Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance in the context of its market position and growth potential [1]. Core Viewpoints - The report highlights that Sensible Holdings, as a leading functional sofa manufacturer, is progressing steadily with stable domestic sales and continued growth in international sales [1]. - For FY2025, the company achieved a revenue of HKD 16.903 billion, a decrease of 8.2% year-on-year, and a net profit attributable to shareholders of HKD 2.063 billion, down 10.4% year-on-year [1]. - The report emphasizes the company's focus on enhancing its marketing strategies and product channels to improve domestic sales performance [2]. - The international market, particularly non-US regions, showed promising growth, with FY2025 international sales revenue reaching HKD 6.666 billion, an increase of 8.3% year-on-year [3]. Summary by Sections Domestic Sales - In FY2025, domestic market revenue was HKD 9.927 billion, down 17.2% year-on-year, with a gross margin of 40.4% [2]. - Offline store revenue was HKD 6.799 billion (down 16.6%), while e-commerce revenue was HKD 2.193 billion (down 16.3%) [2]. - Sofa and related products generated HKD 6.584 billion (down 15.4%), and mattress and related products generated HKD 2.408 billion (down 19.4%) [2]. - The company sold 1.001 million sofas (down 10.6%) at an average price of HKD 6,574.4 (down 5.4%) [2]. - The company plans to enhance store management systems to improve key performance indicators for dealers [2]. International Sales - FY2025 international sales revenue was HKD 6.666 billion, with North America contributing HKD 4.420 billion (up 3.2%) and Europe and other regions contributing HKD 1.469 billion (up 22.9%) [3]. - The gross margin for international sales was 41.5%, an increase of 4.4 percentage points year-on-year [3]. - Sofa sales in North America reached 702,500 units (up 10.6%), while European sales reached 181,000 units (up 23.3%) [3]. - The report indicates that the company's production capacity in Mexico and Vietnam is sufficient to cover the US market, with minimal tariff impact [3]. Profitability and Shareholder Returns - The company's gross margin and net profit margin for FY2025 were 40.5% and 13.9%, respectively, both showing year-on-year improvements [3]. - The dividend payout ratio for FY2025 was 50.8%, reflecting a commitment to high shareholder returns [3]. - The report notes that selling and administrative expense ratios were 22.6%, a decrease of 0.6 percentage points year-on-year, indicating stable expense management [3].

Investment Rating - The report suggests a cautious subscription for the company [4] Core Insights - The company focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases. It has developed a core product, Tinengotinib (TT-00420), and established a pipeline of five clinical-stage candidates and one preclinical candidate [2] - Tinengotinib is a unique multi-target kinase (MTK) inhibitor targeting three key pathways (FGFR/VEGFR, JAK, and Aurora kinases) and is currently undergoing two pivotal/registration clinical trials for cholangiocarcinoma (CCA) patients who have progressed after FGFR inhibitor treatment [2] - The global CCA drug market is projected to reach USD 2 billion by 2024, with a CAGR of 16.2% from 2019 to 2024, and expected to grow to USD 4.6 billion by 2030 [3] - The company is a leader in its niche, with Tinengotinib being the first and only FGFR inhibitor in the registration clinical stage for treating recurrent or refractory CCA patients [3] - The company is currently in the R&D phase with no main revenue, projecting a total loss of RMB 275 million for 2024 and R&D expenses of RMB 244 million. It is actively expanding into international markets and has established partnerships with several international pharmaceutical companies [4]

Investment Rating - The report assigns an investment rating of "Outperform" for Chow Tai Fook, expecting a relative return exceeding the benchmark index by more than 10% over the next 12-18 months [20]. Core Insights - Chow Tai Fook's revenue for FY2025 was HKD 89.66 billion, a year-on-year decrease of 17.5%, primarily due to weak macroeconomic conditions and gold price fluctuations affecting consumer spending [2][8]. - Despite the revenue decline, the company achieved a gross profit margin increase of 5.5 percentage points to 29.5%, and operating profit rose by 9.8% to HKD 14.75 billion, benefiting from high gold prices and optimized product mix [2][8]. - The management anticipates revenue recovery in FY2026, projecting single to mid-single-digit growth, with same-store sales also expected to improve [2][8]. Revenue and Profitability - The net profit attributable to the parent company decreased by 9.0% to HKD 5.92 billion, mainly due to revaluation losses on gold lending contracts [2][8]. - Chow Tai Fook plans to distribute a final dividend of HKD 0.32 per share, with an annual payout ratio of 87.8%, reflecting strong capital return capabilities [2][8]. Same-Store Sales Performance - Same-store sales faced pressure, with a decline of 19.4% in the mainland market and 26.1% in Hong Kong and Macau for FY2025 [3][9]. - However, there was a notable improvement in the second half of FY2025, with Hong Kong and Macau markets showing a retail sales growth of 6.3% year-on-year in early FY2026 [3][9]. Product Mix and Pricing Strategy - The contribution of priced gold products significantly increased, with a year-on-year revenue growth of 105.5%, while revenue from priced gold products dropped by 29.4% due to gold price fluctuations [4][10]. - The share of retail sales from priced gold products reached 18.6%, up 8.9 percentage points year-on-year, indicating a successful shift in product strategy [4][10]. Store Network Optimization - As of FY2025, Chow Tai Fook operated 6,274 stores in Mainland China, with plans to add 20 new image stores and expand into markets like Singapore and Canada in FY2026 [5][12]. - The company closed 896 stores in Mainland China during FY2025 but opened new image stores in key cities, enhancing its retail presence [5][12].

理想汽车-W(02015) 报告日期：2025 年 06 月 13 日 全新产品周期扬帆，AI 征程启航 ——理想汽车深度报告 投资要点 ❑ 盈利预测与估值： 我们预测 2025 年/2026 年 L 系列销量分别为 51.3 万/50.8 万辆；纯电系列销量为 8.5 万辆/22.9 万辆；预计 2025-2027 年公司总营收分别为 1700.09/2255.53/2907.42 亿元人民币，归母净利润为 89.89/149.26/195.33 亿元，同比增速为 11.9%、 66.1%、30.9%。我们参考可比公司 2026 年平均 PE 为 37 倍，给予理想汽车 2026 年 30 倍估值，并按照 8%折至 2025 年，对应公司目标价为 209.37 港币/股。给予 "买入"评级。 ❑ 风险提示 竞争加剧引发价格战的风险、纯电系列销量不及预期风险、严重的车祸事故引发 的舆论风险。 证券研究报告 | 公司深度 | 乘用车 目前真正跟理想一起在同一价格带拿份额的仅问界，以及潜在的竞争对手小米。 而问界、小米和理想目前均锚定不同的客户群，问界产品定义更偏商务，小米产 品定义更偏个人，而理想产品定义更偏家 ...

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of HKD 16.00 [7][8]. Core Insights - The company reported FY25 revenue of HKD 896.6 billion, a decrease of 17.5% year-on-year, while operating profit increased by 9.8% to HKD 147.5 billion, and net profit attributable to shareholders was HKD 59.2 billion, down 9.0% but above expectations due to product structure optimization and rising gold prices [1][2][4]. - Same-store sales in mainland China and Hong Kong/Macau showed a decline of 2.7% and an increase of 1.3% respectively in April-May 2025, indicating a narrowing decline in mainland sales by 10.5 percentage points compared to the previous quarter [1][2]. - The company is focusing on optimizing its product structure, with the retail sales of gold in mainland China accounting for 19.2%, up 12.2 percentage points year-on-year, and the introduction of high-end jewelry series to enhance brand image and profitability [2][3]. Summary by Sections Financial Performance - FY25 revenue was HKD 896.6 billion, down 17.5% year-on-year, while net profit was HKD 59.2 billion, down 9.0% [1][12]. - The gross profit margin improved to 29.5%, an increase of 5.5 percentage points year-on-year, driven by a higher proportion of high-margin products and rising gold prices [2][16]. Store Network and Brand Strategy - The company closed 892 underperforming stores and opened new stores in high-potential areas, ending FY25 with 6,274 stores in mainland China and 149 in Hong Kong/Macau [3]. - New image stores in key cities have shown better sales performance compared to regular stores, with plans to open 20 new image stores in FY26 [3]. Profit Forecast and Valuation - The net profit forecast for FY26 and FY27 has been raised by 22% and 27% to HKD 76.3 billion and HKD 83.6 billion respectively, with an introduction of FY28 profit forecast at HKD 92.3 billion [4][6]. - The target price is set at HKD 16.00 based on a PE ratio of 21 times for FY26, reflecting the company's potential to benefit from increased industry concentration amid heightened competition [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 27.01 billion yuan for FY2025, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.29 billion yuan, down 41.9%, which met expectations. The second half of FY2025 recorded a revenue of 13.96 billion yuan, a decline of 5.4%, and a net profit of 410 million yuan, down 52.9%. The total dividend for the year was approximately 1.7 billion yuan, with a dividend yield of 135%, exceeding expectations, primarily due to cash flow performance significantly outpacing net profit [2][4]. Summary by Sections Financial Performance - For FY2025, the company reported total revenue of 27.01 billion yuan, a decrease of 6.6% year-on-year, and a net profit of 1.29 billion yuan, down 41.9%. The second half of FY2025 saw revenue of 13.96 billion yuan, a decline of 5.4%, and a net profit of 410 million yuan, down 52.9%. The annual dividend was around 1.7 billion yuan, with a dividend yield of 135%, attributed to strong cash flow performance [2][4]. Profitability and Cost Management - The company's gross margin for FY2025 decreased by 3.4 percentage points to 38.4%, mainly due to increased discounting and a higher proportion of online sales. The selling and administrative expense ratios were 29.4% and 3.7%, respectively, benefiting from a 1.3% reduction in rental costs. The company closed approximately 1,100 stores, resulting in a total of 5,020 stores, which improved operational efficiency [8]. Inventory and Cash Flow - The company significantly optimized its inventory, with inventory turnover days decreasing by 1 day to 135 days and inventory down 4.5% year-on-year to 6 billion yuan. Operating cash flow increased by 20% year-on-year to 3.76 billion yuan, while accounts receivable decreased by 600 million yuan to 750 million yuan [8]. Future Outlook - The company is expected to face revenue pressure in FY2026 due to store closures and cautious procurement. The overall revenue is projected to decline, with net profit estimates for FY2026 and FY2027 at 1.32 billion yuan and 1.42 billion yuan, respectively, corresponding to P/E ratios of 12.57X and 11.74X [10].

证券研究报告 | 年报点评报告 gszqdatemark 2025 06 13 年 月 日 周大福（01929.HK） 产品结构优化效果显著，FY2025 经营利润增长 10% 公司 FY2025 营收同比下降 18%，经营利润同比增长 10%，利润 率改善明显。公司披露 FY2025 年报，由于消费环境波动以及金价高 企，公司营收同比下降 17.5%至 896.56 亿港元，与此同时受益于产 品结构优化以及金价上行带来的收益，公司经营利润率同比提升 4pcts 至 16.4%，经营利润同比增长 9.8%至 147.46 亿港元，整体表 现优异，综合考虑黄金借贷公允价值变动的影响后，归母净利润同比 下降 9%至 59.16 亿港元。董事会建议派发末期股息每股 0.32 港元， 全年股息每股共 0.52 港元，2025 财政年度全年派息率约为 87.8%。 邮箱：wangjiawei@gszq.com 相关研究 内地：FY2025 内地营收下降 17%，公司持续优化渠道网络，同时 推动产品力提升。FY2025 中国内地营收同比下降 16.9%至 745.56 亿 港元，其中零售/批发渠道营收同比-16%/-17 ...

证券研究报告 | 公司点评报告 2025 年 06 月 13 日 周大福（01929.HK） FY25 盈利能力提升，4-5 月经营表现持续改善 消费品/轻工纺服 公司发布 FY25 财报及 2025 自然年 4-5 月经营数据：FY25 收入 896.6 亿港元， 同比-17.5%；净利润 59.2 亿港元，同比-9.0%；计划 FY25 年派息 0.52 港元/ 股，派息率 87.8%。受益于金价上涨及产品结构改善，FY25 公司利润率改善。 2025 自然年 4-5 月零售额及同店销售表现继续好转，整体零售值-1.7%，内地 同店-2.7%，港澳同店+1.3%。预计公司 FY2026-FY2028 净利润规模分别为 70.90 亿港币、81.66 亿港币、91.52 亿港币，同比+20%、+15%、+12%，当 前市值对应 FY26PE 为 17X，维持"强烈推荐"评级。 ❑ 公司发布 2025 财年业绩公告。FY25 公司实现收入 896.6 亿港元，同比 -17.5%；净利润 59.2 亿港元，同比-9.0%。公司计划 FY25 全年派息 0.52 港 元/股，派息率 87.8%，维持较高水平。收入 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [4][15][6]. Core Insights - The company reported a revenue of HKD 89.66 billion for FY2025, a decrease of 17.5% year-on-year, while the profit attributable to shareholders was HKD 5.916 billion, down 9.0% year-on-year [1][5]. - The overall gross margin increased by 5.5 percentage points to 29.5% in FY2025, primarily due to rising gold prices and an increase in the proportion of fixed-price products [2]. - The company has successfully implemented a transformation strategy, with a net reduction of 905 stores, while launching differentiated product series that have gained consumer popularity [3]. Revenue and Profit Forecast - The company has adjusted its profit forecasts upward for FY2026 and FY2027 by 11% and 10% respectively, now projecting profits of HKD 6.924 billion and HKD 7.734 billion [4]. - The report also introduces a new forecast for FY2028, estimating a profit of HKD 8.232 billion [4]. Store Performance and Strategy - As of March 31, 2025, the total number of stores was 6,644, with a net decrease of 905 stores compared to the previous year [3]. - The company has focused on optimizing store quality and has seen improvements in same-store performance, with a narrowing decline in same-store sales over three consecutive quarters [4]. Financial Metrics - The report provides a summary of key financial metrics, including a projected revenue growth rate of 5.32% for FY2026 and a profit growth rate of 17.04% for the same period [5]. - The earnings per share (EPS) is projected to increase from HKD 0.59 in FY2025 to HKD 0.69 in FY2026 [5].

证券研究报告 | 2025年06月13日 OSL 集团（00863.HK） 优于大市 净利润首度转正，外延收购加速全球扩张 核心观点 公司研究·海外公司财报点评 传媒·数字媒体 | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | | --- | --- | | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cnchenyaorong@guosen.com.cn | | | S0980517060002 | S0980523100001 | | 基础数据 | | | 投资评级 | 优于大市(首次) | | 合理估值 | | | 收盘价 | 12.76 港元 | | 总市值/流通市值 | 7992/7992 百万港元 | | 52 周最高价/最低价 | 13.30/4.16 港元 | | 近 3 个月日均成交额 | 18.61 百万港元 | 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 2024 年公司业绩首度转正。1）公司是目前亚洲唯一上市的持牌合规虚拟资 产交易所，提供大宗经纪服务、数字资产托管服务、电子交易平台，并为机 构客户 ...