点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 3）Al2O3/ Al2O3 CMC： Al2O3/ Al2O3 CMC 具有良好的抗氧化性和抗水蒸气性能，制备工艺包括料浆浸渗法（适用于简单部件）和溶胶-凝胶法（适用于复 杂部件）。我国在Al2O3 纤维供应国产化进程逐渐加速，应用前景广阔。 需求端： 陶瓷基复合材料（CMC）在航空航天、核能等高端领域的应用需求快速增长，市场前景广阔。 全球CMC 市场规模预计在2024-2031 年间实现超过 10%的复合增长率 ，进入高速发展期。 1）航空： CMC 作为耐高温、轻量化材料，广泛应用于航发热端部件、隐身设计和轻量化设计，预计未来十年我国航发CMC 市场将达到千亿市场。 正文 投资逻辑： 陶瓷基复合材料（CMC）凭借其耐高温和轻量化等特性，已成为重要战略性热结构材料之一，行业将迎来高速发展期。 CMC 具有显著的耐高温和轻量化等 优势，广泛应用于航空航天、核能、刹车等领域。国外在CMC 研究上起步早，技术成熟，而我国虽起步较晚，但已实现关键技术突破，逐步追赶国际先进水 平。国家政策的大力支持为CMC 的研发和产 ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing significant growth, particularly in innovative drugs, with many companies seeing their stock prices double [1]. Group 1: Market Dynamics - The listing of TIDE Pharmaceutical (03880.HK) on June 30 attracted considerable market attention, with a subscription rate of 301.15 times for public offerings and 2.43 times for international offerings [2]. - TIDE Pharmaceutical is positioned in a favorable market window, driven by two core market dynamics: the global capital market's shift towards Chinese technology assets and the upcoming results in China's innovative drug industry by 2025 [3][4]. Group 2: Industry Growth Potential - The global peptide drug market is projected to reach $261.2 billion by 2032, with a compound annual growth rate (CAGR) of 12.6% [7]. - In China, the GLP-1 drug market is expected to grow from $100 million in 2018 to $1.3 billion in 2023, with a CAGR of 65.3%, and further to $23.2 billion by 2032, with a CAGR of 37.3% [11]. - TIDE Pharmaceutical is strategically focusing on the GLP-1 sector, which is becoming a major trend in the pharmaceutical industry [7]. Group 3: Competitive Positioning - TIDE Pharmaceutical is recognized as the third-largest peptide CRDMO globally, with nine GLP-1 molecule development projects and partnerships with seven clients [15]. - The company is expanding its production capacity, with facilities in Hangzhou and the U.S., to meet the anticipated surge in market demand [16]. Group 4: Technological Advancements - TIDE Pharmaceutical has over 20 years of experience in the peptide CRDMO industry, with a strong team of experts and a wealth of knowledge in peptide drug design and synthesis [18]. - The company utilizes multiple proprietary technology platforms, including OmniPeptSynth™ and PeptiNuclide LinkTech™, to enhance its innovation capabilities [19][20]. - TIDE's long-term service capabilities have earned recognition from pharmaceutical companies, further solidifying its position in the peptide drug sector [21]. Group 5: Future Outlook - TIDE Pharmaceutical is well-positioned to benefit from the upcoming expiration of patents for major GLP-1 drugs, which will create significant demand for generic APIs [23]. - The company is also exploring opportunities in the oligonucleotide drug sector, indicating a broad market potential [23]. - Overall, TIDE Pharmaceutical's strategic positioning and technological expertise suggest strong long-term growth potential in the innovative drug market [22].

（原标题：持续火爆！这只消费新股暗盘大涨超60%） 6月30日，港股即将再次迎来3只新股，6月27日晚间，这3只新股进入暗盘交易时间。 富途牛牛暗盘显示，本次新上市的3只新股中，知名消费公司IFBH成为最大赢家，暗盘涨幅超60%，而 另外两家泰德医药和云知声则分别微涨1.80%和微跌2.88%。 3家公司的表现，在招股阶段就有一定的先兆。富途牛牛显示，3家公司目前的认购倍数分别是2240倍、 245倍以及56.8倍。其中，IFBH在如此超高的认购倍数下，融资申购额高达2594.8亿港元。 恰逢消费股牛市 招股书显示，IFBH是一家植根泰国的即饮饮料及即食食品公司。公司于2013年创立的if品牌，是将即饮 天然椰子水引入中国内地(公司最大市场)的领导者。IFBH的业务源自公司控股股东General Beverage的 国际业务，该业务负责以if及Innococo品牌制造及向国际市场（不包括泰国）销售食品及饮料产品（国 际业务）。国际业务为General Beverage的三大核心业务线之一。 为应对日益增长的全球需求，尤其是来自中国市场的需求，以及国际业务近年来强劲的销售增长， General Beverage ...

Financial Data and Key Metrics Changes - CMC reported net earnings of $83.1 million or $0.73 per diluted share on net sales of $2 billion, with adjusted earnings of $84.4 million or $0.74 per diluted share, reflecting a decline from the prior year period [7][29] - Consolidated core EBITDA was $204.1 million with a core EBITDA margin of 10.1%, down from 12.3% in the prior year period [30] - North American Steel Group adjusted EBITDA decreased 24% year-over-year to $186 million, with an adjusted EBITDA margin of 11.9% compared to 14.7% in the previous year [30][31] Business Line Data and Key Metrics Changes - North American Steel Group experienced lower margins over scrap, impacting profitability, while Emerging Business Group's net sales increased by 4.7% year-over-year to $197.5 million, with adjusted EBITDA up 7% [30][34] - Europe Steel Group reported adjusted EBITDA of $3.6 million, a significant improvement from a loss of $4.2 million in the prior year, driven by increased shipment volumes and cost management efforts [35][36] Market Data and Key Metrics Changes - Finished steel shipments in North America increased by 3.2% year-over-year, with daily rebar shipments growing approximately 1.3% [33] - The construction and industrial activity remained resilient, with strong demand signals in both non-residential and infrastructure markets, despite economic uncertainties [9][10] Company Strategy and Development Direction - CMC is executing a strategy aimed at enhancing financial profiles and achieving higher, more stable margins and cash flows through operational excellence and strategic growth initiatives [6][22] - The company is focused on value-accretive organic growth, particularly through its micro mill projects, which are expected to contribute significantly to EBITDA [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook, citing strong structural drivers for construction activity, including infrastructure investment and reshoring trends [11][12] - The company anticipates improved financial results in the fourth quarter, driven by seasonal trends and higher steel product margins [41][42] Other Important Information - CMC's cash and cash equivalents totaled $893 million, with total liquidity exceeding $1.7 billion, providing flexibility for strategic growth and shareholder returns [37][38] - The company expects to invest between $425 million and $475 million in capital expenditures for fiscal 2025, down from previous guidance due to project delays [39][40] Q&A Session Summary Question: Steel products volumes in North America - Management acknowledged that steel product volumes were up only 7% sequentially due to outages and challenges in production, but expects a strong fourth quarter with volumes following normal seasonal trends [45][46][48] Question: U.S. rebar pricing - Management noted that while they do not discuss prices directly, they are focused on creating value over volume and will continue to monitor pricing dynamics [51][52][54] Question: Update on Arizona two utilization rate - Management reported good progress with Arizona two, expecting to exit the year at around 70% to 75% utilization and anticipates profitability in the fourth quarter [58][61] Question: West Virginia project delays - Management clarified that delays were due to tax credit compliance and weather issues, not market conditions, and expressed optimism about future demand [64][70] Question: Inorganic growth opportunities - Management indicated a good pipeline for potential acquisitions, emphasizing discipline in evaluating opportunities and the importance of achieving synergies to enhance value [75][79]

集团估计全球发售所得款项净额将约为4.112亿港元(假设发售价为每股H股29.50港元)。集团拟将该等全 球发售所得款项净额用作以下用途：约76.4%将用于在美国及中国建设设施以进一步扩大集团的服务能 力及产能。集团拟将该等设施用作生产多肽及寡核苷酸；约4.1%将用于扩张中国的产能；约9.5%将用 于在更多地区建立销售及售后服务网点，以丰富集团的全球业务及扩大集团的客户群。集团计划在欧洲 设立销售及售后服务办事处；以及约10.0%将用于集团的营运资金及其他一般公司用途。 根据弗若斯特沙利文的资料，于2023年，按销售收入计，集团是全球第三大专注于多肽的CRDMO，市 场份额为1.5%。集团提供从早期发现、临床前研究及临床开发以至商业化生产的全周期服务。全球专 注于多肽的CRDMO市场的两大参与者占23.8%的市场份额，其余市场参与者则较为分散，2023年第三 至六大参与者(包括公司)分别仅占约1%的市场份额。集团主要提供(i)CRO服务，即多肽NCE发现合成； 及(ii)CDMO服务，即多肽CMC开发以及商业化生产。集团的服务主要专注于向客户提供API，而非药 品。然后，集团的客户会将API与辅料混合，形成药 ...

中新网广州5月1日电 题：国家卓越工程师叶浩文：攻坚"新科技"建设"好房子" 作者 郭军 周炯 薛岳虎 他带领团队发明了"造楼机"(超高层智能化整体顶升工作平台及模架体系)，刷新"两天一层楼"的世界建 造纪录；他带领团队将C120混凝土泵送到500米高空，创造了超高强混凝土超高泵送的世界纪录；他开 创性提出"一体化"建造理论，引领"中国建造"生产方式变革。他就是国家卓越工程师、中国建筑集团首 席专家叶浩文。 记者近日从中建四局了解到，叶浩文的青少年时代，跟随父母辗转重庆、贵州、湖北、等地，看着父辈 们投身国家工程建设，一砖一瓦盖起高楼大厦，他也立志要当一名建筑师。带着理想，他拜师学习钳工 技能，日夜苦练，从一名学徒工逐渐成长为优秀的建筑人。 21世纪初始，随着城镇化的发展，全国各地的建筑高度被一再打破。如何在保证超高建筑结构安全的同 时提高建造效率，成为业界亟待破解的难题。 为迎接2010年广州亚运会，当时广州要建设一批标志性建筑，广州西塔、东塔就是其中的重要项目。广 州西塔高440米，按照合约工期1100天计算，就要三天半完成一层楼的建设任务。西塔的核心筒结构复 杂多变，如按照传统的翻模、滑模、爬模、提模工 ...

Core Insights - Ashland Inc. reported a mixed performance in Q2 FY2025, with sales of $479 million, a 17% decrease from $575 million in the prior year, primarily due to portfolio optimization initiatives [4][21][23] - The company revised its full-year fiscal 2025 outlook, anticipating flattish organic sales volume growth and adjusted EBITDA in the range of $400 million to $420 million [21][23] Financial Performance - Net income for Q2 was $31 million, down from $120 million in the prior year, resulting in diluted earnings per share of $0.63 compared to $2.40 [4][5] - Adjusted EBITDA was $108 million, a 14% decrease from $126 million in the prior year, primarily due to the impact of portfolio optimization and lower organic sales [5][10] - Cash flows from operating activities were $9 million, a decrease from $54 million in the prior-year quarter, with ongoing free cash flow totaling negative $6 million [7][32] Segment Performance - Life Sciences sales totaled $172 million, a 23% decrease year-over-year, primarily due to the divestiture of the Nutraceuticals segment [9][10] - Personal Care sales were $146 million, a 14% decrease, attributed to portfolio optimization and specific customer challenges [11][12] - Specialty Additives reported sales of $134 million, a 15% decrease, driven by portfolio optimization and competitive intensity in export markets [13][14] Cost Management and Optimization - The company has completed its portfolio optimization, which included the sale of Avoca and identified a $30 million cost reduction plan [3][4] - Ashland is focusing on accelerating cost savings from its $60 million manufacturing optimization plans, with early benefits evident in robust EBITDA margins above 30% in Life Sciences and Personal Care [3][4] Tariff and Trade Impact - Ashland is closely monitoring tariff policies and has estimated a tariff impact of $3 to $5 million for the second half of FY2025, increasing to $5 to $7 million annually after mitigation actions [19][20] - The company is implementing strategies to mitigate risks associated with tariffs and global trade policies while focusing on maintaining flexible operations [18][19] Market Outlook - The company anticipates a positive inflection in organic sales volumes in the second half of FY2025, led by Life Sciences, to offset declines experienced in the first half [21][24] - Ashland's strategic priorities include enhancing business mix and improving profitability in response to the evolving demand landscape [22][24]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q1 2025 revenue of 3.099 billion yuan represents a year-on-year growth of 16.03%, with a net profit attributable to shareholders of 306 million yuan, up 32.54% year-on-year [1][2]. - The report indicates that the company's revenue is in line with market expectations, and future performance is expected to show gradual quarter-on-quarter improvement [2]. - The company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 14.077 billion yuan, 16.473 billion yuan, and 19.528 billion yuan, respectively [3]. Summary by Sections Financial Performance - In Q1 2025, the laboratory business generated 1.857 billion yuan in revenue, a 15.7% increase year-on-year, while the CMC business saw revenue of 693 million yuan, up 19.1% [2]. - The adjusted net profit for Q1 2025 was 349 million yuan, reflecting a 3.14% increase year-on-year [1][2]. - The gross margins for the laboratory and CMC businesses improved to 45.54% and 30.44%, respectively, with year-on-year increases of 140 basis points and 254 basis points [2]. Future Outlook - The company anticipates a continued upward trend in performance, supported by a rapid increase in new orders, which grew over 10% year-on-year in Q1 2025 [2]. - The company maintains its revenue guidance for 2025 at a growth rate of 10% to 15% [2]. Valuation and Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 0.98 yuan, 1.22 yuan, and 1.54 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24, 19, and 15 times based on the closing price of 23.52 yuan per share on April 29, 2025 [3][8].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a strong recovery in Q1 2025, with revenue and profit both achieving double-digit growth. Q1 revenue reached 3.099 billion, a year-on-year increase of 16.03%, while net profit attributable to shareholders was 306 million, up 32.54% year-on-year [4][6] - All major business segments experienced growth, with laboratory services revenue at 1.857 billion (up 15.74% year-on-year) and a gross margin increase to 45.54%. CMC (small molecule CDMO) services revenue was 693 million (up 19.05% year-on-year) with a significant gross margin improvement to 30.44% [7] - The company is seeing strong growth from European clients, with revenue from North America and Europe increasing by 16.81% and 26.57% year-on-year, respectively. Revenue from global top 20 pharmaceutical companies grew by 29.05% year-on-year [7] - New orders are accelerating, with Q1 2025 new orders up over 10% year-on-year, and the company maintains its full-year guidance of 10%-15% revenue growth for 2025 [7] Financial Data and Profit Forecast - The company forecasts total revenue of 13.795 billion for 2025, with a year-on-year growth rate of 12.4%. The net profit attributable to shareholders is projected to be 1.819 billion, reflecting a growth rate of 1.4% [6][9] - The earnings per share (EPS) is expected to be 1.02 for 2025, with a gross margin forecasted to improve to 35.8% [6] - The return on equity (ROE) is projected to be 12.1% for 2025, with corresponding price-to-earnings (PE) ratios of 23, 20, and 17 for the years 2025, 2026, and 2027, respectively [6][7]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company has shown consistent growth in laboratory services over the past five quarters, with a significant increase in new orders, particularly in the CMC segment, indicating a positive outlook for revenue growth [7]. - The company expects a revenue growth of 10-15% for the full year 2025, supported by strong order trends and the gradual realization of CMC business [7]. - The financial projections for 2025-2027 indicate a steady increase in revenue and net profit, with expected revenues of 137 billion, 155 billion, and 179 billion respectively, and net profits of 19 billion, 22 billion, and 26 billion [7][10]. Financial Data and Valuation - For 2025, the company is projected to achieve total revenue of 137.46 billion, with a year-on-year growth of 12% [2]. - The adjusted net profit for 2025 is estimated at 18.56 billion, reflecting a 16% increase compared to the previous year [2][10]. - The earnings per share (EPS) for 2025 is projected to be 1.07, with a price-to-earnings (PE) ratio of 20.5 [2][11]. Revenue Breakdown - Laboratory services revenue for Q1 2025 reached 18.6 billion, showing a year-on-year growth of 15.7% [7]. - The CMC segment generated 6.9 billion in revenue for Q1 2025, with a year-on-year increase of 19.1% [7]. - Clinical research services reported revenue of 4.5 billion in Q1 2025, reflecting a year-on-year growth of 14.2% [7]. Shareholder Information - The total market capitalization of the company is approximately 41.4 billion, with a circulating market value of 33 billion [3]. - The major shareholder holds a 14.07% stake in the company [3]. Financial Ratios - The company’s return on equity (ROE) stands at 13.3%, with a debt-to-asset ratio of 39.8% [3][11]. - The projected net profit margin for 2025 is 13.8%, indicating a stable profitability outlook [11].