Core Viewpoint - Goodbaby (01086) is rated "Buy" with a target price of HKD 1.85, driven by its core asset Cybex, which is a major profit source and growth driver for the group [1] Group 1: Company Overview - Goodbaby is a global leader in the baby products industry, known for its safety, innovation, and high quality, with a diverse product matrix covering strollers, car seats, furniture, carriers, and apparel [1] - The company owns strategic brands such as Cybex, Evenflo, and gb, catering to various market segments and price points [1] Group 2: Cybex Performance - In 2024, Cybex achieved record revenue of HKD 4.4 billion, accounting for 51% of total revenue, with a gross margin exceeding 50% [1] - Cybex continues to increase its global market share, holding approximately 30% in Europe, while expanding into Japan and other potential markets [1] Group 3: gb Brand Transformation - The gb brand, a domestic leader, has faced challenges but is showing signs of recovery, with positive growth in offline channels and improved online performance expected by mid-2025 [2] - The brand's gross margin has improved due to optimized channel management and pricing strategies [2] Group 4: Financial Performance and Shareholder Returns - In 2024, Goodbaby's revenue grew by 10.6% to HKD 8.77 billion, driven by growth in Europe and Cybex [3] - Operating profit and net profit attributable to shareholders increased by 35.7% and 74.9%, respectively, benefiting from improved gross margins [3] - The company has resumed dividend payments, declaring HKD 0.07 per share, representing a payout ratio of 33.3% [3]

Core Viewpoint - First Shanghai has issued a "Buy" rating for Goodbaby (01086) with a target price of HKD 1.85, highlighting the company's competitive advantages and future development potential [1] Group 1: Company Overview - Goodbaby is a global leader in the baby products industry, known for its safety, innovation, and high quality, with a diverse product matrix that includes strollers, car seats, baby furniture, carriers, and clothing [2] - The company owns strategic brands such as Cybex, Evenflo, and gb, covering all price ranges and age groups to meet various market demands [2] Group 2: Cybex Performance - Cybex, recognized as a high-end brand, generated a record revenue of HKD 4.4 billion in 2024, accounting for 51% of total revenue, with a gross margin exceeding 50% [3] - The brand continues to increase its global market share, holding approximately 30% in Europe, while also expanding into markets like Japan, the Middle East, North America, and China [3] Group 3: gb Brand Transformation - The gb brand, a domestic leader in the Chinese market, has faced a decline due to various internal and external factors, but is showing signs of recovery with positive growth in offline channels and improved online performance [4] - The gross margin has significantly improved due to the optimization of channel strategies, and the Chinese market is expected to gradually turn from loss to profit [4] Group 4: Financial Performance and Shareholder Returns - In 2024, Goodbaby's revenue increased by 10.6% to HKD 8.77 billion, driven by growth in Europe and the Cybex brand [5] - Operating profit and net profit attributable to shareholders rose by 35.7% and 74.9% to HKD 500 million and HKD 360 million, respectively, benefiting from improved gross margins [5] - The company has resumed dividend payments, declaring a dividend of HKD 0.07 per share, equivalent to a payout ratio of 33.3%, as a means to return value to shareholders [5]

Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a profit explosion point for Tiangong International (00826) in the future [1] - Revenue forecasts for Tiangong International are projected to be 5.24 billion, 6.08 billion, and 6.93 billion RMB for the years 2025, 2026, and 2027 respectively, with net profit attributable to shareholders expected to be 430 million, 600 million, and 810 million RMB for the same years [1] - The report maintains a buy rating with a target price of 4.38 HKD for the next 12 months, corresponding to an 18 times PE for 2026, indicating a potential upside of 44.56% from the current price [1] Group 2 - Despite revenue pressure, Tiangong International's profitability is showing counter-cyclical growth, with a net profit attributable to shareholders of 203 million RMB in the first half of 2025, representing a year-on-year increase of approximately 10.4% [1] - The recovery of the domestic tool steel industry, combined with rising raw material prices, has offset short-term pressures from overseas markets, resulting in positive growth in revenue and gross profit [1] - Powder metallurgy materials are anticipated to be one of the future profit explosion points, with sales of 589 tons in the first half of 2025, a quarter-on-quarter increase of 66.4%, and a price of 149,000 RMB per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 3 - The company has signed a long-term supply agreement with Heng Er Da, committing to supply no less than 100 tons of specialized powder high-speed steel materials annually for five years starting in 2026, totaling no less than 600 tons [1] - This agreement is expected to provide stable support for the company's future performance and further solidify its market position in the specialized powder high-speed steel segment [1] - Looking ahead, the company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released [2]

Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a future profit explosion point. The target price for Tiangong International is set at HKD 4.38, representing a 44.56% upside potential based on a 2026 PE of 18 times [1] - The sales volume of tool steel decreased by 5.2% year-on-year, but overall revenue increased by 2.3% to CNY 1.16 billion, with a gross margin rise of 0.5 percentage points to 13.8%. The recovery in the domestic tool steel industry, combined with rising raw material prices, offset the short-term pressure from overseas markets [1] - Powder metallurgy materials are identified as a future profit explosion point, with sales of 589 tons in the first half of 2025, a 66.4% increase quarter-on-quarter, and a price of CNY 149,000 per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 2 - The company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released next year. The company has achieved phased results in high-end titanium alloy industry construction in aerospace, healthcare, and nuclear fusion sectors [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 第一上海投資有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00227 | 說明 | | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,190,679,905 | | 0 | | 2,190,679,905 | | 增加 ...

Core Viewpoint - First Shanghai has issued a "Buy" rating for Cloud Factory (02512), setting a target price of HKD 6.9, indicating a potential upside of 36% from the current price, driven by the company's market positioning and new business initiatives [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, reflecting a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [2] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%. Net profit for the period was HKD 14.9 million, marking a year-on-year growth of 19.0% [2] - The earnings per share for ordinary equity holders remained at HKD 0.03, with cash and cash equivalents amounting to HKD 348.1 million, indicating strong liquidity [2] IDC Solutions Growth - The IDC solutions service, as the core business, generated revenue of HKD 376.1 million in H1 2025, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [3] - Revenue growth was attributed to the company's strong reputation, stable customer base, and extensive business network, although the gross margin for this segment was impacted by competitive pricing strategies, standing at 10.2% [3] Edge Computing Services - Revenue from edge computing services surged to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by growing market demand for EdgeCDN services and new customer acquisition [4] - The segment's gross margin was 27.1%, with notable product highlights including the adaptation of mainstream AI models for computing platforms and the launch of private deployment solutions for enterprise clients [4] Strategic Initiatives - The company is focusing on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and establishing a dual-driven model for government and enterprise solutions [5] - Recent capital raises will support various business developments, including the establishment of a joint venture to explore the smart computing service market [5]

Core Viewpoint - The report from First Shanghai gives a "buy" rating for Cloud Factory (02512), with a target price of HKD 6.9, indicating a 36% upside potential from the current price, driven by the company's strategic positioning in new business areas and alignment with government policies on "Artificial Intelligence+" [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [1] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%, while net profit stood at HKD 14.9 million, reflecting a year-on-year growth of 19.0% [1] - The earnings per share for ordinary equity holders remained at HKD 0.03, and as of June 30, the group had cash and cash equivalents of HKD 348.1 million, indicating strong liquidity reserves [1] IDC Solutions Growth - The revenue from IDC solutions services in H1 2025 reached HKD 376.1 million, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [2] - The growth in revenue was attributed to the company's strong reputation, stable customer base, and extensive business network, despite a decrease in gross margin to 10.2% due to competitive pricing strategies [2] Edge Computing Services - Revenue from edge computing services grew to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by increased market demand for EdgeCDN services and new customer acquisition [3] - The gross margin for this segment was 27.1%, and the company has been recognized as one of the top 20 edge computing companies in China for three consecutive years [3] Strategic Development - The company focuses on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and building a dual-driven model for government and enterprise solutions [4] - Recent capital raised from new share subscriptions will be used for various business developments, including the establishment of a joint venture to explore the smart computing services market [4]

Core Viewpoint - The report maintains a "Buy" rating for China National Pharmaceutical Group (国药控股) with a target price of HKD 21.3, highlighting short-term performance pressure but long-term benefits from aging trends and policy integration [1] Financial Performance - In H1 2025, the company reported revenue of CNY 286.04 billion, a decrease of 2.95% year-on-year, with a gross profit of CNY 20.35 billion, down 7.28% [1] - The overall gross margin was under pressure at 7.11%, a decline of 0.34% year-on-year, while net profit fell to CNY 5.337 billion, down 9.53% [1] - Profit attributable to equity holders was CNY 3.47 billion, a decrease of 6.43%, but effective cost control led to a reduction in selling, administrative, and financial expense ratios [1] Pharmaceutical Distribution Segment - The pharmaceutical distribution segment generated revenue of CNY 218.53 billion, down 3.52% year-on-year, with an operating profit margin of 2.58%, a decline of 0.17 percentage points [2] - The company is focusing on core hospital markets and grassroots medical needs, which has contributed to overall market share growth despite revenue decline [2] - The strategic shift to reduce low-margin revenue has improved supply chain efficiency and compliance [2] Medical Device Distribution - Revenue from the medical device distribution business was CNY 57.05 billion, down 2.46%, with an operating profit margin of 1.92%, a decrease of 0.33 percentage points [2] - The company is optimizing channel structures and has added new projects to enhance revenue, with SPD projects driving a 13% year-on-year increase in device revenue [2] Retail Pharmacy Segment - The retail pharmacy segment achieved revenue of CNY 17.16 billion, a growth of 3.6%, with an operating profit margin of 2.68%, up 1.13 percentage points [3] - As of June 30, 2025, the total number of Guoda pharmacies was 8,591, a net decrease of 978 stores, focusing on quality improvement and network optimization [3] - The net profit of the retail segment saw a significant increase of 215.8% year-on-year, driven by same-store sales growth in prescription and innovative drug support [3]

Core Viewpoint - The report maintains a "Buy" rating for China National Pharmaceutical Group (国药控股) with a target price of HKD 21.3, highlighting short-term performance pressure but long-term benefits from aging trends and policy integration [1] Financial Performance - In the first half of 2025, the company achieved revenue of CNY 286.04 billion, a decrease of 2.95% year-on-year, with a gross profit of CNY 20.35 billion, down 7.28% [1] - The overall gross margin continued to be under pressure at 7.11%, a decline of 0.34% year-on-year, while net profit was CNY 5.337 billion, down 9.53% [1] - Profit attributable to equity holders was CNY 3.47 billion, a decrease of 6.43% year-on-year, with effective cost control leading to reduced expense ratios [1] Pharmaceutical Distribution Segment - Revenue for the pharmaceutical distribution segment was CNY 218.53 billion, down 3.52% year-on-year, with an operating profit margin of 2.58%, a decline of 0.17 percentage points [2] - The company is focusing on core hospital markets and grassroots medical needs, which has contributed to overall market share growth despite revenue decline [2] - The strategic shift to reduce low-margin revenue has improved supply chain efficiency and compliance [2] Medical Device Distribution - Revenue from medical device distribution was CNY 57.05 billion, down 2.46% year-on-year, with an operating profit margin of 1.92%, a decrease of 0.33 percentage points [2] - The company is optimizing channel structures and has added new projects to enhance revenue, with SPD projects driving a 13% year-on-year increase in device revenue [2] Retail Pharmacy Segment - The retail pharmacy segment achieved revenue of CNY 17.16 billion, a growth of 3.6% year-on-year, with an operating profit margin of 2.68%, an increase of 1.13 percentage points [3] - As of June 30, 2025, the total number of Guoda pharmacies was 8,591, a net decrease of 978 stores, focusing on quality improvement and network optimization [3] - The professional pharmacy segment saw a reduction in store numbers but maintained double-digit same-store revenue growth due to supportive policies [3]

Core Viewpoint - The latest data from the Hong Kong Stock Exchange indicates significant shareholder activity in 康达环保 (Kangda Environmental), with a notable portion of shares deposited with First Shanghai Securities, reflecting ongoing interest in the company's stock [1] Group 1: Shareholder Activity - On September 26, 康达环保's shareholders deposited shares worth HKD 60.7284 million with First Shanghai Securities, representing 6.93% of the company's total shares [1] - As of September 22, 康达环保, along with China Water Affairs and the joint offeror, announced that the offer would close on September 22, 2025, with no further amendments or extensions planned [1] Group 2: Offer Acceptance - By the closing time of the offer on September 22, 2025, the joint offeror received valid acceptances for a total of 335 million shares, which accounts for approximately 14.53% of the company's total issued share capital as of the announcement date [1] - Additionally, there were valid acceptances for 44.2 million stock options, representing about 26.7% of the stock options offered [1]