法巴银行：夯实欧洲资产托管市场地位 近日，法国巴黎银行（BNP Paribas，以下简称"法巴银行"）与汇丰集团（HSBC）达成一项协议，前者将收 购汇丰欧洲大陆机构（HSBC Continental Europe）在德国的托管和存管银行业务（Custody and Depository Bank Business）。 根据协议条款，汇丰在德分支机构目前提供的账户托管等服务，未来将逐步迁移至法巴银行位于德国的证券服 务部门。 该交易预计于2026年初启动分阶段客户迁移，以确保业务平稳过渡。 目前，双方暂未披露具体交易金额。不过，此次收购完成后，将进一步巩固法巴银行作为欧洲最大本土托管行 的地位，帮助其深耕欧洲市场，提高用户黏性。 券商中国记者从业内了解到，法巴银行全球托管行按在托资产计为全球第五大托管行，而这一项下全球排名前 四的皆为美资银行。 据了解，托管（Custody）和存管（Depository）银行业务是金融机构为资产管理公司、保险公司、养老金、主 权财富基金等机构投资者提供的核心后台服务，主要涉及资产保管、交易结算、公司行动处理、报告和风险管 理等，是机构投资者和资产管理公司运营的核心支撑。 该业 ...

Core Viewpoint - The company, Suzhou Mediston Medical Technology Co., Ltd., is expected to achieve a turnaround in its financial performance for the first half of 2025, projecting a net profit of between 25 million to 27 million yuan, compared to a significant loss in the same period of the previous year [2][3]. Financial Performance Summary - The projected net profit for the first half of 2025 is estimated to be between 25 million to 27 million yuan, with a net profit excluding non-recurring gains and losses expected to be between 4 million to 6 million yuan [2][4]. - In the same period of 2024, the company reported a net loss of 76.3352 million yuan, indicating a substantial improvement in financial performance [3][6]. Reasons for Turnaround - The primary reason for the expected turnaround is the completion of a significant asset sale that involved divesting from the loss-making photovoltaic business, which had negatively impacted the company's profitability in the previous year [9]. - The company has adopted a strategic focus on its core medical business, enhancing its asset-light model, and building a platform-based ecosystem, which has contributed to improved operational efficiency and cost control [9].

Core Insights - The company reported a revenue of 25.902 billion yuan for FY2025, representing a year-on-year growth of 11.6% [1] - The operating profit for FY2025 was 4.967 billion yuan, up 12.9% year-on-year, while the net profit attributable to shareholders was 3.514 billion yuan, reflecting a 14.3% increase [1] - The company has shown a consistent revenue CAGR of 17.7% from FY2021 to FY2025, with a net profit CAGR of 19.7% during the same period [1] Business Segments - The brand down jacket and OEM processing businesses were the main drivers of revenue growth, with the brand down jacket segment achieving a revenue of 21.668 billion yuan in FY2025, up 11.0% year-on-year [2] - The OEM processing business recorded a revenue of 3.373 billion yuan, marking a significant year-on-year increase of 26.4%, with the top five clients accounting for 90.4% of the revenue [2] Channel Development - The Top Store model and online-offline collaboration have significantly contributed to the company's high-quality development, with direct sales and wholesale channels for brand down jackets growing by 5.2% and 24.3% respectively in FY2025 [3] - The number of offline stores increased by 253 to 3,470, while online revenue for brand down jackets rose by 9.4% to 7.478 billion yuan in FY2025 [3] Profit Forecast - The company is expected to achieve net profits of 3.928 billion yuan, 4.388 billion yuan, and 4.879 billion yuan for FY2026 to FY2028, with year-on-year growth rates of 11.78%, 11.71%, and 11.20% respectively [4] - The company's strong brand presence, product development capabilities, and efficient supply chain management are anticipated to drive growth in the down jacket segment [4]

点击注册小程序 查看完整报告 特别申明： 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。 报告摘要 事件： 2024/25财年收入、归母净利润同比增12%、14% 波司登发布截至2025年3月末的2024/2025财年业绩。2024/2025财年公司实现营业收入259.0亿元（人民 币，下同），同比增长11.6%，归母净利润35.1亿元，同比增长14.3%，EPS（基本）为0.32元人民币，拟 每股派末期股息22.0港仙，全年合计派息率达到84.1%。 利润率指标方面，2024/25财年毛利率同比下降2.3PCT至57.3%，经营利润率同比提升0.2PCT至19.2%，归 母净利率同比提升0.3PCT至13.6%。 点评： 品牌羽绒服/贴牌加工/女装/多元化服装收入同比+11%/+26%/-21%/+3% 占主导的品牌羽绒 ...

企业运营流程过于繁琐，不仅会降低工作效率、增加运营成本，还会影响员工的积极性和创造力，让企 业在市场竞争中逐渐失去优势。那么，如何破解企业运营流程繁琐这个"卡脖子"的问题，让企业"一路 畅行"呢？下面为你详细介绍。 打破部门壁垒，构建协同"桥梁" 很多企业运营流程繁琐的一个重要原因是部门之间存在壁垒，信息流通不畅，协作困难。每个部门都只 关注自己的"一亩三分地"，缺乏全局观念和协同意识，导致工作衔接不紧密，出现推诿扯皮、重复劳动 等现象。 要打破部门壁垒，企业需要从文化建设和制度设计两个方面入手。在文化建设方面，营造一种开放、包 容、协作的企业文化氛围，鼓励员工跨部门交流和合作。可以通过组织跨部门团队项目、团队建设活动 等方式，增进部门之间的了解和信任，培养员工的协同意识。在制度设计方面，建立跨部门协作的激励 机制和考核机制。比如，对于跨部门协作项目，设立专门的奖励基金，对表现优秀的团队和个人进行表 彰和奖励；在绩效考核中，将部门之间的协作情况纳入考核指标体系，促使各部门积极主动地开展协 作。 聚焦核心业务，剔除冗余"枝节" 企业在发展过程中，往往会为了追求多元化或者满足各种需求，不断增加一些非核心业务和冗余 ...

机构：光大证券 研究员：姜浩/孙未未/朱洁宇 点评： 品牌羽绒服/贴牌加工/女装/多元化服装收入同比+11%/+26%/-21%/+3% 分业务来看，2024/25 财年公司主业品牌羽绒服/贴牌加工/女装/多元化服装收入占比为 83.7%/13%/2.5%/0.8%，收入同比+11%/+26.4%/-20.6%/+2.9%。 占主导的品牌羽绒服业务再拆分：1）按品牌，主品牌波司登/雪中飞/冰洁/其他（系羽绒服产品有关的 原材料等） 收入占品牌羽绒服业务的比重分别为85.3%/10.2%/0.6%/3.9%，收入分别同比增长 10.1%/9.2%/-12.9%/49.4%。 2）按渠道，自营/批发/其他收入占品牌羽绒服业务的比重分别为69.6%/26.4%/4%，收入分别同比增长 5.2%/24.3%/49.4%。 3）分线上线下来看，公司全品牌线上销售收入为75.8 亿元，同比增长9.3%，其中品牌羽绒服线上渠道 实现收入74.8 亿元，同比增长9.4%，在羽绒服业务收入中占比达到34.5%；女装业务线上收入1.0 亿 元，同比增长2.0%，在女装业务中占比达到14.9%。 2024/25 财年收入、归母净利 ...

2025 年 6 月 30 日 公司研究 需求较弱环境下业绩实现稳健高质量增长，扎实推进双聚焦战略 ——波司登（3998.HK）2025 财年业绩点评 买入（维持） 当前价：4.46 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 115.44 | | 总市值(亿港元)： | 514.87 | | 一年最低/最高(港元)： | 3.46/5.14 | | 近 3 月换手率： | 22.0% | 股价相对走势 -30% -20% -10% 0% 10% 20% 30% 40% 50% 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 波司登 恒生指数 | 收益表现 | | | | | --- | --- | --- | -- ...

Core Viewpoint - Bosideng has successfully implemented a "dual focus" strategy on down jackets and fashionable functional apparel, achieving high-quality financial results for the fiscal year 2024/25 despite a complex market environment [1] Financial Performance - The company reported a revenue of 25.902 billion RMB, an increase of 11.6% year-on-year - Operating profit reached 4.967 billion RMB, up 12.9% year-on-year - Shareholder profit amounted to 3.514 billion RMB, reflecting a 14.3% increase year-on-year - Operating profit margin improved to 19.2%, marking eight consecutive years of record revenue and net profit [1] - Cash flow from operating activities was 3.982 billion RMB, with cash and cash equivalents totaling 4.185 billion RMB, supporting ongoing development and strategic initiatives [1] Dividend and Stock Performance - Based on strong operational performance, Bosideng declared a final dividend of 0.22 HKD per share - The stock price reached a year-high of 4.79 HKD, with a maximum increase of 23.5% within the year - The company saw a net inflow of 615 million HKD over nearly 60 trading days [4] Strategic Focus and Brand Development - Bosideng's long-term value-driven approach and strategic consistency have garnered investor trust - The company has positioned itself as a "global leader in down jackets," focusing on brand activation and consumer recognition [7] - The strategic focus includes enhancing brand leadership, category management, channel operations, and customer experience [7] Brand Value and Innovation - Bosideng ranked 46th in the Brand Finance "Global Most Valuable Apparel Brands" list for 2024 and 268th in the "Asia Brand 500" ranking - The company filed 466 patent applications and received 527 patent grants in the fiscal year, totaling 1,498 patents as of March 31, 2025, supporting its innovation in down jacket technology [8] - New product lines, including a polar extreme series and sun protection clothing, were launched to meet evolving consumer demands [9][10] Sales Performance - The down jacket segment generated revenue of 21.668 billion RMB, a year-on-year increase of 11% - The main brand, Bosideng, contributed 18.481 billion RMB, up 10.1%, while the Snow Flying brand achieved 2.206 billion RMB, a 9.2% increase [10][12] Operational Efficiency - Bosideng's retail network expanded to 3,470 stores, with a net increase of 253 stores, ensuring coverage across various city tiers - Online sales reached 7.575 billion RMB, growing 9.3%, with significant contributions from live-streaming sales on platforms like Douyin [13] - The company has implemented an intelligent supply chain management system, optimizing inventory turnover to 118 days and achieving a 99% replenishment rate for top-selling items [14] Future Outlook - Bosideng plans to continue its "dual focus" strategy, enhancing brand leadership and operational efficiency to maintain its leading position in the global down jacket market [14]

Core Viewpoint - The transfer of over 40% equity in Changcheng Huaxi Bank marks the end of Changcheng Asset's decade-long control over the bank, leading to a change in its ownership structure [1][4]. Group 1: Ownership and Control Changes - Changcheng Huaxi Bank's 9.43 billion shares, representing 40.92% of its total equity, are being offered for transfer at a base price of 4.332 billion yuan [1][3]. - Following this transaction, Changcheng Asset will exit its position as a major shareholder after more than ten years of control, resulting in a shift in the bank's actual control [4][5]. - The transaction is set to take place between June 26 and July 23, 2025, with other shareholders waiving their preemptive rights [3][4]. Group 2: Financial Performance - As of March 2023, Changcheng Huaxi Bank's total assets reached 156.261 billion yuan, reflecting a 176.8% increase over the past decade [1][7]. - The bank's operating income for Q1 2024 was 516 million yuan, a year-on-year decrease of approximately 1.7%, while net profit fell by about 40% to 65.6 million yuan [1][8]. - The bank's non-performing loan (NPL) ratio rose to 2.03% by the end of 2024, marking a return to above 2% for the first time in two years [2][8]. Group 3: Asset Quality and Risk Management - The bank has seen fluctuations in its profitability, with operating income and net profit showing a mixed trend from 2021 to 2024 [7][8]. - In Q1 2024, the bank reported a significant increase in credit impairment losses, totaling 287 million yuan, up 37.3% year-on-year, indicating challenges in asset quality [8]. - The NPL ratio has varied over the years, with figures of 2.07%, 1.8%, 1.62%, and 2.03% from 2021 to the end of 2024, alongside a fluctuating provision coverage ratio [8].

Group 1 - The collaboration between Chinese and American scientists has led to the discovery of a new Archaeopteryx specimen, providing critical evidence for the evolution of skulls and flight adaptations during the key transition from dinosaurs to birds [1] - New technologies, such as CT scanning, are accelerating the research in paleobiology, allowing for detailed reconstruction of fossilized specimens and revealing internal structures while preserving their integrity [1][2] - The use of laser confocal microscopy and transmission electron microscopy has become common in paleobiology, enabling researchers to analyze microstructures and create 3D digital models of ancient organisms, contributing to the understanding of insect color evolution [2] Group 2 - The transformation of earth system science in the digital age is leading to the establishment of comprehensive paleobiological databases and big data analysis, which provide a macro perspective on biological evolution and ancient environments [3] - The GBDB and OneStratigraphy databases, led by Chinese scientists, offer robust data support for exploring changes in biodiversity over deep time, revealing the evolutionary history of early life on Earth [3] - The integration of modern technology with ancient disciplines is driving the advancement of paleobiology, creating new growth points for the field [4]