Core Insights - The company reported a record core profit of CAD 7.5 billion for the year 2025, representing a 3% increase compared to 2024 on a constant currency basis [1] - The fourth quarter core profit reached CAD 2 billion, up 5% from the same quarter in 2024 [1] - The net income attributable to shareholders for 2025 was CAD 5.6 billion, an increase of CAD 200 million from 2024, while the fourth quarter net income was CAD 1.5 billion, down CAD 100 million from the fourth quarter of 2024 [1] Financial Performance - The core EPS for 2025 was CAD 4.21, an 8% increase from 2024, with the fourth quarter core EPS at CAD 1.12, up 9% year-over-year [1] - The core ROE for the full year and fourth quarter were 16.5% and 17.1%, respectively [1] - APE sales increased by 14% for 2025 compared to 2024, while new business CSM rose by 28% and new business value increased by 18% [1] - In the fourth quarter of 2025, APE sales decreased by 1% compared to the same quarter in 2024, while new business CSM grew by 21% and new business value increased by 8% [1] Strategic Initiatives - The CEO highlighted 2025 as a significant year for the company, achieving record core profits and executing targeted strategic investments [2] - The company recorded over 20% growth in new business CSM across all insurance segments, establishing a solid foundation for future profitability [2] - Strategic moves included the acquisition of Comvest Credit Partners, a joint venture with Mahindra to enter the Indian life insurance market, and the establishment of a high-net-worth client office in Dubai [2] - The company was recognized as the top life insurer in AI maturity and responsible innovation, reflecting its commitment to becoming an AI-driven enterprise [2]

智通财经APP讯，强达电路(301628.SZ)公告，公司于2026年2月11日收到深圳证券交易所出具的《关于 受理深圳市强达电路股份有限公司向不特定对象发行可转换公司债券申请文件的通知》。深交所对公司 报送的向不特定对象发行可转换公司债券的申请文件进行了核对，认为申请文件齐备，决定予以受理。 ...

Group 1 - The company, Jingxin Pharmaceutical (002020), has submitted an application for the issuance of overseas listed shares (H shares) to the Hong Kong Stock Exchange on February 11, 2026 [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]

立即订阅 精品VIP投研内容 （原标题：智通港股早知道 | 国务院国资委推动中央企业积极扩大算力有效投资 闪迪(SNDK.US)涨超 10%） 当前内容仅限订阅用户查看 VIP ...

Core Viewpoint - The FDA has granted Fast Track Designation (FTD) to Irpagratinib (ABSK-011), a selective FGFR4 inhibitor developed by the company, for the treatment of advanced or unresectable hepatocellular carcinoma (HCC) patients with FGF19 overexpression who have previously received immune checkpoint inhibitors (ICI) and multi-target kinase inhibitors (mTKI) [1][4]. Group 1: FDA Fast Track Designation - The Fast Track Designation aims to expedite the development and review process of innovative therapies for serious diseases with unmet clinical needs, allowing for earlier and more frequent communication with the FDA [3]. - The designation will accelerate global clinical development and registration processes for Irpagratinib, potentially shortening the time to market [3]. Group 2: Clinical Data and Efficacy - In a Phase I clinical study presented at the 2024 ESMO annual meeting, Irpagratinib demonstrated an objective response rate (ORR) of 46.7% and a median progression-free survival (mPFS) of 5.5 months in HCC patients with FGF19 overexpression who had progressed after ICI and mTKI treatments [4]. - The safety and tolerability profile of Irpagratinib was reported to be favorable [4]. Group 3: Combination Therapy Exploration - The company is also exploring combination therapy with Irpagratinib and Roche's PD-L1 inhibitor Atezolizumab, which has shown an ORR exceeding 50% and mPFS over 7 months in both treatment-naive and previously treated FGF19 overexpressing HCC patients, with no new safety signals observed [4]. - The results suggest a potential synergistic mechanism between FGFR4 inhibitors and ICIs, aligning with accumulating preclinical and translational research evidence [4]. Group 4: Precision Oncology Shift - Irpagratinib represents a significant shift towards precision oncology in the treatment of liver cancer, moving away from relatively non-selective systemic therapies [5]. - The development path of Irpagratinib aligns closely with the global trend towards molecularly driven precision therapies, aiming to establish a new treatment paradigm for patients with FGF19 overexpression [5].

Core Viewpoint - The FDA has granted Fast Track Designation (FTD) to Irpagratinib (ABSK-011), a selective FGFR4 inhibitor developed by the company, for the treatment of advanced or unresectable hepatocellular carcinoma (HCC) patients with FGF19 overexpression who have previously received immune checkpoint inhibitors (ICI) and multi-targeted kinase inhibitors (mTKI) [1][3][4]. Group 1: FDA Fast Track Designation - The Fast Track Designation aims to expedite the development and review process of innovative therapies for serious diseases with unmet clinical needs, allowing for earlier and more frequent communication with the FDA [3]. - The designation will accelerate global clinical development and registration processes for Irpagratinib, potentially shortening the time to market [3][4]. Group 2: Clinical Data and Efficacy - In a Phase I clinical study presented at the 2024 ESMO annual meeting, Irpagratinib demonstrated an objective response rate (ORR) of 46.7% and a median progression-free survival (mPFS) of 5.5 months in HCC patients with FGF19 overexpression who had progressed after ICI and mTKI treatments [4]. - The safety and tolerability profile of Irpagratinib was reported to be favorable, showing significant advantages over previous treatment data for HCC patients [4]. Group 3: Combination Therapy Exploration - The company is also exploring combination therapy with Irpagratinib and Roche's PD-L1 inhibitor Atezolizumab, which has shown an ORR exceeding 50% and mPFS over 7 months in both treatment-naive and previously treated HCC patients with FGF19 overexpression [4]. - No new safety signals were observed in the combination therapy, suggesting a potential synergistic mechanism between FGFR4 inhibitors and ICIs [4]. Group 4: Precision Oncology Shift - Irpagratinib represents a significant shift towards precision oncology in the treatment of liver cancer, aligning with global trends in molecularly driven precision therapies [5]. - The development of Irpagratinib aims to establish a new treatment paradigm for patients with FGF19 overexpression, promoting a more targeted approach in HCC treatment [5].

3.廖骏伦先生已自2015年1月15日起辞任公司非执行董事，许广熙先生亦已自2017年1月24日起辞任公司 执行董事、董事总经理及授权代表，而其余相关董事均已于2017年1月25日前辞任公司董事。 4.公司现任董事会成员并不涉及相关行动。全体现任董事会成员及公司现任公司秘书乃于2021年10月29 日或之后获委任，其中每名董事均与相关董事无关连且独立于相关董事。 此外，考虑到(i)并无针对公司的不利救济或颁令;(ii)董事会组成自相关行动以来并无完全变更;(iii)有利 于公司的补偿令，董事会认为证监会的呈请及上述颁令对公司的营运及业务并无造成任何重大不利影响 或干扰。公司将适时另行刊发公告，以告知股东及投资者最新发展。 裕承科金(00279)发布公告，兹提述公司日期为2016年10月6日的公告，内容有关证券及期货事务监察委 员会(证监会)作为呈请人对公司前董事提出的呈请。于2026年2月10日，证监会发表声明，其已获得香 港原讼法庭的颁令，内容有关(其中包括)：1.要求公司前非执行董事廖骏伦先生及公司前董事总经理许 广熙先生就彼等因公司收购及出售廖氏集团有限公司股权(相关行动)所造成的财务损失向公司赔偿港币 ...

Core Viewpoint - McDonald's has achieved its fastest sales growth in over two years in the U.S. during the fourth quarter, driven by value meals appealing to cost-conscious consumers [1] Group 1: Financial Performance - McDonald's reported fourth-quarter revenue of $7 billion, a year-over-year increase of 9.5%, exceeding expectations by $160 million [1] - Adjusted earnings per share were $3.12, surpassing forecasts by $0.07 [1] - Comparable sales at existing U.S. restaurants grew by 6.8% year-over-year, marking the highest growth rate in 2023 [1] Group 2: Strategic Initiatives - The company aims to achieve a global target of 50,000 restaurants by the end of 2027, with an accelerating pace of new openings [1] - McDonald's has focused on re-establishing its position as an affordable dining option post-pandemic, with successful initiatives including value menu items and meals priced as low as $5 [1] Group 3: Marketing and Consumer Engagement - CEO Chris Kempczinski noted that a focus on affordability has improved customer traffic in the fourth quarter [2] - Successful marketing campaigns, including the reintroduction of the "Monopoly" game and the "Grinch" themed meal, contributed to increased customer spending [2] - The "Grinch" meal performed exceptionally well, leading to the highest sales day in the company's history [2] Group 4: Competitive Landscape - Despite challenges, McDonald's is gaining market share as consumers adjust their spending habits due to rising costs [3] - Competitors like Yum Brands and Chipotle have also reported strong sales, with Taco Bell's low-priced menu items gaining popularity [3]

在2025年第四季度，公司在中国的销量及市场份额趋势保持稳定，与行业因受到较迟的农历新年发货安 排所影响而表现放缓的情况相符。随着公司开始加大对渠道及产品组合扩张的投资，百威的品牌影响力 有所提升，同时为该季度带来额外的获利压力。在韩国，公司在即饮及非即饮渠道中的表现优于市场水 平，整体每百升净收入持续增长。在印度，公司的高端化策略取得进展，并实现强劲的双位数收入增 长，从而获得总市场份额扩张。 首席执行官及联席主席程衍俊表示："2025年，我们在中国的业绩未尽潜能。我们已采取了明确措施， 加强非即饮渠道营销途径的管理、丰富产品组合，并推出旗舰品牌的创新产品，以此重塑并点燃增长的 动力。于韩国及印度，我们持续扩大市场份额并提高除息税折旧摊销前盈利。踏入2026年，我们确立清 晰的策略，同时加强执行力，旨在发挥我们的能力及实现可持续的长期增长。就此，本人欣然宣布，董 事会已建议就2025财政年度派付每股5.66美分的股息，与2024财政年度保持一致。" 于2025财政年度，收入减少6.1%，或按呈报基准计减少7.7%，每百升收入则减少0.2%，主要由于公司 在中国的表现，但被亚太地区东部的收入管理措施及于印度的 ...

Company Overview - Jingxin Pharmaceutical (002020.SZ) is an innovation-driven pharmaceutical group focusing on two core disease areas: central nervous system diseases and cardiovascular and cerebrovascular diseases. The company combines the commercialization of existing products with the continuous advancement of its product pipeline [2] - The company has successfully launched over 60 approved drugs, including generic drugs, innovative drugs, traditional Chinese medicine, and biological agents [2] - In 2023, the company launched its first innovative drug, Dazisni, approved for the treatment of insomnia, marking a significant milestone in its transformation to an innovation-driven model [2] Revenue Sources - The company's main revenue comes from domestic sales, with total revenue for the years 2023, 2024, and the first ten months of 2025 being approximately RMB 3.999 billion, RMB 4.159 billion, and RMB 3.344 billion respectively [3][5] - Revenue breakdown by business line for 2023 shows that pharmaceutical products contributed RMB 2.326 billion (58.2%), raw materials contributed RMB 956 million (23.9%), and medical devices contributed RMB 637 million (15.9%) [3] Profitability - The gross profit for the years 2023 and 2024 was RMB 1.967 billion and RMB 2.016 billion, respectively, with gross profit margins of 49.2% and 48.5% [5][6] - The net profit for the year 2023 was RMB 623.6 million, with a projected increase to RMB 719.1 million in 2024 [5] Industry Overview - The Chinese pharmaceutical market is expected to grow from RMB 1,447.9 billion in 2020 to RMB 1,629.7 billion by 2024, with a compound annual growth rate (CAGR) of 3.0% [8] - The market for patented drugs is projected to increase its share from 44.6% in 2020 to 70.0% by 2035, while the share of generic drugs is expected to decline from 55.4% to 30.0% over the same period [8] Central Nervous System Market - The global central nervous system drug market is projected to grow from USD 233.7 billion in 2020 to USD 258.8 billion by 2024, with a CAGR of 2.6% [9] - The Chinese market for central nervous system drugs is expected to grow from approximately USD 32.2 billion in 2020 to USD 34.1 billion by 2024, with a CAGR of 1.4% [9] Insomnia Drug Market - The insomnia drug market in China is expected to maintain a size of around USD 1.7 billion from 2020 to 2024, with a negative CAGR of -1.0%. However, it is projected to grow to USD 3.5 billion by 2035, with a CAGR of 7.5% from 2025 to 2035 [11] Cardiovascular Drug Market - The global cardiovascular drug market is expected to grow from USD 115 billion in 2020 to USD 124.6 billion by 2024, with a CAGR of 2.0% [12] - The Chinese cardiovascular drug market is projected to decline from USD 25.5 billion in 2020 to USD 24.9 billion by 2024, but is expected to rebound to USD 36.9 billion by 2035, with a CAGR of 4.1% from 2025 to 2035 [12][13]