Group 1 - The company reported a total operating revenue of 1.358 billion yuan for the first half of 2025, with a net profit attributable to shareholders of 14.02 million yuan, representing an increase of 3.03 million yuan or 27.62% year-on-year [1] - The net cash inflow from operating activities was 5.587 million yuan, an increase of 71.51 million yuan compared to the same period last year, marking two consecutive years of growth [1] Group 2 - The company's latest debt-to-asset ratio stands at 49.11% [3] - The latest gross profit margin is 10.24%, which is an increase of 0.14 percentage points from the previous quarter and an increase of 4.50 percentage points year-on-year [3] - The latest return on equity (ROE) is 0.32%, up by 0.07 percentage points compared to the same period last year [3] - The diluted earnings per share are 0.02 yuan, which is an increase of 0.01 yuan or 100% year-on-year [3] - The company's total asset turnover ratio is 0.14 times, and the inventory turnover ratio is 2.96 times [3] Group 3 - The number of shareholders is 38,700, with the top ten shareholders holding a total of 377 million shares, accounting for 44.31% of the total share capital [3] - The largest shareholder is Jiangsu Yueda Group Co., Ltd., holding 34.01% of the shares [3]

证券研究报告 | 2025年08月15日 大行分红率还有多少提升空间？ 行业快评 优于大市 |  | 行业研究·行业快评 | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | | 证券分析师： | 田维韦 | 021-60875161 | tianweiwei@guosen.com.cn | 执证编码：S0980520030002 | | 证券分析师： | 张绪政 | 021-60875166 | zhangxuzheng@guosen.com.cn | 执证编码：S0980525040003 | | 证券分析师： | 刘睿玲 | 021-60375484 | liuruiling@guosen.com.cn | 执证编码： ...

Core Insights - Tianan New Materials (603725.SH) reported a total revenue of 1.444 billion yuan for the first half of 2025, marking an increase of 55.06 million yuan or 3.97% year-on-year, achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 62.169 million yuan, an increase of 8.848 million yuan or 16.59% year-on-year, also achieving three consecutive years of growth [1] - The company generated a net cash inflow from operating activities of 83.254 million yuan [1] Financial Performance - The latest asset-liability ratio stands at 67.55%, a decrease of 0.37 percentage points from the previous quarter and a decrease of 2.43 percentage points from the same period last year [3] - The latest gross profit margin is 23.54%, an increase of 1.56 percentage points from the previous quarter and the same period last year [3] - The latest return on equity (ROE) is 7.85%, an increase of 0.36 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.21 yuan, an increase of 0.03 yuan or 16.38% year-on-year, achieving three consecutive years of growth [3] Operational Efficiency - The total asset turnover ratio is 0.50 times, an increase of 0.01 times year-on-year, achieving five consecutive years of growth [4] - The inventory turnover ratio is 2.05 times [4] Shareholder Structure - The number of shareholders is 16,800, with the top ten shareholders holding 163 million shares, accounting for 53.46% of the total share capital [4] - The top shareholders include Wu Qichao (34.9%), Shen Yaoliang (5.71%), and Sun Yongci (3.21%) among others [4]

2025年8月15日，川金诺(300505.SZ)发布2025年中报。 公司最新总资产周转率为0.48次，较去年同期总资产周转率增加0.09次，实现2年连续上涨，同比较去年 同期上涨24.37%。最新存货周转率为2.18次。 公司营业总收入为17.44亿元，较去年同报告期营业总收入增加3.81亿元，实现5年连续上涨，同比较去 年同期上涨27.91%。归母净利润为1.77亿元，较去年同报告期归母净利润增加1.11亿元，实现2年连续 上涨，同比较去年同期上涨166.51%。经营活动现金净流入为1.71亿元，较去年同报告期经营活动现金 净流入增加1.38亿元，实现2年连续上涨，同比较去年同期上涨423.23%。 公司股东户数为3.53万户，前十大股东持股数量为9241.42万股，占总股本比例为33.62%，前十大股东 持股情况如下： 公司最新资产负债率为26.57%，较去年同期资产负债率减少2.98个百分点。 公司最新毛利率为16.90%，较上季度毛利率增加0.40个百分点，实现3个季度连续上涨，较去年同期毛 利率增加4.92个百分点，实现2年连续上涨。最新ROE为6.72%，较去年同期ROE增加3.99个百分点。 ...

Core Viewpoint - Saintno Bio (688117.SH) reported its mid-year results for 2025, showing a total revenue of 338 million yuan and a net profit attributable to shareholders of 88.96 million yuan, indicating a stable financial performance in the first half of the year [1]. Financial Performance - The company's total revenue for the first half of 2025 was 338 million yuan [1]. - The net profit attributable to shareholders was 88.96 million yuan [1]. - The net cash inflow from operating activities was 81.66 million yuan [1]. Financial Ratios - The latest debt-to-asset ratio is 43.45%, which is an increase of 1.48 percentage points from the previous quarter and an increase of 3.80 percentage points from the same period last year [3]. - The latest gross profit margin is 56.89%, reflecting a decrease of 2.70 percentage points compared to the same period last year [3]. - The latest return on equity (ROE) is 8.96% [3]. Earnings Per Share - The diluted earnings per share (EPS) is 0.57 yuan [4]. Asset Management - The latest total asset turnover ratio is 0.20 times [5]. - The latest inventory turnover ratio is 0.47 times [5]. Shareholder Structure - The number of shareholders is 11,100, with the top ten shareholders holding a total of 79.91 million shares, accounting for 50.77% of the total share capital [5]. - The largest shareholder is Sichuan Saino Investment Co., Ltd., holding 30.39% of the shares [5].

Core Insights - Alloy Investment (000633.SZ) reported a total revenue of 164 million yuan and a net profit attributable to shareholders of 4.58 million yuan for the first half of 2025 [1] - The company experienced a cash inflow from operating activities amounting to 15.06 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 46.74%, an increase of 24.23 percentage points compared to the same period last year [3] - The gross profit margin is reported at 15.43% [3] - Return on equity (ROE) is at 2.36% [3] - The diluted earnings per share (EPS) is 0.01 yuan [3] - Total asset turnover ratio is 0.36 times, a decrease of 0.04 times or 9.96% year-on-year [3] - Inventory turnover ratio is recorded at 1.90 times [3] Shareholder Structure - The number of shareholders is 22,500, with the top ten shareholders holding a total of 126 million shares, accounting for 32.72% of the total share capital [3] - The largest shareholder is Guanghui Energy Co., Ltd., holding 20.7% of shares [3] - Other significant shareholders include Qiongqing City Zhaoyin No. 3 Investment Partnership (6.00%), Merrill Lynch International (0.90%), and Barclays Bank PLC (0.85%) [3]

Core Insights - Longbo Technology (603655.SH) reported a total operating revenue of 122 million yuan for the first half of 2025, with a net profit attributable to shareholders of 19.284 million yuan [1] - The company's net cash inflow from operating activities was 9.395 million yuan, a decrease of 932,600 yuan compared to the same period last year, representing a year-on-year decline of 9.03% [1] Financial Metrics - The latest debt-to-asset ratio stands at 6.19%, an increase of 0.26 percentage points from the same period last year [3] - The latest gross profit margin is 38.54%, down by 0.80 percentage points from the previous quarter [3] - The return on equity (ROE) is reported at 3.50% [3] - The diluted earnings per share (EPS) is 0.18 yuan [3] - The total asset turnover ratio is 0.21 times, while the inventory turnover ratio is 1.75 times, a decrease of 0.13 times year-on-year, reflecting a decline of 6.83% [3] Shareholder Structure - The number of shareholders is 6,088, with the top ten shareholders holding a total of 76.403 million shares, accounting for 72.08% of the total share capital [3] - The top shareholders include: 1. Qi Jianguo - 42.4 million shares 2. Fan Xiaofeng - 11.3 million shares 3. Changzhou Jintan Jun Tai Investment Consulting Co., Ltd. - 7.55 million shares 4. Qi Ganchao - 6.32 million shares 5. Morgan Stanley & Co. International PLC - 1.19 million shares 6. CITIC Securities Asset Management (Hong Kong) Co., Ltd. - 1.09 million shares 7. Shanghai Ruitian Investment Management Co., Ltd. - 0.63 million shares 8. Wang Mao - 0.59 million shares 9. Barclays Bank PLC - 0.48 million shares 10. Zhang Hongyu - 0.46 million shares [3]

公司摊薄每股收益为1.08元，较去年同报告期摊薄每股收益减少0.03元，同比较去年同期下降2.70%。 2025年8月13日，永杰新材(603271.SH)发布2025年中报。 公司营业总收入为44.27亿元。归母净利润为1.86亿元。经营活动现金净流入为4.05亿元。 公司最新资产负债率为40.01%。 公司最新毛利率为8.80%，较去年同期毛利率减少0.43个百分点。最新ROE为6.81%，较去年同期ROE减 少3.95个百分点。 公司最新总资产周转率为1.10次，较去年同期总资产周转率减少0.09次，同比较去年同期下降7.70%。 最新存货周转率为4.06次。 公司股东户数为2.80万户，前十大股东持股数量为1.34亿股，占总股本比例为68.21%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 浙江永杰控股有限公司 | 35.89% | | 2 | 沈建国 | 15.38% | | 3 | 前海方舟资产管理有限公司-前海股权投资基金(有限合伙) | 4.88% | | 4 | 前海方舟资产管理有限公司-中原前海股权投资基金(有限 ...

2025年8月13日，华锦股份(000059.SZ)发布2025年中报。 公司营业总收入为201.04亿元，较去年同报告期营业总收入减少10.59亿元，同比较去年同期下降5.01%。归母净利润为-9.89亿元，较去年同报告期归母净利 润减少2.46亿元。经营活动现金净流入为-30.44亿元，较去年同报告期经营活动现金净流入增加969.31万元。 公司最新资产负债率为59.36%，较上季度资产负债率增加0.74个百分点，较去年同期资产负债率增加9.82个百分点。 公司最新毛利率为10.92%，较上季度毛利率减少0.85个百分点，较去年同期毛利率增加0.28个百分点。最新ROE为-9.44%，较去年同期ROE减少3.96个百分 点。 公司摊薄每股收益为-0.62元，较去年同报告期摊薄每股收益减少0.15元。 公司最新总资产周转率为0.73次，较去年同期总资产周转率增加0.02次，实现2年连续上涨，同比较去年同期上涨2.95%。最新存货周转率为3.20次，较去年 同期存货周转率增加0.33次，同比较去年同期上涨11.40%。 公司股东户数为4.72万户，前十大股东持股数量为8.12亿股，占总股本比例为50.79%， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The report highlights that Jiangsu Jiaokong has received a 4.02% stake in Nanjing Bank from Yunshan Capital, increasing its total holdings to 14.01%. Yunshan Capital, a wholly-owned subsidiary of Jiangsu Jiaokong, will no longer hold shares in Nanjing Bank. This move reflects the major shareholders' confidence in the long-term development value of Nanjing Bank, which has seen continuous increases in shareholding in recent years [2][6]. - The report emphasizes that local state-owned enterprises are actively increasing their stakes in quality local banks, optimizing the financial equity structure amid an asset shortage. Nanjing Bank's fundamentals are strong, and it is expected to maintain a leading position in ROE and performance growth in the medium term. The high proportion of state-owned shareholders ensures stable dividends [2][6]. - The current valuation stands at 0.83x 2025 PB, with low institutional holdings, indicating significant allocation value [2]. Summary by Sections Event Description - Nanjing Bank announced that Jiangsu Jiaokong will receive a 4.02% stake from Yunshan Capital, raising its total shareholding to 14.01% after the transfer. Yunshan Capital will no longer hold shares in Nanjing Bank [6]. Shareholder Activity - Major shareholders, including Jiangsu provincial and municipal state-owned enterprises, have been consistently increasing their stakes since 2020, reflecting confidence in Nanjing Bank's future growth and value [11]. - Jiangsu Jiaokong has been a significant player, having previously acquired 10 billion shares through a directed issuance, becoming one of the top shareholders [11]. Financial Performance and Projections - Nanjing Bank is expected to enter a new five-year planning cycle in 2026, with three major turning points anticipated. These include a completed large-scale branch expansion, a peak in fixed deposit maturities, and a gradual decrease in cost-to-income ratios, which will enhance ROE [11]. - The report forecasts a 2025 dividend yield of 4.4% and highlights that the bank's valuation is notably low compared to other quality banks in the Yangtze River Delta region [11]. Investment Recommendation - The report concludes that the dividend value is underestimated, and the allocation value is significant. The high proportion of state-owned shareholders ensures a commitment to dividends, making Nanjing Bank a compelling investment opportunity [11].