研究报告 Research Report 23 Nov 2025 茶百道 Sichuan Baicha Baidao Industrial (2555 HK) 首次覆盖：产品创新驱动业务优化，改革成效已然显现 Product Innovation Driving Business Optimization, Reformation Results Witnessed: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$6.72 目标价 HK$9.30 HTI ESG 4.6-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.93bn / US$1.28bn 日交易额 (3 个月均值) US$2.29mn 发行股票数目 1,478mn 自由流通股 (%) 15% 1 年股价最高最低值 HK$11.60-HK$6.72 注：现 ...

2012 年华领医药正式启动多格列艾汀研究项目。2018 年，多格列艾汀的 2 期研究取得成功。2020 年，多格列艾汀的两项 3 期注册临床研究均成功 完成，并达到主要疗效和安全性终点。2022 年，多格列艾汀片获中国国家 药监局批准上市，是 GKA 被发现半个世纪后的首款获批药物。 销售快速放量，成药机制领先。公司在 2025 年后，结束与拜耳的独家推 广服务协议，全面接管华堂宁的商业化，随后销售开始快速放量。2025 年 H1 营业收入达到 2.17 亿元，同比增长 110.17%。并且获得拜耳的一次性 递延收入 12.44 亿元，实现税前利润 11.84 亿元，实现扭亏为盈。从目前 的临床研究文章来看，华堂宁和 MK-0941 在分子机制研究中发现华堂宁 和葡萄糖激酶的结合位点与 MK-0941 不同，从临床结果来看，华堂宁成 药机制有独特优势。 第二代 GKA 布局出海赛道。公司在第一代华堂宁的基础上，通过缓释技 术等布局了第二代 GKA，可以延长药物在体内的作用时间。目前公司已在 2023 年末向 FDA 提交了第二代 GKA 的临床研究申请并获受理。从目前早 期临床数据显示，HM-002-100 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved revenue of 6.961 billion yuan in Q3 2025, a year-on-year increase of 8.1%, exceeding the guidance of 2%-6% [1]. - The domestic business generated revenue of 5.722 billion yuan, up 10.8% year-on-year, also surpassing the guidance of 4%-8% [1]. - The company is expanding its portfolio with the introduction of a new mid-to-high-end brand, "全季大观" [3]. Revenue and Profitability - In Q3 2025, the company's direct hotel revenue was 3.487 billion yuan, down 5.5% year-on-year, while franchise and management revenue was 3.309 billion yuan, up 27.2% year-on-year [1]. - The overall operating profit margin improved to 29.4%, an increase of 2.7 percentage points year-on-year, driven by the growth in franchise and management business contributions [3]. - The company expects total revenue growth of 2%-6% in Q4 2025, with management franchise and licensing revenue projected to grow by 17%-21% [3]. Market Performance - The domestic hotel RevPAR was 256 yuan, a slight decrease of 0.1% year-on-year, while the overseas hotel RevPAR was 87 euros, an increase of 6.4% year-on-year [2]. - The company has opened a total of over 2,000 new hotels this year, aiming for a target of 2,300 by year-end [3]. Financial Projections - The projected revenues for 2025-2027 are 25.276 billion yuan, 26.697 billion yuan, and 28.225 billion yuan, representing year-on-year growth rates of 5.8%, 5.6%, and 5.7% respectively [4]. - The expected net profits for the same period are 4.543 billion yuan, 5.112 billion yuan, and 5.795 billion yuan, with growth rates of 49.1%, 12.5%, and 13.4% respectively [4].

华住集团-S（01179.HK） 证券研究报告·海外公司点评·旅游及消闲设施(HS) 2025Q3 业绩公告点评：结构持续优化， RevPar 将转正 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,882 | 23,891 | 25,162 | 27,335 | 29,117 | | 同比(%) | 57.86 | 9.18 | 5.32 | 8.63 | 6.52 | | 归母净利润（百万元） | 4,085 | 3,089 | 4,624 | 4,895 | 5,395 | | 同比(%) | 324.33 | (24.38) | 49.68 | 5.86 | 10.22 | | EPS-最新摊薄（元/股） | 1.32 | 0.99 | 1.49 | 1.58 | 1.74 | | P/E（现价&最新摊薄） | 23.54 | 31.13 | 20.80 | 19.65 | 17.82 | [Tab ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 883.84 | 1,215.12 | 1,559.81 | 1,958.53 | 2,319.28 | | 同比(%) | (44.79) | 37.48 | 28.37 | 25.56 | 18.42 | | 归母净利润（百万港元） | 403.57 | 410.20 | 586.03 | 774.64 | 934.33 | | 同比(%) | (56.23) | 1.64 | 42.86 | 32.19 | 20.62 | | EPS-最新摊薄（港元/股） | 0.05 | 0.05 | 0.07 | 0.09 | 0.11 | | P/E（现价&最新摊薄） | 37.16 | 36.56 | 25.59 | 19.36 | 16.05 | [Table_Tag] [投资要点 Table_Summary] ◼ 2025Q1-Q3 营收稳健增长，资产运营业务贡献度持续提升 ...

证券研究报告 | 公司点评 | 纺织制造 制造业务收入分地区来看，25Q1-3 美国同比+5.4%（占比 28.5%），欧洲同比 +11.7%（占比 27.7%），中国大陆同比-25.9%（占比 13.4%），其他地区同比 +9.2%（占比 30.4%），我们预计中国收入下滑主要系贸易摩擦和需求疲软影响， 欧美和其他地区收入均有双位数增长，公司作为全球制鞋龙头订单充沛。 ❑ Q3 制造业务产能利用率饱满，利润率环比改善超预期 25Q1-3 产能利用率 93%，同比+1pct，毛利率 18.3%（同比-1.3pct），主要系人工 工资上涨和生产效率不及预期， SG&A 费用率 10.2%（同比-0.2pct），费用管控 成效显现，净利率 6.2%（同比-1.1pct）。 制造利润率逐季向上，零售收入降幅收窄 ——裕元集团点评报告 投资要点 ❑ 公司发布 25 三季报，25Q1-3 实现收入 60.2 亿美元，同比-1.0%，归母净利润 2.8 亿美元，同比-16.0%，其中，制造业务收入 42.3 亿美元，同比+2.3%，归母净利 润 2.6 亿美元，同比-12.6%，零售业务收入 17.9 亿美元，同比-7. ...

2025 年 11 月 23 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn [Table_Title] AI 赋能带动主业表现稳健，可灵贡献环比继续 提升 ——快手-W（1024.HK）2025Q3 财报点评 最近一年走势 | 相对恒生指数表现 | | | 2025/11/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 快手-W | -15.3% | -10.2% | 38.8% | | 恒生指数 | -3.1% | 0.5% | 28.7% | | 市场数据 | | | 2025/11/21 | | 当前价格（港元） | | | 64.00 | | 52 周价格区间（港元） | | | 38.15-92.60 | | 总市值（百万港元） | | | 276,698.48 | | 流通市值（百万港元） | | | 276,698.48 | | 总股本（万股） | | | 432 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company demonstrates strong long-term operational capabilities in the gaming sector, with a significant increase in deferred revenue laying a solid foundation for future performance releases [2][6] - The Q3 2025 financial results show revenue of 28.359 billion yuan, a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders is 8.616 billion yuan, reflecting a year-on-year increase of 31.8% and a quarter-on-quarter increase of 0.2% [5][6] Financial Performance Summary - **Revenue and Profitability**: In Q3 2025, the company achieved revenue of 28.359 billion yuan (YoY +8.2%, QoQ +1.7%) and a net profit of 8.616 billion yuan (YoY +31.8%, QoQ +0.2%). The non-GAAP net profit was 9.502 billion yuan (YoY +26.7%, QoQ -0.3%) [5][6] - **Gross Margin**: The gross margin improved to 64.1% (YoY +2.0 percentage points, QoQ -1.0 percentage points) [6] - **Expense Ratios**: The sales expense ratio was 15.7% (YoY +8.3 percentage points, QoQ +22.5 percentage points), R&D expense ratio was 16.0% (YoY -5.1 percentage points, QoQ +2.5 percentage points), and management expense ratio was 4.1% (YoY -2.2 percentage points, QoQ +8.4 percentage points) [6] Business Segment Performance - **Gaming Business**: The gaming and value-added services generated revenue of 22.3 billion yuan (YoY +11.8%, QoQ +2.3%). The gaming sector shows strong resilience and growth momentum, with classic IPs performing well [6] - **Youdao**: In Q3 2025, Youdao achieved revenue of 1.6 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 14.9% [6] - **NetEase Cloud Music**: Revenue for Q3 2025 was 2 billion yuan (YoY -1.8%, QoQ flat). The introduction of AI features has enhanced user experience significantly [6] - **Innovative and Other Businesses**: Revenue decreased to 1.4 billion yuan (YoY -18.9%, QoQ -15.3%). The company is focusing on brand rejuvenation and leveraging AI technology [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025, 2026, and 2027 respectively. Adjusted net profits are expected to be 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan for the same years [8][9] - The target price for 2026 is set at 265 HKD, maintaining the "Accumulate" rating [6][9]

Investment Rating - The report assigns a positive investment rating to Luk Fook Holdings (0590.HK) with expectations of significant revenue and profit growth in FY2026H1 [1]. Core Insights - The company anticipates a revenue increase of 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by rising gold prices, an increase in the sales proportion of priced jewelry products, and operational leverage enhancing profit margins [1]. - Same-store sales have shown a positive trend, with retail value growth of 13% year-on-year from April to June and 18% from July to September, indicating a robust recovery and consumer acceptance despite rising gold prices [2]. - The pricing of gold products continues to perform well, with a 67% year-on-year increase in same-store sales for priced gold products, reflecting strong consumer demand [3]. - The company is expanding its market presence, with a total of 2,634 stores as of September, and plans to open 20 new stores overseas in FY2026, including a recent entry into Vietnam [4]. Financial Summary - Revenue projections for FY2026-2028 are as follows: HKD 15.58 billion in 2026, HKD 17.51 billion in 2027, and HKD 19.42 billion in 2028, representing growth rates of 17%, 12%, and 11% respectively [6]. - The expected net profit for the same period is HKD 1.45 billion in 2026, HKD 1.68 billion in 2027, and HKD 1.89 billion in 2028, with growth rates of 32%, 16%, and 13% respectively [6]. - Earnings per share (EPS) are projected to increase from HKD 1.87 in 2025 to HKD 3.22 by 2028 [6][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage [1]. Core Insights - The company is positioned for growth through a dual engine of self-developed games and the TapTap platform, which serves as a comprehensive game community and distribution platform [1][2]. - The self-developed games have shown strong performance, with titles like "Let's Go Muffin" and "Heart Town" driving revenue growth, while the TapTap platform is expected to expand significantly due to its user base and monetization potential [2][34]. Summary by Sections Company Overview - The company is a global game developer and publisher with a diverse portfolio, including popular titles such as "Let's Go Muffin," "Heart Town," and "Torchlight: Infinite." It ranks 22nd among mobile game publishers in China and is expected to enter the global top 100 by October 2025 [1]. Investment Logic - **Self-Developed Game Capability**: The company has consistently validated its ability to develop successful games, with a strong product matrix and ongoing growth from new releases and international expansions [2][12]. - **TapTap Platform Growth**: The platform benefits from a user-game dual effect, with a zero-revenue-sharing policy attracting quality games and users. The introduction of a PC version and the expansion of the iOS ecosystem are expected to further enhance growth [2][34][39]. Financial Forecasts and Valuation - The company is projected to achieve significant profit growth, with net profits expected to reach 1.7 billion, 2.1 billion, and 2.55 billion CNY in 2025, 2026, and 2027, respectively, reflecting growth rates of 111.2%, 24.3%, and 20.0% [2][46]. - The target price is set at 103.2 HKD, based on a 22x PE ratio for 2026, indicating a strong valuation relative to industry peers [2][50]. Revenue Projections - Total revenue is expected to grow from 3.39 billion CNY in 2023 to 8.84 billion CNY by 2027, with a compound annual growth rate (CAGR) of 31.0% from 2025 to 2027 [46][47]. - Game revenue is projected to increase significantly, driven by successful titles and new game launches, while information service revenue from TapTap is also expected to grow robustly [46][47]. Cost and Margin Expectations - The company anticipates improving gross margins, with overall gross margins projected to rise from 69.4% in 2024 to 76.3% by 2027, driven by a higher proportion of self-developed games [48][49].