对于上市公司而言，获纳入指数的数量多寡，以及这类指数的市场认可度高低，是评判上市公司投资价 值的重要参考坐标。一般而言，某上市公司获纳入指数越多、且将其纳入的指数市场认可度越高，则该 上市公司的投资价值也就越大。 进入8月以来，中国资本市场牛市氛围渐浓，A、H股主要指数争先恐后创出阶段新高，指数行情似已一 触即发。笔者认为，这种情况下，被尽可能多的指数及挂钩指数基金"相中"的优质个股，便尤其值得重 点关注。毕竟，一旦指数行情进入加速发酵期，相对应的权重股势必会吸引到更多买盘尤其是场外投资 者的注意力，因此这类标的在牛市中的爆发力也会更胜一筹。 能陆陆续续被如此多的重要指数纳入其中，这本身便是中国宏桥硬核实力的最有力证明之一。另外，前 不久中国宏桥恰好披露了2025年中期业绩，从最新财报看公司核心财务数据延续强劲增长势头，报告期 内收入和归母净利润分别为810.39亿元、123.61亿元，同比口径分别增加了10.1%、35%。 业绩强势兑现以外，中国宏桥的内外部增长逻辑也还在有序增强。比如随着云南宏桥出资90亿元收购云 南宏泰25%股权后，宏桥持有后者的股权比例同比提升，这将进一步增加中国宏桥的电解铝权益产能； ...

Core Insights - The company reported FY2025 Q4 total net revenue of $1.24 billion, a year-on-year increase of 9.4%. Excluding self-operated products and live e-commerce from Dongfang Zhenxuan, total revenue was $1.09 billion, up 18.7% year-on-year [1] - Operating cash inflow for FY2025 Q4 was $399 million, with capital expenditures of $65.9 million [1] - The company expects FY26 Q1 net revenue (including e-commerce) to grow by 2% to 5% year-on-year, and FY2026 full-year net revenue to increase by 5% to 10% [1] Financial Performance - FY2025 Q4 operating loss was $8.67 million, compared to an operating profit of $10.53 million in the same period last year. Non-GAAP operating profit was $81.68 million, a year-on-year increase of 116.3% [2] - The net profit attributable to shareholders was $7.1 million, a decline of 73.7% year-on-year, primarily due to a one-time goodwill impairment of $60 million related to kindergarten assets. Non-GAAP net profit attributable to shareholders was $98.08 million, up 59.4% year-on-year [2] Business Segments - Core business remained robust, with revenue from overseas exam preparation and consulting services growing by 14.6% and 8.2% year-on-year, respectively. Domestic exam preparation for adults and university students saw a revenue increase of approximately 17.0% [2] - New education business revenue grew by 32.5% year-on-year, continuing to be a major growth driver. Non-subject tutoring services have been launched in nearly 60 cities, with approximately 918,000 registrations this quarter [2] Profit Forecast and Investment Rating - Due to macroeconomic factors, the company has revised its Non-GAAP net profit forecasts for FY2026-2027 from $600 million and $720 million down to $580 million and $630 million, respectively, with an expectation of $690 million for FY2028. The current stock price corresponds to a PE ratio (Non-GAAP basis) of 12/11/10 times for FY2026-2028 [3] - The company maintains a "buy" rating, citing steady growth in core business, ongoing operational efficiency improvements, and a normalized shareholder return mechanism expected to create long-term value for shareholders [3]

Core Viewpoint - China Quanjude (Group) Co., Ltd. is launching a shareholder reward activity to enhance shareholder engagement and promote its "food productization" strategy, providing shareholders with a discount card for purchasing self-operated products during the event period [1][2]. Group 1 - The activity will take place from May 21, 2025, to May 31, 2025, allowing shareholders to participate within this timeframe [1]. - All registered shareholders at the Shenzhen branch of China Securities Depository and Clearing Corporation Limited are eligible to participate in the activity [1]. - Eligible shareholders can receive a discount card (50% off coupon) to purchase self-operated products on a dedicated page during the event [1][2]. Group 2 - Natural shareholders can access the reward activity page by scanning a QR code starting from May 21, 2025, and must register to receive the discount card [1]. - Non-natural shareholders can contact the company's securities affairs department during working hours for assistance regarding the activity [2]. - Refunds for orders placed with the discount card will return the card to the original account if the refund is successful [2].

Group 1 - The company emphasizes reasonable returns to investors and has implemented a stable shareholder return mechanism, distributing cash dividends of 2.365 billion yuan (including tax) for the fiscal year 2023, which accounts for 32.78% of the net profit attributable to shareholders [1] - The company has cumulatively distributed cash dividends of 30.83 billion yuan (including tax) since its listing in 2009 and has approved a profit distribution plan for 2024, proposing to distribute 2.522 billion yuan (including tax), which represents 37.70% of the projected net profit for 2024, an increase of 6.64% from the previous year [1] - The company has received an "A" rating for its information disclosure work for the 2023-2024 period from the Shanghai Stock Exchange and was awarded the "Golden Bull Award for Most Investment Value Top 100 Enterprises" by China Securities Journal [1] Group 2 - The company has revised its governance documents to enhance compliance awareness among key personnel and improve its management system, including the establishment of an ESG report that received favorable ratings from mainstream ESG rating agencies [2] - The company is actively participating in training for directors and key personnel to enhance their compliance awareness and capabilities, while also improving its internal control system through self-assessments and audits [2] Group 3 - The company plans to focus on its core business, improve management levels, and fulfill its responsibilities as a listed company through standardized governance and stable operating performance [3] Group 4 - The company has approved its 2025 annual related party transactions, which are considered normal business activities and will not harm the interests of the company or its shareholders [5] - The company has established various framework agreements for related party transactions with its controlling shareholder, Shanghai Automotive Group Co., Ltd., and its subsidiaries, which are expected to continue into 2025 [7] Group 5 - The company plans to engage in financial derivatives business primarily involving forward foreign exchange products, with an investment amount not exceeding 481.053241 million USD or equivalent foreign currency, to hedge against foreign exchange risks [24] - The company has received board approval to conduct this financial derivatives business within a 12-month period, with strict controls on the types and scale of transactions to avoid speculative activities [28][32] Group 6 - The company intends to reappoint PwC Zhongtian as its financial and internal control audit institution for the fiscal year 2025, with the audit fees set at a maximum of 1.8 million yuan (including tax) for financial audits and 380,000 yuan (including tax) for internal control audits [34][43] - The reappointment of the auditing firm is subject to approval at the company's shareholder meeting [44]