Core Viewpoint - Tianfeng Securities projects Angelalign's revenue for 2025-2027 to be $342 million, $406 million, and $478 million respectively, with an upward revision due to accelerated global expansion, maintaining a "Buy" rating [1] Financial Performance - In H1 2025, the company achieved revenue of $161 million, representing a year-on-year growth of 33.1% [1] - The net profit attributable to the parent company for H1 2025 was $14.64 million, showing a significant year-on-year increase of 364.25% [1] - Operating cash flow for H1 2025 reached $17.54 million, reflecting a year-on-year growth of 196.72% [1] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 were adjusted to $342 million, $406 million, and $478 million respectively, up from previous estimates of $322 million, $383 million, and $453 million [1] - Net profit forecasts for the same period are $12 million, $23 million, and $40 million, revised from $12 million, $21 million, and $38 million [1]

Core Viewpoint - Tianfeng Securities has raised its revenue and net profit forecasts for Times Angel (06699) for the years 2025-2027, citing accelerated global expansion, and maintains a "Buy" rating [1] Financial Projections - Expected revenues for Times Angel are projected to be $342 million, $406 million, and $478 million for 2025, 2026, and 2027 respectively, up from previous estimates of $322 million, $383 million, and $453 million [1] - Forecasted net profits for the same years are $12 million, $23 million, and $40 million, adjusted from prior estimates of $12 million, $21 million, and $38 million [1] Recent Performance - For the first half of 2025, Times Angel reported revenues of $161 million, representing a year-on-year growth of 33.1% [1] - The net profit for the same period was $14.64 million, showing a significant year-on-year increase of 364.25% [1] - Operating cash flow for the first half of 2025 reached $17.54 million, reflecting a year-on-year growth of 196.72% [1]

Group 1 - Tianfeng Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, projecting revenue of RMB 3.22 billion, RMB 4.41 billion, and RMB 5.93 billion for 2025-2027 respectively, and sets a target price of RMB 36.85, equivalent to HKD 40.25 for 2025 [1] - The autoimmune disease biopharmaceutical market in China is expected to reach RMB 36.3 billion by 2024, with biologics' market share projected to increase to 65.6% by 2030. The psoriasis market is anticipated to reach RMB 30.65 billion by 2030, while the ankylosing spondylitis market is expected to reach approximately RMB 46.3 billion by 2030 [1] - Current first-line treatments for autoimmune diseases like psoriasis and ankylosing spondylitis primarily involve corticosteroids, immunosuppressants, and non-steroidal anti-inflammatory drugs, which have limitations such as short treatment duration and systemic side effects [1] Group 2 - The company has a robust pipeline in monoclonal antibodies for autoimmune diseases, with QX001S being the first approved biosimilar of ustekinumab in China, significantly improving accessibility for psoriasis treatment [2] - QX008N has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the domestic market, while QX005N has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in H2 2025, and QX004N has shown significant efficacy and safety for psoriasis, initiating Phase III trials [2] Group 3 - The company is advancing differentiated long-acting bispecific antibodies and actively pursuing overseas business development and licensing collaborations [3] - The rabbit antibody development platform enables high-activity antibody screening and early commercial feasibility assessments, focusing on key signaling pathways in autoimmune diseases [3] - The company has multiple bispecific antibody pipelines, including QX030N, which has completed its first overseas New Co transaction, and QX027N and QX035N, which are set for IND submissions in China and the U.S. [3] Group 4 - The company is diversifying its commercialization efforts through strategic partnerships, including collaborations with Huadong Medicine for QX001S and QX005N, and exclusive licensing agreements with Hansoh Pharmaceutical and Health元 for various products [4] - An exclusive licensing agreement has been signed with Caldera Therapeutics for the global development and commercialization of long-acting bispecific antibody QX030N [4]

Core Viewpoint - Tianfeng Securities initiates coverage on Qianxin Biologics-B (02509) with a "Buy" rating, projecting revenue of RMB 3.22 billion, RMB 4.41 billion, and RMB 5.93 billion for 2025-2027, respectively, and setting a target price of RMB 36.85, equivalent to HKD 40.25 [1] Group 1: Market Potential - The autoimmune disease biopharmaceutical market in China is expected to reach RMB 36.3 billion by 2024, with the share of biological agents increasing to 65.6% by 2030 [1] - The psoriasis market is projected to reach RMB 30.65 billion by 2030, while the ankylosing spondylitis market is expected to grow to approximately RMB 46.3 billion by 2030, with 3.9 million patients reported in 2022 [1] Group 2: R&D and Product Pipeline - The company has a robust pipeline in autoimmune monoclonal antibodies, including QX001S (IL-23p40), the first approved biosimilar in China for ustekinumab, enhancing accessibility for psoriasis treatment [2] - QX008N (TSLP) has completed Phase II enrollment for chronic obstructive pulmonary disease, leading the domestic market, while QX005N (IL-4Rα) has received breakthrough therapy designation and completed Phase III enrollment for nodular prurigo [2] - QX002N (IL-17A) has completed Phase III trials for ankylosing spondylitis, with a BLA submission expected in H2 2025, and QX004N (IL-23p19) has shown significant efficacy and safety for psoriasis, initiating Phase III trials [2] Group 3: Strategic Collaborations - The company is advancing commercial partnerships both domestically and internationally, collaborating with East China Pharmaceutical on QX001S and QX005N for strategic market development [4] - An exclusive licensing agreement has been established with Hansoh Pharmaceutical for QX004N in Greater China, while a partnership with Health元药业 for QX008N focuses on respiratory indications in mainland China and Hong Kong [4] - An international licensing agreement with Caldera Therapeutics for the long-acting dual antibody QX030N has been signed, granting global exclusive rights for development and commercialization [4]

Core Viewpoint - The overall white liquor industry is still in an adjustment period, leading to a downward revision of the profit forecast for Zhenjiu Lidu (06979) for 2025-2027 [1] Financial Performance - For H1 2025, the company reported revenue of 2.497 billion yuan, a year-on-year decrease of 39.6%, and a net profit of 575 million yuan, down 23.5% [1][2] - The expected revenue for 2025-2027 is revised to 5.978 billion, 6.590 billion, and 7.141 billion yuan, down from previous estimates of 7.328 billion, 8.100 billion, and 8.786 billion yuan [1][5] - The expected net profit for the same period is adjusted to 1.073 billion, 1.294 billion, and 1.700 billion yuan, compared to previous forecasts of 1.525 billion, 1.820 billion, and 2.305 billion yuan [1][5] Sales and Volume Analysis - The company's liquor business revenue for H1 2025 was 2.497 billion yuan, with a volume decrease of 35.58% to 9,125 tons and an average price drop of 6.20% to 273,700 yuan per ton [2] - Revenue by brand showed Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao at 1.492 billion, 611 million, 277 million, and 81 million yuan respectively, with year-on-year declines of 44.80%, 9.40%, 38.73%, and 63.91% [2] Margin and Cost Analysis - The gross margin for H1 2025 improved by 0.28 percentage points to 59.04%, while the net profit margin increased by 4.83 percentage points to 23.02% [4] - The improvement in gross margin is attributed to a higher proportion of Lidu, which has a better margin, and the release of self-owned production capacity, reducing unit costs [4] Strategic Outlook - The company is focusing on mid-to-high-end products and expanding banquet scene channels to drive stable growth in 2025 [5] - The company maintains a "buy" rating despite the overall adjustment in the white liquor industry [1][5]

Core Viewpoint - The overall white liquor industry is still in an adjustment period, leading to a downward revision of the profit forecast for Zhenjiu Lidu (06979) for 2025-2027, with expected revenues of 5.978 billion, 6.590 billion, and 7.141 billion yuan, and net profits of 1.073 billion, 1.294 billion, and 1.700 billion yuan respectively, maintaining a "buy" rating [1] Revenue and Profit Analysis - In H1 2025, the company's liquor business revenue was 2.497 billion yuan, a year-on-year decrease of 39.58%, with sales volume down 35.58% to 9,125 tons and average price down 6.20% to 273,700 yuan per ton [1] - By brand, revenues for Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao were 1.492 billion, 611 million, 277 million, and 81 million yuan respectively, with year-on-year changes of -44.80%, -9.40%, -38.73%, and -63.91% [2] - The gross profit margins for Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao were 58.3%, 66.5%, 58.7%, and 41.7% respectively, with slight year-on-year changes [2] Channel and Cost Structure - In H1 2025, revenue from distributors and direct sales was 2.197 billion and 300 million yuan respectively, with year-on-year declines of 41.78% and 16.57% [3] - The company’s gross profit margin increased by 0.28 percentage points to 59.04%, and net profit margin increased by 4.83 percentage points to 23.02% [4] Strategic Outlook - The company is focusing on mid-to-high-end products and expanding banquet scenarios to drive stable growth in 2025, despite the overall industry adjustment [5] - The profit forecast for 2025-2027 has been revised downwards, with expected revenues and net profits reflecting the current market conditions [5]

格隆汇9月30日｜A股券商股早盘低迷，其中，湘财股份跌超3%，中信证券、天风证券、华泰证券等个 股跟跌，国盛金控逆市上行走出两连板。 ...

Market Overview - A-shares opened higher with all three major indices rising: Shanghai Composite Index up 0.19%, Shenzhen Component Index up 0.19%, and ChiNext Index up 0.04% [1] Institutional Insights - Huatai Securities emphasizes the value of quality bank stocks, noting that the price-to-earnings ratio has improved due to a 15% maximum drawdown since mid-July, with some banks offering dividend yields above 5% for 2025. The firm anticipates a potential increase in demand for bank stocks in Q4 due to risk aversion and year-end calendar effects, alongside improved core business profitability and asset quality [2] - CITIC Securities highlights investment opportunities in the lithium battery equipment sector, reporting rapid growth in investment in China's lithium battery industry from January to August 2025. The solid-state battery technology is gaining traction, with equipment orders increasing significantly since June, indicating a faster industrialization process and emerging investment opportunities in the equipment segment [3] - Tianfeng Securities focuses on the AI terminal equipment industry chain, following a joint directive from multiple government departments aimed at boosting digital consumption. The initiative encourages innovation in AI products, including smartphones, computers, and smart home devices, which is expected to stimulate market demand and upgrade the upstream supply chain, benefiting the semiconductor and sensor industries [4]

Core Viewpoint - The joint issuance of guidelines by eight departments, including the Ministry of Commerce, aims to significantly boost digital consumption and create a better life in the digital age, with a focus on the AI terminal device industry chain opportunities [1] Group 1: Policy Initiatives - The guidelines emphasize accelerating innovation in artificial intelligence terminal products, particularly in areas such as AI smartphones, computers, wearable devices, and intelligent robots [1] - The initiative promotes the interconnectivity of smart home appliances and pilot projects for intelligent connected vehicles, aiming to stimulate new demand through new supply [1] Group 2: Market Impact - The policy measures are expected to directly stimulate the digital consumption market and create a virtuous cycle of "demand driving supply" [1] - This will lead to upgrades in upstream industries such as chips and sensors, injecting new momentum into the consumer electronics industry [1]

Core Viewpoint - Tianfeng Securities reports that planetary roller screws offer higher precision, longer lifespan, and greater load capacity, with potential applications in automotive steer-by-wire chassis systems [1] Application Areas - In the robotics sector, ball screws and planetary roller screws are predominant; in the automotive sector, ball screws are widely used in chassis, while planetary roller screws are emerging as a new technological direction [2] - In braking systems, the trend is moving from traditional hydraulic brakes to electro-hydraulic mixed brakes (EHB) and then to electromechanical brakes (EMB), with planetary roller screws gradually replacing existing technologies due to their low friction, high load capacity, and long lifespan [2] - In steering systems, rear-wheel steering technology (RWS) can control the rear wheel's steering angle, significantly enhancing vehicle handling; planetary roller screws may be used in this technology, offering advantages over current ball screws or belt drives [2] - In active suspension systems, planetary roller screws possess higher load capacity, longer lifespan, and more compact structure, indicating potential for increased application in electric suspension systems as performance requirements evolve [2] Competitive Landscape - The market is currently dominated by international leaders, with foreign manufacturers holding over 60% market share in 2022; Swiss company GSA/Rollvis leads with a 52% share [3]