Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.11 billion HKD for H1 2025, representing a year-on-year growth of 22.5%. The net profit attributable to shareholders was 1.18 billion HKD, up 20.2% year-on-year, while the adjusted net profit reached 1.21 billion HKD, reflecting a 17.4% increase [2][4]. Summary by Sections Revenue Performance - In H1 2025, the revenue breakdown by product categories showed medical dressings, functional skincare, and health food generating revenues of 690 million HKD, 2.41 billion HKD, and 10 million HKD respectively, with year-on-year growth rates of 17%, 24%, and 16% [6]. - By brand, the revenues for 可复美, 可丽金, and other brands were 2.54 billion HKD, 500 million HKD, and 60 million HKD respectively, with growth rates of 23%, 27%, and -10% [6]. - Channel-wise, revenues from DTC, e-commerce direct sales, offline direct sales, and distribution were 1.82 billion HKD, 390 million HKD, 120 million HKD, and 790 million HKD respectively, with year-on-year growth rates of 13%, 134%, 74%, and 12% [6]. Profitability - The net profit margin slightly decreased by 0.7 percentage points in H1 2025, attributed to a 0.7 percentage point decline in gross margin and changes in sales, management, and R&D expense ratios [6]. - The overall expense ratio narrowed by 1.6 percentage points, while the income tax expense increased by approximately 87.06 million HKD year-on-year [6]. Investment Outlook - The company is expected to maintain healthy growth throughout the year, with projected adjusted net profits of 2.55 billion HKD, 3.00 billion HKD, and 3.65 billion HKD for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 23, 19, and 16 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first half of 2025, the company achieved revenue of 12.35 billion, representing a year-on-year growth of 251%. The net profit attributable to shareholders was 2.27 billion, with a year-on-year increase of 286%. After adding back stock incentive expenses, the net profit attributable to shareholders was 2.35 billion, reflecting a growth of 291% [2][4]. Summary by Relevant Sections Company Performance - The company reported a same-store sales growth of 201% in the first half of 2025, with a total of 41 stores after opening 5 new locations. The new stores include locations in Beijing, Shanghai, and Singapore, while also optimizing existing store spaces [7]. - Online sales contributed 1.62 billion in revenue, marking a year-on-year increase of 313%, with significant performance during the Tmall 618 sales event [7]. Financial Metrics - The gross profit margin decreased by 3.1 percentage points to 38.1% in the first half of 2025, while the net profit margin increased by 1.0 percentage point to 18.4%. The inventory turnover days improved from 195 days in 2024 to 150 days in the first half of 2025 [7]. Strategic Initiatives - The company has implemented a new round of stock incentive plans, with expenses increasing by 494% to 83.3 million in the first half of 2025. The mid-term dividend proposed is 9.59 per share, with a payout ratio of 73%, indicating confidence in long-term growth [7]. - The company is focusing on high-end branding and expanding its global presence, with the first overseas store opening in Singapore in June 2025, aiming to capture growth opportunities in the Southeast Asian jewelry market [7]. Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 27.7, 38.2, and 47.9 respectively, indicating strong growth potential [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) due to smooth commercialization progress and further updates on HARMONi data [5]. Core Views - The company reported a revenue of 1.412 billion RMB in H1 2025, representing a year-on-year increase of 37.75%, with a net profit attributable to shareholders of -570 million RMB [7]. - The commercialization of key products, namely Cadonilimab and Ivosidenib, has driven revenue growth, with product sales revenue increasing by 49.20% year-on-year [7]. - The HARMONi study presented at the WCLC 2025 conference showed improved overall survival (OS) data, with an OS hazard ratio (HR) of 0.78, indicating significant survival benefits [7]. - The company is expected to achieve revenues of 34.19 billion RMB, 55.98 billion RMB, and 85.77 billion RMB for the years 2025 to 2027, respectively [7]. Financial Summary - Revenue projections for 2023, 2024, 2025E, 2026E, and 2027E are 4,526 million RMB, 2,124 million RMB, 3,419 million RMB, 5,598 million RMB, and 8,577 million RMB, respectively, with corresponding growth rates of 440.3%, -53.1%, 61.0%, 63.7%, and 53.2% [6]. - The net profit attributable to shareholders is projected to be 2,028.30 million RMB in 2023, -514.52 million RMB in 2024, -29.64 million RMB in 2025E, 586.11 million RMB in 2026E, and 1,485.85 million RMB in 2027E, with growth rates of 273.6%, -125.4%, 94.2%, 2077.2%, and 153.5% respectively [6]. - The company's reasonable equity value is estimated at 187.5 billion HKD, assuming a perpetual growth rate of 3% and a WACC of 7.06% [7].

Investment Rating - The report gives a "Buy" rating for China Resources Beer [5][12] Core Views - China Resources Beer is executing its high-end strategy effectively, driving up tonnage price and gross margin. The company has established a matrix of "Chinese brands + international brands" to solidify its market position and enhance product pricing [1][12] - The company is optimizing its production capacity by shutting down excess facilities, reducing the number of factories from 98 in 2017 to 60 by 2025, while maintaining a capacity of 19.2 million kiloliters [1][12] - The implementation of "Three Precision Management" has improved operational efficiency, with gross margin rising to 48.9% and net profit margin to 24.0% in the first half of 2025 [1][12] Summary by Sections Company Overview - China Resources Beer is a leading player in the Chinese beer industry, focusing solely on beer after divesting non-beer businesses in 2015. The company has a significant market presence with a strong brand portfolio [17][19] Industry Analysis - The Chinese beer market is experiencing stagnation in sales volume, with a projected CAGR of -0.4% from 2010 to 2025. However, the retail price of beer is expected to continue rising, indicating potential for price increases [36][38][43] - The market is concentrated, with the top three players (China Resources, Tsingtao, and Budweiser) accounting for 60.1% of the market share as of 2023, suggesting limited room for further consolidation [45][47] Investment Logic - The long-term strategy focuses on high-end product development, leveraging both domestic and international brands to enhance product pricing and market share. The company aims to continue optimizing its product structure to drive tonnage price and profit margin improvements [63][68] - The forecast for revenue from 2025 to 2027 is projected at 38.87 billion, 40.65 billion, and 42.20 billion yuan, with net profit expected to reach 5.89 billion, 6.29 billion, and 6.79 billion yuan respectively [12][3]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][7] Core Views - The company plans to launch new products under its core IP, including the third series of "Hero Total Mobilization" and the second series of "Cinnamoroll" from Sanrio, which will enhance its product matrix and cater to diverse consumer needs [3][5] - The company's revenue for the first half of the year reached 1.338 billion yuan, representing a year-on-year increase of 27.9%, with 216 million yuan coming from the 9.9 yuan affordable product line [3][5] - The company has commercialized 19 IPs as of the first half of the year, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year, indicating an improvement in the contribution from diversified IPs [3][4][5] Financial Forecasts and Valuation - The company's projected net profit for 2025-2027 has been revised down to 805 million, 1.138 billion, and 1.506 billion yuan respectively, with corresponding P/E ratios of 27.4, 19.4, and 14.7 times [4][7] - The company continues to benefit from emotional consumption and the growth of the IP economy, actively promoting its IP matrix, brand, and channel expansion to solidify its growth foundation [4][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.59 billion yuan for H1 2025, representing a year-on-year growth of 31.3%. The net profit attributable to shareholders was 670 million yuan, up 36.1% year-on-year. The adjusted profit reached 672 million yuan, with a growth of 32% and an adjusted profit margin of 26% [2][4]. Summary by Sections Revenue Breakdown - In H1 2025, the revenue from different product categories was as follows: makeup 1.42 billion yuan, skincare 1.09 billion yuan, fragrance 11 million yuan, and training schools 67 million yuan, with year-on-year growth rates of +31%, +33%, no growth for fragrance, and -6% for training schools. Excluding training schools, total product sales grew by 32.7% [5]. Product Performance - Within the makeup category, the base makeup segment performed strongly, with retail sales of caviar cushion and light sensation powder exceeding 200 million yuan each. The skincare segment saw classic products like caviar masks achieving retail sales of over 600 million yuan (up 33% year-on-year) and black cream exceeding 200 million yuan. New high-end products are being introduced steadily [5]. Channel Performance - Online sales continued to grow significantly, with revenues of 1.3 billion yuan (up 39% year-on-year), while offline sales reached 1.22 billion yuan (up 27% year-on-year). The repurchase rates improved by 2.6 percentage points for online and 1.6 percentage points for offline channels [5]. Profitability - The net profit margin for H1 2025 reached 26%, an increase of 0.9 percentage points year-on-year. This was attributed to a 0.7 percentage point decline in gross margin, primarily due to lower margins in makeup and training schools, and a significant optimization in expense ratios [5]. Future Outlook - The company is expected to maintain a clear growth trend in the short to medium term, driven by a robust pipeline of mid-tier products, high elasticity in e-commerce channels, and continuous improvement in offline store efficiency. The long-term potential includes category expansion, collaboration with more high-end brands, and international market entry [5]. The projected adjusted net profits for 2025-2027 are 1.25 billion, 1.57 billion, and 1.92 billion yuan, with corresponding P/E ratios of 35.9, 28.4, and 23.3 times [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][8]. Core Views - The company is positioned to benefit from the global shipbuilding cycle and its own capacity release, with projected net profits for 2025-2027 at 1.1 billion, 1.7 billion, and 2.8 billion CNY respectively, corresponding to PE ratios of 18, 11, and 7 times [8]. - The current market capitalization to order book ratio stands at 0.42 times, significantly below the 10-year average of 0.53 times, indicating a historical low valuation [8]. - The company is expected to see a substantial increase in production in 2028 compared to 2027, with significant growth in order volumes and profit margins anticipated [7][8]. Summary by Sections Company Overview - The company is a listed entity under the China Shipbuilding Group, primarily engaged in shipbuilding, marine engineering, and electromechanical equipment manufacturing, with shipbuilding as its core business [7]. - The company’s revenue from shipbuilding accounted for 92% of total revenue in the first half of 2025 [7]. Market Dynamics - The shipbuilding industry is experiencing a tight supply-demand balance, driven by the need to replace aging vessels and the impact of new environmental regulations [7]. - The report notes a shift in sentiment in the Chinese shipbuilding market, with new orders rebounding after a period of decline due to trade tensions [7]. Financial Projections - Revenue projections for the company are as follows: 16.146 billion CNY in 2023, 19.402 billion CNY in 2024, 21.727 billion CNY in 2025, 23.820 billion CNY in 2026, and 29.047 billion CNY in 2027, with growth rates of 26.2%, 20.2%, 12.0%, 9.6%, and 21.9% respectively [6]. - The company’s gross profit margin is expected to improve from 6.1% in 2023 to 16.6% in 2027, reflecting enhanced profitability [6]. Competitive Landscape - The report emphasizes the importance of addressing competition within the China Shipbuilding Group, with commitments made to resolve competitive issues within five years [7]. - The company’s core shipyards, Huangpu Wenchong and Guangzhou Shipyard International, are highlighted as key assets with significant production capabilities [7][33]. Order Book and Production Capacity - The report indicates that the company’s order book is robust, with significant increases in production capacity anticipated for 2028, driven by high-value orders and favorable cost conditions [7][8]. - The company is expected to maintain a leading position in the market, with a focus on environmentally friendly ship designs and technologies [38].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its position as a key supplier in the domestic smart driving chip and algorithm market, benefiting from the trend of automotive intelligence [4]. Core Insights - The company achieved a sales revenue of 1.567 billion yuan in the first half of 2025, representing a year-on-year growth of 67.06%, while the net profit was -5.233 billion yuan, slightly worse than the previous year's -5.089 billion yuan [1]. - The market share for basic and overall assisted driving solutions among Chinese automakers reached 45.8% and 32.4%, respectively, maintaining the leading position [1]. - The shipment of the company's Journey series processors doubled to 1.98 million units, with hardware supporting highway assisted driving reaching 980,000 units, a sixfold increase compared to the same period last year [1]. - The sales gross margin decreased to 65.36% from 79.04% year-on-year, primarily due to changes in revenue composition, with a significant increase in automotive product solutions [2]. - The company has secured nearly 400 new model designations, with over 100 models featuring highway assisted driving capabilities, and is actively expanding its overseas customer base [3]. Financial Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 3.524 billion yuan, 5.254 billion yuan, and 7.898 billion yuan, respectively, with expected net profits of -1.836 billion yuan, -1.019 billion yuan, and 211 million yuan [4][6]. - The company is expected to benefit from the automotive intelligence trend, with a projected annual revenue growth rate of 48% in 2026 and 49% in 2027 [6][12]. - The earnings per share (EPS) is forecasted to improve from -0.13 yuan in 2026 to 0.02 yuan in 2027 [6].

Investment Rating - The investment rating for Tencent Holdings is "Buy" [6] Core Views - The report suggests that the new game "Delta Operation" will exceed market expectations, and that features like Video Accounts and Search will continue to drive Tencent's advertising business to achieve growth above the industry average [1][2] Summary by Sections Investment Highlights - The report highlights that Tencent's gaming and advertising businesses are perceived to be in a mature phase, with challenges in achieving growth above the industry average due to a high base in 2024. However, the new game "Delta Operation" is expected to outperform market expectations due to its established game genre and social attributes, which enhance player engagement [2][3] Market Position and Competitive Advantage - Tencent's core competitive advantage lies in its social traffic entry points and its leading understanding of the gaming industry. WeChat has nearly 1.411 billion monthly active users as of the first half of 2025, serving as a primary social entry point in China [3] Recent Market Trends - The report reviews Tencent's recent market performance, noting that from March 2024 to the present, the company has benefited from macroeconomic conditions, liquidity easing, and the recovery of game licenses, leading to revenue growth from key titles [4] Comparison with Overseas Leaders - Tencent's valuation is compared with overseas gaming companies, indicating that its current P/E ratio is lower than that of major U.S. gaming firms and internet advertising platforms like Meta and Google [5] AI Industry Trends - Tencent is actively investing in AI to enhance advertising precision and efficiency. The report notes that AI applications in gaming and advertising are expected to drive further growth [6][10] Performance Forecast and Valuation - The report forecasts Tencent's revenue for 2025-2027 to be 749.96 billion, 834.45 billion, and 924.65 billion yuan, with adjusted net profits of 262.07 billion, 293.55 billion, and 323.79 billion yuan respectively. The target price for 2026 is set at HK$793.08 per share, indicating a potential upside of 25% [12][13]

Investment Rating - The report maintains a "Buy" rating for NIO-SW (09866.HK) [1][20] Core Views - The company's Q2 2025 performance met expectations, with significant cost reduction and efficiency improvements. Revenue for Q2 2025 was CNY 19.01 billion, showing a quarter-on-quarter increase of 9.0% and a year-on-year increase of 57.9% [8][9] - Vehicle sales revenue reached CNY 16.14 billion, with a quarter-on-quarter increase of 2.9% and a year-on-year increase of 62.3% [8] - The company delivered 72,000 vehicles in Q2 2025, representing a year-on-year increase of 71.5% [9] - The report anticipates Q3 2025 vehicle deliveries to reach between 87,000 and 91,000, marking a historical high with a year-on-year increase of 40.7% to 47.1% [9][20] - New vehicle models, such as the L90 and ES8, have received strong market feedback, with the L90 achieving 10,575 deliveries in its first month [19][20] - Due to intensified industry competition, the net profit forecast for 2025-2026 has been revised down to CNY -179 billion and CNY -128 billion, respectively [20] Summary by Sections Performance Analysis - Q2 2025 revenue was CNY 19.01 billion, with a gross margin of 10.0% [8][12] - The average revenue per vehicle decreased to CNY 223,900, down 18.1% quarter-on-quarter [9] - The company reported an operating loss of CNY 4.91 billion for Q2 2025, with an adjusted net loss of CNY 4.13 billion [8][16] New Product Launches - The L90 SUV was launched on July 31, 2025, with a starting price of CNY 265,800, and achieved rapid sales [19] - The ES8 is positioned as a flagship SUV and is expected to launch in late September 2025 [19] Financial Forecasts - Revenue projections for 2023A to 2027E show a growth trajectory, with expected revenues of CNY 89.21 billion in 2025E and CNY 154.02 billion in 2027E [1] - The report anticipates continued losses, with net profit forecasts for 2025E at CNY -17.88 billion and for 2026E at CNY -12.76 billion [20]