Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported Q3 2025 earnings that met expectations, with significant revenue and profit growth. Q3 revenue reached 819 million yuan, a year-on-year increase of 123.4%, while net profit attributable to shareholders was 33 million yuan, up 73.2% year-on-year [7]. - The self-owned brand segment has become the primary growth driver, with Q3 revenue from self-owned brands reaching 451 million yuan, a staggering increase of 344.5%, marking its first time accounting for over 55% of total revenue [7]. - The brand management business also saw substantial growth, with Q3 revenue of 204 million yuan, up 114.1% year-on-year, and a cumulative revenue of 539 million yuan for the first nine months, reflecting a 71.1% increase [7]. Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 3,232 million yuan, with a year-on-year growth rate of 83.0%. The net profit attributable to shareholders is expected to be 174 million yuan, representing a 65.0% increase [6]. - The gross margin is forecasted to be 50.5% in 2025, with a return on equity (ROE) of 13.0% [6]. - The company has adjusted its profit forecasts upwards, now expecting net profits of 180 million yuan, 350 million yuan, and 520 million yuan for 2025, 2026, and 2027 respectively [7].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Small - cap style is a comfortable area for index - enhanced products, with current valuation quantiles and profit expectations being relatively advantageous. The small - cap index may have dual advantages in terms of profit and valuation, and small - cap quantitative funds have better excess return sustainability [1][6][16]. - The China Europe Small - Cap Growth Fund controls the position deviation, and its performance and win - rate are leading in the current year. Stock selection is the main source of excess returns [1]. 3. Summary According to the Directory 3.1 Small - cap Style: Comfort Zone for Index - enhanced Products, with Current Valuation Quantiles and Profit Expectations Relatively Advantageous 3.1.1 Small - cap Features: Multi - dimensional Growth, Rich Connotations, and Potential Dual Advantages in Profit Expectations and Valuations Compared to Large - caps - Since Q3 2024, small - cap indices such as CSI 1000 and CSI 2000 have performed prominently. In different quarters, different small - cap indices outperform the SSE 500 and SSE 300. For example, in Q4 2024, Q1 2025, and Q2 2025, CSI 2000 was dominant, while in Q3 2025, SSE 500 performed relatively well [6][7][8]. - In terms of industry structure, industries with high returns this year are mostly growth - oriented, and small - cap indices have a higher proportion in these industries. Industries with poor performance this year, such as banking and food and beverage, have a lower proportion in small - cap indices [10]. - Hot topics this year reflect the rich connotations of small - caps. The top three non - broad - based and non - Hong Kong - stock indices in terms of scale growth by Q3 2025 are mainly composed of small - and medium - cap stocks, providing diversified investment opportunities [11][12]. - Small - cap indices may have dual advantages in profit and valuation. The market generally expects small - and medium - cap indices to have outstanding growth in the next 1 - 2 years, and combined with their relatively low historical valuation quantiles, this indicates potential dual advantages [16]. 3.1.2 Fully Utilize Quantitative Advantages, with Better Excess Return Sustainability for Small - cap Quantification - As the index leans towards small - caps and the breadth becomes stronger, quantitative funds can more easily create excess returns. Taking data since 2020 as an example, the average annualized excess returns of SSE 50, SSE 300, SSE 500, and CSI 1000 index - enhanced funds are 0.50%, 1.64%, 2.77%, and 7.12% respectively [17]. - From historical data, investment opportunities in different sample pools change over time, but small - cap indices have long - term positive excess return investment opportunities. For example, CSI 1000 index - enhanced funds have achieved positive excess returns for the past five years [21][24]. 3.2 China Europe Small - Cap Growth: Breadth Advantage + Controllable Exposure, with Leading Performance and Win - rate This Year 3.2.1 Positioning Characteristics: All Aspects of Exposure are Relatively Controllable - Stock positions are relatively dispersed, with an actively - traded investment approach. The top ten holdings account for less than 15%, and the top thirty holdings account for less than 30% recently. The turnover rate is in the range of 6 - 10 times, and has remained above 9 times in recent periods [29]. - There is no excessive market - value sinking operation. Most of the holdings are small - market - value stocks, with stocks with a free - floating market value of less than 100 billion accounting for more than 90% in each period, and stocks with a market value of less than 2 billion accounting for less than 10% in H1 2025 [35]. - The proportion of GZSE 2000 component stocks is higher than the average of similar active equity products, and the deviation from the GZSE 2000 is relatively controllable. The industry deviation is also relatively small, with only some obvious deviations in individual industries in certain reporting periods [39][40][42]. 3.2.2 Performance: Leading in Similar Products in 2025 - Since its management, the product has stably outperformed the benchmark index. As of September 30, 2025, the cumulative return of China Europe Small - Cap Growth has reached 58.73%, while the benchmark has only risen by 17.37%. Since 2025, its performance has significantly exceeded the benchmark [46]. - This year, it has led in similar products. As of September 30, 2025, its return has reached 53.91%. It also has a prominent risk - return ratio, with an annualized Sharpe ratio of 2.65 and a Calmar ratio of 5.71, leading among similar products [49]. - It has significant advantages in drawdown control. In several market drawdowns since 2024, its drawdown has been significantly lower than the index and the average of similar products. For example, in February 2024, when the GZSE 2000 index fell 14.52% and the average drawdown of similar products was 14.74%, China Europe Small - Cap Growth only had a 13.27% drawdown, ranking in the top 9.0% of similar products [56][59]. - Quarterly, it has a considerable excess return and win - rate. In 9 out of 11 complete quarters since 2023, it has outperformed the GZSE 2000, with a win - rate of 81.8% and an average quarterly excess return of 2.94% [62]. - It also has an advantage in Alpha uniqueness. Compared with other GZSE 2000 index - enhanced products from 2024 to September 30, 2025, it is leading in both the win - rate of obtaining unique Alpha and the cumulative unique Alpha [65]. 3.2.3 Return Breakdown: Stock Selection Contributes Significantly to Returns - Using the Brinson model, it is found that stock selection is the main source of excess returns for China Europe Small - Cap Growth. Stock selection has made significant contributions to returns since its management, and trading can also contribute some excess returns [67]. - In terms of sector breakdown, innovation and technology, advanced manufacturing, and other sectors have made significant contributions to returns. The fund can obtain excess returns in most sectors through stock selection, especially in the advanced manufacturing sector [70]. 3.2.4 Product Feature Summary - There is no significant deviation in all aspects. Although it focuses on small - market - value stocks, it does not over - expose to micro - cap stocks. The industry exposure is relatively controllable, and the investment proportion in index component stocks is more than 50% in most reporting periods [74]. - The product performance is outstanding, with an impressive win - rate. As of September 30, 2025, its return has reached 53.91%, with an annualized Sharpe ratio of 2.65 and a Calmar ratio of 5.71. It has performed well in drawdown control since 2024 [74]. - Stock selection is the main source of excess returns. Stock selection contributes a large amount of excess returns, and trading also contributes some. Stock - selection returns come from multiple sectors, and the relative performance of stock selection in each sector is also good [74].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is experiencing rapid growth in mall rental income, which is alleviating debt repayment pressure. The strategy of combining residential and commercial real estate is expected to drive long-term quality growth [6] - The company's financial performance shows a significant decline in revenue and profit, but the gross margin and recurring income are improving, indicating a potential for stable operations [6][8] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 88,999 million yuan, with a year-on-year decline of 25.3%. The net profit attributable to the parent company is expected to be 752 million yuan, reflecting a slight increase of 2.1% [5] - For 2025, total revenue is estimated at 59,785 million yuan, with a year-on-year decline of 32.8%. The net profit is projected to be 945 million yuan, showing a recovery with a growth rate of 25.6% [5] - The gross margin is expected to improve from 19.8% in 2024 to 34.7% by 2027, indicating better cost management and profitability [5] Operational Performance - In the first three quarters of 2025, the company reported a total revenue of 344 billion yuan, down 33.3% year-on-year, with a net profit of 9.7 billion yuan, also down 33.0% [6] - The company’s mall rental income reached 105 billion yuan in the first three quarters of 2025, up 11% year-on-year, with a target of 140 billion yuan for the full year [6] - The occupancy rate of malls is reported at 97.8%, showing a slight increase compared to the previous year [6] Debt and Financial Health - The company has seen a reduction in interest-bearing debt, with a total of 531 billion yuan, down 7.3% year-on-year. The debt repayment pressure is expected to decrease further in the coming years [6] - As of the end of Q3 2025, the company is classified in the yellow zone of the "three red lines" policy, indicating a manageable level of financial risk [6] Market Position and Strategy - The company is focusing on enhancing its commercial real estate portfolio to capture the growing consumer market, with a strategic emphasis on quality growth through effective management [6] - The increasing contribution of mall income and gross profit is expected to support the company's stable operations moving forward [6]

Investment Rating - The report maintains a "Buy" rating for the company, projecting a stable growth in net profit for the years 2025 to 2027 [7]. Core Insights - The company has shown a positive turnaround in Q3 profit growth, with overseas business expansion accelerating. The new contracts signed in Q1-Q3 of 2025 reached 1.52 trillion yuan, a year-on-year increase of 3.08%, with overseas contracts increasing by 94.52% [7]. - The company’s net profit for Q1-Q3 of 2025 was 14.81 billion yuan, a year-on-year decrease of 5.63%, which aligns with expectations. The total revenue for the same period was 728.40 billion yuan, down 3.92% year-on-year [7]. - The company has a robust order backlog of 8.10 trillion yuan, with domestic orders at 6.51 trillion yuan and overseas orders at 1.59 trillion yuan, ensuring future growth [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1,092.29 billion yuan, with a year-on-year growth rate of 2.4%. The net profit for 2025 is forecasted to be 21.41 billion yuan, reflecting a decrease of 3.6% compared to the previous year [6][9]. - The earnings per share (EPS) for 2025 is expected to be 1.58 yuan, with a gross margin of 10.1% and a return on equity (ROE) of 7.6% [6][9]. - The company’s financial performance shows a decrease in operating cash flow, with a net outflow of 79.76 billion yuan in Q1-Q3 of 2025, which is a reduction of 9.26 billion yuan compared to the previous year [7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong performance in the first nine months of 2025, with revenue of 26.2 billion yuan, a year-on-year increase of 41%, and a net profit of 10.9 billion yuan, up 62% year-on-year [5] - The brokerage and proprietary trading segments showed significant growth, with brokerage revenue reaching 6.98 billion yuan, a 75% increase, and proprietary investment income contributing positively to overall profitability [7] - The company is expected to benefit from a rebound in the Hong Kong stock market due to its international business expansion [7] Financial Data and Earnings Forecast - The company’s projected revenue and net profit for the years 2025 to 2027 are as follows: - Revenue: 34.54 billion yuan in 2025, 38.95 billion yuan in 2026, and 42.93 billion yuan in 2027 - Net profit: 13.52 billion yuan in 2025, 15.26 billion yuan in 2026, and 16.19 billion yuan in 2027 [6][8] - The company’s return on equity (ROE) is expected to improve, reaching 10.08% in 2025 [6] Business Performance - The company’s asset management business is a traditional strength, contributing significantly to revenue stability and profitability [7] - The total asset size reached 953.4 billion yuan, a 25.7% increase from the previous year, indicating robust growth and expansion [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue met expectations, while profits fell short. For the first three quarters of 2025, the company achieved a revenue of 1.356 billion yuan, representing an 8% year-on-year growth. The net profit attributable to the parent company was 95 million yuan, a 13% year-on-year increase, but the third quarter saw a decline in net profit by 7% year-on-year [6][5] - The company is focusing on expanding its cell business as a second growth curve, planning to acquire related companies from Yuaneng Group to enhance its health industry ecosystem [6][5] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 1.796 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to the parent company is expected to be 118 million yuan, reflecting a 41.5% year-on-year increase [5][6] - The company’s gross margin is expected to remain stable at around 39% from 2025 to 2027, with a return on equity (ROE) projected to increase to 11.7% by 2026 [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 118 million yuan, 152 million yuan, and 162 million yuan respectively, with corresponding price-to-earnings ratios of 33, 26, and 24 times [6][5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a total revenue of 760 million yuan for the first three quarters of 2025, a year-on-year decline of 36.2%, with a net profit attributable to the parent company of -10 million yuan [6] - In Q3 2025, the company achieved a revenue of 198 million yuan, a slight year-on-year increase of 0.78%, while the net profit attributable to the parent company was -19 million yuan [6] - The company is actively restructuring its channels and has made significant progress in optimizing its marketing expenses, which is expected to stabilize profitability in the medium to long term [6] - The company has established a partnership with a new channel, "自由爱 酒鬼酒," which is expected to enhance its market presence [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1,010 million yuan, with a year-on-year decline of 29.1% [5] - The net profit attributable to the parent company is forecasted to be 7 million yuan in 2025, with a significant recovery expected in 2026 and 2027, reaching 80 million yuan and 113 million yuan respectively [5] - The gross profit margin for Q3 2025 was reported at 61.2%, a decrease of 2.81 percentage points year-on-year [6] - The operating cash flow for Q3 2025 was -92 million yuan, an improvement from -203 million yuan in the same period last year [6]

策 略 研 究 新股申购 2025 年 10 月 31 日 北矿检测（920160）：有色金属检 测"小巨人"，募投研发生产精密仪 器 ——北交所新股申购策略报告之一百四十八 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 告 相关研究 - ⚫ 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务， 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance for the first three quarters of 2025 met expectations, with a revenue of 1.025 billion yuan, reflecting a year-on-year growth of 10% [6] - The core IP capabilities are strong, with significant growth in key events such as the World Artificial Intelligence Conference and the Shanghai Marathon, which are expected to enhance revenue streams [6] - The company has a robust shareholder return strategy, with a dividend payout ratio of 76.32% of the net profit for the first half of 2025, indicating confidence in future performance [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 1.694 billion yuan, with a year-on-year growth rate of 3.1% [5] - The net profit attributable to the parent company is expected to be 305 million yuan for 2025, showing a slight decrease of 0.6% year-on-year [5] - The earnings per share (EPS) for 2025 is estimated at 0.41 yuan, with a projected price-to-earnings (PE) ratio of 27 [5] Business Strategy - The company is expanding its market presence through various collaborations and strategic partnerships, enhancing its national and international footprint [6] - It is also diversifying into new sectors, such as the pet economy, and leveraging its core IP to transition into a comprehensive service provider in the AI field [6] - The company has established a professional subsidiary to operate year-round services related to the World Artificial Intelligence Conference, aiming to broaden its revenue sources [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has shown steady cost reductions and is positioned for robust high-quality development in the swine industry [1][8] - The company reported a total revenue of 111.79 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 16%, with a net profit attributable to shareholders of 14.78 billion yuan, up 41% year-on-year [8] - The company has increased its sales volume of commodity pigs by 27% year-on-year, selling 57.32 million heads in the first three quarters of 2025 [8] - The average breeding cost has decreased to 11.6 yuan/kg, down 1.5 yuan/kg since January 2025, indicating improved breeding efficiency [8] - The company is actively expanding into overseas markets, including a partnership with BAF Vietnam to establish a breeding project [8] - The slaughtering business has achieved profitability for the first time in a single quarter, with a slaughter volume of 19.16 million heads, a 140% increase year-on-year [8] - The company is focused on reducing leverage, with a debt ratio of 55.50% as of the end of Q3 2025, down from the mid-year figure [8] Financial Summary - The company expects total revenue of 141.41 billion yuan for 2025, with a net profit of 17.49 billion yuan, reflecting a slight decrease from previous forecasts [8][10] - The projected earnings per share for 2025 is 3.20 yuan, with a price-to-earnings ratio of 16 [10]