2025 年 11 月 23 日 公司研究 AI 医疗创新领域取得多项进展，医疗大模型构建"数据-算法-场景"飞轮闭环 ——医渡科技（2158.HK）跟踪点评报告 要点 事件：近期公司在 AI 医疗创新领域取得多项进展，包括深度参与北京市医疗 领域国家人工智能应用中试基地、中标 III 期临床研究项目、新增河北和广州 两地"惠民保"业务。 深度参与中试基地建设，以核心技术共筑 AI 医疗创新高地。9 月 12 日， 公司作为北京市医疗领域国家人工智能应用中试基地的核心生态伙伴，深度参 与平台建设与场景创新，推动多项标杆项目落地：开发区域级受试者招募 AI 智能体，全面提升受试者招募效率与精准度，解决临床研究受试者招募难、招 募慢的核心痛点，已在 6 个项目中落地验证；开发北京市 AI 应用插件程序， 以统一入口方式整合集成多 AI 应用，大幅减轻医疗机构用户操作和系统集成 负担。2025 年 8 月，国务院发布《关于深入实施"人工智能+"行动的意见》， 文件指出，要优化应用发展环境，布局建设一批国家人工智能应用中试基地。 而后，上海、北京、广州、浙江相继宣布启动医疗领域国家人工智能应用中试 基地，我们认为公司 ...

Investment Rating - The report maintains a "Buy" rating for JD Group [3][5]. Core Views - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, representing a year-on-year growth of 14.9%. The revenue breakdown includes JD Retail at 250.6 billion yuan, JD Logistics at 55.1 billion yuan, and new businesses at 15.6 billion yuan, with respective growth rates of 11.4%, 24.1%, and 213.7% [1]. - The company recorded a consolidated operating loss of 1.1 billion yuan for the quarter, with JD Retail and JD Logistics achieving operating profit margins of 5.9% and 2.3%, while new businesses had a negative margin of 100.9% [1]. - Non-GAAP net profit attributable to shareholders was 5.8 billion yuan, a decline of 56% year-on-year, with a non-GAAP net profit margin of approximately 1.9% [1]. Revenue Growth and User Engagement - As of October, JD's annual active users exceeded 700 million, with a 40% year-on-year increase in user numbers and purchase frequency [2]. - The revenue growth for JD's consumer goods and daily necessities categories was 4.9% and 18.8%, respectively, with the daily necessities category growing approximately four times faster than the industry average [2]. - The platform and advertising service revenue growth accelerated, achieving a year-on-year increase of 23.7% [2]. Delivery Business Performance - JD's delivery business continues to improve, with a significant reduction in operating losses due to increased order volume and a higher proportion of high-ticket orders [2][3]. - The number of quality restaurants on the delivery platform has surpassed 2 million, with top 300 restaurant brands seeing a 13-fold increase in daily order volume since launch [3]. - The "Seven Fresh Kitchen" initiative has gained consumer recognition, contributing to a 12% increase in order volume for nearby quality restaurants [3]. Financial Projections - The report forecasts revenues of 1,328.7 billion yuan, 1,415.5 billion yuan, and 1,512.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.7%, 6.5%, and 6.9% [3][4]. - Non-GAAP net profit projections for the same years are 28 billion yuan, 39.5 billion yuan, and 51.4 billion yuan, with year-on-year changes of -41.5%, 40.9%, and 30.3% [3][4]. - The report estimates a reasonable market capitalization of 335.3 billion yuan for JD, corresponding to target prices of 32 USD and 124 HKD [3].

Investment Rating - The investment rating for Baidu Group is "Outperform the Market" [7] Core Insights - Baidu Group reported a total revenue of 31.2 billion yuan in Q3 2025, a year-on-year decrease of 7%. The adjusted net profit attributable to shareholders was 3.8 billion yuan, down 36% year-on-year, with a net profit margin of 12% [1][10] - The company experienced a significant impairment loss of approximately 16 billion yuan due to the rapid enhancement of high-performance computing capabilities, which is expected to mark a low point for profit margins, with future improvements anticipated [1][10] - Advertising revenue faced pressure, declining 18% year-on-year to 15.3 billion yuan, accounting for 62% of Baidu's core revenue. The company is accelerating its transition to AI search, with 70% of search result pages now containing AI-generated content [2][16] Revenue Breakdown - Baidu's AI new business revenue reached 10 billion yuan, with AI high-performance computing facility subscription revenue increasing by 128% year-on-year. The AI business is divided into three segments: 1. Intelligent Cloud Infrastructure: Revenue of 4.2 billion yuan, up 33% year-on-year 2. AI Applications: Revenue of 2.6 billion yuan, up 6% year-on-year 3. AI Native Marketing Services: Revenue of 2.8 billion yuan, a strong growth of 262% year-on-year, representing 18% of Baidu's core online marketing revenue [3][25] - The company expects adjusted net profits for 2025-2027 to be 19.6 billion, 21.6 billion, and 24.6 billion yuan, respectively, with a downward adjustment of 7%, 11%, and 12% [29] Financial Forecasts - The financial forecasts for Baidu Group indicate a slight decline in revenue for 2025, with total revenue projected at 130.4 billion yuan, a decrease of 2% year-on-year. Adjusted net profit is expected to drop to 19.6 billion yuan, a decrease of 27.4% [5][33] - Key financial metrics include an adjusted EPS of 7.13 yuan for 2025 and a projected P/E ratio of 14.9 [5][33]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33] Core Insights - The company's revenue for Q3 2025 reached 35.6 billion RMB, representing a year-on-year growth of 14% and a quarter-on-quarter increase of 1%. Adjusted net profit was 4.99 billion RMB, up 26% year-on-year [10][4] - The company is focusing on AI to drive growth in its core business, with significant advancements in its AI video product, Keling, which achieved quarterly revenue exceeding 300 million RMB [4][32] - The company has improved its gross margin to 55.1%, primarily due to enhanced server efficiency and reduced content costs [10][4] Financial Performance - Q3 2025 revenue breakdown: Domestic revenue was 34.4 billion RMB (up 15% YoY), while overseas revenue was 1.15 billion RMB (down 13% YoY) [10][4] - The adjusted profit margin for Q3 2025 was 14.0%, reflecting a year-on-year increase of 1.3 percentage points [10][4] - Research and development expenses for Q3 2025 were 3.7 billion RMB, an 18% increase year-on-year [10][4] User Engagement Metrics - The total monthly active users (MAU) for Q3 2025 was 731 million, a 2% increase year-on-year, while daily active users (DAU) reached 416 million, also up 2% year-on-year [2][17] - The average daily usage time per user was 134 minutes, reflecting a 1% increase year-on-year [2][17] Commercialization Efforts - E-commerce gross merchandise volume (GMV) grew by 15% year-on-year, with revenue from live e-commerce increasing by 41% [3][23] - Advertising revenue for Q3 2025 was 20.1 billion RMB, up 14% year-on-year, driven by advancements in AI technology [3][28] - Live streaming revenue reached 9.6 billion RMB, showing a 3% year-on-year increase [3][28] Future Outlook - The company has raised its revenue forecast for Keling to 1 billion RMB for the year, driven by successful AI advancements [4][32] - The adjusted profit projections for 2025-2027 are 20.7 billion RMB, 23.5 billion RMB, and 26.6 billion RMB respectively [4][33]

研究报告 Research Report 23 Nov 2025 茶百道 Sichuan Baicha Baidao Industrial (2555 HK) 首次覆盖：产品创新驱动业务优化，改革成效已然显现 Product Innovation Driving Business Optimization, Reformation Results Witnessed: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$6.72 目标价 HK$9.30 HTI ESG 4.6-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.93bn / US$1.28bn 日交易额 (3 个月均值) US$2.29mn 发行股票数目 1,478mn 自由流通股 (%) 15% 1 年股价最高最低值 HK$11.60-HK$6.72 注：现 ...

2012 年华领医药正式启动多格列艾汀研究项目。2018 年，多格列艾汀的 2 期研究取得成功。2020 年，多格列艾汀的两项 3 期注册临床研究均成功 完成，并达到主要疗效和安全性终点。2022 年，多格列艾汀片获中国国家 药监局批准上市，是 GKA 被发现半个世纪后的首款获批药物。 销售快速放量，成药机制领先。公司在 2025 年后，结束与拜耳的独家推 广服务协议，全面接管华堂宁的商业化，随后销售开始快速放量。2025 年 H1 营业收入达到 2.17 亿元，同比增长 110.17%。并且获得拜耳的一次性 递延收入 12.44 亿元，实现税前利润 11.84 亿元，实现扭亏为盈。从目前 的临床研究文章来看，华堂宁和 MK-0941 在分子机制研究中发现华堂宁 和葡萄糖激酶的结合位点与 MK-0941 不同，从临床结果来看，华堂宁成 药机制有独特优势。 第二代 GKA 布局出海赛道。公司在第一代华堂宁的基础上，通过缓释技 术等布局了第二代 GKA，可以延长药物在体内的作用时间。目前公司已在 2023 年末向 FDA 提交了第二代 GKA 的临床研究申请并获受理。从目前早 期临床数据显示，HM-002-100 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved revenue of 6.961 billion yuan in Q3 2025, a year-on-year increase of 8.1%, exceeding the guidance of 2%-6% [1]. - The domestic business generated revenue of 5.722 billion yuan, up 10.8% year-on-year, also surpassing the guidance of 4%-8% [1]. - The company is expanding its portfolio with the introduction of a new mid-to-high-end brand, "全季大观" [3]. Revenue and Profitability - In Q3 2025, the company's direct hotel revenue was 3.487 billion yuan, down 5.5% year-on-year, while franchise and management revenue was 3.309 billion yuan, up 27.2% year-on-year [1]. - The overall operating profit margin improved to 29.4%, an increase of 2.7 percentage points year-on-year, driven by the growth in franchise and management business contributions [3]. - The company expects total revenue growth of 2%-6% in Q4 2025, with management franchise and licensing revenue projected to grow by 17%-21% [3]. Market Performance - The domestic hotel RevPAR was 256 yuan, a slight decrease of 0.1% year-on-year, while the overseas hotel RevPAR was 87 euros, an increase of 6.4% year-on-year [2]. - The company has opened a total of over 2,000 new hotels this year, aiming for a target of 2,300 by year-end [3]. Financial Projections - The projected revenues for 2025-2027 are 25.276 billion yuan, 26.697 billion yuan, and 28.225 billion yuan, representing year-on-year growth rates of 5.8%, 5.6%, and 5.7% respectively [4]. - The expected net profits for the same period are 4.543 billion yuan, 5.112 billion yuan, and 5.795 billion yuan, with growth rates of 49.1%, 12.5%, and 13.4% respectively [4].

华住集团-S（01179.HK） 证券研究报告·海外公司点评·旅游及消闲设施(HS) 2025Q3 业绩公告点评：结构持续优化， RevPar 将转正 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,882 | 23,891 | 25,162 | 27,335 | 29,117 | | 同比(%) | 57.86 | 9.18 | 5.32 | 8.63 | 6.52 | | 归母净利润（百万元） | 4,085 | 3,089 | 4,624 | 4,895 | 5,395 | | 同比(%) | 324.33 | (24.38) | 49.68 | 5.86 | 10.22 | | EPS-最新摊薄（元/股） | 1.32 | 0.99 | 1.49 | 1.58 | 1.74 | | P/E（现价&最新摊薄） | 23.54 | 31.13 | 20.80 | 19.65 | 17.82 | [Tab ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 883.84 | 1,215.12 | 1,559.81 | 1,958.53 | 2,319.28 | | 同比(%) | (44.79) | 37.48 | 28.37 | 25.56 | 18.42 | | 归母净利润（百万港元） | 403.57 | 410.20 | 586.03 | 774.64 | 934.33 | | 同比(%) | (56.23) | 1.64 | 42.86 | 32.19 | 20.62 | | EPS-最新摊薄（港元/股） | 0.05 | 0.05 | 0.07 | 0.09 | 0.11 | | P/E（现价&最新摊薄） | 37.16 | 36.56 | 25.59 | 19.36 | 16.05 | [Table_Tag] [投资要点 Table_Summary] ◼ 2025Q1-Q3 营收稳健增长，资产运营业务贡献度持续提升 ...

证券研究报告 | 公司点评 | 纺织制造 制造业务收入分地区来看，25Q1-3 美国同比+5.4%（占比 28.5%），欧洲同比 +11.7%（占比 27.7%），中国大陆同比-25.9%（占比 13.4%），其他地区同比 +9.2%（占比 30.4%），我们预计中国收入下滑主要系贸易摩擦和需求疲软影响， 欧美和其他地区收入均有双位数增长，公司作为全球制鞋龙头订单充沛。 ❑ Q3 制造业务产能利用率饱满，利润率环比改善超预期 25Q1-3 产能利用率 93%，同比+1pct，毛利率 18.3%（同比-1.3pct），主要系人工 工资上涨和生产效率不及预期， SG&A 费用率 10.2%（同比-0.2pct），费用管控 成效显现，净利率 6.2%（同比-1.1pct）。 制造利润率逐季向上，零售收入降幅收窄 ——裕元集团点评报告 投资要点 ❑ 公司发布 25 三季报，25Q1-3 实现收入 60.2 亿美元，同比-1.0%，归母净利润 2.8 亿美元，同比-16.0%，其中，制造业务收入 42.3 亿美元，同比+2.3%，归母净利 润 2.6 亿美元，同比-12.6%，零售业务收入 17.9 亿美元，同比-7. ...