Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is experiencing a phase of operational pressure, with expectations for gradual improvements from management reforms and strategic investments [1] - Revenue for 2024 is projected at 5.371 billion yuan, a year-over-year decrease of 11.61%, while net profit is expected to be 174 million yuan, down 70.59% year-over-year [1] - The company is positioned as a biotechnology materials platform, with potential for steady growth across its diversified business segments as management reforms take effect [5] Business Segment Summaries Raw Material Business - Revenue reached 1.236 billion yuan, an increase of 9.47% year-over-year, with international markets contributing 608 million yuan, up 17.65% [2] - The overall gross margin for the raw material business was 65.57%, a slight increase of 0.86 percentage points [2] Medical Terminal Business - Revenue for this segment was 1.440 billion yuan, reflecting a significant growth of 32.03% year-over-year, with a gross margin of 84.37% [3] - The aesthetic medicine business showed notable improvement, with skin-related medical products generating 1.073 billion yuan, up 43.57% [3] Skin Science Innovation Business - This segment reported revenue of 2.569 billion yuan, a decline of 31.62% year-over-year, with a gross margin of 72.80% [4] - The company is focusing on product innovation in skin repair and anti-aging, with new product launches aimed at enhancing competitive positioning [4] Nutritional Science Innovation Business - Revenue in this area was 82 million yuan, marking a growth of 40.97% year-over-year, focusing on key areas such as nutrition and immunity [4] Financial Forecasts and Investment Recommendations - Revenue projections for 2025-2027 are set at 5.848 billion yuan, 6.522 billion yuan, and 7.387 billion yuan, representing year-over-year growth rates of 8.9%, 11.5%, and 13.3% respectively [5] - Net profit forecasts for the same period are 469 million yuan, 624 million yuan, and 778 million yuan, with significant growth anticipated in 2025 at 169.2% [5]

Group 1 - The report highlights steady revenue growth for Chuanheng Co., with a 2024 revenue of 5.906 billion yuan, a year-on-year increase of 36.72% [3][5] - The net profit attributable to shareholders for 2024 reached 956 million yuan, up 24.80% year-on-year, with a weighted average return on equity (ROE) of 16.19% [3][5] - The company’s Q4 2024 revenue was 1.932 billion yuan, showing a year-on-year increase of 54.83% and a quarter-on-quarter increase of 29.73% [4][6] Group 2 - The report indicates that the price of phosphate rock remains high, with an average price of 1,018 yuan/ton in Q1 2025, reflecting a year-on-year increase of 1% [8] - The company has acquired a 58.5% stake in Qianyuan Geological Exploration, enhancing its phosphate resource advantages [9] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646 million yuan, which is 67.58% of the annual net profit [10] Group 3 - The report discusses the performance of Industrial and Commercial Bank of China (ICBC), noting a 2024 revenue of 821.803 billion yuan, a year-on-year decrease of 2.52% [25][26] - ICBC's net profit for 2024 was 365.863 billion yuan, with a quarterly growth rate of 1.59% in Q4 [26][28] - The bank's non-performing loan ratio improved to 1.34%, down from the previous quarter, indicating enhanced asset quality [27][28] Group 4 - The report on Shanghai Pudong Development Bank (SPDB) indicates a 2024 revenue decline of 1.55%, but a net profit increase of 23.31%, marking the highest growth rate in five years [30][31] - The bank's non-performing loan ratio decreased to 1.36%, reflecting improved asset quality [32] - SPDB's total assets grew by 5.05% year-on-year, with a loan total increase of 7.45% [31][32] Group 5 - The report on the computer industry emphasizes the impact of "reciprocal tariffs" on global industrial patterns, accelerating China's self-reliance and independent control processes [34][37] - The domestic software and hardware markets are expected to benefit from the tariff policies, with significant growth opportunities identified [34][36] - The report suggests that the domestic chip industry will see accelerated localization, with increased resilience and growth potential [36][37] Group 6 - The report on Nanji E-commerce highlights the company's transformation into a brand authorization model, with a focus on quality and rapid response [41] - The company aims to capitalize on the "alternative to big brands" trend, with a projected revenue growth of 20% to 61.88 billion yuan from 2024 to 2026 [42][43] - The light luxury brand launched by the company has shown promising sales performance, indicating strong market potential [42][43] Group 7 - The report on Focus Media discusses the acquisition of New潮传媒, which is expected to enhance the company's market position and revenue potential [44][45] - The acquisition is projected to optimize the competitive landscape of the outdoor advertising industry, potentially increasing the company's market share [46] - Historical acquisitions by Focus Media have led to significant revenue growth, suggesting a positive outlook for this acquisition [47]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, with a year-on-year increase of 5.33% [1][7] - The company is focusing on expanding its product lines through external acquisitions, such as the planned acquisition of South Korean regenerative materials company REGEN Biotech, which will enhance its product layout and open up international sales channels [1][12] - The medical beauty industry has significant long-term penetration potential, and under compliance regulations, leading companies will further highlight their advantages [3][15] Financial Performance - In 2024, the gross profit margin was 94.64%, slightly down by 0.46 percentage points year-on-year, while the sales expense ratio remained stable at 9.15% [2][13] - The company maintained a stable operating cash flow of 1.927 billion yuan in 2024, reflecting good cash flow conditions [2][13] - The revenue growth forecast for 2025-2026 has been adjusted to 2.237 billion yuan and 2.618 billion yuan respectively, with a new forecast for 2027 set at 3.017 billion yuan [3][16] Product Performance - The revenue growth rates for solution and gel injection products were both around 5% in 2024, with revenue shares of 57.64% and 40.18% respectively [9][10] - The company has made progress in several pipeline products, including the review stage for botulinum products and clinical trial approval for semaglutide injection [1][9] Market Position - The company’s market capitalization is approximately 59.532 billion yuan, with a closing price of 196.74 yuan [5][17] - The company is positioned to leverage its existing product matrix to expand market share in the short term while combining self-research and external acquisitions for long-term growth [3][15]

Group 1: Market Overview - The A-share market experienced fluctuations with the North Securities 50 index down by 3.07% and the Sci-Tech 50 index down by 2.11%, while over 3,800 stocks declined, leading to a slight decrease in trading volume to 1.65 trillion yuan [1] - The coal, medical beauty, and electricity sectors showed relative strength, while humanoid robots, broadcasting, storage chips, and wireless earphones faced significant declines [1] - ST stocks continued to perform strongly, with *ST Xintong achieving a new high since January 2018, recording 31涨停 in 35 trading days [1] Group 2: Sector Performance - The coal industry saw a net inflow of over 3.3 billion yuan from major funds, while the banking and public utilities sectors each received over 2 billion yuan [1] - The power sector maintained strong performance, with the index rising for three consecutive days and trading volume exceeding 28.2 billion yuan, marking a new high for the year [2] - The artificial intelligence data center is expected to drive significant growth in electricity demand, with projections indicating that by 2026, global data center electricity consumption will reach between 620 billion and 1.05 trillion kilowatt-hours [2] Group 3: Company-Specific News - Qi Ming Medical, which had been suspended for over 15 months, saw its stock plummet by 66.37% upon resuming trading due to unauthorized fund transfers by former executives [3] - Qi Ming Medical acknowledged the challenges posed by the suspension and has undertaken a systematic restructuring of its organizational framework to enhance governance and internal controls [3] - The company has established a management committee to improve internal supervision and ensure timely market disclosures regarding significant matters [3]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 UNI-BIO SCIENCE GROUP LIMITED 聯 康 生 物 科 技 集 團 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：0690） 自願性公佈 重組膠原蛋白二類醫療器械獲批 肌顏態®醫療美容產品上市 二零二四年十二月二日 — 聯康生物科技集團有限公司（「本公司」），連同其附屬 公司統稱（「本集團」）董事會（「董事會」）欣然宣佈兩項重要里程碑，展示了本集團 在醫療美容和皮膚解決方案領域的持續增長和創新。 本 集 團 與 重 慶 民 濟 醫 療 器 械 有 限 公 司 的 戰 略 合 作 產 品 — 醫 用 重 組 膠 原 蛋 白 敷 料，已成功獲批二類醫療器械註冊證，註冊證編號為「渝械注准20242140377」。與 此同時，本集團自主研發的纖連蛋白醫療美容產品 — 肌顏態®也正式上市。這些 成就凸顯了聯康 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 自願公告 本公告乃由復銳醫療科技有限公司（「本公司」）自願發佈。 香港，二零二四年十一月五日 於本公告日期，本公司董事會成員包括執行董事劉毅先生及Lior Moshe DAYAN 先生；非執行董事吳以芳先生及馮蓉麗女士；獨立非執行董事方香生先生、陳志 峰先生、陳怡芳女士及廖啟宇先生。 * 僅供識別 本公司欣然宣佈推出其屢獲殊榮的美容平台Alma Harmony的全新版本（「新Alma Harmony」）。 新Alma Harmony採用現代化設計，並進行了大幅升級，為客戶提供更多的治療 選擇和簡單智能的使用體驗。其革新的患者個性化功能融合了五項最受歡迎的技 術及增強的能量，能夠提供全面的治療方案。 新Alma Harmony的設計重點在於提升效率、簡易性及易用 ...