Core Viewpoint - UBS reports that Budweiser APAC (01876) is expected to see a decline in revenue and adjusted EBITDA for Q3 2025, with figures of $1.555 billion and $438 million respectively, representing year-on-year decreases of 8.8% and 8.6%, which are below the bank's expectations by 1-3% and generally in line with market expectations [1] Financial Performance - Revenue for Q3 2025 is projected at $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 2025 is projected at $438 million, down 8.6% year-on-year [1] Earnings Forecast Adjustment - UBS has lowered its earnings forecasts for Budweiser APAC for 2025 to 2027 by 7% to 9% to reflect ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The anticipated recovery is expected to be delayed until 2026 [1] Investment Rating and Target Price - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends in 2025 [1] - The target price has been reduced from HKD 9.07 to HKD 8.75 [1]

Core Viewpoint - UBS reports that Budweiser APAC (01876) is expected to see a decline in revenue and adjusted EBITDA for Q3 2025, with figures of $1.555 billion and $438 million respectively, representing year-on-year decreases of 8.8% and 8.6%, which are slightly below UBS's expectations by 1-3% but generally in line with market expectations [1] Financial Performance - Revenue for Q3 2025 is projected at $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 2025 is projected at $438 million, down 8.6% year-on-year [1] Earnings Forecast - UBS has lowered its earnings forecasts for Budweiser APAC for 2025 to 2027 by 7% to 9% due to ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The anticipated recovery is expected to be delayed until 2026 [1] Investment Rating - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends in 2025 [1] - The target price has been adjusted from HKD 9.07 to HKD 8.75 [1]

Core Viewpoint - The report from Zhongyou Securities indicates that Pop Mart (09992) is a leader in the domestic trendy toy industry with strong capabilities in IP acquisition, incubation, and operation, leading to a positive long-term outlook for the company [1] Group 1: Financial Projections - The company is expected to achieve revenue growth rates of 172%, 38%, and 36% for the years 2025-2027, respectively, with upward revisions [1] - The net profit growth rates for the same period are projected at 251%, 42%, and 39%, also revised upwards [1] - Earnings per share (EPS) are forecasted to be 8.16, 11.59, and 16.16 CNY per share for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 26x, 18x, and 13x [1] Group 2: Seasonal Outlook - Q4 is traditionally a peak sales season for Pop Mart, with significant demand expected due to Halloween, Black Friday, and Christmas in overseas markets [2] - The launch of the Halloween-themed "why so serious" series has seen strong sales, indicating a positive trend for upcoming product releases [2] Group 3: Long-term Business Development - Over the past decade, Pop Mart has developed a comprehensive operational platform covering the entire trendy toy industry chain, focusing on five key areas: global artist discovery, IP incubation, consumer engagement, trendy toy culture promotion, and innovative business incubation [3] - The company plans to introduce new product lines, including accessories and building blocks in 2024, and magazines and clothing in 2025, indicating a gradual expansion of its product offerings [3] Group 4: Company Expansion and Innovation - The company aims to increase its overseas business share by opening stores in key landmark cities, particularly in the US and Europe, and expanding sales channels in tourist areas [4] - A focus on live streaming for e-commerce is planned, with expectations that live streaming will account for over 20% of overseas e-commerce by 2025 [4] - The company intends to maintain a controlled SKU strategy, with no more than the absolute value of SKUs in 2024, ensuring a streamlined product offering [4] - Plans for 2025 include opening 100 stores overseas, with overseas revenue expected to exceed 50%, and the North American market projected to match the sales volume of the Chinese market in 2020 [4]

Core Insights - SenseTime's recent financial report exceeded market expectations, showing the largest reduction in losses in its history, leading to a stock price increase of approximately 20% over two months [1] - The partnership with Cambricon is expected to enhance SenseTime's AI computing capabilities through domestic chip expansion [1] - The company's innovative entrepreneurial mechanism, particularly the "Re-CoFound" concept, is aimed at revitalizing employee engagement and fostering a collaborative growth environment [1][9] Talent Strategy Evolution - SenseTime's talent strategy has evolved through various stages, from individual talent acquisition during the AI technology exploration phase to ecosystem building in the current competitive landscape [3] - The company recognized the importance of AI talent early on, recruiting numerous AI PhDs despite the initial scarcity of talent in the market [2][3] - The shift from focusing on top individuals to building specialized teams occurred during the commercialization phase, with an emphasis on cross-disciplinary collaboration [3] Current Talent Landscape - The global AI talent competition has intensified, with a reported shortage of over 3 million core AI talents, including a specific gap of 500,000 for those with over five years of experience in large model development [5][6] - The U.S. maintains a dominant position in AI talent due to its robust research ecosystem, while China is rapidly advancing its talent cultivation through policy support and local partnerships [6][7] SenseTime's Strategic Initiatives - SenseTime's "1+X" strategy, launched in 2024, focuses on core business development while empowering ecosystem companies with flexible incentive mechanisms [8][9] - The "Re-CoFound" initiative aims to reshape the organizational structure and incentive models, transforming employees from executors to co-founders, thereby enhancing innovation and decision-making autonomy [9] - The company has implemented various incentive strategies, including stock-based compensation, to retain core technical talent, with a reported increase in compensation expenses by 22% year-on-year [9]

中泰国际发布研报称，分别调升公司FY25-27股东净利润预测1.9%、1.2%、2.1%，并相应将目标价由 7.40港元提高至8.60港元，对应11.5倍FY26市盈率和10.4%上升空间，以同时反映资本市场风险下降。 该行将评级由"中性"上调至"增持"。 三季度新签订单明显加快 25Q3新签订单金额同比大幅增长104.1%至89.1亿元，其中清洁能源板块同比上涨147.7%至80.3亿元。例 如公司(一)与挪威Amon Gas签订了2+2艘51,000立方米氨双燃料中型LPG/液氨运输船建造合同订单;(二) 与新加坡Purus签订2艘18,900立方米LNG加注船订单;(三)与GSXEnergy签订2+2艘20,000立方米LNG加注 船订单。因此虽然25H1同比下跌，25Q1-3新签订单总金额同比仅下跌5.4%至196.4亿元，其中清洁能源 板块则同比上升5.1%至169.9亿元，当中水上清洁能源板块同比上升16.2%至86.5亿元。 截至9月30日，在手订单总金额达到307.6亿元，同比上升10.9%，其中清洁能源板块为273.4亿元，同比 增长23.6%，当中水上清洁能源板块同比上升39.5%至199 ...

智通财经APP获悉，中泰国际发布研报称，分别调升公司FY25-27股东净利润预测1.9%、1.2%、2.1%， 并相应将目标价由7.40港元提高至8.60港元，对应11.5倍FY26市盈率和10.4%上升空间，以同时反映资 本市场风险下降。该行将评级由"中性"上调至"增持"。 中泰国际主要观点如下： 25Q1-3股东净利润同比上升12.2% 25Q1-3总收入及股东净利润分别同比增长7.7%及12.9%至193.5亿及7.7亿元(人民币，下同)。虽然其中化 工环保及液体食品板块收入分别同比下跌28.2%及13.9%至15.7亿及27.4亿元，但是清洁能源板块收入同 比上涨19.4%至150.4亿元，当中水上清洁能源板块(包含造船及船用燃料罐业务)收入更同比增长64.4% 至48.1亿元。 三季度新签订单明显加快 25Q3新签订单金额同比大幅增长104.1%至89.1亿元，其中清洁能源板块同比上涨147.7%至80.3亿元。例 如公司(一)与挪威Amon Gas签订了2+2艘51,000立方米氨双燃料中型LPG/液氨运输船建造合同订单;(二) 与新加坡Purus签订2艘18,900立方米LNG加注船订单;(三) ...

Core Insights - Jiangsu Shuxintong Data Service Co., Ltd. was established with a registered capital of 30 million yuan, marking a significant step in the market-oriented reform of data elements in Jianye District, Nanjing [1][3] - The company aims to explore an integrated service model for data "aggregation, governance, management, and utilization," with a revenue target of several hundred million yuan within the next 3 to 5 years [3][4] Company Overview - Jiangsu Shuxintong is a joint venture between Jiangsu Data Group and Ant Group, focusing on the full-chain service of data elements [1][3] - The company will operate as a core platform for the integration of public data and data authorization in Jiangsu Province [3] Industry Context - The establishment of Jiangsu Shuxintong is part of Jianye District's strategy to enhance its data technology, services, and applications, thereby increasing industrial cohesion [4] - Nanjing Shuzhi City, where the company is located, is the largest and highest-level data industry cluster in Jianye District, attracting various high-quality enterprises in the data and AI sectors [3][4]

Core Insights - Starbucks reported a 6% year-over-year revenue growth in China for Q4 FY2025, reaching $831.6 million (approximately RMB 5.913 billion) [1] - For the full fiscal year 2025, Starbucks China revenue increased by 5% to $3.105 billion (approximately RMB 22.077 billion) [1] - The company opened 183 new stores in Q4 FY2025, entering 47 new county-level markets, with a total of 415 new stores added throughout the fiscal year [1] Financial Performance - Q4 FY2025 revenue for Starbucks China was $831.6 million, marking a 6% increase year-over-year [1] - Full fiscal year 2025 revenue reached $3.105 billion, reflecting a 5% growth compared to the previous year [1] Market Expansion - Starbucks continues to focus on penetrating lower-tier markets in China, with a total of 8,011 stores across 1,091 county-level cities by the end of FY2025 [1] - New stores have maintained a high level of profitability, contributing above-average same-store sales growth [1] Strategic Partnerships - Starbucks CEO expressed confidence in retaining significant equity in its China operations while exploring partnerships to unlock future growth potential [2] - The company is focused on finding suitable partners to enhance its growth trajectory in China, emphasizing the value of future investments and royalty payments [2] Product Innovation - The company highlighted successful product innovations, particularly the tea latte series, and the rapid growth of its delivery service as key drivers of performance [2] - Continuous optimization of product offerings and pricing strategies is being implemented to adapt to the fast-changing market [2]

Core Viewpoint - UBS reported that Budweiser APAC's Q3 revenue and adjusted EBITDA were $1.555 billion and $438 million, representing year-on-year declines of 8.8% and 8.6%, respectively, which were below the bank's expectations by 1% to 3% but generally in line with market expectations [1] Financial Performance - Q3 revenue was $1.555 billion, down 8.8% year-on-year [1] - Adjusted EBITDA for Q3 was $438 million, down 8.6% year-on-year [1] Earnings Forecast - UBS has lowered Budweiser APAC's earnings forecasts for 2025 to 2027 by 7% to 9% due to the ongoing weakness in the Chinese market and limited visibility for Q4 [1] - The expected recovery is now anticipated to be delayed until 2026 [1] Investment Rating - UBS maintains a "Buy" rating for Budweiser APAC, citing the ongoing premiumization in household channels, attractive valuations, and robust cash reserves that support stable dividends through 2025 [1] - The target price has been reduced from HKD 9.07 to HKD 8.75 [1]

消息面上，派格生物医药近日公布，宣布与阿联酋领先医药研发机构PDC FZ-LLC达成战略合作，独家 授予其在中东及非洲地区开发、分销、营销及商业化派格生物的核心产品Visepegenatide (PB-119)。此 次合作标志着派格生物全球商业化战略迈出关键一步。 据悉，Visepegenatide (PB-119) 是派格生物自主研发的一款每周一次皮下注射的GLP-1受体激动剂，用 于治疗2型糖尿病和体重管理。据国际糖尿病联盟数据显示，中东及北非地区成年糖尿病患病率高达 16.2%，位居全球首位。此次合作有望加速Visepegenatide (PB-119)这一创新疗法惠及该地区众多未满足 医疗需求的患者。 智通财经APP获悉，派格生物医药-B(02565)尾盘涨超20%，高见62.25港元，再创上市新高。截至发 稿，涨16.51%，报60.3港元，成交额3023.46万港元。 ...