10月2日，岚图汽车正式向港交所递交IPO申请。不同于多数新势力在亏损与现金流焦虑中仓促奔赴资本市场的行为，这一次岚图选择在基本盘稳定盈利 之后叩开港股大门。 当前的岚图智能化与新能源双线开花，月销逼近2万辆在主流市场站稳身位。更关键的是，2025年前7个月整体毛利率高达21.3%，超越理想成为中国新能 源车企中毛利率的新标杆。同样，资本市场擅长从细节中读懂趋势，岚图招股书中的信号无需渲染已然具备说服力。 在这个估值底部阶段，一家企业能否获得市场的合理定价，一方面要看自身是否具备增长确定性，另一方面要看经营路径能否穿越周期。岚图用五年时间 走出了一条可持续发展的路径。此前岚图因体制背景成为最容易被质疑的品牌，如今岚图用这份招股书发出反质疑的第一声。 岚图是国有新能源中唯一盈利上市车企 在10月2日递交的招股书中，汽车十三行注意到，岚图是目前港股申报新势力车企中唯一在上市前实现盈利的车企。 从2022年到2024年，岚图累计亏损从31.25亿元压缩至0.91亿元，并在2024年第四季度首次实现季度盈利，成为行业内最快达成单季盈利的新势力，2025年 前七个月，岚图已经实现整体盈利。 | | 截至12月31日止年 ...

Group 1 - The core viewpoint is that the semiconductor industry has entered a downward cycle since the second half of 2022, leading to increased competition within the industry [1] - The overall situation of the industry has gradually improved since the beginning of this year [1] - The company aims to focus on maintaining market share and reducing inventory by 2025, while also enhancing research and development efficiency [1] Group 2 - The company's funding is primarily reserved for future development needs [1]

Core Viewpoint - Recently, Unisoc received a warning letter from the Hebei Securities Regulatory Bureau due to regulatory violations related to shareholder meeting operations and information disclosure [1][3]. Group 1: Regulatory Violations - The warning letter cited two main violations: 1. Non-compliance in the operation of the shareholder meeting, where some directors and supervisors did not attend as required, and some independent directors failed to submit performance reports, violating the rules set forth by the CSRC [3]. 2. Improper information disclosure, including errors in the names of related parties in the 2022 annual report, failure to follow review procedures for using raised funds, and inaccurate aging disclosures in the 2023 annual report, violating the CSRC's information disclosure management regulations [3]. Group 2: Financial Performance - Unisoc's financial performance has raised concerns, with Q1 2025 revenue at 1.026 billion yuan, a decrease of 10.05% year-on-year, and net profit attributable to shareholders down 61.11% to 119 million yuan [4]. - For the full year 2024, revenue was 5.511 billion yuan, a decline of 27.26%, and net profit attributable to shareholders fell by 53.43% to 1.179 billion yuan [4]. - The continuous decline in performance over two years indicates significant challenges in market competition, with the company attributing the downturn to external factors such as adjustments in the smart security chip business and insufficient demand in the special integrated circuit market [4]. Group 3: R&D Investment - Unisoc has positioned R&D innovation as a core competitive advantage, with R&D expenditure accounting for 23.33% of revenue in 2024; however, this investment has not translated into revenue growth, raising questions about the efficiency of R&D and innovation capabilities [5].

Core Insights - Roche reported total revenue of 30.944 billion Swiss Francs (approximately 38.7 billion USD) for the first half of 2025, reflecting a year-on-year growth of 7% at constant exchange rates [1] - The company's pharmaceutical segment generated revenue of 23.985 billion Swiss Francs (approximately 29.98 billion USD), with a 10% increase driven by growth in key products for breast cancer, food allergies, hemophilia A, eye diseases, and multiple sclerosis [1] - Roche's research and development investment decreased by 10% to 6.67 billion Swiss Francs (approximately 8.3 billion USD), as the company reassessed its R&D efficiency [1] Pharmaceutical Business Performance - Oncology revenue remained stable with a slight increase of 2%, while the hematology segment saw a significant growth of 19% [2] - The top-selling oncology products included Tecentriq, Perjeta, and Phesgo, with Phesgo showing a growth trend [2] - Perjeta's revenue declined by 12% due to the impending expiration of patent protection and competition from biosimilars [2] Hematology and Neuroscience Growth - Hematology revenue totaled 4.32 billion Swiss Francs (approximately 5.4 billion USD), marking a 19% year-on-year increase, driven by strong sales of Polivy, Columvi, and Lunsumio [3] - Neuroscience revenue reached 4.872 billion Swiss Francs (approximately 6.09 billion USD), with Ocrevus contributing significantly to sales [3] Ophthalmology and Immunology Developments - Vabysmo, a dual antibody for ophthalmology, generated sales of 2.067 billion Swiss Francs (approximately 2.58 billion USD), reflecting an 18% increase [4] - The immunology segment achieved revenue of 3.321 billion Swiss Francs (approximately 4.15 billion USD), with Xolair showing a 34% growth due to new approvals for food allergy indications [4]

Core Viewpoint - Valeo's strategy in China emphasizes "China creates, serves the world," highlighting China's role as a global automotive innovation hub [1] Group 1: R&D Efficiency - Valeo's R&D efficiency in China is leading globally, with the development of smart headlight products taking only 8-10 months, compared to approximately two years in Europe and the U.S. [1] Group 2: Manufacturing Capabilities - China possesses strong manufacturing capabilities, particularly in automated production, exemplified by Valeo's Shenzhen factory being recognized as a global lighthouse factory, one of fewer than 200 worldwide [1]

Core Viewpoint - Xiaopeng Motors' Q1 2024 financial report shows performance in line with expectations, with marginal improvements in Q2 guidance, particularly in vehicle gross margin and sales volume [1][4]. Group 1: Financial Performance - Vehicle gross margin remains above low double digits at 10.5%, improving by 0.5 percentage points from the previous quarter, slightly exceeding market expectations of 10% [1][14]. - Q1 total revenue reached 158.1 billion, aligning with market expectations, while overall gross margin was 15.6%, surpassing the anticipated 14.8% [3][29]. - Non-GAAP operating loss was -8 billion, better than the expected -18 billion, primarily due to a 5.4 billion contribution from other income, mainly government subsidies [41]. Group 2: Sales Guidance - Q2 sales guidance is set at 102,000 to 108,000 vehicles, implying an average monthly sales of 33,500 to 36,500 units for May and June, which is consistent with April's actual sales of 35,000 units [1][24]. - Revenue guidance for Q2 suggests an implied vehicle selling price of approximately 158,000, reflecting a marginal increase of 5,000 from the previous quarter [27]. Group 3: Product Cycle and R&D Efficiency - Xiaopeng is entering a strong product cycle with several new models expected to launch in Q3, including the Mona M03 and G7, which are anticipated to drive sales growth [5][11]. - R&D expenses for the quarter were 19.8 billion, slightly above market expectations, indicating high efficiency in product development despite ongoing investments in smart technology [34]. Group 4: Cost Control and Profitability - The company has effectively controlled operating expenses, with sales and administrative costs at 19.5 billion, aligning with market expectations [35]. - The gross margin for service and other business segments reached 66.4%, driven by technology service fees from partnerships, indicating a strong revenue stream [30]. Group 5: Market Position and Future Outlook - Xiaopeng's strong product cycle and efficient supply chain management position it well for future growth, with expectations of continued sales increases in the latter half of 2024 [6][11]. - The potential of Xiaopeng's range-extended vehicles may be underestimated, as they are set to address market pain points regarding electric vehicle range [8].