Investment Logic - The company is a leader in domestic enterprise service SaaS, having launched the first Windows-based financial management software in 1995 and transitioning to cloud services in 2007. By 2024, cloud service revenue is expected to account for 81.6% of total revenue [1] - From a total perspective, the company's cloud transformation has resulted in stronger revenue growth resilience, maintaining positive growth from 2016 to 2024, higher employee efficiency with a CAGR of 10% from 2020 to 2024, lower expense ratios with improvements of 2.45pp and 5.10pp in sales and R&D expense ratios respectively from 2020 to 2024, and healthier cash flow returning to historical highs in 2024 [1] - From a structural perspective, in 2024, the revenue from the "Cang Qiong" and "Xing Han" products is expected to be approximately 1.3 billion yuan, accounting for 20.8% of total revenue, with a net dollar retention rate (NDR) of 108% maintained for five consecutive quarters. The demand side is driven by ERP system replacements mandated by policies for central and state-owned enterprises by the end of 2025/2027 [1] Revenue Breakdown - In 2024, revenue from the "Xing Kong" product is projected to be approximately 2.15 billion yuan, accounting for 34.3% of total revenue, with an NDR of over 94% [2] - The "Xing Chen" product, aimed at small and micro enterprises, is expected to generate approximately 1.23 billion yuan in revenue in 2024, accounting for 19.6% of total revenue, with an NDR improvement to 93% [2] - The company has covered 435,000 small and micro enterprises with its integrated financial, tax, and business solutions, addressing common issues faced by these enterprises in their digital transformation [2] AI and Future Outlook - Since 2017, the company has been investing in AI, launching the "Jin Die Cloud·Cang Qiong GPT" large model platform in 2023, and has developed agent capabilities across seven major scenarios including finance, human resources, and marketing [2] - The company forecasts revenues of 7.01 billion, 8.05 billion, and 9.38 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 80 million, 490 million, and 1.07 billion yuan for the same years [2] - A target price of 16.98 HKD per share is set based on an 8x PS valuation for 2025, with an initial "buy" rating assigned [2]

继此次获奖，绿源已五次荣获中国轻工业联合会颁发的科学技术奖，充分印证了绿源研发驱动的成长逻 辑。当行业其他企业纷纷聚焦产品外观迭代时，绿源始终将资源聚焦于核心技术研发。例如，液冷电 机、数字化电池养护技术等创新均源于对底层技术难题的攻克，而非表面设计优化。这种战略选择使其 在行业同质化竞争中形成了显著的差异化优势。 创立近三十年来，公司不仅见证了中国电动两轮车行业的崛起，还为这种常见出行工具赋予了深厚的科 技内涵。在耐用性方面，公司全球首创液冷电机，显著减少电机动力衰减，质保十年。除了液冷电机 外，公司还创新性推出数字化电池养护技术，打破低温续航梏，提高安全性。在智能化方面，公司通过 安全驾驶系统和智能互联系统，为电动两轮车增加防侧滑、陡坡缓降控制、全场景智能骑行、智能车锁 与定位等功能，大幅提升人机交互体验。 本次获奖的"基于中置动力系统的运动健身电动自行车" ，正是一种应用于电助力自行车的核心零部 件。中置电机技术存在诸多问题，如电机高温性能衰减、寿命短、损耗大、噪音高，以及国外专利垄断 的 "卡脖子" 状况，导致产品价格高企，可靠性和用户体验有待提升。针对传统中置电机采用风冷散 热，散热效率低且高温下易 ...

又有大事发声！黑石停止要约收购SOHO中国！ 据当时的媒体报道，黑石集团正在与SOHO中国进行私有化谈判，价格为6港元／股，交易额共计约40亿美元；黑石 集团还将接管SOHO中国的债务。然而在相关谈判进行5个月后，当年的8月13日，SOHO中国对外发布公告称，因未 达成共识，终止早前要约私有化事项。 直到今年6月16日，SOHO中国公告确认出售91%的股份给黑石，这场为期近两年的私有化交易，才终于宣告"靴子落 地"。 截止最新收盘SOHO中国的港股市值超180亿 从坊间流言到官宣收购要约、再到立案审查，SOHO中国有意"卖身"黑石集团的计划再度落空。9月10日晚间，SOHO 中国在港交所公告称，黑石集团终止对公司收购要约。此次黑石终止收购，也是自2020年3月后，黑石第二次对 SOHO中国发出收购要约宣布失利。潘石屹似乎"跑不了"了。 第二次收购要约落空 根据10日晚间SOHO中国披露的最新公告，对于终止收购的原因，SOHO中国方面表示，鉴于目前满足收购要约的先 决条件进展不足，各方一致认为无法在要约最后截止日当天或之前满足先决条件，经各方一致同意，黑石集团终止对 公司收购要约。 事实上，这并不是黑石集团对S ...

公司表示，黑石集团是全球领先的投资管理公司之一，自2008年以来一直在中国投资办公楼、商场和物 流资产。黑石集团过去十年一直是中国房地产的积极投资者，目前在中国拥有约600万平方米的房地 产。黑石集团对中国长线经济发展以及北京和上海的房地产市场充满信心，此次收购将继续扩大其在中 国的投资。 要约完成后，承诺股东和承诺方将共同保留公司约9.0%的股权。作为公司第二大股东，承诺股东和承 诺方承诺将继续调动资源为集团的发展提供帮助。 SOHO中国(00410.HK)公告，高盛将代表要约方Two Cities Master Holdings II Limited，以先决条件达成 或（如能豁免）获豁免为前提，作出自愿性有条件现金要约以收购公司全部已发行股份。每股要约股份 现金5.00港元，较6月11日收市价每股股份3.80港元溢价约31.6%。 要约方为一家于2020年3月12日在开曼群岛注册成立的有限责任公司。截至本公告刊发之日，要约方由 Two Cities Master Holdings I Limited全资拥有。Two Cities Master Holdings I Limited是一家根据开曼群岛 法律注 ...

港股黄金股走弱 潼关黄金跌超4% 智通财经5月23日电，截至发稿，潼关黄金(00340.HK)跌4.38%、灵宝黄金(03330.HK)跌2.39%、赤峰黄 金(06693.HK)跌1.72%、山东黄金(01787.HK)跌0.40%。 ...

Core Viewpoint - The recent surge in the Hong Kong innovative drug sector, particularly for Xiansheng Pharmaceutical, is driven by favorable factors such as the cyclical resurgence of COVID-19 and record-breaking domestic innovative drug business development (BD) deals [1] Group 1: Stock Performance - Xiansheng Pharmaceutical's stock price has experienced a continuous rise since May 16, achieving a maximum increase of 28.33% by May 21, with a cumulative increase of nearly 50% year-to-date [1] - The stock has shown significant trading activity, with over 25 million shares traded on three consecutive days from May 19 to 21, indicating strong market interest [4] Group 2: Business Development Potential - The recent $60.5 billion BD deal between Innovent Biologics and Pfizer has spotlighted the potential of Chinese innovative drugs, with Xiansheng Pharmaceutical being a key player in this growth [2] - Xiansheng Pharmaceutical has developed multiple ADC (antibody-drug conjugate) candidates targeting various biomarkers, with products like SCR-A006 showing Best-in-Class potential [2] Group 3: International Expansion - Xiansheng Pharmaceutical has established a track record in international markets, with its first overseas deal for SIM0278 setting a record for domestic autoimmune drug BD at the time [3] - The company has secured a licensing agreement exceeding $1 billion for SIM0500 with AbbVie, currently undergoing clinical trials in the U.S. and China [3] Group 4: Innovation and R&D - The company has invested over 8.5 billion yuan in R&D over six years, developing over 60 innovative drug candidates across various therapeutic areas [5] - Three new drug molecules are in the NDA approval process, while four are in Phase III clinical trials, indicating a robust pipeline [5] - The anticipated launch of significant new drugs will further enhance the company's position in the global biopharmaceutical market [5]

Group 1 - NetDragon has launched the AI education platform "MHESI Skill" in collaboration with Thailand's Ministry of Higher Education, Science, Research and Innovation (MHESI), marking a significant step in digitalizing skills training in Thailand [1][2] - The "MHESI Skill" platform will offer officially certified electric vehicle (EV) technology training courses, enhancing employment opportunities in the EV sector for the Thai population [1] - The initial courses available on the platform include "Basic Electric Vehicle Technology" and "Electric Vehicle Maintenance," with plans to introduce advanced courses covering EV system design, infrastructure, and business management [1] Group 2 - The "EV Ready+" program employs a blended learning approach, combining online self-study through the "MHESI Skill" platform with practical training at renowned Thai universities [2] - MHESI aims to empower Thai talent by providing free access to advanced knowledge and professional training, enhancing Thailand's competitiveness in the global automotive industry [2] - NetDragon's Vice Chairman emphasized the importance of the "MHESI Skill" platform in supporting Thailand's vision to become a hub for the EV industry in the Asia-Pacific region, equipping citizens with essential skills for the digital and green economy [2]

男篮主场球迷群情激昂。北京首钢篮球俱乐部 供图 在2014-2015赛季夺得第3个总冠军之后的9个赛季，北京男篮一共8次进入季后赛，其中3次止步12强，4 次止步8强，在2019-2020赛季曾闯入半决赛，但始终无缘再次进入总决赛。 2024年夏天，北京男篮阵容重构，许利民担任主教练职务，球队引入周琦、陈盈骏两位实力强劲的内 援，年轻小将曾凡博也随着比赛经验的积累不断成长，成为又一位由俱乐部自主培养的国手级球员。 休赛期人员调整和作风建设，为球队本赛季出色表现奠定了基础。虽然在漫长的常规赛中一度遇到波 折，但球队始终拧成一股绳，保持昂扬向上的精神面貌，最终获得32胜14负，全联盟第3的常规赛战 绩，曾凡博入选常规赛国内球员第一阵容并获得常规赛最具进步球员，陈盈骏入选常规赛国内球员第二 阵容，周琦获得常规赛第四期月度最有价值国内球员。 北京北汽 中国青年报客户端讯（中青报·中青网记者 郭剑）2024-2025赛季CBA联赛落下帷幕，北京北汽男篮在获 得本赛季亚军的同时，也创造了球队10年来最好成绩。北京市体育局为此向北京首钢篮球俱乐部发贺 信，肯定了球队的竞技状态和精神面貌，也肯定了俱乐部在促进体育消费、大力发 ...

集团与中农海稻签署的协议约定，双方将以"共建共用、互利共赢"为原则，围绕盐硷地生态治理、耐盐 硷作物种植、碳汇资产开发、产业化示范推广等方面开展全方位战略合作。双方拟定分阶段实施计划， 2025年率先启动国内盐硷地改良核心区100万亩种植工程，中长期规划国内外推进盐硷地综合利用与碳 汇修复工程总规模达2亿亩；在碳中和人才体系建设方面，双方将共同推动农业领域碳管理专业人才的 培养；集团将协同中农海稻，支持各级政府与相关企业建立科学、规范的碳中和管理队伍，赋能地方绿 色发展与产业转型。根据协议，集团与中农海稻互为战略合作伙伴，双方的合作内容包括并不限于股权 合作、生态治理业务合作，且集团有望战略投资中农海稻。 格隆汇5月23日丨中国碳中和(01372.HK)发布公告，2025年5月20日，集团与中农海稻(深圳)生物科技有 限公司("中农海稻")签署战略合作框架协议。中农海稻为中国农业科学院深圳农业基因组研究所参股成 立，耐盐硷作物技术研发与产业化应用的领军企业，其业务范畴横跨海水稻(盐硷稻)等耐盐硷作物特异 种质资源利用、功能基因挖掘、新品种选育、栽培模式与技术研究、盐硷地综合利用及健康功能食品创 新等多个环节， ...

"决心很大，投入空前。"笔者独家获悉，奇富内部所有业务条线和职能部门，都已经动起来了。正如吴海生所言，"AI是需要信仰的技术，要真正将AI落 实到金融产业并解决核心问题，需要愚公精神。"一次次预算追加、技术headcount(员工名额)增了又增，组织架构的调整，这不是公司借AI热点讲的新故 事，而是真的要变了。从笔者掌握的几次绝密内部会消息来看，奇富科技的战略方向非常明确，这一次想要以"Deepbank"项目为战略支点，重新定义金融 行业的智能化范式，且要产出、更要快。 正船头，全员AI化怎么做？ 智通财经APP获悉，5月20日，奇富科技(03660)发布2025年第一季度财报。无论是财报新闻，还是管理层电话会，句句围绕AI展开。2023年，这家公司成 立了金融科技行业首个大模型团队，很长一段时间由创始人吴海生直接管理。从2024年开始到这一季度报，奇富科技均交出了不俗的业绩，外界很难拆清 楚AI在其中的贡献，但从吴海生去年12月公开表示，"AI的发展让他感到焦虑，到在财报电话会中强调"将对AI保持高强度投入"，都不难看出，AI已经成 为这家公司当下最重要的事。 今年3月，讨论已久的AI战略正式宣布，一场要求 ...