Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Insights - The company reported a revenue of RMB 2.588 billion for the first half of 2025, representing a year-on-year increase of 31.3%, and a net profit of RMB 670 million, up 36.1% year-on-year [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points year-on-year, while the net profit margin improved by 0.9 percentage points to 25.9%, primarily due to a reduction in sales expense ratio [1]. - The company is experiencing strong growth across its core product categories, with makeup and skincare showing particularly robust performance [2][7]. Revenue Breakdown by Product Category - **Makeup**: Revenue reached RMB 1.42 billion in H1 2025, a 31.1% increase year-on-year, with significant contributions from flagship products [2]. - **Skincare**: Revenue was RMB 1.09 billion, up 33.4% year-on-year, with strong sales from key products [2]. - **Fragrance**: The fragrance category generated RMB 0.11 billion in its first year, with a gross margin of 77.6% [2]. - **Training Business**: Revenue declined to RMB 67 million, down 5.9% year-on-year, due to a strategic decision to limit enrollment for quality improvement [3]. Revenue Breakdown by Channel - **Online Sales**: Revenue from online channels was RMB 1.3 billion, a 39% increase year-on-year, surpassing offline sales for the first time [6]. - **Offline Sales**: Offline revenue reached RMB 1.22 billion, up 26.6% year-on-year, with a notable increase in same-store sales [6]. Financial Projections - The company expects net profits of RMB 1.22 billion, RMB 1.54 billion, and RMB 1.90 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.7%, 26.1%, and 23.4% [7][8]. - Revenue projections for 2025, 2026, and 2027 are RMB 5.153 billion, RMB 6.485 billion, and RMB 7.826 billion, reflecting growth rates of 32.65%, 25.85%, and 20.66% [8].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 3.20 per share, indicating a potential upside of 22% from the current price of HKD 2.62 [5][11]. Core Insights - The company achieved a revenue of RMB 6.845 billion in the first half of 2025, reflecting a year-on-year growth of 3.30%. However, the net profit attributable to shareholders decreased by 4.37% to RMB 1.688 billion [8][9]. - The company plans to increase its dividend payout ratio to approximately 33% during the 14th Five-Year Plan period, indicating a commitment to shareholder returns [8][9]. - The company aims to add 3 GW of new installed capacity in 2025, with a target of reaching a total installed capacity of 21 GW by the end of the 14th Five-Year Plan, with wind power accounting for over 80% of this capacity [3][9]. - The acceleration of subsidy payments is expected to improve cash flow, with the company recovering RMB 8.42 billion in subsidies in July 2025, significantly higher than the previous year [4][10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a pre-tax profit of RMB 2.358 billion, a 1.37% increase year-on-year, while the basic earnings per share were RMB 0.2046, with an interim dividend of RMB 0.03 per share [8][9]. - The company anticipates a stable increase in the dividend payout ratio, with a minimum of 30% of net profit being distributed as dividends from 2025 to 2027 [9]. Installed Capacity and Growth Targets - The company maintains its target of obtaining and commissioning 3 million kilowatts of new capacity in 2025, with a long-term goal of achieving 21 million kilowatts by the end of the 14th Five-Year Plan [3][9]. Cash Flow and Subsidy Recovery - The company has a substantial subsidy receivable balance of approximately RMB 23.5 billion as of June 2025, with expectations for accelerated recovery of these funds, which will enhance its cash flow and financial position [4][10]. Valuation and Market Position - The report highlights an expected improvement in industry cash flow due to faster subsidy disbursements, which is likely to enhance industry valuations. The target price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.4 times for 2026 [5][11].

请务必阅读正文后的声明及说明 [Table_Info1] 复星国际(00656.HK) 综合Ⅱ/综合 [Table_Title] 证券研究报告 / 港股公司报告 持续深耕核心产业，构建全球化运营体系 报告摘要： [Table_Summary] 事件： [Table_Date] 发布时间：2025-09-10 [Table_Invest]买入 上次评级：买入 | [Table_MarketHK] 股票数据 | 2025/09/09 | | --- | --- | | 6 个月目标价（港元） | -- | | 收盘价（港元） | 5.55 | | 12 个月股价区间（港元） | 3.83~6.18 | | 总市值（百万港元） | 45,324.40 | | 总股本（百万股） | 8,167 | | A 股（百万股） | 0 | | H 股（百万股） | 8167 | | 日均成交量（百万股） | 8 | [Table_PicQuote] 历史收益率曲线 [Table_Trend] 涨跌幅（%） 1M 3M 12M -10% 0% 10% 20% 30% 40% 50% 60% 70% 2024/9 2024/12 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's innovative research and development capabilities have been validated, with a comprehensive advancement in its metabolic pipeline [7][15] - The company has successfully authorized UBT251 to Novo Nordisk, indicating strong clinical potential and efficient overseas clinical progression [15][27] - The company is expected to achieve peak domestic sales of UBT251 for weight loss indications at 4.3 billion yuan by 2032 [18][19] Summary by Sections 1. Short-term Pressure on Main Business - In the first half of 2025, the company reported revenue of 7.519 billion yuan (+4.8% YoY) and net profit of 1.894 billion yuan (+27.02% YoY) [12] - The demand for antibiotics has impacted main business profits, but the negative effects are expected to diminish as high base effects are eliminated [12][14] 2. Comprehensive Innovative Pipeline Layout - UBT251 has been successfully authorized to Novo Nordisk, showcasing the company's validated R&D capabilities [15] - UBT48128, based on the structure of Eli Lilly's orforglipron, has shown significant weight loss potential in preclinical studies [24] - UBT37034 has received FDA approval for clinical trials, targeting the neuropeptide Y2 receptor, which is crucial for obesity treatment [27] 3. Earnings Forecast and Investment Rating - The company is projected to achieve revenues of 138.6 billion yuan, 150.0 billion yuan, and 162.6 billion yuan for 2025-2027, with YoY growth rates of 0.7%, 8.2%, and 8.4% respectively [31] - The net profit is expected to be 31.1 billion yuan, 31.0 billion yuan, and 33.8 billion yuan for the same period, with YoY growth rates of 17.0%, -0.3%, and 9.1% respectively [31] - The report maintains the "Buy" rating based on the successful R&D progress of UBT251 and the robust pipeline of UBT48128 and UBT37034 [31]

即时点评 PD-L1xVEGF 双抗临床疗效及安全性数据优秀 【事件】 宜明昂科-B（1541.HK） 2025-09-10 星期三 公司在 2025 年世界肺癌大会上公布 IMM2510 单药在晚期肺鳞状非小细 胞肺癌(sq-NSCLC)患者中的初步疗效与安全性数据，数据来源于 I 期临 床研究的剂量递增及队列扩展阶段。 【点评观点】 23 例入组患者中，常见的≥3 级治疗相关不良事件(TRAEs)包括血小板减 少(8.7%)、淋巴细胞减少(8.7%)和输注相关反应(8.7%)。 IMM2510 单药 治疗的安全性可控。 IMM2510 针对 IO 治疗失败后的肺鳞癌(SQ-NSCLC) III 期注册临床试验 申请将于近期提交。公司也在积极推进 IMM2510 联合化疗、联合 IMM27M、联合 IMM01、及联合 ADC 等药物在不同实体瘤适应症的临 床试验研究。在美国已经获批复发/难治性实体瘤的 IND 批件。 ➢ 管线丰富，均具备重磅产品潜质，BD 空间广阔 1. CD47CD20 双抗（IMM0306）Ib 期临床试验中，有 15 例可评估有效性 相关报告 深度报告-20250512 更新报告-2 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [11][13]. Core Viewpoints - The company is positioned as a leading third-party instant delivery platform in China, benefiting from the rapid growth of instant retail and the increasing demand for delivery services [4][11]. - The company's unique market positioning and service model have created a scarcity barrier in delivery capacity, which is expected to drive profitability as order volumes and rider efficiency improve [4][11]. Summary by Sections Company Overview - The company, Shunfeng Tongcheng, is the largest third-party instant delivery platform in China, providing a flexible delivery network for various consumer needs [8][18]. - The main business segments include delivery services for merchants (42% of revenue), personal errands (15%), and express collection and delivery services (42%) [8][18]. Instant Retail Growth - Instant retail is experiencing explosive growth, driven by a shift in consumer behavior towards convenience and immediate consumption [9][39]. - The market is expected to expand significantly, with projections indicating that the instant retail market could exceed 700 billion yuan by 2025 [52]. Delivery Infrastructure - Instant delivery serves as the foundational infrastructure for instant retail, with a focus on building a robust rider network to meet increasing order volumes [10][74]. - The company employs a "quasi-direct" management model for riders, ensuring high service quality and operational efficiency [10][74]. Financial Performance - The company achieved its first annual profit in 2023, with net profit expected to double to 1.3 billion yuan in 2024 [11][35]. - Revenue growth is driven by a compound annual growth rate (CAGR) of 24.4% from 2021 to 2024, with significant contributions from all business segments [35][36]. Market Positioning - The company maintains a neutral market position, allowing it to serve a wide range of clients without favoring specific channels [11][18]. - Strong collaboration with the parent company, Shunfeng Group, enhances operational efficiency and cost reduction in last-mile delivery [11][18].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 48.50, representing a potential upside of 15.0% from the current price of HKD 42.24 [2][4]. Core Insights - The company has solidified its leading position in the commercial management sector, with a significant increase in operational efficiency and a high dividend payout ratio [4]. - The commercial management segment reported a revenue increase of 14.6% year-on-year, with a gross margin improvement of 5.2 percentage points to 66.1% [4]. - The property management segment has seen a slight revenue growth of 1.1%, with urban space revenue increasing by 15.1% [4]. - The company has achieved a core net profit growth of 15.0% in the first half of 2025, with a total revenue of HKD 85.24 billion, reflecting a year-on-year increase of 6.5% [4]. Financial Summary - Revenue projections for the company are as follows: - 2023A: 14,766,952 thousand RMB - 2024A: 17,042,658 thousand RMB - 2025E: 18,326,302 thousand RMB - 2026E: 20,224,277 thousand RMB - 2027E: 22,407,889 thousand RMB - The growth rates are 22.9%, 15.4%, 7.5%, 10.4%, and 10.8% respectively [3][5]. - The projected net profit for the years 2025 to 2027 is as follows: - 2025E: 3,998,766 thousand RMB - 2026E: 4,596,336 thousand RMB - 2027E: 5,259,012 thousand RMB - The growth rates are 10.2%, 14.9%, and 14.4% respectively [3][5]. - The company plans to distribute a mid-term dividend of HKD 0.53 per share and a special dividend of HKD 0.35 per share, achieving a mid-term payout ratio of 100% based on core net profit [4].

证券研究报告 | 2025年09月10日 中创新航（03931.HK） 优于大市 动储电池市场份额稳步提升，盈利能力持续改善 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·海外公司财报点评 公司2025H1 实现归母净利润4.66 亿元、同比+87%。公司2025H1 实现营收164.19 亿元，同比+32%；实现净利润（含少数股东权益）7.53 亿元，同比+81%；实现 归母净利润 4.66 亿元，同比+87%；毛利率为 17.53%，同比+1.91pct；净利率为 4.59%，同比+1.24pct。 公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力 电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量 21.8GWh，同比+23%。 2025H1 公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第 三。乘用车市场，公司在国内市占率创新高，2025 年 7 月单月市占率达到 8.25%。 公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合作， 交付产品类型日益丰富。商用车市场，公司 2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.20, indicating a potential upside of 59.5% from the current price of HKD 15.80 [5]. Core Insights - The company has demonstrated strong performance with a revenue of RMB 1.569 billion in the first half of 2025, reflecting a year-on-year growth of 23.7%. Gross profit increased by approximately 27.6% to RMB 1.209 billion, with a gross margin of 77.1%, up 2.4 percentage points from the same period in 2024 [2]. - The core product, Uremic Clear Granules, continues to drive growth, achieving sales of approximately RMB 1.131 billion, a 28.0% increase compared to 2024. This product holds a leading position in the modern Chinese medicine category for kidney disease [3][4]. - The company has a robust dividend policy, proposing an interim dividend of HKD 0.33 per share, resulting in a payout ratio exceeding 51% [2]. Summary by Sections Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of RMB 2.590 billion, with a projected increase to RMB 3.477 billion in 2025, representing a growth rate of 17.2% [6]. - Net profit is expected to rise from RMB 784.5 million in 2023 to RMB 1.052 billion in 2025, with diluted earnings per share increasing from RMB 0.98 to RMB 1.23 during the same period [6]. Product and Market Position - Uremic Clear Granules is the company's flagship product, uniquely positioned in the market with a significant competitive advantage. It is the first kidney disease Chinese medicine to complete evidence-based medical research and has received strong recommendations in clinical guidelines [4]. - The company has expanded its product pipeline, with several new imaging contrast agents launched and ongoing research products awaiting approval, enhancing its market offerings [3]. Strategic Outlook - The company is focused on optimizing its operational structure and deepening strategic layouts, which is expected to sustain its growth trajectory. The kidney disease product segment is anticipated to maintain stable sales growth due to its unique market position and the absence of significant competing products [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 17.27, representing a potential upside of 55% from the current price of HKD 11.14 [6][7]. Core Insights - The company's gaming business shows stable growth, with a focus on cost reduction and efficiency improvements, while the education segment faces short-term challenges due to budget constraints [3][7]. - The company has a solid financial position with net cash of approximately RMB 1.5 billion and digital asset reserves including 12,000 Ethereum [7]. - The gaming segment's revenue for the first half of 2025 is projected to be RMB 1.74 billion, down 18% year-on-year, but showing signs of stabilization with a slight quarter-on-quarter decline [7]. - The education business, particularly Mynd.ai, reported revenue of RMB 640 million, impacted by tightening customer budgets, but the long-term digitalization trend in education remains intact [7]. Summary by Sections Financial Performance - Total revenue for the fiscal year ending December 31, 2023, was RMB 7.1 billion, with a projected decline of 19.13% in 2025 [7][8]. - Adjusted net profit for 2025 is estimated at RMB 480 million, reflecting a significant recovery of 105.28% compared to the previous year [7][8]. - The company plans to distribute an interim dividend of HKD 0.5 per share and aims to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year [7]. Business Segments Gaming Business - The gaming segment's revenue is expected to stabilize, with MAU for "Magic Domain" increasing by 11% year-on-year, indicating improved user engagement [7]. - New game launches and expansions into overseas markets are anticipated to drive future growth [7]. Education Business - The education segment is under pressure due to reduced budgets in traditional markets, but the company is exploring emerging markets for growth opportunities [7]. - The long-term outlook for digital education remains positive despite short-term fluctuations [7].