Core Viewpoint - ASMPT's 2Q25 earnings fell short of expectations primarily due to foreign exchange impacts on gross profit margin (GPM) and strategic research and development (R&D) investments, yet the blended book-to-bill (B/B) ratio improved to 1.11, indicating strong order gains across the semiconductor (SEMI) and surface mount technology (SMT) sectors, supporting robust revenue guidance for 3Q25 [1][2] Financial Performance - 2Q25 revenue increased by 2% year-over-year to HK$3.4 billion, aligning closely with midpoint guidance, while GPM and operating profit margin (OPM) decreased by 1.2 percentage points and 0.1 percentage points quarter-over-quarter to 39.7% and 5.0% respectively, mainly due to high operating expenses (OPEX) and strategic investments [2] - Adjusted net income (NI) decreased by 3% year-over-year to HK$131 million, reflecting the impact of OPEX and foreign exchange [2] Future Guidance - 3Q25 revenue guidance is set between US$445 million and US$505 million, exceeding market expectations by 1%, with the midpoint reflecting a 10.8% year-over-year and 8.9% quarter-over-quarter increase, driven by strong SEMI orders and SMT orders from a leading smartphone customer [3] - Management anticipates strong growth in advanced packaging (AP) and a recovery in mainstream demand, particularly from China and AI data centers, although there are concerns regarding soft near-term demand in automotive and industrial sectors [3] Advanced Packaging (AP) Insights - In 1H25, AP revenue constituted 39% of total revenue, marking a record high, with TCB orders increasing by 50% due to significant installations and shipments for HBM clients [4] - ASMPT has established the largest TCB installed base globally, surpassing 500 tools, and is expected to continue its growth trajectory in TCB and other AP tool orders in 2H25 [4] Valuation Adjustments - The revenue estimate for SMT has been increased by 3% to account for demand recovery driven by China and AI, while SEMI revenues have been reduced by 2% due to delayed TCB orders [6] - The group GPM is expected to remain above 40%, but net income forecasts have been lowered by 15%/4%/3% to reflect the impact of high OPEX [6]

Core Viewpoint - ASMPT reported a revenue of HKD 3.4 billion for Q2 2025, showing a year-on-year growth of 1.8% and a quarter-on-quarter growth of 8.9%, closely aligning with Bloomberg's consensus estimate of HKD 3.47 billion [1] Financial Performance - Revenue for Q2 2025 was HKD 3.4 billion, with a gross margin of 39.7%, a year-on-year decrease of 33 basis points and a quarter-on-quarter decrease of 119 basis points, in line with Bloomberg's expectation of 40% [1] - Net profit was HKD 134.3 million, a year-on-year decline of 1.7% but a quarter-on-quarter increase of 62.6%, falling short of Bloomberg's consensus estimate of HKD 147 million [1] - The company expects revenue for the next quarter to be between USD 4.45 billion and USD 5.05 billion, with a median growth of 10.8% year-on-year and 8.9% quarter-on-quarter, exceeding Bloomberg's consensus estimate of USD 4.65 billion [1] Business Segments - SMT orders saw significant growth, driven by AI and the Chinese market, with SEMI business revenue increasing by 21.4% year-on-year and 0.8% quarter-on-quarter [1] - Non-advanced packaging business is recovering steadily due to supply chain diversification, increased AI demand, and improved OSAT capacity utilization in China [1] - The company observed a trend of increasing orders in the SMT business, with a year-on-year increase of 51.6% and a quarter-on-quarter increase of 29.3% [1] Advanced Packaging Developments - Orders for TCB in advanced packaging increased by 50% year-on-year in the first half of 2025, with successful installations for leading HBM3E 12H customers [2] - The company is progressing from trial production to mass production for C2W AOR TCB in collaboration with leading foundries [2] - The second-generation HB tools are expected to be delivered to HBM customers in Q3, showcasing competitive advantages in alignment and bonding accuracy [2] Investment Recommendations - The target price has been raised to HKD 77.2, maintaining a "Buy" rating, with net profit estimates for 2025/2026/2027 increased by 3%/8%/7% to HKD 623 million/HKD 1.035 billion/HKD 1.627 billion [3] - The company is expected to benefit from AI-driven advanced packaging technology and long-term growth potential, with a target price based on a 31x PE for 2026 [3]

Group 1: Supply Chain Finance Opportunities - The financing difficulty for small and micro enterprises remains high, with only 20.7% obtaining funds through traditional bank loans as of Q1 2025 [1] - Supply chain finance addresses the financing pain points of small and micro enterprises by using accounts receivable, deposits, and orders as collateral, leveraging the credit of core enterprises to enhance creditworthiness [1] - The scale of supply chain basic assets is expected to grow at a rate of 5.7% from 2023 to 2027, reaching 121.1 trillion yuan by the end of 2027 [1] Group 2: Importance of Commercial Factoring - As of the end of 2022, accounts receivable accounted for 53.36% of the 90.7 trillion yuan in supply chain basic assets [1] - Nearly half of the financing needs of small and micro enterprises are for daily operations, primarily due to cash flow being tied up in accounts receivable [1] - The average accounts receivable for small and micro enterprises was 79,000 yuan in Q1 2025, representing 61.2% of their average quarterly revenue [1] Group 3: Company Performance Drivers - The company has shifted from a heavy asset model to a light asset operation since 2022, allowing business growth independent of debt scale [2] - The company has expanded into new business areas such as overseas e-commerce, intelligent computing services, and robotics, with a potential market size exceeding 10 trillion yuan and over 10 million potential customers [2] - The contribution of joint venture profits to the company's overall operating profit is increasing, with 31.49% of operating profit coming from joint ventures in 2024, up by 25.68 percentage points from 2023 [2] Group 4: AI Empowerment in Risk and Efficiency - The company utilizes the Shengyitong cloud platform to connect with core enterprises, verifying the authenticity of accounts receivable and simplifying processes while ensuring asset quality [2] - The overdue rate and non-performing rate for the company are 0.18% and 0.10% respectively in 2024, indicating strong asset quality [2] - AI has increased the average funding turnover per employee from 18 million yuan in 2021 to 63 million yuan in 2024, with a CAGR of 52% [2] Group 5: Investment Outlook - The company is projected to achieve total operating revenues of 1.171 billion yuan, 1.339 billion yuan, and 1.541 billion yuan from 2025 to 2027, with year-on-year growth rates of +11.64%, +14.36%, and +15.02% respectively [3] - The net profit attributable to the parent company is expected to be 500 million yuan, 636 million yuan, and 806 million yuan for the same period, with growth rates of +31.49%, +27.20%, and +26.70% respectively [3] - The company is initiating coverage with a "buy" rating based on these projections [3]

Core Viewpoint - China National Pharmaceutical Group is a leading innovative research and R&D-driven pharmaceutical group in China, with a focus on both generic and innovative drug development [1][2][3] Group 1: Financial Performance - Revenue is projected to grow from 23.647 billion yuan in 2020 to 28.866 billion yuan in 2024, while net profit remains stable due to increased investment in innovative drug R&D [1] - The revenue from chemical generics is expected to recover to 16.81 billion yuan in 2024, reflecting a growth of 3.1%, with the tenth batch of centralized procurement products accounting for only 1% of total revenue [1] Group 2: Innovation and Product Pipeline - The company has significantly increased its R&D pipeline, with the number of innovative products launched rising from 3 to 18 since 2022, including 9 innovative drugs [2] - The proportion of revenue from innovative products has increased from 12% in 2018 to 41.8% in 2024, with expectations to exceed 50% in 2025 and reach 60% by 2027 [2] Group 3: Strategic Goals and Market Position - The company aims to establish a strong global competitive position in oncology, respiratory, liver disease, and surgical/pain management, with plans for business development transactions to become a regular source of income starting in 2025 [3] - The projected revenues for 2025, 2026, and 2027 are 34.062 billion yuan, 36.602 billion yuan, and 39.674 billion yuan, respectively, with corresponding net profits of 3.932 billion yuan, 4.288 billion yuan, and 4.743 billion yuan [3]

渠道能力突出，终端深耕与下沉拓展并举提升市场渗透。公司拥有行业领先的渠道网络和销售团队，截 至2024 年，与全国超过千家经销商合作，累积覆盖终端零售网点逾两百万家。公司继续秉持"精耕细 作，决战终端"的渠道策略，注重终端网点布局与商用冷柜铺设宣传，渠道掌控力进一步增强。零售终 端覆盖率由2021 年的50.6%显著提升至2024 年的77.2%。特别是在电商渠道和下沉市场取得高速增长： 2021-2024 年公司在国内三线及以下城市的终端网点覆盖率从51.2%提升至57.2%，并持续开展新终端零 售网点和拓展渠道。 投资建议与盈利预测。我们预计公司2025-2027 年营收分别为145.4/155.2/165.4 亿元，同比增长 7.5%/6.7%/6.6%；2025-2027 年归母净利润为19.9/22.3/25.2 亿元，对应EPS 分别为0.83/0.95/1.05 元，同 比增长21.5%/14.5%/10.9%。参考可比公司估值及公司所在市场，我们给予公司2025 年20xPE，对应目 标价为18.1 港元（上升空间38%），首次覆盖给予"优于大市"评级。 风险提示：行业竞争加剧，原材料价格波动 ...

Core Viewpoint - The company anticipates a significant increase in adjusted net profit for the first half of 2025, projecting between 950 million to 1.08 billion HKD, representing a year-on-year growth of 45% to 65% compared to the same period in 2024 [1] Group 1: Global Market Performance - The company is capitalizing on the global trend towards larger screens, with a 7.6% year-on-year increase in global TV shipments, totaling 13.46 million units, maintaining a top two position globally [1] - TCL's Mini LED TV shipments reached 1.37 million units, a substantial increase of 176.1% year-on-year, securing the top global position with a market share increase of 6.6 percentage points to 10.8% [1] - In the international market, TCL TV shipments grew by 8.7% year-on-year, with shipments of 75-inch and larger TVs increasing by 57.9%, raising their market share by 2.5 percentage points to 8.1% [2] Group 2: Regional Market Insights - In the Chinese market, TCL TV shipments grew by 3.5% year-on-year, with the TCL brand specifically seeing a 10.2% increase, maintaining a top two retail position [3] - The company achieved a 13.2% year-on-year increase in shipments of 75-inch and larger TVs in China, with their market share rising by 3.1 percentage points to 36.3% [3] - TCL's Mini LED TV shipments in China surged by 154.2% year-on-year, with a market share increase of 12.7 percentage points to 20.9% [3] Group 3: Operational Efficiency and Strategy - The company is enhancing operational efficiency through digital transformation, automation, and optimized supply chain management, leading to a reduction in overall expense ratios [3] - The company is focusing on a dual-brand strategy with "TCL + Thunderbird" to penetrate the mid-to-high-end market segment [3] - The company aims to expand its global market share in the black goods sector while improving the proportion of high-end products in its portfolio [4]

智通财经APP获悉，据一份内部备忘录显示，英特尔(INTC.US)披露将分拆其网络与边缘事业部 (NEX)，并为该业务单元寻求外部投资。这份由NEX事业部负责人Sachin Katti撰写的文件已获得英特尔 发言人确认。 自2023年初起执掌NEX事业部的Katti，今年4月被首席执行官陈立武任命兼任首席技术与人工智能官， 负责制定这家芯片巨头的AI战略。在备忘录中，Katti表示英特尔已于周四"内部宣布"将"NEX业务转型 为独立公司"，旨在打造"专注于关键通信、企业网络和以太网连接基础设施的尖端硅解决方案供应 商"。 英特尔发言人在声明中证实："我们计划将网络与通信业务的核心板块剥离成立独立公司，并已启动战 略投资者遴选程序。与Altera交易类似，英特尔将保留锚定投资者身份，在推动业务增长的同时分享未 来收益。" 陈立武自三月接任CEO以来，始终明确将剥离非核心战略资产。5月有报道曾透露英特尔考虑出售NEX 事业部。尽管在周四财报电话会议中未直接提及NEX分拆，陈立武谈及了包括本月稍早减持 Mobileye(MBLY.US)股份在内的"非核心资产处置"计划。据其透露，预计9月底前将完成向银湖资本出 售A ...

Core Viewpoint - The valuation of Hong Kong Stock Exchange (HKEX) is projected to have a lower limit of 30 times PE and an upper limit approaching 70 times, driven by fundamentals and liquidity [1] Valuation History - Historical PE ranges for HKEX: 2014-2015 PE ranged from 29 to 67, benefiting from the launch of Stock Connect and easing investment restrictions; 2017-2018 PE ranged from 28 to 54, influenced by the opening of Shenzhen-Hong Kong Stock Connect and tightening liquidity due to U.S.-China tensions; 2020-2021 PE ranged from 29 to 68, with reforms attracting new economy and Chinese concept stocks [1] - Current PE for HKEX is at 38 times, with a favorable outlook due to the Federal Reserve's interest rate cuts and support from mainland China [1] Market Dynamics - The core factor for HKEX's profitability is Average Daily Turnover (ADT), calculated as total market capitalization multiplied by turnover rate [1] - Recent reforms at HKEX aim to attract A/H listed companies and facilitate the return of Chinese concept stocks, increasing the market capitalization of new economy sectors from 17% in 2018 to 35% in 2025 YTD [1] - Southbound capital inflows are enhancing ADT and turnover rates, driven by low interest rates and asset scarcity in mainland China, leading to increased participation from long-term institutional investors and individual investors [1] Financial Projections - The company is rated as a buy, with a projected upside of 24% based on relative PE valuation, targeting a PE of 42 times and a market value of HKD 692 billion [2] - Expected net profits for the company from 2025 to 2027 are estimated at HKD 165 billion, 179 billion, and 188 billion, reflecting year-on-year growth of 26%, 9%, and 5% respectively [2]

Core Insights - 基石药业 has demonstrated strong growth in 2023, with total revenue reaching 261.5 million yuan in the first half, and commercial product revenue increasing by 53% year-on-year to 246.9 million yuan [1] Group 1: Business Performance - The company has established a robust management team with extensive experience in new drug research, clinical development, and commercial operations [1] - In the first half of 2023, the company reported significant progress in multiple research pipelines [2] Group 2: Product Development and Market Expansion - Since its inception, 基石药业 has focused on the research and commercialization of innovative drugs, launching several new products in 2023 and advancing early-stage self-developed pipeline products [3] - The company is actively pursuing international expansion, with several products accelerating their entry into major overseas markets such as the EU and the US [3] Group 3: Accessibility and Affordability - 基石药业 has expanded its reach to over 850 hospitals across more than 180 cities in China, enhancing the accessibility of its precision treatment drugs [4] - The company has successfully included three drugs in major commercial and government insurance plans across several regions, covering a population of over 100 million [4] - Initiatives such as price reductions and patient assistance programs have been implemented to alleviate the financial burden on patients [4] Group 4: Strategic Partnerships - In 2023, 基石药业 has made significant strides in strategic collaborations, partnering with industry associations and professional companies to enhance commercialization efficiency [5] - Notable partnerships include a strategic collaboration with a subsidiary of 三生制药 to leverage clinical development and commercialization strengths [5] - The company has also sold exclusive rights to an innovative drug in China and Singapore to a French pharmaceutical company, allowing it to focus on developing more innovative drugs [5] Group 5: Future Outlook - The company aims to continue its commitment to clinical value-driven new drug development, providing high-quality innovative drugs that are both accessible and affordable for users [6]

Core Viewpoint - The company is positioned as a leader in the antibiotic industry, with a diversified business model that includes intermediates, active pharmaceutical ingredients (APIs), and formulations, which is expected to drive a new growth cycle through business synergies [1] Group 1: Business Overview - The company has developed a comprehensive business structure encompassing intermediates (6APA, G potassium salt), APIs (Amoxicillin, Ampicillin), and formulations (animal health, insulin, generic formulations) [1] - The company is expected to see resilient growth in its core business driven by the removal of capacity constraints in animal health, increased coverage from insulin contract renewals, and the market launch of hard-to-copy biosimilars [1][2] - The stable cash flow from core businesses is anticipated to support ongoing innovation and transformation efforts, potentially leading to a new performance growth cycle [1] Group 2: Innovation and Clinical Development - The company successfully partnered with Novo Nordisk for its innovative product UBT251, a self-developed GLP/GIP/GCG tri-target drug, which has shown promising results in clinical trials [2] - UBT251 has completed Phase Ib clinical trials in overweight/obese patients, demonstrating a weight loss of 15.1% in the highest dosage group over 12 weeks [2] - The company has initiated Phase II clinical trials for UBT251 in China, with expectations for domestic approval by 2028, and has a pipeline of other products in the metabolic and autoimmune fields [2] Group 3: Revenue Projections - The company's formulation business is projected to achieve a CAGR of 8.0% from 2024 to 2027, driven by the establishment of new production bases and the introduction of new products [3] - The animal health business is expected to benefit from new production bases in Henan and Zhuhai, while insulin products are anticipated to see significant growth due to contract renewals and new product approvals [3] - The intermediate and API segments are forecasted to experience a CAGR of -7.0% from 2024 to 2027, with price stabilization expected in the medium to long term due to oligopolistic market conditions [3] Group 4: Financial Outlook - The company is projected to achieve net profits of 2.78 billion, 2.13 billion, and 2.27 billion yuan from 2025 to 2027, with year-on-year growth rates of 4.5%, -23.4%, and 6.9% respectively [4] - Corresponding PE multiples are expected to be 10, 13, and 12 times for the same period, with an initial recommendation of "buy" [4]