证券日报网讯 12月17日，中贝通信在互动平台回答投资者提问时表示，公司稳步推进国际化战略，坚 持国际国内同步协调发展的思路。目前海外业务涵盖中东、东南亚、非洲等地区，是多家海外运营商的 重要合作伙伴。 （文章来源：证券日报） ...

来源：新浪财经 近日，天赐材料发布公告，将2022年可转债募投项目"年产4.1万吨锂离子电池材料项目（一期）"完工 时间由原计划的2025年12月31日调整至2026年7月31日。 这是该项目第二次延期，距离首次延期仅一年多时间。此次延期涉及募集资金8.34亿元，占公司2022年 可转债募集资金净额的近四分之一。 天赐材料近期的财务数据呈现出业务扩张与经营压力并存的复杂图景。2025年前三季度，公司实现营收 108.43亿元，同比增长22.34%。归母净利润4.21亿元，同比增长24.33%。 分季度看，三季度单季归母净利润1.53亿元，同比增长达51.53%，明显高于上半年12.79%的增长率。这 样的增长势头部分得益于公司近来接连斩获的大额订单。 今年7月，天赐材料与楚能新能源达成合作，将在未来5年供应不低于55万吨电解液产品。9月又与瑞浦 兰钧正式签署合作协议，约定在2025年至2030年期间供应总量不低于80万吨的电解液产品。 三个月内，公司累计签订的长期供货协议总量达到135万吨。这些订单为公司中长期业绩增长提供了保 障。 然而，在营收增长的背后，天赐材料的盈利质量正在悄然下滑。公司2025年中报显 ...

Core Viewpoint - Longpan Technology (603906) is actively pursuing a capital increase plan to fund high-performance phosphate-based cathode material projects, indicating a strategic focus on expanding production capacity and enhancing competitiveness in a challenging market environment [1] Group 1: Capital Increase and Project Plans - The company announced a plan on August 21 to issue A-shares to specific investors, with the aim of raising funds for two major projects: an 110,000-ton high-performance phosphate-based cathode material project in Shandong and an 85,000-ton project in Hubei [1] Group 2: Cost Control and Supply Chain Strategy - To manage costs, the company is implementing a vertical integration strategy, including a 40,000-ton lithium carbonate smelting project in Yichun, Jiangxi, to secure raw material supply [1] - The company is also adopting a demand-driven procurement strategy to minimize inventory impairment risks [1] Group 3: Market Position and Strategy - The industry is currently at the bottom of the cycle, and the company plans to enhance its competitiveness through internationalization strategies and product differentiation [1]

（编辑 丛可心） 证券日报网讯 12月17日，王子新材在互动平台回答投资者提问时表示，公司在持续深耕国内市场的同 时，积极实施国际化的战略布局。随着公司泰国自建工业园区的建成与投产，以及越南子公司的成功设 立，公司将进一步优化海外资产结构，加大对东南亚等海外市场的资金投入力度，逐步实现产品、市场 与人才的国际化。未来公司将持续关注并顺应海外客户的相关需求，通过优质的产品与专业的服务，不 断提升公司在海外市场的影响力与竞争力。敬请投资者注意投资风险。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is a leading domestic manufacturer of artificial lenses and a technology-driven ophthalmic materials and optical platform company. Although the performance in Q3 2025 is under pressure due to the impact of medical insurance cost control, the recovery of the OK lens business and the steady progress of new product pipelines are expected to support long-term growth [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 358 million yuan, a year-on-year decrease of 8.17%, and a net profit attributable to shareholders of 77 million yuan, down 29.85% year-on-year. The decline in cataract surgery volume, influenced by national procurement and adjustments in medical insurance expenditure structures, has significantly pressured the company's performance [2]. Product Lines and Market Strategy - The OK lens business has shown double-digit year-on-year growth in Q3 2025, supported by strengthened sales channel construction and academic promotion. The new generation of OK lenses is expected to be launched in 2026, with industry-leading oxygen permeability [3]. - The high-end product pipeline is clear, with a continuous increase in the proportion of high-end products in the artificial lens sector. The company is also expanding its overseas market presence, leveraging product quality and performance to enhance growth quality and sustainability [4]. Profit Forecast and Valuation - Due to lower-than-expected volume growth in artificial lenses and declining factory prices for contact lenses, the revenue and profit forecasts for 2025-2027 have been adjusted. Expected revenues are 1.537 billion yuan in 2025, 1.894 billion yuan in 2026, and 2.275 billion yuan in 2027, with corresponding net profits of 396 million yuan, 492 million yuan, and 595 million yuan respectively. The company maintains a PE ratio of approximately 24 times for 2026, indicating potential growth driven by new products [5].

Core Viewpoint - Changchun High-tech's stock price surged by 3.77% following the announcement of a licensing agreement with Yarrow Bioscience, which includes a $120 million upfront payment and potential milestone payments totaling up to $1.365 billion [1][5]. Group 1: Licensing Agreement Details - The agreement involves Changchun High-tech's subsidiary, Shanghai Saizeng Medical Technology, which will receive a $120 million upfront payment, including a non-refundable $70 million [1][5]. - Saizeng Medical retains the rights to develop and commercialize the GenSci098 injection in China, while Yarrow gains exclusive global rights outside of China [3][5]. - The GenSci098 injection is a monoclonal antibody for treating thyroid-related diseases, with clinical trials already approved in China and the U.S. [3][5]. Group 2: Strategic Rationale - The choice of Yarrow, a new biotech company, over traditional multinational pharmaceutical companies was based on the potential for faster overseas development and commercialization [6][7]. - Changchun High-tech's strategy includes diversifying its product lines beyond growth hormones, with a focus on pediatric, women's health, and anti-aging products [8][9]. Group 3: Financial Performance and Future Outlook - In 2024, Changchun High-tech's revenue and net profit are projected to decline by 7.55% and 43.01%, respectively, primarily due to decreased sales of its short-acting growth hormone product [8][9]. - The company has increased its R&D investment by over 17% year-on-year, indicating a commitment to innovation and international expansion [8][9]. - Despite a significant increase in overseas sales for its subsidiary, the contribution to total revenue remains below 1%, highlighting the need for further international market development [9].

Core Viewpoint - The company, Kidswant, is attempting to break through its growth anxiety in the mother and baby retail industry by submitting a prospectus for an IPO on the Hong Kong Stock Exchange, aiming for dual listing to address the slowdown in its core business growth [2][3]. Group 1: Company Overview - Kidswant is a leading comprehensive service provider for parent-child family consumption in China, focusing on the sale and service of mother and baby products, including food, clothing, consumables, and durable goods [3]. - As of September 30, 2025, Kidswant operates 3,710 stores across all provincial administrative regions in mainland China, including 1,033 self-operated parent-child family stores and 174 self-operated technology hair care stores [3]. - The company ranks first in the Chinese mother and baby product market by GMV, holding a market share of 0.3% in 2024, with the market expected to reach 39,950 billion RMB by 2024 and grow at a CAGR of 3.4% from 2020 to 2024 [3]. Group 2: Recent Developments - In July 2025, Kidswant acquired Siyi Group, expanding its business into the scalp and hair care market, which is projected to reach 61.1 billion RMB by 2024, with a CAGR of 9.1% from 2020 to 2024 [4]. - The company has faced performance pressures in recent years, prompting a dual strategy of acquisitions and seeking financing through the Hong Kong IPO [7][10]. Group 3: Financial Performance - Kidswant's revenue has shown consistent growth since 2022, with 2022 revenue at 85.2 billion RMB and 2023 revenue at 87.5 billion RMB, reflecting a year-on-year growth of 2.73% [9]. - The company reported a net profit of 1.05 billion RMB in 2023, down from 1.22 billion RMB in 2022, but is expected to rebound to 1.81 billion RMB in 2024, marking a 72.4% increase from 2023 [9]. - The company plans to use the funds raised from the IPO for product innovation, expanding its sales and service network, strategic acquisitions, enhancing digital capabilities, and general corporate purposes [10].

12月11日，2025迪拜法兰克福汽配展，在迪拜世贸中心闭幕。 中国轮胎行业首家全球"灯塔工厂"——贵州轮胎，在展会上收获满满。 此次展会，该厂商携多款全新产品惊艳亮相，吸引不少外商洽谈。 展会上，贵州轮胎首次推出乘用车胎产品，涵盖UHP，HP，MT，RT及四季轮胎系列。 新产品针对中东地区特殊的气候和路况条件，进行了专项研发。 其具备耐高温、抗老化、抓地力强等特性，在燃油经济性上也有显著提升。 同时，新产品在湿地制动性能和行驶安全性方面，达到了行业领先水平。 目前，贵州轮胎拥有中国贵阳与越南龙江双基地协同运营优势。 该公司构建的营销网络，已辐射至全球140多个国家和地区。 此次亮相迪拜汽配展，是其深化中东市场布局、推进国际化战略的重要举措。 12月11日，2025迪拜法兰克福汽配展，在迪拜世贸中心闭幕。 中国轮胎行业首家全球"灯塔工厂"——贵州轮胎，在展会上收获满满。 此次展会，该厂商携多款全新产品惊艳亮相，吸引不少外商洽谈。 展会上，贵州轮胎首次推出乘用车胎产品，涵盖UHP，HP，MT，RT及四季轮胎系列。 新产品针对中东地区特殊的气候和路况条件，进行了专项研发。 其具备耐高温、抗老化、抓地力强等特性，在 ...

证券研究报告：电子 | 公司点评报告 个股表现 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 江丰电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 89.05 | | --- | --- | | 总股本/流通股本（亿股）2.65 | / 2.21 | | 总市值/流通市值（亿元）236 | / 197 | | 52 周内最高/最低价 | 114.52 / 63.77 | | 资产负债率(%) | 49.0% | | 市盈率 | 58.97 | | 第一大股东 | 姚力军 | 股票投资评级 买入 |维持 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com l 投资建议 我们预计公司 2025/2026/2027 年分别实现收入 45/57/74 亿元， 实现归母 ...

● 本报记者杨梓岩 11月下旬，牧原股份（002714）赴港上市迎来关键进展，中国证监会已对其出具境外发行上市备案通知 书，标志着其国际化战略迈出实质性一步。 在行业周期波动趋缓、竞争步入成本决胜的新阶段，牧原股份凭借持续下降的养殖成本与稳健增长的业 绩，展现出穿越周期的强大韧性。牧原股份董事会秘书秦军日前在接受中国证券报记者专访时表示，公 司正通过持续研发投入与降本增效，推动可持续发展，期待通过自身业务发展以及对行业技术、产业链 的贡献，助力行业高质量发展。 全球化价值重塑 对于牧原股份而言，此次赴港上市是公司面向长远全球化发展的重要战略落子。秦军明确表示，发行H 股主要是为未来五到十年的国际化拓展铺路。 根据备案通知书，牧原股份拟发行不超过5.46亿股境外上市普通股，于香港联交所主板上市。募集资金 将主要用于拓展全球商业版图及研发投入。 港股上市被视为牧原全球化战略的关键助推器。秦军指出，上市过程本身有助于公司开拓海外业务，两 者相辅相成。 近年来，牧原的出海步伐明显加快：2024年在越南设立子公司，并与当地农业企业BAF达成战略合作； 今年8月，与正大集团签署全球战略合作协议；9月末，进一步与BAF计划 ...