Core Viewpoint - Hua Hong's 4Q25 results showed strong revenue growth driven by high utilization and robust shipments, although net profit declined due to increased labor costs [1] Financial Performance - 4Q25 revenue rose 22.4% YoY and 3.9% QoQ to US$660 million, marking a quarterly record [1] - FY25 revenue increased 20% YoY to US$2.4 billion, aligning with estimates and consensus [1] - GPM for FY25 was 11.8%, consistent with estimates, but impacted by higher depreciation [1] Product and Capacity Development - The product mix improved in FY25, with 12-inch shipments accounting for approximately 60% of revenue, up from 50% in FY24 [2] - High utilization rates were maintained at ~106% for FY25 and ~104% for 4Q25, with a slight QoQ decline due to the ramp-up of 12-inch capacity [2] - Revenue from Analog & Power Management grew 41% YoY, driven by AI demand, while Embedded NVM and Standalone NVM also saw significant growth [2] Strategic Acquisitions and Expansions - The acquisition of Shanghai Huali Microelectronics (HLMC) for RMB8.3 billion is expected to add ~40,000 12-inch wafers per month of capacity [3] - The expansion of Fab 9B is set to commence this year, mirroring the existing Fab 9A's capacity of ~83,000 12-inch wafers at full ramp [3] Valuation and Market Position - Current share price appears rich despite structural improvements, with a target price adjusted to HK$80 based on 2.9x 2026E P/B [3] - Continued depreciation pressure and elevated capex intensity are anticipated from the ramp-up of Fab 9A and the build-out of Fab 9B [3]

机构：中金公司 研究员：张怡康/彭虎/贾顺鹤 4Q25 业绩符合我们预期 公司发布4Q25 业绩，H 股口径收入6.6 亿美元，YoY+22.4%，QoQ+3.9%，得益于晶圆出货量增加和平 均售价提升。毛利率为13%，YoY+1.6ppt，得益于ASP 改善和成本削减；但因劳动力成本上升，QoQ- 0.5ppt。归母净利润0.17 亿美元，YoY 扭亏为盈，QoQ 小幅下滑。公司指引1Q26 收入6.5 亿~6.6 亿美 元，毛利率预计13%~15%。4Q25 业绩、1Q26 指引符合我们预期。 发展趋势 4Q25 营收分析：4Q25 嵌入式收入YoY+31.3%；独立非易失性存储器收入YoY+22.9%，功率收入 YoY+2.4%；射频逻辑收入YoY+19.2%；模拟与电源管理收入YoY+40.7%。总的来看，MCU、智能芯 片、闪存、电源管理芯片需求较强，功率、消费类产品增长平稳，从下游分布表现为4Q25 公司计算类 产品收入YoY+69.9%，通信收入YoY+29.1%。因区域性的订单变化和在地生产趋势，2025 年中国地区 营收YoY+19.6%；北美地区营收YoY+51.3%；欧洲地区营收YoY+ ...

Core Insights - The company, Weili Zhibo, focuses on three core technology platforms targeting tumors and autoimmune diseases, including LeadsBody, X-body, and TOPiKinetics [1] - LBL-024 has a broad indication layout with 12 indications and 9 ongoing clinical trials, including a pivotal study expected to submit a BLA by Q3 2026 [1] - LBL-034 is currently in a Phase II study with promising safety and efficacy data across four patient populations, including those with relapsed refractory multiple myeloma [2] Company Developments - The company has established seamless capabilities in early research, translational medicine, clinical development, CMC, and business expansion [1] - Two autoimmune disease products have achieved overseas collaboration, with LBL-047 having enrolled its first patient and LBL-051 planning to submit a clinical application to the FDA in Q1 2026 [2] Financial Projections - Revenue forecasts for 2025-2027 are estimated at 175.0 million, 196.0 million, and 200.8 million, reflecting year-on-year growth of -/12.0%/+2.4% [2] - The current stock price corresponds to PS ratios of 62, 55, and 54 for the respective years [2] - The company is expected to experience significant clinical data catalysts in 2026, with a potential commercialization inflection point in 2027 [2]

Core Insights - The 2026 Spring Festival marks a pivotal moment for China's AI industry, transitioning from technical experimentation to widespread public adoption [1][5] - Major tech companies like Alibaba and ByteDance have emerged as leaders in this competitive landscape, showcasing differentiated strategies and impressive operational metrics [1][5] Industry Overview - The Spring Festival AI competition has shifted from merely attracting users to cultivating habits and implementing practical applications, with Alibaba and ByteDance leading the way [5][6] - The competition has resulted in a dual development path for China's AI industry: Alibaba focuses on consumer-oriented applications, while ByteDance emphasizes content creation and innovation [6][18] Alibaba's Performance - Alibaba's Qwen 3.5-Plus model was released on New Year's Eve, achieving the status of the world's strongest open-source model, comparable to Gemini 3 Pro [1][8] - During the Spring Festival, over 1.3 billion AI-assisted transactions were completed, with users making 50 billion requests to the Qwen app, demonstrating its widespread adoption [1][5][12] Technological Breakthroughs - The Qwen 3.5-Plus model features a total of 397 billion parameters, with a significant performance improvement over previous models, achieving a 19-fold increase in inference throughput [10][11] - The model's API pricing is significantly lower than competitors, at 0.8 yuan per million tokens, making it more accessible for developers [10][11] Ecosystem Integration - Alibaba's extensive ecosystem, including platforms like Taobao and Alipay, enables seamless integration of AI into everyday tasks, enhancing user experience and driving rapid habit formation [11][15] - The Spring Festival saw a 372-fold increase in AI-assisted movie ticket purchases, highlighting the model's effectiveness in real-world applications [11][12] Competitive Landscape - The emergence of Alibaba and ByteDance as "dual kings" in the AI sector signifies a shift in China's AI industry towards original exploration, moving away from merely following Silicon Valley [18][19] - The competition between these two companies fosters a healthy industry environment, encouraging innovation and diverse development paths [18][19]

格隆汇2月16日丨浩柏国际(08431.HK)公告，董事会欣然宣布：(1)张家擎获委任为公司执行董事，自 2026年2月16日起生效；(2)刘明卿辞任执行董事兼董事会主席，自2026年2月16日起生效；(3)蒋斌辞任 执行董事，自2026年2月16日起生效;(4)王明辉获委任为公司独立非执行董事以及审核委员会、薪酬委员 会及提名委员会成员，自2026年2月16日起生效。 ...

格隆汇2月16日丨叮当健康(09886.HK)公告，自2026年2月16日起：1.俞雷已辞任公司执行董事、副总裁 及于集团的一切职务；2.孟繁周已获委任为公司执行董事及副总裁。 ...

格隆汇2月16日丨新明中国(02699.HK)公告，公司建议以每股供股股份0.188港元的认购价按于记录日期 每持有一(1)股股份获发六(6)股供股股份基准进行2026年供股，以透过发行最多563,586,600股供股股份 (假设自本公告日期起至记录日期(包括该日)止，已发行股份总数并无任何变动)筹集最多约1.06亿港元 (扣除开支前)。 ...

Core Viewpoint - China Water Industry Group (01129.HK) has announced a conditional agreement to issue HKD 278 million convertible bonds, with a preliminary conversion price of HKD 0.308 per share, potentially leading to the issuance of up to 903,409,090 shares upon full conversion [1] Group 1 - The company has entered into a subscription agreement with subscribers for the issuance of convertible bonds totaling HKD 278 million [1] - The preliminary conversion price is set at HKD 0.308 per share, which is subject to adjustments [1] - Upon full exercise of the conversion rights, the maximum number of shares to be issued will represent approximately 142.90% of the total shares currently issued as of the announcement date [1] Group 2 - After the conversion of the bonds, the total issued share capital will increase by approximately 58.83%, assuming no changes in the company's issued share capital from the announcement date until the bonds are fully converted [1] - The issuance of the convertible shares is subject to approval by shareholders at a special general meeting [1]

Core Viewpoint - Meitu Company (1357.HK) has demonstrated confidence in its business outlook and long-term development by repurchasing shares for the first time since 2020, indicating a positive sentiment towards its future performance [1] Group 1: Share Buyback - On February 16, 2026, Meitu repurchased 3.217 million shares at an average price of HKD 6.222 per share, with a total buyback amount exceeding HKD 20 million [1] - This marks the company's first share buyback since 2020, reflecting its confidence in business prospects [1] Group 2: Financial Performance - On February 8, Meitu disclosed its latest financial performance, projecting a year-on-year increase of approximately 60% to 66% in adjusted net profit attributable to equity holders for the fiscal year 2025 [1] - Major financial institutions such as Morgan Stanley, Bank of America, and Jefferies noted that Meitu's earnings guidance is slightly above market expectations and maintained a buy rating [1] Group 3: Market Expansion and Growth Projections - Bank of America anticipates further revenue growth for Meitu as the overseas user base continues to expand, highlighting higher ARPU and payment rates in international markets [1] - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 29% in Meitu's revenue from 2025 to 2030, with an expected average annual net profit growth of 44% from 2027 to 2028 [1]

格隆汇2月16日丨好孩子国际(01086.HK)公告，根据对目前可得的资料(包括集团的未经审核管理账目) 的初步评估，于截至2025年12月31日止年度，预期集团录得的纯利较2024年同期的约3.56亿港元纯利将 下降约35%至45%。 该下降主要归因于毛利减少及所得税增加，部分被财务成本净额的改善所抵销。毛利减少主要归因于集 团收益轻微减少，而集团的毛利率于2025年下半年回升。所得税增加主要归因于在税率较高的地区录得 更多利润，以及集团实体之间股息分派所产生的预扣税。财务成本净额的改善乃归因于贷款本金及利率 下降。 ...