Investment Rating - The report maintains a "Buy" rating for Kunlun Energy [9] Core Views - The company is expected to achieve dual growth in profitability and dividends, leading to a revaluation of its long-term value [3] - The company has outlined its core business operational trends and significant progress, including retail gas volume growth, LNG industry chain synergy, LPG sales, and crude oil performance [3] Summary by Relevant Sections Business Performance - Retail gas volume growth for the first nine months is expected to return to 5%, driven by high single-digit growth from industrial users [4] - The LNG receiving station is projected to operate at an annual load factor of 85%-90% [4] - LPG sales showed high single-digit growth in the first nine months, with a slight increase expected for the full year [4] - Crude oil production is anticipated to stabilize at 8 million barrels for the year [4] Margin and Cost Trends - The gross margin for the first half was 0.44 RMB per cubic meter, a slight year-on-year decrease of 0.01 RMB, influenced by gas station integration and promotional strategies for industrial users [4] - A stable to slightly increasing gross margin is expected in the second half due to cost optimization in winter [4] - Long-term demand for gas is expected to remain robust, supported by the dual carbon goals and industry pricing mechanisms [4] Long-term Planning and Non-gas Business - The company has clarified its long-term focus on five strategies: innovation, green energy, market, capital, and low cost [5] - The company aims to become a leading comprehensive energy supplier in China, with a natural gas terminal market share expected to match upstream supply [5] - The Shandong 380,000 kW onshore wind power project is planned to be operational by Q3 2026 [5] Dividend Policy - The interim dividend is set at 0.166 RMB per share, reflecting a year-on-year increase of 1.2%, with a payout ratio of 45.5% [4] - The current stock price corresponds to a 2025 estimated dividend yield of 4.8% [4] - The dividend policy for 2023-2025 is expected to be steadily implemented, with a more positive outlook for 2026-2028 [4] Profit Forecast and Valuation - The report maintains the forecast for the company's net profit attributable to the parent company at 6.15 billion, 6.49 billion, and 6.84 billion RMB for 2025-2027, respectively [6] - The target price is set at 8.58 HKD, based on an 11x PE for 2025E and an exchange rate of 0.91 for HKD to RMB [6]

Investment Rating - The report does not explicitly state an investment rating for Zai Lab, but it provides insights into the company's performance and future expectations, which can inform investment decisions. Core Insights - In Q3 2025, Zai Lab reported net product revenue of USD 115 million, representing a year-over-year increase of 13% and a quarter-over-quarter increase of 6% [6] - The company narrowed its net loss to USD 36 million, a 12% improvement from the previous quarter, while adjusted operating loss improved by 18% to USD 28 million [6] - Management has revised the full-year 2025 revenue guidance down to USD 460 million from a previous range of USD 560-590 million [6] Revenue Breakdown - Core product efgartigimod generated sales of USD 27.7 million, up 5% quarter-over-quarter, driven by extended treatment duration and increased market penetration, despite a revenue reduction of approximately USD 2.4 million due to price adjustments [2][8] - Zejula (PARP inhibitor) sales reached USD 42.4 million, a 3% increase quarter-over-quarter [2][8] - Nuzyra (antibiotic) sales were USD 15.4 million, reflecting an 8% quarter-over-quarter increase [2][8] Future Focus - Key milestones anticipated in 2026 include data readouts for Zoci (DLL3 ADC) in the first half of 2026, with registration clinical trials for first-line small cell lung cancer (1L SCLC) and neuroendocrine carcinoma (NEC) expected to start in 2026 [3][8] - Management expects the first overseas approval for an indication in 2027/2028 [3][8] - Other products in the pipeline include ZL-1503 (IL13/IL31) with first-in-human data expected in 2026 and ZL-6201 (LRRC15 ADC) set to initiate global Phase 1 clinical trials in the first half of 2026 [5][8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported total revenue of $1.4 billion in Q3 2025, a year-on-year increase of 41%, and achieved a GAAP net profit of $125 million, marking a return to profitability [2]. - The core product, Zebutinib, continues to show rapid growth, with Q3 sales reaching $1.04 billion, up 51% year-on-year and 10% quarter-on-quarter, solidifying its position as a global leader in the BTKi market [3]. - The company has raised its full-year guidance for 2025, projecting total revenue between $5.1 billion and $5.3 billion, with GAAP operating expenses of $4.1 billion to $4.3 billion, and a gross margin in the mid-to-high 80% range [3]. - The research pipeline is advancing efficiently, with several key milestones expected in the near future, including clinical trials for various treatments [4]. - The company has revised its net profit forecasts for 2025-2027 to $312 million, $795 million, and $1.22 billion, respectively, reflecting a positive trend in profitability [5]. Summary by Sections Performance Review - In Q3 2025, the company achieved total revenue of $1.4 billion, a 41% increase year-on-year, and a GAAP net profit of $125 million, indicating a return to profitability [2]. Operational Analysis - Zebutinib sales reached $1.04 billion in Q3 2025, a 51% increase year-on-year, with the U.S. market contributing $739 million (up 47% year-on-year) and Europe showing a 68% increase to $163 million [3]. - The company has updated its full-year guidance for 2025, projecting revenue of $5.1 billion to $5.3 billion and positive GAAP net profit for the year [3]. Research and Development - The company is set to initiate several key clinical trials in 2025 and 2026, including studies for various cancer treatments, indicating a robust R&D pipeline [4]. Profitability Forecast - The company has increased its net profit forecasts for 2025-2027, now expecting $312 million, $795 million, and $1.22 billion, respectively, reflecting a significant improvement in profitability [5].

Investment Rating - The report assigns an "Outperform" rating for BeiGene, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark by more than 10% [16]. Core Insights - In Q3 2025, BeiGene achieved revenue of USD 1.4 billion, a year-on-year increase of 41%, and a quarter-on-quarter increase of 7.7% from USD 1.3 billion in Q2 2025. The U.S. market contributed USD 743 million, reflecting an 8.5% increase from the previous quarter. GAAP operating profit was USD 163 million, up 73.4% quarter-on-quarter [5][6]. - Management has updated its full-year guidance for 2025, projecting total revenue between USD 5.1 billion and USD 5.3 billion, with GAAP operating expenses expected to be between USD 4.1 billion and USD 4.3 billion [5][6]. Revenue Breakdown - Global revenue for Zanubrutinib reached USD 1.0 billion, representing a 51% year-on-year increase and a 5.3% quarter-on-quarter increase. In the U.S., revenue was USD 740 million, up 47% year-on-year and 8% quarter-on-quarter. European revenue was USD 160 million, a 68% year-on-year increase and an 8.7% quarter-on-quarter increase [2][6]. - Tislelizumab revenue in Q3 2025 was USD 190 million, reflecting a 17% year-on-year increase but a slight decline of 1.5% quarter-on-quarter [6]. Clinical Development Progress - Sonrotoclax (BCL2 inhibitor) received Breakthrough Therapy Designation for RR MCL, and patient enrollment for a potential registrational Phase 2 study in RR WM has been completed [7]. - BGB-16673 (BTK CDAC) has initiated a global Phase 3 trial against pirtobrutinib in R/R CLL, with patient enrollment currently underway [7]. - BGB-45035 (IRAK4 CDAC) has started a Phase 2 trial for moderate-to-severe rheumatoid arthritis, with patient enrollment initiated [7]. Expected R&D Milestones - BGB-43395 (CDK4 inhibitor) plans to initiate a Phase 3 trial in 1L HR+/HER2- breast cancer in H1 2026 [8]. - BGB-16673 (BTK CDAC) expects data readout in R/R CLL in H1 2026 to support an accelerated approval application [8]. - Sonrotoclax plans to initiate patient enrollment for a Phase 3 trial combining with BTK inhibitor versus acalabrutinib + venetoclax in H1 2026, and a Phase 3 trial in multiple myeloma in H2 2026 [8].

[Table_Title] 研究报告 Research Report 6 Nov 2025 银河娱乐 Galaxy Entertainment (27 HK) 25Q3 EBITDA 利润率略有下滑，市场份额维稳 Adjusted EBITDA Margin Slightly Declined in 25Q3, while Market Share Remained Stable27 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(PTable_summary] lease see APPENDIX 1 for English summary) 事件: 银河娱乐发布 25Q3 业绩，公司实现净收益 121.6 港元，同比提升 14.0%；经调整 EBITDA 达 33.4 亿港元，同 比提升 13.6%，对应经调整 EBITDA 利润率为 27.5%，同比下滑 0.1 个百分点。截至 25Q3，公司总收益达 354.1 亿港 元，同比提升 10.2%；经 ...

证券研究报告 商贸零售 | 互联网电商 港股|公司点评报告 hyzqdatemark 2025 年 11 月 06 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 市场表现： | 基本数据 | 2025 年 | | 11 月 | 05 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 158.50 | | | 一年内最高/最低（港 | | 186.20/77.35 | | | | | 元） | | | | | | | 总市值（百万港元） | | 3,025,549.02 | | | | | 流通市值（百万港元） | | 3,025,549.02 | | | | | 资产负债率（%） | | | | 40.81 | | | 资料来源：聚源数据 | | | | | | 阿里巴巴-W(09988.HK) 投资评级： 买入（维持） ——FY26Q2 预计阿里云营收增长提速 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in automotive micro-motors and systems, with a complete global manufacturing system and stable Tier 1 customer resources. Revenue projections for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, respectively, with corresponding net profits of $271 million, $297 million, and $339 million. The company’s valuation shows significant attractiveness compared to A-share and global peers [7]. Summary by Sections 1. Global Leading Micro-Motor Manufacturer - The company has evolved through three stages since its establishment in 1959, transitioning from toy micro-motors to automotive electric motors and expanding into various fields through acquisitions [18]. 2. Main Business: APG Growth Amid Electrification - The company’s automotive product group (APG) is expected to see volume and price increases due to the transition from fuel vehicles to electric vehicles. The average number of motors in electric vehicles is approximately 17 times that of fuel vehicles, leading to a significant increase in single-vehicle value [8][51]. 3. Key Assumptions - The company’s APG business is projected to benefit from the growth in electric vehicle production, with global electric vehicle output expected to rise from 24.9 million units in 2024 to 40.2 million units in 2028, reflecting a CAGR of 12.7% [8]. - The humanoid robot business is anticipated to become a core supplier for domestic and international manufacturers, leveraging its global manufacturing layout and system-level motor technology [8]. - The AI data center liquid cooling pump business is expected to benefit from the growing demand for cooling efficiency, with the market projected to grow from $2 billion in 2024 to $72.89 billion by 2030 [8]. 4. Financial Forecast and Valuation - The company’s projected revenues and net profits for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, and $271 million, $297 million, and $339 million, respectively. The corresponding P/E ratios are 15.2, 13.9, and 12.2 [10][12]. 5. Market Perception - Contrary to common perceptions that the company’s growth is constrained by the automotive cycle, the report highlights the company’s capabilities in high-precision motors and fluid control systems, which provide a strong foundation for growth in emerging sectors [11]. 6. Revenue Structure and Growth - The company’s revenue structure is increasingly concentrated in the automotive sector, with APG expected to account for 84% of total revenue by 2025. The company’s global customer base includes major automotive manufacturers and high-end brands across various industries [20][33]. 7. Electric Vehicle Market Dynamics - The report indicates that the global automotive industry is transitioning from quantity growth to structural optimization, with electric vehicles becoming the primary source of growth. The penetration rate of electric vehicles is expected to rise significantly, driving revenue growth for the company [55][56]. 8. Single Vehicle Value Enhancement - The average single vehicle value for electric vehicles is projected to be significantly higher than that of fuel vehicles, with estimates of $326.5 for electric vehicles compared to $217.6 for fuel vehicles [56].

Investment Rating - The investment rating for Tianli International Holdings is "Buy" [1] Core Views - The company anticipates a revenue of approximately 3.6 billion yuan for FY2025, representing a year-on-year growth of 8%, with a profit of 650 million yuan, reflecting a 17% increase [2] - The decline in student enrollment at self-owned schools has led to a slowdown in revenue growth, with a 14% increase in the first half of the year, tapering to about 2.7% in the second half due to strict student recruitment policies and external factors such as population decline and economic downturn [3] - Profit growth was 36% in the first half but saw a decline of 3.4% in the second half, attributed to increased costs for quality teaching staff, AI investments, and rising food and operational costs [3] Financial Summary - Revenue projections for FY2025 have been adjusted down from 37.71 billion yuan to 35.97 billion yuan, with net profit estimates reduced from 7.57 billion yuan to 6.50 billion yuan [4] - The company expects to maintain steady growth in its competency business, with potential integration into the tutoring school business, and anticipates growth in various segments including research and competitions [4] - AI initiatives are progressing, with commercial products like AI camps and classrooms expected to generate additional revenue [4] Financial Metrics - For FY2025, the company forecasts total revenue of 3.6 billion yuan, with a year-on-year growth rate of 8.33% [8] - The projected net profit for FY2025 is 650 million yuan, with a year-on-year growth rate of 12.88% [8] - The gross profit margin is expected to remain stable at around 33.69% [8]

Investment Rating - The investment rating for Yum China (9987.HK) is "Buy" [1] Core Insights - The company reported a revenue of $3.206 billion in Q3 2025, representing a 4% year-over-year increase, while operating profit rose by 8% to $400 million. However, net profit attributable to shareholders decreased by 5% to $282 million, but increased by 7% when excluding the impact of investments in Meituan [2] - The company returned $414 million to shareholders in Q3 2025, including $326 million in stock buybacks and $88 million in cash dividends, with a total of $950 million returned in the first three quarters and an expected annual return of approximately $1.5 billion [2] Summary by Sections Sales Performance - In Q3 2025, the overall sales for the company, KFC, and Pizza Hut increased by 4%, 5%, and 4% year-over-year, respectively. Same-store sales grew by 1% for the overall company, 2% for KFC, and 1% for Pizza Hut. KFC's average transaction price decreased by 1%, while transaction volume increased by 3%. Pizza Hut saw a 13% drop in average transaction price but a 17% increase in transaction volume [3] Store Expansion - The company added a net total of 536 new stores in Q3 2025, with 32% being franchise stores. KFC contributed 402 new stores (41% franchise) for a total of 12,640 stores, while Pizza Hut added 158 new stores (28% franchise) for a total of 4,022 stores [3] Profitability and Cost Management - The operating profit margin improved to 12.5%, up 0.4 percentage points, with restaurant profit margins at 17.3%, an increase of 0.3 percentage points. KFC and Pizza Hut's restaurant profit margins were 18.5% and 13.4%, respectively, with year-over-year increases of 0.2 and 0.6 percentage points. This improvement was attributed to favorable raw material prices, operational streamlining, and automation [5] Future Earnings Forecast - The revenue projections for 2025-2027 are $11.792 billion, $12.350 billion, and $13.013 billion, respectively. The net profit attributable to shareholders is expected to be $916.8 million, $982.7 million, and $1.061 billion for the same years. The earnings per share (EPS) are projected to be $2.53, $2.71, and $2.93, respectively. The latest stock price corresponds to price-to-earnings (PE) ratios of 17, 16, and 15 times for the respective years [6]

证券研究报告 | 2025年11月06日 中国宏桥（01378.HK） 电解铝权益产能增加，山东宏桥三季度盈利环比增长 |  | 公司研究·海外公司快评 |  | 有色金属·工业金属 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 刘孟峦 | 010-88005312 | liumengluan@guosen.com.cn | 执证编码：S0980520040001 | | 证券分析师： | 焦方冉 | 021-60933177 | jiaofangran@guosen.com.cn | 执证编码：S0980522080003 | 事项： 公司公告：2025 年三季度，上市公司境内发债主体山东宏桥营业收入 387.2 亿元（同比+1.8%，环比+1.8%）， 净利润 69 亿元（同比+15.8%，环比+13.0%）。前三季度山东宏桥净利润 193.7 亿元，经营性净现金流高 达 241 亿元。 国信金属观点：假设 2025-2027 年铝现货含税均价为 20600/21500/21500 元/吨（原值 20500 元/吨），氧化 ...