27 Mar 2026 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) Baozun (BZUN US) - Heading Heading towards strong medium execution -term profitability target with solid execution Baozun reported its 4Q25 results: revenue reached RMB3.2bn, up 5.9% YoY (3Q25: +4.8% YoY); non-GAAP NP attributable to ordinary shareholders was RMB159.6mn (vs. RMB45.7mn in 4Q24) driven by a solid improvement in operating profitability across both Baozun E-commerce (BEC) and Baozun Brand Management ...

27 Mar 2026 CMB International Global Markets | Equity Research | Company Update China Life (2628 HK) China Life (2628 HK) - 4Q net 4Q net loss dragged by fair value contraction; ahead of expectations DPS rose 31.7% ahead of expectations China Life reported FY25 results, with net profit rising 44.1% YoY to RMB154bn, translating into a net loss of RMB13.7bn in 4Q25 due to enlarged fair value losses against the backdrop of turbulent stock and bond markets over the last quarter. Net asset value climbed 16.8% Yo ...

| Target Price | HK$200.00 | | --- | --- | | Up/Downside | 100.0% | | Current Price | HK$100.00 | 27 Mar 2026 CMB International Global Markets | Equity Research | Initiation PATEO CONNECT (2889 HK) PATEO CONNECT (2889 HK) - AI pioneer powered by smart cockpit capabilities Initiate with BUY. PATEO CONNECT Technology (Shanghai) (Pateo) is China's third-largest smart cockpit domain controller supplier, with 0.9mn-unit sales volume and a market share of 7.3% in 2024. It has become a market leader in Snapdragon- ...

2026 年 3 月 27 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 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 | 24,856 | -1.89 | -3.02 | | 恒生国企 | 8,390 | -2.25 | -5.88 | | 恒生科技 | 4,762 | -3.28 | -13.68 | | 上证综指 | 3,889 | -1.09 | -2.01 | | 深证综指 | 2,547 | -1.46 | 0.62 | | 深圳创业板 | 3,272 | -1.34 | 2.16 | | 美国道琼斯 | 45,960 | -1.01 | -4.38 | | 美国标普 500 | 6,477 | -1.74 | -5.38 | | 美国纳斯达克 | 21,408 | -2.38 | -7.89 | | 德国 DAX | 22,613 | -1.50 | -7.67 | | 法 ...

| (YE 31 Dec) | FY24A | FY25A | FY26E | FY27E | FY28E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 337,592 | 365,982 | 408,564 | 464,754 | 517,386 | | YoY growth (%) | 22.0 | 8.4 | 11.6 | 13.8 | 11.3 | | Net profit (RMB mn) | 35,807.2 | (23,355.1) | (10,786.5) | 27,256.6 | 42,112.8 | | Adjusted net profit (RMB mn) | 43,772.4 | (18,648.0) | (4,703.1) | 33,682.8 | 48,726.3 | | YoY growth (%) | 88.2 | na | na | na | 44.7 | | EPS (Adjusted) (RMB cents) | 714.64 | (306.86) | (77.39) | 554.26 | 80 ...

27 Mar 2026 CMB International Global Markets | Equity Research | Company Update Binjiang Service (3316 HK) Binjiang Service (3316 HK) - FY25: Showing strength in tough times Binjiang Service's FY25 revenue rose 14.1% YoY to RMB 4.1bn, 2%/4% below Bloomberg consensus/CMBI estimate. Net profit grew 12.1% YoY to RMB 880mn, 4% below consensus and our estimate. With lower parentco reliance, and rising collection rate and average PM fee against the industry trend, the company further showed the resilience of its ...

CMB International Global Markets | Equity Research | Company Update BaTeLab (2149 HK) BaTeLab (2149 HK) - Building Building through transition; Maintain BUY BaTeLab reported FY25 results with revenue broadly flat at +0.9% YoY, while net profit declined by 26.8% YoY to RMB122mn, mainly due to share-based compensation of ~RMB53mn and a forex loss of ~RMB14mn amid RMB appreciation. Excluding these two non-core items, adj. net profit grew 18.5% YoY. Gross margin declined to 51.7% in FY25 from 53.0% in FY24, pri ...

每日投资策略 2026 年 3 月 26 日 招银国际环球市场 | 市场策略 | 招财日报 公司点评 全球市场观察 公司点评 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 | 25,336 | 1.09 | -1.15 | | 恒生国企 | 8,583 | 0.98 | -3.71 | | 恒生科技 | 4,923 | 1.91 | -10.75 | | 上证综指 | 3,932 | 1.30 | -0.93 | | 深证综指 | 2,584 | 1.96 | 2.11 | | 深圳创业板 | 3,317 | 2.01 | 3.55 | | 美国道琼斯 | 46,429 | 0.66 | -3.40 | | 美国标普 500 | 6,592 | 0.54 | -3.70 | | 美国纳斯达克 | 21,930 | 0.77 | -5.65 | | 德国 DAX | 22,957 | 1.41 | -6.26 | | ...

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 ...