Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

虽然本次业绩预告并未披露具体相关数据，不过过往财报显示，在降价策略下，餐厅的客流量、翻台率 不断增长。2025年第三季度，餐厅总客流量达810万人次，同比增长9.5%；平均翻台率从2024年第三季 度的3.8次/天提升至2025年第三季度的3.9次/天。另外，2025年第一季度至第三季度，顾客人均消费分 别为24.2美元、24.3美元、24.6美元，均尚未恢复至2024年同期水平。 2日晚间，海底捞集团海外业务的独立上市平台特海国际（09658.HK）发布盈利预告，2025年公司净利 润增长主要来自汇兑收益，而餐厅业务因主动"让利策略"业绩有所下滑。 2025年，特海国际预计录得收入不低于8.4亿美元，公司拥有人应占利润不低于3400万美元，2024年同 期的收入和净利润分别为7.8亿美元和2180万美元。 不过，净利润的增长主要来自汇兑收益。公司预计汇兑收益净额从2024年的-1970万美元提升至2025年 的1400万美元，该变动主要是由于2025年汇率波动导致非美元计价的货币项目重估产生未变现汇兑收 益。 而在主营业务方面，特海国际表示，餐厅层面经营溢利率有所下降，主要原因是公司在2025年上半年采 取 ...

公司名稱: 特海国际控股有限公司 呈交日期: 2026年3月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 截至月份: 2026年2月28日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09658 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 致：香港交易及結算所有限 ...

基于目前可获得的资料，董事会认为，本公司拥有人应占利润的增长主要是由于汇兑收益净额，预计于 截至2025年12月31日止年度将约为1400万美元(截至2024年12月31日止年度：汇兑亏损净额1970万美 元)。该项变动主要是由于2025年度汇率波动导致的货币项目重估产生的未变现汇兑收益，而该等货币 项目以非呈报货币(美元)计价。尽管本公司拥有人应占利润有所增长，但本集团餐厅层面经营溢利率较 上年略有下降，主要由于本集团在2025年上半年采取主动让利的策略，持续增加对顾客、员工的投入， 导致员工成本、原材料成本及其他营业开支出现预期性增加。 特海国际(09658)发布公告，本集团预计，于截至2025年12月31日止年度，将取得不低于8.4亿美元的收 入，而于截至2024年12月31日止年度的收入为7.78亿美元;及于截至2025年12月31日止年度，将取得本 公司拥有人应占利润不低于3400万美元，而于截至2024年12月31日止年度，本公司拥有人应占利润约为 2180万美元。 ...

Core Viewpoint - The company, 特海国际 (09658.HK), expects significant revenue and profit growth for the fiscal year ending December 31, 2025, compared to the previous year [1] Financial Performance - The company anticipates revenue of no less than $840 million for the fiscal year ending December 31, 2025, an increase from $778 million for the fiscal year ending December 31, 2024 [1] - The expected profit attributable to the owners of the company is projected to be no less than $34 million for the fiscal year ending December 31, 2025, up from approximately $21.8 million for the fiscal year ending December 31, 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 （於開曼群島註冊成立的有限公司） （香港交易所股份代號：9658；納斯達克股票代碼：HDL） 盈利預告 本公告由特海国际控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例 第571章證券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）的規定作 出。 2 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基於對 本集團截至2025年12月31日止年度的未經審核綜合管理賬目所作出的初步審閱， 以及對董事會目前可獲得的最新資料所作出的評估，本集團預計，(i)於截至2025 年12月31日止年度，將錄得不低於840.0百萬美元的收入，而於截至2024年12月 31日止年度的收入為778.3百萬美元 ...

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies. Group 1: Recent Increases in Holdings - VITASOY INT'L (00345) saw an increase of 0.09%, bringing its latest holding percentage to 3.75% [1] - 恒生科技ETF (03032) increased by 0.04%, with a current holding of 18.49% [1] - 永升服务 (01995) experienced a rise of 0.01%, now holding 4.57% [1] - 南方东西精选 (03441) had the largest increase over five days at 18.46%, reaching 41.03% [4] - 喜相逢集团 (02473) increased by 10.04%, with a holding of 45.14% [4] - 兆易创新 (03986) rose by 4.95%, now at 6.65% [4] Group 2: Recent Decreases in Holdings - 南方恒生科技 (03033) experienced the largest decrease of -0.14%, with a current holding of 68.87% [2] - 医渡科技 (02158) decreased by -0.03%, now at 22.59% [2] - 盈富基金 (02800) saw a reduction of -0.02%, with a holding of 3.49% [2] - 山东墨龙 (00568) had a five-day decrease of -1.30%, now at 53.56% [5] - 亿华通 (02402) decreased by -1.00%, with a holding of 27.49% [5] - 国富氢能 (02582) saw a reduction of -0.90%, now at 20.14% [5] Group 3: Long-term Trends in Holdings - Over a 20-day period, 喜相逢集团 (02473) had the highest increase of 42.45%, reaching 45.14% [6] - 南方东西精选 (03441) increased by 27.31%, now at 41.03% [6] - 钧达股份 (02865) rose by 15.74%, with a holding of 64.80% [6] - 天齐锂业 (09696) experienced a significant decrease of -6.48%, now at 31.50% [6] - 金风科技 (02208) decreased by -5.88%, with a holding of 42.49% [6]

Core Viewpoint - The company has not disclosed specific future event plans, but recent developments may impact the market, including stock performance and upcoming financial reports [1] Financial Performance - The latest financial report for Q3 2025 showed a revenue increase of 7.8% year-on-year to $214 million, while net profit attributable to shareholders declined by 90.4% due to foreign exchange losses [1] - The market will focus on the recovery of income and profit, with potential improvements if the impact of exchange rates diminishes or operational efficiency continues to improve, as indicated by a 240.5% quarter-on-quarter increase in operating profit [1] Business Developments - As of the end of Q3 2025, the company opened 10 new Haidilao restaurants, maintaining a total of 126 locations, while closing one and converting another to a second brand restaurant [2] - The company plans to expand into New York, Los Angeles, and European markets, with international growth potentially serving as a long-term catalyst following its planned NASDAQ listing in 2024 [2] Institutional Perspectives - In November 2025, an institutional report maintained an "outperform" rating with a target price of HKD 18.40, up from a current price of HKD 14.22, citing brand strength and improved operational efficiency as drivers for profit enhancement [3] Market Dynamics - Historical trading data indicates that the stock's daily turnover rate is often below 0.2%, leading to low trading volumes that can amplify price volatility [4]

经济观察网近7天，特海国际港股(09658.HK)股价呈现波动上涨趋势。截至2月13日收盘，股价报13.79 港元，单日上涨3.30%，5日累计涨幅达5.35%。成交方面，2月13日成交量为400,880股，成交额约542万 港元，换手率0.06%。技术指标显示，MACD柱状图转正，KDJ指标处于高位，短期走势偏强。 机构观点 特海国际2025年第三季度业绩受到市场关注。根据2025年11月26日公告，第三季度收入为2.14亿美元， 同比增长7.8%；但归母净利润同比下滑90.4%至360.9万美元，主要因汇兑亏损净额增加3170万美元。经 营溢利1260万美元，同比减少15.4%，但环比大幅提升240.5%。运营指标方面，整体翻台率从3.8次/天 提升至3.9次/天，客流量超810万人次，同比增长9.5%。 以上内容基于公开资料整理，不构成投资建议。 机构对特海国际维持积极评价。2026年2月，5家机构发布观点，100%为买入或增持评级，目标均价 16.64港元(当前价13.79港元)。机构认为，公司品牌优势与本地化运营深化有望带动长期盈利改善，尤 其关注"红石榴计划"下多品牌矩阵的进展。 财报分析 ...

Group 1 - AIA Group (81299), JD Health (86618), and JD Group (89618) have the highest short-selling ratios at 100.00% each [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with HKD 1.557 billion, HKD 1.404 billion, and HKD 1.183 billion respectively [1][2] - Zhaojin Mining (01818), OSL Group (00863), and Prada (01913) have the highest deviation values at 44.29%, 35.21%, and 34.72% respectively [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and JD Group (89618) at 100.00% [2] - The top ten short-selling amounts show Alibaba (09988) leading with HKD 1.557 billion, followed by Tencent Holdings (00700) with HKD 1.404 billion [2] - The top ten deviation values highlight Zhaojin Mining (01818) with a deviation of 44.29%, indicating significant short-selling activity compared to its historical average [2][3]