研究报告 Research Report 31 Dec 2025 乐舒适 Softcare (2698 HK) 首次覆盖：聚焦新兴市场卫生用品赛道，本土化布局构筑竞争护城河 Focusing on the Hygiene Products Sector in Emerging Markets, Localized Deployment Builds Competitive Moat: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$31.76 目标价 HK$40.50 HTI ESG 4.6-4.5-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$19.68bn / US$2.53bn 日交易额 (3 个月均值) US$9.76mn 发行股票数目 619.52mn 自由流通股 (%) 31% 1 年股价最高最低值 HK$33.54 ...

公司研究 心律管理业务重组合并，母公司亏损如期收窄中 2025 年 12 月 31 日 ——微创医疗（0853.HK）跟踪点评 要点 事件：公司近期公告 1）根据微创医疗集团会计政策其无法控制微创脑科学但仍 对其保持重大影响力，故终止合并微创脑科学，构成须予披露交易。2）微创心 通召开股东大会，审议通过并购微创心律管理有限公司的重大资产重组议案。此 次并购将推动微创医疗旗下结构性心脏病与心律管理两大核心业务板块的深度 整合。 点评： 治理结构改善注入新动能，出海业务成为核心增长引擎。公司治理层面，上实资 本旗下基金成为公司重要战略股东，有望在治理和业务发展方面注入新动能。公 司近期完成心律管理与结构性心脏病业务的重组，旨在打造综合心脏病平台，新 公司将融合微创心律管理的 AI 诊断及算法技术，与微创心通在结构性心脏病介 入治疗、输送系统及生物材料方面的技术积累，打造"结构性心脏病+心律管理 +心衰管理"一体化平台。公司亦公告终止合并微创脑科学，我们认为治理改善 持续推进中。同时，公司积极搭建全球通商业化平台，助力各业务板块产品出海， 25H1 出海业务收入已达 5,980 万美元，同比增长 57.3%，有效对 ...

上 市 公 司 公 司 研 究 / 公 司 深 ——稳健红利价值与成长性兼具的儿童电子学习领导者 财务数据及盈利预测 | 单位：百万美元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,146 | 2,177 | 2,006 | 2,046 | 2,099 | | 收入增长率（%） | -4.3 | 1.5 | -7.9 | 2.0 | 2.6 | | 归属普通股东净利润 | 167 | 157 | 149 | 160 | 171 | | 归属普通股东净利润增 | 11.7 | -5.9 | -4.8 | 7.6 | 6.8 | | 长率（%） | | | | | | | 每股收益（美元） | 0.66 | 0.62 | 0.59 | 0.63 | 0.68 | | 毛利率（%） | 29.6 | 31.5 | 31.8 | 32.0 | 32.2 | | ROE（%） | 25.8 | 24.3 | 23.1 | 24.2 | 25.1 | | PE | 12 | 13 | ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 18.1, representing a potential upside of 64% from the current price of HKD 10.98 [1]. Core Insights - The report emphasizes that the "takeaway war" has ignited a new journey in instant retail, termed "everything to home," highlighting the significant growth potential in the instant retail sector [4][21]. - The company is identified as the largest third-party instant delivery service platform in China, benefiting from the synergy of its independent third-party status and the broader ecosystem of SF Express [8][9]. - Financial performance shows a continuous improvement in profitability, with gross margins increasing from -23.3% in 2018 to 6.8% in 2024, and adjusted net profit margins improving from -36.4% to 0.93% over the same period [8][9]. Summary by Sections Instant Retail Market - Instant retail is characterized by online ordering and offline fulfillment, aiming to meet local immediate demands, with a projected market size of RMB 781 billion in 2024, growing at 20.15% year-on-year [4][38]. - The competition among major players like Meituan, Taobao, and JD has intensified, with significant subsidies driving daily order volumes to record highs [13][14][15]. - The report outlines three main service models in instant retail: front warehouses, comprehensive instant retail platforms, and store-warehouse integrated self-operated models [23][26][30]. Company Overview - The company is positioned as the leading third-party instant delivery service provider, leveraging the SF Express brand reputation and service capabilities to create a synergistic effect [8][9]. - The internal and external growth mechanisms, termed "dual flywheel," are driving significant revenue growth, with a forecasted increase in net profit from RMB 132 million in 2024 to RMB 707 million by 2027 [9][5]. Financial Projections - Revenue is expected to grow from RMB 15.746 billion in 2024 to RMB 32.731 billion by 2027, with a compound annual growth rate (CAGR) of 27.1% [5]. - The adjusted net profit is projected to reach RMB 8.1 billion by 2027, with a corresponding adjusted price-to-earnings (PE) ratio decreasing from 25 in 2025 to 11 in 2027 [9][5].

风险提示：数据中心业务落地速度慢于预期；海外市场业务增长速度慢于预期； 国家电网及南方电网集采招标量价不及预期；市场竞争加剧。 SDICSI 2025 年 12 月 31 日 威胜控股(3393.HK) ADO 引入战略股东，数据中心推动快速发展 事件：威胜控股近期公告旗下 ADO 业务非全资子公司惟远能源引入战略股东博 裕投资。根据双方的增资协议，博裕投资将以总金额人民币 3.8 亿元认购惟远能 源 4881 万股新股，占其经扩大股本约 8%，惟远能源估值约 47.5 亿元人民币。 预期惟远能源与博裕投资展开资本及产业资源合作，依托博裕在数据中心、科技 及新能源等领域的广泛布局与跨境投资经验，预期有效赋能公司业务拓展与提升 市场竞争力，助力加速全球化布局。威胜控股 ADO 业务在数据中心的强劲需求 下，正进入快速增长期，正成为推动集团整体业务增长的重要引擎。我们维持 "买入"评级，按照同业估值比较法提升目标价至 19.58 港元。 报告摘要 数据中心业务需求进入爆发期，推动威胜控股 ADO 业务正进入快速增长期。威 胜控股 ADO 业务由非全资控股子公司惟远能源运营。威胜控股持有惟远能源约 65%股份。AD ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 -50% 0% 50% 100% 150% 200% 250% 2024-12-27 2025/3/13 2025/5/29 2025/8/8 2025/10/21 优然牧业 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价(港元） | 4.94 | | | --- | --- | --- | | 总股本/流通股本(亿股) | 38.93 | | | 总市值/流通市值(亿港 | 192 | | | 元） | | | | 52 周高/低(港元） | 5.12 /1.47 | | | 资产负债率(%) | 71.77 | | | 市盈率 PE | 58.2 | | | 第一大股东 | PAGAC | Yogurt | | | Holding II Limited | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 优 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - Leap Motor plans to issue 74.832 million domestic shares to FAW at a price of HKD 50.03 per share, totaling HKD 3.744 billion. Approximately 50% of the funds will be allocated for R&D, 25% for operational capital, and 25% for expanding sales and service networks [2][4][6]. - The company is expected to benefit from a strong domestic new car cycle, driving continuous sales growth, while its partnership with Stellantis will facilitate a light-asset overseas expansion, enhancing global sales potential [4][6]. - The projected net profits for Leap Motor from 2025 to 2027 are estimated at CNY 6.3 billion, CNY 5.0 billion, and CNY 8.37 billion, with corresponding P/E ratios of 102.5X, 13.0X, and 7.7X [4]. Summary by Relevant Sections Domestic Market - The company leverages its technological foundation to create a strong price-performance ratio, which is expected to enhance sales during the ongoing new car cycle. Scale effects and product structure optimization are anticipated to improve profitability [4][6]. Overseas Market - The collaboration with Stellantis, the fourth-largest automotive group globally, allows Leap Motor to utilize Stellantis's extensive sales and after-sales network and production capacity for a rapid and flexible overseas expansion. This partnership is expected to yield significant profit contributions from high single-vehicle profitability [4][6]. Product Development and Sales Network - Leap Motor plans to launch 2-3 new products globally each year over the next three years, with several models already introduced in 2025. The company has established a robust domestic sales network with 866 sales outlets across 292 cities and has expanded its international presence with over 700 sales and service points in approximately 30 international markets [6].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Insights - The company is a leader in the global autonomous driving sector, particularly in Level 4 (L4) technology, and has made significant strides in commercialization, achieving a milestone with its Robotaxi business turning profitable in Guangzhou by Q3 2025 [1][7]. - The Robotaxi industry is entering a pivotal phase, with substantial growth potential driven by supportive policies in both China and the U.S., leading to rapid expansion in the market [7][46]. - The company has established a clear path to commercialization, with its seventh-generation Robotaxi achieving profitability on a per-vehicle basis in urban settings, and plans to scale its fleet significantly by 2026 [7][27]. Financial Data and Valuation - The company is projected to generate total revenue of $72 million in 2023, increasing to $242 million by 2027, with a compound annual growth rate (CAGR) of 107% from 2025 to 2027 [2]. - The company is currently in a strategic expansion phase, with expected non-GAAP net losses of $186 million, $180 million, and $140 million for the years 2025 to 2027, respectively [7][39]. - The company’s total market capitalization is approximately HKD 51.2 billion, with a current share price of HKD 118.0 [3]. Business Overview - The company operates in three main business segments: autonomous driving ride-hailing services (Robotaxi), autonomous truck logistics (Robotruck), and technology licensing and application services [20][30]. - The Robotaxi segment is rapidly growing, with revenues of $6.7 million in Q3 2025, reflecting an 89.5% year-on-year increase, driven by a surge in passenger fare income [7][27]. - The Robotruck segment is currently the largest revenue contributor, with projected revenues of $40.4 million in 2024, accounting for 53.8% of total revenue [30][37]. Market Position and Competitive Landscape - The company is the only autonomous driving technology firm in China to have obtained all types of autonomous taxi licenses in four first-tier cities, positioning it as a market leader [7][12]. - The global Robotaxi market is expected to reach $1.4 billion by 2025 and $673 billion by 2030, with China being a key growth driver [7][46]. - The company has established strategic partnerships with major automotive manufacturers and technology firms, enhancing its competitive edge in the market [12][14].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company, Guoquan, is positioned as a leading one-stop brand for home dining products in China, focusing on providing diverse meal solutions [11]. - The market for home dining products is projected to grow significantly, with a CAGR of 22.81%, reaching a retail value of 940 billion yuan by 2027 [6][30]. - Guoquan's competitive advantages include a well-integrated supply chain, extensive community store network, and a high-engagement membership system, which are expected to drive both short-term and long-term growth [7]. Financial Projections - Revenue is forecasted to grow from 6.1 billion yuan in 2023 to 10.27 billion yuan in 2027, with year-on-year growth rates of 21%, 15%, and 14% respectively [3][7]. - Net profit is expected to increase from 240 million yuan in 2023 to 652 million yuan in 2027, reflecting a significant growth of 96%, 22%, and 19% in the respective years [3][7]. - Earnings per share (EPS) are projected to rise from 0.09 yuan in 2023 to 0.25 yuan in 2027 [3]. Business Model and Market Position - Guoquan operates a unique "community central kitchen" model, which combines food manufacturing and community retail, allowing for cost efficiency and high-quality product offerings [44]. - The company has established a robust store network, with over 10,761 stores across 31 provinces as of Q3 2025, positioning it as the largest one-stop home dining product retailer in China [47]. - The company has a market share of 3.0% in the home dining product sector, leading among competitors [34]. Growth Strategies - Guoquan plans to enhance its store performance through a dual approach of upgrading existing stores and expanding into rural markets, aiming to replicate its successful business model [7][39]. - The company is actively exploring new business formats, including outdoor dining and ready-to-eat meals, to capture additional market segments [7]. - Digital transformation initiatives are underway to improve operational efficiency and enhance customer engagement through data-driven decision-making [83]. Supply Chain and Logistics - The company has invested in seven proprietary food factories to ensure quality control and cost efficiency across its product range [66]. - A comprehensive cold chain logistics system supports the timely delivery of products to stores, enhancing customer satisfaction and operational reliability [70]. Marketing and Brand Strategy - Guoquan leverages celebrity endorsements and social media marketing to strengthen its brand presence and engage with consumers [72]. - The company has implemented a tiered membership system to enhance customer loyalty and increase repeat purchases [76].

Investment Rating - The report gives a "Buy" rating for CStone Pharmaceuticals (2616.HK) for the first time [1]. Core Views - CStone Pharmaceuticals is transitioning into R&D 2.0, focusing on innovative pipelines and cutting-edge technologies, with a strong emphasis on clinical development as the driving force [6][11]. - The company has successfully launched four innovative drugs and has a pipeline of 16 candidate drugs, indicating robust growth potential [6][11]. - The financial outlook shows a projected revenue increase from 1.95 billion CNY in 2025 to 6.33 billion CNY in 2027, reflecting a strong recovery trajectory [7]. Summary by Sections 1. Clinical Development as the Engine - CStone Pharmaceuticals was established in 2016, focusing on clinical development and innovative R&D in oncology and immune diseases [11]. - The company has a concentrated shareholding structure, with major shareholders including WuXi Healthcare Ventures (11.84%) and Pfizer (7.91%) [14]. - Cash management is stable, with a focus on core R&D investments, and the company reported a revenue of 0.49 billion CNY in the first half of 2025 [17][18]. 2. R&D Pipeline and Innovations - The company is advancing into R&D 2.0, focusing on multi-targeted therapies and ADC technologies, with key projects like CS2009 (a tri-specific antibody) and CS5001 (ROR1 ADC) in clinical trials [22]. - CS2009 has shown promising early efficacy and safety data, with an overall response rate (ORR) of 12.2% in clinical trials [35]. - CS5001 is in clinical 1b phase, demonstrating a 70% ORR in preliminary data, indicating strong potential for further development [18][22]. 3. Financial Projections - Revenue projections indicate a decline in 2025 to 1.95 billion CNY, followed by significant growth to 4.64 billion CNY in 2026 and 6.33 billion CNY in 2027 [5][7]. - The company is expected to narrow its net losses, with a forecasted loss of 0.91 billion CNY for 2024 and 0.23 billion CNY for 2027 [5][7]. 4. Market Context - The global market for immune checkpoint inhibitors (ICIs) is projected to grow significantly, reaching 58.53 billion USD in 2025 and expected to exceed 100 billion USD by 2029 [22][25]. - The report highlights the importance of dual-targeting strategies in cancer treatment, which could lead to deeper and more durable responses [22][29].