Group 1 - ST Tianrui (SZ 300165) held its 16th meeting of the 6th board of directors on August 25, 2025, to review the 2025 semi-annual report and its summary [1] - For the year 2024, ST Tianrui's revenue composition is as follows: Instrument manufacturing accounts for 64.21%, ecological protection and environmental governance accounts for 23.45%, third-party testing services account for 10.42%, and pharmaceutical manufacturing accounts for 1.91% [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices of related listed companies [1]

证券研究报告·公司点评报告·专业服务 华测检测（300012） 2025 半年报点评：Q2 归母净利润+9%位于 预告中值，多元化+全球化助力稳健增长 增持（维持） 证券分析师 周尔双 2025 年 08 月 25 日 ◼ Q2 归母净利润+9%位于预告中值，多元化+全球化助力稳健增长 2025 上半年公司实现营业总收入 29.6 亿元，同比增长 6%，归母净利润 4.7 亿元，同比增长 7%，扣非归母净利润 4.4 亿元，同比增长 9%；单 Q2 公 司实现营业总收入 16.7 亿元，同比增长 5%，归母净利润 3.3 亿元，同比 增长 9%，扣非归母净利润 3.1 亿元，同比增长 8%，公司业绩位于预告中 值，符合市场预期，非经常性损益主要为政府补助。分业务（1）生命科学 实现营收 12.7 亿元，同比增长 1%，土壤三普基数较高情况下，通过拓展 宠物食品、海洋监测等细分行业，稳步发展；（2）工业品测试实现营收 6.0 亿元，同比增长 7%；（3）消费品测试实现营收 5.2 亿元，同比增长 13%； （4）贸易保障检测实现营收 4.3 亿元，同比增长 13%；（5）医药行业及其 他实现营收 1.4 亿元， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's net profit attributable to shareholders is expected to grow by 8% to 10% year-on-year in Q2, indicating stable operational performance [2] - Recent government policies in the measurement and testing sector are expected to provide significant growth opportunities for the company [3] - The company is well-positioned for long-term growth due to its diversified strategy, proactive international expansion, and strong market position [4] Financial Forecasts and Valuation - Total revenue is projected to reach RMB 6,535 million in 2025, with a year-on-year growth rate of 7.42% [1] - The net profit attributable to shareholders is forecasted to be RMB 1,055.55 million in 2025, reflecting a year-on-year increase of 14.60% [1] - The latest diluted EPS is expected to be RMB 0.63 in 2025, with a P/E ratio of 19.50 [1]