Investment Rating - The investment rating for Tianhong International Group is "Outperform the Market" [5][20]. Core Views - The company experienced a slight revenue decline of 1.9% year-on-year to 11.03 billion yuan in the first half of 2025, primarily due to lower product prices, but its profitability continued to improve with a net profit increase of 55.2% to 420 million yuan [1][3]. - The gross profit margin improved by 1.0 percentage point to 14.2%, attributed to enhanced operational efficiency and flexible raw material procurement strategies [1][20]. - The company is a leading global cotton yarn producer, and its debt structure has been optimized due to reduced bank borrowings, resulting in a debt-to-asset ratio decrease of 2.6 percentage points to 51.4% [1][20]. Summary by Sections Financial Performance - In the first half of 2025, the yarn sales volume increased by 3.6% to 385,000 tons, while yarn revenue decreased by 2.2% to 8.62 billion yuan due to price declines [2]. - The gross margin for yarn improved by 1.4 percentage points to 13.9% due to increased order volume and capacity utilization [2]. - The woven fabric business saw a significant growth of 17.0% in sales volume to 51 million meters, driven by inventory replenishment ahead of tariff changes [2]. - The knitted fabric segment faced challenges, with sales volume dropping by 33.5% to 3,840 tons and revenue declining by 37.8% to 186 million yuan [2]. Profit Forecast and Financial Indicators - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 720 million, 770 million, and 970 million yuan respectively, reflecting a year-on-year growth of 30.3%, 6.9%, and 25.5% [3][21]. - The target price has been raised to 5.1-5.9 HKD, corresponding to a PE ratio of 6-7x for 2025 [3][20]. - The company is expected to maintain a gross margin of 13.1% in 2025, with net profit margins projected at 3.1% [18][21]. Market Position and Strategy - The management plans to sell 400,000 tons of yarn, 50 million meters of woven fabric, and 3,000 tons of knitted fabric in the second half of 2025 [2]. - The company benefits from a local supply chain and quick response capabilities, positioning it well for future market leadership [20].

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [3][6]. Core Views - Alibaba's total revenue for FY2026 Q1 reached 247.65 billion RMB, a year-on-year increase of 2%, while non-GAAP net profit was approximately 35.3 billion RMB, a decrease of 12% year-on-year [1]. - The report highlights strong growth in the e-commerce segment, particularly in instant retail, which saw a revenue increase of 12% year-on-year, driven by the growth of "Taobao Flash Purchase" orders [1][2]. - Alibaba Cloud's revenue grew by 26% year-on-year, with AI-related product revenue achieving triple-digit growth for eight consecutive quarters, accounting for over 20% of external revenue [2][3]. Financial Performance Summary - **Revenue**: - FY2026 Q1 total revenue: 247.65 billion RMB, up 2% YoY [1]. - Projected revenues for FY2026, FY2027, and FY2028 are 1,055.36 billion RMB, 1,115.16 billion RMB, and 1,167.26 billion RMB respectively [3][5]. - **Net Profit**: - Non-GAAP net profit for FY2026 Q1: 35.3 billion RMB, down 12% YoY [1]. - Projected non-GAAP net profits for FY2026, FY2027, and FY2028 are 129.40 billion RMB, 171.96 billion RMB, and 216.76 billion RMB respectively [3][5]. - **Earnings Per Share (EPS)**: - Latest diluted EPS for FY2024: 7.8 RMB, projected to be 6.8 RMB for FY2026 and 11.3 RMB for FY2028 [5][12]. - **Valuation Ratios**: - Projected P/E ratios for FY2026, FY2027, and FY2028 are 15.7, 11.8, and 9.3 respectively [5][12]. Business Segment Performance - **E-commerce**: - Revenue from Chinese e-commerce reached 1,401 billion RMB, a 10% increase YoY, with adjusted EBITA of approximately 384 billion RMB, down 21% YoY [1]. - **International Business**: - International business revenue was 347 billion RMB, up 19% YoY, with adjusted EBITA loss narrowing to approximately 0.06 billion RMB [1]. - **Alibaba Cloud**: - Revenue of 334 billion RMB, a 26% increase YoY, with adjusted EBITA of approximately 30 billion RMB, also up 26% YoY [1]. - **Other Businesses**: - Other business segments generated 586 billion RMB in revenue, down 28% YoY, with adjusted EBITA loss widening to 14 billion RMB [1].

Investment Rating - The report maintains a "Recommended" rating for BYD Electronics, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [4][6]. Core Insights - BYD Electronics reported a steady revenue growth of 806.06 billion RMB for H1 2025, a year-over-year increase of 2.58%, with a net profit of 17.30 billion RMB, reflecting a 13.97% increase year-over-year [2][3]. - The company is actively transitioning towards the electric vehicle (EV) and AI-related businesses, expanding its capabilities in emerging sectors such as AI servers and smart products [3][4]. - The automotive sector, particularly in smart cockpit systems and intelligent driving assistance, has shown significant growth, with the EV business being the only segment to achieve positive growth during the reporting period [3][4]. Financial Performance Summary - For H1 2025, the revenue breakdown by business segment is as follows: Consumer Electronics at 609.47 billion RMB (down 3.72% YOY), New Energy Vehicles at 124.50 billion RMB (up 60.50% YOY), and New Intelligent Products at 72.09 billion RMB (down 4.15% YOY) [2][3]. - The overall gross margin for H1 2025 was 6.88%, with a net margin of 2.15%, both showing slight improvements year-over-year [2][3]. - The forecasted revenue for 2025-2027 is projected to be 1982.11 billion RMB, 2189.29 billion RMB, and 2429.56 billion RMB respectively, with corresponding net profits of 52.71 billion RMB, 64.47 billion RMB, and 76.32 billion RMB [4][5].

最近一年走势 2025 年 09 月 01 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 优必选：从 Walker S1 到未来，人形机器人 PK 的是什么？ ——优必选（09880）公司深度研究 | 相对恒生指数表现 | | 2025/08/29 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 优必选 | 4.8% | 11.1% | 7.3% | | 恒生指数 | -1.8% | 6.4% | 41.0% | 人形机器人被视为工业 4.0 核心载体，GGII 预测全球市场规模 2030 年 达 200 亿美元，参考中国服务机器人市场约占全球市场 25%的数值测算， 中国市场规模将达 50 亿美元。据《制造业人才发展规划指南》，2025 年中国制造业工人缺口将达 3000 万，缺口率高达 48%，劳动力短缺与 成本上升推动人形机器人需求持续释放。公司以工业版人形机器人为核 心战略重点，Walker S 系列持续迭代，深耕汽 ...

Investment Rating - The report maintains a "Buy" rating for the company with a revised SOTP target price of HKD 17.7, up from HKD 17.3 [1][4][14] Core Insights - The company reported a 27% year-on-year revenue growth in the first half of 2025, driven by a 94% increase in global payment TPV and a 28% increase in domestic payment TPV [1][2][3] - The digital payment business shows a stable growth trend, with significant improvements in profitability, particularly in global payments [3][4] - The company has obtained a license for leveraged foreign exchange trading, which is expected to enhance user engagement and business barriers [3] Financial Performance - Total revenue for 1H25 was RMB 780 million, slightly above expectations, with global and domestic payment revenues contributing 65% and 24% respectively [2][4] - Gross profit reached RMB 410 million, with a gross margin of 52%, indicating stable profitability in digital payments [2][4] - The adjusted EBITDA profit forecast for the year has been increased by 2% due to the strong performance in the first half [4][5] Business Segments - Global payment TPV increased by 94% to RMB 198.5 billion, with a stable gross margin of 73% [3][12] - Domestic payment TPV grew by 28% to RMB 18.7 trillion, maintaining a stable fee rate [3][12] - The company’s digital payment services continue to dominate revenue, accounting for 87% of total income [12][13] Financial Projections - The company expects total revenue to reach RMB 1.672 billion in 2025, with a year-on-year growth of 27% [5][13] - The adjusted net profit is projected to be RMB 1.346 billion in 2025, reflecting a significant turnaround from previous losses [5][13] - The overall TPV is expected to grow by 28% year-on-year, with global payment TPV projected to reach RMB 442 billion [4][13] Valuation - The SOTP valuation indicates a target price of HKD 17.7, suggesting a potential upside of 54% from the current share price of HKD 11.48 [4][14] - The valuation is based on a revenue multiple of 10.0 for the core business and includes the valuation of the company’s stake in a subsidiary [14]

门店利润率提升，非一线城市开店提速 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 88.80 | | 流通股本(亿股) | 1.31 | | 每股净资产(元) | 17.84 | | 总股本(亿股) | 1.31 | 最近 12 月市场表现 -11% 4% 19% 34% 49% 63% 达势股份 恒生指数 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《高成长的比萨外送专家，品牌势能向上 盈利改善》 2024-12-27 核心观点 达势股份(01405) 证券研究报告 酒店餐饮 / 公司点评 / 2025.09.01 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万) | ...

[Table_StockNameRptType] 华润饮料（02460） 港股公司点评 包装水面临竞争压力，重视股东回报 | | | | 报告日期： | 2025-09-01 | | | --- | --- | --- | | [Table_BaseData] 收盘价（港元） | | 11.41 | | 近 12 个月最高/最低（港元）16.78/10.30 | | | --- | --- | | 总股本（百万股） | 2,398 | | 流通股本（百万股） | 2,232 | | 流通股比例（%） | 93.08 | | 总市值（亿港元） | 274 | | 流通市值（亿港元） | 255 | [公司价格与恒生指数走势比较 Table_Chart] -48% -22% 4% 30% 56% 10/24 1/25 4/25 7/25 华润饮料 恒生指数 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：韦香怡 执业证书号：S0010525060001 邮箱：weixiangyi@hazq.com [Table_CompanyR ...

2025 年 9 月 1 日 公司研究 TapTap 商业化效率提升，关注《伊瑟》国服表现 ——心动公司（2400.HK）25H1 业绩点评 要点 事件：25H1 公司实现收入 30.82 亿元人民币（yoy+38.8%），增长主要系游戏 及 TapTap 双轮驱动；实现毛利润 22.53 亿元，同比增长 50.5%，对应毛利率 为 73.1%，主要由于《仙境传说 M：初心服》在海外市场表现强劲，按净额法 入账的游戏收入占游戏运营收入的比重同比提升 9.3pct 至 13.9%，导致游戏业 务毛利率同比提升 8.1pct 至 68.0%，TapTap 业务毛利率同比提升 1.1pct 至 83.6%；实现归母净利润 7.55 亿元，同比增长 268.0%，对应净利率 24.5%。 《仙境传说 M：初心服》带动游戏收入超预期，关注《伊瑟》国服上线表现。 25H1 游戏业务收入 20.71 亿元（yoy+39.4%），其中游戏运营收入 20.45 亿元： 1、网络游戏收入 19.82 亿元（yoy+39.0%），主要来自自研游戏《仙境传说 M： 初心服》《心动小镇》《火炬之光：无限》的收入增加；网络游戏的平均 M ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 200.0 HKD per share [3][11]. Core Insights - The company is focusing on two historical strategic opportunities: cloud computing and AI, with a strong commitment to increasing investments in these areas. The revenue from cloud services reached 334.0 billion CNY, showing a year-on-year growth of 25.8% and a quarter-on-quarter increase of 8.1 percentage points [7][11]. - The integration of the original Taotian Group and the local life group into the China e-commerce group reflects the company's strategy to concentrate on consumer-facing e-commerce and instant retail, as well as AI and cloud services [7][11]. - The company has seen significant improvements in its two main business lines, with AI cloud revenue contributing over 20% to external revenue and experiencing triple-digit growth for eight consecutive quarters [7][11]. Summary by Sections Financial Performance - The company forecasts revenues of 10049 billion CNY, 11256 billion CNY, and 12129 billion CNY for FY2026-2028, with adjusted net profits of 1405 billion CNY, 1866 billion CNY, and 2091 billion CNY respectively [8][11]. - The company reported a CMR of 892.5 billion CNY for FY26Q1, a year-on-year increase of 10.1%, driven by commission adjustments and AI-driven improvements in site penetration [7][12]. Business Segments - The cloud business is expected to continue its rapid growth, with capital expenditures reaching 387.6 billion CNY, a year-on-year increase of 219.8% [7][11]. - The food delivery segment has shown high operational efficiency, with monthly active users exceeding 300 million and weekly orders maintaining above 80 million, indicating a narrowing gap with competitors [7][11]. Valuation - The report estimates the company's market value at 34772 billion CNY, corresponding to a per-share value of 200.00 HKD, based on a comprehensive valuation of its various business segments [8][22].

Investment Rating - The report gives a "Buy" rating for 361 Degrees, with a target price of HKD 7.20, indicating a potential upside of 13.2% from the closing price on August 29, 2025 [6][68]. Core Views - 361 Degrees is positioned to benefit from both its adult and children's apparel segments, capitalizing on the growth in sports and outdoor activities, as well as the opportunities presented by domestic brands [6][68]. - The company has shown strong revenue growth, with projected revenues of RMB 113.4 billion, RMB 126.6 billion, and RMB 140.8 billion for 2025-2027, reflecting year-on-year growth rates of 12.5%, 11.7%, and 11.2% respectively [6][68]. Summary by Sections Company Overview - 361 Degrees was established in 2003 and focuses on the research, design, production, and brand management of sports footwear and apparel. It has a strong presence in the domestic market with a total of 5,750 adult apparel stores and 2,548 children's apparel stores in China as of 2024 [10][11]. Adult Apparel Business - The adult apparel segment achieved revenue of RMB 73.8 billion in 2024, with a year-on-year growth of 19.1%. The product mix remains balanced, with footwear accounting for 58.1% and apparel for 41.9% of the segment [6][22]. - The company is enhancing its supply chain efficiency and embracing smart manufacturing, which includes a focus on advanced supply chain systems and 5G smart factories [6][50]. Children's Apparel Business - The children's apparel segment is experiencing rapid expansion, with the number of stores increasing from 1,797 in 2017 to 2,548 in 2024, representing a CAGR of 5.1%. The average store size has also increased, enhancing the shopping experience [54][56]. - The company is leveraging technology to enhance product offerings, introducing innovative footwear and apparel designed for children, which includes collaborations with popular IPs to create appealing designs [62][63]. Financial Projections - The report forecasts that the overall revenue for 361 Degrees will grow significantly, with net profits expected to reach RMB 12.9 billion, RMB 14.7 billion, and RMB 16.6 billion for 2025-2027, reflecting growth rates of 12.5%, 13.4%, and 13.0% respectively [6][68]. - The gross margin is projected to remain stable, with expectations of 41.1%, 41.3%, and 41.5% for the years 2025-2027 [6][68]. Valuation and Comparison - The report employs a relative valuation method, comparing 361 Degrees with other domestic sports brands like Anta, Li Ning, and Xtep. The target P/E ratio for 361 Degrees is set at 10.5 times for 2025 [67][69].