[Table_Page] 公司深度研究|软件与服务 证券研究报告 | [Table_Title] 【 广 发 计 算 机 | & 海 外 】 聚 水 潭 | | --- | --- | | （06687.HK） | | 进入盈利释放期的稀缺 SaaS 公司、海外 与 AI 应用助力突破远期天花板 核心观点：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.91 人民币） 风险提示。市场竞争加剧；客户支出意愿下滑；电商行业格局变化。 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 697 | 910 | 1,141 | 1,391 | 1,658 | | 增长率（ % ） | 33.3% | 30.5% | 25.4% | 21.9% | 19.2% | | EBITDA | -238 | -50 | 90 | 274 | 446 | | 归母净利润 | -487 | 12 | 74 | 352 | ...

商家线上布局的核心抓手非小程序商城莫属！至于微信商城小程序怎么自己开发，其实无需技术储备，依靠 SaaS 小程序制作平台，就能低投入快速打造专 属商城，顺利打通线上销售渠道。 微信商城小程序怎么自己开发，如何在微信上开店铺 小程序开发流程 第一步：选择一小程序制作平台 百度搜索【码云数智】，在【码云数智】平台注册账号，产品类型选择-商城 第二步：平台提供的 2000 + 行业模板，拖拽式编辑可视化装修 第三步：产品管理，批量或单个添加商品 第四步：设置营销功能，在营销中心开启功能，按需组合配置 第五步：申请认证小程序账号 第六步：微信支付开通，实现交易闭环 SaaS 模式（代表平台：码云数智、有赞）：费用范围在 2000 - 8000 元/年。这种模式无需自行开发，能快速上线，后续维护也较为简便 定制开发模式：费用在 2 万 - 20 万元之间。可根据具体需求量身打造专属功能，高度适配个性化定制需求 第七步：进行小程序备案 | 合 首页 | 小程序发布流程 | | | --- | --- | --- | | □ 管理 | 1 小程序信息 | | | 版本管理 | | 补充小程序的基本信息，如名称、图标、描述等 ...

Qiagen (NYSE:QGEN) FY 2025 Conference December 02, 2025 11:15 AM ET Company ParticipantsNone - Company Representative 1Patrick Donnelly - Managing DirectorNone - Company Representative 2Daniel Wendorff - VP of Investor RelationsRoland Sackers - CFOPatrick DonnellyOkay. We can hopefully get started. Thanks for being here. I'm Patrick Donnelly, the Tools and Diagnostics analyst at Citi here. Have a nice day. Happy to continue, including Roland Sackers as CFO. Thank you guys for being here. I guess, Roland, ma ...

Core Insights - Northstar Holdings reported a revenue increase of 18.2% year-on-year to 516 million yuan for 1HFY26, with adjusted net profit turning positive at 19.59 million yuan, aligning with market expectations [1][2] Performance Review - Revenue and adjusted net profit met market expectations, with revenue growth driven by strong performance in cloud HCM solutions, which saw a 22.2% increase to 414 million yuan, accounting for 80.3% of total revenue [1] - Adjusted gross margin reached 69.9%, up 4.2 percentage points year-on-year, primarily due to improved margins from subscription services [2] Development Trends - The company is advancing its AI product commercialization, with new AI Family products generating over 26 million yuan in new contracts, covering more than 800 enterprise clients [1] - Annual recurring revenue (ARR) grew by 22% to 956 million yuan, with core HCM solutions ARR increasing by 27%, now representing 58% of total ARR [1] Profitability Outlook - Management expects adjusted net profit margin to reach 5% in FY26 and nearly 10% in FY27, supported by margin improvements and effective cost control [2] - The company maintains its revenue forecasts for FY26 and FY27, while adjusting the forecast for adjusted net profit upwards due to better-than-expected margin improvements [2] Valuation and Market Position - The company is currently trading at 4.2 times FY26 sales, indicating a potential upside of 66% based on a target price of 11.5 HKD, which is derived from a 7.0x FY26 sales multiple [2]

Core Insights - The article discusses the transformation of Chinese fintech companies, particularly Ping An Technology, from a "single technology output" model to becoming "industry standard setters" in overseas markets [1][4][6]. Group 1: Company Positioning and Strategy - Ping An Technology serves as the core platform for technology output from the Ping An Group, embodying the "AI in ALL" strategy through the integration of AI capabilities into financial services [2][11]. - The company aims to deepen its application of AI and SaaS subscription models to help financial institutions achieve cost reduction and efficiency improvements [4][12]. Group 2: International Expansion and Market Focus - The company has expanded its overseas business to 20 countries and regions, serving 214 clients, with a focus on Southeast Asia and South Africa as key strategic markets [1][6][7]. - In Vietnam, the company has partnered with major banks to implement core system projects capable of processing up to 10 billion transactions daily [7]. Group 3: Technological Innovations and Applications - The company has developed an "AI Agent" digital employee to enhance efficiency in customer service, marketing, and credit risk management within the banking sector [3][9]. - The "Intelligent Visual Anti-Fraud Strategy Platform" has been launched to combat fraud using AI, achieving a detection rate of over 99% in various applications [10]. Group 4: Future Goals and Development - Over the next 3-5 years, the company aims to solidify its position as a leader in fintech and AI, focusing on sustainable technology development and deep integration of AI into financial processes [11][12]. - The company plans to enhance its global presence by establishing standardized technology and service outputs, contributing to the international competitiveness of the Ping An Group [12].

Summary of Henry Schein Conference Call Company Overview - **Company**: Henry Schein - **Industry**: Medical Supplies and Devices, specifically focusing on dental consumables and software solutions Key Points and Arguments Leadership Transition - Stan Bergman announced his intention to step down as CEO by the end of the year, with a succession process underway involving both internal and external candidates [2][3] Business Performance - A cyber incident in October 2023 temporarily destabilized operations, but the company is now regaining market share and growing across its business segments [3] - The distribution business is a leader in dental consumable distribution and equipment sales, with a strong presence in developed markets [3] Market Dynamics - The dental market is described as stable, with a slight positive lean, despite some companies facing challenges [9][10] - The shift of healthcare services from hospitals to office-based practices is contributing to growth in the dental market [9] Financial Metrics - The company reported stable margins in Q3, attributed to improved glove pricing and overall price stability [13] - Approximately 60% of profits come from brands controlled by Henry Schein, including private brands [5] Growth Opportunities - Transitioning from on-premises to SaaS models in dental software presents significant growth opportunities [4] - The company is focusing on value-added services such as electronic medical records and AI applications, which are performing well [4][19] Specialty Products - Henry Schein ranks third globally in dental implants and second in endodontics, with a strong focus on innovative, self-made products [4] - The company has expanded its implant portfolio in the U.S. to include both premium and lower-priced options, enhancing competitiveness [21] E-commerce and Technology - The rollout of a new e-commerce platform has shown positive results in the U.K. and Ireland, with plans for expansion into the U.S. and Canada [25][26] - The technology business is experiencing growth, particularly in practice management software, with a shift towards cloud-based solutions [31] Future Outlook - The company aims for high single to low double-digit EPS growth by 2025, supported by restructuring initiatives and market share gains [16][17] - The management team expresses optimism about the business's stability and growth potential, particularly in distribution and value-added services [35] Additional Insights - The company is leveraging partnerships, such as with AWS, to enhance its technology offerings, including AI capabilities for practice management [32] - The focus on customer experience through the new e-commerce platform is expected to drive efficiency and improve margins [30] This summary encapsulates the key insights from the Henry Schein conference call, highlighting the company's strategic positioning, market dynamics, and growth opportunities.

Financial Data and Key Metrics Changes - For the second quarter of fiscal 2026, revenue increased by 19% to $3.9 million from $3.3 million in the prior year period, reflecting strong market adoption and strategic initiatives [9] - Gross profit for the quarter totaled $3.2 million, up 29.4% from $2.5 million in the prior year period, with a gross profit percentage improvement of 660 basis points to 81.9% [9][10] - The company achieved EBITDA of $373,000 this quarter, marking the second consecutive quarter of positive EBITDA, indicating progress towards profitability [12] Business Line Data and Key Metrics Changes - Technology fees accounted for 89% of the quarter's total revenue, highlighting strong customer satisfaction and retention [9] - The next-generation cardiac monitoring device, Biocorp Pro, has seen expanded sales, contributing to the company's revenue growth and market presence [4][5] Market Data and Key Metrics Changes - Biotricity has monitored over 2 trillion heartbeats, significantly improving patient outcomes for those with atrial fibrillation, which is a primary focus for the company [8] - The company is expanding its market reach through strategic partnerships, including contracts with the VA and leading home care groups [5] Company Strategy and Development Direction - The company is focused on innovation and operational efficiency, aiming to achieve economies of scale and maintain healthy net margins similar to SaaS-like businesses [3] - Future plans include expanding the commercial team and investing profits into commercial expansion to increase market share and drive top-line growth [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in the next few quarters, supported by positive cash flows and improved operating results [12][13] - The growing market interest in chronic cardiac disease management reinforces the company's confidence in its market position and future growth [14] Other Important Information - Operating expenses for the second quarter were $2.9 million, a slight increase from $2.8 million in the same period last year, with strategic investments in R&D and sales force efficiency [11] - The net loss attributable to common shareholders for the quarter was $772,000, a significant reduction from $1.6 million in the prior year period [13] Q&A Session Summary - There were no questions during the Q&A session, indicating a clear communication of the company's progress and future plans [16]

Core Viewpoint - DeepWay, a leading technology company in the field of new energy heavy trucks and intelligent road freight solutions, has submitted its IPO application to the Hong Kong Stock Exchange, marking it as the first new force in heavy trucks to do so in China [1][4]. Company Overview - DeepWay was established in 2020 and focuses on providing new energy heavy trucks and intelligent road freight solutions tailored to various highway freight scenarios [4]. - The company adopts a "forward definition" approach, breaking away from traditional fuel vehicle frameworks to redefine the design and structure of electric heavy trucks [4][5]. Technological Innovations - DeepWay has introduced several innovative solutions, including an integrated battery chassis design and a streamlined, low-drag body, which significantly reduce energy consumption and enhance safety [4][5]. - The company aims to achieve self-research and development of its three-electric system by 2025, which is expected to lower manufacturing costs and improve gross margins [8][11]. Market Performance - DeepWay has shown impressive growth, with revenues of 426 million yuan in 2023, projected to reach 1.969 billion yuan in 2024, and 1.506 billion yuan in the first half of 2025 [10]. - The company has delivered approximately 6,400 vehicles since its inception, with a significant increase in delivery volume from 509 units in 2023 to 2,873 units in the first half of 2025 [10]. Strategic Expansion - DeepWay is actively expanding its market presence in the Asia-Pacific region, Australia, New Zealand, and the Middle East, while also establishing sales channels in countries like Singapore, Thailand, and Australia [12]. - The company benefits from strong backing from major shareholders, including Baidu and Weiqiao, which enhances its competitive edge and operational capabilities [12]. Industry Trends - The new energy heavy truck market in China is experiencing rapid growth, with a total sales volume of 119,600 units from January to September 2023, reflecting a year-on-year increase of 198% [13]. - The penetration rate of new energy heavy trucks is expected to rise significantly, with projections indicating a market size of 255.8 billion yuan by 2030 and a compound annual growth rate of 33.3% [13].

Core Insights - The article emphasizes the importance of market share as a key indicator when selecting enterprise-level software, particularly in the electronic signature sector [1] - It identifies BestSign as the leading platform in the electronic signature market, highlighting its extensive user base and industry coverage [3] Market Position - BestSign is recognized as the market leader in electronic signature SaaS, demonstrating significant advantages in user numbers and enterprise coverage [3][4] - The platform operates on a 100% SaaS model, lowering usage barriers and catering to a wide range of clients from startups to large corporations [4] Customer Quality - BestSign has a notable number of paying clients from the Fortune Global 500, indicating high-quality customer validation [4] - The selection of BestSign by these industry giants serves as a strong endorsement of its security, stability, compliance, and service capabilities [4][7] Industry Coverage - BestSign has successfully penetrated over 30 industries, including finance, government, manufacturing, internet, real estate, retail, education, and healthcare [5] - Its flexible product architecture and deep industry understanding enable it to adapt solutions to various business scenarios [5][6] User Feedback - Users cite security and reliability as primary reasons for choosing BestSign, with comprehensive security certifications enhancing user confidence [7] - The platform significantly improves contract flow efficiency, facilitating remote signing and intelligent management, thus saving time and operational costs [8] - BestSign offers full-process contract management, addressing systemic pain points beyond just providing a signing tool [9] Competitor Analysis - The article ranks other electronic signature platforms, including: - **Kingsoft Technology**: Focused on government and state-owned enterprises, with solutions compatible with domestic office software [10] - **Signet**: Specializes in cross-border electronic signatures, supporting multiple languages and international regulations [11] - **Junzi Sign**: Integrates blockchain technology for evidence integrity, targeting sectors with high demands for legal compliance [12] - **WPS Smart Contract**: Leverages the WPS ecosystem to cater to individual users and small businesses [13] Market Comparison Summary - A comparative table highlights the core market advantages of each platform, with BestSign leading in SaaS market share and enterprise clientele [14]

Core Viewpoint - The Chinese AI agent industry has established a "SaaS-MaaS-RaaS" tripartite business model, driven by technology, policy, and ecosystem factors, accelerating the commercialization of a trillion-level market through regional differentiated competition [1]. Business Model Summary - The AI agent industry in China can be categorized into three main models based on service form, deployment method, and application scenario: - **SaaS Model**: Dominates the market with a 30% share, driven by the demand for standardized intelligent tools. It operates on a subscription basis, focusing on efficiency improvement through basic subscription fees and value-added services [3][12]. - **MaaS Model**: Fastest growth at 15%, reflecting the acceleration of model-as-a-service commercialization. It relies on computational power and model innovation for customer acquisition, with significant cost advantages, such as SenseTime's model inference cost being 60% lower than the industry average [3][8]. - **RaaS Model**: Accounts for 12% of the market, focusing on human-machine collaborative automation in sectors like manufacturing and finance, with notable improvements in operational efficiency [3][8]. Market Dynamics - The AI agent industry is experiencing a competitive race among innovation parks, with Shanghai's Xuhui District housing over 1,000 companies and offering substantial computational subsidies. SenseTime's generative AI revenue reached 2.4 billion yuan in 2024, constituting 63.7% of its total revenue [4]. - The industry is supported by policy initiatives, such as the Ministry of Industry and Information Technology promoting "AI + manufacturing" actions and various cities providing computational vouchers and project subsidies to foster ecosystem development [7][8]. Financial Metrics - **SaaS Model**: Average gross margin of 60%-80%, customer retention rate of 75%-90%, and annual customer spending between 50,000 to 500,000 yuan [11][12]. - **MaaS Model**: Average gross margin of 40%-60%, customer retention rate of 60%-75%, and annual customer spending between 100,000 to 2 million yuan [11][12]. - **RaaS Model**: Average gross margin of 30%-50%, customer retention rate of 50%-65%, and annual customer spending between 200,000 to 1 million yuan [11][12].