来源：中国经营报 中经记者 李昆昆 李正豪 北京报道 近日，陌陌母公司挚文集团（纳斯达克：MOMO）发布了截至2025年9月30日的财报。财报显示，挚文 集团2025年前9个月营收为77.91亿元，较上年同期的79.26亿元下降1.7%。同时，公司前三季度净利润 同比下滑33.5%。 《中国经营报》记者采访陌陌方面关于公司业绩的相关问题，截至发稿前，对方尚未回复。 在张思远看来，陌陌当前面临三大发展瓶颈。首先，用户结构老化与增长停滞。 作为成立超过13年的社交平台，陌陌用户群体已从年轻用户主导转向中老年人为主。用户规模增长陷入 停滞，付费用户数同步下滑30%，反映出核心产品对年轻用户吸引力减弱。 其次，国内市场竞争与监管压力加剧。国内陌生人社交赛道竞争白热化，Soul、伊对等新兴平台通过AI 互动、视频社交等创新功能抢占市场份额，而陌陌产品迭代相对滞后，仅推出"AI恋爱军师"这些有限功 能，未能有效突破用户增长瓶颈。同时，监管环境趋严对业务运营形成持续约束，2025年第三季度国内 业务收入下滑11%部分源于"内容安全自查"及其他合规成本上升，历史上探探2019年下架、陌陌关闭动 态功能等事件已多次影响用户活跃 ...

为支持CIG美国的上述业务部署，提升此次境外发行募集资金的利用效率，公司拟以发行境外上市外资 股(H股)募集资金向CIG美国增资1亿美元，用于： 采购配套生产设备，扩张公司在北美及东南亚地区高速光模块产能配套，提升全球交付能力；提升海外 研发规模和能力，加速新技术和新产品的开发及技术迭代，确保公司产品的技术领先性；加大市场营销 力度，拓展重点市场和客户，构建销售渠道和客户服务体系，支撑业务长期高速成长；加大关键元器件 的战略性采购和储备力度，稳定并增强核心元器件的供应能力，确保交付的稳定及高速增长；参与产业 链协同，通过战略性合作提升全球供应链安全；补充运营资金。 剑桥科技（603083）(06166)涨超3%，截至发稿，涨2.49%，报88.65港元，成交额2202.89万港元。 消息面上，12月8日，剑桥科技发布公告，CIG美国作为落实发行H股募资投向的重要实施主体之一，将 在研发投入、业务扩展、客户服务、全球化产能配套及供应链协同方面发挥重要作用。 ...

（1）采购配套生产设备，扩张公司在北美及东南亚地区高速光模块产能配套，提升全球交付能力； （2）提升海外研发规模和能力，加速新技术和新产品的开发及技术迭代，确保公司产品的技术领先 性；（3）加大市场营销力度，拓展重点市场和客户，构建销售渠道和客户服务体系，支撑业务长期高 速成长；（4）加大关键元器件的战略性采购和储备力度，稳定并增强核心元器件的供应能力，确保交 付的稳定及高速增长；（5）参与产业链协同，通过战略性合作提升全球供应链安全；（6）补充运营资 金。 公司将严格要求CIG美国遵循募集资金专项用途，不得将此次增资款项用于与主营业务无关的支出。 CIG美国作为落实上述募资投向的重要实施主体之一，将在研发投入、业务扩展、客户服务、全球化产 能配套及供应链协同方面发挥重要作用。为支持CIG美国的上述业务部署，提升此次境外发行募集资金 的利用效率，公司拟以发行境外上市外资股（H股）募集资金向CIG美国增资10,000万美元，用于： 格隆汇12月8日丨剑桥科技(603083.SH)公布，公司于2025年10月20日刊发的H股招股说明书已披露，公 司H股发行的募集资金核心投向为"加强研发投入、扩大生产能力、拓展全球 ...

Investment Rating - The report maintains a "Recommended" rating for Ctrip Group-S (09961.HK) with a target price of 635 HKD, reflecting an expected upside of 12.3% from the current price of 564.50 HKD [2][4]. Core Insights - Ctrip Group reported a revenue of 18.37 billion HKD in Q3 2025, representing a year-over-year increase of 15.5%. The gross margin was 81.7%, down 0.7 percentage points year-over-year. Operating profit reached 5.57 billion HKD, up 11.3% year-over-year, while net profit surged to 19.89 billion HKD, a remarkable increase of 194.0% due to gains from the disposal of certain investments [2][4]. - The accommodation booking revenue exceeded expectations, amounting to 8.05 billion HKD, with a year-over-year growth of 18.3%. Transportation ticketing revenue was 6.31 billion HKD, up 11.6% year-over-year. The international business continued to grow significantly, with total bookings on the international OTA platform increasing by approximately 60% year-over-year [8][2]. - The company has increased its marketing expenses to support overseas business expansion, leading to a sales expense ratio of 22.8%, which is an increase of 1.5 percentage points year-over-year [8][2]. - The sale of MakeMyTrip shares resulted in a substantial non-recurring gain, with other income for Q3 2025 reaching 17.03 billion HKD, a significant rise from 1.78 billion HKD in the same period last year [8][2]. Financial Projections - Revenue projections for Ctrip Group are estimated at 61.68 billion HKD for 2025, 70.16 billion HKD for 2026, and 79.54 billion HKD for 2027, with year-over-year growth rates of 15.7%, 13.8%, and 13.4% respectively [4][9]. - The net profit attributable to shareholders is forecasted to be 31.65 billion HKD in 2025, 20.62 billion HKD in 2026, and 23.59 billion HKD in 2027, with growth rates of 85.4%, -34.9%, and 14.4% respectively [4][9]. - The report anticipates a price-to-earnings ratio of 20x for 2026, leading to a target market capitalization of 452.4 billion HKD [8][4].

Core Viewpoint - New Hope Liuhe Co., Ltd. continues to struggle in its traditional business, showing insufficient recovery from the financial downturn experienced in 2021, despite reporting a significant increase in net profit for the first half of 2023 [2][4]. Financial Performance - For the first three quarters of 2023, the company achieved a revenue of 80.50 billion yuan, a year-on-year increase of 4.27%, while the net profit attributable to shareholders was 760 million yuan, a substantial increase of 395.89% [2][3]. - In the third quarter alone, revenue was 28.88 billion yuan, up 4.51% year-on-year, but net profit dropped to 512.55 thousand yuan, a staggering decline of 99.63% [2][3]. - The company reported a basic and diluted earnings per share of 0.00 yuan for the third quarter, reflecting a 100% decrease compared to the previous year [3]. Debt and Financial Health - The asset-liability ratio decreased to 69.49% in the third quarter of 2025, down 1.36 percentage points from the previous year, but still significantly higher than the industry average of 57.82% [5][6]. - The company has faced a continuous rise in its asset-liability ratio, which reached 74.03% in the first quarter of 2024, up from 58% in 2020 [5]. Strategic Challenges - New Hope's recovery in 2023 is attributed to both industry cycle recovery and operational improvements, including the divestment of eight subsidiaries and associated companies, which generated approximately 1 billion yuan in cash [6]. - The company’s strategic focus on "feed + pig industry" and overseas expansion has yet to translate into clear growth metrics, leading to market skepticism regarding the sustainability of its profitability [8][9]. Market Sentiment - The stock price of New Hope has fluctuated between 9.56 and 10.58 yuan since the second half of 2023, indicating market doubts about the sustainability of its performance improvements [8]. - The dynamic PE ratio stands at approximately 43.23 times, significantly higher than the industry average of 18.56 times, suggesting that the market may be overvaluing the company relative to its peers [8]. Industry Context - The agricultural sector, particularly in pig farming, has faced significant challenges, including a downturn in pig prices since 2021, which has severely impacted New Hope's financial performance [4][9]. - The company must navigate the pressures of rising costs in the feed industry, which constitutes about 68.72% of its revenue, and concerns over consumer demand affecting pork prices [8][9].

Investment Rating - The investment rating for Huaxin Cement is "Buy" (maintained) [4] Core Views - The company's profitability has significantly improved, with the successful implementation of the Nigeria project expected to contribute positively to future earnings [6] - Domestic profitability is steadily recovering, while overseas expansion is anticipated to accelerate [6] - The company has shown strong performance in Q3 2025, with a year-on-year increase in net profit of 121% [6] Financial Summary - Total shares outstanding: 2,079 million [1] - Market price: 20.66 CNY [1] - Market capitalization: 42,952.05 million CNY [1] - Revenue forecast for 2023A: 33,757 million CNY, with a growth rate of 11% [4] - Net profit forecast for 2025E: 2,990 million CNY, with a growth rate of 24% [4] - Earnings per share (EPS) for 2025E: 1.44 CNY [4] - Operating cash flow for the first three quarters of 2025: 32.27 billion CNY [6] - The company plans to distribute a cash dividend of 0.34 CNY per share, totaling 7.06 billion CNY [6] Profitability and Growth - The company achieved a net profit of 20.04 billion CNY in the first three quarters of 2025, a year-on-year increase of 76.01% [6] - The revenue for Q3 2025 was 89.86 billion CNY, reflecting a year-on-year growth of 5.95% [6] - The company expects to see continued growth in net profit, with projections of 29.90 billion CNY for 2025, 39.01 billion CNY for 2026, and 44.87 billion CNY for 2027 [6] Cash Flow and Dividend Policy - The company has maintained a high dividend payout ratio, with a historical average of around 39.5% from 2019 to 2024 [6] - The cash flow from operating activities remains robust, indicating strong operational efficiency [6]

Investment Rating - The report maintains an "Accumulate" rating for Huaxin Cement (600801) [1] Core Views - The company has shown accelerated overseas growth momentum, with significant contributions from its Nigerian and Brazilian operations [7] - The third quarter of 2025 saw a year-on-year revenue increase of 6.0%, driven by rising overseas cement prices and the consolidation of new acquisitions [7] - The gross profit margin improved to 30.5%, up 5.8 percentage points year-on-year, benefiting from higher-margin overseas sales [7] - The company is expected to continue its strong performance in the fourth quarter, supported by the contributions from its Nigerian plant [7] - The report projects an increase in net profit forecasts for 2025-2027, reflecting the company's robust international expansion strategy [7] Financial Summary - Total revenue for 2023 is projected at 33,757 million yuan, with a year-on-year growth of 10.79% [1] - The net profit attributable to shareholders is expected to reach 2,762 million yuan in 2023, reflecting a growth of 2.34% [1] - Earnings per share (EPS) for 2023 is estimated at 1.33 yuan, with a price-to-earnings (P/E) ratio of 15.55 [1] - The company’s total assets are projected to grow to 69,513 million yuan by 2024, with a debt-to-asset ratio of 53.22% [6][8] - Operating cash flow for 2024 is expected to be 5,977 million yuan, indicating strong cash generation capabilities [8]

Core Viewpoint - The company is experiencing a significant decline in total revenue and profit due to domestic market oversupply and falling rental prices, while making strategic adjustments to its asset structure and expanding its overseas operations [1][2] Group 1: Domestic Market Performance - The rental rate for major equipment categories remains high, with the aerial work platform rental rate at approximately 80% by the end of the third quarter [1] - Total revenue for the first three quarters has decreased by over 10% year-on-year, primarily due to ongoing oversupply in the domestic market and declining rental prices for aerial work platforms [1] - Profit attributable to ordinary shareholders has decreased by more than 70% year-on-year, although the rate of decline has slightly narrowed compared to the first half of the year [1] Group 2: Overseas Market Strategy - The company is adopting a balanced approach to business expansion and risk management in overseas markets, focusing on increasing asset management scale and optimizing asset structure [1] - As of the end of the third quarter, overseas revenue accounted for over 15% of total revenue, while overseas gross profit represented more than 25% of total gross profit [1] Group 3: Financial Management - The company maintains a prudent approach to new capital expenditures and continues to enhance the value of assets throughout their lifecycle through its domestic and international networks [1] - The financing cost rate is on a downward trend, and the overall financial situation remains safe and stable [1]

Core Viewpoint - Bank of America Securities has initiated coverage on MicroPort Medical (00853) with a "Buy" rating and a target price of HKD 16.8, citing the elimination of recent liquidity pressures and a shift in investor focus back to fundamentals [1] Financial Performance - The company is expected to achieve profitability by the first half of 2026 through cost control and divestment of non-core assets [1] - Revenue projections for 2025, 2026, and 2027 are USD 1.109 billion, USD 1.241 billion, and USD 1.407 billion, representing year-on-year growth rates of 7.6%, 11.9%, and 13.3% respectively [1] Strategic Developments - The introduction of Shanghai Industrial, a state-owned enterprise, as a strategic shareholder is anticipated to support the company's financial and business development [1] - Rapid growth in overseas business is expected to mitigate domestic market risks and provide long-term growth visibility [1] Operational Efficiency - The company is projected to further reduce operating expense ratios and financing costs [1]

Core Viewpoint - Bank of America Securities has initiated coverage on MicroPort Medical (00853) with a "Buy" rating and a target price of HKD 16.8, citing the elimination of recent liquidity pressures and a shift in investor focus back to fundamentals [1] Group 1: Financial Performance and Projections - The company is expected to achieve profitability by the first half of 2026 through cost control and divestment of non-core assets [1] - Revenue projections for 2025, 2026, and 2027 are USD 1.109 billion, USD 1.241 billion, and USD 1.407 billion, representing year-on-year growth rates of 7.6%, 11.9%, and 13.3% respectively [1] Group 2: Strategic Developments - The introduction of Shanghai Industrial, a state-owned enterprise, as a strategic shareholder is anticipated to support the company's financial and business development [1] - Rapid growth in overseas business is expected to mitigate domestic market risks and provide long-term growth visibility [1] Group 3: Cost Management - The company is projected to further reduce operating expense ratios and financing costs [1]