Investment Rating - The report maintains a "Buy" rating for NIO-SW (09866.HK) [5] Core Views - The company achieved revenue of 19.01 billion yuan in Q2 2025, a year-on-year increase of 9.0%, and a gross profit of 1.90 billion yuan, up 12.4% year-on-year, with a gross margin of 10% [1][5] - The net loss narrowed to 4.99 billion yuan, a decrease of 1.0% year-on-year [1] - The gross margin is steadily recovering, with Q2 gross margin at 10.0%, up 0.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1] - The company expects Q3 2025 vehicle deliveries to be between 87,000 and 91,000 units, representing a year-on-year growth of approximately 40.7% to 47.1% [2] Financial Performance - In Q2 2025, the automotive sales revenue was 16.14 billion yuan, a year-on-year increase of 2.9%, driven by an increase in delivery volume [2] - The company delivered 72,000 vehicles in Q2 2025, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [2] - The report forecasts revenues of 99.01 billion yuan, 133.00 billion yuan, and 148.68 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51%, 34%, and 12% [3][4] Key Data - The projected net profit for 2025 is -16.17 billion yuan, with a year-on-year growth rate of 28.62% [4] - The earnings per share (EPS) for 2025 is estimated at -7.14 yuan [4] - The price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.00, 0.75, and 0.67 respectively [3][4]

研究报告 Research Report 8 Sep 2025 固生堂 Gushengtang (2273 HK) 25H1 收入和利润稳健增长，关注名医 AI 分身上线及海外扩张 Revenue and profit maintained steady growth in 25H1; focus on the AI avatar for doctors and overseas expansion. [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$32.76 目标价 HK$67.35 HTI ESG 4.0-5.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$7.73bn / US$0.99bn 日交易额 (3 个月均值) US$8.10mn 发行股票数目 236.02mn 自由流通股 (%) 62% 1 年股价最高最低值 HK$48.50-HK$26.25 ...

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" with a target price not specified [6][15]. Core Views - The report indicates that short-term competition is putting pressure on profits, but there is optimism for long-term profitability recovery due to efficiency advantages [5]. - Meituan's core local business revenue for Q2 2025 was 653.5 billion yuan, which was below Bloomberg consensus expectations by 3.3% [1]. - New business revenue reached 264.9 billion yuan, exceeding Bloomberg consensus expectations by 2.1% [4]. Summary by Sections Overall Performance - In Q2 2025, Meituan reported total revenue of 918.4 billion yuan, which was 2.0% lower than Bloomberg consensus expectations. EBIT was 2.3 billion yuan, falling short of expectations by 97.2%. Adjusted net profit was approximately 14.9 billion yuan, also below expectations by 84.8% [1]. Core Local Business - The core local business faced competitive pressures, resulting in lower-than-expected revenue and profit. Revenue was 653.5 billion yuan, with delivery service revenue at 236.6 billion yuan, commission revenue at 249.5 billion yuan, and online marketing revenue at 135.5 billion yuan. Operating profit was 37.2 billion yuan, which was below expectations by 69.0% [1]. Food Delivery - The company expanded its user base and improved core user engagement and transaction frequency. Collaborations with restaurant merchants led to innovations that benefited both small and chain restaurants. The Meituan Flash Purchase service saw strong growth in order volume and total transaction value [2]. In-store and Travel - Meituan is expanding into new categories and innovating supply models while penetrating lower-tier markets. The company is enhancing digital transformation and standardization for merchants, providing integrated solutions to improve operational efficiency [3]. New Business - New business revenue was 264.9 billion yuan, with an operating loss of 1.88 billion yuan, which was better than expectations. The company is optimizing its grocery retail strategy and expanding its overseas presence with Keeta [4]. Investment Recommendations - The report suggests that while short-term competition may impact profit performance, Meituan's strong merchant base and user reviews provide a solid competitive moat. Future profitability in the core local business is expected to improve, and new businesses are anticipated to continue narrowing losses. Revenue projections for 2025-2027 are 3700 billion, 4356 billion, and 4939 billion yuan respectively, with net profits of 9 billion, 216 billion, and 465 billion yuan [5].

研究报告 Research Report 8 Sep 2025 海吉亚 Hygeia Healthcare (6078 HK) 25H1 经营业绩环比相对企稳，现金流显著改善 25H1 operating performance remained relatively stable, with cash flow showing significant improvement. [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$14.58 目标价 HK$35.17 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.02bn / US$1.16bn 日交易额 (3 个月均值) US$14.66mn 发行股票数目 618.50mn 自由流通股 (%) 54% 1 年股价最高最低值 HK$26.20-HK$12.48 注：现价 HK$14 ...

Investment Rating - The report maintains a "Recommended" rating for Yihai International (01579.HK) with a target price of HKD 18.68 [2][8]. Core Views - Yihai International's resilience in third-party business is highlighted, with growth driven by B-end and overseas markets. The company reported a revenue of CNY 2.927 billion (flat year-on-year) and a net profit of CNY 310 million (up 0.4% year-on-year) for the first half of 2025 [2][8]. Financial Performance Summary - **Revenue and Profitability**: The company achieved total revenue of CNY 2.927 billion, with a net profit margin of 10.6% (down 0.6 percentage points year-on-year). Operating profit was CNY 430 million (up 4.0% year-on-year) [2][8]. - **Earnings Per Share**: The earnings per share (EPS) for the period was CNY 0.319, reflecting a year-on-year increase of 0.4% [2][8]. - **Dividend**: The interim dividend declared was CNY 0.3107 per share, representing a payout ratio of approximately 89% [2][8]. Revenue Structure and Growth Drivers - **Revenue Composition**: The revenue structure has shifted, with third-party revenue reaching CNY 2.064 billion (70.5% of total revenue, up 6.5% year-on-year). B-end restaurant client revenue surged by 131.7% to CNY 155 million, driven by customized products and new client acquisition [8]. - **Sales Channels**: Distributor channel revenue was CNY 1.727 billion (up 2.1% year-on-year), benefiting from refined management and new product penetration. Revenue from related parties was CNY 864 million (29.5% of total revenue, down 12.7% year-on-year) due to reduced demand from partners like Haidilao [8]. Cost Management and Margins - **Gross Margin**: The gross margin for the first half of 2025 was 29.5% (down 0.5 percentage points year-on-year), primarily due to declining margins from related parties and an increase in low-margin B-end products [8]. - **Expense Control**: The company managed expenses effectively, with a logistics cost increase leading to a distributor expense ratio of 12.6% (up 0.6 percentage points year-on-year). Advertising and marketing expenses decreased by 35.4% year-on-year, partially offsetting cost pressures [8]. Future Outlook - **Growth Potential**: The report indicates that B-end customized services and overseas market expansion are expected to drive future growth. The company has a robust cash reserve of CNY 1.52 billion and a low debt ratio of 13.5%, indicating a solid financial structure [8]. - **Earnings Forecast**: The projected EPS for 2025, 2026, and 2027 is CNY 0.74, CNY 0.81, and CNY 0.86, respectively, with corresponding price-to-earnings ratios of 16.5, 15.1, and 14.1 [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Viewpoints - In the first half of 2025, the company achieved revenue of 1.223 billion, a year-on-year decrease of 2.9%, while the net profit attributable to shareholders was 108 million, a year-on-year increase of 228.0% [2][4] - As of the end of June 2025, the total number of stores reached 2,864, including 1,573 self-operated stores and 1,291 franchised stores, covering 292 cities across 28 provinces, autonomous regions, and municipalities in China [2][4] - The average store efficiency for self-operated stores improved by 11.6% year-on-year, while the average revenue contribution per franchised store increased by 13.8% [8] - The company implemented four core strategies to enhance store efficiency: empowering staff, deepening private domain marketing, comprehensive traffic attraction, and extending operating hours [8] - The company reduced the number of stores by 167 in the first half of 2025, with self-operated stores decreasing by 9.3% and franchised stores decreasing by 25.0% year-on-year [8] - The gross profit margin increased by approximately 3.2 percentage points to 58.6% year-on-year, driven by improved store operation quality and supply chain efficiency [8] - Revenue from channels other than self-operated, franchised, and online sales grew by 27.5% year-on-year, indicating new growth points in retail and overseas channels [8] - The company forecasts net profits attributable to shareholders of 200 million, 230 million, and 266 million for 2025, 2026, and 2027, respectively, corresponding to current price-to-earnings ratios of 22, 19, and 17 [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - In August 2025, the company sold 29,000 vehicles, representing a year-on-year decline of 40.7% and a month-on-month decline of 7.2%. The company has a clear product planning and continues to optimize its direct sales channel structure, with the "dual-energy strategy" expected to further enhance its advantages, indicating a broad future sales potential [2][4][6]. Summary by Sections Sales Performance - In August 2025, the company achieved sales of 28,529 vehicles, down 40.7% year-on-year and down 7.2% month-on-month. Cumulatively, from January to August, total sales reached 263,000 vehicles, a year-on-year decline of 8.6%. Weekly sales data shows fluctuations, with the highest weekly sales reaching 0.76 million vehicles in the 34th week [4][6][8]. Future Outlook - The company expects September sales to range between 31,000 to 36,000 vehicles, with a year-on-year decline of 42.8% to 33.5%, but a month-on-month increase of 7.8% to 25.3%. The MEGA production capacity is anticipated to exceed 3,500 vehicles, and the i6 model is set to launch in September, which is expected to open up new customer segments [6][8]. Product and Technology Development - The company continues to lead in intelligent driving technology, with ongoing iterations expected to benefit from the accelerating penetration rate in the industry. The upcoming new models will enhance the product matrix and overall sales potential. The projected net profits for 2025-2027 are estimated at 3.14 billion, 8.48 billion, and 12.61 billion yuan, with corresponding PE ratios of 57.8X, 21.4X, and 14.4X [6][8]. Infrastructure and Channel Expansion - As of August 2025, the company has established 3,190 supercharging stations and 17,597 charging piles, with plans to reach 4,000 supercharging stations by the end of the year. The company has also expanded its retail and service network, with 543 retail centers and 536 service centers across 156 and 222 cities, respectively [6][8].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In August 2025, the company delivered 37,709 vehicles, representing a year-on-year increase of 168.7% and a month-on-month increase of 2.7%. Cumulatively, from January to August 2025, the company delivered 272,000 vehicles, a year-on-year increase of 251.8% [2][4][8]. - The launch of new models, including the MONA M03 and P7+, is expected to drive sales growth. The company is anticipated to maintain strong sales momentum due to a robust new vehicle cycle and improvements in its marketing and distribution channels [2][8]. - The company is projected to achieve a revenue of 196-210 billion CNY in Q3 2025, reflecting a year-on-year growth of 94.0%-107.9%. The anticipated delivery volume for Q3 is between 113,000 and 118,000 vehicles, which is a year-on-year increase of 142.8%-153.6% [8]. Summary by Sections Sales Performance - In August 2025, the company achieved a record monthly delivery of 37,709 vehicles, with significant contributions from the MONA M03, which delivered over 15,000 units. The new P7 model launched on August 27, 2025, saw over 10,000 pre-orders within 7 minutes, setting a new record for the company [2][8]. Future Outlook - The company expects to continue its strong sales trajectory with multiple new models set to launch in the coming quarters. The G6 and G9 models have already gained significant market traction, and the company plans to introduce a new generation P7 in Q3 2025 [8]. Financial Projections - The company anticipates achieving a revenue of 928 billion CNY for the year 2025, with a price-to-sales ratio of 1.6X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [8].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The current industry is at the historical bottom of the raw milk cycle, and the company's performance reflects the pressure from low milk prices. The company's earnings elasticity may come from the resonance of the "milk and meat" dual cycles, as the price of culled cattle (beef cattle) has entered an upward cycle, thereby reducing impairment losses on biological assets. With the industry's capacity reduction and the bottoming out of raw milk prices, the company is expected to see profit improvement in the second half of 2025 [2][8]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved revenue of 6.073 billion yuan, a year-on-year decrease of 5.4%. The net profit attributable to shareholders recorded a loss of 913 million yuan, compared to a loss of 228 million yuan in the same period last year. The loss pressure mainly came from the fair value changes of dairy cows, which resulted in a loss of 1.823 billion yuan, an increase of 58.4% year-on-year. The cash EBITDA was 1.477 billion yuan, a slight decrease of 2.5% year-on-year, while the net cash generated from operating activities was 490 million yuan, a year-on-year increase of 23.3% [4][5]. Raw Milk Business - The raw milk business revenue was 5.069 billion yuan, a slight decrease of 0.8% year-on-year. The comprehensive breeding solution business (feed, digital platform, etc.) revenue was 1.004 billion yuan, a year-on-year decrease of 23.2%, mainly due to the company's proactive adjustment of sales strategy to control risks and focus on high-quality customers [5]. Cost Control and Efficiency - During the industry's price decline, the company's raw milk business demonstrated strong operational resilience. The average selling price of raw milk decreased by 10.1% to 3.29 yuan/kg, which is lower than the industry average decline of 11.66%. Benefiting from the expansion of herd size and improved yield efficiency, the total sales volume of raw milk increased by 10.3% to 1.542 million tons, offsetting some of the revenue decline due to price drops. The average unit cost of milk decreased to 2.32 yuan/kg (from 2.58 yuan in the same period last year), with core feed costs significantly reduced by 11.4% to 1.79 yuan/kg. The company's excellent cost control allowed the raw milk business gross margin to remain stable at a high level of 30.2%, compared to 30.3% in the same period last year [6]. Herd Structure Optimization - The pressure on the company's performance in the first half of 2025 was mainly due to the loss of 1.823 billion yuan from the fair value changes of biological assets, which is related to the company's proactive culling of low-yield and inefficient cattle and the reduction in cattle valuation. This short-term impact on the profit statement lays a solid foundation for long-term development. The herd structure has improved, with the proportion of dairy cows in the total herd increasing by 3.5 percentage points to 54.1%, leading to higher production efficiency. The average annual yield per dairy cow reached a record high of 13.2 tons, a year-on-year increase of 1.5% [7]. Market Outlook - The current industry is at the historical bottom of the raw milk cycle, and the company's performance reflects the pressure from low milk prices. The company's earnings elasticity may come from the resonance of the "milk and meat" dual cycles, as the price of culled cattle (beef cattle) has entered an upward cycle, thereby reducing impairment losses on biological assets. With the industry's capacity reduction and the bottoming out of raw milk prices, the company is expected to see profit improvement in the second half of 2025 [2][8].

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company experienced a revenue decline of 9.4% year-on-year in the first half of 2025, with total revenue reaching 9.15 billion yuan and a net profit of 1.03 billion yuan, down 46% [1][2] - The decline in revenue is attributed to competitive pressures in the industry, consumer subsidies for childbirth, and inventory reduction efforts [2] - The gross margin decreased to 61.6%, down 6.3 percentage points, primarily due to an increased proportion of sales from raw milk products [3] - The company has a strong commitment to shareholder returns, distributing a mid-term dividend of 1 billion yuan, representing a 100% payout ratio [4] Financial Summary - Revenue projections for 2025-2027 are 19.04 billion, 19.99 billion, and 20.83 billion yuan, with year-on-year changes of -8.2%, +5.0%, and +4.2% respectively [5] - The forecasted net profit for the same period is 2.31 billion, 2.60 billion, and 2.98 billion yuan, with year-on-year changes of -35.4%, +13.0%, and +14.6% respectively [5] - The company’s earnings per share (EPS) for 2025 is projected at 0.25 yuan, with a price-to-earnings (P/E) ratio of 15.71 [7]