Core Viewpoint - The report from First Shanghai highlights that Meili Tianyuan Medical Health (02373) is enhancing its operational and integration capabilities through a dual approach of "internal growth + external expansion," with a target price of HKD 43.7 and an initial buy rating [1]. Group 1: Business Model and Ecosystem - Meili Tianyuan has established a "Double Beauty + Double Health" collaborative business model, creating a comprehensive beauty and health ecosystem that includes brands like Meili Tianyuan, Nairui'er, Xiuker, and Yanyuan, covering a full lifecycle of services from high-end beauty to health management [2]. - The core services focus on "lifestyle beauty + medical beauty + sub-health management," guiding customers from lifestyle beauty to high-value medical and health services, thus achieving comprehensive lifecycle management [2]. Group 2: Growth Strategy - The company employs a dual strategy of "internal growth + external expansion" to enhance operational and integration capabilities, utilizing 38 self-developed systems for refined operations, maintaining a customer repurchase rate above 80%, and keeping customer acquisition costs below 2% [3]. - On the external front, the company has made strategic acquisitions of Nairui'er and Siyanli, leveraging strong cash flow to significantly increase membership scale and net profit margins, showcasing strong synergy and integration capabilities [3]. Group 3: Industry Trends - Meili Tianyuan is positioned to lead the transformation of the beauty industry, which is trending towards branding, chain operations, and digitalization, by leveraging its multi-brand strategy, nationwide store network, and advanced digital systems [4]. - The company aims to transition the industry from a fragmented state to a more consolidated and robust structure, enhancing customer value through its "Double Beauty + Double Health" ecosystem [4]. Group 4: Financial Performance - In the first half of 2025, the company reported strong performance with direct store traffic reaching 920,000, a year-on-year increase of 47.8%, and active members rising to 120,000, up 46.5% [5]. - Revenue reached RMB 1,459 million, reflecting a year-on-year growth of 28.2%, while adjusted net profit was RMB 191 million, achieving a record high adjusted net profit margin of 13.1%, demonstrating exceptional profitability resilience amid macro pressures [5]. Group 5: Profit Forecast - The company has significant growth potential driven by both internal growth and acquisition capabilities, with its true growth boundary dependent on management capabilities [6]. - Using a discount rate of 10% and a perpetual growth rate of 3%, the estimated fair value of the company is HKD 10.3 billion, with a target price of HKD 43.7, indicating a potential upside of 65.4% from the previous closing price, corresponding to PE ratios of 29.8 and 24.5 for 2025 and 2026 respectively, thus receiving a buy rating [6].

Core Viewpoint - First Shanghai initiates coverage of Meili Tianyuan Medical Health (02373) with a "Buy" rating and a target price of HKD 43.7, highlighting the company's dual-driven growth strategy of "internal growth + external expansion" [1] Group 1: Business Model - Meili Tianyuan adopts a "Double Beauty + Double Health" collaborative business model, creating a comprehensive health ecosystem that includes brands like Meili Tianyuan, Nairui'er, Xiuker, and Yanyuan, covering a full lifecycle of services from lifestyle beauty to high-end non-surgical medical aesthetics and health management [2] Group 2: Growth Strategy - The company enhances operational and integration capabilities through a dual-driven approach. Internally, it utilizes 38 self-developed systems for refined operations, maintaining a customer repurchase rate above 80% and customer acquisition costs below 2%. Externally, it leverages strong cash flow for strategic acquisitions like Nairui'er and Siyuanli, significantly increasing membership and net profit margins [3] Group 3: Industry Trends - Meili Tianyuan is positioned to lead the transformation of the beauty industry, capitalizing on trends of branding, chain development, and digitalization. Its multi-brand strategy and extensive store network allow it to strengthen its presence in high-tier cities while expanding customer value through the "Double Beauty + Double Health" ecosystem [4] Group 4: Financial Performance - In the first half of 2025, the company reported strong performance with direct store traffic reaching 920,000, a year-on-year increase of 47.8%. Active members grew to 120,000, up 46.5% year-on-year. Total revenue reached RMB 1,459 million, a 28.2% increase, with adjusted net profit at RMB 191 million and an adjusted net profit margin of 13.1%, showcasing robust profitability under macroeconomic pressures [5] Group 5: Valuation - The company has significant growth potential driven by both internal growth and acquisition capabilities. Using a discount rate of 10% and a perpetual growth rate of 3%, the estimated fair value is HKD 10.3 billion, with a target price of HKD 43.7, indicating a 65.4% upside from the previous closing price, corresponding to PE ratios of 29.8 and 24.5 for 2025 and 2026 respectively [6]

Core Viewpoint - Gaotu (NYSE: GOTU) has shown strong performance in FY25Q3, with a revenue increase of 30.7% year-on-year to 1.58 billion RMB, reaching the upper limit of previous guidance [1][3] Financial Performance - Non-GAAP operating loss significantly narrowed to 169 million RMB, an improvement from 476 million RMB in the same period last year [1][3] - Non-GAAP net loss also reduced from 457 million RMB to 138 million RMB [1][3] - The company has cash and cash equivalents of 3.04 billion RMB and no interest-bearing debt, indicating a solid financial position [1][3] Business Segmentation - Non-academic training and traditional K12 business together contributed approximately 80% of total revenue, with a year-on-year growth of over 35% [1][3] - Non-academic training revenue surged over 60% year-on-year and achieved profitability in a single quarter, with expectations of a double-digit profit margin for the full year [1][3] - Adult and college student segments accounted for about 15% of total revenue, with both revenue and cash collections showing double-digit growth; college student revenue soared by 50% year-on-year, also achieving profitability in a single quarter [1][3] Future Outlook - The company anticipates FY25Q4 revenue growth of 17.2%-18.7%, reaching between 1.628 billion to 1.648 billion RMB, with a slowdown in growth primarily due to the delayed timing of the 2026 Spring Festival affecting the teaching schedule [1][3] - Despite a projected Non-GAAP operating loss of 150 million RMB in Q4 due to enrollment investments and business adjustments, the company is focusing on operational efficiency [1][3] - Revenue from offline learning centers has surpassed 10%, and AI empowerment continues to enhance operational efficiency [1][3] Investment Rating - Based on a 12% discount rate and a -1% perpetual growth rate, the company maintains a "Buy" rating for Gaotu, with a target price of $4.20, indicating a potential upside of 77.1% from the previous trading day's closing price [2][4]

Core Viewpoint - Kangfang Biopharma-B (09926) has made significant progress in its core product pipeline, with multiple approvals and advancements in clinical trials, leading to a target price of HKD 144.9, indicating a potential upside of 23.4% from the current price, and a buy rating [1][11]. Financial Performance - In the first half of 2025, Kangfang Biopharma's product revenue increased by 49.2% to CNY 1.4 billion, with total revenue reaching CNY 1.41 billion, and a gross margin of 79.4%. R&D expenses grew by 23.0% to CNY 730 million. The company raised net proceeds of CNY 3.493 billion from a share placement at HKD 149.54 per share, resulting in an estimated cash balance of CNY 5.8 billion post-placement [2][12]. Product Pipeline Progress - **Kadoonili (AK104)**: Approved for 1st to 3rd line cervical cancer and 1st line gastric cancer, included in medical insurance; several new indications are in Phase III clinical trials, including IO-resistant squamous non-small cell lung cancer (NSCLC) and post-operative treatment for hepatocellular carcinoma [3][14]. - **Ivorosi (AK112)**: Approved for NSCLC after EGFR treatment progression, with positive overall survival (OS) data; a submission for FDA approval is expected in Q4 2025. Multiple indications are in Phase III clinical trials, including first-line PD-L1 positive NSCLC and various other cancers [4][15]. - **Pianpingli (AK105)**: FDA approved for first-line and second-line nasopharyngeal carcinoma treatment, marking the company's first independently developed drug to receive FDA approval, showcasing its R&D capabilities [6][16]. - **Other Products**: Include Inusimab (AK102) and Iroqi (AK101) which are included in the 2026 medical insurance; applications for other drugs like Gumoqi (AK111) for moderate to severe psoriasis are under review [7][18].

Core Viewpoint - 康方生物-B (09926) has made significant progress in its core product pipeline, with multiple products receiving approvals and entering advanced clinical stages, indicating strong growth potential and investment opportunities [1] Financial Performance - In the first half of 2025, 康方生物 reported a 49.2% year-on-year increase in product revenue to 1.4 billion yuan, with total revenue reaching 1.41 billion yuan, and a gross margin of 79.4%. R&D expenses grew by 23.0% to 730 million yuan. The company raised net proceeds of 3.493 billion HKD from a share placement, resulting in a projected cash balance of 5.8 billion HKD post-placement [2] Product Pipeline Progress - **卡度尼利 (AK104)**: Approved for use in 1st to 3rd line cervical cancer and 1st line gastric cancer, included in medical insurance. Multiple new indications are in Phase III clinical trials, including treatments for gastric cancer and liver cancer [3] - **依沃西 (AK112)**: Approved for non-small cell lung cancer (NSCLC) after EGFR treatment, with positive survival data. A submission for FDA approval is expected in Q4 2025. Several other indications are in Phase III clinical trials [4] - **派安普利单抗 (AK105)**: Received FDA approval for first and second line nasopharyngeal carcinoma treatment, marking a significant achievement for the company [5] - **伊努西单抗 (AK102)** and **依若奇单抗 (AK101)**: Both are included in the 2026 medical insurance [6] - **古莫奇单抗 (AK111)**: Application for moderate to severe psoriasis has been accepted as of January 2025. Other products are in various stages of clinical trials [7]

Core Viewpoint - Shanghai Fudan (01385) reported a revenue of 1.19 billion yuan in Q3 2025, representing a year-on-year growth of 33.3% driven by increased FPGA product shipments [1][3] Financial Performance - Revenue breakdown for Q3 includes: - Security and identification chips: 240 million yuan - Non-volatile memory: 340 million yuan - Smart meter chips: 140 million yuan - FPGA and other chips: 440 million yuan - Testing services: 30 million yuan [1][3] - Gross margin improved to 61.1%, up 9 percentage points year-on-year and 5.5 percentage points quarter-on-quarter, primarily due to increased FPGA product shipments [1][3] - Operating profit reached 140 million yuan, a 98% increase year-on-year [1][3] - Net profit attributable to shareholders was 137 million yuan, with a non-recurring net profit of 121 million yuan, reflecting a year-on-year growth of 59.2% [1][3] - Non-recurring earnings per share were 0.16 yuan, compared to 0.10 yuan in the same period last year [1][3] Business Segments - FPGA business revenue grew by 34.7% year-on-year, driven by demand for 28nm FPGA products [2][4] - The next-generation 1xnm FinFET FPGA products are expected to contribute to revenue starting in 2026, with a projected 38.6% year-on-year growth in FPGA revenue to reach 1.47 billion yuan in FY2025 [2][4] - Non-volatile memory business revenue increased by 44.1%, with significant growth in automotive-grade MCU sales [2][4] - Smart meter product revenue grew by 40.8%, with strong sales in smart home appliances and automotive-grade MCUs [2][4] - The security and identification business saw a 15.5% year-on-year revenue increase, although competition remains intense [2][4] Market Outlook - The company anticipates a compound annual growth rate (CAGR) of 12.7% for revenue and 25.8% for net profit over the next three years [5] - The target price for the company is set at 45.00 HKD, indicating an 8.5% upside potential compared to the current price, based on a price-to-earnings (PE) ratio of 33.0 times the projected 2026 profit [5]

本季度FPGA业务收入同比增长34.7%，订单主要来自28nmFPGA产品需求。公司28nmFPGA产品自2018 年研发成功后推出市场已有6年，下一代1xnmFinFET的FPGA产品预计2026年开始贡献收入，明年有望 继续扩大公司在FPGA产品的市场份额。此外，基于1xnmFinFET的可编程芯片(PSoC)产品在高可靠和工 控领域的应用也非常广泛，目前PSoC产品占FPGA业务收入的25%。展望2025财年，公司FPGA业务收 入有望实现同比38.6%的增长达到14.7亿元。 非挥发性存储业务收入同比增长44.1%，车规级MCU销量增长较快 智能电表产品本季度收入同比增长40.8%，其中智能家电及车规级MCU销量增长较快。得益于精确的成 本控制，该业务毛利率仍有增长空间。受存储涨价行情影响，Q3非挥发性存储业务收入同比增长 44.1%，其中高可靠产品占比70%。Q3安全识别业务收入同比增长15.5%，金融、社保卡等芯片销量增 长但目前市场竞争激烈，技术壁垒不强。 智通财经APP获悉，第一上海发布研报称，给予上海复旦(01385)"持有"评级，目标价45.00港元，本季 度28nmFPGA产品受市场竞争 ...

第一上海主要观点如下： 季度业绩摘要 第一上海发布研报称，给予上海复旦(01385)"持有"评级，目标价45.00港元，本季度28nmFPGA产品受 市场竞争影响量增价减，10亿门级产品2025年仅有小部分出货。但2026财年FPGA业务收入将逐步受益 于10逻辑亿门级产品出货量的提升。未来下游客户的FPGA芯片以及智能电表需求将驱动公司营收增 长。预计公司未来三年的收入CAGR为12.7%，对应净利润CAGR为25.8%。 非挥发性存储业务收入同比增长44.1%，车规级MCU销量增长较快 智能电表产品本季度收入同比增长40.8%，其中智能家电及车规级MCU销量增长较快。得益于精确的成 本控制，该业务毛利率仍有增长空间。受存储涨价行情影响，Q3非挥发性存储业务收入同比增长 44.1%，其中高可靠产品占比70%。Q3安全识别业务收入同比增长15.5%，金融、社保卡等芯片销量增 长但目前市场竞争激烈，技术壁垒不强。 风险提示 产品销售状况不及预期、产品价格调整、市场竞争加剧、研发进展不及预期、产能受限风险。 公司2025Q3实现收入11.9亿元，同比增长33.3%。各产品线营业收入分别为：安全与识别芯片2.4亿元 ...

Group 1 - The core viewpoint of the article highlights that on December 11, the shareholder of Qianbadu (01028) transferred stocks from First Shanghai Securities to HSBC Hong Kong, with a transfer market value of HKD 267 million, accounting for 15.11% of the total [1] - On the same day, Qianbadu announced that all conditions for the issuance and subscription of shares have been met, and the issuance and subscription of shares were completed on December 11, 2025 [1] - A total of 415.4 million subscription shares were successfully issued according to the terms of the subscription agreement, with nine subscribers acquiring shares at a subscription price of HKD 0.205 per share [1]

Group 1 - The core point of the article is that Qianbadu (01028) has transferred shares from First Shanghai Securities to HSBC Hong Kong, with a market value of HKD 267 million, representing 15.11% of the total shares [1] - On the same day, Qianbadu announced that all conditions for the issuance and subscription of shares have been met, and the issuance and subscription were completed on December 11, 2025 [1] - A total of 415.4 million subscription shares were successfully issued according to the terms of the subscription agreement, with nine subscribers purchasing shares at a subscription price of HKD 0.205 per share [1]