1月29日，国内健康消费行业的标杆企业卓正医疗正式启动招股，招股日期为1月29日至2月3日，预计于 2026年2月6日在港交所挂牌上市，联席保荐人为海通国际及浦银国际。公司本次拟全球发售475万股， 招股区间价为57.7-66.6港元。 收入利润逆势持续双增长 受消费信心波动影响，一向被认为"抗周期"的医疗服务业近年也开始承压。叠加近年来药品集采、取消 药品加成、DRG支付改革等医保控费政策密集落地，正迅速压缩医疗机构的利润空间，从上市公司的 财报不难看出，不少医疗机构已进入零增长甚至负增长。 而创立仅13年的卓正医疗却逆势而行实现了收入和利润的双增长：2022年至2024年，营收分别为4.7亿 元、6.9亿元及9.6亿元，复合年增长率为42.2%；公司的毛利亦在快速提升，近三年分别为4398万元、 1.3亿元及2.3亿元，复合年增长率达到126.7%；更重要的是，公司从2024年开始扭亏为盈，近三年的经 调整净利润分别为-1.23亿元、-4357万元及1070万元，2025年前八个月的经调整净利润达到1045万元， 盈利能力持续增强。经营活动净现金流持续稳健增长，近三年分别为686万元、1.24亿元及1.7 ...

破解了消费频次低、信任门槛高的行业瓶颈，实现了高周转、高续费率。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，卓正医疗控股有限公司（以下简称"卓正医疗"）今起招股、至2月3日结束，并 计划于2026年2月6日以"2677"为股票代码在港交所主板挂牌上市。 值得注意的是， 卓正医疗在本次IPO发行中引入了一个颇为多元化的基石投资阵容——小鹏汽车董 事长 兼CEO何小鹏认购 100万美元， 明略科技认购200万美元， 国内第三方检验的龙头金域医学 认购300万美元，微盟集团、库洛游戏、手回集团共同组建的Health Vision认购4400万港元。 某种程度上而言，明略、微盟、库洛、手回等一众具备鲜明AI属性的腾讯系科技企业以基石投资人身 份布局卓正医疗，一方面与卓正医疗数年前便率先启动的AI转型战略高度契合，另一方面也为双方未 来深化合作、实现共赢发展打开了广阔的想象空间。 事实上， 腾讯在卓正医疗IPO前就已是公司最大机构投资方，持有约20%的股份。此外，卓正医疗 还已获得经纬创投、富德生命人寿、天图投资、前海母基金、中金资本、水木基金、H C ...

Core Viewpoint - Baosteel's third-quarter performance shows significant growth, with a net profit increase of 130.31% year-on-year and a 23.1% quarter-on-quarter rise, indicating strong operational resilience despite industry challenges [21]. Group 1: Financial Performance - The company achieved a net profit of 40.6 billion yuan in the third quarter, driven by improved sales and effective cost management [21]. - Cash flow from operating activities has significantly improved due to enhanced working capital management, with a net cash flow increase attributed to better credit management and inventory control [12][28]. - The company has repurchased shares exceeding 10 billion yuan since its listing, demonstrating a commitment to shareholder returns [7]. Group 2: Strategic Initiatives - Baosteel is focusing on AI transformation, with plans to implement AI technologies across various production processes, aiming for significant efficiency gains [3][16]. - The company has set 2024 as the "AI Year," with substantial applications already in place, such as in ironmaking and steelmaking processes [3]. - The company is committed to green and low-carbon development, actively promoting sustainability across its supply chain and setting environmental standards for suppliers [8]. Group 3: Market Position and Competitiveness - Baosteel maintains a stable market share of 50%-55% in the automotive steel sector, with ongoing efforts to enhance product innovation and cost competitiveness [15]. - The company is exploring opportunities in high-end materials and lightweight solutions to meet the growing demand in the automotive industry [9]. - Baosteel's export order volume increased by 10.9% year-on-year, with a focus on optimizing the product mix and expanding into emerging markets [12]. Group 4: Future Outlook - The company is optimistic about future growth, citing the resilience of the Chinese economy and the potential for increased demand in the steel industry [21]. - Baosteel plans to continue its strategic investments in high-value products and green technologies to enhance its competitive edge [32]. - The company is also considering dynamic stock repurchase strategies based on market conditions and shareholder interests [14].

Core Viewpoint - Baosteel Co., Ltd. reported a significant improvement in net profit for Q3 2025, driven by a smaller decline in steel prices compared to raw material costs, indicating a potential recovery in profitability for the industry leader [1] Financial Performance - Q3 2025 revenue reached 81.064 billion yuan, a year-on-year increase of 1.83% and a quarter-on-quarter increase of 3.28% - Net profit attributable to shareholders was 3.081 billion yuan, showing a year-on-year increase of 130.31% and a quarter-on-quarter increase of 26.00% - For the first three quarters of 2025, total revenue was 232.436 billion yuan, a year-on-year decrease of 4.29%, while net profit attributable to shareholders was 7.959 billion yuan, a year-on-year increase of 35.32% [1] Cost and Margin Analysis - The decline in steel prices was less than that of iron ore and coking coal, with the steel price index, iron ore index, and coking coal futures settlement prices decreasing by 1.7%, 5.4%, and 21.6% year-on-year, respectively - This resulted in a year-on-year increase in gross profit margin of 3.5 percentage points to 7.8% for Q3 2025 - The expense ratio for Q3 2025 was 3.0%, a slight year-on-year decrease of 0.3 percentage points [1] Product and Market Development - The company maintained its position as the industry leader, advancing its AI transformation strategy and enhancing manufacturing capabilities - Product optimization efforts led to a 13.9% year-on-year increase in the sales volume of differentiated products, totaling 25.689 million tons in the first three quarters [2] - The company actively expanded its overseas market, with export orders reaching 5.169 million tons, a year-on-year increase of 10.9% [3] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 9.362 billion yuan, 12.257 billion yuan, and 14.291 billion yuan, respectively - Corresponding EPS is projected to be 0.43 yuan, 0.56 yuan, and 0.66 yuan for the same years - The target price is set at 8.15 yuan based on a historical average PB of 0.84, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Insights - The company's Q3 2025 revenue reached 81.064 billion RMB, a year-on-year increase of 1.83% and a quarter-on-quarter increase of 3.28%. The net profit attributable to shareholders was 3.081 billion RMB, showing a significant year-on-year growth of 130.31% and a quarter-on-quarter increase of 26.00% [1][2]. - The improvement in net profit is attributed to the decline in steel prices being less than the decrease in raw material costs, leading to a gross margin increase of 3.5 percentage points to 7.8% in Q3 2025 [2][3]. - The company continues to lead the industry in profitability, with a focus on optimizing product structure and enhancing brand value, as evidenced by the successful launch of high-strength dual-phase steel [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 232.436 billion RMB, a year-on-year decrease of 4.29%, while the net profit attributable to shareholders was 7.959 billion RMB, reflecting a year-on-year increase of 35.32% [1][4]. - The forecast for net profit for 2025-2027 is set at 9.362 billion RMB, 12.257 billion RMB, and 14.291 billion RMB, respectively, with corresponding EPS of 0.43, 0.56, and 0.66 RMB [4][9]. Market Position and Strategy - The company is actively pursuing an AI transformation strategy and enhancing manufacturing capabilities while optimizing product offerings. The sales volume of differentiated products increased by 13.9% year-on-year [3][4]. - The company has also expanded its overseas market presence, with export orders increasing by 10.9% year-on-year [3]. Valuation - The target price for the company's stock is set at 8.15 RMB, based on a historical price-to-book ratio (PB) of 0.84 [4][5].

经营业绩保持国内行业第一。公司锚定年度经营目标不放松，积 极应对复杂经营环境，深入推进产销研一体化实体化变革，充分 发挥一公司多基地优势，有力推进 AI 转型战略、提升基地制造能 力、强化公司整合协同等重点工作。三季度实现利润总额 40.6 亿 元，环比增加 23.1%;1-3 季度累计实现利润总额 106.4 亿元，较上 年同期增加 29.4%，位居行业首位，跑赢大盘。 贯彻落实创新驱动发展。打造原创技术策源地，1-3 季度完成 22 个应用基础研究项目立项并运行，1 个海外研发中心项目立项并 运行，发明专利申请数 1027 件，国际专利申请数 73 件。深度推 进关键核心技术攻关，1-3 季度首发产品 6 项、标志性技术 42 项， 公司牵头的"激光耐热刻痕取向硅钢制造技术开发与应用"项目 荣获 2025 年冶金科学技术奖特等奖。 深化产品经营。持续优化产品结构，差异化产品销量稳步攀升， 1-3 季度"2+2+N"产品销量 2,568.9 万吨，较上年同期增加 13.9%。 积极提升品牌价值，吉帕钢 1470DP-EG 顺利下线，问鼎电镀锌 双相钢全球最高强度。开拓海外市场，充分把握出口机遇，1-3 季度 ...

Core Insights - BlueFocus Communication Group reported mixed results for 2024, achieving revenue exceeding 60 billion yuan for the first time, but experiencing a significant drop in net profit to -331 million yuan, a year-on-year decrease of over 300% [1][2] - The company's AI transformation strategy faces challenges, with its core overseas business generating substantial revenue but suffering from low gross margins [1][6] Financial Performance - In 2024, BlueFocus achieved revenue of 60.8 billion yuan, a year-on-year increase of 15.55%, but reported a net loss of 290.7 million yuan, a decrease of 349.32% compared to the previous year [2] - The company attributed its losses primarily to significant impairment losses on long-term equity investments and high provisions for bad debts [2][3] - The total impairment losses for 2024 reached 386.6 million yuan, exceeding the net loss after deductions [3] Business Segment Analysis - The two main business segments, comprehensive promotion services and comprehensive advertising agency services, both experienced significant declines in performance [4][5] - Comprehensive promotion services generated revenue of 8.133 billion yuan in 2024, down 27.91% year-on-year, with a gross margin dropping from 21.92% in 2019 to 6.78% in 2024 [4] - Comprehensive advertising agency services achieved revenue of 4.331 billion yuan, a year-on-year increase of 9.06%, but faced a gross margin decline, resulting in a 31.22% drop in main profit [5] Overseas Business Performance - The overseas advertising business was the only segment to show growth in 2024, with revenue reaching 48.33 billion yuan, a year-on-year increase of 29.36% [6] - Despite the revenue growth, the gross margin for the overseas business remained low at 1.73%, contributing only 834.4 million yuan to the main profit [6][7] - The overall gross margin for BlueFocus in 2024 was 2.56%, a decline of 25.6% year-on-year, largely due to the low margins in the overseas business [7]