公司报告 | 季报点评 安琪酵母（600298） 证券研究报告 海外延续高增，利润增长明显 事件：25Q1-3 公司营业收入/归母净利润为 117.86/11.16 亿元（同比 +8.01%/+17.13%）。25Q3 公司营业收入/归母净利润为 38.87/3.17 亿元（同 比+4.00%/+21.00%）。 酵母主业有所增长，其他业务下滑。25Q3 公司酵母及深加工/制糖/包装类 产品/其他收入 26.45/2.56/0.73/3.42 亿元（同比+2%/-17%/-34%/-50%），食 品原料收入 5.61 亿元。酵母主业增长放缓，制糖业务/包装业务均有下滑。 国内业务承压，国外延续较高增长。25Q3 公司国内/国外收入分别为 21.9 0/16.87 亿元（同比-3.49%/+17.72%），国内业务承压，海外业务维持较高 增速，并贡献主要增量。25Q3 线下/线上收入分别为 26.90/11.87 亿元（同 比+8.06%/-2.12%）。25Q3 末经销商同比增加 1274 家至 24954 家，其中国 内/国外分别同比增加 585/689 家至 18419/6535 家，平均经销商收入分别 ...

Core Insights - Babi Foods reported strong revenue and profit growth for the first three quarters of 2025, but shareholders have reduced their stakes in the company [1][3] Financial Performance - For the first three quarters of 2025, Babi Foods achieved a revenue of 1.36 billion yuan, representing a year-on-year increase of 12.1% [3] - The net profit attributable to the parent company was 201 million yuan, up 3.5% year-on-year [3] - In the third quarter alone, the company generated a revenue of 522 million yuan, a 16.7% increase year-on-year, but the net profit decreased by 16.1% to 69.57 million yuan, indicating a situation of rising revenue but declining profit [3] Shareholder Activity - In June 2025, Babi Foods disclosed a shareholder reduction plan, with major shareholders Tianjin Huiping, Tianjin Zhongyin, and Tianjin Babi planning to sell a total of 1,809,091 shares [3] - As of the latest announcement, Tianjin Huiping has reduced its holdings by 180,900 shares, bringing its stake down to 5.51%, with a total cash-out of 4.09 million yuan [3] - Tianjin Zhongyin sold 731,199 shares, while Tianjin Babi reduced its holdings by 1,102,811 shares, resulting in total cash-outs of 24.80 million yuan and a stake reduction to 3.41% [3] - Overall, the three major shareholders collectively reduced their holdings by 2,014,900 shares, realizing a total of 45.27 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3][15]. Core Views - The company achieved revenue and net profit of 344 million and 64 million yuan respectively in the first three quarters of 2025, representing year-on-year growth of 15.69% and 18.16% [2]. - In Q3 2025, the company reported revenue and net profit of 140 million and 29 million yuan, with year-on-year increases of 27.75% and 13.15% [2]. - The baking business continues to contribute significantly to revenue growth, with major product categories showing positive growth [2]. - The restaurant and food processing segments experienced high growth, with direct sales channels showing significant increases [2]. Financial Performance - The gross margin and net margin for Q3 2025 decreased by 1.55 and 2.68 percentage points to 37.49% and 20.74% respectively [2]. - The company expects steady revenue growth driven by the recovery of the restaurant channel and expansion into new customer segments, forecasting revenues of 470 million, 550 million, and 620 million yuan for 2025 to 2027, with corresponding net profits of 81 million, 93 million, and 107 million yuan [2][8]. - The projected P/E ratios for 2025, 2026, and 2027 are 47X, 41X, and 36X respectively [2]. Financial Data - The total market capitalization of the company is approximately 3.81 billion yuan [4]. - The company has a total share capital of 98.61 million shares, with a net asset value per share of 7.60 yuan [4]. - The asset-liability ratio stands at 31.85% [4]. Growth Projections - Revenue growth rates are projected at 16% for 2025, 16% for 2026, and 13% for 2027 [2][8]. - The company anticipates a net profit growth of 26% in 2025, followed by 15% in both 2026 and 2027 [2][8].

此外，花旗亦将贝壳目ADR目标价由22.1美元上调至22.6美元。该行指，贝壳第三季业绩胜预期，相信 公司正步入正轨，明年净利润率料改善至7%，受多个因素驱动，包括代理及门店成本按年减少近20亿 元下，继续把握市场份额。(格隆汇) | BEKE 贝壳 | | | | --- | --- | --- | | 16.750 + +0.070 +0.42% | | 收盘价 11/13 15:59 美东 | | 17.020 + 0.270 +1.61% | | 盘前价 11/14 04:00 美东 | | 雪 7 24 4 8 9 8 0 0 | | ● 快捷交易 | | 最高价 17.225 | 开盘价 16.940 | 成交量 685.78万 | | 最低价 16.510 | 昨收价 16.680 | 成交额 1.16亿 | | 平均价 16.844 | 市盈率TTM 39.98 总市值 190.59亿 (m) | | | 振 幅 4.29% | 市盈率(静) 34.47 | 总股本 11.38亿 | | 换手率 1.00% | 市净率 1.993 | 流通值 115.39亿 | | 52周最高 24.648 ...

此外，据报道，知情人士透露，腾讯已与苹果达成一项协议，该协议规定苹果将处理支付，并从微信小 游戏和应用内的支付中抽取15%的分成。该问题的解决(两位科技巨头之间谈判已超过一年)，为苹果开 启了新的收入来源，并减轻了腾讯的压力。 周四，腾讯控股(ADR)(TCEHY.US)盘前涨超2%，报85.68美元。消息面上，该公司公告称，第三季度营 收为1928.7亿元，同比增长15%，预估1888亿元;经调整净利润705.51亿元，同比增长18%，市场预期为 659.74亿元。 ...

Major Events - Guotai Group acquired 100% equity of Beikuan Baomao for 110 million yuan through public bidding [4] - People's Tongtai stock price has a risk of rapid decline after a 46.43% increase over four consecutive trading days [5] - Huasheng Lithium's revenue increased by 62% in the first three quarters, but the company still reported a loss [6][7] - Haishi Ke received approval for clinical trials of a new drug HSK39297 for age-related macular degeneration [8] - Angli Education postponed its response to an asset acquisition inquiry for no more than five trading days [9] - Shuguang Co. terminated its plan to issue shares to specific investors, and the Shanghai Stock Exchange has stopped reviewing the application [10] Performance Overview - JD Group reported third-quarter revenue of 299.1 billion yuan, a year-on-year increase of 14.9% [11] - SMIC's third-quarter net profit reached 1.517 billion yuan, up 43.1% year-on-year [12][13] - Tencent Holdings achieved third-quarter revenue of 192.87 billion yuan, a 15% year-on-year increase [14] - Lu'an Huaneng's coal sales in October were 3.78 million tons, a year-on-year increase of 3.28% [15] Shareholding Changes - Haicheng Bangda's director plans to reduce holdings by no more than 0.97% due to personal financial needs [16] - Qisheng Technology's major shareholder reduced its stake to 40% through a block trade [17] - Tianwei Electronics' major shareholder reduced holdings to below 5% without affecting company operations [18] - Zhongzi Technology's major shareholders collectively reduced their stake by 1.35% [19] Major Contracts - Lizhong Group's subsidiary received project confirmations with an estimated total sales of approximately 1.135 billion yuan [21] - Anhui Construction's subsidiary won a project bid worth 1.753 billion yuan [22]

Core Insights - SMIC reported Q3 2025 revenue of 171.62 billion yuan, a year-on-year increase of 9.9%, and a net profit of 15.1 billion yuan, up 43.1% year-on-year [1][2] - For the first three quarters, revenue reached 495.10 billion yuan, reflecting an 18.2% year-on-year growth, while net profit was 38.1 billion yuan, a 41.1% increase year-on-year [1][2] - The growth in performance is attributed to an increase in wafer sales and changes in product mix [1] Financial Performance - Q3 revenue: 171.62 billion yuan, up 9.9% year-on-year [2] - Q3 net profit: 15.1 billion yuan, up 43.1% year-on-year [2] - Revenue for the first three quarters: 495.10 billion yuan, up 18.2% year-on-year [2] - Net profit for the first three quarters: 38.1 billion yuan, up 41.1% year-on-year [2] - Basic earnings per share: 0.19 yuan, up 46.2% year-on-year [2] - R&D investment: 1.45 billion yuan in Q3, up 13.6% year-on-year [2] Market Reaction - As of November 13, SMIC's A-shares rose by 2.9% to 123.1 yuan per share, with a market capitalization of 659.6 billion yuan [3] - SMIC's Hong Kong shares increased by 3.21% to 75.6 HKD per share, with a market capitalization of 723.7 billion HKD [3] Future Outlook - The company expects Q4 revenue to remain flat or grow by 2% quarter-on-quarter, with a gross margin projected between 18% and 20% [1]

记者丨金珊 编辑丨曾静娇 11月13日，中芯国际发布2025年第三季度报告，第三季度营收为171.62亿元，同比增长 9.9%；净利润为15.1亿元，同比增长43.1%。前三季度营收为495.10亿元，同比增长18.2%； 净利润为38.1亿元，同比增长41.1%。 业绩增长主要得益于晶圆销量同比增加及产品组合变动 。 公司预期第四季度收入环比持平至增长2%，毛利率在18%至20%范围内。 图源：中芯国际财报 截至11月13日收盘，中芯国际A股涨2.9%，报123.1元/股，最新市值6596亿元；中芯国际港股 涨3.21%，报75.6港元/股，最新市值7237亿港元。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品 | 2 1财经客户端 2 1世纪经济报道 21君荐读 大疆影石鏖战，正在产生一个意想不到的后果 腾讯第三季度营收超1900亿元 真人配音到一半被AI接管，配音员发文怒怼，亚马逊紧急下架视频 2 智能 悦 读 · 权 威 . ry S 扫码点击下载 ...

Core Insights - BeiGene's stock rose over 6% following the release of its Q3 2025 earnings report, with a current price of HKD 224.2 and a trading volume of HKD 239 million [1] Financial Performance - The company reported a revenue of RMB 27.595 billion for the first three quarters of 2025, representing a year-on-year growth of 44.2% [1] - Net profit attributable to shareholders was RMB 1.139 billion, marking a turnaround from a loss to profit [1] - Basic earnings per share stood at RMB 0.81 [1] Product Revenue Breakdown - Global revenue for Zebrutinib (BTK) reached USD 1.04 billion in Q3 2025, showing a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [2] - Revenue from Zebrutinib in the U.S. was USD 740 million (up 46.7% year-on-year, up 8.0% quarter-on-quarter) [2] - European revenue for Zebrutinib was USD 160 million (up 67.7% year-on-year, up 8.4% quarter-on-quarter) [2] - Revenue from Zebrutinib in China was USD 90 million (up 36.3% year-on-year, up 11.1% quarter-on-quarter) [2] - The company anticipates a 5-10% quarter-on-quarter growth for Zebrutinib in Q4 2025, with global revenue expected to exceed USD 3.9 billion for the year [2] - Global revenue for Tislelizumab (PD-1) was USD 190 million, reflecting a year-on-year growth of 16.7% [2] Future Projections - Haitong International has revised its revenue forecasts for BeiGene for FY25-27 to USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion respectively, indicating a three-year revenue CAGR of 23% [1] - The net profit forecasts for FY25-27 have also been adjusted to USD 360 million, USD 660 million, and USD 1.05 billion respectively, reflecting better-than-expected growth in sales and R&D expenses [1]

Core Points - Century Huatong officially removed risk warnings and changed its stock name from "ST Huatong" to "Century Huatong," allowing a daily price fluctuation limit increase from 5% to 10% after over a year of systematic rectification and governance optimization [1] Group 1: Corporate Governance and Internal Control - The company has undertaken comprehensive self-inspection and rectification to address issues identified by regulatory authorities, correcting accounting errors from 2018 to 2023, as confirmed by DaXin Accounting Firm [2][3] - Century Huatong has revised 23 regulations across six categories, enhancing its governance framework and risk prevention measures, leading to a more robust internal control system [3] - The restructuring of governance is seen as a strategic upgrade from passive compliance to proactive governance, establishing a clear accountability and operational loop [3] Group 2: Strategic Focus and Performance Growth - The company has shifted its operational strategy to focus on core businesses, particularly in digital content, game operations, and cloud computing, which has led to sustained profit growth [3] - In Q3 2025, Century Huatong achieved a record revenue of over 10 billion yuan in a single quarter, with total revenue of 27.223 billion yuan and net profit of 4.357 billion yuan for the first three quarters of 2025, surpassing the entire revenue of 2024 [4] - The governance restructuring has allowed the company to unlock its potential, resulting in a stable cash flow that supports future growth [4] Group 3: Market Response and Future Outlook - The market has responded positively to the company's transformation, with its market capitalization reaching 137.5 billion yuan, more than doubling from 38.2 billion yuan a year ago [5] - The removal of risk warnings is expected to enhance the company's capital market opportunities, including valuation recovery, improved financing capabilities, increased market activity, and enhanced brand influence [4][5]