Investment Rating - The report maintains a "Neutral" rating for the company with a target price raised to HKD 25.90, indicating a potential downside of 5.3% from the current price of HKD 27.34 [1][7][10]. Core Insights - The company's performance in the first half of 2025 met expectations, with a revenue decline of 18.8% year-on-year to HKD 9.55 billion, primarily due to a drop in property sales and other income [7][8]. - Core net profit decreased by 44.4% year-on-year to HKD 3.05 billion, attributed to a decline in gross margin and a one-time compensation from the government in the previous year [7][8]. - The company has a backlog of unsold properties worth HKD 12.7 billion, with approximately 66% expected to be recognized in the second half of the year, maintaining a gross margin of 15-20% [7][8]. - Rental income slightly decreased by 2.8% year-on-year to HKD 3.36 billion, with a stable occupancy rate of 93% [7][8]. Financial Overview - Revenue projections for the upcoming years are as follows: HKD 27.57 billion in 2023, HKD 25.26 billion in 2024, HKD 29.02 billion in 2025, HKD 30.50 billion in 2026, and HKD 32.41 billion in 2027, with a projected growth of 14.9% in 2025 [6][12]. - Core earnings per share are expected to be HKD 2.00 in 2023, HKD 2.02 in 2024, HKD 1.90 in 2025, HKD 2.05 in 2026, and HKD 2.29 in 2027 [6][12]. - The company maintains a dividend yield of 6.6% across the forecast period [6][12]. Market Position - The company is positioned within the Hong Kong real estate sector, facing challenges such as price uncertainty in property development and long recovery periods for investment properties [7][10]. - The report highlights that the rental growth potential is primarily driven by the leasing of The Henderson and the upcoming large-scale waterfront projects in Central, expected to be completed between 2026 and 2032 [7][10].

Investment Rating - The report maintains a Neutral rating for the company with a target price of HKD 16.28, indicating a potential downside of 10.1% from the current closing price of HKD 18.11 [2][15]. Core Insights - The company reported a steady performance in the first half of 2025, with revenue increasing by 3.3% year-on-year to RMB 14.82 billion. However, challenges are anticipated in the third quarter due to declining foot traffic and increased marketing expenses related to the Olympics [7]. - The management has maintained its full-year guidance for 2025, expecting flat revenue and a high single-digit net profit margin. The company is currently in an adjustment phase, and the recovery pace in the second half remains uncertain [7]. - The company has a healthy inventory level with a stock-to-sales ratio of four months, despite a net decrease of 51 stores to 7,534 by the end of the first half [7]. Financial Overview - Revenue projections for the company are as follows: RMB 27,598 million in 2023, RMB 28,676 million in 2024, and RMB 29,007 million in 2025, reflecting a growth rate of 7.0%, 3.9%, and 1.2% respectively [6][8]. - Net profit is expected to decline from RMB 3,187 million in 2023 to RMB 2,678 million in 2025, with a corresponding decrease in earnings per share from RMB 1.23 to RMB 1.04 [6][17]. - The company’s gross margin is projected to be 49.1% in 2025, down from 48.4% in 2023, while the net profit margin is expected to decrease to 9.2% in 2025 [8][18]. Market Position and Strategy - The company continues to focus on professional sports categories, with footwear sales growing by 4.9% year-on-year, while apparel sales declined by 3.4%. The running category showed strong growth, with sales increasing by 15% [7]. - The management has increased marketing investments, particularly in collaboration with the Chinese Olympic Committee, to enhance the brand's professional image, despite the anticipated rise in marketing expense ratios in the second half of the year [7].

Investment Rating - The report assigns a neutral rating to the company with a target price of HKD 70.40, indicating a potential downside of 9.4% from the current closing price of HKD 77.75 [6][11]. Core Insights - The company has experienced significant growth in innovative drug sales, with a year-on-year revenue increase of 16% in 1H25, driven by a 23% increase in innovative drug sales, which now account for 55% of product sales revenue [6][12]. - The management plans to increase R&D investment while keeping the total R&D expenditure as a percentage of total revenue below 30% [6]. - The company has achieved several business development (BD) milestones, including the approval of six innovative drugs in 1H25 and expectations to launch 47 new products and indications from 2025 to 2027 [6][12]. Summary by Sections Financial Performance - In 1H25, the company reported a revenue of approximately RMB 20 billion from collaboration income, up from RMB 14 billion in 1H24 [6]. - The gross margin improved by 0.4 percentage points to 86.6%, with a notable decrease in selling, general, and administrative (SG&A) expenses and R&D expense ratios [6][12]. - The projected revenue for 2025 is RMB 32,543 million, with a net profit forecast of RMB 7,698 million [12]. Business Development - The company has successfully completed three overseas agreements in 2025, including a deal with GSK valued at approximately USD 12 billion [6]. - The management's targets for the employee stock ownership plan include achieving over 25% annual growth in innovative drug sales and submitting 5-8 new drug applications each year from 2025 to 2027 [6]. Valuation - The report raises the revenue forecast for 2025-2027 by about 2% and the net profit forecast by 7-8% to reflect the contributions from various BD transactions and expected improvements in profit margins [6][12]. - The DCF valuation model indicates a fair value of HKD 70.40 per share, with no premium or discount applied to the Hong Kong shares compared to A-shares [6][7].

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 22 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 39.06 | 港元 48.70↑ | +24.7% | | | 名创优品 (9896 HK) | | | | | | 2 季度业绩好于预期，管理层上调指引；维持买入评级 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 13,839 | 16,994 | 21,158 | 24,835 | 28,388 | | 同比增长 (%) | 37.2 | 22.8 | 24.5 | 17.4 | 14.3 | | 净利润 (百万人民币) | 2,253 | 2,618 | 2,564 | 3,364 | 3,967 | | 每股盈利 (人民币) | 1.81 | 2.11 | 2.07 | 2.71 | 3.20 ...

Group 1: Baidu (BIDU US) - Traditional search continues to face pressure, but the value of the second and third growth curves has become apparent [1] - In Q2 2025, Baidu's core revenue decreased by 2% year-on-year, with adjusted operating profit and profit margin down 37% and 10 percentage points respectively [1] - Advertising revenue fell by 15% year-on-year, negatively impacted by AI search transformation, while intelligent cloud revenue grew by 27% due to enhanced AI capabilities and demand for end-to-end AI product solutions [1][2] - For Q3, it is expected that the proportion of generative search content will continue to rise, impacting Baidu's search advertising exposure, with anticipated advertising revenue declines of 25% and 15% in Q3 and Q4 respectively [2] - The target price is maintained at $99, indicating a potential upside of 14.1% [1][2] Group 2: iQIYI (IQ US) - Summer content is expected to drive marginal improvement in core business, with new regulations releasing long-term growth potential [3] - In Q2 2025, revenue decreased by 11% year-on-year due to lackluster content performance, but adjusted operating profit was better than expected at 59 million yuan [3] - The new broadcasting regulations are expected to positively impact financial performance by enhancing content diversity and production efficiency [3] Group 3: Kingsoft (3888 HK) - Short-term gaming revenue is under pressure, but office AI monthly active users are growing rapidly [6] - In Q2, revenue declined by 7% due to high base effects from key games, while operating profit margin decreased due to increased AI investment and marketing costs [6] - Office business remains robust, with AI monthly active users reaching nearly 30 million, a 50% year-on-year increase [6] Group 4: Futu Holdings (FUTU US) - Earnings continue to exceed expectations, with the target price raised to $220 [7] - In Q2, net profit grew by 112.7% year-on-year, driven by strong growth in asset clients and wealth management assets [7] - The company benefits from the rising risk appetite of investors in the Hong Kong stock market [7] Group 5: ZhongAn Online (6060 HK) - 1H25 earnings exceeded expectations, leading to an upward revision of the target price [8] - The net profit for 1H25 was 668 million yuan, surpassing the full-year profit of 2024 [8] - The growth in premium income is primarily driven by health ecosystems and consumer finance [8][9] Group 6: Xiaomi Group (1810 HK) - Automotive performance in Q2 2025 was impressive, while smartphone business adjustments were in line with expectations [13] - Revenue for Q2 was 116 billion yuan, with automotive revenue growing by 40% [13] - The management maintains a sales target of 350,000 vehicles for the year, with expectations of achieving profitability in the automotive sector by Q4 2025 [13][14] Group 7: Longyuan Power (916 HK) - The company's performance in the first half of the year was weaker than expected, but the annual new installed capacity target remains unchanged [15] - Net profit for the first half decreased by 13.6% to 3.52 billion yuan, primarily due to lower utilization hours and electricity prices [15] - The company aims for a total of 5 GW of new installed capacity for the year [15] Group 8: China Resources Power (836 HK) - The company's renewable energy profits were slightly below expectations, maintaining a target of 10 GW for new wind/solar installations [16] - The company reported a 15.9% year-on-year decline in profits, but core profits remained stable [16] - New installed capacity for renewable energy surged fourfold to 4.8 GW in the first half [16][17]

Investment Rating - The report maintains a Neutral rating for WuXi Biologics (2269 HK) with a target price of HKD 34.00, indicating a potential upside of 11.0% from the current closing price of HKD 30.62 [1][12]. Core Insights - The company's performance in the first half of 2025 (1H25) shows a continued recovery trend, with a strong order intake of 86 new contracts, marking a historical high for the first half of the year. However, there are concerns regarding the impact of changes in overseas financing and market dynamics on early-stage clinical projects, leading to a decrease in revenue from this segment [2][6]. - The management has raised the full-year revenue growth guidance to a range of 14-16%, up from the previous 12-15%, while maintaining a positive free cash flow outlook [6][7]. - The report highlights that the long-term growth drivers for the company remain strong, particularly through its proprietary technologies and the increasing number of projects in hand, which have grown by 10% compared to the end of 2024 [6][7]. Financial Summary - Revenue for 2025 is projected at RMB 21,312 million, with a growth forecast of 16% for 1H25 compared to the previous period. The gross profit is expected to reach RMB 9,157 million, reflecting a gross margin of 43.0% [5][13]. - The adjusted net profit for 2025 is estimated at RMB 5,005 million, with a net profit margin of 23.5% [5][13]. - The company’s market capitalization is approximately HKD 124.64 billion, with a year-to-date stock price increase of 74.37% [4][12]. Order and Project Insights - In 1H25, the company secured 86 new comprehensive projects, with over 70% being dual/multi-antibody and ADC projects. The report notes that the number of M-end projects has increased to 24, with expectations to complete 25 PPQ projects in 2025 [6][7]. - The report emphasizes the importance of proprietary technology in generating future revenue streams, including collaboration income and sales commissions [6][7]. Market and Regional Performance - Revenue growth in North America was 20%, while the Chinese mainland saw an 8.5% decline due to financing environment impacts. Japan and South Korea showed strong performance, indicating potential for further growth in these regions [6][7].

Investment Rating - The investment rating for the company is "Buy" with a target price of $13.00, indicating a potential upside of 50.3% from the current price of $8.65 [1][12]. Core Insights - The company's net profit for Q2 2025 was 751 million RMB, exceeding Bloomberg's expectations by 4%, with a year-on-year growth of 36.3% and a quarter-on-quarter increase of 1.9% [2]. - Revenue for Q2 2025 grew by 12.9% year-on-year and 2.8% quarter-on-quarter, with a stable take rate of 3.4% in mainland China [2]. - The company maintains its guidance for a revenue growth of 10-15% year-on-year for 2025 [2]. - The international business segment continues to grow, with a year-on-year increase of 41.5% in revenue, contributing to 22.3% of total revenue [6]. Financial Performance - For the fiscal year ending December 31, 2025, the company is projected to achieve a revenue of 13,825 million RMB, reflecting a year-on-year growth of 5.8% [5][13]. - The net profit for the same period is expected to be 2,678 million RMB, with a year-on-year growth of 12.4% [5][13]. - The company's earnings per share (EPS) for 2025 is estimated at 11.00 RMB, representing a growth of 14.7% [5][13]. Business Growth - The facilitated loans in Q2 2025 increased by 10.9% year-on-year, with international market loans growing by 39.1% [6]. - The company issued convertible bonds in June to support international business expansion, with an expected profit contribution of no less than $15 million from international operations in 2025 [6]. - The asset quality remains stable, with a 90-day delinquency rate of 1.92%, showing a slight improvement from the previous quarter [6]. Market Position - The company's market capitalization is approximately $1.21 billion, with a year-to-date stock price change of 27.39% [4]. - The stock has a 52-week high of $10.72 and a low of $5.18, indicating significant volatility [4].

Investment Rating - The report assigns a "Buy" rating for the company, Kingsoft (3888 HK), with a target price adjusted from HKD 46.00 to HKD 42.00, indicating a potential upside of 24.3% from the current price of HKD 33.80 [2][9][11]. Core Insights - The company's revenue faced pressure in Q2 due to a high base effect from key games, resulting in a 7% year-on-year decline. Game revenue specifically dropped by 26%, while the office software and services segment grew by 14% [6][12]. - The adjusted operating profit decreased by 48% year-on-year, primarily due to the decline in game revenue, increased marketing expenses for new games, and higher investments in AI [6][12]. - The AI monthly active users reached nearly 30 million, a 50% year-on-year increase, and is expected to continue growing rapidly in the second half of the year [6][12]. Financial Performance Summary - For 2025, the new revenue forecast is RMB 10,512 million, a 6% decrease from the previous estimate of RMB 11,184 million. The gaming segment's revenue is expected to be RMB 4,692 million, down 12% from the prior forecast [5][12]. - The gross profit is projected at RMB 8,652 million, reflecting a 7% decrease from the previous estimate, with a gross margin of 82% [5][12]. - The adjusted net profit for 2025 is forecasted at RMB 2,371 million, a 13% decrease from the previous estimate of RMB 2,724 million [5][12]. Q2 Performance Overview - In Q2 2025, the company's revenue was RMB 2,307 million, down 7% year-on-year, with game revenue at RMB 952 million, down 26% [7][12]. - The office software and services revenue was RMB 1,356 million, up 14% year-on-year, driven by strong performance in WPS 365 and personal business segments [6][7]. - The operating profit for Q2 was RMB 383 million, a 52% decline year-on-year, with an operating margin of 17% [7][12].

Investment Rating - The report assigns a "Buy" rating for the company Baidu (BIDU US) with a target price of $99.00, indicating a potential upside of 14.1% from the current price of $86.76 [4][14]. Core Insights - Traditional search continues to face pressure, but the value of the second and third growth curves is becoming evident [2]. - The report highlights that Baidu's core advertising revenue has been negatively impacted by the transformation towards AI search, with a 15% year-on-year decline [7]. - The AI business is showing promising growth, with new AI business revenues exceeding 10 billion RMB, a 34% year-on-year increase [7]. - The report anticipates that advertising revenue will remain under pressure in the upcoming quarters, projecting a 16% decline for the full year 2025 [7]. Financial Overview - Revenue projections for Baidu are as follows: - 2023: 134,598 million RMB - 2024: 133,125 million RMB - 2025E: 130,808 million RMB - 2026E: 140,276 million RMB - 2027E: 147,416 million RMB - Net profit estimates are: - 2023: 28,747 million RMB - 2024: 27,002 million RMB - 2025E: 14,739 million RMB - 2026E: 15,887 million RMB - 2027E: 15,788 million RMB [3][15]. - The report indicates a significant adjustment in earnings per share (EPS) forecasts, with 2025E EPS revised down to 42.30 RMB, reflecting a 44.9% year-on-year decline [3][15]. Business Segments - Baidu's core revenue is projected to decline, with online marketing services expected to drop by 25% year-on-year in Q3 2025 [9]. - The cloud segment is expected to grow by 25% year-on-year, although growth may slow in the second half of the year due to project-based service revenue recognition [7]. - The autonomous driving and new business segment is showing strong growth, with a 148% year-on-year increase in global orders for the "萝卜快跑" service [7]. Valuation and Outlook - The report maintains a valuation of 8 times P/E for traditional search advertising and 3 times P/S for AI and cloud businesses, supporting the target price of $99 [7]. - The report emphasizes that the value of Baidu's AI and cloud businesses remains underestimated, presenting a potential turnaround opportunity for the company [7].

暑期档内容热播或带动核心业务边际改善；新规释放长期想象空间 | 互联网 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 21 日 | | --- | --- | --- | --- | --- | --- | | 美元 | | 2.30 | 美元 2.90↑ | +26.1% | | | 爱奇艺 (IQ US) | | | | | | 交银国际研究 公司更新 看好核心业务边际改善，微剧、IP 消费品、线下乐园、海外业务布局稳步推 进，或进一步贡献商业化增量。考虑广电新规带来长期内容创新及效率优化空 间，市场投资热情上涨带动估值中枢上移，基于 15 倍市盈率，上调目标价至 2.9 美元（原为 2.1 美元），较现价有 26%上涨空间，维持买入。 盈利预测变动 | | | —————2025E————— | | | —————2026E————— | | | —————2027E————— | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 人民币百万 | 新预测 | 前预测 | 变动 | 新预测 | 前预测 ...