沪市首份年报出炉，年报业绩将成为投资者关注的焦点，股价的变动也会更重视利润和成长性，此外分 红方案也对股价有重要影响。年报披露引发的价值重估会引发一轮年报行情，其中的投资机会值得关 注。 在年报披露期间，市场逻辑会发生明显的切换。非业绩支撑的题材炒作往往会因缺乏基本面背书而降 温，资金流向开始向具备确定性增长的上市公司转移。利润规模与成长性成为衡量股价合理性的天平。 对于投资者而言，年报提供的财务数据是验证企业核心竞争力的直接指标。当一家公司的实际利润增速 与市场预期匹配，甚至超越预期时，其估值体系会经历从情绪定价向价值定价的转变。这种重估过程， 是推动行情持续走强的重要力量。 在年报披露过程中，投资者可以重点研判上市公司未来业绩持续增长的可能性。这种前瞻性的分析，使 得年报不仅仅是对过去的回顾，更是对未来盈利能力的提前展望。如果上市公司在年报中展现出明确的 业绩成长性以及存在即将投产的热门题材，其股价往往能获得超越投资者预期的溢价表现。 分红方案是年报中的关键组成部分，它直接体现了上市公司对股东回报的重视程度及其现金流的健康状 况。当前管理层鼓励上市公司回馈投资者，高比例且稳定增长的分红政策能够显著提升上市 ...

据北京日报消息，2月3日，2026年全市经济社会高质量发展大会召开。北京市委书记尹力强调，要深入 贯彻党的二十届四中全会和中央经济工作会议精神，深入贯彻习近平总书记对北京重要讲话精神，全面 落实市委十三届八次全会和市两会部署，凝心聚力、开拓进取，全面抓好各项工作落实，确保一季 度"开门红"，确保全年目标任务顺利完成，为"十五五"发展打下坚实基础，奋力开创首都现代化建设新 局面。 ...

国产基因测序龙头华大智造祭出大动作。华大智造近日宣布，拟以3.66亿元分别受让实控人汪建旗下深 圳华大三箭齐发科技有限责任公司（以下简称"三箭齐发"）、杭州华大序风科技有限公司（以下简 称"华大序风"）的100%股权。本次并非普通的资产腾挪，其核心在于将华大体系内代表生命科学研究 两大前沿方向的时空组学与纳米孔测序技术平台，正式纳入华大智造这一上市主体的版图中。在收购股 权的同时，华大智造将分别对三箭齐发、华大序风增资7000万元、6000万元。此外，华大智造还将向华 大序风提供7000万元的3年期借款用于偿债。 据了解，三箭齐发拟受让深圳华大生命科学研究院、北京华大生命科学研究院及华大智造等持有的时空 组学技术知识产权，交易价格为6534.15万元；华大序风拟受让深圳华大生命科学研究院、杭州华大生 命科学研究院等持有的纳米孔测序技术知识产权，交易价格为5617.44万元。上述股权转让完成后，华 大智造拟分别对三箭齐发、华大序风增资7000万元和6000万元，增资款用于其日常经营、主营业务扩 展、补充流动资金，以及分别向时空组学技术产权人、纳米孔测序技术产权人支付受让知识产权的对 价。 此外，收购完成后，华大 ...

春节购车旺季来临，银行汽车消费"金融战"进入白热化阶段。2月3日，北京商报记者梳理发现，平安银 行、浦发银行、交通银行、上海银行等多家金融机构正密集加码汽车金融业务，通过首期免息、贴息补 贴、超长周期低息贷款等多元化方案降低消费者购车门槛，同时升级车主信用卡权益，全力争抢春节车 市的消费市场份额。 值得关注的是，在这场营销热潮背后，北京商报记者注意到，多地银行业已纷纷启动汽车金融自律规范 行动，但在核心的返佣标准设定上，各地却呈现出显著分歧。分析人士指出，这种区域差异的核心成 因，在于不同地区汽车销售市场的结构存在偏差，而针对不同区域的消费市场制定适配的行业标准，正 是科学化监管模式在地方落地的具体体现。 从声明内容来看，多地在返佣标准上的规范要求呈现明显差异。河南区域多家银行均表示，在汽车消费 金融业务对客定价及返佣标准上，一年期产品最高"3%返1%"、二年期产品最高"6%返2%"、三年期产 品最高"9%返3%"、四年期产品最高"12%返4%"，最长是五年期产品最高"15%返5%"。最高返佣标准包 含对厂商、经销商、第三方服务商、劳务外包、业务外包等多方合作机构的返佣总和。杜绝通过宣传 费、广告费、场租费等 ...

Core Insights - HOKA, a brand under Deckers, achieved a net sales growth of 18.5% in Q3 of fiscal year 2026, indicating strong performance despite a slowdown compared to previous years [1][3][4] - The overall net sales for Deckers reached $1.958 billion, with HOKA contributing $628.9 million, highlighting its significance in the company's growth strategy [3][4] - Increased competition in the running shoe market is impacting HOKA's growth, as other brands like Adidas and ANTA are also seeing substantial sales increases [4][8][9] Financial Performance - Deckers reported a net sales increase of 7.1% year-over-year, with HOKA's sales growing to $628.9 million [3] - HOKA's previous growth rates were significantly higher, with 23.7% in Q3 of fiscal year 2025 and 58.5% in fiscal year 2023, indicating a trend of slowing growth [4][6] - The brand's sales growth has been supported by product innovation and channel expansion, contributing to an increase in gross margin [3][4] Market Dynamics - The running shoe market is experiencing heightened competition, with brands like ANTA and international giants such as Nike and Adidas intensifying their presence [8][9] - HOKA's market share is being challenged as the consumer base expands to include more casual runners, which could dilute its existing market [9] - The growth of the running market is evident, with a nearly 80% increase in sales of trail running shoes on major e-commerce platforms [7] Strategic Initiatives - HOKA has been expanding its footprint in China, with over 230 stores established, making it a crucial market for the brand's growth [6][9] - The brand is focusing on a "Four Cities Flying Together" strategy to strengthen its presence in key economic regions of China [9] - Consumer trends indicate a shift towards comfort and fashion in sportswear, which HOKA aims to capitalize on by introducing products that meet these demands [9]

停播整改一年多，三只羊旗下主播要么流失，要么低调复播。小杨臻选自有品牌和东南亚市场则成为三 只羊直播翻盘的希望。在专业人士看来，三只羊的核心问题不在于流量缺失，而是原有商业模式失灵， 难以将流量变为"留量"。 2月3日，北京商报记者获悉，三只羊旗下知名主播"七老板"近日在抖音账号上宣布已与三只羊公司解 约。截至记者发稿，七老板抖音账号粉丝数为584.8万。 弱化品牌标识 沉淀百万甚至千万级粉丝的主播是直播机构的重要资产，主播流失或与品牌划清界限，对于被重创的三 只羊来说无疑是雪上加霜。飞瓜数据显示，2024年9月，三只羊旗下签约人数超2000位，截至记者发 稿，其签约人数已降至321位。 在"去小杨哥化"的阵痛中，三只羊尝试通过发展自有品牌"小杨臻选"、探索出海业务等途径寻找新出 路。2025年11月，三只羊海外业务负责人李健对外透露，三只羊在新加坡、马来西亚、越南稳居东南亚 跨境MCN前三。他还表示，公司未来会加速海外扩张，下一步重点登陆巴西市场。 2025年4月，三只羊自营品牌小杨臻选App在多个应用市场上线。据了解，小杨臻选会员费为99元/年， 价格仅为东方甄选会员的一半，会员折扣为8.5折。开通界面显 ...

征祥医药收入高度依赖去年7月获批的流感新药玛硒洛沙韦片，但目前该产品尚未贡献主要收入。其面 临的市场竞争激烈——青峰药业、众生药业的流感药物已先一步获批并进入医保，健康元药业的相关产 品也于去年12月获批。作为后来者，征祥医药亟须突出市场重围。在此背景下，赴港上市成为征祥医药 缓解债务压力、为后续发展寻求资金支持的关键步骤。 背负巨债的征祥医药（南京）集团有限公司（以下简称"征祥医药"），正将其未来押注于一款流感新 药，并由此启动港股上市进程。近日，征祥医药向港交所递交招股书，拟港股上市。招股书显示，2024 年及2025年前三季度，征祥医药营收合计不足40万元，同期亏损累计近3亿元，经营活动现金流持续为 负。截至2025年9月末，负债净额攀升至9.56亿元，资产负债率达415.84%。 在定价策略上，玛硒洛沙韦片的定价与罗氏的玛巴洛沙韦一致，均为222元/盒。相比之下，同为PA抑制 剂的青峰药业的玛舒拉沙韦片和健康元药业的玛帕西沙韦定价分别为175元和198元。征祥医药的产品在 性价比方面并不占优势。 不仅如此，根据京东平台流行性感冒用药排行榜数据，玛巴洛沙韦及磷酸奥司他韦依然占据销量的绝对 主导地位。而在 ...

随着春节假期临近，进入2月，各大游戏厂商新品竞争愈发激烈。据不完全统计，2月2日—16日（除夕 夜）将有23款新游戏陆续上线。 其中包括心火游戏的《小小梦魇》、莉莉丝的《帕萌战斗日记》、广州穗游网络的《千年寻仙》、心动 网络的《潜水员戴夫（国服）》、帕斯亚科技的《沙石镇时光》、三七互娱的《生存33天》等。 从品类看，23款新游戏覆盖多元赛道，包括角色扮演（RPG）、卡牌策略、开放世界、模拟经营等。例 如，在《沙石镇时光》游戏中，玩家作为一名工坊主，将在荒漠小镇沙石镇开启重建与冒险之旅。通过 探索、建造、种植、社交等多种方式，逐步振兴这片土地。此前，其PC版在Steam平台上累计销量已突 破170万份。 2026年春节档游戏流量争夺战悄然打响。据不完全统计，2月2日—16日（除夕夜）将有23款新游戏陆续 上线。与以往不同的是，包括腾讯游戏、网易游戏和米哈游在内的游戏大厂在上线新玩法、新福利的同 时，也在寻求由量变到质变的突破，今年各家还加大了与跨界品牌的联动，以激活更大范围的消费潜 力。从扎堆上新到福利升级，再到深度联动，在业内看来，游戏行业也正从"存量博弈"向"生态重构"转 变。 "规模化"上线 米哈游方面， ...

Core Viewpoint - The announcement from Beiyinmei reveals that its controlling shareholder, Zhejiang Xiaobei Damei Holdings, has passed a pre-restructuring plan, indicating potential changes in control and future uncertainties for the company [1][2]. Group 1: Restructuring and Control Changes - The pre-restructuring plan was approved by specific creditor groups, allowing for the continuation of restructuring efforts, although the success of the restructuring remains uncertain [2][8]. - The restructuring aims to help the company recover by introducing strategic investors and debt swaps, with the approval signaling initial support from creditors for the proposed restructuring path [2][8]. - The potential change in control may lead to new development strategies and personnel arrangements, but the management's primary responsibility will be to maintain operational stability [3][7]. Group 2: Financial Challenges and Historical Context - Xiaobei Damei Holdings holds 12.28% of Beiyinmei's total shares, with 98.85% of these shares pledged or frozen, highlighting a precarious equity situation [3][4]. - Beiyinmei, once a leader in the domestic milk powder industry, has seen a significant decline in revenue from 61.17 billion in 2013 to 24.91 billion in 2018, with substantial losses totaling over 1.8 billion during 2016-2017 [4][5]. - The company's financial imbalance has been a long-term issue, exacerbated by aggressive credit policies that increased accounts receivable from 425 million in 2014 to 1.363 billion in 2015, leading to severe cash flow issues [4][5]. Group 3: Market Concerns and Future Outlook - Concerns are rising regarding the impact of the controlling shareholder's restructuring on the stability of the management and the strategic coherence of Beiyinmei, especially during its transformation phase [6][7]. - Despite the ongoing challenges, Beiyinmei has emphasized that its production and operational status remain normal, and the restructuring will not significantly affect daily operations [7][8]. - The approval of the pre-restructuring plan opens a new chapter in the debt crisis narrative, but the outcome of the formal restructuring process and its implications for control and strategy remain uncertain [8].

Core Viewpoint - Double Tower Food, the world's largest pea protein producer, is facing significant performance decline, with a projected net profit of 28 million to 40 million yuan for 2025, representing a year-on-year decrease of 70.41% to 57.72% [1] Group 1: Financial Performance - The company reported an asset impairment loss of 68.9884 million yuan in the first three quarters of 2025, an increase of 40.42% compared to the beginning of the period, primarily due to increased inventory of starch and higher provisions for inventory depreciation [1] - In 2021 and 2022, the company's net profit was 268 million yuan and -311 million yuan, reflecting year-on-year declines of 24.12% and 216% respectively [2] - The company experienced a recovery in 2023, with net profits of 93 million yuan and 95 million yuan for 2023 and 2024, showing year-on-year growth of 130% and 1.48% respectively [2] Group 2: Market Challenges - The decline in performance is attributed to external trade friction and internal price cycles, with high raw material costs and falling prices in the pea starch market leading to increased inventory impairment provisions [3] - The European Union initiated an anti-dumping investigation against Chinese pea protein on September 1, 2025, affecting products with protein content over 65%, which could impact the company's export sales [1] Group 3: Strategic Initiatives - The company is actively expanding into emerging international markets and enhancing domestic market development, with domestic sales revenue increasing by 15.63% year-on-year in the first half of 2025 [3] - The company has established a factory in Thailand, which has commenced production, indicating efforts to strengthen its international presence [3] - Experts suggest that the company has core competitive advantages in the domestic plant protein market but faces challenges from intense competition and a relatively weak brand influence [3]