上 市 公 司 商贸零售 2025 年 08 月 22 日 永辉超市 (601933) ——存量门店调改加速，静待盈利拐点 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 4.96 | | 一年内最高/最低（元） | 7.87/2.15 | | 市净率 | 10.8 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 45,012 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 0.46 | | 资产负债率% | 88.21 | | 总股本/流通 A 股（百万） | 9,075/9,075 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 《永辉超市（601933）点评：品质零售转 型加快，长期盈利改善可期》 2025/04/27 《永辉超市（601933）点评 ...

公司研究丨点评报告丨九芝堂（000989.SZ） [Table_Title] 业绩符合预期，干细胞药物进展顺利 报告要点 丨证券研究报告丨 1 [Table_Summary] 2025 年 8 月 20 日，公司发布 2025 年半年度报告。2025 年上半年实现营业收入 12.65 亿元， 同比下滑 24.71%；实现归母净利润 1.44 亿元，同比下滑 29.71%；实现扣非归母净利润 1.36 亿元，同比下滑 28.45%。2025 年第二季度，公司实现营业收入 4.59 亿元，同比下滑 23.52%； 实现归母净利润 0.27 亿元，同比下滑 54.58%；实现扣非归母净利润 0.22 亿元，同比下滑 57.27%。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 九芝堂（000989.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，干细胞药物进展顺利 [Table_Summ ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [4][10]. Core Insights - The MLED market continues to grow, with a projected investment amount of approximately 84.58 billion RMB in 2024, reflecting a year-on-year increase of 50.30%. The growth rate for 2025 is expected to exceed 30% [2]. - The company's focus on high-end video display processing systems has resulted in a 5.51% year-on-year increase in sales revenue, although sales volume decreased by 8.06%. This indicates a strategic shift towards high-end products [3]. - The MLED chips and equipment are expected to become a unique growth segment for the company in 2025-2026, driven by the increasing demand from leading domestic brands [4][9]. Summary by Sections MLED Market Growth - The MLED display market is becoming a new growth point, with superior characteristics compared to traditional LED displays. The investment in MLED projects has surpassed 56 billion RMB in the first half of 2025 [2]. High-End Video Display Processing - The company is concentrating on high-end product paths, leading to a 2.33% increase in gross margin. The transition from 2K to 4K and the nascent stage of 8K technology presents significant growth opportunities [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.533 billion RMB, a decrease of 1.93% year-on-year, and a net profit of 294 million RMB, down 9.33% year-on-year. However, the gross margin for Q2 reached 58.20%, indicating a recovery in profitability [7][9]. Future Outlook - The company is expected to achieve revenues of 3.48 billion RMB in 2025, with a net profit of 604.73 million RMB, reflecting a year-on-year growth of 1.96% [10][12]. The focus on high-value segments and technological advancements positions the company favorably for future growth [9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company reported a total revenue of 232 million yuan for the first half of 2025, representing a year-on-year growth of 13.98%. However, the net profit attributable to shareholders was a loss of 44.71 million yuan, which is a larger loss compared to the previous year [1]. - The database business experienced rapid growth, with a main business revenue of 231 million yuan, up 14.23% year-on-year. The "self-developed database products and services" segment generated 92.64 million yuan in revenue, with a gross margin of 66.70%, reflecting a significant growth rate of 66.28%, which is notably higher than the industry average [1][2]. - The company is in a phase of aggressive market expansion, necessitating ongoing investments in market development, research, and management. As revenue scales up and market share increases, profitability is expected to gradually improve [1]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 232 million yuan, with a year-on-year growth of 13.98%. The main business revenue was 231 million yuan, growing 14.23% year-on-year. The gross margin for the main business improved by 4.59 percentage points [1][4]. - The forecast for total revenue from 2024 to 2027 is projected to grow from 372 million yuan in 2024 to 1.353 billion yuan in 2027, with growth rates of 42.3%, 71.4%, 45.3%, and 45.9% respectively [4][10]. Product Development - The company is continuously upgrading its product capabilities, including enhancements in time-series data processing engines and vector engines to meet the demands of high-dimensional data processing in the AI era [2]. - The company has established compatibility with nearly 1,500 partners and over 2,000 products, covering a full-stack ecosystem from underlying operating environments to upper-layer applications [3]. Market Position - The company is positioned as a leading domestic relational database vendor, focusing on database software products while supplementing with data computing and storage solutions. The domestic database replacement rate is expected to rise, benefiting the company as a major domestic brand [3].

上 市 公 司 医药生物 2025 年 08 月 22 日 恒瑞医药 (600276) ——营收、净利再创新高，恒瑞 2025 年半年报点评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 64.98 | | 一年内最高/最低（元） | 65.43/42.24 | | 市净率 | 7.4 | | 股息率%（分红/股价） | 0.31 | | 流通 A 股市值（百万元） | 414,508 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.81 | | 资产负债率% | 6.14 | | 总股本/流通 A 股（百万） | 6,637/6,379 | | 流通 B 股/H 股（百万） | -/258 | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-2 ...

上 市 公 司 食品饮料 2025 年 08 月 22 日 巴比食品 (605338) ——内生外延并举驱动收入 盈利能力受益成本下降 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | | --- | --- | --- | | 收盘价（元） | | 22.35 | | 一年内最高/最低（元） | 24.00/12.43 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | 3.58 | | 流通 A 股市值（百万元） | | 5,354 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.17 | | 资产负债率% | 18.79 | | 总股本/流通 A 股（百万） | 240/240 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company reported better-than-expected performance with a revenue of 2.29 billion yuan in Q2 2025, up 4.3% year-on-year, and a net profit of 200 million yuan, up 22.4% year-on-year [1] - The company is focusing on AI smart sleep solutions, enhancing its product matrix and establishing a strategic partnership with Tsinghua University to optimize sleep algorithms [3] - The company has a robust online and offline retail presence, with over 5,000 proprietary brand stores and a strong performance on e-commerce platforms [2] Financial Performance - In H1 2025, the company achieved a revenue of 4.02 billion yuan, a 1.6% increase year-on-year, and a net profit of 270 million yuan, a 14.0% increase year-on-year [1] - The gross margin for Q2 2025 was 38.4%, an increase of 2.6 percentage points year-on-year, while the net profit margin was 8.5%, up 1.3 percentage points year-on-year [1] - The company declared a cash dividend of 104 million yuan in H1 2025, with a payout ratio of 39% [1] Market Position and Strategy - The company is leveraging national policies to enhance its competitive advantage, particularly through the "old-for-new" policy, which has led to a significant increase in customer transaction values [2] - The AI product line, including the "aise 宝褓" series, has been successfully launched in major cities and is available on major e-commerce platforms [3] - The company is expected to continue its growth trajectory in the second half of 2025, supported by the resumption of national subsidies and seasonal demand [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant expansion driven by client deposits and proprietary trading, with improved operational efficiency [1] - The company achieved a revenue of 6.11 billion yuan in 1H25, a year-on-year decrease of 23.7%, while the net profit attributable to the parent company was 1.15 billion yuan, an increase of 46.5% year-on-year [5] - The report highlights a recovery in all business lines except asset management, with a notable increase in investment income due to market recovery [7] Financial Data and Profit Forecast - The company’s total assets reached 199.1 billion yuan, a 29% increase compared to the end of 2024, with client-related assets accounting for 44% of total assets [7] - The company’s net interest income for 1H25 was 540 million yuan, a 35% increase year-on-year, while net investment income surged by 147% [7] - The report projects the company's net profit attributable to the parent company for 2025 to be 2.395 billion yuan, reflecting a year-on-year growth of 24% [6][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The industry is transitioning from rapid growth to a stable phase, with medium to long-term capacity regulation expected to become the new norm in the pig farming sector, which may positively impact the industry. The company is entering a new stage of development [2]. - Future capital expenditures are expected to gradually decrease, with a significant slowdown in new domestic capacity. The focus will shift towards enhancing efficiency, deepening cost reductions, lowering debt, and improving free cash flow, leading to a healthier high-quality development phase for the company's domestic business. The overseas market presents new growth opportunities [2]. - In the first half of 2025, the company achieved revenue of 76.46 billion yuan (YoY +34%), net profit of 10.79 billion yuan (YoY +953%), and attributable net profit of 10.53 billion yuan (YoY +1170%). In Q2 alone, revenue was 40.40 billion yuan (YoY +32%), with net profit of 6.17 billion yuan (YoY +77%) and attributable net profit of 6.04 billion yuan (YoY +88%) [6]. Summary by Sections Financial Performance - In July 2025, the company's total cost dropped to 11.8 yuan/kg, with an average complete cost of approximately 12.2 yuan/kg in Q2. The company marketed 46.91 million pigs in the first half of 2025 (YoY +45%), including 38.39 million market pigs (YoY +32%) and 8.29 million piglets (YoY +168%). The average profit per market pig was about 254 yuan per head in the first half, increasing to approximately 283 yuan per head in Q2 [11]. - Cash flow and debt levels have significantly improved, with a 12% year-on-year increase in net cash flow from operating activities in H1 2025. Capital expenditures decreased from 6 billion yuan in H1 2024 to 5.2 billion yuan in H1 2025. The debt-to-asset ratio fell from 59% in Q1 2025 to 56% in Q2 2025, with total liabilities decreasing by 12.8 billion yuan compared to Q1 2025 [11]. Cost Management and Shareholder Returns - The company aims for an average annual complete cost of 12 yuan/kg, with expectations to reduce it to 11 yuan/kg by year-end, primarily through improved production performance and reduced operating expenses. Future cost-cutting measures include breeding optimization, health management, and employee training [11]. - In H1 2025, the company distributed 5 billion yuan in dividends, with a payout ratio of 47.5%, exceeding the 40% target set for 2024. Including share buybacks, total shareholder returns reached 6.11 billion yuan, accounting for approximately 58% of the attributable net profit for H1 2025 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a revenue of 18.072 billion yuan in the first half of 2025, representing a year-on-year growth of 20.80%. The net profit attributable to the parent company was 417 million yuan, a slight increase of 0.26%. However, the net profit excluding non-recurring items decreased by 9.81% to 391 million yuan [5][11] - In the second quarter of 2025, the company reported a revenue of 10.711 billion yuan, with a year-on-year growth of 18.84%. The net profit attributable to the parent company was 236 million yuan, down 9.66%, and the net profit excluding non-recurring items fell by 11.88% to 217 million yuan [5][11] - The company’s air conditioning business generated approximately 11.575 billion yuan in revenue, growing by 36.18%, while the refrigerator business saw a decline of 4.10% to 4.545 billion yuan. The washing machine segment grew by 32.70% to 1.040 billion yuan [11] - The company’s gross profit margin decreased by 0.37 percentage points to 10.44% in the first half of 2025, with the air conditioning segment's gross margin improving by 0.24 percentage points to 6.98% [11] - The company is expected to benefit from structural opportunities in the industry, with projected net profits for 2025, 2026, and 2027 being 772 million yuan, 856 million yuan, and 945 million yuan respectively, corresponding to PE ratios of 10.84, 9.78, and 8.86 times [11]