Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.36 [7]. Core Views - The company's performance in 2024 was under pressure, primarily due to a warm winter and connection business impacts, but is expected to stabilize and recover in 2025 as these pressures ease [1][4]. - The company continues to prioritize shareholder returns through dividends, with a current dividend yield of 7% [3][4]. Revenue and Profitability - In 2024, the company reported revenue of HKD 6.198 billion, a decrease of 3% year-on-year, and a gross profit of HKD 569 million, down 24% [1][5]. - The net profit for 2024 was HKD 209 million, reflecting a 22% decline compared to the previous year [1][5]. - The company expects revenue growth in the coming years, projecting revenues of HKD 6.509 billion, HKD 6.878 billion, and HKD 7.268 billion for 2025, 2026, and 2027 respectively, with growth rates of 5% for 2025 and 5.7% for the following years [4][5]. Gas Sales and Margins - The total gas sales volume for 2024 was 2.515 billion cubic meters, representing a year-on-year increase of 13%, with pipeline gas sales at 1.714 billion cubic meters, up 6.5% [2]. - The company anticipates total gas sales of 2.7 billion cubic meters in 2025, a 9% increase year-on-year, with pipeline gas sales expected to reach approximately 1.9 billion cubic meters [2]. - The gross margin for 2024 was HKD 0.41 per cubic meter, down from the previous year, but is expected to recover to HKD 0.52 per cubic meter in 2025 [2][4]. Connection and Value-Added Services - The company added 70,000 new connections in 2024, impacted by a downturn in the real estate market, but expects the number of new connections to stabilize in 2025 [3]. - The value-added services segment achieved a gross profit of HKD 54.7 million in 2024, a 9.6% increase year-on-year, with a compound annual growth rate of approximately 42% over the past four years [3]. Debt and Shareholder Returns - The company reduced interest-bearing debt by HKD 570 million in 2024, optimizing its debt structure [3]. - The company plans to increase dividends by no less than 10% annually from 2025 to 2027, based on a dividend per share of HKD 0.076 [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][18]. Core Views - The company's performance in Q4 2024 met expectations, with significant long-term growth potential driven by its AI tool, KuaLing [1][5]. - The report highlights a stable user base with daily active users (DAU) exceeding 400 million, and a year-on-year increase of 4.8% [5]. - Advertising revenue grew by 13.3% year-on-year, reaching 20.6 billion CNY, although slightly below market expectations [5]. - E-commerce gross merchandise volume (GMV) increased by 14.4% year-on-year to 462.1 billion CNY, with a notable rise in active buyers [5]. - Live streaming revenue showed a smaller decline than expected, down 2.0% year-on-year, indicating improved content quality and user engagement [5]. - The adjusted net profit for Q4 2024 was 4.7 billion CNY, aligning with expectations, and the company anticipates a net profit of 43 billion CNY in Q1 2025 [5][7]. Summary by Sections User Metrics - DAU remained above 400 million, with MAU increasing by 5.0% to 736 million [5]. - Average daily usage time per user rose by 0.9% to 125.6 minutes [5]. Advertising Performance - Q4 2024 advertising revenue reached 20.6 billion CNY, accounting for 58.3% of total revenue [5]. - The external circulation advertising segment grew significantly, with short dramas and other content types driving growth [5]. E-commerce Insights - E-commerce GMV for Q4 2024 was 462.1 billion CNY, with a 14.4% year-on-year increase [5]. - The number of active buyers rose by 10% year-on-year, reaching 143 million [5]. Live Streaming Developments - Live streaming revenue decreased by 2.0% year-on-year to 9.8 billion CNY, better than market expectations [5]. - The number of signed-up agencies and hosts increased significantly, indicating a healthier ecosystem [5]. Financial Performance - Adjusted net profit for Q4 2024 was 4.7 billion CNY, with a net profit margin of 13.3% [5][7]. - The company expects an adjusted net profit of 194 billion CNY for the full year of 2025 [7]. KuaLing AI Tool - KuaLing's commercial potential is viewed positively, with expectations for significant revenue growth in the medium to long term [6][8]. - The tool has already generated over 100 million CNY in revenue since its monetization began [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][18]. Core Views - The company's performance in Q4 2024 met expectations, with significant long-term growth potential driven by its AI capabilities [1][5]. - Daily Active Users (DAU) remained above 400 million, with a year-over-year increase of 4.8%, while Monthly Active Users (MAU) grew by 5.0% to 736 million [5]. - Advertising revenue in Q4 2024 increased by 13.3% year-over-year to 20.6 billion CNY, slightly below market expectations [5]. - E-commerce Gross Merchandise Volume (GMV) rose by 14.4% year-over-year to 462.1 billion CNY, with a notable increase in active buyers [5]. - Live streaming revenue decreased by 2.0% year-over-year to 9.8 billion CNY, but the decline was less than expected due to improved content quality [5]. - The adjusted net profit for Q4 2024 reached 4.7 billion CNY, aligning with expectations, and the company anticipates a full-year adjusted net profit of 19.4 billion CNY for 2025 [5][7]. Summary by Sections User Engagement - DAU maintained over 400 million, with MAU reaching 736 million, indicating strong user retention and engagement [5]. - Average daily usage time per user increased by 0.9% year-over-year to 125.6 minutes [5]. Advertising Performance - Q4 2024 advertising revenue was 20.6 billion CNY, accounting for 58.3% of total revenue, with external circulation growth in the high teens [5]. - The company expects a slowdown in advertising revenue growth in Q1 2025, projecting a year-over-year increase of 7.0% [5]. E-commerce Growth - E-commerce GMV reached 462.1 billion CNY, with a 14.4% year-over-year increase, and the number of active buyers grew by 10% [5]. - The proportion of general merchandise in e-commerce reached 30%, indicating a shift towards diversified product offerings [5]. Live Streaming Insights - Live streaming revenue saw a smaller decline than anticipated, with a year-over-year decrease of 2.0% to 9.8 billion CNY [5]. - The number of signed-up agencies and hosts increased significantly, suggesting a strengthening of the live streaming ecosystem [5]. Financial Performance - The adjusted net profit for Q4 2024 was 4.7 billion CNY, with a full-year projection of 19.4 billion CNY for 2025 [5][7]. - The company’s gross margin improved to 54.0%, reflecting operational efficiency [5]. Future Outlook - The report highlights the potential of the company's AI tool, KuaLing, which is expected to enhance advertising and e-commerce capabilities [6][8]. - Long-term revenue projections for KuaLing suggest a market potential of 20-25 billion USD, with significant contributions from both B2B and C2C segments [6][9].

[Table_Title] 研究报告 Research Report 6 Apr 2025 安能物流（开曼） ANE (Cayman) (9956 HK) 量利高增，货重结构与效率持续优化 High Growth in Volume and Profit, with Optimization of Cargo Structure and Efficiency 骆雅丽 Yali Luo 虞楠 Nan Yu yl.luo@htisec.com nan.yu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 安能物流发布 2024 年年报：2024 年，公司实现营业收入 115.76 亿元（人民币，下同），同比+16.7%，实现归母净 利润 7.50 亿元，同比+91.1%，实现经调整净利润 8.37 亿元，同比+64.2%。业绩符合预期。 点评 收入端：货重结构持续优化，增值服务需求增加。2024 年，公司货运总量增加至 14.1 百万吨，同比增长 ...

Investment Rating - The report assigns an "Outperform" rating to ANE Logistics, indicating an expected total return exceeding 10% relative to the benchmark index over the next 12-18 months [17]. Core Insights - ANE Logistics reported a revenue of RMB 11.58 billion for FY2024, representing a year-on-year increase of 16.7%, and a net profit of RMB 750 million, which is a significant increase of 91.1% year-on-year [2][7]. - The total cargo volume increased to 14.1 million tons, up 17.5% year-on-year, while the total number of shipments rose to 169 million, reflecting a growth of 31.1% year-on-year. This growth is attributed to the optimization of cargo structure, particularly in the small-parcel segment, which has higher margins and demand for value-added services [3][8]. - Cost reductions were achieved in trunk line transportation and distribution, with unit costs for trunk line transportation and distribution decreasing by 5.0% and 16.5% respectively. The overall unit cost was RMB 688 per ton, a decrease of 4.2% year-on-year, while unit gross profit increased by 22.5% to RMB 130 per ton [4][9]. Revenue Summary - The company experienced a significant increase in total cargo volume and shipments, driven by a shift towards lighter cargo weights and higher demand for value-added services. The average weight per shipment decreased from 93 kg to 84 kg, indicating a strategic focus on optimizing cargo structure [3][8]. Cost Summary - The report highlights substantial cost-saving measures, particularly in trunk line transportation and distribution. The company has optimized its distribution network, leading to a notable reduction in operational costs [4][9].

Investment Rating - The report maintains an "Outperform" rating for Fufeng Group [2][10]. Core Views - In 2024, the profit attributable to shareholders decreased by 26.5% year-on-year, with revenues of RMB 27.8 billion, a decline of 0.9% primarily due to reduced revenues from the colloid segment [6][10]. - The company continues to implement its internationalization strategy, establishing two overseas production bases and expanding sales offices in Vietnam, the United States, and the Netherlands [9][10]. - The commissioning of a new monosodium glutamate (MSG) factory led to a significant increase in sales volume, with MSG sales volume rising by 26.8% to approximately 1.64 million tons in 2024 [7][10]. - The average selling price of MSG decreased by about 16.1% to RMB 6,714 per ton, which offset the increase in sales volume, resulting in a slight revenue increase of 6.4% to RMB 10.9966 billion [7][10]. - The animal nutrition segment saw a revenue decrease of 1.8% to RMB 8.7393 billion, but the gross profit margin improved by 6.1 percentage points to 23.2% due to increased production capacity of threonine [8][10]. Financial Summary - The projected net profit attributable to the parent company for 2025-2027 is RMB 2.530 billion (-25%), RMB 2.784 billion (-25%), and RMB 3.132 billion (new) respectively [10]. - The company’s earnings per share (EPS) are expected to be RMB 1.01 in 2025, RMB 1.11 in 2026, and RMB 1.25 in 2027 [5][10]. - The target price is set at HK$7.68, based on a P/E ratio of 7 times for 2025 [2][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% year-on-year [4] - The company plans to distribute a dividend of 6.35 yuan per share, reflecting strong financial performance [4] - The company is expected to see continued growth with projected net profits of 3.509 billion yuan, 5.089 billion yuan, and 6.923 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 20.84 yuan, 30.22 yuan, and 41.12 yuan [4] Financial Summary and Valuation Metrics - Revenue and net profit projections for the company are as follows: - 2023A: Revenue 3.18 billion yuan, Net Profit 416 million yuan - 2024A: Revenue 8.506 billion yuan, Net Profit 1.473 billion yuan - 2025E: Revenue 17.822 billion yuan, Net Profit 3.509 billion yuan - 2026E: Revenue 25.370 billion yuan, Net Profit 5.089 billion yuan - 2027E: Revenue 33.998 billion yuan, Net Profit 6.923 billion yuan [8] - The company’s P/E ratios are projected to be 36.0, 24.8, and 18.3 for 2025, 2026, and 2027 respectively [8] Brand and Channel Development - The company has expanded its brand reach, achieving a loyal membership of 350,000 by the end of 2024, driven by a deep understanding of consumer preferences [5] - The company’s online business grew significantly, generating 1.055 billion yuan in revenue, a year-on-year increase of 192.2% [5] - The company aims to enhance its international presence, starting with top-tier markets in Singapore and expanding to Western markets [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved revenue of 2.451 billion, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98 million, down 15.0% year-on-year [2][5]. - As of the end of December 2024, the total number of stores reached 3,031, comprising 1,591 self-operated stores and 1,440 franchised stores, covering 303 cities across 28 provinces, autonomous regions, and municipalities in China [2][5]. - The company experienced a significant decline in total sales volume, which decreased by 16.8% year-on-year, with average order consumption down 4.4% [7]. - The company closed 785 stores in 2024, with self-operated stores decreasing by 7.5% and franchised stores by 31.3% [7]. - The gross profit margin improved by approximately 4.4 percentage points to 56.8%, primarily due to a decrease in raw material costs and an increase in the proportion of direct sales [7]. Summary by Sections Financial Performance - Revenue for 2024 was 2.451 billion, a decrease of 10.7% year-on-year, while net profit was 98 million, down 15.0% year-on-year [2][5]. - The average store efficiency for self-operated stores was approximately 840,000, a decline of 9.3% year-on-year [7]. Store Operations - The company closed 785 stores in 2024, with a total of 3,031 stores remaining at the end of the year [5][7]. - The number of self-operated stores decreased by 7.5%, while franchised stores saw a decline of 31.3% [7]. Cost and Profitability - The gross profit margin increased to 56.8%, driven by lower raw material costs and a higher proportion of direct sales [7]. - Selling and distribution expenses accounted for 40.4% of revenue, an increase of 4.6 percentage points year-on-year [7]. Future Outlook - The company forecasts net profits attributable to shareholders of 168 million, 216 million, and 258 million for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 26, 20, and 17 times [7].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [5][44] Core Views - The company is positioned as a leading player in the Chinese trendy toy industry, leveraging its IP toy full industry chain operation capabilities. The expansion of overseas business is expected to unlock new growth potential [10][44] - The company is projected to achieve significant revenue and profit growth, with net profit estimates of 58.99 billion RMB, 83.50 billion RMB, and 110.53 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 88.75%, 41.54%, and 32.38% [8][44] Summary by Sections Market Performance - The closing price of the company is 162.60 HKD, with a market capitalization of approximately 218,362.56 million HKD [3] Financial Forecasts and Valuation - Revenue projections for the company are as follows: 6,301 million RMB in 2023, 13,038 million RMB in 2024, 21,547 million RMB in 2025, 28,747 million RMB in 2026, and 35,864 million RMB in 2027, with corresponding year-on-year growth rates of 36.46%, 106.92%, 65.26%, 33.42%, and 24.76% [6][43] - The company’s net profit is expected to grow from 1,082.34 million RMB in 2023 to 5,899.17 million RMB in 2025, with a year-on-year growth rate of 127.55% in 2023 and 88.75% in 2025 [6][43] Industry Insights - The trendy toy market in China is rapidly growing, with a market size of 626 billion RMB in 2023 and a CAGR of 31.24% from 2019 to 2023. The target demographic primarily consists of individuals aged 15-39 [7][15] - The market concentration is increasing, with the top five companies' market share rising from 22.8% in 2019 to 26.4% in 2021. The company’s market share increased from 8.5% in 2019 to 13.6% in 2021 [21][7] Revenue Drivers - The company’s revenue is significantly driven by its proprietary artist IP, which is projected to generate 111.21 billion RMB in 2024, accounting for 85.30% of total revenue, with a CAGR of 60.12% from 2020 to 2024 [30][8] - The overseas business is emerging as a new growth driver, with revenue from Hong Kong, Macau, and overseas markets expected to reach 50.66 billion RMB in 2024, reflecting a year-on-year growth of 375% [35][8] Cost Management - The company is expected to maintain a sales expense ratio of 26.00%, 25.00%, and 24.00% from 2025 to 2027, while the management expense ratio is projected to decrease to 5.50%, 5.00%, and 4.50% in the same period [39][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 27.026 billion, a year-on-year decline of 12.4%, and a net profit of 1.684 billion, down 28.89% year-on-year [2][4]. - The gross margin improved by 0.7 percentage points to 27.0%, primarily due to a decrease in the proportion of low-margin products [8]. - The company is expected to benefit from a potential valuation recovery as the real estate market stabilizes and municipal improvements occur [8]. Summary by Sections Financial Performance - The company experienced a revenue decline across its core business segments, with plastic pipe revenue at 22.8 billion, down 7.2%, and building materials revenue at 2.3 billion, down 20% [8]. - The total sales volume for pipes was 2.4829 million tons, a decrease of 6.2%, with average prices falling by 1.1% to 0.92 million per ton [8]. - The company’s gross margin for the pipe business was 28.7%, reflecting a slight year-on-year increase [8]. Market Position and Strategy - As a leading player in the pipe industry, the company has established a strong market position through scale and channel resources, which are expected to enhance its competitive edge [8]. - The company is focusing on its core business while reducing capital expenditures, particularly in overseas ventures and solar energy investments [8]. Future Outlook - The company anticipates a stabilization in revenue as the real estate market bottoms out and municipal projects improve, with additional growth expected from agricultural and industrial pipeline segments [8]. - The projected net profit for 2025 is approximately 2.2 billion, corresponding to a price-to-earnings ratio of 5, indicating a relatively low valuation [8].