Core Viewpoint - The company will participate in the 2025 Shenzhen-listed companies' collective reception day to enhance interaction with investors [1] Group 1: Event Details - The event will be held online on November 20, 2025, from 14:30 to 17:00 [1] - Investors can participate through the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1] Group 2: Company Engagement - Company executives will communicate with investors regarding company performance, governance, development strategy, operational status, and sustainable development [1] - The company encourages widespread participation from investors [1]

Core Points - The company,招商证券, announced its participation in the "2025 Annual Online Collective Reception Day for Investors of Listed Companies in Shenzhen" [1] - The event is guided by the Shenzhen Securities Regulatory Bureau and the China Securities Investor Services Center, and organized in collaboration with the Shenzhen Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1] - The event is scheduled for November 20, 2025, from 14:30 to 17:00 [1]

Core Viewpoint - The company, China Merchants Securities (06099.HK), is enhancing investor engagement by participating in an online collective reception day for investors, scheduled for November 20, 2025 [1] Group 1: Event Details - The event will be conducted remotely, allowing investors to participate via the "Panorama Roadshow" website, WeChat public account, or the Panorama Roadshow APP [1] - The scheduled time for the event is November 20, 2025, from 14:30 to 17:00 [1] Group 2: Company Engagement - Company executives will communicate with investors regarding performance, corporate governance, development strategy, operational status, and sustainable development [1] - The company encourages widespread participation from investors in this interactive session [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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6099） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司關於 參加2025年深圳轄區上市公司集體接待日活動的公告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2025年11月11日 证券代码：600999 证券简称： 招商证券 编号： 2025－043 招商证券股份有限公司 关于参加2025年深圳辖区上市公司 集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，招商证券股份有限公司（以下简称公司） 将参加由深圳证监局和中证中小投资者服 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，招商证券股份有限公司（以下简称公司） 将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会与深圳 市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网上集体 接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投 资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 证券代码：600999 证券简称： 招商证券 编号： 2025－043 招商证券股份有限公司 关于参加2025年深圳辖区上市公司 集体接待日活动的公告 特此公告。 招商证券股份有限公司董事会 2025 年 11 月 11 日 ...

Core Viewpoint - The report from China Merchants Securities (Hong Kong) indicates that Uni-President China (00220) has a 6.5% dividend yield that is becoming increasingly attractive, with a potential upgrade to "Overweight" rating if signs of industry stabilization emerge, while currently maintaining a "Neutral" rating [1] Group 1: Financial Performance - Uni-President China's Q3 performance shows ongoing challenges, with net profit increasing by 8% to 726 million RMB, falling short of market expectations for double-digit growth [1] - Revenue remained flat year-on-year, with the food segment achieving low to mid-single-digit growth, offset by a decline in the beverage segment [1] - The OEM business continued to grow at a triple-digit rate, reflecting ongoing headwinds from competition in ready-to-drink beverages and execution risks under the company's volume-driven strategy [1] Group 2: Market Conditions and Outlook - The beverage sector continues to face pressure, particularly in the juice category, with intensified pricing competition [2] - Management reiterated a full-year sales growth target of 6-8%, but achieving this goal may be challenging due to ongoing inventory destocking, sluggish consumption, and increased promotional efforts [2] - The company remains cautiously optimistic for Q4, expecting continued improvement in gross margins and further optimization of expense ratios despite low consumer demand and heightened competition [2] Group 3: Strategic Initiatives - Investments in freezer units (adding 150,000 units by 2025) and sales point upgrades are expected to support long-term growth, although they may not alleviate current pressures in the short term [2] - The focus on expanding and upgrading sales points, along with the launch of core SKU new products, is anticipated to drive growth [2] - Looking ahead to 2026, stable raw material costs and product structure upgrades in beverages and instant noodles are expected to further enhance gross margin expansion [2]

Core Viewpoint - The report from China Merchants Securities (Hong Kong) indicates that Uni-President China (00220) is showing an attractive dividend yield of 6.5%, and if the industry competition stabilizes, the rating may be upgraded to "Overweight" from the current "Neutral" rating [1] Group 1: Financial Performance - Uni-President China's Q3 performance shows challenges, with net profit increasing by 8% to 726 million RMB, which is below market expectations for double-digit growth [1] - Revenue remained flat year-on-year, with the food segment achieving low to mid-single-digit growth, offset by a decline in the beverage segment [1] - The OEM business continued to grow at a triple-digit rate, reflecting ongoing headwinds from competition in ready-to-drink beverages and execution risks under the company's volume-driven strategy [1] Group 2: Market Conditions and Outlook - The management reiterated a full-year sales growth target of 6-8%, but achieving this goal may be challenging due to ongoing inventory destocking in beverages, sluggish consumption, and increased promotional efforts [2] - The company remains cautiously optimistic for Q4, expecting continued improvement in gross margins and further optimization of expense ratios despite low consumer demand and heightened competition [2] - Long-term growth is supported by investments in freezer units and sales point upgrades, although these may not alleviate current pressures in the short term [2] Group 3: Valuation and Estimates - The target price has been adjusted to 8.4 HKD from a previous 9.9 HKD, based on an updated mid-2026 P/E ratio of 14.5 times, reflecting a valuation that is one standard deviation below the long-term average since 2020 [1] - The beverage segment continues to face pressure, particularly in the juice category, with intensified pricing competition [1] - Looking ahead to 2026, stable raw material costs and product structure upgrades in beverages and instant noodles are expected to further drive gross margin expansion [2]

Core Viewpoint - Zhenghe Ecology (605069.SH) reported a significant decline in revenue and net profit for the third quarter of 2025, indicating ongoing financial struggles and a third consecutive year of losses [1][3]. Financial Performance Summary - For the third quarter of 2025, the company achieved operating revenue of 43.11 million yuan, a year-on-year decrease of 46.05% [2]. - The net profit attributable to shareholders was -45.36 million yuan, reflecting a decrease of 223.92% compared to the same period last year [2]. - Year-to-date revenue until the reporting period was 214.26 million yuan, down 12.92% year-on-year [2]. - The net profit attributable to shareholders for the year-to-date period was -21.22 million yuan, a decrease of 633.26% compared to the previous year [2]. - The net cash flow from operating activities was 62.92 million yuan, a decrease of 58.35% year-on-year [3]. Historical Performance Context - In 2024, the company reported an operating revenue of 356.32 million yuan, a year-on-year increase of 118.00% [4]. - The net profit attributable to shareholders for 2024 was -167.91 million yuan, an improvement from -432.27 million yuan in 2023 [5]. - The net cash flow from operating activities in 2024 was 154.45 million yuan, showing a significant increase of 120.42% compared to the previous year [5]. Stock Market Information - Zhenghe Ecology was listed on the Shanghai Stock Exchange on August 16, 2021, with an initial public offering price of 15.13 yuan per share [6]. - The stock is currently trading below its initial offering price, indicating a state of underperformance in the market [6]. Fundraising and Financial Strategy - The company raised a total of 616 million yuan through its initial public offering, but the net amount raised was 529 million yuan, which was 924 million yuan less than originally planned [6]. - The funds were intended for strategic management improvements, ecological protection projects, and operational funding [6].

Core Viewpoint - The report from China Merchants Securities International indicates that Uni-President China (00220) experienced flat revenue in Q3, with improved gross margins due to lower raw material costs and the premiumization of instant noodles, but overall performance was dragged down by weak revenue and reduced operating leverage [1] Group 1: Financial Performance - Q3 revenue remained flat, indicating a lack of growth [1] - Gross margin improved due to a decrease in raw material costs and a shift towards higher-end instant noodles [1] - The company's management reiterated a full-year sales growth target of 6-8%, which is considered difficult to achieve [1] Group 2: Valuation and Ratings - The target price was lowered by 15% from HKD 9.9 to HKD 8.4, reflecting a revised P/E ratio of 14.5 times for 2026 [1] - The downgrade in valuation multiples is attributed to the negative impact of ready-to-drink products on beverage sales, which is expected to persist until 2026 [1] - The current dividend yield of 6.5% is seen as attractive [1] - The rating remains "Neutral," but there is potential for an upgrade to "Overweight" if signs of stabilization in industry competition emerge [1]

Core Viewpoint - The report from China Merchants Securities International indicates that Uni-President China faces ongoing challenges, with a net profit growth of 8% year-on-year to 726 million yuan, which is below market expectations for double-digit growth [1] Financial Performance - Revenue remained flat year-on-year, with the food segment achieving low to mid-single-digit growth, offset by a low to mid-single-digit decline in the beverage segment [1] - The OEM business continued to show strong performance with triple-digit growth [1] Management Guidance - Management reiterated the annual sales growth target of 6% to 8%, but achieving this target is considered challenging due to ongoing inventory destocking in beverages, sluggish consumer demand, and increased promotional efforts [1] - A strong rebound in the fourth quarter is deemed necessary to meet the sales growth target [1] Analyst Rating - The firm maintains a "neutral" rating on the company, lowering the target price from 9.9 HKD to 8.4 HKD [1]