Core Viewpoint - The company reported a 5% year-on-year increase in revenue for FY25 H1, driven by online sales growth and an increase in offline stores [1][2]. Financial Performance - FY25 H1 revenue reached 3.16 billion RMB, with mature brands contributing 1.76 billion RMB (+4% YoY), growth brands at 1.2 billion RMB (-2% YoY), and emerging brands at 200 million RMB (+149% YoY) [1]. - Net profit for FY25 H1 was 600 million RMB, reflecting a 5.5% increase YoY [1]. - Gross margin stood at 65.1%, a slight decrease of 0.1 percentage points, while net margin was 19.1%, also down by 0.1 percentage points [1]. Dividend Announcement - The company declared an interim dividend of 0.45 HKD per share (approximately 0.43 RMB per share) [1]. Membership Insights - In 2024, over 80% of retail revenue was contributed by members, with active member accounts totaling 540,000, a slight decrease from 2023 [1][2]. - Membership accounts with total purchases exceeding 5,000 RMB numbered over 330,000, generating retail revenue of 4.68 billion RMB, contributing over 60% of offline retail revenue [1]. Strategic Initiatives - The company aims to strengthen its position as a leading designer brand group in China through various strategies, including optimizing brand and product mix via self-incubation or acquisitions, enhancing retail networks, and leveraging data-driven operations [2]. - The focus will be on creating value-added services for fans and improving the overall retail experience [2]. Earnings Forecast - The company maintains its earnings forecast, projecting revenues of 5.5 billion RMB, 6 billion RMB, and 6.6 billion RMB for FY25-27, with net profits of 880 million RMB, 900 million RMB, and 990 million RMB respectively [2]. - Expected EPS for FY25-27 is 1.69, 1.74, and 1.91 RMB per share, corresponding to PE ratios of 8, 8, and 7 times [2].

Core Viewpoint - Jiangnan Buyi demonstrated resilient operational performance with a revenue increase of 5.0% year-on-year in the first half of FY2025, achieving 3.156 billion yuan despite a challenging consumer environment [1] Financial Performance - Revenue for the first half of FY2025 reached 3.156 billion yuan, reflecting a 5.0% year-on-year growth [1] - Gross margin slightly decreased by 0.1 percentage points to 65.1%, influenced by changes in channel structure [1] - Net profit increased by 5.5% year-on-year to 604 million yuan, maintaining a high net profit margin of 19.1% [1] - Operating cash flow net amount was 823 million yuan, a 22.2% year-on-year decline due to increased inventory, but the net cash ratio remained solid at 1.36 [1] Channel Performance - Online revenue grew by 11.9% year-on-year to 680 million yuan, accounting for 21.5% of total revenue, with gross margin improving by 2.3 percentage points to 68.4% [2] - Offline revenue increased by 3.5% year-on-year to 2.55 billion yuan, affected by a 7.7% decline in self-operated channels, while distribution channels achieved a robust growth of 14.2% [2] Brand Performance - JNBY brand accounted for 55.8% of total revenue with a steady growth of 3.6% and a gross margin increase of 0.6 percentage points [2] - Growth brands saw a revenue share of 38.1%, declining by 2.1%, with LESS being the only brand in this category to show positive growth of 0.8% [2] - Emerging brands experienced significant growth of 147.3% in revenue, with gross margin improving by over 10 percentage points, indicating substantial potential [2] Investment Recommendation - The company maintains a strong and stable growth trajectory with high profitability and cash flow, supporting a high dividend payout policy [3] - Profit forecasts for FY2025-2027 have been slightly adjusted upwards, with net profits projected at 890 million, 960 million, and 1.02 billion yuan respectively, reflecting year-on-year growth of 5.2%, 8.1%, and 6.2% [3] - Target price is maintained at 17.5-19.2 HKD, corresponding to a FY2025 PE ratio of 9.5-10.5x, with an "outperform" rating upheld [3]

智通财经6月5日电，中银航空租赁在港交所公告，购买及长期租赁九架空客A320NEO飞机。 ...

Core Insights - Innovent Biologics has received a second Breakthrough Therapy Designation (BTD) from China's NMPA for IBI363, a bispecific antibody fusion protein targeting squamous non-small cell lung cancer (sqNSCLC) [1][3] - IBI363 has also received Fast Track Designations (FTDs) from the U.S. FDA for sqNSCLC and melanoma, highlighting its potential in treating immunotherapy-resistant cancers [1][8] - The drug aims to address unmet clinical needs in patients who have progressed after anti-PD-(L)1 immunotherapy and platinum-based chemotherapy [1][4] Company Overview - Innovent Biologics is a leading biopharmaceutical company founded in 2011, focusing on developing high-quality medicines for various diseases, including oncology and autoimmune disorders [9] - The company has launched 15 products and has multiple assets in various stages of clinical trials, including 3 new drug applications under regulatory review [9] - Innovent collaborates with over 30 global healthcare companies, enhancing its research and development capabilities [9] Clinical Development - IBI363 has shown promising results in Phase 1 clinical studies, demonstrating manageable safety and encouraging efficacy in immunotherapy-resistant patients [2][6] - The drug's dual mechanism of action combines PD-1 blockade and IL-2-driven T-cell expansion, potentially reshaping the tumor microenvironment [3][5] - Innovent is accelerating global development for IBI363, with ongoing clinical studies in China, the U.S., and Australia targeting various tumor types [7]

Group 1 - The beauty blogger "Dr. Big Mouth" (Hao Yu) raised questions about the testing results released by Giant Bio, specifically regarding the choice of testing methods and the accuracy of the results [1] - Concerns were expressed about the discrepancy between the claimed 100% homology of recombinant collagen with human collagen and the actual 86% homology based on Giant Bio's own patent [1] - The blogger highlighted the lack of a blank control in the biuret test, which is crucial for accurately measuring the presence of recombinant collagen in the formulation [1] Group 2 - Recently, the international testing company SGS declined a testing request from the blogger's team, citing the controversial nature of the tests and a desire to avoid involvement [2] - The blogger criticized SGS for its decision to return the testing request, arguing that testing institutions should uphold social responsibility beyond profit motives [2] - In response to Giant Bio's statement about the availability of its products, the blogger encouraged legal entities to collect samples for future consumer protection efforts [2]

政策动向 年底前山东所有三级公立医院提供免陪照护服务 药械审批 国产首个九价HPV疫苗获批 万泰生物（603392）公告称，全资子公司厦门万泰沧海生物技术有限公司申报的九价人乳头瘤病毒疫苗 （大肠埃希菌）（商品名称：馨可宁9）获批上市。该疫苗适用于9-45岁女性，其中9-17岁可采用二剂 次接种程序，18-45岁采用三剂次接种程序。 21点评：这款疫苗是继默沙东的佳达修®9之外全球第二款九价HPV疫苗，打破了国外产品长达十余年 的市场垄断。根据2020年的数据，默沙东在HPV疫苗市场上的占有率超过80%，在四价和九价疫苗领域 占据主导地位。未来，在九价HPV疫苗市场，万泰生物能否动摇默沙东的主导地位，值得期待。 汇宇制药注射用硫酸多黏菌素B获得药品注册证书 汇宇制药公告，全资子公司四川汇宇海玥医药科技有限公司于近日收到国家药品监督管理局核准签发的 公司产品注射用硫酸多黏菌素B的《药品注册证书》，硫酸多黏菌素B几乎对除奇异变形杆菌外所有革 兰阴性菌有杀菌作用。 英飞凡®获批用于治疗局限期小细胞肺癌成人患者 阿斯利康宣布英飞凡®（通用名：度伐利尤单抗）已获中国国家药品监督管理局(NMPA)批准，作为单 药用于在接 ...

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年6月5日 星期四｜ NO.1 2025年上海合作组织财长和央行行长会议在北京举行 据财政部官网，2025年6月3日，上海合作组织成员国财长和央行行长会议以线上线下相结合的方式在北 京举行。会议深入讨论了全球和区域经济金融形势和挑战，各方支持采取行动深化区域财金合作，在推 进成立上合组织开发银行方面取得实质性进展，同意建立上合组织财金智库网络，并探讨了完善本币结 算安排和深化数字普惠金融合作等议题。 NO.2 国家能源局：新建或改造一批新能源电站 6月4日，国家能源局发布通知，组织开展新型电力系统建设第一批试点工作。通知提出，重点在保供偏 紧或消纳压力较大地区，新建或改造一批新能源电站，通过长尺度高精度功率预测、风光储智慧联合调 控运行等，提升系统友好性能，电站在高峰时段（不低于2小时）置信出力提升至10%以上。电站与调 度机构签订协同调度协议，明确协同调度运行方式及纳入电力平衡的可靠容量、支撑时长。优先建设或 改造新能源装机容量20万千瓦以上的项目。 6月4日，上海市发改委发布关于进一步加强项目储备谋划推动我市基础设施REITs提质扩容的通知。鼓 励上海市各有关企 ...

Core Viewpoint - WuXi Biologics (02269.HK) shows a recovering stock price trend, indicating market optimism for its future performance [1][11]. Price Performance - The stock price closed at HKD 24.95 on June 2, 2025, with a stable trading day and a cumulative volatility of 10.8% over the past week, suggesting potential for a breakthrough [1]. - In just two days, the stock price increased by 6.62%, positively impacting related derivative products, with notable performances from JPMorgan and UBS leveraged products, which rose by 28% and 20% respectively [1][7]. Technical Analysis - Support levels for WuXi Biologics are identified at HKD 22.9 and HKD 23.5, confirming bottom support as the stock stabilizes above these levels [3]. - Resistance levels are at HKD 25.8 and HKD 26.8; a breakthrough of the first resistance could lead to a new upward trend [3]. - The probability of an upward movement is assessed at 53%, indicating a neutral to bullish sentiment [3]. Technical Signals - A strong buy signal is indicated by 17 technical signals supporting a bullish outlook, including moving averages and mid-term trend indicators [6]. - The MACD and Ichimoku indicators also provide buy signals, reinforcing expectations for trend continuation [6]. Derivative Products - For bullish investors, the Bank of China call option (15841) offers a stable choice with a leverage of 3.3 times and an exercise price of HKD 24.88, minimizing time decay impact [7]. - For higher leverage, the Morley call option (14687) provides a leverage of 1.9 times, suitable for short-term trading [7]. - Investors interested in bull certificates may consider JPMorgan's product (57118), which offers a leverage of 5.3 times with a recovery price of HKD 22 [7]. Market Outlook - The overall market sentiment is positive, with expectations for further upward movement if the stock can effectively break through the key resistance level of HKD 25.8 [11]. - The stock is currently in a stabilizing phase, and any short-term fluctuations should be viewed as a healthy consolidation process for future gains [11].

Group 1 - The core viewpoint of the article highlights the expansion of the Chinese toy brand Pop Mart in Italy, with the opening of a pop-up store in Milan to enhance its market presence [2] - The pop-up store is located in the well-known department store Rinascente and features various iconic products from Pop Mart, including Labubu, SkullPanda, Dimoo, Hirono, Molly, and The Monsters series [2] - Since the launch of Labubu and other blind box products in Italy at the end of 2024, there has been a significant consumer response, with fans queuing to purchase these popular items [2] Group 2 - Pop Mart's sales manager for Southern Europe, Marco Ardizzone, announced plans to open a second official store in Italy by the end of July 2025, indicating the company's commitment to strengthening its European market presence [2] - The opening of the Milan pop-up store attracted hundreds of customers, with some even queuing from the evening of the 2nd to buy Labubu toys, showcasing the brand's popularity [2] - Pop Mart has been rapidly expanding in the global market, and although its European business currently represents a small portion of its overall operations, it is experiencing significant growth [3]

每经记者｜金喆 林姿辰 每经编辑｜陈俊杰 6月4日，康方生物方面向《每日经济新闻》记者表示，经调查核实，对于患者李某美使用的临床研究药 物，公司重庆销售人员通过伪造研究立项文件及医院伦理批件等材料，以研究者发起的药品上市后临床 研究的名义，从公司骗取了若干药物，并无偿给予患者李某美使用。公司从未向患者李某美收取任何费 用，公司经办销售人员亦未收取患者李某美的任何费用。 记者了解到，为规范临床试验，国家药品监督管理局和国家卫生健康委员会对临床试验药物有非常严格 的管理要求。国内某顶级肿瘤医院负责临床试验的医务人员告诉记者，他们有专人管理和记录用于临床 试验的药物，临床研究助理会负责清点药品数量、进行回收登记和双人核对。 康方生物否认向患者销售临床研究用药 卡度尼利单抗注射液是康方生物的PD-1单抗，在2022年6月获得国家药品监督管理局批准上市，用于治 疗复发或转移性宫颈癌。 从去年4月到今年2月，李某美每隔21天注射一次卡度尼利单抗注射液，每次5支，共计用药十四五次， 约有70瓶。 康方生物方面对记者表示，经公司内部自查，并向相关DTP（直接面向患者）药房以及患者李某美本人 核实：2024年4至5月期间，患者 ...