中信建投 医药每周谈 20250602 摘要 沛嘉医疗冲击波球囊技术国内早期临床试验显示 30%-50%疗效，经导 管主动脉瓣置换产品 Mona Q 全球 Fame 临床试验入组 9 例，长期随访 无死亡或中风，已获美国 IDE 临床许可，有望年内推进美国临床试验。 健世科技三尖瓣介入置换产品欧洲完成临床注册实验，成功率达 97%， 有望 2025 年获 CE 注册证，并计划拓展至美国市场，聚焦差异化竞争 优势。 先瑞达医疗膝下 DCB 是全球唯一基于多中心临床试验获批的膝下动脉狭 窄治疗工具，2024 年被波士顿科学收购 65%股权，借助其全球网络加 速国际推广及商业化。 赛诺医疗自膨式颅内药物支架临床数据优异，再狭窄率仅 1.7%- 1.87%，手术成功率 100%，预计今年获批，享有一年半到两年的市场 独家期。 心泰医疗封堵器类产品国内市占率领先，拥有四代可降解封堵器系列， 主动脉瓣凯卫已获批上市，一季度开始商业化植入，依托乐普资源有望 快速放量。 国产医疗器械企业如何应对海外市场竞争并实现商业化？ 国产医疗器械企业通过多种策略应对海外市场竞争并实现商业化。例如，沛嘉 医疗通过突破核心专利、进行早期临床 ...

Core Viewpoint - Despite a slowdown in revenue growth, the company has achieved positive growth in core operating metrics through excellent cost control [1][2] Group 1: Financial Performance - For Q1 2025, the company reported revenue of 1.923 billion (+12.88%), GAAP net profit of 518 million (+111.53%), adjusted net profit of 764 million (+43.93%), and adjusted operating profit of 692 million (+76.18%) with a non-GAAP operating profit margin (OPM) of 36.0% [2] - Revenue growth has slowed down, with quarterly growth rates for 2024Q1 to 2025Q1 being +33.37%, +28.85%, +18.98%, +15.40%, and +12.88% respectively [2] - The company has effectively reduced sales expense ratio by 8.46 percentage points, with absolute sales expenses decreasing by 88.05 million year-on-year; R&D expense ratio decreased by 5.42 percentage points, and management expense ratio decreased by 2.07 percentage points [2] Group 2: Future Outlook - Revenue growth is expected to continue slowing in Q2 2025, with projected revenue between 2.05 billion and 2.08 billion, representing a year-on-year increase of 6.9% to 8.5% [3] - The company has a clear and rational plan for AI product development in the human resources service sector, with products for B2B, B2C, and management already planned and clear application scenarios identified [3] - The company anticipates that these AI products will begin gray testing in Q2 to Q3 of 2025, potentially contributing to future revenue [3]

Core Viewpoint - Jiangling Motors is focusing on expanding its overseas market and advancing its transformation towards new energy and intelligent vehicles, with a positive outlook on its growth potential [1][4]. Financial Performance - In 2024, Jiangling Motors achieved a revenue of 38.374 billion yuan, a year-on-year increase of 15.70%, and a net profit attributable to shareholders of 1.537 billion yuan, up 4.17% year-on-year [2]. - For Q1 2025, the company reported a revenue of 7.967 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 306 million yuan, down 36.56% year-on-year [2]. Revenue Breakdown - In 2024, the company's vehicle revenue reached 34.702 billion yuan, a year-on-year increase of 14.32%, with steady growth in SUV, pickup, and light bus sales [3]. - Parts revenue was 1.807 billion yuan, up 5.04% year-on-year, while sales of materials and others surged to 1.138 billion yuan, a 130.73% increase [3]. Profitability Metrics - The gross margin for 2024 was 14.13%, down 1.25 percentage points year-on-year, while the net margin was 3.14%, a decrease of 0.07 percentage points [3]. - In Q1 2025, the gross margin was 11.81%, down 0.48 percentage points year-on-year, and the net margin was 3.88%, an increase of 0.88 percentage points [3]. International Market Expansion - Jiangling Motors' export volume reached 116,600 units in 2024, a year-on-year increase of 21.9%, with over 100 overseas dealers and showrooms [4]. - The company has signed a vehicle export cooperation framework agreement with Ford, expanding its product reach to 105 countries [4]. New Energy Strategy - The company has fully covered the light commercial vehicle, light truck, and pickup segments in its new energy product line, achieving sales of 10,900 new energy vehicles and generating revenue of 1.118 billion yuan [4]. - New electric models like the E-Fushun and E-Shund are enhancing the company's electric commercial vehicle offerings [4]. Intelligent Connectivity Initiatives - Jiangling Motors is collaborating with various tech companies to develop smart driving and connected vehicle technologies, including a successful L4-level road test license in Guangzhou [5]. Investment Outlook - Short-term growth is expected as the company increases its focus on new energy and overseas markets, with key models gradually being released [6]. - Long-term prospects are positive, with anticipated breakthroughs in new energy and L4-level autonomous driving technologies [6]. - Revenue projections for 2025-2027 are 42.439 billion, 48.208 billion, and 55.728 billion yuan, with net profits of 1.6 billion, 1.849 billion, and 2.187 billion yuan respectively [6].

导读 ： 荣耀进军机器人赛道；多家公司加速布局Robotaxi ； 解锁【第一财经智享会员】实时解读 市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1 .荣耀进军机器人赛道，关注产业链带来的增量机遇 5月2 8日晚间，荣耀CEO李健在回应进军机器人赛道时表示，机器人无疑是公司重点关注的核心赛 道。"我们的核心思路围绕不同场景与用户需求展开，若特定场景需要与相关厂商合作，我们会以 开放姿态推进，同时，荣耀具备自主技术实力，包括长期积累的硬件研发能力与算法优势，这些自 主可控的技术足以支撑新产业的自主开发。" 2025.05.30 点击一键解锁 2. 国内外公司纷纷加码，Robotaxi商业化有望提速 近期，特斯拉、小马智行等多家国内外公司纷纷发布有关Ro b o t a x i的计划。 在当晚的荣耀4 0 0系列发布会上，荣耀展示了一款机器人，跑步速度已经达到4m/s，打破了之前的 机器人行业记录。 万联证券表示，人形机器人产业正处于技术突破与商业化落地的关键节点，政策支持、入局者不断 增加及AI大模型赋能共同推动行业加速发展，2 0 ...

【导读】宇树科技更名 5月29日，据证券时报消息，宇树科技向合作伙伴发布通知称，因公司发展需要，杭州宇树科技有限公司即日起名称变更为杭州宇树科技股份有限公司。 届时，原公司所有业务由新公司名称继续经营，原公司签订的所有合同继续有效。 此番变更引起市场猜测，宇树科技或在为启动上市做准备。对此，中国基金报记者向宇树科技相关工作人员求证，对方表示，目前没有更多消息可对外发 布。 背后多达38位股东 天眼查显示，宇树科技已完成9轮融资，投资方包括美团、顺为资本、红杉中国、中信证券、北京机器人产业发展投资基金等38家创投机构。去年9月的C 轮融资完成后，估值约80亿元。 从目前的持股结构来看，创始人王兴兴持股27.8%；美团持股8.25%，是其最大的外部股东；红杉中国持股7.13%，为第三大股东。值得注意的是，红杉中 国从Pre-A轮进入，还参与了Pre-A+轮和C轮的融资，是少有一直坚定持有的早期投资机构之一。 | | 股东信息 ● ■ 品股权结构 | VIP | | | | | 品 数据纠错 | 心天眼查 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The company has established a clear strategy of "innovation + overseas commercialization" and has achieved significant results through five years of careful planning [1] Group 1: Overseas Commercialization Strategy - The company's overseas commercialization strategy focuses on high-quality Chinese pharmaceuticals entering global markets, emphasizing "global selection and global coverage" [2] - The 2.0 strategy includes expanding from emerging markets to the EU, transitioning from biosimilars to high-end complex injectable formulations, and localizing operations [2] - The company aims to enhance its international competitiveness by upgrading product structures and establishing a strong localized operational network in key global markets such as Brazil, Mexico, and Germany [2] Group 2: Innovation and Clinical Development - The company is committed to completing a certain number of innovative drug clinical applications in the US and China each year to accelerate the internationalization of its product pipeline [2] - The company is strengthening its business development capabilities by forming specialized teams in China and Europe and actively seeking deep collaborations with leading global pharmaceutical companies [2] - Several innovative drug projects are currently in the negotiation stage, and the company is increasing its academic exchanges to enhance its international influence in innovative drug research [2] Group 3: Future Growth and Market Expansion - The company has laid a solid foundation for its overseas commercialization strategy since its establishment in 2021, with good sales performance of its albumin paclitaxel product in the EU market [3] - The company plans to introduce new products and drive sales through its established overseas commercialization platform, aiming for long-term business growth [3] - The company targets a 200%-400% increase in export revenue by 2025 compared to 2023, as outlined in its 2024 equity incentive plan [3]

｜2025年5月29日星期四｜ NO.1 腾讯重拳打击《三角洲行动》外挂，单周封禁超11.6万作弊账号 5月28日，腾讯游戏《三角洲行动》发布外挂治理专项报告，宣布对近期猖獗的"DMA（一种允许外设 直接访问系统内存的技术）"和"雷达"两类外挂实施高强度打击。数据显示，5月19日至25日，游戏安全 团队共封禁超11.6万个作弊账号。涉事账号均被处以十年封禁、排行榜数据清零等处罚，并对组队"坐 挂车"行为连带追责。 点评：腾讯此次高调打击技术门槛较高的外挂（需额外硬件设备），展现了其反作弊技术升级的决心。 有效治理外挂可延长游戏活跃用户留存周期，间接支撑营收稳定性。 5月28日，日本著名游戏开发商From Software正式发布《艾尔登法环：黑夜君临》中文版发售宣传片， 确认这款备受期待的衍生作品将于5月30日登陆各大游戏平台（如PS5、Steam等）。 NO.2 Nexon宣布《冒险岛2》全球停服 5月28日，韩国游戏巨头Nexon发布公告，宣布旗下《冒险岛2》（MapleStory 2）的韩服于5月29日正式 终止运营。至此，全球范围内所有官方服务器全部关闭，标志着这款运营近10年的游戏彻底退出历史舞 台 ...

Market Overview - The Hong Kong stock market experienced a collective pullback on May 28, with the Hang Seng Index down by 0.53%, the Hang Seng Tech Index down by 0.15%, and the Hang Seng China Enterprises Index down by 0.31% [1] - Despite the overall decline, the energy sector showed resilience, with companies like Yanzhou Coal Mining and China Shenhua Energy seeing gains of 2.31% and 1.2% respectively [1] Sector Performance - The consumer sector showed a clear "high cut low" trend, with brands like Pop Mart and Mixue experiencing significant pullbacks after reaching new highs, dropping 7.12% and 5.53% respectively [2] - The technology sector also faced mixed results, with Kuaishou's net profit exceeding expectations, leading to a 5.95% increase in its stock price, while other tech giants like Meituan and Tencent saw declines [2] Capital Flows - Southbound capital saw a net inflow of 291.12 billion yuan in May, with a significant portion directed towards defensive sectors, particularly the financial sector, which attracted 223.9 billion yuan [4] - The trend indicates a structural change in capital flows, with individual investors dominating the southbound capital, making the market more sensitive to changes in sentiment [4] Valuation and Market Sentiment - Analysts suggest that the current valuation of the Hong Kong stock market is at a historical average level, with potential for recovery in both valuation and earnings, particularly in sectors benefiting from domestic demand policies [6] - The market is expected to experience a rebound in the third quarter, supported by improved liquidity and the return of quality companies to the Hong Kong market [6] Future Outlook - The ongoing listing of quality companies and the influx of capital are expected to enhance the asset quality and liquidity of the Hong Kong market [6] - Analysts predict that the combination of domestic growth policies and the resurgence of the AI industry will reshape the valuation of the technology sector, leading to a dual recovery in valuation and earnings for the Hong Kong market [6]

Flying cars – technically, electric vertical takeoff and landing vehicles, or eVTOLs – are inching closer to liftoff. But for investors in names like Joby Aviation Inc JOBY and Archer Aviation Inc ACHR, JPMorgan's latest insight is clear: the long-term runway looks promising, but near-term turbulence is hard to avoid.JPMorgan analyst Bill Peterson, after a conversation with McKinsey's Robin Riedel, said the eVTOL dream is alive—just not quite ready for boarding. Commercial service may begin in the next 12–1 ...

作者 | 刘宝丹 编辑 | 黄昱 距离ChatGPT出圈已经过去两年多，AI大模型的重心仍在技术迭代上，商业化步伐缓慢。在这种情况 下，快手蹚出了一条AI商业化之路。 5月27日，快手发布2025年第一季度业绩，实现收入326亿元，同比增长10.9%，表现稳健；实现经调整 净利润46亿元，经调整净利润率达14%。整体来看，快手一季度业绩符合市场预期。 相较于乏善可陈的线上营销服务和直播等核心业务，快手在新业务层面打开了局面。一季度，快手首次 实现单季度海外整体层面的经营利润转正，更积极的信号是，可灵AI单季营收达1.5亿元。 这是一份喜忧参半的财报。对快手来说，喜的是AI和国际化展现出较强的第二增长曲线势能，忧的是 要想在竞争激烈的国内市场守好基本盘，依然阻碍重重。 值得注意的是，快手的用户增长进一步放缓。一季度，快手月活用户为7.12亿，同比增长2.1%。根据 QuestMobile数据，截至2025年3月，中国移动互联网月活跃用户规模达到12.59亿，同比增长2.2%。 开拓 在成立14年后，快手还有更艰难的硬仗要打。 苦守 作为短视频平台，快手的核心收入主要来自线上营销服务、直播和其他服务等，在整个互联 ...