Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to accelerate store openings in the fourth quarter of 2025, with a focus on penetrating lower-tier markets, which will enhance revenue and profitability [10][14] - The company has achieved significant improvements in single-store performance, with a monthly average of approximately 64,000, reflecting a year-on-year growth of 8.7% [14] - The core operating profit margin for the company is projected to be 7.7%, a year-on-year increase of 1.2 percentage points, driven by scale effects and operational efficiency [9] Revenue Summary - The company has exceeded its store opening targets, adding 805 new stores in Q4 2025, significantly higher than the 250 and 361 stores added in H1 and Q3 of 2025 respectively [14] - Revenue for Q4 2025 is forecasted to be 2.61 billion, representing a year-on-year increase of 19.9%, while the total revenue for 2025 is expected to reach 7.8 billion, up 20.6% year-on-year [13] Profitability Summary - The company is projected to achieve a net profit of 429 million in 2025, reflecting a substantial year-on-year increase of 86.2% [11] - The earnings per share (EPS) is expected to rise from 0.08 in 2024 to 0.16 in 2025, indicating strong growth potential [15] Financial Forecast - The company is expected to generate total revenues of 7.646 billion, 9.031 billion, and 10.619 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.2%, 18.1%, and 17.6% [11] - The projected net profit for 2026 and 2027 is 581 million and 749 million respectively, with year-on-year growth rates of 35.3% and 29.0% [11]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company is expected to accelerate store openings in the second half of 2025, with a strong willingness from franchisees to cooperate, particularly in underpenetrated markets [10] - The company achieved a core operating profit margin of 7.7% in Q4 2025, a year-on-year increase of 1.2 percentage points, driven by scale effects and operational efficiency improvements [9] - Revenue for Q4 2025 is projected at 2.61 billion yuan, a year-on-year increase of 19.9%, while the core operating profit is expected to reach 200 million yuan, up 41.8% year-on-year [13] Revenue Summary - The company exceeded its store opening targets, adding 805 new stores in Q4 2025, significantly accelerating compared to previous quarters [14] - The average monthly revenue per store in Q4 2025 is estimated at 64,000 yuan, reflecting an 8.7% year-on-year growth [14] - Total revenue forecasts for 2025-2027 are 7.646 billion, 9.031 billion, and 10.619 billion yuan, representing year-on-year growth rates of 18.2%, 18.1%, and 17.6% respectively [11] Profitability Summary - The company is expected to achieve net profits of 429 million, 581 million, and 749 million yuan for 2025-2027, with year-on-year growth rates of 86.2%, 35.3%, and 29.0% respectively [11] - The projected price-to-earnings (P/E) ratios for the next three years are 24, 18, and 14 times [11] Financial Indicators - Key financial indicators for 2025 include a return on equity (ROE) of 12.72% and earnings per share (EPS) of 0.16 yuan [15] - The company’s gross margin is expected to remain stable around 21.79% to 21.93% over the forecast period [16]

Investment Rating - The industry investment rating is "Hold" [1] Core Views - The price of white cardboard has been on a continuous upward trend since the low point at the end of August 2025, reaching 4269 CNY/ton by January 30, 2026, an increase of 339 CNY/ton or 8.63% [3][21] - The recovery in industry profits is attributed to multiple factors including rising raw material costs, improved supply-demand dynamics, and price increases initiated by leading companies [4][28] Summary by Sections Weekly Special Report - White cardboard prices have shown a steady increase since the low in August 2025, with significant price recovery driven by cost pressures, supply-demand balance, and coordinated price hikes from major paper companies [3][21][28] - The inventory of white cardboard has decreased, leading to a more balanced market, which has helped stabilize prices [4][28] Weekly Market Review - From January 27 to January 31, 2026, the Shanghai Composite Index fell by 0.35%, while the Shenzhen Component Index dropped by 0.77%. The textile and apparel sector saw a slight increase of 0.01% [30][31] - The top gainers in the light industry sector included Yueyang Forest Paper (+18.35%) and Xidamen (+12.7%), while the biggest losers included Meike Home (-12.88%) and Kangxin New Materials (-11.74%) [32][33] Key Data Tracking Home Furnishing - From January 18 to January 25, 2026, the transaction area of commercial housing in 30 major cities was 121.1 million square meters, a decrease of 6.37% month-on-month [36] - In 2025, the total area of newly started residential construction was 430 million square meters, down 19.8% year-on-year [36] Packaging and Paper - As of January 30, 2026, the prices of various paper products were as follows: white cardboard at 4269 CNY/ton, with no change week-on-week [51] - The gross profit for white cardboard was -339.97 CNY/ton, an improvement from -555.13 CNY/ton at the end of August 2025 [21][28] Textile and Apparel - As of January 30, 2026, the price index for cotton in China was 16183 CNY/ton, reflecting a week-on-week increase of 1.97% [11] - In December 2025, retail sales of clothing and textiles amounted to 166.1 billion CNY, a year-on-year increase of 0.6% [11] Investment Recommendations - For the home furnishing sector, the report suggests focusing on stable companies and high-growth smart home segments due to favorable policies [14] - In the paper industry, it is recommended to pay attention to companies with diversified products and integrated operations, such as Sun Paper [14]

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]

Group 1 - The report highlights an increase in risk disturbances and potential market volatility due to the nomination of Kevin Warsh as the next Federal Reserve Chairman, which may trigger new tightening expectations [2][15][16] - The report indicates a slight contraction in micro liquidity, with domestic public fund equity positions estimated to decline, and seasonal demand for funds increasing as the Spring Festival approaches [3][24] - The report notes that while export performance remains strong, domestic demand continues to face challenges, with January exports expected to grow by 4.5% year-on-year, while CPI and PPI are projected at 0.3% and -1.9% respectively [25][33] Group 2 - The report suggests a shift in industry allocation towards stability and certainty, reducing exposure to elastic assets and focusing on sectors with predictable performance [4][39] - The first main investment theme is the seasonal opportunity in infrastructure construction, emphasizing ten high-odds and high-win-rate sub-sectors, with a focus on an 18-stock portfolio of advantageous infrastructure companies [4][41] - The second main theme involves sectors with medium to long-term price increase trends, particularly storage, chemicals, and machinery, which are expected to benefit from improving demand and supply dynamics [6][40] - The AI industry chain remains a core long-term focus for 2026, although it may enter a phase of healthy adjustment in the short term, with potential cooling in previously overheated sectors like non-ferrous metals and military industry [6][40]

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

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Investment Rating - Industry Investment Rating: "Overweight" [1] Core Insights - The pet market in urban China is projected to reach CNY 312.6 billion in 2025, growing by 4.1% year-on-year, with dog and cat consumption markets at CNY 160.6 billion and CNY 152.0 billion, respectively [14][16] - The pet food market is expected to grow by 5.9% in 2025, with a market size of approximately CNY 167.9 billion, accounting for 53.7% of total pet spending [28][31] - The majority of pet owners (70%) prefer online channels for purchasing pet products, with Tmall/Taobao and JD being the top choices [48] Summary by Sections 1. Pet Market Growth - The urban pet market is expected to grow to CNY 4,050 billion by 2028, with dog and cat markets reaching CNY 1,923 billion and CNY 2,184 billion, respectively [14] - The number of urban pets is projected to increase to 126.32 million in 2025, with a year-on-year growth of 1.8% [16] 2. Pet Food Market Dynamics - Pet food remains the primary consumption area for pet owners, with the share of pet food in total spending rising to 36.4% in 2025 [31] - Major brands like Royal Canin and Mafu Di lead the market, with their usage rates at 15.7% and 14.9%, respectively [35] 3. Consumer Demographics - The 90s generation continues to dominate pet ownership, accounting for 42.7% of pet owners, while the post-00s generation is rapidly growing [23] - High-consumption pet owners, defined as those spending over CNY 500 monthly, make up 26.7% of the market, with 50.1% of them being 90s generation [23] 4. Online Purchasing Trends - Online channels are the preferred choice for pet product purchases, with Tmall/Taobao and JD leading at 88.2% and 48.3% market share, respectively [48] - The preference for online shopping has increased compared to 2024, with notable growth in platforms like Pinduoduo and Douyin [48] 5. Brand Performance - Key brands in the pet food sector are experiencing significant growth, with Mafu Di and Freka achieving sales increases of 23.9% and 90.2%, respectively [52] - The sales of pet food across major e-commerce platforms are projected to reach CNY 306 billion in 2025, reflecting a year-on-year growth of 10.1% [49]

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company reported a stable performance in 2025, with a revenue of 4.22 billion yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 14.96% to 906 million yuan [3][4] - The company has implemented effective cost reduction and efficiency enhancement measures, leading to a continuous improvement in profitability [4] - The fourth quarter of 2025 saw a significant profit growth, with a net profit of 223 million yuan, up 44.81% year-on-year, despite a revenue decline of 12.09% [5] Financial Performance Summary - For 2025, the company achieved a revenue of 4.22 billion yuan, a decrease of 4.87% year-on-year, and a net profit of 906 million yuan, an increase of 14.96% [4][9] - The projected revenues for 2025, 2026, and 2027 are 4.22 billion yuan, 4.60 billion yuan, and 5.02 billion yuan, respectively, with expected year-on-year growth rates of -4.9%, 9.1%, and 9.1% [9] - The net profit for the same years is projected to be 906 million yuan, 977 million yuan, and 1.11 billion yuan, with year-on-year growth rates of 14.9%, 7.8%, and 13.6% [9] - The gross margin is expected to improve from 65.2% in 2025 to 66.2% in 2027 [12] Strategic Development - The company is focusing on a "big single product, strong category" development strategy, continuously enhancing brand building [6][7] - The company has rebranded to "China Resources Jiangzhong," further strengthening brand recognition and market influence [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.2 to 1.3 billion yuan in 2025, marking a turnaround from losses, with a similar range for the net profit excluding non-recurring items [3] - The company has made significant improvements in profitability, with a notable focus on cost management and efficiency enhancement [3] - The company has a diverse portfolio of proprietary traditional Chinese medicine products, with 17 patents covering 8 major clinical disease systems [4] - The company is progressing well in its research and development of traditional Chinese medicine, with several new drug applications accepted for review [4] - The company has successfully launched a new chemical drug, the Anilofin injection, which provides a new treatment option for postoperative pain [5] Financial Performance Summary - The company forecasts revenues of 8.03 billion yuan in 2025, 9.11 billion yuan in 2026, and 10.5 billion yuan in 2027, representing year-on-year growth rates of 23.3%, 13.4%, and 15.3% respectively [6] - The net profit attributable to the parent company is projected to be 1.228 billion yuan in 2025, 1.428 billion yuan in 2026, and 1.65 billion yuan in 2027, with a year-on-year growth of 16.2% and 15.5% [6] - The gross margin is expected to improve from 50.2% in 2024 to 52.9% in 2027 [6] - The company’s return on equity (ROE) is projected to recover from -7.1% in 2024 to 11.4% in 2027 [6] Research and Development Progress - The company has a clear development strategy with multiple innovative drug candidates in clinical stages, including treatments for acute myeloid leukemia and ischemic stroke [5] - The company is focusing on expanding its product offerings in respiratory, endocrine, digestive, gynecological, and pediatric diseases [4]