研究早观点 2025 年 11 月 25 日 星期二 市场走势 资料来源：最闻 【今日要点】 【山证纺服】名创优品 2025Q3 季报点评-2025Q3 名创国内同店销售增 长提速，海外同店销售转正 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,836.77 | 0.05 | | 深证成指 | 12,585.08 | 0.38 | | 沪深 300 | 4,448.05 | -0.12 | | 中小板指 | 7,655.87 | 0.56 | | 创业板指 | 2,929.04 | 0.31 | | 科创 50 | 1,296.60 | 0.84 | 资料来源：最闻 分析师： 李明阳 研究早观点 【今日要点】 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证纺服】名创优品 2025Q3 季报点评-2025Q3 名创国内同店销售增长提速，海外同店销售转正 王冯 wangfeng@sxzq.com 【投资要点】 请 ...

执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025 年 11 月 24 日 公司研究/公司快报 资料来源：最闻，山西证券研究所 市场数据：2025 年 11 月 21 日 | 收盘价（港元）： | 39.220 | | --- | --- | | 年内最高/最低（港元）： | 55.000/27.050 | | 总股本（亿股）： | 12.11/12.38 | | 流通市值（亿港元）： | 474.82 | | 总市值（亿港元）： | 485.37 | 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 2025Q3 名创国内同店销售增长提速，海外同店销售转正 事件描述 11 月 21 日，公司公布截至 2025 年 9 月 30 日止季度业绩。2025Q3，公司 实现营收 57.97 亿元，同比增长 28.2%；实现经调整净利润 7.67 亿元，同比增长 11.7%。2025 年前三季度，公司实现营收 151.90 亿元，同比增长 23.7%；实现经 调 ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2025年11月24日，中水渔业（sz000798）触及涨停，涨停价15.09元，涨幅10.01%，总市值60.73亿元， 流通市值60.73亿元，截止发稿，总成交额4.61亿元。 根据喜娜AI异动分析，中水渔业涨停原因可能如下，净利润增长+现金流改善+公司治理优化： 1、中水 渔业前三季度净利润同比大增230.08%，扣非净利润增长382.69%，显示出公司盈利能力大幅提升。同 时，经营活动现金流净额同比增加4.51亿元，由负转正，资金状况得到明显改善。公司取消监事会并修 订公司章程，可能提高决策效率，且章程修订增加中小股东表决权单独计票等保护机制，强化了中小股 东权益保护。 2 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 37.992 billion yuan and net profit at 502 million yuan, marking a year-on-year growth of 399.25% [1] - In the third quarter alone, the company achieved revenue of 13.104 billion yuan and a net profit of 215 million yuan, reflecting a staggering year-on-year growth of 2320.53% [1] - The company has decided not to exercise its early redemption rights for the "Youfa Convertible Bonds" that triggered conditional redemption from September 24 to October 24, 2025, and will reassess the situation after January 26, 2026, with the current conversion price set at 4.77 yuan per share [1] Financial Performance - Total revenue for the first three quarters of 2025 was 37.992 billion yuan, with a net profit of 502 million yuan, indicating a substantial increase compared to the previous year [1] - The third quarter's performance was particularly strong, with revenue of 13.104 billion yuan and net profit of 215 million yuan, showcasing exceptional growth rates [1] Convertible Bonds - The "Youfa Convertible Bonds" have triggered conditional redemption, but the company has opted not to redeem them early and will evaluate the situation in the coming months [1] - The current conversion price for the bonds is 4.77 yuan per share, which may influence future investment decisions [1]

Core Viewpoint - Uni-President China (00220) experienced a decline of over 6%, with a current price of HKD 8.38 and a trading volume of HKD 34.74 million [1] Financial Performance - For the first three quarters, the net profit reached HKD 2.01 billion, representing a year-on-year increase of 23.1% [1] - The net profit for the third quarter alone was HKD 730 million, showing a year-on-year growth of 8.4% [1] Revenue Analysis - According to Huatai Securities, the overall revenue for Q3 2025 remained flat year-on-year [1] - The beverage segment saw a low single-digit decline in revenue for Q3 2025, primarily due to price wars on delivery platforms and industry competition [1] - The food segment experienced a low single-digit growth in revenue for Q3 2025 [1] Profitability Metrics - The gross profit margin improved year-on-year, while the expense ratio decreased, indicating a stable increase in profitability [1]

Core Viewpoint - The report from 招银国际 indicates a cautious outlook on Haier Smart Home despite a robust guidance for fiscal year 2026, with management reaffirming high single-digit sales growth and over 10% net profit growth for the second half and full year of fiscal year 2025 [1] Group 1: Financial Performance - Management has reiterated expectations for high single-digit sales growth and over 10% net profit growth for fiscal year 2025 [1] - The third quarter performance of fiscal year 2025 was strong, leading to confidence in sales and net profit growth for the fourth quarter [1] Group 2: Future Projections - The firm acknowledges the sources of growth for the company but remains cautious due to macroeconomic risks, projecting only 5% sales growth and 9% net profit growth for fiscal year 2026 [1] - The target price for Haier Smart Home has been adjusted from HKD 31.57 to HKD 29.05, while maintaining a "Buy" rating [1]

Core Insights - The insurance industry has seen a significant profit increase, with 72 life insurance companies reporting a total profit of 461.96 billion, surpassing the entire profit of the previous year by approximately 176.5 billion, marking a year-on-year growth of nearly 62% [6][10][12] - Major insurance companies like China Life and Ping An have achieved record profits, with China Life exceeding 165.5 billion and Ping An surpassing 105.5 billion [26][20] - Approximately 70% of insurance companies have an investment return rate exceeding 3%, with the overall industry investment return rate increasing by nearly 1 percentage point [10][12][20] Profit Rankings - In the profit rankings for the third quarter of 2025, the top seven companies are China Life, Ping An Life, Taiping Life, New China Life, Taikang Life, Taiping Life, and PICC Life, with China Life and Ping An Life both achieving record profits [26][20] - The profit of China Life reached 165.5 billion, while Ping An Life's profit was 105.5 billion, both showing significant year-on-year increases [26][20] Investment Returns - The increase in profits is largely attributed to improved investment returns, with 54 out of 72 companies reporting investment returns exceeding 3% [12][10] - The average investment return rate for the industry has risen by nearly 1 percentage point, contributing significantly to profit growth [12][10] Business Growth - The insurance business income for the 72 companies grew by approximately 12%, indicating strong consumer demand for long-term products [17][15] - The number of loss-making companies has significantly decreased, and the total loss amount has also dropped, suggesting a positive trend in the industry [19][20] Loss-Making Companies - Despite the overall positive trend, some companies continue to report losses, with notable cases including Dingcheng Life, which has not disclosed its data, and Changsheng Life, which reported insufficient solvency [38][40] - Changsheng Life's investment return rate decreased significantly, contributing to its losses [43][40]

Core Insights - Hangzhou Bank reported a revenue of 28.88 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.35%, while the third quarter saw a decline of 4.02% compared to the previous year [1][2] - The net profit for the same period reached 15.885 billion yuan, up 14.53% year-on-year, primarily due to a 38.47% reduction in credit impairment provisions [1][2] Revenue and Profit Analysis - The bank's revenue for Q3 2025 was 8.787 billion yuan, showing a negative growth of 4.02% year-on-year [2] - Interest income increased by 9.96% to 20.093 billion yuan, accounting for 69.58% of total revenue, with a net interest margin rising by 0.01 percentage points to 1.36% [2] - Non-interest income included a 12.65% increase in net fee and commission income to 3.298 billion yuan, while investment income rose by 22.3% to 7.307 billion yuan [2] Asset and Loan Growth - As of September 2025, total assets reached 2.3 trillion yuan, an increase of 8.67% year-on-year, with total loans at 1.03 trillion yuan, up 9.39% [3] - The bank's loan balance growth rate was 12.94%, maintaining double-digit growth but showing a slight decline compared to previous years [3] - Financial investments grew by 13.12%, making up 47.4% of total assets [3] Wealth Management and Retail Banking - The wealth management subsidiary, Hangyin Wealth Management, reported a product scale of 557.458 billion yuan, reflecting a year-on-year increase of 31.69% [4] - Retail customer total assets reached 674.357 billion yuan, with personal savings deposits increasing by 15.84% to 347.353 billion yuan [3] Credit Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained stable at 0.76%, with total NPLs at 6.906 billion yuan [5] - The bank's capital adequacy ratios showed slight declines from the previous half-year, with the core tier 1 capital adequacy ratio at 9.64% [5]

Core Insights - Guohai Securities (000750.SZ) reported a significant increase in revenue and net profit for Q3 2025, with total operating revenue reaching 2.617 billion yuan, up 24.22% year-on-year, and net profit attributable to shareholders at 705 million yuan, up 282.96% year-on-year [1] Financial Performance - Total operating revenue for the company was 2.617 billion yuan, an increase of 510 million yuan compared to the same period last year [1] - Net profit attributable to shareholders was 705 million yuan, an increase of 521 million yuan year-on-year [1] - Operating cash flow showed a net inflow of 10.76 billion yuan, ranking 9th among disclosed peers, with a year-on-year increase of 2985.35% [1] Key Ratios - The latest debt-to-asset ratio stands at 68.74%, ranking 5th among disclosed peers [3] - Return on equity (ROE) is reported at 3.13%, an increase of 2.28 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.11 yuan, an increase of 0.08 yuan compared to the same period last year, reflecting a year-on-year increase of 266.67% [3] - Total asset turnover ratio is 0.04 times, ranking 15th among disclosed peers [3] Shareholder Structure - The number of shareholders is reported at 198,100, with the top ten shareholders holding a total of 3.017 billion shares, accounting for 47.24% of the total share capital [3] - The largest shareholder is Guangxi Investment Group Co., Ltd., holding 2.33 billion shares [3]

Core Viewpoint - Kailaiying (002821) reported a slight decline in Q3 revenue and net profit, but showed overall growth in the first three quarters of 2025, indicating resilience in emerging and large molecule businesses [1] Financial Performance - Q3 revenue was 1.442 billion yuan, a year-on-year decrease of 0.09% [1] - Q3 net profit was 183 million yuan, a year-on-year decrease of 13.46% [1] - Revenue for the first three quarters reached 4.63 billion yuan, a year-on-year increase of 11.82% [1] - Net profit for the first three quarters was 800 million yuan, a year-on-year increase of 12.66% [1] Business Segments - Revenue from small molecule business remained stable [1] - Revenue from emerging businesses grew by 71.87% year-on-year [1] - Revenue from large molecule business increased by over 150% year-on-year [1] - Revenue from large pharmaceutical companies was 2.053 billion yuan, a year-on-year increase of 1.98% [1] - Revenue from small and medium pharmaceutical companies was 2.577 billion yuan, a year-on-year increase of 21.14% [1] Future Outlook - The order distribution for the second half of the year indicates that Q4 delivery scale will significantly exceed that of Q3 [1] - The company expects annual revenue growth to achieve between 13% and 15% [1]