东方证券股份有限公司 关于浙江华康药业股份有限公司部分募集资金投资项目终止 并将剩余募集资金永久补充流动资金及注销募集资金专户 的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为浙江 华康药业股份有限公司（以下简称"华康股份"或"公司"）首次公开发行股票 并上市的持续督导机构及向不特定对象发行可转换公司债券的保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》（以下简称 "《监管规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》（以下简称"《规范运作》"）、《上海证券交易所股票上市规则》（以下 简称"《上市规则》"）等法律法规，对华康股份部分募集资金投资项目终止并 将剩余募集资金永久补充流动资金及注销募集资金专户的事项进行了核查，核查 情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江华康药业股份有限公司首次公开 发行股票的批复》（证监许可[2020]3152 号）核准并经上海证券交易所同意，公 司首次公开发行人民币普通股 A 股股票 2,914 万股，每股发行价格为人民币 51.63 元，募集资金总额为人民币 150 ...

智通财经APP获悉，香港联交所最新数据显示，8月18日，易方达基金管理有限公司增持东方证券 (03958)286.08万股，每股作价8.7245港元，总金额约为2495.9万港元。增持后最新持股数目为1.13亿 股，持股比例为11.01%。 ...

Core Viewpoint - Yanghe Co., Ltd. is experiencing a significant decline in performance metrics, but the company's strategic initiatives aimed at market stabilization and inventory reduction may enhance future recovery confidence [1] Financial Performance - In the first half of 2025, the company reported revenue of 14.796 billion yuan, a year-on-year decrease of 35.32% [1] - The net profit attributable to shareholders for the same period was 4.344 billion yuan, down 45.34% year-on-year [1] - For Q2 2025, revenue was 3.729 billion yuan, reflecting a 43.67% year-on-year decline [1] - The net profit for Q2 2025 was 707 million yuan, a decrease of 62.66% compared to the previous year [1] Strategic Initiatives - The company is focusing on key products such as "Dream Six+" and "Sea Blue" to stabilize prices and manage inventory effectively [1] - Efforts are being made to enhance market activity and engage with end consumers, which may lead to improved performance in the future [1] Market Outlook - Despite ongoing adjustments in financial performance, the confidence in future recovery is increasing due to the company's proactive measures [1] - The impact of policies such as alcohol bans on the liquor cycle has led to downward adjustments in revenue and gross margin forecasts for 2025-2026 [1] Valuation - The company is assigned a target price of 84.70 yuan based on a 22x PE ratio for 2026, maintaining a "buy" rating [1]

Core Viewpoint - The report from Dongfang Securities indicates that Meihao Medical's net profit attributable to the parent company for H1 2025 is 110 million yuan, a year-on-year decrease of 32.4% [1] Group 1: Financial Performance - The company's core business, home respiratory machine components, generated revenue of 440 million yuan, down 2.8% year-on-year [1] - Revenue from cochlear implant components was 60 million yuan, reflecting a year-on-year decline of 7.5% [1] - The performance was below expectations, attributed to geopolitical tensions affecting supply chain stability, with the company's Malaysian Phase III industrial base under construction and not yet in production, impacting order delivery schedules for core business [1] Group 2: Business Outlook - Despite the current challenges, the company has strong competitiveness in its respiratory and cochlear implant businesses [1] - The product pipeline is continuously expanding, with new businesses and customers being developed, indicating significant long-term growth potential [1] - Based on comparable companies' average valuation for 2025, the company is assigned a price-to-earnings ratio of 36 times, leading to a target price of 24.48 yuan, maintaining a "buy" rating [1]

Group 1 - The core point of the news is that E Fund Management Co., Ltd. has increased its stake in Dongfang Securities (03958.HK) by purchasing 538,800 shares at an average price of HKD 8.3731 per share, resulting in a total investment of approximately HKD 4.5114 million [1] - Following this transaction, E Fund's total shareholding in Dongfang Securities has risen to 103,158,000 shares, which represents an increase in ownership percentage from 9.99% to 10.04% [1][2]

智通财经APP获悉，香港联交所最新数据显示，8月14日，易方达基金管理有限公司增持东方证券 (03958)53.88万股，每股作价8.3731港元，总金额约为451.14万港元。增持后最新持股数目为1.03亿股， 持股比例为10.04%。 ...

香港联交所最新数据显示，8月14日，易方达基金管理有限公司增持东方证券(03958)53.88万股，每股作 价8.3731港元，总金额约为451.14万港元。增持后最新持股数目为1.03亿股，持股比例为10.04%。 ...

格隆汇8月20日｜东方证券研报指出，华润三九业绩低于预期，上半年有所承压。2025年上半年，流感 等呼吸道疾病发病率同比降低，同时行业零售渠道阶段性调整等因素带来公司业绩有所承压。利润端下 滑较多预计主要为公司完成天士力收购并表，天士力中药业务以院内销售为主，导致公司销售费用率提 高。该行认为CHC业务的承压为阶段性，公司渠道和品牌优势仍在持续赋能业务布局，中长期CHC业 务具备韧性。药品、器械批发及零售业务稳健增长，实现收入17.4亿元，同比增长3.3%。上半年，公司 拓展细胞治疗、代谢、肿瘤等赛道布局。参考可比公司平均市盈率，给予公司2025年22倍PE估值，对 应目标价45.10元，维持"买入"评级。 ...

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is organized by Sina Finance and exclusively partnered with Yinhua Fund, highlighting the rapid growth of China's wealth management industry [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, enhance their services, and build communication bridges with investors, thereby promoting the healthy development of the wealth management sector in China [1] - Bai Jianguo, head of investment advisory business at Dongfang Securities, has been invited as a judge for the competition, emphasizing the importance of professional standards in the investment advisory field [1] Group 2 - Bai Jianguo stated that embracing the new era of buy-side investment advisory requires a foundation built on "professionalism, technological empowerment, and ecological win-win" [2] - The core challenge in the transformation of wealth management is bridging the gap between the increasingly diversified asset allocation needs of residents and the supply of professional financial services [2] - Excellent buy-side investment advisors must demonstrate stable investment and precise advisory capabilities, necessitating deep research skills, personalized service abilities, and the application of technology in collaboration with human advisors [2]

Core Insights - Financial mechanisms are essential for the effective operation of green transformation, technological innovation, and ESG construction, acting as a "lubricant" and "accelerator" for these interconnected processes [1][2] Group 1: Green Finance and Technological Innovation - The relationship between green transformation, technological innovation, and ESG construction is likened to three interlocking gears that drive each other [1] - Financial guidance is crucial for directing funds towards green industries, facilitating rapid implementation of technology, and supporting green transformation [1] Group 2: Current Challenges in Green Finance - Despite the large scale of green finance products, they primarily focus on traditional energy transitions and established renewable energy projects, with strict control over investment cycles [2] - There is a gap in current green finance products regarding future energy industry technological directions, indicating a need for improvement [2] Group 3: Future Opportunities in Green Transformation - The shift from supply-side to demand-side policies in green transformation is expected to create more market opportunities in the next 3-5 years [2] - The urgency for carbon reduction from the user side is increasing, leading to more opportunities as green transformation goals are elevated [2]