恒瑞医药 20251205 摘要 恒瑞医药坚持创新和国际化双轮驱动战略，聚焦肿瘤、代谢、心血管、 自免及退行性疾病等领域，通过技术创新和"借船出海"策略拓展国际 市场，自 2023 年以来已达成 12 笔对外许可交易，总金额近 280 亿美 元。 公司通过建立和迭代细胞治疗、核酸药物、基因治疗及蛋白降解剂等新 兴技术平台，并注重创新模块的基本功，组合成差异化的治疗方案，例 如在代谢领域开发 PCSK9 抑制剂和长效小分子疗法。 恒瑞医药在肿瘤治疗领域构建四位一体的协同创新疗法，包括免疫治疗 （PD-1、细胞因子、细胞治疗）、靶向化疗（ADC、多肽-核素连接）、 支持治疗和精准治疗（KRAS 抑制剂），并探索融合不同技术平台以实 现更高效的肿瘤免疫反应。 在代谢疾病领域，恒瑞已有多个糖尿病口服产品上市，并计划于 2026 年推出减重药 9,531，该产品临床数据显示出良好的疗效和安全性，公 司正致力于解决现有减重药的副作用和依从性问题，并研究新型给药方 式。 Q&A 恒瑞医药未来的发展战略是什么？ 恒瑞医药近年来在研发投入和国际化方面取得了哪些成就？ 截至目前，恒瑞医药累计投入研发费用已超过 500 亿人民币， ...

Core Viewpoint - Wuliangye is a core force in the Yibin industrial landscape, recognized as a leader in the Chinese liquor industry, contributing significantly to local economic development while maintaining quality and innovation [1] Group 1: Financial Performance - In 2024, Wuliangye Group achieved a sales revenue of 195.297 billion yuan, a year-on-year increase of 10.3%, and a total profit of 47.243 billion yuan, up 10.86% [2] - For the first three quarters of 2025, Wuliangye (listed company) reported an operating income of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [2] - The company plans to distribute over 10 billion yuan in cash dividends, reflecting strong financial health [2] Group 2: Growth Drivers - Wuliangye is actively cultivating new growth drivers through product innovation, channel reform, and digital empowerment [3] - The launch of the 29° Wuliangye "First Encounter" product targets younger consumers, achieving over 100 million yuan in sales within 60 days of its release [3] - The company has partnered with FIFA for a global product launch, enhancing its brand's international appeal [3] Group 3: Channel Innovation and Digitalization - In 2025, Wuliangye is focusing on channel innovation and digital construction, achieving an 8% year-on-year increase in online sales [4] - The company has implemented direct distribution in 20 core cities and has over 20 million members in its digital ecosystem [4] - These initiatives demonstrate Wuliangye's agility in responding to market changes and maintaining competitiveness [4] Group 4: Industry Ecosystem - Wuliangye plays a leading role in building a white liquor industry ecosystem in Yibin, contributing to the region's recognition as a premier production area [6] - The company has established a high-standard grain base of 1.7 million acres, benefiting 170,000 farming households [6] - Wuliangye's industrial cluster includes over 50 large-scale liquor enterprises and 280 small and medium-sized enterprises, forming a billion-yuan industry group [6] Group 5: Global Development - Wuliangye has received international recognition for its sustainable performance, winning the EFQM Global Award [8] - The company is expanding its international presence through cultural exchanges and innovative marketing strategies [8][9] - Wuliangye's "He Mei Global Tour" has reached 19 countries, promoting Chinese liquor culture globally [9][10]

证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2025-026 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他：电话会议 | | 参与单位名称及人 | 汇添富基金：向敏锐、何旺、卞正；国泰海通证券：花健祎、杨冬庭、巫恺洋。 | | | 员姓名 | | | | 时间 2025 | 年 12 月 2 日 | | | 地点 公司 | | | | 上市公司接待人员 谭梅等 | | | | 姓名 | | | | | 1、请问公司近期的市场需求情况？ | | | | 答：目前市场需求依然比较疲弱。 | | | | 2、请问公司明年对于工程业务的展望？ | | | | 答：对于工程业务而言，从外部来看，2026 年是"十五五"的开局之年，预计 | | | | 政策方面会更积极一点，但总体持谨慎态度；从内部来看，公司工程业务这两年一 | | | | 直坚持转型提质，通过技术营销和服务创新持续提升经营 ...

与此同时，组织架构改革和管理团队更新，也成为广汽在转型关键期的另一重要动作。11月16日，广汽 集团公布新一届职业经理人选聘结果：閤先庆出任总经理，王丹任总会计师，高锐、江秀云、郑衡、黄 永强、陈家才等担任副总经理。根据公告，新团队将全面统筹产品管理、研发技术、制造供应、品牌营 销、国际化、战略发展及人力资源等核心业务链条，释放职业经理人制度在大型国企中的治理效能。 值得关注的是，此次管理层中引入多名外部人才。其中具备丰富汽车出海经验的陈家才将全面负责广汽 海外业务，被视为广汽推进国际化转型与落实"ONE GAC 2.0"出海战略的重要棋子。他的加入预计将在 战略思维、管理体系与海外本地化能力上提供新的牵引力，为"再造新广汽"的战略落地提供关键支撑。 中经记者 陈靖斌 广州报道 【11月销量17.97万辆 广汽迎来最强管理层阵容押注国际化】12月5日，广汽集团公布2025年11月产销数 据。11月汽车销量为17.97万辆，环比增长5.2%，但在行业竞争持续加剧的背景下，同比下降9.72%。从 累计表现看，今年前11个月广汽销量约153万辆，同比下降10.8%。 1—11月，广汽自主品牌海外累计销量同比增长39 ...

Group 1 - The company emphasizes the importance of its internationalization strategy [1] - The pharmaceutical industrial segment has already exported some formulation products to international markets [1] - The innovative drug business is focusing on strengthening independent research and development while actively exploring business development opportunities with global peers [1]

Core Viewpoint - The company emphasizes its commitment to internationalization and aims to expand its presence in global markets across various sectors, including pharmaceuticals, medical aesthetics, and industrial microbiology [1] Group 1: Pharmaceutical Sector - The pharmaceutical segment has begun exporting certain formulation products to international markets [1] - The innovative drug business is focusing on strengthening independent research and development while actively exploring business development opportunities in collaboration with global peers [1] Group 2: Medical Aesthetics Sector - The medical aesthetics division operates globally, with a marketing network covering over 80 countries and regions [1] - The company has more than 20 products already launched in domestic and international markets, along with over 10 innovative products under development [1] - The goal is to become a leading provider of comprehensive solutions in the global medical aesthetics market [1] Group 3: Industrial Microbiology Sector - The industrial microbiology segment is continuously expanding its overseas market presence [1] - The company has established partnerships with several foreign pharmaceutical companies for specialty raw materials, intermediates, and xRNA business, leading to stable sales growth and a steady increase in customer numbers [1]

近日，京东集团（证券代码：9618.HK）宣布，在额外要约接受期结束后，其已通过全资子公司JINGDONG Holding Germany GmbH成功获得德国零售集 团Ceconomy约59.8%的股本和表决权。 若计入创始家族股东Convergenta保留的股份，京东的合并持股将达85.2%，基本实现对这家欧洲消费电子零售巨头的绝对控股。本次交易对Ceconomy整 体估值约22亿欧元（按当时汇率折合逾180亿元人民币），创下国内电商企业在欧洲单笔收购规模的新高。 目前，德国联邦卡特尔局已在今年9月批准该交易，认为不会引发竞争担忧。同时，本次交易仍需通过德国《对外经济法》及欧盟外国补贴审查等常规监 管程序，预计整体交割将于2026年上半年完成。 这笔交易在结构设计上充分考量了欧洲家族企业的特殊性，巧妙地将创始家族股东Convergenta转化为战略伙伴。交易前Convergenta持有Ceconomy约 29.2%股份，是最大单一股东。 根据双方协议，Convergenta接受部分要约后持股降至25.4%，并将在收购完成后继续作为长期合作伙伴保留董事会席位。 这一安排可谓"一举三得"。首先，在要约阶段帮助 ...

Core Viewpoint - High Energy Environment (603588.SH) is actively pursuing international expansion through a planned H-share IPO in Hong Kong, aiming to enhance its competitive edge and brand image while diversifying its financing channels [2][5]. Group 1: IPO and Fund Utilization - The company has announced its intention to issue H-shares and list on the Hong Kong Stock Exchange, with the board approving the proposal on December 3 [2][5]. - The funds raised from the IPO, after deducting issuance costs, will be allocated for overseas business expansion, project investments, mining asset exploration and development, enhancement of metal resource production capacity, and general working capital [2][5]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 10.16 billion yuan, a year-on-year decrease of 11.28%, while the net profit attributable to shareholders was 646 million yuan, reflecting a year-on-year increase of 15.18% [8]. - The company has cumulatively distributed dividends amounting to 1.125 billion yuan since its A-share listing nearly 11 years ago [4]. Group 3: Strategic Acquisitions - The company plans to acquire stakes in three mining companies for a total of 63.28 million yuan, aiming to extend its solid waste and hazardous waste resource utilization business into the mining sector [6][7]. - The acquisition includes a 59% stake in each of the three companies, which hold various mining rights in Hunan Province, although these companies have not yet generated revenue [6][7]. Group 4: Market Expansion - High Energy Environment is focusing on expanding its presence in Southeast Asia, Latin America, and Africa, establishing stable raw material supply channels in these regions [2]. - The company is leveraging over 30 years of experience in the environmental protection sector to enhance its international market reach [2].

中国企业集团正在加速"走出去"，广汽集团也不例外。在全球化布局过程中，财务公司所发挥的作用更 加举足轻重。 当前中国汽车产业正处于转型升级、迈向高质量发展的关键期。作为企业的金融机构，财务公司为集团 的战略发展发挥了重要的支撑作用。 与商业银行相比，财务公司的金融服务有哪些不同？在集团"走出去"过程中，财务公司又扮演怎样的角 色呢？近期，记者调研走访了广汽集团财务公司，详细了解财务公司对集团发展的价值贡献。 支持困难企业"渡难关" "好企业在银行贷款容易，困难企业在银行贷款会很难。相比而言，财务公司更懂产业，更了解企业现 实情况，可以在企业困难时给予一定授信支持，帮助企业顺利渡过难关。"广汽集团财务公司总经理吴 泽云表示。 据他介绍，银行授信看重的是企业财务报表，而财务公司能够根据企业的未来发展方向、存量客户情 况、经营思路等方面对企业进行多维度的评估。"有些银行不贷的企业，财务公司是能够给予贷款支持 的。" 吴泽云表示，财务公司是离实体产业最近的金融机构，在信贷投放上能够更精准发力。"十四五"期间 （截至2025年9月末），财务公司累计发放库存融资超2000亿元，积极落实国家"保链、稳链、强链"战 略，推出 ...

Group 1: Company Overview and Strategy - The company has implemented an international strategy, achieving significant results with operations in over 70 countries and regions, with increasing overseas business revenue proportion [3] - The company is expanding into the data center power generation sector, enhancing its global high-end data center energy strategy and promoting diversification of overseas business [3] Group 2: Natural Gas Business Growth - The rapid growth of natural gas orders is attributed to the restructuring of global supply patterns and increasing demand for clean energy, with natural gas being recognized as a strategic bridge in energy transition [4] - The company has established a comprehensive solution capability across the entire natural gas industry chain, covering exploration, storage, power generation, and processing [4] Group 3: Equipment and Production Capacity - A new natural gas industrial park has been established to optimize product structure and improve delivery efficiency, addressing production capacity challenges [5] - The company emphasizes innovation in product design and has established a strong service network to ensure rapid customer response [4] Group 4: Power Generation Sector Development - The company’s power generation equipment meets high standards for reliability and flexibility, with successful sales and leasing cases in the North American market [6] - Future plans include deepening involvement in data centers, industrial energy, and new power systems, focusing on technological innovation and integrated solutions [7]