Investment Rating - The investment rating for Weimob Group is "Buy" (maintained) [1][4][12] Core Views - The report highlights that Weimob Group's SaaS business is focusing on e-commerce and retail core scenarios, actively promoting AI Agent applications. The company is reducing investments in small micro clients, and the impact of advertising business rebate policies is diminishing. However, the SaaS business is still affected by macroeconomic conditions, leading to a delay in demand from existing and new clients. The advertising business is adjusting its client structure, resulting in a downward revision of the adjusted net profit forecast for 2025-2026 to 0.5/1.3 billion RMB (previously 1.3/3.0 billion RMB), with a new adjusted net profit forecast for 2027 of 2.4 billion RMB, corresponding to adjusted diluted EPS of 0.02/0.05/0.09 RMB [4][5][6]. Financial Summary and Valuation Metrics - For H1 2025, Weimob Group's revenue was 775 million RMB, a year-on-year decline of 10.6%, which was in line with Bloomberg consensus expectations (773 million RMB). The adjusted net profit was 17 million RMB, better than the consensus expectation of -110 million RMB, due to the reduction of loss-making and low-margin businesses, as well as ongoing cost reduction and efficiency improvements [5][7]. - The revenue breakdown shows that the subscription solutions segment generated 438 million RMB in H1 2025, down 10.1% year-on-year, primarily due to macroeconomic impacts and the company's proactive reduction of small micro merchants, leading to a decrease in deferred revenue. The number of paying merchants declined by 13.9%, while ARPU increased by 4.5%. AI-related business revenue was between 30-40 million RMB. The gross margin was 62.6%, up 2.5 percentage points year-on-year, due to reduced amortization of intangible assets, partially offset by increased costs from new business development [5][6][7]. - The advertising solutions segment saw gross advertising revenue grow by 3.4% year-on-year, with adjusted revenue increasing by 45.3%, as the impact of rebate policy adjustments weakened. The gross margin was 91.3%, up 16.8 percentage points year-on-year, due to the reduction of TSO and credit businesses [5][6][7]. - The financial metrics for Weimob Group are as follows: - Revenue (million RMB): 2,228 (2023A), 1,339 (2024A), 1,605 (2025E), 1,782 (2026E), 2,002 (2027E) - Adjusted net profit (million RMB): -388 (2023A), -530 (2024A), 43 (2025E), 133 (2026E), 245 (2027E) - Gross margin (%): 66.6 (2023A), 44.5 (2024A), 68.2 (2025E), 68.7 (2026E), 68.7 (2027E) - Net margin (%): -17.4 (2023A), -39.6 (2024A), 3.0 (2025E), 7.4 (2026E), 12.2 (2027E) - ROE (%): -72.2 (2023A), -43.1 (2024A), 6.4 (2025E), 28.0 (2026E), 34.0 (2027E) - EPS (diluted/RMB): -0.15 (2023A), -0.19 (2024A), 0.02 (2025E), 0.05 (2026E), 0.09 (2027E) - P/E (times): NA (2023A), NA (2024A), 166.0 (2025E), 59.6 (2026E), 32.3 (2027E) - P/S (times): 3.5 (2023A), 5.9 (2024A), 4.9 (2025E), 4.4 (2026E), 3.9 (2027E) [7][8]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 23.00, indicating a potential upside of 22.5% from the current closing price of HKD 18.77 [1][7][11]. Core Insights - The company's 1H25 earnings exceeded expectations, with a net profit of RMB 668 million, surpassing the full-year forecast for 2024. This growth is attributed to underwriting profits and the turnaround of its banking operations [2][8]. - Premium income grew by 9.3% year-on-year, primarily driven by the health ecosystem, consumer finance, and automotive sectors, although the digital life ecosystem saw a decline of 16% [8]. - The combined ratio improved year-on-year, with underwriting profits increasing by 109%, mainly from the health ecosystem and consumer finance [8]. - Investment income remained stable, with total investment income growing by 3% year-on-year, and the annualized total/net investment return rates at 3.3%/2.1% [8]. Financial Overview - Revenue projections for the company show a steady increase from RMB 27,535 million in 2023 to RMB 33,504 million in 2025E, with a year-on-year growth rate of 5.5% [6][9]. - Net profit is expected to rise significantly, from RMB 603 million in 2024 to RMB 1,205 million in 2025E, reflecting a growth rate of 99.7% [6][10]. - The report highlights a decrease in the combined ratio from 97.3% to 96.0% for 2025E, indicating improved underwriting efficiency [10][16]. Key Assumptions and Forecasts - The report outlines key assumptions for various segments, with health insurance expected to grow by 33.3% in 2025E, while the digital life segment is projected to decline by 18.7% [9][16]. - The underwriting profit for 2025E is forecasted at RMB 1,334 million, a 34.7% increase from the previous year [10][16]. - The adjusted net profit for 2025E is projected to be RMB 1,205 million, with an EPS of RMB 0.82, reflecting a significant upward revision from previous estimates [10][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance met expectations, with revenue reaching 18.27 billion yuan, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6%. The automotive sales revenue was 16.88 billion yuan, up 147.6% year-on-year and 17.5% quarter-on-quarter, primarily due to increased deliveries [8] - The company continues to show strong gross margin levels, with a comprehensive gross margin of 17.3% in Q2, an increase of 3.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter. The vehicle gross margin reached 14.3%, also showing significant growth [8] - The company plans to optimize its model layout and enhance intelligence, with new models set to launch and advanced AI capabilities being integrated into vehicles [8] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 82.96 billion yuan, 149.40 billion yuan, and 222.90 billion yuan, respectively, reflecting year-on-year growth rates of 103%, 80%, and 49% [8] - The net profit forecast for 2025-2027 has been revised to -1.30 billion yuan, 6.76 billion yuan, and 10.32 billion yuan, respectively, with corresponding EPS of -0.68 yuan, 3.55 yuan, and 5.41 yuan [8] - The company’s gross margin is expected to continue improving, with projections of 17.10% in 2026 and 18.51% in 2027 [9]

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Insights - The company reported a revenue of 13.876 billion yuan for the first half of 2025, representing a year-over-year increase of 204.4%, and a net profit attributable to shareholders of 4.574 billion yuan, up 396.5% year-over-year [1][5]. - The company is expanding its global presence, with significant growth in the Americas and Asia-Pacific regions, and a strong performance in the domestic market [1][2]. - The company anticipates a full-year revenue of no less than 30 billion yuan for 2025, with plans to increase its store count in overseas markets [2][3]. Revenue and Profitability - In the first half of 2025, the company's revenue breakdown shows 8.28 billion yuan from China, 2.26 billion yuan from the Americas, 2.85 billion yuan from Asia-Pacific, and 480 million yuan from Europe and other regions [1]. - The adjusted net profit for the first half of 2025 was 4.710 billion yuan, with an adjusted net profit margin of 33.9% [1][5]. - The company expects net profits for 2025 to reach 11.128 billion yuan, with significant growth rates projected for the following years [3][8]. Market Expansion and IP Performance - The company has successfully launched multiple IPs, with five major IPs generating over 1 billion yuan in revenue in the first half of 2025 [2]. - The fastest-growing IP, "THE MONSTERS," generated 4.814 billion yuan, accounting for 34.7% of total revenue [2]. - The company plans to enter new markets in the Middle East, Central Europe, and Central South America, indicating a strong potential for future growth [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is launching a new strategic product, "Da Zhen," priced at 888 RMB, which aims to meet rational consumption demands with high quality and competitive pricing [12][13] - The "Wan Shang Alliance" model is expected to innovate the channel structure, ensuring transparent pricing and high channel profits, which could lead to significant market impact [16][25] - The company anticipates a recovery in sales as inventory is cleared, particularly in key provinces where channel order remains stable [33] Summary by Sections New Product Launch - The new product "Da Zhen" is designed to appeal to consumers seeking high quality at a reasonable price, featuring a five-year base liquor and over 20 years of aged liquor for flavor enhancement [13][12] - The product's packaging and anti-counterfeiting measures have been upgraded to enhance its market appeal and consumer trust [13][14] Channel Innovation - The "Wan Shang Alliance" model focuses on low entry barriers and high returns, promoting a trust chain among manufacturers, merchants, and consumers [16][25] - The model includes strict price control and a four-tier supervision mechanism to maintain channel order and profitability [20][26] Sales Recovery - The company is adjusting its marketing strategy to focus on inventory clearance, with expectations for early recovery in sales as market conditions improve [33][35] - Key provinces like Guizhou, Henan, Hunan, and Guangdong are expected to maintain stable channel orders, with specific products positioned for growth in banquet scenarios [33] Financial Forecasts - The company has adjusted its non-IFRS net profit forecasts for 2025-2027 to 1.27 billion, 1.61 billion, and 1.97 billion RMB respectively, reflecting optimism about the new product's contribution [44][49] - The report indicates that the company's PE ratios are competitive compared to peers, suggesting potential for growth as market conditions stabilize [47][50]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of HKD 6.11 billion for H1 2025, representing a year-on-year growth of 1.0%. However, the net profit attributable to shareholders was HKD 1.17 billion, a decline of 25.0% year-on-year. Excluding the impact of Telix investment, the net profit would be HKD 1.02 billion, reflecting a decrease of 5.9% year-on-year [2][6]. - The company's innovative and barrier products continue to gain traction, with significant revenue contributions. The revenue from the nuclear medicine oncology segment reached HKD 420 million, a year-on-year increase of 106%. The ENT segment generated HKD 1.49 billion, up 23% year-on-year, while the respiratory and critical care segment reported HKD 1.05 billion, a growth of 10% year-on-year. The revenue from innovative and barrier products accounted for 51.0% of total revenue, an increase of 14.9 percentage points year-on-year [6][9]. - The company has made breakthroughs in nuclear medicine and is advancing its innovative pipeline. The first fully automated "zero radiation" nuclear medicine R&D and production facility has received a Class A radiation safety license and is now operational. The product Yttrium-90 microsphere injection has received FDA approval for a new indication, and five innovative RDC drugs have been approved for registration clinical trials in China, with four entering Phase III trials [6][9]. - Revenue forecasts for the company are projected at HKD 12.25 billion, HKD 13.51 billion, and HKD 15.12 billion for 2025-2027, with net profits expected to be HKD 2.12 billion, HKD 2.45 billion, and HKD 2.80 billion respectively. Corresponding EPS estimates are HKD 0.60, HKD 0.69, and HKD 0.79 [6][9].

上 市 公 司 交通运输 2025 年 08 月 21 日 美兰空港 (00357) ——25H1 净亏损同比收窄，封关运作后优势可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（港币） | 10.63 | | 恒生中国企业指数 | 9013.27 | | 52 周最高/最低（港币） | 12.18/6.04 | | H 股市值（亿港币） | 50.30 | | 流通 H 股（百万股） | 226.91 | | 汇率（人民币/港币） | 1.0932 | 一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 美兰空港 资料来源：Bloomberg 证券分析师 刘衣云 A0230524100007 liuyy@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 刘衣云 A0230524100007 liuyy@swsresearch.com 财务数 ...

Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269.HK) [4] Core Views - WuXi Biologics continues to show robust growth in its mid-year performance for 2025, with revenue reaching 9.95 billion RMB, a year-on-year increase of 16.1%, and an adjusted net profit of 2.84 billion RMB, up 11.6% year-on-year [1] - The company is positioned as a global leader in the biopharmaceutical CRDMO sector, with a strong order backlog and increasing capacity utilization expected to drive steady growth in the coming years [4] Summary by Sections Financial Performance - For the first half of 2025, WuXi Biologics reported total revenue of 9.95 billion RMB, with a gross margin of 42.7%, reflecting a 3.6 percentage point increase year-on-year [1] - Adjusted net profit for the same period was 2.84 billion RMB, representing an 11.6% increase compared to the previous year [1] Business Segmentation - Revenue by project phase shows a diverse growth pattern: - Preclinical projects generated 4.15 billion RMB, up 35.2% year-on-year - Early clinical projects saw a decline to 1.33 billion RMB, down 29.7% year-on-year - Phase III and commercial projects achieved 4.29 billion RMB, an increase of 24.9% year-on-year [1] Regional Performance - Revenue by region indicates strong performance in North America, with a 20.1% year-on-year increase, accounting for 60.5% of total revenue. Europe grew by 5.7%, while China experienced a decline of 8.5%. Other regions, including Singapore, Japan, and South Korea, saw a significant increase of 136.1% [2] Order Backlog and Project Pipeline - The total number of projects reached 864, with a year-on-year increase of 16.4%. The company signed 86 new projects in the first half of 2025, with over 50% coming from the U.S. [3] - The total backlog of uncompleted orders reached 20.3 billion USD, with potential milestone payments at a historical high of 9.0 billion USD, indicating strong revenue growth expectations [3] Future Outlook - The company is expected to achieve net profits of 4.37 billion RMB, 4.81 billion RMB, and 5.27 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 30.2%, 10.1%, and 9.6% [4] - The projected P/E ratios for the next three years are 27, 24, and 22, indicating a favorable valuation outlook [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 85.00 [1][11]. Core Insights - The company reported stable growth in its performance for the first half of 2025, with a notable increase in New Business Value (NBV) by 14% year-on-year on a constant currency basis, driven primarily by the Hong Kong and Southeast Asian markets [6]. - The NBV in Hong Kong saw a strong growth of 24% year-on-year, while the mainland China NBV declined by 4% due to assumption adjustments [7][8]. - The overall NBV growth in Southeast Asia remained robust, with Thailand and Singapore showing significant increases [9]. Summary by Sections Financial Performance - The company achieved a gross premium income of USD 19.31 billion in 2024, projected to grow to USD 20.81 billion in 2025, reflecting a growth rate of 10.28% [5]. - Total investment income is expected to decrease by 5.01% in 2025, with a forecast of USD 12.60 billion [5]. - The net profit attributable to shareholders is projected to be USD 5.16 billion in 2025, a decrease of 24.50% compared to 2024 [5]. Market Analysis - In Hong Kong, the NBV growth was driven by both local residents and mainland visitors, with respective growth rates of 30% and 18% [7]. - The mainland China market's NBV, when adjusted for assumptions, showed a growth of 10%, indicating a strong underlying performance despite the reported decline [8]. - Southeast Asia's NBV growth is expected to be 14% in 2025, with Thailand experiencing a notable increase of 35% [9]. Shareholder Returns - The company reported a 12% year-on-year increase in operating profit per share (OPAT) for the first half of 2025, with a return on equity (ROE) of 18% [10]. - The dividend per share (DPS) increased by 10% to HKD 0.49, with total returns to investors (including buybacks) amounting to USD 3.7 billion [10]. - The expected dividend yield for 2025 is projected to reach 4.7% [10]. Valuation and Forecast - The EPS forecast for 2025 has been adjusted downwards by 22% to USD 0.49, while maintaining the target price at HKD 85 based on book value and embedded value methods [11]. - The company anticipates an overall NBV growth of 13% for 2025, supported by strong market performance [10].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Views - The report highlights a significant increase in performance driven by high market activity, with the IPO market returning to the global forefront [1] - For the first half of 2025, the company achieved a revenue of HKD 14.076 billion, representing a year-on-year increase of 32.5%, and a net profit attributable to shareholders of HKD 8.519 billion, up 39.1% year-on-year [1] Revenue Structure - The revenue structure shows a continued rise in market activity, leading to an increase in the proportion of trading and settlement fees. In the first half of 2025, trading and trading system usage fees, settlement and clearing fees, and custody services accounted for 62.0% of total revenue, up 5.9 percentage points year-on-year [2] - The listing fees from the Stock Exchange accounted for 5.8% of total revenue, down 1.0 percentage point year-on-year, while net investment income accounted for 20.4%, down 3.3 percentage points year-on-year [2] Market Activity - The report notes that the stock market's trading activity remains robust, with the IPO fundraising amount returning to the top globally. In the first half of 2025, the total amount raised through IPOs reached HKD 109.4 billion, a staggering increase of 716% year-on-year [4] - The average daily turnover of Hong Kong stocks reached HKD 1.110 trillion, a year-on-year increase of 196%, indicating a significant rise in participation from mainland investors [3] Financial Performance - For the first half of 2025, the total revenue from the cash segment, including trading and settlement fees, reached HKD 5.995 billion, a year-on-year increase of 71% [3] - The report projects that the company will maintain high trading volumes in 2025, benefiting from the favorable conditions in the Hong Kong capital market and the valuation recovery of Chinese stocks [9] Earnings Forecast - The report raises the earnings forecast for the company, estimating EPS for 2025, 2026, and 2027 to be HKD 13.72, HKD 15.03, and HKD 16.90 respectively, with corresponding PE ratios of 32, 29, and 26 times [9] - The target price is set at HKD 494.0, based on a 36 times PE valuation for 2025 [5]