机构：中金公司 研究员：徐卓楠/黄蔓琪 公司近况 公司公告与LVMH旗下、全球最大消费品投资公司路威凯腾达成战略合作，将在全球市场扩张、收购及 战略投资、资本结构优化、人才引进与治理方面达成战略合作意向。同时我们组织公司香港投资者开放 日，公司新品储备充足、持续深化高端柜位覆盖、出海初显成效，我们看好公司迈向全球高端化妆品集 团的中长期成长空间。 评论 盈利预测与估值 维持25-26 年盈利预测，引入27 年17.6 亿元净利润预测，当前股价对应26/27 年26/21x P/E。维持跑赢行 业评级及目标价127港元，对应26/27 年38/31x P/E，有47%的上行空间。 风险 行业竞争加剧风险，新品培育不及预期风险。 1、与LVMH旗下路威凯腾达成战略合作，推动集团化、全球化发展。公司公告与路威凯腾达成战略合 作，路威凯腾将利用其全球化的投资布局与战略伙伴网络，协助并赋能公司旗下品牌拓展海外高端零售 渠道；此外，双方拟共同组建专注于全球高端美妆领域的股权投资基金，亦将在资本结构的进一步优 化、人才引进与治理方面进行合作。我们认为此次合作有望推动集团化、全球化发展，打开长期成长空 间。 2、预告管理层减 ...

中金发布研报称，维持毛戈平(01318)25-26年盈利预测，引入27年17.6亿元净利润预测，当前股价对应 26/27年26/21x P/E。维持跑赢行业评级及目标价127港元，对应26/27年38/31x P/E，有47%的上行空间。 中金主要观点如下： 公司近况 公司公告与LVMH旗下、全球最大消费品投资公司路威凯腾达成战略合作，将在全球市场扩张、收购及 战略投资、资本结构优化、人才引进与治理方面达成战略合作意向。同时该行组织公司香港投资者开放 日，公司新品储备充足、持续深化高端柜位覆盖、出海初显成效，该行看好公司迈向全球高端化妆品集 团的中长期成长空间。 1、与LVMH旗下路威凯腾达成战略合作，推动集团化、全球化发展 公司公告与路威凯腾达成战略合作，路威凯腾将利用其全球化的投资布局与战略伙伴网络，协助并赋能 公司旗下品牌拓展海外高端零售渠道；此外，双方拟共同组建专注于全球高端美妆领域的股权投资基 金，亦将在资本结构的进一步优化、人才引进与治理方面进行合作。该行认为此次合作有望推动集团 化、全球化发展，打开长期成长空间。 2、预告管理层减持计划，明确预期、稳定市场信心 公司公告控股股东及管理层因自身财务 ...

交易行情显示，12月18日，中微公司收跌2.31%，收于272.72元/股，总市值1708亿元。 公告显示，经初步测算，本次交易不构成重大资产重组。此外，预计本次交易亦不构成关联交易。本次 交易不会导致公司实际控制人发生变更，不构成重组上市。 据悉，杭州众硅主营业务为高端化学机械平坦化抛光(CMP)设备的研发、生产及销售，并为客户提供 CMP设备的整体解决方案；主要产品为12英寸的CMP设备。 中微公司表示，通过本次的并购，双方将形成显著的战略协同，同时标志着公司向"集团化"和"平台 化"迈出关键的一步，符合公司通过内生发展与外延并购相结合、持续拓展集成电路覆盖领域的战略规 划。 北京商报讯(记者马换换李佳雪)12月18日晚间，中微公司(688012)披露公告称，公司正在筹划通过发行 股份的方式购买杭州众硅电子科技有限公司(以下简称"杭州众硅")控股权并募集配套资金。公司股票自 12月19日起开始停牌，预计停牌时间不超过10个交易日。 ...

| 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任原因 | 是否继 续在上 而公司 及其控 股子公 司任职 | 是否存 在未展 行完毕 的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | | 聋德雄 | 董事长、执 行童事、战 略与可持 续发展委 | 2025 年 12 | 2027年11 | 工作调动 | 否 | 否 | | | 员会主任 | 月8日 | 月 21 日 | | | | | | 委员、新酬 | | | | | | | | 与提名委 | | | | | | | | 员会委员 | | | | | | 根据公司《章程》等规定，在新任董事长任职前，由公司副董事长鲁伟铭代为履行董事长、法定代表人 及香港联交所授权代表职责。 12月8日晚，东方证券发布公告称，公司于近日收到龚德雄的辞职报告。因工作调动原因，龚德雄申请 辞去公司董事长、执行董事和董事会战略与可持续发展委员会主任委员、薪酬与提名委员会委员等职 务，辞职后不再担任公司及控股子公司任何职务。原定到任日期为2027年11月21日。 公司董事会对龚德雄为公司发展作出的卓越贡献表示 ...

Core Viewpoint - The forum "Phoenix Bay Area Finance Forum 2025" emphasizes the need for a new perspective and courage to embrace the evolving global economic landscape, highlighting the profound changes and opportunities present in the current era [1][3]. Group 1: Global Economic Landscape - The global economic landscape is characterized by a complex coexistence of six trends: 1. Coexistence of group and fragmentation, with regional trade agreements like RCEP covering over 30% of global GDP and reducing tariffs within the region, while exclusive agreements like CPTPP increase trade barriers [4]. 2. Coexistence of multipolarity and bilateralism, with a trend towards a multipolar distribution of economic power and an increase in bilateral trade agreements among major economies [5]. 3. Coexistence of service-oriented and green economies, with global service trade projected to reach $8.6 trillion in 2024, growing at 9%, significantly outpacing global GDP growth [5]. Group 2: Opportunities and Challenges for Chinese Enterprises - The new economic landscape presents vast opportunities for Chinese enterprises, particularly through the rise of emerging markets. China has signed cooperation memorandums with 52 African countries, participating in 31% of infrastructure projects valued over $50 million [6]. - The implementation of multiple free trade agreements has allowed traditional industries like home appliances and textiles to regain market share through tariff reductions and streamlined customs processes [6]. - Chinese cross-border e-commerce reached 2.63 trillion yuan, growing by 10.8%, maintaining its position as the global leader for 15 consecutive years. Platforms like TikTok facilitate direct access for "Made in China" products to global consumers, with exports of green products like electric vehicles and lithium batteries exceeding 1 trillion yuan [6]. - However, challenges such as rising geopolitical tensions and trade protectionism increase operational uncertainties and costs for Chinese enterprises. The trend towards regionalization and shorter supply chains intensifies international competition [6]. - To navigate these challenges, Chinese enterprises are urged to accelerate technological innovation and brand development, reshaping their global strategies to enhance competitiveness [6][7].

Market Performance - On September 10, all three major stock indices in Hong Kong rose, with the Hang Seng Index increasing by 1.01% to 26,200.26 points, the Hang Seng Tech Index rising by 1.27% to 5,902.69 points, and the Hang Seng China Enterprises Index up by 0.93% to 9,328.16 points [1] - The total market turnover was HKD 288.21 billion, with net inflows from southbound funds amounting to HKD 7.566 billion [1] Stock Movements - Among the constituents of the Hang Seng Index, 65 stocks rose while 21 fell, with Lenovo Group leading the blue chips with a gain of 4.63%, followed by JD Logistics at 4.45% and Sun Hung Kai Properties at 4.28% [2] - In the Hang Seng Tech Index, 20 stocks increased and 9 decreased, with Bilibili leading the gains at 7.57%, followed by Lenovo Group at 4.63% and SMIC at 3.61% [4] Notable Stocks - Alibaba had a trading volume of HKD 26.367 billion, rising by 0.63%, while Tencent Holdings traded HKD 12.190 billion, increasing by 1.04%, and Meituan saw a trading volume of HKD 9.569 billion, up by 2.06% [5] - Pop Mart experienced a significant decline of 4.51% due to reports of falling prices for its LABUBU series, closing at HKD 275.20 per share, despite a year-to-date increase of 208.24% [10] Industry Performance - The financial sector index rose by 1.85%, the real estate and construction index increased by 1.51%, and the composite enterprises index was up by 0.86%. Conversely, the healthcare index fell by 0.94%, and the materials index decreased by 0.41% [6] Concept Sector Performance - Most Wind concept sectors saw gains, with the Foxconn index up by 10.03%, the air pollution control index rising by 5.42%, and the integrated circuit industry fund index increasing by 3.37%. The infant and child index led the declines at 3.01%, followed by the gold and jewelry index down by 2.93% and the photovoltaic solar index down by 2.53% [8] Company Developments - NIO announced plans for an issuance of up to 182 million shares of Class A common stock, including American Depositary Shares (ADS), with the net proceeds intended for investment in core technologies for smart electric vehicles, development of future technology platforms and models, and expansion of battery swapping and charging networks [14][16]

Core Viewpoint - Fuda Alloy Materials Co., Ltd. is actively engaging with investors through various initiatives, including a temporary shareholders' meeting and a half-year performance briefing, to enhance transparency and communication regarding its business strategies and performance [1][3][4]. Group 1: Shareholders' Meeting - The company plans to hold its first temporary shareholders' meeting on September 12, 2025, utilizing both on-site and online voting methods to facilitate participation [1]. - To better serve small and medium investors, the company will employ Shanghai Stock Exchange Information Co., Ltd. to provide reminder services for the shareholders' meeting, ensuring timely notifications for voting [2]. Group 2: Half-Year Performance Briefing - The half-year performance briefing was held on September 4, 2025, allowing the company to communicate with investors and address their concerns [4]. - Key executives, including the chairman and financial officer, participated in the briefing to discuss the company's performance and future strategies [4]. Group 3: Business Strategy and Growth - The company is pursuing a "3+3+3+N" strategic platform to enhance its business model, focusing on group, global, and digital development [5]. - Fuda Alloy is expanding into new business areas such as photovoltaic silver paste and precious metal recycling, aiming to strengthen its core business while exploring new growth opportunities [5]. - The company reported significant revenue growth in emerging markets, with sales in data centers increasing by 507.26% and in the automotive sector by 39.03% in the first half of 2025 [5]. Group 4: Acquisition Plans - Fuda Alloy is in the process of acquiring at least 51% of Zhejiang Guangda Electronics Co., Ltd., with due diligence and negotiations ongoing [5][6]. - The acquisition is expected to enhance the company's competitive position in the electrical contact materials sector and contribute positively to its overall performance [5][6]. Group 5: Future Outlook - The company aims for revenue growth of 27.31% and 37.94% in 2023 and 2024, respectively, with a strong focus on maintaining operational efficiency and expanding market share [5]. - Fuda Alloy has set ambitious goals for 2030, including significant revenue and market capitalization targets, supported by strategic investments and innovations [5].

Core Viewpoint - The company is actively pursuing a strategic transformation and expansion in the electric contact materials industry, focusing on innovation and global market penetration through various initiatives, including acquisitions and new business development [1][2][3][4] Group 1: Company Performance and Strategy - The company held a half-year performance briefing on September 4, 2025, to communicate with investors and address their concerns [1] - The company reported significant revenue growth in various sectors, including a 507.26% increase in data centers, 39.03% in automotive (including new energy), and 50.60% in smart home applications during the first half of 2025 [2][3] - The company aims to achieve a transformation from "entrepreneurial innovation" to "innovative entrepreneurship" through its "3+3+3+N" strategic platform, focusing on group, global, and digital development [2][4] Group 2: New Business Development - The company is expanding into new business areas such as photovoltaic silver paste, precious metal recycling, and new energy high-voltage connection systems, while maintaining high-quality development in its core business [2][4] - The acquisition of Guangda Electronics, which holds a significant position in the industry, is expected to enhance the company's overall competitiveness and contribute to its strategic layout in the electric contact materials sector [2][3] Group 3: Market Expansion and Research - The company is increasing its overseas market presence, with plans to establish an international marketing center in Shanghai and enhance its overseas sales capabilities [2] - The establishment of the Zhejiang Fuda New Materials Research Institute aims to boost R&D talent density and facilitate the application of research outcomes in the industry [3]

Core Insights - The company reported a revenue of 13.88 billion yuan for 1H25, representing a year-on-year increase of 204%, and a net profit of 4.68 billion yuan, up 386%, exceeding previous forecasts [1] - The company's global brand recognition and IP value have rapidly increased, leading to significant growth in both revenue and profitability [1] Revenue Growth - Revenue by region: China 8.28 billion yuan (up 135%), Asia-Pacific 2.85 billion yuan (up 258%), Americas 2.26 billion yuan (up 1142%), Europe and others 480 million yuan (up 729%) [1] - Store count increased to 443 in China, 69 in Asia-Pacific, 41 in the Americas, and 18 in Europe, with significant expansions in the U.S. and Europe [1] IP and Product Development - Five major IPs generated over 1 billion yuan each, with THE MONSTERS achieving a revenue increase of 668% to 4.81 billion yuan, accounting for 34.7% of total revenue [2] - Revenue from plush toys increased by 1276%, with the company launching nearly 20 new products across various styles and materials [2] Profitability Improvement - Gross margin reached 70.3%, up 6.3 percentage points, driven by improved overseas sales and supply chain negotiation capabilities [2] - Adjusted net profit margin improved to 33.9%, reflecting operational leverage and cost management [2] Future Outlook - The company is optimistic about the potential for creating multiple successful IPs and expanding into new business areas such as toys, accessories, and content ecosystems [2] - Adjusted net profit forecasts for 2025 and 2026 have been raised by 13% and 15%, respectively, indicating strong growth potential [3]

Core Viewpoint - The focus of investors during the performance release of Pop Mart is on how the company can meet the surging market demand and the sustainability of its IPs [2]. Group 1: Financial Performance - For the first half of the year, Pop Mart reported a revenue of 138.8 billion yuan, representing a year-on-year increase of 204.4% [2]. - The adjusted net profit for the same period was 47.1 billion yuan, showing a year-on-year growth of 362.8% [2]. - The revenue from the LABUBU IP, part of Pop Mart's portfolio, reached 48.1 billion yuan, accounting for 34.7% of total revenue, with a staggering year-on-year growth of approximately 668.4% [2]. Group 2: Production Capacity - Pop Mart's production capacity has significantly increased due to automation improvements, with the automation level in the toy figure industry at around 20%, while Pop Mart has raised this to 50% [3]. - The revenue from plush toys in the first half of the year was 61.4 billion yuan, marking a year-on-year increase of 1276.2%, making it the largest revenue category for the company [3]. - The current monthly production of plush toys is equivalent to the total production of the previous year, with an estimated production of about 30 million units in August, representing a tenfold increase in capacity [2]. Group 3: Market Expansion and Strategy - Pop Mart's core strategy focuses on globalization and group organization, with a global organizational restructuring completed in April 2024 [5]. - Revenue from different regions for the first half of the year includes: China at 82.8 billion yuan (up 135.2%), Asia-Pacific at 28.5 billion yuan (up 257.8%), Americas at 22.6 billion yuan (up 1142.3%), and Europe and other regions at 4.8 billion yuan (up 729.2%) [5]. - The company plans to accelerate store openings in the U.S. market, with over 40 stores currently and expectations to exceed 200 stores by the end of the year [5]. Group 4: Stock Performance - As of August 20, Pop Mart's stock price was 314 HKD per share, reflecting an increase of 11.8%, with a market capitalization of 421.7 billion HKD [6].