Core Viewpoint - The company's Q3 performance met expectations, with anticipated growth in revenue and net profit for Q4, driven by the recovery of order delivery for home respiratory machine components and cochlear implant components, as well as ongoing contributions from new products like insulin pens and CGM [1][4] Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.194 billion (up 3.28%), net profit attributable to shareholders of 208 million (down 19.25%), and net profit excluding non-recurring items of 203 million (down 17.85%), with basic earnings per share of 0.37 (down 17.78%) [2][3] - Q3 revenue was 462 million (up 2.56% year-on-year, up 5.63% quarter-on-quarter), with net profit attributable to shareholders of 94 million (up 5.89% year-on-year, up 50.42% quarter-on-quarter) [3] New Business Development - The company is experiencing positive momentum in new business areas, with insulin pen and CGM orders expected to continue increasing, contributing to accelerated overall performance growth [4][8] - The company has initiated mass delivery of adjustable insulin pens for international clients and is constructing automated production lines for weight loss pens, expected to be operational next year [3][5] Margin and Cost Management - The gross margin for the first three quarters of 2025 was 39.34%, a decrease of 2.44 percentage points, influenced by the transfer of some production lines to Malaysia [7] - The company maintained good cost control, with a total expense ratio of 17.76%, an increase of 0.90 percentage points year-on-year [7] Long-term Growth Potential - The company is a leader in the domestic home respiratory machine component market, with strong business extension capabilities. The core businesses are expected to maintain steady growth, while new businesses in blood glucose management are projected to contribute significantly [8] - The company is expanding into high-potential sectors such as brain-computer interfaces and humanoid robots, leveraging its existing technologies and capabilities [5][8]

Core Viewpoint - The stock of Meihao Medical (301363) has shown a slight increase in price, with a notable net inflow of main funds, indicating positive market sentiment despite some outflows from retail investors [1][2]. Financial Performance - As of November 13, 2025, Meihao Medical's stock closed at 22.22 yuan, up by 1.05% with a trading volume of 84,500 hands and a total transaction amount of 185 million yuan [1]. - For the first three quarters of 2025, the company reported a main revenue of 1.194 billion yuan, a year-on-year increase of 3.28%, while the net profit attributable to shareholders was 208 million yuan, down by 19.25% [3]. - The third quarter of 2025 saw a single-quarter main revenue of 462 million yuan, up by 2.56%, and a net profit of 93.90 million yuan, up by 5.89% [3]. Market Position and Ratios - Meihao Medical's total market capitalization is 12.64 billion yuan, with a net asset value of 3.702 billion yuan and a net profit of 208 million yuan [3]. - The company's price-to-earnings ratio (P/E) is 45.53, which is lower than the industry average of 60.24, while the price-to-book ratio (P/B) stands at 3.41, also below the industry average of 4.15 [3]. - The gross margin is reported at 39.34%, significantly lower than the industry average of 51.22%, while the net margin is 17.43%, higher than the industry average of 9.57% [3]. Investment Sentiment - Over the past 90 days, 18 institutions have rated the stock, with 16 buy ratings and 2 hold ratings, indicating strong institutional support [4]. - The average target price set by institutions over the last 90 days is 25.20 yuan, suggesting potential upside from the current trading price [4].

Core Viewpoint - Meihao Medical announced a change in its continuous supervision representative from Dongxing Securities due to the work shift of the original representative [2] Group 1 - Meihao Medical received a notification from Dongxing Securities regarding the replacement of the continuous supervision representative [2] - Dongxing Securities is the sponsor for Meihao Medical's initial public offering and is currently fulfilling its continuous supervision responsibilities [2] - The statutory period for continuous supervision for the IPO project will last until December 31, 2025 [2] Group 2 - The original representatives, Mr. Li Jingyu and Mr. Wei Jiequan, were responsible for the continuous supervision work [2] - Mr. Li Jingyu will no longer be responsible for the project due to a work change [2] - Mr. Wu Shidi has been appointed to take over the continuous supervision responsibilities [2]

Core Viewpoint - The stock of Meihao Medical (301363) has shown a slight increase in price, with significant fluctuations in capital flow, indicating mixed investor sentiment and potential opportunities for analysis [1][2]. Group 1: Stock Performance - As of November 12, 2025, Meihao Medical's stock closed at 21.99 yuan, up by 0.92%, with a turnover rate of 1.32% and a trading volume of 49,100 hands, resulting in a transaction amount of 108 million yuan [1]. - Over the past five days, the stock has experienced varying capital flows, with a net inflow of 432.06 million yuan from main funds on November 12, representing 4.0% of the total transaction amount [2]. Group 2: Financial Metrics - Meihao Medical's total market value is 12.509 billion yuan, with a net asset value of 3.702 billion yuan and a net profit of 208 million yuan, ranking 27th in the medical device industry [3]. - The company's revenue for the first three quarters of 2025 was 1.194 billion yuan, a year-on-year increase of 3.28%, while the net profit decreased by 19.25% to 208 million yuan [3]. Group 3: Institutional Ratings - In the last 90 days, 18 institutions have rated Meihao Medical, with 16 buy ratings and 2 hold ratings, indicating a generally positive outlook among analysts [4]. - The average target price set by institutions over the past 90 days is 25.2 yuan, suggesting potential upside from the current trading price [4].

证券代码：301363 证券简称：美好医疗 公告编号：2025-073 深圳市美好创亿医疗科技股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）于近日收到东 兴证券股份有限公司（以下简称"东兴证券"）出具的《关于更换持续督导保荐 代表人的通知函》。东兴证券作为公司首次公开发行股票并在创业板上市项目的 保荐机构，目前正在履行持续督导职责。东兴证券原委派于洁泉先生、李靖宇先 生作为公司保荐代表人，负责上述项目的持续督导工作。公司首次公开发行股票 并在创业板上市的法定持续督导期至 2025 年 12 月 31 日止。 本次变更后,负责公司首次公开发行股票并在创业板上市项目持续督导工作 的保荐代表人为于洁泉先生、吴时迪先生。 公司董事会对李靖宇先生在公司持续督导期间所作的工作表示衷心的感谢。 特此公告。 深圳市美好创亿医疗科技股份有限公司董事会 2025 年 11 月 12 日 1 附件：吴时迪先生简历 吴时迪先生，保荐代表人、现任东兴证券投资银行总部副总裁，曾任职于民 ...

Group 1: Baidu Group (9888.HK) - Baidu Group is leveraging its strong internet foundation to build a competitive barrier through a full-stack AI approach, leading the domestic market share in AI cloud services [3][4] - The online marketing business is transitioning from a CPC model to a CPS model, with AI search expected to enhance profitability in the long term, projecting revenues of 623.91, 592.72, and 598.64 billion yuan for 2025, 2026, and 2027 respectively [4][5] - The AI cloud business is positioned as a new profit center, with a leading market share and expected revenues of 273.25, 327.90, and 386.92 billion yuan for 2025, 2026, and 2027 respectively [5][6] - The Robotaxi business is anticipated to grow significantly, with expected revenues of 138.32, 159.07, and 174.97 billion yuan for 2025, 2026, and 2027 respectively [7][8] - Overall revenue projections for Baidu Group are 1309.73, 1356.68, and 1443.07 billion yuan for 2025, 2026, and 2027, with corresponding non-HKFRS net profits of 166.00, 198.64, and 235.48 billion yuan [8] Group 2: Seres (601127) - Seres has successfully listed H shares, with a total of 108,619,000 shares issued, accelerating its globalization strategy [10][11] - In Q3 2025, Seres achieved revenue of 481.33 billion yuan, a year-on-year increase of 15.75% and a quarter-on-quarter increase of 11.28% [11][12] - The company’s gross margin improved to 29.95% in Q3 2025, with a focus on high-end vehicle sales and new product launches [11][12] - The IPO proceeds will primarily fund R&D, marketing, and operational expenses, enhancing Seres' competitive edge [13] Group 3: Duolingo (DUOL) - Duolingo reported Q3 2025 revenue of $270 million, a year-on-year increase of 41%, but has lowered its Q4 guidance due to potential user growth slowdown [14][15] - Monthly active users reached 135 million, with a year-on-year growth of 20%, indicating a trend of slowing user growth [15][16] - The strategic focus has shifted towards long-term user growth, which may impact short-term revenue and profit [16][17] - Revenue projections for Duolingo are $1.031 billion, $1.265 billion, and $1.509 billion for 2025, 2026, and 2027 respectively [18] Group 4: Hua Hong Semiconductor (01347) - Hua Hong Semiconductor reported Q3 2025 revenue of $635 million, a year-on-year increase of 20.7%, driven by ASP optimization and increased wafer shipments [19][20] - The company’s gross margin improved to 13.5%, exceeding market expectations, with a focus on high-margin technology platforms [20][21] - Revenue projections for Hua Hong Semiconductor are $2.400 billion, $3.029 billion, and $3.348 billion for 2025, 2026, and 2027 respectively [22] Group 5: Royal Technology (603181) - Royal Technology launched an employee stock ownership plan to enhance employee engagement and align interests with long-term company goals [24][25] - The company reported Q3 2025 revenue of 626 million yuan, with a year-on-year increase of 0.12 million yuan, indicating stable operations [28][29] - Revenue projections for Royal Technology are 2.502 billion, 3.048 billion, and 3.556 billion yuan for 2025, 2026, and 2027 respectively [31] Group 6: New Asia Strong (603155) - New Asia Strong reported a revenue decline of 19.05% year-on-year for the first three quarters of 2025, with a focus on electronic-grade chemicals to drive growth [32][33] - The company’s gross margin improved in Q3 2025, but overall performance remains under pressure due to declining product prices [33][34] - The company is expanding its electronic-grade chemical product offerings, which are expected to contribute positively to future growth [36] Group 7: Meihua Medical (301363) - Meihua Medical achieved Q3 2025 revenue of 462 million yuan, marking a 3% year-on-year increase, with a focus on stable growth in core business areas [38][39] - The company is expanding into new markets, including weight loss injection pens and brain-machine interfaces, leveraging its existing manufacturing capabilities [40][41] - Revenue projections for Meihua Medical are 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025, 2026, and 2027 respectively [41] Group 8: Automotive Industry - The automotive industry saw a 15.8% year-on-year increase in wholesale sales in Q3 2025, with significant growth in passenger and commercial vehicle segments [42][43] - The overall automotive industry revenue reached 10,585.5 billion yuan, with a net profit of 404.1 billion yuan, indicating robust performance [42][43] - The passenger vehicle segment experienced profit declines, highlighting a trend of increasing competition and performance differentiation among manufacturers [43][44]

Core Viewpoint - The stock of Meihao Medical (301363) has shown a slight increase in price, with a closing price of 21.8 yuan on November 10, 2025, reflecting a 0.65% rise, despite a net outflow of main funds [1][2]. Financial Performance - For the first three quarters of 2025, Meihao Medical reported a main revenue of 1.194 billion yuan, a year-on-year increase of 3.28%, while the net profit attributable to shareholders was 208 million yuan, a decrease of 19.25% [3]. - In Q3 2025, the company achieved a single-quarter main revenue of 462 million yuan, up 2.56% year-on-year, and a net profit of 93.9 million yuan, an increase of 5.89% year-on-year [3]. Market Position - Meihao Medical's total market capitalization is 12.401 billion yuan, with a net asset value of 3.702 billion yuan and a net profit of 208 million yuan, ranking 27th in the medical device industry [3]. - The company's price-to-earnings ratio (P/E) is 44.67, which is lower than the industry average of 62.58, while the price-to-book ratio (P/B) stands at 3.35, also below the industry average of 4.04 [3]. Fund Flow Analysis - On November 10, 2025, the main funds experienced a net outflow of 4.2463 million yuan, accounting for 5.82% of the total transaction amount, while retail investors saw a net inflow of 3.3461 million yuan, representing 4.58% of the total transaction amount [1][2]. - Over the past five days, the stock has seen fluctuating fund flows, with significant outflows from main funds on several days, indicating a mixed sentiment among investors [2]. Analyst Ratings - In the last 90 days, 17 institutions have rated Meihao Medical, with 15 buy ratings and 2 hold ratings, and the average target price set by institutions is 25.2 yuan [4].

Core Viewpoint - The stock of Meihai Medical (301363) has experienced a decline, with significant net outflows from major and retail investors, while the company shows mixed financial performance in recent reports [1][2][3]. Financial Performance - As of November 6, 2025, Meihai Medical's stock closed at 22.18 yuan, down 1.38% with a trading volume of 48,700 hands and a turnover of 107 million yuan [1]. - In the third quarter of 2025, the company reported a main revenue of 4.62 billion yuan, a year-on-year increase of 2.56%, while the net profit attributable to shareholders was 93.90 million yuan, up 5.89% year-on-year [3]. - For the first three quarters of 2025, the company's main revenue was 11.94 billion yuan, a year-on-year increase of 3.28%, but the net profit decreased by 19.25% to 208 million yuan [3]. Market Position and Ratios - Meihai Medical's total market value is 12.618 billion yuan, with a net asset of 3.702 billion yuan and a net profit of 208 million yuan [3]. - The company has a price-to-earnings ratio (P/E) of 45.45, which is lower than the industry average of 62.24, indicating a relatively favorable valuation [3]. - The gross margin stands at 39.34%, significantly lower than the industry average of 51.22%, while the net margin is 17.43%, higher than the industry average of 9.57% [3]. Investor Sentiment - In the last 90 days, 17 institutions have rated the stock, with 15 buy ratings and 2 hold ratings, indicating a generally positive outlook [4]. - The average target price set by institutions over the past 90 days is 25.2 yuan, suggesting potential upside from the current trading price [4]. Capital Flow Analysis - On November 6, 2025, the net outflow of major funds was 20.15 million yuan, accounting for 18.75% of the total turnover, while retail investors saw a net inflow of 24.06 million yuan, representing 22.39% of the total turnover [1][2].

证券代码：301363 证券简称：美好医疗 公告编号：2025-072 深圳市美好创亿医疗科技股份有限公司 2025年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现变更或否决议案的情形； 2、本次股东会不涉及变更前次股东会决议； 3、本次股东会采用现场表决与网络投票相结合的方式召开。 一、会议召开和出席情况 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）2025年第三次 临时股东会（以下简称"本次股东会"）于2025年11月6日（星期四）15:00召开， 公司已于2025年10月22日披露了《关于召开2025年第三次临时股东会的通知》（公 告编号：2025-070），具体内容详见公司在巨潮资讯网（www.cninfo.com.cn） 上披露的相关公告。本次股东会采用现场投票和网络投票相结合的方式召开，会 议有关事项具体如下： 1、现场会议召开时间：2025年11月6日（星期四）15:00 2、现场会议召开地点：广东省惠州市大亚湾西区龙山三路318号美好创亿产 业园A栋8楼801会议室 5、会议 ...

法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 518038 电话(Tel.)：（0755）8826 5288 传真（Fax.）：（0755）8826 5537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市美好创亿医疗科技股份有限公司 二〇二五年第三次临时股东会的 法律意见书 信达会字（2025）第 335 号 致：深圳市美好创亿医疗科技股份有限公司 1、信达律师仅就公司本次临时股东会的召集、召开程序、出席会议人员的 资格、召集人的资格、表决程序和表决结果的合法性发表意见，不对本次临时股 东会所审议的议案内容及该等议案所表述的事实或数据的真实性、准确性和完整 性发表意见； 广东信达律师事务所（以下简称"信达"）接受深圳市美好创亿医疗科技股 份有限公司（以下简称"贵公司"）的委托，指派律师参加了贵公司二〇二五年 第三 ...