Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [2][5]. Core Insights - The company reported a revenue of 1.223 billion HKD for H1 2025, a year-on-year decrease of 3.4%, while net profit increased by 228% to 108 million HKD. The second quarter saw a positive year-on-year growth in same-store sales, and new channels such as membership supermarkets are expanding rapidly. The company successfully entered markets in Malaysia and Singapore in H1 2025 [5][6]. - For H2 2025, the company plans to continue engaging with new retail channels and promote brand and product upgrades through various marketing strategies. The focus will also be on optimizing cost efficiency and improving both revenue and profit [5][6]. Financial Performance - In H1 2025, the company's revenue from self-operated stores, franchised stores, online channels, and other channels were 710 million HKD, 270 million HKD, 170 million HKD, and 70 million HKD respectively, with year-on-year changes of +2.2%, -18.6%, -4.2%, and +27.5% [5]. - The gross profit margin for H1 2025 was 58.61%, an increase of 3.2 percentage points year-on-year, attributed to lower material costs and supply chain optimization [5][6]. - The company adjusted its net profit forecasts for 2025-2027 to 210 million HKD, 240 million HKD, and 280 million HKD, with corresponding EPS of 0.09, 0.10, and 0.12 HKD [5][6]. Market Position - The total market capitalization of the company is 5.2 billion HKD, with a current share price of 2.42 HKD. The company has a total share capital of 2.16 billion shares and a net asset value per share of 1.7 HKD [2][5]. - The company has a return on equity (ROE) of 2.7% and a debt-to-asset ratio of 21.0% [2][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a robust growth in core net profit, with a 100% distribution of core net profit. For the first half of 2025, the company reported revenue of 8.52 billion RMB, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 2.03 billion RMB, up 7.4%. The core net profit reached 2.01 billion RMB, reflecting a 15% increase, indicating that the growth rate of core net profit outpaced revenue growth due to a 3.1 percentage point increase in gross margin to 37.1% [1][4] Summary by Sections Commercial Channel - The company solidified its leading position in shopping centers, with retail sales growth outpacing the overall retail sales growth. In the first half of 2025, the company opened 4 new shopping centers and signed 6 new light-asset projects, increasing the number of operational shopping centers to 125. The retail sales from operational shopping centers reached 122 billion RMB, a year-on-year increase of 21.1%, significantly surpassing the overall retail sales growth of 5% [2] Property Channel - Urban space revenue grew rapidly, while community space revenue slightly declined due to value-added service revenue. In the first half of 2025, community space services generated revenue of 4.21 billion RMB, a decrease of 1.6%. The revenue from property management services increased by 8.8% to 3.5 billion RMB, while non-owner value-added services saw a decline due to reduced project deliveries and lower service prices [3] Financial Projections - The company is projected to achieve revenues of 19.19 billion RMB, 21.21 billion RMB, and 23.26 billion RMB for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 4.17 billion RMB, 4.74 billion RMB, and 5.29 billion RMB for the same years. The earnings per share (EPS) are forecasted to be 1.83 RMB, 2.07 RMB, and 2.32 RMB, with corresponding price-to-earnings (P/E) ratios of 18.7, 16.5, and 14.7 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company achieved a revenue of 3.113 billion yuan in H1 2025, representing a year-on-year growth of 22.5%, and a net profit attributable to the parent company of 1.182 billion yuan, up 20.2% year-on-year [1] - The gross margin for H1 2025 was 81.68%, a slight decrease of 0.72 percentage points year-on-year, while the net margin was 37.99%, down 0.61 percentage points year-on-year [1] - The sales expense ratio improved by 1 percentage point year-on-year to 34.01%, while the management expense ratio increased by 0.07 percentage points to 2.65% [1] Revenue and Profit Growth - The company's brand "可复美" generated revenue of 2.54 billion yuan in H1 2025, with a year-on-year increase of 22.7% [2] - The "可丽金" brand achieved revenue of 500 million yuan, reflecting a growth of 26.9% year-on-year [2] Channel Performance - Direct sales channels contributed 2.325 billion yuan in revenue, accounting for 74.7% of total revenue, with DTC channels generating 1.816 billion yuan [3] - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with over 130,000 pharmacy stores [3] Financial Forecast - The company is projected to achieve net profits of 2.505 billion yuan, 3.102 billion yuan, and 3.732 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 17, and 14 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved a revenue of 3.887 billion CNY in H1 2025, representing a year-on-year increase of 5.6%, and a net profit of 181 million CNY, up 24.1% year-on-year [1]. - The overseas goat milk powder segment showed significant growth, with a 65.7% increase in revenue to 483 million CNY, accounting for 25.9% of total goat milk powder revenue [2]. - The company is focusing on optimizing sales expenses and improving net profit margins, with a net profit margin of 4.6% in H1 2025, up 0.7 percentage points year-on-year [3]. - The company anticipates continued strong growth in overseas goat milk powder sales and is developing its nutrition products as a second growth avenue [4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 3.887 billion CNY and a net profit of 181 million CNY, with respective year-on-year growth rates of 5.6% and 24.1% [1]. - The gross profit margin for H1 2025 was 41.9%, a decrease of 1.5 percentage points, primarily due to the lower margin from the newly acquired cheese business [3]. Product Performance - Revenue from cow milk powder, domestic goat milk powder, and nutrition products in H1 2025 was 961 million CNY, 1.381 billion CNY, and 156 million CNY, with year-on-year changes of -14.9%, -8.9%, and +7.0% respectively [2]. - The newly added cheese business generated 479 million CNY in revenue [2]. Market Outlook - The company expects domestic goat milk powder revenue to improve in H2 2025 as inventory adjustments are completed, and policies stimulate demand [4]. - The overseas goat milk powder business remains a key growth driver, with significant sales increases in core regions such as the Middle East and North America [2][4]. Profitability and Valuation - The company forecasts net profits of 299 million CNY, 357 million CNY, and 410 million CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13x, 11x, and 10x [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company reported a revenue of 1.567 billion RMB for H1 2025, representing a year-on-year increase of 67.64%, primarily driven by a 250% increase in automotive product solution revenue due to rapid growth in the shipment of the Chengcheng 6 processing hardware [2][3]. - The company's gross margin for H1 2025 was 65.36%, a decrease of 13.68 percentage points year-on-year, with the automotive product solution business gross margin at 45.6%, an increase of 3.9 percentage points [2]. - The company has achieved significant growth in its high-speed NOA (Navigation on Autopilot) solutions, with a record number of model designations, and has shipped 1.98 million sets of processing hardware, doubling year-on-year [3][4]. Revenue and Profit Forecast - The company is expected to generate revenues of 3.891 billion RMB in 2025, 5.865 billion RMB in 2026, and 8.352 billion RMB in 2027, with growth rates of 63.2%, 50.7%, and 42.4% respectively [6]. - The forecasted net profit for 2025 is -1.9 billion RMB, improving to -940 million RMB in 2026, and turning positive at 70 million RMB in 2027 [6]. Market Position and Strategy - The company is positioned as a leader in domestic intelligent driving solutions, with a comprehensive stack technology capability covering L2 to L4 level intelligent driving chip solutions [5]. - The company has made significant strides in international expansion, securing model designations with two Japanese automakers for markets outside China, which is expected to yield over 7.5 million units in lifetime shipments [4].

Investment Rating - The report does not provide a specific investment rating for the company [5] Core Views - The company, Tiangong International, reported a steady performance in 1H25, with revenue decreasing by 7.1% year-on-year to RMB 2.34 billion, primarily due to overseas export business disruptions and the impact of tariffs [2] - Despite the revenue decline, the net profit attributable to shareholders increased by 10.4% year-on-year to RMB 200 million, with a net profit margin improvement of 1 percentage point [2] - The company is focusing on high-end manufacturing through powder metallurgy technology, which is expected to drive future growth [8] Financial Performance Summary - Revenue for 1H25 was RMB 2.34 billion, down from RMB 2.52 billion in 1H24 [9] - Gross profit margin decreased by 3.2 percentage points, attributed to a higher sales proportion of lower-margin titanium alloy products [2] - The company’s main revenue sources include tool steel, high-speed steel, cutting tools, and titanium alloy, with tool steel accounting for approximately 66.1% of total revenue [8] Business Segment Performance - Tool steel revenue was RMB 1.15 billion, high-speed steel revenue was RMB 390 million, cutting tools revenue was RMB 400 million, and titanium alloy revenue was RMB 350 million [8] - Domestic revenue for tool steel grew by 4.7% year-on-year and 21% quarter-on-quarter, while high-speed steel domestic revenue increased by 14.1% year-on-year and 33.7% quarter-on-quarter [8] Strategic Developments - The company has signed a strategic cooperation framework agreement with Heng Erda, expecting to supply at least 100 tons of powder high-speed steel annually starting in 2026 [8] - The company is innovating in high-nitrogen steel production, which has applications in humanoid robots and other fields, with successful deliveries to partners [8] - Plans are in place to develop key materials for nuclear fusion, with significant market potential identified [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The commercialization of Sipuqibai monoclonal antibody is rapidly expanding, with sales revenue of approximately 170 million RMB in the first half of 2025, and the company forecasts peak sales to exceed 5 billion RMB [2][4]. - The company focuses on the field of type 2 inflammation-related diseases and is building a specialized sales team in the autoimmune sector, enhancing drug accessibility across over 30 provinces and 240+ cities, covering more than 1,400 hospitals [2][4]. - The company is committed to deepening its potential pipeline, with a broad layout for future products and a large patient population to target [3][4]. Financial Performance and Forecast - For the first half of 2025, the company achieved a revenue of 499 million RMB, a year-on-year increase of 812%, with drug sales contributing about 170 million RMB and collaboration income around 330 million RMB [1][4]. - The adjusted net profit forecast for 2025 is -624 million RMB, improved from the previous estimate of -737 million RMB, while the 2026 forecast is adjusted to -434 million RMB from -304 million RMB [4][5]. - The revenue projections for 2025, 2026, and 2027 are 680 million RMB, 1.23 billion RMB, and 2.03 billion RMB respectively, with significant growth rates anticipated [5][10].

证券研究报告 中广核矿业 (1164 HK) 2025 年 8 月 29 日│中国香港 其他金属非金属新材料及加工 8 月 28 日中广核矿业（1164 HK）出席了我们组织的 2025 年秋季策略会， 会上公司就天然铀供需格局、现货/长协市场交易量与铀价趋势、公司国际 贸易板块重点分析，以及对未来展望进行了交流。 盈利预测与估值 公司 25H1 国际贸易业务亏损系一次性影响，且 25H2 起公司高价订单交付 和签约策略调整下盈利修复可期，我们维持 25-27 年归母净利 3.48、10.39、 11.23 亿港币（同比+1.84%、+198.42%、+8.04%），对应 EPS 为 0.05、 0.14、0.15 港币。我们参考 Visible Alpha 可比公司 2026 年估值中枢 （22.1xPE），考虑未来现货铀价波动仍存在不确定性，维持公司 2026E 21.5xPE 估值，目标价 3.01 港币。 风险提示：核电事故风险，行业需求不及预期。 2025 年秋季策略会速递—— 国际贸易跨期合约 25H2 起预期改善 核心观点： 华泰研究 动态点评 投资评级(维持): 增持 目标价(港币): 3.0 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a revenue of 10.459 billion RMB for 1H25, a year-on-year decrease of 7.5%, and a net profit attributable to the parent company of 0.897 billion RMB, down 20.1% year-on-year, primarily due to an unexpected impairment of 0.26 billion RMB [1][4]. - The interim dividend declared is 0.674 billion RMB, representing 80% of the net profit attributable to the parent company (excluding perpetual bond distributions), with a corresponding DPS of 7.35 HKD, reflecting a 5% increase from 1H24 [1][4]. - Capital expenditure decreased by 40% year-on-year to 0.94 billion RMB, while free cash flow significantly improved to 1.75 billion RMB [1][4]. Revenue and Profitability - The water treatment service revenue increased by 3% year-on-year to 4.52 billion RMB, with a gross margin improvement of 1 percentage point to 60% due to an increase in average water prices in China [2][3]. - The revenue from water governance construction services dropped by 57% year-on-year to 0.71 billion RMB, mainly due to the company's strategy of reducing investments in BOT projects [2][3]. Cash Flow and Capital Expenditure - The company’s cash flow continues to show improvement, with an expected net inflow of operating cash flow of 1.94 billion RMB for 1H25, compared to approximately 0.25 billion RMB in 1H24 [3][4]. - The company’s light asset transformation strategy is expected to further reduce capital expenditures, with a projected decrease in future capital spending [3][4]. Earnings Forecast and Valuation - The report slightly adjusts the company's net profit forecasts for 2025-2027, estimating 1.52 billion RMB for 2025, reflecting a decrease of 1.3% from previous estimates [4][10]. - The target price is set at 3.15 HKD, based on a target PE of 18.9x for 2025, indicating a potential upside from the current market price [4][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.35 HKD [6][5]. Core Insights - The company reported strong revenue growth of 11.9% year-over-year, achieving 912 million USD in revenue for the first half of 2025, with a net profit of 95 million USD, reflecting a 54.6% increase [1][2]. - The OPE business segment showed significant performance, with a 22.8% year-over-year revenue increase, primarily driven by the rapid growth of the EGO brand [2][4]. - The company is well-positioned for long-term growth in the lithium battery OPE market, benefiting from brand strength and product ecosystem advantages, alongside an accelerated capacity expansion in Vietnam [4][5]. Revenue Performance - The company achieved 912 million USD in revenue for 25H1, with a notable contribution from the OPE business, which generated 602 million USD, up 22.8% year-over-year [1][2]. - The revenue breakdown by region for 25H1 shows North America leading with 651 million USD, a 17.9% increase, while Europe and China experienced modest growth [2]. Profitability Metrics - The gross profit margin improved by 0.4 percentage points to 33.3%, attributed to a higher proportion of high-margin EGO brand sales and reduced raw material costs [3]. - The net profit margin increased by 2.9 percentage points to 10.4%, with adjusted profit margin rising to 8.3% [3]. Long-term Growth Potential - The lithium battery OPE market is expected to see increased penetration, with the company positioned as a leading brand benefiting from the shift from traditional fuel-powered OPE [4]. - The report highlights the strong demand for electric tools in developed markets like North America and Europe, where gardening culture and high labor costs drive consumption [4]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 148 million USD, 174 million USD, and 201 million USD for the years 2025 to 2027, respectively, with corresponding EPS of 0.29, 0.34, and 0.39 USD [5][10]. - The report assigns a target PE of 13 times for 2025, reflecting the company's growth trajectory and market conditions [5][10].