天风证券主要观点如下： 天风证券（601162）发布研报称，达势股份(01405)是披萨赛道龙头，具备较强成长性，有望在中国市 场实现不断扩张，看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据25H1业 绩，维持25-27年盈利预测，预计25-27年经调整净利润为1.7/2.7/3.8亿元，维持"增持"评级。 公司发布25H1业绩公告 25H1，收入25.9亿元、同比增长27.0%，门店层面经营利润3.8亿元、同比增长28.0%，门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct，经调整净利润0.9亿元、同比增长79.6%，经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 开店及门店运营：全年开店目标已锁定约98%，成熟市场维持同店正增长 1)门店扩张：截至25H1末门店总数1198家、同比增长31.1%，25H1净开店190家，截至8月15日额外净开 43家门店，另有27家门店在建、35家门店已签约，有望实现2025年300家的开店目标(全年开店目标已锁 定约98%)。分城市看，25H1末一线城市市场门店数515家、同比增长3. ...

天风证券（601162）发布研报称，达势股份(01405)是披萨赛道龙头，具备较强成长性，有望在中国市 场实现不断扩张，看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据25H1业 绩，维持25-27年盈利预测，预计25-27年经调整净利润为1.7/2.7/3.8亿元，维持"增持"评级。 天风证券主要观点如下： 公司发布25H1业绩公告 25H1，收入25.9亿元、同比增长27.0%，门店层面经营利润3.8亿元、同比增长28.0%，门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct，经调整净利润0.9亿元、同比增长79.6%，经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 成本费用：薪酬费用率优化 25H1原材料成本率27.3%、同比持平，整体员工薪酬开支率33.8%、同比降低1.1pct。其中，门店层面员 工现金薪酬开支率27.7%、同比提升0.3pct，源于为进入新市场储备使得门店平均人数增加;总部员工现 金薪酬开支率5.1%、同比降低0.4pct，主要系规模经济效益;股份薪酬开支率1.0%、同比降低1.0pct，主 要系授出 ...

智通财经APP获悉，天风证券发布研报称，达势股份(01405)是披萨赛道龙头，具备较强成长性，有望在 中国市场实现不断扩张，看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据 25H1业绩，维持25-27年盈利预测，预计25-27年经调整净利润为1.7/2.7/3.8亿元，维持"增持"评级。 天风证券主要观点如下： 25H1，收入25.9亿元、同比增长27.0%，门店层面经营利润3.8亿元、同比增长28.0%，门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct，经调整净利润0.9亿元、同比增长79.6%，经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 开店及门店运营：全年开店目标已锁定约98%，成熟市场维持同店正增长 1)门店扩张：截至25H1末门店总数1198家、同比增长31.1%，25H1净开店190家，截至8月15日额外净开 43家门店，另有27家门店在建、35家门店已签约，有望实现2025年300家的开店目标(全年开店目标已锁 定约98%)。分城市看，25H1末一线城市市场门店数515家、同比增长3.4%、门店数占比43% ...

9月15日，北京中关村科技发展（控股）股份有限公司在北京市朝阳区霄云路26号鹏润大厦B座22层公 司会议室，以线上结合线下的形式，接受了天风证券、华安证券、首创证券等12家机构的特定对象调研 。公司董事兼总裁侯占军，独立董事史录文、毕克，以及多位副总裁等参与接待。 本次调研围绕公司多项业务展开，以下为主要内容： 1.刺五加注射液集采效果：2025年上半年，刺五加 注射液销售收入同比增长38%，毛利率同比增长18%。虽医疗端销量因集采执标期延后等原因未大幅增 加，但从长远看，凭借集采带来的市场准入优势及后续执标推进，未来有望实现"以价换量"。 2.哌甲酯 在研产品优势：北京华素制药股份有限公司两款哌甲酯在研产品（缓释咀嚼片、口服缓释干混悬剂）， 相比缓释片，具有适用人群更广、剂量调整灵活、提高儿童用药依从性等差异化优势。 3.经营性现金流 下滑原因：剔除上年同期145.8万元税收返还影响，公司经营性现金流仍大幅下滑。2025年H1应收账款 从年初9.56亿增至10.24亿 ，但并非因回款周期延长，主要是销售商品现金收入下降1.28%（盐酸贝尼地 平片部分省市集采未中标致收入缩减），以及购买商品现金支出上涨4.1 ...

Core Viewpoint - The company held a half-year performance briefing on September 4, 2025, to discuss its financial results and address investor inquiries regarding its business operations and future strategies [1]. Group 1: Performance and Financials - The company's automotive safety business achieved a gross profit margin of approximately 15.9% in the first half of 2025, an increase of about 2.0 percentage points year-on-year, driven by order price growth and economies of scale [2]. - The company is implementing cost improvement measures, including optimizing raw materials and vertically integrating the supply chain, with plans to expand its gas generator production base in Huzhou, Zhejiang, to increase self-supply of core components [2]. - The company aims to continue enhancing its gross profit margin in the automotive safety sector through various profitability measures and by optimizing global production capacity [2]. Group 2: Robotics Business Development - The company is providing key components and integrated solutions for humanoid robots to global automotive and robotics companies, with significant collaborations established with leading domestic clients [2]. - The company has initiated the development of customized robotic domain controllers based on NVIDIA's Jetson Thor chip, which is expected to enhance its product line [4]. - The company is focusing on Tier 1 clients in the robotics sector, including both automotive companies and various robotics firms, to expand its customer base [4]. Group 3: Debt Management and Future Plans - The company reported an increase in interest-bearing debt due to optimizing liquidity and financing structure, while also addressing the impact of currency fluctuations on its debt levels [2]. - The company is actively working to improve its asset-liability structure and reduce debt costs through refinancing strategies, with expectations of a decrease in interest-bearing debt as operational cash flow improves [2]. Group 4: Market Expansion - The company submitted an application for the issuance and listing of H shares on the Hong Kong Stock Exchange on August 7, 2025, and is actively progressing with this initiative [2].

Core Viewpoint - The company has optimized its business structure and focused on cost reduction and efficiency improvement, achieving revenue growth despite external market challenges [1] Financial Performance - In the first half of the year, the company maintained stable development in IT distribution and value-added services while focusing on strategic business as a new growth engine, resulting in revenue growth [1] - Research and development expenses increased by 11% to nearly 200 million yuan, reflecting a commitment to enhancing cloud services, software, and proprietary brand products [1] - Sales and management expenses grew by 3%, significantly lower than the revenue growth rate, indicating effective cost control [1] Risk Management - The company has placed a strong emphasis on risk management in response to declining performance capabilities in the external market, enhancing credit and asset impairment loss management [1] - The provision for impairment losses amounted to 160 million yuan, a decrease of 30% compared to the same period last year, showcasing improved risk management practices [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and a need for operational adjustments [1][2][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.22 billion yuan, a decrease of 7.2% year-on-year, and a net profit attributable to shareholders of 50 million yuan, down 50% year-on-year, with a net profit excluding non-recurring items turning negative [1]. - The operating cash flow for H1 2025 was -560 million yuan, an improvement of 890 million yuan year-on-year [1]. - For Q2 2025, revenue was 1.83 billion yuan, down 8.1% year-on-year, with a net profit of 10 million yuan, a decline of 84.3% year-on-year, and a negative net profit excluding non-recurring items [1]. Group 2: Business Adjustments - In response to weak industry demand, the company is actively adjusting its business structure, stabilizing product pricing, tightening credit policies, and enhancing customer risk management to promote high-quality development [2]. - In H1 2025, revenue from waterproof membranes, waterproof coatings, and engineering construction was 1.65 billion yuan, 870 million yuan, and 560 million yuan, respectively, with declines of 9.8%, 9.2%, and an increase of 2.4% [2]. Group 3: Profitability and Cost Management - The company's gross margin for H1 2025 was 24.7%, an increase of 1.2 percentage points year-on-year, attributed to revenue structure optimization and growth in high-margin overseas and retail businesses [3]. - The expense ratio for the period was 18.1%, up 0.7 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 8.2%, 5.0%, 0.8%, and 4.0%, respectively [3]. - The net profit margin for H1 2025 was 1.3%, down 1.2 percentage points year-on-year, while Q2 2025 saw a gross margin of 24.9% and a net profit margin of 0.2% [3]. Group 4: Future Outlook - Due to weak downstream demand and intense market competition, the company has revised its net profit forecasts for 2025 and 2026 to 104 million yuan and 277 million yuan, respectively, representing decreases of 72% and 45% from previous estimates [4]. - The company anticipates benefiting from a recovery in the real estate sector and aims to enhance operational quality and optimize its business structure [4].

Core Viewpoint - The company, Longi Green Energy, aims to achieve profitability in its main business by the fourth quarter of 2025, driven by improved gross margins from its BC product line and reduced operational costs [2][3]. Financial Performance - In the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan and a net loss of 2.569 billion yuan, significantly reducing losses compared to 5.231 billion yuan in the same period last year [2]. - The company experienced a year-on-year reduction in losses by 2.661 billion yuan, primarily due to enhanced operational efficiency leading to a substantial decrease in sales and management expenses, which fell by 37% and 23% respectively [3]. Product Development and Efficiency - The company is focusing on increasing the production capacity of its BC products, with a monthly output of approximately 2.5 GW, and plans to enhance this output gradually [3]. - Longi Green Energy's second-generation BC products have a conversion efficiency advantage of 30W over TOPCon products, ensuring a competitive edge even as TOPCon technology evolves [3]. - The proportion of BC products in the company's order structure is rapidly increasing, with over 50% in most regions by September [3]. Production Capacity - As of the reporting period, Longi Green Energy's self-owned HPBC2.0 battery capacity reached 24 GW, with production gradually commencing in various projects [4]. - In the first half of 2025, the company achieved a silicon wafer shipment volume of 52.08 GW, with 24.72 GW sold externally, and a battery module shipment volume of 41.85 GW, including approximately 4 GW of second-generation BC modules with a conversion efficiency of 24.8% and a yield exceeding 97% [4].

Core Viewpoint - The company is focused on improving the gross margin of its BC products, with a strong emphasis on cost reduction and operational efficiency to achieve profitability in its main business by Q4 2025 [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 32.813 billion yuan and a net loss of 2.569 billion yuan, significantly reducing the loss from 5.231 billion yuan in the same period last year [1]. - The company experienced a year-on-year reduction in losses by 2.661 billion yuan, primarily due to improved operational efficiency leading to a significant decrease in sales and management expenses, which fell by 37% and 23% respectively [2]. Product Development and Efficiency - The company is currently producing approximately 2.5 GW of BC products per month, with plans for gradual monthly increases [2]. - The company’s BC second-generation products have a competitive edge, boasting a 30W efficiency advantage over TOPCon products, with expectations of maintaining a 20W to 30W advantage even with future enhancements to TOPCon technology [2]. - As of September, the proportion of BC products in the company's order structure has rapidly increased, with over 50% in most regions [2]. Production Capacity - As of the reporting period, the company has a self-owned battery capacity of 24 GW for HPBC2.0, with production gradually commencing in Shaanxi and ongoing projects in Weibei [3]. - In the first half of 2025, the company achieved a silicon wafer shipment of 52.08 GW (with external sales of 24.72 GW) and a battery module shipment of 41.85 GW, including approximately 4 GW of BC second-generation modules with a conversion efficiency of 24.8% and a yield exceeding 97% [3].

Core Insights - Haier Smart Home reported a 0.1 percentage point optimization in sales management expense ratio and a 0.4 percentage point increase in net profit margin for the first half of 2025 [1][2] Digital Transformation - The company has established two major platforms to enhance its digital transformation in the domestic market [1][2] - A comprehensive TOC platform that connects multiple business scenarios, improving user experience and customer efficiency. As of July 2025, 60% of products are delivered directly to users through the company's warehouses. The goal is to achieve full inventory digitization by the end of the year, which will reduce SKU and inventory numbers while improving operational quality and lowering marketing costs [1][2] - A user lifecycle closed-loop platform that provides lifelong service experiences for users. This platform encompasses three loops: business loop, service loop, and user lifecycle loop, ensuring continuous service for customers who purchase or experience Haier's products [1][2] Future Development - The company aims to accelerate model transformation and implement cost reduction and efficiency improvement across all processes [3]