Core Viewpoint - In 2024, the company continues to implement cost reduction and efficiency enhancement strategies, focusing on its core business, resulting in a significant narrowing of losses, aligning with the profit guidance in the convertible bond announcement in April 2024. However, revenue growth is slightly below expectations due to price adjustments in some products caused by domestic industry procurement and national policy guidance [1][2][3] Financial Performance - In 2024, the company achieved revenue of $1.031 billion, a year-on-year increase of 9.6% (excluding exchange rate effects). The net loss was $269 million, a significant reduction of 58.6% year-on-year, with EBITDA turning positive, improving from a loss of $370 million in the same period last year to a profit of $60 million [1][2] - The company’s EPS was -12.15 cents per share [1] Business Segments - The coronary business generated revenue of $166 million, up 9.9% year-on-year, with domestic and overseas growth rates of 2.0% and 47.0%, respectively. The orthopedic business achieved $253 million in revenue, a 6.2% increase, with domestic growth of 26.1% [4] - The neuromodulation business reported revenue of $107 million, a 14.4% increase, with overseas revenue growing by 137.6%. The minimally invasive robotics segment saw revenue of $36 million, a remarkable growth of 146.0% [4][5] Regional Performance - In 2024, domestic revenue was $522 million, accounting for 50.6% of total revenue, with a year-on-year growth of 6.0%. Overseas revenue reached $509 million, representing 49.4% of total revenue, with an 11.1% increase [5][6] Future Outlook - For 2025, the company is expected to achieve profitability, with self-owned products overseas anticipated to be a highlight. The coronary business is expected to enter a second growth phase, contributing positive cash flow [3][7] - Revenue projections for 2025-2027 are $1.141 billion, $1.320 billion, and $1.526 billion, with year-on-year growth rates of 10.67%, 15.65%, and 15.66%, respectively [8]

Core Viewpoint - The announcement highlights the approval of the aortic arch stent system by the National Medical Products Administration of China, marking a significant advancement in the treatment of Stanford type B aortic dissection patients through innovative technology [1][2] Group 1: Product Approval and Features - The aortic arch stent system is the first of its kind approved for the specific use of windowing technology in aortic arch branch reconstruction, aimed at treating Stanford type B aortic dissection [1] - The system consists of the AnkuraTM Plus aortic arch main stent system and the CSkirtTM aortic arch branch stent system, which entered the "Special Review Procedure for Innovative Medical Devices" in 2022 [1] - Clinical research involving 120 participants demonstrated a technical success rate of 97.5% during surgery, a branch vessel patency rate of 99.1% after one year, and a low type III endoleak occurrence rate of only 1.8% [1] Group 2: Technological and Market Implications - Windowing technology is recognized as a mainstream technique for reconstructing aortic arch branches in thoracic endovascular aortic repair (TEVAR), with international guidelines recommending its use for patients with insufficient anchoring zones or affected left subclavian arteries [2] - The company holds independent intellectual property rights for the product, which is expected to provide a complete, safe, and effective endovascular treatment solution for aortic dissection involving the aortic arch [2] - The product's market approval enhances the company's product portfolio in the peripheral vascular intervention field, aiming to offer a more flexible, comprehensive, and user-friendly solution for aortic arch endovascular reconstruction [2]

Group 1 - The company announced a placement agreement on May 13, aiming to issue up to 17,480,000 shares, representing approximately 1.77% of the company's existing share capital as of the announcement date, with expected proceeds of about HKD 209.59 million [1] - The placement price is set at HKD 11.99 per share, reflecting a discount of approximately 6.91% compared to the closing price on May 12 and an 8.50% discount compared to the average closing price over the previous five trading days [1] - The placement received strong demand, with over 10 times the initial target of HKD 156 million, leading to a final fundraising increase of about 35% [1] Group 2 - Strategic shareholders, including Jingtai Technology and Jiaoge Friends, are expected to accelerate the company's new business development, leveraging AI research and automation systems [2] - The net proceeds from the placement will primarily be used to enhance platform technology services, increase R&D investment, and support general working capital [2] - The company maintains a "buy" rating, anticipating sustained high growth driven by emerging industries and improved operational quality due to increasing platform revenue share [2]

机构：中邮证券 研究员：李鑫鑫 事件 公司业绩亮眼：公司发布24 年年报及25 年一季报，24 年公司实现营收130.38 亿元，同比+106.92%，归 母净利润31.25 亿元，同比+188.8%。25Q1 公司实现收入同比增长165-170%，其中中国收入同比增长 95%-100%，海外收入同比增长475%-480%。 组织架构调整：4/14 泡泡玛特国际集团董事长兼CEO 王宁发布《组织架构全面升级，推进集团全球化 战略目标》全员信，宣布即日起启动全球组织架构全面升级。 Labubu3.0 及杂志发售：4 月24 日，泡泡玛特旗下人气IP LABUBU在全球发售第三代搪胶毛绒产品"前 方高能"系列，labubu3.0 一经发布便获全球年轻人追捧。今年4 月，由泡泡玛特发行的第一本青年文化 杂志《play/GROUND》问世，截至目前，《play/GROUND》已在全球所有线下书店渠道售罄。 投资要点 泡泡玛特成立于2010 年，2020 年12 月于港股上市。2016 年7月Molly 首款盲盒产品上市，2021 年高端 潮玩品线mega collection推出，2022 年labubu 搪胶毛绒公 ...

2025年第一季度的移动月活跃用户数量平均为4450万名，而2024年同期为4770万名。 贝壳董事会主席兼首席执行官彭永东先生表示，"在稳定的市场表现和我们的增长策略持续显效的基础 上，第一季度我们的业务延续了高速增长，我们的总交易额同比增长34.0%，净收入同比增长42.4%。 房产交易服务继续展现大幅的超市场表现。平台持续赋能更多产业伙伴，活跃门店和活跃经纪人数量同 比分别显著增长29.6%和23.0%，人效、店效表现也在改善。家装家居业务收入稳健增长，贡献利润率 创新高，客户体验改善和效率提升初见成效。到第一季度末房屋租赁服务在管房源量超过50万套，经营 能力持续改善。我们也在AI应用上持续推进，在C端和B端都落地了多项智能工具，带来更好的客户体 验和为服务者提效助力。" "展望未来，我们对"一体三翼"战略下的公司长期发展充满信心，并将坚定地在AI应用上持续投入。同 时，今年我们会在其他类型投入上更加审慎，关注投入产出比，筑牢安全经营底线，保障支持本公司长 期愿景的股东获得本公司可持续发展的回报。"彭先生总结道。 贝壳执行董事兼首席财务官徐涛先生进一步表示，"一季度的市场表现非常稳健，延续了去年9月份 ...

机构：方正证券 研究员：许旖珊 事件：易鑫集团披露2025 年一季度业务更新及运营资料。 39.9%/yoy+15.6pct；25 年公司进一步扩大汽车金融产业链合作伙伴规模，一季度有4 个新合作项目上 线、且公司持续深化与国有大行（如工行）合作。 投资分析意见：公司作为第三方汽车金融领军，一方面高股息特色鲜明，24 年派息0.13 港币、分红率 超100%，对应25/5/14 股息率6%；另一方面公司对未来成长信心充足、25 年业绩有望延续高增长态 势，给予"强烈推荐"评级。预计2025-2027E 公司归母净利润分别为10.9、13.0、14.9亿元，同比+34%、 +20%、+14%；25-27E 动态PE 为12.1x、10.1x、8.8x。 风险提示：业务拓展不及预期；宏观经济波动；行业监管政策变化。 总量看：1Q 易鑫集团总融资额略有承压，预计二手车行业销量增速放缓&单均融资额下降为主因。 1Q25 易鑫集团业务保持上升势头，公司合计实现汽车融资交易量17.2 万笔/yoy+0.5%（1Q25 我国新车 及二手车总销量yoy+7.5%），融资总额达153 亿元/yoy-5.0%；公司总融资额略下滑 ...

期间，得益于持续推进客户群体的多元化，公司标杆用户数达到59个。在拓展客户数量的同时，公司高 度关注客户高价值场景的深度挖掘，并进一步提高公司的产品黏性。本期间，公司标杆用户平均营收贡 献为人民币11.67百万元，同比增长31.3%。 基于AI agent+世界模型的核心理念，本期间，公司正在进行集团化及品牌升级。在范式集团成立之 际，现有的企业服务业务(4Paradigm)将成为范式集团的核心子业务。范式集团秉持通用人工智能(AGI) 的理想，通过「AIagent+世界模型」的技术路径，不断提升AIagent沟通能力，并丰富世界模型对各垂 直细分领域的认知，提升AI解决垂直领域的能力，进而推动AGI的实现。 与此同时，范式集团成立了全新的消费电子业务板块Phancy，定位是向市场提供基于AI agent的软硬件 一体解决方案，通过智能体模组在端侧提供AI agent能力。公司始终坚持开放的技术合作心态，致力于 帮助各类AI终端设备厂商轻松打造AI终端产品。未来，通过范式集团的端侧AI模组，公司希望能够赋 能各消费电子厂商，快速集成AI能力，以更低门槛、更低成本推出受到各自用户喜爱的AI终端产品。 格隆汇5月 ...

Core Viewpoint - The company reported a total revenue of 1.077 billion RMB in the first quarter, reflecting a year-on-year growth of 30.1% [1] Group 1: Financial Performance - Total revenue for the first quarter reached 1.077 billion RMB, marking a 30.1% increase compared to the same period last year [1] - Gross profit amounted to 444 million RMB, also showing a year-on-year growth of 30.1% [1] Group 2: Business Segments - Revenue from the company's XianZhi AI platform was 805 million RMB, which represents a significant year-on-year increase of 60.5% [1] - The XianZhi AI platform's revenue accounted for 74.8% of the total revenue of the group [1]

智通财经APP获悉，5月15日港股市场，北水成交净卖出2.21亿港元，其中港股通(沪)成交净买入19.63亿 港元，港股通(深)成交净卖出21.84亿港元。 微盟集团(02013)获净买入1.13亿港元。消息面上，腾讯发布全员信，宣布对微信事业群组织架构进行调 整：成立电商产品部，负责微信内交易模式的探索，加速发展交易基建及交易生态，运营微信交易新模 式。尽管腾讯总裁刘炽平表示，微信电商团队独立无需过度解读，但市场仍憧憬微信商业化加速。根据 此前财报显示，微盟已为超70%的微信视频号年度达人提供营销服务，在单场GMV破2,000万人民币的 达人直播中，约60%场次均有微盟深度参与。 小米集团-W(01810)获净买入9823万港元。消息面上，德意志银行分析师报告称，随著小米集团开始增 加更多汽车相关广告，以及其SUV车型YU7即将亮相，该公司的新订单可能会从5月下旬开始增加。小 米集团近期订单的连续下滑已引发投资者对其汽车业务能力的担忧。不过，德意志银行表示，由于这些 因素大多是短期或暂时性的，小米集团的新订单流可能会从5月下旬开始增加。 北水净买入最多的个股是建设银行(00939)、中国移动(00941)、 ...

Group 1 - Southbound funds recorded a net sell of 2.21 billion HKD today [1] - Tencent Holdings faced the highest net sell of 2.36 billion HKD [1] - Pop Mart also experienced a significant net sell of 423 million HKD [1] Group 2 - China Construction Bank received a net buy of approximately 977 million HKD [1]