证券研究报告 | 公司点评报告 2025 年 12 月 22 日 百果园集团（02411.HK） 发布股权激励，管理层增持股份，彰显发展信心 消费品/商业 百果园发布股权激励计划及管理层股份增持计划，有望健全公司长效激励与约 束机制，吸引优秀人才并充分调动公司高管团队及核心骨干的积极性；同时也 彰显公司对业务长期发展信心。公司当前处在战略调整期，积极推进战略升级 蓄力长期成长，有望逐步恢复同店增长并提升开店节奏，看好公司长期成长空 间，调整为"增持"评级。 ❑ 风险提示：开店不及预期、同店增速不及预期、竞争加剧。 | 财务数据与估值 | | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 11392 | 10273 | 8553 | 9124 | 9950 | | 同比增长 | 1% | -10% | -17% | 7% | 9% | | 营业利润（百万元） | 374 | -345 | -322 | -124 | -86 | | 同比增长 | 17 ...

Core Viewpoint - The recent share buyback announcement by Mindray Medical (300760.SZ) has attracted significant attention in the capital market, reflecting the confidence of the management team in the company's intrinsic value and future growth prospects [1][5]. Group 1: Buyback Details - On November 27, Chairman Li Xiting initiated a share buyback by purchasing 152,340 shares at an average price of 196.862 CNY per share, totaling approximately 29.99 million CNY [2]. - Li Xiting plans to continue buying back shares over the next six months, with a total investment of 200 million CNY, funded by personal resources, without a fixed price range [2]. - Following the buyback, Li Xiting's direct shareholding increased, and together with his concerted party, they control 51.48% of the company's shares [2]. Group 2: Management Confidence - The buyback activity is part of a broader trend, with multiple senior executives, including Senior Vice President Li Zaiwen and Secretary Li Wenmei, also increasing their holdings, indicating strong internal confidence in the company's future [3][4]. - Li Zaiwen bought 14,700 shares at an average price of 203.52 CNY per share on November 28, while Li Wenmei had previously purchased 5,000 shares at 207.08 CNY per share on November 6 [4]. Group 3: Market Reaction - The announcement of the buyback plan received a positive response from investors, with a notable increase in the stock price by 3.93% to 204.01 CNY per share on November 28, alongside a trading volume of 2.378 billion CNY [5]. - Investors view the buyback as a strong signal of confidence from the management, potentially stabilizing the stock price and providing reassurance to long-term investors [5]. Group 4: Company Performance - Mindray Medical is recognized as a leading domestic medical device company, ranking among the top 30 global medical device firms, with a projected revenue of 36.7 billion CNY in 2024 [5]. - The company has demonstrated robust growth, with a compound annual growth rate (CAGR) of over 18% in revenue and over 24% in net profit from 2017 to 2024, maintaining a return on equity (ROE) and net profit margin above 20% [5].

国海证券发布研报称，看好零跑汽车(09863)未来发展，维持"增持"评级。公司务实高效，2025年上半 年完成半年度转盈，该行预计公司2025-2027年实现营业收入641.9、1002.6、1281.3亿元，同比增速为 100%、56%、28%;实现归母净利润9.4、44.2、64.1亿元，同比转盈、+371%、+45%;EPS为0.66、3.11、 4.51元。 该行表示，10月16日，零跑汽车发布旗舰D平台、D19旗舰车型首度亮相。10月20日，公司发布公告， 基于对公司未来发展的强烈信心，于近期公司股东、董事长兼首席执行官朱江明先生及公司股东傅利泉 先生合共购入324.35万股公司H股，平均价格为每股股份约63.19港币。该行认为公司管理层增持体现了 对公司未来发展的强烈信心，看好公司长期的发展。 ...

美图已于近日发布2025上半年财报，实现总收入18亿元，同比增长12.3%；经调整净利润4.67亿元，同 比增长71.3%。 公告表示，吴欣鸿从未出售过美图公司的任何股份，并且自2018年5月10日起数次增持美图公司股份。 其对美图公司未来业务展望充满信心，且不排除会于适当时候进一步增持美图公司股份。 摩根士丹利点评称，这表明管理层对未来业务前景充满信心，重申买入评级。瑞银指出，这是继前董事 长蔡文胜持股比例低于创始人、董事长兼首席执行官吴欣鸿后的又一积极信号。 8月22日，美图公司(1357.HK)盘中涨超7%，截至发稿涨5.5%，报10.66港元，成交额超14亿港元。 消息面上，8月21日，美图发布公告，美图公司创始人、董事长兼首席执行官吴欣鸿于2025年8月21日在 香港联合交易所有限公司公开市场以平均价每股10港元购入本公司股份700000股。此次增持后，吴欣鸿 拥有股份占美图公司已发行股本约12.89％。 ...

Core Viewpoint - The management of Sa Sa International has demonstrated confidence in the company's business and future prospects by purchasing a total of 3 million shares in the open market [1] Group 1: Management Share Purchases - Dr. Guo Shaoming, the Executive Director, Chairman, and CEO, along with Dr. Guo Luoguizhen, the Executive Director and Vice Chairman, purchased a combined total of 2 million shares through their jointly held entity, Sunrise Height Incorporated [1] - Mr. Zhong Mingjie, the Executive Director, Chief Financial Officer, and Company Secretary, acquired 1 million shares [1] - The share purchases took place between June 25 and June 26, 2025, indicating a strategic move by the management to increase their stake in the company [1]