转自：中国证券报·中证网 "供水能力从19万立方米增加到49万立方米，供水管网总长从2000多公里增加到4300余公里，服务人口 从数十万到逾120万；从单一供水业务到涵盖城乡供水一体化、智慧水务的全产业链，从水质检测江苏 省CMA及Ⅰ级实验室到国家认可实验室（CNAS），从改制之初的步履蹒跚到区域供水领域的标杆企 业……"淮安自来水有限公司党委书记、总经理陆建平说。 淮安自来水有限公司的发展轨迹正是中国水务二十载改革发展画卷的生动缩影和精彩注脚。纪录片《淮 水长安》首映仪式近日在淮安举行，该纪录片真实述说了中国水务与淮安这座"运河之都"共同谱写的水 务华章，展现了央地合作在中国式现代化进程中的生动实践。 二十年来，中国水务从初创时期"摸着石头过河"，市场版图持续拓展，新兴业务多点开花，直饮水业务 在淮安、永康、青岛等地投入运营，形成3款产品、2项专利授权；合同节水管理试点在邯郸市多个区县 推广，探索全域节水新模式，逐步向"供水-排水-水环境治理-再生水利用"全产业链延伸，构建可持续发 展的水生态体系。 中证报中证网讯（记者 刘丽靓）覆盖全国16个省（自治区、直辖市）、水处理规模达1600万吨/日、年 水处理 ...

2025 年8 月18 日，圣农发展发布2025 年半年报：2025 年H1 公司实现营收88.56 亿元（ 同比+0.22% ） ，归母净利润9.10 亿元（ 同比+791.93%），扣非归母净利润3.76 亿元（同比+305.44%）。其中Q2实现 营收47.42 亿元（同比+2.59%），归母净利润7.63 亿元（同比+365.12%）。 投资要点: 成本下降原因主要系公司自有种源"901+"性能提升以及内部使用占比逐步提升，同时公司持续推行精细 化管理，各环节生产效率不断提升。 完成对太阳谷控股合并，供应链进一步完善。公司完成对太阳谷的控股合并，通过前期的产业赋能与精 益化管理导入，太阳谷自身经营效率获显著提升，已为公司带来可观收益。本次合并后，公司将充分发 挥种源自主可控与全产业链布局的协同优势，加速对太阳谷的深度整合与技术、管理赋能，进一步挖掘 其盈利潜力，为公司未来业绩持续增长注入新动能。 盈利预测和投资评级公司食品业务BC 端齐头并进，我们预计2025-2027 年公司营业收入为 200.28/231.06/257.06 亿元，归母净利润为13.97/15.83/19.34 亿元，对应PE 分 ...

2025 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn [Table_Title] 主营业务稳步发展，控股合并完善供应链条 ——圣农发展（002299）2025 半年报点评报告 最近一年走势 | 相对沪深 300 表现 | | | 2025/08/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 圣农发展 | 8.2% | 11.5% | 49.4% | | 沪深 300 | 5.0% | 9.5% | 29.1% | | 市场数据 | | | 2025/08/21 | | 当前价格（元） | | | 17.38 | | 52 周价格区间（元） | | | 10.49-17.98 | | 总市值（百万） | | | 21,610.30 | | 流通市值（百万） | | | 21,609.11 | | 总股本（万股） | | | 124,340. ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance [4][9]. Core Insights - The company achieved a significant increase in net profit, with a year-on-year growth of 791.93% in the first half of 2025, amounting to 9.10 billion yuan [5]. - The poultry farming and processing segment experienced a decline in revenue by 8.17% due to falling chicken prices, but maintained profitability through cost reduction and efficiency improvements [6]. - The food processing segment showed robust growth, with a revenue increase of 19.10% year-on-year, driven by a strong performance in retail channels [7]. Financial Performance - In the first half of 2025, the company reported total revenue of 88.56 billion yuan, a slight increase of 0.22% compared to the previous year [5]. - The earnings per share (EPS) for the first half of 2025 was 0.74 yuan, with a return on equity (ROE) of 8.27% [5]. - The company expects net profits for 2025 to reach 12.53 billion yuan, with projected EPS of 1.01 yuan [9]. Market Data - The company's stock closed at 16.91 yuan, with a market capitalization of 210.26 billion yuan [3]. - The highest and lowest stock prices in the year were 17.98 yuan and 10.49 yuan, respectively [3]. Segment Performance - The poultry segment sold 660,900 tons of chicken, a year-on-year increase of 2.5%, while the food processing segment's sales volume rose by 13.21% [6][7]. - The company completed the acquisition of Sun Valley, adding 65 million birds of annual production capacity, enhancing its operational efficiency [7]. Future Projections - The company forecasts revenue growth for the upcoming years, with expected revenues of 19.84 billion yuan in 2025 and 22.14 billion yuan in 2026 [12]. - The projected net profit for 2026 is 1.40 billion yuan, reflecting a continued upward trend in profitability [12].

圣农发展(002299) 证券研究报告 养殖业 / 公司点评 / 2025.08.18 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-18 | | 收盘价(元) | 17.28 | | 流通股本(亿股) | 12.43 | | 每股净资产(元) | 8.93 | | 总股本(亿股) | 12.43 | 最近 12 月市场表现 -15% -4% 8% 19% 31% 42% 圣农发展 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 成本持续改善，Q2 盈利高增 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 18,487 | 18,586 | 19,994 | 21,296 | 22,568 | | 收入增长率(%) | 9.9 | 0.5 | 7.6 | 6.5 | 6.0 | | 归母净利润( ...

8月17日，圣农发展公告称，公司年上半年实现营业收入88.56亿元，同比增长0.22%；实现归属于上市 公司股东的净利润9.10亿元，同比增长791.93%。公司计划不派发现金红利，不送红股，不以公积金转 增股本。 报告期内，公司成本端优势进一步巩固，2025年上半年综合造肉成本较去年同期下降超10%。成本下降 原因主要系公司自有种源"901+"性能提升以及内部使用占比逐步提升，同时公司持续推行精细化管理， 各环节生产效率不断提升。 报告期内，公司完成对太阳谷的控股合并，通过前期的产业赋能与精益化管理导入，太阳谷自身经营效 率获显著提升，已为上市公司带来可观收益。本次合并后，公司将充分发挥种源自主可控与全产业链布 局的协同优势，加速对太阳谷的深度整合与技术、管理赋能，进一步挖掘其盈利潜力，为上市公司未来 业绩持续增长注入新动能。 公司公告称，报告期内，公司坚定推进全渠道策略，凭借卓越的产品力与优质服务，逆势扩大市场份 额。其中，C端零售渠道同比增长超30%，出口及餐饮渠道各板块亦实现较快增长。随着高价值渠道占 比的稳步提升，公司收入结构持续优化，为整体盈利的增长提供了更强支撑。 ...

Core Viewpoint - China Shenhua has announced a significant asset restructuring plan, approved by its board, to acquire partial or full equity of 13 companies from China Energy Investment Corporation and its subsidiary, enhancing its resource integration and optimizing its business layout across various sectors [1][4]. Group 1: Restructuring Details - The restructuring involves the acquisition of 13 companies across multiple sectors, including electricity, energy, chemicals, coal trading, e-commerce, and ports, with several companies generating over 10 billion yuan in revenue [1][3]. - The targeted companies are expected to generate a combined revenue of 125.996 billion yuan and a net profit of 8.005 billion yuan in 2024, with five companies exceeding 10 billion yuan in revenue [3]. Group 2: Strategic Implications - The acquisition aims to further integrate coal mining, pithead coal power, coal chemical, and logistics services, optimizing the entire industry chain and creating favorable conditions for clean production and cost reduction [4]. - The inclusion of Xinjiang Zhuandong Open-pit Coal Mine, with an annual capacity of 35 million tons and over 2 billion tons of recoverable reserves, will significantly enhance the company's resource reserves and production capacity [3]. Group 3: Financial and Market Impact - During the A-share suspension, China Shenhua's Hong Kong shares did not halt trading and saw a significant increase on the first trading day after the announcement, signaling positive investor sentiment regarding the restructuring [3]. - The company plans to issue A-shares to no more than 35 specific investors to raise supporting funds for the restructuring, alleviating financial pressure and providing strong funding support for future business expansion [6]. - China Shenhua has committed to a mid-term profit distribution of no less than 75% of the net profit attributable to shareholders for the first half of 2025, which is expected to boost investor confidence [3].

Core Viewpoint - China Hongqiao Group has reported significant growth in its mid-year performance, driven by rising aluminum prices and effective global operations, leading to increased revenue and profit metrics [1][2]. Financial Performance - Revenue for the period reached approximately 81.04 billion RMB, a year-on-year increase of 10.1% [1] - Gross profit was about 20.81 billion RMB, up 16.9% year-on-year [1] - Net profit surged by 35.4% to 13.55 billion RMB, with shareholders' net profit rising 35% to approximately 12.36 billion RMB [1] - The overall gross margin increased by 1.5 percentage points to 25.7%, indicating top-tier performance within the industry [4] Market Dynamics - The global aluminum price is expected to rise, with the LME three-month aluminum average price projected at approximately $2,546 per ton, a 6.0% year-on-year increase [2] - Global aluminum production and consumption are both on the rise, with production at approximately 36.59 million tons (up 1.8%) and consumption at about 36.72 million tons (up 3.1%) for the first half of 2025 [2][3] - China accounts for about 62.6% of global aluminum consumption, making domestic demand growth crucial for aluminum companies [3] Operational Efficiency - The company has effectively managed costs, with a 3.4% reduction in sales expenses and a 17.7% decrease in financial costs due to lower financing rates [6] - Operating cash flow increased significantly, with cash and cash equivalents rising 8.9% to 44.77 billion RMB, reflecting strong financial health [6] Debt Management - China Hongqiao issued two USD senior unsecured bonds totaling $600 million, with a coupon rate between 6.925% and 7.05%, achieving a 12-fold oversubscription [7] - The company also issued a $300 million convertible bond with a low interest rate of 1.5%, marking a unique financing strategy in the Hong Kong capital market [7] Shareholder Returns - The company has repurchased shares worth 2.61 billion HKD, totaling approximately 187 million shares, and plans to continue its buyback program with a new guidance of no less than 3 billion HKD [8] - The stock price has doubled since the beginning of the year, reflecting investor confidence and the company's commitment to shareholder returns [8]

Core Viewpoint - Dadi Ocean's stock price increased by 1.77% to 31.05 yuan, reflecting positive market sentiment following the acquisition of Zhejiang Huguo, which enhances its position in the waste recycling industry [1] Company Summary - Dadi Ocean operates in the environmental protection sector, focusing on waste recycling, dismantling, and resource utilization [1] - The company has completed the acquisition of 100% equity in Zhejiang Huguo, expanding its capabilities in household waste recycling and establishing a full industry chain from "recycling-dismantling-utilization" [1] - Zhejiang Huguo has been recognized for its innovative model in the waste recycling field, included in the Ministry of Ecology and Environment's compilation of advanced applicable technologies for "waste-free cities" [1] - In 2024, Zhejiang Huguo achieved a revenue of 466 million yuan and a net profit of 54.31 million yuan, indicating strong financial performance [1] - The acquisition is expected to enhance business synergy and improve Dadi Ocean's competitiveness in the environmental protection industry [1] Market Activity - On August 15, the net outflow of main funds was 3.5788 million yuan, with a cumulative net outflow of 42.1352 million yuan over the past five days [1]

Core Viewpoint - The article highlights the growth and technological advancements of Honghua Digital Technology, emphasizing its focus on digital printing in the textile industry and its strategic plans for future expansion and innovation [2][5][8]. Group 1: Company Overview - Honghua Digital Technology has been a leader in the digital printing sector for over 30 years, evolving from a software company to a major player in textile digital printing [5]. - The company was listed on the Science and Technology Innovation Board four years ago, with projected revenue of nearly 1.8 billion yuan and a net profit of 414 million yuan for 2024, reflecting a stable annual compound growth rate of over 20% since its listing [5]. - The company’s business model integrates equipment and consumables, producing both printing machines and inks, which enhances its market competitiveness [5][6]. Group 2: Technological Advancements - Honghua Digital Technology has implemented advanced manufacturing technologies, such as robotic welding, which has increased production efficiency by approximately six times [3]. - The company’s digital printing equipment can achieve a printing speed of over 100 meters per minute, showcasing significant improvements in operational efficiency [4]. - Continuous R&D efforts have led to innovations like low thermal expansion coefficient glue-filled steel beams, which enhance printing precision without increasing costs [4]. Group 3: Market Position and Strategy - The company has established a strong customer base both domestically and internationally, with notable clients in the textile industry and a growing presence in South and Southeast Asia [6]. - Honghua Digital Technology aims to deepen its industry presence by integrating the entire supply chain from dye synthesis to equipment manufacturing, thereby improving cost efficiency and supply chain stability [7]. - The company is also expanding into non-textile sectors, leveraging its digital printing technology for applications in publishing, packaging, and construction materials, with significant market potential as digital penetration in these areas is still low [7][8]. Group 4: Future Outlook - The management is optimistic about the industry’s growth potential, noting that digital printing penetration in the textile sector is around 10%, while non-textile sectors are below 1%, indicating substantial room for growth [8]. - The company plans to increase its production capacity and focus on the printing sector starting next year, aiming to create new growth momentum through its core technologies and market resources [8].