Financial Performance - In Q1 2025, the company reported revenue of 880 million yuan, a year-on-year decline of 1.6%, primarily due to the divestment of its real estate business [1] - The net profit attributable to shareholders was 50.712 million yuan, down 14.1% year-on-year, influenced by reduced income, decreased profits from associated companies, and increased R&D expenses [1] - The non-recurring net profit was 46.990 million yuan, a year-on-year decrease of 9.7% [1] Profitability Metrics - The gross margin improved to 51.3%, an increase of 0.5 percentage points year-on-year [1] - The net profit margin was 7.2%, down 1.0 percentage point year-on-year [1] - The selling expense ratio decreased to 35.5%, down 0.8 percentage points year-on-year, while the management expense ratio increased to 4.7%, up 0.6 percentage points year-on-year [1] Cosmetics Segment - The cosmetics segment generated revenue of 530 million yuan, a year-on-year decline of 2.6%, with a gross margin of 61.1% [2] - The Yilian brand achieved revenue of 250 million yuan, a year-on-year increase of 25%, while the Ai'er Doctor brand saw revenue decline by 18.4% to 240 million yuan [2] - The segment focused on R&D and technological innovation, with 12 new patents authorized and 47 new products launched [2] Pharmaceutical and Raw Materials Segment - The pharmaceutical business achieved revenue of 110 million yuan, remaining stable year-on-year, with a gross margin of 54.8% [3] - The raw materials and derivatives segment generated revenue of 90 million yuan, a year-on-year increase of 2.4%, with a gross margin of 29.7% [3] - The company launched 8 new health food products and received international patent authorization for sodium hyaluronate quaternary ammonium salt [3] Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 330 million, 370 million, and 420 million yuan for 2025-2027, corresponding to PE ratios of 23, 20, and 18 times [3] - The company anticipates significant growth signals in 2025, driven by consumer spending and the expansion of its skincare and sub-brands [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported Q1 2025 earnings that met market expectations, with total revenue of 876 million yuan, a year-on-year decline of 1.6%, primarily due to the divestment of its real estate business. The net profit attributable to shareholders was 50.71 million yuan, down 14.1% year-on-year, influenced by reduced revenue, decreased profits from associates, and increased R&D expenses [7][10] - The gross margin improved to 51.3%, up 0.5 percentage points year-on-year, while the net profit margin was 7.2%, down 1.0 percentage points. The sales expense ratio decreased to 35.5%, down 0.8 percentage points year-on-year [7][12] - The cosmetics segment showed resilience, with revenue of 530 million yuan, a year-on-year decline of 2.6%, and a gross margin of 61.1%. The Yilian brand achieved revenue of 250 million yuan, a 25% increase year-on-year, while the Aierbos brand saw a revenue decline of 18.4% [7] - The pharmaceutical and raw materials segments remained stable, with pharmaceutical revenue at 110 million yuan, maintaining year-on-year levels, and a gross margin of 54.8%. The raw materials segment achieved revenue of 90 million yuan, a 2.4% increase year-on-year [7] - The company aims to leverage its R&D advantages to build a comprehensive health industry chain across cosmetics, raw materials, and pharmaceuticals. The report maintains profit forecasts for 2025-2027, expecting net profits of 330 million, 370 million, and 420 million yuan, corresponding to P/E ratios of 23, 20, and 18 times [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 4,009 million yuan, with a year-on-year growth rate of 0.7%. The net profit attributable to shareholders is expected to be 329 million yuan, reflecting a growth rate of 35.1% [6] - The gross margin is anticipated to improve to 57.8% in 2025, with a return on equity (ROE) of 7.5% [6]

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]

"充分肯定建立防城港国际医学开放试验区在推动上海合作组织国家、东盟国家开展国际医学创新 合作中发挥的重要作用。促进国际医疗保障政策交流，推动区域医疗医保医药协同发展，更好服务高质 量共建'一带一路'……" 4月29日，2025年国际医学创新合作论坛发布了《2025年国际医学创新合作论坛倡议》，呼吁各国 加强在医学创新领域的合作，共同推动医疗卫生事业的发展，为构建人类卫生健康共同体贡献力量。 山海连心，健康为桥。4月28—30日，2025年国际医学创新合作论坛在防城港成功举办，进一步凝 聚构建人类卫生健康共同体的国际共识，推动防城港国际医学开放试验区（以下简称医学试验区）这一 重要平台建设，汇聚推动国际医学创新合作的上合力量，为推动全球卫生健康事业的发展贡献智慧和力 量。 凝聚构建人类卫生健康共同体共识 健康是全人类的共同追求，也是各国人民幸福生活的基础。 本届论坛以"医学创新共享 健康可持续发展"为主题，精心设计开幕式、主旨演讲、分论坛等系列 活动，打造了一场国际医学创新领域的学术盛宴。 "论坛的成功举办将为广西医药产业注入新动能，创造更多发展机遇，有力推动区域医药事业迈向 新高度。"中国医学科学院基础医学研 ...

值得一提的是，排名第三与第七的人形机器人赛道基金，在今年1月初的资产规模均不足汇添富香港优势精选基金规 模的25%，但在人形机器人赛道热度吸引下，年初规模仍极为迷你的2只产品实现急速增长，使得汇添富香港优势精 选基金在规模上已只相当于2只产品的10%与25%，这显示出业绩或排名虽然对基金产品的规模吸金能力有正向贡 献，但并不是唯一因素，甚至也可能不是主要因素。 吸金能力差距巨大 尽管许多基金产品的业绩并不逊色于人形机器人赛道，但基于高弹性和市场话题热度，人形机器人赛道基金几乎成 为本轮市场的最大的吸金产品。 业绩遥遥领先的医药基金正头疼于基金的吸金能力，或艳羡于吸金规模后来居上的人形机器人赛道基金。 券商中国记者注意到，年内基金业绩排名第二且重仓医药股的汇添富香港优势精选基金，今年一季度规模增长仅 23%。而排名第一、第三、第七的产品均为重仓人形机器人赛道的基金，其一季度规模增长分别为10倍、51倍、27 倍。 以平安先进制造主题基金为例，该产品今年内的收益率为52.59%，但该产品规模从今年1月初的4900万元暴增到3月 末的近14亿元。这意味着许多在1月初资产规模尚无法赶超汇添富香港优势精选基金的产品，在 ...

PMI 虽有回落，政策积极发力 [Table_Authors] 侯欢(分析师) ——4 月全国 PMI 数据解读 本报告导读： 外部冲击影响加大，4 月 PMI 边际回落。接下来，或加力推动既定政策 落地见效，通过增强内需主动力作用应对外部不确定性。 投资要点： 登记编号 S0880525040074 证 券 研 究 报 告 宏观研究 /[Table_Date] 2025.04.30 2025-05-02 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 题 021-38676666 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 年 4 月，制造业 PMI 为 49.0%，比上月下降 1.5 个百分点；服 务业商务活动指数为 50.1%，比上月下降 0.2 个百分点；建筑业商务 活动指数为 51.9%，比上月下降 1.5 个百分点。 关税扰动，制造业 PMI 边际回落。制造业 PMI 由升转降，主因贸易 摩擦导致的外部环境急剧变化。不过，以内销为主的制造业经营相 对稳定，对 PMI 有所支撑。考虑到国内积极政策节奏加快，我 ...

截至4月30日，今年以来已有约70家上市公司首次披露并购重组事件，远高于去年同期水平。市场人士认为，政策效果持续显现，并购重组将成为贯穿2025 年资本市场的"重头戏"，更多优质企业有望通过并购重组补链强链、做强做优。 近期，上市公司积极开展并购重组，4月共有23家上市公司首次披露并购重组事件。从行业看，科技创新领域并购重组代表性案例不断涌现，如阳光诺和拟 购买朗研生命100%股权、呈和科技拟收购映日科技不低于51%股权等。 4月上市公司首次披露并购重组事件情况 | 序号 | 股票代码 | 股票名称 | ↓ 首次披露日期 | 童组事件 | | --- | --- | --- | --- | --- | | 1 | 000695.SZ | 滨海能源 | 2025-04-30 | 滨海能源定增收购沧州 | | 2 | 300078.SZ | 思创医惠 | 2025-04-29 | 思创医惠出售医惠科技 | | 3 | 002868.SZ | *ST绿康 | 2025-04-26 | 绿康生化筹划重大资产 | | 4 | 688621.SH | 阳光诺和 | 2025-04-25 | 阳光诺和定增收购朗研 | | ...

金十数据5月1日讯，从海口海关获悉，海南自由贸易港"零关税"进口药品、医疗器械政策自2024年12月 25日在博鳌乐城国际医疗旅游先行区落地实施以来，已有10家医院通过政策享惠主体审核。海口海关共 监管"零关税"进口药品、医疗器械申报总货值6023.9万元人民币，减免税款818.7万元人民币。（新华 社） 海南自贸港"零关税"进口药品、医疗器械政策享惠货值突破6000万元 ...

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for April is reported at 49.0%, a decrease of 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [2][3] - High-tech manufacturing PMI remains strong at 51.5%, showing resilience against external pressures, while overall manufacturing production index falls to 49.8% [3][4] - New export orders have significantly declined by 4.3% to 44.7%, reflecting the impact of tariffs on export orders [3][4] Group 2 - The April PMI for imports decreased by 4.1 percentage points to 43.4%, and the purchasing index fell by 5.5 percentage points to 46.3%, indicating cautious spending by enterprises amid uncertainties [5] - Non-manufacturing PMI decreased by 0.4 percentage points to 50.4%, still above the critical point, but export orders dropped by 7.6 percentage points to 42.2% [6] - The construction sector continues to expand, with the civil engineering PMI rising by 6.4 percentage points to 60.9%, indicating accelerated project progress [6][7] Group 3 - The comprehensive PMI output index for April is at 50.2%, down 1.2 percentage points from the previous month, but still indicates overall expansion in production activities [7] - The manufacturing production index and non-manufacturing business activity index are reported at 49.8% and 50.4%, respectively, reflecting stable operations in manufacturing firms focused on domestic sales [7]

| 何宁（分析师） | 陈策（分析师） | | --- | --- | | hening@kysec.cn | chence@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524020002 | 事件：2025 年 4 月官方制造业 PMI 49.0%，预期 49.8%，前值 50.5%；官方非制 造业 PMI 50.4%，前值 50.8%。 制造业：分项普遍走弱，外需与价格降幅较大 1、关税扰动初步显现，叠加此前抢出口抢生产形成的高基数，制造业 PMI 分 项普遍走弱。供需端，PMI 生产年内首次降至荣枯线下，外需降幅大于内需； 分行业来看，纺织、纺织服装服饰、金属制品等行业产需回落，农副食品加工、 食品及酒饮料精制茶、医药相对稍好。 2、工业原材料价格回落，预计 4 月 PPI 同比降幅扩大。4 月 PMI 原材料购进价 格与 PMI 出厂价格分别为 47.0%、44.8%，分别较前值回落了 2.8、3.1 个百分点。 根据高频指标预计 4 月 PPI 环比可能在-0.3%左右，同比在-2.5%左右。 2025 年 04 月 30 日 关税扰动的 2 个阶段 宏 ...