2025 年 8 月 23 日 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 公司研究 上半年归母净利润同比增 17%，国内家纺业务稳步回升 ——罗莱生活（002293.SZ）2025 年中报点评 买入（维持） 当前价：8.63 元 作者 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 8.34 | | --- | --- | | 总市值(亿元)： | 71.98 | | 一年最低/最高(元)： | 5.71/9.55 | | 近 3 月换手率： | 45.96% | 股价相对走势 -15% -1% 13% 26% 40% 08/24 11/24 02/25 05/25 罗莱生活 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y ...

2025.08. 13 8月13日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 芯碁微装：筹划发行H股并在香港联交所上市 芯碁微装公告，公司拟在境外发行股份（H股）并申请在香港联交所主板挂牌上市。公司将在股东大 会决议有效期内选择适当的时机和发行窗口完成此次发行H股并上市。 永吉股份：筹划收购南京特纳飞电子技术有限公司控制权 股票停牌 永吉股份公告，公司正在筹划发行股份及支付现金的方式收购南京特纳飞电子技术有限公司的控制 权，并向不超过35名特定投资者发行股份募集配套资金。本次交易可能构成重大资产重组，但不会 改变公司实际控制人，不构成重组上市。为保证公平信息披露，维护投资者利益，公司股票、可转债 债券及可转债转股自2025年8月14日起停牌，预计停牌时间不超过10个交易日。 宁德时代：2025年中期每10派10.07元 股权登记日8月19日 宁德时代公告，公司A股实施的2025年中期分红派息方案为：每10股派发现金分红10.07元（含 税），实际派发的现金分红总额44.11亿元。股权登记日为8月19日，除权除息日及现金红利发放日 为8月20日。 华康洁 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company has shown steady growth in new contracts signed in the first half of 2025, which will strongly support future performance [5]. - The total new contracts signed in the first half of 2025 amounted to 2.5 trillion yuan, a year-on-year increase of 0.9%. The construction business contributed 2.32 trillion yuan, up 1.7% year-on-year [5]. - The real estate business remains industry-leading despite a decline in contract sales, with a total of 174.5 billion yuan in sales, down 8.9% year-on-year [5]. - The company has a robust land reserve of 76.27 million square meters, with 5.2 million square meters acquired in the first half of 2025 [5]. - The company reported a revenue of 2.18715 trillion yuan in 2024, a decrease of 3.5%, and a net profit of 461.9 billion yuan, down 14.9% [5]. - The company has a high dividend yield of approximately 4.5%, with a dividend payout ratio of 24.3% in 2024, the highest since its listing [5]. - The company is expected to achieve earnings per share (EPS) of 1.16 yuan and 1.20 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 5.08 and 4.9 times [5]. Summary by Sections Company Overview - The company is a leading player in the global construction industry, demonstrating resilience during recent cyclical downturns in the real estate and construction sectors [5]. Financial Performance - The company’s first quarter of 2025 showed a revenue of 555.34 billion yuan, a year-on-year increase of 1.1%, and a net profit of 150.13 billion yuan, up 0.6% [5]. Market Position - The company’s real estate sales scale is industry-leading, and it is expected to further increase market share amid cyclical challenges [5].

Core Viewpoint - Hangzhou Bank reported its first half-year performance for 2025, achieving a revenue of 20.093 billion yuan and a net profit of 11.662 billion yuan, marking significant growth in both metrics compared to the previous year [1][2] Financial Performance - For the first half of 2025, Hangzhou Bank's revenue increased by 3.89% year-on-year, while net profit grew by 16.67% [1][2] - The bank's revenue for Q1 2025 was 9.978 billion yuan, up 2.22% year-on-year, and net profit was 6.021 billion yuan, up 17.3% [2] - In Q2 2025, the bank's revenue reached 10.115 billion yuan, marking the first time quarterly revenue exceeded 10 billion yuan [2] Loan and Asset Growth - As of June 2025, Hangzhou Bank's total loans reached 1,009.418 billion yuan, a 7.67% increase from the end of the previous year, marking the first time loans surpassed the 1 trillion yuan mark [1][6] - The bank's total assets grew to 2,235.595 billion yuan, a 5.83% increase year-on-year [6] - The bank's deposit total was 1,338.282 billion yuan, reflecting a 5.17% increase from the previous year [6] Asset Quality and Risk Management - Hangzhou Bank maintained a low non-performing loan (NPL) ratio of 0.76% as of June 2025, consistent with previous quarters [5][6] - The bank's core Tier 1 capital adequacy ratio and total capital adequacy ratio improved to 9.74% and 14.64%, respectively, up 0.89 and 0.84 percentage points from the end of the previous year [7] Shareholder Activity - Following a significant increase in stock price, China Life Insurance announced plans to reduce its stake in Hangzhou Bank, having already sold a portion of its shares [3][4] - In contrast, New China Life Insurance increased its holdings in Hangzhou Bank, acquiring over 329 million shares [4] Dividend Policy - Hangzhou Bank's dividend payout ratio reached a four-year high of 25.02% for 2024, with total cash dividends amounting to 4.229 billion yuan [8]

Core Viewpoint - Weichai Power Co., Ltd. has announced its 2024 dividend distribution plan, which includes a cash dividend of RMB 3.47 per 10 shares (tax included) for shareholders, while shares held in the company's repurchase account will not participate in the dividend distribution [1][4][5]. Dividend Distribution Plan - The total share capital of the company is 8,715,671,296 shares, from which 9,041,375 shares held in the repurchase account are excluded, resulting in 8,706,629,921 shares eligible for dividend distribution [1][4]. - The actual cash dividend amount for A shares is calculated as RMB 2,346,965,702.58, based on the formula: (6,772,631,296 shares - 9,041,375 shares) × 0.347 RMB/share [2][9]. - The cash dividend per share, after considering the total share capital, is RMB 0.3465367 (tax included) [2][9]. Tax Implications - For A-share shareholders who are QFII and RQFII, the actual cash dividend after tax is RMB 3.123 per 10 shares [5][7]. - Individual A-share shareholders holding shares for more than one year are exempt from personal income tax, while those holding for one year or less will have taxes calculated upon transfer of shares [6][7]. Record and Ex-Dividend Dates - The record date for dividend distribution is set for July 24, 2025, after the close of trading on the Shenzhen Stock Exchange [8]. Consultation Information - For inquiries regarding the dividend distribution, shareholders can contact the Capital Operations Department of Weichai Power Co., Ltd. at the provided address and phone numbers [10].

Group 1: Dividend Policy - The company actively returns value to shareholders through cash dividends and share buybacks, with a dividend payout ratio of 55% for the year 2024 [1] - Cumulative dividends since listing have reached nearly 35 billion [1] - A share buyback plan of 500 million to 1 billion will be launched in 2025 to enhance investor value [1][2] Group 2: Heavy Truck Industry Development - In the first half of the year, China's heavy truck market saw cumulative sales of approximately 530,000 units, a year-on-year increase of about 6% [3] - The company remains optimistic about the heavy truck industry's growth and will focus on enhancing product competitiveness and market expansion [3] Group 3: Electric Vehicle Trends - The penetration rate of new energy in heavy trucks, light trucks, and construction machinery is gradually increasing due to policy support and cost reductions [4] - The company plans to launch a full range of new energy power battery products by the end of 2024 and is leveraging its full industry chain advantages to meet market demands [4] Group 4: Large Bore Engine and Data Center Business - The company has benefited from strong industry demand, leading to robust sales of the M series large bore engines, particularly for data center applications [5] - The company aims to enhance its market share and profitability by focusing on technical performance, production capacity, and delivery efficiency [5]

Core Viewpoint - Jilin Aodong Pharmaceutical Group Co., Ltd. has announced its 2024 annual cash dividend plan, which includes a total cash distribution of 351,714,476.10 yuan, with a dividend of 3.00 yuan per 10 shares for eligible shareholders [2][3][7]. Summary by Sections Dividend Distribution Plan - The 2024 annual cash dividend plan was approved at the shareholders' meeting on May 23, 2025, with a total share capital of 1,195,895,387 shares, excluding 23,513,800 shares held in the company's repurchase account, resulting in a base of 1,172,381,587 shares for the cash dividend distribution [3][4]. - The cash dividend distribution will be 3.00 yuan per 10 shares (before tax), with a total cash distribution amounting to 351,714,476.10 yuan [3][7]. Dividend Payment Details - The cash dividend will be distributed on July 9, 2025, with the record date set for July 8, 2025 [8][9]. - The cash dividends will be directly credited to the shareholders' accounts through their securities companies [9][10]. Taxation Information - Different tax rates will apply based on the type of shares held, with specific provisions for Hong Kong investors and domestic investors [8]. - The company will not withhold individual income tax at the time of distribution; instead, it will be calculated based on the holding period when shares are sold [8]. Adjustments and Calculations - The actual cash dividend amount is calculated based on the total shares eligible for distribution multiplied by the distribution ratio, resulting in a per-share cash dividend of approximately 0.2941013 yuan after the distribution [2][11]. - The ex-dividend price will be adjusted accordingly, calculated as the closing price on the record date minus the per-share cash dividend [11].

Group 1 - The company has approved a profit distribution and capital reserve transfer plan at the 2024 annual general meeting, which includes a cash dividend of 1.3 yuan per 10 shares and a capital reserve transfer of 4 shares for every 10 shares held [1][2] - The total cash dividend to be distributed amounts to 52,273,101.14 yuan, based on a total share capital of 402,100,778 shares as of December 31, 2024 [1][2] - The plan specifies that if there are changes in the total share capital before implementation, the distribution amount will be adjusted accordingly while maintaining the distribution ratio [1] Group 2 - The cash dividend for Hong Kong market investors and foreign institutions will be 1.17 yuan per 10 shares after tax, with different tax rates applied based on the type of shares held [2] - The company will not withhold individual income tax for certain shareholders, and tax will be calculated based on the actual holding period when shares are sold [3] - The equity registration date is set for July 9, 2025, with the distribution process to occur from July 1 to July 9, 2025 [3] Group 3 - The share capital structure before the changes includes 299,207,444 restricted shares (74.41%) and 102,893,334 unrestricted shares (25.59%), totaling 402,100,778 shares [6] - After the capital reserve transfer, the total share capital will increase to 562,941,089 shares, with 418,890,422 restricted shares and 144,050,667 unrestricted shares [6] - The company will handle any fractional shares resulting from the distribution process according to specified rules [3]

Group 1 - The company has announced its 2024 dividend distribution plan, which has been approved by the shareholders' meeting [1] - The dividend distribution is based on a total share capital of 2.502 billion shares, excluding 15.2426 million repurchased A-shares, resulting in a base of 2.486 billion shares [1] - The cash dividend is set at 7.4 yuan per 10 shares (including tax), with a total cash dividend amounting to 1.84 billion yuan, of which 1.707 billion yuan is allocated for A-shares [1] Group 2 - The A-share equity registration date is June 24, 2025, and the ex-dividend date is June 25, 2025 [1] - The last trading day for B-shares is also June 24, 2025, with the ex-dividend date on June 25, 2025, and the equity registration date on June 27, 2025 [1]

Group 1 - The company approved a profit distribution plan for the year 2024, proposing a cash dividend of 1.00 RMB per 10 shares, totaling 81,730,601 RMB [1][2] - The distribution will be based on the total share capital of 817,306,010 shares, with A shares receiving 59,118,004.50 RMB and B shares receiving 22,612,596.50 RMB [1][2] - The dividend will be distributed on June 20, 2025, with the ex-dividend date set for the same day [2] Group 2 - The cash dividends for B shares will be converted to Hong Kong dollars based on the exchange rate published by the People's Bank of China on May 8, 2025 [2] - The adjustment of the conversion price for the company's convertible bonds will occur due to the dividend distribution [3]