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 ...

24 Mar 2026 CMB International Global Markets | Equity Research | Company Update Minth Group (425 HK) Solid outlook in both auto and new businesses Maintain BUY. Minth's revenue and GPM in aluminium business unit missed our expectation in 2H25, as sales volume with a key client fell short and some business transition was delayed following WKW's bankruptcy. Its 2H25 net profit was largely in line, thanks to its opex control. Management's aggressive 5-year revenue target gives us more confidence in Minth's ord ...

24 Mar 2026 CMB International Global Markets | Equity Research | Company Update Henlius Biotech (2696 HK) Henlius Biotech (2696 HK) - Accelerating global commercialization and innovation innovation Henlius delivered strong FY25 financial results, driven by robust product sales growth. The Company is expanding its global biosimilar footprint and forging new international partnerships. Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX4 ...

2026 年 3 月 24 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 24,382 | -3.54 | -4.87 | | 恒生国企 | 8,308 | -3.11 | -6.80 | | 恒生科技 | 4,712 | -3.28 | -14.57 | | 上证综指 | 3,813 | -3.63 | -3.92 | | 深证综指 | 2,481 | -4.19 | -1.98 | | 深圳创业板 | 3,235 | -3.49 | 1.00 | | 美国道琼斯 | 46,208 | 1.38 | -3.86 | | 美国标普 500 | 6,581 | 1.15 | -3.86 | | 美国纳斯达克 | 21,947 | 1.38 | -5.57 | | 德国 DAX | 22,654 | 1.22 | -7.50 | | 法国 CAC | 7,726 | 0.79 | -5.19 | | 英国富时 10 ...

24 Mar 2026 CMB International Global Markets | Equity Research | Company Update Greentown Service (2869 HK) Greentown Service (2869 HK) - Continue to bear fruit from efficiency gains Greentown Service's FY25 net profit (NP) grew 12.1% YoY to RMB 880mn, missing Bloomberg consensus by 6.3% and in line with our forecast. Core operating profit (=GP-SG&A) rose 24.6% YoY, largely beating the 15% guidance set by management earlier thanks to its continued efforts on efficiency improvement. Share price went up 6.5% ...

CMB International Global Markets | Equity Research | Company Update 24 Mar 2026 ZhongAn (6060 HK) ZhongAn (6060 HK) - Net Net earnings weakened in 2H; ZA Bank hit first full- year profit ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY). The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group's joint venture ZhongAn Internat ...