"创新行动"，异业合作赋新能。加强异业资源应用，主动对接市商务局争取汽车促销费政策，落地购车 赠加油卡活动。尝试滴滴加油合作。（通讯员： 陈修龙） "拓客行动"，打造增量宽赛道。按照价值排序落实点将开发，锚定驾校、婚庆车队、租车平台，着力推 动银行系统、医护行业的总对总团体客户开发，加快存量单位客户团体转化，深挖抖音客户库潜力，开 展睡眠抖音客户促活专项行动。 "留客行动"，迁移存客促消费。抓好存量客户迁移。针对停业改造、退租的油站，实施"三好"服务：提 前20天进行客户梳理，做好停业前（加油赠分流券、即时短信触达）客户梳理，做好停业中（跟踪分流 消费、电话引导提醒）客户引导，做好营业后（回流权益生效、睡眠客户唤醒）客户回流。组建团组阿 米巴运行模式，创新停业站分流营销，客户留存率达到53%以上。 7月份，济南公司积极落实山东公司年度工作会议精神，瞄定"跑赢大势、跑赢同行、上半年销量同比不 降"总体目标，以市场为导向、客户为中心，完成率达109%，全省排名第3，同比增幅10%，市场份额 同比提升4.5%，为下半年市场攻坚注入强劲动能。 "提质行动"，筑牢存量基本盘。丰富营销工具，消除抖音油品券下架不利因素，着 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [8][9]. Core Views - The company has shown steady improvement in profitability, with a significant increase in net profit and operating cash flow in 2024. The revenue for 2024 is projected at 2.194 billion yuan, reflecting a growth of 1.03%, while the net profit is expected to reach 522 million yuan, marking a 23.79% increase [3][4]. - The company is focusing on optimizing its biopharmaceutical segment, with ongoing clinical trials for multiple antibody injection projects, which are expected to enhance its product pipeline in cancer treatment [5][6]. - The financial forecasts for 2025 to 2027 indicate a gradual increase in revenue and net profit, with projected revenues of 2.308 billion yuan in 2025 and 2.560 billion yuan in 2027, alongside net profits of 471 million yuan and 572 million yuan respectively [7][10]. Company Overview - The latest closing price of the company's stock is 14.42 yuan, with a total market capitalization of 8.5 billion yuan. The company has a debt-to-asset ratio of 28.9% and a price-to-earnings ratio of 16.20 [2]. - The company is primarily owned by Guilin Sanjin Group Co., Ltd., which is its largest shareholder [2]. Financial Performance - In Q1 2025, the company reported a revenue of 467 million yuan, a decrease of 3.32% compared to the previous period, while the net profit increased by 4.80% to 105 million yuan [3][4]. - The gross margin for 2024 is projected to be 73.41%, with a net profit margin of 23.77%, indicating a slight improvement in profitability metrics [4]. Future Outlook - The company is expected to continue its strategic initiatives aimed at quality improvement, cost reduction, and efficiency enhancement, which are anticipated to support sustained growth in profitability [4][5]. - The biopharmaceutical segment is expected to further reduce losses and achieve stable growth, providing a solid foundation for future performance [7].

Core Insights - The Changsha Municipal Bureau of Natural Resources and Planning has issued a land supply plan for 2025, emphasizing the optimization of spatial layout and supply structure while controlling the total supply volume [1][2] - The total supply of state-owned construction land in Changsha is capped at 1,791.16 hectares, with significant allocations in Xiangjiang New Area, Tianxin District, and Wangcheng District [1] - The supply of residential land has decreased to 407.43 hectares, representing a drop from 30.48% to 22.75% of the total supply, while public management and transportation land categories have seen an increase [1][2] Land Supply Structure - The land supply structure has shifted, with a notable reduction in residential land and commercial land, while public service and transportation land categories have increased [1][2] - The plan includes strict adherence to regulatory policies, prohibiting the supply of polluted land for residential development and the practice of platform companies "bottoming out" land acquisition to inflate local government revenue [2] Market Implications - The 2025 land supply plan reflects three major changes: tighter total supply control, optimized supply rhythm with balanced releases of residential land, and stricter regulatory red lines [3] - The optimization of land supply may encourage real estate companies to offer products that better meet market demand, potentially leading to higher quality and lower density residential developments [3] - The recent auction in the core area of the Yanghu District attracted significant interest from nearly 30 well-known real estate companies, indicating strong market recognition of core area value despite industry adjustments [3]