Core Viewpoint - The stablecoin concept stocks have collectively declined, with significant drops observed in various companies following regulatory comments from the Hong Kong government regarding stablecoins [1] Company Performance - Guotai Junan International (01788) fell by 14.75%, trading at HKD 3.18 [1] - Lion Group Holding (02562) decreased by 6.39%, trading at HKD 8.5 [1] - Yunfeng Financial (00376) dropped by 5.63%, trading at HKD 4.02 [1] - Yaocai Securities Financial (01428) declined by 4.17%, trading at HKD 8.96 [1] Regulatory Environment - The Financial Secretary of Hong Kong, Paul Chan, stated that the government's regulatory stance on stablecoins is clear, emphasizing that stablecoins are not intended for investment but rather as tools to facilitate cross-border transactions and real-world economic activities [1] - Only applicants that can demonstrate real use cases and have sustainable, robust business models will be approved under Hong Kong's licensing system [1]

Group 1 - Baidu Group-SW (09888.HK) saw an early morning increase of over 4% [2] - As of the time of reporting, the stock rose by 3.97%, reaching HKD 123.2 [2] - The trading volume amounted to HKD 241 million [2]

Core Viewpoint - Huazhu Group's stock rose nearly 6% in early trading, reflecting positive market sentiment following the announcement of a new brand and growth strategy at the 2025 Huazhu Partners Conference [1] Company Developments - Huazhu Group launched a new brand called "All Season Grand View" during the conference, emphasizing its commitment to innovation and brand expansion [1] - The founder and chairman, Ji Qi, highlighted favorable factors for the hotel industry in China, including a large population base, significant infrastructure development, and opportunities in cultural tourism [1] Industry Outlook - According to CICC, Huazhu Group is actively pursuing brand upgrades and scale expansion, with a target of reaching 20,000 hotels by 2030 and potentially 50,000 to 60,000 in the long term [1] - The company is focusing on deepening its presence in mid-range and lower-tier cities, enhancing profitability through a franchise model [1] - CICC maintained its profit forecasts for 2025 and 2026, raising the target price to $48 due to the anticipated upward shift in industry valuations [1]

Core Viewpoint - Minth Group (00425.HK) has seen a stock price increase of over 4%, currently trading at 37.6 HKD with a transaction volume of 45.0498 million HKD [2] Summary by Category - Stock Performance - Minth Group's stock rose by 4.04% [2] - Current stock price is 37.6 HKD [2] - Trading volume reached 45.0498 million HKD [2]

Core Viewpoint - Huazhu Group's stock price increased by nearly 6% following the announcement of a new brand, highlighting positive market sentiment and growth potential in the hotel industry in China [1] Company Developments - Huazhu Group launched a new brand called "All Seasons Grand" during the 2025 Huazhu Partners Conference, emphasizing its commitment to brand innovation and expansion [1] - The CEO of Huazhu Group's Brand Division, Shen Yijun, and Chief Designer, Zhou Guangming, presented the new brand at the conference [1] Industry Insights - Huazhu Group's founder and chairman, Ji Qi, identified key favorable factors for the hotel industry in China, including a large population base, significant infrastructure development, extensive market depth, and a booming cultural tourism sector [1] - The company is focusing on supply-side reforms as the biggest opportunity for the future of the hotel industry in China [1] Growth Projections - CICC forecasts that Huazhu Group will continue its brand upgrade and scale expansion, aiming to reach 20,000 hotels by 2030, with a long-term target of 50,000 to 60,000 hotels [1] - The company is deepening its presence in mid-range and lower-tier cities, enhancing profitability through a franchise model [1] - CICC has maintained its profit forecasts for 2025 and 2026, raising the target price to $48 due to the benefits from industry valuation increases [1]

Core Viewpoint - Boreton (01333.HK) experienced a significant increase in stock price, rising over 12% in early trading and currently up 9.2% at HKD 38, with a trading volume of HKD 36.1478 million [2] Company Summary - Boreton's stock price surged over 12% in early trading [2] - As of the latest update, the stock is up 9.2%, trading at HKD 38 [2] - The trading volume reached HKD 36.1478 million [2]

Core Insights - The company achieved total product revenue exceeding 3.3 billion yuan in Q3 2025, reflecting a robust year-on-year growth of approximately 40%, surpassing expectations, driven by oncology and comprehensive pipeline products [1] - The strategic partnership with Takeda, valued at up to 11.4 billion USD, marks a significant step in the company's globalization strategy, with an initial payment of 1.2 billion USD and potential milestone payments [2] Revenue Growth - The core products, including Xinlianli (信迪利单抗), showed steady growth, while products like Masitide (玛仕度肽) and Tolezomab (托莱西单抗) demonstrated significant market access and channel marketing effectiveness, leading to accelerated revenue contributions [1] - The company has received approval for 16 products, with 2 additional products under review, indicating a strong product pipeline [1] Strategic Partnership - The collaboration with Takeda involves three core innovative drugs, including IBI363, IBI343, and IBI3001, with a focus on global development and commercialization [2] - IBI363 is expected to have a market potential exceeding 40 billion USD, with specific segments like second-line lung cancer and first-line colorectal cancer contributing significantly to this figure [2] Financial Projections - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 12.787 billion, 22.479 billion, and 20.464 billion yuan, reflecting growth rates of 35.72%, 75.79%, and -8.96% respectively [2] - The projected net profit attributable to the parent company is estimated at 994 million, 7.251 billion, and 3.013 billion yuan for the same period [2]

Core Viewpoint - Sa Sa International (00178) reported a significant increase in expected earnings, projecting a profit of approximately HKD 48.5 million to HKD 50.5 million for the six months ending September 30, 2025, representing a year-on-year increase of 50% to 56% compared to HKD 32.4 million for the same period in 2024 [1] Group 1 - The company's stock opened over 3% higher following the earnings announcement, reaching a price of HKD 0.64 with a trading volume of HKD 934,400 [1] - The increase in profit is attributed to a rise in tourist numbers in Hong Kong and Macau, which improved local foot traffic [1] - The implementation of targeted marketing strategies and shopping incentives successfully attracted customers and enhanced spending [1] Group 2 - The company has adapted to the evolving retail landscape in mainland China by closing physical stores and focusing on developing its online business, which has strengthened its profitability [1]

Core Viewpoint - The stock price of Zhaoke Ophthalmology (06622) experienced significant volatility after reaching a peak of HKD 4.60 on August 18, 2023, marking a year-to-date increase of 283.33%. However, the stock has since entered a downward trend, with a cumulative decline of 30% over the following two and a half months, despite a recent milestone in the approval process for its key product, NVK002 [1][4][6]. Group 1: Stock Performance - Zhaoke Ophthalmology's stock price surged to a peak of HKD 4.60, reflecting a year-to-date increase of 283.33% [1] - Following the peak, the stock entered a downward trend characterized by "nine consecutive declines" and "ten consecutive declines," resulting in a cumulative drop of 30% [1] - On October 22, the stock saw a brief increase of 3.58% after the ANDA application for NVK002 was fully approved, but this gain was quickly reversed with a subsequent drop of 4.72% the following day [2][4] Group 2: Financial Performance - For the first half of 2023, Zhaoke Ophthalmology reported revenue of HKD 15.803 million, a year-on-year decline of 68.25%, and a net loss of HKD 117 million, an increase of 53.85% compared to the previous year [4] - The significant revenue drop was primarily due to a one-time licensing income of HKD 33.5 million in the previous year, which inflated the revenue base [4] - After adjusting for this one-time income, the product revenue for the current period was approximately HKD 15.1 million, showing only a slight decline from HKD 15.6 million in the same period last year [4] Group 3: Product Development and Market Potential - Zhaoke Ophthalmology's NVK002, a low-concentration atropine eye drop, has made significant progress, with its ANDA application accepted by the National Medical Products Administration of China [4][5] - The company is currently the only one in China with two concentrations of atropine eye drops under regulatory review, indicating a strong competitive position [5] - The potential market for myopia control in China is substantial, with approximately 700 million myopic patients, including 163 million children and adolescents who could benefit from NVK002 [5] - According to estimates, the myopia prevention market could reach HKD 210 billion by 2030, with a compound annual growth rate of approximately 13.7% [5] Group 4: Market Sentiment and Future Outlook - Following a significant price increase, the stock has shown signs of consolidation, with a current PB ratio of 0.92, well below the industry average of 3.15 [3] - The stock has experienced a "price flat, volume shrinking" phenomenon, indicating a potential stabilization at lower price levels [15] - Recent trading activity suggests that the stock may be nearing a bottom, with a potential for upward momentum if trading volume increases [15]

Core Viewpoint - Minth Group (00425) has seen a stock price increase of over 4%, currently trading at 37.6 HKD with a transaction volume of 45.05 million HKD, following the announcement of new orders related to AI server cooling technology [1] Group 1: Company Developments - The company's subsidiary, Precision Industries, has recently secured orders from a Taiwanese AI server manufacturer for the design, development, and production of immersion liquid cooling cabinets [1] - Precision Industries has successfully passed the technical validation for the immersion liquid cooling cabinets, with the first batch of products expected to be delivered by mid-November 2025 [1] - The group has also passed the technical validation for a splitter from another Taiwanese AI server liquid cooling system manufacturer and has received related orders, with the first batch expected to be delivered by the end of December 2025 [1] Group 2: Business Overview - The company is recognized as a global leader in automotive exterior and body structure components, with a diversified product line including plastic parts, metal and decorative parts, aluminum components, and battery boxes [1] - The traditional business has shown steady growth, while the battery box segment is expected to benefit from the increase in electric vehicle production in Europe, contributing to profit elasticity [1] - The company is actively exploring new markets such as low-altitude, robotics, and AI liquid cooling, which may form a third growth curve for the business [1]