近日，蔚来全新ES8正式发布并开启预售。21日产品发布后，美股大涨9.27%，8月22日港股收涨 11.12%，美股再涨14.44%。截至发稿时，公司总市值141亿美元（约1009亿元人民币），在去年10月后 的近一年内，重返千亿市值。 和第二代ES8价格相比，全新ES8价格的起售价格下探了近10万元。但蔚来董事长、CEO李斌在此后的 媒体沟通会上表示，和第二代产品相比，全新ES8的毛利率并不低于二代ES8。李斌对第一财经表示， 在新势力车企日趋激烈的淘汰赛中，蔚来的研发投入已经到了必须持续赋能利润表的关键时刻。 成本从哪里省出来？ 今年一季度，蔚来的整车毛利率10%，这与同时期的头部新势力车企理想、小鹏和零跑都有不小的差 距。蔚来每一款新车的毛利率都备受市场关注，而全新ES8在10万元的降幅之下，还能保持多少的毛利 率，尤其受到市场关注。 李斌认为，这样的定价并非只是单纯为了当下的市场竞争，而是因为从成本结构上可以基于合理的毛利 率做到这一点。他总结了蔚来目前实现降本方面的三个方法：供应链、规模效应和研发降本。 在小鹏汽车引入王凤英后，公司运营效率和盈利能力大大改善，这也一度引发网友喊话称"李斌应该去 管供 ...

证券研究报告 | 2025年08月24日 公司发布半年报：上半年实现营收 52.72 亿元，同比+25.64%；实现归母净 利润11.07亿元，同比+55.79%。公司25Q2实现营收28.65亿元，同比+22.31%， 环比+19.01%；实现归母净利润 6.23 亿元，同比+22.25%，环比+28.97%。 产销量数据方面：上半年，公司实现黄金产量 6.75 吨，同比-10.56%，实现 黄金销量 6.76 吨，同比-10.91%。其中 25Q1/Q2 分别实现产量 3.34/3.41 吨， Q2 环比+2.10%，25Q1/Q2 分别实现销量 3.33/3.43 吨，Q2 环比+3.00%。公司 调整了全年黄金产量目标为 16.0 吨(+5.54%)，上半年完成了全年产量指引 42%，意味着下半年将加大生产力度，争取追回全年产量目标。公司下半年 黄金业务有望迎来量价齐增，业绩值得期待。 售价和成本方面：上半年，公司黄金售价为 699.95 元/克，同比+41.42%。 成本方面，上半年，公司黄金单位营业成本 319.06 元/克，同比+11.88%， 单位全维持成本 355.41 元/克，同比+34. ...

Company Overview - Shennong Group's stock price is reported at 33.02 yuan as of August 22, 2025, with a decline of 0.54% from the previous trading day and a trading volume of 185 million yuan, resulting in a turnover rate of 1.07% [1] - The stock experienced a trading range of 4.34%, with a low of 32.70 yuan and a high of 34.14 yuan during the day [1] Business Performance - Shennong Group's main business includes pig farming and meat processing, categorized under the agriculture, animal husbandry, and fishery sector [1] - The company has achieved significant cost control, with the complete cost per kilogram dropping to 12.3 yuan in April, nearing the level of leading enterprises in the industry [1] Industry Context - The National Development and Reform Commission announced the initiation of the second central frozen pork reserve collection this year to address the ongoing low prices of live pigs [1] - Current national average price for live pigs is reported at 13.72 yuan per kilogram, with profits from external piglet farming at their lowest level in the past three years [1] - The Ministry of Agriculture and Rural Affairs recently held a meeting to mandate the reasonable elimination of breeding sows and strict control over new production capacity [1] Capital Flow - On August 22, the main capital outflow was 16.83 million yuan, with a cumulative net outflow of 36.17 million yuan over the past five days [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a Q2 revenue increase of 9.7% year-on-year, but a significant profit decline of 88.2% due to high raw material costs and increased expenses from structural adjustments [1][7]. - The company expects revenue and profit to improve in the second half of the year as costs normalize, projecting net profits of 510 million, 730 million, and 800 million for 2025-2027, with EPS of 1.01, 1.43, and 1.58 respectively [1][7]. Financial Performance - For H1 2025, the company achieved revenues of 2.75 billion and a net profit of 90 million, reflecting a year-on-year decline of 5.0% and 73.7% respectively [7]. - The revenue breakdown shows that sunflower seeds and nuts faced pressure, while e-commerce and overseas sales continued to grow [7]. - The gross margin for sunflower seeds and nuts was 20.9% and 14.8%, down 7.7 percentage points and 14.0 percentage points year-on-year [7]. Cost and Expense Analysis - The Q2 gross margin was 21.4%, a decrease of 3.6 percentage points year-on-year, primarily due to high raw material costs [7]. - The company’s selling, administrative, and R&D expenses increased, with selling expenses rising due to investments in new product development and channel expansion [7]. Market Position and Future Outlook - The company aims to maintain its revenue growth target for the year, with expectations of cost reductions as high-priced raw materials are used up by Q3 [7]. - The report indicates that the company is actively expanding new channels, including group purchasing and restaurant partnerships [7].

Core Viewpoint - Despite a decline in revenue, the company achieved a significant increase in net profit due to cost control measures and efficiency improvements [1] Financial Performance - The company reported a revenue of 8.812 billion yuan, a year-on-year decrease of 11.09% [1] - Net profit attributable to shareholders reached 107 million yuan, marking a year-on-year increase of 74.44% [1] - The net profit excluding non-recurring gains and losses was 31.9079 million yuan, up 71.50% year-on-year [1] - In Q1, the company achieved a net profit of 40.5315 million yuan, while Q2 net profit was 66.7151 million yuan, reflecting a quarter-on-quarter growth of 64.60% [1] Cost Management - The company's operating costs decreased by 12.40%, outpacing the revenue decline [1] - The increase in gross margin for agricultural product processing and sales was 1.3 percentage points compared to the same period last year [2] - Sales expenses were 92.81 million yuan, down 2.14% year-on-year, and management expenses were 266 million yuan, down 4.53% year-on-year [5] Projects and Developments - The company is advancing multiple projects, including a 150,000-ton/year starch sugar expansion project in Chengdu and a 30,000-ton/year poly-lactic acid project relocation [5] - The Chengdu expansion project aims for production by the end of August, while the poly-lactic acid project is on track for trial production by the end of the year [5] - The company received administrative approval for the enzyme method production of D-alose sugar in early July [5]

Core Insights - SIFCO Industries, Inc. has seen a significant stock price increase of 21.5% since its earnings report for the year ended June 30, 2025, outperforming the S&P 500 Index, which experienced a 1.1% loss during the same period [1] - The company reported a notable turnaround in profitability, moving from a net loss of $0.9 million in the prior year to a net income of $3.3 million in the third quarter of fiscal 2025 [2][3] Financial Performance - In the third quarter of fiscal 2025, SIFCO's net sales increased by 0.5% to $22.1 million compared to $21.9 million a year ago [2] - For the first nine months of fiscal 2025, net sales rose by 6.9% year over year to $62 million from $57.9 million [3] - EBITDA surged to $5.3 million from $1.2 million a year earlier, while adjusted EBITDA increased to $4.4 million from $1.8 million [2] Profitability Metrics - Gross profit for the fiscal third quarter reached $5.9 million, a 117.4% increase from $2.7 million in the prior-year quarter, driven by a 15.9% reduction in the cost of goods sold [4] - Operating profit improved significantly to $3.3 million from $147,000 in the prior-year quarter [4] - The gross margin increased to 26.7% from 12.3% year over year, indicating enhanced production efficiency [7] Balance Sheet Overview - As of June 30, 2025, total assets were reported at $77.3 million, down from $104.6 million at the end of fiscal 2024, primarily due to discontinued operations and reduced receivables [5] - Shareholders' equity strengthened to $35.8 million from $30.4 million, supported by the current year's profitability [5] Management Insights - Management highlighted strong demand for SIFCO's forgings and machined components, particularly from aerospace and energy sectors, despite some ongoing supply chain constraints [6] - Favorable pricing discussions with customers are expected to continue into the fiscal fourth quarter, contributing to a positive outlook [8] Operational Factors - The improvement in profitability was achieved with only a marginal rise in sales, reflecting effective cost control measures [7] - Interest expenses decreased by 56.8% to $0.4 million from $0.9 million a year earlier, contributing to the overall financial improvement [7] Strategic Developments - No acquisitions, divestitures, or major restructuring actions were reported during the quarter, with minimal activity from discontinued operations in the current fiscal year [9]

机构：中金公司 研究员：陈彦 1H25 业绩低于我们预期 成本改善不及预期；煤价超预期下跌。 发展趋势 量价齐增助力公司盈利改善修复。量方面，我们预计随着天气等扰动因素缓解，公司下半年销量有望实 现双位数环比增长。价格方面，6 月以来煤价呈回升态势，截至8 月15 日澳洲5500 大卡/纽卡斯尔6000 大卡动力煤价格分别为71/111 美元，较2Q25 均价的68/99 美元回升。往前看，在供给边际收缩、供暖期 补库需求提振的作用下，我们预期下半年煤价整体回升。 盈利预测与估值 考虑到煤价下调等假设，下调2025/26E 盈利37%/7%至5.35/7.47 亿澳元。当前股价对应港股2025/26E 市 盈率为13.6 倍/9.3 倍。考虑到公司较可比同行具备一定成本优势，我们维持跑赢行业评级，随着需求边 际改善，叠加7 月以来"反内卷"政策在行业中持续发酵，看好2025-2026 年基本面保持韧性，切换至 2026 年估值，下调目标价6%至29 港元，对应港股14.0 倍2025E 市盈率和9.6 倍2026E 市盈率，隐含3% 上行空间。 风险 公司公布1H25 业绩：经营性EBITDA 为5.95 亿 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 整体盈利上升，减少电商无效投入 ——仲景食品(300908)2025 年中报点评 证券研究报告-中报点评 谨慎增持(维持) 市场数据(2025-08-20) 《仲景食品(300908)年报点评：直销增长迅 猛，成本局部升高》 2025-04-18 《仲景食品(300908)季报点评：销售增长放 缓，市场投入较大》 2024-12-05 联系人：李智 投资要点： 发布日期：2025 年 08 月 21 日 | 收盘价(元) | 31.67 | | --- | --- | | 一年内最高/最低(元) | 37.22/22.00 | | 沪深 300 指数 | 4,271.40 | | 市净率(倍) | 2.71 | | 流通市值(亿元) | 39.00 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 11.69 | | --- | --- | | 每股经营现金流(元) | 0.86 | | 毛利率(%) | 45.04 | | 净资产收益率_摊薄(%) | 5.8 ...

零跑汽车交出了史上最强半年报。 8月1 8日，零跑汽车发布2 0 2 5年上半年财报。财报显示，上半年营收2 4 2 . 5亿元，较2 0 2 4年上 半年的人民币8 8 . 5亿元增加1 7 4 . 0%，增长了近两倍。同时，上半年首次实现半年度净利润转 正，是继理想汽车之后第二家实现半年度盈利的中国新势力车企。 上 半 年 ， 毛 利 率 也 创 公 司 成 立 以 来 新 高 ， 由 2 0 2 4 年 上 半 年 的 1 . 1% 提 升 至 2 0 2 5 年 上 半 年 的 1 4 . 1%，增长了1 3个百分点。 就在汽车行业都处于价格战的"疲软期"时，零跑逆势增长，成为上半年车市最大的变量，这 个成绩令整个行业都震惊。8万- 1 5万元市场是比亚迪和吉利主导的红海市场，产品密集，同 质化程度极高，零跑却另辟蹊径，在新老品牌的前后夹击下拼出一席之地。 这个曾经不被看好的汽车股，如今距离千亿市值也只有一步之遥了。8月2 0日盘中，零跑汽车 股价一度超7 6港元，总市值一度摸高千亿市值。现在，这家以全域自研的新势力，正在用自 己极致的成本控制、规模，在车市的激烈竞争中走出一条不能复制的新路线。 全年 ...

| 万元，同比增长 万元，同比 28.42%；归母扣非净利润 9,054 | | --- | | 增长 27.04%。 | | 年半年度业绩增长因素有哪些？ 2、公司 2025 | | 公司本期盈利水平提升，主要得益于玻纤下游细分市场 | | 风电、电子、家电等领域需求回暖，公司玻纤产品价格稳步 | | 回升，叠加新增产能有序释放，产销协同效率显著提高。反 | | 倾销政策的影响促使欧洲客户集中备货，欧洲市场出货量较 | | 多。同时，公司化工业务表现优异，利润规模快速提升，与 | | 玻纤业务形成有力互补，共同推动了公司整体盈利能力的增 | | 长。此外，随着 15 万吨产线的正常投产，公司可以根据市场 | | 情况更好地优化产品生产结构与差异化战略，强化成本控制 | | 实现效率提升，对利润贡献进一步增大。 | | 万吨一期第二条 万吨产线的投放进度如 3、公司 60 15 | | 何？ | | 公司将审慎评估市场供需状况与自身发展水平，在新产 | | 线投放的决策上采取科学规划、稳步推进的策略，择机进行， | | 以确保新增产能与市场需求及公司发展节奏高度契合。 | | 4、目前公司库存水平是怎样的？ ...