Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Mingming Busy (01768), projecting adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 [1] Group 1: Company Overview - Mingming Busy is a leading player in the domestic snack retail sector, operating two major brands: Snack Busy and Zhao Yiming Snacks [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores [1] Group 2: Financial Performance - In the first three quarters of the previous year, the company's GMV, revenue, and adjusted net profit reached 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 3: Industry Position and Outlook - The efficiency of the snack retail channel is significantly ahead of competitors, with expectations for continued penetration and rapid store openings [1] - The industry is witnessing a concentration of market share towards leading companies, with Mingming Busy expected to enhance its market share and gradually release profits due to its superior team and supply chain capabilities [1]

钨是数控刀具核心原材料，2025年以来，钨精矿价格持续走高，对刀具公司的影响有明显分化，头部企 业凭借调价、库存等优势实现业绩增长，而中小公司则面临成本压力甚至减产停工。头部企业资金实力 更雄厚，提前储备了原材料库存，钨价上涨带来的顺价存在时滞性，这些低价库存让企业在成本端形成 明显优势，其利润空间会随着产品提价进一步扩大。 智通财经APP获悉，招商证券发布研报称，2025年以来，钨精矿价格持续走高，中小公司则面临成本压 力甚至减产停工，日韩企业普遍缺乏钨资源供应保障，而国产头部企业凭借调价、库存等优势实现业绩 增长，后续需求或将集中转向仍有强大接单和供货能力的国内头部企业。刀具行业过去格局分散，价格 竞争激烈，在钨价影响下，正迎来格局重塑的历史性机遇，重点推荐关注。 招商证券主要观点如下： 刀具是机加工耗材，随着制造业发展，需求端平稳增长 QY Research数据显示，2024年全球切削刀具市场销售额达到了286.5亿美元，预计2027年市场规模将为 338.5亿美元。根据观研天下整理的数据，我国刀具行业市场规模从2019年的393亿元增长至2023年的 538亿元。 钨价持续上涨，提前备库+顺价形成利润 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 招商证券发表研报，首予鸣鸣很忙"强烈推荐"评级。该行指，鸣鸣很忙为国内量贩零食龙头，公司 旗下包含零食很忙及赵一鸣零食两大品牌。截至2025年11月30日，公司总门店数约2.1万间，去年首三 季GMV、收入及经调整净利润分别达661亿、464亿及18.1亿元，增长73%、75%及241%。该行认为， 量贩零食渠道效率大幅领先，预计公司将持续提升渗透率并保持快速开店节奏。目前行业份额加速向龙 头集中，公司的团队优质，供应链、仓配、拓展、品牌等多方面均领先，行业规模效应下预计强者恒 强，公司份额进一步提升，利润逐步释放。 ...

Core Viewpoint - The report from China Merchants Securities initiates coverage on Mingming Hen Mang (01768) with a "strong buy" rating, highlighting the company's leading position in the snack retail sector and projecting continued industry growth, with expected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion for 2025, 2026, and 2027 respectively [1] Group 1: Company Overview - The company is a leader in the domestic snack retail market, operating two major brands: "Hen Mang" and "Zhao Yiming Snacks," with the former founded in 2017 and rebranded as Mingming Hen Mang Group in 2023 [2] - The ownership structure is stable, with the two founders holding approximately 36% and 29% of shares, while other investors hold smaller stakes [2] - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for the first three quarters of 2025, alongside an adjusted net profit of 1.81 billion (+241%) [2] Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the broader snack category around 1.8 trillion; traditional retail channels are declining while efficient snack retail channels are gaining market share [3] - The snack retail market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024; the company has significant growth potential with an estimated long-term opening space of 80,000 to 100,000 stores [3] - Currently, Mingming Hen Mang holds about 43% market share, while its closest competitor, Wancheng, has around 32%, indicating a strengthening competitive landscape [3] Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, precise selection, rapid SKU iteration, and strict quality control, partnering with quality suppliers for direct supply and customization [4] - The company leads in store expansion and opening speed, supported by a professional site selection, operation, and training team that enhances franchisee performance [4] - Operationally, the company demonstrates strong capabilities in refined management, with strict implementation of standards and high-quality store operations, alongside significant investment in brand building across online and offline channels [4]

Core Viewpoint - The company, Mingming Hen Mang (01768), is rated as "strongly recommended" by China Merchants Securities, highlighting its leading position in the bulk snack industry and expected profit growth due to its efficient supply chain and brand strength [1][2]. Group 1: Company Overview - The company operates two major brands: "Snacks Are Busy" and "Zhao Yiming Snacks," with a stable ownership structure where the founders hold approximately 36% and 29% of shares, respectively [2]. - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for Q1-Q3 [2]. Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the bulk snack segment around 1.8 trillion; traditional retail channels are declining while bulk snacks are gaining market share [3]. - The bulk snack market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024 [3]. Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, rapid SKU iteration, and strict quality control, supported by partnerships with quality suppliers [4]. - The company leads in store expansion and operational efficiency, with a strong focus on site selection, training, and brand building, enhancing the quality of new store openings [4].

2022年8月11日，公司以每10股转增3股并税前派息2元，除权除息日2022年8月17日，股权登记日 202年8月16日。 正和生态此前已连亏3年。2024年，该公司实现营业收入3.56亿元，同比增长118.00%；实现归属于 上市公司股东的净利润-1.68亿元，上年为-4.32亿元；实现归属于上市公司股东的扣除非经常性损益的 净利润-1.68亿元，上年为-4.32亿元；经营活动产生的现金流量净额为1.54亿元，同比增长120.42%。 中国经济网北京1月29日讯 正和生态(605069.SH)近日披露2025年年度业绩预告。 经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为-14,000万元到-12,000 万元；预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润为-14,000万元 到-12,000万元；预计2025年年度扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收 入为35,000万元到40,000万元。 正和生态2021年8月16日在上交所主板上市，公开发行股票总数为4071.11万股，发行价格为15.13 元/股，保荐机构为招商证券股份有限公 ...

Core Viewpoint - The report from China Merchants Securities initiates coverage on Leshu Shi (02698) with a "strong buy" investment rating, highlighting the company's robust growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product platform focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team possesses extensive experience in emerging markets and fast-moving consumer goods [1] - The company has transitioned from a trading model to localized supply, manufacturing, and deep distribution, establishing a competitive advantage in production, supply, and sales [1] Group 2: Financial Performance - The company has demonstrated stable high revenue growth, with projected revenues of $320 million, $411 million, and $454 million for 2022-2024, reflecting year-on-year growth rates of 28.59% and 10.46% [2] - Adjusted net profit is expected to rise significantly, with growth rates of 251.71% and 51.00% for 2023 and 2024, respectively [2] - The product structure is centered on baby diapers, which accounted for 71.8% of revenue in early 2025, while sanitary napkins and training pants are also growing [2] Group 3: Profitability Metrics - The company's gross margin is projected to increase from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] - The net profit margin is also on the rise, reaching 20.15% in early 2025, attributed to improved gross margins, optimized expense ratios, and reduced foreign exchange losses [3] Group 4: Market Expansion and Competitive Advantage - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The competitive advantage lies in deep localization, with the company establishing a comprehensive production, supply, and sales system that covers 80% of the local population through 51 production lines across eight countries [4] - The company has achieved leading sales in baby diapers and sanitary napkins in Africa, supported by a cost-effective product strategy and extensive distribution networks [4]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Leshushi (02698), highlighting its sustained high growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product brand focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team has experience in emerging markets and fast-moving consumer goods, with a combined ownership of approximately 27.79% [1] Group 2: Financial Performance - The company is expected to achieve a revenue CAGR of 19% and a net profit CAGR of 130% from 2022 to 2024, with projected revenues of $320 million, $411 million, and $454 million for those years, respectively [2] - The adjusted net profit is forecasted to grow significantly, with year-on-year increases of 251.71% and 51.00% in 2023 and 2024, respectively [2] - The gross margin is projected to improve from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] Group 3: Market Dynamics - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The company has established a competitive advantage through deep localization in operations, with a network of 51 local production lines across eight countries, covering 80% of the local population [4]

智通财经APP获悉，招商证券发布研报称，当地时间2026年1月28日，美联储召开议息会议，宣布暂停 降息。在本次会议尤其是沃勒投票支持降息后新联储主席不确定性再次增加。从目前Polymaret预测的 新联储主席概率看，里德尔、沃什、沃勒、哈塞特当选概率分别为36%、27%、17%、7%，差距较此前 有所收敛。基于候选人的最新政策立场，从鸽到鹰应当是哈塞特、里德尔、沃勒、沃什。里德尔属于市 场派，若当选则市场预期更早降息和更多资产购买支持，在4人中应当对长债美债最为友好。 短期利好美股、利空美元，中期尽管风险资产会有波动，但Fed Put持续存在。沃什最为鹰派，更注重 纪律性和美联储独立性，支持缩表。短期利空美债，利好美元，美股震荡。中期可能出现与Trump理念 背离进而再度出现类似去年的政治施压，风险资产波动加大。沃勒中性偏鸽。介于里德尔和沃什之间。 短期市场预期适度降息或维持宽松窗口，美股美债微涨，美元微跌。中期对风险资产友好。哈塞特最为 鸽派，若当选则市场预期短期激进降息，短期短端或快速下行，但长端反而可能因为反身性上行，美债 曲线陡峭化，美元贬值，美股上涨。中期市场对美联储独立性担忧加剧，或导致风险资产 ...

Core Viewpoint - The report from China Economic Net highlights that Springhui Intelligent Control (300943.SZ) experienced a significant stock decline of 11.61%, closing at 26.12 yuan, while a research report from China Merchants Securities expresses optimism about the company's future following its proposed acquisition of Springhui Instruments, suggesting potential growth in SOFC and commercial aerospace sectors [1]. Company Summary - Springhui Intelligent Control's stock closed at 26.12 yuan, reflecting a drop of 11.61% [1]. - The research report from China Merchants Securities indicates a positive outlook on the company's integration of Springhui Instruments, emphasizing a clear dual-driven strategy involving SOFC and commercial aerospace [1]. - The report initiates coverage with a recommendation to "overweight" the stock, indicating confidence in the company's growth prospects post-acquisition [1].