Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 17 yuan for 2025 [2][8]. Core Insights - In 2024, the company achieved total revenue of 88.999 billion yuan, a year-on-year decrease of 25.32%, while the net profit attributable to the parent company was 752 million yuan, an increase of 2.07% year-on-year [2][4]. - The commercial management profit contribution is gradually increasing, while the development segment continues to face pressure [2][8]. - The company’s residential development revenue is projected to be 76 billion yuan in 2024, accounting for 85% of total revenue, while commercial management revenue is expected to be 12 billion yuan, contributing approximately 14% [8]. Financial Summary - The company’s financial indicators for 2024A include: - Total revenue: 88,999 million yuan - Year-on-year growth rate: -25.3% - Net profit attributable to the parent: 752 million yuan - Year-on-year growth rate: 2.1% - Earnings per share: 0.33 yuan - Price-to-earnings ratio: 39 times [4][5]. - The company’s total assets are projected to be 307.193 billion yuan in 2024, with a debt-to-equity ratio of 83.7% [9]. Market Performance - The company’s commercial operations are expected to see a total revenue growth of 13% in 2024, with a rental rate of 97.97% for its properties [8]. - The company has established a significant presence with 200 "Wuyue Plaza" locations across 136 cities, with 173 currently operational [8]. Future Outlook - The report suggests that the company is likely to achieve a "dual-wheel drive" model of residential and commercial operations as it adjusts its residential development strategy [8]. - The estimated earnings per share for 2025-2027 are projected to be 0.25, 0.32, and 0.36 yuan respectively, reflecting a downward adjustment in profit forecasts due to reduced sales scale [8].

Core Viewpoint - Resilience is identified as a crucial strength for real estate companies to navigate new industry cycles and environments, with New城控股 demonstrating stability and continuous progress through its "residential + commercial" dual-driven strategy [1] Financial Performance - In 2024, New城控股 achieved a revenue of 89 billion yuan, with a net profit attributable to shareholders of 752 million yuan, reflecting a year-on-year growth of 2.07%. The net profit excluding non-recurring items reached 870 million yuan, up 183.07% [2] - The overall gross margin stood at 19.80%, while the average financing cost decreased by 28 basis points to 5.92%, indicating stable and improving core financial metrics [2] - The company recorded a contract sales amount of approximately 40.17 billion yuan, with a sales area of about 5.39 million square meters, and a collection amount of 41.1 billion yuan, achieving a collection rate of 102% [2] Cash Flow and Debt Management - As of the end of the reporting period, New城控股 had a cash balance of 10.296 billion yuan, ensuring ample liquidity. The net debt ratio was 52.44%, maintaining a low level [3] - The operating cash flow net amount was 1.512 billion yuan, marking seven consecutive years of positive operating cash flow, providing sufficient space for development [3] - The company successfully repaid 5.262 billion yuan of bonds in the domestic and international markets in 2024, showcasing strong creditworthiness [3] Commercial Operations - New城控股's commercial operations generated a total revenue of 12.8 billion yuan in 2024, a year-on-year increase of 13.1%, exceeding the annual target of 12.5 billion yuan [2] - The proportion of commercial management income rose to 13.52% of total revenue, with a gross profit margin of 70.17% from property leasing and management [5] - The company opened 15 new 吾悦广场 locations, expanding its commercial footprint to 173 integrated projects, with a total commercial area of 16.01 million square meters and an occupancy rate of 97.97% [5] Future Outlook - New城控股 plans to achieve a commercial operation revenue of 14 billion yuan in 2025 and aims to open five new 吾悦广场 locations [6] - The company has upgraded its commercial management division to 新城吾悦商业管理集团有限公司, introducing a new operational philosophy to adapt to changing consumer markets [6] - The establishment of 新城建管, a platform for real estate construction and management, has shown potential, managing over 100 projects and achieving a national layout [6] Industry Trends - The industry is shifting towards reliance on internal growth and self-sustaining business models, moving away from debt-driven strategies, with New城控股 exemplifying this approach through low leverage and strong operational cash flow [7]

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024 despite industry pressures, with a revenue of 3.03 billion and a net profit of 1.96 billion, reflecting year-on-year increases of 5.4% and 5.3% respectively [2][3] Revenue and Profit Analysis - In Q4 2024, the company's revenue was 650 million, showing a year-on-year decline of 7.0%, while the net profit was 370 million, down 15.5% year-on-year [2] - The revenue from solution products and gel products for 2024 was 1.74 billion and 1.22 billion respectively, with year-on-year growth of 4.4% and 5.0% [3] Product Performance - The sales volume for solution products was 634.6 thousand units, up 23.4% year-on-year, while gel products saw a decline in sales volume to 89.4 thousand units, down 11.2% [3] - The average price of solution products decreased due to a shift in product mix, while the average price of gel products increased due to a higher proportion of high-margin products [3] Profitability Metrics - The company's gross margin for 2024 was 94.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 64.7%, down 0.1 percentage points [4] - In Q4 2024, the gross margin was 94.0%, down 0.4 percentage points year-on-year, and the net profit margin was 57.2%, down 5.7 percentage points [4] R&D and Cost Management - The company increased its R&D investment, with a R&D expense ratio significantly rising, completing 57 patent applications and engaging in 21 collaborative research projects with medical institutions [4] - The overall expense ratio increased by 1.3 percentage points to 22.2%, driven by higher R&D costs, while sales expenses remained stable [4] Product Line Expansion - The company received a Class III medical device registration for a new gel product, expected to launch this year, which will enhance its gel product line [5] - Clinical trial approvals were obtained for several new products, indicating ongoing innovation and product development [5] Strategic Acquisition - The company plans to acquire REGEN Biotech, Inc. in March 2025, which is expected to strengthen its competitive advantage in the global regenerative market and enhance its overseas market expansion capabilities [7]

投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 中信资管 彭康 时间 2025 年 3 月 20 日 14:00-15:00 地点 北京鼎成肽源生物技术有限公司会议室 形式 现场及网络通信方式 上市公司接待 人员姓名 东北制药首席科学家、副总经理、鼎成肽源总经理：冯晓 东北制药董事会秘书：阎小佳 鼎成肽源研发总监：周子珊 东北制药投资者关系与股权管理：马涵一 交流内容及具 体问答记录 1.问题：东北制药在研发创新上的差异化优势是什么？ 答复：东北制药集团股份有限公司（简称"东北制药/公 司"）聚焦"小分子创新药+生物药"双轮驱动，依托连续化 反应、绿色合成等核心技术，降本增效显著。公司通过控股 北京鼎成肽源生物技术有限公司（简称"鼎成肽源"），优化 业务结构，快速切入特异性细胞免疫治疗技术研究、产品开 发和临床应用，培育公司新的业务和盈利增长点，促进公司 可持续发展。鼎成肽源围绕靶点发现、序列发现、序列评价 和功能增强等环节，搭建独立自主的核心技术平台，进行 TCR-T、TCR 蛋白药和 CAR-T 细胞治疗产品的开发。 ...

Investment Rating - The report assigns a "Buy" rating for the company, Dalian City Holdings [5] Core Views - Dalian City Holdings is backed by COFCO Group and operates under a "development + operation" dual-driven model, focusing on core cities across the country. The overall property development and investment operation are stable, with a noticeable recovery in profitability expected to continue [5][6] - The company is projected to achieve a net profit of -3.035 billion, -831 million, and 872 million yuan for the years 2024-2026, with corresponding EPS of -0.71, -0.19, and 0.20 yuan, indicating a positive trend in earnings recovery [5] Summary by Sections 1. Development and Operation Dual-Driven Model - Dalian City Holdings has been operating for over 30 years, establishing a brand ecosystem through its dual-driven model of development and operation. The company is positioned as a "city operator and provider of quality living services" [24][29] - The strategic direction is clear, with a broad business layout across 38 cities, focusing on residential, commercial, and industrial real estate [29][31] 2. Steady Development of Investment Properties - The company has a strong performance in its investment property business, with revenue growth. In 2023, investment property revenue reached 5.393 billion yuan, a year-on-year increase of 24.3% [7][42] - The average occupancy rate of the company's shopping centers was 95% in 2023, with a significant increase in customer traffic and sales [44] 3. Stable Development of Core Business - In 2023, the company achieved a total contract signing of 46.1 billion yuan, ranking 29th in the sales performance of real estate companies in China, an improvement of 4 places from 2022 [6][77] - The company has adopted a cautious approach to land acquisition, focusing on core urban areas, with a total land acquisition area of 168,000 square meters in 2023, a decrease of 78.81% year-on-year [6] 4. Financial Stability and Cost Reduction - The company has optimized its debt structure, with total interest-bearing debt at 72.648 billion yuan and a debt-to-asset ratio of 76.73% as of the end of 2023. The average borrowing cost for new loans in the first half of 2024 was 3.13% [8] - The company successfully listed its commercial REIT, raising 3.323 billion yuan, contributing to investment income of 2.1 billion yuan [8] 5. Profitability Forecast and Investment Recommendations - The report forecasts that the company's revenue will maintain growth, with a projected net profit turning positive in 2026 [9][13]

本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，阿迪达斯于10月29日发布了2024年第三季度财报。 财报显示，今年第三季度，阿迪达斯全球营收64.38亿欧元，在货币中性下（下同）较上年同期增长 10%，若剔除Yeezy影响，则同比增长14%；营业利润5.98亿欧元，较上年同期增长46.0%。 其中，作为最为重要的战略市场之一， 阿迪达斯大中华区业绩稳中有进，连续六个季度实现"有质量 的增长"。今年第三季度，大中华区营收9.46亿欧元，同比增长9% 。 全市场、全渠道、全品类均实现增长。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 同时，阿迪达斯基础毛利率和库存也在持续改善——今年第三季度，阿迪达斯毛利率51.3%，较上 年同期提升2.0个百分点；截至2024年9月30日，库存较上年同期减少7%，这些都为阿迪达斯未来 业绩稳健增长奠定了坚实的基础。 阿迪达斯全球CEO古尔登表示，"对我们而言，第三季度的增长非常强劲，再次好于预期。尤为值得 一提的是，第三季度阿迪达斯在全市场、全渠道、全品类均实现了增长 ...