Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 30.4 HKD [2][8]. Core Insights - The company reported a significant revenue increase of 31.7% in H1 2025, achieving 482 million CNY, and a net profit growth of 76.0%, reaching 121 million CNY [2][8]. - The company is experiencing strong growth in both its neurointervention and peripheral intervention segments, with revenues of 304 million CNY (+25.0%) and 176 million CNY (+46.2%) respectively in H1 2025 [8]. - The company has a robust product pipeline with 73 products or candidates, of which 50 are already commercialized in China, and several new products are expected to be approved in the near future [8]. - The overseas market is identified as a new growth driver, with H1 2025 overseas revenue reaching 16 million CNY (+36.9%), and the company has 22 products commercialized in 27 countries [8]. Financial Summary - The company is projected to achieve total revenue of 1,044 million CNY in 2025, with a year-on-year growth rate of 33.5% [4]. - The net profit for 2025 is estimated at 195 million CNY, reflecting a substantial growth of 95.0% compared to the previous year [4]. - The earnings per share (EPS) are forecasted to be 0.59 CNY for 2025, with a corresponding price-to-earnings (P/E) ratio of 36.4 [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, Miniso (9896 HK), with a target price raised to HKD 48.70, indicating a potential upside of 24.7% from the current price of HKD 39.06 [1][8][12]. Core Insights - The company's Q2 performance exceeded expectations, with management raising guidance for overall revenue growth to over 25% for the year, up from the initial guidance of over 22.8% [2][7]. - The domestic same-store sales are expected to achieve positive year-on-year growth, while the overseas market continues to expand, with a net increase of 94 stores in Q2 [7][8]. - The revenue for the first half of the year grew by 21.1% year-on-year to RMB 9.39 billion, driven by overseas markets and the Top Toy segment [7][8]. Financial Overview - Revenue projections for the years 2023 to 2027 are as follows: - 2023: RMB 13,839 million - 2024: RMB 16,994 million - 2025E: RMB 21,158 million - 2026E: RMB 24,835 million - 2027E: RMB 28,388 million - Year-on-year growth rates for revenue are projected at 37.2% for 2023, 22.8% for 2024, and 24.5% for 2025 [3][14]. - Net profit estimates are: - 2023: RMB 2,253 million - 2024: RMB 2,618 million - 2025E: RMB 2,564 million - 2026E: RMB 3,364 million - 2027E: RMB 3,967 million [3][14]. - The adjusted net profit for 2025-2027 has been revised down by 13-14% to RMB 28-40 billion due to more conservative margin assumptions [8][9]. Market Performance - The stock has shown a year-to-date decline of 16.98%, with a 52-week high of HKD 52.05 and a low of HKD 25.05 [6][12]. - The average daily trading volume is 11.84 million shares, with a market capitalization of approximately HKD 47.92 billion [6][12].

Investment Rating - The report gives a "Buy" rating for Harbour BioMed (2142.HK) [1] Core Views - The company has achieved significant breakthroughs in both performance profitability and global licensing, marking a comprehensive move into the inflammation and immunology field [1][6] - The company has built a potential revenue asset package worth over $10 billion through strategic partnerships with major pharmaceutical companies like Pfizer and AstraZeneca [6][18] - The transition to a sustainable technology licensing model has led to consecutive profitability in 2023 and 2024, with a historical high in operating cash flow [6][21][24] Summary by Sections 1. Global Leading Fully Human Antibody Technology Platform and Innovator in Therapeutics - The company focuses on innovative therapies for oncology and immune diseases, leveraging its proprietary platforms, HarbourMice® and HBICE®, to expand its pipeline through self-research and diversified cooperation [11] - The management team is highly experienced and supports the company's global strategic layout [13] - The company has established a robust financial foundation with approximately $10 billion in potential milestone payments and future sales revenue by the end of 2024 [16] 2. Comprehensive Expansion into Inflammation and Immunology - The company is advancing its anti-FcRn monoclonal antibody, HBM9161, expected to receive domestic approval in H2 2025 [34] - A collaboration with WindwardBio for HBM9378 (long-acting TSLP monoclonal antibody) has a total transaction value of $970 million [37] - The company is exploring the autoimmune field with HBM7020 (BCMA*CD3) in partnership with Otsuka Pharmaceutical, with a total transaction value of $670 million [48] 3. Non-Immunology Product Areas TCE and ADC Pipeline Achieve External Licensing - The company has successfully licensed several products, including HBM7022 and HBM9033, with significant upfront and milestone payments [32] - The TCE therapy is gaining traction as a new direction for treating autoimmune diseases, leading to multiple licensing deals in the industry [50] 4. Key Assumptions and Investment Rating - The report projects revenues of $150.5 million, $107.0 million, and $111.0 million for 2025-2027, with net profits of $76.8 million, $28.6 million, and $28.3 million respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a recovery in the European electronic vaporization market, and the HNB (Heat-not-Burn) segment is expected to release profit elasticity [8] - The company's revenue for the first half of 2025 reached 6.013 billion yuan, a year-on-year increase of 18.3%, aligning with forecast values and exceeding initial high single-digit expectations [8] - The HNB market is in a rapid growth phase, with the company collaborating with British American Tobacco on new products, indicating potential for future profit contributions [8] Financial Summary - Total revenue projections for the company are as follows: - 2023A: 11.177 billion yuan - 2024A: 11.799 billion yuan - 2025E: 13.722 billion yuan - 2026E: 16.166 billion yuan - 2027E: 18.395 billion yuan - Year-on-year growth rates are projected at (8.06)%, 5.56%, 16.30%, 17.81%, and 13.79% respectively [1] - Net profit attributable to the parent company is forecasted as: - 2023A: 1.645 billion yuan - 2024A: 1.303 billion yuan - 2025E: 1.329 billion yuan - 2026E: 2.217 billion yuan - 2027E: 2.891 billion yuan - Year-on-year growth rates are projected at (34.47)%, (20.78)%, 1.96%, 66.84%, and 30.40% respectively [1] - The latest diluted EPS (Earnings Per Share) is projected as follows: - 2023A: 0.27 yuan - 2024A: 0.21 yuan - 2025E: 0.21 yuan - 2026E: 0.36 yuan - 2027E: 0.47 yuan [1] - The P/E (Price-to-Earnings) ratios at current price and latest diluted EPS are: - 2023A: 80.56 - 2024A: 101.69 - 2025E: 99.73 - 2026E: 59.78 - 2027E: 45.84 [1]

Investment Rating - The report maintains a "Buy" rating for Pop Mart International Group Limited [2][11] Core Views - The company demonstrated rapid growth in H1 2025, with revenue reaching 138.8 billion RMB, a year-on-year increase of 204.5%, and net profit attributable to shareholders at 45.7 billion RMB, up 396.5% [3][10] - The domestic market continues to show strong growth potential, with H1 2025 domestic revenue at 82.8 billion RMB, a 135.2% increase year-on-year [4] - The overseas market also experienced explosive growth, with H1 2025 overseas revenue at 55.9 billion RMB, a staggering 314% increase year-on-year [5] - The company's IP matrix is expanding, with significant revenue contributions from various IPs, particularly THE MONSTERS, which generated 48.1 billion RMB, a 668% increase [6] - The company is expected to maintain strong growth momentum, with projected net profits of 110.7 billion RMB, 155.4 billion RMB, and 203.2 billion RMB for 2025, 2026, and 2027 respectively [11] Domestic Market Summary - Domestic revenue for H1 2025 reached 82.8 billion RMB, with offline sales at 50.8 billion RMB (up 117.1%) and online sales at 29.4 billion RMB (up 212.2%) [4] - The company opened 12 new retail stores, bringing the total to 443, with average store efficiency reaching a historical high [4] - Membership numbers increased by 28% to 59.12 million, indicating a growing consumer base [4] Overseas Market Summary - Overseas revenue for H1 2025 was 55.9 billion RMB, with significant growth in the Americas (1142% increase) and Europe (729% increase) [5] - The company opened 30 new stores in the Asia-Pacific region and 31 in the Americas, indicating a strong expansion strategy [5] - The report highlights that the overseas market still has substantial untapped potential, particularly in high-consumption areas like Europe and the Americas [5] Product Perspective Summary - The IP matrix is showing comprehensive growth, with THE MONSTERS leading at 48.1 billion RMB, followed by CRYBABY at 12.2 billion RMB [6] - Plush toys have become the largest product category, with revenues of 61.4 billion RMB, reflecting a 1276% increase [6] - The company is enhancing its supply chain capabilities, which is expected to support future growth [6] Financial Performance Summary - The gross margin for H1 2025 was 70.3%, a 6.3 percentage point increase year-on-year, with a net profit margin of 33.0%, the highest in history [10] - The report forecasts continued improvement in profitability due to strong sales and the increasing share of high-margin overseas business [10] - The company is expected to launch new products and expand into new markets, which will further drive revenue growth [10]

Investment Rating - The investment rating for JD Health is "Buy" with a target price not specified [5] Core Viewpoints - JD Health reported a significant increase in revenue and profitability for the first half of 2025, with total revenue reaching 35.3 billion yuan, a year-on-year growth of 24.5% [1] - The company's operating profit surged by 105.5% to 2.127 billion yuan, driven by improved gross margin and cost control [2] - The growth in product sales was primarily attributed to an increase in active user numbers and enhanced online penetration of pharmaceutical and health products [2] - The company has established a mature operational model integrating self-operated, online platform, and instant retail, which is expected to unlock long-term growth potential [3] - The application of AI technology in healthcare services is expected to accelerate the establishment of a closed-loop medical ecosystem [3] Summary by Sections Financial Performance - In H1 2025, JD Health achieved a revenue of 35.3 billion yuan, up from 28.3 billion yuan in the same period last year, marking a 24.5% increase [1] - The second quarter revenue was 18.6 billion yuan, reflecting a year-on-year growth of 23.67% [1] - Non-IFRS operating profit reached 2.483 billion yuan, a 56.7% increase year-on-year [1][2] - The gross profit increased by 32.7% to 8.9 billion yuan, with a net profit margin of 10.1% [2] Business Development - The sales of pharmaceutical and health products generated 29.3 billion yuan, accounting for 83% of total revenue, with a year-on-year growth of 22.7% [2] - The digital marketing service revenue grew by 34.4% to 6 billion yuan, driven by an increase in the number of advertisers [2] - The company has formed strategic partnerships with major pharmaceutical companies, enhancing its product offerings [2] Strategic Initiatives - JD Health has expanded its online pharmacy network to over 200,000 offline pharmacies and increased its user base for online medical insurance payments to nearly 200 million people [3] - The introduction of AI-driven services, such as AI doctors and pharmacists, has reached over 50 million users, indicating a significant penetration into healthcare services [3] - The company is well-positioned to capitalize on the "Healthy China" strategy, which is expected to further boost health demand [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's H1 2025 performance met expectations, supported by professional sports resources for long-term development [5] - The company reported a revenue of 14.82 billion RMB in H1 2025, a year-on-year increase of 3.3%, with a gross profit of 7.42 billion RMB, up 2.5% year-on-year [7] - The net profit attributable to shareholders was 1.74 billion RMB, down 11.0% year-on-year, with a net profit margin of 11.7%, a decrease of 1.9 percentage points [7] - The company has a strong dividend policy, with an interim dividend of 0.3359 RMB per share, representing a payout ratio of 50% [7] - E-commerce contributed the largest incremental revenue, with a year-on-year growth of 7.4%, accounting for 29.0% of total revenue [7] - The company signed player Yang Hansheng, who was selected in the first round of the NBA draft, which is expected to enhance brand sales and improve the popularity of basketball in China [7] - The company focuses on a "single brand, multiple categories, multiple channels" strategy, with ongoing investment in R&D to enhance product competitiveness [7] Financial Summary - Revenue projections for 2025-2027 are 29.03 billion RMB, 30.77 billion RMB, and 32.85 billion RMB, respectively, with growth rates of 1.2%, 6.0%, and 6.8% [6][8] - The net profit attributable to shareholders is projected to be 2.65 billion RMB in 2025, 2.85 billion RMB in 2026, and 3.10 billion RMB in 2027 [6][8] - The company's return on equity (ROE) is expected to decline from 11.54% in 2024 to 8.95% in 2027 [6][8] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 26.13% [3]

Investment Ratings - Kuaishou Technology: HOLD, Target Price (TP) raised to HK$76.00 [5][7] - Bilibili Inc: BUY, TP set at US$28.00 / HK$219.00 [9][10] - ZTO Express: BUY, TP set at US$21.00 [13][14] - AAC Technologies: BUY, TP raised to HK$62.90 [16][17] - China Communications Services: BUY, TP raised to HK$5.15 [19][20] - BOC Aviation: BUY, TP raised to HK$83.90 [22][23] - MINISO Group: BUY, TP set at US$24.80 / HK$48.40 [24][25] Core Insights - Kuaishou Technology reported a 13% YoY topline growth and a historical high adjusted net profit of RMB5.6 billion, exceeding consensus estimates [5][6] - Bilibili Inc achieved a 20% YoY topline growth in 2Q25, with adjusted operating profit surpassing consensus by 16% [9][12] - ZTO Express experienced an 11% YoY growth in core express delivery revenue, although it missed consensus by 1% [13][15] - AAC Technologies reported an 18% YoY revenue increase, with a significant 62% surge in net income, despite some misses on expectations [16][18] - China Communications Services saw a 3.4% YoY revenue increase, with non-telco and international sales growing by 12.6% YoY [19][21] - BOC Aviation's total revenue increased by 5.8% YoY, with a 20% YoY rise in core net profit [22][23] - MINISO Group's revenue grew by 23% YoY, reflecting positive developments in various markets [24][26] Summary by Company Kuaishou Technology - 2Q25 topline growth of 13% YoY and adjusted net profit of RMB5.6 billion, beating consensus by 2% and 11% respectively [5][6] - AI strategies are enhancing monetization and efficiency, despite potential challenges in 2H25 [6][7] Bilibili Inc - 2Q25 revenue growth of 20% YoY met consensus, with adjusted operating profit exceeding expectations [9][12] - Anticipated sustainable profitability growth driven by diversified revenue streams [9][10] ZTO Express - Core express delivery revenue grew 11% YoY, but missed consensus by 1% [13][15] - Adjusted FY2025 parcel volume guidance reflects industry challenges [14] AAC Technologies - Revenue increased 18% YoY to RMB13 billion, with net income surging 62% [16][18] - Management's optimistic outlook for 2H25 suggests potential margin recovery [17] China Communications Services - 1H25 net profit increased by 0.2% YoY, with total revenue up 3.4% YoY [19][21] - Growth in non-telco and international sales indicates strong demand for digital infrastructure [20] BOC Aviation - Total revenue and other income rose 5.8% YoY, with core net profit increasing by 20% [22][23] - Attractive dividend yield and solid business model support investment thesis [22] MINISO Group - 2Q25 revenue growth of 23% YoY, exceeding guidance [24][26] - Positive developments in IP strategy and customer engagement [25]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299.HK) with a target price of HKD 85.9 [1][9] Core Views - AIA Group's new business value (NBV) increased by 14% year-on-year to USD 2.838 billion in H1 2025, driven by both volume and price growth [2][9] - The company's embedded value equity reached USD 73.7 billion, with a 5% increase per share [1] - The operating profit after tax was USD 3.609 billion, reflecting a 12% increase per share [1] Summary by Sections New Business Value and Premiums - The NBV margin improved by 3.4 percentage points to 57.7%, with annualized new premiums rising by 8% to USD 4.942 billion [2] - The product mix shows traditional insurance at 37% (down 1 percentage point), participating insurance at 43% (up 11 percentage points), and investment-linked insurance stable at 9% [2] Distribution Channels - Agency channel NBV rose by 17% to USD 2.222 billion, accounting for 78% of total NBV, with a significant contribution from AIA Hong Kong's agency channel, which saw a 35% increase [2] - Partner distribution NBV increased by 8% to USD 804 million, with bank insurance channels growing by 10% [2] Market Performance - The Thai market showed outstanding profitability with an NBV margin exceeding 100%, while the Hong Kong market's importance continues to rise [3][4] - AIA China experienced a slight NBV decrease of 4% to USD 743 million, impacted by policy adjustments [3] Investment Performance - The net investment return rate was 4.2%, a slight decrease of 0.1 percentage points year-on-year, while total investment return was 4.7%, down 0.2 percentage points [4] - Total investment assets increased by 7.1% to USD 309.256 billion, with a stable allocation structure [4] Financial Forecasts - The report adjusts EPS forecasts for 2025-2027 to USD 0.60, 0.71, and 0.84 respectively, maintaining a P/EV valuation of 1.5x [9] - The expected EV growth rate for 2025 is 7.6%, aligning with the target price of HKD 85.9 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Viewpoints - The company achieved rapid revenue growth in the first half of 2025, with revenue reaching 917 million RMB, a year-on-year increase of 189%, and adjusted net profit of 152 million RMB, up 179% [1][9]. - The company's comprehensive literacy business saw significant growth, with revenue of 723 million RMB, a staggering increase of 513% [10]. - The company is actively implementing its "ALL IN AI" strategy, enhancing its educational offerings and operational efficiency through AI technology [21][3]. - The company declared an interim dividend of 10.7 cents per share, with a payout ratio of approximately 60%, indicating a commitment to shareholder returns [23][3]. Financial Performance - The gross profit margin for the first half of 2025 was 45.0%, remaining stable year-on-year, while the net profit margin slightly decreased to 16.5% due to increased operating expenses [2][16]. - Contract liabilities increased by 28% year-on-year, indicating strong future revenue potential, with total liabilities reaching 587 million RMB [20]. - The company expects continued growth in net profit, projecting 339 million RMB for 2025, with a year-on-year growth rate of 76% [24][5]. Business Segmentation - The tutoring projects generated revenue of 89 million RMB, an 18% increase, while full-time review projects saw a decline of 18% in revenue to 101 million RMB due to increased competition and changes in demand [10][1]. - The company has expanded its workforce from 3,072 to 3,592 employees, supporting its growth strategy [20][2]. Valuation Metrics - The projected earnings per share (EPS) for 2025 is 0.40 RMB, with a price-to-earnings (PE) ratio of 12x, indicating a favorable valuation compared to peers [5][25]. - The company is expected to maintain a strong return on equity (ROE) of 43% in 2025, reflecting its efficient use of equity capital [5][26].