[Table_Title] 研究报告 Research Report 1 Dec 2025 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 11 月 26 日，周大福珠宝集团发布 2026 财年中期业绩报告并召开业绩会。 周大福 Chow Tai Fook (1929 HK) 1HFY26 同店与 ASP 改善，管理层维持 FY26 收入指引 Same-Store Sales and ASP Improve in 1HFY26, Management Maintains FY26 Revenue Guidance 1HFY26收入小幅承压，公司通过费用优化实现营运利润率与股东回报双稳健。周大福自FY2025起变更了会计准则， 在现行会计结构下，周大福的黄金借贷公允价值变动已从"销售成本"重分类至"其 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health International [1][2][17]. Core Insights - JD Health International continues to show strong revenue and profit growth, with Q3 2025 revenue reaching RMB 17.12 billion, a year-on-year increase of 28.7%, and net profit of RMB 1.84 billion, up 97.2% year-on-year [3][13][14]. - The company has raised its full-year revenue growth guidance to approximately 22.0% from the previous 20.0%, and adjusted profit target to RMB 6.20 billion from RMB 5.60 billion, reflecting strong Q3 performance [4][15]. - The report highlights the company's effective marketing investments and improved bargaining power in the pharmaceutical category as key drivers of growth [14][16]. Financial Performance Summary - For FY 2025, revenue is projected to be RMB 71.05 billion, representing a 22.1% year-on-year growth, while adjusted profit is expected to be RMB 6.21 billion, a 30% increase [5][16]. - The gross profit margin is expected to improve to 24.6% in FY 2025, with a net profit margin of 7.5% [10][16]. - The company’s DCF valuation predicts an equity value of HKD 227.44 billion, corresponding to a target share price of HKD 71.07, reflecting a 4.3% increase in target price [5][17].

Investment Rating - The report does not explicitly state the investment rating for Bosideng International Holdings Core Insights - The principal brand of Bosideng drove growth in 1H25, while other business segments contracted year-on-year [1][3] - Total operating revenue for 1H25 was RMB 8.93 billion, a year-on-year increase of 1.4%, with profit attributable to owners rising by 5.3% to RMB 1.19 billion [2][8] - The gross profit margin for 1H25 was 50.0%, reflecting a slight year-on-year increase of 0.2 percentage points but a decrease of 7.3 percentage points from the previous half-year [2][8] - The company optimized inventory turnover days to 178 days, down from 189 days in the same period last year [2][8] Revenue Breakdown - Revenue from the Bosideng brand grew by 8.3% to RMB 6.57 billion, accounting for 73.6% of total revenue [3][9] - The ODM business saw a revenue decline of 11.7% year-on-year, while womenswear revenue decreased by 18.6% to RMB 250 million [3][9] - The diversified clothing business, primarily school uniforms, recorded a significant revenue drop of 45.3% to RMB 64 million [3][9] - Raw material sales revenue increased by 22.8% year-on-year, indicating strong demand in that segment [3][9] Operational Efficiency - The company employs a smart distribution center and integrated inventory management to enhance sales growth and manage inventory effectively [4][10] - The operational model allows for rapid response to market changes, contributing to a significant reduction in inventory turnover days [4][10] - AI technology is being utilized to drive apparel design and improve online operations, significantly reducing operational costs [4][10] Marketing Strategy - The company focuses on high-quality store openings in landmark commercial complexes to maximize brand exposure [5][12] - A refined operation model of "unique design per store, specific strategy per store" is being implemented [5][12] - During the Double Eleven shopping festival, the company achieved growth with lighter discounts, ranking first in several e-commerce platforms [5][12]

市公司 公用事业 2025 年 12 月 01 日 气量毛差承压 自由现金流再创新高 报告原因: 有业绩公布需要点评 (维持) | 市场数据: | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 8.60 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 8.85/5.97 | | H 股市值（亿港币） | 468.54 | | 流通 H 股（百万股） | 5.448.15 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势: 37% 资料来源：Bloomberg 证券分析师 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 投资要点: 财务数据及盈利预测 | 2023/24 | | 2024/25 | 2025/26E | 2026/27E | 2027/28E | | --- | ...

上 市 公 司 公用事业 2025 年 12 月 01 日 中国燃气 (00384) | 市场数据： | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 8.60 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 8.85/5.97 | | H 股市值（亿港币） | 468.54 | | 流通 H 股（百万股） | 5,448.15 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% 11/28 12/28 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 HSCEI 中国燃气 资料来源：Bloomberg 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com —— 气量毛差承压 自由现金流再创新 ...

公司派发末期股息 3.9 分，中期派息为 5.78 分，分红率维持 30%，对应股息率 3.98%。 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 12 月 01 日 [Table_Title] 存在一次性费用影响，期待明年招生恢复增 长及 AI 业务突破 [Table_Title2] 天立国际控股(1773.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1773 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.76/2.08 | | 目标价格(港元)： | | 总市值(亿港元) | 51.25 | | 最新收盘价(港元)： | 2.29 | 自由流通市值(亿港元) | 51.25 | | | | 自由流通股数(百万) | 2,109.26 | [Table_Summary] 事件概述 FY2025 集团总收入/年内利润/经调归母净利/经营性现金流分别为 35.89/6.48/6.18/8.53 亿元、同比增长 8.1%/16.5%/7.0%/3.1%，符合业绩预告。 ...

hyzqdatemark 2025 年 12 月 01 日 证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 证券分析师 符超然 SAC：S1350525050004 fuchaoran@huayuanstock.com 联系人 周宸宇 zhouchenyu@huayuanstock.com | 基本数据 | 2025 | 年 | 11 | 月 28 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 4.96 | | 一年内最高/最低（港 | | | | 5.37/3.46 | | 元） | | | | | | 总市值（百万港元） | | | | 57,683.58 | | 流通市值（百万港元） | | | | 57,683.58 | | 资产负债率（%） | | | | 42.99 | | 资料来源：聚源数据 | | | | | 波司登(03998.HK) 投资评级： 买入（维持） ——收入及利润正增长，全新设计师系列推动品牌价值提升 投资要点： 风险提示。新品推广不及预期风险，极端气候影响风险，内外需不及预期风险。 | 盈利预测与估值（人民 ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Views - The report indicates that Meituan is increasing short-term investments to consolidate market share amid intensified competition, with expectations of profitability returning in 2026 and a projected net profit growth of 68.4% in 2027 [6][8] - The company's non-IFRS net profit forecasts for 2025-2027 have been revised down to -19.9 billion, 32.2 billion, and 54.2 billion CNY respectively, reflecting the competitive landscape and increased subsidies [6] - The report highlights that while the core business is facing challenges, new business segments are showing improvement, particularly in Hong Kong and the Middle East [7] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 276.7 billion CNY, with a year-over-year growth of 25.8%. Projections for 2025 and 2026 are 365.4 billion and 433.5 billion CNY respectively, with expected growth rates of 8.2% and 18.6% [10] - Adjusted net profit for 2025 is expected to be a loss of 19.9 billion CNY, improving to a profit of 32.2 billion CNY in 2026 and 54.2 billion CNY in 2027, with corresponding year-over-year growth rates of -145.5%, 261.4%, and 68.4% [10] - The report provides a diluted EPS forecast of -3.2, 5.2, and 8.7 CNY for 2025, 2026, and 2027 respectively, with P/E ratios of -29.1, 18.0, and 10.7 for the same years [10]

盈利预测与投资建议 ⚫ 夸克 AI 眼镜发布，看好公司进入 AI 眼镜赛道后的增长潜力与其与内部业务互相引 流赋能的入口潜力。我们维持预测公司 FY2026-2028 营业收入 10344/11570/12460 亿元，经调整净利润为 1093/1706/2027 亿元。我们采用分部估值法，维持上次估值 倍数与目标价 212.43 港元，维持"买入"评级。 风险提示：AI 眼镜业务进展不及预期，资本投入回报不及预期、AI 大模型技术进展不 及预期、行业竞争加剧、宏观经济不景气。 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2024A | 2025A | 2026E | 2027E | 2028E | | 营业收入(百万元) | 941,168 | 996,347 | 1,034,373 | 1,157,017 | 1,246,033 | | 同比增长 (%) | 8.34% | 5.86% | 3.82% | 11.86% | 7.69% | | 营业利润(百万元) | 113,350 | 140,991 | 90,857 ...

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company demonstrates resilient core operations with a focus on cost reduction and efficiency improvements, despite a decline in revenue and net profit [7] - Capital expenditures continue to decrease, and the company is expected to enhance its free cash flow and dividend capacity [7] Financial Performance Summary - For FY2026, total revenue is projected at HKD 10,026 million, reflecting a year-on-year decline of 13.98% [1] - The net profit attributable to shareholders is estimated at HKD 1,136 million, showing a year-on-year increase of 5.70% [1] - The latest diluted EPS is forecasted to be HKD 0.70, with a P/E ratio of 8.44 [1] Segment Performance - The urban water supply segment reported revenue of HKD 32.71 billion, down 13.1% year-on-year, with segment profit decreasing by 17.4% [7] - The environmental protection segment saw revenue growth of 8.7% year-on-year, with a segment profit increase of 29.7% [7] - The direct drinking water segment experienced a significant revenue decline of 28.3% year-on-year [7] Capital Expenditure and Dividends - Capital expenditures for FY26H1 were HKD 12.43 billion, down 31.8% year-on-year [7] - The total dividend per share remains stable at HKD 0.13, with a dividend yield of 4.8% [7] Earnings Forecast Adjustments - The forecast for net profit attributable to shareholders for FY2026-2028 has been revised down to HKD 11.36 billion, HKD 12.06 billion, and HKD 12.32 billion respectively [7] - Corresponding P/E ratios are projected at 8.4, 7.9, and 7.8 for FY2026, FY2027, and FY2028 [7]