公司基本情况 | 最新收盘价（元） | 47.73 | | --- | --- | | 总股本/流通股本（亿股）10.27 | / 7.66 | | 总市值/流通市值（亿元）490 | / 366 | | 52 周内最高/最低价 | 48.50 / 23.14 | | 资产负债率(%) | 45.0% | | 市盈率 | -36.72 | | 第一大股东 | HKSCC NOMINEES | | LIMITED | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 君实生物(688180) 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-09-12 股票投资评级 资料来源：聚源，中邮证券研究所 l 推出股权激励计划，彰显公司对未来发展信心 近日，公司发布 A 股及 H 股股权激励计划，其中 A 股计划拟授予 的股票期权数量为 2617.6 万份，约占总股本的 2.55%。首次授予股票 期权的激励对象共计251人，约占公司2024年全部职工人数的9.74%， 行权价格为 46.67 元/份。考核年度为 2025-20 ...

丨证券研究报告丨 公司研究丨点评报告丨春秋航空（601021.SH） [Table_Title] 成本管控继续加码，经营利润改善明显 报告要点 [Table_Summary] 春秋航空披露 2025 年中报，2025H 公司实现营业收入 103 亿元，同比增加 4.35%，实现归属 净利润 11.7 亿元，同比下滑 14.1%；其中，2025Q2 公司实现营业收入 49.9 亿元，同比增加 6.0%，实现利润总额 6.5 亿元，同比增加 5.6%，实现归属净利润 4.9 亿元，受税盾基数影响， 同比下滑 10.7%。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% 春秋航空披露 2025 年中报，2025H 公司实现营业收入 103 亿元，同比增加 4.35%，实现归属 净利润 11.7 亿元，同比下滑 14.1%；其中，2025Q2 公司实现营业收入 49.9 亿元，同比增加 6.0%，实现利润总额 6.5 亿元 ...

丨证券研究报告丨 公司研究丨点评报告丨华夏航空（002928.SZ） [Table_Title] 盈利同比高增，重回增长曲线 报告要点 [Table_Summary] 华夏航空发布 2025 年中报，2025 年上半年公司实现营业收入 36.1 亿元，同比增加 12.4%， 实现归属净利润 2.5 亿元，同比增加 858.95%；其中 2025Q2 公司实现营业收入 18.4 亿元， 同比增加 15.1%，实现归属净利润 1.69 亿元，同比增加 1.7 亿元，符合业绩预告的指引。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华夏航空（002928.SZ） cjzqdt11111 [Table_Title2] 盈利同比高增，重回增长曲线 [Table_Summary2] 事件描述 华夏航空发布 2025 年中报，2025 年上半年公司实现营业收入 36.1 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of returns exceeding 10% relative to the CSI 300 index over the next six months [2][13]. Core Viewpoints - The company's revenue for the first half of 2025 was CNY 26.85 billion, a decrease of 12.05% year-on-year, while the net profit attributable to shareholders was CNY 5.09 billion, down 19.26% year-on-year [1][7]. - The mobile gaming business generated revenue of CNY 20.28 billion, a decline of 16.41% year-on-year, attributed to the maturation of two major products [7]. - The company is focusing on AI, cloud services, and ICT sectors, with a new model application system launched in 2025H1, enhancing operational efficiency and user experience [9]. - The company is positioned to benefit from the growth of its overseas mobile gaming business and the expansion of its AI and cloud services [9]. Financial Performance Summary - In 2025H1, the overall gross margin was 59.83%, down 2.48 percentage points year-on-year, while the net profit margin was 18.78%, down 1.63 percentage points year-on-year [1][7]. - The company’s total assets were CNY 6,802.77 million in 2023, projected to grow to CNY 12,839.62 million by 2027 [12]. - The projected net profit for 2025 is CNY 1.36 billion, with an expected EPS of CNY 0.69, corresponding to a PE ratio of 19.24 [10].

证券研究报告 | 2025年09月12日 泸州老窖（000568.SZ） 2025 年核心经销客户会议召开，传递发展信心 |  公司研究·公司快评 | | |  | 食品饮料·白酒Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 张向伟 | | | zhangxiangwei@guosen.com.cn | 执证编码：S0980523090001 | | 证券分析师： | 张未艾 | 021-61761031 | | zhangweiai@guosen.com.cn | 执证编码：S0980525070005 | 事项： 事件：2025 年 9 月 8 日，泸州老窖 2025 年核心经销客户会议在天津召开，会议以"全面转型·客户共赢， 坚定推进数字化营销"为主题，对目前白酒行业的机遇与挑战、未来消费趋势等进行了分析和研判；展望 未来，明晰战略发展方向，传递出携手经销商战略共赢的信心。 国信食饮观点：公司组织管理禀赋突出，营销数智化转型至今成效逐步显现，当前国窖批价表现较为稳定， 渠道考核机制优化下经销商利润得到改善 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company focuses on the fields of mental health and cardiovascular diseases, with a promising development of innovative drugs. The launch of the insomnia drug, Dazisni, is expected to significantly contribute to revenue growth. The company is also advancing in the development of a small molecule Lp(a) inhibitor, which has potential for international markets [7][9]. Summary by Sections 1. Company Overview - The company has diversified its business across raw materials, finished drugs, and medical devices, marking a new phase in innovative drug development. It has become a leading enterprise in the mental health and cardiovascular sectors, with a production capacity exceeding 10 billion tablets [12][14]. 2. Financial Performance - The company’s total revenue for 2023 is projected at 3,999 million yuan, with a year-on-year growth of 5.79%. The net profit attributable to shareholders is expected to be 618.90 million yuan, reflecting a decline of 6.55% compared to the previous year. Revenue is forecasted to grow to 5,770 million yuan by 2027, with a compound annual growth rate of approximately 12.59% [1][18]. 3. Product Pipeline - The company has a rich pipeline of over ten innovative drug projects, including the small molecule Lp(a) inhibitor JX2201, which is currently in Phase I clinical trials. The drug has significant potential due to the large patient population with elevated Lp(a) levels and the absence of approved treatments targeting this condition [7][61]. 4. Market Dynamics - The insomnia drug market in China is projected to grow significantly, with the number of insomnia patients expected to reach 300 million by 2025. The company’s insomnia drug, Dazisni, is anticipated to capture a substantial market share following its launch and subsequent inclusion in the medical insurance list [45][54]. 5. Revenue Contributions - The finished drug segment is expected to contribute approximately 61% of total revenue in 2024, with a projected revenue of 25.22 billion yuan. The company is also focusing on expanding its overseas market presence and enhancing its product offerings through innovative drug development [29][35].

公司报告 | 半年报点评 奥瑞金（002701） 证券研究报告 完成多轮战略收购增强产业实力 公司发布半年报 25Q2 公司营收 62 亿同增 68%，归母净利 2.4 亿同减 11%，扣非后归母净 利 2.1 亿同减 20%。25H1 营收 117 亿同增 63%，归母净利 9 亿同增 65%， 扣非后归母净利 4 亿同减 24%。 公司于 2019 年、2025 年分别完成对波尔亚太、中粮包装市场化战略收购， 在布局完整性、业务规模、客户结构、创新能力、盈利水平、综合配套服 务能力方面处于国内领先地位。 中粮包装于 2025 年 1 月纳入合并报表，巩固公司在金属包装领域市场优势 地位，同时切入钢桶和塑胶包装等优质业务领域。公司将从管理、技术、 营销、产能、供应链等多维度，发挥与中粮包装协同效应，优势互补。 积极布局海外市场，拓展增长新空间 近年，面对国内市场的竞争形势和海外发展机遇，公司主动开展海外业务 布局调研，筛选潜在投资机会，并稳步推进海外投资设厂的战略性布局规 划，以顺应行业国际化发展趋势。 公司通过在东南亚地区、中亚地区投资开展二片罐业务，以期为公司海外 业务提速发展奠定良好基础。海外二片罐行 ...

上 市 公 司 基础化工 ——业绩不及预期，纤维规模持续扩张，超美斯贡献第二 成长曲线 报告原因：有业绩公布需要点评 增持（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 649 | 483 | 1,135 | 1,366 | 1,577 | | 同比增长率（%） | 1.4 | 89.7 | 74.9 | 20.3 | 15.5 | | 归母净利润（百万元） | 130 | 66 | 200 | 248 | 300 | | 同比增长率（%） | -15.3 | 41.1 | 53.3 | 24.2 | 21.1 | | 每股收益（元/股） | 0.58 | 0.30 | 0.89 | 1.10 | 1.34 | | 毛利率（%） | 37.7 | 31.2 | 35.8 | 36.7 | 38.0 | | ROE（%） | 9.7 | 4.8 | 13.3 | 14.7 | 15.9 | | 市盈率 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance with a significant increase in revenue and net profit for the first half of 2025, achieving a revenue of 1.319 billion yuan, up 67.55% year-on-year, and a net profit of 72 million yuan, up 85.60% year-on-year [1] - The self-owned brand revenue has surged, accounting for 46% of total revenue, with a remarkable growth rate of 242.42% year-on-year [2] - The overall profitability has improved, with a gross margin of 56.92%, an increase of 11.39 percentage points year-on-year, primarily driven by the higher contribution from the self-owned brand business [3] Business Segments Summary - **Brand Management**: Revenue reached 335 million yuan, up 52.53% year-on-year, contributing 25% to total revenue. Notable performance includes a 165% increase in GMV for Bayer's products during the 618 shopping festival [2] - **Agency Operations**: Revenue was 380 million yuan, down 2.79% year-on-year, accounting for 29% of total revenue [2] - **Self-Owned Brands**: Revenue was 603 million yuan, up 242.42% year-on-year, with the brand "Zhanjia" generating 444 million yuan, a 157.11% increase year-on-year [2] Financial Projections - The company is projected to achieve revenues of 2.789 billion yuan, 3.825 billion yuan, and 4.798 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 57.9%, 37.2%, and 25.4% [3][5] - Net profit is expected to reach 180 million yuan, 249 million yuan, and 337 million yuan for the same years, with growth rates of 70.4%, 38.5%, and 35.0% respectively [3][5]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 14.14 CNY, maintaining the rating for the next six months [5][16]. Core Views - The company has shown steady performance with a revenue of 1.38 billion CNY and a net profit of 117 million CNY for the first half of 2025, reflecting year-on-year growth of 8.39% and 7.53% respectively [1]. - The second quarter of 2025 saw a revenue of 711 million CNY and a net profit of 58 million CNY, with year-on-year increases of 9.54% and 22.45% respectively [1]. - The company plans to distribute a cash dividend of 1.4 CNY per 10 shares, totaling 56 million CNY, which accounts for 48% of the net profit for the period [1]. Revenue and Profitability - The revenue from compound seasonings, light cooking solutions, and beverage dessert ingredients in Q2 2025 was 328 million CNY, 335 million CNY, and 33 million CNY respectively, with year-on-year growth rates of 9%, 15%, and a decline of 17% [2]. - The revenue from the C-end instant noodles reached 505 million CNY, marking an 11% increase year-on-year, with a net profit of 8.89 million CNY, indicating a turnaround [1][2]. - The number of distributors increased by 58 to a total of 503 in Q2 2025, with average distributor revenue decreasing by 10% to 220,000 CNY per distributor [2]. Financial Performance - The gross margin and net margin improved by 2.58 percentage points and 0.57 percentage points to 34.68% and 9.22% respectively in Q2 2025 [2]. - The sales expense ratio, management expense ratio, and financial expense ratio increased by 1.41, 0.10, and 0.51 percentage points to 16.47%, 2.59%, and 0.29% respectively, primarily due to increased business promotion costs and employee compensation [2]. Future Outlook - The company is expected to benefit from the recovery of the B-end market and the accelerated launch of new products, which may sustain growth [3]. - The C-end light cooking business is showing signs of recovery, potentially leading to a dual-driven growth model [3]. - Revenue forecasts for 2025-2027 are adjusted to 2.9 billion CNY, 3.2 billion CNY, and 3.6 billion CNY, with year-on-year growth rates of 11%, 11%, and 10% respectively [3].