Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]

Investment Rating - Investment Rating: Buy [2] Core Views - Tencent Holdings continues to show strong financial performance with increasing revenue and profit margins, driven by its gaming, marketing services, and fintech sectors [5][14][19] - The company's focus on AI integration across its business segments is expected to enhance operational efficiency and revenue growth [22][23] Financial Performance - Revenue for 2025 is projected to be 726,283 million RMB, with an operating profit of 220,183 million RMB, reflecting a PE ratio of 23.29 for 2025 [7][11] - In Q3 2025, Tencent reported revenue of 192,869 million RMB, a 15% year-on-year increase, with net profit reaching 63,133 million RMB, up 19% [13][14] - The gross margin improved from 53% to 56%, indicating a positive shift in the company's profitability structure [14] Business Development - The marketing services segment is a key revenue driver, achieving a 21% year-on-year growth, primarily due to the expansion of video ads and AI-driven advertising optimization [16][17] - The value-added services segment, which includes gaming, saw a 16% increase in revenue, with domestic game revenue growing by 15% and international game revenue by 43% [18] - The fintech and enterprise services segment reported a 10% revenue growth, supported by recovery in offline commerce and increased online payment penetration [19] Profitability Forecast - The forecast for net profit in 2025 is 197,213 million RMB, with a projected growth rate of 9.19% [9][11] - Operating profit margin is expected to remain stable at around 32% across the forecast period [9][11] Market Analysis - The global digital advertising market is rapidly shifting towards digital channels, with significant growth expected in the Asia-Pacific region [20] - The gaming market is projected to reach 188.8 billion USD in 2025, with Tencent positioned to benefit from both domestic and international growth [21] R&D Investment - Tencent's R&D expenditure reached approximately 22,820 million RMB in Q3 2025, marking a 28% increase year-on-year, focusing on AI talent and infrastructure [22] - The company is transitioning from isolated AI products to a comprehensive AI platform integrated across its core applications [22] Future Outlook - Tencent's management emphasizes embedding AI deeply into existing business lines and pursuing global expansion as dual growth engines [23] - The company anticipates that AI-related capital expenditures will account for a low double-digit percentage of revenue, indicating a commitment to long-term investment in AI infrastructure [23]

Investment Rating - The report maintains a "Buy" rating for Baidu Group (09888.HK) with a target price of HKD 147 and USD 151 for BIDU.O [3] Core Insights - Baidu's revenue for Q3 2025 was CNY 31.2 billion, a year-on-year decrease of 7.1%. The core revenue was CNY 24.7 billion, down 7.0%, with online marketing services declining by 18.4% to CNY 15.3 billion, while non-online marketing services grew by 20.4% to CNY 9.3 billion [1] - The AI business is showing significant growth, with total revenue nearing CNY 10 billion. The segments include intelligent cloud infrastructure (CNY 4.2 billion, up 33%), AI applications (CNY 2.6 billion, up 6%), and AI-native marketing services (CNY 2.8 billion, up 262%) [2] - Baidu's autonomous driving service, "Luobo Kuaipao," achieved 3.1 million orders, a 212% increase year-on-year, with 100% of its operational cities in China now offering fully autonomous driving [3] Financial Performance - For 2025, Baidu's projected revenue is CNY 128.3 billion, with a non-GAAP net profit of CNY 19.5 billion. The revenue growth rates are expected to be -3.6% in 2025, followed by a recovery of 7.3% in 2026 and 7.4% in 2027 [5][16] - The non-GAAP operating profit margin is projected to be 9.0% for 2025, with a non-GAAP net profit margin of 15.6% [1] - The report outlines a decline in online marketing services revenue, with expectations of a continued decrease of 12.5% in 2025, while intelligent cloud and other services are expected to grow significantly [16] Business Segments - Baidu's core business is expected to generate CNY 105.6 billion in revenue by 2025, with online marketing services projected to decline while intelligent cloud services are anticipated to grow [16] - The report highlights that approximately 70% of Baidu's search result pages now include AI-generated content, indicating a strong push towards AI integration in its core services [1] Market Position - Baidu's market capitalization is approximately HKD 304 billion, with a total share count of 2.83 billion shares, of which 97.05% are freely tradable [6] - The report emphasizes Baidu's strategic partnerships and global expansion efforts in the autonomous driving sector, including collaborations with international transport operators [3]

财务表现 近52周股价走势 | 华通证券国际 | | --- | | 研究部 | | 宏观组 | | SFC: AAK004 | | Email· research@waton.com | 海天味业（03288.HK) 海天味业：利润增长快于收入，成本控制与国际化推进 | 投资评级： | 持有 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-11-25 |  财务表现 | | | |  业务发展 | 盈利预测 预计2025年营业收入增长8.0%，营业利润增长7.81%。2025-2027 年PE对应为24.66、22.36、21.45倍。 风险提示 作者 | 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 26,901 | 29,053 | 31,087 | 32,952 | | （+/-)% | 10.41 | 8.00 | 7.00 | 6.00 | | 营业利润 | 6,562 | 7,075 | 7,554 | 8,006 | | （+/-)% ...

研究报告 Research Report 25 Nov 2025 石药集团 CSPC Pharmaceutical Group (1093 HK) 9M25 业绩回顾：成药各板块收入环比改善；关注管线对外授权机会 9M25 Results Review: Sales from All Finished Drug Segments Improved Q-Q; Eyes on Out-Licensing Opportunities 评级 优于大市 OUTPERFORM 现价 HK$7.77 目标价 HK$11.34 HTI ESG 3.0-2.5-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$89.53bn / US$11.51bn 日交易额 (3 个月均值) US$174.59mn 发行股票数目 11,522mn 自由流通股 (%) 68% 1 年股价最高最低值 HK$11.48-HK$4.34 注：现价 HK$7.77 为 2025 年 11 月 25 日收盘价 资料来源： Factset 1mth 3mth 12m ...

2025 年 11 月 25 日 公司研究 ——文远知行-W（0800.HK）25Q3 业绩点评报告 要点 事件：公司于 2025 年 11 月 24 日发布截至 2025 年 9 月 30 日 25Q3 业绩。 业绩：1）营业收入大幅增长：25Q3 公司收入 1.71 亿元，同比增长 144%。 各业务板块收入方面，产品营收 0.79 亿元，同比大幅增长 429%，产品收入 增长主要系 robotaxi 和 robobus 销量增长；服务收入 0.92 亿元，同比增长 67%，服务收入增长主要系智能数据和辅助驾驶运营支持服务收入增长。 Robotaxi 相关业务营收 3,530 万元，同比增长 761%。2）盈利能力提升： FY25Q3 公司实现毛利润 0.56 亿元，同比大幅增长 1133.55%，毛利率同比增 长 26.41pct 至 32.93%，主要系去年同期 ADAS 研发成本较高以及计提存货 跌价准备；净亏损 3.07 亿元，同比收窄 70.53%。 L4业务：海外Robotaxi商业化落地提速，车队开启规模化运营。25Q3 Robotaxi相关业务营收3,530万元，同比增长761%。公司已获 ...

Investment Rating - The investment rating for BOSS Zhipin is "Buy" [6][10]. Core Insights - The report highlights a significant recovery in demand, leading to accelerated revenue growth. Despite restrained marketing expenditures, the company achieved its growth targets [2][10]. - The company has demonstrated excellent cost control, resulting in continued positive growth in core operating metrics and an increase in profit margins. Adjusted net profit estimates for 2025, 2026, and 2027 have been raised to 3.71 billion, 4.20 billion, and 4.85 billion RMB respectively [10][11]. - The report indicates that the recruitment demand has shown clear improvement, with new job postings increasing by 25% year-on-year in Q3 2025. The number of active users on the recruiter side has also seen a significant rise [10][11]. Financial Summary - Revenue for 2023 is projected at 5,952.03 million RMB, with a growth rate of 31.94%. This is expected to increase to 7,355.68 million RMB in 2024, representing a growth rate of 23.58% [4][11]. - The gross profit for 2023 is estimated at 4,892.17 million RMB, with a steady increase projected in subsequent years [4]. - The adjusted net profit margin is expected to rise from 41.21% in 2023 to 48.09% by 2027, indicating improved profitability [4][11]. Market Data - The current stock price is 80.00 HKD, with a market capitalization of 77,012 million HKD [6][7]. - The stock has a 52-week price range of 47.45 to 97.80 HKD, indicating volatility in the market [7]. Performance Indicators - The report notes that the company has maintained a high level of user engagement, with over 40 million new users added from January to October 2025, despite a reduction in marketing spending [10][11]. - The adjusted net profit for Q3 2025 was reported at 9.91 billion RMB, reflecting a year-on-year increase of 34.23% [10].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown improvement in profitability and is expected to benefit from industry differentiation, leading to a positive outlook for future performance [4]. - The report highlights that the company achieved a revenue of 11.1% year-on-year growth in Q3 2025, with an adjusted net profit increase of 5% [4]. - The report anticipates continued improvement in Q4 performance due to the positive effects of industry-wide price increases and a focus on reducing competition [4]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 38,419 million - 2024: 44,281 million - 2025E: 48,669 million - 2026E: 54,593 million - 2027E: 61,181 million - Year-on-year growth rates for revenue are projected at 9% for 2023, 15% for 2024, 10% for 2025, 12% for 2026, and 12% for 2027 [4]. - Adjusted net profit forecasts are as follows: - 2025E: 95.40 billion - 2026E: 101.49 billion - 2027E: 113.99 billion - The adjusted net profit growth rates are projected at -6% for 2025, 6% for 2026, and 12% for 2027 [4]. - The report notes a significant increase in business volume, with Q3 2025 achieving 95.73 billion items, a 9.8% year-on-year growth [4]. Market Position and Competitive Landscape - The report indicates that the express delivery industry is experiencing a decline in growth rates, with varying performance among competitors [4]. - The company is expected to regain market share and profitability as the industry landscape evolves, supported by its strong asset base and scale advantages [4]. - The report emphasizes the company's ability to maintain a competitive edge through continuous investment and operational efficiency improvements [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a 5% growth in adjusted net profit for Q3 2025, with total revenue reaching 11.86 billion yuan, a year-on-year increase of 11.1% [5][8] - The express delivery industry is experiencing stable growth, with the company maintaining its market share and achieving a volume of 9.6 billion parcels in Q3, a 9.8% increase year-on-year [6] - The company aims to balance service quality, business scale, and profitability, with projected net profits of 9.28 billion yuan, 10.09 billion yuan, and 10.91 billion yuan for 2025-2027, representing year-on-year growth rates of 5.3%, 8.7%, and 8.1% respectively [8] Financial Performance Summary - For Q3 2025, the company's operating costs were 8.91 billion yuan, a year-on-year increase of 21.4%, while gross profit was 2.96 billion yuan, down 11.4% year-on-year [7] - The company's earnings per share (EPS) for 2025 is projected to be 11.54 yuan, with a price-to-earnings (P/E) ratio of 11.75 [10][11] - The company’s total revenue for 2025 is estimated at 48.94 billion yuan, reflecting a growth rate of 10.53% [10]