Core Insights - JD Logistics has officially launched its 2025 seafood assurance plan, focusing on rapid delivery and enhanced cold chain logistics services [2] Group 1: Delivery and Logistics Strategy - JD Logistics will deploy delivery personnel in major production areas to facilitate nearby collection and increase air transport capacity, enabling seafood to reach core city tables within 24 hours [2] - The company operates approximately 100 temperature-controlled cold chain warehouses dedicated to fresh, frozen, and refrigerated foods, covering over 300 cities nationwide [2] Group 2: Cold Chain Services - JD Logistics offers end-to-end, omnichannel, and all-scenario cold chain logistics services to seafood merchants, helping them reduce costs and improve efficiency [2] - The logistics network allows seafood merchants to meet diverse delivery needs, including multi-frequency and small-batch deliveries from factories to supermarkets, convenience stores, and restaurants [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and operational adjustments [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 13.57 billion yuan, a decrease of 10.8% year-on-year, with net profit down 40.2% to 560 million yuan [4]. - Q2 2025 revenue was 7.61 billion yuan, reflecting a smaller decline of 5.6% compared to Q1 [5]. - The company plans to distribute a dividend of 0.925 yuan per share, resulting in a dividend yield of 7.7% [4]. Group 2: Revenue Breakdown - Retail channel revenue in H1 2025 was 5.06 billion yuan, down 7.0%, while the engineering channel generated 6.35 billion yuan, a decrease of 5.3% [5]. - The company continues to reduce direct sales, with revenue from this segment falling 28.0% to 2.04 billion yuan [5]. - Domestic revenue was 12.99 billion yuan, down 12.3%, while overseas revenue grew by 42.2% to 580 million yuan [5]. Group 3: Profitability and Cost Management - The gross margin for H1 2025 was 25.4%, down 3.8 percentage points, attributed to price declines and changes in product mix [6]. - The company maintained cost control, with selling, general, and administrative expenses as a percentage of revenue decreasing [6]. - The net profit margin for H1 2025 was 4.0%, down 2.1 percentage points, impacted by credit impairment losses of 430 million yuan [6]. Group 4: Global Expansion and Capacity Building - The company is accelerating its global layout, focusing on overseas production capacity and acquisitions [7]. - Recent acquisitions include a Hong Kong building materials retailer and a Chilean building materials supermarket [7]. - Ongoing projects include production and logistics bases in Houston, Saudi Arabia, and Malaysia, enhancing the international supply chain [8].

Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances, with a target price of 33 yuan, corresponding to a 12x PE for 2025 [2][8]. Core Views - The company reported a revenue of 49.34 billion yuan for H1 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.0% year-on-year. However, Q2 2025 saw a revenue decline of 2.6% year-on-year to 24.5 billion yuan and a net profit drop of 8.3% year-on-year to 0.95 billion yuan [2][8]. - The external sales continue to grow, with overseas revenue increasing by 12.3% year-on-year, while domestic revenue slightly decreased by 0.3% [8]. - The air conditioning segment reported a revenue of 23.69 billion yuan in H1 2025, up 4.1% year-on-year, although central air conditioning faced a decline of 6.0% due to a weak real estate market [8]. - The washing machine business within the refrigeration and washing segment saw a significant revenue increase of 37.6% year-on-year, contributing positively to overall growth [8]. - The company is expected to recover growth in the coming quarters due to favorable weather conditions and government subsidies, despite facing high base pressure in Q2 [8]. Financial Summary - For 2024A, the main revenue is projected at 92.746 billion yuan, with a growth rate of 8.3%. The net profit attributable to shareholders is expected to be 3.348 billion yuan, with a growth rate of 18.0% [4][9]. - The earnings per share (EPS) for 2025E is adjusted to 2.68 yuan, with corresponding PE ratios of 10, 9, and 8 for 2025, 2026, and 2027 respectively [8][9]. - The company’s total assets are projected to grow from 69.702 billion yuan in 2024A to 84.298 billion yuan in 2027E, indicating a steady increase in financial strength [9].

证券研究报告 | 2025年07月31日 新东方-S（09901.HK） 优于大市 教育业务当季增势良好，下季收入增速指引谨慎 FY2025Q4 非甄选业务同增 18.7%，优于管理层指引。FY2025Q4，公司收入 12.43 亿美元/+9.4%，其中非甄选收入 10.89 亿美元/+18.7%，优于前期指引 （10-13%）；经营利润亏损 867 万美元，由盈转亏主因幼儿园业务确认 6030 万美元一次性商誉减值，若剔除该影响非甄选业务 Non-GAAP 经营利润率 6.5%/+4.1pct；归母净利润 710 万美元/-73.7%，若剔除一次性因素影响 Non-GAAP 归母净利润为 9808 万美元/+59.4%。截止期末，递延收入 19.54 亿 美元/+9.8%，消费力下行致季度环比增速（FY25Q1/Q2~19%/15%）继续走低。 第四季度各业务增速均良好。K9 教育新业务同增 32.5%，依旧维持较为快 速增长；高中培训收入同增 24%，得益于供需格局增长韧性也较强 （FY25Q1/Q2 增速分别为 20%/19%）；留学考培/咨询期内收入分别同增 14.6%/8.2%，本季增速尚可但消费力 ...

证券研究报告 | 2025年07月31日 新东方-S（09901.HK） 优于大市 教育业务当季增势良好，下季收入增速指引谨慎 FY2025Q4 非甄选业务同增 18.7%，优于管理层指引。FY2025Q4，公司收入 12.43 亿美元/+9.4%，其中非甄选收入 10.89 亿美元/+18.7%，优于前期指引 （10-13%）；经营利润亏损 867 万美元，由盈转亏主因幼儿园业务确认 6030 万美元一次性商誉减值，若剔除该影响非甄选业务 Non-GAAP 经营利润率 6.5%/+4.1pct；归母净利润 710 万美元/-73.7%，若剔除一次性因素影响 Non-GAAP 归母净利润为 9808 万美元/+59.4%。截止期末，递延收入 19.54 亿 美元/+9.8%，消费力下行致季度环比增速（FY25Q1/Q2~19%/15%）继续走低。 第四季度各业务增速均良好。K9 教育新业务同增 32.5%，依旧维持较为快 速增长；高中培训收入同增 24%，得益于供需格局增长韧性也较强 （FY25Q1/Q2 增速分别为 20%/19%）；留学考培/咨询期内收入分别同增 14.6%/8.2%，本季增速尚可但消费力 ...

Core Viewpoint - NIO is undergoing significant changes under founder Li Bin's leadership, focusing on cost reduction and operational efficiency while aiming for profitability in Q4 2023 [2][10][20] Group 1: Company Strategy and Leadership Changes - Li Bin has shifted NIO's approach to product launches, opting for simpler, more pragmatic events instead of extravagant presentations [1][2] - The company is implementing a "Cell Business Unit" (CBU) management strategy to enhance accountability and operational efficiency [2][18] - Li Bin has expressed a desire for NIO to be recognized as the "fastest improving company" by 2025, emphasizing hard work and transformation [2][10] Group 2: Product Launches and Market Position - NIO's main models, ES6 and EC6, are crucial to its sales, contributing over 90% of total vehicle sales in the previous year [4][10] - The new ES6 and EC6 models feature significant hardware upgrades, with 40% of components being renewed, and include advanced safety features [5][7] - Despite the upgrades, the new models still utilize the older 400V architecture, which has raised questions about the decision to not fully transition to the newer NT3.0 platform [8][9] Group 3: Financial Performance and Sales Goals - NIO aims to double its sales from 222,000 units last year to 440,000 units this year, but has only achieved 15% of this target in the first four months [10][20] - The company raised HKD 4.03 billion through a placement to support R&D and strengthen its balance sheet [20] - NIO's financial struggles are evident, with a reported loss of 22.4 billion yuan last year, prompting a need for strategic changes [2][10] Group 4: Competitive Landscape - NIO faces intense competition in the electric vehicle market, particularly from brands like Li Auto and XPeng, which have seen significant stock price increases [21] - The performance of NIO's second brand, "Lao Dao," has been disappointing, contributing only 20,000 units to last year's total sales, leading to leadership changes within the brand [10][12][17] - The market perception of NIO is mixed, with ongoing debates about its ability to survive amid fierce competition and operational challenges [20]

Core Viewpoint - NIO is undergoing a significant restructuring of its three brands, integrating them into a unified operational model to reduce financial costs and enhance profitability ahead of the fourth quarter of 2023 [1][3][4]. Group 1: Brand Integration - NIO's sub-brands, Ledo and Firefly, are being integrated into the NIO system, with various departments merging into the Product Design and Development cluster and the User Experience cluster [1][3]. - The integration reflects a shift away from independent operations towards a more cohesive strategy, aiming to streamline operations and improve cost control [3][4]. Group 2: Financial Goals and Strategies - NIO's founder and CEO, Li Bin, has accelerated the company's profitability timeline from 2026 to the fourth quarter of 2025, citing a focus on cost reduction and operational efficiency [6]. - The company has set a sales target of 440,000 vehicles by 2025, with Ledo expected to contribute 20,000 units per month [6]. - NIO is implementing a new internal mechanism to enhance cost management, requiring departments to clarify ROI metrics and linking executive compensation to performance [6][10]. Group 3: Market Performance and Challenges - NIO's flagship model, the ET9, is not a high-volume vehicle, and the Ledo L60 has struggled with sales, while the recently launched L90 is still ramping up [6][7]. - The Firefly brand has gained traction with consumers, achieving a favorable order situation since its launch [7]. - Ledo has faced marketing controversies and leadership changes, impacting its sales performance and brand perception [8][10]. Group 4: Industry Context - The restructuring at NIO is part of a broader trend in the automotive industry, where companies like Geely and XPeng have also undergone significant organizational changes to enhance efficiency and competitiveness [10].

Core Viewpoint - In 2024, the company reported a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite revenue growth in certain segments [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 16.24 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 0.07 billion, a decrease of 56.7% [1]. - For Q1 2025, the company reported operating revenue of 3.16 billion, a year-on-year growth of 7.1%, but a net loss of 0.2 billion compared to a profit of 0.02 billion in the same period last year [1]. Business Segments Component Business - In 2024, the component business generated revenue of 13.52 billion, a year-on-year decrease of 6.6%, with a gross margin of 8.0%, down 0.9 percentage points [2]. - The company shipped 21.4 GW of components, marking a year-on-year increase of 30.4%, and has established a robust capacity for N-type high-performance products [2]. System Integration - The system integration package business saw a revenue increase of 90.4% in 2024, reaching 2.32 billion, with a gross margin of 9.9%, up 1.8 percentage points [3]. - The company adopted a strategy of "point-to-surface" development, leading to significant growth in system integration performance, alongside a focus on backend business development [3]. Future Outlook - Revenue projections for 2025-2027 are 18.19 billion, 22.12 billion, and 26.55 billion, with year-on-year growth rates of 12.0%, 21.6%, and 20.0% respectively [4]. - Expected net profits for the same period are 0.23 billion, 0.42 billion, and 0.57 billion, with substantial growth rates of 238.9%, 81.5%, and 35.8% [4].

Group 1: Shuiyang Co., Ltd. - Shuiyang Co., Ltd. aims for globalization, planning to expand three store formats in the top ten global cities, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term impact from tariffs; the company plans to adjust its team and ensure business operations and brand upgrades in the US market this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] - The PA brand saw over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and stable channel development [1] Group 2: Longci Technology - Longci Technology has a minimal direct export to the US, thus limited impact from US tariff policies [2] - The company aims for a long-term permanent magnet production capacity of 60,000 tons, with an expected capacity of 50,000 tons this year [2] - The Vietnam factory's permanent magnet capacity has expanded to 10,000 tons per year, while the Thailand soft magnet factory plans for 8,000 tons capacity [2] - The company is focusing on developing chip inductors and automotive inductors, leveraging customer synergy to penetrate the automotive inductor market [2] Group 3: Dongfang Yuhong - Dongfang Yuhong's overseas business revenue grew rapidly in Q1 2025, with the Malaysia factory completed in Q1 [3] - The company is enhancing operational efficiency through organizational restructuring, redundancy elimination, and workflow simplification [3] - The company is focusing on expanding its product categories, with non-waterproof product revenue accounting for half of total revenue this year [3] - The integration of the architectural coating business with the sand powder group aims to achieve supply chain and process synergy, enhancing cost reduction and efficiency [3]

Group 1: Financial Performance - The company's overall revenue in Q1 2025 decreased by 16.71% year-on-year, primarily due to proactive customer structure optimization and channel transformation [2] - The gross profit margin declined by over 5 percentage points compared to the previous year, influenced by product price adjustments and changes in product structure [3] - Operating cash flow net amount increased significantly by 56.98% year-on-year, indicating improved operational quality despite a substantial drop in net profit [3] Group 2: Business Strategy and Market Position - The company shifted its business model from direct sales to a retail and engineering channel-focused approach, leading to a decline in direct sales revenue, particularly in real estate procurement [2] - The engineering channel business continued to grow, reflecting an increase in market share, especially in non-real estate sectors [2] - Retail business showed strong growth after channel optimization, with significant revenue increases from the Deaiwei retail segment [2] Group 3: Cost Management and Efficiency - The company has implemented organizational restructuring and cost control measures, resulting in a noticeable decrease in expense ratios [3] - Continuous efforts in reducing costs and improving efficiency through streamlined processes and shared services for non-core functions [7][8] - The company aims to enhance capacity utilization by increasing market share and optimizing asset management [9] Group 4: Future Growth and Expansion - The overseas business performed well in Q1 2025, with revenue growth and ongoing construction of overseas factories, including a new facility in Malaysia [10] - The company plans to expand its product categories, with non-waterproof products already accounting for about half of the revenue from the civil construction group [12] - The construction group will focus on new product lines, including sand powder and coatings, to alleviate market demand pressure on waterproof products [13]