Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 93.12 HKD [4][6]. Core Insights - The company reported a revenue of 234 million RMB and a net profit loss of 591 million RMB for the first half of 2025. The sales of Aorebatin continued to grow, with a 93% increase in revenue from 113 million RMB in the first half of 2024 to 217 million RMB in the first half of 2025 [2]. - The approval of Lisaftoclax in China is expected to provide a new revenue source, with multiple clinical trials progressing rapidly [3]. - The company anticipates revenues of 520 million RMB, 2.78 billion RMB, and 1.57 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at -1.04 billion RMB, 700 million RMB, and -520 million RMB for the same years [4]. Financial Performance Summary - Revenue for 2023 was 221.98 million RMB, projected to increase to 980.65 million RMB in 2024, and then to 519.81 million RMB in 2025, followed by 2.78 billion RMB in 2026 and 1.57 billion RMB in 2027 [9]. - The net profit for 2023 was -926.79 million RMB, expected to improve to -405.40 million RMB in 2024, and then to -1.04 billion RMB in 2025, with a forecasted profit of 696.27 million RMB in 2026 and a loss of 520.65 million RMB in 2027 [13]. - The company’s gross margin is expected to remain around 90% from 2025 to 2034, indicating strong profitability potential [10]. Clinical Development Pipeline - Aorebatin is undergoing multiple clinical trials, including the POLARIS-3, POLARIS-2, and POLARIS-1 studies, which are progressing smoothly [2]. - Lisaftoclax has received NMPA approval for treating adult CLL/SLL patients who have undergone prior treatment, with several global clinical trials also in progress [3].

上 市 公 司 房地产 2025 年 08 月 27 日 越秀地产 (00123) ——业绩下滑符合预期，销售靓眼、融资成本新低 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 4.95 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 8.38/3.77 | | H 股市值（亿港币） | 199.26 | | 流通 H 股（百万股） | 4,025.39 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -6% 44% 94% 144% HSCEI 越秀地产 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 202 ...

Investment Rating - The report maintains a "Recommended" investment rating for Greentown China (03900.HK) [1][7]. Core Views - The company's revenue for the first half of 2025 was approximately 53.368 billion yuan, a year-on-year decrease of 23.5%, while the net profit attributable to shareholders was about 210 million yuan, down 89.7% year-on-year [1]. - The decline in revenue is primarily attributed to uneven delivery schedules between the first and second halves of 2025, with a 22.7% year-on-year decrease in recognized area for the first half of 2025 [7]. - The company has maintained a stable gross profit margin of approximately 13.41% in the first half of 2025, compared to 13.09% in the same period of 2024 [7]. - Greentown China has actively pursued land acquisition, adding 35 new projects in the first half of 2025, with an expected sale value of approximately 50 billion yuan for the year [7]. - The company has a strong cash flow position, with cash and cash equivalents of about 66.8 billion yuan, which is 2.9 times the amount of short-term borrowings due within one year [7]. - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 0.40, 0.61, and 0.95 yuan, respectively, and sets a target price of 13.4 HKD for 2025, corresponding to a price-to-earnings (PE) ratio of 30 times [7]. Financial Summary - Total revenue for 2024 is projected at 159.135 billion yuan, with a year-on-year growth rate of 20.6%, while for 2025, it is expected to decline by 9.6% to 143.805 billion yuan [3]. - The net profit attributable to shareholders is forecasted to decrease significantly in 2025 to 1.022 billion yuan, a drop of 36.0% from 2024 [3]. - The company’s total assets are estimated to be 507.785 billion yuan in 2024, with a debt-to-asset ratio of 76.97% [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profit is under short-term pressure, but there are opportunities in new products and overseas expansion [1][8] - The company reported a total revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year increase of 27.9% [8] - Adjusted net profit for the same period was 320 million yuan, up 9.6% year-on-year [8] - The growth in revenue is attributed to increased sales of building block toys, product structure adjustments, and contributions from overseas markets [8] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is projected to grow from 2,240.93 million yuan in 2024 to 4,714.55 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.97% [1][10] - The net profit is expected to turn positive in 2025, reaching 679.09 million yuan, and further increasing to 1,196.05 million yuan by 2027 [1][10] Product and Market Development - The company has commercialized 19 IPs and has a total of 925 SKUs available, with 273 new SKUs launched during the reporting period [8] - New products contributed 53.1% to total revenue, indicating a strong focus on innovation [8] - The company is actively expanding its overseas market presence, with overseas sales increasing from 11.2 million yuan to 110 million yuan year-on-year [8] Financial Metrics - The gross profit for the first half of 2025 was 650 million yuan, with a gross margin of 48.4%, down 4.5 percentage points year-on-year [8][9] - The adjusted net profit margin decreased from 27.9% to 23.9% during the same period [9] - R&D expenses increased significantly, reflecting the company's commitment to enhancing its product offerings [9] Investment and Cost Management - The company plans to continue investing in R&D and marketing to support product development and market expansion [8] - The report highlights the importance of managing costs related to mold depreciation and product structure changes to improve profitability [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market in the near term [1][3]. Core Insights - The company demonstrated a significant adjusted profit growth of 73% year-on-year in the first half of 2025, reinforcing its leading position in the market and highlighting that its market value remains undervalued [1][3]. - The target price is set at 69.11 HKD, representing a 22% upside from the current price of 56.90 HKD [3]. Financial Performance Summary - **Revenue and Profit Growth**: - Total revenue for 2025 is projected to reach 1,522 million USD, reflecting a year-on-year growth of 26.5% [2]. - Net profit is expected to be 161 million USD in 2025, with a growth rate of 32.6% [2]. - **Earnings Per Share (EPS)**: - EPS is forecasted to increase from 0.36 USD in 2024 to 0.44 USD in 2025, with a corresponding decrease in the price-to-earnings (P/E) ratio from 21.9 to 16.5 [2][3]. - **Production and Delivery**: - The company delivered 350 aircraft in the first half of 2025, a 22% increase compared to the same period in 2024 [6][7]. - The average selling price for the SR2X aircraft increased by 9.6% year-on-year, reaching 1.14 million USD [6][7]. Market Position and Strategy - The company is recognized as a leader in the general aviation aircraft manufacturing sector, particularly in the private jet market, focusing on safety and convenience for consumers [6]. - The patented whole-aircraft parachute system has saved over 250 lives since its introduction, enhancing the company's safety reputation [6]. - The introduction of an emergency automatic landing system in all delivered aircraft models since May 2025 further strengthens its safety features [6]. Valuation Perspective - The company is positioned as a high-end manufacturer with luxury consumer product attributes, suggesting potential for valuation improvement compared to peers in the aviation manufacturing sector [6]. - The report suggests that the market may adjust to a valuation of over 20 times the expected earnings for 2025, indicating significant upside potential [6].

证券研究报告|港股公司点评报告 公司公告与韩国潮流电商平台 Musinsa 成立合资企业，在合资企业中持有 40%股权，此次与 MUSINSA 合作 拓展中国市场，是公司在坚持'单聚焦、多品牌、全球化'战略的前提下，通过战略投资方式探索运动与时尚 的结合，更好地满足年轻消费者多元化的消费需求。 [Table_Date] 2025 年 08 月 27 日 [Table_Title] 主品牌批发承压，其他品牌维持高增 [Table_Title2] 安踏体育(2020.HK) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 2020 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 106.3/69.4 | | 目标价格(港元)： | | 总市值(亿港元) | 2,852.13 | | 最新收盘价(港元)： | 101.6 | 自由流通市值(亿港元) | 2,852.13 | | | | 自由流通股数(百万) | 2,807.21 | [Table_Summary] 事件概述 2025H1 公司实现收入/经调整归母 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Views - The company's performance in H1 2025 was under pressure, with a significant decline in revenue and net investment income, leading to a loss of 0.68 billion HKD compared to a profit in the previous year [1]. - The decline in performance is attributed to fluctuations in international trade contract prices for natural uranium and a drop in uranium prices, which negatively impacted investment income from associated companies [1][2]. - The company is expected to benefit from a new sales framework agreement approved by shareholders, which will enhance revenue starting in 2026 due to increased pricing and sales volume [4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.709 billion HKD, a year-on-year decrease of 58.4%, and a net investment income of 306 million HKD, down 31.5% [1]. - The company recorded a loss of 68 million HKD, reversing from a profit in the previous year [1]. Production and Cost Management - The company achieved a natural uranium production of 1,354.7 tons in H1 2025, a slight increase of 1.5% year-on-year, with a production completion rate of 110.5% [2]. - The average production costs for the associated mines varied, with some showing increases while others decreased, indicating mixed cost management outcomes [2]. Market Outlook - The largest uranium mining company, Kazatomprom, plans to reduce its production guidance for 2026, which is expected to positively impact uranium prices due to supply-demand alignment [3]. - The new sales framework agreement will adjust the baseline price for uranium sales from 61.78 to 94.22 USD per pound, enhancing the company's revenue potential starting in 2026 [4]. Earnings Forecast - The projected net profit for the company is expected to rise significantly from 387 million HKD in 2025 to 996 million HKD in 2026, reflecting a growth rate of 157.6% [5]. - The earnings per share (EPS) is forecasted to increase from 0.05 HKD in 2025 to 0.13 HKD in 2026, with a corresponding price-to-earnings (P/E) ratio dropping from 53 to 21 [5].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][9] Core Viewpoints - The company has been selected as a city partner for the construction of the Harmony ecosystem in Xi'an, collaborating with various industry partners to create a leading smart transportation ecosystem [2][3] - The company's all-scenario AI business has seen significant growth, with revenue reaching 656 million yuan in the first half of 2025, representing a year-on-year increase of 130% [2][6] - The company maintains its profit forecast, expecting revenues of 18.881 billion, 21.071 billion, and 23.467 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 693 million, 914 million, and 1.045 billion yuan [2][9] Summary by Sections Company Overview - The company has been appointed as the leading unit for the smart transportation field in Xi'an, working with multiple partners to implement a full-chain approach in consulting, planning, design, products, solutions, and industry [2][3] AI Business Growth - The all-scenario AI business has become a new growth engine for the company, with a structured 4E AI system that includes various product families and industry applications, contributing to significant revenue growth [6][9] Financial Forecast - The company forecasts revenue growth rates of 11.4%, 11.6%, and 11.4% for the years 2025, 2026, and 2027, with a corresponding price-to-earnings ratio of 24, 18, and 16 times [2][9]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [13]. Core Insights - The report highlights that Dekang Agriculture has successfully transitioned from a heavy asset model to a light asset model, becoming a leader in China's pig farming industry. The company has established a low-investment, high-turnover, and high-return pig farming system, achieving a per-head profit of 403 RMB in 2024, with ROE and ROIC at 38% and 29% respectively, outperforming peers [4][18]. Summary by Sections Company Overview - Dekang Agriculture has innovatively transformed its business model, overcoming initial challenges such as training difficulties, high investment, and trust issues. The company has effectively responded to the African swine fever crisis, turning industry challenges into competitive advantages [4][18]. Profitability and Growth - The company has a significant cost advantage in pig farming, with a per-head profit that ranks among the top tier of listed pig farming companies. The number of pigs slaughtered has increased from 1.37 million in 2020 to 8.78 million in 2024, with a projected total cost of 13.6 RMB per kilogram in 2024, the best in the industry [9][34][39]. Management and Strategy - The management team has extensive experience in the agricultural sector, with a focus on long-term growth and innovation. The company emphasizes a value system of "big sacrifice for big gain, not difficult to do, and hard work," fostering a dedicated and professional team [10][44]. Development Path - Dekang Agriculture has built a robust breeding system and has been proactive in addressing the challenges of traditional pig farming. The introduction of the "No. 2 farm model" has allowed for a more efficient and profitable farming approach, with a focus on training and support for farmers [11][54]. Market Position - The company has seen a compound annual growth rate (CAGR) of 44% in pig slaughtering from 2018 to 2024, significantly outpacing the industry average of 0.2%. The pig farming segment contributes 81% of the company's revenue and 93% of its gross profit in 2024 [24][31].

Investment Rating - The investment rating for China Resources Vientiane Life is "Buy" (maintained) [1][6] Core Views - The company has demonstrated steady growth in revenue and profit, with an increase in gross margin and management efficiency. The value-added service business is being optimized, and the company is actively expanding in urban space sectors. The operational efficiency in the commercial management sector has also improved, leading to enhanced profitability. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 4.27 billion, 4.89 billion, and 5.50 billion CNY, respectively, corresponding to EPS of 1.87, 2.14, and 2.41 CNY. The current stock price corresponds to P/E ratios of 20.4, 17.8, and 15.9 times [6][7] Financial Performance - For the first half of 2025, the company reported revenue of 8.524 billion CNY, a year-on-year increase of 6.5%. The net profit attributable to shareholders was 2.030 billion CNY, up 7.4% year-on-year, while the core net profit attributable to shareholders was 2.011 billion CNY, reflecting a 15.0% increase. The improvement in profitability is attributed to a gross margin increase of 3.1 percentage points to 37.1% and a decrease in expense ratios by 0.6 percentage points to 6.3%. The interim dividend per share increased by 89.6% to 0.529 CNY, marking the first time the company has achieved a 100% distribution of core net profit for the interim period [7][8] Business Segments - Property Management: Revenue reached 3.501 billion CNY, up 8.8% year-on-year, with a gross margin of 16.6%, an increase of 1.4 percentage points. The managed area was 276 million square meters, with a contract area of 302 million square meters, of which 55.6% was from related parties [8] - Non-owner Value-added Services: Revenue was 220 million CNY, down 34.6% year-on-year, with a gross margin of 26.0%, a decrease of 11.8 percentage points [8] - Owner Value-added Services: Revenue was 487 million CNY, down 32.7% year-on-year, with a gross margin of 40.4%, an increase of 9.5 percentage points [8] - Urban Space: Revenue was 949 million CNY, up 15.1% year-on-year, with a gross margin of 14.2%, a decrease of 0.9 percentage points [8] Shopping Center and Office Performance - Shopping Centers: Revenue was 2.264 billion CNY, up 19.8% year-on-year, with a gross margin of 78.7%, an increase of 6.2 percentage points. The average occupancy rate improved to 97.1%, up 0.4 percentage points year-on-year [9] - Office Buildings: Revenue was 2.065 billion CNY, up 7.1% year-on-year, with a gross margin of 34.9%, a decrease of 0.7 percentage points. The occupancy rate increased to 74.1%, up 0.5 percentage points from the beginning of the year [9] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2023A to 2027E include: - Revenue growth from 14.798 billion CNY in 2023 to 22.561 billion CNY in 2027, with a CAGR of 8.8% - Net profit growth from 2.929 billion CNY in 2023 to 5.499 billion CNY in 2027, with a CAGR of 12.5% - EPS growth from 1.28 CNY in 2023 to 2.41 CNY in 2027, with a corresponding decrease in P/E from 29.8 to 15.9 times [10]