证券研究报告 晨会 风险提示：1）数据来源和数据处理偏误风险；2）行业政策变化风险；3）信用风险 事件扰动风险。 海外/教育研究 降息预期仍在摇摆，上诉法院裁定关税违法——海外科技周报：本周 市场围绕降息预期，美联储理事库克起诉特朗普，美国政府入股上市公司等议题进 行交易，周线层面纳斯达克微跌标普微跌，都是在周五晚上明显回吐了上半周的涨 幅。短中期债券跟随降息预期收益率有所下行，但 30 年国债收益率进一步上升体现 了投资人对长久期风险的定价，弱势的美元指数也给了贵金属进一步上涨的理由， 黄金接近新高。我们认为尽管不断放鸽，但是通胀风险仍在，进入降息通道的预期 暂时可能不理性，而上诉法院裁定关税不合法又对未来增加了一层不确定性，在这 种非稳态下我们继续看好黄金，vix。 风险提示：大模型技术发展不及预期、PC/手机等终端需求复苏不及预期、美国联邦 基金利率剧烈波动。 汽车 海外 Robotaxi 支付意愿或较强，国内关注 To-B RoboX 放量——汽车行业双 周报：Robotaxi 在高购买力市场支付意愿或强于网约车/出租车：Waymo 在北美较 之 uber/lyft 有较高溢价；且较之网约车/出租车更 ...

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

Core Insights - The report highlights a diversified investment strategy with a focus on specific stocks, including SF Holding, Anji Technology, and others, indicating a positive outlook for these companies in the near term [1] - The macroeconomic analysis points to a mixed performance in domestic and foreign demand, with improvements in the external trade environment positively impacting manufacturing sentiment [2][5] - The tourism sector shows a strong recovery during the Dragon Boat Festival, with significant increases in domestic travel and spending, driven by short-distance leisure travel and cultural events [8][10] Macroeconomic Analysis - In May, the manufacturing PMI rose to 49.5%, indicating a slight recovery but still within a contraction zone, with new orders and production indices showing improvements [5][6] - The high-tech manufacturing sector continues to expand, with a PMI of 50.9%, reflecting robust demand and export orders [7] - The report notes a positive shift in manufacturing expectations, with a production activity expectation index of 52.5% [6] Tourism Sector Insights - The Dragon Boat Festival saw 119 million domestic trips, a 5.7% increase year-on-year, with total spending reaching 42.73 billion yuan, up 5.9% [8][10] - The integration of cultural and sports events has significantly boosted tourism, with family-oriented travel becoming a prominent trend [9] - Cross-border travel remains strong, with a notable increase in inbound tourism, particularly from countries with visa-free policies [10] Pharmaceutical Sector Analysis - The report on Ma Yinglong indicates a solid revenue growth of 18.85% year-on-year for 2024, with a total revenue of 3.728 billion yuan [12] - The company’s focus on the healthcare sector, particularly in the treatment of hemorrhoids, is expected to drive future growth, supported by a strong brand presence [13][15] - The pharmaceutical industry overall is experiencing steady growth, with a significant increase in sales of hemorrhoid treatment products [13]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 29.00 and a sector rating of "Outperform" [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a 2024 revenue of RMB 3.728 billion, representing an 18.85% year-on-year increase, and a net profit of RMB 528 million, up 19.14% year-on-year. The first quarter of 2025 shows a revenue of RMB 969 million, a 1.48% increase, and a net profit of RMB 204 million, up 2.99% year-on-year. The company has a strong brand presence in the anorectal field and is expected to gain new growth from its health business [3][5]. - The company is expected to see continued growth in its health business, particularly with the launch of new products targeting the anorectal health management market, which is anticipated to enhance brand recognition and sales [8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 3.728 billion, with a growth rate of 18.9%. The projected revenues for 2025, 2026, and 2027 are RMB 4.204 billion, RMB 4.720 billion, and RMB 5.250 billion, respectively, with growth rates of 12.8%, 12.3%, and 11.2% [7]. - The net profit for 2024 was RMB 528 million, with a growth rate of 19.1%. The projected net profits for the following years are RMB 616 million, RMB 714 million, and RMB 798 million, with growth rates of 16.6%, 16.0%, and 11.7% [7]. Valuation - The report slightly adjusts the profit forecast, estimating the net profit for 2025-2027 to be RMB 616 million, RMB 714 million, and RMB 798 million, respectively. The corresponding earnings per share (EPS) are projected to be RMB 1.43, RMB 1.66, and RMB 1.85. The price-to-earnings (P/E) ratios for these years are expected to be 20.3, 17.5, and 15.7 times [5][7]. Market Position - The company has a strong foothold in the anorectal market, with significant brand advantages. The health sector is anticipated to provide new growth opportunities, particularly through the introduction of innovative products and enhanced market coverage [3][8].