证券研究报告 [Table_ReportDate] 2025 年 8 月 27 日 [Table_S 事件：公司发布 ummary]25H1 业绩，实现收入 123.54 亿元，同增 251%，实现经调 整净利润 23.51 亿元，同增 291%，实现期内利润 22.68 亿元，同增 286%。 25H1 公司拟派发现金股息每股 9.59 元人民币，现金分红总额 18.06 亿元， 占经调整净利润的 77%。 点评： 品牌影响力持续扩大、品牌高端定位验证，带动收入高增。25H1 公司于单 个商场平均实现销售业绩 4.59 亿元（未包含 5-6 月新入驻的上海港汇恒隆、 新加坡金沙及上海 IFC），根据弗若斯特沙利文，老铺黄金在所有国际国内 珠宝品牌中，25H1 于中国大陆的单个商场保持了平均收入、坪效的第一。 2025 年"618"期间，老铺黄金天猫旗舰店位列黄金类目销售榜首，实现成 交额超 10 亿元，25H1 线上渠道销售业绩 19.43 亿元。截至 2025.6.30，品 牌忠诚会员数 48 万名，较 2024.12.31 增长 13 万名，消费人群持续扩大。 根据弗若斯特沙利文，老铺黄金已实现与国际奢 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 这几天，有多人 询问 TI是否再次涨价，来问的还有金融圈的人。与6月份 涨价传闻 的情况类 似，当时也是先由圈外人士传出消息 ，随后 我们向芯片分销圈的朋友求证，并联系了原厂代理确 认信息。 需要强调的是， 这次 涨价 传闻与6月份的那次并非同一事件。 6月份的传闻是TI计划上调约3,300多个型号的价格；而 这次 传闻的规模则大幅扩大，称将上涨 约66,000 个型号，而TI 本身 有85,000个型号，可见 涨价 的 覆盖面极广 。 6月份传闻的涨幅为5%–35%不等，而此次据称的涨幅在10%–25%左右。部分型号与上次传闻 的名单有重合。本次还有部分渠道流出了疑似TI向代理商发送的邮件截图，显示几乎所有型号都会 受到影响。 结合 TI 近几年 的业绩走势和财务数据，这一动作的逻辑并不难理解。 TI自2022年四季度起业绩持续下滑，直到 2025年一季度才迎来同比增长 ——当季营收同比增长 11%。到了二季度同比增长更多，达到16%，其中工业市场、个人电子产品、企业 ...

Summary of Zanyu Technology Conference Call Company Overview - **Company**: Zanyu Technology - **Industry**: Palm Oil and Surfactants Key Points Industry and Market Dynamics - Zanyu Technology benefits from Indonesia's palm oil tariff policy, reducing raw material costs through local procurement and processing, enhancing profitability [2][4] - Palm oil prices are closely linked to the company's performance, with historical data showing a direct correlation between the two [6] - Global palm oil supply has stabilized since 2018 due to slowed planting area growth and declining yields from aging trees, with expectations for stable supply over the next three years [2][11] - Demand for palm oil is primarily driven by food consumption and industrial uses, with biodiesel demand growing, particularly in Indonesia [2][12] Financial Performance and Projections - The company's Duku Da project is undergoing capacity expansion from 600,000 tons to 1,100,000 tons, expected to significantly enhance profitability starting in Q3 [2][15] - The surfactant business has a capacity of 1,200,000 tons, with a focus on improving operating rates to recover margins after initial low utilization [2][16] - The company anticipates overall earnings of approximately 400 million yuan in 2025, with projections exceeding 500 million yuan in 2026 and 600 million yuan in 2027, based on conservative estimates [20] Pricing and Cost Factors - Palm oil prices exhibit seasonal fluctuations, typically higher during the reduction season and lower during the production season, with a gradual upward trend in price floors [14] - The company's profitability is expected to improve as palm oil prices rise, with estimates suggesting a potential profit of 900-1,000 yuan per ton in 2025 [15] Competitive Position and Strategic Initiatives - The Duku Da project is positioned to enhance market competitiveness and profitability, with optimistic recovery prospects for gross margins as operational efficiency improves [5][18] - The surfactant business is expanding its client base, including major brands like Blue Moon and Procter & Gamble, while focusing on cost-saving measures through local production [16] Risks and Considerations - The palm oil market faces potential risks from environmental regulations and land use policies in Indonesia, which could impact future supply growth [9][10] - The company’s valuation is currently considered low, presenting potential investment opportunities as production ramps up and seasonal price increases occur [21] Conclusion - Zanyu Technology is well-positioned to capitalize on favorable market conditions in the palm oil sector, with strategic expansions and a focus on improving operational efficiencies expected to drive future growth and profitability [17][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported strong product sales, with a notable increase in revenue from its core liver disease medication, which achieved a revenue of 1.833 billion yuan in Q1 2025, representing a year-on-year growth of 21.83% [6] - The gross margin is under short-term pressure, decreasing to 63.36% in Q1 2025, down 12.39 percentage points year-on-year, primarily due to a significant increase in the price of natural bezoar [6] - The company is actively expanding its distribution channels, with 49 new experience centers and traditional Chinese medicine halls opened in Q1 2025, bringing the total to 484 [6] - The company expects to see a recovery in gross margins in the medium term, supported by the potential import of lower-cost bezoar and possible price adjustments for its products [6] Financial Summary - Revenue projections for the company are as follows: - 2024: 10.788 billion yuan - 2025E: 11.855 billion yuan - 2026E: 13.062 billion yuan - 2027E: 14.270 billion yuan - Corresponding growth rates are 7.25%, 9.89%, 10.18%, and 9.25% respectively [3][7] - Net profit projections are: - 2024: 2.977 billion yuan - 2025E: 3.295 billion yuan - 2026E: 3.779 billion yuan - 2027E: 4.349 billion yuan - Corresponding growth rates are 6.42%, 10.67%, 14.70%, and 15.08% respectively [3][7] - Earnings per share (EPS) projections are: - 2024: 4.93 yuan - 2025E: 5.46 yuan - 2026E: 6.26 yuan - 2027E: 7.21 yuan [3][7] Market Position - The company has a total market capitalization of approximately 123.56 billion yuan and a closing price of 204.80 yuan [3]