行 业 及 产 业 海外消费服务 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 2025 年 11 月 28 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 海外社服：携程和同程旅行 3Q25 业绩稳健增长 看好 ——海外消费周报（20251121-20251128） 本期投资提示： ⚫ 海外社服： 携程和同程旅行 3Q25 业绩稳健增长 携程发布三季报。3Q25 收入同比增长 16%至 184 亿元，non-gaap 经营利润 61 亿元， 超 出我们的预期，主要由于营销费用率低于预期。按照业务板块划分，公司 3Q25 的住宿预订 收入同比增长 18%，交通收入增长 12%，跟团游收入增长 3 ...

Core Insights - Yabao Chemical has been recognized as a "2025 Excellent Practice Case for Sustainable Development" by the China Association of Listed Companies, highlighting its achievements in sustainable development and innovation transformation [1] - The company's deep engagement in innovative pharmaceuticals and its green low-carbon transition are becoming key drivers for enhancing its competitiveness [1] Group 1: Sustainable Development Initiatives - Yabao Chemical was one of the first companies in China to implement the DuPont Sustainable Development Program in 2019, investing over 10 million yuan and training more than 100 management personnel [3] - In November 2023, the company committed to the Science Based Targets initiative (SBTi) as one of the first participants in its industry, with a long-term carbon reduction plan set to be officially reviewed by SBTi by June 2025 [3] Group 2: Strategic Focus on Green Technology - The chairman of Yabao Chemical emphasized that sustainable development is at the core of the company's strategy, and it aims to enhance competitiveness through green transformation [5] - The company is advancing green technology research and application in the innovative pharmaceutical sector, focusing on biosynthesis technology to replace traditional chemical synthesis processes, significantly improving the atomic economy of drug synthesis [5] Group 3: Emission Reduction Goals - To meet its SBTi commitment, Yabao Chemical aims to reduce Scope 1 and Scope 2 emissions by 54.9% and Scope 3 emission intensity by 61.1% by 2033, using 2022 as the baseline [6] - The company has implemented systematic emission reduction measures, achieving a 7.6% reduction in total Scope 1 and Scope 2 emissions compared to its target value for 2024 [6] Group 4: Competitive Advantage through Innovation - By integrating scientific carbon goals with innovative pharmaceutical development, Yabao Chemical is building a unique market competitive advantage [6] - Continuous investment in green technology is transforming costs into competitiveness, aligning with global low-carbon development trends and providing new momentum for long-term growth in the innovative pharmaceutical sector [6]

[Table_Info1] 瑞联新材(688550) 电子 [Table_Date] 发布时间：2025-11-26 [Table_Title] 证券研究报告 / 公司深度报告 有机新材料平台型公司，多元布局医药和电子材料 报告摘要： [Table_Summary] 依托显示材料核心技术，外延至医药中间体和电子材料业务。公司依托 显示材料核心技术，多元化发展医药 CDMO 和电子材料领域，覆盖产品 包括 OLED 材料、液晶材料、创新药中间体和原料药、半导体光刻胶单 体、TFT 平坦层光刻胶、膜材料单体和聚酰亚胺单体等，共筑有机小分 子合成为核心的平台型企业。同时，2025 年 8 月青岛开投集团入主，确 定控股股东为开投集团，实控人为青岛西海岸新区国有资产管理局，股 权结构趋于稳定并有望实现资源整合协同发展。 显示材料：液晶材料稳健增长，OLED 材料增长空间显著。显示材料行 业景气度较高：液晶材料方面，液晶面板大尺寸化+大陆面板厂商 LCD 市场份额持续增长；OLED 材料方面，中尺寸面板渗透率提升+下游面板 大厂 8.6 代 OLED 生产线或于 2026 年投产。公司单体液晶达到国际领先 水平，且是国 ...

资料显示，启迪药业集团股份公司位于湖南省衡阳市雁峰区罗金桥1号(雁峰区工业项目集聚区)总部办 公楼，成立日期1993年11月12日，上市日期1996年1月19日，公司主营业务涉及研究、开发中国中药传 统秘方、验方和西药制剂,生产古汉养生精(口服液、片剂)、养心定悸颗粒、健肾壮腰丸等中成药以及大 容量注射剂、原料药、五维赖氨酸口服溶液等西药制剂。主营业务收入构成为：中药公司及营销公司产 品79.43%，广东先通公司产品14.28%，其他5.98%，制药公司产品0.31%。 启迪药业所属申万行业为：医药生物-中药Ⅱ-中药Ⅲ。所属概念板块包括：智慧医疗、微盘股、小盘、 中药等。 截至9月30日，启迪药业股东户数1.76万，较上期增加17.25%；人均流通股13587股，较上期减少 14.71%。2025年1月-9月，启迪药业实现营业收入2.25亿元，同比增长3.97%；归母净利润-1482.06万 元，同比增长47.91%。 11月25日，启迪药业盘中上涨2.03%，截至10:40，报11.56元/股，成交1503.50万元，换手率0.55%，总 市值27.68亿元。 资金流向方面，主力资金净流入58.48万元，大 ...

今年以来兄弟科技已经9次登上龙虎榜，最近一次登上龙虎榜为9月25日，当日龙虎榜净买入-5801.97万 元；买入总计1.27亿元 ，占总成交额比7.06%；卖出总计1.85亿元 ，占总成交额比10.28%。 11月25日，兄弟科技盘中上涨2.01%，截至10:06，报6.59元/股，成交3937.49万元，换手率0.86%，总市 值75.31亿元。 资金流向方面，主力资金净流入115.89万元，大单买入483.60万元，占比12.28%，卖出367.71万元，占 比9.34%。 兄弟科技今年以来股价涨55.06%，近5个交易日跌5.72%，近20日跌7.57%，近60日跌2.66%。 责任编辑：小浪快报 分红方面，兄弟科技A股上市后累计派现3.90亿元。近三年，累计派现1.06亿元。 机构持仓方面，截止2025年9月30日，兄弟科技十大流通股东中，国泰中证畜牧养殖ETF（159865）位 居第三大流通股东，持股1413.11万股，相比上期增加504.55万股。招商中证畜牧养殖ETF（516670）位 居第九大流通股东，持股204.98万股，为新进股东。 资料显示，兄弟科技股份有限公司位于浙江省海宁市海洲街道学 ...

Group 1 - The core viewpoint of the news is that Jinkai Life Science experienced a decline in stock price and trading volume, with significant financing activity indicating a high level of market interest despite the drop [1] - On November 20, Jinkai Life Science's stock fell by 5.78%, with a trading volume of 200 million yuan. The net financing buy was negative at 458.98 million yuan, indicating more selling than buying [1] - As of November 20, the total margin balance for Jinkai Life Science was 133 million yuan, accounting for 6.83% of its market capitalization, which is above the 60th percentile of the past year [1] Group 2 - Jinkai Life Science, established on June 8, 2009, and listed on August 3, 2023, specializes in small molecule CDMO services for global life science clients, focusing on custom development and production of drug intermediates and APIs [2] - The company's revenue composition shows that 98.36% comes from product sales, with minimal contributions from technical services (0.90%), trade services (0.67%), and other sources (0.07%) [2] - For the period from January to September 2025, Jinkai Life Science reported a revenue of 488 million yuan, representing a year-on-year growth of 25.96%, and a net profit of 103 million yuan, reflecting a significant increase of 163.24% [2] Group 3 - Since its A-share listing, Jinkai Life Science has distributed a total of 117 million yuan in dividends [3]

Core Viewpoint - Lu Kang Pharmaceutical's stock has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 7.76%, indicating volatility in its market performance [1][2]. Financial Performance - For the period from January to September 2025, Lu Kang Pharmaceutical reported a revenue of 4.624 billion yuan, a year-on-year decrease of 0.91%, and a net profit attributable to shareholders of 141 million yuan, down 59.32% year-on-year [2]. - The company has cumulatively distributed 693 million yuan in dividends since its A-share listing, with 248 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 19, Lu Kang Pharmaceutical's stock price was 10.17 yuan per share, with a total market capitalization of 9.139 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on April 2, where it recorded a net buy of -648.76 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 8.54% to 113,500, while the average number of tradable shares per person increased by 9.33% to 7,915 shares [2]. - Among the top ten circulating shareholders, the Southern CSI 1000 ETF held 6.5781 million shares, a decrease of 84,600 shares compared to the previous period [3].

Group 1: Stem Cell Projects - The company is developing stem cell projects for treating heart failure after myocardial infarction and sequelae after cerebral infarction, such as paralysis and speech disorders [2][3] - The stem cells used are mesenchymal stem cells sourced from umbilical cords, which have good in vitro expansion capabilities and maintain their tri-lineage differentiation potential [2][3] - The company has established a technical collaboration with Chiron Pharma, Inc. for the implementation of these projects in mainland China, Hong Kong, and Macau [2][3] Group 2: Project Progress and Infrastructure - The company has completed the design, installation, and validation of GMP facilities for the stem cell projects, including the establishment of seed, master, and working cell banks [3] - The company is preparing for IND submission by completing process validation and developing analytical methods [3] Group 3: Future Business Directions - A wholly-owned subsidiary, Shanghai Jiuqian Cheng Biomedical Co., Ltd., has been established to advance stem cell projects, with future business directions to be determined based on market demand [3] - In addition to stem cell projects, the company continues to focus on its core business of providing key pharmaceutical intermediates and CDMO services, with a recent investment of 70 million yuan in Chengdu Shibeikang Biomedical Technology Co., Ltd. for innovative drug collaboration [3] Group 4: Business Operations - The company's CDMO services include small molecule drug intermediates, small nucleic acid drug intermediates, and raw materials for innovative drugs [3] - The company is committed to disclosing any significant information in accordance with regulations [3]

Core Viewpoint - Qianhong Biopharma's stock price has experienced fluctuations, with a year-to-date increase of 44.17%, but a recent decline in the last five trading days by 4.57% [1] Group 1: Company Overview - Qianhong Biopharma, established on April 30, 2003, and listed on February 18, 2011, is located in Changzhou, Jiangsu Province [2] - The company specializes in the research, production, and sales of various pharmaceutical products, including freeze-dried powders, injections, tablets, and raw materials [2] - The main revenue composition is 62.97% from formulations and 36.70% from raw materials [2] Group 2: Financial Performance - For the period from January to September 2025, Qianhong Biopharma achieved a revenue of 1.215 billion yuan, reflecting a year-on-year growth of 0.61%, and a net profit of 383 million yuan, up 23.79% year-on-year [2] - Cumulatively, the company has distributed 1.862 billion yuan in dividends since its A-share listing, with 453 million yuan distributed over the last three years [3] Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 73,600, with an average of 12,785 circulating shares per person, a decrease of 1.15% from the previous period [2] - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent instance on August 7, where it recorded a net purchase of 10.2288 million yuan [1]

Group 1 - The company Jiutian Pharmaceutical (SZ 300705) announced that its 15th meeting of the 4th board of directors was held on November 17, 2025, to review documents including proposals for external investments [1] - For the first half of 2025, Jiutian Pharmaceutical's revenue composition was as follows: 82.47% from pharmaceutical preparations, 7.65% from raw materials, 6.03% from pharmaceutical excipients, 3.16% from plant extracts and others, and 0.63% from technology transfer and services [1] - As of the report date, Jiutian Pharmaceutical's market capitalization was 8.4 billion yuan [1]