Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 93.2, indicating a potential upside from the current price of HKD 68.35 [4][10]. Core Insights - The company plans to focus on product specialization and optimize its operational system in 2026, enhancing development certainty and significantly expanding its building block vehicle category [1]. - The company aims to increase the number of SKUs in 2025 to expand its IP characters and product forms, although some products may underperform due to trial and error [1]. - The company will concentrate resources on successful product lines and categories in 2026, while controlling personnel scale and enhancing R&D process management [1]. - The existing core IPs will innovate styles and diversify price ranges, with several IPs expected to benefit from the release of related movies in 2026 [2]. - The company has accelerated the acquisition of overseas licensed IPs, with Southeast Asia and North America expected to provide strong support for revenue growth [3]. Financial Summary - The company’s revenue is projected to grow significantly from HKD 876.69 million in 2023 to HKD 4,899 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 169.27% from 2023 to 2024 and 27.05% from 2026 to 2027 [8]. - The net profit attributable to the parent company is expected to turn positive in 2025, reaching HKD 599.90 million, and further increasing to HKD 1,101.44 million by 2027 [8]. - The earnings per share (EPS) is projected to improve from -2.69 in 2024 to 4.42 in 2027, indicating a strong recovery and growth trajectory [8]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 25.35 in 2025 to 13.81 in 2027, suggesting an attractive valuation as earnings grow [8].

Investment Rating - The report assigns a "Buy" rating to the company, Yihai International (1579.HK) [4][15] Core Insights - Yihai International has transitioned from a high-growth valuation to a low-valuation, high-dividend company, with a focus on cash dividends and a stable return [22][24] - The compound seasoning industry in China is expected to continue growing, with a market size of approximately 126.5 billion yuan, indicating potential for further penetration and expansion [22][30] - The company is poised for growth through its B-end and overseas markets, with significant improvements expected in its affiliate income as it stabilizes alongside Haidilao [2][15] Summary by Sections Company Overview - Since its listing in 2016, Yihai International has experienced a cycle of expansion, valuation bubble, adjustment, and stabilization [22] - The company has shifted its market perception from a high-growth entity to one focused on dividends, with a high payout ratio of 89.97% in 2023 and 95.06% in 2024 [24] Industry Space - The compound seasoning market is entering a phase of steady growth after rapid expansion, with a compound annual growth rate (CAGR) of 6.1% expected from 2020 to 2024 [30] - The market for compound seasonings is driven by trends such as increased restaurant chain rates and urbanization, which support the growth of this segment [30] Growth Outlook - The company anticipates revenue growth from 6.57 billion yuan in 2025 to 7.38 billion yuan in 2027, with corresponding net profits expected to rise from 800 million yuan to 980 million yuan during the same period [15][8] - The B-end market is a key growth area, with the company planning to establish a small B team to enhance its product offerings and directly engage with restaurant clients [2][66] - Overseas markets are also expected to grow rapidly, with projected revenue of 270 million yuan in 2025, reflecting a year-on-year increase of 34.4% [70] Financial Projections - Revenue and profit forecasts for 2025-2027 indicate modest growth, with revenues expected to increase by 0.5%, 5.9%, and 6.0% respectively, while net profits are projected to grow by 8.8%, 10.3%, and 10.2% [15][8]

纺织服装 2026 年 01 月 20 日 老铺黄金(6181.HK) 中国古法手工金器第一品牌 推荐（首次） 股价：683 港元 主要数据 | 行业 | 纺织服装 | | --- | --- | | 公司网址 | www.lphj.com | | 大股东/持股 | 北京红桥金季咨询顾问有限公司 | | | /32.49% | | 实际控制人 | 徐高明、徐东波 | | 总股本(百万股) | 176.39 | | 流通 AH 股(百万股) | 176.39 | | 总市值（亿元） | 1086.83 | | 流通 H 股市值(亿元) | 1086.83 | | 每股净资产(元) | 44.37 | | 资产负债率(%) | 43.10 | 行情走势图 证券分析师 王源 投资咨询资格编号 S1060524010001 WANGYUAN468@pingan.com.cn 平安观点： 老铺黄金深耕古法黄金行业十余年，凭借先发优势，已打造出显著的品牌优势 地位和品牌影响力。自 2009 年创立以来，公司始终恪守品牌高端定位，系统 性地构筑了"品牌、产品、渠道、客服"差异化竞争优势。 | | 2023A | 2024A ...

证券研究报告 中国太平 (966 HK) 港股通 业绩预增：2025 年归母净利润同比增 长 215%-225% 有效税率下降亦推高净利润 根据公司公告，归母净利润的提升也受中国国家税务部门针对中国保险行业 推出的新企业所得税税收政策的一次性影响。财政部及国家税务总局于 2025 年 12 月 22 日发布了《关于保险合同准则转换有关企业所得税处理事 项的公告》，明确了保险企业在新准则下的企业所得税处理方式，可能对公 司所得税的计提产生影响。2024 年公司出于审慎考虑，一次性计提了高额 的递延税项，导致 2024 年有效税率上升至 42%。2025 年上半年有效税率 下降至 10.4%左右，我们估计，在税收政策清晰化的背景下，2025 年全年 公司有效税率亦处于低位，对公司归母净利润的提升提供一定推动作用。如 果假设 2025 年全年有效税率与上半年保持一致（10.4%），那么我们估计 2025 年全年公司税前利润增速可能在 80%~90%左右，税率的下降对公司 净利润的上涨存在较大助推作用。 负债端有望实现良好增长 展望 2026 年，行业负债端有望全面转向分红险。当前分红险的实际收益率 在 3%左右水平 ...

29[Table_Title] 【广发 非 银 & 海 外 】 中 国 太 平 （00966.HK） 低基数+税项亏损转回，业绩高增大超预期 [Table_Summary] 核心观点： 盈利预测： | [港元Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 内含价值（百万港元） | 272,123 | 234,224 | 256,442 | 276,433 | 294,410 | | 增长率 | 2.41% | -13.93% | 9.49% | 7.80% | 6.50% | | 新业务价值（百万港元） | 7,512 | 9,103 | 10,212 | 11,410 | 12,954 | | 归母净利润（百万港元） | 6,190 | 8,432 | 27,014 | 22,389 | 25,200 | | 增长率 | 44.05% | 36.22% | 220.37% | -17.12% | 12.55% | | EPS | 1.50 | 2.35 | 7.5 ...

证券研究报告 泡泡玛特 (9992 HK) | 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 20 日│中国香港 | 消费轻工 | 目标价(港币): | 410.00 | 港股通 泡泡玛特的三个潜在预期差 近期泡泡玛特市场预期受短期高频追踪数据影响明显，并导致对 IP 热度、 业绩成长持续性的担忧有所升温。我们追踪的数据显示，公司 Q4 国内、海 外业绩环比趋势呈现高韧性，在度过 Labubu 3.0 销售高峰后，IP 矩阵的力 量对销售增长形成坚实支撑。我们梳理了市场观点的三个潜在预期差：高频 数据的综合判断、新锐 IP 成长性、内容等 IP 生态布局的潜力（详见正文分 析）。公司 1 月 19 日以 2.51 亿港元回购 140 万股股份，每股回购价 177.7-181.2 港元，彰显对成长前景的信心。我们认为公司业绩增长的可持 续性以及中长期空间受低估，在当前市场分歧阶段估值具备吸引力，维持"买 入"评级，继续重点推荐。 维度一：Q4 海外市场表现或好于市场悲观预期 Q4 ...

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 792 HKD [6][5][28] Core Insights - Tencent's revenue for Q4 2025 is expected to grow by 13% year-on-year, with adjusted net profit projected to increase by 16% to 643 billion RMB [1] - Key growth drivers include the launch of multiple new games, improved advertising efficiency through AI, and enhanced support for AI mini-programs on WeChat [1][3][4] - The gaming segment is anticipated to see a 16% increase in revenue, while advertising revenue is expected to rise by 20% [2][4] Summary by Relevant Sections Gaming Business - Tencent's gaming revenue for Q4 is projected to grow by 16%, with the new game "Counter-Strike: Future" expected to generate 35-70 billion RMB in its first year [2][12] - The game fills a gap in Tencent's PVE shooting game offerings and has already achieved over 10 million players shortly after launch [2][12][16] Financial Technology - Financial technology revenue is expected to grow by 9%, driven by a slowdown in social retail growth [3] - AI mini-programs are anticipated to enhance e-commerce and local services, with significant growth expected in 2026 [3][19] Advertising Revenue - Advertising revenue is projected to increase by 20%, driven by budget increases from long-tail advertisers and efficiency improvements from AI [4] - WeChat's advertising capabilities are evolving, with new features aimed at enhancing social commerce [4][19] Profit Forecast and Valuation - Revenue forecasts for Tencent have been slightly adjusted downwards for 2025-2027, with adjusted net profit estimates also revised [5][24] - The target price of 792 HKD corresponds to a PE ratio of 21.6 for 2026, reflecting a slight decrease from previous estimates [5][28][30]

证券研究报告 中国太平 (966 HK) 港股通 业绩预增：2025 年归母净利润同比增 长 215%-225% 2026 年 1 月 20 日│中国香港 保险 1 月 19 日，公司公布 2025 年业绩预增公告：预计 2025 年归母净利润较 2024 年增加 215%~225%，我们估计公司下半年归母净利润同比涨幅高达 723.1%-758.2%，大幅超出此前预期。根据公司公告，2025 年利润大幅增 长主要来源于投资业绩同比提升，以及所得税税收政策的一次性影响。考虑 到有韧性的 NBV 增长和投资向好，维持"买入"。 四季度投资表现强劲 根据公司公告，2025 年业绩大幅增长的主要原因之一为投资业绩高增，我 们估计保险服务业绩或相对稳定。投资端，2025 年下半年（尤其第四季度） 公司优秀的投资表现有效对冲并弥补了上半年投资业绩承压带来的不利影 响。2025 年上半年，中国太平投资业绩为负，表现为投资亏损，为公司利 润表现带来一定压力。三季度时投资收益已有所修复，根据太平人寿三季报， 前三季度太平人寿总投资收益同比增长 4%左右，带动税前利润同比增长 18%。考虑到下半年归母净利润涨幅超 700%，我 ...

投资收益改善叠加税收政策影响，盈利大幅提振 中国太平(0966) ——中国太平 2025 年年度业绩预增公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | 本报告导读： 中国太平发布 2025 年年度业绩预增公告，预计净利润同比增长 215%-225%，主要 受益于投资收益改善以及税收政策共同影响，维持"增持"。 投资要点： 催化剂：长端利率企稳；权益市场回暖。 风险提示：长端利率下行；权益市场波动；客需持续性有限。 | 财务摘要(百万港元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 保险服务收入 | 107,489 | 111,268 | 117, ...

京东集团（9618.HK）2025 年四季报前瞻点评 四季度业绩筑底，政策利好与业务优化共促 26 年修复 glmszqdatemark 推荐 维持评级 当前价格： 113.60 港元 [Table_Author] 分析师 孔蓉 | 执业证书： S0590525110014 | | | --- | --- | | 邮箱： | kongrong@glms.com.cn | | 分析师 | 曹睿 | | 执业证书： S0590525110018 | | | 邮箱： | caorui@glms.com.cn | 相对走势 -30% -7% 17% 40% 2025/1 2025/7 2026/1 京东集团-SW 恒生指数 相关研究 1． 京东集团（9618.HK）2025 年三季报点评： Q3 营 收 超 预 期 增 长 ， 利 润 短 期 承 压 -2025/11/18 [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 1,158,819 | ...