（编辑 任世碧） 证券日报网讯 1月28日，歌华有线在互动平台回答投资者提问时表示，公司已明确实施服务领航战略， 将继续聚焦主责主业，同时通过大力推动政企业务、发展广电5G业务、拓展新兴业务等措施实现健康 稳定发展。多元业务开展的具体情况请参考公司定期报告。 ...

随着国家能源战略的深化推进和"双碳"目标的全面落实，我国电力基础设施建设迈入高质量发展新阶 段。2026年初，中国电力建设集团（以下简称"中国电建"）、中国能源建设集团（以下简称"中国能 建"）和中国安能建设集团（以下简称"中国安能"）相继召开2026年度工作会议，系统总结了"十四 五"发展成就，并公布了面向"十五五"的战略蓝图。 从披露的数据与规划看，新能源业务、境外业务与新兴业务已成为行业增长的三大支柱——新能源电力 业务特别是新能源与抽水蓄能持续领跑，境外市场拓展步伐加快，而以储能、综合智慧能源、数字基建 为代表的新兴业务迅猛增长，共同推动能源电力基建央企在结构优化中实现稳步跃升。 新能源业务、境外业务与新兴业务已成行业增长三大支柱 就在上周，中国电建、中国能建相继披露2025年新签合同额。中国电建全年新签合同总额达13332.83亿 元，同比增长4.93%；中国能建全年新签合同额14493.84亿元，同比增长2.88%，两家企业均保持良好增 长态势。 两家央企新签合同额增速与上年相比有所放缓。"十四五"以来，两家央企签约额增速经历了抛物线走 势。需要看到的是，近两年来增速放缓的背后是结构性跃升。 新能 ...

长江精工钢结构（集团）股份有限公司 | 证券代码：600496 | 证券简称：精工钢构 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：110086 | 转债简称：精工转债 | | 长江精工钢结构（集团）股份有限公司 二、具体业务发展情况 单位：亿元 | | | 2025 | 年 1-12 月 | | | 2025 年 | 10-12 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 项目金额 | 同比 | | 项目金额 | | 同比 | | | | 专业分包一体化 | 124.7 | -3.7% | | 28.0 | | 5.2% | | | | 工业建筑 | 93.2 | | 7.0% | | 19.0 | | -0.2% | | | 公共建筑 | 31.4 | | -25.8% | | 9.0 | | 18.7% | | | 新兴业务 | 44.3 | -24.4% | | 12.5 | | -29.6% | | | 国内 业务 | 及装配式 EPC | 28.0 | | -4 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company reported a narrowing decline in revenue and profit for Q3 2025, with total revenue of 776.06 billion RMB (down 5.39% year-on-year) and net profit attributable to shareholders of 17.49 billion RMB (down 14.97% year-on-year) [1]. - The company has seen a positive growth in new contracts since Q2, indicating a potential improvement in fundamentals due to the implementation of policy financial tools and accelerated issuance of special bonds [1][4]. - The overall gross margin improved in Q3 2025, with a gross margin of 8.85%, up 0.13 percentage points year-on-year [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 776.06 billion RMB, with a net profit of 17.49 billion RMB, reflecting a year-on-year decline of 14.97% [1]. - The Q3 2025 revenue was 263.56 billion RMB, down 4.43% year-on-year but up 0.13% quarter-on-quarter, with a net profit of 5.66 billion RMB, down 9.98% year-on-year [1]. - The company’s gross margin for Q3 2025 was 8.85%, showing an improvement compared to previous quarters [2]. Contract and Order Growth - The new contract amount for the first nine months of 2025 was 1,584.9 billion RMB, an increase of 3.7% year-on-year, with Q3 alone contributing 476.2 billion RMB, up 6.0% year-on-year [4]. - The company’s backlog of uncompleted contracts reached 7,544.1 billion RMB, representing a growth of 9.6% compared to the end of the previous year [4]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 23.8 billion RMB, 22.9 billion RMB, and 22.6 billion RMB respectively [5]. - The target price for A shares is set at 7.41 RMB and for H shares at 5.08 HKD, based on a price-to-earnings ratio of 8.0x for A shares and 5.0x for H shares for 2026 [5].

Core Viewpoint - The company reported a revenue of 4.63 billion RMB for the first three quarters of 2025, reflecting a year-on-year increase of 11.82%, and a net profit attributable to shareholders of 800 million RMB, up 12.66% [1] Revenue Breakdown - The revenue from small molecule business remained stable, while emerging business revenue grew by 71.87% year-on-year, and revenue from large molecule chemistry increased by over 150% [1] - Revenue from large pharmaceutical companies was 2.053 billion RMB, a year-on-year increase of 1.98%, while revenue from small and medium-sized pharmaceutical companies reached 2.577 billion RMB, up 21.14% [1] Future Outlook - The company anticipates that the delivery scale in the fourth quarter will significantly exceed that of the third quarter, projecting an overall revenue growth of 13%-15% for the year [1]

Core Insights - The company reported a total revenue of 4.63 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82% [1] - The revenue from emerging businesses increased by 71.87%, while the revenue from large molecule chemistry grew by over 150% [1] - The net profit attributable to shareholders reached 800 million yuan, marking a year-on-year increase of 12.66% [1] Revenue Breakdown - Revenue from large pharmaceutical companies amounted to 2.05 billion yuan, with a year-on-year growth of 1.98% [1] - Revenue from small and medium-sized pharmaceutical companies was 2.58 billion yuan, reflecting a year-on-year increase of 21.14% [1] Profitability Metrics - The overall gross profit margin for the company was 42.44% for the first three quarters of 2025 [1] - The gross profit margin for small molecule business was 46.99%, remaining stable year-on-year [1] - The gross profit margin for emerging businesses improved by 10.57 percentage points to 30.55%, driven by increased delivery scale and capacity utilization [1] Future Outlook - The company anticipates that the delivery scale in the fourth quarter will significantly exceed that of the third quarter [1] - The company expects an annual revenue growth of 13%-15% for the full year [1]

Core Viewpoint - Kailaiying (002821) reported a slight decline in Q3 revenue and net profit, but showed overall growth in the first three quarters of 2025, indicating resilience in emerging and large molecule businesses [1] Financial Performance - Q3 revenue was 1.442 billion yuan, a year-on-year decrease of 0.09% [1] - Q3 net profit was 183 million yuan, a year-on-year decrease of 13.46% [1] - Revenue for the first three quarters reached 4.63 billion yuan, a year-on-year increase of 11.82% [1] - Net profit for the first three quarters was 800 million yuan, a year-on-year increase of 12.66% [1] Business Segments - Revenue from small molecule business remained stable [1] - Revenue from emerging businesses grew by 71.87% year-on-year [1] - Revenue from large molecule business increased by over 150% year-on-year [1] - Revenue from large pharmaceutical companies was 2.053 billion yuan, a year-on-year increase of 1.98% [1] - Revenue from small and medium pharmaceutical companies was 2.577 billion yuan, a year-on-year increase of 21.14% [1] Future Outlook - The order distribution for the second half of the year indicates that Q4 delivery scale will significantly exceed that of Q3 [1] - The company expects annual revenue growth to achieve between 13% and 15% [1]

Core Insights - The company reported a cumulative new contract value of 1,584.92 billion yuan for the year, representing a year-on-year increase of 3.7% [1] - Domestic contracts amounted to 1,418.28 billion yuan, showing a year-on-year increase of 1.0%, while overseas contracts reached 166.64 billion yuan, reflecting a significant year-on-year increase of 35.2% [1] Business Segments - Design consulting generated 18.2 billion yuan, a year-on-year decrease of 1.5% [1] - Engineering construction accounted for 1,065.17 billion yuan, down 1.9% year-on-year [1] - Equipment manufacturing reported 35.39 billion yuan, a decline of 17.6% year-on-year [1] - Specialty real estate contributed 24.02 billion yuan, with a year-on-year increase of 5.5% [1] - Asset management reached 151.2 billion yuan, showing a remarkable year-on-year increase of 108.6% [1] - Resource utilization generated 23.5 billion yuan, reflecting a year-on-year increase of 12.8% [1] - Financial and trade services amounted to 47.23 billion yuan, down 11.9% year-on-year [1] - Emerging businesses totaled 220.21 billion yuan, with a year-on-year increase of 4.3% [1]

Core Points - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. (hereinafter referred to as "Jianda Zhixin" or "the Company") is applying for an initial public offering (IPO) and listing on the Growth Enterprise Market [1] - As of January 31, 2025, the Company has 97 wholly-owned subsidiaries and 17 branches, with no associated companies [1] - The report provides detailed financial data for several subsidiaries, including total assets, net assets, and net profits [1][2][3][4][5][6][10] Subsidiary Overview - The Company has a total of 97 subsidiaries, all of which are wholly owned [1] - Key financial metrics for some subsidiaries include: - Beijing Zhixin: Total assets of 114,734.02 million yuan, net assets of 16,950.37 million yuan, and net profit of 614.85 million yuan [1] - Tianjin Zhixin: Total assets of 15,718.64 million yuan, net assets of 3,040.77 million yuan, and net profit of 794.68 million yuan [1] - Hebei Zhixin: Total assets of 21,757.38 million yuan, net assets of 3,040.77 million yuan, and net profit of 794.68 million yuan [1] - The subsidiaries are primarily engaged in medical device direct sales [1][2][3][4][5][6][10] Financial Performance - The financial performance of the subsidiaries shows a mix of profitability and losses: - Some subsidiaries reported net profits, while others reported losses, indicating variability in performance across the group [2][4][5][6][10] - The report highlights the importance of these subsidiaries in contributing to the overall financial health of Jianda Zhixin [1][2][3][4][5][6][10]

Group 1 - The core viewpoint of the article is that Boteng Co., Ltd. (SZ 300363) has conducted an investor survey, highlighting its business structure and revenue composition for the first half of 2025 [1] - In the first half of 2025, Boteng's revenue composition is as follows: small molecule API business accounts for 92.54%, emerging business accounts for 7.11%, and other businesses account for 0.36% [1]