Investment Rating - The report assigns an IPO-specific rating of 5.5 out of 10 for the company, based on various criteria including operational performance, industry outlook, and market sentiment [8]. Core Insights - The company, AUX Electric, has been a significant player in the air conditioning industry for over 30 years, with a presence in more than 150 countries. It offers a wide range of products including home and central air conditioning systems [1]. - The global air conditioning market is projected to grow from RMB 1,018.6 billion in 2018 to RMB 1,312.8 billion by 2024, with a CAGR of 4.3%. The company holds a 7.1% market share, ranking fifth among competitors [2]. - The company has shown consistent revenue growth, with projected revenues of RMB 297.59 billion and net profits of RMB 29.10 billion for 2024, reflecting year-on-year growth rates of 27.0% and 23.0% respectively [1][12]. Company Overview - AUX Electric integrates design, research and development, production, sales, and service in the air conditioning sector, focusing on both home and commercial applications [1]. - The company has diversified its brand portfolio with "华蒜" and "AUFIT," along with high-end offerings like ShinFlow, to cater to a broader consumer base [1]. Industry Status and Outlook - The air conditioning market in China is also experiencing stable growth, with a projected increase from RMB 389.3 billion in 2018 to RMB 464.3 billion by 2024, at a CAGR of 3.0% [2]. - The competitive landscape is characterized by high concentration, with the top five players holding 88.1% of the market share in China, where the company ranks fourth [2]. Strengths and Opportunities - The company benefits from high brand recognition and a diversified customer base, with less than 20% of revenue coming from its top five customers. The management team is experienced and committed to ongoing research and development [3]. Financial Overview - The company’s financial performance shows a steady increase in revenue and net profit over the years, with a notable net profit margin improvement [12]. - The projected price range for the IPO is between HKD 16.00 and HKD 17.42, with an expected market capitalization of HKD 249.15 billion to HKD 271.26 billion post-IPO [11].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company's performance in the first half of 2025 was impacted by revenue recognition timing, but it is expected to recover in the second half of the year with the start of the academic season [6]. - The adjusted net profit for the first half of 2025 is projected to be CNY 204 million, a decrease of 26.3% year-on-year, while revenue decreased by 4.5% to CNY 925 million [1][6]. - The company is focusing on expanding its educational offerings and enhancing its digital education product matrix, which is expected to drive future growth [3][5]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue decreased by 4.5% to CNY 925 million, and the adjusted net profit decreased by 26.3% to CNY 204 million [1]. - The gross margin fell by 9.7 percentage points to 43.0%, while the adjusted net profit margin decreased by 6.5 percentage points to 22.1% [1]. Educational Business - The full-time higher education segment saw a revenue decline of 2.9% to CNY 780 million, attributed to differences in the academic calendar [2]. - The number of approved student quotas for the 2025/2026 academic year increased by 6.0% to 21,400, with total enrollment in the three schools reaching 57,800, of which 76.2% are undergraduates [2]. Lifelong Education Services - The lifelong education segment reported a revenue of CNY 44.76 million, down 21.2% year-on-year, primarily due to a decrease in student enrollment [4]. - The company has established over 80 training qualifications and conducted training projects for 43 institutions, with more than 3,600 participants [4]. Healthcare and Elderly Care - The company is expanding its healthcare and elderly care ecosystem, with significant growth in its cardiovascular hospital and dental clinic, reporting a 622.8% increase in revenue to CNY 49.66 million in the first half of 2025 [5]. - The occupancy rate of the elderly care facility reached 88%, and the company is developing a smart elderly care platform [5]. Future Projections - The adjusted net profit is forecasted to reach CNY 410 million, CNY 450 million, and CNY 510 million for 2025, 2026, and 2027, respectively, with year-on-year changes of -12%, +11%, and +12% [6].

Investment Rating - The report maintains a "Buy" rating for Mengniu Dairy (02319) [2][5] Core Views - The company reported a significant increase in operating net profit margin despite pressure on liquid milk demand [5] - The company is expected to achieve a substantial recovery in net profit from 2025 to 2027, with projected growth rates of 4113% in 2025, 18% in 2026, and 9% in 2027 [5][7] - Mengniu Dairy is positioned as a leading player in the domestic dairy industry, with core competencies in milk sourcing, product offerings, and distribution channels [5] Financial Data and Profit Forecast - Revenue projections for Mengniu Dairy are as follows: - 2023: 98,624 million RMB - 2024: 88,675 million RMB - 2025E: 82,468 million RMB - 2026E: 86,041 million RMB - 2027E: 89,636 million RMB - Year-on-year growth rates for revenue are projected to be 6.51% in 2023, -10.09% in 2024, -7.00% in 2025, 4.33% in 2026, and 4.18% in 2027 [3][7] - The net profit attributable to shareholders is forecasted as follows: - 2023: 4,809 million RMB - 2024: 105 million RMB - 2025E: 4,424 million RMB - 2026E: 5,225 million RMB - 2027E: 5,716 million RMB - The net profit growth rates are projected at -9.31% in 2023, -97.83% in 2024, 4113.33% in 2025, 18.11% in 2026, and 9.40% in 2027 [3][7] Business Performance Insights - In the first half of 2025, the company achieved a revenue of 41.57 billion RMB, with liquid milk, milk powder, ice cream, and cheese revenues at 32.19 billion, 1.68 billion, 3.88 billion, and 2.37 billion RMB respectively [5] - The liquid milk business faced challenges due to weak demand, leading to a decline in both volume and price, although fresh milk saw over 20% growth [5] - The gross profit margin improved to 41.7%, up 1.5 percentage points year-on-year, primarily due to a decrease in milk prices [5]

2025 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] GMV 拐点持续强化，看好长期增长 ——东方甄选（1797.HK）FY2025 财报点评 最近一年走势 投资要点: FY2025H2 核心业务利润稳健增长 | 相对恒生指数表现 | | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 东方甄选 | 48.1% | 112.6% | 129.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | | 2025/08/27 | | 当前价格（港元） | | | 27.34 | | 周价格区间（港元） 52 | | | 10.12-53.70 | | 总市值（百万港元） | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][15] Core Views - The company experienced a slight decline in performance but remains active in land acquisition and shows steady growth in its commercial sector [5] - The company is backed by China Resources Group and is a leading urban investment and development operator in the industry [5] - The financial position is stable, with low financing costs and a strong cash position, enabling the company to expand against market trends [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 251,137 million - 2024: 278,799 million - 2025E: 275,788 million - 2026E: 263,701 million - 2027E: 268,164 million - Year-on-year growth rates for revenue are projected at 21.3% for 2023, 11.0% for 2024, and declines of 1.1% and 4.4% for 2025E and 2026E respectively [4][6] - Net profit attributable to the parent company is forecasted as follows: - 2023: 31,365 million - 2024: 25,577 million - 2025E: 25,787 million - 2026E: 25,998 million - 2027E: 26,653 million - The projected earnings per share (EPS) are 4.40 for 2023, declining to 3.59 for 2024, and slightly increasing to 3.74 by 2027 [4][6] Sales and Land Acquisition - In the first half of 2025, the company reported sales of 1,103 million, a year-on-year decline of 12% [5] - The land acquisition amount reached 447 million, a significant increase of 75% year-on-year, with a land acquisition to sales ratio of 41% [5] - The company has a total land bank of 4,119 million square meters, with 70% located in first and second-tier cities [5] Commercial Performance - The retail revenue from shopping malls increased by 20% year-on-year, with a total of 1,101 million in the first half of 2025 [5] - The company operates 94 shopping malls, with a high occupancy rate of 97.3% [5] - The income from investment properties, including hotels, was 121 million, reflecting a year-on-year growth of 5.5% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 19.186 billion yuan in H1 2025, representing a year-on-year increase of 33.11%, and a net profit of 1.649 billion yuan, up 59.5% [7] - The growth is primarily driven by government subsidies boosting end-consumer demand and increased enthusiasm among distributors for inventory replenishment due to clear policy regulations [7] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 3.009 billion yuan, 3.501 billion yuan, and 4.093 billion yuan respectively, with corresponding EPS of 1.0, 1.1, and 1.3 yuan [7] - The current stock price corresponds to P/E ratios of 12.1, 10.4, and 8.9 for the years 2025, 2026, and 2027 respectively, indicating a solid market position with strong product and channel barriers [7] Revenue Breakdown - In H1 2025, the company’s total sales volume increased significantly, with electric bicycles and electric scooters generating a total revenue of 13.106 billion yuan, accounting for 68.3% of total revenue [8] - The total sales volume reached 8.7935 million units, up 37.77%, with an average selling price (ASP) of 2,182 yuan per unit, down 3.4% [8] - The revenue from electric bicycles was 9.298 billion yuan, up 49.01%, while electric scooters generated 3.808 billion yuan, up 7.39% [8] - Revenue from batteries and chargers was 5.713 billion yuan, up 40.52%, while revenue from electric two-wheeler components decreased to 367 million yuan, down 34.76% [8] Profitability - The company improved its product mix in H1 2025, resulting in a gross margin increase of 1.6 percentage points to 19.61% [9] - The sales, management, and R&D expenses accounted for 4.3%, 2.8%, and 3.3% of revenue respectively, with a focus on optimizing internal management [9] - The net profit margin for H1 2025 was 8.6%, reflecting a 1.4 percentage point increase year-on-year, driven by revenue growth and cost control measures [9] Outlook - The introduction of new national standards is expected to accelerate industry consolidation, with anticipated double-digit growth in overall shipments due to trade-in activities [10] - The company plans to leverage its advantages in product development and compliance to achieve excess growth in a recovering market, with a projected sales increase of 38% in H1 2025 [10] - The company is also expanding its product offerings in overseas markets such as Indonesia and Thailand, with expected growth potential [10]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company reported a decrease in revenue but an increase in net profit for the first half of 2025, with total revenue of 35.4 billion yuan, down 5.4% year-on-year, and a net profit attributable to shareholders of 2.3 billion yuan, up 5.8% year-on-year [1][2] - The total assets of the company slightly increased to 1.68 trillion yuan by the end of Q2 2025, reflecting a growth of 2.6% from the beginning of the year and 6.2% year-on-year [1] - The company experienced a mixed performance across different business segments, with the non-performing asset management segment's revenue growing by 0.3% due to investment gains from Shanghai Pudong Development Bank, while the financial services segment saw a revenue decline of 5.2% [2] - The credit cost ratio for the first half of 2025 was 4.9%, an increase of 3.0 percentage points year-on-year, primarily due to pressure on asset quality in subsidiaries [2] Financial Forecasts - The company has adjusted its profit forecasts slightly, expecting net profits for ordinary shareholders to be 3.0 billion yuan, 3.2 billion yuan, and 3.6 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 99%, 8%, and 12% [2][4] - The earnings per share (EPS) are projected to be 0.08 yuan, 0.08 yuan, and 0.09 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 18, 17, and 15 [2][4] - The return on equity (ROE) for the first half of 2025 was reported at 2.2% [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 1H25 revenue reached 55.7 billion RMB, a year-on-year increase of 2.0%, while the net profit attributable to shareholders was 2.429 billion RMB, down 5.6% year-on-year [1] - The core profit of 3.223 billion RMB was in line with expectations, with a slight year-on-year decline of 1.2% [1] - The company’s domestic core profit from its basic business grew by 0.7% year-on-year, supported by capital expenditure expansion in the energy sector and increased penetration and average spending in smart home services [1][3] - The interim dividend per share remained stable at 0.65 HKD, with a payout ratio of 21% [1] Summary by Sections Financial Performance - The company achieved a retail gas volume of 12.953 billion cubic meters in 1H25, up 1.9% year-on-year, outperforming the national natural gas consumption growth rate of -0.9% [2] - The industrial and commercial gas volume was 9.79 billion cubic meters, up 2.4% year-on-year, driven by new industrial gas connections and existing demand [2] - The company expects a 4% year-on-year increase in retail gas gross profit for 2025 [2] Energy Sales and Smart Home Services - The company’s energy sales volume reached 19.76 billion kWh in 1H25, a slight increase of 0.1% year-on-year, with efficiency improvements offsetting energy price declines [3] - The penetration rate of smart home services reached 10.4%, with an average spending of 649 RMB per household, and a projected 5% year-on-year increase in smart home gross profit for 2025 [3] Profit Forecast and Target Price - The profit forecast for 2025-27 has been slightly adjusted downwards by 3.0%, 2.6%, and 1.5% to 7.0 billion, 7.46 billion, and 7.92 billion RMB respectively, with an expected CAGR of 4% over three years [4] - The target price has been revised down to 68.0 HKD, based on a 10x 2025E PE ratio, reflecting a premium due to the smooth progress of the privatization process [4]

Investment Rating - The report maintains an investment rating of "Buy" for the company [7]. Core Views - The company has shown steady growth in its power generation operations, with a focus on diversification proving effective [1]. - The company aims to reduce capital expenditures while increasing dividend levels and improving the quality of earnings [1]. - The report anticipates stable growth in cement investment returns amid a backdrop of reduced competition [1]. Revenue and Profitability - In the first half of 2025, the company achieved revenue of 3.09 billion CNY, a decrease of 1.6% year-on-year, primarily due to a decline in revenue from waste disposal construction [1]. - The net profit attributable to shareholders was 1.29 billion CNY, an increase of 9.3% year-on-year [1]. - The core net profit from the waste-to-energy business was 450 million CNY, a decrease of 6.0% year-on-year, impacted by a high base and losses in the new energy segment [1][2]. Waste Disposal Operations - The waste disposal segment generated revenue of 2.38 billion CNY in the first half of 2025, down 7.0% year-on-year, with construction revenue dropping significantly by 54.5% [2]. - The operational revenue increased by 7.6% year-on-year to 2.11 billion CNY, with 8.02 million tons of municipal waste processed, a 3% increase year-on-year [2]. - The company has improved its operational quality, with 87 waste-to-energy projects in operation by the end of the first half of 2025 [2]. Cash Flow and Dividends - The company reported a net cash inflow from operating activities of 910 million CNY, a slight decrease of 20 million CNY year-on-year [3]. - The company announced an interim dividend of 0.1 HKD per share, totaling 164 million CNY [3]. - The asset-liability ratio at the end of the first half of 2025 was 40.05%, a decrease of 0.23 percentage points year-on-year [3]. Joint Venture Investments - The share of profits from joint ventures was 840 million CNY, an increase of 19.7% year-on-year, benefiting from improved competition in the cement industry [4]. - The report highlights a positive outlook for joint venture earnings, particularly from the Conch Cement Group, which reported a net profit of 4.368 billion CNY, up 31.3% year-on-year [4]. Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 2.48 billion CNY, 2.76 billion CNY, and 3.03 billion CNY, respectively [5]. - The report assigns a valuation of 8.8x 2025 P/E for the environmental business and 9.3x 2025 P/E for the Conch Cement investment business [5]. - The target price has been raised by 16.6% to 12.12 HKD, based on the updated valuation metrics [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that in the first half of 2025, the company achieved significant revenue and profit growth, with a strong outlook for market share enhancement [5][7] - The company recorded a revenue of 14.875 billion RMB in 2025H1, representing a year-on-year increase of 39.3%, and a net profit of 2.718 billion RMB, up 44.1% year-on-year [7] - The company is expanding its domestic store network while optimizing overseas operations, particularly in Southeast Asia [7] Financial Performance - Revenue projections for the company are as follows: 2023: 20.302 billion RMB, 2024: 24.829 billion RMB, 2025E: 30.443 billion RMB, 2026E: 36.691 billion RMB, 2027E: 42.410 billion RMB, with respective growth rates of 49.55%, 22.29%, 22.61%, 20.52%, and 15.59% [6] - The net profit forecasts are: 2023: 3.137 billion RMB, 2024: 4.436 billion RMB, 2025E: 5.425 billion RMB, 2026E: 6.586 billion RMB, 2027E: 7.670 billion RMB, with growth rates of 57.13%, 41.41%, 22.28%, 21.40%, and 16.46% respectively [6] - The company’s gross margin for 2025H1 was 31.64%, with a slight decline of 0.2 percentage points year-on-year [7] Market Expansion - As of 2025H1, the company had a total of 53,014 stores, with 52,996 being franchise stores, and a net increase of 6,697 stores in mainland China since the beginning of the year [7] - The company is focusing on enhancing its brand presence in the domestic market while strategically optimizing its operations in overseas markets like Indonesia and Vietnam [7] Profitability Metrics - The report indicates that the company's net profit margin improved by 0.6 percentage points to 18.27% in 2025H1 [7] - The projected price-to-earnings (P/E) ratios for the upcoming years are 36.23 for 2023, 31.24 for 2024, 31.24 for 2025E, 25.73 for 2026E, and 22.09 for 2027E [6]