LABUBU，自己就是"顶流明星"。 首先，是踩中了中国企业和中国IP出海的大势。不得不说，经受过千锤百炼的中国企业在出海方面已经 颇有心得，近两年主攻海外市场的泡泡玛特更是其中的佼佼者。拉布布刚在泰国火起来，泡泡玛特就立 刻在抖音上开设泰语专场直播，转化率同比飙升300%，应对海外市场非常的得心应手；而泡泡玛特的 106个海外门店数，也为海外消费者提供了充足的线下体验场景。 其次，是奢侈品牌"自降身段"，"包挂潮流"卷土重来。从2024夏季巴黎世家到Miu Miu的时装秀，在奢 侈品手袋上捆绑包挂成为了新的时尚趋势，这背后其实是因为，奢侈品市场需求转入低迷，中产消费者 预算收紧，奢侈品牌纷纷通过推出入门级配件吸引消费者，而其中不少产品都是包挂配饰。不过相比于 奢侈品牌自己的包挂产品，Labubu显然更有趣味性一些，所以你能看到泰国公主思蕊梵在巴黎时装周 期间，将Labubu挂在了爱马仕Birkin手袋上。 或许正是看到了拉布布身上的"与众不同"，2019年，泡泡玛特从龙家升手里签下了整个精灵天团系列。 但是，它也没有立刻火起来，在2022年与2023年，THE MONSTERS系列的营收只有2.63亿元与3 ...

4月28日，茶咖日报的主要内容有： 沪上阿姨5月8日开始在港交所交易 4月28日，沪上阿姨（上海）实业股份有限公司（以下简称"沪上阿姨"）宣布全球发售详情，股份代号 为2589。此次全球发售涉及2,411,340股H股，其中香港发售股份数目为241,140股H股，国际发售股份数 目为2,170,200股H股，最高售价定为每股H股113.12港元。 香港公开发售开始于4月28日上午九时，预期定价日为5月6日，发售价公布日期定于5月7日或之前。预 期H股于联交所开始买卖日期为5月8日上午九时。 公开资料显示，沪上阿姨是一家现制饮品公司。根据灼识咨询，截至2023年12月31日，公司经营着中国 第四大的现制茶饮店网络，并于下沉市场拥有庞大网络。 另据招股书，沪上阿姨的门店网络在短短三年间实现大幅跃升：截至2022年底，公司拥有5307家门店； 至2023年底，门店数增至7789家；至2024年底进一步突破至9176家。其中，99.7%的门店为加盟店。 在商品交易总额(GMV)方面，公司也呈现稳步增长态势：2022年GMV为60.68亿元，2023年增至97.32亿 元，2024年再升至107.36亿元。 沪上阿姨计 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 2.03 billion HKD on April 28, with significant purchases in the Tracker Fund (20.43 billion HKD) and China Enterprises (12.51 billion HKD) [1] - Continuous net selling of Xiaomi for 8 days totaling 5.11 billion HKD, and net selling of SMIC for 5 days totaling 1.18 billion HKD [3] - Goldman Sachs raised its forecast for southbound fund inflows to 110 billion USD from 75 billion USD, with 78 billion USD net inflow year-to-date, representing 75% of last year's total inflow [4] Group 2 - Kangfang Biopharma's stock dropped nearly 12% despite receiving approval for its bispecific antibody drug for treating PD-L1 positive non-small cell lung cancer [5] - Alibaba and Tencent experienced slight declines of 0.35% and 0.27% respectively, with Tencent purchasing GPU resources worth approximately 2 billion CNY from ByteDance [5][6]

Core Viewpoint - The approval of the new indication for Ivosidenib (依沃西单抗) by Kangfang Biopharma (康方生物) did not positively impact the company's stock price, which fell by 11.83% on April 28 due to concerns over the overall survival (OS) data, which showed clinical benefits compared to Keytruda (K药) but lacked statistical significance [1][4][6]. Summary by Sections Drug Approval and Clinical Data - Ivosidenib received approval for a second indication as a first-line treatment for locally advanced or metastatic non-small cell lung cancer (NSCLC) with PD-L1 positivity (TPS≥1%) and negative for EGFR and ALK mutations [4]. - The approval was based on positive results from the AK112-303/HARMONi-2 clinical trial, which demonstrated a median progression-free survival (PFS) of 11.14 months for Ivosidenib compared to 5.82 months for Keytruda, with a hazard ratio (HR) of 0.51, indicating a 49% reduction in the risk of disease progression or death [4][5]. Overall Survival Analysis - A mid-term analysis at 39% maturity showed that Ivosidenib reduced the risk of death by 22.3% compared to Keytruda, although this result did not achieve statistical significance [6][8]. - The total survival data is considered the gold standard for evaluating the efficacy of cancer therapies, and there are differing opinions on the interpretation of these results [6][9]. Market Reaction and Future Prospects - The market's reaction to the OS data has been viewed as misaligned with the essence of the clinical findings, according to Kangfang's chairman, Xia Yu [6][8]. - The ongoing competition with Keytruda is significant, as lung cancer remains the most prevalent and deadly cancer type in China, with Ivosidenib's performance in clinical trials being closely monitored [9][10]. Upcoming Research - The HARMONi-7 study, conducted by Summit, will further evaluate Ivosidenib against Keytruda in patients with high PD-L1 expression, with a focus on achieving statistically significant benefits in overall survival [10]. - This study is crucial for determining whether Ivosidenib can genuinely challenge Keytruda's dominant position in the market [10].

作为一家在香港上市且为数不多的专业眼科医疗服务提供商的清晰医疗（01406.HK），在2025年1月6 日、2月7日、4月15日多次宣布停牌，引发市场对其财务状况和公司治理的高度关注。 截至最新日期，公司仍未复盘及未公告其最后停牌的事由，而公司停牌日前收盘的股价已较其2022年2 月每股发行价1.60港元暴跌了78%，总市值随之缩水至1.88亿港元，低于其上市募集资金的2.18亿港 元。 值得一提的是，清晰医疗IPO前的股息分配操作。据公开资料，2019-2021年，公司累计发放1.48亿港元 股息，占同期总利润的140%。匿名邮件资料中的提交监管机构的报告显示，除了创始医生谢伟业外的 所有股东均放弃收取股息，转而将资金汇入谢所控制的Ultimate Bliss Limited等实体，用于抵扣历史借 款。 二、一个关键人物的浮出水面 根据匿名邮件资料，一个关键人物被扯出水面——莫赞生（英文名为：MOK TSAN SAN 或 Jason Mok），他被指出是清晰医疗IPO期间"非法IPO资金"的中介人。他不仅为谢伟业安排了签署由其个人担 保（部分未被披露）的过桥资金，其后还牵线本地富豪家族的郑某入局，让其为谢伟 ...

Core Viewpoint - The stock price of Melco International Development (00200.HK) experienced a significant drop, falling over 18% intraday and closing down 13.68%, reaching a new low in over a decade due to a rights issue announcement aimed at raising capital [1][2]. Group 1: Rights Issue Details - Melco International Development announced a rights issue to raise up to approximately HKD 780 million, offering one new share for every two shares held at a price of HKD 1.0286, representing a discount of about 72.93% from the closing price on April 25 [2]. - The chairman and CEO, Ho Yau Lung, who holds approximately 61.44% of the shares, has committed to accept at least 413 million shares in the proposed rights issue, potentially increasing his stake to 69.69% if other shareholders do not participate [2]. Group 2: Financial Health and Debt Levels - As of the end of 2024, Melco International Development reported total assets of approximately HKD 84.75 billion and outstanding interest-bearing borrowings of about HKD 60.69 billion, resulting in a capital-to-debt ratio of 71.6%, a significant increase from 42.4% in June 2019 [3]. - The company has outstanding borrowings of approximately HKD 5.11 billion related to a USD 1 billion secured credit facility established in June 2021, with a portion of this debt due in June 2026 [3]. Group 3: Use of Proceeds from Rights Issue - The company anticipates that 50%-60% of the net proceeds from the rights issue will be used to repay part of the principal of the outstanding credit facility, while the remaining 40%-50% will primarily cover interest payments on the same facility [4]. Group 4: Performance and Market Reaction - Despite a recovery trend in revenue since 2020, Melco International Development has reported continuous net losses, with a projected loss of HKD 785 million for 2024 [5]. - High financing costs have contributed to the ongoing losses, leading to several years without dividend payouts, which has negatively impacted the stock price, resulting in a downward trend in recent years [6].

Group 1 - The company, King’s Ray Biotechnology, announced a share transfer agreement to acquire 300 million shares of Probio Cayman Class A preferred shares for approximately $225 million (around HKD 1.7 billion) [1] - Following the transaction, the company's direct and indirect ownership in Probio Cayman will increase from 71.72% to 85.09% [1] - Probio Cayman will continue to be an indirect non-wholly owned subsidiary of the company after the completion of the transaction [1] Group 2 - Probio Cayman and its subsidiaries provide comprehensive Contract Development and Manufacturing Organization (CDMO) services in the biotechnology and pharmaceutical sectors, including antibody drug discovery and clinical development [2] - The company has established Probio Cayman as a leading CDMO service provider, empowering innovators in antibody development, protein therapy, cell therapy, and gene therapy [2] - Probio Cayman is expected to generate cash inflows from a licensing agreement with Lixin Pharmaceutical Technology Co., Ltd. regarding the PD-1 VHH antibody, which will further enhance its future development prospects [2]

Core Viewpoint - The company has decided to terminate its Maserati dealership business in China due to consistent losses and declining revenue, with the cessation expected to be completed by June 2025 [1][2][3] Group 1: Financial Performance - The Maserati dealership in China has incurred losses for the past two fiscal years, with a pre-tax loss of approximately 14 million HKD for the year ending December 31, 2023, and a projected pre-tax loss of about 6.1 million HKD for the year ending December 31, 2024 [2] - Revenue from the Maserati dealership was around 15.8 million HKD for the fiscal year 2023, accounting for approximately 33.3% of the company's total revenue, but is expected to drop by 77.8% to 3.5 million HKD in fiscal year 2024, representing only 11.2% of total revenue [2] Group 2: Market Conditions - The decline in Maserati sales is attributed to a challenging macroeconomic environment in China post-COVID-19, which has suppressed consumer purchasing intent and weakened demand in the luxury car market [2] - The rise of the electric vehicle market, driven by local government incentives, has further impacted the demand for traditional luxury cars in China [2] Group 3: Strategic Decisions - The board believes that terminating the Maserati dealership will not significantly adversely affect the company's operations or financial condition, as the assets and revenue from this business represent only about 0.8% of total assets and 11.2% of total revenue for the fiscal year 2024 [3] - The decision is expected to reduce employee costs and administrative expenses, allowing the company to optimize its financial situation and reallocate resources to its existing electric vehicle business, which contributed 1.2 million HKD in revenue for the fiscal year 2024 [3]

出品 | 搜狐财经 作者 | 冯紫彤 从股权到人事，从资产质量到业务结构，摆脱"恒大系"身份两年后，历史包袱沉重的盛京银行仍在艰难转型。 2024年，盛京银行实现营收85.77亿元，同比下降14.57%；实现归母净利润6.21亿元，同比下降15.21%。这是盛京银行5年来第四次出现营收、利润双降的情 况。但好消息是，同比降幅有了明显收窄。 在年报中，盛京银行明确提出其战略目标为 "一稳一提两增"，即稳增长、提质量、增效益、增效率。 效益难增：净息差仅0.8%，生息资产扩张难 在当前市场利率下行的背景下，上市银行利差空间被压缩导致利息净收入大幅下滑从而牵连营业收入的现象并不鲜见，不少大行也难逃息差焦虑和营收困 局。 但盛京银行的情况又有些不一样，体现在其息差水平实在太低了。 据国家金融监督管理总局最新数据，2024年第四季度，商业银行净息差为1.52%，环比下降0.01个百分点；其中城商行第四季度的净息差为1.38%，环比下降 0.05个百分点。 但盛京银行年报数据显示，2024年，其净息差仅0.8%，同比上年度下行16基点。目前，A股、H股共有50余家银行披露了2024年度净息差水平，低于1%的 仅盛京银行一 ...

Group 1: Industry Overview - Citigroup observed a recent overall increase in China's healthcare sector, particularly in innovative pharmaceuticals and biotechnology companies, indicating a growing optimism among investors towards the Chinese market [1] - The healthcare industry in China is relatively insulated from the impact of U.S. tariffs, with innovation breakthroughs expected to drive long-term growth for leading companies [1] - Positive structural reforms in China's healthcare insurance and pricing are anticipated to expand commercial insurance payment capabilities and reduce future pricing pressures on innovative drugs [1] Group 2: Company Insights - Citigroup's new preferred stocks include Hansoh Pharmaceutical, CSPC Pharmaceutical Group, CanSino Biologics, Innovent Biologics, 3SBio, Mindray Medical, MicroPort Scientific, WuXi AppTec, WuXi Biologics, and Ping An Healthcare [1] - The healthcare service platform Ping An Healthcare reported a revenue of approximately 1.0625 billion yuan for Q1 2025, reflecting a year-on-year growth of 25.8%, and achieved a net profit of 33.188 million yuan, marking a turnaround from losses [3][4] - Ping An Healthcare is projected to enhance profitability post-break-even in 2025, with potential catalysts including more details on AI-related technology developments and increased synergy from the integration with Ping An Group [4]