核心增长引擎切换。 我们今天要了解的芭田股份（002170.SZ，公司）。 作者 | beyond 编辑 | 小白 公司是国内复合肥行业首家上市公司，此前声称正经历从传统化肥制造商向"磷矿+高端复合肥+新能 源材料"磷化工一体化的战略转型。 在复合肥行业面临产品同质化与上游原料波动的双重挑战下，一批注重技术创新与产业链布局的企业 正显现出差异化的竞争力。 2024年，复合肥业务贡献26亿元，占总收入76.6%；磷矿石业务实现营收7.1亿元，同比增长82%。至 2025年上半年，磷矿石业务收入已升至9.98亿元，占总营收比重提升至39.3%，成为公司第二大收入 来源。 （数据来源：公司财报） 2025年前三季度，公司实现营业总收入38亿元，同比增长56.5%，其中磷矿石及其加工产品贡献显 著，复合肥业务贡献基本稳定，显示公司已进入复合肥与磷矿石的"双轮驱动"新阶段；归母净利润 6.9亿元，同比增长236%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收 ...

近年，观想科技在"军民两用、双轮驱动"战略指引下，通过长期的技术深耕与市场积淀，围绕"全寿命 周期管理系统、数字孪生、智能装备、人工智能"等四大生态，已构建起以自主可控信息化技术、AI赋 能体系、数字孪生技术和柔性化智能装备为核心的四大技术支柱，并着重打造一系列拳头产品。 观想科技表示，辽晶电子在高可靠半导体分立器件与集成电路领域积累了深厚技术，能够为AI算法的 硬件落地提供核心支撑。而观想科技的AI技术优势，可通过"软件定义硬件"的路线，优化辽晶电子产品 的性能参数与应用场景，实现从单一硬件供应向"硬件+算法"一体化解决方案的升级。 公告披露，此次交易框架已初步明确，公司已与合计持有辽晶电子67.69%股权的主要股东签署《股权 收购框架协议》，达成初步收购意向。截至预案签署日，标的公司的审计、评估工作尚未完成，具体评 估值和交易价格尚未确定。 作为此次收购的标的，辽晶电子具备深厚的电子领域积淀。公开信息显示，该公司成立于2007年，前身 为原辽宁晶体管厂，已通过国家级专精特新"小巨人"企业认定，同时获评辽宁省瞪羚企业，注册资本为 5700万元。该公司深耕半导体分立器件与集成电路领域多年，产品广泛应用于航天、 ...

Core Insights - The article discusses how Junsheng Electronics leverages capital and strategic planning to achieve high-quality development and competitive advantages in the global automotive parts industry amid the trends of electrification and smart technology [1] Mergers and Acquisitions - Junsheng Electronics' growth over the past two decades is closely linked to a series of key international acquisitions, including the purchase of German company Preh and American KSS, marking a significant transition from a local to a global player [1][2] - The company emphasizes a "dual-wheel drive" strategy, focusing on manufacturing as the main driver and capital markets as a supplementary force, which has embedded global integration and resource allocation capabilities into its operations [1] Financial Performance - In the first three quarters of 2025, Junsheng Electronics reported a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, and a net profit of 1.12 billion yuan, up 18.98% [2] - The overall gross margin improved to 18.3%, with the third quarter achieving a gross margin of 18.6%, the highest in nearly three years, attributed to deep integration and synergy from global acquisitions [2] Competitive Positioning - Junsheng Electronics is now the second-largest automotive safety system supplier globally, with strong competitiveness in smart driving, smart cockpit, and new energy management [3] - The company’s core competitiveness stems from its precise judgment of industry trends and timely acquisitions, which have strengthened its product lines and technological advantages [3] Future Investments - The company is focusing on emerging robotics business, which, despite its current low revenue contribution, is seen as a significant growth area following smart connectivity and autonomous driving [4] - Junsheng Electronics has been proactive in the robotics sector, leveraging its existing technology in automotive electronics and safety to develop humanoid robots [4][5] R&D and Innovation - The company has invested heavily in R&D, with expenditures reaching 2.558 billion yuan in the first three quarters of 2025, aimed at driving innovation across various sectors, including robotics [5] - Junsheng Electronics aims to address the "last mile" problem in industrial robotics, enhancing efficiency and flexibility in manufacturing environments [5] Regional Advantages - The company acknowledges the supportive business environment in Ningbo, which fosters high-end manufacturing and innovation, and emphasizes the need for better talent attraction and retention policies [6] - The unique characteristics of Ningbo's industrial ecosystem contribute to the company's operational success and strategic growth [6] Strategic Vision - Junsheng Electronics maintains a forward-looking approach, continuously adapting to industry changes and emphasizing the importance of innovation and long-term planning [7] - The company’s journey from a local supplier to a global player serves as a case study for the evolution of Chinese manufacturing in the context of globalization and technological advancement [7]

作者 | 彭倩 "双轮驱动"颇有成果，盒马加速跑 在"双轮驱动"下，盒马的业务变得更为聚焦，集中资源拓展"盒马鲜生"和"超盒算NB"两种店型。2025年，盒马鲜生进入了40个新城市，超盒算NB新开门 店超过200家。 盒马选择此时扩容"盒区房"，实际上是内外因共同作用的结果。 编辑 | 乔芊 推进"双轮驱动"的第一年，盒马交出了不错的成绩单。 2026年伊始，盒马CEO严筱磊（花名：百何）向全员发出内部信，披露了过去一年盒马的成绩。2025年，盒马实现了超40%的营收同比增速。 36氪曾独家了解到，盒马2025财年首次实现全年经调整 EBITA 盈利。在2025年8月7日盒马10周年的发布会上，首次公开亮相的盒马CEO严筱磊也提及了 该数据，她还补充了细节："盒马在过去一个财年里面，每个月都是盈利的。" 早在2024年底，严筱磊便立下了军令状：要让盒马站上千亿规模的台阶，并在未来成为中国零售第一品牌。阿里2025财年（2024年3月底至2025年3月底） 年报显示，盒马该财年GMV已达到750亿元。 也是2024年底，严筱磊在内部信中首次明确，将聚焦盒马鲜生和超盒算NB两大核心业态战略，前者负责快速复制成熟模 ...

未来消费 提前看到消费的未来 LLALL FAREERY FFFFFFF PPPFFFFF 上上大上上上上 aeKV 这一年盒马鲜生进入40个新城市，超盒算NB新开门店超过200家。（内附内部信全文） 作者 | 彭倩 推进"双轮驱动"的第一年，盒马交出了不错的成绩单。 2026年伊始，盒马CEO严筱磊（花名：百何）向全员发出内部信，披露了过去一年盒马的成绩。2025年，盒马实现了超40%的营收同比增速。 36氪曾独家了解到，盒马2025财年首次实现全年经调整 EBITA 盈利。在2025年8月7日盒马10周年的发布会上，首次公开亮相的盒马CEO严筱磊也提及了该数据，她还补充了细节："盒马在过去一个财年里面，每个月都是盈利的。" 早在2024年底，严筱磊便立下了军令状：要让盒马站上千亿规模的台阶，并在未来成为中国零售第一品牌。阿里2025财年（2024年3月底至2025年3月底）年报显示，盒马该财年GMV已达到750亿元。 也是2024年底，严筱磊在内部信中首次明确，将聚焦盒马鲜生和超盒算NB两大核心业态战略，前者负责快速复制成熟模式，后者深耕社区化服务，形成互补优势。2025年，正是执行和检验双轮驱动的一年。 ...

近日，云顶新耀（01952.HK）在格隆汇"科技赋能·资本破局"分享会上获颁"年度创新力奖"，引发市场 关注。该奖项聚焦于企业在技术、产品与商业模式上的系统性突破，而云顶新耀的入选，恰恰映射出中 国创新药行业在价值评判标准上的悄然转变：从追逐"明星管线"，到看重企业能否构建可持续输出价值 的平台能力。 当前，中国生物医药产业正进入一场深刻的转型，从追求规模扩张的"高速增长期"，过渡至注重科技深 度与商业效率的"高质量发展期"。在此背景下，资本的目光逐渐从"故事与管线"转向"系统与兑现"。那 些能够将前沿研发与成熟商业化体系深度融合的企业，正成为市场聚焦的新标杆。 云顶新耀近期发布的"2030年发展战略"，为理解这一趋势提供了清晰的注解。该战略以"BD合作+自主 研发"双轮驱动为核心， 已建立的以"科学及商业洞察驱动的准入、医学、市场、销售一体化协同"为核 心的 A2MS商业化体系为支撑，系统勾勒出从一家创新型Biotech向全球化综合性药企跃迁的路径。其 构建的，不仅是一条增长曲线，更是一个兼具确定性基础与成长性动能/潜能的价值模型。 新战略，新期待 强大的A2MS平台为云顶新耀奠定了稳健的当下，而"2030 ...

在全球医药创新快速迈向"核酸时代"的背景下，小核酸药物凭借其能够从基因源头精准干预疾病机制的优势，正逐步 成为继小分子、抗体药之后又一颠覆性治疗范式，引领着新一轮生物医药的创新浪潮。 然而，真正具备小核酸药物全链条自主研发能力的企业在全球范围内仍寥寥无几。瑞博生物作为国内该领域的先行者 与平台型公司，已构建覆盖从靶点发现到临床开发的全流程技术体系，不仅实现了关键技术与核心平台的自主可控， 更展现出参与国际竞争、定义治疗新标准的潜力。 那么，瑞博生物此番上市有哪些看点？ 图表一：瑞博生物招股书 临近年末，中国创新药行业再迎重磅玩家登陆港交所。 中国小核酸领域的领军企业瑞博生物，于今日正式启动公开招股。公司发行价定为每股57.97港元，每手200股，入场 费11710.93港元，预计将于2026年1月9日在港交所主板挂牌上市。此次发行已吸引Arc Avenue、Bright Stone、华夏基 金、大成国际及大成基金、泰康人寿等多家知名机构作为基石投资者参与认购，市场关注度持续升温。 | c球發售的發售股份數目 | | : 27.487.400股H股(視乎發售量調整權 | | --- | --- | --- | ...

Core Viewpoint - The implementation plan for high-quality development of digital finance in the banking and insurance sectors emphasizes a dual-driven approach of digital technology and data elements, aiming to enhance the integration of the insurance industry into the real economy and national strategies [1][2]. Group 1: Digital Financial Development Goals - The plan outlines major goals for the insurance industry's digital financial development over the next five years, focusing on significant progress in digital transformation and the enhancement of capabilities driven by digital technology and data elements [2]. - It encourages the exploration of innovative applications of digital technology and data elements, aiming to improve financial service quality in key areas such as technology, green finance, inclusive finance, and elderly care [2]. Group 2: Organizational Structure and Governance - The plan prioritizes establishing a robust governance mechanism for digital finance, requiring insurance institutions to strengthen top-level design and build a digital operation system [3]. - It mandates the formation of leadership groups or committees responsible for digital finance, emphasizing the need for unified metrics that align digitalization with business growth and service quality [3]. Group 3: Risk Management and Service Integration - The plan identifies eight key areas for digital financial empowerment, highlighting the evolution of insurance from post-event compensation to risk reduction and insurance protection [4][5]. - It proposes the development of insurance products that provide risk coverage for technology enterprises, focusing on network security and data asset risks, thereby opening new opportunities for the insurance sector [4]. Group 4: Enhancing Financial Services - The plan calls for the development of personalized digital financial products to improve financial services in healthcare and elderly care, while addressing the digital divide [6]. - It emphasizes the importance of data collaboration between insurance institutions and healthcare providers to enhance consumer experience and compliance with data protection regulations [6]. Group 5: Support for Rural Revitalization - The plan encourages the use of IoT and AI technologies to broaden the scope of agricultural insurance products, enhancing efficiency in loss assessment and reducing moral hazard [6]. - It aims to integrate remote sensing and mobile internet data into agricultural insurance, thereby improving the overall risk management capabilities of the insurance industry [6].

Investment Rating - The report assigns an "Accumulate" rating for the first time [2]. Core Insights - The company is driven by dual engines of "building materials" and "new economic investments," indicating a promising future [4][36]. - The cement business remains robust, with industry-leading profitability metrics, providing a solid performance foundation [4][13]. - The company has entered a harvest phase for its equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks and foster new growth engines [30][36]. - The company has shown a significant recovery in performance, with net profit for the first three quarters of 2025 reaching 5.51 billion, a year-on-year increase of 45.9% [37]. - The company maintains a generous dividend policy, with a commitment to distribute at least 35% of net profit as cash dividends, translating to a dividend yield of approximately 3.47% based on current market capitalization [42]. Summary by Sections Company Overview - Gansu Shafeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into related industries [11]. Cement Business Stability and Profitability - The traditional cement business, despite facing industry cycles, has maintained high gross margins and return on equity (ROE), positioning the company favorably within the industry [4][13]. - In 2024, cement and related materials accounted for 96.72% of total revenue, with cement alone contributing 70.55% [13]. Equity Investment Harvest Phase - The company has strategically invested over 1.7 billion in key technology sectors, with equity investments contributing approximately 31% to net profit in the first three quarters of 2025 [30][36]. Performance Recovery - The company reported a net profit of 5.51 billion for the first three quarters of 2025, marking a significant recovery from previous years [37]. Generous Dividend Policy - The company has a history of consistent dividend payouts, with a planned minimum cash dividend of 4 billion annually for 2025-2026, reflecting a strong commitment to shareholder returns [42]. Investment Outlook - The report forecasts earnings per share (EPS) of 0.72, 0.87, and 0.92 for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [43].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - The company is driven by dual engines of "building materials" and "new economy investments," showing promising growth potential [4][36]. - The cement business remains robust with industry-leading profitability, supported by optimized regional layouts and refined operations [4][13]. - The company has entered a harvest period for equity investments, particularly in semiconductor, new energy, and new materials sectors, which are expected to mitigate cyclical risks of the main business [4][30]. - The company has a strong commitment to dividends, with a planned cash dividend of no less than 35% of net profit for 2025-2026, translating to a dividend yield of approximately 3.47% based on current market capitalization [4][42]. Summary by Sections Company Overview - Gansu Shangfeng Cement Co., Ltd. primarily engages in the production and sale of cement and related building materials, with a focus on optimizing resources and expanding into new economic sectors [11]. Cement Business Stability and Profitability - The cement business accounts for 96.72% of revenue, with cement sales contributing 70.55% and clinker sales 16.88% [13]. - The company maintains a leading position in key profitability metrics such as gross margin and return on equity (ROE) [23][29]. - Despite a decline in cement production and sales, the company achieved a net profit of 5.51 billion and a net profit attributable to shareholders of 5.28 billion for the first three quarters of 2025, reflecting year-on-year increases of 45.9% and 30.56% respectively [4][37]. Equity Investment Harvest Period - The company has invested over 1.7 billion in equity investments, contributing approximately 31% to net profit in the first three quarters of 2025 [30][35]. - The strategic focus on sectors supported by national policies is expected to create new growth engines [30]. Performance Recovery - The company reported a total revenue of 54.48 billion for 2024, a decrease of 14.83% year-on-year, but the decline has narrowed in 2025 [37]. - The operating cash flow reached 7.55 billion, indicating a 2.34% year-on-year increase, with a low debt ratio of 42.65% [38]. Generous Dividends and Investor Returns - The company has consistently returned value to shareholders, with a dividend payout ratio of 95.73% in 2024 [42]. - Future dividend plans include a minimum of 4 billion in cash dividends annually, reinforcing the company's commitment to shareholder returns [42]. Summary and Investment Recommendations - The company is well-positioned for sustainable growth, with a strong foundation in its cement business and promising prospects in new economic sectors [43]. - Earnings per share (EPS) are projected to be 0.72, 0.87, and 0.92 for 2025-2027, with corresponding price-to-earnings (PE) ratios of 16.56, 13.8, and 13 [43].