消息面上，近日，第二届博鳌乐城干细胞大会在海南博鳌乐城国际医疗旅游先行区正式开幕。大会首次公布中国干细胞行业的价格收费标准、准入标准及首 批获准收费项目清单，标志着国内干细胞产业迈入规范化、高质量发展的新阶段。 财通证券认为，随着更多项目的获批与实施，预计未来将有更多基于干细胞的先进治疗手段惠及民众。并且随着国内商保推动等因素带来多层次医疗保障体 系的建立，国内医疗创新行业有望迎来多重增量，看多创新药政策新周期带来的产业链共振上升，具有高科技属性的医药医疗公司将更受市场青睐。关注 一：具有真创新能力的新药公司，将具备更大的估值弹性。关注二：细胞与基因治疗相关公司。 恒生医疗ETF紧密跟踪恒生医疗保健指数，恒生医疗保健指数提供一项市场参考指标，反映在香港上市、主要经营医疗保健业务证券的整体表现。 规模方面，恒生医疗ETF近1年规模增长34.09亿元，实现显著增长，新增规模位居可比基金1/3。 数据显示，杠杆资金持续布局中。恒生医疗ETF最新融资买入额达3.42亿元，最新融资余额达6.09亿元。 绝对收益方面，截至2025年3月27日，恒生医疗ETF自成立以来，最高单月回报为28.34%，最长连涨月数为4个月，最 ...

Core Viewpoint - China Pacific Insurance (02328) maintains an "outperform" rating, with a target price increase of 17.6% to HKD 14.7, reflecting a positive outlook for 2025 despite challenges in 2024 due to natural disaster losses [1] Group 1: Financial Performance - In 2024, the company's premium income increased by 4.3% year-on-year to CNY 538.1 billion, while market share decreased by 0.7 percentage points to 31.8% [2] - Net profit rose by 30.9% to CNY 32.2 billion, aligning with expectations, driven by improved stock market conditions [3] - Total investment assets grew by 4.3% year-on-year, with total investment return increasing by 2.0 percentage points to 5.5% [3] Group 2: Underwriting and Cost Ratios - The combined ratio (CoR) for 2024 increased by 1.0 percentage point to 98.8%, primarily due to higher-than-expected natural disaster losses [2] - The combined loss ratio rose by 2.4 percentage points to 73%, with the net loss from major disasters exceeding the average of the past five years by 50.9% [2] - The CoR for auto insurance improved by 0.1 percentage point to 96.8%, while the non-auto insurance CoR decreased by 2.8 percentage points to 101.9% [2] Group 3: Dividend and Long-term Outlook - The annual dividend per share increased by 10.4% to CNY 0.54, slightly below expectations, but the long-term operational trend supports strong future dividend capacity [4] - The company is viewed as a long-term stable investment option, considering dividend growth and net asset increases [4]

Core Insights - In 2024, Pop Mart achieved a record annual revenue of 13.038 billion yuan, representing a year-on-year growth of 106.9% [1] - The second half of the year saw revenue reach 8.480 billion yuan, with a year-on-year increase of 143.2%, and profit growth soaring by 283.3% [1] - Key highlights include a significant rise in overseas market revenue, which accounted for 38.9% of total revenue, driven by IP operations and product structure optimization [1] Group 1: Overseas Market Growth - The revenue from Hong Kong, Macau, Taiwan, and overseas markets reached 5.066 billion yuan, with a year-on-year increase of 375.2%, making up 38.9% of total revenue [2] - Southeast Asia was the standout region, generating 2.403 billion yuan (up 619.1%), accounting for 18.4% of total revenue; North America also saw a significant growth of 556.9%, with revenue of 723 million yuan [2] - The company accelerated its offline channel expansion, adding 50 retail stores to reach a total of 130, and increasing the number of robot stores by 73 to 192, with new locations in Vietnam and Italy [2] Group 2: IP Operations and Product Strategy - In 2024, 13 IPs generated over 1 billion yuan in revenue, with THEMONSTERS leading at 3.041 billion yuan (up 726.6%), followed by MOLLY at 2.093 billion yuan (up 105.2%) and CRYBABY at 1.165 billion yuan (up 1537.2%) [3] - The diversified product strategy and penetration into overseas markets have strengthened the core IPs, with LABUBU's plush products driving a 1289% increase in plush category revenue to 2.832 billion yuan [3] Group 3: Profitability and Cost Management - The overall gross margin improved by 5.46 percentage points to 66.79%, with the second half gross margin reaching 68.26% [5] - Continuous improvement in expenses led to a decrease in sales expense ratio by 3.82 percentage points to 28.00% and a reduction in management expense ratio by 3.96 percentage points to 7.26% [5] - The net profit margin increased to 26.10%, driven by scale effects and enhanced supply chain efficiency [5] Group 4: Product Diversification and Membership Engagement - The revenue from figurines accounted for 53.2% (6.936 billion yuan) of total revenue, remaining the core category; plush products increased their revenue share to 21.7% [6] - The MEGA series and derivative products saw significant growth, with revenues of 1.684 billion yuan (up 146.1%) and 1.586 billion yuan (up 156.2%), respectively [6] - The total registered members in mainland China reached 46.083 million, with 11.729 million new members, contributing 92.7% of sales and a repurchase rate of 49.4% [7] Conclusion - Pop Mart's IP-centric strategy has fully materialized in 2024, with overseas expansion and product innovation serving as dual engines for growth [8] - The enhancement of supply chain capabilities, deepening global channels, and expanding the IP ecosystem have clarified the company's "brand upward" path [8]

成本下降使毛利率及现金EBITDA改善，公允价值变动及商誉减值影响24年报表净利润 尽管受原奶售价下降影响，但受益于公斤奶饲料成本下降16.7%及单产提升带来的内生效益改善，24年 毛利率小幅扩张2.8ppt。得益于毛利率改善，公司24年现金EBITDA同增20%，表现良好。 行业存栏量开始持续去化，周期反转趋势未来利好龙头业绩改善。 根据草根调研，目前牧业85-90%面临亏损压力，行业存栏量于2024年3月已开始环比减少，24年行业存 栏量同比下降，25年1-2月延续去化趋势，该行预计2025年行业有望继续去化。根据统计局数据，2024 年我国牛奶产量4,079万吨，同比-2.8%，该行预计2024年国内原奶供需缺口或约为高单位数至10%左 右，考虑上游去化，该行预计2025年供需缺口有望改善、原奶价格或有望企稳，2026-2027年原奶价格 或有望逐渐进入上行周期。牧业目前处于周期底部，拉长周期看该行认为目前是左侧投资较好时间点。 公司单产延续提升，奶价降幅好于行业 受益于基因改良、技术提升等举措，2024年公司成乳牛单产同比小幅提升1.6%至12.8吨;2024年底公司 牛群规模49.1万头，剔除并表贡 ...

3月27日，碧桂园服务（6098.HK）发布2024年年报。数据显示，其全年收入为439.93亿元，同比增长3.2%；毛利为84亿元，同比下降3.8%，但净利润18.75 亿元，同比上涨262.8%，股东应占核心利润30.38亿元，不及上一会计年度。 截至2024年底，碧桂园服务的的收费管理面积达到约10.37亿平方米，"三供一业"业务的收费管理面积约0.9亿平方米，两者合计为11.27亿平方米。 碧桂园服务集团总裁徐彬淮表示，2024年公司在收入、利润、现金流等核心指标上基本达成了年初制定的目标。 从左往右起依次为，碧桂园服务集团投资者关系总经理林文韬，执行总裁、首席财务官黄鹏，执行董事、总裁徐彬淮，副总裁、运营管理中心总经理张艳 芝，副总裁、首席技术官赵晓光 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 | 人民幣千元 | | 來自「三 供 一 業 J業 務 以 外 的 物 業 管 理 及 相 關 服 務 之 收 入 | | | | 一物業管理服務 | 25,910,364 | 24.698,514 | | 一社 ...

浙江杭州即将新增一家深主板上市公司。 3月31日，信凯科技（001335.SZ）即将申购，发行价格为12.8元/股，对应的发行市盈率为14.38倍。 近年来，A股市场新股打新赚钱效应较好，截至3月27日，2025年登陆A股市场的26家新股上市首日全部收涨， 且首日平均涨幅超过246%。在这种背景下，对于信凯科技这种优质新股，值得积极申购。 一、得益于下游需求增长，公司2024年营收同比上升32.55% 信凯科技成立于1996年，来自浙江杭州，从事颜料行业近30年，是全球有机颜料行业的重要供应商之一。 公司主要从事有机颜料等着色剂的产品开发、销售及服务，拥有450多个规格的颜料产品，主要产品包括偶氮 颜料、杂环颜料、酞菁颜料等。信凯科技的颜料产品具有耐光、耐热、耐气候、耐迁移、环境友好和安全性能 高的特点，可应用于油墨、涂料、塑料和特种化工品着色，最终广泛应用于包装印刷、食品接触包装印刷、数 字印刷、出版印刷、汽车涂料、建筑涂料、工业涂料、粉末涂料、塑料日用品、纺织印花等领域。 得益于全球化的战略布局及积累的优质海外客户资源，公司主要销售区域及主要客户收入均实现小幅增长，信 凯科技预计今年一季度收入及净利润仍将 ...

2024年标志着集团华堂宁在中国内地被纳入国家医保药品目录的首个完整年度。因此，2024财政年度的 销售收入较2023年同期增加234%至2.56亿元。于2024财政年度，华堂宁的销售遍布中国内地约2700家 医院。截至2024年12月31日，华领医药的资产负债表保持稳健，现金结余达11.4亿元，以支持其全面商 业化、业务发展和研发活动。 智通财经APP获悉，华领医药-B(02552)绩后涨超4%，截至发稿，涨4.65%，报2.7港元，成交额657.66万 港元。 公告称，集团的收入来自销售核心产品华堂宁。截至2024年12月31日止年度，集团已售出约210.5万盒 华堂宁，产生销售额约2.56亿元。截至2023年12月31日止年度，集团已售出约25.1万盒华堂宁，产生销 售额约7660万元。于2023年底，华堂宁已成功被国家医疗保障局(NHSA)纳入国家医保药品目录用于2型 糖尿病。受上述突破性的消息影响，预期华堂宁的销售额将在未来数年大幅上升。 消息面上，3月27日，华领医药-B发布截至2024年12月31日止年度的年度业绩，收入2.56亿元(人民币， 下同)，同比增加234.02%;毛利1.25亿元，同 ...

Group 1 - The Hang Seng Index opened up 0.4%, with the Hang Seng Tech Index rising 0.29%. Most tech stocks increased, with Alibaba (09988) up approximately 1.5%, while SMIC (00981) fell over 2% after its earnings report [1] - According to a report from Founder Securities, the current rally in the Hong Kong stock market remains intact, with overall valuations near historical averages. The attractiveness of Chinese assets is expected to continue to rise, supported by the recovery of the Chinese economy, improving corporate earnings, and a favorable liquidity environment [2] - CICC's latest report indicates that the long-term pricing of Hong Kong stocks depends on earnings prospects. If earnings materialize, related stocks may experience a situation where prices rise while valuations decrease. In the short term, some stocks that have risen significantly may face volatility [2] Group 2 - According to Galaxy Securities, the three main lines of high allocation value in the Hong Kong market in the medium to long term are: first, the technology sector with promising earnings; second, the consumer sector with strong policy support; and third, high-dividend sectors with stable investment returns [2] - Researcher Bi Mengnian from Grayscale Wealth pointed out that while overseas interest rates are gradually declining, the pressure on the Hong Kong stock market will ease. In the long term, a moderately loose monetary policy and more proactive fiscal policies will continue to support the economic fundamentals, indicating significant investment value in the Hong Kong market [3] - Singapore Bank's China equity strategist, Huo Huimin, noted that the government work report emphasizes promoting consumption and supporting technological innovation, which is favorable for the stock market. The target price for the Hang Seng Index is set at 25,900 points [3] Group 3 - Industrial Securities reported that recent indicators such as turnover rate and short-selling volume in the Hang Seng Index suggest that market sentiment is at a short-term peak. The high internationalization of the Hong Kong market makes it susceptible to influences from Western markets and geopolitical factors, leading to expected short-term fluctuations [4] - The current bull market in China has found its main driving force in AI technology breakthroughs and advancements in robotics. The recent adjustments due to overseas risks may benefit the mid-term sustainability of the bull market [4]

Core Viewpoint - CICC maintains a "outperform industry" rating for Weisheng Holdings (03393), with a 2025 net profit forecast of 916 million yuan unchanged and a new 2026 net profit forecast of 1.136 billion yuan. The target price is raised by 23% to HKD 9.8, corresponding to 10.0/8.1 times the price-to-earnings ratio for 2025/2026 [1] Group 1: Financial Performance - In 2024, the company's revenue is expected to grow by 20.2% year-on-year, with net profit increasing by 35.4%, aligning with CICC's expectations [1] - The company reported total revenue of 8.72 billion yuan in 2024, a year-on-year increase of 20.2%. Revenue from electric AMI grew by 20.7% to 3.20 billion yuan, while communication AMI revenue rose by 23.5% to 2.61 billion yuan, and distribution ADO revenue increased by 16.8% to 2.90 billion yuan. The net profit attributable to shareholders was 710 million yuan, up 35.4%, with a maintained dividend payout ratio of 50% [1] - The company's gross margin for 2024 was 34.8%, a decrease of 0.8 percentage points year-on-year. The net profit margin increased by 0.9 percentage points to 8.1% due to cost control measures [2] Group 2: International Expansion - The company experienced a significant increase in overseas revenue, which grew by 49.9% year-on-year to 2.40 billion yuan, accounting for 27.5% of total revenue. Notably, revenue from Africa surged by 140% to 680 million yuan, and from Asia by 139% to 570 million yuan [1] - The company signed new overseas orders worth 3.47 billion yuan in 2024, a year-on-year increase of 25.9% [1] - The company is optimistic about maintaining stable domestic demand for electric meters, with expectations for the State Grid's bidding volume to remain high at around 90 million units in 2025 [3] Group 3: Product Development and Innovation - The overseas revenue from distribution ADO products increased by 811% year-on-year to 340 million yuan, with orders rising by 254% to 470 million yuan [4] - The company is focusing on developing efficient direct current power supply solutions and liquid cooling modules for data centers, collaborating with major clients like GDS in Malaysia and Siemens for modular data center solutions [4] - The company has made breakthroughs in standard energy storage cabinets and storage containers in Australia and Europe [4]

Core Viewpoint - The report from CICC maintains the profit forecast for Shoucheng Holdings (00697) at HKD 604 million and HKD 706 million for 2025-2026, representing year-on-year growth of 47% and 17% respectively, and retains a "outperforming the industry" rating with a target price of HKD 2.50. The company is expected to maintain a good development trend due to the expansion of asset management scale and improved management efficiency, benefiting its parking operation and fund management businesses, while also planning to invest in new productivity sectors such as robotics and new materials, which may bring new growth opportunities [1] Group 1: 2024 Performance - In 2024, the company achieved revenue of HKD 1.215 billion and gross profit of HKD 507 million, representing year-on-year increases of 38% and 41% respectively, with net profit attributable to shareholders rising 2% to HKD 410 million, aligning with market expectations. The company declared a final dividend and special dividend totaling HKD 888 million, combined with an interim dividend of HKD 208 million, resulting in a total annual dividend of HKD 1.096 billion, corresponding to a dividend yield of 9.4% as of March 27, 2025 [1][2] Group 2: Core Business Growth - The company’s revenue of HKD 1.215 billion in 2024 was primarily driven by growth in core businesses within the asset operation and financing segments: 1) The asset operation segment saw revenue increase by 40% to HKD 921 million, mainly from a 45% rise in operational service revenue to HKD 823 million, with franchise and leasing income at HKD 47 million and HKD 51 million respectively; 2) The asset financing segment's revenue increased by 31% to HKD 294 million, although it would have decreased by 22% year-on-year if investment income were excluded. The fund management service business remained stable, with revenue rising 4.6% to HKD 192 million [2] Group 3: High Dividend Payout - The company announced a final dividend of HKD 120 million and a special dividend of HKD 768 million, totaling HKD 888 million, which exceeds market expectations. The special dividend will be distributed in three batches of HKD 256 million each, with record dates for shareholders on April 14, September 16, and December 29, 2025. This move reflects the company's confidence and aims to maximize shareholder value [3] Group 4: Financial Health - In 2024, the company's financial costs rose by 10% to HKD 116 million, primarily due to increased interest on lease liabilities. The debt-to-asset ratio increased by 5.5 percentage points to 31.2%, but remains at a healthy level within the industry [4]