Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7][19]. Core Insights - The company has demonstrated strong revenue growth, with a projected increase in operating income from 84.23 billion RMB in FY2023 to 130.8 billion RMB by FY2027, reflecting a compound annual growth rate (CAGR) of approximately 8% [7][19]. - The net profit attributable to shareholders is expected to grow from 9.6 billion RMB in FY2023 to 15.1 billion RMB in FY2027, with a steady growth trajectory [7][19]. - The company has successfully expanded its "super premium" store concept, with 126 stores opened by the end of 2025, exceeding expectations and contributing to its revenue growth [7][19]. - The company has maintained a stable discount rate of 7-7.1, indicating effective inventory management and pricing strategy [7][19]. - The introduction of new product lines and strategic marketing partnerships has enhanced brand visibility and sales performance, particularly in the running and basketball segments [7][19]. Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 84.23 billion RMB, 100.7 billion RMB, 111.8 billion RMB, 121.4 billion RMB, and 130.8 billion RMB, respectively, with corresponding growth rates of 21%, 20%, 11%, 9%, and 8% [7][19]. - Net profit forecasts for the same period are 9.6 billion RMB, 11.5 billion RMB, 12.6 billion RMB, 13.9 billion RMB, and 15.1 billion RMB, with growth rates of 29%, 20%, 10%, 10%, and 9% [7][19]. - The company's gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027, indicating efficient cost management [7][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth momentum with double-digit revenue growth, particularly in the fourth quarter of 2025, where both adult and children's apparel retail sales increased by approximately 10% year-on-year [7] - The expansion of super stores has exceeded expectations, with a total of 126 super stores opened by the end of 2025, including 21 children's clothing stores, contributing significantly to offline growth [7] - The company maintains a healthy inventory level with a stable discount rate, indicating robust operational performance [7] - Product innovation and enhanced marketing strategies are driving brand strength, with new product launches in running and basketball categories [7] - The company is also expanding its outdoor brand "One Way," which is expected to capitalize on the growing outdoor trend [7] - The financial forecasts indicate a steady increase in revenue and net profit, with projected net profits of 12.6 billion, 13.9 billion, and 15.1 billion RMB for FY2025, FY2026, and FY2027 respectively [6][18] Financial Data and Profit Forecast - Revenue projections are as follows: - FY2023: 84.23 billion RMB - FY2024: 100.7 billion RMB - FY2025E: 111.8 billion RMB - FY2026E: 121.4 billion RMB - FY2027E: 130.8 billion RMB - Net profit projections are as follows: - FY2023: 9.6 billion RMB - FY2024: 11.5 billion RMB - FY2025E: 12.6 billion RMB - FY2026E: 13.9 billion RMB - FY2027E: 15.1 billion RMB - The company’s gross margin is expected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [6][18]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [2]. Core Insights - The company has entered a value realization phase with its AI pharmaceutical platform, highlighted by the clinical trial approval of its drug RTX-117 for Charcot-Marie-Tooth disease, marking a significant milestone in its drug development pipeline [6]. - The innovative approach of RTX-117 targets the key mechanisms of the disease, demonstrating effective restoration of motor function in preclinical studies, thus validating the company's AI-driven drug development capabilities [6]. - The company has established a robust business model that integrates AI technology with a flexible commercial strategy, allowing for rapid drug development and a diversified revenue stream from collaborations with major pharmaceutical companies [6]. - The financial projections indicate substantial revenue growth, with expected revenues of RMB 785 million in 2025 and RMB 1.485 billion in 2027, alongside a path to profitability by 2027 [2][7]. Financial Projections - Revenue is projected to grow from RMB 266 million in 2024 to RMB 1.485 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 36.6% [2][7]. - The net profit attributable to shareholders is expected to improve from a loss of RMB 1.517 billion in 2024 to a profit of RMB 92 million in 2027, indicating a significant turnaround [2][7]. - The earnings per share (EPS) is forecasted to transition from -0.35 RMB in 2024 to 0.02 RMB in 2027, suggesting a positive shift towards profitability [2][7].

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1][6] Core Insights - The company reported a healthy growth in retail sales, with a 10% year-on-year increase in offline retail sales for both the main brand and children's clothing in Q4 2025. The e-commerce platform saw a high double-digit growth in retail sales [2][4] - The company has successfully expanded its premium store count to 126 by the end of 2025, with the first overseas premium store opening in Cambodia, indicating a significant step in international market expansion [5][6] - The average retail discount for new products in Q4 2025 was approximately 7-7.1 folds, and the inventory turnover ratio remained stable at 4.5-5 months [5] Financial Performance and Projections - The company’s revenue for 2025 is projected to be 11,367 million, with a year-on-year growth of 12.8%. The net profit is expected to reach 1,285 million, reflecting a growth of 11.9% [8][12] - Earnings per share (EPS) for 2025-2027 are forecasted at 0.62, 0.69, and 0.76 respectively, with corresponding price-to-earnings (P/E) ratios of approximately 8.4, 7.5, and 6.9 [6][12] - The gross margin is expected to remain stable at around 41.5% for the forecasted years [12]

Investment Rating - The investment rating for Alibaba-W (09988.HK) is "Outperform" [1][6][4] Core Views - The report anticipates a revenue growth of 2% year-on-year for 3QFY26, with an expected revenue of 285.8 billion yuan. The adjusted EBITA margin is projected to be 11.7%, reflecting a decline of 7.8 percentage points year-on-year [3][5] - The international digital commerce group and cloud intelligence revenue are expected to grow by 8% and 35% year-on-year, respectively, indicating continued acceleration in cloud revenue growth [3][10] - The report highlights the ongoing investment in AI and model training, which is expected to impact profitability in the short term but may enhance competitive positioning in the long run [11][22] Summary by Sections Financial Performance - For 3QFY26, Alibaba is projected to achieve a revenue of 285.8 billion yuan, with a year-on-year increase of 2%. The adjusted EBITA is expected to be 33.5 billion yuan, down 39% year-on-year [3][5] - The adjusted EBITA margin is forecasted at 11.7%, a decrease of 7.8 percentage points compared to the previous year [5][3] Cloud Business - The cloud segment is expected to see a revenue increase of 35% year-on-year in FY26Q3, with a stable EBITA margin. The Qwen model is anticipated to enhance the company's market share in overseas markets [10][11] E-commerce Performance - The e-commerce group's GMV is expected to grow by 3% year-on-year in FY26Q3, influenced by a weak retail environment. The report notes that the monetization rate is expected to align closely with GMV growth [19][21] - Instant retail is projected to incur losses of approximately 20-25 billion yuan, with a focus on maintaining market share through increased investment [21][22] Financial Forecasts - Revenue forecasts for FY2026-FY2028 have been slightly adjusted to 1,030.7 billion, 1,149.4 billion, and 1,275.1 billion yuan, reflecting a decrease of 1.5%, 2.8%, and 1.4%, respectively, due to a soft consumer environment [4][23] - Adjusted net profit forecasts for FY2026-FY2028 are revised to 101.6 billion, 135.4 billion, and 165.5 billion yuan, with adjustments of -9.1%, -6.6%, and -3.7% respectively [4][23]

Investment Rating - The report indicates a positive outlook for WuXi Biologics, suggesting that the company will outperform its peers in the biopharmaceutical CDMO sector in 2026 [5]. Core Insights - WuXi Biologics is expected to experience a reacceleration in growth in 2026, driven by three main catalysts: the growth momentum from dual/multi-antibody projects, a strong project intake in 2025 with a net addition of 128 projects, and a reduction in valuation pressure from geopolitical factors [5][8]. - The non-XDC business of WuXi Biologics is anticipated to accelerate in 2026, contrary to market expectations, returning the company to a multi-engine growth trajectory [6]. - The company’s dual/multi-antibody projects are projected to be a significant growth driver, with a 30% year-on-year increase in project numbers for 2025, outpacing the overall company growth rate of 16% [7]. Summary by Sections Company Overview - WuXi Biologics is a leading global contract research, development, and manufacturing organization (CRDMO) that provides end-to-end solutions to help partners develop biopharmaceuticals from concept to commercialization [10]. Financial Performance - As of January 9, 2026, the stock price is HKD 37.06, with a market capitalization of USD 19.65 billion. The average daily trading volume over the past three months is USD 138.43 million [13]. - The revenue breakdown shows that biopharmaceuticals account for 88.8% of total revenue, while WuXi XDC contributes 11.2% [11]. Growth Drivers - The report highlights that the strong project intake in 2025, with 128 new projects, sets a solid foundation for faster growth in 2026 compared to 2025 [5][8]. - The profitability outlook is favorable due to the optimization of the project structure towards complex dual/multi-antibody projects, which is expected to enhance profit margins [7].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The report highlights that Weimeng Group is a leading AI+SaaS service provider in China, with its product "Xingqi GEO" successfully commercialized. The company achieved total revenue of 775 million yuan in the first half of 2025, reflecting a year-on-year decline of 10.6%, but an adjusted revenue increase of 7.8% [1][4]. - AI-related revenue reached 34 million yuan in the first half of 2025, indicating a breakthrough in AI product offerings. The report anticipates that the GEO product will contribute significantly to performance by 2026 [1][4]. - The global GEO market is projected to grow significantly, with an estimated size of approximately 11.2 billion USD by 2025 and 100.7 billion USD by 2030. In China, the GEO market is expected to reach about 2.9 billion yuan by 2025 and 24 billion yuan by 2030 [2]. - The report emphasizes that Weimeng's GEO services have benefited clients across various industries, with significant improvements in AI visibility and advertising effectiveness [3]. Financial Summary - The financial projections for Weimeng Group indicate expected revenues of 1.57 billion yuan in 2025, 1.76 billion yuan in 2026, and 1.89 billion yuan in 2027, with corresponding net profits of -156 million yuan, -18 million yuan, and 74 million yuan respectively [5][10]. - The report notes a projected increase in customer numbers, customer stickiness, and ARPU (Average Revenue Per User) due to the successful implementation of AI products and GEO upgrades [4].

Investment Rating - The report assigns an "Outperform" rating to the company [6]. Core Insights - The company, Laopu Gold, is experiencing accelerated growth in its high-end gold jewelry retail business, with a projected revenue of 12.354 billion yuan for the first half of 2025, representing a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 286% [2][4]. - The brand's positioning as a high-end product with a focus on traditional craftsmanship is driving its growth, supported by a fully direct sales model and a significant increase in both offline and online sales channels [2][3]. - The demand for gold jewelry is expected to continue growing due to the rising fashion attributes of gold products and the increasing purchasing power of younger consumers [3][57]. Financial Performance - The company is projected to achieve a net profit of 4.84 billion yuan in 2025, with corresponding PE ratios of 22.4, 16.6, and 13.4 for the years 2025, 2026, and 2027 respectively [4][5]. - Revenue is expected to grow significantly, with estimates of 28.05 billion yuan in 2025, 37.25 billion yuan in 2026, and 45.20 billion yuan in 2027, reflecting a compound annual growth rate of 156% from 2022 to 2024 [5][19]. Market Positioning - Laopu Gold operates 41 stores across 16 cities, with a strong presence in high-end shopping centers, and has achieved a significant increase in average store revenue, which reached 207 million yuan in 2024, up 120.28% year-on-year [2][19]. - The company has successfully integrated product design, processing, and retail into a cohesive management system, allowing it to maintain a competitive edge in a market characterized by product homogeneity [3][67]. Consumer Trends - The report highlights a shift in consumer preferences towards gold jewelry that combines fashion and value retention, particularly among younger demographics, who are increasingly contributing to gold jewelry sales [3][55]. - The high-end consumer market remains resilient, with luxury brands showing strong performance, which bodes well for Laopu Gold's positioning in the market [57][64].

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [6] Core Insights - The company reported strong growth in Q4 2025, with adult apparel and children's apparel offline channel revenue both increasing by approximately 10%. E-commerce revenue recorded high double-digit growth, aligning with expectations [1] - The company is expected to achieve a revenue growth of 11.4% in 2025 and a net profit growth of 9.5%. The growth trend is anticipated to continue into 2026 [4] - The company has launched several flagship technology products across various sports categories, enhancing its market presence and meeting diverse consumer needs [2] Product Summary - In the running category, the company introduced the "Flying Burn 5" and "Flying Burn 5 FUTURE" shoes, along with upgraded models "Speed Float 3" and "Speed CQT 3". The basketball segment saw the launch of the second signature shoe for Jokic, "JOKER2", and Gordon's sixth signature shoe, "AG6" [2] - The company is also focusing on outdoor, women's fitness, and cross-training segments to cater to a wider audience [2] Brand Summary - The company has strengthened its brand influence by partnering with the Olympic Council of Asia and becoming the official supplier for the 2025 WTCC World Tennis Continental Championship [2] - The brand's ambassador, Li Zicheng, won championships at the Fuzhou and Tangshan marathons, showcasing the competitive edge of its professional racing gear [2] Channel Summary - The company has rapidly expanded its super stores, reaching a total of 126 in mainland China by December 31, 2025, contributing significantly to its growth [3] - The first overseas super store opened in Cambodia, marking a substantial step in the company's international retail strategy [3] - E-commerce revenue showed high double-digit growth, with a thousand stores joining Taobao Flash Sale, enhancing the integration of online and offline sales [3] Financial Projections - The company is projected to achieve a net profit of 1.258 billion yuan in 2025, with estimates of 1.397 billion yuan in 2026 and 1.571 billion yuan in 2027 [4] - The price-to-earnings (P/E) ratio for 2026 is expected to be 8 times, indicating a favorable valuation [4]

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [5] Core Insights - The company demonstrated strong growth resilience with a year-on-year increase of approximately 10% in offline retail sales for both the main brand and children's clothing in Q4 2025, maintaining the same growth rate as Q3 2025 [2] - E-commerce sales continued to outperform offline channels, with high double-digit year-on-year growth in Q4 [2] - The company is focused on brand building and has announced a new strategic partnership with the Olympic Council of Asia, showcasing its commitment to innovation and sustainability through product launches [3] - The company has accelerated its layout in instant retail, with over 1,000 stores joining Taobao Flash Purchase, and has opened its first overseas store in Cambodia [3] - Revenue projections for 2025-2027 indicate a growth of 13.8%, 11.1%, and 10.1%, reaching 11.47 billion, 12.74 billion, and 14.03 billion yuan respectively, with net profit expected to grow by 11.6%, 15%, and 10.3% [3] Financial Summary - For 2023, the company reported a revenue of 8,423.26 million yuan, with a year-on-year growth of 21.01%. Projections for 2024 and 2025 are 10,073.51 million yuan and 11,466.19 million yuan respectively, with growth rates of 19.59% and 13.83% [4] - The net profit attributable to the parent company for 2023 was 961.43 million yuan, with expected growth to 1,148.62 million yuan in 2024 and 1,281.74 million yuan in 2025, reflecting growth rates of 28.68% and 11.59% [4] - The earnings per share (EPS) is projected to increase from 0.47 yuan in 2023 to 0.56 yuan in 2024 and 0.62 yuan in 2025 [4]