Investment Rating - The report assigns a "Buy" rating with a target price of HKD 144.9, indicating a potential upside of 23.4% from the current price of HKD 117.4 [3][5]. Core Insights - The company reported a significant increase in product revenue by 49.2% year-on-year to RMB 1.4 billion in the first half of 2025, despite a net loss of RMB 570 million, which is an increase of 139% in losses compared to the previous year [1]. - The company has made substantial progress in its product pipeline, with multiple drugs in various stages of clinical trials and approvals, including AK104 and AK112, which have shown promising results in treating various cancers [2]. - The financial outlook shows a projected revenue increase from RMB 2.1 billion in 2024 to RMB 5.6 billion by 2027, with a recovery in net profit expected by 2027 [4][7]. Financial Summary - For the fiscal year ending December 31, 2023, the company is expected to generate revenue of RMB 4.53 billion, with a gross margin of 97.1% [4][7]. - The net profit is projected to turn positive by 2027, with an estimated net profit of RMB 260 million [4][7]. - The company has a strong cash position, with net cash expected to be RMB 5.8 billion post-financing activities [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.66, representing a potential upside of 25.9% from the current price of HKD 10.05 [4][5]. Core Insights - The company has demonstrated strong performance with a significant increase in revenue and net profit, achieving a revenue of RMB 227.5 billion in the first three quarters of 2025, a year-on-year increase of 44.4%, and a net profit of RMB 109.7 billion, up 57.5% year-on-year [5]. - The return on equity (ROE) has improved to 8.77%, reflecting enhanced profitability and operational efficiency [5]. - The brokerage and margin financing businesses have shown robust growth, with net income from brokerage services reaching RMB 63.1 billion, a 70.7% increase year-on-year, benefiting from a 113% rise in average daily trading volume [5]. - The company's self-investment segment has also performed well, with net investment income growing by 42.4% year-on-year to RMB 121.03 billion [5]. - Investment banking revenues have rebounded, with net income of RMB 4.8 billion, a 29.9% increase year-on-year, driven by a significant rise in equity underwriting [5]. Financial Summary - For the fiscal year ending December 31, 2023, the company is projected to have total revenue of RMB 336 billion, with a net profit of RMB 79 billion, translating to an EPS of 0.67 [3][6]. - The company expects revenue to grow to RMB 355 billion in 2024, followed by a decline to RMB 308 billion in 2025, before rebounding to RMB 342 billion in 2026 and RMB 361 billion in 2027 [3][6]. - The projected net profit for 2025 is RMB 147 billion, with a year-on-year growth rate of 46.5% [5][6]. - The company’s financial metrics indicate a price-to-book ratio of 0.9 for 2025, suggesting a favorable valuation relative to its net asset value [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 57% from the current price of HKD 1.92 [6][7]. Core Insights - The company is strategically embracing AI, which is expected to stabilize and improve its business performance. The focus is on high-quality business development and optimizing revenue sources, leading to a significant improvement in gross margin [7]. - The company reported a revenue of RMB 775 million in the first half of 2025, a decrease of 10.6% year-on-year, primarily due to a strategic reduction in low-margin businesses. However, it achieved an adjusted net profit of RMB 17 million, marking a significant turnaround from a loss of RMB 187 million in the same period of 2024 [7]. - The advertising business is under pressure due to policy adjustments and environmental factors, but there is an expectation for gradual recovery in 2026 as consumer spending improves [7]. Financial Summary - Total revenue for the fiscal year ending December 31, 2023, was RMB 2,227,684 thousand, with a projected decline to RMB 1,339,255 thousand in 2024, followed by a recovery to RMB 1,612,762 thousand in 2025 [4][9]. - The adjusted net profit is expected to improve from a loss of RMB 767,674 thousand in 2023 to a loss of RMB 521,922 thousand in 2025, indicating a trend towards profitability [4][9]. - The gross margin is projected to increase from 67% in 2023 to 71% in 2025, reflecting improved operational efficiency [9][10].

Company Research: Shanghai Fudan - In Q3 2025, Shanghai Fudan achieved revenue of 1.19 billion RMB, a year-on-year increase of 33.3%[5] - The gross profit margin improved to 61.1%, up by 9 percentage points year-on-year, primarily due to increased FPGA product shipments[5] - The net profit attributable to shareholders reached 137 million RMB, with a non-recurring net profit of 121 million RMB, reflecting a 59.2% year-on-year growth[5] FPGA Business Outlook - FPGA business revenue grew by 34.7% year-on-year, driven by demand for 28nm FPGA products[6] - The next-generation 1xnm FinFET FPGA products are expected to contribute to revenue starting in 2026, with a projected 38.6% growth in FPGA revenue to 1.47 billion RMB in FY 2025[6] Valuation and Rating - The target price for Shanghai Fudan is set at 45.00 HKD, indicating an 8.5% upside from the current price[8] - The company is rated as "Hold," with a projected revenue CAGR of 12.7% and a net profit CAGR of 25.8% over the next three years[8] Risk Factors - Key risks include underperformance in product sales, price adjustments, intensified market competition, and potential limitations in production capacity[9] Company Research: Weimob - Weimob's revenue for H1 2025 was 775 million RMB, a decrease of 10.6% year-on-year, due to strategic reductions in low-margin businesses[15] - The adjusted net profit for H1 2025 was 17 million RMB, a significant improvement from a net loss of 187 million RMB in the same period of 2024[15] AI Business Development - Weimob's AI-related products generated approximately 34 million RMB in revenue in H1 2025, indicating progress in commercializing AI solutions[15] - The company aims to enhance its core advertising services and optimize its business mix for long-term profitability[16] Valuation and Rating - The target price for Weimob is adjusted to 3.02 HKD, reflecting a 57% upside potential, maintaining a "Buy" rating[18]

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [4]. Core Insights - Tesla's Full Self-Driving (FSD) v14.2.1 update includes significant enhancements, allowing drivers to send text messages while driving, subject to traffic conditions [3]. - The FSD experience project in Europe has been extended, with a new trial period from December 1, 2025, to March 31, 2026, in major cities across Germany, France, and Italy [5]. - Tesla's Optimus robot has shown improved capabilities, including natural running and enhanced dexterity, moving closer to the vision of robots manufacturing other robots [6]. - Demand for the Model Y in China remains strong, with delivery dates pushed to early 2026 due to high order volumes [7]. - New versions of the Model 3 and Model Y have been launched in Europe, with competitive pricing aimed at increasing market penetration [9]. - Tesla is expanding its CyberCab production team and upgrading external camera systems to enhance its autonomous driving capabilities [10][11]. - The Megapack project in Hokkaido, Japan, has officially launched, contributing to Tesla's growth in the energy storage market [12]. Summary by Sections FSD Update - Major updates to FSD v14.2.1 include new texting capabilities while driving, pending regulatory considerations [3]. European Expansion - The FSD experience has been well-received in Europe, leading to an extension of the trial period [5]. - New Model 3 and Model Y standard versions have been introduced in Europe, with competitive pricing [9]. Robotics Development - The Optimus robot has demonstrated significant advancements in movement and dexterity, aligning with Tesla's manufacturing vision [6]. Electric Vehicle Demand - The Model Y continues to perform well in the saturated Chinese market, with delivery timelines indicating strong demand [7]. Production and Technology Enhancements - Tesla is actively hiring for its CyberCab production team and upgrading its camera systems to support autonomous driving [10][11]. - The Megapack project in Japan marks a significant step in Tesla's energy storage initiatives [12].

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4920 期 2025 年 12 月 9 日 星期二 研究观点 【公司研究】 网易（NTES.US/9999.HK，买入）：Q3 递延收入同比增长 25%，未来游戏产品储备丰富 【公司评论】 特斯拉（TSLA）：周报 奈飞（NFLX）：奈飞+华纳，下一个时代的媒体巨头 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 网易（美元） | NTES | 买入 买入 165.00 | 160.00 | 3% | 8.300 | 8.600 | -3% | 8.800 | 9.100 | -3% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400- ...

Investment Rating - The report assigns a "Buy" rating with a target price of $165.00, representing an upside potential of 18.04% for US shares and 18.42% for HK shares [2][4]. Core Insights - The company reported a 25% year-on-year increase in deferred revenue, indicating a strong future product pipeline in gaming [4]. - The gaming and related services revenue grew by 11.8% year-on-year, driven by both new and existing game titles, with mobile gaming revenue increasing by 6.6% [4]. - The company is expected to achieve a revenue CAGR of 12.9% and a Non-GAAP net profit CAGR of 15.5% from 2025 to 2027 [4]. Financial Performance Summary - For the fiscal year ending December 31, 2025, total revenue is projected to reach $16,175 million, reflecting an 8.6% increase from the previous year [3]. - Non-GAAP net profit is forecasted to be $5,408 million for 2025, with a year-on-year growth of 13.2% [3]. - The company achieved a GAAP net profit of 87.9 billion RMB in Q3 2025, marking a 31.8% increase year-on-year [4]. Revenue Breakdown - The gaming segment is expected to generate revenue of 940 billion RMB in 2025, representing a 12.4% year-on-year growth [4]. - The report highlights the successful launch of new titles such as "Dreamland" and "Yanyun," which have received positive feedback in international markets [4]. Shareholder Information - Major shareholders include Ding Lei with a 45.78% stake, followed by BlackRock and The Vanguard Group with 3.02% and 2.47% respectively [2].

Group 1: Company Research - The company, CSPC Pharmaceutical Group (01093), is rated as "Buy" with a target price of HKD 10.03, representing a potential upside of 31.3% from the current price of HKD 7.64[5][6]. - The market capitalization of CSPC Pharmaceutical Group is HKD 880.32 billion, with 11.522 billion shares issued[5]. - The adjusted net profit for the first three quarters of 2025 decreased by 15.2%, with revenue at HKD 19.89 billion, down 12.3% year-on-year[6]. Group 2: Financial Performance - The gross profit margin for the company is 65.6%, with a decrease in sales and administrative expense ratios by 4.4 and 0.8 percentage points to 31.1% and 3.1%, respectively[6]. - R&D expenses as a percentage of revenue increased by 6.3 percentage points to 27.1%[6]. - The net profit attributable to shareholders was HKD 3.51 billion, down 7.1%, with a net profit margin of 15.5%, a decrease of 2.1 percentage points[6]. Group 3: Segment Performance - The revenue from the finished drug segment was HKD 15.45 billion, down 17.2%, with a 25.5% decline in drug revenue to HKD 13.91 billion[6][7]. - The raw material drug segment saw revenue of HKD 1.79 billion, up 22.3%, while the functional food segment reported revenue of HKD 1.43 billion, up 11.2%[6][7]. - The profit margin for the finished drug segment was 20.9%, down 1.8 percentage points, while the vitamin C segment's profit margin increased by 3.6 percentage points to 11.0%[6][7]. Group 4: Future Outlook - The company plans to maintain dividends in the second half of the year at least at the same level as the first half, which was HKD 0.14 per share[6]. - The target market value for CSPC Pharmaceutical Group is estimated at HKD 116.5 billion, with a corresponding price-to-earnings ratio of 25.2 times for 2025 and 29.4 times for 2026[9].

Investment Rating - The report assigns a "Buy" rating for Amazon (AMZN) with a target price of $303.50, indicating a potential upside of 30% from the current price of $233.00 [2][5]. Core Insights - Amazon's revenue is projected to grow significantly, with estimates of $710.6 billion for FY2025, $797.1 billion for FY2026, and $888.2 billion for FY2027, reflecting a growth rate of approximately 11% annually [3][5]. - Operating profit is expected to increase from $81.1 billion in FY2025 to $129.8 billion by FY2027, with an operating margin improvement from 11.4% to 14.6% [3][5]. - The company is focusing on AI-driven enhancements in both its cloud computing (AWS) and e-commerce segments, which are expected to bolster operational efficiency and market competitiveness [5]. Financial Summary - Total revenue for FY2023 was $574.8 billion, with a projected increase to $637.9 billion in FY2024, and continuing to grow in subsequent years [3][17]. - The operating profit for FY2023 was $36.9 billion, with a significant forecasted increase to $68.6 billion in FY2024 [3][17]. - Earnings per share (EPS) are expected to rise from $2.90 in FY2023 to $5.53 in FY2024, and further to $7.20 in FY2025, indicating a strong growth trajectory [3][5]. Business Segments - AWS is highlighted as a core profit and growth engine, with Q3 revenue showing a 20% year-over-year increase to $33 billion, and a backlog of orders reaching $200 billion [5]. - The e-commerce segment is leveraging AI to enhance customer shopping experiences, with 250 million customers using the AI shopping assistant, Rufus, which has improved purchase completion rates by 60% [5]. - The logistics network is being upgraded to achieve faster delivery speeds, with plans to expand same-day delivery services to over 1,000 cities by 2025 [5].

Group 1: Amazon (AMZN) - AWS revenue in Q3 increased by 20% year-on-year to $33 billion, with backlogged orders rising to $200 billion[5] - AI shopping assistant Rufus has been used by 250 million customers, increasing purchase likelihood by 60%[6] - Target price set at $303.50, indicating a 30% upside from the current price of $233.00[7] Group 2: Meta Platforms (META) - Q3 total revenue reached $51.24 billion, a 26.2% year-on-year increase, exceeding expectations[12] - Family of Apps revenue was $50.77 billion, with ad revenue growing by 25.6%[12] - Target price set at $800, representing a 23.63% upside from the current price of $647.10[15] Group 3: Cambricon (688256) - Q3 revenue was $1.73 billion, significantly exceeding the pessimistic forecast of $1-1.5 billion, with a year-on-year increase of 1,333%[19] - Target price set at ¥1,683, indicating a 26% upside from the current price of ¥1,332.3[22] - Expected revenue growth of 481% in 2025, reaching ¥6.82 billion[22] Group 4: SUTENG (2498) - Q3 revenue was $4.07 billion, flat year-on-year but down 10.6% quarter-on-quarter[29] - ADAS business revenue declined by 25.7% year-on-year, while robotics revenue surged by 157.8%[29] - Target price set at HK$41.25, indicating a 33% upside from the current price of HK$31.08[32]