和讯财经研究院发布《2025年中国科创新锐力量榜》，榜单列出了今年中国科创板上市公司45岁以下（80后）的青年领导者，并根据上市公司2025年 一季度末市值（2025-3-21）进行排序。 4 4 位科创企业领导者进入新锐力量榜， 平均年龄42岁，男性占比88.64%， 研究生学历占70.45%，博士研究生占25%， 47.73%来自北上广深一线城市， 行业分布上主要来自 信息技术40.91%、工业制造 29.55 %、 医疗保健 22.73 %三大行业 ， 相比科创板整体而言， 新锐力量女性占比更高、 高教育背景更普遍、 来自一线城市比例更高、 行业分布更 集 中 ， 展现出中国科技创新领导力量新趋势。 和A财经研究院 发现中国新力量 Hexun Financial Research 2025科创新锐力量 和讯财经研究院发布《2025科创新锐领导力量TOP 44》，榜单 列出了今年中国科创板上市公司45岁以下（80后）的 青年领导者,并根据上市公司2025年一季度末 市值(2025-3-31)进行排序。 01 ambricon 临大口 |寒武纪董事长,创始人 | | 核心技术人员 毛 科创板市值排名:2/5 ...

Core Insights - ResMed Inc. reported adjusted earnings per share (EPS) of $2.37 for Q3 fiscal 2025, reflecting an 11.3% year-over-year increase and surpassing the Zacks Consensus Estimate by 0.4% [1] - The company's revenues for the same quarter reached $1.29 billion, marking a 7.5% year-over-year growth and exceeding the Zacks Consensus Estimate by 0.5% [3] Financial Performance - Adjusted gross profit increased by 10.5% to $773.8 million, with an adjusted gross margin of 59.9%, up 138 basis points year over year [9] - Selling, general and administrative expenses rose 6.7% to $245.3 million, while research and development expenses increased by 8.9% to $83.9 million [10] - Adjusted operating income was $444.6 million, up 13% from the previous year, with an adjusted operating margin of 34.4%, expanding by 154 basis points [10] Revenue Breakdown - The Sleep and Breathing Health segment generated revenues of $1.13 billion, an 8% increase year over year, with global device sales totaling $676.2 million, up 6% [6] - In the Residential Care Software segment, revenues grew 9% year over year to $161.2 million, slightly below projections [8] Market Reaction - Following the earnings announcement, ResMed's shares rose by 2.6% in after-market trading [2] Strategic Developments - The company launched the NightOwl, an FDA-cleared home sleep apnea test, and introduced a brand evolution to unify its brand portfolio [15]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The sustainability of the rebound remains to be confirmed, and it is advisable to embrace gold. The current primary contradiction is not employment and inflation but tariff policies. After a significant valuation correction, the PE has become reasonable but not undervalued. Whether corporate earnings expectations will be adjusted due to tariffs depends on the ongoing Q1 earnings reports, and whether there will be an earnings correction in the future requires further confirmation. Although the 90 - day delay in tariff implementation has provided some relief to the market, uncertainties still persist. Therefore, a defensive approach is the main strategy, and it is recommended to invest in gold, which has a hedging property [2][3]. Summary According to Relevant Catalogs Macro Data - As of the week ending April 5, the number of initial jobless claims was 223,000, in line with the forecast, and the four - week moving average remained unchanged, indicating overall stability in the employment market. In March, the CPI was 2.4% year - on - year, better than the expected 2.5%; month - on - month, it was - 0.1%, better than the expected 0.1%. The core CPI was 2.8% year - on - year, better than the expected 3%; month - on - month, it was 0.1%, better than the expected 0.3%. In April, the preliminary reading of the 1 - year inflation expectation in the University of Michigan survey soared to 6.7%, a new high since 1981, higher than the expected 5.2% and the previous value of 5%; the preliminary reading of the 5 - year inflation expectation was 4.4%, higher than the expected 4.3% and the previous value of 4.1%. The preliminary reading of the consumer confidence index was 50.8, significantly lower than the expected 53.5 and the previous value of 57 [3][8][9]. Market Sentiment - The US Economic Policy Uncertainty Index (EPU) reached 678.44 points, with a weekly moving average of 676.57 points, a new high since 2018, mainly due to the inconsistent tariff policies of the Trump administration, which disrupted market expectations and caused significant market fluctuations. The retail sentiment indicator compiled by the American Association of Individual Investors (AAII) showed that 58.9% of US retail investors were bearish on the stock market, while 28.5% were bullish, with a bull - to - bear ratio of 0.48, an improvement from the previous value (0.35), but pessimism still prevailed. The Fear and Greed Index remained in the 'Extreme Fear' zone for three consecutive weeks, closing at 13 points; among its seven sub - indicators, only 'Junk Bond Demand' showed 'Fear', while the other six showed 'Extreme Fear' [3][16][17]. Global Market - The global equity market rose 3.4% last week, with developed markets (4.4%) outperforming emerging markets (- 3.9%), and the US stock market led the global market. Gold continued its upward trend, rising 7.2% last week, and it has been rising across all observed time frames. Bitcoin was weak, with a weekly increase of - 0.3% [3][22]. Industry Performance - Among the 36 secondary industries in the US stock market, 31 rose and 5 fell. Industries such as national defense and military, non - ferrous metals, and semiconductors had relatively large increases. The absolute values of the top three gainers were much larger than those of the bottom three. Eleven secondary industries outperformed the S&P 500 index (5.7%) [24]. S&P 500 Component Stocks - Among the S&P 500 component stocks, 372 stocks rose last week, accounting for 74%, and the number of rising stocks increased significantly compared to the previous week. The top - ranked stocks in terms of gains were NEWMONT, BROADCOM, CONSTELLATION ENERGY, PALANTIR TECHNOLOGIES, GE VERNOVA, etc. Among the 20 core component stocks, Broadcom led with a weekly increase of 24.4%, while ExxonMobil performed the worst with a weekly decrease of - 1.2% [26][28]. Volume and Price Indicators - The strong secondary industries were semiconductors, software services, medical equipment and services, etc. The estimated average daily capital intensity of the semiconductor industry last week was approximately $325.4 billion, ranking first. Last week, the estimated capital inflows were relatively concentrated in stocks such as NVIDIA, TESLA, and PALANTIR TECHNOLOGIES [30][32]. Market Valuation - In the past week, the static PE of the S&P 500 was 24.3 times, the Bloomberg Forward PE rose slightly from 19 times to 19.8 times, an increase of 4.3%; the Bloomberg - predicted EPS decreased slightly from $268 to $266, a decrease of 0.5% [34]. Gold Industry - As of April 10, 2025, the price of the gold industry was in the range of 10.7x P/E to 19.3x P/E, at a relatively low level; the P/E in Q2 2025 is expected to rebound significantly, and the earnings per share (EPS) in Q2 2025 is expected to rebound significantly. In the short term, the gold price has shown obvious fluctuations due to tariff policies. In the long term, factors such as the expectation of more severe stagflation in the US after the tariff increase, global economic and political uncertainties, and the gold - buying demand of emerging market central banks may support the gold price [37][41].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $121.6 million, representing approximately 50% growth year-over-year and 12% sequential growth from Q3 2024 [17][40] - Full year 2024 total revenue reached $441.5 million, representing approximately 83% growth over full year 2023 [19][49] - Overall gross margin for Q4 improved to 59%, up from 56% in Q3 2024 [18] - Operating profit for Q4 was $8.6 million, representing approximately 7.1% of total revenue, up from $3.9 million or 4% of total revenue in Q3 2024 [18][47] - Full year gross margin was 59.4%, down from 63.8% in 2023 due to a higher contribution of service revenue [20][52] Business Line Data and Key Metrics Changes - TransMedics transplant logistics service revenue for Q4 was $21.7 million, up from $9.2 million in Q4 2023 and up from $20.1 million in Q3 2024, representing approximately 8% sequential growth [18][41] - Product revenue for Q4 increased to $74.9 million, reflecting a 44.5% year-over-year growth [40] - Service revenue reached $46.7 million, growing 59.3% year-over-year [41] Market Data and Key Metrics Changes - U.S. revenue grew 11% sequentially to $117 million, while OUS revenue grew approximately 51% sequentially to $4 million [17] - For the full year 2024, U.S. revenue grew to $422 million, representing approximately 91% growth over the full year 2023 [19] - Overall U.S. OCS market share across all three organs was 20.9% for the full year 2024, up from 13.8% in 2023 [22] Company Strategy and Development Direction - The company aims to expand the utilization of available donor organs for transplantation while delivering the best possible clinical outcomes [8] - Future growth will be driven by the launch of next-gen heart and lung clinical programs targeted for H2 2025 [27][33] - The company plans to strategically invest in business infrastructure to ensure scalability while maintaining quality and reducing supply chain risks [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, expecting revenue guidance between $530 million and $552 million, representing a 20% to 25% growth over full year 2024 [36][55] - The company acknowledged operational challenges, including unexpected aircraft maintenance impacting availability and variability in organ transplantation volume [35] - Management emphasized the importance of educating the public about organ transplant challenges and the company's commitment to improving clinical outcomes [81] Other Important Information - The company conducted an independent investigation regarding allegations raised in a short report, which found no evidence of fraud or misconduct [10][12] - Total cash at the end of the quarter was $336.7 million, a decrease of $58.2 million from December 31, 2023 [48] Q&A Session Summary Question: Thoughts on seasonality and quarter-to-quarter variability - Management noted that they do not issue quarter-to-quarter guidance but acknowledged that variability is common in the transplant market, particularly in Q3 and Q4 [64][65] Question: Growth trajectories for organ-specific revenue - Management indicated that liver will continue to lead growth until contributions from heart and lung clinical programs are realized in the second half of 2025 [68][69] Question: Confidence in high-volume customers - Management reassured that concerns about customer attrition were unfounded, citing active usage by previously mentioned centers [72] Question: Impact of competitive risks from NRP approach - Management stated that NRP is not seen as a threat to their liver DCD franchise, with market share increasing to 53% [75] Question: Commentary on organ allocation issues - Management expressed encouragement about public awareness of organ transplant challenges but clarified that the issues highlighted do not significantly impact their business [83] Question: Guidance for Q1 and contribution from clinical trials - Management estimated that the contribution from clinical trials to revenue growth would be between 2% to 5% [90][92] Question: Scope and independence of the independent review - Management confirmed that the review was exhaustive and reported to the audit committee, but did not disclose further details [104] Question: Confidence in share gains for 2025 - Management expressed confidence in continued share gains, citing significant growth in market share despite external noise [108] Question: Capacity and logistics utilization - Management emphasized the importance of optimizing operations and maintaining capacity to handle demand fluctuations [112] Question: R&D spending growth expectations - Management indicated that R&D spending will continue to grow, focusing on OCS innovation and next-generation technology [117]