Core Viewpoint - The company will hold an investor briefing on November 19, 2025, to discuss its Q3 2025 performance and financial results, allowing for interactive communication with investors [2][3][4]. Group 1: Meeting Details - The investor briefing is scheduled for November 19, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The format of the meeting will be an online text interaction, enabling real-time communication with investors [3][5]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5]. - A pre-question submission period is available from November 12 to November 18, 2025, allowing investors to submit questions via the website or email [5]. - The company will address commonly asked questions during the briefing [3][5]. Group 3: Contact Information - The contact for inquiries is the Securities Investment Department, reachable at 010-82156660-8009 or via email at tinavi@tinavi.com [6]. Group 4: Additional Information - After the briefing, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center [7].

Group 1: Baidu Group (9888.HK) - Baidu Group is leveraging its strong internet foundation to build a competitive barrier through a full-stack AI approach, leading the domestic market share in AI cloud services [3][4] - The online marketing business is transitioning from a CPC model to a CPS model, with AI search expected to enhance profitability in the long term, projecting revenues of 623.91, 592.72, and 598.64 billion yuan for 2025, 2026, and 2027 respectively [4][5] - The AI cloud business is positioned as a new profit center, with a leading market share and expected revenues of 273.25, 327.90, and 386.92 billion yuan for 2025, 2026, and 2027 respectively [5][6] - The Robotaxi business is anticipated to grow significantly, with expected revenues of 138.32, 159.07, and 174.97 billion yuan for 2025, 2026, and 2027 respectively [7][8] - Overall revenue projections for Baidu Group are 1309.73, 1356.68, and 1443.07 billion yuan for 2025, 2026, and 2027, with corresponding non-HKFRS net profits of 166.00, 198.64, and 235.48 billion yuan [8] Group 2: Seres (601127) - Seres has successfully listed H shares, with a total of 108,619,000 shares issued, accelerating its globalization strategy [10][11] - In Q3 2025, Seres achieved revenue of 481.33 billion yuan, a year-on-year increase of 15.75% and a quarter-on-quarter increase of 11.28% [11][12] - The company’s gross margin improved to 29.95% in Q3 2025, with a focus on high-end vehicle sales and new product launches [11][12] - The IPO proceeds will primarily fund R&D, marketing, and operational expenses, enhancing Seres' competitive edge [13] Group 3: Duolingo (DUOL) - Duolingo reported Q3 2025 revenue of $270 million, a year-on-year increase of 41%, but has lowered its Q4 guidance due to potential user growth slowdown [14][15] - Monthly active users reached 135 million, with a year-on-year growth of 20%, indicating a trend of slowing user growth [15][16] - The strategic focus has shifted towards long-term user growth, which may impact short-term revenue and profit [16][17] - Revenue projections for Duolingo are $1.031 billion, $1.265 billion, and $1.509 billion for 2025, 2026, and 2027 respectively [18] Group 4: Hua Hong Semiconductor (01347) - Hua Hong Semiconductor reported Q3 2025 revenue of $635 million, a year-on-year increase of 20.7%, driven by ASP optimization and increased wafer shipments [19][20] - The company’s gross margin improved to 13.5%, exceeding market expectations, with a focus on high-margin technology platforms [20][21] - Revenue projections for Hua Hong Semiconductor are $2.400 billion, $3.029 billion, and $3.348 billion for 2025, 2026, and 2027 respectively [22] Group 5: Royal Technology (603181) - Royal Technology launched an employee stock ownership plan to enhance employee engagement and align interests with long-term company goals [24][25] - The company reported Q3 2025 revenue of 626 million yuan, with a year-on-year increase of 0.12 million yuan, indicating stable operations [28][29] - Revenue projections for Royal Technology are 2.502 billion, 3.048 billion, and 3.556 billion yuan for 2025, 2026, and 2027 respectively [31] Group 6: New Asia Strong (603155) - New Asia Strong reported a revenue decline of 19.05% year-on-year for the first three quarters of 2025, with a focus on electronic-grade chemicals to drive growth [32][33] - The company’s gross margin improved in Q3 2025, but overall performance remains under pressure due to declining product prices [33][34] - The company is expanding its electronic-grade chemical product offerings, which are expected to contribute positively to future growth [36] Group 7: Meihua Medical (301363) - Meihua Medical achieved Q3 2025 revenue of 462 million yuan, marking a 3% year-on-year increase, with a focus on stable growth in core business areas [38][39] - The company is expanding into new markets, including weight loss injection pens and brain-machine interfaces, leveraging its existing manufacturing capabilities [40][41] - Revenue projections for Meihua Medical are 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025, 2026, and 2027 respectively [41] Group 8: Automotive Industry - The automotive industry saw a 15.8% year-on-year increase in wholesale sales in Q3 2025, with significant growth in passenger and commercial vehicle segments [42][43] - The overall automotive industry revenue reached 10,585.5 billion yuan, with a net profit of 404.1 billion yuan, indicating robust performance [42][43] - The passenger vehicle segment experienced profit declines, highlighting a trend of increasing competition and performance differentiation among manufacturers [43][44]

证券之星消息，截至2025年11月11日收盘，春立医疗(688236)报收于27.09元，下跌3.25%，换手率 1.02%，成交量2.94万手，成交额8050.69万元。 11月11日的资金流向数据方面，主力资金净流入314.55万元，占总成交额3.91%，游资资金净流入4.49 万元，占总成交额0.06%，散户资金净流出319.04万元，占总成交额3.96%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-11 | 27.09 -3.25% | | 314.55万 | 3.91% | - 4.49万 | 0.06% | -319.04万 | -3.96% | | 2025-11-10 | 28.00 | 5.18% | 946.07万 | 9.36% | -227.78万 | -2.25% | -718.29万 | -7.11% | | 2025-11-07 | 26.62 ...

2025年10月，国家药监局共批准注册医疗器械产品204个。其中，境内第三类医疗器械产品173个，进口 第三类医疗器械产品10个，进口第二类医疗器械产品21个。 中泰证券认为，国内医疗器械行业持续处于快速发展阶段，短期医保控费和国际形势对医疗器械领域可 能带来负面扰动，但依然看好创新驱动下的进口替代以及全球化发展，当前时间点，预计多重负面影响 正在充分释放，器械板块已进入拐点区间，不同细分拐点节奏或有差异。持续看好：1）国产企业在政 策扶持以及创新驱动下，竞争力不断提升，加速进口替代；2）全球化布局完善，海外市场持续突破的 公司；3）重视AI医疗、脑机接口等主题投资机会。 方正证券认为，医疗器械行业进入调整周期尾声，行业及公司层面边际改善趋势明确，重视底部回升机 会。在医疗行业整顿、招标节奏延迟、集采扩面执行、医保控费等多重压力下，医疗器械板块股价持续 下调；2024年四季度设备更新的加速落地带来短期催化，但由于中标到收入确认存在周期，整体仍处于 底部波动，然而年初以来，该板块已出现一定回升趋势，一方面国家陆续出台政策支持高端创新器械发 展，同时管制价格"内卷"、优化国内招标采购环境，此外设备更新持续驱动采购 ...

Core Viewpoint - The article emphasizes the importance of the innovation-driven pharmaceutical industry in China, highlighting the trend of internationalization and the potential for growth in both innovative drugs and medical devices, while also addressing the challenges posed by domestic demand and healthcare financing [2][3][4]. Group 1: Innovation and Internationalization - The Chinese innovative pharmaceutical industry has transitioned from "importing and imitating" to "innovating and exporting," with significant internationalization evidenced by increasing license-out deals and collaborations [3][5]. - By 2025, Chinese innovative drugs are expected to demonstrate global competitiveness with high-quality clinical data presented at major international conferences [5][9]. - The trend of innovative drugs is supported by improved financing conditions and a favorable regulatory environment, leading to a new cycle for CXO and upstream sectors [3][4]. Group 2: Domestic Demand and Healthcare Financing - Domestic demand has been weak but is gradually improving, with commercial insurance playing a crucial role in alleviating payment conflicts [3][4]. - The healthcare sector is undergoing a normalization phase post-medical corruption investigations, which is expected to ease the impact on the industry by 2025 [3][4]. - The article highlights the need for a multi-layered healthcare financing system, with commercial insurance expected to inject new vitality into the payment landscape [24][25]. Group 3: Investment Strategies - The "barbell strategy" remains applicable in 2026, combining aggressive investments in innovative healthcare technologies with defensive positions in traditional dividend-paying stocks [4][22]. - The article suggests that high-dividend pharmaceutical stocks still have room for valuation recovery, particularly in light of the aging population and the essential nature of healthcare demand [23][24]. - Key investment windows are identified around the release of 2025 annual reports and the end of 2026, as these periods may attract institutional investment due to clearer assessments of dividend sustainability [23][24]. Group 4: Medical Devices and Equipment - The medical device sector is expected to see a recovery, with companies gradually clearing inventory and improving revenue growth [14][18]. - The article notes that the competitive landscape for medical devices is shifting, with high-end products maintaining price stability while lower-end products face price competition [18][19]. - Chinese medical device companies are accelerating their international expansion, with overseas revenue growth outpacing domestic revenue growth [19][20]. Group 5: Future Outlook - The integration of AI in healthcare is anticipated to create new tools and business models, particularly in drug development and clinical diagnostics [20][21]. - The article posits that while rapid growth in new technologies may be challenging in the short term, supportive policies and clear clinical needs will present investment opportunities in the healthcare sector [21][22].

Core Viewpoint - On November 12, a total of 4 companies had their restricted shares unlocked, with a total unlock volume of 5.2842 million shares, amounting to a market value of 320 million yuan at the latest closing price [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes are Aibo Medical, Huace Navigation, and Tongfei Co., with unlock shares of 3.5936 million, 836,400, and 794,300 respectively [1] Unlock Market Value - The companies with the highest unlock market values are Aibo Medical, Tongfei Co., and Huace Navigation, with market values of 23.3 million yuan, 6.01255 million yuan, and 2.67217 million yuan respectively [1] Unlock Ratio - In terms of the ratio of unlocked shares to total share capital, Aibo Medical, Tongfei Co., and Huace Navigation have the highest ratios at 1.86%, 0.47%, and 0.11% respectively [1]

迈瑞医疗是全球领先、创新驱动的世界级医疗器械企业及医疗数智化引领者。根据弗若斯特沙利文的资 料，在中国医疗器械行业，公司2024年的市值规模超过境内主要龙头企业（第二到五名）之和，工业收 入是第二名的两倍有余。按2024年的收入计，在多个领域，公司均处于行业领先地位，已有6类产品市 场份额位居全球前三，9类产品市场份额位于中国第一。 此次赴港IPO，将会是迈瑞医疗继2006年登陆纽交所、2018年回归A股后的第三次上市。 回顾此前两次上市，2006年，迈瑞医疗成功赴美上市，募资2.7亿美元，成为了中国首家在美股上市的 医疗器械企业，随后通过并购美国Datascope等公司初步拓展了全球渠道。不过，因估值考量，迈瑞医 疗选择从美股回流，在2016年私有化退市。2018年，其回归A股创业板，募资约60亿元，创下当时创业 板最大IPO纪录。 长江商报消息 迈瑞医疗（300760.SZ）持续加码国际化布局。 11月10日晚间，迈瑞医疗发布公告，公司已于11月10日向香港联交所递交了发行境外上市外资股并在香 港联交所主板挂牌上市的申请。 据公告，公司本次募集资金拟用于全球研发投入，进一步提升全球销售网络及供应链能力等。 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨三诺生物（300298.SZ） [Table_Title] 业绩符合预期，收入增长提速 报告要点 [Table_Summary] 业绩符合预期，利润短期受专利费授权费影响有所扰动。2025 年第三季度公司收入 11.90 亿 元，同比增长 13.40%；归母净利润为 0.30 亿元，同比减少 47.55%；净利润大幅下滑主要是 受公司美国子公司 Trividia Health 与罗氏的交叉专利授权的费用影响，根据协议 THI 需向罗氏 支付 1,900 万美元，对公司 2025 年第三季度净利润的影响金额人民币为 1.36 亿元，剔除该影 响，公司 2025 年第三季度实现归母净利润为 1.05 亿元同比增长 82%，2025 年前三季度归母 净利润同比增长 12%。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 [Table_scodeMs ...

招股书显示，妍美生物为一家成立于2016年，主要从事再生医学医疗器械及特医食品研发、生产及商业化的医疗健康企业。该公司专注于再生医学材料的开 发、转化与应用，以及特定全营养配方食品的研发。该公司持续深耕再生医学材料领域，积极推进前沿技术研究并开拓创新应用场景，策略性地探索及开发 再生生物材料，并已累积包括聚合物材料及再生生物材料的研发、改性及制备以及微球的研发及制备在内之关键技术。该公司已具备将再生医学材料技术转 化为符合市场需求之成熟产品的能力。作为再生医学材料技术平台企业，强大的产品组合目前包括两大产品线：再生医学材料注射剂及再生医学材料医用敷 料及补片。 智通财经APP获悉，东方妍美(成都)生物技术股份有限公司(简称：妍美生物)于5月12日递交的港股招股书满6个月，于11月12日失效，建银国际为其独家保 荐人。 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $7.5 million, with system revenue of $1.9 million and recurring revenue of $5.6 million, compared to $4.4 million and $4.8 million in the prior year [15] - Gross margin for Q3 2025 was 55% of revenue, with recurring revenue gross margin at 67% and system gross margin at 19% [15] - Operating loss for Q3 2025 was $6.6 million, compared to $6.3 million in the previous year, while adjusted operating loss was $2.5 million, down from $3.1 million [16] Business Line Data and Key Metrics Changes - Recurring revenue growth was driven by a full quarter's contribution from MAPIT catheters and initial sales of the Magic ablation catheter and Magic Sweep high-density mapping catheter [15] - The company has seen over $300,000 in revenue from the Magic Sweep catheter in its first two months of launch [8] Market Data and Key Metrics Changes - The company received hospital orders for two Genesis robots from European hospitals, indicating a healthy pipeline and continued interest, particularly in Europe [4] - The launch of Genesis X is expected to enhance system opportunities and is anticipated to outpace Genesis orders following its full launch [5][24] Company Strategy and Development Direction - The company aims to scale robotic system sales and build a high-margin recurring revenue business with its catheter portfolio, supporting a razor-razor blade business model [3] - The company is focusing on expanding its catheter portfolio, which is crucial for driving revenue and enhancing the value of its robotic systems [48] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for the current quarter to exceed $9 million, with over 20% annual revenue growth for the full year 2025 [18] - The company anticipates sustained growth in both system and recurring revenue through 2026, with quarterly revenue expected to surpass an average of $10 million [18] Other Important Information - The company has a robust pipeline of innovation efforts, including multiple products in late stages of regulatory review and development projects [9] - The company had cash and cash equivalents of $10.5 million as of September 30, with no debt [17] Q&A Session Summary Question: Update on Genesis X sales pipeline and order mix - Management views Genesis X as additive to Genesis, with continued demand for Genesis systems expected alongside Genesis X orders [21][22] Question: Pricing strategy for Genesis X and revenue expectations - Genesis X will be sold at a premium price compared to Genesis, with expectations for initial non-EP applications in the coming year [26][27] Question: Timeline for full launch of Genesis X and Magic catheter approval - Full launch of Genesis X is expected in early 2026, contingent on manufacturing ramp-up and FDA approval for the Magic catheter [33] Question: Revenue mix expectations for 2026 - The company expects system revenue to be between 30%-50% of overall revenue, with recurring revenues scaling as catheter approvals progress [35] Question: FDA interactions regarding Magic catheter - Management reported a comprehensive review by the FDA with no significant issues, and they feel positive about their responses to FDA inquiries [39] Question: Changes in Q4 revenue guidance - The company adjusted Q4 guidance due to timing of approvals and market conditions, but remains optimistic about the ramp-up of new devices [41]