盘/电子 事件：公司发布 2025H1 半年报业绩公告，上半年营收 15.7 亿元，同比+67.6%， 经调整亏损净额-13.3 亿元，亏损幅度同比扩大 65.7%，毛利率 65.4%，同比 -13.7pct。我们点评如下： 增持（维持） 目标估值：NA 当前股价：9.56 港元 基础数据 | 总股本（百万股） | 13881 | | --- | --- | | 香港股（百万股） | 11757 | | 总市值（十亿港元） | 132.7 | | 香港股市值（十亿港元） | 112.4 | | 每股净资产（港元） | 0.8 | | ROE（TTM） | 20.5 | | 资产负债率 | 51.2% | | 主要股东 | Porsche Automobil Holding | | | SE | | 主要股东持股比例 | 17.1859% | 股价表现 % 1m 6m 12m 绝对表现 38 -1 140 相对表现 34 -12 9 ...

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-09-03 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 727.50 | | --- | --- | | 总股本/流通股本（亿股）1.73 | | | 总市值/流通市值（亿港 | 1,256.22 | | 元） | | | 周内最高/最低价 52 | 1082/ 239.80 | | 资产负债率(%) | 38.1336 | | 市盈率 | 87.1113 | | 第一大股东 | 有限公司 | 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 股票投资评级 老铺黄金 (6181.HK) 增持|维持 拓店与出海并举，年内二次提价，未来展望积极 事件 中报：公司发布 2025 年中报，2025 年上半年公司销售业绩（含 税收入）人民币 142 亿元，同比增长 249%，收入人民币 123 亿元，同 比增长 251%，经调净利润 23.5 亿元，同比增长 291%，期间利润 22.7 亿元，同比增长 285%。中报业绩位于正面盈利预告区间偏上位置。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][3][17] Core Views - The company is benefiting from increased production and rising precious metal prices, leading to a significant reduction in main mine costs [1][3] - In H1 2025, the company's revenue reached $2.82 billion, a year-on-year increase of 46.9%, while net profit attributable to shareholders soared by 1511% to $340 million [1][8] - The Las Bambas copper mine has been a key contributor to profit growth, with its C1 cost dropping to $1.07 per pound (equivalent to $2,359 per ton), the lowest in recent years [1][8] Financial Performance - The company expects copper production to increase by over 50% within the next five years, with annual copper output projected to reach 610,000 tons by 2028 [2][11] - The report forecasts net profits of $732 million, $927 million, and $1.019 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 352%, 26.6%, and 9.9% [3][17] - The company's earnings per share (EPS) are projected to be $0.06, $0.08, and $0.08 for the years 2025, 2026, and 2027 [3][17] Production and Cost Analysis - In H1 2025, the Las Bambas copper mine produced 211,000 tons of copper, along with by-products including 43,000 ounces of gold and 2.44 million ounces of silver [2][9] - Operating costs per ton of copper (excluding depreciation and interest) decreased by $1,436 year-on-year to $3,697 per ton in H1 2025 [2][9] - The report anticipates further cost reductions in the second half of 2025 due to rising precious metal prices [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 250 million yuan in H1 2025, representing a year-on-year increase of 40.4%. The gross margin decreased by 25.2 percentage points to 24.8%, while the adjusted net profit was a loss of 550 million yuan, reducing losses by 8.9% year-on-year [8] - The autonomous driving business is progressing well, with multiple chips advancing rapidly. Revenue from driver assistance products and solutions increased by 41.6% year-on-year to 237 million yuan, driven by an increase in mass-produced models and enhanced customer acquisition capabilities [8] - The company is deepening collaborations with major automotive clients and accelerating overseas deliveries, with a record number of overseas model approvals expected to drive sales starting in H2 2025 [8] - The application scenarios are continuously expanding, with developments in robotics and low-speed L4 non-passenger vehicle scenarios, which are expected to form a second growth curve and enhance business resilience [8] - The report maintains revenue expectations of 880 million yuan, 1.43 billion yuan, and 1.92 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/S ratios of 12.4, 7.7, and 5.7 [8] Financial Summary - The company forecasts total revenue of 312.39 million yuan for 2023, increasing to 883.02 million yuan by 2025, with a year-on-year growth rate of 86.19% [1] - The net profit attributable to the parent company is projected to be a loss of 4.86 billion yuan in 2023, improving to a loss of 1.27 billion yuan in 2025 [1] - The latest diluted EPS is expected to be -7.65 yuan in 2023, improving to -2.00 yuan in 2025 [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][11]. Core Insights - The company has shown strong financial performance with a revenue of 657 million RMB in the first half of 2025, representing a year-on-year growth of 20%, and a net profit of 328 million RMB, up 59% year-on-year [4]. - The company has a robust cash reserve of 2.3 billion RMB, providing solid support for future R&D and operations [4]. - The core product, Pimiatinib (ABSK021), has successfully entered the global commercialization phase with Merck exercising its option and paying a fee of 85 million USD [4]. - The company is expected to achieve significant sales milestones with Pimiatinib's global approval and ongoing sales revenue sharing [4]. - The company is actively repurchasing shares, indicating a focus on shareholder returns, with a total of 9.545 million shares repurchased by June 30, 2025 [7]. Financial Performance and Projections - Revenue projections for 2025-2027 are estimated at 678 million RMB, 621 million RMB, and 786 million RMB respectively, with net profits of 42 million RMB, 64 million RMB, and 80 million RMB [2][6]. - The company anticipates a peak sales potential of 1.5 billion USD for Pimiatinib targeting TGCT and 1 billion USD for cGVHD [6]. - The report highlights a significant increase in revenue growth rate from 2,544% in 2023 to 35% in 2024, followed by a slight decline of 8% in 2025, and a rebound of 27% in 2026 [9][10]. Product Pipeline and Market Potential - The company is advancing its pipeline with ABSK011, a potential first-in-class FGFR4 inhibitor, which has shown promising preclinical efficacy and is currently in registration clinical trials [5]. - ABSK043, an oral PD-L1 inhibitor, is also in development, showing a 19.6% objective response rate in early trials, with potential for significant market impact in the NSCLC segment [7]. - The company has a rich pipeline with various candidates, including KRAS inhibitors and ADCs, indicating a strong future growth trajectory [7].

Investment Rating - The report maintains a "Buy" rating for China Lesso Group, with a target price of RMB 7.10, which corresponds to HKD 7.80 based on the exchange rate of 0.91 [3][12]. Core Insights - In the first half of 2025, the company's net profit increased by 0.3% year-on-year, reaching RMB 1.046 billion, despite a revenue decline of 8.0% to RMB 12.475 billion. The gross profit margin slightly improved to 28.2% from 27.5% in the previous year, attributed to automation, cost control, and enhanced production efficiency [1][14]. - The company is focusing on optimizing its environmental protection business, enhancing its supply chain service platform, and streamlining its new energy business in response to market challenges [1][14]. - The agricultural application of plastic pipes is being promoted, with the gross profit margin for this segment remaining stable at 29.4% [4][14]. - The company is actively expanding its overseas market presence, particularly in Southeast Asia, North America, and Africa, with new production bases established in Tanzania and Ethiopia [4][14]. Financial Summary - The projected net profits for China Lesso Group from 2025 to 2027 are RMB 2.201 billion, RMB 2.476 billion, and RMB 2.675 billion, respectively. The expected earnings per share (EPS) for the same period are RMB 0.71, RMB 0.80, and RMB 0.86 [3][5][12]. - Revenue forecasts indicate a decline of 12% in 2024, followed by a decrease of 4% in 2025, with a recovery expected in subsequent years [5][12]. - The company's financial ratios show a projected improvement in profitability, with a return on equity (ROE) expected to rise from 7.06% in 2024 to 8.57% in 2027 [8][5].

研究报告 Research Report 2 Sep 2025 1H25 公司营收/归母净利润增速略低于/符合我们预期，主要系费 用率控制优于同业。25H1 毛戈平实现公司营收 25.88 亿元，同比 +31.3%（24H2 增速：28.6%）。公司 25H1 毛利率为 84.2%，同比 减少 0.7 个百分点，主要受到彩妆产品迭代升级和培训业务成本上 升影响，其中彩妆业务/培训业务分别影响整体毛利率-0.5pct/ -0.2pct。费用率方面，25H1 销售及分销开支为 11.69 亿元，对应销 售及分销开支费率为 45%，同比减少 3pct。其中，营销及推广开支 同比增长 24%达 5.40 亿元，主要由于为了提升品牌曝光度公司加 大品牌推广和渠道建设的投入；计入销售费用的员工福利开支同 比增长 28%至 3.57 亿元，主要由于 25H1 销售人员数量增加，以支 持本集团的业务扩张。公司 25H1 行政开支为 1.36 亿元，对应行政 开支比费率为 5%，同比减少 2pct，主要由于员工福利开支增加以 及收入的增加而增加的销售税及附加费。公司 25H1 研发成本为 0.15 亿元，对应研发成本费率为 0 ...

Investment Rating - The report assigns a "Buy" rating for Ark Health (6086.HK) based on its performance and growth potential [1]. Core Insights - The company reported a revenue of approximately 1.494 billion yuan for the first half of 2025, representing a year-on-year increase of 12.91%. The adjusted net profit was around 18 million yuan, up 16.8% year-on-year, while the net profit attributable to the parent company was approximately 12 million yuan, marking a turnaround from losses [1][2]. - The online retail pharmacy segment showed a remarkable growth rate of 28.2%, contributing 864 million yuan to the revenue. The company has expanded its user base and improved operational and supply chain capabilities [2]. - The company is recognized as a leading online chronic disease management platform in China, with over 11 million monthly active users and a repurchase rate of 85%. The platform registered 52.8 million users, with an average of 11.9 million monthly active users over the past twelve months [2][3]. - The company has a robust product matrix and supply chain, with over 1,650 suppliers and 980 pharmaceutical companies, including major multinational and domestic firms. The platform offers over 216,000 drug SKUs, with 62% being prescription drugs [2][3]. - The company has made significant strides in AI integration within chronic disease management, launching various AI tools to enhance efficiency in medical consultations and patient management [2][3]. Financial Summary - The company is projected to achieve revenues of approximately 3.334 billion yuan, 4.038 billion yuan, and 4.901 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 21%, and 21% [5]. - The net profit attributable to the parent company is expected to be 16 million yuan, 36 million yuan, and 62 million yuan for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 102%, 119%, and 73% [5]. - Key financial metrics indicate a projected gross margin of 18.19% in 2025, with a return on equity (ROE) of 11.02% [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first half of 2025, the company achieved a revenue of 25.62 billion yuan, representing a year-on-year increase of 15.6%, and a net profit attributable to shareholders of 7.62 billion yuan, which is a year-on-year increase of 22.2% [2][6]. Summary by Sections - **Revenue Breakdown**: In H1 2025, the revenue from various product categories was as follows: packaged water 9.44 billion yuan (+10.7%), tea beverages 10.09 billion yuan (+19.7%), functional drinks 2.90 billion yuan (+13.6%), juice 2.56 billion yuan (+21.3%), and others 630 million yuan (+14.8%) [7]. - **Profitability**: The gross margin increased by 1.5 percentage points to 60.3% due to a decline in raw material prices such as PET and sugar. The net profit margin reached 29.7%, up by 1.6 percentage points, marking a new high for the company [7]. - **Market Outlook**: The company expects continued growth in market share for packaged water, driven by a favorable competitive landscape and improved brand strength. Projected net profits for 2025, 2026, and 2027 are 14.5 billion yuan, 16.6 billion yuan, and 18.6 billion yuan, respectively, with corresponding EPS of 1.29 yuan, 1.47 yuan, and 1.65 yuan [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant revenue increase of 38.8% year-on-year, reaching 3.082 billion yuan in the first half of 2025, with a remarkable net profit growth of 268.0% to 755 million yuan [2][4]. - The performance of games such as "Heart Town" and "Ragnarok M: Original Server" has driven revenue growth and significantly improved profit margins [2][7]. - The TapTap platform has shown high revenue growth due to algorithm upgrades and increased user engagement, indicating ongoing commercial potential [2][7]. - The company has a strong pipeline of new games and is expanding its presence in the PC gaming sector, which is expected to enhance community commercialization potential [2][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% [2][4]. - Adjusted net profit reached 796 million yuan, reflecting a year-on-year increase of 235.3% [2][4]. Game Business - The game revenue increased by 39.4% year-on-year to 2.071 billion yuan, with a sequential increase of 6.3% compared to the second half of 2024 [7]. - The average monthly active users (MAU) and paying users increased by 19.7% and 21.1% year-on-year, reaching 11.409 million and 1.322 million, respectively [7]. - The gross margin for the game business improved by 8.0 percentage points year-on-year to 68.0% [7]. TapTap Platform - TapTap's revenue grew by 37.6% year-on-year to 1.011 billion yuan, benefiting from improved advertising algorithms and user engagement [7]. - The MAU for TapTap in China increased by 0.9% year-on-year to 43.625 million, while the international version saw a slight decline [7]. Operational Efficiency - The company improved its operational efficiency, with a decrease in sales expense ratio by 7.2 percentage points year-on-year to 24.1% [7]. - The overall gross margin increased by 5.7 percentage points year-on-year to 73.1%, leading to a significant improvement in net profit margin to 25.8% [7]. Future Outlook - The company has several promising new game releases planned, including the overseas version of "Heart Town" and the next-generation title "Ragnarok RO: Guardian of Eternal Love 2" [7]. - TapTap is focusing on increasing the number of PC games, which is expected to drive growth in the community commercialization potential [7].