Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) [4] Core Views - Budweiser APAC reported Q3 2025 revenue of $1.555 billion, with a year-on-year decline of 8.4% [1] - Normalized EBITDA for the same period was $438 million, down 6.9% year-on-year, while normalized net profit attributable to shareholders was $204 million, a decrease of 9.3% [1] - The company is focusing on high-end and super high-end segments to leverage competitive advantages despite a weak beer demand in the Chinese market [4] Summary by Sections Overall Performance - Q3 2025 sales volume was 2.2512 million kiloliters, reflecting a year-on-year decline of 8.6% [1] - Revenue per hectoliter increased by 0.1% year-on-year, with a gross margin of 51.4%, showing a slight increase [1] Regional Performance - Western Asia-Pacific region saw revenue and normalized EBITDA decline by 12.0% and 11.9% year-on-year, respectively, with sales volume down 9.9% [2] - The Indian market performed well with double-digit revenue growth, positively impacting EBITDA [2] - Eastern Asia-Pacific region experienced revenue and normalized EBITDA growth of 3.9% and 8.7% year-on-year, respectively, despite a slight decline in sales volume [2] China Market Insights - In Q3 2025, revenue and normalized EBITDA in China fell by 15.1% and 17.9% year-on-year, respectively, with sales volume down 11.4% [3] - The decline was attributed to inventory management and weak on-the-go channel performance [3] - The company is focusing on optimizing channel inventory and enhancing contributions from non-on-the-go channels [3] Financial Forecasts - The report revises down the net profit forecasts for 2025-2027 to $589 million, $682 million, and $733 million, representing reductions of 15%, 7%, and 6% respectively [4] - The current stock price corresponds to a PE ratio of 23x for 2025, 20x for 2026, and 19x for 2027 [4]

Investment Rating - The report maintains a "Buy" rating for China Construction Bank (601939.SH) with a current price of 9.24 CNY [1]. Core Views - The bank's performance is showing a return to positive growth, with a stable revenue increase and a recovery in profit growth. The bank's three major strategies are being effectively implemented, contributing to its performance [4][10]. Financial Performance Summary - For the first three quarters of 2025, the bank achieved a revenue of 573.7 billion CNY, a year-on-year growth of 0.8%, and a net profit attributable to shareholders of 257.4 billion CNY, with a year-on-year growth of 0.6%. The annualized weighted average return on equity (ROAE) was 10.32%, a decrease of 0.71 percentage points year-on-year [3][4]. - The net interest income and non-interest income growth rates for the first three quarters were -3% and 14%, respectively, indicating a strong performance in non-interest income despite a decline in net interest income [4][8]. - The bank's cost-to-income ratio and credit impairment losses as a percentage of revenue were 24.8% and 21.2%, respectively, both showing year-on-year increases [4]. Loan and Deposit Growth Summary - As of the end of Q3 2025, the bank's interest-earning assets and loans grew by 10.4% and 7.5% year-on-year, respectively, indicating steady credit growth [5]. - The bank's deposits increased at a rate of 11.4% year-on-year, with a total of 191.4 billion CNY added in the third quarter alone [6]. Asset Quality and Capital Adequacy Summary - The non-performing loan (NPL) ratio was 1.32% at the end of Q3 2025, down 1 basis point from the previous quarter, indicating improved asset quality [9]. - The bank's capital adequacy ratios were robust, with a core Tier 1 capital ratio of 14.36% and a total capital adequacy ratio of 19.24% as of Q3 2025, providing a strong buffer for future growth [9][27]. Earnings Forecast and Valuation Summary - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.29 CNY, 1.32 CNY, and 1.35 CNY, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71 and a price-to-earnings (PE) ratio of 7.14 [10][11].

2025 年 10 月 31 日 公司研究 Q3 利润增速转正，龙头业绩表现稳健 买入（维持） 当前价：6.16 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 48.03 | | --- | --- | | 总市值(亿元)： | 295.85 | | 一年最低/最高(元)： | 5.33/8.74 | | 近 3 月换手率： | 45.91% | 股价相对走势 -10% 4% 18% 32% 46% 10/24 01/25 04/25 07/25 海澜之家 沪深300 ——海澜之家（600398.SH）2025 年三季报点评 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相 ...

2025 年 10 月 31 日 公司研究 Q3 业绩仍有承压，费用投入加大 ——比音勒芬（002832.SZ）2025 年三季报点评 要点 事件： 比音勒芬发布 2025 年三季报。公司 2025 年前三季度实现营业收入 32.0 元，同 比增长 6.7%，归母净利润 6.2 亿元，同比下滑 18.7%，扣非净利润 5.8 亿元， 同比下滑 21.4%，EPS（基本）为 1.09 元。 分季度来看，25Q1/Q2/Q3 公司单季度收入分别为 12.9/8.2/11.0 亿元，分别同 比+1.4%/+22.3%/+3.2%，归母净利润分别为 3.3/0.8/2.1 亿元，分别同比 -8.5%/-29.3%/-27.4%，归母净利率分别为 25.8%/10.1%/18.7%，分别同比 -2.8/-7.4/-7.9PCT。 点评： 2025Q3 费用率提升超毛利率，存货增加，经营净现金流减少 毛利率：前三季度毛利率同比下降 0.8PCT 至 75.6%。分季度来看，2025Q1~Q3 单季度毛利率分别同比-0.6/-4.6/+1.3PCT 至 75.4%/76.7%/75.1%。 费用率：前三季度期间费用率同比提 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The pharmaceutical sector continues to expand, significantly boosting the company's performance, with a revenue increase of 19.01% year-on-year to 1.301 billion yuan in the first three quarters of 2025 [1][2]. - The company's net profit attributable to shareholders rose by 51.54% year-on-year to 281 million yuan, driven by strong growth in both the pharmaceutical and electronic materials segments [1][2]. - The gross margin improved by 4.34 percentage points to 47.64% due to the high-margin pharmaceutical segment's revenue growth [2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 495 million yuan, a year-on-year increase of 23.78% and a quarter-on-quarter increase of 7.11% [1]. - The net profit for Q3 2025 was 115 million yuan, reflecting a year-on-year growth of 27.52% but a quarter-on-quarter decrease of 4.74% [1]. Business Segments - The pharmaceutical segment's growth is attributed to the ramp-up of core and new products, while the electronic materials segment benefited from the production of semiconductor photoresist and packaging materials [2]. - The company has expanded its pharmaceutical pipeline to 300 projects as of June 2025, with 165 innovative drug projects and 36 generic drug projects [3]. Future Outlook - The OLED business is expected to grow further, with a strategic investment of 76.4 million yuan in a subsidiary, enhancing the company's position in the OLED materials market [3]. - The company has revised its profit forecasts for 2025-2027, expecting net profits of 349 million, 438 million, and 538 million yuan respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 6.76 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 160 million yuan, marking a turnaround from losses [5][6] - The company is experiencing steady growth in both domestic and international sales, with significant performance in online channels [6][11] - The report highlights the company's strategic advantages in global layout and anticipates profit elasticity release as macro demand recovers [12] Revenue Performance - In Q1, Q2, and Q3 of 2025, the company reported revenues of 2.04 billion, 2.27 billion, and 2.44 billion yuan respectively, with year-on-year growth rates of 12.3%, 6.8%, and 12.0% [5] - Domestic sales reached 1.17 billion yuan, while international sales were 5.37 billion yuan, with year-on-year growth of 11.6% and 9.3% respectively [6] Profitability - The gross margin for the first three quarters of 2025 was 39.5%, an increase of 2.3 percentage points year-on-year [8] - The gross margin for domestic sales was 52.2%, reflecting a year-on-year increase of 6.3 percentage points [9] Future Outlook - The report projects net profits of 220 million yuan and 400 million yuan for 2025 and 2026 respectively, with corresponding EPS of 0.38 yuan and 0.70 yuan [12][13] - The company is expected to benefit from the optimization of store operations and the stabilization of overseas online business, leading to improved profitability [12]

2025 年 10 月 31 日 公司研究 经营承压，关注调整节奏 ——桃李面包（603866.SH）2025 年三季报点评 要点 事件：桃李面包公布 2025 年三季报，25Q1-Q3 实现营业收入 40.49 亿元，同比 减少 12.88%；归母净利润 2.98 亿元，同比减少 31.49%；扣非归母净利润 2.89 亿元，同比减少 30.33%。其中，25Q3 单季度实现营业收入 14.37 亿元，同比 减少 11.64%；归母净利润 0.94 亿元，同比减少 35.05%；扣非归母净利润 0.94 亿元，同比减少 30.96%。 整体动销承压，加强新品研发。分品类看， 25Q1-Q3/25Q3 公司面包营业收入 分别为 39.43/13.57 亿元，分别同比-11.90%/-8.91%。整体终端需求偏淡，叠 加公司主要渠道中现代商超/传统流通渠道受零食量贩等冲击影响，导致动销表 现持续承压。公司调整产品策略，以需求为导向迎合渠道端变化研发创新，推进 产品升级，丰富产品品类，补充小订单量、小众化单品。分区域来看，25Q3 公 司核心区域华北/东北/华东分别实现营业收入 3.21/6.43/4.70 亿元 ...

2025 年 10 月 31 日 公司研究 BC 两端齐发力，收入利润持续改善 ——妙可蓝多（600882.SH）2025 年三季报点评 买入（上调） 股价相对走势 -10% 18% 46% 74% 102% 10/24 01/25 04/25 07/25 妙可蓝多 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 1.76 | -10.21 | -23.20 | | 绝对 | 3.25 | 3.25 | -2.11 | | 资料来源：Wind | | | | 相关研报 B 端业务表现亮眼，利润显著改善——妙可 蓝多（600882.SH）2025 年半年报业绩点评 （2025-08-22） 当前价：25.11 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S09305220 ...

氟碳化学品价格上涨，公司业绩显著提升 ——昊华科技（600378.SH）2025 年三季报点评 要点 2025 年 10 月 31 日 公司研究 事件：公司发布 2025 年三季度报告。2025 年前三季度，公司实现营收 123.01 亿元，同比增长 20.50%（追溯调整后数据，下同）；实现归母净利润 12.32 亿 元，同比增长 44.57%；实现扣非后归母净利润 12.14 亿元，同比增长 109.93%。 2025Q3，公司单季度实现营收 45.41 亿元，同比增长 22.33%，环比减少 1.36%； 实现归母净利润 5.87 亿元，同比增长 84.30%，环比增长 27.68%。 点评： 政策推升氟碳化学品价格，公司业绩显著增长。由于配额政策影响，氟碳化学品 市场供需情况持续改善，对应产品价格显著上涨。2025 年前三季度，公司氟碳 化学品实现营收 40.3 亿元，同比增长 43.6%；实现销量 9.1 万吨，同比减少 3.3%； 平均销售价格为 4.4 万元/吨，同比增长 48.6%。其他产品方面，2025 年前三季 度公司含氟锂电材料、含氟气体及特种轮胎销量增长较为显著，同比分别增长 121% ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Beer (600132.SH) [1] Core Views - In the first three quarters of 2025, Chongqing Beer achieved operating revenue of 13.059 billion yuan, a slight decrease of 0.03% year-on-year, and a net profit attributable to shareholders of 1.241 billion yuan, down 6.83% year-on-year [6] - The third quarter of 2025 saw operating revenue of 4.220 billion yuan, an increase of 0.41% year-on-year, while net profit attributable to shareholders was 376 million yuan, a decrease of 12.71% year-on-year [6] Summary by Sections Revenue Performance - In the first three quarters of 2025, the company sold 2.6681 million kiloliters of beer, a year-on-year increase of 0.4%. However, Q3 sales were approximately 867,300 kiloliters, down about 1.2% year-on-year, indicating a slowdown compared to the first half of the year [7] - The average price per ton of beer in the first three quarters of 2025 was approximately 4,765 yuan, a decrease of 0.4% year-on-year, while in Q3, it was about 4,737 yuan, an increase of 1.8% year-on-year, showing a quarter-on-quarter improvement [7] Cost and Profitability - The gross profit margin for the first three quarters of 2025 was 50.17%, up 0.97 percentage points year-on-year, primarily due to product structure optimization and a decrease in raw material prices [8] - The net profit margin for the first three quarters of 2025 was 19.01%, down 1.4 percentage points year-on-year, reflecting the impact of increased expenses and tax rates [8] Strategic Initiatives - The company is actively transforming its channels and innovating product categories in response to a challenging macro environment. It is shifting focus towards non-on-premise channels, which have seen an increase in sales proportion [9] - New product innovations include 1L craft beer products aimed at home consumption and low-alcohol beers to cater to diverse consumer preferences. The company is also expanding its non-beer product line with new soft drinks and energy drinks [9] Financial Forecast and Valuation - The report maintains profit forecasts for 2025-2027 at 1.199 billion, 1.258 billion, and 1.311 billion yuan respectively, with corresponding EPS of 2.48, 2.60, and 2.71 yuan, and PE ratios of 22x, 21x, and 20x [11]