公司发布 2025 年半年度业绩预告，2025 年上半年，公司实现归属于上市公司 股东的净利润 7816.82-9019.40 万元，比上年同期增长 17%-35%；实现扣除非 经常性损益后的净利润 7098.12-8300.70 万元，比上年同期增长 26.72%-48.19%。 证券研究报告 | 公司点评报告 2025 年 07 月 17 日 道恩股份（002838.SZ） 2025 年半年度业绩增长强劲，TPV 和 DVA 等产品空间 广阔 强烈推荐（维持） 周期/化工 目标估值：NA 当前股价：19.39 元 基础数据 | 总股本（百万股） | 478 | | --- | --- | | 已上市流通股（百万股） | 421 | | 总市值（十亿元） | 9.3 | | 流通市值（十亿元） | 8.2 | | 每股净资产（MRQ） | 6.8 | | ROE（TTM） | 4.6 | | 资产负债率 | 48.9% | | 主要股东 | 道恩集团有限公司 | | 主要股东持股比例 | 43.52% | 股价表现 % 1m 6m 12m 绝对表现 1 69 111 相对表现 -3 63 96 资料来源：公 ...

Core Viewpoint - The event "Unfazed by Storms, Set Sail Far" emphasizes the importance of promoting inclusive finance in Yantai, highlighting the city's commitment to becoming a financial stronghold and fostering high-quality economic development through collaboration among financial institutions and enterprises [4][5]. Group 1: Financial Development Strategies - Yantai has initiated the "Financial Empowerment for Green, Low-Carbon, High-Quality Development" policy to enhance the financial sector's contribution to sustainable growth [4]. - The city aims to integrate various resources and expertise to support enterprises, focusing on policy interpretation, financing connections, talent acquisition, and technology transformation [5]. Group 2: Economic Insights - The chief economist of Shenwan Hongyuan Securities stated that Yantai is fertile ground for high-quality enterprise development, advocating for the enhancement of credit capital and comprehensive value to create a conducive market for inclusive finance [6]. - The current economic landscape shows a shift in financial demand, necessitating a collaborative approach between real and financial investors to ensure quality financial services [6]. Group 3: Market Trends and Opportunities - The director of Shenwan Futures highlighted the impact of external factors such as tariffs on consumer confidence and economic growth in the U.S., while also noting the limited recovery in China's exports due to these pressures [7]. - The introduction of the new "National Nine Articles" indicates a shift in capital market policies towards quality over quantity, with a focus on IPOs and mergers and acquisitions, particularly in the hard technology sector [8]. Group 4: Investment Opportunities in Specialized Enterprises - The roundtable forum discussed the significant opportunities for specialized and innovative enterprises, emphasizing their role in driving economic growth and enhancing supply chain security through innovation and market segmentation [9][10]. - Investment managers expressed a strong interest in technology-driven high-growth sectors, focusing on companies with unique competitive advantages and long-term growth potential [10][11].

| 思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 首届全球心血管大会 | | --- | --- | | 即将召开： | | | 2025年6月12日，首届全球医美科技大会 | | | 2025年7月17日，第二届全球医疗科技大会 | | | 2025年9月4-5日，第三届全球手术机器人大会 | | 近日，美敦力（Medtronic, NYSE: MDT）宣布其 两大核心业务部门 ——心血管（Cardiovascular）与颅脑脊柱疗法（Cranial & Spinal Therapies, CST）的人事 调整： 服务公司超过20年的高管Sean Salmon将于2025年9月正式离任，其职位由Skip Kiil接任；同时，Michael Carter升任CST业务负责人 。 这场组织再造，远不止岗位更迭，更是一次聚焦核心、重塑路径、再启增长的系统信号。 # 人事集中调整：内部提拔，匹配落地执行周期 在本轮人事调整中，美敦力完成了对两位核心业务负责人的"平稳交接"： Sean Salmon 自2004年加入美敦力，曾长期负责心血管与糖尿病板块，是Micra无导线起搏器、TAVR系统等项目的重要 ...

Core Viewpoint - The company held its 2024 annual performance briefing, engaging with investors and addressing various inquiries regarding its business strategies and future outlook. Group 1: Company Performance and Strategy - The company achieved a response rate of 94.44% during the investor Q&A session, indicating strong engagement with stakeholders [1] - The company plans to enhance its core business in copyright operations and expand its influence in the new media distribution sector [19][20] - The company is focusing on integrating AI technology into its operations, particularly through the launch of its intelligent creation engine, ChatPV, which aims to improve content production efficiency [4][35] Group 2: Financial Outlook and Market Position - The company reported a decline in fourth-quarter performance due to several factors, including poor box office returns from a prior investment and increased amortization costs [14][15] - The company is actively managing its market value and has established a market value management system to enhance shareholder returns [5][8][29] - The company is optimistic about the future of the copyright industry, citing government support and the increasing demand for diverse content formats [22] Group 3: Business Development and Collaborations - The company is exploring collaborations with major platforms like ByteDance and has established a strategic partnership with Huawei for content operations [39][29] - The company is expanding its short video and micro-drama production capabilities, leveraging its existing channels and partnerships to enhance content distribution [25][43] - The company has plans to continue investing in high-quality content, including several upcoming series set to be released in 2025 [38]

Core Insights - Marqeta reported revenue of $139.07 million for the quarter ended March 2025, marking a year-over-year increase of 17.9% [1] - The earnings per share (EPS) for the same period was -$0.02, an improvement from -$0.07 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $135.91 million by 2.33% [1] - The EPS surprise was 60.00%, compared to the consensus estimate of -$0.05 [1] Financial Performance Metrics - Total Processing Volume (TPV) reached $84.47 billion, slightly above the estimated $84.33 billion [4] - Total platform services revenue was $131.87 million, surpassing the average estimate of $128.37 million, reflecting a year-over-year change of 15.7% [4] - Revenue from other services was $7.21 million, compared to the estimated $7.48 million, but showed a significant year-over-year increase of 80% [4] Stock Performance - Marqeta's shares have returned +4% over the past month, while the Zacks S&P 500 composite increased by +10.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]