Core Viewpoint - Cathay Securities initiates coverage on Leshushi (02698) with a "Buy" rating, highlighting the company's rapid growth in overseas markets and its position as a leader in the African hygiene products industry, which is expected to continue delivering high performance [1] Group 1: Company Overview - Leshushi is the leading player in the African hygiene products market, with key products including baby diapers, sanitary napkins, baby pull-ups, and wet wipes. In 2024, the revenue share for baby diapers and sanitary napkins is projected to be 75% and 17%, respectively [1] - The company has been operating since 2009 as a division of the Senda Group and is set to officially list on the Hong Kong Stock Exchange on November 10, 2025 [1] Group 2: Market Potential - The African hygiene products market is expected to grow at a CAGR of 7.9% from 2024 to 2029, making it the fastest-growing market globally. The market for baby diapers and sanitary napkins in Africa is highly concentrated, with Leshushi holding a market share of 17.2% and 11.9% by sales value, and leading in sales volume with 20.3% and 15.6% [2] Group 3: Competitive Advantages - Leshushi has a comprehensive brand portfolio covering all price segments, with high brand recognition and repurchase rates in the baby diaper and sanitary napkin categories. The brand awareness for Softcare/Maya/Cuettie in baby products is 89.0% with a repurchase rate of 95.7%, while for Softcare/Veesper/Clincleer in sanitary products, brand awareness is 95.4% with a repurchase rate of 92.0% [3] - The company has established a sales network across over 30 African countries, reaching more than 80% of the local population [3] - Leshushi ranks first in production capacity in both the African baby diaper and sanitary napkin markets, achieving 100% local supply [3] Group 4: Future Outlook - On the revenue side, the demand in emerging markets presents significant growth potential, and as an industry leader, Leshushi is expected to further increase its market share. The company also has room for improvement in production capacity utilization, with funds raised earmarked for capacity expansion [4] - On the profit side, the company's gross margin is projected to improve in 2023 and 2024, with brand upgrades and structural optimization expected to enhance profitability, offsetting potential adverse fluctuations in raw material costs [4]

Core Viewpoint - Cathay Securities initiates coverage on Leshushi (02698) with a "Buy" rating, highlighting the company's rapid growth in overseas markets and its position as an industry leader poised to benefit from growth dividends, alongside expected capacity ramp-up [1] Group 1: Company Overview - Leshushi is the leading player in the African hygiene products market, with key products including baby diapers, sanitary napkins, baby pull-ups, and wet wipes, projected to generate 75% and 17% of revenue from baby diapers and sanitary napkins respectively in 2024 [1] - The company has been operating since 2009 as a division of Senda Group and has established a leading position in Africa through a brand matrix and local production capacity, officially listing on the Hong Kong Stock Exchange on November 10, 2025 [1] Group 2: Market Potential - The African hygiene products market is expected to grow at a CAGR of 7.9% from 2024 to 2029, the highest globally, with a highly concentrated market for baby diapers and sanitary napkins, where Leshushi ranks second in sales value with market shares of 17.2% and 11.9% respectively, and first in sales volume with shares of 20.3% and 15.6% [2] Group 3: Competitive Advantages - Leshushi has a comprehensive brand coverage across various price segments, with high brand recognition and repurchase rates in both baby diapers and sanitary napkins, achieving 89.0% and 95.4% recognition respectively [3] - The company has over 15 years of experience in the African market, with a sales network covering more than 30 countries, reaching over 80% of the local population [3] - Leshushi ranks first in production capacity for both baby diapers and sanitary napkins in Africa, achieving 100% local supply as of 2024 [3] Group 4: Future Outlook - On the revenue side, the demand for hygiene products in emerging markets presents significant growth potential, with Leshushi expected to further increase its market share. The company also has room for improvement in capacity utilization, with funds raised earmarked for capacity expansion [4] - On the profit side, the company's gross margin is projected to improve in 2023 and 2024, with brand upgrades and structural optimization expected to enhance profitability, offsetting potential adverse fluctuations in raw material costs [4]

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。 重要内容提示： ● 担保对象及基本情况 ■ 1（本公告所述担保金额、担保余额及担保总额在计算时未包含浮动利率票据、债券、贷款等利息，浮 动利率利息需根据实际情况确定。本公告所载金额涉及汇率的，按2025年11月末美元兑换人民币中间 价、欧元兑换人民币中间价、港元兑换人民币中间价（1美元=7.0789元人民币、1欧元=8.2078元人民 币、1港元=0.90990元人民币）折算。） ● 累计担保情况 （一）基本情况 ■ ■ 一、担保情况概述 （一）担保的基本情况 国泰海通证券股份有限公司（以下简称公司或本公司）境外全资子公司国泰海通金融控股有限公司（以 下简称国泰海通金融控股）的全资附属公司GUOTAI JUNAN HOLDINGS LIMITED（以下简称发行人或 被担保人）于2025年12月11日发行金额为5亿元的债券，此债券由国泰海通金融控股提供担保。 国泰海通金融控股作为担保人，为发行人本次发行项下的偿付义务提供无条件及不可撤销的保证担保， 担保范围包括债券本金、利息及交易 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601211 证券简称：国泰海通 公告编号：2025-108 国泰海通证券股份有限公司 关于间接全资子公司发行债券并由全资子公司提供担保的公告 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。 重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 国泰海通证券股份有限公司（以下简称公司或本公司）境外全资子公司国泰海通金融控股有限公司（以 下简称国泰海通金融控股）的全资附属公司GUOTAI JUNAN HOLDINGS LIMITED（以下简称发行人或 被担保人）于2025年12月11日发行金额为5亿元的债券，此债券由国泰海通金融控股提供担保。 国泰海通金融控股作为担保人，为发行人本次发行项下的偿付义务提供无条件及不可撤销的保证担保， 担保范围包括债券本金、利息及交易文件下的其他付款义务（以下简称本次担保）。本次担保金额为 5.13亿元。 （二）内部决策程序 ■ 三、担保协议的主要内容 根据国泰海通金融控股于2025年12月11日签署的《担 ...

Group 1 - The core viewpoint of the article is that Huali Technology (SZ 301011) will hold an investor meeting on December 10, 2025, where company representatives will address investor inquiries [1] - Huali Technology's revenue for the year 2024 is entirely derived from the animation culture and entertainment industry, accounting for 100.0% of its total revenue [1] - As of the report's publication, Huali Technology has a market capitalization of 3.9 billion yuan [1]

中金公司 公告称，"25赣州建投MTN002"申购结束前一小时内出现投资人撤标， 国泰海通 证券 撤标规 模1000万元，申购价位3.10%，撤标时间17:57:51。 ...

国泰海通证券股份有限公司关于公司实际控制人之一致行动人权益变动的提示性公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601211 证券简称：国泰海通公告编号：2025-106 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。 重要内容提示： 本次权益变动不属于增持或者减持，不触及要约收购。 本次权益变动不会使公司控股股东及实际控制人发生变化。 ■ 本次权益变动后，国际集团及其一致行动人仍将合计持有公司3,320,499,533股A股（约占公司股份总数 的18.84%）和276,000,000股H股（约占公司股份总数的1.57%），合计持股比例仍为20.40%，保持不 变。 ■ 二、本次权益变动所涉及的后续事项 上述股东权益变动事项，不会导致公司控股股东、实际控制人发生变化。 本次权益变动为公司实际控制人国际集团之一致行动人之间发生的股份无偿划转，不会使国际集团及其 一致行动人所持公司股份合计数量发生变化，不涉及股份增持或者减持，不触及要约收购，无需进行权 益变动报告书披露等后续工作。 本次权益变动为公司实际控 ...

Group 1 - The company has signed a sales agreement with Guotai Junan Securities Co., Ltd. to add this institution as a sales agency for its products starting from December 8, 2025 [1] - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through the mentioned institutions from December 8, 2025 [2] Group 2 - Investors can enjoy fee discounts when subscribing or regularly investing in the funds through the sales agency, with the discount details determined by the sales agency [4] - The company does not set discount limits on subscription fees, regular investment fees, or conversion fees, and any changes to the sales agency's discount activities will be based on their announcements [4] Group 3 - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases through the sales agency [5] - Fund conversion allows holders to exchange their fund shares for other funds managed by the same fund manager, subject to the rules outlined in the fund contract and effective announcements [5] Group 4 - Investors are encouraged to read the fund contract, prospectus, and other legal documents for detailed information about the fund products [6] - For inquiries, investors can contact Guotai Junan Securities Co., Ltd. or Ping An Fund Management Co., Ltd. through the provided customer service numbers and websites [7]

Core Viewpoint - The appointment of Zhu Jian as the new chairman of the China Securities Association (CSA) is aimed at enhancing the quality and functionality of the securities industry, aligning it with national strategies [1] Group 1: Leadership Changes - Zhu Jian, chairman of Guotai Junan Securities, has been appointed as the new chairman of the CSA [1] Group 2: Strategic Focus - The CSA will focus on its core business, strengthen its functions, and improve its systems to promote high-quality development [1] - The association aims to effectively leverage the functions of the securities industry and enhance the investment and financing mechanisms [1] Group 3: Implementation and Guidance - The CSA will guide the implementation of the "14th Five-Year Plan" and direct the industry to integrate into national strategies [1]

Core Viewpoint - The chairman of Guotai Junan Securities, Zhu Jian, has been appointed as the new president of the China Securities Association, emphasizing a focus on risk prevention and strong regulation in the securities industry [1] Group 1: Leadership and Governance - Zhu Jian will lead the China Securities Association in aligning with the "14th Five-Year Plan" for the securities industry, focusing on top-level design [1] - The association aims to enhance governance rules through member collaboration, promoting a shared management system within the industry [1] Group 2: Risk Management and Professional Development - The new leadership will prioritize the prevention of systemic risks and the improvement of professional capabilities and core competencies within the industry [1]