Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting New Oriental as a key player [10]. Core Insights - The overseas education sector is experiencing improved operational efficiency and accelerated profit margin expansion, with New Oriental expected to report a revenue of $1.165 billion for Q2 FY26, representing a year-on-year growth of 12.2% [5][10]. - The report anticipates a significant increase in non-GAAP net profit for New Oriental, projected at $63 million, which is a 77.8% increase year-on-year, with a non-GAAP net profit margin of 5.4%, expanding by 2 percentage points [5][10]. Summary by Sections 1. Overseas Education - **Market Review**: The education index rose by 2.8% in the week of December 19-25, outperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 13.1% [4]. - **Company Update**: New Oriental's revenue is expected to reach $1.165 billion, with the education business (including cultural tourism) contributing $957 million, a growth of 11% year-on-year [5][10]. - **Study Abroad Business**: The revenue from study abroad exam training and consulting is projected to decline by 3% to $242 million, reflecting a slowdown in growth due to high base effects from the previous year [2][5]. - **New Business Growth**: New business segments, including K9 competency training and learning machine services, are expected to grow by 21% to $364 million, driven by differentiated offerings for primary and secondary education [3][6]. - **Operating Profit Margin Improvement**: Despite a slowdown in high-margin study abroad business, the increase in competency business margins is expected to offset this. The non-GAAP operating profit margin is projected to expand by approximately 2 percentage points to 4.7% [6][10]. 2. Overseas Pharmaceuticals - **Market Review**: The Hang Seng Healthcare Index saw a slight increase of 0.02%, underperforming the Hang Seng Index by 1.24 percentage points [12]. - **Key Events**: Notable transactions include Sanofi's $2.2 billion acquisition of vaccine company Dynavax, which has a marketed hepatitis B vaccine and a promising shingles vaccine candidate [14]. - **Investment Recommendations**: The report suggests focusing on innovative drug companies with active business development opportunities and clinical progress in key pipelines, including companies like BeiGene and Innovent Biologics [15]. 3. Overseas Social Services - **Ctrip's Q3 Performance**: Ctrip reported a 16% year-on-year revenue increase to $18.4 billion, with strong performance across various business segments, particularly in international OTA platforms [17]. - **Tongcheng Travel's Q3 Performance**: Tongcheng Travel's revenue grew by 10% to $5.5 billion, with a notable increase in accommodation and core OTA business revenues [18]. - **Key Focus**: The report highlights potential growth in the outbound travel sector and the importance of hotel management services as additional growth drivers [19].

| 受理品种目录浏览 | 在审品种目录浏览 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 年 | 2025 v | 药品类型: | रुहेर | ▼ 申请类型: | それ | V | | | 受理号: | 请输入受理号 | 药品名称: | 请输入药品名称 | 企业名称: | 请输入企业名称 | | 查询 | | 序号 | 受理号 | 药品名称 | 药品类型 | 申请类型 | 注册分类 | 企业名称 | 承办日期 | | | JXSS2500153 | 戈鲁利单抗注射液 | 治疗用生 物制品 | 进口 | 1 | Alexion Europe SAS;Patheon Italia S.P.A .; AstraZeneca Global R&D (China) Co., Ltd .; | 2025-12-24 | | 2 | JXSS2500152 | 戈鲁利单抗注射液 | 治疗用生 物制品 | 讲口 | 1 | Alexion Europe SAS;Patheon Italia S.P.A .; AstraZeneca Gl ...