智通财经APP获悉，海通国际发布研报称，维持石药集团(01093)"优于大市"评级与目标价11.34港元， 前三季度营收同比有所下滑，但第三季度单季业绩已显现回暖迹象，成药收入环比增长10%，归母净利 润同比增长27%，公司通过加大研发投入并优化销售费用，积极推动创新药放量及资产出海(如SYS6010 等)，管理层对2026年成药业务恢复正增长及未来BD成果持乐观态度。 海通国际主要观点如下： 业绩表现 -呼吸系统收入3.2亿元(同比+73%，环比+28%) -消化代谢收入2.5亿元(同比+14%，环比+8%) 9M25石药集团实现收入199亿元(同比-12%)，其中成药收入155亿元(同比-17%)，原料药收入30亿元(同 比+10%)，功能食品及其他业务14亿元(同比+11%)。公司实现毛利率65.6%(同比下滑4.9ppts)；研发费用 42亿元(同比+8%)，研发费用率21.0%(同比提高3.9ppts)；销售费用率24.1%(同比减少5.1ppts)。前三季度 石药集团实现归母净利润35亿元(同比-7%)。管理层预计2026年成药销售有望恢复正增长，但同时也表 示仿制药集采续约规则目前仍有不确定性。 ...

| 編纂]的[編纂]數目 : [編纂]股股份(視乎[編纂]行使與否而定) | :: | | | --- | --- | --- | | [编纂]敬目 | | [编纂]股股份(可于[编纂]) | | [编纂]数目 | .. | [编纂]股股份(可予[编纂]及 | | | | 視乎[编纂]行使與否而定) | | 最高[编纂] | : | 每股[编纂] | | 面值: | | 每股股份0,0000005美元 | | [编纂] : [编纂] | | | | 膠席保薦人 ·[编纂] | | | | BofA Securities | | Goldman Sachs | Haitong International | | UBS | | --- | --- | --- | --- | --- | --- | | | [鼎纂] | | | 財務顧問、[编纂] | | | | 華泰國際 | | CITIC Securities | | | 来源：瑞恩资本RyanbenCapital 2025年11月23日，来自北京经济技术开发区的京东工业股份有限公司 JINGDONG Industrials, Inc. (简 称"京东工业" ...

Core Viewpoint - NetEase's Q3 performance slightly missed expectations, with total revenue falling short by 3% and game revenue by 2% [1] Group 1: Financial Performance - Operating profit margin decreased by 3 percentage points due to increased sales and marketing expenses [1] - Non-GAAP net profit met expectations, primarily driven by better-than-expected investment income [1] Group 2: Profitability Trends - Overall profit margin trend for NetEase remains healthy [1] - The game "Yan Yun Shi Liu Sheng" has a relatively low profit margin in overseas markets, which may drag down overall game gross margin [1] - Music business gross margin is on the rise, while Youdao's gross margin has declined due to changes in revenue structure [1] Group 3: Future Projections - The company anticipates a seasonal decline in marketing expenses in Q4 [1] - Forecasted adjusted net profits for Q4 FY2025, FY2025, and FY2026 are 9.6 billion, 39.9 billion, and 41.6 billion respectively, with year-on-year growth of 0%, 19%, and 4% [1] - Target price for NetEase's US stock has been raised from $160 to $168, maintaining an "outperform" rating [1]

Core Viewpoint - Haitong International initiates coverage on Cha Baidao (02555) with an "outperform" rating and a target price of HKD 9.3, anticipating a recovery in fundamentals by mid-2025 through product innovation, marketing optimization, and franchisee operations after a business adjustment in 2024 [1] Company Background - Cha Baidao, founded by Wang Xiaokun in 2008 in Chengdu, Sichuan, is a leading ready-to-drink tea brand in China, with 8,465 global stores as of 1H25, including 8,444 in China and 21 overseas [1] - The brand holds an 8% market share in China's ready-to-drink tea segment, ranking third by GMV in 2023, and is the second-largest in the mass market segment with a 15.6% market share [1] Business Adjustment and Innovation - The ready-to-drink beverage industry is entering an adjustment phase in 2024, with Cha Baidao optimizing its business model to return to a growth trajectory in 1H25 [2] - The company is restructuring its business around product capabilities, with a dual-team approach in R&D leading to 55 new products launched in 1H25, significantly up from 21 in the same period of 2024 [3] - Marketing strategies are shifting from passive to proactive, with increased advertising spending and enhanced precision marketing to boost customer retention [3] - Operational improvements include optimizing existing franchisees and encouraging expansion into county-level markets, resulting in a shorter payback period for stores by approximately 1-2 months compared to 2024 [3] - Supply chain enhancements have led to next-day delivery for most stores and a broader range of self-produced raw materials [3] Financial Forecast and Valuation - The company anticipates a high base effect in same-store sales due to delivery subsidies in 2025, with potential pressure in 2026 as subsidy levels decrease [4] - Cha Baidao plans to enhance same-store and single-store performance through channel expansion, product diversification, and increased marketing efforts [4] - Recent social security and tax policies are expected to promote a more regulated and sustainable industry, benefiting compliant leading brands like Cha Baidao [4] - Revenue projections for 2025-2027 are estimated at CNY 5.59 billion, 6.00 billion, and 6.55 billion, with adjusted net profits of CNY 840 million, 950 million, and 1.08 billion respectively [4] - The company is assigned a 15X PE valuation for 2025, leading to a target price of HKD 9.3 based on expected growth rates and industry average valuation levels [4]

Core Viewpoint - Haitong International has initiated coverage on Alibaba's H-shares with an "Outperform" rating, setting a target price of HKD 200, which corresponds to a non-GAAP P/E ratio of approximately 28 times for the fiscal year 2026 and about 20 times for fiscal year 2027 [1] Group 1 - The report anticipates that Alibaba is entering a recovery phase driven by AI, with overall revenue growth expected to accelerate [1]

Core Viewpoint - Haitong International initiates coverage of Hesai Technology (02525) with an "Outperform" rating and a target price of HKD 247.6, highlighting its position as a global leader in LiDAR technology [1] Group 1: Company Performance - Hesai is expected to achieve a total LiDAR shipment of 1.6 million units within the year, with 610,000 units projected for the fourth quarter [1] - The company's estimated revenue for the fourth quarter is RMB 1.01 billion [1] - Forecasted revenues for 2025, 2026, and 2027 are RMB 3.037 billion, RMB 4.439 billion, and RMB 5.735 billion respectively [1] Group 2: Profitability - The company is anticipated to report a GAAP net profit of RMB 400 million for the year, with RMB 117 million expected in the fourth quarter [1]

Core Viewpoint - Haitong International initiates coverage on Hesai Technology (02525) with an "Outperform" rating and a target price of HKD 247.6, highlighting its position as a global leader in LiDAR technology [1] Group 1: Company Performance - Hesai is expected to achieve a total LiDAR shipment of 1.6 million units within the year, with a projected shipment of 610,000 units in Q4 [1] - The company's projected revenue for Q4 is estimated at RMB 1.01 billion, with anticipated revenues for 2025, 2026, and 2027 being RMB 3.037 billion, RMB 4.439 billion, and RMB 5.735 billion respectively [1] - The forecasted GAAP net profit for the company this year is RMB 400 million, with Q4 net profit expected to be RMB 117 million [1]

Core Viewpoint - Bilibili's Q3 performance shows steady growth, with a 5% year-on-year revenue increase meeting expectations, and advertising revenue up 23%, exceeding forecasts by 2% [1] Revenue Performance - The company is projected to achieve Q4 revenue of 15 billion, with annual revenues of 64 billion for both this year and the next [1] - Advertising revenue is expected to reach 29 billion in Q4, with annual forecasts of 99 billion and 118 billion for the next two years [1] Gaming Business Outlook - A rebound in the gaming sector is anticipated by the second half of next year, with the flagship game "Three Kingdoms: Strategy" performing as expected and planned for an overseas release in H2 2026 [1] - The game "Escape from Duckkov" has been well-received since its October launch, with plans for PC and mobile adaptations underway [1] Profitability Forecast - The company maintains its revenue forecast for 2025 and has raised its non-GAAP net profit estimate by 4% [1] - The target price for Bilibili's US stock is set at $23, with an "outperform" rating [1]

Group 1 - The core viewpoint of the report is that Hesai Technology is a global leader in LiDAR technology, and it has been given an "outperform" rating with a target price of HKD 247.6 [1] - Hesai is expected to ship a total of 1.6 million LiDAR units within the year, with 610,000 units projected for the fourth quarter [1] - The estimated revenue for Hesai in the fourth quarter is projected to be CNY 1.01 billion, with expected revenues for 2025, 2026, and 2027 being CNY 3.037 billion, CNY 4.439 billion, and CNY 5.735 billion respectively [1] Group 2 - The company is anticipated to achieve a GAAP net profit of CNY 400 million for the year, with a fourth-quarter net profit forecast of CNY 117 million [1]

Core Viewpoint - Company is well-positioned to benefit from the expanding global air conditioning market, with a strong focus on both domestic and international operations, leading to potential growth in market share and profitability [1][4]. Group 1: Domestic Market Strategy - The company has implemented an innovative online wholesale new retail model in the domestic market, enhancing channel efficiency and enabling better control over retail prices [3]. - The domestic air conditioning sales are expected to continue growing due to government subsidy policies, maintaining a competitive position within the top five market share [5]. Group 2: International Market Expansion - The company has established a presence in over 150 countries, effectively executing its OBM (Original Brand Manufacturer) and ODM (Original Design Manufacturer) strategies, which are driving significant growth in various regions including Asia, Europe, and South America [4]. - The establishment of a factory in Thailand has expanded overseas production capacity, allowing for flexible adjustments to meet rising demand in Southeast Asia and mitigating potential trade barriers [2]. Group 3: Financial Outlook - The company plans to maintain a dividend payout ratio of no less than 75% from 2025 to 2027, with an expected dividend yield exceeding 10% based on current stock prices and profit assumptions [1]. - Earnings per share (EPS) projections for 2025, 2026, and 2027 are estimated at 1.96, 2.14, and 2.45 respectively, reflecting year-on-year growth rates of 7%, 9%, and 14% [1].