Group 1 - The core viewpoint of the article highlights the performance of specific stocks in the A-share market, particularly focusing on the solar and lithium battery sectors [1] - As of September 4, a total of 44 stocks in the A-share market reached their daily limit up, indicating strong investor interest and market momentum [1] - Notable stocks include Hongyu Packaging, which achieved a four-day consecutive limit up in the lithium battery sector, and Tongrun Equipment, which recorded a two-day consecutive limit up in the energy storage and solar sectors [1] Group 2 - The article provides a detailed list of stocks that have achieved consecutive limit ups, categorizing them by their respective sectors [1] - The stocks with consecutive limit ups include: - Hongyu Packaging (4 days, Lithium Battery) - Anzheng Fashion (3 days, Textile and Apparel) - ST Jingfeng (2 days, Innovative Medicine) - Tongrun Equipment (2 days, Energy Storage + Solar) [1] - This performance reflects the growing interest and investment in renewable energy and related technologies within the market [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The main brand, Han Shu, has solidified its leading position in the Douyin beauty sector and is experiencing rapid growth on other e-commerce platforms, with a strong performance across multiple platforms [9] - The second growth curve has formed with the mid-to-high-end baby and child brand, Yi Ye, showing a significant revenue increase of 147% year-on-year, contributing to the company's growth [9] - The company launched a new high-end professional makeup brand, NAN beauty, which is expected to enhance its multi-brand strategy [9] - The company's multi-brand and multi-category layout is becoming increasingly mature, supported by effective management and incentive mechanisms [9] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.78, 3.55, and 4.37 RMB respectively, with a target price of 103.21 HKD based on a 34x PE ratio for 2025 [4][10] - The company’s revenue is projected to grow significantly, with 2023 revenue at 4,191 million RMB and expected to reach 12,411 million RMB by 2027, reflecting a compound annual growth rate [4][10] - The gross margin is expected to remain stable around 75%, while the net profit margin is projected to improve from 11.0% in 2023 to 14.0% in 2027 [4][10]

Market Overview - The stock indices in the two markets experienced significant declines, with the Shanghai Composite Index dropping nearly 2% and falling below 3800 points, while the STAR Market 50 Index plummeted over 5% [1] - By midday, the Shanghai Composite Index was down nearly 2% at 3738.32 points, the Shenzhen Component Index fell by 2.37%, the ChiNext Index decreased by 3.2%, and the STAR Market 50 Index dropped by 5.38% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 161.89 billion yuan [1] Sector Performance - The semiconductor and military sectors saw the largest declines, while insurance, non-ferrous metals, pharmaceuticals, and banking sectors also experienced downturns [1] - Conversely, sectors such as tourism, catering, retail, food and beverage, and textiles and apparel showed gains, with solid-state batteries and duty-free concepts being particularly active [1] Market Dynamics - According to Industrial Securities, the market has shown extreme structural differentiation recently, with volatility significantly increasing, reaching a new high since June 23 in the current upward trend [1] - The increase in volatility is attributed to the need for the market to digest and consolidate after a continuous rise, indicating that for the current "healthy bull" market to sustain, sectors must alternate and rotate upward [1] Future Outlook - Looking ahead, as new momentum sectors begin to flourish, there are numerous sub-sectors within the technology growth sector that warrant exploration, emphasizing the importance of structure over rhythm [2] - For the market to progress further and remain healthy, a "multi-point blooming" approach is necessary, with a focus on the rotation and expansion of five key areas: Hong Kong internet, semiconductor equipment and materials, software applications, innovative pharmaceuticals, and the new energy industry chain [2]

Market Overview - On the 4th, the stock indices experienced significant declines, with the Shanghai Composite Index dropping nearly 2%, the ChiNext Index falling over 3%, and the STAR Market Index plummeting over 5% [1] - Sectors such as semiconductors and military industries saw the largest declines, while tourism, retail, food and beverage, and textile and apparel sectors showed gains [1] Market Trends - According to Zhongtai Securities, the market is expected to exhibit characteristics of volatility and structural rotation rather than a broad-based rally, with the Shanghai Composite and CSI 300 Index likely to remain in a range-bound state [1] - The defensive value of dividend stocks is becoming more prominent, which, despite not being the main focus in the short term, is expected to provide important support to the market amid tightening liquidity and pressure from major shareholder sell-offs [1] - Short-term volatility in the STAR and ChiNext markets is anticipated to increase, with outflows from ETFs and institutional funds observed recently. However, the medium-term logic for the technology sector remains solid, especially with the upcoming Fourth Plenary Session in October expected to introduce a "14th Five-Year Plan" centered on "new quality productivity" [1]

Core Points - Wanlima announced that it has been pre-selected as a candidate for the procurement project of general labor protection products for the China Southern Power Grid's personal mall (Hertz Shopping) for the years 2025-2026 [2] - The public announcement of the project candidates was made on July 18, 2025, with the public notice period ending on July 21, 2025 [2] - The company signed a purchase and sales agreement with Southern Power Grid Internet Service Co., Ltd. on August 18, 2025, regarding the procurement project [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights a stable performance in H1 2025, with a revenue of 38.54 billion, representing a year-on-year increase of 14.3%, while the net profit attributable to the parent company was 7.03 billion, down 8.9% year-on-year, but adjusted for the impact of Amer Sports' listing, it shows a 14.5% increase [4][6] - The company is optimistic about the development of its multi-brand matrix, with strong growth in outdoor brands and a focus on refined store operations [6][9] Financial Performance Summary - In H1 2025, the company's revenue by brand showed a year-on-year increase: Anta brand revenue increased by 5.4% to 16.95 billion, FILA brand revenue increased by 8.6% to 14.18 billion, and other brands saw a significant increase of 61.1% to 7.41 billion [6] - The gross profit margin slightly decreased by 0.7 percentage points to 63.4%, primarily due to a decline in Anta's gross margin by 1.7 percentage points to 54.9% and a decrease in FILA's gross margin by 2.2 percentage points to 68% [6] - The operating profit margin increased by 0.6 percentage points to 26.3%, while the adjusted net profit margin decreased by 1.2 percentage points to 17.1% [6] Store Network and Operational Efficiency - As of H1 2025, the company operated 7,187 Anta stores, 2,722 Anta Kids stores, 2,054 FILA stores, 241 Descente stores, 199 Kolon stores, and 50 MAIAACTIVE stores, indicating a strategic focus on enhancing store efficiency and consumer experience [7] - The average inventory turnover days increased by 22 days to 136 days, while accounts receivable turnover days remained stable at 19 days, and accounts payable turnover days also remained stable at 52 days [6] Future Earnings Forecast - The company is projected to achieve revenues of 79.56 billion, 88.05 billion, and 97.57 billion for 2025, 2026, and 2027 respectively, with growth rates of 12%, 11%, and 11% [9][10] - The net profit attributable to the parent company is expected to be 13.52 billion, 15.34 billion, and 17.05 billion for the same years, with a decrease of 13% in 2025 followed by increases of 13% and 11% in subsequent years [9][10]

Core Viewpoint - Wanlima announced a significant contract with Southern Power Grid Internet Service Co., which is expected to positively impact the company's performance in 2025 and enhance profitability [1] Group 1: Contract Details - Wanlima received a procurement contract for general labor protection supplies from Southern Power Grid for the 2025-2026 period, with a contract signing date of August 18, 2025 [1] - The estimated contract amount is approximately 44.6 million yuan, which represents 7.60% of the company's audited revenue for the fiscal year 2024 [1] Group 2: Impact on Business - Successful implementation of the project is anticipated to create a favorable sales environment for the company and improve its profitability [1] - The execution of the related agreement is not expected to have a significant impact on the company's business independence [1]

Core Viewpoint - Wanlima (300591.SZ) has signed an e-commerce procurement agreement with Southern Power Grid Internet Service Co., Ltd. for general labor protection products, with an estimated contract value of approximately 44.6 million yuan, representing 7.60% of the company's audited revenue for the fiscal year 2024 [1] Group 1 - The contract was signed on September 2, 2025, with the signing date indicated as August 18, 2025 [1] - The agreement is part of the procurement project for the Southern Power Grid's personal mall (Hezilego) for the years 2025-2026 [1] - The estimated procurement volume is based on the evaluation results, bidding scale, and forecasted purchasing amounts [1]

Core Viewpoint - The company announced a share buyback plan, aiming to repurchase shares for employee stock ownership or incentive plans, with a total fund allocation between 55.85 million and 103.73 million yuan [1] Group 1: Buyback Plan Details - The board approved the share buyback plan on July 31, 2025, allowing a maximum repurchase price of 11 yuan per share and a buyback period not exceeding 12 months from the approval date [1] - As of September 2, 2025, the company has repurchased 8,418,455 shares, representing 1.0043% of the total share capital, with a total transaction amount of 61,628,142.24 yuan [1] - The highest transaction price recorded was 7.41 yuan per share, while the lowest was 7.25 yuan per share [1] Group 2: Compliance and Future Actions - The buyback is in compliance with relevant laws and regulations, and the company will continue to execute the buyback plan based on market conditions and its own situation [1] - The company commits to timely information disclosure regarding the buyback progress [1]

Core Insights - Wanlima has signed an e-commerce procurement agreement with Southern Power Grid Internet Service Co., Ltd. for general labor protection products, with a contract amount of approximately 44.6 million yuan [1] Company Summary - The contract is expected to account for 7.6% of the company's total revenue for the fiscal year 2024 [1] - Successful implementation of the project is anticipated to positively impact the company's operating performance in 2025 and the contract execution year [1]