2025年4月15日晚间，牧原股份（002714.SZ）发布公告称，拟发行境外上市外资股（H股）并在香港联 交所主板挂牌上市，成为继A股上市后资本市场布局的又一重要举措。此次H股发行规模预计不超过总 股本的8%（超额配售权行使前），并可能额外增发15%的股份，募集资金将用于推进国际化战略、研 发创新及公司运营等领域。公司表示将结合市场环境及监管审批进展择机推进，上市计划需获股东大会 及境内外监管部门批准，最终实施仍存不确定性。 此次赴港上市被视为牧原股份国际化战略的核心一环。2024年，公司已与越南BAF公司达成合作，输出 养猪技术及管理方案，并在东南亚市场积累经验。H股平台不仅可拓宽融资渠道，更利于对接国际资 本，强化全球资源整合能力。盘古智库研究员余丰慧指出，此举既能响应国家支持香港金融中心的政策 导向，也可通过技术输出提升国际竞争力。 行业周期与风险提示 现金流与财务结构双重改善 牧原股份的财务健康度显著提升，2024年经营活动现金流净额同比激增279.50%至375.43亿元，创历史 新高，资产负债率下降3.43个百分点至58.68%。这一优化得益于固定资产折旧（141.61亿元）首超资本 开支（12 ...

Summary of JinTian Co., Ltd. Conference Call Company Overview - JinTian Co., Ltd. reported a main business revenue of 112.99 billion yuan, a year-on-year increase of 11% [2][3] - The total sales volume of core materials reached 1.8144 million tons, consolidating its leading scale advantage [2][3] - The company occupies 9% of China's comprehensive copper processing material production, becoming the largest producer of copper and copper alloy new materials in the country [2][4] Key Points and Arguments Internationalization Strategy - JinTian has established 16 overseas subsidiaries in Germany, Japan, Thailand, and Vietnam, with overseas assets growing to 12.1 billion yuan, a 26% increase year-on-year [2][5] - Overseas sales reached 169,900 tons, a year-on-year increase of 20.58%, with overseas revenue averaging nearly three times the domestic revenue [2][5] - The company plans to increase the proportion of overseas revenue from approximately 10% to 20% in the coming years, significantly enhancing overall profit margins [3][12] Focus on Emerging Industries - The company is focusing on strategic emerging industries such as new energy vehicles and clean energy, with related product sales reaching 205,900 tons, a 13% year-on-year increase [2][6] - JinTian has become the world's first supplier of 1,000-volt drive motor wires, maintaining a competitive advantage in flat wire materials and import substitution capabilities [2][6] Recycling and Green Initiatives - JinTian is one of the largest users of recycled copper in China, establishing a comprehensive product matrix for recycled copper, including copper rods, electronic wires, and copper tubes [2][7] - The company has formed partnerships with world-class clients, with processing costs for recycled materials exceeding 10,000 yuan, three times higher than for primary materials [2][11] Product and Customer Upgrades - The company is upgrading its product offerings and eliminating low-margin customers to improve quality and efficiency [3][9] - In 2024, the company’s operational performance showed a significant recovery, with an increase in the proportion of exports exceeding 20% [3][9] Market Challenges and Responses - JinTian is monitoring the impact of the US-China tariff disputes on downstream industries, with new capacities in Vietnam and Thailand expected to alleviate some tariff pressures [3][15] - The company has ceased using materials sourced from the US, mitigating potential impacts from trade tensions [3][16] Future Development Directions - JinTian aims to transition from scale to quality improvement by 2025, focusing on internationalization and emerging strategic fields [2][8] - The company plans to enhance its sales, production, and procurement capabilities to provide good returns to investors [2][8] Financial Outlook - The company expects revenue and profit margins to improve in 2025, despite uncertainties from the US-China trade relations [3][14] - The overall profit and net profit are anticipated to steadily increase, even if production volume does not show significant growth [3][13] Additional Important Information - The company is actively expanding its production capacity in Vietnam and Thailand, with projects expected to contribute to output in 2026 [3][17] - The renewable energy sector, including photovoltaic and wind power, has seen a 9% year-on-year decline in sales, indicating a need for strategic adjustments [3][18] - JinTian's metal materials export ratio has decreased from over 50% to about 20%, with major export regions being Europe and Russia [3][27] This summary encapsulates the key insights from JinTian Co., Ltd.'s conference call, highlighting its strategic initiatives, market positioning, and financial outlook.

4月15日，国内生猪养殖行业龙头牧原股份（002714）发布系列公告，宣布拟发行H股股票并在香港联 合交易所上市。 公告显示，牧原股份本次发行的H股股数不超过本次发行后公司总股本的8%(超额配售权行使前)，并授 予整体协调人不超过前述发行的H股股数15%的超额配售权。公司将选择适当的时机和发行窗口完成本 次H股上市，具体发行时间将由股东大会授权董事会及其授权人士根据国际资本市场状况和境内外监管 部门审批、备案进展情况及其他相关情况决定。 今年以来，牧原股份持续探索海外业务，拓宽公司发展空间，而本次发行H股即是其出海战略的重要一 步。15日晚间公告中牧原股份也表示，本次募集资金将用于(包括但不限于)进一步推进国际化战略、研 发创新及公司运营等用途。 据此前公开信息，早在2024年，牧原就与越南本土养殖公司BAF达成合作协议，为其提供养猪技术服务 方案、硬件支持、人员培训等，致力于提升越南当地生猪养殖企业的养殖水平和管理能力。 近期牧原股份也曾披露，为推进公司国际化进程，支撑海外业务布局，子公司瑞谷国际农产有限公司投 资设立境外全资子公司越南牧原有限公司，主要经营业务为提供生猪养殖方面的技术服务、智能化养殖 设备 ...

Group 1 - The core point of the article is that Muyuan Foods has announced its plan to launch an IPO in Hong Kong, aiming to enhance its international strategy and expand future growth opportunities [1][3][5] - The company plans to issue H-shares not exceeding 8% of its total share capital post-issuance, with an overallotment option of up to 15% [1][3] - The funds raised from the IPO will be used to further advance the company's international strategy, research and development, and operational purposes [3][5] Group 2 - Muyuan Foods has been actively exploring overseas markets, particularly in Vietnam, where it has established a wholly-owned subsidiary and signed strategic cooperation agreements [2][4] - The company has a significant market presence in China, accounting for over 10% of the national pig output, and is shifting its operational strategy towards internal optimization [5] - In 2024, Muyuan Foods plans to slaughter approximately 71.6 million pigs, with projections for 2025 ranging from 72 million to 78 million [5] Group 3 - The demand for pork in Southeast Asia, particularly in Vietnam, is robust, with pork accounting for 62.1% of the total livestock meat production [6] - The population of Vietnam reached 100.3 million in 2023, indicating a strong market potential for pork products [6]

Core Viewpoint - The company reported its 2024 annual results, showing stable revenue growth and a slight increase in net profit, although the fourth quarter experienced declines in both revenue and net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 17.325 billion yuan, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year, meeting expectations [1] - For Q4 2024, the company recorded revenue of 4.14 billion yuan, a year-on-year decrease of 4.58% and a quarter-on-quarter decrease of 4.66%; net profit attributable to shareholders was 157 million yuan, down 46.07% year-on-year and 52.06% quarter-on-quarter [1] Group 2: Industry and Market Position - In 2024, China's industrial vehicle sales reached 1.2855 million units, a year-on-year increase of 9.52%, with domestic sales of 805,000 units (up 4.77%) and overseas sales of 480,500 units (up 18.53%) [2] - The company achieved main business revenue of 17.114 billion yuan, a year-on-year increase of 0.72%, with domestic revenue of 10.186 billion yuan (down 6.37%) and overseas revenue of 6.928 billion yuan (up 13.33%) [2] - The company sold 340,200 forklifts in 2024, a year-on-year increase of 16.53%, outperforming the industry growth rate, and its forklift market share increased to 26.5%, up 1.6 percentage points year-on-year [2] Group 3: R&D and Market Expansion - The company increased R&D and market expansion efforts, leading to a short-term rise in expense ratios; the gross margin was 23.46%, up 2.84 percentage points year-on-year, and the net margin was 8.66%, up 0.56 percentage points year-on-year [3] - The company invested in establishing provincial marketing companies and expanded its international marketing system, achieving a 34.08% year-on-year increase in complete machine exports, totaling 126,400 units [3] - The overseas business revenue accounted for nearly 40% of total revenue, with the company holding the number one market share in 34 overseas countries and regions [3] Group 4: Profit Forecast and Rating - The profit forecast for 2025-2027 has been lowered due to cost pressures from marketing channels and overseas center layouts, with expected net profits of 1.447 billion yuan, 1.601 billion yuan, and 1.782 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 10, 9, and 8 for 2025, 2026, and 2027, respectively, which is lower than the comparable company's PE of 13 [4] - The company maintains a "buy" rating, anticipating a recovery in domestic forklift demand and continued growth in non-U.S. markets [4]

Core Viewpoint - The company is a leading biopharmaceutical enterprise in China, specializing in the research, development, production, and sales of human vaccines, with a mission to create accessible and high-quality innovative vaccine products for global health [2][3]. Company Overview - The company has developed a comprehensive portfolio of vaccines, including the 13-valent pneumococcal conjugate vaccine and the HPV vaccine, maintaining a leading market share in China since their launch [3][4]. - The company has exported its vaccine products to 22 countries and regions, contributing significantly to public health both domestically and internationally [2]. Product Sales - In 2024, the company achieved sales revenue of 2.54 billion yuan from its self-developed vaccines, accounting for 90.10% of total revenue, despite increasing competition in the global vaccine market [7]. - The 13-valent pneumococcal conjugate vaccine continues to hold the top market share in China, while the dual-valent HPV vaccine focuses on government procurement projects to enhance accessibility for young girls [7]. Product Production and Approval - The company successfully produced and approved 24,639,153 doses of its vaccines in 2024, ensuring a stable market supply while balancing inventory and sales [8]. New Product Development and Registration - The company invested 24.82% of its revenue in R&D in 2024, focusing on innovative vaccine development through collaboration with academic institutions and research organizations [9]. - The company is advancing several vaccine candidates, including the mRNA vaccine for COVID-19 variants, which has completed necessary clinical trials and is in the process of registration [10][11]. Export and International Cooperation - The company achieved overseas business revenue of 570 million yuan in 2024, marking a 98% year-on-year increase, with significant exports to new markets such as Afghanistan and Burkina Faso [12]. - The company’s dual-valent HPV vaccine received WHO prequalification, enhancing its procurement eligibility for international organizations [13]. Industrialization and Management Improvement - The company completed the construction of its production expansion project and implemented a digital management system for its entire product line, enhancing operational efficiency [16]. - The company is optimizing its governance structure and internal controls to support sustainable development and risk management [18][19]. Financial Data and Shareholder Information - The company has completed share buybacks and capital reductions, enhancing shareholder returns without significantly impacting its operational capabilities [30][27].

Core Viewpoint - The report highlights the significant growth and strategic advancements of Sinovac Biotech in 2024, emphasizing its dual strategy of "innovation + internationalization" amidst increasing competition in the global pharmaceutical industry [1][5]. Financial Performance - In 2024, Sinovac Biotech achieved a revenue of 1.407 billion yuan, representing a year-on-year growth of 11.75% [1]. - The net profit attributable to shareholders was 31.48 million yuan, with a net profit of 35.25 million yuan after excluding non-recurring gains and losses [1]. R&D Innovation - Sinovac Biotech has transitioned to innovative drug development, with 14 projects in the pipeline, including 4 in clinical stages, focusing on antiviral, oncology, and autoimmune diseases [2]. - The GB18 project, targeting GDF-15 for cancer cachexia treatment, has completed international patent registration and shows promising preclinical data [2]. - The company is leveraging AI and computer-aided drug design (CADD) to enhance antibody molecule design and optimize drug efficacy [2][3]. International Expansion - Overseas revenue surpassed 200 million yuan in 2024, increasing its share of total revenue from 11% in 2023 to 16% [5]. - Sinovac Biotech has shifted from simple product exports to platform-based international collaborations, achieving over 15% sales growth in emerging markets [5]. - The approval of albumin-bound paclitaxel in the EU marks a significant milestone for the company, being the first domestic product to gain such approval [5]. Strategic Advantages - The company emphasizes speed in its international collaboration process, with the ability to submit product registration documents within a month of signing agreements [6]. - Sinovac Biotech provides comprehensive services in market insights, marketing, and risk management to empower its partners [6][7].

Core Viewpoint - Nantong Taihe Chemical Co., Ltd. (Taihe Co.) has successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market, with an issue price of 10.27 yuan per share and an opening price of 45.00 yuan per share, highlighting its strong market position and growth potential in the agricultural chemical sector [1] Group 1: Company Overview - Taihe Co. has over 20 years of experience in the agricultural chemical industry, establishing itself as a leader with core products such as Bacillus subtilis, Pyraclostrobin, and 2,4-D, dominating both production scale and technical capabilities [1][2] - The company has developed a complete industrial chain around its three core products, with subsidiaries leading in global production of Bacillus subtilis and 2,4-D, while maintaining a leading position in Pyraclostrobin production in China [2] Group 2: Innovation and Technology - Continuous investment in technology research and development has led to significant achievements, with Taihe Co. holding 363 patents as of June 30, 2024, including 73 overseas invention patents [3] - The company has introduced innovative products such as the new pesticide Cyhalofop-butyl and has established a comprehensive patent protection network, indicating strong future market potential [6] Group 3: Market Position and Strategy - Taihe Co. has been recognized as one of the top 25 companies in the agricultural chemical industry for four consecutive years, reflecting its strong market presence and competitive edge [5] - The company is strategically positioned within the global supply chain, collaborating with international giants like Syngenta and Dow, while focusing on original drug research and formulation sales [5] Group 4: Future Growth and Internationalization - The company aims to expand its business boundaries by transitioning from single product innovation to a product matrix innovation strategy, enhancing its market competitiveness [4][7] - Taihe Co. is committed to internationalization, adapting to global agricultural chemical trends and accelerating its international expansion to ensure sustainable business development [8]

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Core Viewpoint - Didi is re-entering the Brazilian food delivery market with its "99 Food" brand, aiming to provide a one-stop experience for local users and enhance its international business growth, which has shown significant order volume increases in recent quarters [2][18]. Group 1: International Expansion - Didi's international business has become a crucial growth engine, with a reported 10.16 billion orders in Q4 2024, marking a 29.8% year-on-year increase [2][18]. - The company has been expanding its international presence since acquiring the Brazilian ride-hailing platform "99" in 2018, which marked the beginning of its international strategy [4][17]. - Didi's international operations now cover 14 countries across Latin America, Asia-Pacific, and Africa, providing diverse services including ride-hailing, food delivery, and financial services [17][18]. Group 2: Market Dynamics in Brazil - The Brazilian food delivery market is dominated by iFood, which holds approximately 80% market share, presenting a significant challenge for Didi [5][8]. - Despite competition, the Brazilian market shows potential for growth, with only 30% of the population currently using food delivery services, compared to over 50% in China [8][10]. - The Brazilian food delivery market is projected to grow at an annual rate of 15-20%, with a total market size of 139 billion Brazilian Reais in 2023 [7][8]. Group 3: Operational Readiness - Didi has approximately 700,000 active riders in Brazil, covering over 3,300 towns, which provides a solid operational foundation for its food delivery services [10][12]. - The launch of the digital wallet "99Pay" supports various payment functions, facilitating a closed-loop payment system for food delivery orders [12][14]. - Didi's experience in Mexico, where it has successfully integrated multiple services, serves as a model for its operations in Brazil, indicating a higher level of preparedness for re-entering the market [14][15].