Technology Asia Pacific Equity Research 28 August 2025 Huaqin Technology - A Strong growth across segments in 1H25; optimistic on AI momentum and growth outlook; reiterate OW ▲ Key takeaways from Huaqin's earnings call include: 1) strong earnings growth of 46% yoy in 1H25 was driven by accelerating AI server delivery and strong momentum in smartphone/PC/wearable areas; 2) GPM dropped sequentially in 2Q25, due to product mix change, but is expected to recover with a better mix; 3) management expects >Rmb40bn ...

August 28, 2025 04:55 AM GMT Mindray Bio-Medical | Asia Pacific Earnings Call Takeaways: Deepening Strategy in "Equipment + Digitalization+ Reccurrence" to Drive Sustainability Key Takeaways See our earnings first take Overseas sales to maintain 10%+ CAGR, with EM at 15%+ near term: EM accounts for 70% of overseas revenue and has a similar sales model to China. Mindray has 13.2% share in equipment and 5.4% in IVD in EM, much lower than in China, suggesting ample room to expand. In DM, high-end client penetr ...

Inspur's share price has risen by 45% since April (in-line with the A- share Tech index), thanks to the improving sentiment around China's AI deployment. Even though the procurement of overseas chips could be a near-term headwind, we expect Inspur to benefit from the ramping-up in volumes of domestic GPU solutions. Of note, the key domestic AI chip vendor, Cambricon (688256 CH, non-covered) just reported 59%/92% QoQ growth in its 2Q25 sales/net profit. Currently, we model Inspur's sales/earnings CAGR at 18% ...

Asia Pacific Equity Research 28 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Zijin - A/H Raising PT: Positive price outlook and volume growth to sustain outperformance The solid 2Q25 earnings once again shows Zijin's ability to deliver volume ...

Flash | 28 Aug 2025 21:08:48 ET │ 13 pages Gree Electric Appliances (000651.SZ) 22% OP decline on 12% sales decrease in 2Q25 CITI'S TAKE Gree's OP declined 22% YoY on 12% YoY sales decrease in 2Q25 (vs 14% YoY sales growth in 1Q25), significantly below market expectations. Helped by 51% YoY increase in net financial income, its NP fell 10% YoY in 2Q25, slower than OP decline. We believe its weaker-than-expected topline was due to its reduced sell-in to offline distributors (on the back of its increased focu ...

abc 2025 年 08 月 28 日 问：相对于预期，业绩表现如何？ 答：海尔智家公布1H25业绩：收入/净利润为1560亿元/120亿元（同比增 长10%/16%），隐含2Q25收入/净利润同比增长10%/16%。2Q25收入基本 符合预期，盈利超出我们的预期（我们预期分别同比增长10%/ 11%），主 要为海外营运利润率超预期。我们与管理层进行了简短的交流。 Global Research 快评 海尔智家 2Q25盈利超预期，运营效率持续改善；史上首 次中期股息 潘 人怡 分析师 S1460520030001 rennie.pan@ubs.com +86-21-3866 8810 业绩要点： 1 ） 1 H 2 5 收 入 强 劲 增 长 ， 是 受 国 内 外 业 务 共 同 驱 动 （ 分 别 同 比 增 长9%/12%）。国内方面，旗下高端品牌卡萨帝（收入同比增长超20%）和 平价品牌统帅（同比增长超15%）的销售势头良好，得益于以旧换新补贴下 需求稳健，以及公司3Q24以来推动零售改革。在海外市场，随着营业利润 率改善，子公司GEA的1H25收入同比增长2%，持续优于行业；其他国际市 场也实现 ...

M Update 2Q25 In Line; Liquid Cooling the New Driver Reaction to earnings August 28, 2025 09:59 PM GMT Ningbo Tuopu Group Co Ltd | Asia Pacific Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Tuopu's 2Q25 earnings fell 10% YoY but recovered 29% QoQ to Rmb729mn, in line with reduced market expectations. 2Q revenue grew 10% YoY and 24% QoQ, likely helped by Aito and Geely volu ...

佩蒂股份在 2025 年上半年的经营情况如何？ 佩蒂股份 20250829.docx AceCamp AI 2025-08-30 摘要 佩蒂股份二季度海外出货量与去年同期持平，表明海外需求稳定。公司 计划通过成本加成覆盖关税，并预计海外客户将分摊部分成本，中长期 看好海外业务盈利恢复。 二季度植物药胶、树皮药胶和营养肉质零食的毛利率在 3%-6.75%之间， 得益于海外工厂成本控制和规模效应。原材料价格稳定和越南盾贬值亦 有助益，预计下半年毛利率趋势可维持。 国内市场，杰燕品牌增速超 40%，成为增长引擎。公司压缩子良代理业 务，重心转向杰燕品牌，并加大投入。温州烘焙粮产线投产，将丰富主 粮产品线，发力国内主粮市场。 三季度订单总量与去年持平，但受关税影响，收入或不及去年同期。四 季度出口营收预计恢复增长。国内市场下半年重点推广烘焙粮，新西兰 主粮或延迟至年底或明年初上市。 下半年销售费用重点支持原力丸新品和杰燕品牌，目标将销售费用率控 制在 30%左右。618 前已投入较高费用预热，下半年烘焙粮也将获得更 多费用支持。 Q&A 2025 年上半年，佩蒂股份的经营情况总体上有亮点，但也存在一些预期偏差。 海外 ...

2025-26E Likely a "Super" Cycle Led by AI PCB and Apple; Raise TP to Rmb45.0 28 Aug 2025 00:11:15 ET │ 14 pages Han's Laser Technology (002008.SZ) A c t i o n | CITI'S TAKE While we cut 2025E earnings forecast for Han's Laser (HL) by 7% to reflect its loss-making new energy equipment, we increase our 2026E number by 23% as we raise revenue for both PCB and IT equipment (mainly for Apple) as mgmt. sees strong PCB drilling and testing equipment demand from PCB makers for AI server/datacenter, such as Victory ...

桐昆股份 20250829.docx AceCamp AI 2025-08-30 摘要 同股份 2025 年上半年利润同比增长 3%，主要得益于产业链创新、差 异化产品策略以及新疆煤炭资源利用，发展煤制乙二醇等项目，有效应 对了原材料价格波动，通过控价控量措施实现利润最大化。 涤纶长丝市场在过去两年有所回升，2025 年一季度表现良好，二季度 环比回落。受益于全球 6,000 万人需求和 4,000 亿市场规模，行业集中 度高，需求增长迅速，未来前景依然看好。 同股份二季度利润受 PTA 装置检修影响约 6,000 万元，原材料价格下跌 （特别是 4 月特朗普政策影响）带来负面冲击，以及汇率损失约 2,000 万元。 公司计划通过完善产业链（包括新疆煤矿资源开发和煤化工项目），嘉 应石化一期改造（锅炉改造降本 2 亿元），优化恒顺公司产能结构（淘 汰老旧产能），提升整体业绩。 公司在江苏、安徽、新疆和福建等地布点，初期因产品外运增加运费影 响利润，但目前当地市场逐步成熟，可消化约 80%产品，负面影响逐步 减弱。 Q&A 同股份在 2025 年上半年取得了哪些主要财务成果？ 2025 年上半年，同股份实现营收 ...