和铂医药 20250828 摘要 和铂医药通过诺娜生物技术平台、中国及亚洲资本市场创新实力和临床 综合管线拓展，构建持续价值增长体系。2025 年上半年，诺娜生物技 术平台常规平台研究和技术授权同比增长 165%，并全方位进入 AI 领域， 孵化 Elanse Therapeutics 和 Resilience Therapeutics。 和铂医药与阿斯利康达成 46 亿美元全球战略合作，与大冢制药就 BCMA CD3 双抗海外授权达成约 7 亿美元合作，并与 Bistera 就 TCE 肌细胞衔接器领域达成持续技术合作，形成可持续的技术及产品输出， 为公司带来稳定收入。 HOBM9,378（超长效全人源 TSLP）已进入全球性验证性临床阶段，与 Winward Bio 达成 10 亿美元海外授权合作，针对慢阻肺 COPD 市场进 行开发，中国 COPD 申请证已获批，并规划新适应症。 和铂医药新一代免疫抑制性调节性 T 细胞剔除 CTL4 靶点分子 HBM4,003 在 NSCRC 二期试验结果积极推进，下半年将在 ESMO 报告 临床数据。公司上半年营收 7.3 亿人民币，净利润 5.2 亿人民币，现金 ...

携程集团 20250828 摘要 Trip.com 集团 2025 年第二季度净收入达 148 亿人民币，同比增长 16%，环比增长 7%。住宿和交通票务收入分别增长 21%和 11%。经 调整 EBITDA 为 49 亿人民币，现金储备充裕，达 941 亿人民币。 入境旅游预订量同比增长超 100%，主要受益于韩国和东南亚市场。中 国入境旅游市场潜力巨大，目前仅占 GDP 不到 0.5%，远低于发达市场 水平，未来有望吸引更多国际游客。 国际预订量同比增长超过 60%，亚太地区贡献显著。跨境航班运力恢复 至疫情前 84%，出境酒店和航空预订超过 2019 年 120%。加强与大洋 洲、中东地区合作，并在迪拜开设办事处。 技术创新是 Trip.com 集团战略核心，升级行程规划器提供个性化智能 体验。多语言人工智能系统提供 26 种语言翻译和客户服务，助力酒店 吸引入境旅客，提高运营效率。 老朋友俱乐部用户数量和 GMV 增长超过 100%，针对银发一代推出主 题旅游产品。旅游加娱乐产品收入同比增长超过 100%，受益于音乐会 和现场活动，吸引年轻旅客。 Q&A 2025 年第二季度 Trip.com 集团的 ...

顺丰同城 20250828 摘要 2025 年上半年，顺丰同城收入超百亿元，同比增长超 50%，其中同城 配送业务收入 54 亿元，同比增长 55%，最后一公里业务收入 44 亿元， 同比增长 57%。 顺丰同城平台活跃商户规模突破 85 万，同比增长超 50%，KA 客户占 比提升；年活跃消费者达 2,477 万人，复购率提升；年度活跃骑手约 114 万人，人效同比提升 38%。 公司通过统一配送、拓展商超医药合作等方式，餐饮配送收入同比翻倍， B 端非餐场景收入增长 35%；C 端业务优化渠道营销，独享专送产品收 入同比翻三倍，下沉市场收入快速提升。 顺丰同城灵活的骑手网络与传统快递网络互补，派件业务凭借末端网络 优势快速发展电商件，收件业务满足夜间节假日需求，日均收件量增长 150%。 公司积极推进 AI 大模型在骑手管理、智能客服等场景应用，并探索智能 物流与无人配送商业化，截至 2025 年 6 月底累计投入 300 多台无人车 运营。 Q&A 顺丰同城在面向商家的同城配送业务方面表现如何？ 2025 年上半年，同城配送业务收入 54 亿元，同比增长 55%。公司抓住餐饮 外卖和即时零售的增长机会， ...

巨子生物 20250828 摘要 巨子生物 2025 上半年营收达 31.1 亿元，同比增长 22.5%，净利润 11.8 亿元，同比增长 20.6%，净利率维持在 38%高位。两大核心品牌 可复美和可丽金分别增长 22.7%和 26.9%。 可复美品牌收入 25 亿元，同比增长 22%，推出胶原棒 2 代，在华西医 院临床试验中显示优异舒缓、修复、保湿功效，位列天猫液态精华热卖 榜国货第一名。 可丽金品牌收入 4 亿元，同比增长 27%，升级胶原大魔王 3.0 版本，改 善皮肤松垮、多纹、暗沉等问题，在京东滋养面膜热卖榜排名第一。 公司研发投入 4,100 万元，占营收比例 1%，新增 19 项专利，累计达 186 项。重组胶原蛋白分子库分子数量超 50 种，为产业化开发提供充 足准备。 公司积极拓展线下渠道，产品进入约 1,700 家公立医院、3,000 家私立 医院和诊所、超 13 万家连锁药房及 6,000 多家化妆品连锁店和超市门 店。 公司加速布局港澳及东南亚市场，已进入马来西亚、泰国、菲律宾、越 南和新加坡等核心市场，并入驻马来西亚屈臣氏。 上半年销售费用率显著下降，预计全年销售费用率呈中低个位 ...

Summary of the Conference Call for Mao Geping Cosmetics Co., Ltd. Company Overview - **Company**: Mao Geping Cosmetics Co., Ltd. - **Industry**: Cosmetics and Beauty Key Points and Arguments Financial Performance - In the first half of 2025, the company achieved a revenue of **2.588 billion RMB**, a year-on-year increase of **31.3%** [3] - Net profit reached **670 million RMB**, up **36.1%** year-on-year, driven by improved operational efficiency and reduced sales and administrative expenses [3] - The net profit margin was **25.9%**, an increase of **0.9 percentage points**, while the gross margin was **84.2%**, a decrease of **0.7 percentage points** [3] Sales Channels - Online sales accounted for **51.4%** of total revenue, growing **39%** year-on-year, while offline sales made up **48.6%**, with a growth of **26.6%** [5] - The company reported an increase in offline repurchase rate to **30.3%** and membership growth to **5.6 million** [2][5] - Online repurchase rate was **24.1%**, with registered users reaching **13.4 million** [5] Product Performance - Makeup products contributed **56.4%** to total sales with a growth rate of **31.3%**, while skincare products accounted for **43.1%** with a growth of **33.4%** [6] - Newly launched fragrance products generated **11.41 million RMB**, representing **0.5%** of total sales [2][6] Expansion Plans - The company plans to expand into international markets including **Singapore, Hong Kong, Japan, South Korea, and France**, starting with a store opening in Hong Kong on **October 1, 2025** [3][30] - The company aims for a **30%** compound annual growth rate over the next three years, projecting revenues of **5 billion RMB** and profits of **1.2 billion RMB** for 2025 [3][41] Training and Education Initiatives - Mao Geping operates **9 makeup art institutions** and is preparing to open a **10th** in Guangzhou [8] - The company invested in upgrading facilities in existing schools to enhance educational experiences [8] ESG Initiatives - The company donated **5 million RMB** to Akesu Vocational and Technical College to establish a beauty art education exchange center, supporting local employment and aligning with rural revitalization strategies [9] Brand Strategy - The company is focused on enhancing its brand image through collaborations with cultural institutions and events, which has positively impacted brand recognition and reduced sales expenses [19][20] - Future product launches will include high-end skincare and makeup lines, with a focus on consumer value rather than just increasing average transaction value [27][38] Marketing and Consumer Engagement - The company emphasizes a multi-channel marketing strategy, leveraging platforms like Douyin and Tmall, while also exploring new e-commerce opportunities [34] - The target demographic for online sales is primarily younger consumers, while offline sales attract a more diverse customer base [35] Challenges and Opportunities - The company acknowledges the challenges in the competitive cosmetics market but sees significant growth potential in both makeup and skincare categories [17][18] - The company plans to maintain a balance between online and offline growth, with a focus on enhancing customer experience and loyalty [15][40] Future Outlook - The company is optimistic about maintaining a strong growth trajectory, with a focus on sustainable practices and long-term brand value [41][42]

Summary of the Conference Call for Shijiazhuang Four Pharmaceutical Group Company Overview - **Company**: Shijiazhuang Four Pharmaceutical Group - **Period**: First half of 2025 Financial Performance - **Revenue**: Decreased by 36% year-on-year to HKD 2.15 billion [2][3] - **Gross Margin**: Dropped by 13.7 percentage points to 41.5% [2][3] - **Net Profit**: Decreased by 58.7% to HKD 284 million [2][4] - **Sales Expenses**: Reduced significantly by 53%, leading to a smaller decline in net profit margin compared to gross margin [4] - **Interim Dividend**: HKD 0.05 per share, with a payout ratio increased to 51.8% [2][4] Market Participation and Product Performance - **Participation in Procurement**: Engaged in over 480 procurement activities, winning bids for 12 products in national procurement [2][5] - **Sales Growth in Specific Products**: - Large-volume infusion products like blood filtration replacement liquid saw sales increase by 1.1 times [2][7] - Antibiotic linezolid glucose injection sales increased by 4 times [2][7] - Nutritional infusion medium-chain fat emulsion injection sales grew by 26% [2][7] - **Oral Formulations**: Sales increased by 16% year-on-year to approximately HKD 300 million, accounting for 13.8% of total revenue [2][7] New Product Development - **Market Access**: New products like compound potassium hydrogen phosphate injection covered 31 provinces, with several others exceeding 20 provinces [2][6] - **R&D Investment**: R&D expenditure accounted for nearly 10% of revenue, with 56 product approvals obtained [3][10] Business Segment Performance - **Infusion Products**: Sales volume decreased by 37% to 721 million bottles, with revenue down 45% [7] - **Ampoule Products**: Sales volume increased by 7%, but revenue decreased by 57% due to high base effects [7] - **Raw Material Drugs**: Revenue decreased by 9.6% to HKD 360 million, but azithromycin exports to Southeast Asia increased [7] Export Performance - **Export Volume**: Infusion exports reached 74 million bags, a 42% increase year-on-year [9] - **Oral Formulation Exports**: Significant growth with a 154-fold increase in volume from January to August 2025 [9] Future Outlook - **Market Trends**: The large-volume infusion market is expected to decline by approximately 30% in lower-tier hospitals, but demand for large-volume dialysis solutions is increasing [12][13] - **Growth Projections**: Anticipated growth in exports exceeding 40% in 2025, with a forecasted increase of over 10% in the following year [13][16] Innovation and R&D - **Innovative Drug Development**: Focus on self-developed drugs, with significant progress in pulmonary hypertension medications and other innovative therapies [11][17] - **Clinical Trials**: New drugs are expected to enter clinical trials soon, with promising results in preclinical studies [18][19] Challenges and Strategic Responses - **Regulatory Environment**: The company is navigating challenges posed by procurement policies and market demand fluctuations [3][12] - **Cost Management**: Efforts to reduce costs through technological improvements and strategic procurement [20][26] Conclusion - **Overall Performance**: The company faced significant challenges in the first half of 2025 but is positioned for recovery and growth through strategic initiatives in product development, market expansion, and cost management [30][31]

药明巨诺 20250828 摘要 药明巨诺 2025 年上半年总收入 1.06 亿人民币，同比增长 22.5%，主 要受益于贝诺达销售及与 Juno 的技术授权收入。毛利 6,511 万元人民 币，同比增长 48.9%，贝诺达毛利率达 51.1%，预计国产替代后将进 一步提高。三费同比显著下降，但现金净流出 1.1 亿人民币，现金及现 金等价物为 6.47 亿人民币。 贝诺达商业化稳步推进，上半年销售收入约 8,100 万人民币，已被列入 90 个商保和 104 个惠民保。公司计划 2026 年中期完成病毒载体国产 替代，以降低成本。同时，积极准备商保创新药目录列入工作，应对政 策变化。 贝诺达用于不符合移植条件的复发或难治大 B 淋巴瘤二线治疗的新药上 市申请已提交，预计 2026 年中期获批。二期临床数据显示，贝诺达的 最佳客观缓解率达 81.3%，完全缓解率达 54.2%，安全性良好。 药明巨诺与 BMS 子公司 Juno 签订技术许可协议，授权自研慢病毒载体 生产工艺，总价值近千万美元。此举巩固了公司现金储备，并标志着公 司技术能力获得国际认可。 Q&A 药明巨诺在 2025 年上半年取得了哪些主要财 ...

商汤 20250828 摘要 商汤集团 2025 年上半年营收同比增长 35.6%，达人民币 18.2 亿元， 其中生成式 AI 收入同比增长 73%，占总收入 77%，成为增长主要驱动 力。公司持续推进"一加 X"战略，聚焦核心业务，孵化创新生态。 商汤集团在人工智能基础设施建设方面取得显著进展，总算力规模增至 25,000P，完成 Sensecore 2.0 全面升级，并与宁德时代合作降低智 算中心用电成本，提升能源效率。 商汤集团在生成式 AI 领域持续创新，推出日心 6.5 大模型，具备图文交 错思维能力，并应用于小浣熊系列产品，提升金融数据分析效率 300%，落地招商银行等头部金融机构。 商汤集团视觉 AI 市场份额连续 9 年保持中国第一，新增客户超 250 个， 客户复购率达 57%。方舟产品升级为视觉智能体平台，覆盖近 200 个 城市，每日调用量超 1 亿次。 商汤集团的"一加 X"战略转型成功，X 创新业务板块覆盖智能驾驶、医 疗、机器人、零售等领域，通过独立运营激发团队活力，并吸引外部融 资约 10 亿人民币。 Q&A 商汤集团 2025 年上半年业绩表现如何？ 2025 年上半年，商汤 ...

顺丰控股 20250828 摘要 顺丰 2025 年上半年总收入达 1,464 亿元，同比增长 10.4%，其中供应 链及国际业务收入 342 亿元，增长 9.7%。归母净利润 57.4 亿元，同 比增长 19.4%，折后归母净利润率为 3.9%，提升 0.3 个百分点。公司 拟中期分红 23.2 亿元，同比增长 21%，每股 0.46 元，分红比例 40%。 时效快递收入增速 6.8%，优于 GDP 增速，件量增长 19%，得益于生 活场景渠道布局和下沉市场网络织密。经济件收入增长 14.4%，业务量 增长 30%，远超行业增速，通过差异化产品策略和精细化运营管理实现 竞争突围，与电商平台合作构建高效协同网络。 快运收入增长 11.5%，日均货量近 8 万吨，增长 28%，通过打造产品 质价比和构建适配灵动网络提高客户满意度，线路拉直超过 100 条，收 派效能提升 19%。同城板块表现亮眼，实现显著增长，具体信息可关注 其披露内容。 供应链及国际业务收入增长 9.7%，中国 V 百强企业中超 95%使用顺丰 国内服务，60%使用顺丰国际服务，提升 15 个百分点。鄂州花湖国际 机场已开通 59 条国内航线 ...

28 August 2025 | 2:23AM HKT Giant Biogene Holding (2367.HK) Earnings review: 1H25 sales/NI inline with OP beat on better managed ROI; Guidance unchanged; Buy 2367.HK 12m Price Target: HK$71.00 Price: HK$54.85 Upside: 29.4% | | 12/24 | 12/25E | 12/26E | 12/27E | | --- | --- | --- | --- | --- | | Revenue (Rmb mn) New | 5,538.8 | 6,920.8 | 8,782.7 | 10,406.4 | | Revenue (Rmb mn) Old | 5,538.8 | 6,933.6 | 8,787.7 | 10,360.5 | | EBITDA (Rmb mn) | 2,331.1 | 2,698.1 | 3,331.7 | 3,896.8 | | EPS (Rmb) New | 2.10 | 2 ...