12月24日，百奥赛图（688796.SH/02315.HK）发行并于香港联合交易所有限公司上市的股份（以下简称"H股"）正式调入港股通标的名单。 自此，中国内地符合条件的机构及个人投资者，可通过上海证券交易所、深圳证券交易所，直接投资百奥赛图H股。 市场反应迅速，公告当日，公司H股收盘大涨22.23%，A股亦联动上涨3.42%。"入通"成为公司继构建"A+H"双上市平台后，在资本市场的又 一里程碑，也标志着公司在资本可达性、市场认可度与长期投资价值等方面迈入全新阶段。 数据来源：上交所，格隆汇整理 "入通"影响几何？ 百奥赛图H股成功纳入港股通标的，其直接影响首先反映在价格表现上："入通"首日，其H股股价大幅收涨22.23%。这一市场表现并非孤例， 将其置于更广阔的样本中观察，能更清晰地看到"入通"的普遍意义。 参考今年以来A+H上市公司的轨迹，根据WIND数据（截至2025年12月24日），在年内已完成两地上市的20家公司中，已有18家成功"入 通"。自纳入港股通至今，这18家公司的股价平均累计涨幅达到12.30%，其中约66.67%的公司实现了正收益。这表明，"入通"本身已成为一个 积极的资本市场催化剂 ...

证券代码： 301565 证券简称：中仑新材 中仑新材料股份有限公司 投资者关系活动记录表 编号：2025-005 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 开源证券 毕挥 时间 2025年12月16日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书 马彬惠 投资者关系活动 主要内容介绍 1、公司产能出海、布局印尼长塑项目主要出于哪些方面的 考量？ 公司布局印尼长塑高性能膜材产业化项目，主要基于三方面 核心考量：一是BOPA膜材凭借优异性能，在食品饮料、药品、日 化用品、软包锂电池等多领域包装中应用广泛，下游需求持续增 长，公司现有生产设备已处于高产能利用率的运转状态，难以充 分满足市场需求，该项目有助于突破产能瓶颈，进一步匹配下游 市场的增长需求；二是公司在BOPA膜材领域已具备龙头地位，同 时公司境外销售收入占比呈上升趋势，而该项目的落地能够完善 海外产能配套，更好地服务东南亚市场并进一步辐射欧洲、北美 洲市场，从而巩固公司的行业领先地位，应对全球市场竞争；三 是当前全球贸易环境日趋复杂，贸易保 ...

Core Insights - The domestic manufacturing industry in China has entered a phase of stock competition, with many companies experiencing rapid growth in overseas markets, achieving double or even triple-digit growth rates [1][1] - Some companies have reported that their overseas profits have significantly surpassed domestic profits, highlighting the strategic necessity of international expansion for businesses [1][1] Global Business Strategy - The core strategy for global business expansion is to prioritize deep cooperation with key large clients in various markets, who have high demands for supply chain volume, product variety, digitalization, and logistics integration [1][1] - By serving large clients, the company aims to quickly establish a complete and high-standard localized supply chain operational capability in target countries, covering systems, talent, organization, and processes [1][1] Future Planning - The company has already begun planning for 2024, focusing not only on online enterprises but also actively exploring strategic cooperation with leading local entities and multi-format groups [1][1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][3] Core Insights - The company reported a 10% year-on-year increase in net profit for Q3 2025, with total revenue reaching 1.86 billion yuan, a 7.9% increase year-on-year and a 4.3% increase quarter-on-quarter [1][7] - The gross profit margin improved by 2.8 percentage points, reaching 32.59% in Q3 2025, indicating effective cost control and operational efficiency [1][13] - The completion of the acquisition of 71% of Zhuolibo's shares is expected to enhance the company's position in the automotive micro-motor sector and accelerate the integration of resources between the automotive and robotics industries [2][16] - The company is focusing on the growing demand for lightweight components and large castings in the new energy vehicle sector, while also expanding its global manufacturing footprint [19][2] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 5.957 billion yuan, with a net profit of 913 million yuan, reflecting a growth rate of 40.8% [4][24] - The earnings per share (EPS) is expected to be 1.02 yuan in 2023, with a projected increase to 1.75 yuan by 2027 [4][24] - The company's return on equity (ROE) is forecasted to improve from 14.4% in 2023 to 16.3% in 2027, indicating enhanced profitability [4][24] Future Outlook - The company has raised its profit forecast, expecting net profits of 1.242 billion yuan, 1.518 billion yuan, and 1.799 billion yuan for the years 2025, 2026, and 2027 respectively [3][22] - The strategic focus on expanding into the robotics sector and enhancing the product matrix is anticipated to drive sustained profit growth [22][3] - The establishment of new production facilities in Mexico and Malaysia is expected to bolster the company's responsiveness in North America and Southeast Asia, further supporting its global expansion strategy [19][2]

Core Insights - Chenghe Technology (688625) reported a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year growth of 14.16% [1] - The net profit attributable to shareholders reached 228 million yuan, with a year-on-year increase of 15.09% [1] - The company achieved record quarterly net profits of 71.64 million yuan, 75.78 million yuan, and 80.54 million yuan in the first three quarters, marking continuous historical highs [1] Revenue Growth Drivers - The growth in performance is attributed to the increasing market share of nucleating agents and synthetic hydrotalcite, along with proactive expansion in overseas markets [1] - Chenghe Technology is enhancing its market share through technological advantages and performance guarantees of its core products [1] - Recent patent authorizations in niche areas such as polypropylene thin-wall injection molding and high-performance polypropylene electrical membranes have enriched the company's high-value specialty product line, strengthening its core competitiveness [1] Overseas Market Expansion - In the first half of 2025, Chenghe Technology's overseas revenue growth reached 70%, with breakthroughs in Europe, the Middle East, and Southeast Asia [2] - The collaboration with Swiss company Palmarole, which specializes in plastic polymer additives, was showcased at the K Fair in Germany, highlighting deep business synergy [2] - The partnership with Palmarole is a significant step in Chenghe Technology's global business strategy, integrating sales channels and service systems to expand product offerings in European and Middle Eastern markets [2] - The company anticipates sustained performance growth driven by demand in both domestic and overseas markets [2]

Core Insights - The establishment of the Hong Kong operation center marks a systematic advancement in the company's globalization efforts [1] - The center will serve as a strategic hub for connecting with global markets and coordinating overseas partnerships [1] - The company plans to lead its global business expansion with products such as seasonings and stir-fry dishes, focusing on localizing ingredients and collaborating on production capacity [1]

Core Viewpoint - WeRide Inc. is the only technology company globally that holds autonomous driving licenses in seven countries, indicating a strong position in the autonomous vehicle market and a successful global expansion strategy [2][3][4]. Group 1: Company Overview - WeRide Inc. plans to achieve a dual listing in the U.S. and Hong Kong through Chapter 18C [3]. - The company was established in 2017 and has expanded its autonomous driving research, testing, and operations to over 30 cities across 11 countries [3]. Group 2: Global Expansion and Partnerships - Recent partnerships include collaboration with Grab to launch the first consumer-facing autonomous driving service in Singapore [4]. - WeRide's Robobus received the first L4 autonomous driving license in Belgium, further solidifying its status as a leader in the industry [4]. - The company has initiated Robotaxi pilot operations in Riyadh, Saudi Arabia, marking its third market in collaboration with Uber, with plans to expand to 15 additional cities over the next five years [4]. Group 3: Financial Performance - In Q2 2025, WeRide reported revenue of 127 million yuan, a year-on-year increase of 60.8%, with Robotaxi business revenue soaring by 836.7% to 45.9 million yuan [5]. - The company has secured significant investments from major international ride-hailing platforms, including an additional $100 million from Uber and several million dollars from Grab [5]. Group 4: Market Outlook - Citigroup recently raised WeRide's target price to $18.2, reflecting optimism about the company's growth potential driven by its expanding Robotaxi operations in the UAE and the Middle East [6]. - The expected fleet expansion in the Middle East is projected to reach 200 vehicles by the end of 2025 and 500-700 vehicles by 2026 [6].

Core Viewpoint - Greebo has established production bases in China, Vietnam, and the United States, achieving strategic synergy and cost parity in production between Vietnam and China [1] Group 1: Production and Manufacturing - The products shipped to the United States are manufactured in Vietnam, which has advanced manufacturing capabilities to meet the company's vertical manufacturing requirements [1] - The Vietnam base has achieved economies of scale, making production costs comparable to those in China [1] Group 2: Impact of Tariff Policies - In the short term, the company's global business layout and supply chain arrangements have mitigated significant impacts from U.S. tariff policies on sales [1] - Long-term effects remain uncertain due to the complex and changing international trade environment, which could affect global supply chain costs, market access, and competitive landscape [1] Group 3: Strategic Response - The company will continue to monitor trade policy developments and dynamically assess potential impacts [1] - Strategies include optimizing global layouts, diversifying market approaches, and flexible capacity allocation to achieve stable growth in a complex environment [1]

Group 1 - The company has established a global business network, expanding its operations beyond the domestic market to regions including the EU, North America, South America, and Asia [2]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][4]. Core Views - The company has demonstrated solid and steady growth, with a revenue increase of 8% year-on-year in Q2 2025, reaching 4.2 billion yuan, and a net profit increase of 12%, totaling 310 million yuan. For the first half of 2025, revenue was 7.9 billion yuan, up 7%, and net profit was 550 million yuan, up 11% [1]. - The company is actively pursuing globalization, having established over 40 production bases and 4 service centers across 10 countries and 40 cities, which enhances its supply chain optimization and risk diversification [2]. - The company's strong brand influence, market expansion capabilities, and productivity levels are key factors impacting its performance. The company is enhancing its operational capabilities to adapt to market changes and customer needs [3]. Financial Performance Summary - For the first half of 2025, the company's revenue from premium paper packaging was 5.5 billion yuan, up 5%, while revenue from packaging supporting products was 1.3 billion yuan, up 3%, and revenue from environmentally friendly paper-plastic products was 580 million yuan, up 7% [1]. - Domestic revenue decreased by 2% to 5.1 billion yuan, while overseas revenue increased by 27% to 2.8 billion yuan [1]. - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares to all shareholders [1]. Financial Forecast Adjustments - The revenue forecast for 2025-2027 has been adjusted to 18.9 billion yuan, 21.1 billion yuan, and 23.8 billion yuan, respectively. The expected net profit for the same period is projected to be 1.6 billion yuan, 1.9 billion yuan, and 2.3 billion yuan, respectively [4]. - The earnings per share (EPS) are expected to be 1.7 yuan, 2.1 yuan, and 2.5 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 11 times [4].