证券代码：300498 证券简称：温氏股份 债券代码：123107 债券简称：温氏转债 温氏食品集团股份有限公司投资者关系活动记录表 编号：202602 | 投资者关 | 现场调研 电话会议 | | --- | --- | | 系活动类 | 业绩说明会 路演活动 | | 别 | 券商策略会 其他活动 | | 参与单位 | 2026 年 2 月 26 日-27 日，公司前往上海参加西部证券、财通证券、天风证券和东方证券 | | 名称及人 | | | 员姓名 | 春季策略会（线下），共组织 场交流，华泰保兴基金、富国基金、兴证全球基金、德 6 | | | 邦基金、招商基金等 25 家机构共 42 位机构投资者参与。部分名单详见附件清单。 | | | 重要提示：参会人员名单由组织机构提供并经整理后披露。公司无法保证所有参会人员 | | | 及其单位名称的完整性和准确性，敬请投资者注意。 | | 时间 | 2026 年 2 月 26 日-27 日 | | 地点 | 上海 | | 上市公司 | | | 接待人员 | 集团副总裁、董事会秘书蒋荣金，集团战略治理部高级经济师、证券事务代表覃刚禄， | | 姓名 ...

2025财年万咖壹联收益大幅增长，主要来源于自主研发的AI商业化服务平台实现精准投放，该系统可自动完成素材生成、 受众定向、出价策略与效果归因，帮助广告主实现投资回报率（ROI）大幅提升，从而带动广告主复投率提升，带动移动广告 服务营业额超预期大增。在大模型与智能体深度融合的推动下，AIAgent的响应准确率、交互自然度与任务完成率均达到行业 领先水平，成为本财年最大的增长引擎。 在国内市场稳步深耕的同时，公司"出海"战略取得突破性进展。2025财年，万咖壹联海外收入约1.7亿元至2.1亿元，同比 增长425.5%至549.1%，覆盖东南亚、中东及欧洲等十余个国家和地区。公司在新加坡设立区域总部，凭借AppleSearchAds在中 国区的核心代理资质，助力国内游戏厂商推向全球市场，海外营收暴增，成为中国企业出海智能化服务的标杆案例。 本报讯 （记者谢岚）万咖壹联（1762.HK）近期接连释放重磅信号，一方面披露2025年度正面盈利预告，交出营收、利润 双增长的"硬核"成绩单；另一方面核心管理层股权方案获得股东特别大会通过，推出以市值增长为核心解锁条件的股权激励方 案，深度绑定管理层与公司长期发展利益，充分彰 ...

（文/霍东阳 编辑/张广凯） 2026年2月26日，三只羊（合肥）控股集团有限公司发布了一份措辞严厉的声明，明确表示：截至目 前，三只羊集团及旗下公司均未有任何形式的借壳上市、整体上市或IPO申报。网传的"登陆纳斯达 克"、"借壳美股公司"等内容，仅为海外直播运营业务合作。 那么，这场引发美股盘中异动、让无数投资者肾上腺素飙升的"借壳上市"乌龙，究竟是怎么酿成的？ 事情的起因是今年1月的一起收购案。美股上市公司Rich Sparkle（ANPA）宣布以约9.75亿美元的对 价，收购一家名为Step Distinctive的公司 。 Rich Sparkle主业是金融印刷，规模极小，2025年7月上市时发行价仅4美元，市值刚过5000万美元。 这家标的公司之所以引人注目，是因为它的股东名单极其特别：拥有TikTok超过1.6亿粉丝的顶流网 红"无语哥"（Khaby Lame）持股49%，而安徽小黑羊网络科技有限公司持股13% 。 无语哥靠发布无声反应类视频走红，在TikTok粉丝量超过1.6亿，是平台粉丝量最多的创作者。交易完 成后，公司仍由无语哥主导。 顺着股权穿透图往下摸，安徽小黑羊的幕后出资人，正是"疯狂 ...

尽管靠规模优势吃到行业成长红利，但瑞幸咖啡还是因为外卖大战"受了伤"。 今晚，这家咖啡连锁巨头发布的2025年财报显示，其全年总净收入为492.88亿元（人民币，下同），同比增长43.0%；净利润为36亿元，同比增长 21.6%；在第四季度，瑞幸总净收入同比增长32.9%至127.77亿元，但净利润同比下滑39%至5.18亿元，GAAP营业利润率较2024年同期下滑4.1个百分 点。 "2025年是瑞幸咖啡夯实长期发展基础、继续取得高速成长的关键一年。面对中国咖啡市场加速释放的发展潜力，我们始终保持高度聚焦、灵活调整运营 策略，围绕门店覆盖、客户增长和产品创新等关键指标，持续推进聚焦规模增长的核心战略，不断扩大供需两端的优势，市场份额持续稳步提升。"瑞幸 咖啡联合创始人、首席执行官郭谨一在今晚召开的业绩说明会上说。 那么，随着外卖大战逐渐退潮，瑞幸如何看待后续影响呢？ 此外，他也谈到了对外卖大战后续的预判、出海规划、2026年业绩预期等内容。下面，我们来一起看看。 外卖大战 对于第四季度的利润等关键指标下滑，郭谨一表示，外卖平台补贴力度在行业淡季明显收缩，外卖占比虽环比有所下降，但仍处在较高水平。综合以上因 ...

（文章来源：证券日报） 证券日报网讯 2月24日，盛弘股份在互动平台回答投资者提问时表示，公司近几年的重点战略之一为大 力出海，全方位提升海外营收的占比，扎实本地化运营。公司工商业储能产品获得北美认证和市场准入 亦是关键战略布局中的一环。公司各业务的主要产品通过取得全球主流市场的权威认证，快速提高全球 的部署能力，从而提高公司未来潜在的海外收入。相关市场数据会在定期报告中予以披露。 ...

Core Viewpoint - The article highlights the significant advancements made by HaiMoxing Laser in the lithium battery manufacturing sector, particularly through laser technology, achieving a tenfold increase in production speed from 28 meters per minute to 200 meters per minute in laboratory settings, showcasing a successful path of technological disruption and domestic advancement in equipment manufacturing [1][12][21]. Group 1: Development and Achievements - HaiMoxing Laser has established itself as a representative of China's equipment manufacturing capabilities, particularly in the lithium battery sector, by overcoming key technological challenges in collaboration with leading companies like CATL since 2015 [6][11]. - The company has successfully transitioned from domestic equipment replacement to supplying equipment to international giants, marking a significant milestone in the evolution of Chinese manufacturing [10][11]. - The advancements in laser cutting technology have not only improved efficiency but also significantly reduced manufacturing costs, with production speeds increasing from 28 meters per minute to 200 meters per minute, representing an efficiency leap of nearly ten times [21][22]. Group 2: Strategic Focus and Future Directions - The company emphasizes the importance of systematic capability building before taking on large-scale orders, ensuring that customer needs are met without compromising quality [1][62]. - HaiMoxing Laser is actively exploring the integration of AI and smart manufacturing, with plans for large-scale implementation of AI technologies to enhance production processes [51][52]. - The company is preparing for the next generation of solid-state batteries, focusing on micro-nanotechnology and semiconductor applications to address challenges related to solid-solid interfaces and stability [30][34]. Group 3: Global Expansion and Market Strategy - HaiMoxing Laser has developed a comprehensive overseas service system, with eight subsidiaries established to support its global operations, reflecting a strategic shift from merely following industry leaders to establishing a robust international presence [2][61]. - The company has learned from its early experiences in international markets, gradually building its capabilities and understanding of local cultures and regulations to enhance its competitiveness abroad [60][62]. - The focus on not compromising customer satisfaction has been a guiding principle for the company, ensuring that it builds a reputation for reliability and quality in its international dealings [62][63]. Group 4: Core Competencies and Organizational Structure - The core competencies of HaiMoxing Laser lie in its ability to address critical process challenges and provide systematic support to battery manufacturers, which is essential for creating long-term value [64][65]. - The company recognizes the need for a multi-disciplinary approach, integrating expertise in optics, mechanics, electronics, and software to enhance its product offerings and service capabilities [65][66]. - Continuous improvement in operational quality and strategic partnerships is crucial for the company's sustained growth and ability to navigate industry cycles effectively [41][66].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 105.59 CNY, corresponding to a 50x PE for 2026 [6]. Core Insights - The company is a leader in the domestic replacement of dynamic pressure oil film sliding bearings, with a strong focus on both domestic and international markets. The financial structure has been continuously optimized, with significant improvements in profitability and a reduction in debt levels post-IPO [1][4]. - The dynamic pressure oil film sliding bearing market is expected to grow significantly, driven by high demand in nuclear power, gas turbines, and wind energy sectors. The company is well-positioned to capture market share due to its competitive advantages and the conservative strategies of foreign competitors [2][3]. Summary by Sections 1. Company Overview - Founded in 2003, the company has established itself as a leader in the domestic replacement of high-end sliding bearings, achieving significant breakthroughs in key sectors such as nuclear power and marine applications. The company has developed over 200 specialized sliding bearing products [13]. - The core team is stable, with the founder holding a significant stake in the company, which enhances operational vitality. The team includes experienced professionals with extensive industry backgrounds [18][19]. 2. Market Potential - The global market for dynamic pressure oil film sliding bearings is projected to reach approximately 3.62 billion USD by 2026, with the Chinese market expected to be around 6.72 billion CNY. The growth is supported by trends in industrial drive, energy generation, and the increasing size of machinery [2][37]. - The company benefits from a favorable competitive landscape, as foreign competitors are adopting conservative growth strategies, providing more opportunities for domestic players [2][3]. 3. Business Development - The company is focusing on innovation and collaboration with foreign experts to enhance its product offerings. The shift towards international markets is evident, with an increasing proportion of revenue and improved gross margins from overseas clients [3][4]. - New business segments, including gas turbine bearings and PEEK bearings, are expected to contribute to revenue growth, with projections indicating continued market share expansion [3][4]. 4. Financial Forecast - Revenue is expected to grow from 6.19 billion CNY in 2025 to 9.00 billion CNY in 2027, with net profits projected to increase from 1.35 billion CNY to 2.30 billion CNY during the same period. The company maintains a strong net profit margin and return on equity [5][4]. - The financial structure has improved significantly post-IPO, with a reduction in the debt-to-asset ratio to 14.0% in 2024, and all interest-bearing debts have been repaid [35].

Group 1 - The A-share market is expected to experience a "red envelope" effect post-Spring Festival, with historical data showing a higher probability of gains after the holiday [1][6][7] - Various institutions suggest holding stocks during the holiday to capitalize on post-holiday capital inflows and policy catalysts, while some recommend a cautious approach with light positions to manage volatility [1][6] - Historical trends indicate that the A-share market tends to favor high-dividend, defensive sectors before the holiday, with a shift towards small-cap and growth sectors after [7][12] Group 2 - Goldman Sachs predicts a 20% increase in the MSCI China Index by the end of 2026, driven primarily by earnings growth supported by AI, overseas expansion, and anti-involution policies [3] - Five major capital flows are expected to support the market, including record net inflows from southbound funds, domestic asset reallocation, and significant share buybacks [3] - Foreign institutions anticipate a gradual diversification away from USD assets towards Chinese markets over the next 3 to 5 years, highlighting China's complete industrial chain and strong innovation capabilities [4] Group 3 - The average performance of the Shanghai Composite Index in the ten trading days following the Spring Festival is better than in the first five days, indicating a warming trend in the market [6][7] - Analysts emphasize the importance of the last trading day before the holiday as a key window for positioning, with expectations of a trend reversal starting in the last five trading days before the holiday [12] - The current market environment suggests a focus on both cyclical and growth sectors, with a recommendation to maintain a balanced portfolio that includes resource assets like gold [9][10]

来源：子弹财经 自2024年从A股转战港股的数字支付平台富友支付，在今年1月18日向港交所递交招股书——这是其第 四次递表港交所，联席保荐人为中信证券、申万宏源香港。 富友支付（即上海富友支付服务股份有限公司）成立于2011年7月底，总部位于上海，是一家全能型数 字化支付科技平台。 根据弗若斯特沙利文报告，截至2024年末，富友支付在中国综合数字支付服务提供商中排名第八位，市 场份额为0.8%。 截至2025年10月末，富友支付的营业收入达到13.07亿元，同比下滑2.9%；经调整净利润为1.25亿元， 同比增长52.44%。 股权复杂且无实控人 从富友支付屡次申请上市的历程不难看出，其急于登陆资本市场的决心。 2024年4月，富友支付首次提交港交所IPO申请，因在6个月内未完成聆讯或上市导致招股书失效，随后 两次递表皆因失效而告一段落，2026年1月18日是其第四次递表。 事实上，富友支付母公司富友集团在2015年末就已开展A股上市辅导，此后分别于2018年5月、2021年9 月再次进行上市辅导，但最终均以失败告终。可见，富友系已走过十年的IPO历程。 富友支付的成长历程，离不开创始人陈建的战略布局。 此外 ...

Summary of Chemical Logistics Industry Conference Call Industry Overview - The chemical logistics industry is currently under pressure, with demand primarily driven by raw material transportation, intermediate production, and downstream applications in coastal regions. The mismatch in capacity layout has resulted in significant transportation demand [2][6]. - The overall profitability of the chemical logistics sector has been impacted since 2023 due to macroeconomic demand pressures [2]. Key Insights and Arguments - **Chemical Product Price Index (CCPI)**: The CCPI has shown a significant rebound trend since December 2025, indicating an improvement in the operating rates of key chemical products such as methanol and ethylene glycol, which reached their highest levels in recent years by early 2026 [1][5]. - **Supply and Demand Dynamics**: The demand for liquid chemical transportation is growing at approximately 8% annually, while supply is increasing at about 7%. Delays in capacity approval can lead to mismatches, creating opportunities for price increases during periods of rapid demand growth [3][9]. - **Regulatory Environment**: The domestic coastal liquid chemical transportation sector is subject to strict capacity control, with annual adjustments based on demand and company qualifications. This has led to a more concentrated market, with 80% of leading companies generating less than 1 billion yuan in revenue [3][6][8]. Structural Opportunities - Despite a slowdown in growth, there are structural opportunities in the industry, such as the "going out" strategy and the development of emerging industries. Some logistics companies have already benefited from these changes, with expectations of continued improvement in road transportation and warehouse rental rates [7][15]. Key Segments to Watch - **Warehousing**: Companies involved in warehousing, liquid chemical transportation, and tank storage are highlighted as having stable profitability due to high asset intensity and licensing barriers [4][15]. - **Major Companies**: - **Milky Way**: Expected to see gradual recovery starting in 2025, with projected profits of 760 million to 860 million yuan by 2026-2027, indicating significant upside potential compared to historical valuation ranges [12][15]. - **Xintong Co.**: Focused on coastal liquid chemical and LPG transportation, with expected profits of 370 million and 450 million yuan in 2026 and 2027, respectively [13][15]. - **Hongchuan Wisdom**: As a tank service provider, the company is anticipated to improve performance in 2026 due to recovering demand [14][15]. Additional Important Points - The chemical logistics supply side is currently in a phase of stock optimization, with limited growth in hazardous chemical warehouses and tank storage due to regulatory constraints [1][6]. - The road transportation sector for hazardous chemicals is facing intense competition, with a decline in per capita annual transport volume, but prices are nearing a bottom, suggesting a potential turning point [11][15].