经营效率提升，外循环广告恢复增长 销量费用较预期高拖低利润，但新能源车将保持高增长，维持买入 业绩符预期：增值业务有所突破并增设中期股息 1H23 thermal power earnings turnaround; renewables energy segment accelerated growth 23年上半年核心净利润增长40%，FILA和户外品牌的经营利润率创新高 危废价格触底，经营现金流好转 Innovative drugs contributing majority of sales An all-rounded beat and a bullish outlook 2023年中报点评：盈利能力稳中有升，外拓兼具规模与质量 1H23 first take: earnings miss on lower margin; expect order ramp and improving UTR in 2H23E