Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 08 年 月 日 常熟银行（601128.SH） 三年期及以上存款占比下降明显，负债成本改善力度加大 事件：常熟银行披露 2025 年中报，2025 年上半年实现营收 61 亿元，同 比增长 10.10%，归母净利润 20 亿元，同比增长 13.51%。2025Q2 末不 良率、拨备覆盖率分别为 0.76%、489.5%，较上季度末均基本持平。此 外常熟银行披露 2025 年中期利润分配方案，每股派发现金红利 0.15 元， 占 2025 年半年度归母净利润比例为 25.27%。 1、业绩表现：负债成本改善力度加大 25H1 营业收入、归母净利润增速分别为 10.10%、13.51%，分别较 25Q1 增速提升 0.1pc、下降 0.3pc，业绩维持高增，主要得益于规模增长提速、 其他非息收入增加对营收增长形成正向贡献，具体来看： 1）利息净收入：同比增长 0.83%，较 25Q1 增速下降 0.1pc，25H1 净息 差为 2.58%，较 24A 下降 13bp（（其中 25Q1、25Q2 分别环比下降 10bp、 下降 3bp），上半 ...

Group 1 - Dongyue Silicon Materials' subsidiary Future Materials has completed the listing guidance acceptance for the Sci-Tech Innovation Board, with Dongyue holding 5.14% of its shares [1] - Dameng Data expects a revenue increase of 40.63%-45.74% for the first half of the year, projecting revenue between 495 million to 513 million yuan [1] - Conch New Materials plans to acquire 80% of Kangning Special and 100% of Kangning Environmental Engineering for 186 million yuan to accelerate its SCR denitration catalyst industry development [1] Group 2 - Mongolian Grass Ecology signed a contract worth 251 million yuan for a degraded grassland restoration project, responsible for 29.11% of the construction tasks [3] - Lens Technology has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue up to 431 million shares [4] - Yahua Group intends to establish "Yahua Lithium Industry Group" to integrate its lithium business resources [5] Group 3 - United Imaging Healthcare has obtained multiple medical device registrations, including a significant breakthrough with its DSA system receiving FDA approval, marking it as the first Chinese DSA device approved for the U.S. market [6] - Yashi Chuangneng's major shareholder plans to reduce their stake by up to 3% due to forced liquidation [7] - He Sheng New Materials' executives plan to collectively reduce their holdings by up to 240,600 shares for personal financial needs [8] Group 4 - Qingnong Commercial Bank has been approved to issue up to 2 billion yuan in capital supplement tools [9] - Lixing Co. plans to reduce its shares by up to 0.74% due to personal financial needs of its executives [11] - Shuangfei Group's shareholders plan to reduce their holdings by up to 0.96% for personal financial needs [12] Group 5 - Zhongyou Capital intends to invest 655 million yuan in Kunlun Capital for a controllable nuclear fusion project [13] - BOE Technology Group plans to acquire 30% of Xianyang Rainbow Optoelectronics for 4.849 billion yuan to strengthen its competitive advantage in the display industry [14] - Wanli Stone signed a framework agreement for a cross-border strategic resource mining research project with several institutions [15] Group 6 - Wutong Holdings is acquiring a 20% stake in its subsidiary for 84 million yuan to enhance its dual-driven development strategy [17] - Guangku Technology's shareholder plans to reduce their stake by up to 800,000 shares for personal financial needs [18] - Dash Smart intends to terminate a PPP project and transfer a 69.77% stake in its subsidiary for 165 million yuan, impacting its profit by -309 million yuan [18]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 瑞丰银行（601528.SH） 息差降幅明显收窄，拨备进一步夯实 事件：瑞丰银行披露 2025 年一季报，2025 年一季度实现营收 11.1 亿元， 同比增长 5.12%，归母净利润 4.2 亿元，同比增长 6.69%。2025Q1 末不 良率、拨备覆盖率分别为 0.97%、326.08%，较上年末分别持平、提升 5.2pc。 1、业绩表现：息差降幅同比收窄 25Q1 年营业收入、归母净利润增速分别为 5.12%、6.69%，分别较 24A 下降 10.2pc、下降 4.6pc，其中息差同比降幅收窄、业务成本节约等对业 绩形成正向贡献，具体来看： 1）利息净收入：同比增长 2.68%，较 24A 增速提升 4.3pc，25Q1 净息差 为 1.46%，较 24A 下降 4bps（24Q1 下降 13bps），息差同比降幅明显收 窄，主要得益于计息负债成本改善，其中生息资产收益率、计息负债成本 率分别下降 11bps、下降 7bps。 2）其他非息收入：同比增长 11.43%，较 24A 增速有所下降，其中投资 净收益同比 ...

25Q1 不良率（0.97%）、关注率（1.54%）分别较上年末持平、提升 9bps， 拨备覆盖率、拨贷比分别为 326.08%、3.17%，分别较上年末提升 5.2pc、 提升 7bps。25Q1 信用成本为 1.26%，同比提升 3bps。 证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 瑞丰银行（601528.SH） 息差降幅明显收窄，拨备进一步夯实 事件：瑞丰银行披露 2025 年一季报，2025 年一季度实现营收 11.1 亿元， 同比增长 5.12%，归母净利润 4.2 亿元，同比增长 6.69%。2025Q1 末不 良率、拨备覆盖率分别为 0.97%、326.08%，较上年末分别持平、提升 5.2pc。 1、业绩表现：息差降幅同比收窄 25Q1 年营业收入、归母净利润增速分别为 5.12%、6.69%，分别较 24A 下降 10.2pc、下降 4.6pc，其中息差同比降幅收窄、业务成本节约等对业 绩形成正向贡献，具体来看： 1）利息净收入：同比增长 2.68%，较 24A 增速提升 4.3pc，25Q1 净息差 为 1.46%，较 24A 下降 4bps（ ...