东方锆业1月30日公告，预计2025年度归母净利润3700万元至5550万元，同比降低79.08%至68.62%。报 告期内，公司资金状况与资产结构大幅优化，资产负债率已降至20%以下。得益于资金面的改善以及汇 率波动影响，公司利息支出与汇兑损失较去年同期大幅减少。本报告期内，锆价持续走低，行业整体处 于周期性低谷调整阶段。面对市场下行压力，公司通过持续推进降本增效，不断提升管理效率与生产效 率，最终实现了小幅盈利。本次业绩预测已对存在减值迹象的存货及长期资产进行了减值测试并计提减 值准备。 ...

(二)期间费用的影响。1、报告期内，公司持续地、有计划地推进自主研发，研发费用较上年大幅增 加，研发投入虽在短期内对公司利润水平造成一定压力，但有效推动了技术储备体系的完善与产品矩阵 的迭代升级。2、为积极响应市场动态，把握潜在发展机遇，强化市场渗透与品牌推广，公司本期对销 售团队进行了扩充，导致销售费用有所上升。 格隆汇1月30日丨力芯微(688601.SH)公布，预计2025年年度实现归属于母公司所有者的净利润为3414万 元到3714万元，与上年同期相比，将减少8872万元到9172万元，同比减少70.49%到72.87%。预计2025 年年度归属于母公司所有者的扣除非经常性损益的净利润为1500万元到1800万元，与上年同期相比，将 减少8697万元到8997万元，同比减少82.85%到85.71%。 本期业绩变化的主要原因： (一)主营业务影响。公司受外部市场需求疲软、供应链成本波动及行业竞争加剧等因素影响，虽然报告 期内销售量较上年有增长，但毛利率较上年同期有所下降，营业收入也略降 2.41%左右。另，公司在技 术研发与市场布局上持续投入，导致归属于母公司所有者的净利润及扣除非经常性损益的净利润减 ...

本期业绩变化的主要原因：报告期内，公司生产经营工作稳步推进，主营产品产销量呈现增长趋势，公 司不断深耕和拓宽国内市场，销售额实现增长。但是受市场竞争影响，公司产品销售价格面临下行压 力，致使产品毛利空间承压。本期利息收入和汇兑收益同比减少，导致本期财务费用增加。募投项目在 建工程部分转固，导致折旧、税金等费用增加，进而压缩了本期利润。 格隆汇1月30日丨海正生材(688203.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润为750万元到950万元，与上年同期相比，将减少2600.46万元到2800.46万元，同比减少 73.24%到78.88%。归属于母公司所有者的扣除非经常性损益的净利润为550万元到750万元，与上年同 期相比，将减少2372.89万元到2572.89万元，同比减少75.98%到82.39%。 ...

Core Insights - Corning reported better-than-expected fourth-quarter 2025 results with adjusted earnings of $0.72 per share, exceeding analyst estimates of $0.70, and revenue of $4.41 billion, surpassing the consensus of $4.36 billion [1] - Revenue increased by 14% year over year, while earnings grew at a faster pace of 26% [1] Financial Forecast - For the first quarter of 2026, Corning forecasts core sales between $4.2 billion and $4.3 billion, indicating approximately 15% year-over-year growth, and core earnings of $0.66 to $0.70 per share [2] - The Optical Communications segment showed significant growth, with revenue rising 24% year over year to $1.7 billion, while the Display segment revenue declined by 2% to $955 million [2] Strategic Initiatives - Corning announced an enhanced version of its Springboard Plan, increasing its target for incremental annualized sales to $11 billion by the end of 2028, up from a previous target of $8 billion [3] - For 2026, the company raised its internal sales growth target to $6.5 billion from $6.0 billion [3] - For the full year 2025, Corning reported core sales of $16.41 billion, up 13% year over year, and core earnings per share climbed 29% to $2.52 [3]

普冉股份公告，预计2025年年度实现归属于母公司所有者的净利润约为2.05亿元，同比减少29.89%左 右；预计实现归属于母公司所有者的扣除非经常性损益的净利润约为1.7亿元，同比减少36.87%左右； 预计实现营业收入约为23.2亿元，同比增加28.63%左右。 ...

报告指，华润啤酒管理层在该行举行的论坛上披露多项讯息，主要内容包括今年啤酒消费需求或与去年 相若，即低单位数销量增长及平均售价不变。但由于已锁定成本，铝及大麦成本受控。然而，白酒去年 下半年销售及亏损情况差于上半年，导致去年第四季或要计入商誉减值，且今年展望能见度仍低。公司 亦披露成本节约及效益改善持续保障公司利润率，公司亦目标把派息率由去年60%增至2027年70%，该 行认为意味2027年预测股息率有5厘以上。 摩根大通发布研报称，下调对华润啤酒(00291)的业绩预测，预计公司去年及今年销售分别同比跌0.2% 及上升2.1%，经调整EBIT料分别同比升4.4%及13.8%。该行维持对润啤"增持"评级，目标价由40.5港元 降至38港元。 ...

Company Performance - The company reported a total sales decline in retail and wholesale business by high single digits year-on-year for 3QFY26, with direct store gross sales area decreasing by 1.3% compared to the end of August [1] - The performance in 3QFY26 was in line with the company's expectations, reflecting weak terminal demand in the sports footwear and apparel market [1] - Retail channels outperformed wholesale, with offline channels showing slight improvement compared to 1HFY26 due to a low base [1] Inventory and Discounts - The company effectively managed the sales rhythm of new and old products, resulting in a year-on-year decrease in total inventory by the end of November while maintaining good turnover efficiency [1] - Retail discounts deepened year-on-year due to the increased proportion of online channels and promotional environment, although the rate of deepening narrowed compared to the previous quarter [1] Management Outlook - Since December, demand has continued to fluctuate, with management maintaining a cautious outlook due to weather variations and holiday timing issues [1] - Management emphasized the importance of discount and healthy operational management, acknowledging challenges in achieving the annual performance guidance, but expects better results from cost optimization in 2HFY26 [1] - The company plans to continue collaborating with key brands to optimize the market environment and actively expand into running and outdoor segments, aiming to become a one-stop operational partner for brands in the Chinese market [1] Earnings Forecast and Valuation - Due to weak demand and ongoing adjustments from key brands, the company has lowered its FY26/27 EPS forecasts by 4% and 13% to 0.20 and 0.23 HKD respectively [2] - The current stock price corresponds to 14 and 12 times FY26/27 P/E, with a target price reduction of 7% to 3.88 HKD, indicating a 24% upside potential from the current price [2]

Core Viewpoint - Bank of America Securities maintains a "Buy" rating on Nike, highlighting strong performance in the North American market and running category, although this is partially offset by weak performance in China [1] Group 1: Financial Performance - The second fiscal quarter results indicate that while North America shows positive trends, the weak Chinese business has dampened overall performance [1] - The company has lowered its earnings per share forecasts for fiscal years 2026 and 2027 to $1.39 and $2.40, respectively, and reduced the target price from $84 to $73, reflecting a projected price-to-earnings ratio of about 30 times for fiscal year 2027 [1] Group 2: Market Insights - Nike's guidance for third fiscal quarter revenue indicates a low single-digit decline, while Bank of America expects North American business to grow by 2% [1] - The focus of Nike's North American business is shifting back to wholesale, with improvements noted in spring and summer wholesale orders [1] Group 3: Regional Analysis - The Chinese market is projected to account for only 13% of sales by fiscal year 2026, a significant decline from peak levels, with ongoing sales and margin pressures expected for the remainder of fiscal year 2026 [1]

Core Viewpoint - The company is making progress on the acquisition of the Haikou Intelligent Technology Park project and is focused on the construction of its RF microwave industrialization base, which is expected to enhance production capacity in response to growing demand [1] Group 1: Project Development - The construction of the RF microwave industrialization base is steadily advancing, with the new factory building having completed its topping-out phase [1] - The factory has not yet been officially delivered, and once completed, the company will proceed with internal decoration, equipment procurement, and installation debugging [1] - The company aims to accelerate the project construction pace to meet increasing production capacity demands [1] Group 2: Performance Forecast - The company is unable to provide specific performance forecasts due to multiple influencing factors, including the recovery pace of downstream industries, order fulfillment efficiency, and payment progress [1]

Core Insights - The company reported a revenue of 105 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.64%, and a net profit attributable to shareholders of 7.1 billion yuan, down 39.15% year-on-year [1] - In Q3 2025, the company achieved a revenue of 38.3 billion yuan, a slight decrease of 0.26% year-on-year, with a net profit of 2.29 billion yuan, down 36.60% year-on-year [1] - Increased coal production and sales, along with lagging overseas coal prices, pressured the company's performance in Q3 [1] Revenue and Profit Analysis - The company produced and sold 135.89 million tons and 126.44 million tons of commercial coal, respectively, representing increases of 6.94% and 2.64% year-on-year [1] - The average selling price and cost of coal were 507 yuan/ton and 348 yuan/ton, respectively, showing decreases of 23.1% and 11.3% year-on-year, resulting in a gross profit of 159 yuan/ton, down 40.5% year-on-year [1] - For self-produced coal, sales reached 122.35 million tons, up 4.7% year-on-year, with an average selling price and cost of 503 yuan/ton and 319 yuan/ton, respectively, down 21.5% and 4.7% year-on-year, leading to a gross profit of 184 yuan/ton, down 39.9% year-on-year [1] Coal Chemical Sector Performance - The coal chemical segment showed improved profitability, with production of 7.35 million tons and sales of 6.44 million tons, reflecting increases of 11.6% and 8.7% year-on-year [1] - Sales revenue from coal chemical products was 18.5 billion yuan, down 3.2% year-on-year, while sales costs were 13.6 billion yuan, down 10.3% year-on-year, resulting in a gross profit of 4.9 billion yuan, up 24.7% year-on-year [1] - The main product, methanol, had production and sales of 3.37 million tons and 3.21 million tons, respectively, with year-on-year increases of 3.1% and 2.2% [1] Power Generation Sector Insights - The company generated 5.7 billion kWh of electricity, down 5.1% year-on-year, and sold 4.6 billion kWh, down 10.8% year-on-year [2] - The average selling price of electricity was 0.38 yuan/kWh, an increase of 0.016 yuan, while the cost was 0.30 yuan/kWh, down 0.03 yuan, resulting in a gross profit of 0.08 yuan/kWh, up 0.04 yuan year-on-year [2] - The power segment achieved a total gross profit of 380 million yuan, reflecting a year-on-year increase of 77.2% [2] Capacity Expansion Plans - The company plans to bring 1.8 million tons of coking coal capacity from the Wanfeng coal mine into trial operation by December 2024, and 10 million tons of thermal coal capacity from the Yanzhou Coal Mine into trial operation by July 2025 [2] - Additional coal mines under construction include 10 million tons at Liusangandan, 8 million tons at Galutu, and 7 million tons at Hohhot No. 1, among others [2] - The company also holds six potash mining rights in Canada, with proven high-quality potassium chloride resources of 1.7 billion tons, and plans to develop a molybdenum mine in Inner Mongolia with a resource volume of 1.04 billion tons, potentially contributing 2 billion yuan in profits [2] Profit Forecast - The company forecasts net profits attributable to shareholders of 10.2 billion yuan, 11.9 billion yuan, and 12.7 billion yuan for the years 2025 to 2027, respectively, indicating a strong investment value [2]