中化新网讯 近日，阿科玛宣布，已与印度普拉纳集团达成协议，拟出售其部分塑料添加剂业务。此项 交易是阿科玛优化产品组合、聚焦高附加值核心战略的一部分。 这些塑料添加剂主要用于提高聚氯乙烯型材、管道、包装及建筑和包装领域各种复合材料的抗冲击性， 并优化其挤出和成型工艺的生产效率。普拉纳集团是印度一家领先的特种化学品和复合材料生产商，此 次收购旨在拓展其产品组合和全球市场布局。 阿科玛表示，此次拟议的剥离完全符合其积极管理产品组合、专注于特种材料领域更具战略性和高附加 值业务的既定战略。公司目标是将资源集中于黏合剂解决方案、先进材料和涂料解决方案中更具韧性和 创新性的板块。该交易预计将于2026年第一季度完成。 根据协议，阿科玛将剥离其抗冲改性剂和加工助剂产品组合中的特定业务。具体包括甲基丙烯酸甲酯— 丁二烯—苯乙烯(MBS)共聚物的全球业务，以及丙烯酸共聚物(AIMPA)在欧洲和亚洲的业务。这些业务 隶属于阿科玛的涂料解决方案部门，在2024年创造了4400万欧元的销售额。作为交易的一部分，位于荷 兰弗利辛根、拥有约50名员工的生产基地也将转移给普拉纳集团。阿科玛将保留其位于美国莫比尔的工 厂以及所有的美洲AIM ...

Core Insights - Lululemon is facing pressure in the apparel sector, with a slight loss in high-performance apparel market share due to consumer trading down behavior [1][3] - The company is satisfied with its innovation pipeline, having updated its leisure series and launched successful high-performance products [1][3] - The goal for the upcoming spring season is to increase new product penetration to 35%, balancing innovation in high-performance categories and lifestyle products [1][3] Market Performance - The overall market for apparel continues to face challenges, with Lululemon maintaining market share in high-end sportswear but experiencing a decline in high-performance apparel [1][3] - Demand in the U.S. market for Q3 met expectations, with August performing best and October showing planned weakness [2][3] Product Strategy - The company plans to activate its product portfolio in Q1, focusing on enhancing new product penetration and maximizing exposure through omnichannel marketing [2] - New product lines will prioritize innovations in running, training, yoga, golf, and tennis, with a focus on high-performance materials [5][6] Financial Outlook - The company anticipates operational profit margin pressures due to higher tariff costs and the cancellation of de minimis regulations [2][6] - The estimated annual pressure from tariffs has been updated from 220 basis points to 190 basis points, with a net impact of approximately $210 million [16] International Market - The Chinese market continues to show strong growth, with Lululemon maintaining a low discount rate and successfully penetrating various city tiers [11] - The outerwear category in China has performed well, with positive consumer feedback on existing and new products [11] Leadership and Innovation - Leadership changes are not expected to impact the timeline or plans for new product launches in early 2026, with strong customer responses to new products [12] - The company is committed to balancing its core series strategy while driving growth and innovation in high-performance categories [7]

11月下旬，周大福发布了2026财年上半年业绩报告（即2025年4至9月业绩数据），周大福整体业绩呈稳健复苏态势，各市场同店销售也重拾增长，品牌向 高端转型初见成效，品牌在产品定价、渠道布局等多方面转变，对集团盈利能力提升持续产生正面效益。 一、整体业绩：营收减速下滑，企业降本增效稳定盈利能力 周大福珠宝集团自2024年开始，半年度营收持续下跌，2025财年（即2024年4月至2025年3月）总营收896亿港元，同比下跌17.5%。2025年4至9月，周大 福总营收达到390亿港元，同比下滑1.1%，营收下滑的速度明显放缓。 2025年4至9月，集团净利润与去年同期持平，净利润率为6.6%，集团毛利收入同比减少5亿港元，毛利率较去年同期下跌0.9个百分点。 此外，本次财报显示，周大福经营溢利达到68亿港元，同比上浮0.7%，净盈利率提升0.3个百分点。 企业面临营收下滑压力的同时，盈利能力仍较为稳定，由此可见，企业在成本管控及业务结构上具备一定优势。 2022财年至2026财年的销售及行政开支走势图显示，周大福持续降低销售成本并保证行政费用的长期稳定。2025年4至9月的销售及行政支出共计54.5亿港 元，同 ...

格隆汇11月30日丨ALCO HOLDINGS(00328.HK)公布中期业绩，截至2025年9月30日止六个月，公司收 益为6194.8万港元，同比增长24.67%；公司股东应占期内亏损为1941.7万港元，去年同期亏损2430.9万 港；基本每股亏损为0.17港仙。 回顾期内，就产品分类而言，自有品牌笔记型电脑的营业额增加25%至6100万港元。主要增长原因在于 期内电子产品的产品组合优化及定价策略。 于回顾期间，毛利率较去年同期由9%增加至10%。毛利率改善的主要原因是受由先前的自营来料加工 生产方式战略转型为更具成本效益的OEM/ODM生产模式影响，销货成本减少。 ...

Core Insights - In Q3 2025, Leap Motor reported revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 150 million yuan, with a gross margin of 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [1] - The company achieved a record vehicle delivery of 173,852 units in Q3, representing a year-on-year growth of 101.77% [1] Financial Performance - Q3 gross margin improved due to scale effects, cost control, product mix optimization, and other business income [1] - Cash flow from operating activities was 4.88 billion yuan, with free cash flow of 3.84 billion yuan, and total cash and equivalents amounted to 33.92 billion yuan, indicating ample liquidity [1] Sales and Delivery - Q3 vehicle deliveries reached 173,852 units, a 101.77% increase year-on-year and a 29.63% increase quarter-on-quarter [1] - In October, sales reached 70,289 units, a year-on-year increase of 84.11%, with the core model C10 exceeding 20,000 units in monthly sales [1] Research and Development - R&D expenses in Q3 were 1.21 billion yuan, a year-on-year increase of 55.4% and a quarter-on-quarter increase of 11.4%, driven by increased R&D investment and personnel expansion [1] - The company launched a new flagship D platform in October, featuring six key technologies [2] Global Expansion - Q3 exports totaled 17,397 units, with cumulative exports from January to September reaching 37,772 units [2] - The number of overseas terminal customer contracts in October increased by over 100% compared to September, with more than 700 overseas sales and service outlets established in various international markets by September 30, 2025 [2] Revenue Forecast - Revenue projections for 2025-2027 are 64 billion yuan, 102.4 billion yuan, and 131.1 billion yuan, reflecting year-on-year growth rates of 99%, 60%, and 28% respectively [2] - The current stock price corresponds to price-to-sales ratios of 1.02, 0.64, and 0.50 for 2025-2027 [2]

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Yuanyuan Group, highlighting that despite a decline in shipment volume due to a high base, product mix optimization has driven an increase in average selling price (ASP) and improved profit margins beyond expectations [1] Performance Summary - For the first three quarters of 2025, the company reported revenue of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit attributable to shareholders of $280 million, down 16.0%. Manufacturing business revenue was $4.23 billion, up 2.3%, with a net profit of $260 million, down 12.6%. Retail business revenue was $1.79 billion, down 7.9%, with a net profit of $2.367 million, down 50.3%. In Q3 2025, revenue was $1.96 billion, down 5.0%, and net profit was $110 million, down 27.0% [1][2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue increased by 2.3% to $4.23 billion, with shipment volume reaching 189 million pairs (up 1.3%). The ASP was $20.88 (up 3.2%). In Q3 2025, manufacturing revenue was $1.43 billion, down 4.5%, with shipment volume of 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%). The decline in shipment volume is attributed to a high base from Q3 2024, while ASP growth is due to an increased proportion of high-priced products [2][3] - Regionally, for the first three quarters of 2025, revenue from the U.S. increased by 5.4% (28.5% share), Europe by 11.7% (27.7% share), while revenue from mainland China decreased by 25.9% (13.4% share). Other regions saw a 9.2% increase (30.4% share). The decline in China is primarily due to trade friction and weak demand, while the U.S. and Europe experienced double-digit growth [2] Profitability Analysis - The capacity utilization rate for the first three quarters of 2025 was 93%, up 1 percentage point year-on-year. The gross margin was 18.3% (down 1.3 percentage points), mainly due to rising labor costs and lower-than-expected production efficiency. The SG&A expense ratio was 10.2% (down 0.2 percentage points), indicating effective cost control. The net profit margin was 6.2% (down 1.1 percentage points) [3] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), attributed to improved factory production efficiency and product mix optimization. The SG&A expense ratio remained at 10.2% (up 0.1 percentage points), with net profit of $110 million (down 25.7%) and a net profit margin of 7.6% (down 2.2 percentage points) [3] Retail Business Performance - Retail business revenue for the first three quarters of 2025 was $1.79 billion (down 7.9%), impacted by a weak retail environment and intensified competition, with same-store sales declining by double digits. The number of offline stores was 3,338 (down 3.5%). However, online revenue grew by 13% (accounting for 33% of total revenue), with live-streaming revenue more than doubling year-on-year [4] - In Q3 2025, retail revenue was $520 million (down 6.3%), with a significant improvement in the decline rate. October revenue showed a year-on-year decrease of only 0.7%. The gross margin for the first three quarters was 33.5% (down 0.5 percentage points), primarily due to increased discounts. The SG&A expenses decreased by 6.1% year-on-year, but the SG&A expense ratio increased by 0.7 percentage points to 32% due to negative operating leverage [4] - The proportion of old inventory was 9%, with inventory turnover days at 161 days (up 9 days year-on-year), indicating a slowdown in turnover due to weaker-than-expected sales, but still within a healthy range [4]

Core Viewpoint - Zheshang Securities maintains a "Buy" rating for Yuanyuan Group (00551), highlighting that despite a decline in shipment volume due to a high base, the company has improved its profit margins through product mix optimization and strong growth in online channels [1] Performance Overview - For the first three quarters of 2025, the company reported revenues of $6.02 billion, a year-on-year decrease of 1.0%, and a net profit of $280 million, down 16.0%. Manufacturing revenue was $4.23 billion, up 2.3%, while retail revenue was $1.79 billion, down 7.9% [2] - In Q3 2025, the company achieved revenues of $1.96 billion, a year-on-year decline of 5.0%, with a net profit of $110 million, down 27.0%. Manufacturing revenue in Q3 was $1.43 billion, down 4.5% [2] Manufacturing Business Insights - In the first three quarters of 2025, manufacturing revenue reached $4.23 billion, with shipment volume at 189 million pairs (up 1.3%) and an average selling price (ASP) of $20.88 (up 3.2%). In Q3, manufacturing revenue was $1.43 billion, with shipment volume at 62.7 million pairs (down 5.3%) and an ASP of $21.4 (up 3.4%) [3] - Revenue by region showed a 5.4% increase in the U.S. (28.5% share), 11.7% in Europe (27.7% share), a 25.9% decline in mainland China (13.4% share), and a 9.2% increase in other regions (30.4% share) [3] Profitability and Efficiency - The manufacturing capacity utilization rate was 93%, up 1 percentage point year-on-year, with a gross margin of 18.3% (down 1.3 percentage points). The SG&A expense ratio was 10.2% (down 0.2 percentage points) [4] - In Q3 2025, the gross margin improved to 19.4% (down 1.2 percentage points year-on-year, up 1.6 percentage points quarter-on-quarter), driven by enhanced production efficiency and product mix optimization [4] Retail Business Performance - Retail revenue for the first three quarters was $1.79 billion, down 7.9%, affected by a weak retail environment and intensified competition. Same-store sales declined by double digits, with 3,338 direct-operated stores (down 3.5%) [5] - Online sales grew by 13% (33% share), with live-streaming revenue more than doubling year-on-year. In Q3, retail revenue was $520 million, down 6.3%, showing a narrowing decline [5] - The gross margin for retail was 33.5% (down 0.5 percentage points), with old inventory accounting for 9% and inventory turnover days at 161 days (up 9 days) [5]

Product Overview - The company produces a range of vanadium products including vanadium pentoxide, ferrovanadium, vanadium-nitrogen alloy, vanadium-aluminum alloy, and vanadium electrolyte, with an annual production capacity of 44,200 tons of vanadium products (measured as V2O5) [2][3] - Titanium products include titanium dioxide and titanium slag, with an annual capacity of 300,000 tons of titanium dioxide and 240,000 tons of titanium slag [2][3] Raw Material Supply and Pricing - The main raw materials, titanium concentrate and crude vanadium slag, are sourced from the controlling shareholder, Panzhihua Steel Group, ensuring stable supply [4] - Pricing for crude vanadium slag is based on a cost-plus model, while titanium concentrate is procured partially through market-based pricing [4] Performance Improvement Strategies - The company has implemented cost reduction and efficiency enhancement measures, including pressure on procurement and optimizing product mix based on market demand [5] - Continuous maintenance and expansion of sales channels, with a focus on both existing and new customers to alleviate sales pressure [5] Technological Advancements - The company has developed a 60,000-ton molten salt chlorination titanium dioxide production line, which utilizes low-grade titanium slag from the Panzhihua region, enhancing cost-effective resource utilization [6] Strategic Partnerships - Since signing a strategic cooperation agreement with Dalian Rongke in September 2021, the company has established a joint venture for a 2,000 cubic meter/year vanadium electrolyte production line, which has been operating effectively [7] - In 2024, the company plans to supply approximately 15,000 tons of vanadium products to Dalian Rongke, accounting for 28% of its total vanadium product sales for the year [7][8]

格隆汇11月17日丨零跑汽车(09863.HK)公布集团截至2025年9月30日止三个月(「2025年第三季度」)的未 经审核财务业绩。2025年第三季度的收入为人民币194.5亿元，同比增长97.3%，收入增长主要得益于： 整车及备件交付量的提升，带动整车相关服务收入同步增长。 2025年第三季度的毛利率为14.5%，2024年同期为8.1%，2025年第二季度为13.6%。同比改善主要由 于：(i)销量上升带来的规模效应；(ii)持续的成本管理；(iii)产品组合的优化；及(iv)其他业务的收入； 环比改善主要由於(i)产品组合的优化；及(ii)持续的成本管理； 2025年第三季度的公司权益持有人应占净利润为人民币1.5亿元，而2024年同期为亏损人民币6.9亿元， 同比盈利增加主要由于整车销量的增加及单车收益能力的优化； 2025年第三季度，公司的汽车总交付量为173,852台；10月，公司交付量再次突破新高，达70,289台，连 续8个月位居中国新势力品牌销量榜首，也是唯一一家月交付量超7万台的中国新势力品牌公司。 ...

Core Insights - Coca-Cola reported a 5% revenue growth in Q3 2025, reaching $12.455 billion, exceeding market expectations of $12.41 billion [1] - Organic revenue increased by 6%, with net profit rising by 29% to $3.683 billion [1] - Earnings per share (non-GAAP) grew by 6% to $0.82, surpassing the market forecast of $0.78 [1] Revenue Drivers - The revenue growth was primarily driven by average price increases and product mix optimization, with a price increase of approximately 6% in Q3 [1][2] - The Asia-Pacific market, including China, saw a 13% year-over-year increase in operating profit, supported by favorable pricing strategies and product mix, with a price/product mix growth of 8% [1][4] Market Performance - Global unit case volume increased by 1% in Q3, with flagship Coca-Cola brand volume growing by 1%, mainly driven by Europe, the Middle East, Africa, and Asia-Pacific markets [2] - Notably, the sales of no-sugar Coca-Cola surged by 14%, while other product categories like juices and dairy saw declines [2][3] Strategic Investments - Coca-Cola reaffirmed its commitment to the Chinese market, with significant investments in new production facilities [1][4] - Two new factories in Shaanxi and Henan were completed and put into operation, alongside the completion of the main structure of the Greater Bay Area smart green production base [4][5][7] Future Outlook - The company reiterated its 2025 performance guidance, expecting a comparable currency-neutral earnings per share growth of approximately 8%, up from a previous estimate of 7%-9% [3] - The forecast for organic revenue growth for the full year 2025 remains at 5% to 6%, consistent with prior expectations [3]