Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 50.2 yuan [2][8]. Core Insights - The company reported a total revenue of 3.67 billion yuan for the first three quarters of 2025, a year-on-year decrease of 34.59%. However, the net profit attributable to shareholders increased by 167.73% to 2.152 billion yuan, and the net profit excluding non-recurring items rose by 6.7% to 818 million yuan [2][4]. - The decline in revenue is attributed to changes in the scope of consolidation, as the data from Tianjin Zhongxin Pharmaceutical Co., Ltd. is no longer included this year [2]. - The company’s core products are expected to see significant growth, particularly in the industrial sector, with notable sales increases in key products [8]. Financial Performance Summary - For Q3 2025, the company achieved a single-quarter revenue of 1.019 billion yuan, down 38.08% year-on-year, while the net profit for the quarter was 225 million yuan, up 53.66% year-on-year [2]. - The gross profit margin for Q3 2025 was reported at 75.8%, an increase of 29.2 percentage points year-on-year, and the net profit margin was 21.9%, up 13.3 percentage points year-on-year [8]. - The company’s sales expense ratio increased to 38.6%, while the management expense ratio was 8.3% and the R&D expense ratio was 2.9% [8]. Future Earnings Projections - The report forecasts the company's earnings for 2025 to be 2.24 billion yuan, with subsequent projections of 1.11 billion yuan for 2026 and 1.20 billion yuan for 2027, reflecting a year-on-year growth of 0.5%, a decline of 50.7%, and an increase of 8.8% respectively [8][9]. - The estimated earnings per share (EPS) for 2025 is projected at 2.91 yuan, with a P/E ratio of 16 times [4][9]. Dividend Policy - The company announced a dividend plan for the first three quarters of 2025, proposing a cash dividend of 24.50 yuan per 10 shares (before tax), totaling 1.887 billion yuan, with a payout ratio of 87.67% [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 20 yuan [2][6]. Core Insights - The company's revenue for the first three quarters of 2025 was 6.978 billion yuan, a decrease of 6.00% year-on-year, while the net profit attributable to the parent company was 434 million yuan, down 29.61% [2][6]. - In Q3 2025, the revenue was 2.188 billion yuan, a decline of 2.20%, and the net profit attributable to the parent company was 49 million yuan, down 63.39% [2][6]. - The company is experiencing a narrowing decline in revenue, with a continuous enrichment of its product system [2][6]. Financial Performance Summary - For 2024A, total revenue is projected at 10.021 billion yuan, with a year-on-year growth rate of 0.1%. For 2025E, it is expected to be 9.660 billion yuan, a decrease of 3.6%, and for 2026E, it is projected to increase by 10.3% to 10.651 billion yuan [2][7]. - The net profit attributable to the parent company is forecasted to be 692 million yuan in 2024A, with a growth rate of 5.8%, and is expected to reach 702 million yuan in 2025E, a growth of 1.5% [2][7]. - The earnings per share (EPS) for 2025E is estimated at 1.16 yuan, with a price-to-earnings (PE) ratio of 13 times [2][7]. Product Development and R&D - The company increased its R&D expenses to 322 million yuan in the first three quarters of 2025, a year-on-year increase of 8.28% [2][6]. - New products approved between July and October 2025 include various medical devices, indicating a further enrichment of the product system [2][6]. Investment Recommendations - Based on the Q3 2025 performance and ongoing profit pressure, the company is expected to achieve net profits of 700 million yuan, 820 million yuan, and 900 million yuan for 2025-2027, representing year-on-year growth rates of 1.5%, 16.3%, and 10.7% respectively [2][6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 57 yuan [4][8]. Core Insights - The company reported a significant increase in performance for Q3 2025, with total revenue reaching 448 million yuan, a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 136 million yuan, also up by 40.03% [2][4]. - The growth in Q3 2025 was particularly strong, with revenue of 182 million yuan, representing an 85.26% increase year-on-year, and a net profit of 62 million yuan, which is a 130.72% increase [2][4]. - The company has launched a new employee incentive plan, granting 1 million restricted shares at a price of 25 yuan per share, focusing on employees related to overseas business [4][8]. Financial Performance Summary - For the first three quarters of 2025, the company's medical endoscope and optical businesses drove revenue growth, with the endoscope business alone seeing a 100% increase in Q3 [4][8]. - The after-sales service revenue also grew significantly, reaching 60 million yuan, an 80% increase year-on-year, with international after-sales contributing 53 million yuan [4][8]. - The gross profit margin remained stable, supported by the increase in sales volume and effective coordination between domestic and overseas production [4][8]. Financial Projections - The company forecasts total revenue of 601 million yuan for 2025, with a year-on-year growth rate of 35.8%, and net profit of 184 million yuan, reflecting a growth rate of 36.1% [4][9]. - Earnings per share (EPS) are projected to be 1.54 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 30, 24, and 20 for the years 2025, 2026, and 2027 respectively [4][9].

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - The year - end bond market rally can still be expected, but the magnitude should be rationally viewed. Bank, insurance, and wealth - management funds still have bond - allocation needs, protecting the market. However, the rate - cut expectation is weaker than in the past two years, so the rally may be limited [5][7][109]. - Currently, the three factors affecting bond - market fluctuations are risk preference, fund sales regulations, and year - end rally. As the negative impacts of risk preference and fee regulations are weakening, the risk of yield rising above the previous high is controllable. Before the implementation of the fee regulations, the bond market may fluctuate narrowly around 1.8%, and a potential decline in yield may occur later [5][7][109]. - Structurally, there is room to explore the spread of 3 - 5y policy - financial bonds. Attention can be paid to 7y CDB bonds in the medium - term, and the 30 - 10y treasury bond term spread may continue to compress. The 30y treasury bond swap strategy can be considered, and 15 - 30y local bonds can be participated in after the November supply peak [5][7][109]. 3. Summary According to the Directory 3.1 10 - month Central Bank Balance Sheet and Custody Volume Interpretation - **2025 October Central Bank Balance Sheet Changes**: The central bank's balance - sheet size decreased from 47.14 trillion yuan to 47.06 trillion yuan. The main reduction item on the asset side was "claims on the government", and the main increase item on the liability side was "government deposits". The "other depository corporation deposits" decreased seasonally [12][13][22]. - **Impact of Central Bank Operations on Custody Volume in October 2025**: The net investment scale of innovative tools was close to the change in the custody - account balance. The main incremental bond type was local bonds, and treasury bonds shifted from reduction to increase [27]. 3.2 Leverage Ratio Driven by the carry - trade space, institutions' willingness to increase leverage marginally recovered. In October, the average monthly trading volume of repurchase increased, and the average leverage ratio of bond funds rose. It reached the highest level in early November and then declined due to tightened liquidity [30]. 3.3 By Institution - **Banks**: Big banks' bond - allocation speed slowed down, with both primary - and secondary - market bond - buying efforts decreasing. Rural commercial banks may still have bond - allocation needs as their deposit growth rate exceeds the loan growth rate [42][48][54]. - **Insurance**: In the context of a bullish equity market, the incremental bond investment of insurance companies declined. In Q3 2025, there was an inversion between the incremental bond investment and secondary - market bond - buying scale. However, in the future, there may still be bond - allocation demand for incremental funds [62][70]. - **General Funds**: The bond - allocation sentiment improved. At the end of the year, there may still be a tendency to front - run, but the intensity may weaken. The scale of bond funds increased, and wealth - management products had strong bond - allocation demand, which is beneficial for the year - end rally [72][80][83]. - **Foreign Capital**: The comprehensive return on investing in certificates of deposit decreased, and foreign capital maintained a net outflow, mainly reducing holdings of certificates of deposit and policy - financial bonds while increasing holdings of treasury bonds [84][91]. 3.4 By Bond Type In October, the incremental custody volume of the bond market rebounded, and certificates of deposit and government bonds were the main supporting items. The net financing scale of government bonds decreased, the supply of policy - financial bonds slightly increased, and the net financing of certificates of deposit increased significantly [92][99][102].

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][28]. Core Insights - The report emphasizes investment opportunities in the express delivery sector under the theme of "anti-involution," highlighting a verification period for revenue and performance elasticity. It recommends YTO Express and Shentong Express, which have recently been upgraded to "Strong Buy" due to their strong performance indicators and potential for significant earnings elasticity [3][6]. - The report also highlights J&T Express, which saw a 79% year-on-year increase in Southeast Asia parcel volume in Q3, benefiting from high regional demand and the "anti-involution" trend, which is expected to stabilize domestic market profitability [3][6]. - SF Express is viewed positively due to its accelerated operational strategies leading to increased revenue growth, with the highest parcel volume growth year-to-date. The report suggests that the company's free cash flow can be sustainably optimized, making it an attractive investment after recent stock price adjustments [3][6]. Summary by Sections Industry Data - In October, the express delivery industry achieved a parcel volume growth rate of 7.9%, completing 17.6 billion parcels, a year-on-year increase of 7.9%. Cumulatively, from January to October, the industry completed 162.68 billion parcels, up 16.1% year-on-year [6][8]. - The industry's revenue in October reached 131.67 billion yuan, a year-on-year increase of 4.7%, with cumulative revenue from January to October at 1,217.41 billion yuan, up 8.5% year-on-year. The average revenue per parcel in October was 7.48 yuan, down 3.0% year-on-year [6][8]. Company Performance - In October, SF Express led the industry with a year-on-year parcel volume growth of 26.3%, followed by YTO Express at 12.8%, while Shentong Express and Yunda Express experienced lower growth rates [6][8]. - SF Express also led in revenue growth for October, with a year-on-year increase of 13.7%, while Shentong Express and YTO Express followed with 11.8% and 9.0% respectively [6][8]. - The report notes that Shentong Express had the highest year-on-year increase in average revenue per parcel at 2.18 yuan, while SF Express saw a significant decline of 10.0% year-on-year to 13.18 yuan [6][8].

产业研究 证 券 研 究 报 告 理财产品跟踪报告 2025 年第 13 期（11 月 01 日-11 月 14 日） 基金市场新发降温，分红险重回主导 银行理财产品： 根据普益标准数据，本期（11 月 1 日至 11 月 14 日）理财市场新发理财产品 1167 只，较上一期（10 月 18 日-10 月 31 日）的 1130 只基本持平。产品结构 延续"固收为主、理财公司主导、中短期限集中、低门槛普及"的特征，结构 分化依然较强：按投资性质划分，固定收益类产品仍占绝对主导地位，占比高 达 97.17%（前值 97.88%）；按机构类型划分，理财公司仍为主流，本期发行产 品 850 只，占比 72.84%；按投资起点划分，依然是 1 元及以下占比最高，新 发产品总数达 755 只（占比 64.7%），其次是 1 千元-1 万元（含）263 只（占 比 22.54%）。反映出理财行业向低门槛、普惠化转型的深化。 基金产品： 根据 wind 数据，2025 年 11 月 1 日至 11 月 14 日，全市场新成立基金共计 65 只，合计募集规模达 406.73 亿元，平均单只基金募集规模为 6.26 亿元。这 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 120 yuan [2][7]. Core Insights - The company's Q3 2025 performance met expectations, with new business segments showing strong growth. Revenue for the first three quarters of 2025 reached 4.63 billion yuan, up 11.82%, while net profit attributable to shareholders was 800 million yuan, up 12.66% [2][4]. - The report highlights that the small molecule CDMO business remains stable, contributing significantly to the company's revenue, despite some fluctuations due to adjustments in client pipelines [2][7]. - Emerging businesses have shown remarkable growth, with a 71.9% year-on-year increase in revenue for the first three quarters of 2025, and an improvement in gross margin [2][7]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 6.63 billion yuan, with a year-on-year growth rate of 14.2%. Net profit attributable to shareholders is expected to be 1.18 billion yuan, reflecting a growth rate of 24.1% [2][8]. - The earnings per share (EPS) are forecasted to be 3.26 yuan for 2025, with a price-to-earnings (P/E) ratio of 28 times [2][8]. - The report anticipates continued growth in net profit for 2026 and 2027, with projected figures of 1.45 billion yuan and 1.76 billion yuan, respectively [2][8]. Business Segment Analysis - The small molecule CDMO business has maintained a gross margin of 47.0%, which is crucial for the company's foundation [2][7]. - The chemical macromolecule CDMO segment has seen over 150% revenue growth, driven by increasing demand for new drug types [2][7]. - The biopharmaceutical CDMO segment is entering a rapid growth phase, with significant contributions from overseas clients [2][7]. - The formulation CDMO business is expected to benefit from new production capacities coming online in 2025 [2][7]. - The clinical CRO business is projected to recover steadily as the innovative drug sector sees increased investment [2][7].

Investment Rating - The report maintains a "Recommended" rating for Ctrip Group-S (09961.HK) with a target price of 635 HKD, reflecting an expected upside of 12.3% from the current price of 564.50 HKD [2][4]. Core Insights - Ctrip Group reported a revenue of 18.37 billion HKD in Q3 2025, representing a year-over-year increase of 15.5%. The gross margin was 81.7%, down 0.7 percentage points year-over-year. Operating profit reached 5.57 billion HKD, up 11.3% year-over-year, while net profit surged to 19.89 billion HKD, a remarkable increase of 194.0% due to gains from the disposal of certain investments [2][4]. - The accommodation booking revenue exceeded expectations, amounting to 8.05 billion HKD, with a year-over-year growth of 18.3%. Transportation ticketing revenue was 6.31 billion HKD, up 11.6% year-over-year. The international business continued to grow significantly, with total bookings on the international OTA platform increasing by approximately 60% year-over-year [8][2]. - The company has increased its marketing expenses to support overseas business expansion, leading to a sales expense ratio of 22.8%, which is an increase of 1.5 percentage points year-over-year [8][2]. - The sale of MakeMyTrip shares resulted in a substantial non-recurring gain, with other income for Q3 2025 reaching 17.03 billion HKD, a significant rise from 1.78 billion HKD in the same period last year [8][2]. Financial Projections - Revenue projections for Ctrip Group are estimated at 61.68 billion HKD for 2025, 70.16 billion HKD for 2026, and 79.54 billion HKD for 2027, with year-over-year growth rates of 15.7%, 13.8%, and 13.4% respectively [4][9]. - The net profit attributable to shareholders is forecasted to be 31.65 billion HKD in 2025, 20.62 billion HKD in 2026, and 23.59 billion HKD in 2027, with growth rates of 85.4%, -34.9%, and 14.4% respectively [4][9]. - The report anticipates a price-to-earnings ratio of 20x for 2026, leading to a target market capitalization of 452.4 billion HKD [8][4].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 15 yuan [2][8]. Core Insights - The company's performance trend is overall positive, with significant growth in revenue and net profit for the first three quarters of 2025. Revenue reached 186 million yuan, up 17.45% year-on-year, and net profit was 18 million yuan, up 362.49% year-on-year [2][8]. - The impact of the divestment of the IVD business is clearing, leading to a recovery in revenue growth and a significant increase in profit margins. The company expects continued growth driven by overseas expansion and new partnerships [8]. - The company has secured a major cooperation agreement with a global biotechnology giant, which is expected to enhance its overseas business and drive future revenue growth [8]. Financial Summary - For 2024A, total revenue is projected at 224 million yuan, with a year-on-year growth rate of -11.7%. By 2025E, revenue is expected to increase to 272 million yuan, reflecting a growth rate of 21.5% [4]. - The net profit for 2024A is estimated at 17 million yuan, with a significant increase to 25 million yuan in 2025E, representing a growth rate of 44.9% [4]. - The earnings per share (EPS) is projected to rise from 0.04 yuan in 2024A to 0.06 yuan in 2025E [4]. Business Development - The company is actively expanding its domestic and international business, with notable partnerships in the retail and food processing sectors. Collaborations with major clients like Hema Fresh and Kang Shifu are highlighted [8]. - The company is also pursuing government contracts in various provinces, enhancing its presence in the public sector [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company has demonstrated accelerated revenue growth, driven by AI empowerment and globalization, with a 24.22% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.303 billion yuan [2]. - The net profit attributable to shareholders for the same period grew by 14.55% year-on-year, amounting to 351 million yuan [2]. - In Q3 2025 alone, the company achieved a revenue of 460 million yuan, reflecting a 27.49% year-on-year growth, and a net profit of 116 million yuan, up 34.93% year-on-year [2]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,438 million yuan, 1,783 million yuan, 2,201 million yuan, and 2,704 million yuan respectively, with year-on-year growth rates of 21.2%, 24.0%, 23.5%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 401 million yuan, 502 million yuan, 609 million yuan, and 733 million yuan for the same years, with growth rates of 23.9%, 25.2%, 21.5%, and 20.2% respectively [4]. - The earnings per share (EPS) are projected to be 2.86 yuan, 3.58 yuan, 4.35 yuan, and 5.23 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4]. Business Segment Performance - The C-end business, particularly the intelligent text recognition products, saw a revenue of 385 million yuan in Q3, marking a 32.40% year-on-year increase, driven by an increase in active users and paid users [8]. - The B-end business also showed steady growth, with Q3 revenue from B-end products reaching 20.6 million yuan, a 19.64% year-on-year increase [8]. - The company is enhancing its overseas market capabilities and user experience, which is expected to further strengthen its brand recognition and long-term growth potential [8]. Investment Recommendations - The report suggests that the company's technological and product capabilities are building a competitive moat, with continuous improvements in AI capabilities [8]. - The target price for the company is set at 239 yuan, based on a projected market capitalization of 33.5 billion yuan, applying a 55x PE ratio for 2026 [4][8].