2025年4月28日，中国高性能户外服饰品牌伯希和（Pelliot）正式向港交所递交招股书，拟主板挂牌上 市，联席保荐人为中金公司和中信证券。若成功上市，伯希和或成为"中国高性能户外生活方式第一 股"。 与此同时，伯希和的增长引擎高度依赖爆款产品。2022-2024年累计售出380万件冲锋衣，贡献超80%收 入的经典系列成为品牌基石。其核心竞争力在于，其一，技术壁垒。自主研发的STORM BREATH防水 透湿科技、与Polartec等国际面料供应商合作，确保产品性能对标国际品牌。其二，场景适配。"三合 一"设计兼顾户外专业性与城市通勤需求，轻量化技术拓展跑步、骑行等细分场景。其三，成本优化。 规模效应下，75D涤纶丝采购成本下降5.2%，销售成本占比从45.7%降至40.4%。 港股IPO复苏与户外赛道结构性红利 2025年的香港资本市场呈现出显著的复苏态势。一季度新增51家上市申请，融资规模同比增长287%， 蜜雪冰城、古茗等消费企业的火爆认购进一步点燃市场信心。这一现象的背后，是多重因素的叠加：其 一，政策驱动。港交所通过缩短审批周期（从61天降至28天）、降低特专科技企业上市门槛等措施，提 升了市场效 ...

点击招商研究小程序查看PDF报告原文 投资建议： 华大九天是国内EDA龙头企业，有望受益于EDA国产替代趋势，已实现7大领域4个全 流程布局，公司拟收购芯和半导体进一步完善向系统级EDA产品布局。最新预计公司2025-2027 年营收为 亿元，考虑到股票激励在2025-2027年需持续摊销费用，对于表观利润水平持续有影 响，对应归母净利润为 亿元，对应EPS为 元，对应PE为 倍， " "投资评级。 风险提示： 技术创新、产品升级的风险；市场竞争风险；股票减持对股价冲击的风险；税收优惠及 政府补助政策风险；国际局势风险。 华大九天25Q1营收2.34亿元，同比+9.8%/环比-51.1%，归母净利润971万元。结合公司2024年 报和2025年一季报信息，点评如下： 2024年扣除股份支付费用后归母净利润同比仍实现高速增长。 1）2024：营收12.22亿元，同比 +20.98%，其中预计数字电路设计和晶圆制造相关EDA增速明显高于公司及行业平均增速，毛利率 93.31%，同比-0.47pct，净利率8.96%，同比-10.91pcts，归母净利润1.09亿元，同 比-45.46%，预计全年股份支付费用约1. ...

BRC (BRCC) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Matt McGinley - VP - IRChris Mondzelewski - CEOStephen Kadenacy - CFOSarang Vora - Equity ResearchMartin Mitela - Senior Equity Research AssociateDaniel Biolsi - Managing Director Conference Call Participants Michael Baker - Managing Director, Senior Research AnalystNone - AnalystGeorge Kelly - Managing Director, Senior Research Analyst Operator Welcome to Black Rifle Coffee Company First Quarter twenty twenty five Earnings Confe ...

（原标题：安踏全球化方法论十八条） 01 06 安踏集团的国际化分为三个阶段，不同阶段，安踏获得了不同的全球化能力。安踏全球化起步是从2009 年获得国际品牌斐乐在国内的商标运营权（FILA）开始的。对斐乐的成功运营，证明了安踏拥有在国 内市场运营国际品牌的能力。 02 之后，安踏集团开始在全球市场上寻找品牌，并陆续收购迪桑特、可隆等品牌，也逐渐形成了在全球的 多品牌运营能力。其中最知名的是对芬兰体育集团亚玛芬的收购和成功运营。并购和运营的成功至少向 全球市场证明了三件事：第一，安踏有全球市场多元化的管理能力；第二，安踏有全球化资源配置能 力；第三，安踏有全球市场品牌的运营能力。这是安踏全球化的第二步。 03 对于收购来的品牌，安踏集团会根据情况调整管理团队，并用集团的基座能力为品牌赋能。这种基座能 力包括：渠道、物流、生产、营销、数字化等。其中也包括安踏近年力推的DTC（DirecttoConsumer直 面消费者）模式，这个模式建立在安踏对国内市场渠道、市场理解的基础上，也离不开数字化工具的支 撑，是安踏这家企业效率和理念的一种"外化"。这种中国企业反向赋能海外品牌的案例在近年的出海中 屡见不鲜，本质是中 ...

Financial Data and Key Metrics Changes - In Q1 2025, Tarsus Pharmaceuticals generated over $78 million in Xtendi sales, a year-over-year increase of 217%, driven by approximately 72,000 bottles dispensed to patients [4][20] - The gross to net discount was approximately 47%, reflecting strong coverage and an adjustment to Medicare accrual estimates [20][21] - Total operating expenses were approximately $104.6 million, an increase of $14 million compared to Q4 2024, primarily due to direct-to-consumer advertising and related marketing costs [21][22] - The company ended the quarter with approximately $407.9 million in cash and cash equivalents, bolstered by a recent equity raise of approximately $135 million [23] Business Line Data and Key Metrics Changes - Xtendi's sales growth was driven by an expanded sales force and increased prescribing frequency among eye care professionals (ECPs), with a 110% increase in ECPs writing more than one prescription per week compared to Q3 2024 [13][14] - The company anticipates dispensing between 85,000 to 90,000 bottles in Q2 2025, with a gross to net discount expected in the range of 45% to 47% [25] Market Data and Key Metrics Changes - The company reported that over 90% of commercial and Medicare lives are covered, significantly reducing barriers to physician adoption [15][20] - The DTC campaign has led to a 140% increase in average weekly website visits in March 2025 compared to December 2024 [15][18] Company Strategy and Development Direction - Tarsus aims to establish itself as a leader in eye care by creating new categories of treatment, with a focus on Xtendi and the upcoming Xembi launch [4][11] - The company is exploring global opportunities for Xtendi, particularly in Japan and Europe, with potential regulatory approval in Europe expected by 2027 [7][8] - Tarsus is also advancing its pipeline with TPO4 for ocular rosacea, targeting a significant and underserved market [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Xtendi, citing strong sales force performance and effective DTC campaigns as key drivers [19][26] - The company anticipates continued revenue growth, despite potential headwinds in Q3 due to seasonal factors, with stronger growth expected in Q4 [25][26] Other Important Information - The company has a proven blueprint for success and is well-positioned for sustained revenue growth in the coming years [11][26] - Management highlighted the importance of patient education and awareness as critical components of their growth strategy [78] Q&A Session Summary Question: Have there been any disruptions in meeting with the FDA regarding pipeline products? - Management confirmed there have been no delays in meeting schedules and they are on track to start trials in the second half of the year [30][31] Question: What is the current split between Medicare and commercial prescriptions? - The script volume is currently split relatively equally between Medicare and commercial prescriptions, with Medicare coverage acting as a significant growth driver [33][34] Question: What are the key drivers for repeat prescribing? - Key drivers include an expanded sales force and improved coverage, which have led to increased frequency of prescribing among doctors [38][40] Question: How is the feedback from the ORION Registry and MGD data being received? - Doctors are responding positively to the new data, which is prompting them to diagnose more patients and consider a broader range of conditions [54] Question: What are the potential factors affecting future guidance? - Factors include the impact of the DTC campaign and macroeconomic events, which may affect visibility for long-range guidance [63] Question: What is the expected level of stocking in the channel? - The company does not anticipate changes in stocking levels, which have remained consistent at around two to two and a half weeks [66]

Core Viewpoint - The Walt Disney Company is positioned for growth with a focus on profitability in its direct-to-consumer streaming services, while also implementing significant cost-cutting measures and enhancing the quality of its content [2][3]. Group 1: Financial Performance and Projections - Disney's current stock price is $90.18, with a price target of $123.75, indicating a potential upside of 37.23% based on analyst ratings [7]. - The company has a P/E ratio of 29.37 and a forward P/E of 16.46, significantly lower than its historical average of 46.58 [1]. - The direct-to-consumer (DTC) segment experienced a 95% year-over-year growth in operating profits in FQ1 2025, despite previous losses [7]. Group 2: Strategic Initiatives - Disney has enacted a $5 billion cost-cutting plan aimed at streamlining services and content, which includes reducing the number of shows and movies produced to focus on quality [2][3]. - The company is shifting towards more cost-effective animated series, which can be produced at a fraction of the cost of live-action series, with costs ranging from $7.5 million to $20 million compared to $150 million to $200 million for live-action [5][6]. Group 3: Content and Franchise Development - Upcoming titles in the Marvel Cinematic Universe for Disney+ include "Daredevil: Born Again," "Ironheart," and "Marvel Zombies," which are expected to drive viewership and revenue [5]. - Disney has a lineup of anticipated blockbuster films for 2025, including "Zootopia 2" and "Avatar: Fire and Ash," which are expected to contribute significantly to revenue [7]. Group 4: Experiences Segment - The Experiences segment, including theme parks, generated $1.5 billion in profits, offsetting losses from the DTC segment, and is set to ramp up with $8 billion in capital expenditures [8]. - Major expansion projects in theme parks are underway, focusing on popular franchises and intellectual properties [9]. Group 5: Competitive Landscape - Disney faces competition from various streaming services and studios, including Comcast and Netflix, as well as new theme park developments from competitors [11].

战略主轴升级，构建国际化运营体系和能力。面对国内经济下行、消费疲软、行业饱和内卷以及竞争对 手全球布局速度加快等挑战，公司加速全球布局，将三大战略主轴（产品驱动、效率增长、数智升级） 调整为四大战略主轴（产品驱动、效率增长、数智升级、全球运营）。产品驱动方面，公司在巩固燃 热、空气能等品类的既有优势外，加速补齐油烟机、灶具、净水和洗碗机等产品线，刷新273 个新品， 荣获国内29 项设计大奖，全面提升产品形象，推动中高端产品销量达163 万台，实现产品结构提升。效 率增长方面，公司以终端和零售为主，推行DTC 变革，坚持以销定产、积极改善产品结构、提升渠道 效率、互联网手段提升用户运营，推动零售转型，存销比、超期比例、呆滞库存、生产交付率、订单全 周期、下线直发率、物流费用等关键效率指标取得突破。数智升级方面，公司以用户为中心，积极推 动"硬件+软件+内容+服务"的融合，推进业务数智化；依托消费互联网和工业互联网，利用"产品 +AIoT+内容+服务"的业务模式，逐步实现"智能单品-智能套系-智能化场景-智能化生态空间"的智能化 演进；通过"精益化推进、自动化导入、数字化应用"三者相融合，实现"智能设备-数字化 ...

Barclays analyst Paul Kearney on Monday initiated coverage on the shares of Gildan Activewear Inc GIL and announced a price forecast of $51.The analyst initiated coverage on Macy’s Inc M and Columbia Sportswear Co COLM with an Equal Weight rating and announced a price forecast of $12 and $64, respectively.Kearney also initiated coverage on the shares of Carter’s Inc CRI and Kohls Corp KSS with an Underweight rating and announced a price forecast of $25 and $4, respectively.While the analyst acknowledges the ...

在半导体制造的早期阶段，芯片制造主要遵循从电路设计到生产制造的单向线性流程。各个关键步骤间 的信息传递和交接方法相对简单直接。例如，物理设计、掩膜合成、掩膜板写入、光刻优化、工艺优 化、检测与量测以及最终对封装芯片进行测试等各个环节相对独立，信息交流非常有限，数据的互联互 通机制并未建立。大约自2000年开始，随着技术节点向更小尺寸演进和光刻技术的发展，芯片制造工艺 变得越来越复杂，同时器件设计与制造工艺的耦合效应也显著增强。在此背景下，设计与制造协同优化 （DTCO）理念应运而生，开始逐渐受到关注。DTCO突破传统单向流程局限，不仅涵盖了单元布局的 共同优化，还发展出了包括面向制造的设计（DFM），面向测试的设计（DFT）在内的多种方法和工 具，实现了设计端与制造端的深度融合。到今天，DTCO已经成为芯片制造的核心技术之一，被台积电 （TSMC），三星（Samsung）等先进芯片制造厂商广泛应用，以加速工艺升级并提高新产品良率。 东方晶源的创始团队早在DFM和DTCO概念萌芽期，便开始了与全球顶尖芯片制造商及设备供应商的技 术合作，并在这些领域的技术研发和应用上积累了丰富的跨领域研发经验。因此，2014年公 ...

Ermenegildo Zegna N.V. (NYSE:ZGN) Q1 2025 Earnings Conference Call April 24, 2025 8:00 AM ET Company Participants Paola Durante - Chief of External Relations Gianluca Tagliabue - COO & CFO Conference Call Participants Oliver Chen - TD Cowen Chris Huang - UBS Anthony Charchafji - BNP Paribas Natasha Banoori - Morgan Stanley Daria Nasledysheva - Bank of America Merrill Lynch Louise Singlehurst - Goldman Sachs Group Operator Good afternoon. Good morning, everyone. Thank you for joining the Ermenegildo Zegna Gr ...