Investment Rating - The report maintains a "Buy" rating for Haidilao with a target price of HK$20.40, representing a potential upside of 45% from the current price of HK$14.07 [3][9]. Core Insights - The company's revenue and profit are expected to show a mid-single-digit growth for the full year 2025, despite a projected decline in profit due to a significant drop in the first half of the year [5][6][9]. - The operational performance is anticipated to improve in the second half of 2025, with a gradual recovery in customer traffic and table turnover rates, particularly during the peak season in December [5][6][9]. - The investment logic for Haidilao has shifted from focusing on earnings to prioritizing dividends, with a high dividend payout ratio expected to continue [6][9]. Financial Performance Summary - For 2025, the estimated revenue is projected to be RMB 44.15 billion, with a net profit of RMB 4.84 billion, reflecting a year-on-year growth of 3.3% and 2.7% respectively [7][8]. - The earnings per share (EPS) for 2025 is estimated at RMB 0.87, with a price-to-earnings (P/E) ratio of 14.9 [8][9]. - The company has maintained a high dividend payout, with a dividend of HK$0.338 per share in the first half of 2025, indicating a payout ratio of 95% [6][9].

相关研究 - 上 市 公 司 社会服务 公 司 研 究 / 公 司 点 评 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 12 月 01 日 | | --- | --- | | 收盘价（港币） | 0.99 | | 恒生中国企业指数 | 9172.84 | | 52 周最高/最低（港币） | 1.48/0.76 | | H 股市值（亿港币） | 19.52 | | 流通 H 股（百万股） | 1,971.94 | | 汇率（港币/人民币） | 0.9099 | 一年内股价与基准指数对比走势： -2% 48% 98% 12/02 01/02 02/02 03/02 04/02 05/02 06/02 07/02 08/02 09/02 10/02 11/02 HSCEI 新高教集团 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 2025 年 12 月 02 日 新高教集团 (02001) ——成本高峰已过，盈利能力即将反弹 投资要点： 新高教集团公布 25 财年年报，全年收入 26 亿元，同 ...

执业证书号： S0010525070001 邮箱： zhaoliang@hazq.com 阿里巴巴[Table_StockNameRptType] -SW（9988.HK） 公司点评 FY26Q2 业绩点评：云业务加速增长，即时零售有望迎来 UE 改善 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-12-02 | | | [Table_BaseData] 收盘价（港元） | 154.90 | | 近 12 个月最高/最低（港元） 185.1/76.1 | | | 总股本（百万股） | 19,089 | | 流通股本（百万股） | 19,089 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 29,568 | | 流通市值（亿港元） | 25,568 | [公司价格与恒生综指走势比较 Table_Chart] [Table_Author] 分析师：金荣 -20% 0% 20% 40% 60% 80% 24/05 24/08 24/11 25/02 25/05 阿里巴巴-W 恒生指数 -20% 30% 80% 130% ...

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 02 Dec 2025 环球富盛理财有限公司 中国罕王 China Hanking Holdings (3788.HK) ➢ 邱博士及 Cygnet Gold 少数股东对罕王黄金增资。基于对 Cygnet 金矿项目及罕王黄金未来发展的信心，邱博士及 Cygnet Gold 少数股东拟认购罕王黄金的新发行股份。 2025 年 10 月 27 日，公司附属公司罕王黄金与 Qiu Family 及 Golden Resource（均由邱博士控制）订立认购协议，据此，罕王黄金同意配发及发行，而 Qiu Family 及 Golden Resource 同意以每股 2.62 港元的认购价认购 8,700,000 股罕王黄金股 份（邱博士认购增资），此认购价与公司于 2025 年 9 月 30 日所公布与六名认购人订立的认购协议所载认购价相同。 同日，罕王黄金与 Cygnet Gold 的少数股东 订立认购协议，据此，罕王黄金同意配发及发行，而 Cygnet Gold 的少数 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" [7] Core Insights - The company's gaming business is expected to grow robustly driven by a new product cycle, while the video account advertising business remains highly prosperous, likely becoming a major source of revenue growth [1][2] - In Q3 2025, Tencent's online gaming revenue (excluding social) reached 636 billion yuan, a year-on-year increase of 23%. Domestic market revenue was 428 billion yuan, up 15%, exceeding Bloomberg's consensus estimate of 423 billion yuan, primarily due to the contribution from "Delta Operation" and continued revenue growth from existing games [1] - International market revenue was 208 billion yuan, a 43% year-on-year increase, surpassing Bloomberg's consensus estimate of 181 billion yuan, driven by record highs in daily active users and revenue for "Clash Royale" and growth from "PUBG: MOBILE" [1] - The introduction of a 15% commission agreement between Apple and Tencent regarding WeChat mini-game payments is expected to open up payment opportunities in the long term, despite short-term challenges in commission avoidance methods [3] - The company's marketing services revenue in Q3 2025 was 362 billion yuan, a 20.8% year-on-year increase, driven by improvements in eCPM and expansion of advertising inventory [4] Financial Forecasts - Projected revenues for Tencent from 2025 to 2027 are 748.76 billion yuan, 835.25 billion yuan, and 921.90 billion yuan, with year-on-year growth rates of 13%, 12%, and 10% respectively [5] - Adjusted net profits for the same period are forecasted to be 266.16 billion yuan, 293.21 billion yuan, and 321.51 billion yuan, with growth rates of 20%, 10%, and 10% respectively [5] - The valuation method applied suggests a target price of 794.73 HKD per share for 2026, indicating a potential upside of 30% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$41.40, representing a potential upside of 27% from the current price of HK$32.58 [1][7][10]. Core Insights - The company is expected to achieve profitability in Q4 2025, with significant sales growth anticipated in the following year. The revenue for Q3 2025 was reported at RMB 407 million, with a decline of 10.6% quarter-on-quarter [5][8]. - The EM platform has gained market recognition, and the potential for Robotaxi is substantial, with expectations of increased demand for lidar units [6][10]. - The report projects a significant increase in radar sales, with estimates of 2.3 million units in 2026 and 3.1 million units in 2027, driven by the growth in the robotics sector [7][9]. Financial Summary - Revenue projections for the company are as follows: RMB 2,204 million in 2025, RMB 3,126 million in 2026, and RMB 4,038 million in 2027, reflecting a year-on-year growth of 33.6% in 2025 and 41.8% in 2026 [8][9]. - The adjusted net profit is expected to improve significantly, with estimates of RMB -83 million in 2025, RMB 230 million in 2026, and RMB 533 million in 2027 [9][10]. - The company anticipates a gross margin of 27.3% in 2025, increasing to 30.2% in 2026 and 31.2% in 2027 [9][10].

网龙（00777.HK） AI 赋能游戏教育，多元投资增厚业绩 2025 年 12 月 02 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,101 | 6,047 | 4,641 | 4,932 | 5,267 | | 同比(%) | (9.73) | (14.84) | (23.25) | 6.27 | 6.79 | | 归母净利润（百万元） | 550.00 | 311.00 | 401.28 | 674.49 | 682.41 | | 同比(%) | (34.05) | (43.45) | 29.03 | 68.09 | 1.17 | | EPS-最新摊薄（元/股） | 1.04 | 0.59 | 0.76 | 1.27 | 1.28 | | P/E（现价&最新摊薄） | 9.89 | 17.50 | 13.56 | 8.07 | 7.97 | 证券研究报告·海外公司深度·软件服务(HS) [Ta ...

阿里健康 AliHealth (241 HK) FY26H1 自营业务板块增长带动整体业绩高增速，药品运营能力提升 FY26 H1, the Growth of the self-Operated Business Segment Drove High Overall Performance Growth, and Pharmaceutical Operational Capabilities Improved 研究报告 Research Report 2 Dec 2025 [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$5.51 目标价 HK$5.69 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$88.85bn / US$11.41bn 日交易额 (3 个月均值) US$91.66mn 发行股票数目 16,125mn 自由流通 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to enhance its product matrix and transition from a consumer electronics imaging solution provider to a core component supplier for smart hardware [6][15]. - The company is expected to benefit from optical innovation and the wave of automotive intelligence, leading to steady improvements in profitability and market share [15]. Summary by Sections Company Overview - The company is committed to the synergistic development of imaging and fingerprint recognition, focusing on high-end manufacturing upgrades [6][15]. - It aims to grow into a technology enterprise providing integrated machine vision and human vision solutions [15]. Mobile Camera Module Business - The company holds a leading global market share in mobile camera modules, with a focus on enhancing the structure of its products [7][27]. - The market for mobile camera modules is expected to continue its stable growth, driven by increasing smartphone penetration and consumption upgrades [30][32]. - The sales proportion of high-end mobile camera modules (32M pixels and above) reached 53.4% in the first half of 2025 [7][27]. Other Camera Module Business - The IoT and automotive camera markets are expanding rapidly, with the company seeing a 47.9% year-on-year growth in sales for these modules [8][36]. - The global automotive camera module market is projected to reach USD 27.3 billion by 2025, with the company aiming to replicate its mobile camera market position in this sector [8][36]. Fingerprint Recognition Module Business - The market for ultrasonic fingerprint recognition modules is gradually expanding, with significant improvements in sales and product structure leading to increased gross margins [9][46]. - The company reported that its sales of ultrasonic fingerprint recognition modules in the first half of 2025 exceeded the total sales for 2024 [9][48]. Financial Forecast and Investment Recommendation - Revenue projections for the company are estimated at RMB 20.447 billion, RMB 22.854 billion, and RMB 26.331 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 714 million, RMB 909 million, and RMB 1.138 billion [10][12]. - The company's P/E ratios for the same years are expected to be 14.5x, 11.3x, and 9.1x, which are lower than the industry averages [10][12].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [5][10]. Core Insights - The company plans to repurchase up to approximately 104 million shares, which is about 9.7% of its total shares, signaling management's confidence in the company's future and belief that the stock is undervalued [6][7]. - The company has received its first Class III medical device certification for its recombinant type I α1 collagen product, marking its entry into the injectable aesthetic medicine market, which is expected to drive future growth [7]. - Despite recent stock price adjustments due to market conditions and lower-than-expected sales during the Double Eleven shopping festival, the report suggests that the stock has sufficiently adjusted and is poised for recovery [7]. Financial Projections - The company is projected to achieve net profits of RMB 2.43 billion, RMB 2.98 billion, and RMB 3.64 billion for the years 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 17.8%, 22.5%, and 22.2% [9]. - Earnings per share (EPS) are expected to be RMB 2.27, RMB 2.78, and RMB 3.40 for the same years, with corresponding year-over-year growth rates of 8.1%, 22.5%, and 22.2% [9]. - The price-to-earnings (P/E) ratios are projected to decrease from 15x in 2025 to 10x in 2027, indicating a potential increase in value as the company grows [9]. Shareholder Information - The major shareholder is Fan Daidi, holding 55.13% of the shares, which indicates a strong control over the company [1]. - The company's market capitalization is approximately HKD 41.08 billion, with a current share price of HKD 36.58 [1]. Market Performance - The stock has experienced a significant decline, with a 24.4% drop over the past month and a 32.07% drop over the past three months [1]. - The stock price has fluctuated between a high of HKD 82.99 and a low of HKD 35.72 over the past year [1]. Product Portfolio - The company's product mix is heavily weighted towards functional skincare products, which account for 78.6% of total sales, while medical dressings contribute 23.3% and health products account for 0.3% [2].