研究员：王玮嘉/黄波/胡知/李雅琳 机构：华泰证券 6 月5 日中电控股出席了我们组织的2025 年中期策略会，会上公司分享近期经营变化和后续展望。我们 认为主要关注点包括：1）稳定型业务：随资本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地 核电机组稳健运行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个零碳项目顺利 投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 盈利预测与估值 我们维持公司25-27 年归母净利润为121/124/130 亿港元，2025 年EPS/BPS 为4.79/42.82 港元。维持目标 价79.37 港元，基于1.85x 25E PB，高于3 年历史均值（1.51x），重申看好公司未来业绩增长及分红提 升的潜力。 公司零碳资产组合不断拓展，中国内地广西博白风电项目（150MW）/江苏宜兴一期光伏项目 （90MW）、印度Sidhpur 风场（251MW）均于Q1 全面投产。据公司此前披露的零碳项目投资计划， 自2024 年至2029 年，中国内地可再生能源装机将翻倍（~3GW 至~6GW）；印度可再生能源/输电/智能 电表及电池储能将增至三倍（~2 ...

机构：长江证券 研究员：杨洋 事件描述 5 月22 日，联想集团发布FY2025 财年第四季度及全财年业绩， FY2025 公司实现营收690.77亿美元， 同比+21.48%；归母净利润13.84 亿美元，同比+37.01%。毛利率16.07%，同比下滑1.17pct；归母净利率 2.00%，同比增长0.22pct。FY2025 Q4 公司实现营收169.84 亿美元，同比增长22.78%；归母净利润0.9 亿美元，同比下降63.71%。 事件评论 FY2025 Q4 GAAP 净利润下滑主因认股权证会计处理影响，Non GAAP 净利润超预期。 IDG 业务稳健增长，非PC 产品多点开花。FY2025 公司IDG 部门实现营收3647 亿元，同比增长13%； 运营利润率达到7.2%。PC 作为公司基石业务，FY2024 营收同比增长11%，市占率提升至23.7%，超越 第二名3.6pct，在消费电子需求波动的形势下，持续发挥龙头稳健增长优势。FY2025 非PC 业务营收占 比达到47%，同比增长5pct，其中： （1）智能手机业务营收同比增长27%创历史新高，其中亚太地区同比增长179%，欧洲-中东-非 ...

Core Viewpoint - The company is focusing on high-quality growth through channel optimization and inventory adjustments, with expectations for improved same-store sales and profitability recovery in the coming quarters [1][2]. Group 1: Domestic Market Performance - The company aims to stabilize and gradually improve same-store sales by refining product offerings and services to address competitive pressures [1]. - Inventory adjustments are being made to better match demand across different market tiers, enhancing product quality in lower-tier markets while promoting popular products in higher-tier markets [1]. - The company has closed underperforming stores and is focusing on flagship "big stores" to drive growth, with new store openings planned [1]. Group 2: Overseas Market Strategy - The company is enhancing its overseas operations by establishing a product development team in North America and improving same-store performance since April [2]. - Cost optimization strategies are being implemented, including concentrated store openings and flexible staffing to reduce operational costs in North America [2]. - The company is also strengthening guidance for overseas partners and exploring new store models in the agent market [2]. Group 3: Profitability and Financial Forecast - The company anticipates short-term fluctuations in profitability due to the ramp-up phase of high-growth businesses, but expects improvements as operational models are optimized [2]. - The company projects adjusted net profits of 2.99 billion, 3.73 billion, and 4.57 billion yuan for 2025-2027 [2]. - A target price of 47 HKD is maintained, with a PE ratio of 18x for 2025, reflecting short-term business uncertainties [2].

三生PD-1/VEGF 双抗（707） 12.5 亿美金首付款授权辉瑞，创新能力得到验证 三生双抗成功授权辉瑞，首付款创新高。5 月20 日，三生制药宣布将PD-1/VEGF 双抗SSGJ-707 的全球 （不包含中国内地）开发、生产、商业化权利授予辉瑞，总交易金额最高可达60.5 亿美元（含12.5 亿首 付款，总额最多为48 亿美元的潜在付款，创国产创新药出海首付纪录），以及根据授权地区产品销售 额计算得到的两位数百分比的梯度销售分成，辉瑞同时1 亿美元战略入股。未来辉瑞可能重点扩展非小 细胞肺癌及结直肠癌领域。 机构：中信建投证券 研究员：贺菊颖/袁清慧/魏佳奥 核心观点 三生制药在创新药国际化合作与临床进展上双获突破：5 月20 日与辉瑞达成 PD-1/VEGF 双抗 SSGJ-707 海外权益授权，总金额最高达 61.5 亿美元（含 1 亿美元战略入股），创本土双抗出海重磅纪录；6 月1 日 ASCO 公布该药单药治疗晚期 NSCLC 的 II期数据，鳞癌/非鳞癌客观缓解率分别达75%/64 %，疾病 控制率97%，且 3 级以上治疗相关不良反应仅24.1%。此次合作充分体现公司双抗平台的临床价值， ...

Core Viewpoint - The company maintains a "buy" rating despite facing profit pressure in FY2025Q1, with expectations for improvement in same-store sales and profit margins in Q2 and a stronger performance anticipated in H2 2025 during the overseas peak season [1][2] Financial Performance - FY2025Q1 revenue reached 4.427 billion yuan, a year-on-year increase of 18.9%, with contributions from various segments: - Miniso's domestic business revenue was 2.494 billion yuan, up 9.1% year-on-year - Miniso's overseas business revenue was 1.592 billion yuan, up 30.3% year-on-year - TOP TOY revenue was 340 million yuan, up 58.9% year-on-year - Adjusted net profit for FY2025Q1 was 587 million yuan, a decrease of 4.81% year-on-year, indicating profit pressure [1][2] Same-Store Sales and Store Expansion - Same-store sales improvement has become a strategic focus, with Q2 showing a continued positive trend - In FY2025Q1, Miniso's domestic revenue grew by 9.1%, but same-store daily sales saw a low single-digit decline, primarily due to reduced foot traffic in malls - The overseas revenue growth of 30.3% was supported by a 24.6% increase in average store count - In FY2025Q1, Miniso closed 111 domestic stores due to market adjustments, while 95 new overseas stores were opened, indicating ongoing expansion efforts [1][2] Profitability Metrics - The company's gross margin for FY2025Q1 was 44.2%, an increase of 0.8 percentage points year-on-year - Adjusted net profit margin was 13.3%, down 3.3 percentage points year-on-year - Operating profit margin (OPM) was 16.0%, a decline of 3.9 percentage points year-on-year, attributed to a higher proportion of lower-margin direct sales and upfront costs related to new store openings in the U.S. [2]

Group 1 - In Q1 2025, the company reported revenue of 330 million yuan, a year-on-year decrease of 12.4%, and a quarter-on-quarter decrease of 30.7, with a net loss of 100 million yuan [1] - The total sales volume of the company's lidar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8%, with sales for ADAS applications down 16.8% and sales for robotics and other products up 183.3% [1] - The company's gross margin in Q1 2025 was 23.49%, an increase of 11.17 percentage points year-on-year, while the net margin was -30.13%, an increase of 6 percentage points year-on-year [1] Group 2 - The company has a strong order backlog benefiting from the rapid development of ADAS and high-level autonomous driving, having established close partnerships with 30 global automakers and suppliers [2] - In 2025, the company launched the EM platform and introduced new digital products like Airy and E1R, covering various robotics applications [2] - The company has secured a record order of 1.2 million solid-state lidar units for the lawnmower industry and is collaborating with over 20 companies to advance embodied intelligence applications [2]

出品 | 妙投APP 作者 | 刘国辉 图片来源 | AI制图 今年的金融行业，人事变动频频。继平安、中信金控、招商局金控旗下金融机构出现人事调整后，友邦也来凑热闹。 友邦保险6月6日在港交所公告，集团董事会主席谢仕荣退任，9月30日起生效；杜嘉祺将于10月1日接任。 杜嘉祺为英国人，2010年从英国保诚CEO的位置上来到友邦保险，接替谢仕荣担任CEO，带领友邦完成了IPO，更提出了"最优秀代理"策略，奠定了友邦注 重优秀代理人的发展基调。7年后杜嘉祺加盟汇丰控股担任集团主席。待今年10月1日将再次回到友邦，再次接替谢仕荣。 汇丰控股也公告称，继5月1日公布确认杜嘉祺拟于2025年底前退任集团主席职位后，公司现已同意杜嘉祺将自9月30日起退任汇丰集团主席及董事会成员。 由此可见，杜嘉祺提前结束了在汇丰控股的任期，选择回到友邦担任董事局主席。这还挺让人费解的，为什么会如此？ 此番董事局主席调整，对友邦有何影响？ 董事局主席不是友邦实质上的业务"一号位" 董事局主席的更换，对每家公司都是件大事。不过对于友邦保险的业务线来说，影响似乎又没有那么大、那么直接。这跟友邦的治理结构有关。 在印象中董事局主席是一家公司的" ...

代糖企业新琪安科技股份有限公司（以下简称"新琪安科技"）上市进程迎来新进展。新京报记者获悉， 新琪安科技近期招股结束，预计6月10日在港交所挂牌上市。公司计划全球发售1058.54万股H股，每股 发售价介乎18.90至20.90港元，最多募资约2.21亿港元。 这家专注于食品级甘氨酸和三氯蔗糖的甜味剂制造商，虽然成立时间较年轻，2003年在江西成立，却已 经在全球市场中占据重要席位——成为全球食品级甘氨酸行业销量和收入双第一，并跻身三氯蔗糖全球 五强。 不过，从业绩来看，新琪安科技的发展却不尽如人意，近年来业绩承压，净利润连续三年下滑，导致 2023年净利从2022年的1.22亿元大幅下滑至0.45亿元。此外，新琪安科技还面临家族式管理模式、大客 户依赖等挑战。 6月10日港交所挂牌上市 新琪安科技发布的公告显示，公司于5月30日至6月5日发售股票，6月5日中午12点截止办理申请登记。 此次计划全球发售1058.54万股H股，其中90%为国际发售，10%为公开发售，每股发售价区间是18.90至 20.90港元，以此推算，最多募资约2.21亿港元。预计6月10日港交所挂牌上市。 资料显示，新琪安科技2003年由 ...

重要内容提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年6月5日 (二)股东大会召开的地点：河南省平顶山市民主路2号平安大厦 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长焦振营先生主持本次股东大会,会议召集和召开程序、出席会 议人员的资格、会议的表决方式和程序均符合《公司法》及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事15人，出席15人，所有在任董事均出席本次会议； 2、公司在任监事9人，出席9人，所有在任监事均出席本次会议； 3、董事会秘书许尽峰先生出席了会议；副总经理杨国和先生、刘兴全先生列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于控股股东拟变更同业竞争承诺的议案 审议结果：通过 表决情况： ■ 审议结果：通过 表 ...

Core Viewpoint - The automotive industry in China is facing severe internal competition, and industry self-discipline is essential for healthy development [3][4]. Group 1: Importance of Industry Self-Discipline - Industry self-discipline is crucial for the healthy development of the Chinese automotive sector, as emphasized by the need for fair competition and adherence to market regulations [3][4]. - Despite the signing of the "Commitment to Maintain Fair Competition in the Automotive Industry," there are inconsistencies in adherence among signatories, highlighting the need for stronger self-regulation [3][4]. - Companies must operate in compliance with laws and regulations, fostering a transparent competitive environment through mutual respect and supervision [3][4]. Group 2: Dangers of Internal Competition - The phenomenon of "involution" is described as a form of self-destructive competition that threatens the integrity of the automotive industry [4]. - Some companies are adopting "involution" strategies, distorting market mechanisms and disrupting fair competition, which could undermine the industry ecosystem supported by government funding [4]. - As a leading company, Geely firmly opposes involution and commits to a path of open and healthy competition, focusing on value, technology, quality, service, brand, and corporate ethics [4][5]. Group 3: Call for Unity and Progress - The industry is urged to cherish its achievements and avoid self-destructive competition for individual gain, emphasizing the importance of collective effort [5]. - The success of the Chinese automotive industry is attributed to wise government policies and substantial financial support, particularly since the 18th National Congress of the Communist Party [5]. - A message of goodwill is extended to all industry peers and consumers, promoting unity and high-quality development in the automotive sector [5].