本文来自彭博终端，终端用户可运行NSN T5ZVZBGQ7LAO 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 本期主题： 礼来业绩领跑、诺和诺德落后：政策不确定性持续困扰制药行业 GLP-1药物第三季度表现分化：礼来亮眼 诺和诺德失色 美国大型药企第三季度收入超预期幅度再次高于欧洲同业，汇率仍是拖累后者收入的主要因 素。礼来凭借肥胖症药物组合的强劲表现，以收入超预期1 0%领跑同业。与之形成鲜明对比 的是，诺和诺德因复合GLP- 1药物竞争加剧持续面临阻力，业绩较预期低约2%，且这一压力 短期内难以缓解。 罗氏因Oc r e v u s、Hemli b r a和Va b y smo三款药物销售疲软，收入未达预期，加剧了市场对其 长期增长前景的担忧，尤其是在其后期产品管线推进缓慢的背景下。此外，葛兰素史克、百 时美施贵宝和阿斯利康在核心增长业务的支持下，实现了低单位数的超预期表现。艾伯维再 次上调对Sk y ri z i和Ri n v o q的预期，这两款药物在第三季度推动了业绩增长，并持续抵消 Humir a销售下滑的影响。 第三季度收入 vs. 市场普遍预期 | | | 诺和诺德EPS未达预期 ...

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of €4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - Europe experienced a 6% increase, while the Americas had a 15% growth in the nine months, accelerating to 20% in Q3 [11] - The Middle East delivered a solid performance with a 21% increase in the nine months [12] Company Strategy and Development Direction - The company remains committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on enhancing retail excellence and optimizing store locations, with plans to close underperforming stores while expanding in key areas [29][86] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][71] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] Other Important Information - The company is cautious about store expansion, particularly for Prada, while Miu Miu has seen successful store openings [29] - The impact of exchange rates on revenue was noted, with a negative effect of approximately 260 basis points in the first nine months [10] Q&A Session Summary Question: Update on Versace integration - Management clarified that the transaction is not yet closed and is awaiting authorizations [18] Question: Current trading and improvement drivers - Management indicated that the recent improvements are consistent with previous trends, with a plateau observed in China and a strong local customer base in Japan [20] Question: Wholesale trends in Q3 - Management confirmed there were no exceptional factors affecting wholesale trends [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements across regions [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has successfully opened new stores, while Prada is taking a more cautious approach to expansion [29] Question: Margin expectations for the upcoming year - Management did not provide specific guidance but indicated that they are on track to meet previous margin improvement targets [36][41] Question: FX headwinds for H2 and 2026 - Management acknowledged potential FX headwinds but emphasized that hedging strategies would mitigate impacts for 2025 [42] Question: Aspirational customer trends - Management noted weak signals of improvement but emphasized that the current environment is a plateau [53] Question: Pricing policy for 2026 - Management plans to maintain a similar pricing strategy as in previous years, with adjustments based on regional differences [108] Question: Growth by product category in Q3 - Leather goods showed significant growth for Prada, while ready-to-wear remained the cornerstone for Miu Miu [110]

Price Trends - The international gold price is reported at $3651.9 per ounce, while the domestic price is 828.8 yuan per gram [1] - Major jewelry brands like Chow Tai Fook and Chow Sang Sang set their gold jewelry prices uniformly at 1078 yuan per gram [2] - Some brands, such as Chow Tai Fook, sell gold bars at a lower price of 933 yuan per gram compared to their jewelry [9][10] Market Dynamics - The price differences among brands are attributed to brand reputation and processing fees [11] - The price of platinum varies significantly among brands, with Chow Tai Fook and Chow Sang Sang pricing it at 561 yuan per gram, while others like Cai Bai offer it for 445 yuan [14][15] - The Shenzhen market shows a stark contrast, with prices for 999 gold at 839 yuan per gram, significantly lower than branded stores [18][20] Investment Insights - The 2025 edition of the Panda gold set is priced at 50,593 yuan, with individual coins priced based on collectible value rather than just gold content [22] - The Shanghai Gold Exchange provides the most accurate gold pricing, with a slight increase noted recently [22] - Thailand has seen a 21% increase in gold demand in the first half of the year, driven by cultural practices and economic factors [22][24]

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, emphasized the importance of stability in the foreign exchange market, stating that it should reflect the fundamentals of the economy [1] Summary by Relevant Categories Economic Impact - The impact of exchange rates varies depending on the economic entity involved [1]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 Source：编译自eetjp ，谢谢 。 2025年4月28日，Socionext召开了2024财年全年（2024年4月至2025年3月）财务业绩发布会。 2024财年全 年销售额同比下降14.8%至1885亿日元，营业利润下降29.6%至250亿日元，净利润下降25.0%至196亿日元， 销售额和利润双双下降。这是由于对中国的出口减少，特别是对中国电信设备的出口减少。 Socionext还公布了2025财年全年业绩预测，公司预计销售额将同比下降7.2%至1750亿日元，营业利润将下降 44.0%至140亿日元，净利润将下降46.4%至105亿日元，这将是销售额和利润连续第二年下滑。汇率假设为1 美元=130日元，汇率敏感性估计为，日元兑美元每波动1日元，年销售额将减少约10亿日元，营业利润将减少约 3亿日元。因此，如果以该汇率敏感性为基础，采用上一年的汇率（1美元=152.6日元）计算2025财年的预测， 销售额将为1976亿日元，营业利润将为208亿日元，这将导致销售额增加，利润减少。 Socionext董事长兼总裁小塚昌弘表示："各国政策、宏观 ...