京东健康（6618.HK）2025 年三季报点评 营收增长逐季攀升，医保与 AI 双轮驱动增长 2025 年 11 月 18 日 ➢ 事件：2025 年第三季度，京东健康实现营业收入 171.2 亿元，较去年同期 133 亿元同比增长 28.7%，增速较第二季度的 23.7%进一步加快。公司经营盈利 为 12.43 亿元，同比大幅增长 125.3%；非国际财务报告准则（Non-IFRS）经 营盈利为 13.78 亿元，同比增长 59.9%；非国际财务报告准则（Non-IFRS）盈 利为 19.02 亿元，同比增长 42.4%，盈利增长动能持续强化。 资料来源：Wind，民生证券研究院预测；（注：股价为2025年11月17日收盘价，汇率1HKD=0.9143RMB） 推荐 首次评级 当前价格： 69.40 港元 [Table_Author] 分析师 孔蓉 执业证书： S0100525110001 邮箱： kongrong@glms.com.cn 分析师 曹睿 执业证书： S0100525100002 邮箱： caorui@glms.com.cn 运营数据：2025 年第三季度期内，京东健康持续推进医保支付扩面与 ...

Investment Rating - The report initiates coverage with a "Buy" rating for JD Group [4][6]. Core Insights - JD Group's Q3 2025 revenue reached 299.1 billion RMB, a year-on-year increase of 14.9%, exceeding Bloomberg consensus expectations [1]. - The company's retail segment achieved revenue of 250.6 billion RMB, growing 11.4% year-on-year, with operating profit rising 27.6% to 14.8 billion RMB [2]. - New business, including food delivery, saw a significant revenue increase of 214% year-on-year, indicating strong growth potential [3]. - JD Logistics reported revenue of 55.1 billion RMB, up 24.1% year-on-year, with a net profit of 2.02 billion RMB [3]. Summary by Sections Financial Performance - Q3 2025 Non-GAAP net profit attributable to ordinary shareholders was 5.8 billion RMB, a decline of 56% year-on-year, with a Non-GAAP net profit margin of 1.9%, down 3.2 percentage points [1]. - The report forecasts revenues for 2025-2027 to be 1,339.9 billion RMB, 1,463.1 billion RMB, and 1,586.5 billion RMB, reflecting growth rates of 15.6%, 9.2%, and 8.4% respectively [4][5]. Business Segments - JD Retail's user base surpassed 700 million, with significant growth in shopping frequency during the "11.11" shopping festival, where the number of ordering users increased by 40% and order volume by nearly 60% [2]. - The logistics segment is expanding internationally, with new services launched in Saudi Arabia and the U.S., enhancing JD's integrated supply chain capabilities [3]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 12 for 2025, 8 for 2026, and 6 for 2027 [4][5].

[Table_Info1] 粤港湾控股(01396.HK) 通信 [Table_Title] 证券研究报告 / 港股公司报告 [Table_Summary] 公司是深耕粤港澳大湾区的新型"产城生态服务商"。粤港湾控股有限公 司是全国地产百强之星，重点聚焦粤港澳大湾区，以大湾区为战略价值 高地，发展住宅及城市更新项目。近年来，公司持续推动从传统地产开 发商向"产城生态服务商"的战略转型。2025 年 10 月 23 日，公司通过 一宗重大并购，将闲置厂房、土地资源转化为高性能智算中心，实现从 "物理空间建造者"向"数字生态运营商"的战略升级。 完成重大资产收购，战略性切入 AI 与绿能智算赛道。10 月 23 日，粤港 湾控股发布公告称已完成对 Wisdom Knight Holdings Limited 的收购，总 价为 9.77 亿港元。Wisdom Knight Holdings Limited 控制的国内主体（深 圳天顿数据科技有限公司）是中国第一梯队智算建设运营商，国内最早 布局国标 A 级第三方数据中心的企业之一，是"绿能智算"全生命周期 服务的供应商，提供 AI 智算全生命周期服务。 传统业务成为 ...

公司研究 出海并购加速，回购加码彰显发展信心 ——固生堂（2273.HK）事件点评 要点 2025 年 11 月 18 日 事件：1）近期，公司公告附属公司 Gushengtang Singapore 于 2025 年 11 月 16 日与大中堂（DA ZHONG TANG PTE. LTD.）股东订立股权转协议，拟收购 大中堂 100%股权及全部相关权益。2）近期，公司董事会再次决议行使回购授 权，拟新增最多不超过 3 亿港元的回购额度。 点评： 出海并购步伐加快，业务扩张加速。此次对大中堂的收购是继今年 10 月与新 加坡数字医疗平台 1doc 达成战略合作后，固生堂在海外市场实现的又一重要 战略部署，标志着固生堂中医出海战略进入加速落地阶段。大中堂品牌在新加 坡运营 14 家中医门诊部，覆盖多个核心商圈及居民社区，拥有成熟的本地化服 务能力与高度信赖的用户基础。今年以来，固生堂持续加快中医药出海步伐， 采取"并购+合作+自建"三轮驱动策略，积极拓展新加坡市场。对大中堂收购 完成后，固生堂将新增运营 14 家门诊机构，有助于公司快速构建在新加坡的规 模化服务网络，提升区域市场覆盖与运营协同效应。公司持续推 ...

公司点评 | 敏华控股 收入降幅收窄，利润率稳中有升 敏华控股（01999.HK）2026 财年中期业绩点评 公司发布 FY26H1 主营收入 80.4 亿港元，同比-3.1%；归母净利润 11.46 亿 港元，同比+0.6%；毛利率 40.4%，同比+0.9pct；净利率 14.2%，同比+0.5pct。 | | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 18,411.20 | 16,902.63 | 17,097.85 | 17,826.52 | 18,653.44 | | YoY(%) | 6.11 | -8.19 | 1.15 | 4.26 | 4.64 | | 净利润（百万港元） | 2,302.37 | 2,062.62 | 2,230.39 | 2,402.86 | 2,583.85 | | YoY(%) | 20.23 | -10.41 | 8.13 | 7.73 | 7.53 | | EPS(摊薄/港元) | 0.59 | 0.53 | 0.58 | 0 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 496.89 [6][4]. Core Insights - The company is leading in the development of IO 2.0 combination therapies, with three ADC assets (DB-1303, DB-1311, and DB-1305) already initiating four global clinical studies in collaboration with BioNTech [2][12]. - The ADCs are designed to explore various cancer types, including lung cancer and breast cancer, showcasing the potential for broad application in oncology [2][21][27]. - The report highlights the safety profile of the ADCs, particularly DB-1305, which has shown low rates of overlapping toxicity and a drug discontinuation rate of only 4.5% in clinical trials [23][24]. Summary by Sections Section 1: Embracing ADC Combination IO2.0 - The company has initiated four clinical studies for its ADCs in collaboration with BioNTech, focusing on the combination of ADCs with PD-L1/VEGF bispecific antibodies [2][12]. - DB-1311 is exploring various lung cancer types, while DB-1303 is targeting different HER2 expression levels in breast cancer [17][21]. - The ADCs are positioned to expand the treatment landscape for multiple cancer types, leveraging the synergistic effects of IO 2.0 [12][14]. Section 2: DB-1419 - A Novel PD-L1 x B7-H3 ADC - DB-1419 is a newly introduced ADC utilizing a unique "2+2" antibody design, showing superior tumor suppression effects in preclinical studies compared to existing B7-H3 ADCs [27][28]. - The ADC is currently undergoing global I/II phase clinical trials, with data expected in 2026 [28]. Section 3: DB-1317 - ADAM9 ADC for Gastrointestinal Tumors - DB-1317 targets ADAM9, which is highly expressed in various gastrointestinal cancers, demonstrating significant therapeutic potential [31][32]. - The ADC's design allows for targeted delivery of cytotoxic agents, enhancing its efficacy against tumors with high ADAM9 expression [31][32]. Section 4: DUPAC Platform and New Mechanisms - The DUPAC platform introduces innovative payloads aimed at overcoming resistance to existing therapies, with DUP5 showing broad anti-tumor activity [35][40]. - DUP5 operates through a unique mechanism that inhibits mRNA translation, allowing it to target both proliferating and non-dividing cancer cells [35][40].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5] Core Views - The report anticipates sustained growth in gaming and advertising revenues, driven by key titles such as "Honor of Kings World" and "Little People’s Country" contributing to revenue growth in 2026 [3][9] - The estimated IFRS net profit for 2025-2027 is projected at 226 billion, 261 billion, and 297 billion RMB respectively, reflecting adjustments based on updated assumptions for gaming, advertising, and payment services [3][9] - A sum-of-the-parts (SOTP) valuation method is used, resulting in a target price of 664.22 HKD [3][5] Financial Performance Summary - For 2023, the company reported revenue of 609,015 million RMB, with a year-on-year growth of 9.82% [4] - The operating profit for 2023 was 152,784 million RMB, showing a significant year-on-year increase of 52.76% [4] - The net profit attributable to shareholders for 2023 was 115,216 million RMB, reflecting a decline of 38.79% year-on-year [4] - The earnings per share (EPS) for 2023 is reported at 12.60 RMB [4] - The gross margin is expected to improve from 48.13% in 2023 to 57.90% by 2027 [4] Revenue Breakdown - The report highlights that the revenue from value-added services reached 959 billion RMB in Q3 2025, with a year-on-year growth of 16% [9] - Gaming revenue for Q3 2025 was 636 billion RMB, marking a 23% increase year-on-year [9] - Marketing services revenue for Q3 2025 was 362 billion RMB, exceeding Bloomberg's expectations by 2% [9] Future Projections - The report projects a revenue increase to 754,344 million RMB in 2025, with a year-on-year growth rate of 14.25% [4] - The operating profit is expected to reach 247,023 million RMB in 2025, with a growth rate of 23.45% [4] - The net profit attributable to shareholders is forecasted to be 225,981 million RMB in 2025, reflecting a growth of 16.44% [4]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3][39] Core Views - The company continues to release strong performance and possesses significant business barriers. The integration of AI is enhancing the company's gaming and advertising business, leading to continuous breakthroughs in models and applications [3][39] - The overall ecosystem of the company remains robust, with revenue growth in online gaming, social platforms, advertising, and fintech [3][39] Summary by Sections 1. Revenue and Profit Performance - In Q3 2025, the company achieved total revenue of 192.9 billion yuan, a year-on-year increase of 15%, exceeding Bloomberg's consensus estimate of 188.8 billion yuan. Non-IFRS net profit reached 70.6 billion yuan, up 18% year-on-year, also surpassing expectations [9][14] - The overall gross margin for Q3 was 56%, an increase of 2.6 percentage points year-on-year [36] 1.1 Online Gaming Revenue - Q3 2025 online gaming revenue was 63.6 billion yuan, a year-on-year increase of 22.8%. Domestic gaming revenue was 42.8 billion yuan, up 15%, exceeding expectations [19][20] 1.2 Social Network Revenue - Q3 2025 social network revenue was 32.3 billion yuan, a year-on-year increase of 4.5%, driven by growth in mini-game platform service fees and paid membership revenues [23] 1.3 Advertising Revenue - Q3 2025 advertising revenue was 36.2 billion yuan, a year-on-year increase of 21%, benefiting from increased ad exposure and AI-driven improvements in ad effectiveness [25] 1.4 Fintech and Enterprise Services Revenue - Q3 2025 fintech and enterprise services revenue was 58.2 billion yuan, a year-on-year increase of 9.6%, supported by growth in consumer loan services and business payment activities [27] 2. User Engagement Metrics - The combined monthly active users (MAU) of WeChat reached 400 million, a year-on-year increase of 2%. QQ's mobile MAU was 517 million, down 8% year-on-year [30] 3. Margin Improvements - All business segments saw improvements in gross margins, with the advertising business achieving a gross margin of 57%, up 4.0 percentage points year-on-year [36] 4. AI Investment Impact - Increased investment in AI has led to higher sales and management expenses, with sales expenses rising to 11.5 billion yuan, up 22% year-on-year [37] 5. Earnings Forecast and Valuation - The report forecasts adjusted net profits of 255.5 billion yuan, 285.8 billion yuan, and 318.2 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 21, 19, and 17 times [39]

11 月 17 日，零跑汽车发布 25Q3 财报，其中： 1、营收：Q3 公司共计销售新车 17.4 万辆，同/环比+101.8%/+29.6%； 总计营收 194.5 亿元，同/环比+97.3%/+36.7%；我们计算 Q3 单车 ASP 11.19 万元，同/环比-2.2%/+5.4%；25Q1-Q3 公司共计销售新车 39.6 万辆，同比+128.8%，营收 437 亿元，同比+133.6%，单车 ASP 11.05 万元，同比+2.1%； 2、费用：25Q3 销售/行政/研发费用率分别为 4.9%/3.2%/6.2%，环 比-0.7pct/+0.4pct/-1.4pct； 3、利润：25Q3 毛利率 14.5%，同/环比+6.4pct/+0.9pct；归母净利 润 1.5 亿元，同比扭亏，环比-6.3%；我们计算公司 Q3 单车净利 0.09 万元。25Q1-Q3 公司毛利率 14.3%，同比+9.4pct，实际净利润 1.8 亿 元，我们计算单车净利 0.05 万元。 我们重申，公司的核心优势是优秀的产品打造能力和较低的制造成 本，这一点依旧在延续。但需要注意的是：26 年中低端市场预计厮 杀激烈， ...

证券研究报告 | 2025年11月18日 中国黄金国际（02099.HK） 优于大市 Q3 业绩表现亮眼，公司兼具高业绩弹性及高成长性 公司发布三季报：前三季度实现营收 9.25 亿美元，同比+99.83%；实现归母 净利润 3.41 亿美元，同比扭亏；其中，Q1/Q2/Q3 分别实现归母净利润 0.85/1.15/1.41 亿美元，Q3 环比+22.43%。公司 Q3 利润环比再次实现明显 提升，主要得益于金铜价格上涨以及甲玛矿销售折价系数提升。 核心产品产销量数据方面：公司前三季度实现黄金产量 4.02 吨，实现黄金 销量 4.21 吨。其中长山壕前三季度黄金产量约 2.12 吨，黄金销量约 2.34 吨；甲玛矿前三季度黄金产量约 1.90 吨，黄金销量约 1.87 吨。公司前三季 度实现铜产量 5.41 万吨，实现铜销量 5.33 万吨。公司 2025 年产量指引： 长山壕黄金产量指引约 2.4-2.6 吨；甲玛矿黄金产量指引约 2.15-2.3 吨， 铜产量指引约 6.3-6.7 万吨。全年的维度来看，公司金、铜产量超过指引的 可能性较高。 核心产品成本数据方面：长山壕前三季度黄金单位生产成本1639 ...