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 业绩简评 公司发布 2025 年半年报，2025 年 H1 公司实现营业收入 14.96 亿元，同比下降 4.03%；实现归属于母公司所有者的净利润 1.67 亿 元，同比下降 9.51%；归属于母公司所有者的扣除非经常性损益的净 利润为 1.36 亿元，同比下降 17.98%。 l 公司对盈利能力偏弱、发展潜力有限的低效品类及产品 型号实施战略性调整，毛利率同比增加 1.8 个百分点 2025 年 H1 公司对盈利能力偏弱、发展潜力有限的低效品类及产 品型号实施战略性调整，公司毛利率同比增加 1.8 个百分点。分板块 来看，康复辅具类产品实现收入 5.63 亿元，占比 37.63%；医疗护理 类产品实现收入4.24亿元，占比28.32%；健康监测产品实现收入2.71 亿元，占比 18.11%。 公司基本情况 | 最新收盘价（元） | 40.95 | | --- | --- | | 总股本/流通股本（亿股）2.09 | / 1.94 | | 总市值/流通市值（亿元）86 | / 80 | ...

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 10.51 and a sector rating of "Outperform" compared to the market [2][4]. Core Views - The company reported a significant increase in Q2 performance, with a proposed cash dividend of RMB 2.00 per 10 shares, reflecting a high dividend payout ratio of 70.12% for H1 2025. Despite a decline in revenue, the company maintains a strong market position and cost advantages in the dye industry, supporting the "Buy" rating [4][6]. Financial Performance Summary - For H1 2025, the company achieved total revenue of RMB 6.505 billion, a year-on-year decrease of 6.47%. The net profit attributable to the parent company was RMB 927.89 million, up 2.84% year-on-year. The second quarter revenue was RMB 3.269 billion, down 5.71% year-on-year but up 1.07% quarter-on-quarter [10][11]. - The dye business generated revenue of RMB 3.632 billion in H1 2025, a decrease of 3.17% year-on-year, with a gross margin increase of 4.40 percentage points to 34.17% [9][10]. - The company’s overall gross margin for H1 2025 was 29.80%, an increase of 1.87 percentage points year-on-year, with a net profit margin of 16.14%, up 1.39 percentage points year-on-year [9][10]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 are RMB 0.69, RMB 0.73, and RMB 0.83, respectively, with corresponding price-to-earnings (PE) ratios of 15.2x, 14.3x, and 12.7x. The company’s strong scale advantages and steady progress in real estate are expected to contribute to growth [6][8]. Industry Position - The company holds a leading market share in the dye and additive sectors, with ongoing efforts to enhance its direct sales business. The real estate segment is also progressing, with a high sell-through rate of 95.1% for available units in the Bay project [9][10].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights the company's robust revenue growth in the first half of 2025, driven by the expansion of its electronic materials business, and maintains a "Buy" rating [2][6] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 4.293 billion, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of RMB 522.79 million, a slight increase of 0.63% year-on-year [9][10] - The second quarter of 2025 saw revenue of RMB 2.175 billion, up 32.76% year-on-year, while the net profit attributable to shareholders decreased by 4.06% to RMB 262.52 million [11] Revenue Breakdown - The electronic materials segment generated revenue of RMB 2.573 billion in the first half of 2025, reflecting a year-on-year growth of 15.37% [9] - The LNG insulation board segment reported revenue of RMB 1.165 billion, a significant increase of 62.34% year-on-year [9] Profitability Metrics - The company's gross margin for the first half of 2025 was 31.82%, down 2.34 percentage points year-on-year, while the net margin was 13.29%, down 3.00 percentage points year-on-year [9] - The company expects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share of RMB 2.49, RMB 3.23, and RMB 4.08 [6][14] Market Position - The company is positioned as a leading supplier in the domestic display photoresist industry, with ongoing development of key raw materials for color photoresists [9] - The report notes the establishment of dual R&D departments in China and South Korea to enhance the development of advanced semiconductor materials [9] Future Outlook - The company is optimistic about the continued expansion of its electronic materials business and maintains its "Buy" rating based on strong growth prospects [2][6]

国轩高科（002074.SZ）：装机份额 稳固增长，固态电池进展如期推进 ——2025 年中报点评 事件：公司发布 2025 年半年度报告。25H1 公司实现营收 193.94 亿元，同比 +15.5%；实现归母净利润 3.67 亿元，同比+35.2%；实现扣非归母净利润 0.73 亿元，同比+48.5% 点评： 出货高增推动份额进一步提升，协新品持续扩列中高端客户。25H1 公司动储 合计出货约 40GWh，同比+48%。动力电池：实现营收 140.34 亿元，同比 +19.9%，毛利率 14.2%，同比+0.7pct，毛利增长主要受益于三代电芯量产交 付带动客户结构改善。公司装机份额持续提升，25H1 公司国内与全球份额达 5.2%/3.2%，同比+1.6pct/+1.0pct，排名均上升一位至第四名/第七名。乘用车 方面，凭借 L600"启晨二代"电芯等高密度快充新品，公司持续推动 B 级以 上车型配套，奇瑞星纪元/零跑 C11 等多款中高端车型实现量产交付；商用车 方面，公司推出融合四枪并充技术与 1,000V 高压平台的"G 行超级重卡标准 箱"新品，全面覆盖重卡应用场景，25H1 公司国内商用车装 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 10.3 billion yuan for the first half of 2025, an increase of 4.35% year-on-year, while the net profit attributable to shareholders was 1.17 billion yuan, a decrease of 14.1% year-on-year. In Q2 2025, the revenue was 4.99 billion yuan, up 6.0% year-on-year, with a total profit of 650 million yuan, an increase of 5.6% year-on-year, and a net profit of 490 million yuan, down 10.7% year-on-year due to tax shield base effects [5][7]. Summary by Sections Event Description - The company disclosed its mid-year report for 2025, showing a revenue of 10.3 billion yuan for the first half, a 4.35% increase year-on-year, and a net profit of 1.17 billion yuan, down 14.1% year-on-year. In Q2 2025, the revenue was 4.99 billion yuan, a 6.0% increase year-on-year, with a total profit of 650 million yuan, up 5.6% year-on-year, and a net profit of 490 million yuan, down 10.7% year-on-year due to tax shield base effects [5][6]. Investment Recommendations - Short-term: The company is expected to benefit significantly from attracting private travel customers with low prices, aligning with new demand trends. - Mid-term: The company's cost efficiency management is becoming normalized, leading to industry-leading operational efficiency and the lowest unit non-fuel costs, which will help restore profitability. - Long-term: There is significant growth potential in lower-tier markets, with the company showing clear growth attributes and expanding market share despite a challenging environment. The company plans to distribute a cash dividend of 798 million yuan in 2024, reflecting a 35.09% payout ratio, which is an increase from 2023. Projected net profits for 2025-2027 are 2.44 billion, 3.05 billion, and 3.81 billion yuan, respectively, corresponding to PE ratios of 21.7, 17.3, and 13.9 times at the current stock price [7][9]. Financial Performance - The company achieved a total revenue of 10.3 billion yuan in the first half of 2025, with a 4.35% year-on-year increase. The Q2 2025 revenue was 4.99 billion yuan, a 6.0% increase year-on-year. The total profit for Q2 was 650 million yuan, up 5.6% year-on-year, while the net profit was 490 million yuan, down 10.7% year-on-year due to tax shield base effects. The company maintained stable unit non-fuel costs despite rising maintenance costs and a decrease in fuel costs by 12.8% year-on-year, contributing to improved financial performance [5][7][12].

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].