■产业孵化与投资：归母亏损显著收窄，持续聚焦科创领域。2024 年， 受制于 A 股 IPO 节奏趋紧以及国内外资本市场大幅波动影响，公司 产业孵化与投资板块实现归母净亏损 22.16 亿元，同比亏损大幅减 少。2024 年，公司成功推动 13 家被投企业登陆资本市场，保持行业 领先地位。公司围绕着前沿新材料、创新药、生物制造等战略新兴产 业的布局，累计拥有超 180 家国家级专精特新"小巨人"企业，在具 身智能领域累计投资近 40 家企业。 ■投资建议：维持买入-A 投资评级。我们预计公司 2025-2027 年 EPS 分别为 0.23 元、0.41 元、0.58 元，给予 0.42x2025 年 P/B，对应 6 个月目标价为 10.47 港元（已按港元兑人民币 0.93 折算汇率）。 ■风险提示：资本市场波动、宏观经济变化、被投企业上市进度不及 预期等。 业绩实现扭亏为盈，聚焦科创培育新兴产业 ■事件：公司披露 2024 年年报，公司实现收入 5128.06 亿元 （YoY+18%），归母净利润 1.33 亿元，实现扭亏为盈。其中：1）产业 运营板块：受联想集团盈利水平提升影响，2024 年贡献归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company has optimized its product structure, leading to price increases and sustained improvement in profitability, with strong shareholder return value highlighted [2][8] - In the fiscal year 2024, the company achieved a revenue of 80.65 billion, a year-on-year increase of 0.3%, and a net profit of 3.734 billion, reflecting a growth of 19.8% [4][8] Summary by Sections Revenue and Profitability - For the first half of 2024, the company reported a revenue of 39.45 billion, a slight decline of 0.2%, while the gross margin improved by 3.3 percentage points to 33.6%, resulting in a net profit of 1.849 billion, up 25.0% year-on-year [4][7] Product Performance - The instant noodle segment generated revenue of 28.414 billion, down 1.3% year-on-year, with high-priced noodles experiencing a significant decline of 6.3% for the year [5] - The beverage segment achieved revenue of 51.62 billion, a year-on-year increase of 1.3%, with tea drinks maintaining strong growth at 21.7 billion, up 8.2% [6] Margin Improvement - The company's sales net profit margin increased by 1.0 percentage points to 5.4%, with gross margin rising by 2.7 percentage points to 33.1% [7] - The report indicates that the trend of margin improvement is strengthening, although there is a slight increase in expenses [7] Shareholder Returns - The company maintained a high dividend payout ratio of 100%, resulting in a dividend yield of 5.6% based on the current market capitalization, showcasing strong shareholder return value [2][8]

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 04 月 01 日 [Table_Title] 学费提价明显，利润受成本费用提升影响 [Table_Title2] 建桥教育(1525.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1525 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 3.4/2.15 | | 目标价格(港元)： | | 总市值(亿港元) | 8.92 | | 最新收盘价(港元)： | 2.15 | 自由流通市值(亿港元) | 8.92 | | | | 自由流通股数(百万) | 415.00 | [Table_Summary] 事件概述 2024 年公司收入/归母净利分别为 9.7/2.24 亿元、同比增长 4.3%/-21.1%。收入增长而利润下降主要由于 上半年受折旧年限变更导致毛利下降（23 年 7 月开始变更），下半年同样存在公司增聘双师教师带来的薪酬增 加、管理费用增加等影响。 2024 年派发末期股息每股 0.1 港元，叠加中期股息每股 0.1 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning (02331.HK) [1] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, down 5.5% year-on-year, primarily due to a 333 million yuan impairment on investment properties [8] - Li Ning is actively optimizing its channel structure by closing unprofitable stores and accelerating its expansion into emerging markets, with a total of 1,297 direct-operated stores as of the end of 2024, a decrease of 201 stores year-on-year [8] - The company has solidified its professional sports image, with the running category showing significant growth, and has become a partner of the Chinese Olympic Committee for the period of 2025-2028, which is expected to enhance brand value and market influence [8] Financial Summary - Revenue projections for 2024-2027 are as follows: 28.676 billion yuan in 2024, 28.682 billion yuan in 2025, 30.043 billion yuan in 2026, and 31.590 billion yuan in 2027 [1][9] - The net profit attributable to shareholders is forecasted to decline to 2.454 billion yuan in 2025, followed by a recovery to 2.705 billion yuan in 2026 and 3.021 billion yuan in 2027 [1][9] - The report indicates a projected P/E ratio of 15 for 2025, 14 for 2026, and 13 for 2027, reflecting a long-term positive outlook due to investments in top-tier event resources [8][9]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company reported a total revenue of 6.07 billion yuan in 2024, representing a year-on-year increase of 1.5%. However, the net profit attributable to the parent company was 55.81 million yuan, a significant decline of 87.7% [6]. - The board proposed a final and special dividend totaling 0.04 HKD per share, with a payout ratio of approximately 92.5% of the net profit, and plans to maintain a payout ratio of no less than 40% in the future [6]. - The revenue structure shows that the main brands contributed significantly to the total revenue, with Taier, Song Hotpot, and Jiumaojiu accounting for 72.7%, 14.7%, and 9.0% respectively [6]. - The company is optimistic about its brand incubation capabilities and supply chain advantages, expecting a turnaround in profitability as it optimizes its restaurant brand mix [8]. Financial Performance Summary - In 2024, the company had a total revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. The net profit was 55.81 million yuan, down 87.7% from the previous year [10]. - The operating profit margin at the restaurant level was 12.6%, a decrease of 5.4 percentage points year-on-year, while the core operating profit margin was 4.2%, down 6.4 percentage points [6]. - The company anticipates revenues of 6.92 billion yuan, 7.97 billion yuan, and 9.15 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 15.1%, and 14.7% [8][10]. Brand and Restaurant Performance - The total number of restaurants under the company reached 807 in 2024, with a net increase of 81 restaurants year-on-year. Taier and Song Hotpot continued to expand, while Jiumaojiu saw a slight decrease in the number of restaurants [7]. - The average customer spending for Taier, Jiumaojiu, and Song Hotpot decreased by 5.3%, 5.2%, and 8.8% respectively, indicating pressure on both volume and pricing [7]. Cost Structure and Profitability - The cost of raw materials and consumables increased by 0.9% to 2.16 billion yuan, accounting for 35.6% of total revenue [8]. - Employee costs rose by 13.1% to 1.75 billion yuan, representing 28.8% of total revenue, primarily due to a comprehensive salary increase in the second half of 2023 [8]. - Rent expenses increased by 16.5% to 1 billion yuan, accounting for 16.5% of total revenue, driven by an increase in the number of restaurants [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][12]. Core Views - The company's revenue and profit decline in 2024 are primarily due to the development business, while the operational and service segments show steady growth, contributing 70% to gross profit [2][12]. - The company is expected to face a peak in public debt repayment in 2025, but operational loans are anticipated to provide support for repayment [12]. - By the end of 2025, the company's financial pressure is expected to significantly ease, leading to a potential increase in free cash flow and improved investment cycles [12]. Financial Performance Summary - In 2024, total revenue was 127.5 billion yuan, a year-on-year decline of 29%, with a pre-tax profit of 18.7 billion yuan, down 24% year-on-year [2][3]. - The core net profit for 2024 was 6.97 billion yuan, reflecting a 38% decrease year-on-year [2]. - The company’s earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96, 1.05, and 1.14 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9.5, 8.7, and 8.0 [12][3]. Business Segment Analysis - The development business faced a 35% revenue decline in 2024, while operational and service businesses grew, with operational revenue increasing by 5% and service revenue by 10% [2][10]. - The company plans to open 11 shopping centers in 2025, maintaining the same number as in the previous year, indicating stability in the operational segment [11][12]. - The debt scale has been systematically reduced, with a total interest-bearing debt of 176.3 billion yuan at the end of 2024, down 8% from the previous year [12][10]. Valuation Metrics - The current stock price is 9.83 HKD, with a market capitalization of 67.6 billion HKD [4]. - The company’s return on equity (ROE) is reported at 6.4%, with a debt-to-asset ratio of 63.1% [4][14]. - The projected PE ratios for the upcoming years suggest a potential undervaluation, with the company trading at lower multiples compared to historical averages [12][14].

Investment Rating - The report gives a "Strong Buy" rating for China Resources Land (01109.HK) with a target price of HKD 34.86 per share, indicating a potential upside from the current price of HKD 25.9 [1][3]. Core Views - The report highlights that the increase in the proportion of recurring business profits supports the stability of the company's performance and shareholder returns. The operational real estate business, primarily focused on shopping centers, has sustainable growth potential both internally and externally. The gross profit margin of the development and sales business may gradually stabilize, and the ongoing transformation towards asset management is viewed positively. The company is expected to achieve earnings per share (EPS) of CNY 3.30, CNY 3.50, and CNY 3.89 for 2025, 2026, and 2027, respectively, with year-on-year changes of -8%, +6%, and +11% [1][12]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of CNY 278.8 billion, a year-on-year increase of 11%. However, the net profit attributable to shareholders decreased by 18% to CNY 25.58 billion, primarily due to a decline in gross profit margins from development sales [2][12]. - The company’s core net profit for 2024 is projected to be CNY 25.4 billion, reflecting a 9% decline year-on-year. The revenue breakdown shows that the development sales business, operational real estate business, light asset management business, and ecosystem factor business generated revenues of CNY 237.15 billion, CNY 23.3 billion, CNY 12.13 billion, and CNY 6.22 billion, respectively, with year-on-year growth rates of 12%, 5%, 14%, and 1% [2][10]. - The overall gross profit margin decreased by 3.6 percentage points to 21.6%, with the development sales business gross margin dropping by 3.9 percentage points to 16.8%. In contrast, the operational real estate business gross margin increased by 0.4 percentage points to 70% [2][10]. Business Segment Insights - The shopping center segment opened 16 new centers in 2024, with retail sales and rental income continuing to grow. The company plans to maintain a stable opening pace over the next four years, which is expected to support rental income growth [8][10]. - The office rental income decreased by 9% to CNY 1.9 billion, with an occupancy rate dropping by 7 percentage points to 75% [9]. - Hotel revenue also saw a decline of 11% to CNY 2.1 billion, with a slight increase in occupancy rate to 64% [9]. Asset Management and Financial Health - The company’s asset management scale reached CNY 462.1 billion, an 8% increase year-on-year, with shopping centers contributing CNY 297.9 billion to this total [11][12]. - The debt structure has been optimized, with a weighted average financing cost of 3.11%, a decrease of 45 basis points year-on-year. The net interest-bearing debt ratio stands at 31.9% [12][12]. Dividend and Shareholder Returns - The core net profit distribution rate is maintained at 37%, with a proposed final dividend of CNY 1.119 per share, resulting in an estimated dividend yield of approximately 5.5% based on the report's release date closing price [12][12].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 11.37 CNY, indicating potential upside from the current stock price [9][11]. Core Insights - The company is advancing into the weight loss market with its self-developed GLP-1 drugs, particularly ASC30 and ASC47, which show promising clinical data and potential to outperform existing treatments [9][11]. - ASC30 is the first product in the weight loss segment, being the only GLP-1 receptor agonist available in both oral and injectable forms, with early clinical trials indicating superior efficacy compared to competitors [9][11]. - ASC47 targets the clinical need for weight loss without muscle loss, showing promising results in preclinical studies [9][11]. Summary by Sections Company Overview - The company, founded in 2013 and listed in 2018, focuses on innovative drug development for metabolic diseases, with a strong management team experienced in the pharmaceutical industry [9][14][15]. - The core pipeline includes small molecule GLP-1 receptor agonists ASC30 and ASC47, which are expected to address unmet medical needs in the weight loss market [9][14]. Product Pipeline - ASC30 is positioned as a dual-action weight loss drug, with both long-acting injectable and oral formulations, currently undergoing Phase I clinical trials in the U.S. [9][20][24]. - ASC47 is designed to reduce weight without muscle loss, addressing a significant gap in the current market for weight loss medications [9][20][24]. Clinical Data and Competitive Landscape - Early clinical data for ASC30 shows it has a significantly longer half-life and better efficacy compared to existing GLP-1 drugs, suggesting a strong competitive advantage [9][28][30]. - The global landscape for weight loss drugs is competitive, with major players focusing on both peptide and small molecule approaches, highlighting the importance of clinical trial outcomes and speed of development [9][39][42]. Financial Projections - The company anticipates no revenue from its commercialized products in the near term, with ASC30 and ASC47 expected to launch by 2029 [9][11]. - Financial forecasts indicate a significant increase in net losses over the next few years, reflecting the investment in R&D and the long timeline to market for new products [9][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 8.50, reflecting an expected return of over 20% within the next six months [3][11]. Core Insights - The company is projected to achieve a revenue of RMB 50.9 billion in 2024, representing a year-on-year growth of 53.9%. The social business segment is expected to generate approximately RMB 46.31 billion, with a growth rate of about 58.1% [1][2]. - The innovative business segment is anticipated to reach revenues of RMB 4.60 billion, growing by approximately 21.3%, driven by the rapid development of e-commerce and premium games [1]. - The adjusted EBITDA is forecasted to be RMB 9.6 billion, reflecting a year-on-year increase of 42.8% [1]. Summary by Sections Revenue Growth - The company's revenue forecast for FY2025 is adjusted to RMB 67.1 billion, and for FY2026 to RMB 77.5 billion, with a new FY2027 revenue forecast of RMB 89.5 billion [3]. Profitability - The net profit attributable to the parent company is revised to RMB 10.18 billion for FY2025 and RMB 11.61 billion for FY2026, with a forecast of RMB 13.51 billion for FY2027 [3]. Strategic Initiatives - The company is leveraging AI technology to enhance product experience and operational efficiency, which is expected to drive long-term value from both new and existing products [2]. - The localization strategy is advancing, with the establishment of a regional headquarters in Saudi Arabia, marking a significant milestone for the company in the Middle East [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.305 billion yuan in 2024, representing a year-on-year growth of 23.7%, with a narrowing net loss of 1.123 billion yuan [2] - The gross profit margin for 2024 is reported at 28.7%, a decrease of 2.88 percentage points year-on-year, attributed to changes in product mix [3] - Accounts receivable and inventory increased by 9.57% and 10.7% year-on-year, respectively, indicating a healthy order backlog with contract liabilities rising by 4.21% [4] - The company is focusing on developing humanoid robot applications and has made significant progress in technology transfer and product implementation [5] Revenue and Profit Forecast - The company forecasts total revenue of 2.016 billion yuan in 2025, with a projected growth rate of 54.4% [1][10] - The net profit is expected to improve, with a forecasted loss of 1.025 billion yuan in 2025, narrowing further in subsequent years [1][10] Business Segmentation - Revenue from educational intelligent robots and solutions is expected to reach 363 million yuan in 2024, a year-on-year increase of 4.6% [2] - Revenue from logistics intelligent robots is projected to decline by 17.5% to 322 million yuan, while customized intelligent robots are expected to see a significant increase of 126.1% to 141 million yuan [2] Geographic Performance - Revenue from mainland China is expected to be 877 million yuan, growing by 6.36%, while revenue from Hong Kong and overseas is projected to reach 428 million yuan, reflecting a substantial growth of 85.49% [2]