消息面上，高盛研报指出，该行昨日(8日)邀请了老铺黄金参加其亚太区消费与休闲企业日，老铺黄金 的管理层提出几个要点，包括集团管理层未见10月黄金产品涨价后带来销售压力，并注意到多个城市在 节日期间出现排长队情况。在元旦假期期间，老店及公司层面销售额录得高双位数、三位数的按年增 长；又认为品牌知名度、渠道扩张、升级及营运能力提升将支撑内地春节旺季的销售，且公司在库存、 营运方面比去年准备更充分。 花旗发布研报称，据该行在元旦假期内留意到的需求复苏及毛利率改善，对老铺今年展望更具信心。花 旗料消费者已消化产品提价，受行业广泛调整价格及去年12月起金价反弹所支持。报告称，长假期内的 推广亦刺激需求复苏。该行料强劲需求将持续至春节假期。花旗称老铺自去年11月底起毛利率已复苏至 40%以上，春节后有望进一步提价，料盈利能力高企状况可于今年延续。 老铺黄金 分时图 日K线 周K线 月K线 659.00 34.50 5.52% 7.21% 4.80% 2.40% 0.00% 2.40% 4.80% 7.21% 579.50 594.50 609.50 624.50 639.50 654.50 669.50 09:30 10 ...

花旗发布研报称，对老铺黄金(06181)展开30日正面催化剂观察，维持"买入"评级，目标价1,119港元。 据该行在元旦假期内留意到的需求复苏及毛利率改善，对老铺今年展望更具信心。花旗料消费者已消化 产品提价，受行业广泛调整价格及去年12月起金价反弹所支持。 报告称，长假期内的推广亦刺激需求复苏，该行料强劲需求将持续至春节假期。花旗称老铺自去年11月 底起毛利率已复苏至40%以上，春节后有望进一步提价，料盈利能力高企状况可于今年延续。该行料老 铺2025及26年收入同比升224%及36%至分别276亿及375亿元人民币，纯利同比分别升224%及47%至各 48亿及70亿元人民币。 ...

高盛指，对2026年初步展望，管理层认为获利驱动因素包括：毛利率改善(即使考虑增值税、促销因 素，10月涨价后的毛利率仍可达到40%)、渠道扩张、客户群持续扩大; 而老铺黄金在行业中的领导地 位、综合能力是其竞争优势。此外，集团2026年的重点将放在门店网络的选址升级。 该行指，管理层对2025年推出的新产品表现感到满意，并相信品牌持续在重大节庆及活动期间推出新产 品，对于提升品牌竞争力具有战略重要性。 智通财经APP获悉，高盛发布研报称，昨日(8日)邀请了老铺黄金(06181)参加其亚太区消费与休闲企业 日，老铺黄金的管理层提出几个要点，包括集团管理层未见10月黄金产品涨价后带来销售压力，并注意 到多个城市在节日期间出现排长队情况。高盛基于2027年预测25倍市盈率，并以9.6%的股权成本折现 至2026年中，得出对老铺黄金的12个月目标价为1,088港元，评级"买入"。 在元旦假期期间，老店及公司层面销售额录得高双位数、三位数的同比增长;又认为品牌知名度、渠道 扩张、升级及营运能力提升将支撑内地春节旺季的销售，且公司在库存、营运方面比去年准备更充分。 ...

花旗发布研报称，据该行在元旦假期内留意到的需求复苏及毛利率改善，对老铺今年展望更具信心。花 旗料消费者已消化产品提价，受行业广泛调整价格及去年12月起金价反弹所支持。报告称，长假期内的 推广亦刺激需求复苏。该行料强劲需求将持续至春节假期。花旗称老铺自去年11月底起毛利率已复苏至 40%以上，春节后有望进一步提价，料盈利能力高企状况可于今年延续。 智通财经APP获悉，老铺黄金(06181)涨超5%，截至发稿，涨5.12%，报656.5港元，成交额10.03亿港 元。 消息面上，高盛研报指出，该行昨日(8日)邀请了老铺黄金参加其亚太区消费与休闲企业日，老铺黄金 的管理层提出几个要点，包括集团管理层未见10月黄金产品涨价后带来销售压力，并注意到多个城市在 节日期间出现排长队情况。在元旦假期期间，老店及公司层面销售额录得高双位数、三位数的按年增 长；又认为品牌知名度、渠道扩张、升级及营运能力提升将支撑内地春节旺季的销售，且公司在库存、 营运方面比去年准备更充分。 ...

花旗发表报告，对老铺黄金展开30日正面催化剂观察，维持"买入"评级，目标价1119港元。据该行在元 旦假期内留意到的需求复苏及毛利率改善，对老铺今年展望更具信心。花旗预计消费者已消化产品提 价，受行业广泛调整价格及去年12月起金价反弹所支持。老铺自去年11月底起毛利率已复苏至40%以 上，春节后有望进一步提价，预计盈利能力高企状况可于今年延续。该行预计老铺2025及26年收入分别 按年升224%及36%，至276亿及375亿元，纯利按年分别升224%及47%，至48亿及70亿元。 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company experienced a revenue decline of 11.93% year-on-year in Q1-Q3 2025, with a total revenue of 74.42 billion yuan and a net profit attributable to shareholders of 21.29 billion yuan, down 20.74% [1][4] - The decline in revenue and gross margin is expected to improve due to the decrease in the price of natural cow bile, which has dropped from 1.7 million yuan/kg to 1.4 million yuan/kg since June [1] - The company is focusing on its core product "Pianzaihuang" while expanding its product line and enhancing its research and development pipeline [2] Financial Performance Summary - For 2025, the company is projected to have an EPS of 4.04 yuan, with expected revenues of 9.764 billion yuan, a decrease of 9.5% from the previous year [3] - The gross margin for the pharmaceutical manufacturing segment is currently at 61.11%, down 9.68 percentage points [1] - The company has established strategic partnerships with major chain pharmacies, achieving coverage of over 100,000 stores [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10]. Core Views - The company has shown a revenue growth of 6.02% year-on-year for the first three quarters of 2025, with a total revenue of 216.28 billion yuan and a net profit attributable to shareholders of 53.22 billion yuan, reflecting a 10.54% increase [10]. - The introduction of new product categories has been a highlight, with revenue from soy sauce, oyster sauce, seasoning sauces, and other condiments increasing by 7.9%, 5.9%, 9.6%, and 13.4% respectively [10]. - The gross margin for Q3 2025 improved to 39.63%, up by 3.02 percentage points year-on-year, primarily due to the decline in prices of key raw materials such as soybeans and sugar [10]. Financial Summary - The company’s total market capitalization is 224.827 billion yuan, with a total share capital of 5,852 million shares [3]. - The net asset per share is 6.76 yuan, with a price-to-book ratio of 5.7 [4]. - The projected earnings per share (EPS) for 2025-2027 are 1.20, 1.35, and 1.51 yuan, respectively, indicating a year-on-year growth of 11%, 12%, and 12% [10][11]. Revenue and Profit Forecast - The company’s revenue is expected to grow from 24.559 billion yuan in 2023 to 35.652 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.4% [9][11]. - The net profit attributable to shareholders is projected to increase from 5.627 billion yuan in 2023 to 8.860 billion yuan in 2027, reflecting a steady growth trajectory [9][11].

Core Viewpoint - RLX Technology (RLX.US) experienced a significant stock increase of over 9%, reaching $2.542, following the release of its Q3 earnings report, which showed robust revenue and profit performance, exceeding market expectations [1] Financial Performance - For Q3, RLX Technology reported revenue of $158.6 million, representing a year-over-year increase of 47.1%, and surpassing market expectations by approximately $18.1 million [1] - The Non-GAAP earnings per ADS for Q3 were $0.031, aligning with market expectations [1] Profitability - The company's gross margin improved from 27.2% in the same period last year to 31.2% in Q3, indicating effective cost control and product mix optimization [1] Financial Position - As of September 30, the company had a total of RMB 15.351 billion (approximately $2.156 billion) in cash, restricted cash, short-term and long-term bank deposits, and investment securities, providing a solid financial foundation for future business expansion [1]

Core Viewpoint - CICC maintains a "outperform" rating for Uni-President China (00220), while lowering the profit forecast for 2025 and 2026 by 3% and 6% to 2.23 billion and 2.47 billion yuan respectively, with a target price of 11.5 HKD, indicating a potential upside of 28.5% based on 20/18 times P/E for 2025/2026 [1] Group 1: Financial Performance - In Q3 2025, the company's net profit reached 726 million yuan, representing an 8.4% year-on-year increase, aligning with market expectations [1] - The estimated Q3 revenue remained flat year-on-year, with food business showing moderate growth while beverage business faced slight declines due to intensified competition in the market [2] - The gross margin for the first nine months of 2025 showed a slight improvement year-on-year, attributed to lower raw material prices and increased capacity utilization [3] Group 2: Business Strategy and Market Conditions - The beverage segment experienced a decline in October compared to Q3, primarily due to external factors such as delivery subsidies and industry destocking, but the company maintains a stable pricing strategy and aims to explore high-potential outlets for future growth [4] - The company introduced new products in Q3, including 100% NFC blueberry juice and lemon ginger apple juice, to enhance its product portfolio [2] - The company is focusing on optimizing expense inputs and brand building, leading to a decrease in expense ratio year-on-year [3]

Core Viewpoint - The company's gross margin is declining primarily due to rising raw material prices, which are on an overall upward trend [1] Group 1: Financial Performance - The company's gross margin is experiencing a downward trend [1] - The Thai subsidiary is currently in a ramp-up phase and operating at a loss, contributing to the decline in gross margin [1] Group 2: Strategic Response - The company plans to adjust its product structure and focus on developing high value-added products to gradually improve the declining gross margin situation [1]