EPS创健科技(03860)发布公告，于2026年2月12日，本公司(作为买方)与卖方(作为卖方)订立协议，本公 司有条件同意收购而卖方有条件同意出售销售股份(中国基因的1,623股普通股，占中国基因已发行股本 的 16.23%)，总现金代价为4300万港元。紧随完成后，本集团于中国基因的投资将于本集团的综合财务 报表内确认为于联营公司的投资。 于本公告日期，中国基因实益拥有华新约67.68%股权。华新乃中国基因的主要营运附属公司，为一家 在中国註册成立的公司，主要从事生物制药产品的内部研发、生产及销售。其产品专注于妇科生物制药 及基因细胞治疗领域，涉及干扰素及白细胞介素的应用。近年来，中国基因集团专注于生产及销售已成 为妇科医生首选药物的"辛复宁"。 于本公告日期，本集团暂无计划或意愿于可见将来进一步收购中国基因集团的股权。 鉴于通过医疗保健和生物制药生态系统中的集成价值链可能与中国基因集团产生的业务协同效应;收购 事项为一项策略投资机会，可令本集团扩大其在中国医疗保健及生物制药行业的市场参与度;及中国基 因集团因中国医疗保健及生物制药行业发展前景向好带来的绝佳机会录得的盈利纪录及其股息政策，预 计将在完成 ...

鉴于通过医疗保健和生物制药生态系统中的集成价值链可能与中国基因集团产生的业务协同效应;收购 事项为一项策略投资机会，可令本集团扩大其在中国医疗保健及生物制药行业的市场参与度;及中国基 因集团因中国医疗保健及生物制药行业发展前景向好带来的绝佳机会录得的盈利纪录及其股息政策，预 计将在完成后为本集团的整体财务业绩及长期发展做出积极贡献，董事会(不包括独立非执行董事，彼 等将于考虑独立财务顾问的意见后发表意见)认为，协议及其项下拟进行交易的条款乃按正常商业条款 订立，属公平合理，且符合本公司及股东的整体利益。 于本公告日期，本集团暂无计划或意愿于可见将来进一步收购中国基因集团的股权。 中国基因集团的主要业务，与本集团现有的医疗保健产品贸易、医疗器械租赁及提供专业受托研究机构 (CRO)服务主营业务相辅相成。董事会认为，收购事项为一次绝佳机遇，令本集团参与中国基因集团的 业务营运(在中国医疗保健及生物制药行业前景向好的形势下，其业务不断发展、收益颇丰且具有强劲 的增长前景)，并进一步探讨本集团与中国基因集团之间可能的潜在业务合作。尤其是，本集团可透过 其医疗保健产品贸易业务下的广泛销售网路，以收费方式协助分销中国基因 ...

Core Viewpoint - The company is committed to "large capacity refrigerators + commercial cold chain" and is accelerating its upstream and global market expansion while focusing on research and innovation for high-quality development [1] Business Overview - The company's main business includes the research, production, and sales of large capacity refrigerators (400L and above) and commercial display cabinets, establishing itself as a well-known ODM supplier in the home appliance industry [1] Subsidiary Developments - In 2024, the company will establish a new controlling subsidiary, Wuliang Intelligent, focusing on PCBA processing, electronic component support, and hardware/software design for controllers, covering various fields such as smart home appliances, industrial control, energy storage, charging piles, and automotive electronics [1] - In 2025, another controlling subsidiary, Shengbang Electric, will be added, primarily engaged in specialized components like refrigeration parts, piping parts, and metal structural components, with applications in home appliances and light commercial sectors [1] Strategic Goals - The company aims to leverage business synergy to achieve efficient upstream and downstream collaboration, enhancing its core competitiveness by 2026 [1] - The company plans to further expand into overseas markets and accelerate its globalization strategy through a combination of strengthening its main business, upstream collaboration, and international layout to continuously explore markets and enhance its competitive capabilities [1]

Financial Data and Key Metrics Changes - The reported fourth quarter earnings per share (EPS) was $0.49, a significant decrease from $4.36 in the fourth quarter of 2024, impacted by unfavorable mark-to-market timing differences and notable items related to pension plan settlements and integration costs [10][11] - Adjusted EPS for the fourth quarter was $1.99, down from $2.13 in the prior year, while adjusted segment earnings before interest and taxes (EBIT) rose to $756 million from $546 million year-over-year [11][14] - Net interest expense increased to $176 million compared to the previous year, reflecting the addition of Viterra [14] Business Line Data and Key Metrics Changes - In the soybean processing and refining segment, results improved due to higher processing and refining outcomes in Argentina and Brazil, despite lower results in North America [11] - The soft seed processing and refining segment saw higher results driven by better average processing margins and the addition of Viterra's assets [12] - Grain merchandising and milling segment results improved due to global wheat and barley performance, although lower results were noted in global corn and ocean freight [13] Market Data and Key Metrics Changes - The environment remains complex with geopolitical tensions and trade flow uncertainties affecting farmer and consumer behavior [9] - The company expects full year 2026 adjusted EPS in the range of $7.50-$8, reflecting limited forward visibility particularly regarding U.S. biofuel policy [9][18] Company Strategy and Development Direction - The company is focused on integrating Viterra to enhance operational efficiency and connectivity across its global platform, aiming to unlock synergies in origination, merchandising, processing, and distribution [5][6] - The strategic investment in large greenfield projects continues, navigating trade flows and geopolitical volatility while connecting farmers to market demand [8][20] - The company emphasizes continuous improvement and resilience, positioning itself to deliver value in various market environments [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexity of the current environment, with limited visibility on future conditions, particularly regarding biofuel policy [9][18] - The company remains optimistic about its capabilities to adapt and succeed, leveraging the integration of Viterra to enhance its market position [20][21] Other Important Information - The company generated over $1.7 billion in adjusted funds from operations, with approximately $1.25 billion of discretionary cash flow available after capital expenditures [14][15] - The adjusted return on invested capital (ROIC) was reported at 8.1%, with an adjusted leverage ratio of 1.9 times at the end of the fourth quarter [16] Q&A Session Summary Question: Impact of RVO on margins and guidance - Management indicated that current guidance does not factor in potential changes from the Renewable Volume Obligation (RVO), but improvements in U.S. curves suggest a positive outlook [24][25] Question: Earnings cadence for the year - The company anticipates a first half to second half earnings split of approximately 30/70, with a lighter first half compared to historical trends [27][28] Question: Clarification on guidance methodology - Management confirmed that the same approach to guidance based on forward curves was used, with adjustments for market conditions expected once the RVO is finalized [34][35] Question: Potential for crush margins to replicate past performance - Management acknowledged the potential for improved margins due to increased capacity and favorable biofuel policies, but refrained from making specific predictions [39][40] Question: Synergies from Viterra integration - The company expects to realize approximately $190 million in synergies in 2026, ahead of schedule, with a run rate of around $220 million by year-end [51][52] Question: EPS guidance and segment performance - Management provided a breakdown of expected EBIT contributions by segment, with soy processing and refining expected to account for about 50% of total EBIT [87][88]

Financial Data and Key Metrics Changes - The reported fourth quarter earnings per share (EPS) was $0.49, a significant decrease from $4.36 in the fourth quarter of 2024, impacted by unfavorable mark-to-market timing differences and notable items related to pension plan settlements and integration costs [8][9] - Adjusted EPS for the fourth quarter was $1.99, down from $2.13 in the prior year, while adjusted segment earnings before interest and taxes (EBIT) rose to $756 million from $546 million year-over-year [9][12] - Net interest expense increased to $176 million compared to the previous year, reflecting the addition of Viterra [12] Business Line Data and Key Metrics Changes - In the soybean processing and refining segment, results improved due to higher processing and refining outcomes in Argentina and Brazil, despite lower results in North America [9][10] - The soft seed processing and refining segment saw higher results driven by better processing margins and the addition of Viterra's assets [10] - Grain merchandising and milling segment results improved due to global wheat and barley performance, offset by lower results in corn and ocean freight [11] Market Data and Key Metrics Changes - The environment remains complex with geopolitical tensions and trade flow uncertainties affecting farmer and consumer behavior [7] - The company expects full year 2026 adjusted EPS in the range of $7.50-$8, reflecting limited forward visibility particularly regarding U.S. biofuel policy [7][16] Company Strategy and Development Direction - The completion of the Viterra combination is seen as a major milestone, enhancing connectivity and information flow across the organization, which is expected to unlock durable synergies over time [4][5] - The company is focused on navigating trade flows and geopolitical volatility while connecting farmers to end market demand across food, feed, and fuel [6] - Continuous improvement and portfolio optimization are emphasized as part of the company's transformation journey [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complex operating environment with limited visibility, particularly regarding U.S. biofuel policy, but expresses confidence in the company's ability to deliver value [7][19] - The company is optimistic about the capabilities built through the Viterra integration, which is expected to enhance customer service and risk management [18][19] Other Important Information - The company generated over $1.7 billion of adjusted funds from operations, with approximately $1.25 billion of discretionary cash flow available after capital expenditures [12][13] - The adjusted leverage ratio was 1.9 times at the end of the fourth quarter, reflecting the impact of acquisition debt from Viterra [14] Q&A Session Summary Question: Impact of RVO on margins and guidance - Management indicated that the outlook does not assume any changes from the Renewable Volume Obligation (RVO) but noted improvements in U.S. curves driven by RVO expectations [21][23] Question: Earnings cadence for the year - The company expects a first half to second half earnings split of approximately 30/70, with a lighter first half compared to typical seasonality [26][27] Question: Guidance methodology - The company confirmed that it uses the same approach for guidance based on forward curves and market conditions, without making speculative adjustments [33][34] Question: Synergies from Viterra integration - Management expects to realize about $190 million in synergies in 2026, ahead of schedule, with a run rate of approximately $220 million by year-end [50][51] Question: Biofuel policy and market opportunities - Management expressed optimism about the potential for biofuel policy to drive demand, although no significant contributions are included in the current forecast [94][96]

格隆汇2月4日丨瑞达期货(002961.SZ)在投资者互动平台表示，贵金属期货市场交易火爆对公司业绩会 有一定的影响；公司购买证券公司部分股权的事项尚需取得中国证券监督管理委员会等相关部门的批准 或核准，若顺利获批完成交易，双方将有效整合各自的业务资源，充分发挥协同效应，但公司的经营方 向不会发生重大改变。 ...

证券研究报告·公司点评报告·非银金融 指南针（300803） 2025 年年报点评：市场活跃+业务协同效应 释放，业绩稳健增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,529 | 2,146 | 2,898 | 4,083 | 5,602 | | 同比（%） | 37.37% | 40.39% | 35.02% | 40.89% | 37.22% | | 归母净利润（百万元） | 104 | 228 | 264 | 347 | 452 | | 同比（%） | 43.50% | 118.74% | 15.95% | 31.32% | 30.32% | | EPS-最新摊薄（元/股） | 0.17 | 0.37 | 0.43 | 0.57 | 0.74 | | P/E（现价&最新摊薄） | 723.81 | 330.91 | 285.39 | 217.32 | 166.76 | [Table_Tag] [ ...

公司持续扩大品牌推广及客户拓展力度，广告宣传及网络推广费用同比较大幅度增长，新增注册及付费 用户数量同比亦有较大幅度增长。2025年，公司金融信息服务收入同比+27.5%至15 亿元，公司销售商 品、提供劳务收到的现金18 亿元，同比+17%，我们预计公司于2025 年第一季度及第四季度集中营销高 端版本私享家版软件，第二季度至第三季度集中营销中端系列产品。 券商端：经纪及自营业务仍在快速发展。2025 年全年，①麦高证券经纪业务手续费净收入同比+110% 至4.87 亿元，客户规模稳定增长，公司代理买卖证券款较2024 年年末+53%至101 亿元。②麦高证券的 利息净收入同比+33%至1.01 亿元。③麦高证券投资收益同比+12%至1.60 亿元，主要系证券自营业务形 成的投资收益；指南针投资收益同比+54%至2.29 亿元，其中先锋基金公允价值重估计入6554 万元； 2025 年12 月末，指南针交易性金融资产较2025 年初的9.30 亿元增加至22 亿元。 ④麦高证券的证券承销及财务顾问业务有序展业，并取得一定收入；投研业务已按计划规范推进；资管 业务已完成验收并适度展业，相关工作进展顺利。 事件 ...

Core Viewpoint - UBS reports that J&T Express (01519) and SF Express (002352) announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Strategic Collaboration - The proposed transaction aims to deepen business cooperation between the two companies, with UBS believing there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia as an initial key market [1] - Establishing a solid end logistics network overseas is seen as a crucial final piece, with J&T's strong influence in Southeast Asia (over 30% market share by parcel volume) potentially being the solution [1] Group 2: Market Opportunities - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's stable non-e-commerce customer base provides an opportunity for J&T Express [1] - UBS does not rule out further synergies in operations within China through shared capacity, and the collaboration may extend beyond Asia [1] Group 3: Global Expansion - J&T Express has rapidly developed its business in Latin America and the Middle East and is considering the possibility of exploring the European and American markets together with SF Express [1]

Core Viewpoint - UBS reports that J&T Express (01519) and SF Express (06936) announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Business Cooperation - The proposed transaction aims to deepen business cooperation between the two companies, with UBS believing there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia as an initial key market [1] - Establishing a solid end logistics network overseas is seen as a crucial piece of the puzzle, and J&T's strong influence in Southeast Asia (over 30% market share by parcel volume) may provide the solution [1] Group 2: Market Opportunities - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's stable non-e-commerce customer base presents an opportunity for J&T Express [1] - UBS does not rule out further synergies from shared capacity in operations within China, and the collaboration may extend beyond Asia [1] - J&T Express has rapidly developed its business in Latin America and the Middle East and is considering potential expansion into the European and American markets with SF Express [1]