Financial Performance - The company's operating revenue for the reporting period is approximately 7.00 billion yuan, an increase from 6.51 billion yuan in the same period last year, reflecting a growth rate of about 7.57% [1] - The net profit attributable to shareholders is approximately 568.29 million yuan, up from 418.47 million yuan year-on-year, indicating a growth of about 35.8% [1] - The net profit after deducting non-recurring gains and losses is approximately 558.80 million yuan, compared to 409.45 million yuan in the previous year, showing an increase of about 36.4% [1] - The basic and diluted earnings per share are both 0.3788 yuan, up from 0.2788 yuan in the previous year [1] - The weighted average return on equity is 10.28%, an increase of 2.21 percentage points year-on-year [19] Cash Flow and Investment - The net cash flow from operating activities is approximately 229.72 million yuan, a slight decrease of 0.26% from the previous year [22] - The net cash flow from financing activities is approximately 57.22 million yuan, an increase of 306% year-on-year [22] - The net cash flow from investing activities is approximately -287 million yuan, compared to 129 million yuan in the same period last year [22] Asset and Liability Changes - Total assets at the end of the reporting period are approximately 18.08 billion yuan, down from 18.29 billion yuan at the end of the previous year [1] - The net assets attributable to shareholders increased to approximately 5.68 billion yuan from 5.24 billion yuan year-on-year [1] - Accounts receivable and notes receivable increased by 16.23%, while cash and cash equivalents decreased by 18.6% [34] - The company's debt-to-asset ratio is 60.6%, indicating a stable financial structure compared to industry averages [45] Shareholder Structure - The top ten shareholders include new entrants such as China Pacific Life Insurance Co., Ltd. and social security funds, while existing shareholders like Weichai Power Co., Ltd. and Shandong Heavy Industry Group Co., Ltd. have increased their holdings [49][50] - The shareholding structure reflects a diversification of institutional investors, which may enhance the company's stability and growth potential [49]

| | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入(元) | 28,537,097,264.35 | 20,202,142,527.50 | | 归属于上市公司股东的净利 | 1,487,542,447.03 | 1,386,844,101.23 | | 润(元) | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 1,367,914,509.93 | 1.373.435.816.59 | | (元) | | | | 经营活动产生的现金流量净 | -2.949.384.794.81 | -8.150.780.678.61 | | 额(元) | | | | 基本每股收益(元/股) | 0.3421 | 0.3187 | | 稀释每股收益(元/股) | 0.3421 | 0.3187 | | 加权平均净资产收益率 | 3.85% | 3.73% | | | 本报告期末 | 上年度末 | | 总资产(元) | 161,553,273,565.94 | 155,224,285,481.93 | | 归属于上市公司股东的净资 | 39,769,742,256.87 ...

| 主要会计数据 | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | | (1-6月) | 调整后 | 调整前 | | 营业收入 | 1. 448. 440. 275. 71 | 1. 410. 579. 723. 34 | 1, 410, 579, 7 | | 利润总额 | 419. 921. 531. 84 | 406. 937. 984. 62 | 406. 969. 8 | | 归属于上市公司股 东的净利润 | 321. 157. 553. 42 | 309. 780. 090. 37 | 309.811.9 | | 归属于上市公司股 东的扣除非经常性 | 317. 346. 600. 28 | 305. 586. 715. 34 | 305. 618. 6 | | 损益的净利润 | | | | | 经营活动产生的现 金流量净额 | 355. 809. 706. 73 | 324. 301. 750. 86 | 324.079.2' | | | 本报告期末 | 上年度末 | | | | | 调整后 | 调整前 | | 归属于上市公司股 | 4. 150. 453 ...

2Q25 智能汽车交付8.1 万辆，ASP 环比升6.7%至25.4 万元。经调整净亏损继续收窄至3 亿元，管理层表 示年内有望实现单季度或单月盈利。我们维持2025/26 年汽车销量预测，分别交付39.8/70.0 万辆。2Q25 汽车业务毛利率环比升3.2ppts 至26.4%。我们上调2025/26 年汽车毛利率预测至26.0%/27.1%（前值 23.5%/24.2%），主要考虑到现有及后续车型（如明年首款增程式SUV）的产品力和同平台规模效应有 望继续拉升毛利率。我们预测小米汽车业务在4Q25 实现扭亏为盈。 智能手机业务：毛利率或随高端新品发布企稳回升。2Q25 智能手机毛利率相比我们之前的预测，下滑 的趋势更快。我们认为存储器涨价对毛利率的负面影响或将至少持续至2025 年底。我们下调2025/26 年 智能手机毛利率预测至11.7%/12.1%（前值12.3%/12.3%）。我们继续看好小米手机高端化趋势，预测手 机毛利率在4Q25 将随高端新机型发布企稳回升。 下调目标价至60 港元。我们微调2026 年汽车业务收入至1820 亿元（前值1,817 亿元）。考虑手机等业 务的不确定性，下调2 ...

| 主要会计数据 | 本报告期 (1-6月) | 上年同期 | | --- | --- | --- | | 营业收入 | 700.464.766.25 | 759.894.679.84 | | 利润总额 | 84.128.950.20 | 41.979.606.35 | | 归属于上市公司股东的净利润 | 80.344.468.24 | 11,877,328.48 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 45,279,121.97 | 21.530.307.28 | | 经营活动产生的现金流量净额 | 29,798,082.73 | -34,029,158.20 | | | 本报告期末 | 上年度末 | | 归属于上市公司股东的净资产 | 1.682.157,277.01 | 1.634.908.540.58 | 以8月22日收盘价计算，科兴制药目前市盈率（TTM）约为89.61倍，市净率（LF）约5.32倍，市销率（TTM）约6.65倍。 市盈率(TTM)历史分位(%) 100 ହି 90 80 73d69 70 60 50 40 30 20 10 0 2022-0 2n- 报告期内，公 ...

Financial Performance - The total operating revenue for the current reporting period is approximately 1.046 billion yuan, an increase from 1.002 billion yuan in the same period last year, reflecting a growth rate of about 4.4% [1] - The net profit attributable to shareholders of the listed company is approximately 228 million yuan, up from 137 million yuan year-on-year, indicating a significant increase of about 65.8% [1] - The net profit after deducting non-recurring gains and losses is approximately 228 million yuan, compared to 134 million yuan in the previous year, also showing a growth of about 70.8% [1] - The basic and diluted earnings per share are both 0.51 yuan, an increase from 0.31 yuan in the previous year [1] - The weighted average return on equity is 7.58%, up from 5.05% year-on-year, indicating improved profitability [17] Cash Flow and Assets - The net cash flow from operating activities is approximately 2.309 billion yuan, significantly higher than 902 million yuan in the same period last year [1] - Total assets at the end of the current reporting period amount to approximately 18.406 billion yuan, an increase from 16.037 billion yuan at the end of the previous year [1] - Total liabilities have increased to approximately 15.338 billion yuan from 13.104 billion yuan, indicating a rise in leverage [1] Shareholder Structure - As of the end of the current reporting period, new shareholders include UBS AG, CITIC Securities Co., Ltd., and Huatai Securities Co., Ltd., replacing previous shareholders [31] - The largest shareholder, Fujian Ruida Holdings Co., Ltd., holds approximately 75.57% of the total share capital, with slight changes in the holdings of other major shareholders [32] Valuation Metrics - As of the closing price on August 19, the company's price-to-earnings (P/E) ratio (TTM) is approximately 22.35, the price-to-book (P/B) ratio (LF) is about 3.5, and the price-to-sales (P/S) ratio (TTM) is around 5.7 [1]

| 项目 | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | 营业收入 | 4.356.718.521.52 | 3.713.306.223.24 | | | 归属于上市公司股东的净利润 | 558.584.609.82 | 365.987.563.79 | | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 544.663.614.79 | 406,726,962.94 | | | 经营活动产生的现金流量净额 | 1,281,895,527.42 | 886,307,401.33 | | | 基本每股收益 | 0.26 | 0.17 | | | 稀释每股收益 | 0.26 | 0.17 | | | 加权平均净资产收益率 | 4.50% | 3.03% | | | 项目 | 本报告期末 | 上年度末 | 本报 | | 总资产 | 21,692,698,810.36 | 21.198.756,229.99 | | | 归属于上市公司股东的净资产 | 12.411.785.026.85 | 12,204,909,559.62 | | 以8月18日收盘价计算，宝新能源 ...

Core Viewpoint - Run China International Holdings (00202) reported its annual results for 2024-2025, showing a revenue increase but continued net losses, indicating ongoing financial challenges despite some operational improvements [3]. Financial Performance - The company achieved a revenue of HKD 108 million, representing a year-on-year growth of 5.56% [3]. - The net profit attributable to shareholders was a loss of HKD 40.21 million, an improvement from a loss of HKD 320 million in the previous year [3]. - The net cash flow from operating activities was -HKD 38.94 million, compared to -HKD 31.31 million in the previous year [3]. - Basic earnings per share were -HKD 0.0055, with an average return on equity of -3.64% [3][20]. Valuation Metrics - As of July 28, the company's price-to-book ratio (TTM) was approximately 0.38 times, and the price-to-sales ratio (TTM) was about 3.78 times [3]. Revenue Composition - The revenue composition for the fiscal year included HKD 78.4 million from agricultural operations and HKD 29.7 million from property investment [16]. Cash Flow Analysis - The net cash flow from financing activities was HKD 136 million, an increase of HKD 201 million year-on-year [24]. - The net cash flow from investing activities was HKD 193 million, up from HKD 64 million in the previous year [24]. Asset and Liability Changes - The company reported a 100% decrease in assets classified as held for sale, with a 25.01 percentage point drop in their proportion of total assets [28]. - Cash and cash equivalents increased by 1154.59%, raising their proportion of total assets by 17.81 percentage points [28]. - Short-term borrowings increased by 67.22%, contributing to a 9.85 percentage point rise in their proportion of total assets [32]. Liquidity Ratios - The current ratio was reported at 0.89, and the quick ratio was at 0.87, indicating liquidity challenges [37].

Core Viewpoint - Energy International Investment (00353) reported a significant decline in revenue for the fiscal year 2024-2025, while net profit saw a substantial increase, indicating a mixed financial performance [2]. Financial Performance - The company achieved a revenue of HKD 152 million, a year-on-year decrease of 37.38% [2]. - The net profit attributable to shareholders was HKD 256 million, reflecting a year-on-year increase of 393.04% [2]. - The net cash flow from operating activities was HKD 90.817 million, down 73.78% compared to the previous year [28]. - Basic earnings per share were HKD 0.2372, with an average return on equity of 22.57%, up 17.06 percentage points from the previous year [2][24]. Valuation Metrics - As of July 25, the company's price-to-earnings (P/E) ratio was approximately 1.54 times, the price-to-book (P/B) ratio was about 0.31 times, and the price-to-sales (P/S) ratio was around 2.6 times [2]. Business Segments - The company operates primarily in the oil and liquid chemical products terminal sector, providing leasing and logistics services, as well as trading agency services [11]. Cash Flow and Capital Structure - The net cash flow from financing activities was negative HKD 145 million, a decrease of HKD 259 million year-on-year [28]. - The net cash flow from investing activities was negative HKD 520 million, compared to HKD 53.391 million in the previous year [28]. Asset and Liability Changes - As of March 31, 2025, cash and cash equivalents decreased by 39.52%, while investment properties increased by 35.22% [36]. - Short-term borrowings decreased by 86.13%, while deferred tax liabilities increased by 72.94% [39]. - The current ratio was 5.57, and the quick ratio was 5.56, indicating strong liquidity [43].

Core Insights - Palantir is at a critical valuation juncture, with a market capitalization of $314 billion and a price-to-sales ratio of 79.9, making it one of the highest-valued large-cap stocks in U.S. history [1][4] - The company's static price-to-earnings ratio is 565, while the dynamic ratio stands at 228, indicating extreme valuation levels [1] - Historical data suggests that a price-to-sales ratio exceeding 70 is often indicative of either a transformative tech giant or an impending bubble [10] Valuation Context - Trivariate Research's report highlights that only six U.S. companies have previously surpassed Palantir's current price-to-sales ratio, including MicroStrategy and Moderna [4] - The majority of companies on this "death list" faced dire outcomes, with Comverse Technology going bankrupt and Moderna's stock dropping 94% from its pandemic peak [5] Historical Precedents - Extremely high forward valuations have only been seen during the internet bubble and the pandemic's "free money" era [11] - Stocks reaching a 30 times price-to-sales ratio have historically underperformed the S&P 500 by an average of 22.5 percentage points in the following year [12] Market Dynamics - The upcoming rebalancing of the S&P 500 index is expected to increase Palantir's weight, prompting active managers to reassess its valuation [13] - Historical data indicates that no company can sustain growth rates sufficient to justify such extreme valuations, with many companies having faster growth expectations than Palantir [13]