机构：国盛证券 研究员：李宏科/程子怡 圣贝拉是全球领先的家庭护理品牌集团。1）核心业务涵盖高端月子中心、家庭护理服务和女性健康食 品，并已率先拓展至新加坡、美国等全球核心城市。2）截至2025 上半年全球门店达113 家，品牌包括 定位超高端的"圣贝拉"、关注女性心理健康的"艾屿"以及主打年轻市场的"小贝拉"，全面覆盖高净值至 中产客户群体。3）公司25H1 营收4.50 亿元，同比增长25.64%，经调整净利润0.39 亿元，同比增长 126%。2024 年总营收7.99 亿元，同比增长42.64%；其中主业月子中心营收6.78 亿元，占总收入 85.0%，2022-2024 年CAGR 达29.05%，24 年主业毛利率31.8%；家庭护理服务与食品业务亦分别以 CAGR 40.61%和32.34%的高速扩张。 风险提示：宏观经济波动及行业需求变化风险；行业竞争加剧及新生儿数量下行风险；海外及新业务拓 展不及预期风险。 未来，公司将在持续开店、延长产业链条、发展AI 方面开拓业务。1）继续扩展中国及海外月子中心版 图。计划至2030 年内地门店数接近翻倍，并扩张到全球核心国际城市。2）同时积极拓展产后修 ...

Core Viewpoint - The stock of Shuangliang Energy surged after announcing it received orders related to SpaceX, but the company later clarified that these orders represent a minimal revenue impact, leading to regulatory warnings from the Shanghai Stock Exchange [1][4][10]. Group 1: Company Announcement and Market Reaction - Shuangliang Energy announced it secured three overseas orders for the SpaceX Starship launch base, which significantly boosted its stock price, reaching a closing price of 10.71 yuan and a total market value of 20.068 billion yuan, with a year-to-date increase of over 46% [1][3]. - The company stated that the orders were a continuation of previous cooperation, reflecting high trust from overseas clients in its products [3]. Group 2: Revenue Impact and Clarification - The total value of the three orders is approximately 13.923 million yuan, accounting for only 0.11% of the company's audited revenue for 2024, indicating no significant impact on operational performance [4][10]. - Shuangliang Energy clarified that it is not a direct partner with SpaceX but an indirect supplier for a project related to international industrial gas companies [7]. Group 3: Regulatory Response - The Shanghai Stock Exchange issued a regulatory warning to Shuangliang Energy and its then-secretary of the board, Yang Likang, for failing to provide accurate and complete information regarding the orders, which could mislead investors [8][12]. - The exchange emphasized the need for companies to disclose information about "commercial space" orders carefully, considering the high market interest in this sector [9][10]. Group 4: Financial Performance Outlook - The company is expected to report a net loss of between 780 million yuan and 1.06 billion yuan for the year, following a loss of 2.134 billion yuan in 2024, marking the second consecutive year of significant losses [13][14][15].

Core Viewpoint - The company, Kidswant (301078.SZ), currently has no business layout related to short dramas, and its AI products are still in the early development stage, contributing a small proportion to the company's overall performance, thus not significantly impacting its financial results [1] Group 1 - The company has stated that it does not have any short drama-related business initiatives at this time [1] - The AI products of the company are in the initial development phase and represent a minor share of the overall business [1] - The current status of AI products does not have a major impact on the company's financial performance [1]

格隆汇2月12日丨青木科技(301110.SZ)在投资者互动平台表示，目前公司暂无将短剧创作应用到电商营 销的计划。 ...

Core Viewpoint - The company, Kidswant (301078.SZ), currently has no business layout related to short dramas, and its AI products are still in the early development stage, contributing a small proportion to the overall business and not significantly impacting the company's performance [1] Group 1 - The company has stated that it does not have any short drama-related business initiatives at this time [1] - The AI products of the company are in the initial development phase and represent a minor share of the company's overall business [1] - The current status of AI products does not have a major impact on the company's financial performance [1]

格隆汇2月12日丨金禄电子(301282.SZ)在投资者互动平台表示，公司PCB有应用于工业机器人领域，但 其目前不是公司产品的主要应用领域。 ...

Core Insights - Walmart (WMT.US) has been included in the 2026 "Global Vision" Top Ten Core Assets list by Gelonghui, leading to a nearly 3% increase in its stock price during trading, reaching a historical high of $132.43 [1] - The company's market capitalization has surpassed $1 trillion again, joining the "trillion-dollar club" typically dominated by large technology firms [1] - Year-to-date, Walmart's stock price has increased by approximately 19%, significantly outperforming the S&P 500 index, which has risen by about 1.5% during the same period [1]

Core Viewpoint - Albemarle Corporation (ALB.US), the world's largest lithium producer, experienced a decline of over 5%, trading at $166.4. The company reported a 16% year-over-year increase in sales for Q4, reaching $1.428 billion, surpassing analyst expectations of $1.348 billion. However, it also reported a net loss of $455.9 million, compared to a net profit of $33.6 million in the same period last year. The adjusted loss per share was $0.53, worse than the anticipated loss of $0.41 per share. Additionally, the company announced the idling of the remaining operational train 1 at its Kemerton lithium processing plant in Western Australia [1][1][1]. Financial Performance - Q4 sales increased by 16% year-over-year to $1.428 billion, exceeding analyst expectations of $1.348 billion [1][1][1] - The company reported a net loss of $455.9 million, contrasting with a net profit of $33.6 million in the same quarter last year [1][1][1] - Adjusted loss per share was $0.53, compared to the expected loss of $0.41 per share [1][1][1] Operational Changes - Albemarle announced the idling of the remaining operational train 1 at its Kemerton lithium processing plant in Western Australia [1][1][1]

格隆汇2月12日丨飞天云动(06610.HK)公告，根据对集团截至2025年12月31日止年度("2025财年")的未经 审核综合管理账目及董事会目前可得其他资料的初步评估，集团预期将录得除税前亏损不少于约人民币 3.63亿元，较截至2024年12月31日止年度报告的除税前亏损约人民币4485万元大幅增加。 除税前亏损增加主要归因于各项关键因素，包括(其中包括)，(i)贸易应收款项相关减值亏损大幅增加， 录得不少于约人民币1.1亿元，较2024财年增加不少于约人民币9300万元。该等减值的最终数额将根据 适用会计准则由独立估值师对应收款项可收回性进行全面评估，并由公司核数师审阅后厘定；(ii)销售 及分销开支增加，录得不少于约人民币1.3亿元，较2024财年增加不少于约人民币4200万元。该变动主 要由于第三方服务供应商的营销开支增加所致，反映公司致力于加强推出及推广集团的服务及平台；及 (iii)研发开支增加，录得不少于约人民币2.3亿元，较2024财年增加不少于约人民币1.46亿元。该增加主 要归因于扩充集团各类研发项目技术储备的投资大幅增加。 ...

Core Viewpoint - The company,沃尔核材, announced a global offering of 139,988,800 H-shares at a price of HKD 20.09 per share, with net proceeds amounting to HKD 2.734 billion [1] Group 1: Offering Details - The Hong Kong public offering accounted for 10% of the total shares offered, with a subscription rate of 569.58 times [1] - The international offering made up 90% of the total shares, with a subscription rate of 8.19 times [1] - The global offering is expected to become unconditional by February 13, 2026, at 8:00 AM Hong Kong time [1] Group 2: Trading Information - H-shares are anticipated to commence trading on the Hong Kong Stock Exchange on February 13, 2026, at 9:00 AM Hong Kong time [1] - H-shares will be traded in lots of 200 shares, with the stock code being 9981 [1]