Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 21.42 [1][4]. Core Views - The company reported a revenue of RMB 49.9 billion for H1 2025, a year-on-year increase of 5.92%, and a net profit of RMB 3.475 billion, up 159% year-on-year. However, Q2 showed a revenue of RMB 25.5 billion, which was a 1.20% increase year-on-year but a 26.39% decrease quarter-on-quarter [1][2]. - The company has seen a continuous decline in pig farming costs, with estimated Q2 costs dropping to approximately RMB 12.4 per kilogram, leading to a significant profit advantage per head. The balance sheet is improving, although the chicken farming segment is facing losses due to a depressed market [1][2][3]. - The report suggests that the pig farming industry is beginning to show signs of "anti-involution," indicating a shift towards higher quality competition, which could benefit low-cost, high-quality producers like the company [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved RMB 32.7 billion in revenue from pig farming, a 16% increase year-on-year, driven by a 16% rise in sales volume to 16.62 million heads. The average profit per head for the first half is estimated to be around RMB 300 [2]. - The chicken farming segment generated RMB 15.1 billion in revenue, a 9% decrease year-on-year, with a sales volume of 598 million birds, reflecting an 18% drop in average selling price due to a relaxed supply situation [2]. Industry Outlook - The report highlights that the Ministry of Agriculture's monitoring indicates a reduction in the number of breeding sows, suggesting a potential stabilization in pig prices and improved profitability for the industry in the long term [3]. - The company is expected to benefit from its cost advantages and improved balance sheet, which may enhance its dividend-paying capacity as capital expenditures decrease [3]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits of RMB 9.4 billion for 2025, RMB 9.4 billion for 2026, and RMB 19.4 billion for 2027. The company is valued at a price-to-book ratio of 2.97x for 2025 [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company has shown a significant increase in net profit, with a year-on-year growth of 63.5% in Q2 2025, aligning with expectations. The company is steadily advancing new projects in liquid egg and nylon materials [6] - The revenue for H1 2025 reached 11.101 billion yuan, representing a 12.8% increase year-on-year, while the net profit attributable to the parent company was 3.603 billion yuan [6][9] - The company is expected to maintain strong growth momentum due to the development of new projects and products, with a projected net profit of 6.693 billion yuan for 2025 [6][10] Financial Performance Summary - For H1 2025, the company achieved revenue of 72.00 billion yuan in the nutrition segment, with a year-on-year growth of 7.78%, and a gross margin of 47.79% [7][12] - The new materials segment reported revenue of 10.38 billion yuan, reflecting a year-on-year increase of 43.75% [7] - The company's gross margin and net margin for H1 2025 were 45.89% and 32.62%, respectively, showing improvements of 8.78 and 10.1 percentage points year-on-year [7][9] Project Progress - The company has initiated trial production for its 180,000 tons/year liquid methionine project and completed compliance approvals for the Tianjin nylon new materials project [7][10] - The company is actively pursuing market opportunities in nutrition, new materials, and flavors while promoting the market expansion of new products such as HA series and tryptophan [7][10] Market Conditions - The average market prices for Vitamin A, Vitamin E, and solid methionine as of August 27, 2025, were 64.0, 65.5, and 22.6 yuan per kilogram, respectively, indicating significant year-on-year declines for Vitamin A and E [7][15] - The company’s profitability is supported by the recovery in Vitamin E prices and the full production capacity of solid methionine [7][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue and profit improved quarter-on-quarter in Q2 2025, with new products like robotic drive joints expected to create a second growth curve [5][8] - The domestic modified vehicle market is projected to reach a total scale of 160 billion RMB in 2025, with a nearly 100% annual growth rate for customized modifications [8] - The company has established strategic partnerships with major domestic automotive manufacturers, enhancing its market presence [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 101 million RMB and a net profit attributable to shareholders of 22.33 million RMB, with a year-on-year increase in operating cash flow of 64.36% [8] - Q2 2025 revenue was 59 million RMB, reflecting a quarter-on-quarter increase of 41%, while net profit rose by 38.48% [8] - Revenue forecasts for 2025-2027 are 314 million RMB, 391 million RMB, and corresponding net profits of 80 million RMB and 101 million RMB, indicating strong growth potential [7][8] Product and Market Development - The company is launching high-pressure winch products suitable for new energy vehicles in the domestic market and expanding its electric winch and electric pedal products in overseas markets [8] - New products such as robotic drive joints and electric pedal drive joints are expected to significantly contribute to future growth [8] - The company has completed multiple rounds of small-batch trials and tests for its new products, achieving key performance targets [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The main business of pre-mixed drinks continues to adjust, while there are expectations for whiskey to open up growth opportunities [7] - Short-term, the company is actively reducing inventory due to weak sales, maintaining a healthy inventory level for pre-mixed drinks [7] - The introduction of new whiskey products is expected to gradually contribute to revenue growth [7] Financial Forecasts - Total revenue is projected to be 3,276 million in 2025, with a year-on-year growth of 7.46% [1] - Net profit attributable to the parent company is forecasted at 786.09 million in 2025, reflecting a year-on-year increase of 9.31% [1] - The earnings per share (EPS) is estimated to be 0.75 in 2025, with a price-to-earnings (P/E) ratio of 37.31 [1] Product Performance - In the first half of 2025, revenue from alcoholic beverages and food flavoring was 12.97 billion and 1.69 billion, respectively, showing declines of 9.35% and 3.91% year-on-year [7] - The new whiskey products "Bailide" and "Laizhou" are expected to enhance revenue contributions as they enter the distribution phase [7] Market Dynamics - Revenue from offline channels and digital retail channels in the first half of 2025 was 13.11 billion and 1.55 billion, respectively, with year-on-year changes of -9.63% and -0.57% [7] - The company is focusing on product innovation and marketing experience to improve the performance of its pre-mixed drinks segment [7]

2025 年 8 月 28 日 公司研究 研发管线覆盖多个治疗领域，产品极具竞争力 ——益方生物-U（688382.SH）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，实现营业收入 0.19 亿元，同比+28.85%；归 母净利润为-1.19 亿元；扣非归母净利润为-1.29 亿元；经营活动产生的现金流量 净额为-1.07 亿元。 点评： 研发管线覆盖多个治疗领域，产品极具竞争力。 公司在研产品管线覆盖肿瘤、 代谢疾病、自身免疫疾病等治疗领域。自成立以来，公司已将 5 个小分子化合物 从源头自主发现推进至临床研究阶段，其中贝福替尼二线、一线治疗均已获得 NMPA 批准上市，且均进入《国家医保目录》。格索雷塞已于 2024 年 11 月获 得 NMPA 批准上市。截至 2025 年 6 月 30 日，公司共有 2 款对外授权的上市产 品，1 款处于注册临床试验阶段的产品、2 款处于 II 期临床试验阶段的产品以及 多个临床前在研项目。各临床管线的研发进度均位居各赛道全球或中国前列。 1）Taragarestrant（D-0502）：D-0502 是中国公司中第一个在美国进入临床 试验阶段的口 ...

公司研究 营收环比改善，资本实力增强 ——杭州银行（600926.SH）2025 年半年报点评 买入（维持） 当前价：15.86 元 作者 2025 年 8 月 28 日 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.39 | -16.15 | -8.88 | | 绝对 | -4.34 | -1.82 | 23.82 | 资料来源：Wind 要点 事件： 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 联系人：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 72.49 | | 总市值(亿元)： | 1,149.69 | | 一年最低/最高(元)： | 11.23/17.56 | | 近 3 月换手率： | 84.98% | 股价相对走势 资料来源：Wind 8 月 27 日，杭州银行发布 2025 半年度 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.065 billion yuan in H1 2025, representing a year-on-year growth of 12.6%, with a net profit attributable to shareholders of 461 million yuan, up 9.32% year-on-year [7] - The increase in capacity and improvement in waste processing volume, along with a 9.4% increase in grid electricity, supported the performance growth [7] - The company operates 16 waste incineration power generation projects with a total capacity of 34,690 tons/day, and has fully operational biomass treatment projects with a capacity of 2,890 tons/day [7] - The company has actively expanded its business scale and geographic reach through project expansion and acquisitions, enhancing operational management and resource integration [7] - Free cash flow increased by 34.0%, and the debt-to-asset ratio decreased to 57.9% [7] - The company maintains a strong cash flow position and is expected to have a long-term dividend capability [7] Financial Summary - Total revenue forecast for 2023A is 3.536 billion yuan, with a projected growth of 7.38% [1] - Net profit attributable to shareholders for 2023A is forecasted at 734.83 million yuan, with a year-on-year growth of 2.71% [1] - The latest diluted EPS for 2023A is expected to be 0.82 yuan, with a P/E ratio of 20.02 [1] - The company’s operating cash flow for 2025E is projected to be 2.347 billion yuan, with a net profit of 917 million yuan [8]

Q2 单季盈利能力同比改善：新宝 Q2 归母净利率为 7.5%，同比 +1.1pct。公司单季盈利能力同比提升，主要因为：1）Q2 投资收 益占收入的比例同比+0.8pct，主要受到人民币兑美元汇率波动影 响，本期外汇期权合约投资损失减少。2）Q2 毛利率同比+0.1pct， 主要因为国补带动内销产品结构改善。费用方面，Q2 期间费用率 同比+0.1pct，整体费用效率变动较稳定，其中销售、管理、研发、 财务费用率同比+0.4pct、-0.8pct、-0.1pct、+0.6pct。 Q2 经营现金流净流出：Q2 新宝经营性现金流净额-1.2 亿元， 上年同期为 2.7 亿元。公司经营性现金流净流出，主要因为 Q2 购 买商品、接受劳务支付的现金 YoY+26.6%，我们推测主要受到增 加产能建设和备货支出的影响。Q2 期末公司在建工程、存货 YoY+49.1%、+2.6%。 2025 年 08 月 28 日 新宝股份(002705.SZ) Q2 外销有所承压，盈利能力改善 事件：新宝股份公布 2025 年中报。公司 2025 年上半年实现收 入 78.0 亿元，YoY+1.0%；实现归母净利润 5.4 亿元， ...

新奥股份发布 2025 年中报，上半年实现营业总收入 660.15 亿元，同比-1.49%； 归母净利润 24.08 亿元，同比-4.82%。 证券研究报告 | 公司点评报告 2025 年 08 月 28 日 新奥股份（600803.SH） 25 年中报点评：核心利润稳健增长，私有化持续推进 周期/环保及公用事业 盈利预测与估值。公司聚焦天然气主业，海内外资源结合保障长期供应，随 着经济稳步向好，预计售气量逐步提升；顺价机制畅通，有望保持合理毛差； 私有化新奥能源，构建一体化天然气产业智能生态运营商；注重股东回报， 稳定高分红彰显投资价值。维持公司 2025-2027 年归母净利润预期 45.05、 49.23、55.17 亿元，同比增长 0.3%、9.3%、12.0%；归母核心利润分别为 52.12、56.88、63.39 亿元，同比增长 1.3%、9.1%、11.4%。公司当前股价 对应 PE 为 12.8x、11.7x、10.4x，维持"增持"评级。 增持（维持） 目标估值：NA 当前股价：18.56 元 基础数据 | 总股本（百万股） | 3097 | | --- | --- | | 已上市流通股（百 ...

2025 年 8 月 28 日 公司研究 Q2 扣非后归母净利润同环比均扭亏为盈 ——新钢股份（600782.SH）2025 年中报业绩点评 要点 事件： 2025H1 公司实现营业收入 175.12 亿元，同比-18.33%；实现归母净利润 1.11 亿元，同比实现扭亏为盈；实现扣非后归母净利润-0.61 亿元，同比亏损收 窄。2025Q2 公司实现营业收入 87.63 亿元，同比-13.66%，环比+0.17%；实现 归母净利润 0.99 亿元，同比+22.30%，环比+690.99%，实现扣非后归母净利润 0.11 亿元，同环比均实现扭亏为盈。 风险提示：原料价格大幅上涨；钢铁行业需求超预期回落；公司产品结构优化不 及预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 71,143 | 41,804 | 37,990 | 39,084 | 40,377 | | 营业收入增长率 | -28.14% | -41.24% | -9.12% ...