公司研究 FY26Q2 业绩超预期增长，全年收入指引上调彰显信心 ——新东方-S（9901.HK）FY26Q2 业绩点评 买入（上调） 当前价：44.70 港元 2026 年 1 月 29 日 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 15.80 | | 总市值(亿港元)： | 706.39 | | 一年最低/最高(港元)： | 30.85/47.31 | | 近 3 月换手率： | 14.06% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 25/1 25/2 25/3 25/4 25/5 25/6 25/7 25/8 25/9 25/10 25/11 25/12 26 ...

Core Viewpoint - The company expects a significant increase in net profit for the year 2025, projecting a range of 85 million to 105 million yuan, which represents a year-on-year increase of 44.4814 million to 64.4814 million yuan, or a growth of 109.78% to 159.14% compared to the previous year [1] Group 1 - The substantial profit growth is primarily attributed to the company's stable and positive performance in its main business [1] - Continuous optimization of marketing strategies and strengthening of channel construction have led to a steady increase in the sales volume of major products [1] - The company has implemented management reforms and cost-reduction measures, enhancing operational efficiency and allowing the reduction in unit costs to exceed the adjustment in selling prices, thereby improving gross margins [1]

南财智讯1月29日电，赛福天发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为-3000 万元—-4500万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为-3400万元 —-4900万元。本期业绩变动的主要原因：2025年度公司实现大幅减亏，主要得益于业务拓展、销量增 长及降本增效三方面的实际成效，具体如下：（一）钢索业务拓宽销路，盈利好转：钢索事业部在稳住 电梯用钢丝绳市场优势的基础上，聚焦起重用钢丝绳、海洋工程、高端装备制造、新能源基建、智能物 流、工业机器人等新兴领域的技术适配性和规模化应用。通过调整营销策略、开拓增量客户，带动整体 订单和盈利水平提升。（二）光伏业务销量增长，效益改善：光伏事业部抓住行业政策与市场需求机 遇，凭借产品核心竞争力，实现光伏电池片销量同比较大增长。随着规模效应释放和产品结构优化，营 收与盈利同步改善。（三）降本增效落地见效，运营优化：公司聚焦自身优势，推进供应链端、销售 端、管理端的协同配合，通过整合资源、优化生产运营流程，有效降低各环节成本，提高资源使用效 率。 ...

Core Viewpoint - The company, Guangdong Dinggu Jichuang Home Co., Ltd., forecasts a significant turnaround in its financial performance for 2025, projecting a net profit of between 9 million to 12.8 million yuan, compared to a loss of 175 million yuan in the previous year [1] Financial Performance - The company expects to achieve a net profit of 9 million to 12.8 million yuan for 2025, a notable improvement from the previous year's loss of 175 million yuan [1] - The projected non-recurring net profit loss is estimated to be between 10.7 million to 14.5 million yuan, compared to a loss of 183 million yuan in the prior year [1] Cost Management - The company has implemented cost reduction and efficiency enhancement measures, leading to a decrease in period expenses compared to the previous year [1] - Strengthened management of accounts receivable has resulted in improved collection efficiency of historical receivables, significantly reducing credit impairment losses compared to the previous year [1]

Core Viewpoint - The company, Gaoce Co., Ltd., anticipates a significant net loss for the year 2025, with estimates ranging from -35 million to -48 million yuan, and a net profit excluding non-recurring losses projected between -120 million and -140 million yuan, indicating ongoing challenges in the photovoltaic industry [1] Industry Summary - The photovoltaic industry is experiencing a phase of supply surplus, which has not yet been alleviated, leading to low operating rates and a challenging market environment for companies [1] - Despite a year-on-year increase in new photovoltaic installations, the industry continues to face price pressures, with product prices remaining low throughout the reporting period [1] Company Summary - The company has reported a continued loss due to the need to provision for impairment based on cautious accounting principles, despite a growth in the shipment scale of its diamond wire products [1] - The company has achieved a year-on-year increase in the shipment scale of its silicon wafer and cutting processing services, with high operating rates maintained in the second half of the year, contributing to cost reductions through economies of scale [1] - The company plans to increase R&D investment to strengthen its specialized cutting technology barriers, enhance product competitiveness through innovation, and continue to promote the growth of its diamond wire and silicon wafer businesses [1] - The company has successfully achieved profitability in the third and fourth quarters, indicating a sequential improvement in profitability [1]

南财智讯1月29日电，透景生命发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为372 万元—556万元，同比预减83.90%—89.23%；预计2025年全年归属于上市公司股东的扣除非经常性损益 的净利润为-803万元—-416万元，同比预减116.02%—130.93%。业绩变动原因说明：1、受市场因素及 行业集采影响，报告期内公司预计实现营业收入约29,000万元至43,000万元，同比下降1.55%— 33.61%，公司积极应对市场变化，适时调整产品营销策略，其中分子病理诊断等高毛利产品线对公司 整体收入贡献提升，并持续推动多项降本增效措施，预计综合毛利率基本保持稳定，期间费用同比下 降。同时，为应对市场竞争与行业政策变化风险，公司高度重视创新型产品和非集采产品等相对高毛利 产品线的研发进度，故在报告期内仍保持相对较高的研发费用率。2、受行业整体发展放缓影响，报告 期内公司参股子公司及与专业机构共同投资的产业投资基金盈利水平明显下降，使得公司投资收益及公 允价值变动收益与上年同期相比有所下降，影响了公司归属于上市公司股东的净利润。3、根据《企业 会计准则》以及公司会计政策等相关规定的要求 ...

Group 1 - The company expects a net profit loss attributable to shareholders of 44 million to 57 million yuan for 2025, compared to a loss of approximately 150 million yuan in the same period last year [1] - The company is focusing on strengthening internal management, promoting cost reduction and efficiency improvement, and upgrading processes, while maintaining stable overall production and operation despite market fluctuations [1] - The company is adjusting part of its production capacity based on industry competition and development trends, and is continuing to advance its globalization strategy [1] Group 2 - The company is enhancing sales price control to improve product profitability, leading to an improvement in overall gross margin compared to the same period last year [1] - The company is intensifying efforts to collect accounts receivable, resulting in a decrease in credit impairment losses compared to the previous year [1] - The company has deepened expense control, leading to a reduction in period expenses compared to the same period last year [1]

南财智讯1月29日电，蕾奥规划发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 1700万元—2500万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为1200万元— 1700万元。公司业绩变动的主要原因：1、报告期内，面对传统规划业务市场萎缩、客户支付能力下 降、行业竞争进一步加剧等因素影响，公司始终聚焦核心业务，持续推动市场化整合，积极优化业务结 构；同时，公司深化信息化管理水平，强化资金管控力度，多措并举扎实推进降本增效工作，综合盈利 能力有所提升。2025年度，公司经营业绩稳步改善，同比实现扭亏为盈。2、报告期内，预计公司非经 常性损益对净利润的影响金额约为500万元至800万元。 ...

北摩高科1月29日公告，预计2025年度归母净利润1.9亿元–2.2亿元，同比上升1076.16%-1261.87%。业绩 变动的影响因素如下：公司按要求完成产品交付，业务稳步增长；公司持续加强降本增效以及期间费用 优化控制工作，实现内部降本增效；公司持续落实业务风险控制，加大应收账款回款力度，信用减值损 失较去年同期有所减少。 ...

Core Viewpoint - Yongtai Technology (002326.SZ) expects a loss of 25.6 million to 48.6 million yuan in 2025, compared to a loss of 478.354 million yuan in the same period last year, indicating a significant improvement in operational efficiency [1] Financial Performance - The company anticipates a reduction in net profit attributable to shareholders, excluding non-recurring gains and losses, by approximately 405.87 million to 424.87 million yuan, narrowing the loss margin by 91.44% to 95.72% [1] - The main business gross profit has significantly increased due to a rapid release of demand in the new energy vehicle and energy storage industries, leading to a substantial rise in sales and prices of core lithium battery materials [1] Challenges and Risks - The company faced increased foreign exchange losses due to fluctuations in the US dollar exchange rate during the reporting period [1] - The adherence to previously signed long-term low-price contracts for certain lithium battery materials has also impacted the current profit level [1] Future Outlook - Looking ahead to 2026, the company plans to focus on its core business, enhance market development, optimize customer structure, and implement comprehensive cost reduction and efficiency improvement measures to steadily improve profitability and risk resistance [1]