| | | 截至下列日期止三個月 | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 二零二四年 | | | 三月三十一日 | 三月三十一日 十二月三十一日 | | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | (未經審計) | (未經審計) | (未經審計) | | 收益 | | | | | 辦公軟件及服務 | 1,301,469 | 1,225,349 | 1,501,181 | | 網絡游戲及其他 | 1,036,526 | 911.526 | 1,291,297 | | | 2.337.995 | 2.136.875 | 2.792.478 | | 收益成本 | (419,409) | (396,222) | (449.134) | | 毛利 | 1.918.586 | 1.740.653 | 2.343.344 | | 研究及開發成本 | (827.853) | (712,788) | (730.411) | | 銷售及分銷開支 | (340,468) | (261,292) | (340,275) | | 行政開支 | (160,2 ...

今年以来，港股医药板块迎来强势反弹。受益于板块强势反弹，药师帮股价呈现走强趋势。截至5月， 药师帮年内累计最大涨幅超68%。 活动中，药师帮执行董事兼CFO陈飞从财务与战略视角系统阐释了药师帮的业务模型，重点分析了公司 在自营及平台三方业务、供应链赋能及创新业务三大板块的协同效应，通过核心经营数据展现了其持续 优化的盈利能力、市场竞争优势以及模式独特性。 据悉，2024年度是药师帮全面扭亏为盈的一年。2024年度报告显示，公司年度收入179.04亿元，同比增 长5.5%；经调整净利润1.57亿元，同比增长20%，实现净利润3001万元，全面扭亏为盈。 5月27日，药师帮在广州总部举办上市以来首场投资者开放日活动，多家头部基金及券商的近50位投资 者、分析师受邀出席。 2024年度全面扭亏为盈 亿元回顾计划加速估值回归 基于对自身业绩和未来市场的正面预期，药师帮于5月7日宣布启动亿元规模的股份回购计划，并于5月7 日-23日累计回购共497.7万股股份，总回购金额超3809万港元。 根据沙利文预计，2027年中国院外医药流通市场规模有望突破1万亿元，占整体医药流通市场的比重将 达到47.1%，其中数字化医药流通 ...

根据联交所获得的证据，王先生（该公司当时的借贷业务负责人）前后批准该公司授出及/或延长八笔 涉及本金金额合共1.383亿港元的贷款，事前却没有进行足够的尽职审查、风险分析及信贷评估，亦未 有妥善评估及监察相关抵押资产是否充足。部分贷款人为王先生家人，但无证据显示王先生有就此申 报。该公司2019年全年业绩中就应收贷款作出了约86%的减值。 王先生及田女士亦被发现曾于2018年该公司出售若干附属公司时，促使该公司在无担保及免息的基础上 允许将买方支付代价9300万元人民币的限期押后到出售事项完成后数月。买方最后并未支付任何代价， 导致该公司2019年全年业绩录得9300万元人民币的全额减值。概无证据显示王先生或田女士于出售事项 前有对买方进行任何尽职审查或信贷评估。 智通财经APP获悉，5月28日，香港联合交易所有限公司宣布对中国健康科技集团控股有限公司(01069) （前称中国宝沙发展控股有限公司）两名前董事王岳和田光梅作出纪律处分。联交所认为二人不适合担 任公司或其附属公司的董事或高级管理职务，原因是他们在2015年至2019年从事公司借贷业务及2018年 促使公司出售附属公司时，未履行董事职责，且未配合联 ...

2025年第一季度持续经营业务收入为3.68亿元，较上一年度同期的7.23亿元下降49.2%，主要由于云服 务平台收入减少3.17亿元所致。 2025年第一季度实施收入为1.43亿元，较上一年度同期的1.57亿元下降 9.2%，主要由于中国实施金融服务系统的需求下降所致。2025年第一季度获客服务收入为500万元，较 上一年度同期的1300万元下降59.2%，主要由于数字化信贷管理解决方案中的放款系统的交易量减少所 致。2025年第一季度风险管理服务收入为5500万元，较上一年度同期的6500万元下降15.8%，主要由于 银行相关的风险分析解决方案交易量减少所致。2025年第一季度运营支持服务收入为1.22亿元，较上一 年度同期的1.34亿元下降9.2%，主要由于智能语音服务解决方案收入有所减少。2025年第一季度来自云 服务平台的收入为200万元，较上一年度同期的3.18亿元下降 99.5%，主要由于自2024年7月起战略性逐 步终止云服务所致，有关详情此前已在本公司日期为2024年7月11日的公告有关我们最新业务运营信息 中披露。2025年第一季度开发后维护服务收入为2000万元，较上一年度同期的1500 ...

本期债券品种一票面利率簿记建档区间为1.50%-2.50%(含上下限)，品种二票面利率簿记建档区间为 1.60%-2.60%(含上下限)。最终票面利率将由发行人与主承销商按照国家有关规定通过簿记建档方式确 定。发行人和主承销商将于2025年5月29日(T-1日)向专业机构投资者进行簿记询价，并根据询价结果确 定本期债券的最终票面利率。 发行人本期债券发行规模为不超过人民币13亿元(含13亿元)。每张面值为人民币100元，发行价格为100 元/张。发行人和主承销商将根据申购情况决定实际发行规模。 本期债券品种一为3+N年期固定利率债券，品种二为5+N年期固定利率债券。本期债券引入品种间回拨 选择权，回拨比例不受限制，发行人和簿记管理人将根据本期债券发行申购情况，在总发行规模内，由 发行人和簿记管理人协商一致，决定是否行使品种间回拨选择权，即减少其中一个品种的发行规模，同 时对另一品种的发行规模增加相同金额，单一品种最大拨出规模不超过其最大可发行规模的100%。 智通财经APP讯，中国建材(03323)发布公告，中国建材股份有限公司(以下简称"发行人"、"本公 司"、"公司")面向专业投资者公开发行不超过人民币2 ...

5月21日-23日，第十一届中国国际养老服务业博览会在北京国家会议中心隆重举办。作为中国养老行业 最具影响力的国际盛会，本届博览会以"携手共促新质生产力，探索银发经济新未来"为主题，集中展示 了国内外养老服务创新成果，深入探讨了养老服务改革与银发经济发展的新课题。凭借13年专业积淀， 远洋集团旗下椿萱茂以先进养老理念及3+业务布局惊艳亮相，为全球养老产业高质量发展提供"中国样 本"。 本届博览会由中国社会福利与养老服务协会主办，吸引220多家来自10个国家和地区的政府部门、社会 组织、品牌机构参展参会，集中展示了各国前沿的养老服务创新理念、技术产品，构建国际交流合作的 桥梁，推动中国养老服务业加速与国际接轨，助力行业迈向新高度。 委托管理赋能增长 助力康养伙伴稳健发展 中国已步入中度老龄化社会，伴随人口结构老化，慢性病高发与失智人群持续扩大的双重挑战日益凸 显，这对养老行业提出了多元化、专业化的服务升级要求。 作为国内首家完成CLRC长者社区、CB老年公寓、CBN护理院全业态布局的养老机构，椿萱茂在夯实 主营业务机构康养的同时，持续拓展增长业务板块——涵盖委托管理业务、对外养老服务专业人才培 养、居家智慧康养 ...

Group 1 - The domestic automotive industry is facing significant scrutiny, with potential risks similar to those seen in the Evergrande crisis [2][3] - A recent report indicates that many automotive companies have debt ratios exceeding 60%, raising concerns in the market [3] - The company Hebei Shichang Automotive Parts Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, with a focus on plastic fuel tanks for traditional fuel vehicles [4][6] Group 2 - Hebei Shichang has seen revenue growth in recent years, with projected revenues of 281 million yuan for the first half of 2025, a 22.05% increase year-on-year [13] - The company has a high customer concentration, with over 92% of revenue coming from its top five clients, including Geely and Chery [16] - The average price of the company's plastic fuel tanks is projected to decrease by 2.15% in 2024, reflecting market pressures [18][19] Group 3 - The automotive industry in China is rapidly evolving, with a significant shift towards electric vehicles, which poses challenges for traditional fuel tank manufacturers [26][30] - The market share of traditional fuel vehicles is declining, with projections indicating that by 2025, electric vehicles will account for 20% of total sales [26] - The competitive landscape includes major players like Aipu and several foreign companies, with Hebei Shichang ranking second among domestic manufacturers in market share [27][30]

Core Viewpoint - Xiaopeng Motors reported a significant increase in revenue and a reduction in net loss for Q1 2025, indicating a positive trend in its financial performance and operational efficiency [1][2]. Financial Performance - In Q1 2025, Xiaopeng Motors achieved revenue of 15.81 billion yuan, a year-on-year increase of 141.5% [1]. - The net profit for Q1 2025 was -660 million yuan, showing a reduction in loss by 710 million yuan compared to the previous quarter [2]. - The gross margin improved to 15.6%, with the automotive sales gross margin at 10.5%, reflecting a year-on-year increase of 5.0 percentage points [2]. Vehicle Delivery and Sales - Xiaopeng Motors delivered 94,000 vehicles in Q1 2025, marking a year-on-year growth of 330.8% [2]. - The automotive business revenue reached 14.37 billion yuan, up 159.2% year-on-year, with an average selling price (ASP) of 153,000 yuan per vehicle [2]. - The company anticipates delivering between 102,000 and 108,000 vehicles in Q2 2025, projecting total revenue of 17.5 billion to 18.7 billion yuan [2]. Product Development and Market Expansion - Xiaopeng Motors plans to launch several new models, including the G6, G9 facelift, and the all-new X9, which are expected to drive sales growth [2]. - The company is expanding its sales network, with a total of 690 stores covering 223 cities and 2,115 self-operated charging stations [3]. - The upcoming Mona M03 Max will introduce advanced driving features at a lower price point, targeting a broader market [3]. Future Projections - The company forecasts vehicle sales of 524,000, 786,000, and 966,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan [3]. - The expected growth rates for revenue are 139.2%, 61.7%, and 24.6% for the years 2025 to 2027 [3].

Core Insights - The company reported FY4Q25 results with revenue of 2364.5 billion RMB, a 6.6% increase, slightly below Bloomberg consensus of 2379.1 billion RMB, which was a 7.2% increase [1] - Adjusted net profit reached 298.5 billion RMB, a 22.2% increase, slightly above Bloomberg consensus of 298.5 billion RMB, which was a 20.3% increase, indicating strong performance [1] Group 1: Taotian Group - Taotian Group achieved revenue of 1013.7 billion RMB in FY4Q25, an 8.8% year-over-year increase, exceeding Bloomberg consensus [2] - CMR revenue was 710.8 billion RMB, up 11.8% year-over-year, significantly above Bloomberg consensus of 684.1 billion RMB [2] - The number of 88VIP users exceeded 50 million, a more than 50% increase year-over-year, reflecting strong user growth [2] Group 2: Cloud Intelligence Group - Cloud Intelligence Group reported revenue of 301.3 billion RMB, a 17.7% increase, slightly above Bloomberg consensus of 299.0 billion RMB [3] - Adjusted EBITA was 24.2 billion RMB, a 69.0% year-over-year increase, although slightly below Bloomberg consensus [3] - AI-related revenue has seen triple-digit year-over-year growth for seven consecutive quarters, indicating strong demand for AI capabilities [3] Group 3: International Business - International digital commerce revenue reached 335.8 billion RMB, a 22.3% year-over-year increase, while adjusted EBITA was -35.7 billion RMB [4] - Cainiao's revenue declined by 12.2% year-over-year to 215.7 billion RMB due to a business adjustment period [4] - Local life services revenue increased by 10.3% year-over-year to 161.3 billion RMB, with a continued trend of reduced losses [4] Group 4: Shareholder Returns - In FY25Q4, the company repurchased 51 million ordinary shares for a total of 600 million USD, with a total of 1.197 billion shares repurchased in FY25 [5] - The company declared a regular dividend of 0.13 USD per share and a special cash dividend of 0.12 USD per share, totaling 4.6 billion USD [5] - Future revenue projections for FY2026-2028 are 10642 billion RMB, 11748 billion RMB, and 12725 billion RMB, with adjusted net profit estimates of 1696 billion RMB, 1849 billion RMB, and 1955 billion RMB respectively [5]

于2025年5月28日交易时段后，本公司与Ruby Pioneer Limited订立贷款票据认购协议(2025年RP贷款票据 认购协议)，据此，本公司同意发行而 Ruby Pioneer Limited同意认购本金额为6.58亿港元的新贷款票 据，为期3年，年利率为3厘(2025年RP贷款票据)。2025年RP贷款票据认购协议及2025年RP贷款票据的 发行于同日完成。2025年RP贷款票据之认购款项已由本公司用作悉数结清现有RP贷款票据之未偿还本 金及应计利息 该等认购事项所得的认购款项由本公司用作于完成时结清现有GI可换股票据及现有CTF可换股票据的未 偿还本金额及应计利息。 由于2025年RP贷款票据的认购乃按一般商业条款或更佳条款进行，而本公司于2025年RP贷款票据项下 所欠债务并未以本集团资产作抵押，故根据上市规则第14A.90条，订立2025年RP贷款票据认购协议(及 发行2025年RP贷款票据)获完全豁免而无需遵守上市规则的任何披露、年度审阅、通函及股东批准规 定。 因此，现有GI可换股票据及现有CTF可换股票据项下所有未偿还本金及应计利息已悉数结清。 于2025年5月27日，Ruby Pi ...