Core Viewpoint - Country Garden Services Group and Mengniu Group have officially reached a strategic cooperation agreement, marking a significant milestone in the development of community convenience retail business [1][3]. Group 1: Strategic Cooperation - The cooperation will focus on a wide range of dairy products, including ambient, chilled, fresh milk, and frozen products, establishing an "efficiency co-creation mechanism" to integrate Country Garden's extensive property projects with Mengniu's efficient logistics network [3]. - This partnership aims to significantly reduce the "last mile" delivery costs and enhance service response speed, providing community residents with more convenient, healthy, and cost-effective dairy products and services, thereby supporting the construction of a "15-minute convenient living circle" [3]. Group 2: Company Background - Mengniu Group, founded in 1999 and headquartered in Hohhot, Inner Mongolia, is consistently ranked among the top ten dairy companies globally and was listed on the Hong Kong Stock Exchange in 2004 [6]. - The company focuses on providing nutritious, healthy, and delicious dairy products, with a diverse product matrix that includes liquid milk, ice cream, milk powder, and cheese, featuring well-known brands such as Telunsu, Pure Zhen, and others [6]. - Country Garden Services Group, established in 1992 and listed on the Hong Kong Stock Exchange in 2018, operates in over 400 cities and more than 8,000 projects, aiming to create a trusted service brand through new services, technology development, and a multi-value ecosystem [7].

Core Viewpoint - Haier Biomedical has shown a significant rebound in its performance in Q3 2025 after hitting a low in Q2, with both year-on-year and quarter-on-quarter revenue growth driven by overseas markets and new business segments [4][5][10]. Financial Performance Overview - Total revenue for the first three quarters of 2025 reached 1.761 billion yuan, a slight decrease of 1.17% year-on-year. However, Q3 revenue was 566 million yuan, marking a 1.24% increase year-on-year and an 11.68% increase quarter-on-quarter [5][39]. - Net profit attributable to shareholders for the first three quarters was 198 million yuan, down 35.83% year-on-year, but Q3 saw a more than 70% increase in net profit compared to Q2 [6][39]. - The gross margin in Q3 improved to 46.99%, up 3.53 percentage points from the previous quarter, indicating enhanced profitability [7][20]. Market Performance - Domestic revenue for the first three quarters was 1.117 billion yuan, with a year-on-year decline narrowing to 10.48%. Q3 revenue remained stable compared to the same period last year [10][18]. - The overseas market performed strongly, with revenue of 634 million yuan in the first three quarters, representing a significant year-on-year growth of 20.18% [11][18]. New Business Development - New industries achieved single-digit growth in the first three quarters, with their revenue share rising to approximately 48%. The smart medication sector expanded into Southeast Asia, the Middle East, and Europe, achieving double-digit growth [12][19]. - The blood technology sector focused on digital upgrades, maintaining a double-digit growth trend, while the laboratory solutions sector saw modest growth despite a weak industry backdrop [12][19]. Future Outlook - The company anticipates a clear inflection point in revenue by 2025, with profit margins expected to improve by 2026 as new capacities are gradually released and innovative product categories gain traction [14][15][20].

Core Viewpoint - The company has shown resilience in its financial performance, with a rebound in revenue and profit margins in the third quarter of 2025, despite facing a challenging global and industry environment [3][4]. Financial Performance - In the third quarter of 2025, the company's operating revenue increased by 1.24% year-on-year and 11.68% quarter-on-quarter [3]. - The net profit attributable to the parent company saw a quarter-on-quarter increase of over 70%, while the non-recurring net profit experienced a three-digit percentage increase [3]. - For the first three quarters of 2025, the company achieved revenue of 1.117 billion yuan, with a year-on-year decline narrowing to 10.48% [3]. Market Segments - In the domestic market, the company maintained steady growth in its ultra-low temperature, low-temperature, incubator, safety cabinet, and centrifuge product lines, with third-quarter revenue remaining stable compared to the same period last year [3]. - The overseas market saw a revenue increase of 20.18% year-on-year, totaling 634 million yuan, driven by the expansion of localized operations in 18 countries, including France [3]. New Industries - New industries accounted for approximately 48% of total revenue, with significant growth in smart medication and blood technology sectors, achieving double-digit growth in the first three quarters [4]. - The laboratory solutions segment also showed resilience, achieving single-digit growth despite a weak industry backdrop [4]. Profitability - The company's gross profit margin in the third quarter was 46.99%, an increase of 3.53 percentage points quarter-on-quarter, while the net profit margin rose by 3.43 percentage points [4]. - The company anticipates a revenue turning point by 2025 and a profit turning point by 2026, as new capacities are gradually released and innovative products gain traction [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in H1 2025 met expectations, with total revenue of 28.503 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of 2.323 billion yuan, a year-on-year increase of 1.17% [6] - The company announced a cash dividend plan of 2.252 billion yuan, with a dividend payout ratio of 97% [6] - The company is expected to maintain strong competitive advantages in the meat products industry, with a low valuation and high dividend yield, projected at 5.67% for 2024 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [5] - Net profit attributable to shareholders for 2025 is projected at 5.040 billion yuan, with a year-on-year growth rate of 1% [5] - Earnings per share for 2025 is estimated at 1.45 yuan [5] - The gross profit margin is expected to be 16.8% for 2025 [5] - Return on equity (ROE) is projected at 23.9% for 2025 [5] Business Performance Insights - In Q2 2025, the company's meat product revenue was 5.623 billion yuan, with a year-on-year increase of 0.77% [6] - The volume of meat products sold in Q2 2025 was 328,700 tons, a year-on-year increase of 0.62% [6] - The average selling price for meat products in Q2 2025 was 17.1 yuan/kg, a year-on-year increase of 0.16% [6] - The company has implemented a sales system reform, leading to improved sales performance in Q2 2025 [6] - The slaughtering business generated revenue of 6.767 billion yuan in Q2 2025, with a year-on-year increase of 0.6% [6] - The breeding segment turned profitable in Q2 2025, with revenue of 2.49 billion yuan, a year-on-year increase of 28.42% [6]