【环球网财经综合报道】2026年1月3日，i茅台发布公告，为满足更多用户需求，自1月4日至春节前，小 茅将每人每日可购买的飞天53%vol 500ml贵州茅台酒（2026）最大数量调整为6瓶。此前，每人每日最大 可购买量为12瓶。 韩联社近日发文称，茅台为了防止投机，通过其应用程序"i茅台"发布了热门产品53度、500毫升的飞天茅 台，这是茅台自2022年推出"i茅台"应用程序以来首次在其上销售核心产品53度500毫升飞天茅台。 报道还提到，中国高端白酒企业开始在其应用程序上，以出厂价向消费者直销主力产品，从市场反应来 看，通过"i茅台"应用程序发布的飞天茅台受到极大欢迎。虽然制造年份和购买渠道有所不同，但从通常 在中国市场超过2000元的飞天茅台零售价来看，1499元对于消费者来说算是相当大的折扣；且通过公司自 营应用程序销售，不存在假货问题。 另有中国市场分析师认为，通过应用程序以"合理价格"销售，将有助于茅台业绩复苏。预计短期内，金额 达每瓶330元的建议零售价与出厂价之差，将直接反映到贵州茅台的营业收入和营业利润中。 ...

指数表现上，港股早盘高开后震荡回落，收盘小幅走低。截至收盘，恒生指数报25774.14点，下跌27.63 点，跌幅0.11%。 今日（12月23日），港股市场呈现高开低走态势，核心指数震荡下行至收盘微跌。板块方面呈现结构性 分化，黄金、风电等避险及高景气赛道领涨，科技股多数走弱；当日上市新股表现两极分化，AI赛道 新股受追捧暴涨，另有新股跌破发行价；南向资金延续净流入态势，为市场提供一定支撑。 恒生科技指数表现较弱，收报5488.89点，下跌37.94点，跌幅0.69%。 不过，另一只新股翰思艾泰-B（HK03378）则走势疲软，发售价32港元，收盘跌幅超46%，报收于每股 17.2港元。机构分析指出，当前港股新股收益集中于少数高景气赛道优质个股，凸显精选标的重要性。 成分股中涨跌分化明显，恒生指数成分股里，石药集团（HK01093）、康师傅控股（HK00322）、华润 电力（HK00836）涨幅居前；快手-W（HK01024）、腾讯控股（HK00700）、中国联通（HK00762） 则跌幅靠前。 板块行情呈现结构性特征，多个细分赛道表现活跃。受国际金价创历史新高带动，黄金股延续涨势，山 东黄金涨近5%，佳鑫 ...

百亿体量的中山纸巾之王，高管阵容变换。 12月11日，中顺洁柔公告称，因公司战略发展需要，刘鹏申请辞去总裁一职。辞职后，刘仍担任董事 长、提名委员会委员等职务。 同日，公司召开董事会，审议通过聘任高波为公司总裁。 邓颖忠对部下依旧大方。 接任者高波，出生于1977年，审计出身。公告显示，其先后在惠而浦、美卓中国、永辉超市等，担任审 计主管、内控总监等职务。 上任总裁前，高波于2021年5月至2024年2月，任中顺洁柔审计部负责人，后担任财务总监。2024年，他 的年薪为168.41万元。2025年11月起，其任公司董事。 "刘鹏董事长主要负责公司新品类、新业务的拓展，高波上任总裁后主管内部管理效能提升。"中顺洁柔 投资者关系部门回复《21CBR》记者。 这家总部位于广东中山的纸业龙头，正处于业绩复苏的关键时点。 创始人邓颖忠现年74岁，1999年成立中顺洁柔前身"中顺纸业"，2010年带队A股上市，现与恒安、维 达、金红叶并称中国生活用纸行业"四巨头"。 企业管理上，他选择"去家族化"，让贤职业经理人，自己留任董事，2025胡润百富榜上，其身家为70亿 元。 2021年4月，邓辞去中顺洁柔董事长，由刘鹏接任。 ...

文 | 单烁 2025年12月4日，华熙生物在上证路演平台召开2025年第三季度业绩说明会。投资者向公司董事长兼总经理赵燕发出提问："今天此时股价已经跌破了发行 价，公司有什么措施扭转跌势吗？" 股价破发，机构持续撤离 图片来源：上证路演平台 这位曾被誉为"玻尿酸女王"的企业家称，管理层高度重视股价跌破发行价的问题，她将近期股价波动归因于行业政策、市场情绪及资金偏好等多重因素共同 作用。 2019年11月6日，华熙生物以47.79元的发行价在科创板上市。 东方财富网显示，上市后公司股价最高达到312.99元/股，市值峰值超过1400亿元。 然而截至2025年12月4日收盘，华熙生物股价报收45.57元，击穿发行价，公司市值已缩水至约220亿元，较高点蒸发近1200亿元。 另外值得注意的是，四季度以来，部分机构也开始出现持续减持。据华熙生物11月5日发布的《华熙生物科技股份有限公司股东减持股份计划公告》，公司 第二大股东国寿成达在2024年10月至2025年1月减持1.14%股份后，于2025年11月再次计划减持不超过2%的公司股份。 而据华熙生物三季度财报，2025年第三季度易方达上证科创板50ETF减持华熙 ...

Core Insights - The company reported a revenue of HKD 131 million for the six months ending September 30, 2025, representing a year-on-year increase of 32.2% [1] - The net profit reached HKD 9.283 million, a significant turnaround from a loss of HKD 16.629 million in the same period last year [1] - Basic earnings per share were HKD 0.0081, indicating a recovery in financial performance [1] Revenue Growth - The increase in revenue was primarily attributed to the gradual recovery of Chinese restaurants and the operation of new tea restaurants [1] - The successful implementation of new restaurant concepts contributed to the revenue growth [1] Profitability Improvement - The company achieved profitability due to revenue growth combined with effective cost control measures [1] - There was a successful reduction in employee compensation and property rental expenses while maintaining a stable food cost ratio [1] - The operational efficiency improvements played a significant role in the company's recovery from the previous year's losses [1]

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to experience a second round of valuation recovery and further earnings revival by 2026, driven by a rebound in the fundamental outlook and significant valuation discounts [1] Long-term Investment Directions - Technology sector, including AI-related sub-sectors and consumer electronics [1] - Healthcare sector, particularly biotechnology [1] - Resource products benefiting from rising overseas inflation expectations and de-dollarization, including non-ferrous metals and rare earths [1] - Consumer staples sector, which is relatively stagnant and undervalued, is expected to see valuation recovery [1] - Paper and aviation sectors benefiting from the appreciation of the Renminbi [1]

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to experience a second round of valuation recovery and further earnings revival by 2026, driven by a rebound in the fundamental outlook and significant valuation discounts [1] Long-term Investment Directions - Technology sector, including AI-related sub-sectors and consumer electronics [1] - Healthcare sector, particularly biotechnology [1] - Resource products benefiting from rising overseas inflation expectations and de-dollarization, including non-ferrous metals and rare earths [1] - Essential consumer goods sector, which is relatively undervalued and expected to see valuation recovery as the domestic economy further recovers [1] - Paper and aviation sectors benefiting from the appreciation of the Renminbi [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to see a bottoming out of its fundamentals in 2025, with an anticipated recovery in 2026 and an improvement in valuation. Short-term challenges include old factory utilization rates, order adjustments, and the impact of new factory production in H2, which are expected to continue to pressure net profit margins. However, a stable tax rate and recent efficiency improvements are expected to support a recovery in Q3 net profit margins. In the medium term, stabilization from existing customers and growth from new customers are anticipated to drive a new growth cycle, supported by proactive capacity expansion and an improved industry landscape, which should enhance profitability and valuation [2][4][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 186.8 billion yuan, a year-on-year increase of 6.7%, while net profit attributable to the parent company was 24.4 billion yuan, a decrease of 14.3%. In Q3 alone, revenue was 60.2 billion yuan, a slight decline of 0.3% year-on-year, and net profit was 7.6 billion yuan, down 20.7% year-on-year [4][10]. - The Q3 gross profit margin improved by 1.1 percentage points quarter-on-quarter but decreased by 4.8 percentage points year-on-year to 22.2%. The net profit margin attributable to the parent company was 12.7%, reflecting a quarter-on-quarter increase of 0.3 percentage points and a year-on-year decrease of 3.3 percentage points [10][4]. Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 33.6 billion yuan, 40.7 billion yuan, and 47.2 billion yuan, respectively, representing year-on-year changes of -12%, +21%, and +16%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 15 times, with a dividend payout ratio of 70%, leading to a forecasted dividend yield of 3.4% for 2025 [2][10].

Core Insights - The current bull market is driven more by liquidity and confidence rather than actual earnings growth, with future trends dependent on policy implementation and corporate profits catching up to valuations [4][3]. Group 1: Overview of Chinese Listed Companies - As of October 24, 2025, there are 8,070 Chinese companies listed globally, accounting for 70% of China's GDP, with a total market value of approximately 153 trillion RMB [3][8]. - The revenue growth for Chinese listed companies in the first half of 2025 was only 0.9%, while net profit increased by 3.9%, despite a 25% rise in total market value [3][11]. Group 2: Market Valuation Discrepancies - The market value growth of A-shares is 9.3 times the profit growth, significantly higher than the ratios for Hong Kong and U.S. listed companies [21][20]. - The A-share market has seen a total market value increase of 25% year-on-year, while profits have only grown by 2.6% [21][23]. Group 3: Industry Performance Analysis - Certain sectors like semiconductors and hardware have shown strong performance, with revenue and profit growth, while many others rely on market sentiment and liquidity [10][27]. - Industries such as defense and consumer retail have experienced revenue growth but at the cost of profit margins, indicating a trend of expanding scale without corresponding profit increases [28][29]. Group 4: Comparison with U.S. Markets - Chinese companies have a lower P/E ratio compared to U.S. companies, but their PEG ratio is significantly higher, indicating that Chinese stocks may be overvalued relative to their earnings growth [40][41]. - The average profit margin for U.S. companies is higher than that of Chinese companies, with U.S. firms showing a 13% profit growth compared to only 3.9% for Chinese firms [34][40]. Group 5: Future IPO Considerations - The current market conditions suggest a need for a shift in IPO standards, moving from strict profit requirements to a focus on growth potential and innovation [55][64]. - The trend of high-quality IPOs in China has not translated into strong post-listing performance, indicating a potential misalignment between market expectations and actual company growth [61][62].

Core Insights - The company is entering a phase of stable development with a continuous recovery in its main business profitability and an overall positive operational status [1][2] Financial Performance - In Q3 2025, the company achieved an operating revenue of 190 million, maintaining steady growth [1] - The net profit attributable to shareholders reached 38.27 million, with a net profit of 17.14 million after deducting non-recurring gains, marking a year-on-year increase of 102.25% [1] - For the first three quarters, the cumulative operating revenue was 572 million, with a net profit of 60.91 million, reflecting a year-on-year growth of 71.34% [1] - The net profit after excluding non-recurring gains was 46.56 million, showing a significant year-on-year increase of 119.63% [1] Asset Structure and Business Strategy - The company’s total asset scale remained stable as of September 30, 2025 [1] - There has been an increase in inventory and prepaid items, indicating the company's positive expectations for future market demand [1] Cash Flow and Investment Strategy - The company maintains a healthy level of operating cash flow, with strategic investments in mall upgrades and equity investments to support long-term development [2] - The stable shareholder structure and high ownership by the actual controller reflect management's confidence in the company's future [2] Market Outlook - The report indicates that the company has returned to a normal development track, with performance recovery driven by optimized operational strategies and improved efficiency [2] - With the ongoing recovery in the consumer market and continuous internal management improvements, the company is expected to maintain its positive growth momentum, providing stable and sustainable returns for investors [2]