查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 特别申明： 公司较早前就开始布局机器人产业链，在国内和国外市场关键材料领域均有布局。公司在机器人制造领域 提供滚珠丝杠、RV减速机关键材料、谐波减速机关键材料、直线导轨、拉力器等材料，已实现批量供货， 谐波减速机柔轮用钢成功替代进口，突破了机器人关键零部件生产难题，产品已经应用于全球前五大谐波 减速机生产商中的两家。 积极促进产业转型发展，突出能源用钢地位 公司着重研发大型风电、高铁、航空航天、3D打印等领域用轴承钢、齿轮钢、高温合金、特种不锈钢、超 高强度钢、抗腐蚀管材、抗菌管线、海工用管等高端产品等，以及"深地""深海""新能源""电力"等特种装 备、重大工程、国家战略领域对关键钢铁材料的需求。 报告摘要 事件： 公司发布2025年一季度报告， ...

持续推进区域化临床设计，例如汉斯状在美国和日本分别开展专门的桥接试验。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO早知道消息， 4月15日， 在 复宏汉霖举办 的 2025年"聚·创"全球研发日（R&D Day）活动 中，公司 管理层与来自业界的顶级专家学者、创新研发负责人 就 创新研发领域的最新进展、 国际 化等 未来战略规划以及前沿 领域布局等进行了深入探讨。 复宏汉霖执行董事、首席执行官朱俊博士表示： "复宏汉霖始终践行'以患者为中心'的核心理念，以 创新研发持续强化差异化竞争优势。公司持续推进H药 汉斯状、抗HER2单抗HLX22、PD-L1 ADC HLX43等核心创新产品的开发进程，有望革新肺癌和消化道肿瘤治疗格局。国际化布局方面，复宏 汉霖聚焦美国、欧盟、日本等关键市场，通过全产业链资源整合与国际合作深化，实现从产品出海到 全球价值链构建的战略跃升。 " 创新 HER2单抗及PD-L1 ADC的突破 在复宏汉霖的创新管线布局中， HLX22、HLX43等产品已进入临床后期阶段， 并已展现出 突破性 优势。 HLX43进入 II 期临床， HLX22联用 ...

Core Viewpoint - Muyuan Foods (牧原股份) is seeking to list H-shares on the Hong Kong Stock Exchange to advance its international strategy and capital operations after terminating its listing on the Swiss Stock Exchange a year and a half ago [2][5]. Group 1: Company Overview - Founded in 1992, Muyuan Foods was listed on the Shenzhen Stock Exchange in 2014 and has developed a comprehensive pork industry chain that includes feed processing, pig breeding, pig farming, and slaughtering [4]. - The company aims to address urgent needs in the pig farming industry in Vietnam and Southeast Asia, focusing on disease prevention, farm renovation, hardware upgrades, and biosecurity systems [2][6]. Group 2: Financial Performance - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, representing a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, a significant increase of 519.42% compared to the previous year [10][11]. - The company reported a total pig output of 71.602 million heads in 2024, with an average breeding cost of approximately 14 yuan per kilogram [11]. - Since its listing, the company's revenue has grown approximately 52 times and net profit has increased about 222 times from 2014 [3][11]. Group 3: Future Projections - Muyuan Foods aims to reduce its average breeding cost to 12 yuan per kilogram by 2025, with a current cost of 12.5 yuan per kilogram as of March 2025 [12][15]. - The company expects to report a net profit of 4.5 to 5 billion yuan in the first quarter of 2025, a turnaround from a loss of 2.459 billion yuan in the same period last year [13].

Core Viewpoint - The company is a leading biopharmaceutical enterprise in China, specializing in the research, development, production, and sales of human vaccines, with a mission to create accessible and high-quality innovative vaccine products for global health [2][3]. Company Overview - The company has developed a comprehensive portfolio of vaccines, including the 13-valent pneumococcal conjugate vaccine and the HPV vaccine, maintaining a leading market share in China since their launch [3][4]. - The company has exported its vaccine products to 22 countries and regions, contributing significantly to public health both domestically and internationally [2]. Product Sales - In 2024, the company achieved sales revenue of 2.54 billion yuan from its self-developed vaccines, accounting for 90.10% of total revenue, despite increasing competition in the global vaccine market [7]. - The 13-valent pneumococcal conjugate vaccine continues to hold the top market share in China, while the dual-valent HPV vaccine focuses on government procurement projects to enhance accessibility for young girls [7]. Product Production and Approval - The company successfully produced and approved 24,639,153 doses of its vaccines in 2024, ensuring a stable market supply while balancing inventory and sales [8]. New Product Development and Registration - The company invested 24.82% of its revenue in R&D in 2024, focusing on innovative vaccine development through collaboration with academic institutions and research organizations [9]. - The company is advancing several vaccine candidates, including the mRNA vaccine for COVID-19 variants, which has completed necessary clinical trials and is in the process of registration [10][11]. Export and International Cooperation - The company achieved overseas business revenue of 570 million yuan in 2024, marking a 98% year-on-year increase, with significant exports to new markets such as Afghanistan and Burkina Faso [12]. - The company’s dual-valent HPV vaccine received WHO prequalification, enhancing its procurement eligibility for international organizations [13]. Industrialization and Management Improvement - The company completed the construction of its production expansion project and implemented a digital management system for its entire product line, enhancing operational efficiency [16]. - The company is optimizing its governance structure and internal controls to support sustainable development and risk management [18][19]. Financial Data and Shareholder Information - The company has completed share buybacks and capital reductions, enhancing shareholder returns without significantly impacting its operational capabilities [30][27].

证券之星消息，根据市场公开信息及4月10日披露的机构调研信息，嘉合基金近期对1家上市公司进行了 调研，相关名单如下： 嘉合基金成立于2014年，截至目前，资产管理规模(全部公募基金)406.01亿元，排名93/210；资产管理 规模(非货币公募基金)302.97亿元，排名90/210；管理公募基金数46只，排名105/210；旗下公募基金经 理10人，排名109/210。旗下最近一年表现最佳的公募基金产品为嘉合锦元回报混合A，最新单位净值为 0.8，近一年增长11.31%。 调研纪要：公司坚定执行国际化战略，海外业务布局取得显著成效。中东是公司重点战略市场，业务涉 及多个领域，市场占有率持续向好，正在推进阿联酋迪拜新建生产及办公基地。公司在中东业务链条完 整，产业协同能力强，以优势产品或服务打开市场，建立品牌影响力，坚持'以客户为中心'的质量控制 和服务。北美市场方面，直接出口至美国收入规模较小，美国建有生产基地，具备一定生产能力，进行 产能扩建以应对贸易摩擦。2024年，公司强化降本增效并注重两金管理，全年经营活动产生的现金净流 量为25.94亿元，同比增长147.3%，优化存货管理和应收账款管理，海内外收 ...

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

导 语 ：缺乏"多元化"的收入构成，使东鹏饮料在财务上更容易受到外部市场波动的冲击。 东鹏饮料在港交所递交的招股书中提到，公司拟在香港联合交易所主板上市。此次发行股份数目、 价格等细节尚未最终确定，但预计募集资金将用于完善产能布局、推进供应链升级、加强品牌建 设、拓展海外市场等多个方面。 联席保荐人为摩根士丹利和 UBS 瑞银集团 。此次上市，是东鹏饮料发展历程中的又一重要里程 碑，有望为其国际化战略和业务拓展注入新动力。 东鹏饮料作为中国功能饮料行业的领军企业，主营业务为各类饮料的研发、生产和销售 ，旗下产品 涵盖能量饮料、运动饮料、茶饮料、咖啡饮料等多个品类。 其中，"东鹏特饮" 是其核心产品，在消费者心中具有极高的知名度，"累了、困了、喝东鹏特饮" 的 广告语深入人心。公司通过差异化的产品定位和精准的营销策略，将 "东鹏特饮" 打造成为国民级 的功能饮料，以高性价比的产品满足消费者需求，赢得了广泛的市场认可。 在市场定位方面，东鹏饮料聚焦功能饮料市场，并不断拓展品类布局，以满足消费者多元化的需 求。凭借多年的市场耕耘，公司已在行业内占据领先地位。 据弗若斯特沙利文报告显示，按销量计，东鹏饮料在 2021 ...

长江商报消息 ●长江商报记者 江楚雅 "酱油茅"海天味业（603288.SH）业绩重返增长快车道。 4月3日，海天味业发布2024年年度报告。报告显示，公司2024年实现营收269.01亿元，同比增长 9.53%；归母净利润63.44亿元，同比增长12.75%；扣除非经常性损益后，净利润为60.69亿元，同比增 长12.51%。 值得一提的是，受材料采购成本下降、精益管理及科技驱动成本控制等多重因素影响，海天味业2024年 毛利率达37%，较上年同期提升2.26个百分点，出现明显回暖。 海天味业将业绩的提升归因于内部变革、研发投入、多品类布局及线上渠道协同等多方面因素。为进一 步提升企业的综合实力及国际影响力，公司正积极推进国际化战略，筹划H股上市，加速布局海外市 场。随着海外市场的逐步开拓，海天味业有望在全球调味品市场中占据重要地位，进一步提升公司的盈 利能力和市场竞争力。 在销售渠道方面，海天味业继续深化渠道下沉和市场拓展策略。线下渠道实现营业收入248.18亿元，同 比增长8.26%；线上渠道实现营业收入20.83亿元，同比增长29.17%。线上渠道的快速增长，体现了公司 在数字化营销和电商平台布局方面 ...

Group 1: Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, focusing on two main sectors: metal products and chemical products [2] - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strands, and other related products, primarily used in various industries such as power cables and high-speed rail [2] - The chemical products segment specializes in the production and sales of organic silicon and related products, applicable in construction, electronics, automotive, and other sectors [2] Group 2: Business Performance - In 2024, both the metal products and chemical products segments experienced steady growth, with year-on-year increases in overall production and revenue [2] - The organic silicon segment successfully turned a profit in Q4 2024 after previous losses, indicating a positive turnaround [2] - The company aims for high-quality development through internal innovation and external market expansion, with specific results to be disclosed in regular reports [2] Group 3: Competitive Advantages and Future Plans - The company possesses independent intellectual property rights for its organic silicon projects, located in a resource-rich area, which provides cost advantages for raw materials [3] - Hengxing Technology's future strategy includes deepening its focus on both metal and chemical product sectors, enhancing brand value, and pursuing internationalization [3] - The company plans to improve efficiency and output in its existing projects while considering feasible applications for future projects, with announcements to be made as necessary [3]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 3月25日深夜，宁德时代发布公告称，公司于3月25日收到中国证监会出具的《关于宁德时代新能源科技股份 有限公司境外发行上市备案通知书》。 《备案通知书》显示，宁德时代拟发行不超过220169700股境外上市 普通股，并在香港联交所上市。 2024年12月26日，宁德时代披露拟赴港上市。今年2月，宁德时代正式向港交所提交上市申请。 为公司长期国际化战略提供资金支持 《备案通知书》显示，公司拟发行不超过220169700股境外上市普通股并在香港联交所上市。 自备案通知书 出具之日起至本次境外发行上市结束前，公司如发生重大事项，应根据境内企业境外发行上市有关规定， 通过中国证监会备案管理信息系统报告。 另外，公司自备案通知书出具之日起12个月内未完成境外发行上市，拟继续推进的，应当更新备案材料。 截至3月25日收盘，宁德时代报259.48元/股，总市值为11426亿元。 公司此前发布的上市申请书显示， 此次宁德时代港股上市募集的资金将重点用于海外产能扩张、国际业 务拓展及境外营运资金补充，为公司长期国际化战略提供资金支持。 ...