被称为"东北药茅"的长春高新9月29日向港交所递交H股发行上市申请。 相关业内人士表示，长春高新赴港上市，有助于其深化全球化战略布局，加快国际化进程，增强在境外的融资能力，深入挖掘公司价值，推动公司创新管 线成果持续兑现和国际化布局深入推进，打开新增长空间。 Wind数据显示，截至9月30日上午收盘，长春高新涨0.87%，报130.02元/股，最新市值为530亿元。 图片来源：Wind 产品组合日益丰富 长春高新业务覆盖治疗性生物制剂、化学药品、疫苗及中成药。公司是国内少数在上述药物类型均实现研发、生产和商业化全产业链能力的制药企业之 一。 持续加大研发力度 近年来，面对行业发展趋势及公司发展需要，长春高新从技术领域着手打造产品赛道，不断提高研发效能及项目商业转化能力，快速形成创新产品矩阵并 转化为企业实际经营成果。公司积极拓展技术覆盖面，推进全球化布局，推动现有产品技术升级和工艺优化，持续完善多层次的研发管线，不断丰富项目 储备。 招股书显示，自2012年至2024年，长春高新研发费用以30.7%的复合年增长率增长。2022年、2023年、2024年及2025年上半年，公司研发费用分别占总收 入的10.8% ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 虽然手术机器人出货增长，但微创机器人（2252.HK）距离扭亏仍有点远。 投入端开始收缩 微创机器人2025年中报的核心财务指标仍"增收不增利"。得益于图迈腔镜手术机器人等核心产品在海内 外市场的商业化拓展，上半年该公司收入同比增长77.0%至1.76亿元；公司的 毛利率却从去年同期的 47%下滑至41% 。 更值得关注的是，微创机器人净亏损的大幅收窄，很大程度上依赖于对费用的强力压缩，尤其是研发成 本。公司研发成本由去年同期的1.64亿元人民币大幅削减46.0%至8860万元。公司解释称，此举是因核 心产品已取得阶段性成果，资源更聚焦于商业化产品的迭代。但对于一家身处高强度技术迭代赛道的企 业而言，研发投入的大幅收缩并不寻常。 与此同时，微创机器人上半年销售及营销开支同比下降12.8%至8040万元，行政开支更是同比下降 40.0%至1810万元 。医药研究员陈星对智通财经记者表示，"虽然费用控制体现了微创机器人运营效率 的提升，但结合毛利率的下滑，反映了产品组合中毛利率较低的产品销售占比提升，同时供应链成本压 力未能有效传导"。 尽 ...

最新披露财报显示，微创机器人上半年营业收入同比增长77.0%至1.76亿元；归母净亏损同比大幅收窄 59%至1.13亿元。财报发布后，公司人股价一度大跌。要知道，在收入快速增长，亏损逐渐收窄的背景 下，公司股价今年累计涨幅达171%，推动其市销率高达72倍。 智通财经记者注意到，微创机器人毛利率从去年同期的47%下滑至41%，主力外科手术机器人产品仍面 临不断升级的竞争。另外，公司虽然亏损大幅收窄，但并非源于内生性造血能力的提升，而是在很大程 度上依赖于对研发及销售费用的"节流"。 与此同时，微创机器人上半年销售及营销开支同比下降12.8%至8040万元，行政开支更是同比下降 40.0%至1810万元 。医药研究员陈星对智通财经记者表示，"虽然费用控制体现了微创机器人运营效率 的提升，但结合毛利率的下滑，反映了产品组合中毛利率较低的产品销售占比提升，同时供应链成本压 力未能有效传导"。 投入端开始收缩 来源：智通财经 微创机器人2025年中报的核心财务指标仍"增收不增利"。得益于图迈腔镜手术机器人等核心产品在海内 外市场的商业化拓展，上半年该公司收入同比增长77.0%至1.76亿元；公司的 毛利率却从去年同期 ...

Core Viewpoint - The company, Jiadu Technology, has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to accelerate its globalization strategy and enhance its international brand influence and industry competitiveness [1][3]. Group 1: Company Overview - Jiadu Technology, established in 1992, focuses on the urban transportation sector, utilizing AI, big data, and digital twin technologies to drive the intelligent upgrade of urban traffic systems [2]. - The company has developed two main business systems: smart rail transit and smart urban transportation, positioning itself as a leading provider of intelligent urban transportation products and solutions [2]. Group 2: Technological Advancements - The application of AI in transportation is evolving from point optimization to holistic, intelligent decision-making, enhancing the efficiency and safety of urban road and rail systems [2]. - Jiadu Technology's core strategy revolves around "AI + Urban Transportation," leveraging self-developed AI models and big data to implement industrialization in both rail and urban transportation sectors [2]. Group 3: Globalization Strategy - The company is actively pursuing a global expansion strategy, with the H-share issuance being a critical step in its internationalization efforts [3]. - Jiadu Technology plans to expand into regions such as the Middle East and Southeast Asia through a dual approach of "technology licensing + capital cooperation," aiming to establish a smart city service network to meet the growing demand for intelligent upgrades in overseas rail transportation [3].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - Recent communications with overseas investors reveal a difference in perception compared to domestic investors, with overseas investors focusing more on the long-term global competitiveness of Chinese automotive companies rather than short-term domestic market fluctuations. They view investments in companies like BYD as a hedge against their local automotive industry [4][5]. - There is a strong interest from overseas investors in new technological trends within the Chinese automotive industry, particularly in smart driving and robotics. Positive feedback has been noted regarding the advanced driving assistance features from brands like Xpeng and Li Auto, suggesting potential valuation growth for companies with core technologies and global capabilities [5]. - The report suggests a positive outlook for strong automotive manufacturers capable of successful international expansion and component manufacturers with product and cost advantages [5]. Summary by Sections Overseas Investors - Overseas investors are more concerned with the long-term competitiveness and globalization strategies of Chinese automotive companies, particularly BYD, which is expected to maintain a market cap above 750 billion RMB unless there are significant changes in its global strategy [4]. Technological Trends - The report highlights the growing interest in smart driving technologies among overseas investors, who have provided positive feedback on the driving assistance technologies of brands like Xpeng and Li Auto. This trend is expected to create new valuation opportunities for companies with strong technological capabilities [5]. Investment Recommendations - The report recommends focusing on two main themes: technology and state-owned enterprise reform. Specific recommendations include: 1. Strong domestic manufacturers like BYD, Geely, and Xpeng [5]. 2. Companies aligned with the trend of smart technology, such as Jianghuai Automobile and Seres, with a focus on Li Auto, Kobot, Desay SV, and Jingwei Hirun [5]. 3. State-owned enterprise consolidations, recommending attention to SAIC Motor, Dongfeng Motor, and Changan Automobile [5]. 4. Component manufacturers with strong performance growth and overseas expansion capabilities, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is steadily advancing its globalization strategy, optimizing its production capacity both domestically and internationally. Key projects include the "50,000 spindles high-end ecological yarn spinning and dyeing project" in Vietnam and the "20,000 spindles high-quality wool yarn construction project" in Yinchuan, which are expected to enhance its global industrial layout [2][3]. - The company has initiated a "key customer strategy" to systematically manage high-value clients, aiming to understand their needs better and provide customized solutions, thereby establishing long-term stable partnerships [3]. - The financial performance shows a slight decrease in revenue for Q2 2025, with a revenue of 1.5 billion and a net profit of 170 million, both down by 0.4% year-on-year. However, for the first half of 2025, revenue was 2.6 billion, a slight decrease of 0.08%, while net profit increased by 1.7% to 270 million [1][4]. Financial Summary - The company forecasts revenues of 5.1 billion, 5.6 billion, and 6.2 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 440 million, 490 million, and 540 million [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 10, 9, and 9 times, respectively, indicating a stable valuation outlook [4][5]. - The company has a total market capitalization of approximately 4.6 billion, with a current price of 6.31 yuan per share [6][7].

Core Viewpoint - The company, Hailiang Co., is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international competitiveness [1][2]. Group 1: Global Strategy and Market Position - Hailiang Co. has established long-term stable business relationships with nearly 10,000 customers across over 130 countries and regions, leveraging its global production capacity and technological innovation [1][3]. - The company has become the largest and most competitive manufacturer of copper pipes and rods globally, with a strategic focus on global expansion through self-built and acquired production bases [2][3]. Group 2: Financial Performance - In the first half of 2025, Hailiang Co. achieved a total revenue of 444.76 billion yuan, a year-on-year increase of 1.17%, and a net profit attributable to shareholders of 7.11 billion yuan, up 15.03% [5][7]. - The company's overseas business revenue reached 186.37 billion yuan, reflecting a year-on-year growth of 13.2%, contributing to 41.9% of total revenue [3][5]. Group 3: Research and Development - Hailiang Co. has invested a total of 35.51 billion yuan in research and development over the past four and a half years, with a focus on product and process innovation [6][7]. - As of June 2025, the company holds 915 patents, including 150 invention patents, demonstrating its commitment to technological advancement [7]. Group 4: Asset Growth - The total assets of Hailiang Co. increased from 261.2 billion yuan at the end of 2020 to 473.8 billion yuan by June 2025, marking an increase of 212.6 billion yuan, or over 80% [1][6].

福耀玻璃 20250928 摘要 2008 年金融危机期间，福耀玻璃虽受浮法玻璃毛利率下滑和减值影响， 净利润下滑，但整体财务表现稳健，售后市场保持增长，毛利率稳定。 公司完成了垂直一体化布局，聚焦汽车玻璃主业，成为头部企业中唯一 专注于单一汽玻业务的企业。 2012-2019 年 SUV 周期内，福耀玻璃海外市场拓展进入放量阶段，财 务表现稳健，收入和毛利率持续增长。尽管 2019 年净利润同比下滑 30%，但主要受投资收益、Sam 整合亏损、汇兑收益下降等非经常性 因素影响。 福耀玻璃积极进行海外产能扩张，从依赖国内出口转变为全球化销售， 通过低成本优势占领海外市场，并建设海外工厂。美国工厂自 2016 年 投产以来，收入和盈利能力不断提升，本土化配套收入占比提高。 福耀玻璃国内市场份额维持在 60%以上，海外市场份额持续提升，从 2012 年的 7%增长到 2019 年的接近 16%。公司坚定推行全球化和国 际化战略，在北美市场采取正确的经营策略，提升自动化率和融入本土 文化。 在 SUV 周期（2012-2019 年），尽管国内汽车行业总量增速放缓，但福耀玻 璃在海外市场拓展方面进入实质性放量阶段。S ...

Group 1 - The company has announced a 2025 employee stock ownership plan targeting middle management and key personnel, with a total of up to 3 million shares and a fundraising amount not exceeding 16.32 million yuan, representing 0.76% of the current total share capital [1] - The company plans to establish a wholly-owned subsidiary in Japan with an investment of 10 million yuan (or equivalent foreign currency) to enhance its international competitiveness and deepen its presence in the Asia-Pacific market [1][3] - The employee stock ownership plan includes performance assessment indicators based on revenue growth, with targets of at least 20% for 2025 and 38% for 2026, reflecting the company's confidence in sustained high growth [1] Group 2 - The company operates in the seating industry, focusing on three main business segments: construction machinery and commercial vehicle seats, passenger vehicle seats, and aviation seats, utilizing a "vertical integration + horizontal collaboration" development model [2] - The passenger vehicle seat business has seen significant growth, with revenue reaching 521 million yuan in the first half of the year, a year-on-year increase of 59.65%, supported by over 1.07 million cumulative models [3] - The company is expanding its production base in various locations, including Wuhan, Chuzhou, Jinan, and Xiangtan, and has invested in Changsha Huacheng Automotive Parts Co., Ltd. to better serve local customers [3] Group 3 - The Japanese engineering machinery market is expected to grow steadily, with a projected revenue of 14.08 billion USD by 2030, and the company aims to leverage existing customer relationships to enter this market [4] - The growth in passenger vehicle seat sales, particularly in high-value new energy vehicle seats, is anticipated to drive profitability, while commercial vehicle and engineering machinery seat sales are expected to recover gradually [4][5] - The company is actively exploring new business opportunities in the low-altitude economy, collaborating with leading enterprises in the sector to leverage its expertise in lightweight materials and certification processes [5]

Core Viewpoint - The company, Hailan Home (600398.SH), plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand image [1] Group 1: Strategic Intent - The company aims to deepen its global strategic layout and accelerate the development of its overseas business [1] - The initiative is part of a broader effort to enhance the company's capital strength and support high-quality development [1] Group 2: Corporate Actions - The company convened its ninth board meeting on September 25, 2025, where it approved the proposal for issuing H-shares and listing on the Hong Kong Stock Exchange [1] - The company will consider the interests of existing shareholders and the conditions of domestic and international capital markets when determining the timing and window for the issuance and listing [1] Group 3: Timeline and Conditions - The resolution from the shareholders' meeting will be valid for 24 months, with the possibility of extension, during which the company will complete the issuance and listing [1]