Investment Rating - The report maintains a Buy rating for CR Beverage with a target price of HK$11.87, reflecting an 8% decrease from the previous target price of HK$12.85 [1][3]. Core Insights - The forecast for CR Beverage's FY25E net profit is a decline of 35.5% to RMB1.06 billion, with a more significant drop expected in the second half of FY25E due to large marketing contracts and increased supply chain investments [1]. - The company is expected to experience pressure release in 2025, with better growth anticipated during the 15th Five-Year Plan period, potentially starting as early as 2026 [1][9]. - Key positive developments include the appointment of a new Chairman with extensive experience expected to drive significant reforms, particularly in sales [1][9]. - The company is considering increasing its dividend payout ratio in light of weaker performance in 2025 [1][9]. Financial Summary - Revenue for FY25E is projected at RMB11.46 billion, a decrease of 15.2% year-on-year, with a recovery expected in FY26E with 8.3% growth [2][10]. - Net profit for FY25E is expected to be RMB1.06 billion, down from RMB1.64 billion in FY24A, with a recovery to RMB1.29 billion in FY26E [2][10]. - The company's P/E ratio for FY25E is projected at 17.9x, with a decrease in net profit margin to 9.2% [2][10]. Market Position and Share Performance - CR Beverage's market capitalization is approximately HK$24.46 billion, with a current share price of HK$10.20, indicating a potential upside of 16.4% to the target price [3][4]. - The company's packaged water market share has stabilized, showing slight growth at the end of Q3 [9]. - The share performance over the past six months has seen a decline of 21.5% [6].

股票研究 /[Table_Date] 2026.01.27 生态与行业场景深耕，AI 驱动收入增长 AI 需求强劲，AI 智算云市场高速增长，公司大力投入 AI 业务，AI 已成公司增长 核心引擎。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,047 | 7,785 | 9,510 | 11,685 | 14,338 | | (+/-)% | -13.8% | 10.5% | 22.1% | 22.9% | 22.7% | | 毛利润 | 850 | 1,341 | 1,474 | 1,986 | 2,581 | | 归母净利润 | -2,176 | -1,967 | -942 | -759 | -717 | | (+/-)% | 18.1% | 9.6% | 52.1% | 19.4% | 5.5% | | PE | -9.74 | -11.01 | -28.61 | -35.50 | -37.55 | | PB | 3.28 | 4 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Cloud (3896.HK) [6] Core Views - The cloud service industry is expected to undergo a valuation reshaping, driven by strong AI demand and cost pressures, leading to an imminent price increase across the sector [2] - Kingsoft Cloud is positioned to benefit from its unique ecosystem, particularly through its strategic partnership with Xiaomi, which enhances its AI capabilities and revenue potential [3] - The company is projected to achieve a revenue of 27 billion CNY in Q4 2025, representing a 22% year-on-year growth and a 10% quarter-on-quarter increase, primarily fueled by AI-driven public cloud business growth [1] Financial Projections - Revenue forecasts for Kingsoft Cloud have been revised upwards for 2026 and 2027 to 121 billion CNY and 140 billion CNY respectively, reflecting an increase of 9% and 11% [4] - The expected revenue growth rates are 22.3% for 2025 and 26.6% for 2026, with a projected revenue of 9.522 billion CNY in 2025 and 12.060 billion CNY in 2026 [5] - The adjusted EBITDA margin is anticipated to be around 22% in Q4 2025, indicating sustained profitability [1] AI Business Growth - Kingsoft Cloud's AI business is entering a harvest phase, with expected revenue growth of 85% year-on-year in Q4 2025, reaching 8.8 billion CNY [3] - The company has established a comprehensive AI training and deployment platform, enhancing its service offerings and operational efficiency [3] - The AI revenue is projected to maintain high double-digit growth into 2026, supported by ongoing demand from various sectors [3]

越秀地产（0123.HK）2025 年业绩预告点评 调整阶段业绩下滑，聚焦核心财务稳健 glmszqdatemark 事件 2026 年 1 月 23 日公司发布 2025 年业绩盈利警告，全年预计实现归母净利润 0.5 亿元至 1 亿元，同比降幅约 90%至 95%；预计实现核心净利润 2.5 亿元至 3.5 亿元，同比降幅约 80%至 85%。 行业调整阶段毛利率下降，当期业绩同比下滑。 公司 2025 年归母净利润同比下降主要原因：①2025 年行业仍处于调整阶段，公 司售楼业务的结转毛利率同比有所下降；②2025 年公司结转项目结构出现阶段 性变动，导致 2025 年结转项目的平均权益占比较 2024 年有所下降。 销售规模维持行业前十，投资聚焦核心城市。 公司 2025 年实现销售金额 1062 亿元，同比-7.3%，排名行业第 9；销售面积 295 万方，同比-24.7%。据中指数据，公司 2025 年在大湾区销售金额 332 亿元，居 区域榜单第二。公司拿地聚焦核心城市，2025 年获取优质土地 23 宗，超过 90% 的拿地金额集中在北上广深、杭州及成都 6 个核心城市。 财务状况安全稳健，" ...

现制饮品国民品牌，高质平价、全球扩张 蜜雪集团(2097) 蜜雪集团首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读： 蜜雪集团是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 20,302 | 24,829 | 33,748 | 38,059 | 42,393 | | (+/-)% | 49.6% | 22.3% | 35.9% | 12.8% | 11.4% | | 毛利润 | 5,999 | 8,060 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][22] Core Viewpoints - The management's recent share buybacks demonstrate confidence in the company's future and stock price [3][4] - The company's new product series, PUCKY and Starry People, have shown strong demand, with sold-out status on official platforms and significant price premiums on secondary markets, indicating potential for IP value enhancement during the upcoming holiday season [3][5] - The company is expected to see substantial profit growth, with projected net profits for 2025-2027 at 120.2 billion, 170.5 billion, and 208.9 billion respectively, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% [3][10][15] Summary by Relevant Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, indicating a total buyback amount of approximately 347.9 million yuan [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on official websites, with price premiums on secondary markets ranging from 2-3 times for hidden versions and 70-200% for regular versions, suggesting strong market demand [3][5][9] Financial Projections - The company has revised its profit forecasts, expecting revenues of 356.2 billion, 512.5 billion, and 634.5 billion for 2025-2027, with corresponding year-on-year growth rates of 173.2%, 43.9%, and 23.8% [10][19] - The gross margin is projected to exceed 70% in the first half of 2025, with a steady gross margin of around 71% expected through 2027 [12][19]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][3] Core Views - The management's recent share buybacks demonstrate confidence in the company's future and stock price [4][3] - The company's new product series, PUCKY and Starry People, have sold out on official platforms and are trading at significant premiums on secondary markets, indicating strong IP potential [3][5] - The company is expected to see substantial profit growth, with net profits projected to reach 12.02 billion, 17.05 billion, and 20.89 billion for 2025-2027, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% respectively [3][10] Summary by Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, showing a total buyback of 3.47 billion yuan for 1.9 million shares [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on the official website, with hidden versions trading at premiums of 2-3 times and regular versions at 70-200% premiums [5][9] Financial Projections - The company has revised its profit forecasts, expecting net profits of 12.02 billion, 17.05 billion, and 20.89 billion for 2025-2027, with corresponding P/E ratios of 23, 16, and 13 [3][10] - Revenue projections for 2025-2027 are set at 35.62 billion, 51.25 billion, and 63.45 billion, with growth rates of 173.2%, 43.9%, and 23.8% respectively [10][19]

现制饮品国民品牌，高质平价、全球扩张 蜜雪集团(2097) 蜜雪集团首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读： 蜜雪集团是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 20,302 | 24,829 | 33,748 | 38,059 | 42,393 | | (+/-)% | 49.6% | 22.3% | 35.9% | 12.8% | 11.4% | | 毛利润 | 5,999 | 8,060 | ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨安踏体育（02020.HK） [Table_Title] 零售持续承压，后续指引谨慎 报告要点 [Table_Summary] 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比中 单增长，其他品牌零售流水同比增长 35%-40%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 安踏体育（02020.HK） cjzqdt11111 [Table_Title2] 零售持续承压，后续指引谨慎 [Table_Summary2] 事件描述 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比 中单增长，其他品牌零售流水同比增长 35%-40%。 事件评论 丨证券研究报告丨 2026-01-26 港股研究丨公司点评 ...

[Table_ReportType] 公司点评报告 [特Ta步bl国e_际Sto(c1k3A6n8d.RaHnKk)] 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘田田 纺织服饰行业分析师 执业编号：S1500525120001 邮箱：liutiantian@cindasc.com 公司研究 特步主品牌：核心跑步品类表现突出，冠军系列跑鞋销量翻倍，印证了其在 专业跑鞋领域的的产品力与市场认可度。同时，公司积极拓展户外赛道，产 品市场反应积极，有望培育新的增长点。四季度流水持平，但核心品类双位 数增长，结构优化。 索康尼：全年及四季度均录得超过 30%的高速增长，恢复势头强劲。其坚 持"百年跑鞋世家"及"双精英"定位的高端化策略成效显著，在重点马拉 松赛事穿着率跻身国际品牌前列，品牌影响力持续提升。公司计划线下启动 渠道升级并开设更大规模旗舰店，当前平均店效已约 45 万元/月，此举有望 进一步拉升品牌形象与单店产出。 渠道与运营：DTC 转型推进，电商与出海展现活力。公司持续优化渠道结 构与运营模式。DTC 转型稳步推进，2025Q4 已回收约 200 ...