长江商报奔腾新闻记者 沈右荣 股价大涨，天臣医疗（688013.SH）上调回购价格。 11月9日晚，天臣医疗公告称，拟将回购价格上限由不超过28.03元/股调整为不超过70.00元/股。 天臣医疗的本次回购股份计划始于2023年12月27日。当时，公司公告称，拟以集中竞价交易方式回购公 司股份，用于实施员工持股计划或股权激励，回购资金总额不低于1800万元，不超过3600万元，回购价 格不超过30元/股，回购期限自公司董事会审议通过回购方案之日起12个月内。 2024年7月9日，公司公告，增加股份回购金额并对回购股份的方案进行调整，回购资金总额调整为不低 于3600万元、不超过7200万元。 2024年中期权益分派实施后，公司对回购股份价格上限调整为不超过29.51元/股。 2024年12月25日，公司公告，将回购资金总额调整为不低于4600万元、不超过8000万元，将回购期限延 至2025年12月26日。 二级市场上，2025年初，天臣医疗股价为17.61元/股，11月10日盘中股价达到55.18元/股，年内涨幅超 过2倍。 天臣医疗主要从事高端外科手术吻合器研发创新和生产销售，2020年9月在科创板上市。 ...

日前在上海启动的"共享大市场·出口中国"系列活动，正是中国积极扩大自主开放、推动进出口平衡发 展的务实举措，也是中国与世界共享大市场机遇、开创合作共赢新局面的创新之举，还是中国支持经济 全球化、维护多边贸易体制的主动担当。 长江商报记者了解到，作为唯一举办国家级国际进口博览会、持续向全世界开放市场的发展中国家，目 前中国已成为全球第二大消费市场和进口市场，坚定不移扩大高水平对外开放，是近80个国家和地区的 主要出口目的地。 数据显示，2024年，中国货物进口18.4万亿元、服务进口4.3万亿元，较10年前增幅均超过六成。2025年 前三季度，社会消费品零售总额同比增长4.5%，消费市场平稳增长，持续吸引各国出口中国。 商务部指出，下一步，将围绕"共享大市场·出口中国"举办十大主题活动，依托各类开放平台、载体， 持续丰富"出口中国"的品牌内涵，让中国成为更多国家的最佳出口目的地和发展动力源。 开放共创机遇扩大经贸"朋友圈" 眼下，第八届中国国际进口博览会正在上海举行。商务部相关负责人在11月6日召开的例行新闻发布会 上表示，八年前，中国创办全球范围内唯一一个以进口为主题的博览会"中国国际进口博览会"，展现了 中 ...

两天后，安踏体育明晟（MSCI）ESG评级调升至AA。然而，截至目前，安踏体育和始祖鸟尚未向外界 说明如何进行生态赔偿和修复的具体方案。 近日，安踏体育发布2025年三季度运营表现，三季度，安踏品牌产品和FILA 品牌产品的零售金额（按 零售价值计算），均与2024年同期相比录得低单位数的正增长。 同时，长江商报记者注意到，安踏体育销售费用增速较快。五年半时间，安踏体育销售费用约为1087.4 亿元，占同期收入3102.17亿元的35%，公司销售费用的整体涨幅远超同期营收增幅。 ESG评级由A调升至AA 10月17日，安踏体育明晟（MSCI）ESG评级由A调升至AA。 旗下公司"炸山"破坏生态，安踏体育（02020.HK、PINK:ANPDY）明晟ESG评级却提升。 10月15日，西藏日喀则市发布《蔡国强：升龙》烟花秀调查处置情况通报，其中，安踏体育旗下始祖鸟 被要求依法承担相应的生态环境损害赔偿和生态修复责任。 面对这一喜讯，与以往不同，安踏体育一反常态地选择了沉默。 约8个月前，2月21日，安踏体育欣然发文称，国际权威指数机构明晟（MSCI）最新公布的环境、社会 及管治（ESG）的评级结果显示，公司在ES ...

民以食为天，食以安为先。 国家市场监管总局11月7日披露，为强化落实食品安全主体责任，营造安全放心的网络食品消费环境， 近日指导京东、美团、拼多多、抖音电商、小红书、淘宝、微信小店、快手电商8家网络食品交易第三 方平台企业共同发起并签署《网络食品交易第三方平台食品安全管理自律公约》（简称《公约》），从 六个方面提出一系列硬措施以强化平台监管。 具体来看，包括：依托相关政务数据核验平台、视频核验、经营地址定位验证、现场确认等手段对资质 信息进行审查；利用人工智能、大数据等技术手段对网售食品标签、宣传销售、消费评价等行为及信息 进行监测排查全覆盖；协同建立入网食品生产销售者"黑名单"，防止相关主体通过更换账号等方式重 新"入网"，并倡导信息共享和跨平台约束，实现"一处违法，全网受限"等。 据了解，各个平台将重点聚焦食品虚假标识、夸大产品功效、仿冒混淆品牌、虚假商业宣传等四类突出 问题，针对网络页面、网络直播、网络社交等不同网络食品销售特点，细化公布具体治理内容和典型违 规实例。 市场监管总局表示，将通过监督检查、行政指导、责任约谈等手段，督促平台企业不断强化食品安全责 任意识，提升管理能力、扣紧管理链条，以真招实 ...

业绩下滑，股价"茶凉"，这是市场投资者对刚刚登陆港股的八马茶业（06980.HK）现状的评价。 2025年10月28日，八马茶业完成了长达13年的IPO上市夙愿，终于登上了港交所，成为"高端中国茶第 一股"。 不过，在港股市场，作为新股，八马茶业受到的不是资金热捧，而是冷遇。公司股价上演了六连跌。11 月7日，八马茶业收盘价58.50港元/股，较10月30日的巅峰115港元/股下跌了约49%。 八马茶业不受欢迎，与其H股全流通计划有一定关系。如果顺利实施该计划，公司潜在流通量将增加 60%。此举，也被视作助力八马茶业原始股东退出。 八马茶业自身的经营压力也是一个重要因素。2025年中期，八马茶业营收及净利双降，其中，公司实现 的净利润（指权益股东应占收益）为1.20亿元，同比下降约17.8%。 长江商报消息●长江商报记者 沈右荣 备受关注的是，八马茶业的广告费不菲。2022年至2025年上半年，三年半时间，公司花掉的广告费达 8.75亿元。 广告费花了不少，业绩不增反降，还与加盟商数量增长乏力相关。2025年上半年，公司加盟商数量净减 少24名。 13年IPO梦圆股价遇冷 IPO长跑13年，王文彬家族终于如愿 ...

Core Viewpoint - China Huadian Corporation has secured a significant contract worth approximately 3.415 billion yuan for the construction and installation of an offshore wind power project in Dandong, Liaoning, which is expected to positively impact the company's operational performance and market position in the offshore wind sector [1][2]. Contract Details - The contract involves the construction of a 1 million kilowatt offshore wind power project, including 84 turbine installations and associated cable procurement and laying [2]. - The project is scheduled for full capacity grid connection by October 1, 2027 [2]. Financial Performance - In the first three quarters of 2025, the company reported total revenue of 6.534 billion yuan, a year-on-year increase of 32.64%, and a net profit attributable to shareholders of 120 million yuan, up 11.58% [1][5]. - As of September 2025, the company had new contracts signed totaling 11.296 billion yuan, reflecting an 18.51% year-on-year growth, with pending contracts amounting to 3.85 billion yuan [5]. Recent Contracts - Earlier in 2025, the company secured contracts totaling 5.567 billion yuan, including significant agreements for coal handling and transportation systems in the Nusantara project [3]. - The company has participated in over 40 offshore wind and photovoltaic projects, with a total installed capacity exceeding 3.5 million kilowatts [3]. Business Segments - The company operates in multiple sectors, including high-end equipment, environmental protection, power station investment, and clean energy, with a focus on innovative industries such as hydrogen energy and energy storage [4][5]. - In the first half of 2025, the marine engineering segment saw a remarkable revenue increase of 141.11% [5]. International Expansion - The company has shifted its overseas strategy from "borrowing ships to go to sea" to "building ships to go to sea," focusing on direct engagement with international clients and EPC projects [6]. - Recent contracts in South America and Southeast Asia mark a significant breakthrough in the company's international business [6].

在研发方面持续的高投入下， 百济神州 （688235.SH、06160.HK、NASDAQ:BGNE）已进入收获期。 11月7日，百济神州公告显示，公司更新了预计的中国企业会计准则下2025年全年的经营业绩情况，公司营业收入 将介于人民币362亿元至381亿元之间（调整前预测为介于人民币358亿元至381亿元之间）。 百济神州历史上是一家常年亏损的药企，2017年至2024年公司累计亏损591.12亿元，日均亏损超过2000万元。 不过，2025年前三季度，百济神州公司前三季度实现营业收入275.95亿元，同比增长44.2%；归属于上市公司股东 的净利润（以下简称"归母净利润"）11.39亿元，公司全年有望首次实现盈利。 同时，长江商报记者发现，2017年至2025年上半年，八年半时间，百济神州研发费用累计达770.66亿元。 方正证券 表示，百济神州作为中国 创新药 企的标杆，已进入新的阶段，正在向全球跨国公司进化。 预计毛利率为80%至90% 百济神州是一家全球肿瘤创新公司，专注于发现和开发创新性疗法，旨在为全球癌症患者提高药物可及性和可负 担性。 资料显示，2016年及2018年，百济神州分别在 纳斯达 ...

Core Viewpoint - The company reported an increase in revenue but a significant decline in net profit for the first three quarters of 2025, indicating financial pressure and challenges in maintaining profitability despite sales growth [1][6]. Revenue and Profit Summary - For the first three quarters of 2025, the company achieved a revenue of 7.759 billion yuan, representing an approximate 8% year-on-year increase [1][6]. - The net profit attributable to shareholders was 161 million yuan, showing a year-on-year decline of about 53% [1][6]. - Excluding government subsidies, the adjusted net profit was approximately 57.14 million yuan, reflecting a substantial year-on-year decrease of 78.57% [6]. Expense Analysis - Sales expenses reached 1.605 billion yuan, up over 24% year-on-year, significantly outpacing revenue growth [3][8]. - A large portion of sales expenses, over 60%, was allocated to platform services and promotions, indicating a heavy reliance on traffic costs [4][8]. - Management expenses also increased by 50%, further impacting profitability [8]. Cash Flow and Debt Situation - The company's operating cash flow turned negative at -506 million yuan, a drastic decline of 1690.52% compared to the previous year [9][10]. - As of September 2025, the company had short-term borrowings of 576 million yuan, a year-on-year increase of 284% [11]. Strategic Direction and Market Position - The company has been exploring various business models, including snacks, pet food, and pre-packaged meals, but these efforts have not led to significant growth in operating performance [5][17]. - The company aims to achieve a revenue target of 20 billion yuan by 2026, but current growth rates suggest a shortfall of 8.5 billion yuan from this goal [17]. Transformation Efforts - The company has been adjusting its offline channel strategy, with a notable reduction in the number of stores in recent years [14]. - In 2023, the company introduced a new community snack store model, but later shifted focus to national snack stores and alliance stores [14][15]. - The company has faced criticism for frequent strategic shifts, which are perceived as trial-and-error attempts [15][16].

Core Viewpoint - The competition between Yingshi Innovation and DJI in the smart imaging device market is intensifying, highlighted by Yingshi's founder publicly apologizing for DJI's price cuts, indicating a fierce business rivalry [1][6]. Company Overview - Liu Jingkang, the founder of Yingshi Innovation, transitioned from a tech enthusiast in college to a leader in the global smart imaging sector, with significant achievements including the development of the world's first panoramic camera brand in Apple stores [2][3]. - Yingshi Innovation's market capitalization has reached 111 billion yuan, while DJI's valuation is reported at 84 billion yuan [1]. Market Dynamics - The panoramic camera market has seen a surge due to the rise of outdoor activities and Vlog culture, leading to intensified competition between Yingshi and DJI [5]. - DJI initiated a price reduction campaign on October 9, which led to public backlash and Yingshi's apology, suggesting that Yingshi's market presence may have influenced DJI's pricing strategy [6]. Product Development - Yingshi has entered the drone market, a strategic move anticipated five years ago, with plans to launch its Antigravity panoramic drone in select markets by the fourth quarter of 2025 [7]. Market Share Discrepancies - There is a significant discrepancy in market share data between different research institutions, with one report indicating Yingshi's market share dropped to 49% while another claims it remains at 75% [8]. - Yingshi's revenue growth is notable, with projected revenues of 20.41 billion yuan, 36.36 billion yuan, and 55.74 billion yuan from 2022 to 2024, with a substantial portion coming from international markets [9]. Financial Performance - In the first three quarters of 2025, Yingshi achieved a revenue of 6.611 billion yuan, marking a year-on-year growth of 67.18%, with the third quarter alone generating 2.940 billion yuan, a 92.64% increase compared to the previous year [9].

Core Viewpoint - Yunnan's "Medicine King" Ruan Hongxian is in the spotlight following Yixin Hall's announcement of a share transfer to his daughters, amidst the company's ongoing performance decline and strategic transformation efforts [1][10]. Company Overview - Yixin Hall, founded by Ruan Hongxian, has grown to operate 11,372 pharmacies, establishing itself as a leading player in the southwestern Chinese pharmaceutical retail market [1][9]. - The company reported a revenue decline of 4.33% year-on-year to 13 billion yuan and a net profit drop of 8.17% to 269 million yuan for the first three quarters of 2025 [1]. Historical Background - Ruan Hongxian began his career in the pharmaceutical industry at the age of 14, eventually founding Yixin Hall in 2006 after years of building a reputation for quality [3][4]. - The company went public in 2014, marking a significant milestone in its expansion journey, with revenues reaching 17.43 billion yuan and net profits hitting 1.01 billion yuan by 2022 [4]. Strategic Challenges and Responses - The company has faced challenges such as declining gross margins due to policy changes and market competition, prompting Ruan to initiate a strategic transformation [7][8]. - A dual-track transformation strategy has been proposed, with plans to convert 70% of stores to multi-category health stores and 30% to professional pharmacies, enhancing the medical attributes of nearly one-third of the stores [8][9]. Family Succession and Future Outlook - Ruan Hongxian is transferring shares to his daughters as part of a family wealth succession plan, with the total value of the shares amounting to approximately 157 million yuan [1][10]. - The involvement of the next generation, particularly Ruan Aixiang as vice president, is seen as crucial for the company's innovative development amid ongoing transformation efforts [2][11].