机构：中邮证券 研究员：盛丽华/陈灿 事件 公司公布2025 年上半年业绩，25H1 实现收入75.2 亿元（+4.8%，同比增速，下同）、EBITDA 为27.5 亿元（+23.3%）、归母净利润18.9亿元（+27.0%）。 投资要点 需求影响原料药和中间体业绩，胰岛素制剂业务表现亮眼25H1 拆分来看，中间体业务对外收入10.1 亿 元（-23.1%）、分部利润6.3 亿元（含分部间销售，下同），对应利润率27.5%（-7.2pct）；原料药对外 收入25.3 亿元（-27.0%）、分部利润2.5 亿元，对应利润率27.5%（-4.9pct）；制剂对外收入25.4 亿元 （+6.1%）、分部利润1.6亿元，对应利润率6.1%（-4.0pct）；许可费收入14.3 亿元（主要来自UBT251 授权诺和诺德首付款）。 制剂业务中25H1 人用抗生素类制剂产品收入8.9 亿元（-12.1%），预计主要受集采和需求回落影响；动 保业务收入5.6 亿元（-15.9%），随着新基地的建设与海外注册，未来有望恢复快速增长；胰岛素制剂 收入9.6 亿元（+74.5%），其中二代胰岛素4.6 亿元（+110.2%）、甘精 ...

京基金融国际（控股）有限公司是一家主要从事保险业务的投资控股公司。该公司通过七个部门运营业 务。保险经纪分部从事提供保险经纪服务。保险科技分部从事发展及经营智慧型保险业务的智能销售平 台及信息科技服务。网络及投资分部从事提供多渠道网络及授权服务。毛皮分部从事销售生毛皮及毛皮 经纪。证券分部从事提供证券经纪、保证金融资、包销、分包销、配售、分配售及咨询服务。放债分部 从事提供及安排放债服务。资产管理分部从事提供及安排基金管理服务及资产管理服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，10月30日南向资金减持33.0万股京基金融国际（01468.HK）。近5个交易日中，获南向 资金减持的有5天，累计净减持180.0万股。近20个交易日中，获南向资金减持的有20天，累计净减持 1998.65万股。截至目前，南向资金持有京基金融国际（01468.HK）9.7亿股，占公司已发行普通股的 55.83%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- ...

美佑恒®(注射用维贝柯妥塔单抗)在既往经治过二线及以上系统性化疗及PD-(L)1抑制剂失败后的患者中 显示出临床意义的疗效优势，同时安全性可控。美佑恒®(注射用维贝柯妥塔单抗)用于治疗R/MNPC的 关键注册性临床研究结果于2025年美国临床肿瘤学会年会上以"重磅研究摘要(LBA)"形式公布，并于会 上作口头报告。 此外，美佑恒®(注射用维贝柯妥塔单抗)与普佑恒(普特利单抗注射液)的联合疗法呈现显著且持久的临 床效益，在该联用治疗的II期临床试验中，针对免疫治疗及铂类化疗失败的患者中实现了迄今为止最高 的确认客观缓解率(cORR)(73.3%，95%CI:54.1-87.7)及最长的无进展生存期(mPFS)(10.9m，95%CI:6.6- 15.4)，有望为抗PD-(L)1及铂类化疗失败的R/MNPC患者提供更为有效的治疗选择。上述数据已在2025 年欧洲肿瘤内科学会年会上公布。 格隆汇10月30日丨乐普生物-B(02157.HK)公告，董事会欣然宣布国家药品监督管理局("国家药监局")近 期批准候选药物美佑恒®(注射用维贝柯妥塔单抗)在中国的上市申请，该药物为公司自主研发的一种表 皮生长因子受体("EGF ...

Core Viewpoint - The current auditor of the company, Ernst & Young, will resign and will not be reappointed as the auditor starting from the sixth extraordinary general meeting in 2025 [1] Group 1: Auditor Change - The board has decided to propose the appointment of Dahua Certified Public Accountants as the new auditor for the fiscal year 2025, following a recommendation from the audit committee [1] - Dahua has been the company's auditor in mainland China since 2020, and the board recognizes their professional capabilities and the good working relationship established [1] - The proposed change of auditor will require approval from the company's shareholders through an ordinary resolution at the sixth extraordinary general meeting in 2025 [1] Group 2: Audit Fee Authorization - The board is authorized to determine the audit fees based on actual business conditions and relevant regulations and standards [1]

Core Insights - Q3 2025 financial results show significant revenue growth for the company, driven by increased sales in the automotive and motorcycle sectors [2][3] - The company reported a net profit increase primarily due to government subsidies and foreign exchange gains, despite a substantial loss when excluding non-recurring items [3][4] - The company is undergoing a transformation towards an "AI + vehicle" strategy, with plans for a Hong Kong IPO, although its new business segments have yet to generate revenue [4] Financial Performance - Q3 revenue reached 2.762 billion yuan, a year-on-year increase of 51.2% [2] - Net profit attributable to shareholders was approximately 22.11 million yuan, up 60.75% year-on-year [2] - For the first three quarters, total revenue was 6.946 billion yuan, a 44.27% increase year-on-year, with a net profit of about 53.28 million yuan, reflecting a 33.37% growth [2] Business Segments - The growth in revenue is attributed to the sales of the company's automotive business, particularly the micro electric vehicle "Blue Balloon" and the A0-level fuel SUV "Rui Lan X3 PRO" [3] - The "Blue Balloon" model sold over 3,000 units in September, while the "Rui Lan X3 PRO" had sales exceeding 5,700 units in July and August, but dropped to 2,381 units in September [3] - Despite increased sales, the company reported a sales profit margin of -2% in Q3 [3] Government Support and R&D - The company received 87.59 million yuan in government subsidies during Q3, which significantly contributed to the net profit [3] - Excluding non-recurring gains, the company faced a net loss of 42.41 million yuan, primarily due to increased advertising expenses and R&D costs for a new intelligent vehicle cockpit operating system [3] Strategic Transformation - The company, originally known as Lifan Automotive, has undergone a transformation after judicial restructuring and the introduction of new stakeholders [4] - In September, the company announced its strategic focus on three main business areas: intelligent driving, intelligent cockpit, and Robotaxi services [4] - The company plans to list on the Hong Kong Stock Exchange, although its new business segments have not yet generated any revenue [4]

Core Insights - In Q3 2025, active equity funds underwent significant adjustments in their holdings, shifting towards technology stocks while reducing exposure to consumer and banking sectors [1][3] Group 1: Changes in Major Holdings - The top ten holdings of active equity funds at the end of Q3 included Ningde Times (¥758.81 billion), Tencent Holdings (¥699.38 billion), and new entrants like Xinyi Technology and Zhongji Xuchuang, indicating a strong preference for technology stocks [3][4] - Ningde Times rose to the top position due to a substantial stock price increase of 60%, despite a reduction in the number of shares held by funds [5][6] - Conversely, Guizhou Moutai fell from third to tenth place, primarily due to a modest stock price increase of only 2.45% and a decrease in fund holdings [6][11] Group 2: Increased Allocation to Technology - Active equity funds significantly increased their allocations to technology stocks, particularly in AI-related sectors, with notable increases in holdings for companies like Industrial Fulian and Zhongji Xuchuang [8][9] - The top ten stocks with the highest increase in holdings were all from the technology sector, reflecting a collective bet on the AI industry [9][11] - Industrial Fulian saw the largest increase in fund holdings, with a remarkable stock price surge of 214.80% during Q3 [8][9] Group 3: Decreased Allocation to Consumer and Banking Sectors - Active equity funds drastically reduced their holdings in consumer and banking stocks, with Xiaomi Group experiencing the largest decline in market value, dropping by ¥10.8 billion (approximately 51%) [11][12] - Other consumer stocks like Midea Group and new consumption leader Pop Mart also faced significant reductions in fund holdings, indicating a broader trend of divestment from these sectors [12][13] - Banking stocks such as China Merchants Bank and Jiangsu Bank also saw substantial decreases in both stock price and fund holdings, reflecting a challenging environment for these sectors [12][13]

Core Viewpoint - The company reported a decrease in operating revenue for the first three quarters of 2025, while net profit and adjusted net profit saw significant increases [1] Financial Performance - Operating revenue for the first three quarters reached 3.183 billion yuan, a year-on-year decrease of 4.79% [1] - Net profit attributable to shareholders was 439 million yuan, reflecting a year-on-year increase of 139.08% [1] - Adjusted net profit, excluding non-recurring gains and losses, was 440 million yuan, marking a year-on-year increase of 143.45% [1] - Basic earnings per share stood at 0.4247 yuan [1]

Core Viewpoint - The company announced that its subsidiary, Shanghai Antong Medical Technology Co., Ltd., has successfully registered the Iberis® RDN system with the UK's Medicines and Healthcare products Regulatory Agency (MHRA) [1] Group 1: Product Development - The Iberis® RDN system is the only renal denervation (RDN) product globally approved for both transradial access (TRA) and transfemoral access (TFA) methods [1] - TRA enhances the safety, efficacy, and cost-effectiveness of RDN procedures [1] Group 2: Strategic Partnerships - The company has formed a strategic partnership with Bosheng International Group Limited to commercialize the Iberis® RDN system across multiple regions, including but not limited to EU countries, the Asia-Pacific region, and Latin America (LATAM) [1] Group 3: Regulatory Milestones - The Iberis® RDN system received CE marking in Europe in 2016, indicating its compliance with health, safety, and environmental protection standards [1]

Core Viewpoint - Q3 2025 financial results of Qianli Technology show significant revenue growth driven by automotive and motorcycle sales, but profitability remains a concern due to high costs and low margins [1][2] Financial Performance - Q3 revenue reached 2.762 billion yuan, a year-on-year increase of 51.2% [1] - Net profit attributable to shareholders was approximately 22.11 million yuan, up 60.75% year-on-year [1] - Non-recurring net profit showed a loss of 42.41 million yuan, a year-on-year decline of 657% [1][2] - For the first three quarters, total revenue was 6.946 billion yuan, a 44.27% increase year-on-year [1] - Net profit attributable to shareholders for the first three quarters was nearly 53.28 million yuan, a 33.37% increase year-on-year [1] Business Segments - Growth in revenue is primarily attributed to increased sales in the automotive and motorcycle sectors [1] - Key automotive products include the micro electric vehicle "Blue Balloon" and the A0-level fuel SUV "Ruilan X3 PRO," both priced under 60,000 yuan [1] - The "Blue Balloon" achieved over 3,000 units sold in September after its launch, while "Ruilan X3 PRO" sales exceeded 5,700 units in July and August but dropped to 2,381 units in September [1] Profitability Challenges - The sales profit margin for Q3 was -2%, indicating challenges in profitability despite revenue growth [1] - The increase in net profit was largely due to government subsidies and foreign exchange gains, with government subsidies amounting to 87.59 million yuan [2] - Excluding non-recurring gains, the company reported a net loss of 42.41 million yuan, primarily due to increased advertising expenses and R&D costs for a new smart vehicle cockpit operating system [2] Strategic Developments - Qianli Technology, originally Lifan Automotive, underwent a transformation after judicial restructuring and is now focusing on an "AI + Vehicle" strategy [2] - The company announced three main business directions: intelligent driving, intelligent cockpit, and Robotaxi services, which are capital-intensive [2] - Plans for an IPO in Hong Kong were initiated in mid-October, with high market valuations based on future potential in the new business areas, which have yet to generate revenue [2]

绿科科技国际(00195)发布公告，Bluestone Mines Tasmania合营企业(BMTJV)的雷尼森项目，其中YT Parksong Australia Holding Pty Limited(YTPAH)持50%权益，2025年7月至9月季度锡产量为2272吨，比上 一季度的锡产量下跌16.6%。矿石开采品位为1.51%，较上一季度下跌0.14个百分点。季度平均回收率为 76.39%，比上一季度下跌4.14个百分点。 ...