"质量优先"导向下招生及利润略逊预期 机构：华泰证券 研究员：夏路路/詹博/郑裕佳 天立国际控股公布FY25 业绩：收入35.89 亿元，yoy+8.1%；净利润6.48亿元，yoy+16.5%，符合业绩预 告；调整后归母净利润约6.34 亿元，不及我们预期的7.71 亿元。FY25 公司在"质量优先"战略下加强了 生源优化和对优质师资、餐饮后勤、AI 业务的投入，导致短期财务表现略逊预期。FY26起公司将加强 教育质量和短期财务表现的再平衡，推动利润逐渐重回增长。 公司全年派息总额约2 亿元，派息率维持在30%左右，股东回报稳健。当前估值具备较高性价比，维 持"买入"评级。 各板块收入稳健增长，升学成果再创新高 FY25 综合教育服务/产品销售/综合后勤服务/管理及特许经营收入分别同比增长7%/8%/2.7%/93.9%。公 司升学成绩硕果累累，2025 高考成熟校区本科率达90%，一本率达58%；成长期校区本科率达32%，一 本率达14%；国际升学、强基竞赛亦取得亮眼成绩。作为第二曲线的托管业务持续发展，截至25 年秋 季已签约23 所学校、40 个学段。 风险提示：民办教育政策收紧的风险，在校生规模增长 ...

证券研究报告 2025 年 12 月 01 日│中国香港 互联网 天立国际控股公布 FY25 业绩：收入 35.89 亿元，yoy+8.1%；净利润 6.48 亿元，yoy+16.5%，符合业绩预告；调整后归母净利润约 6.34 亿元，不及 我们预期的 7.71 亿元。FY25 公司在"质量优先"战略下加强了生源优化和 对优质师资、餐饮后勤、AI 业务的投入，导致短期财务表现略逊预期。FY26 起公司将加强教育质量和短期财务表现的再平衡，推动利润逐渐重回增长。 公司全年派息总额约 2 亿元，派息率维持在 30%左右，股东回报稳健。当 前估值具备较高性价比，维持"买入"评级。 各板块收入稳健增长，升学成果再创新高 FY25 综合教育服务/产品销售/综合后勤服务/管理及特许经营收入分别同比 增长 7%/8%/2.7%/93.9%。公司升学成绩硕果累累，2025 高考成熟校区本 科率达 90%，一本率达 58%；成长期校区本科率达 32%，一本率达 14%； 国际升学、强基竞赛亦取得亮眼成绩。作为第二曲线的托管业务持续发展， 截至 25 年秋季已签约 23 所学校、40 个学段。 "质量优先"导向下招生及利润略逊预 ...

【 导读 】 陈海强获 提名 任 浙商银行 董事长，今年4月刚获聘升任行长 中国基金报记者 马嘉昕 11月17日晚间，浙商银行发布公告称，根据中共浙江省委决定，提名陈海强任该行董事长。同时，该行董事会将尽快完成董事长的选举 工作。 陈海强将擢升董事长 今年7月，陈海强任浙商银行行长的任职资格获得国家金融监督管理总局核准。同月，在浙商银行前任董事长陆建强因到龄退休辞任后， 陈海强便代为履行该行董事长职责。 记者了解到，陈海强不仅深耕金融行业多年，具有丰富的银行经营和管理经验，也是从浙商银行一线内部成长起来的金融管理人才。 公开资料显示，陈海强出生于1974年10月，浙江宁海人、硕士学位，正高级经济师。 2015年3月，陈海强加入浙商银行，历任该行宁波分行党委书记、行长，杭州分行党委书记、行长；2018年5月，任浙商银行行长助 理；2020年7月任浙商银行副行长，2021年6月任执行董事；2025年4月2日，陈海强任浙商银行党委副书记，7月8日正式出任行长。 更早前，陈海强曾任国家开发银行浙江省分行副主任科员，招商银行宁波北仑分理处副主任（主持工作）、宁波北仑支行行长、宁波分 行党委委员、行长助理、副行长。 在业 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning towards a "quality first, moderate scale" strategy, moving away from a focus on rapid growth and scale [5][21]. - The bank's total assets grew by 3.1% year-on-year to 3.35 trillion yuan as of Q2 2025, indicating a slower growth rate compared to peers [5][21]. - The bank's stock is currently trading at a significant discount compared to its peers, with a price-to-book (PB) ratio of 0.45, reflecting a 12% discount [9]. Summary by Sections 1. Quality First Strategy - The bank has adopted a strategy of "quality first, moderate scale," focusing on sustainable growth rather than rapid expansion [5][21]. - The bank's shareholder structure has improved, with stable long-term capital from state-owned and insurance funds, alleviating previous concerns about problematic shareholders [6][27]. 2. Financial Performance and Projections - The bank's total revenue for 2023 is projected at 63.7 billion yuan, with a year-on-year growth rate of 4.29% [7]. - The bank's net profit attributable to shareholders is expected to be 15.0 billion yuan in 2025, reflecting a slight decline of 1.17% from the previous year [7]. - The bank's return on equity (ROE) is projected to be 7.83% in 2025, which is below the industry average [8][36]. 3. Investment Analysis - The bank's high dividend yield of 5.5% for 2025 is a significant attraction for investors, with a projected dividend payout ratio of 30.1% for 2024 [9][11]. - The report anticipates a potential upside of 15.2% based on a target PB ratio of 0.52 for 2025, indicating room for valuation recovery [9][10]. 4. Strategic Focus on Zhejiang - The bank has been focusing on deepening its presence in Zhejiang, with loans and deposits from the region accounting for 33.3% and 29.4% of the total, respectively, by the end of 2024 [21][27]. - The strategy aims to leverage the economic strengths of Zhejiang, which is characterized by a robust private sector and wealth distribution [21][11].

Core Viewpoint - The announcement from Gansu Energy highlights the company's investment in a 1 million kW integrated wind and solar project, reflecting a broader trend among listed companies to increase investments in renewable energy projects driven by policy and market factors [1][2]. Group 1: Company Initiatives - Gansu Energy's subsidiary plans to invest 4.089 billion yuan in the Minqin wind-solar integrated project, which will have a total installed capacity of 1 million kW, split evenly between wind and solar [1][2]. - The expected annual electricity generation from the wind project is 1.099 billion kWh, while the solar project is projected to generate 1.015 billion kWh [2]. - The project is anticipated to have a payback period of 14.91 years and a financial internal rate of return of 6.76% [2]. Group 2: Industry Trends - The surge in investments in renewable energy projects is driven by four main factors: supportive national policies under the "dual carbon" goals, increasing market demand for clean energy, technological advancements reducing costs, and strategic needs for energy security [3]. - As of the first half of the year, the total installed power generation capacity in China reached 3.65 billion kW, marking an 18.7% year-on-year increase, with solar and wind capacities growing by 54.2% and 22.7%, respectively [3]. - The industry is transitioning from a phase of "scale expansion" to "quality priority," necessitating companies to enhance technology development and explore new operational models [4][5].

Core Viewpoint - The recent optimization of the centralized procurement policy in the pharmaceutical industry aims to address the "low-price" bidding phenomenon, which has led to significant profit declines and quality concerns among companies, ultimately affecting patient safety [1][2][5]. Group 1: Issues with "Low-Price" Bidding - The "low-price" bidding phenomenon has resulted in a historical low selection rate of 53.3% for bidding companies in the tenth batch of drug procurement, with price reductions exceeding 80% for multiple drugs [2][3]. - The pressure for low prices has severely compressed profit margins, leading some companies to face losses, which in turn diminishes their capacity for research and development [2][3]. Group 2: Policy Optimization Measures - The proposed optimization measures include adjusting bidding rules to use the second-lowest price multiplied by 1.8 as the price limit, rather than the lowest price, to discourage irrational low bidding [3]. - The new policy suggests setting the insurance payment cap at 1.5 times the selected price, encouraging companies to adopt more rational pricing strategies [3]. Group 3: Quality Regulation Enhancements - The optimization plan emphasizes stricter qualification requirements for B-license companies, mandating at least two years of actual production experience for either the license holder or the contract manufacturer [3]. - This regulation aims to eliminate less experienced B-license companies, thereby enhancing the overall quality of the industry [3]. Group 4: Industry Concentration and Sustainable Development - The optimization of procurement policies is expected to increase industry concentration, with smaller companies potentially exiting the market due to stricter qualifications [4]. - Larger companies are likely to gain market share due to their advantages in scale and quality control, while the focus on reasonable profits in future bidding will support sustainable development [4][5]. Group 5: Conclusion - The shift from a cost-control focus to a balanced approach prioritizing quality and innovation marks a significant transformation in the pharmaceutical procurement policy [5]. - The ongoing adjustments aim to ensure patient safety while fostering a sustainable environment for pharmaceutical companies [5].