Core Insights - Merus N.V. (MRUS) shares have increased by 29.9% over the past three months, driven by positive interim results from a phase II study of its bispecific antibody, petosemtamab (MCLA-158), in combination with Merck's Keytruda for treating PD-L1-positive recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) [1][4] Study Results - As of February 27, 2025, 45 patients were treated, with 43 deemed efficacy-evaluable, resulting in a confirmed overall response rate (ORR) of 63%, which included six complete responses and 21 partial responses [2] - The ORR varied with PD-L1 expression levels, showing a 73% ORR in patients with a combined positive score (CPS) greater than 20 and 47% in those with CPS 1–19 [2] - Median progression-free survival was reported at nine months, with an overall survival rate of 79% at 12 months [3] Safety Profile - The safety profile of the combination therapy was manageable, with no significant overlapping toxicities reported with Keytruda; treatment-related adverse events occurred in all patients, with infusion-related reactions observed in 38% [5][6] Future Prospects - The promising data suggests that the petosemtamab combination therapy could become a new standard of care for HNSCC, a cancer type with poor prognosis [6] - Merus is also conducting a registrational phase III study (LiGeR-HN1) for the combination therapy and another study (LiGeR-HN2) for petosemtamab monotherapy [7][8] Market Context - Merck's Keytruda, a leading anti-PD-1 therapy, generated $7.21 billion in sales in Q1 2025, reflecting a 6% year-over-year increase, and continues to expand into new indications and markets [8][10]

Key Takeaways PriceSmart Q3 EPS grew year over year despite cost pressures and FX headwinds. Net merchandise sales climbed 8%, with 7% comp growth despite currency impacts. Adjusted EBITDA increased 11.2% year over year to $79 million.PriceSmart, Inc. (PSMT) posted third-quarter fiscal 2025 results, wherein the top and bottom lines increased year over year. However, earnings missed the Zacks Consensus Estimate.PriceSmart’s third-quarter results reflect steady progress in its core membership warehouse club ...

AI正加速在各行业场景落地，猎头领域也不例外。 原来慢则半小时的候选人筛选工作，现在有了AI工具，可以实现候选人的分秒级筛选。不止如此，拓客效率也有很大提升。过去猎头公司新顾问往往需要 数月才能积累起有效客户资源，而有了AI 的加持，CRM系统可以随时生成定制化数据报表，并实时推送通知，确保信息的即时追踪。 上述变化，近期正在人力公司科锐国际发生。 候选人端高效匹配：从"手动淘沙"到"智能淘金" 过去联系候选人时，猎头往往要投入大量精力进行手动筛选。猎头顾问Summer回忆，早年在小型猎企工作时，因缺乏完善的人才库，只能依赖招聘渠道搜 寻活跃候选人，主动发送文字信息等待对方回应以获取联系方式，再逐一打电话介绍岗位。整个过程漫长且低效，容易在繁琐的流程中错过合适人选。 如今，融入AI新技术，科锐国际近期迭代了候选人追踪系统（CTS系统）。在科锐国际工作了14年的资深猎头顾问Lynn介绍，利用CTS系统，顾问可以随时 查看人才库中候选人的过往跟踪记录，并且能够自动识别新人选是否已入库。"当收到一份新人选简历时，无需顾问手动操作，系统会即时推送该候选人在 库内的匹配情况。" 此外，CTS系统每日动态更新人选活跃度数 ...

证券研究报告 | 公司动态点评 2025 年 07 月 11 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,874 | 4,260 | 5,277 | 6,470 | 7,499 | | 增长率 yoy（%） | 3.3 | 10.0 | 23.9 | 22.6 | 15.9 | | 归母净利润（百万元） | 97 | 213 | 383 | 468 | 560 | | 增长率 yoy（%） | 42.7 | 119.6 | 80.0 | 22.1 | 19.7 | | ROE（%） | 3.5 | 7.3 | 11.8 | 12.7 | 13.3 | | EPS 最新摊薄（元） | 0.13 | 0.29 | 0.52 | 0.63 | 0.76 | | P/E（倍） | 84.8 | 38.6 | 21.5 | 17.6 | 14.7 | | P/B（倍） | 3.0 | 2.8 | 2.5 | 2.2 | 2.0 | 亚太股份（002284. ...

Biogen's Strategic Direction - Biogen is broadening its portfolio across Neuro, Immunology & Rare Disease, aiming for long-term sustainable growth[4,17] - Approximately 50% of Biogen's total company revenue is projected to come from outside of MS, including Biosimilars[17] Felzartamab's Potential in Nephrology - Felzartamab targets CD38-expressing cells, offering a differentiated approach for antibody-mediated diseases[27,29] - Phase 3 programs for Felzartamab are underway, targeting Antibody Mediated Rejection (AMR), IgA Nephropathy (IgAN), and Primary Membranous Nephropathy (PMN)[106] Antibody Mediated Rejection (AMR) - Late AMR affects approximately 11,000 patients in the U S, with >75% transplant loss and a median graft survival of ~2 years after diagnosis[36,37,40] - In a Phase 2 study, Felzartamab treatment resulted in >80% biopsy late AMR resolution at week 24, compared to 20% in the placebo group[53] - A Phase 3 study for Felzartamab in late AMR is underway, with data expected in 2027[56] IgA Nephropathy (IgAN) - IgAN affects approximately 130,000 patients in the U S, with up to 40% of patients reaching end-stage kidney disease within 20 years of diagnosis[61] - Phase 2 data showed that with 5 months of Felzartamab treatment, patients had sustained clinical benefit out to 2 years, with ~50% UPCR reduction at 24 months in the 9-dose group[69,71] - A Phase 3 study for Felzartamab in IgAN is designed to demonstrate improvement in kidney function, with data expected in 2029[74] Primary Membranous Nephropathy (PMN) - PMN affects approximately 36,000 patients in the U S, with up to 40% progressing to end-stage kidney disease within 15 years[80,81,103] - Phase 2 data showed robust and sustained reductions in anti-PLA2R and improvements in both newly diagnosed/relapsed (NDR) and refractory PMN patients[103] - A Phase 3 study for Felzartamab in PMN is designed to demonstrate complete remission of proteinuria, with data expected in 2029[100]

7 月 9 日，中国连锁经营协会（CCFA）发布的 "2024 年中国超市 TOP100" 榜单。 从榜单数据来看，2024 年超市 TOP100 企业的销售规模达到约 9000 亿元，较上年同比增长 0.3%；而门店总数为 2.52 万个，同比下降 9.8%。 与上一年度的数据相比，企业的销售规模呈现出微弱增长的态势，但门店总数却有所下滑。这一现象一方面反映出当前零售市场整体增长面临压力，线下 门店的扩张步伐有所放缓，行业发展遭遇一定挑战；另一方面也体现出在市场竞争中，部分企业通过优化经营策略、提升运营效率等方式实现了增长，行 业分化的趋势愈发明显。 具体分析来看，在这些企业中，有 42 家企业的销售额实现了同比增长，25 家企业的门店数量有所增加。其中，能够同时实现销售额与门店数量双增长的 企业共有 14 家。 头部企业：强者恒强，优势显著 在 2024 年的榜单中，沃尔玛（中国）投资有限公司、康成投资（中国）有限公司（大润发）、盒马（中国）有限公司继续占据榜单前三甲。这三家企业 在 2024 年的销售规模总计分别达到 15884490 万元、7641640 万元、7500000 万元，销售同比分别增长 ...

Q&A 智能驾驶产业链的细分环节有哪些？线控底盘在其中的作用是什么？ 智能驾驶系列专题：线控转向加速落地，线控底盘大势所 趋 20250709 摘要 线控底盘通过电子化替代液压系统，为驾乘者提供数字重构、主动安全 等优势，并助力车企平台化开发降本，同时为国内供应商打破技术壁垒 提供机遇。EHB 已实现国内 60%渗透率，EMB 预计 2026 年上车，自 主供应商份额提升。 EPS 系统在中国市场渗透率已达 99%以上，CEPS 仍为主流，但 DPEPS/REPS 占比将提升。预计 2028 年中国 EPS 市场规模将从 400 亿元增至近 500 亿元，单车均价也将从 1,400 元提升至 1,500 元以上。 全球 EPS 市场由捷太格特、耐世特和博世主导，国内市场博世合资公司 领先，耐世特紧随其后。EPS 核心零部件 ECU 和电机国产替代加速，但 电机市场仍由外资企业占据主导地位。 线控转向通过电子信号取代机械传导，响应更快，操作更灵活，单车价 值量 3,000-4,000 元。目前仅蔚来 ET9 适配，全球渗透率低，但 robotaxi 发展或将推动其应用，预计 2030 年国内市场规模达 350 ...

NET MERCHANDISE SALES GREW 8.0%COMPARABLE NET MERCHANDISE SALES INCREASED 7.0%$1.14 EARNINGS PER DILUTED SHARESAN DIEGO, July 10, 2025 /PRNewswire/ -- PriceSmart, Inc. ("PriceSmart" or the "Company") (NASDAQ: PSMT), operator of 55 warehouse clubs in 12 countries and one U.S. territory, today announced results for the fiscal third quarter of 2025, which ended on May 31, 2025.Third Quarter Financial ResultsTotal revenues for the third quarter of fiscal year 2025 increased 7.1% to $1.32 billion compared to $1. ...

Key Takeaways New tariffs may dent pricing and margin flexibility in China. APH's China revenue rose 18.4% in Q1, led by IT datacom demand. APH stock is up 41.4% YTD, outpacing sector and industry peers.Amphenol (APH) designs and manufactures connectors, interconnect systems, antennas, sensors and high-speed specialty cable. With vertically integrated facilities in over 30 countries, it supports diverse end markets, including IT datacom, automotive, mobile devices, and industrial applications. APH supplie ...

Key Takeaways GE will supply CF34-8E engines and spares for SkyWest's 60 new Embraer 175 regional jets. The CF34 engine family boasts 209M flight hours, 165M cycles and 99.97% dispatch reliability. SkyWest is now the largest CF34 operator, with over 1,200 GE-powered engines in its active fleet.GE Aerospace (GE) recently secured a contract from SkyWest, Inc. (SKYW) to provide CF34-8E engines plus spares for the latter’s recently ordered 60 Embraer 175 regional jets.GE’s CF34 engine is a proven platform for ...