本报讯 （记者李雯珊 见习记者张美娜）8月26日晚间，广东万和新电气股份有限公司（以下简称"万和 电气"）发布2025年半年度报告。报告期内，公司实现营业总收入40.83亿元，同比增长7.14%；实现归 属于上市公司股东的净利润3.79亿元，同比增长6.68%。 万和电气相关负责人表示，万和电气业绩实现双增的核心首先源于"产品驱动"战略的深入落地，公司不 仅聚焦氢能等前沿技术储备，更在电子压差式空燃比控制技术、双流自净自清洁防堵技术、全链路安全 技术等领域实现了多项"行业第一""行业唯一"的突破。这些成果迅速转化为产品竞争力——通过推出超 一级能效燃气热水器、MINI双胆电热、顶侧双吸油烟机、-35℃稳定运行的空气能热泵等创新型产品， 万和电气的产品线快速覆盖热水、厨电、采暖等多品类，推动产品结构持续优化。报告期内，公司的高 端产品销量突破40万台，烟灶品类也挺进行业一线，为毛利率提升和抗"内卷"竞争筑牢根基。 另一方面，"全球运营"战略下的本土化生产布局成效显著，有效规避贸易风险。目前万和位于泰国的生 产基地一期已实现量产，二期于今年4月进入试产；埃及生产基地也于今年1月启动试产。这两大基地的 建成，不仅有 ...

2025年上半年，复星医药研发投入共计25.84亿元，其中研发费用达17.17亿元。制药板块研发投入22.95 亿元，占制药业务收入的16.51%，充分体现公司对创新研发与成果转化的高度重视。 8月26日，复星医药（600196）(600196.SH,02196)正式发布2025年中期业绩报告。数据显示，报告期内 集团实现营业收入195.14亿元，归母净利润17.02亿元。尤其引人注目的是，创新药品板块表现亮眼，实 现收入超43亿元，同比增长14.26%，展现出稳健向好的发展势头。复星医药通过持续推进创新转型、 优化资产结构、深化全球运营，展现出高质量发展的韧性。 构建高价值创新管线矩阵,创新转型成效显著 2025年上半年，复星医药共有4个创新药、5项适应症及57个仿制药品种获批，另有4个创新药、22个仿 制药申报上市。近20项创新药临床试验获批开展，研发效率与产出能力显著提升。 全球运营能力持续强化，积极拓展创新药品双向许可 在国际化方面，2025年上半年，复星医药海外收入达54.78亿元，占总营收近三成。公司不仅在美国、 欧洲、非洲等成熟市场深化布局，还积极拓展东盟、中东等新兴市场。 尤其值得关注的是，复 ...

Core Viewpoint - Fosun Pharma has demonstrated strong performance in its innovative drug segment, achieving significant revenue growth and showcasing resilience in high-quality development through continuous innovation and global operations [1][2]. Group 1: Financial Performance - In the first half of 2025, Fosun Pharma reported total revenue of 19.514 billion yuan and a net profit attributable to shareholders of 1.702 billion yuan [1]. - The innovative drug segment generated over 4.3 billion yuan in revenue, reflecting a year-on-year growth of 14.26% [1]. Group 2: R&D Investment and Strategy - Fosun Pharma invested a total of 2.584 billion yuan in R&D, with 1.717 billion yuan specifically allocated to R&D expenses [2]. - The pharmaceutical segment's R&D investment reached 2.295 billion yuan, accounting for 16.51% of its revenue, indicating a strong commitment to innovation [2]. - The company has set ambitious performance targets for its A+H share incentive plan, aiming for a compound annual growth rate (CAGR) of at least 19% in net profit and innovative drug revenue from 2025 to 2027 [2]. Group 3: Product Pipeline and Therapeutic Areas - Fosun Pharma has developed a high-value pipeline focusing on core therapeutic areas such as solid tumors, hematological malignancies, and immune inflammation [3]. - The company has made significant advancements in solid tumor treatments, with products like Surufatinib and Trastuzumab gaining approval, solidifying its leadership in breast cancer and rare tumor treatments [3]. - In the hematological field, the commercialization of CAR-T product Yikaida has accelerated, with over 110 insurance plans covering it, enhancing accessibility [3]. Group 4: Global Operations and Market Expansion - In the first half of 2025, Fosun Pharma's overseas revenue reached 5.478 billion yuan, accounting for nearly 30% of total revenue [5]. - The company is expanding its presence in both mature markets like the US and Europe, as well as emerging markets in ASEAN and the Middle East [5]. - Fosun Pharma has established a local innovation team in the US to prepare for the commercialization of Surufatinib and has set up clinical operations teams to facilitate trials [5]. Group 5: Medical Devices and Market Leadership - The medical device segment has also shown strong performance, with over 450 Da Vinci surgical robots installed in China and Hong Kong, serving over 760,000 patients [6]. - The Ion bronchial navigation system has been successfully commercialized, further strengthening the company's leadership in high-end medical equipment [6]. Group 6: Long-term Growth and Valuation - Fosun Pharma's dual approach of "innovation-driven + global layout" is solidifying its long-term growth foundation [6]. - The current low PE level of its A+H shares may indicate a value allocation opportunity, as the market begins to recognize its innovative capabilities and performance [6].

Core Viewpoint - Wankey Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] Group 1: Company Overview - Wankey Technology, established in 2003, focuses on digital creative software products and services, including video, drawing, and document creativity [5] - The company has a strong global presence, with subsidiaries in North America, Japan, Singapore, and South Korea, serving customers in over 200 countries [5] Group 2: Financial Performance - As of August 8, Wankey Technology's A-share market capitalization is approximately 14.9 billion [2] - The company's revenue has increased from 546 million in 2018 to an estimated 1.44 billion in 2024 [6] - In Q1 2025, Wankey Technology reported revenue of 380 million, a year-on-year increase of 6.06%, but a net loss of 32.81 million compared to a profit of 25.65 million in the same period last year [7] Group 3: Sales and Marketing Expenses - Wankey Technology's sales expenses rose significantly, reaching 849 million in 2024, a 17.42% increase year-on-year [8] - In Q1 2025, sales expenses were 238 million, up 39.79% compared to the previous year [8] - The increase in sales expenses is attributed to intensified market competition, rising traffic costs, and investments in new products and channels [9]