华安证券7月31日发布研报称，给予极米科技（688696.SH，最新价：113.86元）买入评级。评级理由主 要包括：1）公司发布2025Q2业绩预告；2）展望全年，国内份额盈利好转+海外保持高增+ 车载/商用开 始贡献增量的逻辑稳步兑现，且美国备货至年底+越南工厂Q4投产衔接，关税影响可控。风险提示：海 外不及预期，控费进展不及预期，新品不及预期，关税政策超预期。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company anticipates a significant improvement in its financial performance for the six months ending June 30, 2025, projecting a net profit of approximately $500,000 compared to a net loss of about $9.7 million in the same period of 2024 [1] Financial Performance Summary - The expected improvement in financial performance is attributed to several factors: - There will be no non-recurring general, administrative, and legal expenses related to U.S. customs laws during the period, whereas approximately $3.9 million in such expenses were incurred in the same period of 2024 [1] - The overall gross margin has improved due to the resolution of previous issues and the ongoing strict cost control measures implemented by management [1] - Financial expenses are projected to decrease from approximately $6.4 million in 2024 to about $4.8 million in the current period due to declining interest rates and strategic allocation of funds [1] Operational Environment Summary - Despite the anticipated improvement in net performance, the management believes that the overall operating environment remains highly challenging, particularly due to uncertainties arising from the U.S. reciprocal tariff policies, which have negatively impacted performance to some extent [2] - The company maintains a conservative outlook for the second half of the year, planning to take proactive measures to reduce operational risks, enhance operational efficiency, cut costs, and manage cash flow rigorously [2] - The company will continue to closely monitor market conditions and adjust business strategies as necessary [2]

董事会建议根据本公司组织章程细则、相关法律及法规利用本公司资本储备抵销其亏损。有关亏损抵销 须经股东以普通决议案方式批准，而相关建议将提呈本公司将于2025年8月29日举行的2025年第二次临 时股东大会供股东审议及通过为普通决议案。 心玮医疗-B(06609)发布公告，本集团预期截至2025年6月30日止6个月取得股东应占净利润不少于人民 币4000万元，较截至2024年6月30日止6个月(相应期间)取得的股东应占净亏损约人民币510万元大幅转 亏为盈。预期取得利润及业绩改善乃主要由于本集团的业务增长，导致与相应期间相比的收益增加及本 集团整体开支比率下降。 ...

Group 1 - The Hang Seng Index saw a slight increase of 0.25%, closing at 25,057.11 points, with the Hang Seng Tech Index and Hang Seng China Enterprises Index also showing minor gains [1] - The market regulator held discussions with major platforms like Ele.me, Meituan, and JD.com, urging them to standardize promotional activities and foster a healthy ecosystem for consumers, merchants, delivery riders, and platform companies [1] - Following the discussions, extreme promotional activities such as "0 yuan purchase" have significantly decreased, and excessive subsidies like "0 yuan tea vouchers" have nearly vanished in some regions [1] Group 2 - The ongoing competition in the food delivery sector has led to widespread profit declines among major platform companies, with expectations of continued competition until the end of 2025 or even into 2026 [1] - Regulatory intervention aims to prevent "involutionary competition" in the industry, encouraging companies to return to the essence of service and ensuring sustainable development [1] - The removal of major negative factors suppressing corporate profits presents a dual opportunity for sector improvement and valuation recovery, with tech leaders in Hong Kong transitioning from a "value trap" to a "growth hotspot" [1] Group 3 - The Hang Seng Internet ETF (513330) supports T+0 trading and focuses on the internet platform economy, including major players like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu [2] - The ETF has a high DeepSeek content of 86%, showcasing a strong focus on "new consumption + new technology," making it a suitable tool for investors looking to invest in AI applications and core assets in the "AI + internet" space [2]

Group 1: Core Insights - The three major state-owned airlines in China have released their performance forecasts for the first half of 2025, indicating significant improvement but still reporting losses [2][3][4][5] - Air China (国航) expects a net loss of approximately 1.7 billion to 2.2 billion yuan, showing a reduction from a net loss of 2.782 billion yuan in the same period last year [2] - China Eastern Airlines (东航) anticipates a net loss of 1.2 billion to 1.6 billion yuan, a notable improvement from a net loss of 2.768 billion yuan in the previous year [3][4] - China Southern Airlines (南航) projects a net loss of 1.338 billion to 1.756 billion yuan, with no significant improvement compared to a net loss of 1.228 billion yuan in the same period last year [5] Group 2: Factors Influencing Performance - Air China's performance improvement is attributed to steady economic growth in China, enhanced operational efficiency, and strict cost control measures [2] - China Eastern Airlines credits its reduced losses to a favorable domestic economic environment, robust civil aviation market, and expansion of international routes [4] - China Southern Airlines cites multiple challenges including changes in passenger demographics, competition from high-speed rail, and global supply chain disruptions as factors maintaining significant operational pressure [5] Group 3: Strategic Initiatives - Air China is focusing on improving aircraft utilization, precise marketing strategies, and cost management to enhance operational efficiency [2] - China Eastern Airlines has rapidly expanded its international routes, launching numerous new flights and increasing its European destinations to 14 [4] - China Southern Airlines reports a significant increase in net profit excluding non-recurring items, indicating potential for future recovery despite current losses [5]

Group 1 - The A-share market is experiencing upward momentum driven by favorable policies and improved corporate performance, particularly in sectors like real estate, non-bank financials, environmental protection, steel, and building materials [1][2] - The U.S. market's easing of risk sentiment due to the extension of tariff exemptions and the passage of the "Big and Beautiful" bill has positively influenced A-share technology stocks [1][2] - The central government's signals for supply-side structural reforms and upcoming policies to boost the real estate sector are expected to further support market growth [1][2] Group 2 - The current market dynamics are characterized by abundant liquidity and low interest rates, leading to increased investments in high-dividend blue-chip stocks, which has helped the Shanghai Composite Index surpass the 3,500-point mark [2][3] - Historical indicators such as consumer confidence and manufacturing PMI suggest that the market may continue to rise if mid-year reports show improved performance, particularly in sectors like non-ferrous metals, AI infrastructure, and financial services [3][4] - The structural transformation of the economy is supported by policies focusing on new production capabilities and domestic consumption, with emerging sectors like low-altitude economy, humanoid robots, and AI expected to present investment opportunities [4][5] Group 3 - The market is likely to maintain a structural trend, with potential for further gains if unexpected fiscal policies are introduced to stimulate the economy, although the overall growth may remain moderate [3][4] - The outlook for the second half of the year suggests continued strength in the technology sector, while traditional sectors like non-ferrous metals and construction materials are expected to benefit from performance improvements [4][5] - The investment landscape remains attractive for dividend and military sectors, especially in the context of low interest rates and geopolitical uncertainties [4][5]

Group 1 - The company expects to turn losses into profits for the first half of 2025, with the performance period from January 1, 2025, to June 30, 2025 [1] - The company has communicated with the accounting firm regarding the performance forecast, which has not been audited yet [1][2] - The overall operational quality and efficiency of the company have improved, leading to a year-on-year increase in revenue and a turnaround from loss to profit for the shareholders [2] Group 2 - The company has actively adjusted its strategic direction and optimized its operational strategies since the second half of 2024, resulting in positive outcomes [2] - The food processing export business has maintained growth, with a steady increase in export volume and a year-on-year increase in net profit [2] - The feed business has shown signs of stabilization and recovery, with continuous improvement in sales and operational conditions [2] Group 3 - The company received a significant increase in government subsidies compared to the same period last year, which further supported the improvement in performance [2]

Core Viewpoint - After a 16-week period of adjustment, Huahong Semiconductor (01347) has seen a strong rebound in its stock price, reversing the downward trend in the wafer foundry sector [1] Industry Overview - The wafer foundry sector has performed well this year, with major players Huahong Semiconductor and SMIC both experiencing significant increases, with Huahong's stock rising over 60% [1] - The valuation increase in the sector is attributed to strong performance, with Huahong reporting Q1 2025 revenue of $541 million, a year-on-year increase of 17.6% [1][2] - SMIC's revenue for the same period was $2.247 billion, up 28.4% year-on-year, with a net profit of $188 million, reflecting a staggering 162% increase [1][2] Company Performance - Huahong Semiconductor has achieved double-digit revenue growth for two consecutive quarters, with Q2 guidance indicating a growth rate of 15-20% [1] - The company has a total wafer capacity of 413,000 pieces, with an 8-inch wafer revenue of $231 million and a 12-inch wafer revenue of $310 million, the latter showing a significant year-on-year growth of 40.9% [2][4] - The company has maintained a high capacity utilization rate of 102.7% for 8-inch equivalent wafers, exceeding 100% for three consecutive quarters [4] Financial Metrics - Huahong's gross margin for Q1 2025 was 9.24%, while SMIC's was significantly higher at 22.52%, indicating a substantial gap in profitability [5] - Despite lower profitability, Huahong's strong cash flow performance is notable, with a net cash inflow of $50 million in Q1, contrasting with SMIC's net cash outflow of $160 million [6] - As of March 2025, Huahong had cash equivalents of $4.08 billion, while SMIC had $4.587 billion [6] Valuation and Market Sentiment - The market has assigned a price-to-book (PB) ratio of 2.19 to SMIC, while Huahong's PB ratio is only 1.25, indicating a 75% discount in valuation [7] - Analysts have mixed views on Huahong, with some downgrading its rating due to weak return on equity projections, while others have raised target prices based on expected product price improvements [9] - Overall, the wafer foundry sector is entering a new phase of upward trends, with Huahong's low valuation and improving quarterly performance presenting significant investment opportunities [9]

Meeting Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 16, 2025, via the Shanghai Stock Exchange's online platform [1] - Key executives including the chairman, general manager, independent director, financial director, and board secretary participated in the meeting [1] Financial Performance - In 2024, the company reported a revenue of 701.22 million yuan, an increase of 7.80% year-on-year, but incurred a net loss of 264.79 million yuan, a reduction in loss by 54.75% compared to the previous year [4] - For the first quarter of 2025, the company achieved a revenue of 173.94 million yuan, a decrease of 3.33% year-on-year, with a net profit of 3.18 million yuan, down 55.11% year-on-year [4] Measures for Improvement - The company plans to implement several strategies to improve profitability in 2025, including optimizing production organization, enhancing product quality, and reducing production costs [3][4] - Marketing efforts will focus on expanding market space and increasing sales volume, while research and development will be prioritized to enhance technological capabilities [3][4] - Financial management will involve strict budget control, cost reduction, and improving cash flow through better resource allocation [3][4] Industry Outlook - The company acknowledges that its future development is influenced by the broader economic environment and market factors, with detailed analysis provided in the 2024 annual report [5]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company has shown an improvement in gross margin, reflecting operational quality, and is expected to benefit from a sales recovery leading to performance improvement [8] - The company reported a revenue decline of 16.2% year-on-year for 2024, with a net profit decline of 38.5% [9][10] - The company is focusing on maintaining brand quality and optimizing offline channel structures despite short-term retail pressures [8] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 2,219 million, with a year-on-year decline of 16.2%, and a net profit of 304 million, down 38.5% [7] - For 2025, the company expects revenue to recover slightly to 2,269 million, with a net profit of 324 million, reflecting a growth of 6.7% [7] - The gross margin is expected to remain stable around 75% for the next few years, with a slight increase projected for 2025 [7][10] - The company’s return on equity (ROE) is forecasted to improve gradually from 8.2% in 2025 to 8.8% in 2027 [7] Brand and Channel Performance - The men's clothing brand outperformed women's clothing in terms of revenue, with the women's brands showing an increase in gross margin [8] - Offline channels have shown better gross margins, with a focus on optimizing store efficiency and user experience [8] - The company has closed several stores across its brands, indicating a strategic adjustment in response to market conditions [8]