公司报告 | 半年报点评 豪美新材（002988） 证券研究报告 收入稳步增长，毛利率同比下滑拖累业绩 毛利率同比下滑，反内卷政策出台铝价阶段性回暖 25H1 公司综合毛利率为 10.7%，同比-1.44pct，Q2 单季度毛利率为 10.71%， 同比-1.56pct。25H1 原材料铝期货结算价均价为 20317 元/吨，同比增加 519 元/吨，涨幅为 2.62%，截至 8 月 25 日，铝期货结算价 20820 元/吨，8 月份以来铝均价同比涨幅为 7.73%。受国内反内卷举措频出，铝价有望受 到阶段性提振，公司毛利率有望恢复。 费用率小幅提升，现金流同比改善 25H1 公司期间费用率为 7.96%，同比+0.01pct，销售、管理、研发、财务 费用率分别为 1.59%、1.66%、3.22%、1.48%，同比-0.19pct、-0.09pct、+0.19pct、 +0.11pct，综合影响下公司净利率为 2.56%，同比-1.38pct，Q2 净利率为 2.64%，同比-1.15pct。25H1 公司经营活动现金流净额为 0.67 亿，同比多 流入 0.82 亿，收、付现比分别为 89%、87%，同 ...

随着政策红利持续释放、技术创新不断突破、产业链条日臻成熟，杭萧钢构股份有限公司（以下简称： 杭萧钢构，股票代码：600477）凭借四十余年技术积淀与实践经验，以及在唐山市布局的先发优势，有 望为区域绿色建筑升级注入强劲动能，书写"好房子"的唐山样本。 政策支持激活钢结构"好房子"发展动能 具体来看，《措施》共推出九条详细支持举措，既直击行业痛点，又强化顶层设计，为钢结构"好房 子"规模化推广提供系统性支撑。 8月20日，唐山市人民政府办公室印发了《唐山市支持钢结构"好房子"发展若干措施（试行）》（以下 简称《措施》）的通知。此举旨在深入贯彻新发展理念，支持钢结构"好房子"建设，满足改善性、保障 性等多层次住房需求，促进住房建设品质提升和钢铁产业转型升级。 此次《措施》的出台，不仅是唐山落实国家"十四五"建筑业发展规划的具体行动，更是其向绿色制造转 型的关键落子。 《措施》提出以政府投资项目为示范引导，其他投资类型项目积极跟进，推广建设钢结构"好房子"。在 改善性商品住宅、保障性住房、城市更新旧住房重建项目中建设一批技术先进、质量优良、经济适用的 钢结构建筑示范项目。对广大农村居民自建住房和农村危房改造，鼓励使 ...

自2013年收购全球顶级酒店设计公司HBA以来，金螳螂持续推动国际化战略。2025年上半年，海外业 务营收同比增长近29%，利润率与现金流表现优于境内业务。公司以东南亚为战略重心，辐射中亚、中 东及非洲市场，逐步建立起覆盖多个地区的全球化服务网络。 日前，金螳螂（002081）(股票代码：002081)发布半年度报告，报告显示，公司营业收入与净利润实现 双增长，在复杂宏观经济环境下保持稳健经营，展现出较强的抗风险能力与战略执行力。 在城镇化进入存量提质阶段的背景下，金螳螂将城市更新作为长期发展战略重点，业务覆盖老旧小区改 造、公共场馆翻新、历史街区保护、高端酒店升级等多个领域。公司依托BIM数字化平台与供应链整合 能力，打造全生命周期服务体系，已成功完成苏州开明大戏院、杭州亚运公园、武汉民众乐园、喀什高 台民居等多个具有影响力的城市更新项目。 海外业务表现亮眼，成为利润新增长点 业绩稳步提升，经营质量持续改善 报告期内，公司实现营业收入95.28亿元，同比增长2.49%；归属于上市公司股东的净利润达3.58亿元， 同比增长3.95%。更值得关注的是，扣除非经常性损益后的净利润为3.31亿元，同比大幅增长14. ...

在游戏中就能"云游广州" 来源：全运广州 天河体育中心外围柱墩 全球玩家足不出户 披上了彩绘"外衣"…… 8月21日，"全运年·看广州"系列活动 走进"广州城市合伙人"企业 立邦广州工厂和三七互娱全球总部大厦 看他们发挥"十八般武艺" 与广州打造共创共融的创新范本 挥一支彩色画笔 为城市美丽"上妆" 最近路过天河体育中心的广州市民，都会被外围绚丽"彩衣"立柱所吸引——在小小的"圆柱空间"里，有 岭南文化元素、广州城市特色、体育运动等彩色图案，描绘着关于我们所居住城市的活力与美丽的梦 想…… 这其实是来自"广州城市合伙人"立邦的创意"心意杰作"。立邦中国南部区域公司总经理李国栋表示，依 托在涂装领域的核心优势和丰富经验，立邦正在参与到十五运会体育场馆改造建设和城市更新美化两大 领域。 李国栋表示，项目从设计、材料到施工要求全面执行绿色建筑标准，立邦提供的产品全部为绿色建材产 品，符合低碳环保要求，并能持久耐用。 在李国栋看来，十五运会是向全国展示广州美丽多彩、宜居宜业城市形象的契机，立邦作为"城市合伙 人"的角色，不仅服务于赛场内，还要参与到广州城市更新，让城市变得更美丽、更多彩，"城市合伙 人"的这支彩色环保 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000090 证券简称：天健集团 公告编号：2025-56 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制 ...

Core Viewpoint - The acquisition of a 51% stake in Shanghai Yunshi Zhibang Information Technology Co., Ltd. by the company marks a strategic move to enhance its capabilities in smart transportation and smart city solutions, positioning itself for future growth in the evolving elevator industry [1][3]. Group 1: Company Strategy - The company has completed the acquisition of a controlling stake in Yunshi Zhibang, which specializes in smart transportation and smart city solutions, thus becoming a new subsidiary and will be included in the company's consolidated financial statements [1]. - The acquisition is seen as a significant step in exploring new business areas and achieving synergies in market development, which will facilitate the company's industrial transformation and upgrade [3]. - The company is also implementing a stock incentive plan to bind the interests of core employees, aiming to enhance competitiveness and performance [3]. Group 2: Industry Trends - The elevator industry is undergoing a transformation towards smart and green technologies, with smart elevators utilizing sensors and connected devices for remote monitoring and predictive maintenance, leading to increased safety and reduced energy consumption [2]. - The Chinese elevator market is expected to exceed 709 billion yuan by 2027, driven by urbanization, renovation, and smart technology advancements [2]. - The rise of AI technology is reshaping the elevator industry, transforming elevators from mere transportation tools into intelligent terminals that enhance efficiency, safety, and energy savings [1][2]. Group 3: Technological Integration - The core team of Yunshi Zhibang possesses strong expertise in IoT, cloud computing, big data, AI, blockchain, and digital twins, which will enhance the company's value-added service capabilities throughout the product lifecycle [2]. - The company's focus on smart manufacturing and investment in smart maintenance and services reflect its commitment to improving service capabilities in the elevator "aftermarket" [2]. Group 4: Long-term Vision - The strategic moves indicate the company's determination to deepen its transformation and strengthen its internal growth drivers, aiming to transition from a traditional elevator manufacturer to a comprehensive solution provider in high-end equipment and smart services [4]. - These initiatives are expected to lay a solid foundation for long-term development and potentially open up a second growth curve, reshaping the company's valuation logic [4].

Core Insights - Modular Integrated Construction (MiC) technology is emerging as a crucial direction for the transformation and upgrading of the construction industry, addressing challenges such as inefficiency, resource waste, and environmental pollution in traditional building methods [1][2]. Group 1: MiC Technology Overview - MiC involves breaking down buildings into independent modules that are fully constructed in factories before being transported to the site for assembly, significantly enhancing construction efficiency and quality control [1]. - The technology's core advantages include high industrialization and standardization, allowing for parallel production in factory settings, minimizing weather-related delays, and achieving millimeter-level precision [1][2]. Group 2: Global Adoption and Case Studies - MiC technology has been rapidly adopted globally, particularly in projects requiring high quality and speed, such as public housing, emergency hospitals, and student accommodations [2]. - A notable example is the Kai Tak Sports Road public housing project in Hong Kong, which is the largest of its kind in the region, utilizing MiC technology to complete the construction of three 17-story residential buildings in just 19 months [2][3]. Group 3: Sustainability and Future Prospects - The project exemplifies not only speed but also sustainability, as the MiC modules can be 100% disassembled and reused, significantly reducing construction waste and contributing to carbon neutrality goals [3]. - The integration of digital and intelligent technologies into MiC is expected to enhance efficiency, flexibility, and environmental benefits, indicating a transformative shift in urban development and housing solutions [3].

Core Viewpoint - The company maintains an optimistic outlook on future order growth, supported by government initiatives and strategic adjustments in response to macroeconomic conditions [2][3]. Group 1: Future Order Outlook - The company aims for stable growth in order volume, leveraging support from local government and strategic planning based on market analysis [2]. - The company plans to actively participate in major government projects to secure high-quality orders [2]. Group 2: Profitability and Margins - The bidding gross margin has remained stable as of mid-year, but upcoming regulatory changes in bidding practices are expected to positively impact margins [3]. - The company is committed to enhancing its bidding margins by focusing on high-quality major project orders [3]. Group 3: Technological and Strategic Development - The company is investing in green building, prefabricated construction, and digital transformation initiatives to enhance productivity and sustainability [4]. - Ongoing projects include the "5G+ Smart Construction" initiative and the establishment of digital facilities to improve project management [4]. Group 4: Financial Management and Convertible Bonds - The company has adjusted the conversion price of its convertible bonds to 4.07 CNY per share and has decided not to further lower this price in the next five months [5]. - Financial strategies include optimizing existing assets and utilizing various financing tools to manage upcoming payment obligations [5]. Group 5: M&A and Strategic Expansion - The company is exploring opportunities for mergers and acquisitions while focusing on digital and intelligent transformation of its traditional construction business [6]. - Future disclosures regarding any significant M&A activities will comply with legal requirements [6]. Group 6: Financial Performance - In Q1 2025, the company reported a revenue of 6.953 billion CNY, a year-on-year decrease of 6.27%, and a net profit loss of 429.709 million CNY, down 196.27% [7]. - The company’s debt ratio stands at 90.52%, with a gross margin of 5.55% [7].

Group 1 - The core viewpoint emphasizes that housing issues are both a livelihood and development concern, impacting the interests of many families and the overall well-being of the people [1] - The real estate industry is accelerating its transformation towards "safe, comfortable, green, and smart" housing as part of the national initiative for "good housing" [1] - China State Construction Engineering Corporation (CSCEC) is focusing on the Yangtze River Delta region, integrating new development concepts into the entire project lifecycle to enhance the quality of housing [1] Group 2 - The CSCEC project in Qingpu, Shanghai, has become a model for ultra-low energy consumption housing, achieving over 65% energy savings, 29% water savings, and 40% material savings compared to traditional buildings [2] - The project has received the EDGE green building certification and is expected to save 358,300 kWh of electricity and 34,000 m³ of natural gas annually [2] - The project has won multiple awards, including the 19th Jingrui Science and Technology Award and the "Green Project Management Excellence Award" from the Project Management Institute [2] Group 3 - The Suzhou project focuses on high-quality residential living, incorporating safety standards, quality materials, and smart home systems to enhance living experiences [3] - The project integrates Suzhou's garden design philosophy and provides comprehensive public facilities for all age groups [3] - It has been recognized with the 2024 Jingrui Science and Technology Award, establishing it as a benchmark for high-quality housing [3] Group 4 - CSCEC is addressing the "good housing" initiative by developing core technologies tailored to regional characteristics, enhancing housing supply to be "safe, comfortable, green, and smart" [4] - Various projects, such as the Nanjing low-carbon technology housing and Shanghai's digital construction initiatives, are part of this technological innovation matrix [4] - The company is also innovating in affordable housing solutions to meet diverse community needs [4] Group 5 - The implementation of the national standard "Residential Project Specification" GB55038-2025 in May 2025 aims to elevate industry quality standards [5] - CSCEC is committed to precise regional adaptability and continuous innovation in green, low-carbon, and smart living technologies [5] - The company's efforts are closely aligned with urban development and residents' needs, driving the transformation of the real estate industry from scale expansion to value creation [6]

Group 1 - Hubei province has experienced a persistent heatwave since July, with average temperatures reaching 30.9°C, which is 3.7°C higher than the historical average for the same period [1][3] - In Wuhan, outdoor temperatures are around 32°C to 33°C, but the perceived temperature is even higher, with ground temperatures exceeding 50°C [3][5] - Cooling measures include the installation of shade canopies and misting systems at transportation hubs, significantly reducing ground temperatures to below 40°C [5][9] Group 2 - Volunteer service booths provide free cooling supplies, such as anti-heat medications and chilled beverages, to travelers [7] - The city employs multiple misting trucks daily to enhance cooling and dust suppression efforts on urban roads [9] - The Wuhan Zoo has also implemented cooling measures for animals during the heatwave [11] Group 3 - In Tianjin, urban planning incorporates ecological systems to mitigate high temperatures, with the Tianjin Eco-City achieving a temperature range from 17.4°C to 52°C [11][13] - The Eco-City features a zero-carbon building with extensive solar panels and energy-saving systems, contributing to reduced carbon emissions [15][18] - The integration of water systems and green spaces in the Eco-City has resulted in a 50% blue-green space ratio, effectively lowering temperatures [17][20]