为-3.71%/+15.13%/+13.31%，对应当前PE 倍数分别为9x/8x/7x。公司收入保持较高增速，中长期利润率 存在提升空间，公司市值对标顺丰控股H 仍有上涨空间，维持"增持"评级。 机构：申万宏源研究 研究员：闫海/王易/范晨轩 多业务融合带动公司收入增长，预计25Q4 收入保持较高增速。25 年公司战略重心转移至收入增速及投 入，公司以一体化供应链业务为核心积极投入拓展即时配送业务，并扩张快递及海外供应链业务，我们 认为25Q4 公司收入端有望保持较高增速。 25 年公司管理层变革，同时加大投入不断挖掘高端电商件及高价值业务场景，看好公司26年利润改 善。公司管理层调整已全面到位，且针对高端时效件（如商务急件、生鲜冷链、医药特运）及高价值业 务（如高端电商件、供应链一体化解决方案）的核心需求，公司加大资源倾斜力度，深挖场景化服务潜 力，有效驱动收入规模稳步增长。依托管理端的提质增效与业务端的结构优化，公司在行业竞争中的核 心优势持续凸显，我们看好26 年公司利润改善。 下调盈利预测，维持"增持"评级。公司25 年业务重心在收入增速以及投入，我们认为快递员、车辆、 飞机、销售资源等方面的投入可 ...

"亏大了！"广东，一家珠宝店走进来一位东北大姨，大姨拿出一个50克的金子想让店员帮忙看一下，不料，店员看到收据上日 期写着1984年，直接惊讶表示：大姨你好有钱啊！可网友帮忙算了一笔账后，发现过了这么多年，大姨并没有赚到 点击输入图片描述（最多30字） 收据显示，大姨的这块黄金当初是1984年在长春的一家国营金店购买的，当时的金价是47元/克，大姨买了50克，一共花了 2350元，要知道当初的2000多元和现在的2000多元，完全是两个概念，所以店员看到第一眼，就是夸赞阿姨好有钱。而大姨也 是笑着比剪刀手回应 点击输入图片描述（最多30字） 还有网友说：1984人均月工资也就三四十块钱，现在2025年人均月工资差不多三四千块，也就是1984年的2000块相当于现在的 20万，也就是说相当于用20万买了50克黄金，阿姨亏死了 这种算账方式挺扎心，如果把钱换成黄金"存"起来，这四十年间的增值速度，远远赶不上现在整体收入和物价的上涨速度。黄 金能保值，但并没有跑赢时代的涨幅 按账面看，大姨确实没赚，但你换个角度想，这块金子陪她走了四十年，从年轻到现在，不管风吹雨打，它就安安静静在那 儿，这本身就是一种价值 点击输入 ...

Core Viewpoint - Leapmotor (09863) has been included in the Hang Seng Tech Index, effective from December 8, 2025, which signifies a recognition of the company's achievements in technology innovation, R&D investment, revenue growth, market capitalization, and liquidity [1] Group 1 - The inclusion in the Hang Seng Tech Index is expected to broaden the company's investor base and attract wider market attention [1] - This recognition is anticipated to enhance the liquidity of the company's shares, facilitating better realization of investment value [1] - The company believes that this development will further strengthen its brand influence in the market [1] Group 2 - Previously, on November 18, 2022, the company was also included in the Hang Seng Composite Index and its classification indices, including the Hang Seng Composite MidCap Index [1]

Group 1 - The average net income for paid employees in Croatian legal entities in August was €1446, with a nominal month-on-month increase of 0.6% and a real increase of 0.5% [2] - The average total income for the same group was €2015, showing a nominal month-on-month increase of 0.8% and a real increase of 0.7% [2] - Year-on-year, the average net income increased nominally by 9.2% and in real terms by 4.9%, while the average total income saw a nominal increase of 9.6% and a real increase of 5.3% [2] Group 2 - The highest average monthly net income was in the air transport sector at €2430, while the lowest was in the clothing manufacturing sector at €918 [2] - The highest average monthly total income was also in the air transport sector at €3557, with the lowest in clothing manufacturing at €1202 [2] - The median net income in August 2025 was €1245, showing a month-on-month decrease of 0.3% but a year-on-year increase of 9.8% [2]

Financial Data and Key Metrics Changes - Underlying revenue growth for Q3 was 5%, consistent with H1 run rate, driven by sports medicine and advanced wound management [2][3] - Revenue for the quarter was $1.5 billion, with a reported growth of 6.3% due to a 130 basis point tailwind from foreign exchange [5] - Free cash flow guidance raised from over $600 million to around $750 million, reflecting improved working capital discipline and operational efficiencies [3][12] Business Line Data and Key Metrics Changes - Orthopedics grew 4.1% on an underlying basis, with strong performance in hips in the US offsetting softer knee sales [5][7] - Trauma and extremities grew 7.5%, with strong contributions from Evos plating system and Atos shoulder [8] - Advanced wound management grew 6%, with advanced wound care growing 1.1% and Bioactives up 12.2% [9][10] Market Data and Key Metrics Changes - US market grew 5.5%, while other established markets grew 3.9% and emerging markets grew 5.4% [5] - Excluding China, underlying revenue growth was 6.4%, with joint repair growth at 13% [3][9] - China headwinds are beginning to abate, with expectations of a gradual recovery [3][8] Company Strategy and Development Direction - Innovation remains central to growth, with over half of growth coming from products launched in the last five years [13][15] - The company is focused on cash and capital efficiency, expecting further margin expansion beyond 2025 [12][42] - Upcoming capital markets day will outline the next phase of growth and midterm priorities [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance for Q4, supported by new customer integrations and product placements [21][31] - The impact of Medicare reimbursement changes is anticipated to be a headwind for Advanced Wound Management sales in 2026 [10][41] - Management acknowledged the ongoing portfolio rationalization in US knees, which has led to some volume loss but remains a strategic focus [27][39] Other Important Information - The company launched several new products, including the Alevi Complete Care dressing and the Legion medial stabilized knee [14][15] - The company is committed to building a sustainable business in China, evaluating product lines for investment [43] Q&A Session Summary Question: Concerns about revenue guidance and Q4 performance - Management remains confident in Q4 revenue guidance, citing strong sales funnel and new customer integrations [21][31] Question: US knees performance and portfolio rationalization impact - Management acknowledged the gap between US knees and market performance, attributing it to ongoing portfolio rationalization [27][39] Question: Margin guidance and headwinds for 2026 - Management expects margin expansion despite headwinds from knees and hips, with specific guidance to be provided at the capital markets day [40][42] Question: Pricing trends and competitive landscape - Management noted a return to more normalized pricing levels in orthopedics, with expectations of continued competitive positioning [64][65] Question: Other recon performance and expectations for Q4 - Management expressed optimism about Q4 performance in other recon, citing strong placements and utilization [71]

Core Viewpoint - Company reported strong financial performance for Q3 2025, with significant year-over-year growth in both revenue and net profit, driven by innovation and cost optimization efforts [1][2] Group 1: Financial Performance - For the first three quarters, the company achieved revenue of 12.88 billion, a year-over-year increase of 25.9%, and a net profit of 1.42 billion, up 130.6% [1] - In Q3 alone, the company generated revenue of 4.20 billion, reflecting a year-over-year growth of 29.3%, and a net profit of 440 million, which is a staggering increase of 7160.9% [1] - The gross margin in Q3 improved by 7.7 percentage points, attributed to increased market share in the mid-to-high-end segment and cost optimization through supply chain upgrades [2] Group 2: Market Dynamics - Domestic demand for cleaning appliances was boosted by ongoing government subsidy policies, with online sales of the company's vacuum and washing machines increasing by 122% and 35% year-over-year, respectively [1] - In the European market, the company effectively increased its high-end market share through new product launches, while in the U.S., it focused on maintaining delivery and targeting the mid-to-high price segment [1] Group 3: Profitability and Cash Flow - The net profit margin for Q3 was 10.4%, up 10.3 percentage points year-over-year, driven by improved expense management and a reduction in asset impairment losses [2] - Operating cash flow for Q3 increased by 650 million year-over-year, primarily due to rapid growth in sales revenue [2] Group 4: Investment Outlook - The company is positioned as a leader in the vacuum robot industry, with advantages in technology, channels, and supply chain, and is expected to maintain an upward trend in profitability [2] - Projected EPS for 2025 to 2027 is 3.74, 4.35, and 5.12, respectively, with a maintained buy rating and a target price of 112.33, corresponding to a 30 times P/E ratio for 2025 [2]

Company Update - Prada Group reported a 3Q25 revenue update with a year-on-year growth of +9% at constant exchange rates (CER), or +4% at reported exchange rates, reaching €1.33 billion, slightly above FactSet consensus estimate of €1.31 billion [1] - Retail revenue for 3Q25 showed a decline in Prada brand revenue (-1%) but improved compared to 2Q25 (-4%), while Miu Miu brand revenue grew by +29% despite a high year-on-year base (3Q24: +105%) [1] - In the Asia-Pacific region excluding Japan, revenue grew by +10%, with improved sales trends in mainland China, while the Americas saw a +20% growth, accelerating from +14% in 2Q25 [1] - For the first nine months of 2025, group revenue increased by +9%, driven by same-store full-price sales, with limited contribution from retail space expansion, impacted by approximately 260 basis points of foreign exchange headwinds [1] Comments - The company has ample room for revenue growth and margin expansion through category expansion, including jewelry and beauty products, which are still in early growth stages for both Prada and Miu Miu [1] - Continuous innovation in leather goods, particularly for Miu Miu, may lead to potential best-selling products [1] - Store network upgrades are focused on creating high-specification, high-efficiency flagship stores while streamlining long-tail stores [1] - Caution is advised regarding changes in the competitive landscape, as new designer products from brands like Dior, Chanel, Gucci, and Celine are set to launch in 1H26 [1] Profit Forecast and Valuation - Due to foreign exchange headwinds, revenue and EBIT forecasts for 2025 have been reduced by 6.1% and 6.9% to €5.731 billion and €1.359 billion, respectively [2] - The net profit forecast for 2025 has been lowered by 7.5% to €880 million, reflecting higher financial costs associated with additional loans from the Versace acquisition [1][2] - For 2026, revenue forecasts have been cut by 9.6% to €6.155 billion, with EBIT and net profit forecasts reduced by 13.2% and 14.1% to €1.492 billion and €976 million, respectively, due to increased competition and rising costs [2] - The valuation has shifted to be based on the 2026 net profit forecast, maintaining an outperform rating and a target price of HKD 75, corresponding to a 21.1x 2026 P/E ratio, with a 62.0% upside potential from the current stock price [2]

Core Insights - The central point of the article highlights the disparity between the average per capita savings in China and the actual savings of most households, revealing that while the average savings per person is approximately 94,200 yuan, over half of the households have savings below 300,000 yuan [3][4]. Group 1: Savings Statistics - As of June this year, the total household savings in China reached 131.9 trillion yuan, leading to an average household savings of 282,600 yuan for a typical three-person family [3]. - Only 19.3% of the approximately 495 million households have savings exceeding 300,000 yuan, equating to about 95.53 million households [4]. - A mere 1% of depositors have savings over 500,000 yuan, indicating a significant concentration of wealth among a small percentage of the population [4]. Group 2: Wealth Distribution - The wealth distribution in China is highly unequal, with only 2% of the population holding 80% of the savings, while the remaining 98% possess only 20% [6]. - Among the 1.4 billion population, 560 million individuals have almost zero bank savings, further illustrating the wealth gap [6]. Group 3: Contributing Factors to Low Savings - The overall income level of residents is relatively low, with most monthly incomes ranging from 3,000 to 6,000 yuan, while essential expenditures such as education, healthcare, and daily living costs are significant [6][7]. - High housing prices lead to substantial mortgage burdens, consuming a large portion of household income and leaving little for savings [7]. - The younger generation, particularly those born in the 1990s, faces high debt levels, with an average debt of 127,000 yuan, making it challenging for them to save [8].

Core Insights - PPG Industries has been recognized in Time magazine's "2025 World's Best Companies" list, which highlights 1,000 leading employers shaping the future [1] Summary by Categories Employee Satisfaction - The ranking is based on employee satisfaction as one of the three core dimensions evaluated [1] Revenue Growth - Revenue growth is another critical factor considered in the selection process for the list [1] Sustainability - Sustainability is the third dimension that plays a significant role in the evaluation of companies for this recognition [1] Company Statement - PPG's Vice President and Chief Communications Officer, Bryan Iams, emphasized the company's mission of "protecting and beautifying the world" through innovative coatings and specialty materials solutions, highlighting the commitment of its 43,000 global employees [1]

Summary of Automatic Data Processing (ADP) 2025 Conference Company Overview - **Company**: Automatic Data Processing (ADP) - **Industry**: Human Capital Management (HCM) and Payroll Services Key Points Macro Environment - The macroeconomic environment is characterized by volatility but shows a consistent trend of gradual slowing growth over the past six to twelve months [7][13] - Employment growth remains positive, with strong wage growth surpassing expectations for fiscal year 2025 [8] - New business formations are healthy, while bankruptcy rates are edging up but remain manageable compared to pre-COVID levels [10][11] Revenue Growth and Market Position - ADP aims for mid-term revenue growth of 6% to 7%, which is above the industry average of mid-single digits [14] - The total addressable market for ADP is estimated at $180 billion, with ADP currently holding approximately 10-11% market share [15] - The company has opportunities for growth in various segments, including retirement services and insurance offerings, which have low penetration rates [16] Sales and Client Retention - Sales cycles have elongated, but the demand for ADP's services remains strong [9] - Client retention improved to 92.1% in fiscal year 2025, with potential for further growth despite challenges in the down market [48][50] - The company is investing in expanding its sales force and enhancing sales capabilities to drive growth [35][39] Product Development and Innovation - The launch of new products like Lyric and the acquisition of Workforce Software are expected to contribute significantly to revenue growth [27][29] - ADP's distribution ecosystem, including over 10,000 sellers, is a key asset that enhances its market reach [30][33] Economic Outlook and Guidance - The company anticipates a gradual slowing economy with potential headwinds affecting growth, but remains committed to achieving medium-term objectives [22][25] - Current year guidance reflects a cautious outlook, with expectations of 5% to 6% revenue growth for fiscal year 2026 [19] Interest Rate Impact - ADP's financial model is less sensitive to short-term interest rate changes, with a potential net tailwind from broader economic improvements if rates are cut [62][65] Margin Expansion - ADP has experienced significant margin expansion over the past five years, with expectations for continued improvement driven by growth and productivity initiatives [68][69] Conclusion - ADP is well-positioned in the HCM market with a strong focus on client service, product innovation, and strategic growth initiatives, despite facing macroeconomic challenges and a competitive landscape [53][70]