丨 2025年11月20日 星期四 丨 NO.1始祖鸟母公司第三季度净利润增长161% 11月18日晚，始祖鸟母公司亚玛芬体育公布最新业绩。2025年第三季度亚玛芬体育营收同比增长30%至 17.56亿美元；调整后净利润增长161%至1.85亿美元，每股收益翻倍至0.33美元，仍较预期高出8美分； 调整后毛利率扩大240个基点至57.9%。公司预计2025年收入增长将达到23%～24%，高于最初20%～ 21%的增长指引。这一新展望对应的收入预期为63.7亿美元至64.2亿美元，而市场此前估计为63.9亿美 元。 点评：亚玛芬体育三季报数据亮眼，营收利润双增，其中，大中华区成强劲引擎。公司上调全年增长预 期，彰显其市场信心。在运动户外行业竞争白热化的当下，此成绩或引发行业格局变动。超预期数据有 望吸引资金关注，推动股价上扬，但也需留意后续业绩能否持续兑现，以支撑长期走势。 点评：寒潮之下，羽绒服竟掀起"涨价狂潮"。养鸭数量少，羽绒价格疯涨，白鸭绒从低谷价飙升数倍， 鹅绒价格更是高昂。成本大幅增加，让正规厂家羽绒服出厂价直逼千元。这既反映出市场供需的失衡， 也凸显了产业链上游波动对终端产品的巨大影响。 NO.4 ...

Group 1: Macro Insights - The report highlights new goals and strategies from the Fourth Plenary Session, including a focus on enhancing national defense capabilities and international influence by 2035, and the establishment of a "strong aerospace nation" [4] - Key tasks have been prioritized, emphasizing the modernization of the industrial system, opening up to the outside world, and improving people's livelihoods, particularly in promoting high-quality development in real estate [4] - The report suggests that while short-term policies may intensify, the overall approach will lean towards gradual adjustments rather than immediate actions, with a focus on laying groundwork for the upcoming year [4] Group 2: Pharmaceutical Industry - The report on InnoCare Pharma (映恩生物-B) indicates that the company has rapidly advanced its clinical development through a self-built ADC platform, with HER2 ADC expected to file for listing in 2025 [5] - Revenue projections for InnoCare Pharma are set at 1.95 billion, 2.15 billion, and 2.90 billion yuan for 2025-2027, with growth rates of 0.5%, 10.3%, and 35.1% respectively, leading to a target market valuation of approximately 42.67 billion yuan [5] Group 3: Power Sector - The report notes a significant increase in electricity consumption in September, particularly in the secondary industry, which grew by 5.7%, driven by improved water conditions boosting hydropower generation [6] - The report recommends focusing on the thermal power sector, highlighting companies like Huaneng International and Huadian International as potential investment opportunities due to their strong performance and favorable market conditions [6] Group 4: Construction and Decoration - China National Materials (中材国际) has shown steady revenue growth in the first three quarters of 2025, with a strong overseas order intake and an attractive dividend yield [10] - The projected net profits for China National Materials are 3 billion, 3.3 billion, and 3.6 billion yuan for 2025-2027, reflecting growth rates of 1.4%, 10.2%, and 9.2% respectively [10] Group 5: Agriculture and Animal Husbandry - Guibao Pet (乖宝宠物) reported a revenue of 4.737 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 29.03%, while net profit reached 513 million yuan, up 9.05% [11] - The company is focusing on high-end brand strategies, with significant sales growth during the Double Eleven shopping festival, indicating a strong market position in the pet food sector [12] Group 6: Textile and Apparel - Tabo (滔搏) experienced a revenue decline of 5.8% in FY2026H1, but maintained a stable profit margin, with a focus on digital capabilities and operational efficiency [16] - Bosideng (波司登) is expected to achieve stable revenue and healthy profit growth as the winter season approaches, with projected net profits of 3.901 billion, 4.392 billion, and 4.951 billion yuan for FY2026-2028 [18] Group 7: Education Sector - Action Education (行动教育) reported a return to positive growth in Q3, driven by its "effectiveness + AI" strategy, with net profits projected to grow by 11.7%, 10.3%, and 10.3% for 2025-2027 [23] Group 8: Electronics - Shannon Semiconductor (香农芯创) reported a significant revenue increase of 59.9% year-on-year for the first three quarters of 2025, with a strong outlook for Q4 driven by rising demand for enterprise-level SSDs and DRAM products [24][25] - Revenue forecasts for Shannon Semiconductor are set at 38.9 billion, 58 billion, and 79.7 billion yuan for 2025-2027, with corresponding net profits of 605 million, 1.204 billion, and 2.025 billion yuan [26]