Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Insights - The company has transitioned from being a "smart electric vehicle new force" to a "global AI automotive intelligent technology enterprise," focusing on building an integrated intelligent ecosystem of "automobiles + robots + flying cars" [1][20]. - The introduction of the "dual-energy strategy" and multiple new models is expected to initiate a strong product cycle, with significant sales growth anticipated [2][21]. - The company is shifting from a phase of "technology leadership but profitability under pressure" to a profitability inflection point driven by "mass-market hits + technology output" [1][20]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 758 billion, 1321 billion, and 1663 billion respectively, with year-on-year growth rates of 85.5%, 74.3%, and 25.9% [4][5]. - The company is expected to achieve a net profit of -16.4 billion, 24.0 billion, and 64.8 billion for the same period, indicating a significant recovery in profitability [4][5]. Product Strategy - The company has launched its first range-extended model, the X9 EREV, with a large battery and high energy conversion efficiency, addressing user range anxiety [2][3]. - A total of four new models are expected to be launched in 2026, including two SUVs based on the MONA platform and a full-size six-seat SUV [2][21]. AI Strategy - The company is transitioning to a "physical AI" company, showcasing its commitment to this transformation with the release of the VLA 2.0 model, which significantly enhances reasoning efficiency [3][20]. - The company plans to commercialize its self-developed Robotaxi and has set ambitious goals for its humanoid robot, IRON, to begin mass production by the end of 2026 [3][20]. Organizational Changes - The company has undergone significant organizational restructuring to enhance efficiency and product development capabilities, which is expected to support its transition to a more robust business model [20][46]. Market Position - The company is positioned to leverage its technological advancements and strategic partnerships, particularly with Volkswagen, to enhance its competitive edge in the automotive market [20][21].

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 港股公司报告 索康尼增速亮眼，期待新店型表现 ---特步国际 2025Q4 营运情况点评 事件： [Table_Summary] 公司发布 2025Q4 营运状况。2025Q4，特步主品牌全渠道零售销售同比 基本持平，索康尼全渠道销售同比增长超 30%。 点评： 特步主品牌基本保持稳健。2025Q4 特步主品牌全渠道零售同比基本持 平，环比 Q3 低单位数的增速有所放缓。分渠道看，预计电商渠道维持 双位数增长，线下渠道有所承压；分产品看，预计跑步及户外品类销售 维持双位数增长，生活及休闲等品类产品有所承压。零售指标方面，特 步主品牌渠道存货周转维持在四个半月，健康的库存水平下，零售折扣 得以维持在七至七五折。全年零售销售增长低单位数，在波动的消费环 境下保持稳健。 特步主品牌渠道战略持续升级。特步主品牌门店持续完成至九代店、领 跑店等新形象升级。拓店方面保持稳健，预计 2025 年末门店数量同比基 本持平。2026 年在渠道方面推广聚焦于高线城市优质商圈的金标领跑 店，推动品牌形象升级。此外继续布局精选奥莱店，2025 年末已有 30 ...

MONGOL MINING（00975）深度研究 黑金稳基，黄金启航，积极转型多元化 矿企 2026 年 01 月 26 日 【投资要点】 挖掘价值 投资成长 买入（首次） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 相对指数表现 -40% -12% 16% 44% 72% 100% 2025/1 2025/7 2026/1 MONGOL MINING 恒生指数 | 基本数据 | | | --- | --- | | 总市值（百万港元） | 13,116.12 | | 流通市值（百万港元） | 13,116.12 | | 52 周最高/最低（港元） 14.17/4.45 | | | 52 周最高/最低（PE） | 22.45/2.48 | | 52 周最高/最低（PB） | 1.54/0.48 | | 52 周涨幅（%） | 184.27 | | 52 周换手率（%） | 74.58 | | 注：数据更新日期截止 2026 年 01 月 23 日 | | 相关研究 公 司 研 究 / 煤 炭 / 证 券 研 究 报 告 煤炭业务：作为公司的压舱石业务，地位稳固，提质增效。公司是 ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

Investment Rating - The report maintains an "Outperform" rating for Laopu Gold [2][12] Core Insights - Laopu Gold's revenue is expected to grow by 217% year-on-year in 2025, reaching RMB 26.96 billion, with a projected net profit of RMB 4.63 billion, reflecting a 214% increase [3][12] - The company is focusing on deepening its domestic and overseas offline expansion, with a strategy of "fewer but better, larger and more beautiful" in site selection, enhancing per-store sales efficiency [4][10] - Differentiated original designs are driving product iterations, with new product contributions expected to rise, including exclusive launches targeting diverse consumer groups [5][11] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are RMB 26.96 billion, RMB 36.03 billion, and RMB 43.78 billion, respectively, with year-on-year growth rates of 217%, 33.6%, and 21.5% [6][12] - Attributable net profit forecasts for the same years are RMB 4.63 billion, RMB 6.51 billion, and RMB 8.19 billion, with growth rates of 214.3%, 40.6%, and 25.8% [6][12] Market Position and Strategy - Laopu Gold plans to open approximately 5 new stores in high-end districts and upgrade existing ones, focusing on high-density and strong presence in core cities [4][10] - The company has expanded its international presence with the opening of its first overseas store in Singapore, enhancing brand internationalization [4][10] Product Development - The company has a clear cadence for new product launches, with several unique designs introduced throughout 2025, aimed at appealing to contemporary consumer aesthetics [5][11]

全球资产重塑，盈利拐点确立 非凡领越(0933) ——非凡领越首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | | | | | | | | [当前价格 Table_CurPrice] (港元)： | 0.69 | 本报告导读： 公司全球多品牌矩阵成型。核心品牌 Clarks 盈利拐点显现，重组艰难时期基本结 束。Clarks 新任 CEO Victor 具备高胜率零售管理体系和实战经验。我们认为非凡 领越是国内服装板块中少数拥有百年全球品牌"全球控股权"的企业，其资产属性 显著优于单纯收购"大中华区运营权"的模式。首次覆盖，予以增持评级。 投资要点： | 财务摘要(百万港元) ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is positioned as the leading coal producer in Mongolia, with a strong geographical advantage near the Chinese market. It is diversifying beyond coal into gold and copper, which are expected to contribute significantly to future profits [5][13]. - The gold business, initiated with the BKH gold mine, is projected to generate over $100 million in net profit by 2026, marking a substantial second growth curve for the company [5][6]. - The copper business, through the acquisition of UCC, is seen as a long-term growth opportunity, with plans for feasibility studies on the White Hill copper deposit [5][6]. Summary by Sections Company Overview - The company is the largest private mining enterprise in Mongolia, primarily engaged in coal production and export, with ongoing diversification into gold and copper [13]. - It was the first Mongolian company to list on the international capital market, with significant assets located in the Tavan Tolgoi coalfield [13][15]. Coal Business - The company operates two major coal mines, UHG and BN, with substantial coal reserves of 340 million tons and 272 million tons respectively, primarily producing high-quality hard coking coal [24][25]. - In 2024, the company achieved a peak raw coal production of 16.34 million tons, with a significant increase in sales through competitive bidding [39][41]. - The average selling price of coal is influenced by domestic market trends, with recent prices at $106 and $121 per ton for 2023 and 2024 respectively [44]. Gold Business - The BKH gold mine commenced commercial production in September 2025, with expectations to reach full production of 85,000 ounces by 2027 [5][6]. - The low All-In Sustaining Cost (AISC) of the gold business positions it as a high-margin contributor to the company's overall profitability [5]. Copper Business - The acquisition of a 50.5% stake in UCC provides access to the White Hill copper-gold project, which contains approximately 185,000 tons of copper and 52,000 ounces of gold [5][6]. - The company plans to conduct feasibility studies on the copper deposit to further reduce reliance on coal [5]. Financial Projections - The company forecasts net profits of $0.93 million, $2.63 million, and $3.77 million for the years 2025, 2026, and 2027 respectively, with a PE ratio of less than 7 for 2026 [5][6].

Investment Rating - The report maintains an "Outperform" rating for Laopu Gold [2][12] Core Insights - Laopu Gold's revenue is expected to grow by 217% year-on-year in 2025, reaching RMB 26.96 billion, with a projected net profit of RMB 4.63 billion, also up 214% year-on-year [3][12] - The company is focusing on deepening its domestic and overseas offline expansion, with a strategy of "fewer but better, larger and more beautiful" in ultra-luxury site selection [4][10] - Differentiated original designs are driving product iteration, with new product contributions expected to rise further [5][11] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are RMB 26.96 billion, RMB 36.03 billion, and RMB 43.78 billion, respectively, with year-on-year growth rates of 217%, 33.6%, and 21.5% [6][12] - Attributable net profit forecasts for the same years are RMB 4.63 billion, RMB 6.51 billion, and RMB 8.19 billion, with growth rates of 214.3%, 40.6%, and 25.8% [6][12] Store Expansion and Strategy - Laopu Gold plans to open approximately 5 new stores in top-tier districts and upgrade existing stores during the second half of 2025 [4][10] - The company has opened its first overseas store in Singapore, enhancing its international presence [4][10] Product Development - The company has launched several new product lines targeting diverse consumer groups, including the "Gold Cross" series and the "Goddess of Light" pendant [5][11] - The product iteration strategy focuses on thematic innovation and distinctive craftsmanship to enhance product freshness [5][11]

证券研究报告 老铺黄金 (6181 HK) 港股通 看好老铺春节销售旺季等多重催化 | 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 25 日│中国香港 | | 目标价(港币): | 1,200.00 | 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 惠普 研究员 huipu@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 1 月 23 日) | 788.00 | | --- | --- | | 市值 (港币百万) | 138,994 | | 6 个月平均日成交额 (港币百万) | 978.10 | | 52 周价格范围 (港币) | 353.80-1,108.00 | 股价走势图 (2) 48 98 147 197 Jan-25 May-25 Sep-25 Jan-26 (%) 老铺黄金 恒生指数 资料来源：S&P ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | | | 高翩然(分析师) | 0755-80305701 | gaopianran@gtht.com | S0880525040066 | [当前价格 Table_CurPrice] (港元)： | 81.25 | 全球 AIGC 视频商业化加速，可灵打通"技术-生态-变现"闭 环释放长期价值 快手-W(1024) 快手可灵专题报告 本报告导读： 可灵通过 2.5 Turbo（基础能力升级）-O1（全模态与成片能力突破）-2.6（音画一体 化革命）的阶梯式迭代，完成从 "高质量视频生成" 到 "重构 AI 视频创作工作流" 的技术升级。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- ...