编者按：随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市 场。它们以跨境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等 金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会，今起推出"券商'出海'进行 时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市 场如何从"参与者"蜕变为"规则制定者"，在开放浪潮中书写高质量发展新篇章。敬请垂注！ 香港财政司司长陈茂波日前在公开演讲中指出，中资金融机构是香港金融市场发展的重要参与者、贡献 者和推动者。过去十余年，中资券商国际化进程经历了从探索到深化的关键跃迁。其中，头部券商通过 构建全球化业务网络，成为共建"一带一路"建设的重要金融力量。 2024年3月，中国证监会明确提出，到2035年，形成2至3家具备国际竞争力与市场引领力的投资银行和 投资机构。这意味着中资券商国际化进入系统性升级新阶段。在金融强国建设、资本市场双向开放背景 下，中资券商正从单点突破转向全链条国际化能力建设，迎来从"跟随者"向"引领者"转型的历史性阶 段。 数据显示，2024年，华 ...

证券代码： 301008 证券简称：宏昌科技 | | 张海波 九鼎投资 | | --- | --- | | 张 | 宁 大岩资本 | | | 徐诺旭 湘财基金 | | 白 | 如 民生证券 | | | 陆浩然 惠升基金 | | | 王亚琪 上海证券 | | | 朱全洪 中财华楷 | | 时间 | 2025 年 11 月 19 日 | | 地点 | 公司五楼会议室 | | 上市公司接待人 | 1、副总经理、董事会秘书：佘砚 | | 员姓名 | | | | 本次投资者交流活动分为三个环节： | | | 1、董事会秘书佘砚先生介绍公司基本情况； | | | 2、投资者交流互动； | | | 3、参观车间和样品间。 | | | 主要问题如下： | | | 1、2024 年、2025 年 1-9 月公司净利率呈现下滑趋势，具体 | | | 原因是什么？ | | | 主要受如下几个原因影响：可转债的计提费用、股权激励产 | | 投资者关系活动 主要内容介绍 | 生的股份支付费用、新项目转固后折旧增加、以及汽车零部件项 | | | 目目前尚未达到盈亏平衡，以及核心原材料铜价上涨等多方面原 | | | 因对公司净利润产生较大 ...

浙商证券研报指出，兖矿能源背靠山能集团，目标成为国际一流清洁能源引领示范企业。规划未来5-10 年产业布局矿业、高端化工新材料、新能源、高端装备制造、智慧物流五大主导产业，建设国际一流清 洁能源引领示范企业。公司资源量超460亿吨，分布广泛，种类齐全。通过扩产和并购，产能稳步增 长，近五年通过收购年产能增加超过8000万吨。在建及规划煤矿项目为产能增长提供动能，预计超过 6000万吨/年。煤炭化工营收和毛利整体呈增长趋势，2025年前三季度营收和毛利分别为185.3亿元和 48.8亿元，仍处于较高水平。化工业务毛利率整体平稳。公司立足国内，放眼全球，外延并购，在建可 期，产能迈向三亿吨。正值行业周期底部反转，量价齐升，成长显著，首次覆盖给予"买入"评级。 ...

Core Viewpoint - Kanda New Materials announced the termination of the acquisition agreement with Beiyi Semiconductor and its shareholders due to unmet expectations in the progress of the transaction and lack of consensus among parties involved [1][3] Company Overview - Kanda New Materials primarily engages in the production of adhesives and specialty resin materials, with applications in wind turbine blade manufacturing, packaging materials, and rail transportation [1] - The company had planned to acquire at least 51% of Beiyi Semiconductor to gain control and integrate its power semiconductor module capabilities with Kanda's existing semiconductor materials business [1] Acquisition Details - The acquisition aimed to enhance Kanda's strategic transition into the semiconductor industry by leveraging Beiyi Semiconductor's research, packaging, testing, and wafer manufacturing capabilities [1] - Beiyi Semiconductor focuses on the development, production, and sales of new power semiconductor modules, with core products including IGBT, PIM, and IPM, applicable in sectors like electric vehicles, industrial control, and renewable energy [1] Financial Performance - Kanda New Materials has pursued external acquisitions as a key growth strategy, having acquired several companies since 2017 to expand into various sectors [2] - Despite these acquisitions, the company has faced declining profitability, with revenues of 2.466 billion yuan in 2022, 2.793 billion yuan in 2023, and projected 3.101 billion yuan in 2024, while net profits have decreased from 48 million yuan in 2022 to a projected loss of 246 million yuan in 2024 [2] Asset Sales - To improve its financial situation, Kanda has been selling significant assets to its controlling shareholder, including a 67% stake in Cai Jing Optoelectronics and a 51% stake in Biko Technology [2] Termination of Acquisition - The termination of the acquisition was a mutual decision among the parties involved, with no breach of contract or disputes reported [3]

Core Viewpoint - The company, Mindray Medical, has submitted its application for a Hong Kong IPO, aiming to enhance its global presence and innovation capabilities through the raised funds [1][4]. Group 1: IPO and Fund Utilization - The IPO will combine public offerings in Hong Kong with international placements, with the specific scale to be determined based on market conditions [1]. - The funds raised will primarily be used for increasing global R&D investment, exploring potential global mergers and acquisitions, and enhancing the global sales network and supply chain capabilities [1][4]. Group 2: Business Development and Market Position - Mindray Medical is a leading global medical device company, covering multiple product lines and holding a significant market share in various segments [2]. - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024 [2]. Group 3: R&D and M&A Strategy - As of June 30, 2025, the company plans to invest approximately 12.8 billion yuan in R&D, with over 5,200 specialized R&D personnel and a significant number of patents filed [3]. - Mindray has actively pursued acquisitions since its A-share listing, including notable purchases of companies in Finland, Germany, and China to enhance its product offerings and supply chain [3]. Group 4: Globalization and Market Opportunities - The global medical device market is expected to grow from $456.6 billion in 2020 to $623 billion in 2024, with a CAGR of 8.1% [5]. - Mindray has established a comprehensive global network, with localized production in 11 countries and a significant international workforce, enhancing its operational resilience and market responsiveness [6]. Group 5: Competitive Position and Future Outlook - Mindray's international revenue reached 16.4 billion yuan in 2024, with over 50% of its revenue coming from international markets as of Q3 2025 [6]. - The company has improved its global ranking in the medical device industry, moving from 36th in 2020 to 23rd in 2023, indicating a positive trajectory in market competitiveness [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 上海晶丰明源半导体股份有限公司（简称"晶丰明源"）近日发布《发行股份及支付现金购买资产并募集 配套资金申请的审核问询函回复》，详细披露了拟收购四川易冲科技有限公司（简称"易冲科技"）的整 合管控计划、业绩承诺安排及差异化定价依据。公司表示，本次交易旨在通过产品协同与客户资源整 合，强化在模拟芯片领域的平台化布局，交易完成后将实现易冲科技在无线充电、汽车电源管理等芯片 产品线与上市公司现有业务的深度融合。 整合管控计划覆盖全业务链条 根据回复公告，晶丰明源计划从业务、资产、财务、人员及机构五个维度实施整合： -业务整合：重点 推进产品矩阵互补与客户资源共享，双方已联合推出140W快充整体解决方案，未来将在汽车电子领域 共同开发"MCU+驱动"组合方案，标的公司协议芯片与上市公司AC/DC芯片形成成套解决方案，提升整 体交付能力。 -财务管控：标的公司将纳入上市公司统一财务管理体系，执行相同会计制度，上市公司 定期对其实施审计监督，确保信息披露合规。 -人员稳定：业绩承诺期内保持标的公司核心管理团队稳 定，总经理潘思铭继续任职，董事会由上市公司提名5名董事，其中3 ...

Investment Rating - The report maintains an "Outperform" rating for Jiangnan Chemical [2][7]. Core Insights - Jiangnan Chemical successfully acquired 100% equity of Shun'an Explosives, increasing its explosive production capacity by 73,000 tons, bringing the total capacity to over 900,000 tons. The acquisition price was set at 1 billion yuan, with a reasonable PE ratio of over 12 times based on projected revenues and profits [7]. - The company is on track to enhance its market position through external acquisitions and internal asset injections, solidifying its status as a leading domestic explosive manufacturer with a comprehensive product range [7]. - The mining service segment is experiencing growth, with new orders exceeding 6 billion yuan in the first half of 2025, supported by upgraded construction qualifications [7]. - Jiangnan Chemical is expanding its overseas explosive production capacity, establishing partnerships with major mining companies and positioning itself in high-value mineral areas [7]. - The report forecasts net profits for 2025-2027 at 972 million, 1.558 billion, and 1.723 billion yuan, respectively, with corresponding PE ratios of 18X, 11X, and 10X [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 10.564 billion yuan, with a year-on-year growth rate of 11.4% [6]. - The net profit for 2025 is estimated at 972 million yuan, reflecting a 9.1% increase compared to the previous year [6]. - The gross margin is expected to be around 29.8% in 2025, with a return on equity (ROE) of 9.5% [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][15] Core Views - The company achieved a total revenue of 2.411 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.98%. The net profit attributable to shareholders decreased by 9.30% to 392 million yuan [8][3] - The company continues to drive growth through external acquisitions, with a notable acquisition of 55% of Shandong Yipin Weixiang Food Technology Co., Ltd. in September 2025, which allows entry into the compound seasoning sauce market [11][13] - The company’s gross margin improved to 40.5% in Q3 2025, up 1.6 percentage points year-on-year, attributed to product mix optimization and raw material cost benefits [2][10] Summary by Sections Financial Performance - In Q3 2025, the company reported total revenue of 1.020 billion yuan, a year-on-year increase of 13.79%. The net profit attributable to shareholders was 202 million yuan, up 8.93% year-on-year [8][10] - The revenue from offline and online channels in Q3 2025 was 790 million yuan and 220 million yuan, respectively, showing a year-on-year growth of 4.5% and 60.7% [10][2] Profitability and Cost Management - The company’s selling and administrative expense ratios were 10.9% and 3.8%, respectively, with selling expenses stabilizing compared to Q2 [2][10] - The net profit margin for Q3 2025 was 19.1%, down 0.9 percentage points year-on-year [2][10] Future Outlook - The revenue forecasts for 2025-2027 have been adjusted to 3.561 billion yuan, 3.858 billion yuan, and 4.156 billion yuan, respectively, with expected year-on-year growth rates of 2.4%, 8.4%, and 7.7% [3][14] - The net profit forecasts for the same period are 600 million yuan, 690 million yuan, and 750 million yuan, with expected declines of 3.5% and 15.0% in 2025 and 2026, respectively [3][14]

Core Insights - The company reported a revenue of 4.976 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 584 million yuan, up 12.65% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.617 billion yuan, representing a 10.42% year-on-year growth, and a net profit of 230 million yuan, which is a significant increase of 69.11% year-on-year [1] - The company is focusing on enhancing cash flow management and operational efficiency, with a net operating cash flow increase of 16% year-on-year [1] Revenue Breakdown - The traditional Chinese medicine segment generated 2.676 billion yuan in revenue for Q1-Q3 2025, a growth of 5.73% year-on-year [2] - The specialty chemical drug segment reported a revenue of 1.720 billion yuan, a decline of 7.16% year-on-year, primarily due to the impact of centralized procurement [2] - The specialty health consumer products segment achieved a revenue of 485 million yuan, growing by 12.41% year-on-year [2] Product Performance - The company saw significant growth in key products, with the Changyanning series growing over 25% year-on-year through innovative marketing strategies [2] - Health product series increased over 13% year-on-year due to participation in industry standard formulation and clinical trials [2] - The Qiekan series and Zhixinfen both experienced over 9% growth year-on-year through brand activities and academic initiatives [2] R&D and Innovation - The company invested 184 million yuan in R&D during the first three quarters of 2025, focusing on innovative drug development and product lifecycle extension [3] - Several new drugs received approval, including two new traditional Chinese medicine products and multiple generic drug production licenses [3] - The company is enhancing the clinical and academic value of its core products through various research initiatives [3] Strategic Planning - The company is developing a five-year strategic plan to guide future growth and is actively seeking acquisition opportunities in innovative drugs and health consumer products [4] - The strategic plan aims to create a closed-loop management system to ensure effective execution [4] - Revenue growth projections for 2025-2027 are estimated at 3.9%, 6.0%, and 5.9%, respectively, with net profit growth of 4.6%, 5.2%, and 5.3% [4]

Core Insights - The company reported a revenue of 1.433 billion yuan and a net profit attributable to shareholders of 59 million yuan for the first three quarters of 2025, indicating a solid performance in the semiconductor industry [1] - The company is focusing on a dual strategy of "Storage" and "Storage+" to strengthen its technological foundation and market expansion capabilities, aiming for long-term growth [1] Group 1: Storage Business - The company is consolidating its technological advantages in NOR Flash and EEPROM product lines, with NOR Flash products covering a capacity range from 512Kbit to 1Gbit, and low power consumption being a significant advantage [1] - The next-generation 4Xnm and 40E processes demonstrate the company's ongoing capability for process iteration and cost improvement [1] - The EEPROM product line is expanding into industrial control and automotive applications, with all automotive EEPROM products certified by AEC-Q100 Grade1, enhancing revenue from automotive electronics [1][2] Group 2: Storage+ Strategy - The "Storage+" strategy is building a competitive ecosystem, with MCU and analog chip businesses emerging as new growth engines [2] - The company has launched over a hundred models of 32-bit general-purpose MCUs based on ARM Cortex-M cores, widely used in smart home, motor control, and industrial automation [2] - The VCM Driver chips are creating synergies with EEPROM, and the company has successfully delivered products to major smartphone brands, addressing high demands for imaging quality [2] Group 3: Mergers and Acquisitions - The company is actively expanding its business through acquisitions, with a proposed acquisition of a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which is expected to enhance its comprehensive competitiveness and industry scale [2] Group 4: Industry Outlook - The storage chip industry is entering a new prosperity cycle, driven by increased demand from AI applications, leading to supply tightness and rising prices [3] - The company's comprehensive advantages in technology accumulation, product matrix, and market expansion are expected to gain broader market recognition, providing sustained momentum for future performance growth and value release [3]