Investment Rating - The report gives a "Buy" rating for the company, Saint Bella Group [3][11]. Core Insights - Saint Bella Group is the leading high-end postpartum care and recovery group in Asia and China, leveraging a light asset model for rapid expansion and focusing on service standardization, specialization, customization, and digital upgrades [1][21]. - Despite a decline in the total number of newborns in China, the postpartum care industry has structural growth potential driven by the increasing willingness of affluent families to have children and the rising demand for professional postpartum care [1][11]. - The company is positioned to benefit from the dual trends of upgraded fertility consumption and accelerated industry consolidation, with head brands expected to gain market share through enhanced service experiences and operational efficiencies [1][11]. Summary by Sections Company Overview - Saint Bella Group operates a brand matrix covering various postpartum care services, including postpartum recovery and family care, with a focus on high-net-worth clients [21][25]. - The company has established 113 postpartum care centers globally, including in mainland China, Hong Kong, Singapore, and the United States, with plans for further international expansion [21][29]. Industry Analysis - The postpartum care industry in China is transitioning from quantity-driven growth to quality-driven growth, with a focus on high-income families who have a higher birth rate [2][11]. - The demand for postpartum care services is becoming increasingly essential, driven by changing perceptions and the need for quality care [2][11]. Competitive Advantages - The company utilizes a low-trust cost and efficient customer acquisition strategy through partnerships with high-end hotels and leveraging celebrity endorsements [2][3]. - A digital ecosystem centered around the Doctor Bella platform enhances customer experience and supports expansion efforts [2][3]. - The company has built a standardized operational system to ensure service quality and operational efficiency, facilitating scalable growth [2][3]. Financial Projections - The adjusted net profit for the company is projected to reach 1.21 billion, 1.78 billion, and 2.79 billion yuan for the years 2025 to 2027, with corresponding adjusted EPS of 0.19, 0.29, and 0.45 yuan [3][4]. - Revenue is expected to grow significantly, with a forecasted increase from 560 million yuan in 2023 to 1.62 billion yuan in 2027, reflecting a compound annual growth rate [4][11]. Investment Thesis - The company is well-positioned to capitalize on the structural upgrades in the postpartum care industry and the growing demand for high-quality services, particularly among affluent families [11][21]. - The expansion into overseas markets and the diversification of service offerings are expected to further enhance revenue potential and market presence [11][21].

Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Insights - The report highlights a 15% year-on-year increase in New Business Value (NBV) and announces a new share buyback plan of $1.7 billion [1] - The company is expected to see continued growth driven by the establishment of new branches in mainland China and strong performance in Hong Kong and ASEAN regions [8] - The report projects an increase in embedded value (EV) for 2026-2028, with estimates of $857 billion, $953 billion, and $1,058 billion respectively [8] Financial Performance Summary - Insurance revenue is forecasted to grow from $21.6 billion in 2025 to $24.7 billion in 2028, reflecting a compound annual growth rate (CAGR) of approximately 4.66% [1] - After-tax operating profit is expected to rise from $7.1 billion in 2025 to $9.0 billion in 2028, with a CAGR of about 8.01% [1] - The embedded value per share is projected to increase from $7.31 in 2025 to $10.07 in 2028, indicating a strong upward trend [1] Business Growth and Market Dynamics - The annualized new premium (ANP) for 2025 is expected to reach $9.48 billion, a 9% increase year-on-year [8] - The NBV for Hong Kong is projected to grow by 28% to $2.26 billion, contributing significantly to the overall growth of the company [8] - The report notes that the NBV margin has improved by 4 percentage points to 58.5%, indicating enhanced profitability [8] Investment Strategy - The company is shifting its investment strategy by reducing fixed income allocations and increasing equity investments, with a net investment return rate of 4.0% [8] - The report emphasizes the importance of maintaining a strong agent channel, which has shown a 13% increase in NBV, accounting for 73% of total NBV [8]

Investment Rating - The report maintains a "Strong Buy" rating for ZTO Express (02057.HK) [1][3] Core Views - The company aims to enhance shareholder returns while balancing volume and quality, showcasing its leading value in the industry [1] - ZTO Express is expected to benefit from the high-quality development phase of the e-commerce express delivery industry, with stable pricing and increased market share for leading companies [3] Financial Performance - In Q4 2025, adjusted net profit was CNY 2.695 billion, a year-on-year decrease of 1.4%, with an adjusted net profit per ticket of CNY 0.26, down by CNY 0.03 [1] - For the full year 2025, adjusted net profit totaled CNY 9.51 billion, a decline of 6.3%, with an adjusted net profit per ticket of CNY 0.25, down 17.2% [1] - The company completed a business volume of 10.56 billion packages in Q4 2025, a year-on-year increase of 9.2%, surpassing the industry growth rate by 4.2 percentage points [1] - The total package volume for 2025 reached 38.52 billion, up 13.3% year-on-year, maintaining a market share of 19.4% [1] Revenue and Cost Analysis - In Q4 2025, the average revenue per ticket was CNY 1.35, an increase of 2.9% year-on-year, primarily due to price increases for direct customers [2] - The average cost per ticket in Q4 2025 was CNY 1.01, an increase of 8.4% year-on-year, while transportation costs decreased by 8.9% [2] - The company expects to achieve a package volume of 42.37 to 43.52 billion in 2026, representing a growth of 10% to 13% [2] Shareholder Returns - ZTO Express announced a semi-annual dividend of USD 0.39 per share, maintaining a policy of distributing dividends at least 40% of the previous year's adjusted net profit [2] - The company plans to repurchase up to USD 1.5 billion in shares over the next two years [2] Future Projections - The report projects adjusted net profits for 2026 to be CNY 11.05 billion, with a corresponding PE ratio of 12.0 [4] - The target price for ZTO Express is set at HKD 242, indicating a potential upside of 23% from the current price of HKD 196.40 [5]

Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [2][8] Core Views - The company is expected to achieve a revenue of 345.2 billion yuan in 2025, with a year-on-year growth of 25.1% [5] - The core net profit for 2025 is projected to be 144.1 billion yuan, reflecting a year-on-year increase of 35.9% [5] - The company aims to sell 3.45 million vehicles in 2026, representing a 14% increase year-on-year, with significant contributions from exports and high-end models [5] Financial Projections - Revenue Forecast: - 2024A: 240.2 billion yuan - 2025A: 345.2 billion yuan - 2026E: 482.3 billion yuan - 2027E: 551.0 billion yuan - 2028E: 615.5 billion yuan - Year-on-year growth rates: 34%, 44%, 40%, 14%, 12% [2][7] - Net Profit Forecast: - 2024A: 16.5 billion yuan - 2025A: 16.9 billion yuan - 2026E: 20.4 billion yuan - 2027E: 26.1 billion yuan - 2028E: 31.8 billion yuan - Year-on-year growth rates: 219%, 2%, 21%, 28%, 22% [2][7] - Earnings Per Share (EPS): - 2024A: 1.52 yuan - 2025A: 1.56 yuan - 2026E: 1.88 yuan - 2027E: 2.41 yuan - 2028E: 2.93 yuan [2][7] Market Performance - The company achieved a total vehicle sales of 854,000 units in Q4 2025, with a quarter-on-quarter increase of 9.3% [5] - The average selling price (ASP) per vehicle in Q4 2025 was approximately 124,000 yuan, showing a steady increase [5] - The company’s market capitalization is approximately 198.6 billion HKD [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 18.98 and a fair value of HKD 22.72 [4]. Core Insights - The company's profit from thermal power exceeded expectations, while adjustments in subsidies impacted the profitability of renewable energy [1]. - In 2025, the company achieved a net profit attributable to shareholders of HKD 14.52 billion, a year-on-year increase of 0.9%. The core profit from renewable energy was HKD 7.60 billion, down 17.6%, while the core profit from thermal power was HKD 7.64 billion, up 64.7% [8]. - The company plans to distribute a final dividend of HKD 0.771 per share, resulting in a total annual dividend of HKD 1.127 per share, with a dividend payout ratio of 40.2% [8]. Financial Forecast - The forecast for the company's main revenue from 2024 to 2028 is as follows: - 2024: HKD 105.28 billion - 2025: HKD 102.01 billion - 2026: HKD 103.84 billion - 2027: HKD 105.05 billion - 2028: HKD 107.09 billion - The expected growth rates are 1.9%, -3.1%, 1.8%, 1.2%, and 1.9% respectively [2]. - The forecasted net profit attributable to shareholders for 2026 to 2028 is: - 2026: HKD 13.07 billion - 2027: HKD 13.74 billion - 2028: HKD 14.56 billion [2]. Operational Performance - The company added 6.89 GW of thermal power capacity in 2025, with a decrease in coal prices offsetting the impact of lower electricity prices. The thermal power sales volume increased by 1.3% year-on-year [8]. - The average selling price of thermal power (excluding tax) was HKD 0.386 per kWh, a decrease of 2.8 cents per kWh year-on-year. However, the reduction in coal prices from HKD 922.1 per ton to HKD 798.6 per ton improved profitability by approximately 3.8 cents per kWh [8]. Renewable Energy Insights - The company achieved a total installed capacity of 13.63 GW for wind and solar power in 2025, with sales volumes increasing by 16.4% and 55.5% respectively. However, the utilization hours for wind and solar power decreased by 24 and 119 hours respectively [8]. - Due to accounting adjustments related to renewable energy subsidies, the revenue was reduced by HKD 2.506 billion [8]. Valuation Metrics - The company's price-to-earnings (P/E) ratios for the forecasted years are: - 2026: 7.5 - 2027: 7.1 - 2028: 6.7 [2]. - The report suggests a valuation of 9 times P/E for 2026, leading to a fair value estimate of HKD 22.72 per share [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 49.1 billion RMB in 2025, representing a year-on-year growth of 10.9%, with a net profit of 9.1 billion RMB, up 3.0% year-on-year [7] - The company is expected to benefit from a recovery in single-ticket profitability and product optimization, enhancing long-term competitiveness [7] - The forecasted revenues for 2026-2028 are 55.75 billion RMB, 62.20 billion RMB, and 68.79 billion RMB respectively, with net profits of 10.81 billion RMB, 12.46 billion RMB, and 14.30 billion RMB [7] Financial Performance - Revenue growth rates are projected at 15.26% for 2024, 10.88% for 2025, 13.54% for 2026, 11.58% for 2027, and 10.60% for 2028 [6] - The company's earnings per share (EPS) are expected to increase from 10.95 RMB in 2024 to 18.57 RMB in 2028 [6] - The price-to-earnings (PE) ratio is projected to decrease from 12.15 in 2024 to 9.30 in 2028, indicating potential valuation improvement [6] Market Performance - The company’s stock price closed at 196.40 HKD on March 18, 2026 [2] - The company has shown a market performance of -21% over the last 12 months compared to the Hang Seng Index [4]

Investment Rating - The investment rating for Tencent Music is maintained at "Buy" [2][7]. Core Views - The company reported a total revenue of 32.9 billion RMB for 2025, representing a year-on-year growth of 15.8%. The net profit attributable to shareholders was 11.06 billion RMB, a significant increase of 66.4%, which included a gain of 2.37 billion RMB from the disposal of Universal Music shares [7]. - The number of super members exceeded 20 million, with an average revenue per user (ARPU) of 11.9 RMB, reflecting a year-on-year increase of 7.2%. The company has successfully implemented a multi-tier membership system [7]. - The acceleration of IP monetization and the empowerment of AI are opening new opportunities. The company has renewed contracts with major music labels and upgraded classic Chinese songs to Dolby Atmos, enhancing the value of its music library [7]. - The company is expected to achieve revenues of 35.48 billion RMB, 40.72 billion RMB, and 45.65 billion RMB for the years 2026, 2027, and 2028, respectively, with net profits of 9.76 billion RMB, 10.86 billion RMB, and 12.06 billion RMB for the same years [7]. Financial Performance - For 2024, the projected revenue is 28.4 billion RMB, with a growth rate of 2.34%. The net profit is expected to be 6.64 billion RMB, with a growth rate of 35.04% [6]. - The earnings per share (EPS) for 2026 is estimated at 3.15 RMB, with a price-to-earnings (PE) ratio of 13.06 [6]. - The return on equity (ROE) is projected to be 11.12% for 2026, with a price-to-book (PB) ratio of 1.45 [6].

Investment Rating - The investment rating for AIA Group Limited is "Outperform the Market" [6] Core Insights - The company achieved a new business value (NBV) of USD 5.516 billion in 2025, representing a year-on-year growth of 15% at constant exchange rates. The NBV margin improved by 3.6 percentage points to 58.5%, driven by product mix optimization in Hong Kong and Thailand, as well as repricing of products in mainland China [1][2] - The NBV in Hong Kong, the group's most important growth engine, grew by 28% to USD 2.256 billion, with local customer business increasing by 21% and mainland visitor business growing by 35% post-border reopening. The mainland market saw a 2% increase in NBV, with a notable acceleration of 14% in the second half of the year [2] - The "Top Agents" and partner distribution channels drove growth, with the "Top Agents" channel contributing 73% of the NBV, which grew by 13% to USD 4.273 billion. The partner distribution channel saw a 22% increase to USD 1.593 billion, benefiting from long-term collaborations with leading banks in Asia [3] - The company maintained a stable dividend policy, with a 10% increase in annual dividends, and announced a new share buyback plan of USD 1.7 billion to enhance shareholder returns [3] Financial Projections - The company forecasts insurance service performance to grow from USD 5.749 billion in 2024 to USD 11.176 billion in 2028, with annual growth rates ranging from 14.54% to 20.80% [5] - The diluted earnings per share (EPS) is projected to increase from USD 0.55 in 2024 to USD 0.86 in 2028, reflecting a steady growth trajectory [5] - The price-to-embedded value (P/EV) ratio is expected to decline from 1.42 in 2024 to 0.92 in 2028, indicating a potential undervaluation of the stock over the forecast period [11]

Investment Rating - The report assigns a "Buy" rating for both Hong Kong and US stocks of the company, with a current price of 40.46 HKD and 50.18 USD, and a target value of 49.89 HKD and 63.66 USD respectively [2]. Core Insights - The company reported a positive RevPAR in Q4, with revenue and profit exceeding expectations. Q4 revenue reached 6.53 billion RMB, a year-on-year increase of 8.3%, surpassing previous guidance of 2%-6%. Adjusted net profit was 1.3 billion RMB, a year-on-year increase of 304% [7]. - The company is expanding steadily, opening 406 new hotels in Q4 and a total of 2,444 for the year, exceeding the annual target of 2,300. The total number of hotels at the end of the period was 12,740, with a year-on-year increase of 16% in operating rooms [7]. - The company aims for a revenue growth rate of 2%-6% for 2026, with franchise revenue expected to grow by 12%-16% [7]. Financial Summary - Revenue projections for the company are as follows: - 2024: 23,891 million RMB - 2025: 25,307 million RMB - 2026: 26,596 million RMB - 2027: 27,999 million RMB - 2028: 29,429 million RMB - The growth rates for revenue are projected at 9.2% for 2024, 5.9% for 2025, and gradually declining to 5.1% by 2028 [4][11]. - Non-GAAP net profit is expected to grow from 3,718 million RMB in 2024 to 6,431 million RMB in 2028, with a growth rate of 5.9% in 2024 and 32.9% in 2025 [4][11]. - The company maintains a strong return on equity (ROE), projected to be 30.5% in 2024 and reaching 40.0% by 2028 [4][11].

Group 1 - Investment Rating: Buy for Haitan International (1882) with a target price of HKD 30.00, and Buy for Kangzhe Pharmaceutical (867) with a target price of HKD 19.30 [2] - Haitan International is expected to achieve a revenue of HKD 177.33 billion in 2025, representing a year-on-year growth of 10.0%, and a net profit of HKD 33.01 billion, up 7.2% year-on-year [7][10] - Kangzhe Pharmaceutical's revenue is projected to increase by 9.9% to HKD 82.1 billion in 2025, with a notable growth in exclusive and innovative drug sales [12][14] Group 2 - Haitan International's overseas sales are expected to grow significantly, with a 26.4% increase year-on-year, contributing to 42.9% of total revenue [9] - Kangzhe Pharmaceutical's innovative products are anticipated to drive growth, with new drug approvals expected to significantly boost revenue in the coming years [13][14] - The report highlights the strategic importance of the "ICL+CRO" model for Aidi Kang Holdings, which aims to enhance its value proposition through integrated laboratory services [17][27] Group 3 - Haitan International's gross margin improved to 32.7%, benefiting from supply chain management and increased overseas sales [7] - Kangzhe Pharmaceutical's gross margin decreased to 71.5%, influenced by various factors including increased R&D expenses [12] - Aidi Kang Holdings reported a gross profit margin of 35.8% in 2025, with a focus on optimizing costs and enhancing operational efficiency [17][21] Group 4 - Haitan International's target price reflects a 12/11/10 times forecasted P/E ratio for 2026-28 [10] - Kangzhe Pharmaceutical's target price indicates a potential upside of 40.2% from its current price [14] - Aidi Kang Holdings is positioned to leverage its dual-platform strategy to capture growth in both diagnostic and drug development sectors [36][37]