Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 33.66 [1][5]. Core Views - The company reported a revenue of RMB 2.746 billion for H1 2025, representing a year-on-year increase of 15.89%, and a net profit of RMB 345 million, up 15.15% year-on-year. Q2 revenue reached RMB 1.559 billion, showing a year-on-year growth of 10.20% and a quarter-on-quarter increase of 31.38% [1]. - The injection molding machine business is expected to maintain steady growth due to the recovery in industry sentiment, while the magnesium alloy forming equipment presents significant growth potential [2][4]. - The company's overseas market revenue for H1 2025 was RMB 749 million, a year-on-year increase of 27.01%, significantly outpacing domestic market growth [2]. Summary by Sections Financial Performance - For H1 2025, the company's gross margin was 31.08% and net margin was 12.90%, with Q2 gross margin at 31.42%, showing a quarter-on-quarter increase of 0.78% [3]. - The sales expense ratio decreased to 7.18% in Q2, down 1.81 percentage points year-on-year, indicating improved operational efficiency [3]. Business Segments - The revenue breakdown for H1 2025 includes injection molding machines at RMB 1.932 billion (up 13.09% YoY), die-casting machines at RMB 556 million (up 33.29% YoY), and rubber injection machines at RMB 119 million (up 23.85% YoY) [2]. - The company has been focusing on semi-solid magnesium alloy injection molding machines for 16 years, with recent advancements in technology enhancing its competitive edge [4]. Profit Forecast and Valuation - The forecast for net profit for 2025 and 2026 has been adjusted downwards by 6% and 8% to RMB 718 million and RMB 846 million, respectively, due to increased industry competition [5]. - The target price of RMB 33.66 reflects a PE ratio of 22 times for 2025, up from a previous estimate of RMB 27.74, driven by improved comparable company valuations and growth in magnesium alloy applications [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a rapid recovery in Q2 performance, with a focus on the "Culture + Technology" strategy, leading to significant revenue and profit growth [7][8] - The company achieved a revenue of 1.004 billion yuan in the first half of 2025, representing a year-on-year increase of 52.16%, and a net profit of 75 million yuan, up 56.81% year-on-year [7][8] - The company is expected to achieve revenues of 26.34 billion yuan, 32.19 billion yuan, and 36.60 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.35 billion yuan, 1.70 billion yuan, and 1.89 billion yuan for the same years [7][8] Financial Performance Summary - Revenue for 2023 is projected at 1,938 million yuan, with a decline of 31.8% year-on-year, followed by a slight decrease of 4.9% in 2024, and a recovery of 42.9% in 2025 [6][9] - Net profit for 2023 is expected to be 101 million yuan, with a significant drop of 64.8% year-on-year, followed by a further decline of 36.0% in 2024, and a rebound of 108.2% in 2025 [6][9] - The company's earnings per share (EPS) is projected to be 0.25 yuan in 2023, decreasing to 0.16 yuan in 2024, and then increasing to 0.31 yuan in 2025 [6][9] - The price-to-earnings (PE) ratio is expected to be 54.5 in 2023, 70.6 in 2024, and decreasing to 42.1 in 2025 [6][9] Business Strategy and Developments - The company is focusing on the full industry chain layout of cultural and sports tourism, with an emphasis on "Culture + Technology" [7][8] - The company has secured exclusive rights for the opening and closing ceremonies of the 2026 Aichi-Nagoya Asian Games and has been included in the national cultural export key project list [7][8] - The company has launched its own night tour IP "Tonight" series, introducing an innovative "multi-perspective immersive" viewing mode [7][8] - The company has formed a joint venture with Zhiyuan Robotics to explore the high-potential intersection of humanoid robots and cultural tourism [7][8]

第二章 募集资金的存放 泰瑞机器股份有限公司 募集资金管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范泰瑞机器股份有限公司（以下简称"公司"）募集资金的存放、 管理与使用，确保资金使用的安全，提高其使用效率和效益，保护投资者权益。 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》、《上市公司募集资金监管 规则》等法律法规、规范性文件和《泰瑞机器股份有限公司章程》（以下简称 "《公司章程》"）的规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司通过发行股票或者其他具有股权性质的证券，向 投资者募集并用于特定用途的资金监管，但不包括公司为实施股权激励计划募 集的资金监管。 第三条 募集资金投资项目（以下简称"募投项目"）通过公司的子公司或公 司控制的其他企业实施的，适用本制度。募集资金应按募集说明书或其他募集 文件承诺的使用计划及进度使用，并且应专户存放、专款专用。 公司应当审慎使用募集资金，保证募集资金的使用与募集说明书的承诺相 一致，不得随意改变募集资金的投向。非经公司股东会依法作出决议，不得改 变公司募集 ...

泰瑞机器股份有限公司 独立董事工作制度 （2025 年 8 月修订） 第一章 总则 第一条 按照建立现代企业制度的要求，进一步完善泰瑞机器股份有限公司 （以下简称"公司"）治理结构，促进公司的规范运作，维护公司整体利益，提高 公司决策的科学性，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》、《上市公司独立董事管理办法》、《上海证券交易 所上市公司自律监管指引第 1 号—规范运作》和《泰瑞机器股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照相关法律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"） 规定、上海证券交易所（以下简称"上交所"）业务规则和公司章程的规定，认 真履行职责，在董事会中发挥参与决策、监督制衡、专业咨询作用， ...

艾迪精密公告，2025年上半年营业收入15.69亿元，同比增长13.15%。净利润2.07亿元，同比增长 5.34%。 ...

证券研究报告·公司点评报告·光伏设备 [[投资要点 Table_Summary] Table_Tag] 2025 年 08 月 29 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 股价走势 捷佳伟创（300724） 2025 年中报点评：业绩同比高增，看好光伏 全路线订单兑现与半导体湿法国产替代共振 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,733 | 18,887 | 13,990 | 9,054 | 8,686 | | 同比（%） | 45.43 | 116.26 | (25.93) | (35.28) | (4.07) | | 归母净利润（百万元） | 1,634 | 2,764 | 2,539 | 1,535 | ...

本次会议经投票表决，通过如下决议： 证券代码：002097 证券简称：山河智能 公告编号：2025-046 山河智能装备股份有限公司 第八届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 山河智能装备股份有限公司（以下简称"公司"）第八届监事会第十七次会议 通知于 2025 年 8 月 20 日以通讯送达的方式发出，于 2025 年 8 月 28 日以通讯会议 方式召开。会议应到监事 3 人，实到监事 3 人。会议由公司监事会主席周慧菲女士 主持。本次会议的召集和召开程序符合《公司法》及《公司章程》和《监事会议事 规则》的相关规定，会议合法有效。 三、会议以同意 2 票、反对 0 票、弃权 0 票的表决结果审议通过了《关于 2025 年新增日常关联交易预计的议案》； 一、会议以同意 3 票、反对 0 票、弃权 0 票的表决结果审议通过了《2025 年半 年度报告全文及摘要》； 经审核，监事会认为：公司董事会编制和审议的《2025年半年度报告全文及摘 要》符合相关法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了上市 ...

（二）股东会的召集人：公司董事会 （三）会议召开的合法、合规性：公司于 2025 年 8 月 28 日召开第八届董事 会第二十四次会议，审议通过了《关于召开 2025 年第二次临时股东会的议案》， 会议的召集、召开符合相关法律、行政法规、部门规章、规范性文件、深圳证券 交易所业务规则及《公司章程》的规定。 （四）会议召开的日期、时间： 网络投票系统包括深圳证券交易所交易系统和互联网投票系统 证券代码：002097 证券简称：山河智能 公告编号：2025-050 山河智能装备股份有限公司 关于召开 2025 年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 山河智能装备股份有限公司（以下简称"公司"或"本公司"）董事会决定 召集 2025 年第二次临时股东会。根据《公司章程》，本次股东会采用现场投票、 网络投票相结合的方式，有关会议召开具体事项如下： 一、召开会议的基本情况 （一）股东会届次：2025 年第二次临时股东会 （八）现场会议召开地点：湖南长沙市星沙产业基地长龙街道凉塘东路 1335 号 山河智能总部大楼 405 会议室 二、会 ...

Market Performance - The specialized equipment sector increased by 0.12% on August 29, with Zhuolang Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers - Zhuolang Intelligent (600545) closed at 2.96, up 10.04% with a trading volume of 1.1171 million shares and a transaction value of 320 million yuan [1] - Zhongchuang Zhiling (601717) closed at 20.45, up 10.01% with a trading volume of 557,300 shares and a transaction value of 1.131 billion yuan [1] - Jincai Hulian (002530) closed at 11.70, up 9.96% with a trading volume of 1.2198 million shares and a transaction value of 1.385 billion yuan [1] Top Losers - Lanying Equipment (300293) closed at 25.13, down 9.44% with a trading volume of 517,500 shares [2] - Lian Ce Technology (688113) closed at 40.51, down 8.56% with a trading volume of 39,000 shares [2] - Greebo (301260) closed at 21.91, down 8.44% with a trading volume of 212,900 shares [2] Capital Flow - The specialized equipment sector experienced a net outflow of 1.934 billion yuan from institutional investors, while retail investors saw a net inflow of 1.146 billion yuan [2][3] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite institutional outflows [2][3] Individual Stock Capital Flow - Jincai Hulian (002530) had a net inflow of 411 million yuan from institutional investors, but a net outflow of 1.93 billion yuan from speculative funds [3] - Zhuolang Intelligent (600545) saw a net inflow of 84.64 million yuan from institutional investors, with significant outflows from both speculative and retail investors [3]

丨证券研究报告丨 联合研究丨公司点评丨杭氧股份（002430.SZ） [Table_Title] 杭氧股份半年报点评：气体销售业务回暖，积极 开拓海外市场 报告要点 [Table_Summary] 杭氧股份发布 2025 年半年度报告，2025H1 实现营业收入 73.27 亿元，同比+8.92%，实现归 母净利润 4.79 亿元，同比+9.61%。其中 2025Q2 实现营业收入 37.63 亿元，同比+9.95%，实 现归母净利润 2.53 亿元，同比+8.55%。 [Table_Author] 赵智勇 魏凯 曹小敏 王岭峰 SAC：S0490517110001 SAC：S0490520080009 SAC：S0490521050001 SAC：S0490521080001 SFC：BRP550 SFC：BUT964 SFC：BWF918 请阅读最后评级说明和重要声明 %% %% 分析师及联系人 %% %% research.95579.com 1 杭氧股份（002430.SZ） cjzqdt11111 [Table_Title 杭氧股份半年报点评：气体销售业务回暖，积极 2] 开拓海外市场 [Table ...