浙商证券（601878）发布研报称，维持裕元集团(00551)"买入"评级，制造业务在出货量因高基数下降 的背景下，通过产品组合优化推动均价提升，利润率环比改善超预期；线上渠道保持强劲增长，印尼和 印度新产能有序扩张，零售业务库存仍相对健康收入降幅明显收窄。 浙商证券主要观点如下： 业绩表现 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-7.9%，归母净利润2367万美元，同比-50.3%;25Q3实现收入19.6亿美元，同比-5.0%，归母净 利润1.1亿美元，同比-27.0%，Q3制造业务高基数下出货量下滑，但产效提升叠加ASP逆势向上下利润 率环比改善幅度超预期，零售收入降幅环比收窄，期待后续企稳。 Q3制造业务高基数下出货量下滑中单，产品组合优化ASP向上 25Q1-3制造业务收入同比+2.3%至42亿美元，其中出货量达1.89亿双(同比+1.3%)，ASP为20.88美元(同 比+3.2%)，25Q3制造 ...

浙商证券主要观点如下： 业绩表现 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-7.9%，归母净利润2367万美元，同比-50.3%;25Q3实现收入19.6亿美元，同比-5.0%，归母净 利润1.1亿美元，同比-27.0%，Q3制造业务高基数下出货量下滑，但产效提升叠加ASP逆势向上下利润 率环比改善幅度超预期，零售收入降幅环比收窄，期待后续企稳。 Q3制造业务高基数下出货量下滑中单，产品组合优化ASP向上 25Q1-3制造业务收入同比+2.3%至42亿美元，其中出货量达1.89亿双(同比+1.3%)，ASP为20.88美元(同 比+3.2%)，25Q3制造业务收入14.3亿美元，同比-4.5%，其中出货量达62.7百万双(同比-5.3%)，ASP为 21.4美元(同比+3.4%)，该行预计出货量下滑主要系24Q3淡季不淡高基数，ASP增长系高单价产品组合 占比提升。 制造业务收入分地区来看，25Q1-3美国同比 ...

投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □√ 其他（线下策略会） 活动参与 人员 1.参与投资者 申万宏源：任 杰 华夏基金：张 俊 富国基金：薛 阳 东方红资管：向仕杰 长城基金：陈子扬 华夏基金：卢疆啸 浦银安盛：戴晨阳 华安基金：王 晨 国联安基金：王 栋 永赢基金：于 畅 2.上市公司参与人员 财务部总监：李海波 董事会办公室投关专员：米继学 时间 2025 年 11 月 20 日（星期四） 地点 上海 形式 线下交流 交流内容及 具体问答记 录 1.请介绍一下公司主要产品情况。 公司拥有以五氧化二钒、高钒铁、钒氮合金、钒铝合金、钒 电解液等为代表的钒系列产品，以钛白粉、钛渣等为代表的钛系 列产品，具备年经营钛精矿 185 万吨和年产钒制品（以 V2O5计） 4.42 万吨、钛白粉 30 万吨、钛渣 24 万吨的综合生产能力。公司 产品广泛应用于钢铁工业、储能领域、有色金属及涂料油墨等领 域。其中，氧化钒主要用于钢铁、化工、能源等领域；钒铁、钒 为应对市场变化，公司积极采取有效措施，在降本增效方面， 公司持续加大力度，不断向采 ...

格隆汇11月17日丨零跑汽车(09863.HK)公布集团截至2025年9月30日止三个月(「2025年第三季度」)的未 经审核财务业绩。2025年第三季度的收入为人民币194.5亿元，同比增长97.3%，收入增长主要得益于： 整车及备件交付量的提升，带动整车相关服务收入同步增长。 2025年第三季度的毛利率为14.5%，2024年同期为8.1%，2025年第二季度为13.6%。同比改善主要由 于：(i)销量上升带来的规模效应；(ii)持续的成本管理；(iii)产品组合的优化；及(iv)其他业务的收入； 环比改善主要由於(i)产品组合的优化；及(ii)持续的成本管理； 2025年第三季度的公司权益持有人应占净利润为人民币1.5亿元，而2024年同期为亏损人民币6.9亿元， 同比盈利增加主要由于整车销量的增加及单车收益能力的优化； 2025年第三季度，公司的汽车总交付量为173,852台；10月，公司交付量再次突破新高，达70,289台，连 续8个月位居中国新势力品牌销量榜首，也是唯一一家月交付量超7万台的中国新势力品牌公司。 ...

Core Insights - Coca-Cola reported a 5% revenue growth in Q3 2025, reaching $12.455 billion, exceeding market expectations of $12.41 billion [1] - Organic revenue increased by 6%, with net profit rising by 29% to $3.683 billion [1] - Earnings per share (non-GAAP) grew by 6% to $0.82, surpassing the market forecast of $0.78 [1] Revenue Drivers - The revenue growth was primarily driven by average price increases and product mix optimization, with a price increase of approximately 6% in Q3 [1][2] - The Asia-Pacific market, including China, saw a 13% year-over-year increase in operating profit, supported by favorable pricing strategies and product mix, with a price/product mix growth of 8% [1][4] Market Performance - Global unit case volume increased by 1% in Q3, with flagship Coca-Cola brand volume growing by 1%, mainly driven by Europe, the Middle East, Africa, and Asia-Pacific markets [2] - Notably, the sales of no-sugar Coca-Cola surged by 14%, while other product categories like juices and dairy saw declines [2][3] Strategic Investments - Coca-Cola reaffirmed its commitment to the Chinese market, with significant investments in new production facilities [1][4] - Two new factories in Shaanxi and Henan were completed and put into operation, alongside the completion of the main structure of the Greater Bay Area smart green production base [4][5][7] Future Outlook - The company reiterated its 2025 performance guidance, expecting a comparable currency-neutral earnings per share growth of approximately 8%, up from a previous estimate of 7%-9% [3] - The forecast for organic revenue growth for the full year 2025 remains at 5% to 6%, consistent with prior expectations [3]

Core Insights - CTFJ reported a 4.1% year-on-year growth in group-wide retail sales value during 2QFY26, indicating a sequential improvement, particularly with a same-store sales growth of 7.6% in mainland China [1] - The company experienced a net closure of 296 stores during the quarter, bringing the total store count to 6,041, with a year-on-year net closure of 1,305 stores, a decrease of 17.8% [1] - CTFJ improved its product mix by increasing sales of high-margin products, such as fixed-price gold products and Fei Cui jades, contributing to a positive outlook for gross profit margin (GPM) and operating profit margin (OPM) [1][3] Retail Sales Performance - The group-wide retail sales value (RSV) improved by 4.1% year-on-year, showing a significant quarter-on-quarter improvement compared to a decline of 1.9% in 1QFY26 [1] - New stores opened in 2QFY26 achieved monthly sales of RMB 1.5 million, which is three times higher than the sales of closed stores [1] Product Mix and Growth - Same-store sales growth (SSSG) for gold products in the mainland market grew by 10.6% year-on-year, while SSSG for gem-set and other products increased by 7.2% year-on-year [2] - The contribution of high-margin product categories reached 29.9% in 2QFY26, up 5.1 percentage points year-on-year, indicating a successful strategy in enhancing product offerings [2] Future Guidance - CTFJ's management anticipates better-than-expected GPM and OPM due to an improved product mix, better store network, and positive gold price movements [3] - A revision of guidance is expected during the actual 1HFY26 earnings release in November 2025, with initial expectations of a decline in GPM and OPM being reassessed [3][4]

Core Insights - BASF is strategically divesting from certain business segments to optimize its product portfolio and focus on priority market growth areas, particularly in nutrition and health [4][5]. Group 1: Business Divestitures - BASF has sold its decorative coatings business in Brazil to Sherwin-Williams for $1.15 billion (approximately 8.187 billion RMB), marking the largest single acquisition in the global coatings industry in 2025 [2]. - The decorative coatings business generated approximately $525 million in sales in 2024 and was BASF's only large B2C operation, primarily operating in Brazil with limited synergy with other coatings businesses [2]. - BASF has also completed the sale of its food and health functional ingredients business to Louis Dreyfus Company (LDC), which includes a production site in Germany and three application laboratories outside Germany, along with around 300 employees [3]. Group 2: Strategic Focus Areas - BASF aims to enhance its focus on the nutrition and health sectors, particularly in vitamins and carotenoids, as part of its strategic initiatives [4]. - The company plans to retain its Environmental Catalysts and Metal Solutions (ECMS) business, which is projected to generate €7 billion in sales in 2024 and approximately €4 billion in cumulative cash flow from 2024 to 2030 [5]. - The battery materials division, expected to generate €600 million in sales in 2024, is undergoing significant cost reductions and is exploring collaborative opportunities along the value chain [5][6]. - BASF is considering strategic options for its remaining coatings business, which generated €3.8 billion in sales in 2024, with a decision expected by the fourth quarter of 2025 [6]. - The Agricultural Solutions division aims to prepare for an IPO by 2027, with projected sales of €9.8 billion in 2024 [7]. Group 3: Capital Allocation Strategy - BASF is implementing a stringent capital allocation strategy, reducing expected payments for real estate, plants, equipment, and intangible assets from approximately €17 billion to €16 billion between 2025 and 2028 [7]. - The total capital expenditure for the integrated site in Zhanjiang, southern China, has been reduced by €1.3 billion to approximately €8.7 billion, with most plants expected to be operational by the end of 2025 [7].

Group 1 - The core viewpoint of the article indicates that Hengtai (00197.HK) reported a total revenue of approximately HKD 428 million for the fiscal year ending June 30, 2025, representing a year-on-year decline of about 3.2% [1] - The net loss for the fiscal year ending June 30, 2025, is approximately HKD 205 million, compared to a loss of HKD 196 million in the 2023/24 fiscal year, resulting in a loss per share of HKD 1.16 [1] - The decrease in revenue is primarily attributed to a decline in the fast-moving consumer goods (FMCG) trading business, although this was partially offset by an increase in revenue from the agricultural products business [1] Group 2 - The FMCG trading business experienced a continuous decline in revenue due to weak market demand and intense competition from domestic brands, leading the company to lower prices on several products to maintain competitiveness in a challenging market [1] - The company is optimizing its product mix by reducing categories like beverages that face fierce competition, which has resulted in a reduction of various operating expenses, including marketing costs, but this has also contributed to the decline in FMCG trading revenue [1] - Conversely, the company has successfully improved the quality of certain imported and self-cultivated agricultural products through enhanced procurement networks and cultivation techniques, allowing for an increase in selling prices [1]

Core Viewpoint - The company anticipates a significant loss of HKD 18.041 million for the fiscal year ending June 30, 2024, but expects to achieve a profit of no more than HKD 1 million for the fiscal year ending June 30, 2025, amidst a challenging global economic environment [1] Group 1: Financial Performance - The company reported a projected loss of HKD 18.041 million for the fiscal year ending June 30, 2024 [1] - For the fiscal year ending June 30, 2025, the company expects to record a profit of no more than HKD 1 million [1] Group 2: Market Conditions - The global political and economic environment remains complex and uncertain, with weak terminal demand persisting [1] - Unclear U.S. tariff policies are impacting the global supply chain dynamics [1] - The market consumption atmosphere in Canada is not ideal, leading to cautious order placements by customers [1] Group 3: Strategic Initiatives - The company maintains a prudent operating philosophy and continues to optimize its product mix [1] - The company focuses on refining its customer structure [1] - The company is seizing policy opportunities and advancing diversification strategies, which have contributed to an increase in overall sales volume, total revenue, and gross profit margin [1]

Core Viewpoint - The company anticipates a significant shift from a loss of HKD 18.041 million for the fiscal year ending June 30, 2024, to a profit of no more than HKD 1 million for the fiscal year ending June 30, 2025, despite ongoing challenges in the global economic environment [1] Financial Performance - The company reported a loss of HKD 18.041 million for the fiscal year ending June 30, 2024 [1] - It is projected to achieve a profit of up to HKD 1 million for the fiscal year ending June 30, 2025 [1] Market Conditions - The global political and economic environment remains complex and uncertain, with weak terminal demand persisting [1] - Unclear U.S. tariff policies are impacting the global supply chain dynamics [1] - Market consumption sentiment is not ideal, leading to cautious ordering behavior from clients [1] Strategic Initiatives - The company maintains a prudent operational philosophy and continues to optimize its product mix [1] - There is a focus on refining the customer structure [1] - The company is seizing policy opportunities and advancing diversification efforts [1] Operational Metrics - Despite the challenging environment, the company has seen increases in overall sales volume, total revenue, and gross profit margin during the fiscal year [1]