证券代码：301033 证券简称：迈普医学 广州迈普再生医学科技股份有限公司 投资者关系活动记录表 编号：2025005 | 投资者关系活 | ☑特定对象调研 □分析师会议□媒体采访 | | | --- | --- | --- | | 动类别 | □业绩说明会□新闻发布会□路演活动 | | | | ☑现场参观□一对一沟通□其他： | | | 参与单位名称 | | | | | 华创证券 李婵娟；国盛证券 杨芳；中邮证券 陈峻；中信 建投 喻胜锋；广发证券 杨正；国泰基金 邱晓旭；前海鑫 | | | 时间 | | 2025年07月03日 10:30-12:00 | | 地点 | 公司展厅及会议室 | | | 上市公司接待 | 董事、副总经理、财务总监 骆雅红 | | | 人员 | 董事、副总经理、董事会秘书 龙小燕 | | | | 证券事务代表 李晓香 | | | 投资者关系活 | 一、公司基本情况 | | | 动主要内容介 | 公司是一家专注于高性能植入医疗器械的科技创新型 | | | 绍 | 企业，是国内神经外科领域唯一同时拥有人工硬脑（脊） | | | | 东正圆投资 钟晓琳；太平养老 张翼；隆象资本 贺艳 ...

Strategic Planning and Development - The bank has established a comprehensive development strategy termed "1363," focusing on becoming a "respected and distinctive boutique bank" through three main directions: "lightweight, digital, and green" [2] - Key initiatives include "customer construction, retail transformation, asset quality improvement, external enhancement, technology empowerment, and management strengthening," aiming to create a business structure driven by small and micro enterprises, retail, and financial markets [2][3] - The bank has seen significant growth in green loans for three consecutive years and a notable increase in manufacturing loans, with supply chain financing achieving new breakthroughs [2] Market Value Management - The bank's market value management includes optimizing corporate governance, encouraging long-term shareholder support, and promoting shareholding stability [4] - Since its listing, the bank has completed three rounds of share increases by major shareholders, totaling 34.87 million shares and 94.22 million yuan [4] - Cumulative dividends since listing amount to 2.398 billion yuan, representing 1.18 times the funds raised during the IPO [4] Capital Supplementation Plans - The bank employs a dual approach for capital supplementation, combining internal capital accumulation with external capital sourcing, and has successfully issued 3 billion yuan in secondary capital bonds [5] - Plans for 2025 include issuing up to 5 billion yuan in perpetual bonds and exploring other capital-raising methods [5] - The bank maintains a balanced dividend policy to ensure shareholder interests while accumulating internal capital for sustainable development [5] Loan Issuance and Structure - In Q1 2025, the bank issued loans and advances totaling 17.621 billion yuan, marking a growth rate of 7.18%, the highest in five years [5] - Corporate loans increased by 15.759 billion yuan (8.12%), while personal loans rose by 2.011 billion yuan (3.38%) [5] Net Interest Margin Trends - The bank's net interest margin (NIM) was 1.43% in 2024 and increased to 1.46% in Q1 2025, despite ongoing downward pressure [6][8] - Strategies to mitigate NIM compression include enhancing liability management, exiting high-cost deposits, and optimizing the deposit structure [6][8] Deposit Rate Adjustments - The bank initiated a new round of deposit rate reductions on May 30, 2025, with expectations for continued declines in the deposit interest rate throughout the year [7] - The bank has managed to slow deposit growth while achieving a sustained decrease in interest rates, aligning with industry trends [7] Bond Market Outlook - The bond market is expected to experience limited downward movement in interest rates, with the 10-year government bond yield stabilizing between 1.65% and 1.7% [9][10] - The bank will continue to engage in bond trading and maintain a stable growth rate in its bond portfolio to ensure liquidity management [10]

今晚非农数据预期如何？ 根据业内汇编的经济学家预期中值显示，预计6月份新增非农就业人数将较前月进一步放缓至 10.6万人，失业率则可能从4.2%攀升至4.3%，薪资增速预计也将环比小幅放缓。 市场上的所有人都清楚，美国非农数据正变得越来越"不靠谱"，但在鲍威尔等众多美联储官员 提示"6月数据"重要性的背景下，众多市场人士又都不得不把今晚的非农，放在本周全球宏观 面"大事榜"的前三位…… 这或许就是眼下全球股债汇市场交易员们纠结心态的真实写照，尤其是在昨夜美国"小非 农"ADP数据令人跌破眼镜地意外转负的背景之下！ 不少业内人士表示，投资者料将密切关注今晚这个极其罕见的"周四非农夜"，以衡量美联储本 月最早降息的可能性。 将于7月4日美国独立日假期前一天发布的这份6月非农就业报告一旦 表现疲软，可能会为美联储在本月晚些时候的会议上重启降息打开大门。 尽管市场目前认为7月降息的可能性还很小，许多美联储政策制定者也倾向于观望，但至少已 有两位美联储理事——沃勒和鲍曼最近表示，他们对此持开放态度。 Fort Washington投资顾问公司投资组合经理Dan Carter表示，如果非农就业数据表现疲软， 7月会议可能 ...

Core Viewpoint - The article emphasizes the strong balance sheet and profitability of Utah Medical Products (UTMD), suggesting a favorable risk/reward ratio for investors at its current price [1]. Group 1: Company Analysis - Utah Medical Products (UTMD) was initially rated as a Strong Buy due to its financial strength and profitability [1]. - The investment approach focuses on identifying micro-cap and small-cap opportunities that align with long-term success criteria established by renowned investors [1]. Group 2: Research Background - TQP Research is led by a Certified Public Accountant (CPA) with experience in structured finance, capital markets, and credit risk [1]. - The research emphasizes a value-oriented investment strategy, engaging actively with the investment community [1].

仅用一款背包就拿下了"小红书姐妹"。 作者 | 彭倩 编辑 | 乔芊 户外风衣、小鹰背包、昂跑鞋，正成为大城市打工人的"通勤三宝"。 这种被称为 "Gorpcore" 的新美学风格，强调把徒步野营等户外装备融入日常生活穿搭中，可以理解为 "只是上班不出城，也要穿得像去野外求生" 。年 轻白领们想用户外穿搭冲淡浓重的"班味"，在繁重的工作中获得喘息。 在中国，小鹰背包（Osprey）是"通勤三宝"里最为最低调的那个。小鹰常被户外发烧友称作是"户外动物园系列"里的另一只"神鸟"，还有一只当然是始 祖鸟。小鹰的品牌名和 logo 是一只鱼鹰，来源于创始人 Mike Pfotenhauer 在一次徒步旅行中看到的鱼鹰捕食画面。 许多中国消费者对小鹰的印象是"很有名但看不见店"，因为想要在线下渠道找到它需要费些力气：要么得跑一趟中国香港的集合店，要么得找到三夫户 外等集合店，这两年如果逛逛山姆，运气好也能在货架上碰到一两款小鹰 Daylite 系列的产品。考虑到中国市场电商发达的特殊性，小鹰也是线上先行的 策略，中国消费者主要通过天猫抖音旗舰店和各类电商代购渠道购买。 重视设计的舒适性和美观，是小鹰获得追捧的重要原因。 ...

Core Viewpoint - Rocket Lab USA (NASDAQ: RKLB) is demonstrating strong performance and growth potential despite broader market volatility, with a nearly 600% increase in share price over the past twelve months, indicating a robust growth trajectory ahead [2][12]. Group 1: Recent Developments - Rocket Lab completed the Critical Design Review (CDR) for the Space Development Agency's T2TL-Beta constellation, marking a significant milestone that affirms the company's spacecraft design and systems architecture [2][3]. - The T2TL-Beta constellation is part of the Department of Defense's Proliferated Warfighter Space Architecture, aimed at providing resilient communications networks in Low Earth Orbit (LEO) for military operations [4]. - Rocket Lab's Lightning platform will be used to deliver the T2TL-Beta spacecraft, showcasing the company's vertical integration and ability to manage production in-house, which enhances cost efficiency and delivery schedules [5]. Group 2: Launch Performance - Rocket Lab achieved a record launch cadence, completing its 68th Electron mission just 48 hours after the previous launch, with four missions completed in June and a 100% success rate in 2025 so far [7][8]. - The company's consistent launch reliability is increasingly rare in the space industry, making it an attractive option for government and commercial clients [8]. Group 3: Future Prospects - CEO Peter Beck confirmed that Rocket Lab is on track to launch its medium-lift, reusable rocket Neutron in the second half of the year, which could significantly expand its market reach [9][10]. - The recent acquisition of Geost enhances Rocket Lab's capabilities in satellite payloads and aligns with its vertically integrated strategy, further solidifying its position in the aerospace sector [11][13]. - The company is evolving from a niche launch provider to a comprehensive space infrastructure player, supported by growing government contracts and a strong execution pipeline [12][13].

| [table_Authors] 肖群稀(分析师) | 黄龙(研究助理) | | --- | --- | | 021-38676666 | 021-38676666 [Table_subIndustry] | | 登记编号 S0880522120001 | S0880123070154 | 本报告导读： 6 月 30 日，谷歌与 CFS 达成 200MW 聚变能购电协议，不仅标志着谷歌能源战略向 终极能源的重要迈进，更以技术突破、资本注入加速核聚变商业化进程。此次合作 或将成为撬动全球能源结构转型的关键支点，驱动可控核聚变行业加速发展。 200MW售电协议落定，可控核聚变商业化进程加 [Table_Industry] 机械制造业 --"CFS 与谷歌达成售电协议"事件点评 投资要点： 请务必阅读正文之后的免责条款部分 证 券 研 究 报 告 股票研究 /[Table_Date] 2025.07.03 [Table_Invest] 评级： 增持 [Table_Summary] 投资建议：重点关注高温超导磁体、电源、检测系统等细分领域。 受益标的：1）中游设备：联创光电（高温超导磁体），国光电气（偏 滤器、包层 ...

6月28日，为切实保障航空运行安全，民航局发布紧急通知，禁止乘客携带任何没有3C标识、3C标识不清晰、被召回型号或批次的充电宝乘坐境内航班。 这一消息对于需要经常乘坐飞机出差的小雷来说简直是晴天霹雳。除了充电宝，我出差时几乎都会带上一台微单相机、一台运动相机，而且据雷科技所知， 绝大多数相机电池都没3C标识，如此严格的政策是否会影响到很多相关工作人员的出行呢？我们又该如何选择一款充电宝呢？今天雷科技就为大家科普并 推荐一番。 （图片来源：ANKER） 没3C认证电池都不能上飞机？得就事论事 首先，我们来回答一下是否一切没有3C标识的电池都无法通过安检。在出台该政策时，我恰巧在北京返回广州的路上，在询问了安检及机场相关负责人员 后得到的答案是：3C标识的要求目前只针对充电宝，像相机电池、充电电池这类产品只要符合数量限制，且电池本身没有破损和损坏即可。 其次，没有3C标识的充电宝平常能不能正常使用？当然可以，但前提是你的充电宝使用寿命没有超过三年，因为充电宝内部的元器件和电芯也会随着时间 和使用次数不断老化，后续出现热失控、鼓包、自燃的概率会越来越高，如果你手头上有用了好几年的移动电源，还是建议尽快废弃吧。 （图 ...

Core Insights - Penske Automotive Group has acquired a Ferrari dealership in Modena, Italy, enhancing its luxury brand presence in the region to 29 automotive retail locations [1][2] - The new dealership is expected to generate annualized revenue of approximately $40 million [1] Company Overview - Penske Automotive Group, Inc. is a diversified international transportation services company with operations in eight countries and across four continents [2] - The company operates dealerships in various countries including the United States, United Kingdom, Canada, Germany, Italy, Japan, and Australia, and is a major retailer of commercial trucks in North America [2] - Penske Automotive employs over 28,700 people globally and holds a 28.9% stake in Penske Transportation Solutions, which manages a large fleet of over 428,000 trucks, tractors, and trailers [2]

Financial Performance - Revenue increased by 20.7% to HKD 782,292,000 compared to HKD 648,415,000 in the previous year[20] - Gross profit grew by 22.4% to HKD 413,707,000, with a gross margin of 52.9%[20] - Profit attributable to equity holders surged by 51.2% to HKD 197,261,000, resulting in a profit margin of 25.2%[20] - Adjusted EBITDA rose by 37.2% to HKD 295,762,000, with an adjusted EBITDA margin of 37.8%[20] - Total assets increased by 11.3% to HKD 1,545,118,000, while total liabilities rose by 3.9% to HKD 381,160,000[22] - The brand pharmaceutical business revenue increased to HKD 782.3 million, representing a year-on-year growth of 20.7%[42] - Gross profit grew by 22.4% to HKD 413.7 million, while profit attributable to equity holders surged by 51.2% to HKD 197.3 million[42] - Total revenue for the fiscal year 2025 increased by HKD 133.9 million or 20.7% compared to fiscal year 2024, reaching HKD 782.3 million[104] - The brand pharmaceutical segment saw a significant growth of 43.2%, contributing HKD 272.2 million to total revenue[104] Market Segments and Growth - The health supplement segment saw a 44.9% increase in revenue, reflecting strong consumer demand[20] - The flagship brand, He Ji Gong, achieved significant growth through targeted marketing, enhancing market penetration[30] - The brand Chinese medicine segment, including Bao Ji Wan and Fei Ying Huoluo Oil, performed well despite a challenging retail environment[30] - The health supplements division recorded stable growth driven by the adoption of the "Oncotype DX" breast cancer tumor gene expression test among healthcare professionals in Hong Kong and Macau[47] - The concentrated Chinese medicine granules business continues to maintain resilience, supported by stable quality and reliable supply, gaining trust from Hong Kong TCM practitioners[46] - The brand Chinese medicine segment achieved a growth of 5.0%, driven by flagship products Bao Ji Wan and Fei Ying Huo Luo You[73] - The health supplement segment experienced a substantial revenue growth of 44.9% due to the expansion of cross-border e-commerce platforms[104] Strategic Initiatives - The company is focused on strategic marketing and consumer engagement to build brand value and drive sales growth[30] - The acquisition of Tianxi Tang Pharmaceutical is expected to enhance the brand's product portfolio and create greater synergy through integration with existing operations[32] - The company is focusing on integrating online and offline sales channels while expanding e-commerce coverage and optimizing costs[42] - The company plans to diversify its development into new categories such as medical devices and strengthen its B2B and B2C sales networks[48] - The company aims to expand cross-border e-commerce channels and deepen market penetration in the Greater Bay Area[48] - The company is committed to maintaining a robust financial foundation while enhancing brand management capabilities and expanding its product portfolio[49] Brand and Marketing Achievements - The flagship brand He Ji Gong achieved significant growth, supported by strategic marketing initiatives including sponsorship of popular TV shows[44] - The marketing campaign for "飛鷹活絡油" increased brand awareness by three times through innovative advertising and strategic sponsorships[46] - The company has received multiple accolades, including the "Outstanding Marketing Award" and "Outstanding TV Advertisement Award" at the 2024 HKMA-ViuTV-Now TV Awards[44] - The brand "保濟丸" received the "2024 Hong Kong Brand Ten-Year Achievement Award" for its sustained reputation and brand value enhancement efforts[46] - The strong performance of the Baijuan brand reflects successful strategic marketing efforts, establishing deep brand value among local consumers and mainland visitors[76] Financial Management and Governance - The company maintains a robust cash position, supporting future growth and stability[29] - The company maintains a robust financial position with sufficient cash reserves, supporting ongoing operations and strategic growth plans[68] - The group maintained a conservative capital management approach, ensuring a solid foundation for future business development and acquisitions[125] - The company has adhered to all corporate governance code provisions during the reporting period[136] - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors[140] - The audit committee, composed of three independent non-executive directors, is responsible for overseeing the integrity and accuracy of the company's financial statements and risk management systems[157][158] Risk Management - The risk management framework is guided by a "three lines of defense" model, ensuring effective risk management and internal controls[190] - The company employs a mixed approach to risk identification, categorizing risks into financial, operational, reputational, legal, regulatory, and personnel risks[197] - The board has reviewed the effectiveness of the risk management and internal control systems and considers them adequate and effective[198] - Internal audit reports are prepared by external consultants and presented to the audit committee[200]