特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 查看完整报告 事件： 好未来FY26Q3实现收入7.702亿美元，同比+27.0%；实现归母净利润1.306亿美元，同比+466.1%；实现 Non-GAAP归母净利润1.414亿美元，同比+266.6%。 点击注册小程序 报告摘要 学习服务及其他：FY26Q3学习服务业务（含线下小班课和线上业务）收入同比增长 FY26Q3线下小班课收入同比增长，主要系招生人数增加（客单价基本稳定），叠加市场对高质量素养课 程的需求及公司标准化教学、优质服务的支撑，学习中心网络审慎扩张与业务增速匹配。FY26Q3线上素 养课程收入同比增长，主要系市场对高质量线上素养课程需求持续释放，叠加公司以技术驱动创新，推出 沉浸式课堂、融入游戏化机制并新增科技主题课程，优化学习体验与成效，获用 ...

2026 年 1 月 30 日 公司研究 收入增长稳健，控费带动利润超预期 ——好未来（TAL.N）FY26Q3 业绩点评 要点 事件：好未来 FY26Q3 实现收入 7.702 亿美元，同比+27.0%；实现归母净利润 1.306 亿美元，同比+466.1%；实现 Non-GAAP 归母净利润 1.414 亿美元，同比 +266.6%。 学习服务及其他：FY26Q3 学习服务业务（含线下小班课和线上业务）收入同比 增长。FY26Q3 线下小班课收入同比增长，主要系招生人数增加（客单价基本稳 定），叠加市场对高质量素养课程的需求及公司标准化教学、优质服务的支撑， 学习中心网络审慎扩张与业务增速匹配。FY26Q3 线上素养课程收入同比增长， 主要系市场对高质量线上素养课程需求持续释放，叠加公司以技术驱动创新，推 出沉浸式课堂、融入游戏化机制并新增科技主题课程，优化学习体验与成效，获 用户认可。 内容解决方案：FY26Q3 学习设备业务收入与销量均实现同比增长。单季度收入 增速环比放缓主要系产品发布周期差异导致 FY26Q3 销量高基数，以及业务逐步 从快速扩张阶段扩张至稳健增长阶段。该业务"双十一"大促市场份额 ...

市净率(LF)历史分位(%) 100 ଛି ୨୦ 80 70 60 56.5 50 -01 41089 40 30 26x65 20:99 20 179 14-13 10 0 2020-12-37 1 2027-12-37 2021-06-30 2-12-37 2-06-30 2n- 公司 -○- 行业均值 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 公司持续推进控费增效，各项费用同比有所降低，但受美元兑人民币汇率下行影响产生汇兑损失，以及可转换债券相关摊销费用较高，对净利润构成较大影 响。 基于产品销售价格下降的情况，公司根据企业会计准则的谨慎性原则，对存货及部分生产设备计提了资产减值准备（具体金额以审计结果为准），对本期净 利润产生一定影响。 2025年预计非经常性损益对公司净利润的影响金额约为807万元，主要为政府补助。 制图数据来自恒生聚源数据库 资料显示，公司主营业务为医疗器械产品研发、生产、销售、服务，主要涵盖生命信息与支持和肾病医疗两大业务板块：一是生命信息与支持板块，为医疗 监护设备及配套产品；二是肾病医疗板块，为血液透析产品。 报告期内，公司净利润预计仍出现亏损，但亏损 ...

南财智讯1月29日电，步科股份公告，预计2025年全年归属于上市公司股东的净利润为6800.00万元— 8000.00万元，同比预增39.08%—63.63%；预计2025年全年归属于上市公司股东的扣除非经常性损益的 净利润为5500.00万元—6600.00万元，同比预增45.95%—75.15%；主要变动原因为：受益于机器人行业 需求快速增长，公司机器人业务营收同比大幅提升，成为驱动公司整体业绩增长的核心引擎；同时，公 司通过精细化运营管理，实施控费增效措施，期间费用增长幅度小于收入增长幅度，使得净利润实现快 速增长。 ...

Group 1 - The core viewpoint of the report emphasizes the reduction of reliance on medical insurance and an increase in the proportion of over-the-counter drugs [1] - The company is continuously enhancing its planning for high-margin products such as personal care and medical devices [1] - There is a focus on restructuring store expenses and gradually realizing cost control and efficiency improvements [1] - The optimization of existing stores has led to a stabilization of sales per unit area [1]

Core Viewpoint - The company reported strong financial performance in H1 2025, with total revenue of 2.07 billion yuan, a 16% increase year-on-year, and a net profit of 171 million yuan, up 26% year-on-year [1] Financial Performance - In Q2 2025, total revenue reached 1.02 billion yuan, reflecting an 18% year-on-year growth, while net profit was 82 million yuan, marking a 41% increase year-on-year [1] - The gross profit margin decreased by 2 percentage points to 30.72% in Q2 2025, primarily due to high procurement prices of raw materials [2] - The net profit margin increased by 1 percentage point to 7.90% due to effective cost control and efficiency improvements [2] Product and Channel Performance - Revenue from frozen baked goods in H1 2025 was 1.12 billion yuan, a 6% increase, driven by new product introductions in key channels [3] - Cream revenue reached 558 million yuan, up 29%, with plans to expand the product matrix and enhance market presence [3] - Sauce revenue grew by 36% to 142 million yuan, supported by strong orders from core restaurant chain clients [3] Channel Diversification - Revenue from distribution channels in H1 2025 was 1.05 billion yuan, a 9% increase, with contributions from cream sales [4] - Direct sales revenue was 999 million yuan, reflecting a 26% increase, with new products performing well in key accounts [4] - Retail channel revenue surged by 105% to 7 million yuan, indicating successful adaptation to diverse consumer channels [4] Profit Forecast - The company expects continued profit recovery with improved internal structure and increased production capacity for cream [5] - EPS forecasts for 2025-2027 are 2.12, 2.56, and 2.98 yuan respectively, with corresponding PE ratios of 24, 20, and 17 times [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's main operations are stable, focusing on cost control and efficiency improvements to optimize profitability [1] - In H1 2025, total revenue reached 2.07 billion yuan, a 16% year-on-year increase, while net profit attributable to shareholders was 171 million yuan, up 26% year-on-year [1] - The company is expected to continue benefiting from the growth in its product lines and channel diversification [3][4] Revenue and Profitability - In Q2 2025, total revenue was 1.02 billion yuan, reflecting an 18% year-on-year increase, with net profit growing by 41% to 82 million yuan [1][2] - The gross margin in Q2 2025 decreased by 2 percentage points to 30.72% due to high raw material costs, but the net profit margin increased by 1 percentage point to 7.90% [2] - The company is implementing precise cost control measures and benefiting from economies of scale [2] Product Performance - Frozen baked goods revenue in H1 2025 was 1.125 billion yuan, a 6% increase, driven by new product introductions [3] - Cream revenue reached 558 million yuan in H1 2025, up 29%, with plans to expand the product matrix [3] - Sauce revenue grew by 36% to 142 million yuan, supported by strong orders from core restaurant chain clients [3] Channel Development - Revenue from distribution channels in H1 2025 was 1.053 billion yuan, a 9% increase, while direct sales channels saw a 26% increase to 999 million yuan [4] - Retail channel revenue surged by 105% to 7 million yuan, indicating successful adaptation to diverse consumer channels [4] Profit Forecast - The company's earnings per share (EPS) are projected to be 2.12 yuan in 2025, 2.56 yuan in 2026, and 2.98 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 24, 20, and 17 times [8][10] - The company is expected to achieve a net profit of 359 million yuan in 2025, reflecting a 33.9% growth rate [10]

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by the performance of its cream products and expansion in new retail channels [1][2]. Financial Performance - Total revenue for H1 2025 reached 2.07 billion yuan, a year-on-year increase of 16.2%, with net profit attributable to shareholders at 171 million yuan, up 26.24% [1]. - In Q2 2025, revenue was 1.024 billion yuan, reflecting an 18.4% year-on-year growth, while net profit was 82 million yuan, a 40.84% increase [1]. - The company’s revenue from frozen baking, cream, fruit products, sauces, and other baking materials for H1 2025 was 1.125 billion, 558 million, 83 million, 142 million, and 151 million yuan respectively, with significant growth in cream and sauces [2]. Product and Channel Performance - The cream segment maintained high growth, with cream products showing a notable increase in revenue, particularly driven by the performance of whipped cream [2]. - The company’s revenue from the retail channel grew by approximately 40% in H1 2025, indicating successful adaptation to market trends [2]. - Traditional channels showed stagnant growth, while supermarket channels experienced nearly 30% growth, highlighting the effectiveness of new product introductions [2]. Cost Management and Profitability - The gross margin for Q2 2025 was 30.72%, showing a year-on-year decrease of 1.89 percentage points but an increase of 0.73 percentage points from the previous quarter [3]. - The company implemented cost control measures, resulting in a net profit margin of 7.9% for Q2 2025, an increase of 1.25 percentage points year-on-year [3]. - Selling, administrative, and R&D expense ratios were optimized, reflecting effective cost management strategies [3]. Profit Forecast and Valuation - The company raised its net profit forecasts for 2025-2027 to 352 million, 419 million, and 494 million yuan, representing increases of 6.0%, 8.7%, and 11.7% respectively [4]. - The projected earnings per share (EPS) for the same period are 2.08, 2.48, and 2.92 yuan, with current price-to-earnings ratios of 23, 19, and 17 times [4].

Core Insights - The company reported a total revenue of RMB 353 million for the six months ending June 30, 2025, representing a 17.3% increase compared to the same period in 2024 [1] - The revenue structure remained stable, with TAVR-related products contributing 45.7% and neurointerventional products contributing 54.3% [1] Financial Summary - TAVR-related product sales increased by 24.0% year-on-year to RMB 162 million, driven by market share growth and a shift towards high-end products [2] - Neurointerventional product sales grew by 12.2% year-on-year to RMB 192 million, supported by deeper market penetration of existing products and the successful launch of the YonFlow stent [2] - The company achieved a significant reduction in operating losses, narrowing by 19.4% to RMB 68.32 million, with core business net losses decreasing by 52.4% to RMB 30.72 million [2] Cost Control and Efficiency - The TAVR business segment achieved its first commercial profit of RMB 29.09 million, with sales and distribution expenses decreasing by 8.3% to RMB 100 million [4] - Research and development expenses for the TAVR segment decreased by 17.2% to RMB 54.2 million, primarily due to the completion of major clinical trials [4] - The management expenses for the TAVR segment increased slightly by 2.8% to RMB 50.98 million, mainly due to depreciation costs of a new headquarters [4] Innovation and Product Development - The company successfully completed one-year clinical follow-ups for three in-development products, showcasing excellent safety and efficacy results [5] - The TAVR product line has expanded to cover over 720 medical institutions in China, with total implantations exceeding 2,050 units, reflecting an 18.8% year-on-year growth [3] - The neurointerventional business segment has entered a mature development phase, with strong performance from the DCwire microguidewire and the newly launched YonFlow stent [10] Market Expansion and Competitive Position - The company has prepared for the market launch of new products, particularly the AR valve TaurusTrio, with plans for commercial synergy to enhance its platform advantages [5] - The neurointerventional segment's profit has continued to grow, with a 42.4% increase to RMB 40.9 million, supported by effective cost control and management strategies [12] - The company aims to maintain its market leadership through innovation-driven strategies and operational efficiency improvements [12]

Core Viewpoint - Peijia Medical Limited reported a total revenue of RMB 353 million for the six months ending June 30, 2025, representing a 17.3% increase compared to the same period in 2024, with stable revenue contributions from TAVR and neurointerventional products [1] Financial Summary - The sales revenue from TAVR-related products increased by 24.0% to RMB 162 million, driven by an enhanced market share in China's TAVR market and a shift towards newly launched high-end products [2] - Neurointerventional products saw a 12.2% increase in sales revenue to RMB 192 million, supported by deeper market penetration of existing products and the successful launch of the YonFlow® stent [2] - The overall operating loss narrowed by 19.4% to RMB 68.32 million, with core business net loss significantly reduced by 52.4% to RMB 30.72 million [2] Cost Control and Efficiency - The TAVR business achieved commercial profitability for the first time, generating a profit of RMB 29.09 million, with sales and distribution expenses decreasing by 8.3% to RMB 100 million [4] - R&D expenses for the TAVR division decreased by 17.2% to RMB 54.2 million, primarily due to the completion of major clinical trials [4] - The management expenses slightly increased by 2.8% to RMB 50.98 million, mainly due to depreciation costs of a new headquarters [4] Innovation and Product Development - Three key in-development products are entering the registration application phase, including the TaurusTrio™ TAVR system, TaurusNXT® TAVR system, and GeminiOne® TEER system, with expected approvals between late 2025 and mid-2026 [5] - The DCwire® microguidewire and YonFlow® stent are highlighted as strong performers in the neurointerventional segment, with the former's sales revenue increasing nearly 140% [9] - The company is preparing for the market launch of the TaurusTrio™, which is expected to significantly enhance its competitive position in the AR valve market [5] Operational Efficiency - The neurointerventional division's profit increased by 42.4% to RMB 40.9 million, supported by effective cost control and operational efficiency measures [11] - The company has successfully integrated lean production and supply chain management to mitigate revenue pressures from centralized procurement [11] - The overall strategy emphasizes innovation-driven growth, operational efficiency, and maintaining market leadership in cardiovascular disease treatments [11]