此外，据报道，知情人士透露，腾讯已与苹果达成一项协议，该协议规定苹果将处理支付，并从微信小 游戏和应用内的支付中抽取15%的分成。该问题的解决(两位科技巨头之间谈判已超过一年)，为苹果开 启了新的收入来源，并减轻了腾讯的压力。 周四，腾讯控股(ADR)(TCEHY.US)盘前涨超2%，报85.68美元。消息面上，该公司公告称，第三季度营 收为1928.7亿元，同比增长15%，预估1888亿元;经调整净利润705.51亿元，同比增长18%，市场预期为 659.74亿元。 ...

Major Events - Guotai Group acquired 100% equity of Beikuan Baomao for 110 million yuan through public bidding [4] - People's Tongtai stock price has a risk of rapid decline after a 46.43% increase over four consecutive trading days [5] - Huasheng Lithium's revenue increased by 62% in the first three quarters, but the company still reported a loss [6][7] - Haishi Ke received approval for clinical trials of a new drug HSK39297 for age-related macular degeneration [8] - Angli Education postponed its response to an asset acquisition inquiry for no more than five trading days [9] - Shuguang Co. terminated its plan to issue shares to specific investors, and the Shanghai Stock Exchange has stopped reviewing the application [10] Performance Overview - JD Group reported third-quarter revenue of 299.1 billion yuan, a year-on-year increase of 14.9% [11] - SMIC's third-quarter net profit reached 1.517 billion yuan, up 43.1% year-on-year [12][13] - Tencent Holdings achieved third-quarter revenue of 192.87 billion yuan, a 15% year-on-year increase [14] - Lu'an Huaneng's coal sales in October were 3.78 million tons, a year-on-year increase of 3.28% [15] Shareholding Changes - Haicheng Bangda's director plans to reduce holdings by no more than 0.97% due to personal financial needs [16] - Qisheng Technology's major shareholder reduced its stake to 40% through a block trade [17] - Tianwei Electronics' major shareholder reduced holdings to below 5% without affecting company operations [18] - Zhongzi Technology's major shareholders collectively reduced their stake by 1.35% [19] Major Contracts - Lizhong Group's subsidiary received project confirmations with an estimated total sales of approximately 1.135 billion yuan [21] - Anhui Construction's subsidiary won a project bid worth 1.753 billion yuan [22]

Core Insights - SMIC reported Q3 2025 revenue of 171.62 billion yuan, a year-on-year increase of 9.9%, and a net profit of 15.1 billion yuan, up 43.1% year-on-year [1][2] - For the first three quarters, revenue reached 495.10 billion yuan, reflecting an 18.2% year-on-year growth, while net profit was 38.1 billion yuan, a 41.1% increase year-on-year [1][2] - The growth in performance is attributed to an increase in wafer sales and changes in product mix [1] Financial Performance - Q3 revenue: 171.62 billion yuan, up 9.9% year-on-year [2] - Q3 net profit: 15.1 billion yuan, up 43.1% year-on-year [2] - Revenue for the first three quarters: 495.10 billion yuan, up 18.2% year-on-year [2] - Net profit for the first three quarters: 38.1 billion yuan, up 41.1% year-on-year [2] - Basic earnings per share: 0.19 yuan, up 46.2% year-on-year [2] - R&D investment: 1.45 billion yuan in Q3, up 13.6% year-on-year [2] Market Reaction - As of November 13, SMIC's A-shares rose by 2.9% to 123.1 yuan per share, with a market capitalization of 659.6 billion yuan [3] - SMIC's Hong Kong shares increased by 3.21% to 75.6 HKD per share, with a market capitalization of 723.7 billion HKD [3] Future Outlook - The company expects Q4 revenue to remain flat or grow by 2% quarter-on-quarter, with a gross margin projected between 18% and 20% [1]

记者丨金珊 编辑丨曾静娇 11月13日，中芯国际发布2025年第三季度报告，第三季度营收为171.62亿元，同比增长 9.9%；净利润为15.1亿元，同比增长43.1%。前三季度营收为495.10亿元，同比增长18.2%； 净利润为38.1亿元，同比增长41.1%。 业绩增长主要得益于晶圆销量同比增加及产品组合变动 。 公司预期第四季度收入环比持平至增长2%，毛利率在18%至20%范围内。 图源：中芯国际财报 截至11月13日收盘，中芯国际A股涨2.9%，报123.1元/股，最新市值6596亿元；中芯国际港股 涨3.21%，报75.6港元/股，最新市值7237亿港元。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品 | 2 1财经客户端 2 1世纪经济报道 21君荐读 大疆影石鏖战，正在产生一个意想不到的后果 腾讯第三季度营收超1900亿元 真人配音到一半被AI接管，配音员发文怒怼，亚马逊紧急下架视频 2 智能 悦 读 · 权 威 . ry S 扫码点击下载 ...

Core Insights - BeiGene's stock rose over 6% following the release of its Q3 2025 earnings report, with a current price of HKD 224.2 and a trading volume of HKD 239 million [1] Financial Performance - The company reported a revenue of RMB 27.595 billion for the first three quarters of 2025, representing a year-on-year growth of 44.2% [1] - Net profit attributable to shareholders was RMB 1.139 billion, marking a turnaround from a loss to profit [1] - Basic earnings per share stood at RMB 0.81 [1] Product Revenue Breakdown - Global revenue for Zebrutinib (BTK) reached USD 1.04 billion in Q3 2025, showing a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [2] - Revenue from Zebrutinib in the U.S. was USD 740 million (up 46.7% year-on-year, up 8.0% quarter-on-quarter) [2] - European revenue for Zebrutinib was USD 160 million (up 67.7% year-on-year, up 8.4% quarter-on-quarter) [2] - Revenue from Zebrutinib in China was USD 90 million (up 36.3% year-on-year, up 11.1% quarter-on-quarter) [2] - The company anticipates a 5-10% quarter-on-quarter growth for Zebrutinib in Q4 2025, with global revenue expected to exceed USD 3.9 billion for the year [2] - Global revenue for Tislelizumab (PD-1) was USD 190 million, reflecting a year-on-year growth of 16.7% [2] Future Projections - Haitong International has revised its revenue forecasts for BeiGene for FY25-27 to USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion respectively, indicating a three-year revenue CAGR of 23% [1] - The net profit forecasts for FY25-27 have also been adjusted to USD 360 million, USD 660 million, and USD 1.05 billion respectively, reflecting better-than-expected growth in sales and R&D expenses [1]

Core Points - Century Huatong officially removed risk warnings and changed its stock name from "ST Huatong" to "Century Huatong," allowing a daily price fluctuation limit increase from 5% to 10% after over a year of systematic rectification and governance optimization [1] Group 1: Corporate Governance and Internal Control - The company has undertaken comprehensive self-inspection and rectification to address issues identified by regulatory authorities, correcting accounting errors from 2018 to 2023, as confirmed by DaXin Accounting Firm [2][3] - Century Huatong has revised 23 regulations across six categories, enhancing its governance framework and risk prevention measures, leading to a more robust internal control system [3] - The restructuring of governance is seen as a strategic upgrade from passive compliance to proactive governance, establishing a clear accountability and operational loop [3] Group 2: Strategic Focus and Performance Growth - The company has shifted its operational strategy to focus on core businesses, particularly in digital content, game operations, and cloud computing, which has led to sustained profit growth [3] - In Q3 2025, Century Huatong achieved a record revenue of over 10 billion yuan in a single quarter, with total revenue of 27.223 billion yuan and net profit of 4.357 billion yuan for the first three quarters of 2025, surpassing the entire revenue of 2024 [4] - The governance restructuring has allowed the company to unlock its potential, resulting in a stable cash flow that supports future growth [4] Group 3: Market Response and Future Outlook - The market has responded positively to the company's transformation, with its market capitalization reaching 137.5 billion yuan, more than doubling from 38.2 billion yuan a year ago [5] - The removal of risk warnings is expected to enhance the company's capital market opportunities, including valuation recovery, improved financing capabilities, increased market activity, and enhanced brand influence [4][5]

Core Insights - The company reported a revenue of approximately 6.508 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 20.96% [1] - The net profit attributable to shareholders reached approximately 1.959 billion yuan, with a year-on-year increase of about 22.16% [1] - The company achieved a net profit of approximately 721 million yuan in Q3 alone, reflecting a year-on-year growth of about 24.86% [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was approximately 42.49%, remaining stable compared to the same period last year [2] - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 1.03%, 4.61%, and 6.78% respectively, showing a decrease in management and R&D expense ratios by 0.27 percentage points and 0.68 percentage points year-on-year [2] Business Development - The company has made significant progress in its MLCC (Multi-Layer Ceramic Capacitor) and SOFC (Solid Oxide Fuel Cell) businesses, with a comprehensive product matrix covering various series and applications in multiple industries [3] - The SOFC business achieved a key breakthrough with the launch of a 300 kW commercial demonstration project in collaboration with Shenzhen Gas Group, marking it as the first of its kind in the country [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 9.207 billion, 11.432 billion, and 14.151 billion yuan respectively, with net profits expected to be 2.782 billion, 3.670 billion, and 4.784 billion yuan [4] - Corresponding EPS (Earnings Per Share) is projected to be 1.45, 1.92, and 2.50 yuan, with PE (Price to Earnings) ratios of 33.98, 25.75, and 19.76x [4]

Core Viewpoint - Midea Group announced its mid-term profit distribution plan for A-shares, marking its first mid-term dividend implementation, with a total cash dividend of 3.448 billion yuan [1][2]. Group 1: Dividend Distribution - The company plans to distribute 5 yuan (including tax) for every 10 shares, based on a total of 6.897 billion A-shares, with the ex-dividend date and cash dividend payment date set for November 18 [1]. - Midea Group's dividend payout has been increasing annually since its listing in 2013, with the 2024 dividend proposed to rise from 30 yuan to 35 yuan per 10 shares, totaling 26.722 billion yuan, representing nearly 70% of net profit [2]. Group 2: Cumulative Dividends and Share Buybacks - Cumulatively, Midea Group has distributed 137.977 billion yuan in dividends, with 135.374 billion yuan from A-shares and 2.603 billion yuan from H-shares [3]. - The company has also engaged in significant share buybacks, with plans announced in April and June to repurchase A-shares worth 1.5 to 3 billion and 5 to 10 billion yuan, respectively, having repurchased 130 million A-shares for a total of 9.575 billion yuan by October 31 [3]. Group 3: Financial Performance - Midea Group reported a total revenue of 364.72 billion yuan for the first three quarters of the year, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 37.88 billion yuan, up 19.5% [3]. - In Q3 alone, the company achieved revenue exceeding 100 billion yuan, reaching 112.4 billion yuan, with a net profit of 11.87 billion yuan, reflecting an 8.95% year-on-year growth [3]. - The company is focusing on optimizing its business structure, aiming to develop its B-end business as a second growth curve, with significant revenue growth in sectors such as new energy and industrial technology, smart building technology, and robotics [3]. Group 4: Cash Flow Position - As of September 30, Midea Group reported a net cash flow from operating activities of 57.066 billion yuan, although this represents a slight decrease from 60.264 billion yuan in the same period last year [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in Q3 2025, with revenue reaching approximately 6.508 billion yuan, a year-on-year increase of about 20.96%. The net profit attributable to the parent company was approximately 1.959 billion yuan, up 22.16% year-on-year [4][5] - The company's gross margin remained stable at approximately 42.49%, with a continuous optimization of expense ratios [5] - The MLCC and SOFC businesses are progressing well, with significant developments in product offerings and commercial projects [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of approximately 6.508 billion yuan, with a year-on-year growth of 20.96%. The net profit attributable to the parent company was approximately 1.959 billion yuan, reflecting a year-on-year increase of 22.16% [4] - In Q3 alone, the company recorded revenue of 2.360 billion yuan, a year-on-year increase of 20.79% and a quarter-on-quarter growth of 1.90%. The net profit attributable to the parent company for Q3 was approximately 721 million yuan, up 24.86% year-on-year and 2.40% quarter-on-quarter [4] - The company’s gross margin for the first three quarters of 2025 was approximately 42.49%, remaining stable compared to the same period last year [5] Business Development Summary - The MLCC product line has expanded to cover various series, including micro, high-capacity, high-reliability, high-voltage, and high-frequency products, with applications in automotive, industrial control, communication, medical, and consumer electronics [6] - The SOFC business has made key breakthroughs, with the launch of a 300 kW SOFC commercialization demonstration project in collaboration with Shenzhen Gas Group, marking it as the first of its kind in the country [6] Investment Recommendations - Revenue projections for 2025-2027 are estimated at 9.207 billion yuan, 11.432 billion yuan, and 14.151 billion yuan respectively, with net profits expected to be 2.782 billion yuan, 3.670 billion yuan, and 4.784 billion yuan [7] - The corresponding EPS for these years is projected to be 1.45 yuan, 1.92 yuan, and 2.50 yuan, with PE ratios of 33.98x, 25.75x, and 19.76x respectively, maintaining a "Buy" rating [7]

Core Viewpoint - Midea Group's stock price increased by 3.95%, currently trading at HKD 89.50, with a transaction volume of HKD 228 million, following the announcement of its performance for the first three quarters of 2025 [1] Financial Performance - Midea Group reported a revenue of approximately CNY 363.06 billion for the first three quarters of 2025, representing a year-on-year growth of 13.82% [1] - The net profit attributable to shareholders was approximately CNY 37.88 billion, showing a year-on-year increase of 19.51% [1] - Basic earnings per share stood at CNY 4.98 [1] Business Segments - Revenue from To C and To B businesses grew by 13% and 18% year-on-year, respectively [1] - Within the B-end sectors, revenue from new energy and industrial technology, smart building technology, and robotics and automation increased by 21%, 25%, and 9% year-on-year, respectively [1] - The demand in the home appliance sector has shown signs of decline [1]