东阳光药(06887):研产销一体化体系构建完毕,全球创新开启全新篇章
CMS· 2025-10-14 06:23
证券研究报告 | 公司深度报告 2025 年 10 月 14 日 东阳光药(06887.HK) 研产销一体化体系构建完毕,全球创新开启全新篇章 消费品/生物医药 东阳光药作为中国吸收合并及介绍上市第一股,通过吸收合并的方式构筑研产 销一体化平台创新药企。研发方向聚焦抗感染、慢病(代谢)、肿瘤三大领域, 研发管线储备丰富,已上市产品快速放量,开启全球创新崭新篇章。 ❑ 风险提示:研发不及预期风险、商业化不及预期风险、竞争加剧风险、产品 价格变动风险、对外合作风险、未纳入港股通风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6386 | 4019 | 4295 | 5925 | 6995 | | 同比增长 | 67% | -37% | 7% | 38% | 18% | | 营业利润(百万元) | 2189 | 291 | 773 | 1363 | 1679 | | 同比增长 | 339% | -87% | 166% | 76% | 23% ...
361度(01361):三季度运营表现佳
Ping An Securities· 2025-10-14 06:18
公 司 报 告 纺织服装 2025 年 10 月 14 日 361度(1361.HK) 相关研究报告 【平安证券】361度(1361.HK)*首次覆盖报告*大装 及童装业务齐头并进*推荐20250901 三季度运营表现佳 推荐(维持) 股价:5.94 港元 主要数据 | 行业 | 纺织服装 | | --- | --- | | 公司网址 | www.361sport.com | | 大股东/持股 | 丁氏国际有限公司 | | 实际控制人 | 丁氏国际有限公司/16.45% | | 总股本(百万股) | 2067.68 | | 流通 H 股(百万股) | 2067.68 | | 总市值(亿元) | 112.07 | | 流通 H 股市值(亿元) | 112.07 | | 每股净资产(元) | 4.86 | | 资产负债率(%) | 25.56 | 行情走势图 证券分析师 王源 投资咨询资格编号 S1060524010001 WANGYUAN468@pingan.com.cn 事项: 公司发布 2025 年三季度运营公告,2025 年三季度 361 度主品牌线下渠道零售额同比 +10%, 361 童装品牌线下渠道零 ...
腾讯控股(00700):广告强劲,游戏增长势能充足,云业务有望加速:——腾讯控股(0700.HK)2025Q3财报前瞻
Guohai Securities· 2025-10-14 06:02
Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1][22][25] Core Insights - Strong advertising performance, sufficient growth momentum in gaming, and potential acceleration in cloud business are highlighted as key drivers for Tencent's growth [1][22] - The report anticipates Tencent's revenue for Q3 2025 to reach 188.6 billion RMB, representing a year-over-year growth of 13% [6][22] - The expected non-IFRS net profit for Q3 2025 is projected to be 67.9 billion RMB, a 13% increase year-over-year [6][22] Financial Performance Forecast 1. **Overall Performance**: - Revenue is expected to be 188.6 billion RMB in Q3 2025, with a gross margin of 56% and a gross profit of 105.1 billion RMB [6][22] - Non-IFRS operating profit is projected at 71.4 billion RMB, a 17% increase year-over-year [6][22] 2. **Gaming Segment**: - Anticipated revenue growth of 14% year-over-year, with domestic and overseas growth rates of 8% and 29% respectively [7][10][22] - Notable titles like "Delta Force" are expected to generate over 8 billion RMB in a single quarter [10][22] 3. **Marketing Services**: - Expected revenue growth of 22% year-over-year, driven by the WeChat ecosystem and strong performance in video accounts and mini-programs [14][22] - Video account advertising revenue is projected to grow over 60% year-over-year [14][22] 4. **Financial Technology and Enterprise Services**: - Revenue growth of 11% year-over-year is anticipated, with cloud services expected to exceed 20% growth [20][22] - The launch of "Tenpay Global" aims to enhance payment services in international markets [21][22] Earnings Forecast and Valuation - Revenue projections for Tencent from 2025 to 2027 are 748.6 billion RMB, 840.3 billion RMB, and 923.6 billion RMB respectively [22][23] - Non-IFRS net profit estimates for the same period are 257.8 billion RMB, 295.4 billion RMB, and 329.9 billion RMB [22][23] - The target market capitalization for Tencent in 2026 is set at 6.5 trillion RMB, corresponding to a target price of 773 HKD [22][23]
赤子城科技(09911):事件点评:多品矩阵筑根基,AI+创新拓增长
Tianfeng Securities· 2025-10-14 05:41
Investment Rating - The investment rating for the company is "Accumulate" with a target price of HKD 14.14, indicating a potential upside from the current price of HKD 11.43 [4]. Core Insights - The company reported a revenue of HKD 3.181 billion for the first half of 2025, reflecting a year-on-year growth of 40.0%. The social business segment contributed approximately HKD 2.834 billion, growing by 37.0% year-on-year. Notably, the SUGO platform saw revenue growth exceeding 100% and profit growth over 150% [1]. - The company is actively expanding its innovative product offerings, including the launch of the AI creative content community Aippy, which allows users to generate interactive content using natural language. This aligns with the company's strategy to deepen its presence in the global social entertainment market [2]. - The company has adjusted its revenue forecasts for FY2025-FY2027, increasing the projections from HKD 67.1 billion, HKD 77.5 billion, and HKD 89.5 billion to HKD 69.1 billion, HKD 85.5 billion, and HKD 102.5 billion respectively. The net profit estimates have also been revised upwards [3]. Summary by Sections Financial Performance - For the first half of 2025, the adjusted EBITDA reached HKD 650 million, representing a 44.0% increase year-on-year. The diversified product portfolio and AI technology integration have enhanced the company's strategic foresight and risk resilience [1]. Market Expansion - The company has established a regional headquarters in Riyadh, Saudi Arabia, to strengthen its ties with the Middle Eastern market. Additionally, a global headquarters was set up in Hong Kong, marking a new phase in the company's globalization strategy [2]. Product Development - The company is focusing on innovative products, with significant investments in short video content and social e-commerce, contributing to a 70.5% year-on-year revenue increase in its innovative business segment [1][2].
蜜雪集团(02097):收购福鹿家53%股权,进一步拓宽品牌矩阵
Hua Yuan Zheng Quan· 2025-10-14 01:00
证券研究报告 社会服务 | 酒店餐饮 港股|公司点评报告 hyzqdatemark 2025 年 10 月 14 日 证券分析师 丁一 SAC:S1350524040003 dingyi@huayuanstock.com 市场表现: | 基本数据 | 2025 | 年 | 10 月 | 10 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(港元) | | | | 419.00 | | | 一年内最高/最低(港 | | | 618.50/256.00 | | | | 元) | | | | | | | 总市值(百万港元) | | | 159,060.28 | | | | 流通市值(百万港元) | | | | 63,220.00 | | | 资产负债率(%) | | | | 21.66 | | | 资料来源:聚源数据 | | | | | | 蜜雪集团(02097.HK) 投资评级: 买入(维持) ——收购福鹿家 53%股权,进一步拓宽品牌矩阵 投资要点: | 盈利预测与估值(人民币) | | | | | | | --- | --- | --- | --- | -- ...
思摩尔国际(06969):3Q2025收入利润大超预期
CAITONG SECURITIES· 2025-10-13 12:16
思摩尔国际 3Q2025 收入利润大超预期 思摩尔国际(06969) 证券研究报告 轻工制造 / 公司点评 / 2025.10.13 投资评级:买入(维持) | 基本数据 | 2025-10-13 | | --- | --- | | 收盘价(元) | 15.77 | | 流通股本(亿股) | 61.93 | | 每股净资产(元) | 3.62 | | 总股本(亿股) | 61.93 | 最近 12 月市场表现 -19% 5% 28% 51% 74% 98% 思摩尔国际 恒生指数 分析师 邢瀚文 SAC 证书编号:S0160525050001 xinghw@ctsec.com 相关报告 公司点评/证券研究报告 公司财务报表及指标预测 | [table_FinchinaDetail] 资产负债表(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | 利润表(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...
361度(01361):ONEWAY门店落地,超品店拓店顺利
HUAXI Securities· 2025-10-13 11:59
证券研究报告|港股公司点评研究报告 [Table_Date] 2025 年 10 月 13 日 公司公告 2025Q3 运营数据:361 度主品牌零售流水同比增长约 10%,361 度童装品牌零售流水同比增长约 10%,361 度电商平台零售流水同比增长约 20%。 公司通过产品科技创新、专业赛事赞助及多元化合作活动,持续扩大品牌影响力及市场竞争力。公司战略 性携手斯坦德机器人(无锡)股份有限公司,为品牌注入智能基因,开启品牌智能化进阶新征程。 分析判断: 根据公司公告,361 度 25Q3 线下、线上增速环比 24Q2 持平。分渠道来看,1)25Q3 主品牌、儿童线下流 水增速环比较 25Q2 持平(25Q2 主品牌/童装零售流水同比增长约 10%/10%)。2)公司线上流水增速环比持平 (25Q2 电商流水同比增长约 20%),体现了公司线上平台的稳健运营能力。 [Table_Title] ONEWAY 门店落地,超品店拓店顺利 [Table_Title2] 361 度(1361.HK) | [Table_DataInfo] 评级: | 买入 | 股票代码: | 1361 | | --- | --- | ...
聚水潭(06687):IPO申购指南
Guoyuan Securities2· 2025-10-13 11:14
| 【招股详情】 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | 中金公司、摩根大通 | | | | | | | | | 上市日期 | 年 2025 | 10 | 月 | 21 | | | | 日(周二) | | | 招股价格 | 30.60 | 港元 | | | | | | | | | 集资额 | 19.38 | | | | | | 亿港元(扣除包销费用和全球发售有关的估计费用,以中位数计算) | | | | 每手股数 | 100 股 | | | | | | | | | | 入场费 | 3,090.85 | | 港元 | | | | | | | | 招股日期 | 2025 年 | 10 | 月 | 13 | | | 10 月 16 日 | 日-2025 | 年 | | 国元证券认购截止日期 | 2025 年 | 10 | 月 | 15 | 日 | | | | | | 招股总数 | 6,817 | | | | | | 万股(可予调整及视乎超额配售权的行使情况而定) | | | ...
美图公司(01357):应用与模型同步迭代,关注海外市场及Agent进展:——美图公司(1357.HK)投资者日点评
EBSCN· 2025-10-13 10:57
Investment Rating - The report maintains a "Buy" rating for Meitu Inc. (1357.HK) [7] Core Insights - Meitu Inc. demonstrates a robust fundamental performance, with continuous product enhancement driven by AI, leading to accelerated growth in subscription users and advancements in productivity and globalization [4] - The company believes that the relationship between models and applications is one of synchronous iteration, where vertical applications can outperform general models in specific scenarios [2][3] - The company has shown the ability to develop popular features, as evidenced by the recent success of the "AI Group Photo" function, which topped the App Store charts in 14 European countries [3] Financial Projections - Revenue is projected to grow from 2,696 million RMB in 2023 to 5,938 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 29.3% [6] - Adjusted net profit is expected to increase from 368 million RMB in 2023 to 1,525 million RMB in 2027, reflecting a significant growth trajectory [6] - The adjusted earnings per share (EPS) is forecasted to rise from 0.08 RMB in 2023 to 0.33 RMB in 2027 [6] Product Development and Market Strategy - The first phase of the Agent planning for the main app focuses on integrating basic functionalities to enhance efficiency in feature and material retrieval, with completion expected by the end of 2025 [4] - The second phase will initiate in 2026, aiming for collaborative editing and co-creation of gameplay, allowing users to share their creations through social media [4] - The company plans to maintain a subscription model as the primary revenue stream, with single purchase options gradually increasing in proportion [4]
连连数字(02598):懂支付、懂贸易、前瞻布局VATP的数字支付科技公司
Hua Yuan Zheng Quan· 2025-10-13 09:32
hyzqdatemark 2025 年 10 月 13 日 证券分析师 陆韵婷 SAC:S1350525050002 luyunting@huayuanstock.com 证券研究报告 商贸零售 | 互联网电商 港股|首次覆盖报告 市场表现: | 基本数据 | 2025 | 年 | 10 | 月 10 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(港元) | | | | 8.67 | | | 一年内最高/最低(港 | | | | 18.00/5.50 | | | 元) | | | | | | | 总市值(百万港元) | | | | 9,693.03 | | | 流通市值(百万港元) | | | | 3,967.44 | | | 资产负债率(%) | | | | 86.32 | | | 资料来源:聚源数据 | | | | | | 连连数字(02598.HK) 投资评级: 买入(首次) ——懂支付、懂贸易、前瞻布局 VATP 的数字支付科技公司 投资要点: 请务必仔细阅读正文之后的评级说明和重要声明 联系人 公司是国内最大的独立数字支付解决方案供应商,为全球贸 ...