Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 4.176 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.34%. However, the net profit attributable to shareholders was 94.8659 million yuan, a decrease of 22.81% year-on-year. The net profit after deducting non-recurring gains and losses was 73.5099 million yuan, down 4.63% year-on-year. In Q3 2025, the company achieved a quarterly revenue of 1.38 billion yuan, up 5.9% year-on-year, and a net profit of 26 million yuan, a significant increase of 353% year-on-year [2][4]. Summary by Sections Company Overview - The company is a leader in the refractory materials industry in China and is actively expanding overseas, with plans to establish factories in the United States and Serbia. This expansion is expected to enhance growth due to better competitive conditions and profitability in overseas markets compared to domestic ones [5]. Product Development - The company is focusing on the active magnesium oxide product line, leveraging high-quality magnesium ore from Tibet. This product is applicable in nickel and cobalt deposition, which is anticipated to create new growth opportunities. A recent agreement with GEM Co., Ltd. includes a commitment to purchase approximately 500,000 tons of active magnesium oxide from the company between 2025 and 2028 [5][11]. Financial Performance - In Q3 2025, the company reported a gross margin of 18.35%, a slight year-on-year increase, attributed to ongoing product structure optimization. The company also recognized a credit impairment loss of 10.26 million yuan during this quarter [6]. Future Outlook - The company expects significant growth in revenue from active magnesium oxide, with projected earnings of 190 million yuan and 490 million yuan for 2025 and 2026, respectively. The corresponding price-to-earnings ratios are estimated to be 39 and 15 times [11].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In Q3 2025, the company achieved operating revenue of 78.4 billion yuan, a year-on-year increase of 8.2%, with total parcel volume reaching 4.31 billion, up 33.4% year-on-year, significantly increasing market share. The growth in business scale is attributed to the ongoing "activation operation" mechanism and strategic resource investment [2][4][10]. - The company's net profit attributable to shareholders was 2.57 billion yuan, a decline of 8.5% year-on-year, primarily due to excessive fill-up products driven by the activation operation and increased temporary resource investments. The company is gradually adjusting its market strategy to promote further structural cost reduction, anticipating an improvement in profitability. Additionally, the increase in share repurchase amount reflects confidence in future development [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company reported operating revenue of 78.4 billion yuan, a year-on-year increase of 8.2%. The net profit attributable to shareholders was 2.57 billion yuan, down 8.5% year-on-year, while the net profit excluding non-recurring items was 2.23 billion yuan, a decrease of 14.2% [4][10]. - The gross profit margin decreased by 4.4% year-on-year, with a net profit margin decline of 0.7 percentage points to 2.8% [10]. Business Expansion - The company is focusing on accelerating business scale expansion through the "activation operation" mechanism. The express logistics business revenue grew by 14.4% year-on-year, while supply chain and international business revenue decreased by 5.3% due to a significant drop in international freight prices compared to the previous year. However, international express and cross-border e-commerce logistics revenue grew by 27% year-on-year in Q3 [10]. Strategic Initiatives - The company is enhancing its core business and laying out a second growth curve by upgrading its operational network and strengthening high-quality service guarantees. The revenue growth in mid-to-high-end time-sensitive services has improved, and the company is expanding its industry-specific and international strategies [10]. - The company has adjusted its market strategy to implement differentiated authorization in business regions, transitioning from scale-driven incentives to value-driven incentives. The increase in share repurchase amount to 1.5-3 billion yuan demonstrates confidence in long-term strategic development [10]. Future Outlook - The company expects net profits attributable to shareholders to reach 11.04 billion, 12.48 billion, and 14.09 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 18.5, 16.4, and 14.5 times [10].

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 异常高温带动电量加速增长，水电延续强势火电 显著修复 报告要点 [Table_Summary] 10 月份全国统计口径发电机组发电量同比增长 7.9%，受 10 月中上旬南方异常高温影响，创 下年内单月最高增速。细分来看，用电需求高增叠加清洁能源挤压减弱，火电单月增速大幅转 正，10 月份火电发电量同比增长 7.3%，带动 1-10 月降幅收窄至 0.4%。水电方面，来水持续 改善叠加去年同期基数偏低，水电延续强势表现，10 月发电量同比提升 28.2%。非水清洁能源 方面，10 月风况延续偏弱叠加基数偏高，风电发电量同比减少 11.9%，降幅扩大 4.3pct，光伏 发电量同比增长 5.9%，增速环比回落 15.2pct；核电发电量同比增长 4.2%，保持稳健增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% % ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant decline in performance, with a 28.24% year-on-year decrease in revenue for the first nine months of 2025, totaling 1.038 billion yuan. The net profit attributable to the parent company fell by 58.39% to 81 million yuan, and the net profit after deducting non-recurring items decreased by 64.49% to 66 million yuan [2][6]. - In Q3 2025, the company achieved revenue of 337 million yuan, down 36.10% year-on-year, with a net profit of -2 million yuan and a net profit after deducting non-recurring items of -5 million yuan [2][6]. - The company is actively expanding its OTC channel network, which has led to a significant increase in operational costs, while the scale effect of the channel has not yet been fully realized [12]. Financial Performance Summary - For Q3 2025, the gross profit margin was 71.03%, a slight increase of 0.19 percentage points year-on-year, while the net profit margin attributable to the parent company was -0.68%, a decrease of 15.30 percentage points year-on-year [12]. - Sales expenses for Q3 2025 amounted to 201 million yuan, a decrease of 6.79% year-on-year, with a sales expense ratio of 59.75%, an increase of 18.79 percentage points year-on-year [12]. - The company expects net profits attributable to the parent company for 2025-2027 to be 137 million yuan, 146 million yuan, and 158 million yuan, respectively, with corresponding EPS of 0.34 yuan, 0.36 yuan, and 0.39 yuan [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit that exceeded expectations, continuing its rapid growth trajectory. In Q3 2025, the company achieved total revenue of 307 million yuan, a year-on-year increase of 10.66%, and a net profit attributable to shareholders of 125 million yuan, representing a year-on-year growth of 75.70% [4][10]. - The company’s operating cash flow for Q3 2025 was 100 million yuan, up 47.42% year-on-year. For the first three quarters of 2025, total revenue reached 830 million yuan, a 31.90% increase year-on-year, with a net profit of 330 million yuan, marking an 89.11% year-on-year growth [4][10]. Summary by Sections Financial Performance - In Q3 2025, the company’s total revenue was 307 million yuan, with a year-on-year growth of 10.66%. The net profit was 125 million yuan, reflecting a significant year-on-year increase of 75.70%. The operating cash flow was 100 million yuan, up 47.42% year-on-year [4][10]. - For the first three quarters of 2025, total revenue was 830 million yuan, a 31.90% increase year-on-year, and the net profit was 330 million yuan, which is an 89.11% increase year-on-year [4][10]. Profitability and Cost Management - The company achieved a gross margin of 96.31% in Q3 2025, an increase of 23.72 percentage points year-on-year, primarily due to an optimized revenue structure and the high profitability of standardized software products. The total expense ratio was 59.87%, showing slight improvement from Q2 2025 [10]. - The net profit margin remained high at 40.43% [10]. Strategic Initiatives - The company announced a large-scale stock incentive plan, proposing to grant 3.394 million shares, which accounts for 2.997% of the current share capital, to 603 employees. This initiative aims to align employee interests with company performance [10]. - The company is expanding its market presence beyond core sectors like government and finance to include energy, transportation, telecommunications, and manufacturing, benefiting from national policies supporting domestic software [10]. Market Outlook - The database sector, as one of the three major foundational software areas, is expected to experience significant growth driven by the new round of domestic innovation and promotion from 2025 to 2027. The company is positioned as a leader in the domestic database market, with advantages in product autonomy, core technology breakthroughs, and ecosystem migration [10].

国内盈利承压，全球化贡献增量 ——汽车行业2025Q3业绩综述 长江证券研究所汽车研究小组 2025-11-16 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 高伊楠 分析师 张永乾 分析师 王子豪 分析师 张扬 SAC执业证书编号：S0490517060001 SAC执业证书编号：S0490524030002 SAC执业证书编号：S0490524070004 SAC执业证书编号：S0490524030004 SFC执业证书编号：BUW101 联系人 麦贻智 %% %% %% %% research.95579.com 2 01 乘用车：总量较好增长，盈利能力整体承 压 02 零部件：板块持续分化，全球化企业驱动 新一轮成长 03 货车：以旧换新政策刺激，下游总量显 著回升 04 轻卡和客车：以旧换新催动内需，出海持 续拓展，Q3客车业绩向好 目 录 05 两轮车：中大排量摩托车市场快速扩容， 强新车供给车企开启新增长 %% research.95579.com 3 总述 01 ➢ 乘用车：总量较好增长，盈利能力 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue of 1.627 billion yuan, down 21.13% year-on-year, and a net profit of 152 million yuan, down 36.94% year-on-year [2][4]. - The third quarter of 2025 saw a revenue of 363 million yuan, a decrease of 5.51% year-on-year, and a net profit of 8 million yuan, down 78.30% year-on-year [2][4]. - The company is undergoing a short-term adjustment due to external market factors and internal reforms, leading to a decline in sales revenue for some products [11]. - A recent investment agreement with Harbin Jixianglong Biotechnology Co., Ltd. is expected to enhance the company's financial performance once the project is implemented [11]. - The gross profit margin for the third quarter of 2025 was 61.40%, an increase of 1.33 percentage points year-on-year, while the net profit margin was 2.14%, a decrease of 7.17 percentage points year-on-year [11]. - The company is actively reforming its marketing system and advancing its R&D projects, including clinical trials for various products [11]. - Profit forecasts for 2025-2027 estimate net profits of 202 million yuan, 262 million yuan, and 356 million yuan, respectively, with corresponding EPS of 0.24 yuan, 0.31 yuan, and 0.42 yuan [11]. Financial Summary - For the first nine months of 2025, the company achieved total revenue of 1.627 billion yuan and a net profit of 152 million yuan [2][4]. - The third quarter's revenue was 363 million yuan, with a net profit of 8 million yuan [2][4]. - The company’s gross profit margin for Q3 2025 was 61.40%, while the sales expenses were 134 million yuan, reflecting a 10.30% increase year-on-year [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has shown steady growth in performance, with a revenue of 2.837 billion yuan for the first nine months of 2025, representing a year-on-year increase of 1.63%. The net profit attributable to the parent company reached 501 million yuan, up 9.51% year-on-year [4][10]. - In Q3 2025, the company achieved a revenue of 888 million yuan, a growth of 2.80% year-on-year, and a net profit of 158 million yuan, which is an increase of 8.38% year-on-year [4][10]. - The company is actively expanding its product offerings in the health sector, leveraging its strengths in the anorectal market and enhancing its marketing efforts [10]. Financial Performance - For the first nine months of 2025, the company reported a net profit of 501 million yuan, with a non-recurring net profit of 468 million yuan, reflecting a year-on-year growth of 9.51% and 4.27% respectively [4][10]. - The gross margin for Q3 2025 was 48.00%, an increase of 1.52 percentage points year-on-year, while the net profit margin was 17.76%, up by 0.91 percentage points year-on-year [10]. - The company forecasts net profits of 608 million yuan, 717 million yuan, and 821 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.41 yuan, 1.66 yuan, and 1.90 yuan [10].

报告要点 [Table_Summary] 2025 年 Q3 君实生物营收增速显著，累计实现营业收入 18.06 亿元，同比增长 42.06%；单三 季度实现营业收入 6.37 亿元，同比增长 31.40%。核心商业化产品拓益®销售收入约 14.95 亿 元，同比增长约 40%，适应症扩展进一步推动销售收入增加。 JS207、 JS005、JS107 等核 心管线临床价值显现，即将迎来收获期。 分析师及联系人 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨君实生物（01877.HK） [Table_Title] 可持续经营能力提升，创新迎来收获期 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 君实生物（01877.HK） cjzqdt11111 2025 年 10 月 28 日，君实生物发布 2025 年第三季度业绩报告：2025 年前三季度实现营业收 入 ...

丨证券研究报告丨 ——房地产行业周度观点更新 报告要点 [Table_Summary] 基于高质量发展和宏观审慎管理，产业政策进一步放松的必要性逐步提高。常规层面，放松限 购、适度降息、税费优惠等环节仍有空间，实际利率角度，当前房贷利率仍偏高，尤其公积金 利率有较大优化余地。超常规层面，一是房贷利率深度打折，当前折扣水平较 2008-2009 年仍 有较大差距，鉴于银行息差压力的约束，可能需要财政或央行结构性工具的额外补贴；二是收 储或旧改等领域进一步发力。常规层面的放松可以阶段性缓释下行压力，但超常规层面的发力 可以部分解决行业深层次矛盾，低利率是行业结构性企稳的必要条件，剩下的是宏观问题。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 行业研究丨行业周报丨房地产 [Table_Title] 如何看待未来政策空间？ 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 如何看待未来政策空间？ 2] ——房地产行业周度观点更新 [T ...