证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中烟香港(6055.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 中烟香港：业绩表现优异，期待外延&出海表 现 [Table_ReportDate] 2025 年 8 月 24 日 [Table_S 事件：公司发布 ummary] 2025 年半年度报告。25H1 收入实现 103.16 亿港元（同比 +18.5%），归母净利润为 7.06 亿港元（同比+9.8%）；毛利率实现 9.2%（同 比-1.9pct），归母净利率为 6.9%（同比-0.5pct）。 点评：公司收入表现稳健，盈利增长低于收入增长主要系海外供需错配导致 烟叶进口成本提升。分品类来看： 烟叶进口：25H1 收入为 83 ...

本报记者 李万晨曦 刘钊 8月22日，东风汽车集团股份有限公司（0489.HK，以下简称"东风集团股份"）发布公告称，子公司岚 图汽车科技有限公司（以下简称"岚图汽车"）将以介绍上市方式登陆香港联交所，东风集团股份将同步 完成私有化退市。 国际智能运载科技协会秘书长、黄河科技学院客座教授张翔在接受《证券日报》记者采访时表示，此次 东风集团股份采用"岚图上市+集团退市"的联动创新模式，为传统车企应对行业变革及央国企资本运作 提供了可参考的范例。既有助于东风集团股份加快转型发展，又通过股权分派让上市公司广大股东共享 岚图汽车发展红利。 推动子公司岚图汽车在香港联交所上市 聚焦新能源转型的资源配置方式 张翔认为，此次运作也示范了聚焦新能源转型的资源配置方式：行业转型需传统车企集中资源发展新能 源。东风集团股份此次剥离低效上市平台，推动具潜力的岚图汽车独立上市获取资源，是"腾笼换鸟"聚 焦新能源核心赛道的实践，为传统车企资源向新能源倾斜、加快向科技及创新型企业转型提供借鉴。 事实上，近年来，东风集团股份的估值表现持续处于低位，股票市值长期显著低于净资产水平。东风集 团股份目前处于停牌状态，截至2025年7月31日，公 ...

达诚基金成立于2019年，截至目前，资产管理规模(全部公募基金)14.55亿元，排名174/210；资产管理 规模(非货币公募基金)14.54亿元，排名151/210；管理公募基金数17只，排名142/210；旗下公募基金经 理4人，排名155/210。旗下最近一年表现最佳的公募基金产品为达诚价值先锋灵活配置A，最新单位净 值为0.74，近一年增长23.79%。 证券之星消息，根据市场公开信息及8月21日披露的机构调研信息，达诚基金近期对1家上市公司进行了 调研，相关名单如下： 调研纪要：公司主营无源光器件，营收占比超90%，毛利率保持在30%左右。公司大幅扩充MT插芯产 能，具备线切割设备和先进检测工艺。CPO相关产品研发进展顺利，光柔性板保持领先地位。公司与第 一大客户建立紧密供应关系，通过开发新产品和拓展应用领域取得市场收获。公司注重资本运作和员工 激励，未来将继续推动良好发展。 1)太辰光（300570）(达诚基金参与公司投资者交流会) ...

对于利润相较去年同期有所下降的情况，白云山表示，受需求不足、行业竞争加剧及行业政 策等因素的持续影响，公司部分业务经营业绩有所下降。 旗下板块业绩分化 研发费用大幅缩减 记者注意到，白云山的经营性现金流持续为负值，由去年同期的 -20.37 亿元进一步减少至 -33.97 亿元，同比减少 66.79% 。公告显示，主要系公司下属企业货款回收有所下降，同 时采购支付金额增加所致。为缓解现金流压力，白云山加大了筹资力度，筹资活动现金流净 额达 19.18 亿元，同比提高了 222.36% ，主要是银行借款增加。 【导读】白云山发布 2025 年中期业绩报告，归母净利润同比下降 1.31% 见习记者 荧墨 8 月 15 日晚间，白云山（ 600332.SH ； 00874.HK ）发布 2025 年中期业绩报告。在医 药行业整体承压的背景下，白云山实现营业收入 418.35 亿元，同比增长 1.93% ；归母净利 润为 25.16 亿元，同比下降 1.31% ；扣非净利润为 22.06 亿元，同比下降 5.78% 。 2025 年上半年，白云山主要产品中成药、化学药、大南药合计的营收全线 " 瘦身 " ：中成 药收 ...

Group 1 - The core viewpoint of the articles highlights that 310 stocks have doubled in value this year, particularly in the pharmaceutical and machinery sectors, with over 50 stocks in these industries showing more than 100% increase [1] - The characteristics of doubling stocks include being in popular industries, having strong performance or growth potential, and being involved in capital operations, which investors should focus on [1][2] - The performance of doubling stocks is supported by strong earnings growth, with many stocks exceeding market expectations through technological upgrades or market expansion [1][2] Group 2 - Financial indicators show that doubling stocks exhibit high revenue growth and high gross margins, which are crucial for attracting long-term value investors [2] - Capital operation stocks, such as Aowei New Materials, have shown remarkable performance, with a tenfold increase in stock price this year, driven by favorable news regarding control changes and asset restructuring [2] - Investors are advised to prioritize sectors with clear policy support, such as artificial intelligence and commercial aerospace, and to continuously verify earnings performance [2]

Core Insights - A wave of capital operations has emerged among fourteen listed companies in China, involving asset sales, equity adjustments, and significant investments, reflecting strategic planning for future development and proactive market responses [1][12] Group 1: Strategic Asset Management - ST Jinggu plans to transfer 51% of its core subsidiary Huayin Wood Industry to its controlling shareholder, which is seen as a crucial step to avoid delisting risks despite a projected 87% drop in revenue [2] - Zhonghe Technology sold 75% of its stake in Wenzhou Wenrui Sewage Treatment Plant for 3.225 million yuan, focusing on core business and optimizing resource allocation [2] - Lopuskin transferred 80% of its Hubei subsidiary for 1.98293 million yuan to streamline its structure and enhance operational efficiency [2] - North Copper initiated internal asset integration by transferring 100% of its subsidiaries to the parent company to improve management and synergy [3] - Zhuhai Xiheng plans to transfer 6.22 million shares (1.5% of total shares) to optimize the company's equity structure and governance [3] Group 2: Aggressive Investment Strategies - Yunnan Baiyao's subsidiary invested 660 million yuan to acquire 100% of Juyatang Pharmaceutical, enhancing its market position in the traditional Chinese medicine sector [4] - Qichuang Data plans to invest up to 1.2 billion yuan in server procurement to enter the AI computing rental market, with 298 million yuan already approved [4] - Shengyi Electronics announced a 1.9 billion yuan investment in smart manufacturing for high-layer circuit boards, targeting high-growth sectors like AI servers and data centers [5] - Zhonghe Technology is investing 717 million yuan to build a global headquarters and R&D center in Hangzhou, enhancing its competitiveness [5] - Cambrian's 4.98 billion yuan fundraising plan for chip and software platform development has been approved, pending further regulatory processes [5] Group 3: International Expansion - Fala Electronics is investing 200 million yuan to establish a wholly-owned subsidiary in Singapore to expand its international market presence [7] - Bohui Paper is increasing its investment in its Hong Kong subsidiary by 165 million USD to strengthen its international procurement capabilities [7] Group 4: Financial Structure Optimization - Sheneng Co. plans to issue 2 billion yuan in convertible bonds to enhance liquidity and optimize its financial structure for future growth [9] Group 5: Industry Growth Opportunities - Weichai Heavy Machinery reported a 52.62% increase in net profit, benefiting from policies promoting equipment upgrades in the inland shipping sector [10]

Core Insights - A scheme involving three shell companies managed to siphon off 150 million from banks over two years, ultimately leaving the mess for a listed company to handle while the core members enjoy their gains in Southeast Asia [2][4][5] Group 1: Company Operations - The three companies, A, B, and C, appeared unrelated but were operated by the same group, creating a façade of legitimate business activities [2] - They engaged in a "left hand to right hand" scheme, where transactions between the companies were structured to appear legitimate, including contracts, invoices, and logistics [2][4] - Over two years, they generated 200 million in bank transactions and obtained high-tech enterprise certification, presenting themselves as model companies to the banking system [2] Group 2: Loan Acquisition and Fund Misappropriation - A Company applied for a 50 million technology loan, supported by fabricated contracts and tax documents, which was approved after a thorough review [4] - Upon receiving the funds, they executed a series of circular transactions among the three companies, creating a closed-loop of financial activity that misled the banks [4][5] - They further inflated their revenue by fabricating 80 million in overseas orders and falsifying project wins, leading to increased credit limits from banks [5] Group 3: Asset Disposal and Legal Maneuvering - The core members used offshore companies to shield themselves from liabilities, ensuring that the registered capital was minimal and risks were contained [7] - They executed a final step of acquiring distressed companies, merging the assets and debts of A, B, and C into a new entity, which was then sold to a listed company [5][7] - The operations highlighted a broader issue of companies manipulating financial systems to transfer wealth overseas, leaving societal repercussions in their wake [7]

Core Viewpoint - The article discusses the ongoing struggles of Huiyuan Juice, highlighting the conflicts between its major shareholder and the company, as well as the challenges it faces in its revival efforts after bankruptcy restructuring [3][4][5]. Group 1: Shareholder Conflicts - Huiyuan Juice's parent company, Beijing Huiyuan Food and Beverage Co., publicly accused its major shareholder of failing to fulfill a promised investment of 1.6 billion yuan, with over half of the funds still not received [5][15]. - The company has initiated legal action against the major shareholder, seeking to rally other shareholders and creditors to protect their rights [4][6]. - The major shareholder, Wensheng Asset Management, has only contributed 750 million yuan of the promised investment, with the remaining 850 million yuan overdue for over a year [15][16]. Group 2: Financial Struggles - Since its restructuring approval in June 2022, Beijing Huiyuan has relied primarily on its own resources to maintain operations and achieve continuous profitability [5][6]. - The company reported a cumulative net profit of 760 million yuan for 2023 and 2024, but it still faces approximately 8 billion yuan in debt, indicating a long road ahead to financial stability [47][48]. Group 3: Market Dynamics - The juice market is becoming increasingly competitive, with both new and established players intensifying their efforts, which poses additional challenges for Huiyuan Juice as it attempts to recover [48]. - The article also notes that the major shareholder's proposal to cover losses using capital reserves may lead to further disputes, as it could affect the rights of creditors who have not yet received equity [20][22]. Group 4: Potential for A-Share Listing - There are indications that Huiyuan Juice may be on a path to potentially relist on the A-share market, which could help it recover from its previous delisting from the Hong Kong stock exchange [39][40]. - However, this plan has been complicated by legal disputes involving the major shareholder and other parties, which have led to the freezing of significant shares [40][43].

Group 1 - Zhonghui Biotech-B successfully listed on the Hong Kong Stock Exchange on August 11, with a closing price of HKD 33.28, reflecting a surge of 157.98% and a total market capitalization of HKD 13.094 billion [1] - The company received over 4000 times oversubscription in its public offering, with total subscription amount exceeding HKD 200 billion [1] - Zhonghui Biotech-B focuses on the development, manufacturing, and commercialization of innovative vaccines, with two core products: a quadrivalent influenza subunit vaccine and an in-development lyophilized human rabies vaccine [1] Group 2 - Tianyue Advanced announced its global offering of 47.7457 million shares, with 2.3873 million shares available for Hong Kong and 45.3584 million shares for international offering, along with an overallotment option of 7.1618 million shares [2] - The maximum offer price is set at HKD 42.80, with the total expected fundraising amounting to HKD 2.044 billion and net proceeds of HKD 1.938 billion, aimed at expanding production capacity for 8-inch and larger silicon carbide substrates, enhancing R&D capabilities, and general corporate purposes [2] - As a leading player in the silicon carbide substrate sector, Tianyue Advanced's fundraising strategy aligns with the industry's trend towards larger sizes, although it faces intensified competition and price volatility [2] Group 3 - Dongfeng Group's H shares were suspended from trading on August 11, with all related structured products also halted [3] - Dongfeng Group's controlling shareholder stated that the suspension would not significantly impact the normal operations of Dongfeng Shares, which will continue to monitor developments and fulfill disclosure obligations [3] - Market speculation surrounds potential capital operations or changes behind the suspension, prompting investors to await further official announcements [3] Group 4 - Shuangdeng Group passed the hearing at the Hong Kong Stock Exchange, positioning itself as a leading supplier of data center energy storage batteries, with a global market share of 11.1% in 2024 [4] - The company plans to use the proceeds from its listing to construct a lithium-ion battery production facility in Southeast Asia, aimed at producing batteries for data centers [4] - Shuangdeng Group's successful hearing marks a significant step in its internationalization strategy, with potential to strengthen its industry position in the competitive global energy storage market [4]

Group 1 - The core viewpoint of the article is the leadership change at Luckin Coffee, with Li Hui replacing Guo Jinyi as chairman, raising questions about Guo's feelings regarding this shift [1][4]. - Li Hui is portrayed as a highly intelligent individual with a strong educational background, having graduated from Renmin University and later obtaining an MBA from Yale, which contrasts with Guo Jinyi's educational background [3][4]. - Li Hui has a significant history with Luckin Coffee, being an early investor and leading multiple funding rounds, including a total investment of $180 million prior to the company's IPO [4]. Group 2 - Despite the financial scandal in 2020 that led to Luckin Coffee being delisted from NASDAQ, Li Hui and Dazhong Capital increased their investment, acquiring $240 million in convertible preferred shares [4]. - Guo Jinyi, as the CEO, is credited with the company's performance in 2021, although his limited shareholding compared to Li Hui's majority stake raises questions about his influence [4]. - The article suggests that corporate decisions are ultimately driven by capital, indicating that Guo Jinyi may have to align with Li Hui's vision as the largest shareholder [4].