Group 1 - The stock of Pop Mart has shown strong performance, reaching a historical high of 220 HKD, with an intraday increase of over 5% [1] - The market capitalization of Pop Mart is approaching 300 billion HKD [1] - The stock has increased by 346% in 2024 and has further risen by 144% year-to-date [1] Group 2 - Investors can buy Hong Kong stocks through A-share accounts without the need for the Hong Kong Stock Connect, allowing for T+0 trading [1]

根据公告，公司将PD-1/VEGF双抗在中国内地之外全球权益授权给辉瑞，公司将保留在中国内地的开 发、制造、商业化及其他开发权，辉瑞拥有在中国商业化该许可产品的选择权，辉瑞负责许可地区未来 所有开发及监管费用。辉瑞将支付12.50亿美元首付款，最高为48.00亿美元里程碑付款以及许可地区产 品净销售额双位数百分比的梯度销售分成。同时，辉瑞也将在协议生效后按照30日成交量加权平均价认 购公司1亿美元普通股。 中金发布研报称，维持三生制药(01530)2025/2026年经调整净利润24.07亿元/26.02亿元不变(暂不涵盖BD 首付款收入)，当前股价对应2025/2026年17.3/16.0倍经调整市盈率。维持跑赢行业评级，考虑板块估值 中枢提升，该行上调目标价56.3%至21.10港元，对应2025/2026年19.0/17.6倍经调整市盈率，隐含10%上 行空间。 中金主要观点如下： 公司近况 5月20日公司公告，将PD-1/VEGF双抗(SSGJ-707)的中国内地之外全球权益授权给辉瑞，辉瑞还将获得 中国市场商业化的选择权，三生国健亦将透过该协议作为签署方加入。 本次海外BD将为公司业绩带来较大弹性 ...

注:1、为了维护中信保诚多策略灵活配置混合型证券投资基金（LOF）（以下简称"本基金"）的稳定运 作，本基金于2025年5月21日起暂停1万元以上（不含1万元）大额申购、大额转换转入及大额定期定额 投资业务。即如单日单个基金账户的单笔申购、转换转入、定期定额投资金额在1万元以上（不含1万 元）时，本基金管理人将有权予以拒绝；如单日单个基金账户多笔累计申购、转换转入、定期定额投资 金额超过人民币1万元的，则对申请按照申请金额从大到小排序，逐笔累加至符合不超过人民币1万元 （含1万元）限额的申请确认成功，其余笔数本基金管理人将有权予以拒绝。 | 分级基金简称 | 代码 | 是否暫停（大额）申购 (转入转出、赎回、定投) | | 申购限额 转入限额 定投限额 | (元) | | --- | --- | --- | --- | --- | --- | | | | | (元) | (元) | | | 中信保诚多策略混 合(LOF)A | 165531 | 를 | 1.00万 | 1.00万 | | | 中信保诚多策略混 合(LOF)C | 018561 | 투 | 1.00万 | 1.00万 | | 以上内容为证券之星 ...

收入5 亿元，同比下滑16%。目前剧集工作室重点项目储备超20 部，开发中项目超30 部，我们认为， 展望未来，剧集制作业务依赖于项目排播周期，整体而言发展趋势或相对稳定。 明确四大战略方向，关注IP 衍生业务弹性。公司公告提出内容领先、用户增长、强化商业衍生能力及 积极布局海外四个未来重要战略方向。当前时点，我们认为，市场更多看重公司大麦在演出行业领先地 位基础上，To C 业务的现金流稳健性，叠加阿里鱼IP 衍生业务的发展弹性。FY2025 公司按权益法入账 的投资科目绝对值已从16.72 亿元降至9.15 亿元，未来潜在的减值风险降低。我们判断，展望未来，公 司亦更加聚焦主业，经营效率或持续优化。 盈利预测与估值 公司公布FY2025 业绩（截至2025 年3 月31 日）：收入67.02 亿元，同增33.1%；归母净利润3.64 亿元， 同增27.7%；Non-IFRS EBITA 8.09 亿元，同增60.7%；Non-IFRS 净利润5.24 亿元，同增9.5%，业绩基 本符合市场预期。 发展趋势 大麦市场地位稳固，阿里鱼收入同比增长超90%。大麦：FY2025 收入20.57亿元，同比大幅增长； ...

Group 1 - The core point of the news is that Blokko will be included in the Hang Seng Index, effective June 9, 2025, which is expected to enhance the company's liquidity and increase capital participation [1] - The Hang Seng Index series quarterly review results announced on May 16, 2025, indicate that the number of constituent stocks will increase from 502 to 505, with Blokko (00325), Guming (01364), and Mixue Group (02097) being added [1] - The recent performance of the card game and Pop Mart (Hong Kong Stock Connect) has shown strong growth, further enhancing the trading sentiment and valuation of the trendy toy sector [1] Group 2 - The third BFC Creative Competition has seen nearly 15,000 entries since its launch on April 1, 2025, with a threefold increase in the quality of entries compared to the first season, indicating high engagement from players [2] - Blokko plans to hold nearly 20,000 offline BFC Creative Competitions in 150 cities across the country by 2025, with a tiered layout strategy for events in first, second, and third-tier cities [2] - The BFC events serve as a platform for creativity and user-brand co-creation, fostering a unique BFC community that connects global players and drives brand growth [2] Group 3 - Continuous product innovation is expected to drive consumer demand, enhance consumer stickiness, and strengthen interactions with distributors and players [3] - The company's ability to leverage classic IPs like Ultraman in the building block market is anticipated to expand market size and reach a broader audience [3] - Revenue forecasts for the company are projected at 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB for 2025-2027, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB respectively [3]

Core Viewpoint - Mengniu Dairy is positioned as a leading player in the domestic dairy industry, leveraging its partnership with COFCO Group to drive growth through new product categories and international expansion [1] Company Overview - Mengniu Dairy's revenue composition for 2024 is projected to be 82.40% from liquid milk, 5.84% from ice cream, 3.74% from milk powder, 4.87% from cheese, and 3.15% from other dairy products, indicating a stable performance in its core liquid milk business [1] - The company has established six production bases overseas, contributing to its international business growth, with overseas revenue share increasing since 2019 [1] - Mengniu has over a thousand cooperative farms in China, with daily milk collection exceeding 20,000 tons, ensuring a solid supply chain [3] Industry Trends - The raw milk supply and demand are expected to rebalance, with a 24.53% decline in average raw milk prices from the end of 2021 to July 2023, indicating a potential price stabilization [2] - The industry is witnessing a shift towards high-quality and health-oriented products, with innovations such as low-temperature short-shelf-life milk and sugar-free yogurt gaining traction [2] Product Development and Strategy - Mengniu is expanding its product matrix beyond liquid milk to include fresh milk, cheese, ice cream, and milk powder, with increasing revenue contributions from these categories [3] - The company has implemented a "deep distribution" strategy since 2017, enhancing its penetration in rural markets and improving operational efficiency through digitalization [3] Financial Outlook - The company's net profit margin is relatively high compared to regional dairy companies, with expectations for improved profitability as raw milk prices stabilize and product upgrades continue [4] - Projected net profits for 2025 and 2026 are estimated at 5.08 billion and 5.69 billion respectively, with current PE ratios around 13 times and 12 times, indicating significant upside potential [4]

Core Viewpoint - The company reported impressive financial results for 2024, with revenue reaching RMB 2.241 billion, a year-on-year increase of 155.6%, and a net profit of RMB -0.401 billion, up 94.59% year-on-year [1] Financial Performance - The company achieved a revenue of RMB 2.241 billion in 2024, reflecting a 155.6% increase compared to the previous year [2] - The net profit for 2024 was RMB -0.401 billion, which is a 94.59% increase year-on-year [1] Product and IP Focus - The company shifted its focus to character-building toys, with revenue from this segment reaching RMB 2.201 billion, a year-on-year increase of 186.22%, accounting for 98.2% of total revenue [2] - The four major IPs, Ultraman, Transformers, Hero Infinite, and Kamen Rider, contributed significantly to sales, with Ultraman generating RMB 1.096 billion (48.9% of total revenue) and showing a year-on-year growth of 96.83% [3] Sales Channels and Market Expansion - Offline sales through distributors accounted for the majority of revenue, with RMB 2.063 billion from offline channels, a 181.54% increase year-on-year, representing 93% of total revenue [3] - The domestic market saw revenue of RMB 2.177 billion, a 151.27% increase, while overseas revenue reached RMB 0.064 billion, a remarkable 518.16% increase year-on-year [3] Strategic Initiatives - The company introduced the concept of a "product ecosystem" at the global partner conference, emphasizing user needs and innovation in product development [4] - Plans for future growth include expanding product offerings to target female and adult consumers, deepening market penetration in lower-tier cities, and enhancing overseas market presence [4][5] Future Projections - Revenue projections for 2025-2027 are RMB 4 billion, RMB 6 billion, and RMB 7.8 billion, with year-on-year growth rates of 79%, 50%, and 30% respectively [5] - Expected net profits for the same period are RMB 0.95 billion, RMB 1.55 billion, and RMB 2.18 billion, with significant year-on-year growth rates [5]

智通财经APP获悉，哔哩哔哩-W(09626)绩后涨超3%，截至发稿，涨2.92%，报144.4港元，成交额 7500.74万港元。 消息面上，5月20日，哔哩哔哩-W公布2025年第一季度未经审计的财务业绩，净营业 额总额达人民币70.03亿元(9.65亿美元)，同比增加24%。 毛利润为人民币25.39亿元(3.50亿美元)，同比 增加58%。毛利率达36.3%，较2024年同期的28.3%有所增加。净亏损为人民币1070万元(150万美元)， 同比收窄99%。经调整净利润为人民币3.62亿元(4980万美元)，同比扭亏为盈。经营现金流为人民币 13.02亿元(1.79亿美元)，而2024年同期则为人民币6.38亿元。 日均活跃用户(日活用户)为1.067亿，2024 年同期为1.024亿。 其中，增值服务营业额为人民币28.07亿元(3.87亿美元)，较2024年同期增加11%，主要由于直播及其他 增值服务的收入增加所致。 广告营业额为人民币19.98亿元(2.75亿美元)，较2024年同期增加20%，主要 由于效果类广告收入取得强劲增长所致。移动游戏营业额为人民币17.31亿元(2.39亿美元)，较2 ...

国际IgA肾病联盟中国协作组主席、北京大学第一医院肾内科主任、耐赋康全球III期临床研究NeflgArd 全球指导委员会成员张宏教授表示："与欧美人群相比，中国IgA肾病患者群体庞大，且发病年龄较轻、 疾病进展快、预后不佳，几乎所有IgA肾病患者在其预期寿命内均有进展为终末期肾病的风险，给患者 和社会带来沉重的疾病负担。因此，中国IgA肾病患者更需要采取尽早诊断，尽早干预、起始治疗与维 持治疗的全程治疗理念。指南预审版对中国IgA肾病治疗的临床实践具有重要的指导意义，标志着治疗 理念的深刻变革。" 智通财经APP获悉，5月21日，云顶新耀(01952)宣布耐赋康（布地奈德肠溶胶囊，NEFECON）被纳入 《中国成人IgA肾病及IgA血管炎临床实践指南（预审版本）》（以下简称为"指南预审版"），推荐对有 疾病进展风险的IgA肾病患者进行9个月的布地奈德肠溶胶囊对因治疗，不受蛋白尿水平的限制，以降 低致病性IgA（Gd-IgA1）(2B)；耐赋康作为一款靶向肠道黏膜的IgA肾病对因治疗药物，疗效确切、安 全性良好，为IgA肾病患者提供了新的治疗选择。这标志着耐赋康成为目前唯一同时获得国内外指南推 荐的IgA肾病对 ...

港股华住集团(01179.HK)绩后跌近3%，公司一季度总收入53.95亿元，同比增加2.22%。 ...