Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant performance increase in H1 2025, achieving revenue of 19.178 billion yuan, a year-on-year increase of 11.75%. The net profit attributable to shareholders was 972 million yuan, a decrease of 4.37% year-on-year, while the net profit excluding non-recurring items was 923 million yuan, an increase of 7.53% year-on-year [2][4]. - In Q2 2025, the company achieved revenue of 10.802 billion yuan, a quarter-on-quarter increase of 28.95% and a year-on-year increase of 21.48%. The net profit attributable to shareholders was 581 million yuan, a quarter-on-quarter increase of 48.65% but a year-on-year decrease of 1.41% [2][4]. - The profit structure for H1 2025 showed that tungsten-molybdenum, new energy materials, and rare earths accounted for 74.98%, 20.06%, and 7.38% of total profits, respectively. The growth in Q2 was primarily driven by contributions from tungsten-molybdenum and new energy sectors [2][4]. Summary by Relevant Sections Tungsten-Molybdenum - The tungsten-molybdenum segment achieved a total profit of 1.268 billion yuan in H1 2025, a year-on-year decrease of 10.94%. In Q2 2025, the profit totaled 739 million yuan, a quarter-on-quarter increase of 40% [9]. - The increase in tungsten prices significantly contributed to the performance, with the company having a production capacity of 12,000 tons of tungsten concentrate. The domestic tungsten concentrate price began to rise sharply in Q2 2025, enhancing performance elasticity [9]. - The deep processing sector showed strong profitability, with cutting tools achieving a gross margin of over 40%. The company adjusted product prices to enhance market penetration and explore new applications for tungsten wire products [9]. New Energy Materials - The new energy materials segment reported a total profit of 339 million yuan in H1 2025, a year-on-year increase of 35.47%. In Q2 2025, the profit was 215 million yuan, a quarter-on-quarter increase of 73% [9]. - The demand for lithium cobalt oxide was strong, driven by favorable policies and consumer electronics demand. The company sold 28,800 tons of lithium cobalt oxide in H1 2025, a year-on-year increase of 57% [9]. Rare Earth Magnetic Materials - The rare earth magnetic materials segment achieved a total profit of 125 million yuan in H1 2025, a year-on-year increase of 6.71%. In Q2 2025, the profit was 59 million yuan, a quarter-on-quarter decrease of 11% [9]. - The company expanded its production capacity in the rare earth sector, with new projects expected to contribute to performance in the coming years [9].

Investment Rating - The report maintains a "Buy" rating for the company [3][25]. Core Insights - The company reported a mid-year performance for 2025 that met expectations, with a revenue of USD 4.06 billion, reflecting a year-on-year growth of 1.1%, and a net profit attributable to shareholders of USD 171 million, down 7.2% year-on-year [7][9]. - The manufacturing segment showed steady growth in orders, with revenue reaching USD 2.8 billion, a 6.2% increase year-on-year, driven by a robust demand in the footwear market [7]. - The retail segment faced short-term pressure, with revenue declining by 8.3% year-on-year to RMB 9.16 billion, primarily due to weak domestic consumption and store adjustments [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: USD 7.89 billion - 2024: USD 8.18 billion - 2025E: USD 8.27 billion - 2026E: USD 8.60 billion - 2027E: USD 8.97 billion - The net profit attributable to shareholders is forecasted as: - 2023: USD 275 million - 2024: USD 392 million - 2025E: USD 361 million - 2026E: USD 411 million - 2027E: USD 439 million [7][16]. Manufacturing Business Performance - The manufacturing business achieved a capacity utilization rate of 93%, with a year-on-year increase of 3 percentage points [7]. - The average selling price per pair of shoes rose to USD 20.61, a 3.2% increase year-on-year, driven by a favorable order mix [7]. - The gross margin for the manufacturing segment decreased by 1.4 percentage points to 17.7%, attributed to rising labor costs and uneven capacity loading [7]. Retail Business Performance - The retail business saw a significant decline in net profit, down 44% year-on-year to RMB 1.88 billion, impacted by weak consumer demand [7]. - The number of direct-operated stores decreased by 40 to 3,408, with offline sales revenue dropping by 14% year-on-year [7]. - Online sales through all channels grew by 16% year-on-year, with live-streaming sales doubling [7]. Inventory and Cost Management - The manufacturing segment maintained stable inventory turnover days at 51 days, while the retail segment saw an increase to 146 days [7]. - The manufacturing business effectively controlled expenses, with selling and administrative expenses accounting for 10.3% of revenue, a decrease of 0.3 percentage points year-on-year [7]. Valuation and Market Position - The company is the largest sports shoe manufacturer globally and the second-largest sports goods retailer in China, with a strong presence in the global sports industry [7]. - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of USD 360 million, USD 410 million, and USD 440 million respectively [7]. - The target price is based on a price-to-earnings ratio of 10 times for 2025, indicating over 20% upside potential from the current price [7].

Group 1: Real Estate Sector - The public fund's holdings in the real estate sector are significantly underweight, with a total market value of approximately 54.84 billion yuan, accounting for about 0.17% of net value and 0.79% of stock investment value, which is underweight by approximately 0.49 percentage points compared to the standard industry allocation [3] Group 2: Beike-W (2423.HK) - Beike, originally founded as Beijing Lianjia in 2001, has evolved into the largest real estate transaction and service platform in China, launching its "one body and three wings" strategy in 2023 to transform from a traditional real estate service platform to a comprehensive living service provider [4] Group 3: Lenovo Group (0992.HK) - For FY2025, Lenovo reported revenues of 69.077 billion USD, a year-on-year increase of 21%, with non-PC revenue accounting for nearly 47% of total revenue, up by approximately 5 percentage points year-on-year; the net profit attributable to shareholders was 1.384 billion USD, up 37% year-on-year [5] Group 4: Tmall (6110.HK) - Tmall's FY2025 revenue and net profit attributable to shareholders decreased by 6.6% and 41.9% respectively, with a payout ratio of 135%; the company plans to focus on improving operational efficiency and cost reduction in FY2026 amid external uncertainties [6] Group 5: Miniso (9896.HK) - In Q1 2025, Miniso achieved revenue of 4.427 billion yuan, an increase of 18.9% year-on-year, but net profit decreased by 28.9%; adjusted net profit was 5.87 billion yuan, down 4.8% [7] Group 6: Lao Bai Xing (603883.SH) - Lao Bai Xing is focusing on integrating its digital intelligence system and exploring diversification for its second growth curve, while optimizing store layout and steadily developing its franchise business [8]

Investment Rating - The investment rating for Home Depot (HD.N) is maintained at "Neutral" [6]. Core Views - The company's Q1 2025 performance met expectations, with comparable sales down 0.3% year-over-year. Revenue increased by 9.4% to $39.86 billion, primarily due to the acquisition of SRS. However, net profit decreased by 4.6% to $3.43 billion, and EPS fell by 5.0% to $3.45 per share. The performance reflects ongoing pressures from a high-interest-rate environment and uncertainty in the economic landscape [6]. - Home Depot's operational data showed a year-over-year improvement in Q1 2025, with customer transactions increasing by 2.1% to 394.8 million and average transaction value rising slightly to $90.71 [6]. - The housing market index (HMI) and building permit data indicate a generally weak industry sentiment, with the HMI dropping to 34 in May 2025, a decrease of 6 points month-over-month. Additionally, building permits were down 3% year-over-year [6]. - The company maintains guidance for a 1% increase in comparable sales for 2025, with plans to open approximately 13 new stores and an expected diluted EPS decline of 3% [6]. - Revenue forecasts for 2025-2027 are projected to grow by 2.5%, 2.2%, and 4.8%, reaching $163.50 billion, $167.10 billion, and $175.15 billion, respectively. Net profit is expected to decline by 3.5% in 2025, followed by growth of 4.0% and 4.3% in the subsequent years [6]. - The target price for Home Depot is set at $371.89, based on absolute valuation methods, with a corresponding PE ratio of 25.9x for the 2025 forecast EPS [6]. Financial Summary - Revenue (in million USD): - 2024A: 159,514 - 2025E: 163,502 - 2026E: 167,099 - 2027E: 175,153 - Net Profit (in million USD): - 2024A: 14,806 - 2025E: 14,284 - 2026E: 14,855 - 2027E: 15,500 - EPS (in USD): - 2024A: 14.90 - 2025E: 14.37 - 2026E: 14.95 - 2027E: 15.59 - PE Ratios: - 2024A: 24.89 - 2025E: 25.80 - 2026E: 24.81 - 2027E: 23.78 [6][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported strong performance in Q1, with significant contributions from both the medical and consumer goods sectors [1][13] - The revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while the net profit attributable to shareholders was 700 million yuan, up 19.8% [5][6] - The company has adjusted its profit forecasts for 2025 and 2026, increasing the net profit estimates by 17% and 18% respectively [13] Financial Performance - In Q1 2025, the company achieved a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, up 36.3% [6] - The medical consumables segment saw a revenue increase of 1.1% in 2024, while the consumer goods segment grew by 17.1% [7][9] - The gross profit margin for 2024 decreased by 1.7 percentage points to 47.3%, with a notable decline in the medical consumables segment [11][19] Revenue Breakdown - The medical consumables accounted for 43.5% of total revenue in 2024, with a significant contribution from the acquisition of GRI [7] - The consumer goods segment represented 55.6% of total revenue in 2024, with strong growth in online and offline sales channels [9][10] Future Projections - The company forecasts revenues of 11.17 billion yuan in 2025, with a growth rate of 24.4%, and a net profit of 1.02 billion yuan, reflecting a growth rate of 46.6% [14] - The projected EPS for 2025 is 1.75 yuan, with a P/E ratio of 30 [14][19]

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. (600887) with a target price of 36 CNY [2][8]. Core Views - The company reported a revenue of 115.39 billion CNY for 2024, a year-on-year decrease of 8.24%, and a net profit attributable to shareholders of 8.45 billion CNY, down 18.9% year-on-year. The first quarter of 2025 showed a revenue increase of 1.46% year-on-year, indicating a potential recovery [2][9]. - The company plans to distribute a cash dividend of 1.22 CNY per share, totaling 7.73 billion CNY, with a payout ratio of 91.4% [2]. Financial Performance Summary - **2024 Financials**: - Total revenue: 115.78 billion CNY, down 8.2% year-on-year - Net profit: 8.45 billion CNY, down 18.9% year-on-year - EPS: 1.33 CNY [9]. - **2025 Estimates**: - Projected revenue: 119.11 billion CNY, up 2.9% year-on-year - Projected net profit: 10.74 billion CNY, up 27.1% year-on-year - Projected EPS: 1.69 CNY [9]. Product Performance - In Q4 2024, the revenue from liquid milk, milk powder, and dairy products was 17.48 billion CNY, 8.35 billion CNY, and 0.377 billion CNY respectively, with year-on-year changes of -13.1%, +8.7%, and +23.7% [7]. - In Q1 2025, the revenue from liquid milk, milk powder, and dairy products was 19.64 billion CNY, 8.81 billion CNY, and 4.11 billion CNY respectively, with year-on-year changes of -3.1%, +18.6%, and -5.3% [7]. Cost and Profitability - The gross margin for Q4 2024 was 30.8%, a decrease of 0.69 percentage points year-on-year, while the gross margin for Q1 2025 improved to 37.7%, an increase of 1.88 percentage points year-on-year [7]. - The net profit margin for Q1 2025 was 15.0%, down 3.33 percentage points year-on-year, primarily due to a decrease in investment income [7]. Future Outlook - The company aims for a revenue target of 119 billion CNY and a total profit of 12.6 billion CNY for 2025, representing a year-on-year increase of 2.8% and 24% respectively [7]. - The expected net profit margin for 2025 is 9.0%, aligning with previous plans [7].

Investment Rating - The report maintains the investment rating for the company [1] Core Views - The company is projected to experience a revenue increase from 10,300.10 million in 2024 to 17,811.64 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.60% [5][9] - The net profit attributable to the parent company is expected to rise from 1,261.87 million in 2024 to 3,141.08 million in 2027, indicating a significant growth trajectory [5][9] - The gross margin is anticipated to improve from 48.54% in 2024 to 54.14% in 2027, showcasing enhanced operational efficiency [5][9] Financial Summary Income Statement - Revenue is forecasted to decline by 9.73% in 2024, followed by a recovery with growth rates of 20.42%, 20.07%, and 19.60% in the subsequent years [9] - The operating profit is projected to increase from 1,366.36 million in 2024 to 3,569.41 million in 2027, with a notable operating profit growth rate of 51.26% in 2025 [9] Balance Sheet - Total assets are expected to grow from 28,035.69 million in 2024 to 37,206.16 million in 2027, indicating a solid asset base expansion [8] - The company's cash position is projected to increase from 8,400.00 million in 2024 to 14,471.00 million in 2027, enhancing liquidity [8] Cash Flow Statement - Operating cash flow is expected to turn positive in 2025, reaching 2,184.01 million, after a negative cash flow of -619.02 million in 2024 [8] - The net cash increase is projected to be 2,553.49 million by 2027, reflecting improved cash management [8]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 36.50 for A-shares and HKD 32.50 for H-shares [1]. Core Views - The company's Q1 2025 performance met expectations, with revenue of RMB 24.838 billion, a year-on-year increase of 5.76%, and a net profit attributable to the parent company of RMB 1.127 billion, up 14.89% year-on-year [4][8]. - The report highlights the improvement in profitability driven by strict cost control and a favorable sales structure, achieving a net profit margin of 4.5% in Q1 2025, an increase of 0.36 percentage points year-on-year [7][8]. Financial Performance Summary - **Revenue and Profit Growth**: - Revenue for 2023 was RMB 85.6 billion, projected to grow to RMB 99.6 billion in 2025, reflecting a growth rate of 7.4% [3]. - Net profit attributable to the parent company was RMB 2.837 billion in 2023, expected to reach RMB 3.839 billion in 2025, with a growth rate of 14.7% [3]. - **Profitability Metrics**: - The gross margin for Q1 2025 was 21.4%, with a slight year-on-year increase of 0.3 percentage points [7]. - The report indicates a projected P/E ratio of 9.9x for 2025, suggesting a favorable valuation compared to industry peers [8]. - **Cash Flow and Dividends**: - Operating cash flow for Q1 2025 was RMB 65.08 million, a decrease of 58% year-on-year, attributed to currency fluctuations and revenue decline [7]. - The company plans to increase dividends, with projected dividends per share of RMB 1.41 in 2025, yielding a dividend rate of 5.2% [3]. Market Trends and Competitive Position - **Export Growth**: - The company experienced a strong growth in exports, with a 12.5% increase in appliance exports in Q1 2025, particularly in air conditioners and refrigerators [5]. - **Domestic Market Dynamics**: - The domestic market showed mixed results, with a slight decline in retail sales for air conditioners and refrigerators, while washing machines saw a 4.8% increase [6]. - The competitive landscape is intensifying, particularly in the online segment, with increased market share from competitors like Xiaomi [6]. - **Strategic Initiatives**: - The company is focusing on product differentiation and cost efficiency to maintain its competitive edge in a challenging market environment [6][7].

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Insights - The company reported a significant revenue growth in Q1, but the change in product structure has put pressure on the gross margin [1] - The company achieved a revenue of 2.83 billion yuan in 2024, a year-on-year decrease of 11.67%, and a net profit attributable to the parent company of 353.66 million yuan, down 14.39% year-on-year [8] - The company is expected to see a recovery in revenue growth from 2025 onwards, with projected revenues of 3.19 billion yuan in 2025, 3.63 billion yuan in 2026, and 3.99 billion yuan in 2027 [3][10] Financial Performance Summary - In 2024, the company achieved a gross margin of 27.8%, down 1.9 percentage points year-on-year, with specific margins for different product lines: 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [8] - The company’s net profit margin for 2024 was 12.5%, a decrease of 0.4 percentage points year-on-year [8] - The company’s earnings per share (EPS) are projected to be 1.02 yuan in 2025, 1.18 yuan in 2026, and 1.35 yuan in 2027 [3][10] Revenue and Growth Projections - The company’s total revenue is expected to grow at a rate of 12.63% in 2025, 14.00% in 2026, and 9.77% in 2027 [3][10] - The revenue from frozen display cabinets is projected to grow by 5% in 2025, 15% in 2026, and 10% in 2027, while refrigerated display cabinets are expected to see growth rates of 30%, 15%, and 10% respectively during the same period [9][10] Market Position and Strategy - The company holds a leading market share and brand influence in the frozen display cabinet sector, with a comprehensive coverage of mainstream beverage brands in the domestic market [8] - The growth in refrigerated display cabinets is attributed to North American customers placing orders in anticipation of tariff changes [8]

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