Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company's Q3 performance is robust, with new car sales reaching 761,000 units, representing a year-on-year increase of 42.5% and a quarter-on-quarter increase of 8.1%. Total revenue for Q3 is 89.19 billion yuan, up 47.7% year-on-year and 14.7% quarter-on-quarter [1]. - The company has shown a strong ability to improve its product mix, driven by the growth in the new energy vehicle segment and a recovery in exports. However, the gross margin has slightly declined due to the increased proportion of new energy vehicles, which typically have lower margins compared to traditional fuel vehicles [2]. - The company is expected to maintain strong operational performance in Q4, with continued growth in the new energy segment and stable performance in traditional business lines [2][3]. Summary by Sections Financial Performance - In Q3, the company achieved a gross margin of 16.6%, with a year-on-year increase of 1.0 percentage points. The actual net profit attributable to the parent company for Q2 was 3.96 billion yuan, reflecting a year-on-year increase of 61.3% [1]. - For the first three quarters of 2025, the company sold 2.169 million new cars, a year-on-year increase of 45.6%, with total revenue of 239.48 billion yuan, up 26.4% year-on-year [1]. Cost and Expenses - The company’s sales, administrative, and R&D expense ratios for Q2 were 6.0%, 1.5%, and 4.9%, respectively, showing a slight decrease from the previous quarter [1]. - The report highlights that the company has maintained a stable expense structure, with expense ratios decreasing quarter-on-quarter [2]. Future Outlook - The company is expected to continue its upward trajectory, with new models like the Zeekr 9X and Galaxy M9 set to enhance the product lineup and improve profitability [2][4]. - The report projects net profits for 2025, 2026, and 2027 to be 16.6 billion, 19.68 billion, and 24 billion yuan, respectively, corresponding to PE ratios of 10.45, 8.81, and 7.24 [4].

研究报告 Research Report 18 Nov 2025 百胜中国-S Yum China Holdings (9987 HK) 2025 投资者日：创新与提效双轮驱动，目标 2030 年门店超 3 万家 2025 Investor Day: Driving Growth Through Innovation and Efficiency, Targeting Over 30000 Stores by 2030 [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$361.00 目标价 HK$423.20 HTI ESG 4.7-4.6-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$129.69bn / US$16.69bn 日交易额 (3 个月均值) US$29.51mn 发行股票数目 361.42mn 自由流通股 (%) 96% 1 年股价最高最低值 HK$ ...

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company reported a total revenue of HKD 8.241 billion for the fiscal year ending September 30, 2025, representing a year-on-year decrease of 2.7% [2] - The net profit attributable to the parent company was HKD 1.146 billion, showing a year-on-year increase of 0.6% [2] - The company plans to distribute an interim dividend of HKD 0.15 per share, with a payout ratio of 50.80% [2] Revenue Analysis - Domestic sales in China reached HKD 4.675 billion, down 6.0% year-on-year, but the decline has significantly narrowed compared to the previous year [3] - The company is focusing on optimizing its product mix and enhancing collaboration with distributors to improve sales performance [3] - The overseas market showed resilience, with North America generating HKD 2.161 billion in revenue, up 0.3% year-on-year, and Europe and other markets achieving HKD 0.765 billion, up 4.3% [3] Product Performance - Revenue from sofas and related products was HKD 5.550 billion, down 4.6% year-on-year, while bedding and related products saw a decline of 7.4% [4] - Other products, including smart furniture, generated HKD 0.931 billion, up 11.4% year-on-year, primarily due to growth in overseas sales [4] Profitability - The company's gross margin and net margin were 40.4% and 14.2%, respectively, reflecting increases of 0.9 percentage points and 0.5 percentage points year-on-year [5] - The improvement in profitability is attributed to effective cost control and a decrease in raw material costs [5] Investment Recommendations - The company is positioned in a large consumer market with significant growth potential, and there is optimism regarding the stability of domestic sales and the recovery of international sales [6] - Revenue forecasts for FY2026 to FY2028 are projected at HKD 17.352 billion, HKD 18.527 billion, and HKD 19.855 billion, respectively [6] - The expected earnings per share (EPS) for the same period are HKD 0.57, HKD 0.61, and HKD 0.65, with corresponding price-to-earnings (PE) ratios of 8, 8, and 7 times [7]

Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company plans to issue up to 800 million shares, representing no more than 11.52% of the post-issue share capital, and will list on the Shenzhen Stock Exchange [1][6] - The company is expected to achieve positive cash flow starting in 2024, with projected free cash flow of approximately 4 billion RMB, marking the first positive cash flow since 2003 [6] - The company is focusing on cost reduction and efficiency improvements, with a significant increase in dividends and expectations for value reassessment due to the upcoming share issuance [6] Financial Data and Valuation - Revenue projections for the company show a decline from 32,495 million HKD in 2023 to 29,397 million HKD in 2025E, with a year-on-year growth rate of -14%, -7%, and -3% respectively [2][10] - Operating profit is expected to decrease from 10,473 million HKD in 2023 to 8,138 million HKD in 2025E, with corresponding year-on-year growth rates of -1%, -17%, and -7% [2][10] - Net profit is projected to decline from 4,429 million HKD in 2023 to 3,337 million HKD in 2025E, with year-on-year growth rates of -4%, -24%, and -1% [2][10] - The company’s price-to-earnings (P/E) ratio is forecasted to be 9.1x in 2025, decreasing to 7.9x by 2027 [2][10] Shareholder Information - The major shareholder is China Everbright Group Co., Ltd., holding a 43.08% stake in the company [3] Market Performance - The company's stock price has shown an absolute performance increase of 46% over the past 12 months [5]

Investment Rating - The report maintains a "Buy" rating for InnoCare Pharma [8][16] Core Insights - InnoCare Pharma's revenue for the first three quarters of 2025 increased by 60% year-on-year, reaching RMB 1.12 billion, with a net loss of RMB 64 million, which is a 77% year-on-year reduction [5][12] - The company has raised its sales target for its key product, orelabrutinib, from over 35% year-on-year growth to over 40% for 2025, following strong sales performance [6][13] - The company has a robust pipeline for both liquid tumors and autoimmune diseases, with several products in various stages of development [7][14][15] Financial Performance - For the first three quarters of 2025, orelabrutinib sales reached RMB 1.01 billion, a 46% increase year-on-year, with third-quarter sales of RMB 373 million, reflecting a 35% year-on-year and 14% quarter-on-quarter growth [5][12] - Research and development expenses for the first three quarters of 2025 were RMB 676 million, a 10% increase year-on-year, while selling expenses rose by 41% to RMB 386 million [5][12] - As of September 2025, the company had approximately RMB 7.76 billion in cash on hand [5][12] Future Outlook - The company plans to submit a New Drug Application (NDA) for orelabrutinib for the treatment of ITP in the first half of 2026 and expects to read out phase IIb data for SLE by the end of 2025 [7][14] - InnoCare Pharma anticipates submitting 5-7 IND applications targeting malignant tumors and autoimmune diseases in 2026 [15]

Investment Rating - The investment rating for Tencent Holdings is "Buy" and is maintained [7]. Core Views - Tencent's Q3 2025 revenue reached 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Operating profit was 63.6 billion yuan, up 19% year-on-year. Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, an 18% increase year-on-year. Both revenue and adjusted net profit exceeded market expectations [2][4]. Revenue Breakdown - The revenue growth was driven by: 1. Strong performance from both new and existing games, with overseas game revenue and growth rates hitting record highs. Domestic game revenue grew 15% to 42.8 billion yuan, while overseas game revenue increased by 43% to 20.8 billion yuan, marking a record-breaking quarter [7]. 2. AI technology enhancements and strong internal demand led to accelerated growth in advertising revenue, which rose 21% year-on-year to 36.2 billion yuan [7]. 3. Recovery in commercial payments and AI-driven growth in cloud service revenue contributed to a 10% year-on-year increase in financial technology and enterprise service revenue, totaling 58.2 billion yuan [7]. R&D and Profitability - Tencent's R&D investment reached a record high, with Q3 R&D spending at 22.8 billion yuan, an increase of 28% year-on-year. The gross margin for Q3 was 56.4%, reflecting a year-on-year increase of 3.3 percentage points [7]. Capital Expenditure - Capital expenditure in Q3 decreased by 24% year-on-year to 13 billion yuan, accounting for approximately 10.7% of revenue for the first three quarters [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][7][15] Core Insights - The company has raised its 2025 sales target from a year-on-year growth of over 35% to over 40% due to strong sales performance of its key product, orelabrutinib, which saw a 46% year-on-year increase in sales to RMB 1.01 billion in the first three quarters of 2025 [4][5][12] - The company reported a revenue of RMB 1.12 billion for the first nine months of 2025, reflecting a 60% year-on-year growth, with a net loss of RMB 64 million, which is a 77% reduction compared to the previous year [4][11] - The company has a robust pipeline in both oncology and autoimmune diseases, with several products in various stages of development, including orelabrutinib and ICP-332 [5][6][13][14] Financial Performance - For the first three quarters of 2025, the company recorded a revenue of RMB 1.12 billion, with a net loss of RMB 64 million, and a third-quarter revenue of RMB 384 million, marking a 38% year-on-year increase [4][11] - Research and development expenses for the first three quarters were RMB 676 million, a 10% increase year-on-year, while selling expenses rose by 41% to RMB 386 million [4][11] - The company had approximately RMB 7.76 billion in cash as of September 2025, providing a solid financial foundation for ongoing and future projects [4][11] Sales and Product Development - Orelabrutinib's sales reached RMB 373 million in the third quarter of 2025, with a year-on-year growth of 35% and a quarter-on-quarter growth of 14% [5][12] - The company is advancing its autoimmune pipeline, with plans to submit a new drug application for orelabrutinib for ITP in the first half of 2026 and to read out phase IIb data for SLE by the end of 2025 [6][13] - The company expects to submit 5-7 IND applications targeting malignant tumors and autoimmune diseases in 2026, indicating a strong early-stage pipeline [14]

Investment Rating - The report maintains a "Buy" rating for Tencent Music-SW (01698) [1] Core Insights - The increase in ARPPU has driven subscription revenue growth, while non-subscription business has achieved breakthroughs [2][6] - For Q3 2025, the company reported revenue of 8.46 billion yuan, a year-over-year increase of 20.6%, and a net profit attributable to shareholders of 2.15 billion yuan, up 36% year-over-year [6][11] Financial Performance - Q3 2025 revenue of 8.46 billion yuan, with a year-over-year growth of 20.6% and a quarter-over-quarter growth of 0.2% [6] - Net profit attributable to shareholders reached 2.15 billion yuan, reflecting a year-over-year increase of 36% [6] - Non-GAAP net profit was 2.48 billion yuan, up 28% year-over-year [6] - Operating costs increased by 18.8% year-over-year, primarily due to rising costs in offline performances, IP-related expenses, and advertising agency fees [6] - Gross margin stood at 43.5%, with a year-over-year increase of 0.9 percentage points [6] Business Segmentation - Online music service revenue for Q3 2025 was 6.97 billion yuan, a year-over-year increase of 27.2% [7] - Subscription revenue within online music reached 4.5 billion yuan, up 17.2% year-over-year [7] - Non-subscription revenue surged to 2.47 billion yuan, a year-over-year increase of 50.6% [7] User Metrics - The number of paid users reached 126 million, a year-over-year increase of 6% [7] - The ARPPU for Q3 2025 was 11.9 yuan, reflecting a year-over-year increase of 10% [7] Future Projections - Revenue forecasts for 2025-2027 are 32.98 billion yuan, 36.86 billion yuan, and 40.73 billion yuan respectively [11] - Projected net profit for the same period is 11.13 billion yuan, 9.84 billion yuan, and 11.16 billion yuan respectively [11] - The report anticipates continued growth driven by an increase in paid users and ARPPU, alongside strong performance in non-subscription business [11]

证券研究报告 港股公司|公司点评|华润万象生活（01209） 配售提升流动性，商管物管双轮稳步增 长 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月17日 证券研究报告 |报告要点 11 月 13 日，华润置地以 41.70 港元/股配售 4950 万股华润万象生活股份，占总股本 2.17%， 配售后持股比例由 72.29%降至 70.12%。本次配售有助于优化上市公司股权结构、吸引机构投 资者并提升股票流动性。华润置地预计将获得约 20.61 亿港元资金，用于土地收购、开发成 本及一般营运。2025 年 1–10 月，华润置地销售额保持行业前三，拿地积极，土储优质，有 望持续为公司带来优质项目。公司购物中心稳步扩张，低线扩张表现亮眼。我们预计公司 2025–2027 年归母净利润为 40.73/45.54/51.05 亿元，维持"买入"评级。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 杜昊旻 方鹏 刘汪 SAC：S0590524070006 SAC：S0590524100003 港股公司|公司点评 glzqdatemark2 2025年11月17日 华润万象生活 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage due to its position as a global leader in pearlescent pigments and the potential underestimation of its performance [6][9]. Core Insights - The company has established itself as a leader in the global pearlescent pigment industry through strategic acquisitions, including the integration of Korean CQV and German Merck's surface solutions business (SUSONITY), which positions it well for future growth [8][11]. - The report highlights the high growth potential of the pearlescent pigment market, driven by increasing demand in high-end applications such as cosmetics and automotive coatings, with a projected CAGR of 13.99% from 2016 to 2023 [48][54]. - The company is expected to see significant revenue growth, with projected revenues of RMB 3.52 billion in 2025, reflecting a year-on-year growth rate of 114.85% [7][9]. Summary by Sections Company Overview - The company, originally founded as Guangxi Qise Pearlescent Effect Materials Co., Ltd. in 2011, has grown to become a global leader in pearlescent pigments, successfully listing on the Hong Kong Stock Exchange in 2021 and expanding its global footprint through acquisitions [17][24]. Financial Performance - The company has maintained a strong revenue growth trajectory, with a CAGR of 36.58% from 2017 to 2024, and an increase in gross margin from 43.99% in 2017 to 53.34% in 2024 [32][37]. - The report forecasts net profits of RMB 1.91 billion, RMB 5.29 billion, and RMB 10.05 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 41, 15, and 8 [9][10]. Market Dynamics - The pearlescent pigment industry is characterized by high growth potential, low price sensitivity, and strong brand loyalty, making it a unique investment opportunity [11][45]. - The report emphasizes the importance of synthetic mica as a superior alternative to natural mica, addressing supply chain challenges and enhancing product quality [67][74]. Growth Drivers - Key growth drivers include the successful integration of acquired brands, expansion of production capacity, and the increasing demand for high-end applications in cosmetics and automotive sectors [8][11][61]. - The company plans to expand its domestic production capacity to approximately 48,700 tons, which is expected to support revenue growth and improve operational efficiency [61][79]. Competitive Landscape - The competitive landscape is dominated by major players such as Merck and BASF, with the company positioned to capture market share through its strategic acquisitions and product innovations [54][56]. - The report notes that the high-end market for pearlescent pigments is characterized by significant barriers to entry, making it difficult for new brands to penetrate [54][56].