Investment Rating - The report maintains a "Strong Buy" rating for Chow Tai Fook [2][7] Core Views - Chow Tai Fook's FY26H1 revenue decreased by 1.1% year-on-year, while net profit increased by 0.1%. The company declared an interim dividend of HKD 0.22 per share, with a payout ratio of 85.7% [6][7] - Strong terminal growth was observed from October 1 to November 18, with same-store sales in mainland China increasing by 38.8%, driven by a 93.9% increase in priced jewelry and a 23.0% increase in gold jewelry [6][7] - The company is expected to benefit from rising gold prices in the second half of the fiscal year, leading to an upward revision of profit forecasts for FY2026 to FY2028 [7] Financial Performance Summary - FY26H1 revenue was HKD 389.9 billion, with a breakdown showing mainland China revenue at HKD 321.9 billion (down 2.5%) and Hong Kong, Macau, and other markets at HKD 67.9 billion (up 6.5%) [6] - The company closed 611 underperforming stores while opening 8 new flagship stores, focusing on enhancing store quality and optimizing the retail network [6] - The gross margin for FY26H1 was 30.5%, with a slight year-on-year decrease of 0.9 percentage points, while operating profit margin reached a five-year high of 17.5% [6][7] Earnings Forecast and Valuation - Revenue projections for FY2026 to FY2028 are HKD 94.001 billion, HKD 98.800 billion, and HKD 104.748 billion, respectively, with net profit estimates of HKD 8.707 billion, HKD 9.804 billion, and HKD 10.864 billion [7][8] - The current market capitalization corresponds to a FY26 PE ratio of 17.5X, indicating a favorable valuation [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 180 [1][6]. Core Insights - The company reported FY2026 Q2 revenue of RMB 247.8 billion, a year-on-year increase of 5%. Excluding disposed businesses, the revenue growth was 15%. Operating profit decreased by 85% to RMB 5.4 billion, while net profit attributable to shareholders fell by 53% to RMB 21 billion, aligning with market expectations [7]. - The core e-commerce business remains stable, with customer management revenue increasing by 10% to RMB 78.9 billion, driven by the improved penetration of the service fee model and a significant rise in monthly active consumers on the Taobao app [9]. - The timely retail business experienced rapid growth, with revenue up 60%, and losses are expected to decrease in line with market forecasts [9]. - Cloud business revenue exceeded market expectations, reaching RMB 39.8 billion, a 34% year-on-year increase, primarily due to growth in public cloud services and increased adoption of AI-related products [9]. - Capital expenditures remain high at RMB 31.4 billion, with a potential increase in the three-year total spending guidance to RMB 380 billion, reflecting continued strong investment in AI [9]. Summary by Sections Financial Performance - For FY2026, the company is projected to achieve a net profit of RMB 116.3 billion, a decrease of 10.6% year-on-year, with EPS of RMB 6.12, corresponding to a P/E ratio of 23.58 [11]. - The company’s net profit for FY2024 and FY2025 is expected to be RMB 80.0 billion and RMB 130.1 billion, respectively, with significant growth in FY2025 [11]. Market Position - The company holds a market capitalization of HK$ 175.3 billion, with a share price of HK$ 157.80 as of November 25, 2025 [2]. - The stock has shown a significant increase of 85.92% over the past month, although it has decreased by 9.10% over the past year [2]. Shareholder Information - Major shareholders include JPMorgan Chase & Co., holding 3.57% of the shares [2].

证券研究报告 港股通 2025 年 11 月 26 日│中国香港 互联网 同程公布 3Q25 业绩：收入 55 亿元，yoy+10.4%，基本符合 VA 一致预期 （简称预期）的 54.9 亿元；经营利润 11.6 亿元，超预期 7.5%，经营利润 率持续优化，yoy+1.5pct，主要来自于精细化补贴和费用管控；调整后净利 润 10.6 亿元，超预期 2.8%。公司本季度收入表现基本符合预期，利润超预 期。我们看好国内旅游的需求韧性，同时公司高品质酒店占比提升，带来结 构性改善。维持"买入"评级。 公司收入基本符合预期，酒店/机票价格改善贡献正向驱动 公司 3Q25 收入 55 亿元，yoy+10.4%，基本符合预期。拆分来看,核心 OTA 业务中，住宿及预定服务收入达 15.8 亿元，yoy+14.7%，基本符合预期。 暑期旅游旺季需求释放，同时公司高品质酒店预订占比提升，客房量增长超 20%，而酒店价格止跌回正，成为收入增长正向驱动。交通业务持续稳健增 长，收入 22.09 亿元，yoy+9.0%，主要源于用户的需求增加以及持续丰富 的增值产品及服务，且机票票价止跌，我们预计未来交通业务量将保持稳健 增 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [6] Core Insights - Alibaba's cloud revenue continues to accelerate, and the flash purchase business is reducing losses, indicating a positive trajectory for the company [1] - The management expresses confidence in the growth of AI demand and plans to invest further in AI and cloud services to enhance synergies [3] - The company has adjusted its profit forecasts for FY26, FY27, and FY28, reflecting better-than-expected performance in Q2 FY26 and improvements in the flash purchase business [4][17] Financial Performance - Alibaba's total revenue for Q2 FY26 was 247.8 billion yuan, a year-on-year increase of 4.8%, surpassing market expectations [1] - The adjusted EBITA for Q2 FY26 was 9.1 billion yuan, down 77.6% year-on-year, but better than the forecasted 7.7 billion yuan [1] - The cloud segment's revenue grew by 34.5% year-on-year, exceeding the expected growth rate of 28% [3] Business Segments - The Chinese e-commerce group's revenue increased by 15.5% to 132.6 billion yuan in Q2 FY26, driven by improved monetization rates [2] - The flash purchase business has shown a significant reduction in losses, with management indicating that losses per order have halved since October [2] - AI-related revenue has been growing at a triple-digit rate for nine consecutive quarters, now accounting for over 20% of external commercial revenue [3] Profit Forecasts and Valuation - The adjusted non-GAAP net profit forecasts for FY26, FY27, and FY28 are set at 105.8 billion yuan, 131.0 billion yuan, and 159.7 billion yuan, respectively [4][17] - The target price for Alibaba's stock is set at 214.9 USD for US shares and 209.0 HKD for Hong Kong shares, corresponding to PE ratios of 36.3, 29.3, and 24.1 for FY26, FY27, and FY28 [4][19]

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 15 HKD over the next six months, reflecting a dynamic P/E ratio of 21 times for 2026 [4][6]. Core Insights - The company focuses on "interventional non-implant" treatment, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels without leaving permanent implants, thus avoiding related complications and preserving future treatment options [1][19]. - Recent domestic procurement policies are expected to ease, and new products are entering a growth phase, with the company's core products included in the procurement scope [2][39]. - The partnership with Boston Scientific is anticipated to accelerate the company's international expansion, with several products already approved in the U.S. [3][38]. Summary by Sections Company Overview - The company, established in 2011, specializes in "interventional non-implant" treatment solutions for various vascular diseases and has developed several leading medical devices [15]. - The company has a strong management team with extensive experience in the medical device industry [16][17]. Product and Technology - The company has developed a comprehensive range of DCB products for multiple indications, including above-knee, below-knee, coronary, and arteriovenous fistula stenosis [22][26]. - The technology platforms include drug coating technology, aspiration platform technology, radiofrequency ablation technology, and materials technology, which enhance product functionality and reduce production costs [28][29]. Market Dynamics - The domestic procurement policy is set to ease, with the sixth batch of high-value consumables procurement rules expected to optimize the bidding process [2][39]. - The DCB market in China is projected to grow significantly, from over 1 billion CNY in 2019 to 14.2 billion CNY by 2030 [22]. Financial Projections - Revenue growth is expected to be 19.99%, 21.99%, and 29.05% from 2025 to 2027, with net profit growth of 130.43%, 66.62%, and 73.46% during the same period [4][9].

Investment Rating - The report maintains a "Strong Buy" rating for Alibaba Group [3][5] Core Insights - Alibaba's revenue for FY2026Q2 reached 247.8 billion yuan, a 5% increase year-on-year, while Non-GAAP net profit was 10.4 billion yuan, down 72% [1] - The e-commerce segment shows steady growth in monetization rates, with a stable market share in food delivery and potential for improvement in profitability [1][5] - The cloud business exceeded expectations with significant revenue growth driven by strong demand in the AI cloud market, indicating a promising outlook for future growth [1][5] Financial Data Summary - **Revenue Forecasts**: Projected revenues for FY2024 to FY2028 are 941.2 billion yuan, 996.3 billion yuan, 1,062.5 billion yuan, 1,168.7 billion yuan, and 1,285.6 billion yuan respectively, with year-on-year growth rates of 8%, 6%, 7%, 10%, and 10% [2][8] - **Adjusted EBITA**: Expected adjusted EBITA for FY2026 is 117.2 billion yuan, reflecting a significant decrease of 32% compared to FY2025 [2][8] - **Non-GAAP Net Profit**: Forecasted Non-GAAP net profits for FY2026 to FY2028 are 106.9 billion yuan, 166.6 billion yuan, and 201.8 billion yuan respectively, with a notable decline of 32% in FY2026 [2][8] - **Earnings Per Share (EPS)**: EPS is projected to be 5.63 yuan for FY2026, with a PE ratio of 25.5 [2][9] Stock Performance - The stock has shown an absolute performance of 20% over the past 12 months, with a relative performance of -9.8% [4] Valuation - The target price is set at 185 HKD per share, with the current stock price at 158 HKD, indicating potential upside [3][5]

证券研究报告 周大福 (1929 HK) 港股通 定价产品表现靓丽推动业绩稳健复苏 2025 年 11 月 26 日│中国香港 零售 | 周大福公布中期业绩（2025 年 4 月至 9 月）：FY26H1 收入 389.9 亿港币， | | --- | | 同比-1.1%，较去年同期的下滑态势显著改善；经营利润 68.2 亿港币，同比 | | 至 +0.7%；经营利润率同比+0.3pct 17.5%，创近 5 年新高；归母净利润 25.3 | | 亿港币，与去年基本持平（同比+0.1%）。集团毛利率维持在 30.5%的历史 | | 较高水平，主要得益于高毛利的定价首饰占比提升及黄金价格上涨。公司宣 | | 布中期每股派息 0.22 港币（同比+10%），对应派息率 85.7%，彰显公司对 | | 未来发展的信心。随着周大福品牌转型成效持续显现，品牌及产品力进一步 | | 提升，我们看好周大福的经营持续向好，维持"买入"评级。 | 定价产品高增叠加计价黄金改善，内地及港澳同店销售增速回正 FY26H1 中国内地/港澳及其他市场 SSSG（同店销售同比增速）分别为 +2.6%/+4.4%，增速同比大幅改善 30. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%. The gross profit reached 1.621 billion yuan, with a gross margin of 36.8% [2][4]. - The company's R&D expenses amounted to 1.468 billion yuan, reflecting an 8.4% increase year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [2][4]. - The enterprise-level Agent expansion has led to significant growth in the company's "Prophet AI" platform, which generated 3.692 billion yuan in revenue, a 70.1% increase year-on-year, accounting for 83.9% of total revenue [2][4]. Summary by Sections Business Performance - In Q3 2025, the company achieved a quarterly revenue of 1.78 billion yuan, a year-on-year increase of 31.4%. The demand for AI applications that deliver tangible business value has surged among enterprise clients, leading to the acquisition of new business opportunities across key industries such as energy, manufacturing, finance, and retail [8]. - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, marking a 71.4% year-on-year growth [8]. Product Development - The "Prophet AI" platform's revenue share continues to rise, with a reported 36.92 billion yuan in revenue for the first three quarters of 2025, up 70.1% year-on-year. The revenue from SHIFT intelligent solutions decreased by 12.5% to 6.02 billion yuan due to increased standardization in existing scene deliveries [8]. - The company has enhanced its core products and expanded downstream applications, launching ModelHub XC and the AI engine system EngineX, which are compatible with various domestic chips [8]. Market Position - The company is positioned as a leader in AI, benefiting from the ongoing penetration of AI across various industries. The potential for digital transformation in Chinese enterprises is significant, with traditional sectors like finance and automotive leading the way, while energy and manufacturing present substantial market opportunities [8]. - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, with projected revenues of 6.937 billion, 9.062 billion, and 11.797 billion yuan for 2025-2027, reflecting a compound annual growth rate of approximately 30% [8].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]