分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨 H&H 国际控股（01112.HK） [Table_Title] H&H 国际控股 2025 年前三季经营数据点评： 婴配粉修复加速，国内保健品维持良性增长 报告要点 [Table_Summary] 2025 年前三季度，撇除外汇影响，公司总收入 108.1 亿元（同比+12.3%）。所有业务分部收入 均录得正面增长，成人营养及护理用品分部收入同比+6.0%。婴幼儿营养及护理用品分部收入 同比+24.0%，其中婴配粉收入同比+33.3%，婴幼儿益生菌及营养补充品业务收入跌幅收窄至 2.3%。宠物营养及护理用品分部收入同比+8.2%。 请阅读最后评级说明和重要声明 %% %% research.95579.com %% %% 1 [Table_scodeMsg2] H&H 国际控股（01112.HK） cjzqdt11111 [Table_Title H&H 国际控股2] 202 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 0.82 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 1.37/0.40 | | H 股市值（亿港币） | 244.98 | | 流通 H 股（百万股） | 29,875.86 | | 汇率（港币/人民币） | 0.9106 | 传媒 2025 年 11 月 24 日 大麦娱乐 (01060) ——IP 收入超一倍增长，演出业务多元探索 报告原因：有业绩公布需要点评 一年内股价与基准指数对比走势： -7% 93% 193% 293% HSCEI 大麦娱乐 资料来源：Bloomberg 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 研究支持 张淇元 A0230124080001 ...

首次覆盖: 同建共享，行稳致远 中通快递-W(2057) 中通快递首次覆盖报告 [Table_Industry] 运输 海 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 本报告导读： 中通快递的"同建共享"理念为加盟商网络的稳定打下了坚实的基础。稳健的盈利能 力及高效的成本管控水平，将助力公司巩固行业龙头地位。 投资要点： | 财务摘要百万人民币 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 38419 | 44281 | 47107 | 51685 | 57706 | | +/-% | 9% | 15% | 6% | 10% | 12% | | 毛利润 | 11663 | 13717 | 13571 | 14952 | 16692 | | 归母净利润 | 8749 | 8817 | 9565 | 10633 | 11929 | | +/-% | 28% | 1% | 8% | 11% | 12% | | PE | 14.96 | ...

执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025 年 11 月 24 日 公司研究/公司快报 资料来源：最闻，山西证券研究所 市场数据：2025 年 11 月 21 日 | 收盘价（港元）： | 39.220 | | --- | --- | | 年内最高/最低（港元）： | 55.000/27.050 | | 总股本（亿股）： | 12.11/12.38 | | 流通市值（亿港元）： | 474.82 | | 总市值（亿港元）： | 485.37 | 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 2025Q3 名创国内同店销售增长提速，海外同店销售转正 事件描述 11 月 21 日，公司公布截至 2025 年 9 月 30 日止季度业绩。2025Q3，公司 实现营收 57.97 亿元，同比增长 28.2%；实现经调整净利润 7.67 亿元，同比增长 11.7%。2025 年前三季度，公司实现营收 151.90 亿元，同比增长 23.7%；实现经 调 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 28.4 billion yuan in Q3 2025, representing a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [5] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, with a net profit margin of 31.0%, up 5.4 percentage points year-on-year. This improvement in profitability is attributed to gains from fair value changes in stock investments and lower net exchange losses [5] - The company’s contract liabilities reached 19.5 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 15%, indicating strong growth momentum [5] - The report highlights the strong performance of the game "Dream of the Red Chamber" and the successful launch of new games, which are expected to drive future growth [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 357 billion yuan, 383 billion yuan, and 429 billion yuan respectively, with corresponding P/E ratios of 16.6, 15.5, and 13.8 times [5] - The company’s revenue for 2023 is projected at 103.5 billion yuan, with a year-on-year growth of 7.2%, and net profit is expected to be 29.4 billion yuan, showing no growth year-on-year [6] - The gross margin is expected to improve from 60.9% in 2023 to 64.7% in 2025, while the net profit margin is projected to increase from 28.4% in 2023 to 31.4% in 2025 [6]

投资评级：买入（维持） | 日期 | 2025/11/21 | 初敏（分析师） | 杨哲（分析师） | | --- | --- | --- | --- | | 当前股价(港元) | 9.680 | chumin@kysec.cn | yangzhe@kysec.cn | | 一年最高最低(港元) | 13.600/6.570 | 证书编号：S0790522080008 | 证书编号：S0790524100001 | | 总市值(亿港元) | 1,200.77 | | | | 流通市值(亿港元) | 1,200.77 | | | | 总股本(亿股) | 124.05 | | | | 流通港股(亿股) | 124.05 | | | | 近 3 个月换手率(%) | 44.01 | | | win11 换机潮如期兑现，利润率稳健体现供应链韧性 win11 换机潮、AI PC 渗透率提升如期兑现，三大业务利润率稳定验证公司供应 链的韧性，我们上调 FY2026-2028 财年 non-gaap 归母净利润至 17.6/20.7/23.6 亿 美元（前次为 16.7/19.6/23.0 亿美元），同比增长 21.8%/ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][5]. Core Insights - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, representing a year-on-year growth of 102%. The total sales volume reached 116,000 units, a year-on-year increase of 149.3% [2][11]. - The company is focusing on developing a new paradigm for future mobility through physical AI, with significant advancements in autonomous driving and robotics showcased during the 2025 Xiaopeng Technology Day [4][23]. - The company maintains its revenue forecasts for 2025, 2026, and 2027 at 88.5 billion, 128 billion, and 147.2 billion RMB respectively, while projecting net profits of -1.6 billion, 2.7 billion, and 4.7 billion RMB for the same years [5][49]. Financial Performance - In Q3 2025, the gross margin was 20.1%, an increase of 4.9 percentage points year-on-year, while the net margin was -1.9%, improving by 16.0 percentage points year-on-year [3][15]. - The automotive sales revenue for Q3 2025 was 18.05 billion RMB, up 105.3% year-on-year, driven by increased deliveries of new models [11][19]. - The company reported a net loss of 3.8 billion RMB in Q3 2025, a significant improvement from a loss of 18.1 billion RMB in the same period last year [2][11]. Sales and Delivery Guidance - The company delivered 42,000 vehicles in October 2025, marking a year-on-year increase of 76% and a quarter-on-quarter increase of 1% [4][21]. - For Q4 2025, the company expects to deliver between 125,000 and 132,000 vehicles, representing an annual increase of approximately 36.6% to 44.3% [4][21]. Product Development and Innovation - The company introduced the second-generation VLA (Vision-Language-Action) system, which integrates visual perception and language understanding for enhanced autonomous driving capabilities [31][32]. - The company plans to launch three Robotaxi models in 2026, leveraging a pure vision solution without reliance on lidar or high-definition maps [37][41]. - The new generation of IRON humanoid robots is designed for various applications, featuring advanced AI capabilities and a focus on safety and user privacy [42][45].

业绩简评 11 月 21 日公司披露 25Q3 报告，Q3 营收 57.97 亿元（+28%），调 整后归母净利润为 7.67 亿元（同比+11.7%）,调整后归母净利率 13.2%（同比-2pct）。 经营分析 3Q25 国内名创/海外名创/TOPTOY 营收 29.09/23.12/5.75 亿元（同 比（+19.3%/+27.7%/+111.4%）。 国内名创：Q3 同店高个位数正增、开店环比高增，积极打磨自有 IP。Q1/Q2/Q3/M10 国内名创同店中个位数下降/低个位数上升/高 个位数上升/低双位数上升，预计得益于积极开设 IP 大店、换址 或扩建优化同店；截至 Q3 门店数量达到 4407 家（同/环比+157/+ 102 家），其中一/二/三线门店同比+21/+46/+90 家。截至 11 月公 司签约 16 位潮玩艺术家，并积极打磨自有 IP 糯米儿等。 海外名创：增长质量提升，北美同店增长超预期。3QGMV 同比+27. 5%，同店低个位数上升，截至 3Q25 海外总门店数 3424 家，同/环 比+488/+117 家，亚洲（不含中国）/北美洲/拉丁美洲/欧洲门店 数量分别为 1748 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.23 HKD, based on a 12.0x PS for 2026E, reflecting a 10% premium over comparable companies [4][6]. Core Insights - The company is making significant strides in the robotics industry with the launch of the SesameX multi-dimensional intelligent computing platform, which emphasizes safety and intelligence, facilitating rapid product deployment in real-world scenarios [1][2]. - Strategic partnerships with companies like Zhongji Xuchuang and Junsheng Electronics are expected to enhance the integration of chips and optical modules, providing new technological solutions for the smart automotive and robotics sectors [1][3]. - The company is actively building an ecosystem in the robotics field, collaborating with industry partners to promote the application of its technology in smart warehousing, transportation, and industrial automation, with commercialization expected to accelerate [2]. Revenue Forecast and Valuation - The company is projected to achieve revenues of 8.4 billion, 14.2 billion, and 20.4 billion RMB for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 76.8%, 69.3%, and 44.0% [4][19]. - The report anticipates a comprehensive layout for edge AI, ranging from low-power to high-performance chips, supporting the company's optimistic outlook in the robotics and optical communication sectors [4][19].

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a target price of 124.52 HKD per share [5][9]. Core Insights - The company's core revenue for Q3 2025 was 24.7 billion CNY, a year-over-year decrease of 7%, primarily due to a decline in online marketing revenue, which fell by 18% to 15.3 billion CNY. Non-online marketing revenue, however, increased by 21% to 9.3 billion CNY. The change in revenue structure led to a gross margin decline to 47.3%, down 11.5 percentage points year-over-year. The company reported a core operating loss of 15 billion CNY and an adjusted net profit of 3.8 billion CNY for Q3 2025. The company is currently transitioning from traditional search engine advertising to AI-driven business models, with expectations of short-term pressure on traditional advertising revenue but potential improvements in profitability following asset impairments [8][9]. Financial Forecasts - The company’s projected adjusted net profits for 2025-2027 are 19.3 billion CNY, 19.5 billion CNY, and 22.0 billion CNY, respectively. The PE valuation method suggests a reasonable value of 311.7 billion CNY, equivalent to 342.5 billion HKD, based on a 16x PE for 2026 [9][11]. Financial Performance - Key financial metrics for the company include: - Revenue (in million CNY): 134,598 in 2023, projected to decline to 128,951 in 2025, before recovering to 144,353 in 2027 - Gross Margin: 52% in 2023, expected to decrease to 44% in 2025, then recover to 47% by 2027 - Net Profit Margin: 21% in 2023, projected to drop to 15% in 2025, and stabilize at 15% in 2027 - Earnings Per Share (CNY): 10.24 in 2023, declining to 7.12 in 2025, and recovering to 8.09 by 2027 [4][11].