Group 1 - The core viewpoint of the report is that the company, Innovate Intelligence (02121), is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 1.501 billion, 1.855 billion, and 2.276 billion RMB respectively, leading to a target price increase of 159% to 14.48 HKD [1] - The company achieved a revenue of 699 million RMB in the first half of 2025, representing a year-on-year growth of 22.3%, indicating a return to a growth trajectory [1] - The gross profit for the first half of 2025 was 245 million RMB, with a year-on-year increase of 26.7%, and the gross margin improved by 1.2 percentage points to 35.0% [1] Group 2 - The company's "AI + Manufacturing" strategy has shown significant results, becoming the core engine of growth, with manufacturing business revenue reaching 556 million RMB in the first half of 2025, a year-on-year increase of 27.0% [1] - The share of manufacturing revenue in total revenue increased from 76.5% to 79.5%, highlighting its role as a key driver of growth [1] - The company has established competitive barriers through deep engagement in vertical industries such as steel metallurgy, automotive equipment, and 3C, successfully capturing the trend of intelligent transformation in manufacturing [1] Group 3 - The company has implemented a "one model, one body, two wings" strategy, utilizing the AInnoGC industrial model as a foundation and AI agents as the driving force for industrial robotics and software applications [2] - A new AI Agent development platform has been launched, allowing for the construction and deployment of intelligent solutions in a visual, low-code manner [2] - The ChatRobot technology stack has achieved capabilities for autonomous task planning, scheduling, and decision-making, forming the brain of industrial robotics [2]

Group 1 - The core viewpoint of the report is that the company, Innovation Works (02121), is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 1.501 billion, 1.855 billion, and 2.276 billion RMB respectively, leading to an increase in target price by 159% to 14.48 HKD [1] - The company achieved a revenue of 699 million RMB in the first half of 2025, representing a year-on-year growth of 22.3%, indicating a return to a growth trajectory [1] - The gross profit for the same period was 245 million RMB, with a year-on-year increase of 26.7%, and the gross margin improved by 1.2 percentage points to 35.0% [1] Group 2 - The company's "AI + Manufacturing" strategy has shown significant results, becoming the core growth engine, with manufacturing business revenue reaching 556 million RMB in the first half of 2025, a year-on-year increase of 27.0% [1] - The proportion of manufacturing revenue in total income increased from 76.5% to 79.5%, highlighting its role as a key driver of growth [1] - The company has established competitive barriers through deep engagement in vertical industries such as steel metallurgy, automotive equipment, and 3C, successfully capturing the trend of intelligent transformation in manufacturing [1] Group 3 - The company has implemented a "one model, one body, two wings" strategy, utilizing the AInnoGC industrial model as a foundation and AI agents as the driving force for industrial robotics and software applications [2] - A new AI Agent development platform has been launched, allowing for the construction and deployment of intelligent solutions in a visual, low-code manner [2] - The ChatRobot technology stack has achieved capabilities in autonomous task planning, scheduling, and decision-making, forming the "brain" of industrial robots [2]

Core Viewpoint - The AI industry is poised for significant growth driven by continuous technological advancements and policy support, with a focus on optimizing the AI innovation ecosystem to bolster industrial development [1][2]. Group 1: AI Industry Development - The AI industry is recognized as a key driver of the new technological revolution and industrial transformation, with rapid advancements noted [1]. - The recent release of the State Council's action plan emphasizes the integration of AI into six key sectors by 2027, aiming for over 70% penetration of new intelligent terminals and agents [2]. - By 2030, the goal is for AI to fully empower high-quality development, with over 90% penetration of intelligent applications, establishing AI as a crucial growth driver for the economy [2]. Group 2: Key Action Areas - The action plan outlines six priority areas for AI implementation: 1. AI in science and technology to accelerate discovery and innovation [3]. 2. AI in industrial development to foster new business models and enhance smart agriculture [3]. 3. AI in consumer quality enhancement to create new service consumption scenarios [3]. 4. AI in improving public welfare through smarter work and learning methods [3]. 5. AI in governance to create a new paradigm of human-machine coexistence [3]. 6. AI in global cooperation to promote shared benefits and establish a global governance framework [3]. Group 3: Supportive Infrastructure - The government is committed to strengthening foundational capabilities in models, data, and computing power, with a focus on optimizing the AI innovation ecosystem [4]. - Policies will support the transformation of software and information service companies towards intelligent operations, fostering AI application service providers [4]. - Financial and fiscal support for the AI sector will be enhanced, with an emphasis on the role of government procurement and fiscal funds [4].

Core Viewpoint - Haitong International maintains an "outperform" rating for Lianlian Digital (02598), adjusting the net profit forecast for 2025-2027 to 1.485 billion, -60 million, and 40 million yuan respectively, with an EPS forecast of 1.33, -0.05, and 0.04 yuan, and sets a target price of HKD 15.52 per share based on strong business performance and Web 3.0 ecosystem growth potential [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 783 million yuan, a year-on-year increase of 26.8%, and a net profit of 1.511 billion yuan, significantly reversing losses mainly due to the sale of 14.56% equity in a subsidiary to American Express for a total transaction price of 1.601 billion yuan, resulting in substantial investment income [3]. - The overall gross margin for H1 2025 was 51.9%, slightly down by 0.7 percentage points, while the expense ratios for sales, management, R&D, and financial expenses were 16.5%, 38.3%, 23.9%, and 2.6% respectively, showing significant optimization in overall expense ratios [3]. Business Performance - The digital payment business generated revenue of 684 million yuan in H1 2025, a year-on-year increase of 26.2%, with total TPV reaching 2.1 trillion yuan, up 32.0% year-on-year. Global payment TPV surged by 94% to 198.5 billion yuan, while domestic payment TPV grew by 27.6% to 1.9 trillion yuan [4]. - The company has established a comprehensive layout with 65 global payment licenses, serving a total of 7.9 million customers by H1 2025, indicating a strong potential for continued high growth in transaction volume [4]. Strategic Initiatives - The company plans to complete an H-share placement in July 2025, raising 387 million HKD, with 50% of the funds (approximately 194 million HKD) allocated for innovation and application of blockchain and other technologies in the global payment sector. The company has also obtained a license for a Hong Kong digital asset trading platform (VATP) and will continue strategic investments in the Web 3.0 field to enhance its digital asset licensing and ecosystem [5].

Core Viewpoint - Haitong International maintains an "outperform" rating for Lianlian Digital (02598), adjusting the net profit forecast for 2025-2027 to 1.485 billion, -60 million, and 40 million respectively, with a target price of HKD 15.52 per share [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 783 million, a year-on-year increase of 26.8%, and a net profit of 1.511 billion, significantly turning around from losses, primarily due to a large investment gain from selling 14.56% of its subsidiary to American Express for 1.601 billion [3] - The overall gross margin for H1 2025 was 51.9%, slightly down by 0.7 percentage points, while the expense ratios for sales, management, R&D, and financial expenses were 16.5%, 38.3%, 23.9%, and 2.6% respectively, showing significant optimization [3] Group 2: Payment Business Performance - The digital payment business generated revenue of 684 million in H1 2025, a year-on-year increase of 26.2%, with total TPV reaching 2.1 trillion, up 32.0% [4] - Global payment TPV surged to 198.5 billion, a remarkable increase of 94%, while domestic payment TPV reached 1.9 trillion, growing by 27.6% [4] Group 3: Strategic Investments - The company plans to complete an H-share placement in July 2025, raising 387 million HKD, with 50% of the funds (approximately 194 million HKD) allocated for innovation and application of blockchain technology in global payments [5] - The company has obtained a license for a Hong Kong digital asset trading platform (VATP) and will continue to strategically invest in the Web3.0 sector to enhance its digital asset licensing and ecosystem [5]

Group 1 - The core viewpoint of the report is that Aneng Logistics (09956) is a leading company in the express delivery industry, with continuous optimization in its business structure and profitability [1] - The adjusted profit forecast for Aneng Logistics indicates expected net profits attributable to shareholders for 2025, 2026, and 2027 to be 8.88 billion, 10.40 billion, and 12.08 billion respectively, with corresponding EPS of 0.75, 0.88, and 1.03 [1] - The valuation for Aneng Logistics is set at a 14 times PE ratio for 2025, leading to a target price of 11.60 HKD, maintaining an "outperform the market" rating [1] Group 2 - Aneng Logistics reported a revenue of 56.25 billion for the first half of 2025, reflecting a year-on-year growth of 6.4% [1] - The gross profit for the same period was 8.80 billion, showing a slight increase of 0.2% year-on-year [1] - The adjusted net profit reached 4.76 billion, representing a year-on-year growth of 10.7%, aligning with market expectations [1] - The company declared an interim dividend of 0.1572 HKD per share and a special dividend of 0.0393 HKD per share, totaling 0.1965 HKD per share, with a total payout ratio of 54%, exceeding market expectations and demonstrating management's commitment to shareholder returns [1]

该行称，公司运营效率和利润率进一步提升。25H1，公司毛利率为30.6%，销售费率为11.8%，管理费 率为6.3%。25H1公司实现净利润1.5亿元(+41.6%)，经调整净利润1.7亿元(+15.2%)，经调整净利率为 11.4%(+0.6pp)。根据公开业绩会，公司认为毛利率提升主要因租赁成本和药材成本的下降，且精细化 运营带来了管理费用率的进一步优化。 海通国际发布研报称，固生堂(02273)作为国内连锁中医医疗服务龙头，品牌力和数字化技术优势突 出，维持目标价HKD67.35/股，对应2025/2026年37x/31xPE，维持"优于大市"评级，建议关注。该行预 计固生堂2025/2026年收入为34.0亿元/40.3亿元，同比增长12.5%/18.5%；归母净利润为4.1亿元/4.9亿 元，同比增长32.4%/19.6%。 25H1，公司实现收入14.9亿元(+9.5%)。门诊量达到274.7万人次(+15.3%)，ASP约为544元(-5.0%)。收入 拆分来看，线下收入13.7亿元，线上收入1.3亿元，线下明显快于线上，主要因公司更专注线下医疗机构 增长。截至25H1末，公司运营83家中医医疗 ...

该行称，公司运营效率和利润率进一步提升。25H1，公司毛利率为30.6%，销售费率为11.8%，管理费 率为6.3%。25H1公司实现净利润1.5亿元(+41.6%)，经调整净利润1.7亿元(+15.2%)，经调整净利率为 11.4%(+0.6pp)。根据公开业绩会，公司认为毛利率提升主要因租赁成本和药材成本的下降，且精细化 运营带来了管理费用率的进一步优化。 智通财经APP获悉，海通国际发布研报称，固生堂(02273)作为国内连锁中医医疗服务龙头，品牌力和数 字化技术优势突出，维持目标价HKD67.35/股，对应2025/2026年37x/31xPE，维持"优于大市"评级，建 议关注。该行预计固生堂2025/2026年收入为34.0亿元/40.3亿元，同比增长12.5%/18.5%；归母净利润为 4.1亿元/4.9亿元，同比增长32.4%/19.6%。 25H1，公司实现收入14.9亿元(+9.5%)。门诊量达到274.7万人次(+15.3%)，ASP约为544元(-5.0%)。收入 拆分来看，线下收入13.7亿元，线上收入1.3亿元，线下明显快于线上，主要因公司更专注线下医疗机构 增长。截至25H1末，公 ...

Core Viewpoint - Haitong International has raised the long-term sales revenue forecast for InnoCare Pharma (09606) based on its H1 2025 revenue and clinical pipeline progress, projecting total revenues of 1.75 billion, 970 million, and 1.37 billion RMB for 2025-2027 [1] Financial Summary - The company reported H1 2025 revenue of 1.23 billion RMB, reflecting a year-on-year increase of 22.9%, primarily driven by licensing and collaboration agreement income [1] - R&D expenses amounted to 350 million RMB, down 7.5%, with an R&D expense ratio of 28.4%, a decrease of 9.4 percentage points [1] - Management expenses were 130 million RMB, up 71.3%, with a management expense ratio of 10.2%, an increase of 2.9 percentage points [1] - Adjusted profit for the company was 150 million RMB, with cash on hand totaling 3.75 billion RMB as of H1 2025 [1] Valuation and Price Target - The company’s target price has been raised to 464.2 HKD per share, maintaining an "outperform" rating, based on a DCF model using FY26-34 cash flows, a WACC of 10.0%, and a perpetual growth rate of 3.5% [1] R&D Pipeline Updates - DB-1303 (HER2 ADC): Submission for FDA BLA for endometrial cancer and domestic HER2+ breast cancer listing application expected in H2 2025 [1] - DB-2304 (BDCA2 ADC): Phase I SAD study for SLE completed, with MAD study expected to start by the end of 2025 [1] - Early clinical data readouts for DB-1419 (B7H3/PD-L1 ADC) and DB-1317 (ADAM9 ADC) anticipated between H2 2025 and 2026 [1] - DB-1418 (EGFR/HER3 ADC) is currently in global Phase I trials, with domestic IND approval expected in H2 2025; early information and data from new ADC platforms like DUPAC are also expected to be disclosed [1]

Group 1 - The core viewpoint of the report is that Haitong International has raised the expected future sales revenue share from BioNTech for the company, projecting total revenues of 1.75 billion, 970 million, and 1.37 billion RMB for the years 2025-2027 [1] - The company reported a revenue of 1.23 billion RMB for the first half of 2025, representing a year-on-year increase of 22.9%, primarily driven by licensing and collaboration agreement revenues [1] - The company’s R&D investment for the first half of 2025 was 350 million RMB, a decrease of 7.5%, with an R&D expense ratio of 28.4%, down by 9.4 percentage points [1] Group 2 - The company has outlined several key R&D catalysts, including the submission of clinical applications for DB-1303 (HER2ADC) for endometrial cancer and HER2+ breast cancer in the second half of 2025 [2] - The completion of Phase I SAD studies for DB-2304 (BDCA2ADC) targeting SLE is noted, with plans to initiate MAD studies by the end of 2025 [2] - Ongoing global Phase I trials for DB-1418 (EGFR/HER3ADC) and the expected disclosure of early data from new ADC platforms like DUPAC are highlighted for the second half of 2025 to 2026 [2]