Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In Q3 2025, the company reported total revenue of $3.2 billion, a year-on-year increase of 4% excluding foreign exchange effects, while adjusted net profit was $282 million, a year-on-year decrease of 5% excluding foreign exchange effects. The decline in profit was mainly due to investment income drag [2][6]. - The company is expected to add 1,600 to 1,800 new stores in 2025, maintaining a high store opening pace, which is anticipated to drive continued revenue growth [2][10]. Summary by Sections Revenue and Profitability - The company experienced revenue growth and an increase in profit margins during the reporting period, although profit declined primarily due to investment income [2][6]. - The system sales increased by 4% year-on-year, driven by a 4% increase in net new stores and a 1% increase in same-store sales [10]. Store Expansion - In Q3 2025, the company added 536 new stores, with franchises accounting for 32% of the new openings. By the end of Q3, the total number of stores reached 17,514, including 12,640 KFC stores and 4,022 Pizza Hut stores [10]. - KFC achieved a record high of 402 new stores in Q3, with franchises making up 41% of the new openings [10]. Sales Performance - Both KFC and Pizza Hut saw year-on-year growth in same-store sales, with KFC's same-store sales increasing by 2% and Pizza Hut's by 1%. The overall transaction volume for the company increased by 4% year-on-year [10]. - The company’s overall takeaway sales accounted for 51% of restaurant revenue, with significant growth in takeaway sales for both KFC and Pizza Hut [10]. Profit Margins - The profit margins for both KFC and Pizza Hut improved, with KFC's operating profit margin increasing to 16% and Pizza Hut's to 8.9% [10]. - The overall operating profit margin for the company increased by 0.4 percentage points to 12.5% year-on-year [10]. Future Outlook - The company’s core competitive advantages in digitalization, backend operations, localization, and brand strength are expected to ensure stable performance for its mature brands [10]. - The projected net profits for 2025-2027 are $928 million, $1.012 billion, and $1.088 billion, respectively, corresponding to price-to-earnings ratios of 18, 17, and 15 times [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported total revenue of 2.348 billion yuan for Q1-Q3 2025, a year-on-year decrease of 38.01%. The net profit attributable to shareholders was 326 million yuan, down 71.02% year-on-year, while the net profit excluding non-recurring items was 265 million yuan, a decline of 76.11% year-on-year [2][4]. - In Q3 2025, the company achieved total revenue of 850 million yuan, a year-on-year decrease of 58.91%. The net profit attributable to shareholders was 221 million yuan, down 75.01% year-on-year, and the net profit excluding non-recurring items was 217 million yuan, a decline of 75.43% year-on-year [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company’s total revenue was 2.348 billion yuan, with a net profit of 326 million yuan and a net profit excluding non-recurring items of 265 million yuan [2][4]. - In Q3 2025, the company’s total revenue was 850 million yuan, with a net profit of 221 million yuan and a net profit excluding non-recurring items of 217 million yuan [2][4]. Market Strategy - The company has accelerated adjustments in its operations to manage channels effectively, which has led to a significant reduction in shipment volumes in Q3 2025. This strategy aims to maintain a healthy channel environment and stabilize the value chain [10]. Future Outlook - The company is expected to recover its performance relatively early due to proactive adjustments in response to industry demand pressures. EPS forecasts for 2025 and 2026 are 0.92 yuan and 0.96 yuan, respectively, corresponding to current P/E ratios of 47 and 45 times [10].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨重庆啤酒（600132.SH） [Table_Title] 重庆啤酒 2025 年三季报业绩点评：逆势投入， 吨价增长 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 130.59 亿元（同比-0.03%）；归母净利润 12.41 亿元（同比- 6.83%），扣非净利润 12.22 亿元（同比-6.4%）。公司 2025Q3 营业总收入 42.2 亿元（同比 +0.41%）；归母净利润 3.76 亿元（同比-12.71%），扣非净利润 3.67 亿元（同比-12.08%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 重庆啤酒（600132.SH） cjzqdt11111 [Table_Title 重庆啤酒 2025 2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a total revenue of 692 million yuan for the first three quarters of 2025, representing a year-on-year increase of 7.10%. The net profit attributable to shareholders was 128 million yuan, up 13.19% year-on-year, while the net profit after deducting non-recurring items reached 133 million yuan, reflecting a significant increase of 25.90% year-on-year. The financial performance is stable, with positive progress in research and development and effective marketing transformation [3][9]. Summary by Sections Financial Performance - For the first three quarters of 2025, total revenue was 692 million yuan (up 7.10% year-on-year), net profit attributable to shareholders was 128 million yuan (up 13.19% year-on-year), and net profit after deducting non-recurring items was 133 million yuan (up 25.90% year-on-year). In the third quarter alone, total revenue was 231 million yuan (down 4.12% year-on-year), with net profit of 37 million yuan (up 9.06% year-on-year) and net profit after deducting non-recurring items also at 37 million yuan (up 17.98% year-on-year) [3][9]. Research and Development - The company has made significant progress in its R&D pipeline, with KC1086 completing the first subject enrollment in Phase I clinical trials. KC1036 is progressing normally in Phase III clinical trials, and ZY5301 is in active communication with the National Medical Products Administration regarding its market registration application. The company is also advancing preclinical projects KC1101 and KC5827, aiming to enter clinical research soon. There are over 10 projects in the pre-research screening stage, covering various fields such as hemostasis, bone metabolism, and oncology, with 2-3 projects expected to be initiated each year [9]. Marketing Transformation - The company has successfully transitioned from a single alliance model to a dual-driven strategy that emphasizes self-operated models while maintaining collaborative development. This transformation has led to significant improvements in professional promotion, brand building, market access, and customer coverage. The core product "Su Ling" has seen substantial operational benefits, and the overseas business of "Mi Ge Xi" has also achieved continuous growth [9]. Profit Forecast - The company forecasts net profits attributable to shareholders of 160 million yuan, 185 million yuan, and 215 million yuan for 2025, 2026, and 2027, respectively. Corresponding earnings per share (EPS) are projected to be 1.00 yuan, 1.16 yuan, and 1.35 yuan [9].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨中国船舶（600150.SH） [Table_Title] 中国船舶：订单交付结构持续优化，并表中国重 工助力业绩加速释放 报告要点 [Table_Summary] 中国船舶三季度交付船舶数量、价格同比提升，带动公司营收保持稳健增长，业绩加速释放。 随着公司订单确收结构优化，高价值、新能源船型交付稳增，公司前三季度毛利率达 12.56%， 同比提升 1.94pct，同时公司加强控费，成本管控效果显现，带动公司盈利能力持续提升。目前 公司手持订单饱满，订单排期已至 2029 年，后续业绩释放具备支撑。展望后续，合并中国重 工后，公司造船接单效率进一步提升，盈利能力有望继续释放，随着美国暂停 301 政策一年， 全球新造船订单有望回流中国，造船业景气度有望继续上行。 分析师及联系人 [Table_Author] 赵智勇 韩轶超 王贺嘉 臧雄 屈奇 SAC：S0490517110001 SAC：S0490512020001 SAC：S0490520110004 SAC：S0490518070005 SAC：S0490524070003 SFC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has demonstrated robust growth in net profit, with a cumulative revenue of 1.434 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.57%. The net profit attributable to the parent company reached 223 million yuan, marking a significant year-on-year growth of 75.81% [2][4][10]. - The company has successfully commercialized its first-class new drug, Liratinib tablets (奥壹新®), and has eight innovative pipelines in the fields of oncology and anti-infection that continue to show clinical value, providing future growth potential [2][10]. - The company is accelerating its commercialization process through its ophthalmology pipeline and optimizing its R&D strategy [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 1.434 billion yuan, a year-on-year increase of 3.57%. The net profit attributable to the parent company was 223 million yuan, reflecting a year-on-year growth of 75.81%. In the third quarter alone, the net profit reached 63.33 million yuan, up 23.15% year-on-year [4][10]. Product Development - The company has received approvals for three new products in the first three quarters of 2025, including the first-class new drug Liratinib tablets, which is a third-generation EGFR-TKI. Additionally, two generic drugs have been approved, with six more generic drugs pending approval [10]. - The company has a total of 42 projects under research, with 9 key innovative drugs in development. Notably, two oncology pipelines have shown significant clinical benefits, with promising data presented at the 2025 ESMO conference [10]. Strategic Partnerships - The company’s subsidiary, AskGene Pharma, has licensed the exclusive rights for its ophthalmology pipeline ASKG712 to I-Mab's subsidiary Visara for multiple markets, which includes an upfront payment of 7 million USD and potential milestone payments of up to 89 million USD [10]. Profit Forecast - The company is projected to achieve net profits of 281 million yuan, 491 million yuan, and 747 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.30 yuan, 0.53 yuan, and 0.81 yuan [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company has shown strong growth in both revenue and profit in Q3 2025, driven by continuous expansion in overseas markets and sustained high growth in core categories such as NAS and mobile power banks. The company is currently in a phase of channel and regional expansion, with product innovation enhancing its brand momentum [2][4][12] Summary by Sections Financial Performance - In Q3 2025, the company's operating revenue reached 2.5 billion yuan, a year-on-year increase of 60%. The net profit attributable to the parent company was 192 million yuan, up 67% year-on-year, while the net profit after deducting non-recurring items was 188 million yuan, reflecting a 71% increase year-on-year [4][12] - The gross profit margin improved significantly, with a year-on-year increase of 0.7 percentage points, attributed to a higher proportion of overseas sales, which typically have higher margins. The sales expense ratio increased by 0.4 percentage points year-on-year but decreased significantly by 1.5 percentage points quarter-on-quarter, indicating effective marketing cost control [12] Market Expansion - The company is in a period of channel and regional expansion, with product innovation enhancing its product lineup. The brand's momentum is accelerating, supported by investments in domestic brand upgrades and the ongoing expansion of e-commerce and offline channels overseas [12] - The NAS product category continues to lead consumer education, while the iteration of new charging products is accelerating, benefiting from the iPhone upgrades and compliance certifications for mobile power banks [12] Future Outlook - The company is expected to achieve net profits of 700 million yuan, 1.04 billion yuan, and 1.35 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [12]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨杰克科技（603337.SH） [Table_Title] 杰克科技 2025 年三季报点评：经营稳健，高端 产品可期 报告要点 [Table_Summary] 杰克科技发布 2025 年三季度报告。2025Q1-Q3 公司实现营业收入 49.67 亿元，同比增加 5.53%，实现归母净利润 6.82 亿元，同比+10.06%。其中 2025Q3 实现营业收入 15.94 亿元， 同比+8.31%，实现归母净利润 2.04 亿元，同比+0.79%。 分析师及联系人 [Table_Author] 赵智勇 曹小敏 SAC：S0490517110001 SAC：S0490521050001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 杰克科技（603337.SH） cjzqdt11111 [Table_Title 杰克科技 2025 2] 年三季报点评：经营稳健，高端 产品可期 [Table_Summary2] 事件描述 杰克科技发布 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a steady operation in Q3 2025, with revenue and net profit both showing quarter-on-quarter increases, achieving record highs for a single quarter. The overall business performance is stable, benefiting from a relatively favorable automotive industry this year [2][6]. - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52%, and a net profit attributable to the parent company of 236 million, up 5.06%. In Q3 2025 alone, revenue reached 404 million, a year-on-year increase of 17.20%, with net profit at 88 million, up 8.20% [6][2]. - The company continues to enhance its market share in core components for turbocharging and is expanding its production scale for new energy vehicle components, laying a solid foundation for stable growth [2][6]. - The company's ball screw business is progressing steadily, with a comprehensive layout in linear motion components. This year, the company has delivered batch orders for machine tool ball screws and is optimizing production processes for humanoid ball screws [2][6]. - The company is advancing the construction of its subsidiary in Thailand to enhance overseas production capacity and improve its international competitiveness, targeting the Southeast Asian market and beyond [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross profit margin of 34.37%, a decrease of 0.78 percentage points year-on-year, and a net profit margin of 21.72%, down 1.78 percentage points year-on-year. The increase in revenue was accompanied by an improvement in the expense ratio [2][6]. - The company’s net profit for 2025 is projected to be 326 million and 390 million for 2026, corresponding to price-to-earnings ratios of 38x and 31x, respectively [2][6]. Business Development - The company is focusing on high-end machine tools, automation, humanoid robots, and intelligent connected vehicles in its ball screw business. It has developed high-precision equipment to enhance processing accuracy [2][6]. - The company’s products have been applied in well-known domestic machine tool models and have secured batch delivery orders [2][6]. Market Outlook - The domestic automotive sales reached 24.363 million units in the first nine months of 2025, a year-on-year increase of 12.90%, with new energy vehicle sales at 11.2276 million units, up 34.95% [2][6].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨山西汾酒（600809.SH） [Table_Title] 山西汾酒 2025 年三季报点评：收入稳健增长， 凸显经营韧性 报告要点 [Table_Summary] 山西汾酒发布 2025年三季报：公司 2025年前三季度营业总收入 329.24亿元，同比增长 5.00%； 归母净利润 114.05 亿元，同比增长 0.48%，扣非净利润 114.11 亿元，同比增长 0.53%。公司 2025Q3 营业总收入 89.60 亿元，同比增长 4.05%；归母净利润 28.99 亿元，同比下滑 1.38%， 扣非净利润 28.95 亿元，同比下滑 1.61%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title 山西汾酒 2025 2] 年三季报点评：收入稳健增长， 凸显经营韧性 [Table_Summary2] 事件描述 山西汾酒发布 2025 年三季报：公司 2025 年前三季度营业总收入 329.24 亿元，同比增长 5.0 ...