前言 上周五，特朗普正式宣布：下一任美联储主席人选，是 Kevin Warsh（凯文·沃什）。 消息出来后，市场几乎是"条件反射式"地崩了一下。尤其是之前涨得最猛的资产，跌得也最狠。 很多人第一反应是困惑的：天天喊着要降息的川子，为什么会提名一个被市场贴上"鹰派"标签的人？是因为理念？还是因为关系？又或者，只是一次政治 妥协？ 如果你只从"鹰派 / 鸽派"这个维度理解这件事，大概率会误判。今天咱们就一起讲清楚。 顺便提醒下，【会员新春活动补漏倒计时48小时！】 ‼️刚下单的新会员朋友，第一件事就是去看发的的会员群提醒和本周三闭门直播，非常重要，主要讲：川子宣布下一任美联储主席，市场不是"正常波 动"一看就明白，心里就踏实了。 这个人到底是谁？ 先简单说履历。 沃什，1970 年生。斯坦福本科，哈佛法学博士（JD）。 （诺奖得主本·伯南克 但真正让他"出圈"的，不是履历，而是 2011 年的一件事：在金融危机已经明显缓解之后，他公开反对继续 QE（量化宽松），并选择离开美联储。 这件事在当时很不讨喜。因为那意味着：你不是在"维护系统稳定"，而是在挑战系统本身。 （美联储 在摩根士丹利做过并购，后来进入 斯坦利· ...

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Viewpoints - The company is experiencing rapid growth in plasma collection, with new production capacity expected to enhance production efficiency and new product approvals likely to improve the comprehensive utilization rate of plasma [2][13]. - The company has a strong advantage in acquiring plasma station resources, supported by its affiliation with the China National Pharmaceutical Group [21][22]. - The company is expected to achieve significant revenue growth, with projected revenues of 72.98 billion, 86.42 billion, and 99.26 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.0%, 18.4%, and 14.9% [15][19]. Financial Summary - Total revenue is projected to grow from 51.80 billion yuan in 2023 to 99.26 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.9% [4][15]. - Net profit attributable to the parent company is expected to increase from 11.10 billion yuan in 2023 to 22.40 billion yuan in 2027, with a CAGR of approximately 15.4% [4][15]. - Earnings per share (EPS) is forecasted to rise from 0.56 yuan in 2023 to 1.13 yuan in 2027 [4][15]. Industry Insights - The blood product industry is expected to see a rise in demand, particularly for domestic alternatives to imported human albumin, with a significant portion of the market still untapped for immunoglobulin and coagulation factor products [18][19]. - The industry is witnessing an increase in plasma collection capacity, with a projected 11% growth in plasma collection volume in 2024 [19][23]. - The concentration of plasma stations among leading companies is increasing, with the top companies holding a significant share of the market [20][23]. Production Capacity and Efficiency - The company has planned three new production facilities, each with a capacity of 1,200 tons per year, which will enhance overall production capacity to over 4,000 tons annually [29][31]. - The integration of production facilities has led to improved operational efficiency and increased yield rates for key products [27][29]. Research and Development - The company is focusing on enhancing its R&D capabilities, with a diverse pipeline of products aimed at addressing rare diseases and improving the utilization rate of plasma [32][33]. - Notable products in development include subcutaneous human immunoglobulin and recombinant coagulation factors, which are expected to contribute to future revenue growth [32][33].

Group 1 - The article emphasizes the importance of three core abilities for professionals: reading comprehension, sales ability, and the ability to interact with leaders [25] - Reading comprehension is defined as the speed and depth of learning new knowledge and skills, which enhances problem-solving efficiency [3][6] - Sales ability is described as a broad concept that applies to all professionals, as everyone is constantly "selling" themselves or their ideas in various contexts [15][16] Group 2 - The article highlights that effective sales rely on empathy and understanding the needs of others, rather than merely promoting one's own strengths [17][21] - The ability to interact with leaders is crucial for career advancement, as it involves mutual benefit and understanding the leader's needs and challenges [23][24] - The author suggests that observing and analyzing leaders' personalities and working styles can help employees navigate workplace dynamics effectively [24]

Core Viewpoint - The company reported a decline in net profit and overall gross margin, attributed to various operational challenges and increased labor costs, despite a slight increase in revenue [1][2]. Financial Performance - For the three months ending March 31, 2025, the company's revenue was $2.029 billion, a year-on-year increase of 1.29% [1]. - The net profit attributable to shareholders was $75.758 million, representing a year-on-year decrease of 24.22% [1]. - The overall gross profit fell by 7.7% to $464 million, with the gross margin decreasing by 2.2 percentage points to 22.9% [1]. Manufacturing Business Insights - The gross profit from the manufacturing segment decreased by 7.6% to $235 million, with the gross margin dropping by 2.6 percentage points to 17.7% [1]. - The demand for footwear products continued to show positive trends, with order volumes increasing and average selling prices rebounding after five consecutive quarters of decline [1]. Operational Challenges - The company faced uneven capacity utilization across manufacturing sites, leading to inefficiencies and increased labor costs due to a 7.5% year-on-year rise in workforce numbers and significant wage increases [2]. - New production lines and shoe upper processing plants did not ramp up as expected, impacting production efficiency and cost management [2]. Retail Performance - The retail subsidiary, Bao Sheng International, continued to enhance its omnichannel capabilities, with online sales trends outperforming offline retail despite a challenging competitive environment [2]. - The company managed to improve the sales conversion rate of its retail stores, dynamically managing store portfolios to optimize performance [2].