26 Mar 2026 CMB International Global Markets | Equity Research | Company Update Nongfu Spring (9633 HK) Nongfu Spring (9633 HK) - FFY25: Strong tea & juice biz; facing challenges to maintain high growth Earnings Summary | (YE 31 Dec) | FY24A | FY25A | FY26E | FY27E | FY28E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 42,896 | 52,553 | 58,585 | 64,534 | 71,029 | | YoY growth (%) | 0.5 | 22.5 | 11.5 | 10.2 | 10.1 | | Net profit (RMB mn) | 12,123.3 | 15,868.3 | 17,641.3 | 19,491.2 | 21,547.5 | ...

26 Mar 2026 CMB International Global Markets | Equity Research | Company Update WuXi Biologics (2269 HK) WuXi Biologics (2269 HK) - | Target Price | HK$39.00 | | --- | --- | | (Previous TP | HK$35.60) | | Up/Downside | 17.7% | | Current Price | HK$33.14 | China Healthcare Resilient demand amid macro uncertainties WuXi Bio reported financial results for 2025, with revenue increasing by 16.7% YoY and adj. attributable net profit rising by 17.9% YoY. Revenue and adj. net profit exceeded our estimates by 1.2% a ...

CMBI Credit Commentary Fixed Income Credit Commentary 25 Mar 2026 Glenn Ko, CFA 高志和 (852) 3657 6235 glennko@cmbi.com.hk Cyrena Ng, CPA 吳蒨瑩 (852) 3900 0801 cyrenang@cmbi.com.hk Trading desk comments 交易台市场观点 Yesterday, WESCHI 28-29 leaked 0.7-1.0pt. West China Cement reported a 15.3% yoy increase in revenue in FY25 yet weaker 2H25 results. See our comments yesterday. In Chinese IG space, XIAOMI 30-51 closed 1-4bps wider. Xiaomi's FY25 revenue was up 25% yoy to RMB457.3bn. See comments below. 5-10yr MEITUA tra ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update WuXi AppTec (603259 CH) WuXi AppTec (603259 CH) - Strong CDMO demand to fuel 2026 growth WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY. The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively. Looking ahead, m ...

2026 年 3 月 25 日 每日投资策略 公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,064 | 2.79 | -2.21 | | 恒生国企 | 8,500 | 2.31 | -4.65 | | 恒生科技 | 4,831 | 2.51 | -12.42 | | 上证综指 | 3,881 | 1.78 | -2.21 | | 深证综指 | 2,535 | 2.17 | 0.15 | | 深圳创业板 | 3,252 | 0.50 | 1.51 | | 美国道琼斯 | 46,124 | -0.18 | -4.03 | | 美国标普 500 | 6,556 | -0.37 | -4.22 | | 美国纳斯达克 | 21,762 | -0.84 | -6.37 | | 德国 DAX | 22,637 | -0.07 | -7.57 | | 法国 CAC | 7,744 | 0.23 | ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update SenseTime (20 HK) SenseTime (20 HK) - FY25 FY25 results beat on solid Gen AI business operating efficiency and enhanced operating efficiency SenseTime announced FY25 results: total revenue grew by 33% YoY to RMB5.01bn, 3% ahead of Bloomberg consensus estimate mainly thanks to the strong momentum of Generative AI business. Adjusted net loss narrowed by 54% YoY to RMB1.96bn in FY25, also better than consensus estimate of RMB2.29bn ...

CMB International Global Markets | Equity Research | Company Update Kelun-Biotech (6990 HK) Kelun-Biotech (6990 HK) - 25 Mar 2026 Inaugural year of commercialization T Kelun-Biotech marks 2025 as its transformational commercialization inflection year, transitioning from a clinical-stage biotech to a biopharmaceutical company with four approved products and a robust revenue trajectory. The Company reported total revenue of RMB2.06bn (+6.5% YoY), with pharmaceutical product sales contributing RMB543mn—a testa ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update Tongcheng Travel (780 HK) Tongcheng Travel (780 HK) - Expecting resilient core business earnings growth in 2026 Earnings Summary Tongcheng Travel (TC) reported (24 Mar) its 4Q25 results: total revenue was RMB4.8bn, up 14.2% YoY, and 2%/1% above our forecast and Bloomberg consensus estimates, respectively. Adjusted net profit was RMB780mn, up 18% YoY, and 4% ahead of both our forecast and consensus. Both revenue and OPM of the co ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update WuXi XDC (2268 HK) WuXi XDC (2268 HK) - Ambitious capacity expansion to continue WuXi XDC reported 2025 financial results, delivering a robust 46.7% YoY increase in revenue with a significant YoY growth of 69.9% for adj. attributable net profit. The Company's 2025 revenue slightly beat our forecast by 0.6%, whereas its adj. net profit came in marginally below our estimate by 1.6%. As of the end of 2025, its backlog surged by 50. ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) Xiaomi (1810 HK) - 4Q25 better 27 4Q25 better than feared; Positive on AI investment to bear fruit in 2026-27 Xiaomi's 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates, thanks to better smartphone ASP (+7% YoY), smart EV's stronger operating income and better operating leverage. Looking into FY26E, while smartphone/auto industry ...