国海证券股份有限公司（以下简称公司）曾于 2025 年 10 月 15 日在《中国证券报》《证券时报》《上海证券报》《证券 日报》和巨潮资讯网（www.cninfo.com.cn）披露了《国海证券股 份有限公司关于召开 2025 年第二次临时股东会的通知》，由于 本次股东会采取现场投票与网络投票相结合的方式召开，将通过 深圳证券交易所交易系统和互联网投票系统向社会公众股股东 提供网络形式的投票平台，根据相关规定，现再次将公司2025 年 第二次临时股东会通知如下： 一、召开会议基本情况 （一）股东会届次：公司 2025 年第二次临时股东会。 （二）股东会的召集人：公司董事会。 证券代码：000750 证券简称：国海证券 公告编号：2025-48 国海证券股份有限公司 关于召开 2025 年第二次临时股东会 的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 2025 年 8 月 29 日，公司召开第十届董事会第十一次会议， 审议通过了《关于召开国海证券股份有限公司临时股东会的议 案》，董事会授权董事长择机确定公司临时股东会召开时间、地 1 点等具体事 ...

Core Viewpoint - The report from Guohai Securities indicates that Wens Foodstuff Group's net profit attributable to shareholders for the first three quarters of 2025 reached 5.256 billion yuan, a year-on-year decrease of 17.98%, with the net profit for the third quarter alone being 1.781 billion yuan, down 64.94% year-on-year [1] Financial Performance - The company's main business operations remain stable, but performance is affected by fluctuations in agricultural product prices [1] - By the end of the third quarter, the company's debt ratio decreased to 49.41%, indicating improved financial stability and risk resistance capabilities [1] Operational Efficiency - The company has been continuously enhancing its basic production management, leading to ongoing improvements in production performance and a reduction in breeding costs [1] - In August, the production cost of piglets dropped to approximately 260 yuan per head, with a market pig listing rate of around 93% and a feed-to-meat ratio of 2.51 [1] - Despite increases in piglet and feed costs during August, the comprehensive cost of raising market pigs remained stable at 6.1-6.2 yuan per jin [1] Poultry Business - In the chicken farming segment, the market chicken listing rate in August was 95%, with a feed-to-meat ratio of 2.86 and a total cost of 5.8 yuan per jin for broiler chickens [1] - The company has a significant scale in both pig and chicken production, which supports a positive outlook for its long-term development, maintaining a "buy" rating [1]

(2)美国开店节奏加快，且持续拓展书店等渠道合作，推出更多当地限定产品。公司与美国第二大连锁 书店Books-A-Million达成合作，自9月起Books-A-Million全国门店及官网将同步上新泡泡玛特产品，加 速拓展市场。此外，近期北美官宣Skullpanda联名星期三的吊卡新品，tiktok官宣视频播放量150万，点 赞量超过13.7万，热度高企。 国海证券发布研报称，维持泡泡玛特(09992)"买入"评级，上调公司盈利预测，预计2025-2027年营业收 入385.30/494.99/585.48亿元，归母净利润131.28/170.25/201.87亿元，经调整净利润为 135.42/175.58/208.43亿元，对应经调整PE为21/16/14X。公司作为潮玩文化及商业化的先行者与龙头， 基于全产业链与平台优势，多维度运营IP并变现。且产品品类扩张逻辑持续验证，海外市场表现持续超 该行预期。 事件：2025年10月21日，公司公告2025Q3经营情况(未经审核)，2025Q3整体收入同比增长 245%-250%，其中中国同比增长185%-190%，海外同比增长365%-370%。 国海证券主 ...

智通财经APP获悉，国海证券发布研报称，维持泡泡玛特(09992)"买入"评级，上调公司盈利预测，预计 2025-2027年营业收入385.30/494.99/585.48亿元，归母净利润131.28/170.25/201.87亿元，经调整净利润为 135.42/175.58/208.43亿元，对应经调整PE为21/16/14X。公司作为潮玩文化及商业化的先行者与龙头， 基于全产业链与平台优势，多维度运营IP并变现。且产品品类扩张逻辑持续验证，海外市场表现持续超 该行预期。 (3)Q4在国内海外均为旺季，从10月开始陆续有节日接力，如10月万圣节，11月国内双11+海外感恩节以 及黑五，12月圣诞节;2026Q1有1月元旦，2月春节。且该行认为后续重磅产品较多，重要节日或均有新 品。 事件：2025年10月21日，公司公告2025Q3经营情况(未经审核)，2025Q3整体收入同比增长 245%-250%，其中中国同比增长185%-190%，海外同比增长365%-370%。 国海证券主要观点如下： 星星人ip势能加速提升，关注2025Q4旺季表现 (1)2025Q3中国线下、线上渠道收益同比增长130%-135 ...

国海证券发布研报称，看好零跑汽车(09863)未来发展，维持"增持"评级。公司务实高效，2025年上半 年完成半年度转盈，该行预计公司2025-2027年实现营业收入641.9、1002.6、1281.3亿元，同比增速为 100%、56%、28%;实现归母净利润9.4、44.2、64.1亿元，同比转盈、+371%、+45%;EPS为0.66、3.11、 4.51元。 该行表示，10月16日，零跑汽车发布旗舰D平台、D19旗舰车型首度亮相。10月20日，公司发布公告， 基于对公司未来发展的强烈信心，于近期公司股东、董事长兼首席执行官朱江明先生及公司股东傅利泉 先生合共购入324.35万股公司H股，平均价格为每股股份约63.19港币。该行认为公司管理层增持体现了 对公司未来发展的强烈信心，看好公司长期的发展。 ...

Core Viewpoint - Guohai Securities expresses optimism about Leap Motor's future development, maintaining a "Buy" rating for the company [1] Financial Projections - The company is expected to achieve operating revenues of 64.19 billion, 100.26 billion, and 128.13 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 100%, 56%, and 28% respectively [1] - The projected net profit attributable to shareholders is 0.94 billion, 4.42 billion, and 6.41 billion yuan for the same period, indicating a turnaround and growth rates of +371% and +45% [1] - Earnings per share (EPS) are forecasted to be 0.66, 3.11, and 4.51 yuan for 2025, 2026, and 2027 respectively [1] Recent Developments - On October 16, Leap Motor unveiled its flagship D platform and the D19 flagship model [1] - On October 20, the company announced that its chairman and CEO, Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 3.2435 million shares of the company's H shares at an average price of approximately 63.19 HKD per share, reflecting strong confidence in the company's future [1] - The management's share purchase is seen as a strong signal of confidence in the company's long-term development [1]

Core Viewpoint - The report from Guohai Securities indicates that Stanley achieved a net profit attributable to shareholders of 208 million yuan in Q3 2025, representing a year-on-year increase of 35.36% but a quarter-on-quarter decrease of 34.61% due to favorable conditions from phosphate fertilizer exports [1] Industry Summary - The average export price of monoammonium phosphate in China for Q3 2025 was $698 per ton, equivalent to approximately 4,993 yuan per ton, significantly higher than the domestic average price [1] - Urea prices have experienced significant volatility, initially rising and then falling, influenced by supply-demand imbalances, export policy negotiations, and fluctuations in international energy prices [1] - Prices for monoammonium phosphate and potassium fertilizers remain high, primarily due to rising sulfur prices, adjustments in phosphate fertilizer export policies, domestic reductions in potassium fertilizer production, tight imports of potassium fertilizer, and geopolitical conflicts [1] Company Summary - The company focuses on compound fertilizers and has established significant competitive advantages in brand strength, marketing channel development, new product research, and agricultural services [1] - The company is actively advancing the construction of phosphate chemical projects, creating a complete industrial chain from phosphate chemicals to phosphate fertilizers and compound fertilizers [1] - The strategic value of technological innovation is increasingly prominent as leading companies in the industry enhance their R&D investments, driven by improvements in agricultural technology and the increasing penetration of digital and intelligent technologies in fertilization processes [1]

证券日报网讯国海证券10月23日在互动平台回答投资者提问时表示，公司截至2025年10月20日的股东户 数为194，015户。 ...

证券日报网讯国海证券10月23日在互动平台回答投资者提问时表示，公司截至2025年9月30日的股东户 数为198，097户。 ...

Group 1: Company Overview - On October 21, Benxi Steel Plate (000761.SZ) conducted an online investor survey with 30 institutions, including Guohai Securities and CITIC Trust, reflecting high market interest in the company's business layout and future development [1] Group 2: Core Business Insights - The company highlighted its competitive advantages in the automotive steel sector through three main aspects: technological innovation, brand leadership, and green transformation. It has made breakthroughs in ultra-wide and high-strength steel technologies, which are essential for lightweight electric vehicles [2] - The brand "Benxi Wide" focuses on high-end automotive steel products over 2050mm in width, widely used by leading domestic and international electric vehicle manufacturers, establishing itself as an industry benchmark [2] - The company is committed to reducing the carbon footprint of its cold-rolled products by integrating low-carbon metallurgy processes with green product design [2] Group 3: Asset Restructuring - The company is currently in a cautious evaluation phase regarding a significant asset swap announced in June 2023, due to potential impacts on its independent operational capacity. Further assessments on feasibility and compliance are ongoing [3] Group 4: Profit Improvement Strategies - The company has outlined four key directions for profit enhancement: increasing the development and production of high-value-added products, reducing procurement costs, exploring regional cooperation to minimize transportation costs, and advancing smart production process transformations [4] Group 5: Convertible Bond Strategy - To address upcoming maturity pressures on convertible bonds, the company is implementing a dual strategy of enhancing market value and preparing for bond redemption. It is focusing on cost reduction, professional integration, and asset restructuring to improve overall company quality [5] Group 6: Sales Network - The company's sales network covers major regions in China, including Northeast, North China, Central and Western China, East China, and South China, with processing and distribution centers in key economic areas. Internationally, it targets markets in South Korea, Japan, and Southeast Asia, creating a coordinated domestic and international sales strategy [6]