Core Viewpoint - The company is expected to achieve a revenue growth rate of 15%-20% year-on-year in the first half of 2025, with profit growth slightly lower than revenue growth due to a high base in the first half of 2024, aligning with market expectations [1] Group 1: Revenue and Profit Forecast - The company anticipates a revenue growth of 15%-20% for 1H25, with the konjac product category maintaining high growth [1] - Adjustments in SKU displays for seasoning noodle products may lead to growth pressure in Q2 [1] - Increased promotional efforts in the channel for 1H25 may offset revenue growth, impacting overall revenue growth rate [1] Group 2: Margin and Cost Management - The company expects an improvement in gross margin compared to 2H24, with management expense ratio likely to narrow year-on-year [1] - The company plans to counteract rising konjac raw material costs through supply chain efficiency and optimization of production personnel [1] - Overall, the pressure on net profit margin is expected to be manageable, with a projected low double-digit year-on-year profit growth for 1H25 [1] Group 3: Organizational Structure and Management Changes - The company has a complete organizational structure, and recent executive changes are expected to have a controllable impact on operations [2] - The new CFO, Yufeng, is expected to maintain stability following the resignation of the previous CFO, Peng Hongzhi [2] Group 4: Market Expansion and New Products - The company anticipates new growth from Sam's Club and overseas channels in the second half of the year [2] - New product launches, including spicy strips and konjac products, are expected to contribute to revenue growth [2] - The company expects to maintain a growth rate in the second half of the year similar to that of 1H25, with significant profit improvement due to a low base in 2H24 [2] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with a target price of HKD 17.5 [2] - The current stock price corresponds to a P/E ratio of 20.2/16.4 for 2025/2026, with a target price reflecting approximately 28/23 times P/E for the same years, indicating a potential upside of about 38.7% from the current price [2]

Group 1: Market Overview - The Hong Kong stock market is currently in a period of intensive mid-year earnings forecasts disclosure, with nearly 120 companies having released their forecasts as of July 18, resulting in a positive earnings forecast rate of 50.85% [1] Group 2: Companies with Significant Earnings Growth - Pop Mart expects its revenue to grow by no less than 200% and profit to increase by no less than 350% in the first half of the year, driven by enhanced brand recognition and diversified product offerings [3] - Huabao International anticipates a pre-tax profit of between 151.2 million to 177.2 million yuan, representing a growth of approximately 91.3% to 124.3% compared to the same period last year [3] - Guoquan expects a net profit of approximately 180 million to 210 million yuan, reflecting a growth of about 111% to 146% year-on-year, attributed to ongoing revenue growth and improved operational efficiency [4] - Zhou Hei Ya forecasts total revenue between 1.2 billion to 1.24 billion yuan, a slight decline of about 1.5% to 4.7% year-on-year, but expects profit to increase by 55.2% to 94.8% [4] - October Rice Field anticipates adjusted net profit of no less than 283 million yuan, a growth of at least 90% compared to the previous year, driven by innovation and deep operations in the home food category [5] - Andeli Juice expects a net profit of approximately 187 million to 214 million yuan, an increase of 40% to 60% year-on-year, due to increased customer orders and significant growth in concentrated juice sales [5] Group 3: Companies with Expected Earnings Decline - Conning Hospital projects a decline in net profit of approximately 25% to 35% compared to the same period last year, primarily due to reduced operating income from decreased average daily expenses per bed [7] - Xinyi Solar expects a net profit decline of 56% to 66% in the first half of 2025, attributed to a significant drop in average selling prices of solar glass products and an oversupply in the market [8] - Xinyi Glass anticipates a net profit decrease of 55% to 65%, driven by declining revenue and gross profit in the float glass business due to weak demand and market price pressures [8]

Core Viewpoint - The Hong Kong stock market is currently experiencing a concentrated period of mid-term earnings forecasts, with a notable number of companies expecting significant earnings growth [1]. Group 1: Positive Earnings Forecasts - Nearly 120 Hong Kong-listed companies have released earnings forecasts, with 37 companies expecting earnings growth, 14 companies turning losses into profits, and 9 companies anticipating slight increases. The overall positive earnings forecast rate stands at 50.85% [1]. - Pop Mart expects its revenue to grow by no less than 200% and profits to increase by no less than 350% compared to the same period last year, driven by enhanced brand recognition and diversified product offerings [3]. - Huabao International anticipates a pre-tax profit of between 151.2 million to 177.2 million yuan, representing a growth of approximately 91.3% to 124.3% year-on-year, primarily due to the absence of significant impairment losses this period [3]. - Guoquan expects a net profit of approximately 180 million to 210 million yuan, reflecting a growth of about 111% to 146% year-on-year, attributed to ongoing revenue growth and improved operational efficiency [4]. - Zhou Hei Ya forecasts total revenue between 1.2 billion to 1.24 billion yuan, a slight decline of 1.5% to 4.7% year-on-year, but expects profit growth of 55.2% to 94.8% due to optimized store structure and improved sales efficiency [4]. - October Rice Field anticipates adjusted net profit of no less than 283 million yuan, a growth of at least 90% year-on-year, driven by continuous innovation in home food categories and enhanced cooperation with quality sales channels [5]. - Andeli Juice expects a net profit of approximately 187 million to 214 million yuan, an increase of 40% to 60% year-on-year, mainly due to increased customer orders and significant growth in concentrated juice sales [5]. Group 2: Negative Earnings Forecasts - Some companies, such as Conning Hospital, expect a decline in mid-term earnings, with a projected drop in net profit of about 25% to 35% year-on-year, primarily due to reduced operating income from decreased average daily expenses per bed [7]. - Conning Hospital's previous report indicated a total revenue of 1.654 billion yuan for 2024, a year-on-year growth of 3.63%, but a net profit decline of 23.7% [8]. - Xinyi Solar anticipates a net profit decrease of 56% to 66% for the first half of 2025, attributed to a significant drop in average selling prices of solar glass products amid oversupply [8]. - Xinyi Glass expects a net profit decline of 55% to 65% for the same period, due to continuous revenue and gross profit declines in the float glass business, influenced by reduced demand and market price pressures [8].

长川科技（300604）公告，2025年上半年营业收入21.67亿元，同比增长41.80%。净利润4.27亿元，同 比增长98.73%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

海天瑞声公告，预计2025年半年度实现归属于母公司所有者的净利润约为294.4万元至441.6万元，与上 年同期相比，将增加约252.76万元至399.96万元，同比增加约607.01%至960.52%。预计2025年半年度实 现营业收入1.49亿元至1.65亿元，与上年同期相比，将增加5643.48万元至7210.44万元，同比增加约 61.06%至78.01%。预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润约为81.23 万元至121.85万元，与上年同期相比，将增加约448.81万元至489.43万元，同比增加约122.10%至 133.15%。 ...

Performance Forecast - The company expects a performance increase, projecting revenue of 290 million yuan, which represents a growth of 97.99 million to 101.99 million yuan compared to the same period last year, indicating a year-on-year growth of 52.12% to 54.25% [1] - The estimated net profit is projected to be between 39.3 million yuan and 43.3 million yuan, reflecting an increase of 15.546 million yuan to 19.546 million yuan compared to the previous year [1] Reasons for Performance Change - The primary reason for the performance change is attributed to the continuous development of new products and the expansion into new markets, which has led to significant growth in sales revenue and consequently profit [1] Previous Year Performance - The announcement does not provide specific figures for the previous year's performance, but it indicates a substantial increase in the current year's projections compared to last year [1]

Core Viewpoint - The company expects to achieve a net profit attributable to the parent company of approximately 34.38 million yuan in the first half of 2025, representing an increase of about 11.55 million yuan or approximately 50.59% compared to the same period last year [1] - The expected net profit attributable to the parent company after deducting non-recurring gains and losses is approximately 22.16 million yuan, which is an increase of about 10.79 million yuan or approximately 94.90% year-on-year [1] - The performance change is primarily driven by revenue growth and changes in product sales structure [1] Financial Performance - Expected net profit attributable to the parent company: approximately 34.38 million yuan [1] - Year-on-year increase in net profit: approximately 11.55 million yuan, or 50.59% [1] - Expected net profit after deducting non-recurring gains: approximately 22.16 million yuan [1] - Year-on-year increase in net profit after deductions: approximately 10.79 million yuan, or 94.90% [1] Factors Influencing Performance - Revenue growth [1] - Changes in product sales structure [1]

Core Viewpoint - Liu Steel Co., Ltd. has experienced significant stock performance, achieving a cumulative increase of 33.20% over five trading days, with four trading days hitting the daily limit up [1] Trading Performance - The stock recorded a trading volume of 107 million shares and a transaction amount of 702 million yuan on the latest trading day, with a turnover rate of 4.17% [1] - The total market capitalization of the stock reached 17.273 billion yuan [1] Margin Trading Data - As of July 18, the margin trading balance for the stock was 96.6062 million yuan, with a financing balance of 95.7302 million yuan, reflecting a decrease of 25.2047 million yuan or 20.84% from the previous trading day [1] - Over the past five days, the margin trading balance has decreased by 51.4184 million yuan, representing a decline of 34.94% [1] Institutional Activity - The stock has appeared on the Dragon and Tiger List twice due to significant price deviations, with institutional investors net selling 69.7067 million yuan while the Shanghai Stock Connect recorded a net purchase of 92.6137 million yuan [1] - The total net buying from brokerage seats amounted to 97.3253 million yuan [1] Financial Performance - In the first quarter, the company reported total operating revenue of 17.119 billion yuan, a year-on-year decrease of 14.36%, while net profit reached 260 million yuan, a year-on-year increase of 594.67% [1] - The company’s half-year earnings forecast indicates an expected net profit between 340 million yuan and 400 million yuan, with a year-on-year change range of 530.00% to 641.00% [1] Recent Stock Performance - The stock's daily performance over the past few days shows fluctuations, with notable increases of 10.05% and 10.08% on July 18 and July 17, respectively, alongside varying turnover rates and net capital inflows [1]

Core Viewpoint - The chairman of Yaqi International, Guo Baichun, has been criminally detained for suspected embezzlement and abuse of power, but the company asserts that this matter is personal and unrelated to the company's operations [2][4]. Group 1: Company Developments - Yaqi International announced that Guo Baichun was detained on July 18, following an investigation by the Ningxia Hui Autonomous Region Supervisory Committee [2]. - The company confirmed that its production and operations are normal, with the management team continuing to oversee daily operations [4]. - The board of directors is functioning normally, and the company is making steady progress in production and construction [4]. Group 2: Financial Performance - Yaqi International expects a significant increase in net profit for the first half of 2025, projecting a range of 730 million to 930 million yuan, representing a year-on-year growth of 170% to 244% [4]. - The growth in performance is attributed to stable production of potash fertilizer, increased output compared to the same period last year, and a flexible sales strategy that targets both domestic and international markets [6]. - The company also noted that the rise in potash fertilizer prices, both internationally and domestically, contributed to an increase in sales prices and gross profit margins for the first half of the year [6]. Group 3: Shareholder Changes - China Agricultural Production Materials Group Co., Ltd., a shareholder with over 5% stake, plans to transfer 46.2026 million shares (5% of total shares) to Huineng Holdings Group Co., Ltd., which will become the largest shareholder of Yaqi International if the transaction is completed [6][7].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including changes in control, asset sales, investments, and performance forecasts, which may present investment opportunities and risks for investors. Group 1: Control Changes and Major Transactions - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to two trading days [3] - Tiger Medical is selling 95.09% of its stake in Lixin Pharmaceutical for approximately $34.11 million [4] - ST Lifan announced that its operational situation has not changed significantly despite a stock price fluctuation of 42.54% over two trading days [9] Group 2: Investments and Acquisitions - Sdic plans to invest approximately 509 million yuan in expanding its high-end functional film production capacity [5] - Dongfang Yuhong's subsidiary intends to acquire 100% of Chile's Construmart for about $123 million [6] - Huaitian Thermal Power has been recommended as the owner of a 700,000 kW wind power project, aligning with its investment strategy [7] Group 3: Performance Announcements - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of the year, a year-on-year increase of 16.67% [14] - Tuojing Technology expects a net profit increase of 101% to 108% in Q2 2025, driven by new product breakthroughs [15] - Weicheng Bio anticipates a net profit of 30.06 million yuan for the first half of 2025, reversing a loss from the previous year [17] Group 4: Contracts and Strategic Partnerships - State Grid Information won contracts totaling 966 million yuan from the State Grid Corporation [21] - Beizhi Technology signed a contract worth 164 million yuan with a major client [22] - Mould Technology received a project letter of intent for exterior parts with an expected total sales of 2.044 billion yuan [23] Group 5: Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24% [25] - Yutai Micro's shareholder intends to reduce holdings by up to 3% due to personal funding needs [26] - Alter's controlling shareholder plans to reduce holdings by up to 3% [27]