Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The two main business segments are gradually becoming profitable, and significant share buybacks are being conducted to reward shareholders. The company is expected to see substantial incremental growth from its home decoration and rental businesses, which are turning profitable. Despite short-term pressures on the brokerage business due to market cycles, the company maintains a clear alpha compared to the industry. Continuous innovation and AI empowerment are expected to enhance quality and efficiency, leading to greater earnings elasticity as market conditions stabilize [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 23.1 billion yuan (up 2.1%) and a net profit attributable to shareholders of 750 million yuan (down 36.0%). Adjusted net profit was 1.29 billion yuan (down 27.8%). For the first three quarters of 2025, these figures were 72.4 billion yuan, 2.9 billion yuan, and 4.5 billion yuan, respectively, showing year-on-year changes of +16.1%, -16.8%, and -23.3% [6][10]. Business Segments - The rental revenue has increased significantly, countering the decline in the brokerage segment. The company reported a 45.3% year-on-year increase in rental revenue, with over 660,000 managed properties as of Q3 2025. The brokerage business saw a decline in revenue from existing and new homes, with year-on-year changes of -3.6% and -14.1%, respectively [10]. Profitability and Margins - The overall gross margin decreased by 1.3 percentage points year-on-year to 21.4%, with a gross profit decline of 3.9%. The profitability of the rental business improved significantly, contributing a profit margin of 8.7%. The company has successfully managed expenses, with selling, general, and administrative expenses as a percentage of revenue decreasing by 1.1 percentage points year-on-year to 18.4% [10]. Share Buybacks and Future Outlook - The company executed a share buyback amounting to 281 million USD in Q3 2025, the highest in nearly two years. Cumulatively, 675 million USD has been spent on buybacks in the first three quarters, representing nearly 3% of the total shares outstanding as of the end of 2024. The company expects adjusted net profits for 2025-2027 to be 5.78 billion, 7.62 billion, and 8.33 billion yuan, with corresponding price-to-earnings ratios of 24.3, 18.4, and 16.9 [10].

Investment Rating - The investment rating for the cement industry in Africa is "Positive" and is maintained [11] Core Insights - Africa has a low urbanization rate and underdeveloped infrastructure, indicating significant long-term demand potential for cement, with a projected future demand of nearly 800 million tons if benchmarked against current North African per capita consumption [3][20] - Domestic leading companies maintain a net profit of over 100 RMB per ton, suggesting that Chinese companies entering Africa will benefit from technological, process, and management advantages, leading to potentially higher profitability [3][20] Summary by Sections Current Demand and Medium-term Potential - The current cement demand in Africa is projected to reach 250 million tons in 2024, with a growth rate closely aligned with GDP growth [7][20] - The urbanization rate in Africa is similar to that of China in the 1990s, but economic growth and urbanization progress are expected to lag behind China's golden years [7][20] Low Capacity Utilization and High Price Paradox - Cement prices in Africa are 3-6 times higher than in China, yet capacity utilization is below 60% due to various constraints including outdated equipment and resource scarcity [7][35] - The paradox arises from factors such as uneven coal and electricity supply, outdated local equipment, and low cement density, which allows for high pricing despite low utilization [7][35][42] Impact of Chinese Enterprises on Local Pricing - Chinese companies currently hold less than 10% market share in Africa, reducing the likelihood of rapid price wars [8][55] - The entry of Chinese firms is profit-driven rather than price-driven, as they possess significant cost advantages over local companies [8][55] Local Enterprises' Capacity Expansion Plans - Major local players like Dangote and BUA have completed large-scale expansions, with future growth expected to be limited and focused on diversification into other sectors [8][68] - Dangote's expansion plans are primarily long-term and will not significantly impact current market prices [8][68] Comparison of Huaxin Cement and Western Cement in Africa - Both companies entered the African market around the same time, with Huaxin's capacity projected at 20.5 million tons and Western Cement at 9.8 million tons by mid-2025 [8][68] - Huaxin focuses on mergers and technological upgrades, while Western Cement emphasizes new construction [8][68] Reasons for European Cement Giants Exiting Africa - European companies like LafargeHolcim are shifting focus to greener building materials and have found their operational capabilities in Africa lacking compared to local firms [8][9] - The sale of assets to more competitive Chinese subsidiaries is seen as a more cost-effective strategy [8][9] Profitability in African Markets for Chinese Enterprises - The African market presents a long-term growth opportunity, with demand expected to expand significantly [8][7] - Chinese firms leverage their operational advantages to improve profitability through acquisitions and technological upgrades [8][7] Cement Supply and Demand in Nigeria - Nigeria's cement market is characterized by high concentration, with Dangote holding about 50% market share and a stable pricing foundation [8][9] Cement Supply and Demand in Ethiopia - Ethiopia shows strong GDP growth and low urbanization, indicating substantial construction potential [8][9] Impact of Currency Fluctuations on Chinese Enterprises - Currency fluctuations have led to exchange losses for Chinese companies operating in Africa, but strategies are being developed to mitigate these risks [10][9]

嗯嗯公司研究丨深度报告丨川投能源（ [Table_scodeMsg1] 600674.SH） [Table_Title] 雅砻江三部曲：三江汇流，穿透川投 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 穿透川投，公司参股 48%的雅砻江公司贡献核心业绩，参股 20%的大渡河公司为辅。复盘川投 能源的成长历程，2009 年定增收购雅砻江 48%的股权后，公司的成长性与雅砻江的机组投产 节奏高度相关，共享雅砻江公司的成长红利。站在当前时点，雅砻江公司两河口增发效益显著 以及大渡河公司新一轮投产周期开启共振，将为川投能源带来可观的业绩增量。同时随着两家 参股公司的资本开支压力逐步减轻以及盈利情况改善，"投分差"具备稳步提升的基础，川投能 源分红潜力有待释放。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SFC：BQT627 刘亚辉 张子淳 SAC：S0490523080003 请阅读最后评级说明和重要 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [10] Core Insights - In the first three quarters of 2025, the overall revenue of the social services industry increased by 1.8% year-on-year, with positive growth in all sub-sectors except for duty-free and hotel sectors [2][19] - The overall net profit excluding non-recurring items decreased by 6.51% year-on-year, with significant variations across sectors; hotels and human resources sectors showed increases of 13.51% and 5.41% respectively, while sectors like tourism, education, dining, duty-free, and outbound tourism experienced declines [2][19] - The third quarter showed a marginal improvement with a revenue increase of 3.64% year-on-year and a net profit decrease of 4.28% [2][19] Summary by Relevant Sections Revenue Overview - The overall revenue growth for the social services industry was 1.8% year-on-year in the first three quarters of 2025, with a notable increase of 3.64% in the third quarter [19] - Sub-sectors such as outbound tourism, human resources, education, and scenic spots saw revenue growth rates of 10.53%, 9.57%, 4.41%, and 1.41% respectively, while dining and duty-free sectors faced declines [20][22] Profitability Analysis - The overall net profit excluding non-recurring items for the industry decreased by 6.51% year-on-year, with hotels and human resources sectors showing positive growth [23][24] - The hotel sector benefited from effective cost control, while other sectors like scenic spots, education, dining, and duty-free faced significant profit declines [23][24] Cash Flow Insights - The cash flow situation showed signs of improvement, with human resources, dining, and scenic spots experiencing increases in net cash flow [34] - The overall cash flow performance remained weak, with several sectors showing declines in cash flow relative to revenue [34] Sector-Specific Opportunities - In the education sector, high-quality institutions are expected to see stable growth, particularly with the integration of AI technologies [7][41] - The human resources sector is experiencing structural recovery, supported by employment policies and AI technology [7][41] - The hotel sector is witnessing a recovery in RevPAR, with leading hotel groups resuming rapid expansion [7][41] - The duty-free sector is seeing a narrowing of sales declines, with expectations for new policies to stimulate growth [8][41] - The dining sector is currently facing challenges due to regulatory impacts, but some companies are managing to maintain stable growth [7][41] - The scenic spots sector is benefiting from increased domestic tourism, particularly among rural residents [7][41]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company has transitioned from a high-growth phase to a high-quality development phase, focusing on efficiency improvement, cost reduction, and debt reduction. Free cash flow is expected to continue increasing, with overseas markets providing broader development opportunities. The projected net profit attributable to shareholders for 2025 and 2026 is estimated at 155 billion and 176 billion yuan, respectively, making it a key recommendation [2][11]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 111.79 billion yuan (YoY +16%) and a net profit attributable to shareholders of 14.779 billion yuan (YoY +41%). The net profit after deducting non-recurring gains and losses was 15.473 billion yuan (YoY +38%). In the third quarter alone, the company reported operating revenue of 35.327 billion yuan (YoY -11%) and a net profit of 4.249 billion yuan (YoY -56%) [4][11]. Operational Highlights - The company maintained a high growth in pig output, with approximately 69.16 million pigs sold in the first three quarters of 2025, a year-on-year increase of 38%. The number of market pigs sold was 57.32 million, up 27% YoY, while the number of piglets sold surged by 151% YoY [11]. - The company has successfully reduced production costs, with the average complete cost in September dropping to 11.6 yuan/kg. The average selling price for market pigs was approximately 13.6 yuan/kg, resulting in a profit of about 234 yuan per pig sold [11]. Debt Management - The company achieved its goal of reducing debt by 10 billion yuan ahead of schedule, with the debt-to-asset ratio decreasing to 55.5% as of the end of the third quarter. The total liabilities have decreased by approximately 9.8 billion yuan since the beginning of the year [11]. International Expansion - The company is making steady progress in its overseas business, having signed a cooperation agreement in September to establish a high-tech pig farming project in Vietnam. This initiative aims to replicate its technology and production system in international markets, potentially leading to significant profitability [11].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨迈瑞医疗（300760.SZ） [Table_Title] 业绩符合预期，收入拐点已现 报告要点 [Table_Summary] 业绩符合预期，收入迎来增长拐点。公司 2025 年第三季度营业收入 90.91 亿元，同比增长 1.53%；经营性现金流 33.51 亿元，同比增长 30.02%，主要是由于国内市场 2025 年上半年设 备招标活动恢复，营业收入同比降幅明显收窄，四季度业绩有望延续环比持续改善的趋势，国 内业务 2026 年有望回归正增长。2025 年第三季度海外市场提速，收入占比超过 50%。2025 年第三季度公司海外收入增长 11.9%，回到双位数增长水平，其中欧洲市场增长 29%。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 迈瑞医疗（300760.SZ） cjzqdt11 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's performance meets expectations, with a revenue inflection point observed. In Q3 2025, the company reported revenue of 162 million yuan, a year-on-year increase of 10.37%, marking a return to positive growth for the quarter. However, the net profit attributable to the parent company was -15 million yuan, a decrease of 148.44% year-on-year, primarily due to changes in product mix affecting gross margin and a high base effect from 2024 [2][4][11]. - The new product AQ-400 is expected to enter a ramp-up phase, featuring advanced imaging technology and capabilities that could enhance the company's competitive edge in the market, particularly in tertiary hospitals [11]. - The company is focusing on expanding its overseas market presence, particularly in high-end models, with established marketing support centers in Europe and other regions, which is anticipated to drive rapid growth in international business [11]. - Future profit projections for the company are optimistic, with expected net profits of 11 million yuan, 49 million yuan, and 140 million yuan for 2025, 2026, and 2027, respectively [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 423 million yuan, a year-on-year decrease of 15.57%. The net profit attributable to the parent company was -56 million yuan, down 250.37% year-on-year. In Q3 2025, revenue was 162 million yuan, up 10.37% year-on-year, while the net profit was -15 million yuan, a decrease of 148.44% [4][11]. Product Development - The AQ-400 product features significant upgrades, including 3D imaging technology, EDOF functionality, and a high-spectral optical staining platform, which are expected to create a differentiated competitive advantage and increase market share in tertiary hospitals [11]. Market Expansion - The company is actively deepening its presence in overseas markets, with a focus on high-end products. It has made progress in market access in Europe and is expanding coverage in regions such as Brazil, South Korea, and Malaysia [11].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 营收韧性增长，研发投入维持高位 报告要点 [Table_Summary] 2025 年前三季度，公司实现营业收入 23.27 亿元，同比增长 1.99%；实现归母净利润 0.80 亿 元；扣非归母净利润为 0.61 亿元；单季度来看，公司 2025 年 Q3 实现营业收入 7.01 亿元，同 比增长 2.86%，归母净利润为-901 万元；扣非归母净利润为-1557 万元。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% 1、竞争加剧带来产品均价回落对公司营收和利润带来影响的风险； 2、技术研发被替代所带来的业绩回落风险。 research.95579.com 1 [Table_scodeMsg2] 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 营收韧性增长，研发投入维持高位 [Table_Summary2] 事件描述 公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q3 2025 results that met expectations, with revenue of 3.89 billion yuan, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 230 million yuan, up 14.5% year-on-year. The company is a leader in automotive thermal management in China and is expanding into data energy and robotics, which opens up future growth opportunities. The projected net profits for 2025-2027 are 960 million yuan, 1.48 billion yuan, and 1.86 billion yuan, with corresponding P/E ratios of 29.2x, 19.0x, and 15.2x [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of approximately 3.89 billion yuan, a year-on-year increase of 27.4% and a quarter-on-quarter increase of 3.7%. The growth in revenue is attributed to the recovery in the commercial vehicle sector and increased sales from certain passenger vehicle clients. The net profit for Q3 2025 was 230 million yuan, a year-on-year increase of 14.5% and a quarter-on-quarter increase of 0.7%. The net profit margin was 5.9%, down 0.7 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The gross margin for Q3 2025 was 19.4%, down 0.9 percentage points year-on-year but up 0.6 percentage points quarter-on-quarter [2][10]. Business Segments - The digital energy business is rapidly expanding, with revenue of 690 million yuan in the first half of 2025, a year-on-year increase of 58.9%. The company has developed a range of liquid cooling products for data centers and is also expanding into energy storage and ultra-fast charging for new energy heavy trucks. In the robotics sector, the company is actively developing humanoid robots and has established a joint venture to focus on dexterous hands [10]. Future Outlook - The company is positioned as a leader in automotive thermal management and is venturing into new areas such as data energy and robotics. The projected net profits for 2025-2027 are 960 million yuan, 1.48 billion yuan, and 1.86 billion yuan, with corresponding P/E ratios of 29.2x, 19.0x, and 15.2x, indicating strong growth potential [2][10].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Insights - In October, BYD's total sales reached 442,000 units, a year-on-year decrease of 12.1% but an increase of 11.5% month-on-month. Passenger vehicle sales were 437,000 units, down 12.7% year-on-year and up 11.1% month-on-month [2][4][10]. - The export sales in October were 84,000 units, showing a significant year-on-year increase of 167.8% and a month-on-month increase of 17.9% [2][10]. - Cumulatively, from January to October 2025, BYD's total sales reached 3.702 million units, up 13.9% year-on-year, with cumulative export sales of 778,000 units, up 136.4% year-on-year [2][10]. Summary by Sections Sales Performance - October total sales: 442,000 units, YoY -12.1%, MoM +11.5% - Passenger vehicle sales: 437,000 units, YoY -12.7%, MoM +11.1% - Brand performance: Ocean series sales at 395,000 units, Equation Leopard at 31,000 units, and Tengshi at 10,000 units [2][10]. Export Growth - October export sales: 84,000 units, YoY +167.8%, MoM +17.9% - Cumulative export sales from January to October: 778,000 units, YoY +136.4% [2][10]. Strategic Developments - Continued focus on overseas market expansion and high-end product offerings, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia [10]. - The launch of new high-end models is expected to enhance performance, with a projected net profit of 35 billion yuan for 2025, corresponding to a PE ratio of 26X [10].