Investment Rating - The report maintains a "Buy" rating for MINISO [6] Core Views - MINISO's domestic same-store sales are showing improvement, with a focus on operational efficiency [1] - The company is expanding its overseas presence, particularly in North America, with a significant increase in store count [2] - The gross margin remains stable, but profits are under pressure due to increased operational costs [3] - The company is positioned as a global leader in the retail sector, leveraging its supply chain and light asset model for rapid expansion [4] Summary by Sections Domestic Performance - In Q1 2025, MINISO achieved revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, while net profit attributable to shareholders was 416 million yuan, a decrease of 28.52% [1] - The number of domestic stores decreased by 111, totaling 4,275 stores, but same-store sales showed a slight decline in the single digits, indicating improved performance [1] Overseas Performance - In Q1 2025, MINISO added 95 overseas stores, bringing the total to 3,213, a year-on-year increase of 617 stores, with an average store revenue growth of 4.6% [2] - The overseas revenue reached 1.592 billion yuan, reflecting a year-on-year growth of 30.3% [2] Profitability and Costs - The gross margin for Q1 2025 was 44.2%, up 0.8 percentage points year-on-year, driven by an increase in overseas revenue and a shift towards higher-margin products [3] - Operating expenses increased significantly, with sales expenses rising by 71.4% due to investments in direct stores and related costs [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 21.012 billion yuan, 24.608 billion yuan, and 28.044 billion yuan, respectively, with net profits expected to be 2.951 billion yuan, 3.653 billion yuan, and 4.325 billion yuan [4][5] - The report anticipates a stable growth trajectory with a focus on optimizing various business segments and supply chains [4]

浦银国际研究 公司研究 | 消费行业 泡泡玛特（9992.HK）：Labubu 成全球超级 IP， 现象级热潮有望推动 2Q25 收入加速增长 Labubu 3.0 引发全球现象级热潮：继 Monster 系列在 4Q24 引发一波热 度以后，泡泡玛特在今年 4 月推出 Labubu 3.0 系列，再次引爆全球潮玩 市场，并将 Labubu 在全球领域的知名度和影响力推上新的高度。根据 我们的观察，Labubu 已成为当下全球最热门的潮玩 IP，在世界各地都 受到狂热的追捧。其在社交媒体与搜索软件的搜索量大幅领先于其他经 典潮玩 IP。同时，由于公司采取限量销售的策略，全球许多线下门店 外都大排长龙。不少社会名流与网红（包括贝克汉姆）在社交媒体上 晒出自己购得的 Labubu 产品，在博取流量的同时也进一步推高了 Labubu 的热度。 海外热度反哺中国市场，推动 2Q25 加速增长：与 4Q24 一样，Labubu 3.0 在海外市场的热度再次反哺了国内的市场需求。根据我们的调研， 泡泡玛特 4 月国内线下门店的同店增长高于 1Q25，而 4 月线上平台（包 括天猫、京东、抖音等平台）的销售增长同样快于 1 ...

证 券 研 究 报 告 迈富时（02556.HK）深度研究报告 强推（首次） 专精 CRM 软件，软件 Agentic 时代领军 1. AI+SaaS 模块：考虑公司 AI+SAAAS 业务仍处于快速成长阶段，利润率尚 未释放，因此采用 PS 法估值。选择美股 CRM、HUBS 作为 AI+SaaS 模块的 可比公司，2025 年可比公司平均 PS 为 8.55 倍，取可比公司平均估值 8.55x， 对应 AI+SaaS 部分估值为 124.23 亿元。 2. 精准营销模块：精准营销模块具有一定利润率，因此采用可比公司结合 PE 估值方法作为估值依据，选择蓝色光标、易点天下作为精准营销服务的可比公 司，2025 年可比公司平均 PE 为 43.0x，取可比公司平均估值 43.0x，取蓝色光 标与易点天下 2015-2024 年净利率均值，对应精准营销部分净利率约为 6%， 对应估值约为 23.27 亿元。 ❖ 风险提示：竞争加剧；宏观经济波动；研发进度不及预期，大模型及 AIGC 商 业化不及预期。 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E ...

上 市 公 司 公 司 研 究 资料来源：Bloomberg -20% 180% 05/27 06/27 07/27 08/27 09/27 10/27 11/27 12/27 01/27 02/27 03/27 04/27 05/27 HSCEI 中国软件国际 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 2025 年 05 月 28 日 中国软件国际 (00354) ——华为新阶段，鸿蒙+AI 双驱动—华为系列深度之十九 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 05 月 27 日 | | --- | --- | | 收盘价（港币） | 5.09 | | 恒生中国企业指数 | 8469.97 | | 52 周最高/最低（港币） | 9.32/3.38 | | H 股市值（亿港币） | 139.06 | | 流通 H 股（百万股） | 2,732.08 | | 汇率（人民币/港币） | 1.0902 | 一年内股价与基准指数对比走势： 联系人 ...

浦银国际研究 公司研究 | 消费行业 泡泡玛特（9992.HK）：Labubu 成全球超级 IP， 现象级热潮有望推动 2Q25 收入加速增长 Labubu 3.0 引发全球现象级热潮：继 Monster 系列在 4Q24 引发一波热 度以后，泡泡玛特在今年 4 月推出 Labubu 3.0 系列，再次引爆全球潮玩 市场，并将 Labubu 在全球领域的知名度和影响力推上新的高度。根据 我们的观察，Labubu 已成为当下全球最热门的潮玩 IP，在世界各地都 受到狂热的追捧。其在社交媒体与搜索软件的搜索量大幅领先于其他经 典潮玩 IP。同时，由于公司采取限量销售的策略，全球许多线下门店 外都大排长龙。不少社会名流与网红（包括贝克汉姆）在社交媒体上 晒出自己购得的 Labubu 产品，在博取流量的同时也进一步推高了 Labubu 的热度。 海外热度反哺中国市场，推动 2Q25 加速增长：与 4Q24 一样，Labubu 3.0 在海外市场的热度再次反哺了国内的市场需求。根据我们的调研， 泡泡玛特 4 月国内线下门店的同店增长高于 1Q25，而 4 月线上平台（包 括天猫、京东、抖音等平台）的销售增长同样快于 1 ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [1] Core Views - The report emphasizes that Meituan is actively responding to competition in the food delivery sector while awaiting the release of long-term value [3] - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in both revenue and profit metrics [11] Summary by Sections Overall Performance - In Q1 2025, Meituan achieved revenue of 866 billion RMB, representing a year-over-year increase of 18% and a quarter-over-quarter decrease of 2% [11] - Operating profit reached 106 billion RMB, up 103% year-over-year and 58% quarter-over-quarter [11] - Net profit was 101 billion RMB, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [11] - Non-GAAP EBITDA stood at 123 billion RMB, a 52% year-over-year increase [11] Business Segments - **Food Delivery Business**: In Q1 2025, the food delivery segment saw a steady growth with a year-over-year increase in order volume of 9.3%. The company plans to invest 100 billion RMB over the next three years to enhance the quality of the food service industry [7] - **Meituan Flash Purchase**: This segment maintained strong growth, with over 500 million cumulative transaction users by the end of March 2025. The daily order volume for non-food items exceeded 18 million [7] - **In-store and Travel Business**: The in-store and travel segment reported a year-over-year revenue growth of 20% in Q1 2025, with active merchant numbers increasing by over 25% [8] Financial Projections - Revenue forecasts for 2025-2027 are projected at 387.3 billion RMB, 447.7 billion RMB, and 510.6 billion RMB respectively. Non-GAAP net profit forecasts are 40.9 billion RMB, 54.7 billion RMB, and 67.6 billion RMB for the same years [18] - The target market capitalization for Meituan in 2025 is set at 830.2 billion RMB, with a target price of 136 RMB per share [18][19]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (03690.HK) [10] Core Views - In Q1 2025, Meituan achieved revenue of 865 billion CNY, a year-on-year increase of 18.1%, and a Non-IFRS net profit of 10.9 billion CNY, up 46.2% year-on-year [2] - The core local business revenue reached 643 billion CNY, growing 17.8% year-on-year, with an operating profit of 135 billion CNY, reflecting a 39.1% increase and an operating profit margin of 21%, up 3.2 percentage points year-on-year [3] - The report highlights the healthy growth in food delivery and strong momentum in instant retail, although increased competition in Q2 may impact profits [3] - New business revenue grew by 19.2% year-on-year to 222 billion CNY, with operating losses narrowing by 17.5% to 2.3 billion CNY [4] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 3862 billion CNY, 4461 billion CNY, and 4979 billion CNY respectively, with Non-IFRS net profits of 405 billion CNY, 530 billion CNY, and 706 billion CNY [5] - Corresponding P/E ratios are expected to be 17.93, 13.69, and 10.28 for the years 2025, 2026, and 2027 [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of HKD 17.249 billion for the fiscal year ending March 31, 2025, representing a year-on-year decrease of 8.24% [2] - The net profit attributable to the parent company was HKD 2.063 billion, down 10.41% year-on-year, while the adjusted net profit increased by 1.3% to HKD 2.350 billion [2] - The company plans to distribute a final dividend of HKD 0.12 per share, with a payout ratio of 50.80% [2] Revenue Analysis - The company experienced a decline in revenue from the Chinese market by 16.49% year-on-year, while the North American market grew by 3.17% and the European market increased by 19.19% [3] - The Chinese market accounted for 58.70% of total revenue, indicating its continued importance despite current challenges [3] - The company is focusing on optimizing its offline channels, increasing the number of stores to 7,367 in the Chinese market [3] Profitability Analysis - The company's gross margin was 40.49%, an increase of 1.12 percentage points year-on-year, while the net margin was 12.75%, a slight decrease of 0.27 percentage points [4] - The gross margins for different product lines varied, with the sofa and related products seeing an increase, while the bedding segment faced a decline [4] - Overall, the company managed to control its operating expenses effectively, resulting in a total expense ratio decrease of 0.78 percentage points to 23.51% [4] Investment Recommendations - The company is positioned in a large consumer market with significant growth potential, particularly in its domestic sales and recovering export business [5] - Revenue forecasts for FY2026 to FY2028 have been adjusted to HKD 18.063 billion, HKD 19.369 billion, and HKD 20.889 billion respectively, reflecting a cautious outlook [5] - The expected earnings per share (EPS) for the same period are projected at HKD 0.59, HKD 0.65, and HKD 0.71, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for Meituan (3690.HK) [1][4][6] Core Insights - Meituan's Q1 revenue and adjusted profit exceeded market expectations, with total revenue of 86.6 billion yuan, a year-on-year increase of 18%, and adjusted net profit of 10.9 billion yuan, up 46% year-on-year [2][4] - The core local business operating profit increased by 39% year-on-year, surpassing market expectations by 10% [1][2] - The company is prioritizing long-term ecological investments over short-term profit margins, which may lead to short-term fluctuations in profitability but is expected to strengthen market share and ecological balance in the long run [1][4] Financial Performance Summary - Q1 total revenue was 86.6 billion yuan, slightly exceeding expectations by 1.4% and 1.3% from the report and market respectively [2] - Adjusted net profit for Q1 was 10.9 billion yuan, exceeding expectations by 18% and 13% [2] - Core local business revenue grew by 18% year-on-year, with operating profit margin increasing by 3 percentage points to 21% [2][4] - New business revenue increased by 19% year-on-year, with losses narrowing to 2.3 billion yuan, a year-on-year reduction of 18% [2][4] Business Segment Analysis - Core local business maintained steady growth, with delivery, commission, and online marketing revenues increasing by 22%, 20%, and 15% year-on-year respectively [3] - The management emphasized a commitment to compete effectively in the instant retail sector, planning to invest 100 billion yuan over the next three years [3] - The company reported strong growth in the takeaway and flash purchase segments, with daily order volume growth accelerating to approximately 10% [3] Financial Forecast and Valuation - The report forecasts a 13% year-on-year revenue growth for Q2, with core local business and new business expected to grow by 10% and 21% respectively [4] - For the full year 2025, total revenue is projected to grow by 15%, with core local business and new business expected to grow by 13% and 20% respectively [4] - The target price is adjusted to 177 HKD, representing a potential upside of 34% from the recent closing price [4][6]

中国电力（2380.HK） 2025-5-28 星期三 | 目标价： | | 港元 3.9 | | --- | --- | --- | | 现 | 价： | 3.2 港元 | | 预计升幅： | | 22% | 重要数据 | 日期 | 2025-5-27 | | --- | --- | | 收盘价（港元） | 3.2 | | 总股本（亿股） | 124 | | 总市值（亿港元） | 396 | | 净资产（亿元） | 1,075 | | 总资产（亿元） | 3,405 | | 52 周高低（港元） | 4.21/2.73 | | 每股净资产（元） | 4.44 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 国家电力投资集团公司 (65.05%) 中国中信金融资产管理股份有限公 司 (5.10%) 相关报告 深度报告-20200521/1117 更新报告-20210909/0917 更新报告-20220123/20220319 更新报告-20220830/20221010 更新报告-20230418/20230718/0906 更新报告-20240415/0924/1004 研究部 姓名：杨义 ...