Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 16 Dec 2025 环球富盛理财有限公司 大明国际 Da Ming International Holdings (1090.HK) 中国金属加工龙头，25H1 业绩扭亏为盈 China's leading metal processing company & Turns losses in to profit in 25H1 最新动态 ➢ 25H1 归母净利润扭亏。25H1，公司实现营收 211.98 亿元，同比下降 7.0%；实现毛利 5.54 亿元，同比增长 7.6%；实现归 母净利润为 757.90 万元（扭亏）。25H1，集团营收当中 204.73 亿元来自于加工业务，7.25 亿元来自于制造业务。25H1， 集团录得约 2280 万元纯利，同比增加约 141.6%。25H1，集团不锈钢加工业务的销售量约 99.60 万吨，增幅约为 3.1%；加 工量为 152.20 万吨，减幅约为 0.2%；集团碳钢加工业务的销售量约 239.10 万吨，增幅约为 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated strong revenue growth, with a 43.43% year-on-year increase in revenue for the first half of 2025, reaching 553 million yuan. The gross profit margin improved from -21.6% to 6.8%, indicating a positive shift due to product structure optimization and economies of scale [4][5]. - The company is rapidly expanding its high-end business, achieving significant breakthroughs in key areas such as data centers, electric vehicles, and humanoid robots. Its GaN products are now in mass production for various applications, including AI and data centers, and have established partnerships with leading robotics companies [5][6]. - The company is collaborating with NVIDIA to support the implementation of an 800 VDC power architecture, which is expected to enhance efficiency and power density in AI data centers, while also reducing energy consumption and CO2 emissions [6]. Financial Projections - Revenue projections for the company are as follows: 1.386 billion yuan in 2025, 2.453 billion yuan in 2026, and 3.866 billion yuan in 2027, with expected net profits of -800 million yuan, -328 million yuan, and 499 million yuan respectively [7][10]. - The company anticipates a significant increase in gross profit margin, reaching 45.37% by 2027, alongside a notable improvement in net profit margin, projected to be 12.91% in the same year [11].

Investment Rating - The report initiates coverage with a "Buy" rating for China Railway Construction Corporation (CRCC) [8][33] Core Insights - The report highlights that the construction industry is expected to stabilize in 2026, supported by local government debt management and the implementation of key national projects [7][14] - CRCC's new contract signing has shown marginal improvement, with a robust backlog of orders ensuring steady long-term growth [7][17] - The company's balance sheet is continuously improving, with enhanced cash flow and optimized accounts receivable aging structure [7][21] - The H-shares of CRCC are trading at a significant discount compared to A-shares, making them more attractive from a dividend yield perspective [7][25] - The report projects CRCC's net profit for 2025-2027 to be RMB 21.4 billion, RMB 21.7 billion, and RMB 22.2 billion respectively, with corresponding P/E ratios of 3.1X, 3.2X, and 3.1X [7][29] Financial Data and Profit Forecast - Revenue projections for CRCC are as follows: - 2023: RMB 1,137.99 billion - 2024: RMB 1,067.17 billion - 2025E: RMB 1,092.29 billion - 2026E: RMB 1,114.13 billion - 2027E: RMB 1,133.25 billion - The expected growth rates are 3.80%, -6.22%, 2.35%, 2.00%, and 1.72% respectively [3][30] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2023: RMB 26.10 billion - 2024: RMB 22.22 billion - 2025E: RMB 21.41 billion - 2026E: RMB 21.69 billion - 2027E: RMB 22.23 billion - The corresponding growth rates are -2.19%, -14.87%, -3.62%, 1.30%, and 2.51% [3][30] Market Data - As of December 15, 2025, CRCC's closing price is HKD 5.51, with a market capitalization of HKD 748.23 billion [4][8] - The H-shares are trading at a P/E ratio of 3.6X and a P/B ratio of 0.25X, indicating a significant discount compared to A-shares [7][25] Order and Contract Insights - CRCC's cumulative new contract amounts from 2021 to 2025Q3 are as follows: - 2021: RMB 2.82 trillion - 2022: RMB 3.25 trillion - 2023: RMB 3.29 trillion - 2024: RMB 3.04 trillion - 2025Q1-3: RMB 1.52 trillion - The new contract signing has shown a year-on-year growth of 10.39%, 15.09%, 1.51%, -7.80%, and 3.08% respectively [7][17]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights strong financial performance with a revenue of 28,400 million RMB in Q3 2025, representing an 8.2% year-over-year growth, and a net profit of 8,600 million RMB, with a non-GAAP net profit of 9,500 million RMB, both showing double-digit growth [3][14] - The gaming business remains the core revenue driver, contributing approximately 82% of total revenue, with Q3 gaming revenue reaching 23,300 million RMB, up 11.8% year-over-year [5][18] - The company is focusing on long-term operations, new product launches, and global expansion as key growth strategies [28] Financial Performance - In Q3 2025, the company achieved a gross profit of 18,200 million RMB, with a gross margin maintained at a high level, and a net cash flow from operations of 12,900 million RMB, accounting for about 45% of revenue [3][14][17] - The company’s total assets reached approximately 214,500 million RMB, with a significant net cash position of 153,200 million RMB, providing a buffer against external uncertainties [16] - The net profit margin is approximately 30%, indicating robust profitability [14] Business Development - The gaming segment continues to thrive, with a gross margin of about 69% and deferred revenue increasing by 25% year-over-year, driven by popular titles and new game launches [5][18] - The cloud music segment reported a slight revenue decline of 1.8% to 1,964 million RMB, but improved profitability with a gross profit of 695 million RMB, reflecting effective cost management [20] - The innovative business segment, particularly Youdao, saw a revenue increase of 3.6% to 1,600 million RMB, with a significant rise in operating profit driven by AI subscriptions and online marketing [21] Profit Forecast - The company expects a revenue growth of 10.0% and a net profit growth of 9.2% for 2025, with corresponding PE ratios of 17.41, 25.66, and 20.65 for 2025-2027 [6][8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future performance [2][7]. Core Insights - The company has undergone multiple strategic upgrades, transitioning from an industry participant to a global competitor in the lithium battery sector. It has focused on high-performance ternary batteries for passenger vehicles and is accelerating internationalization post its Hong Kong listing [6][15]. - The demand for dynamic storage is expected to surge, driven by the expanding market for new energy vehicles (NEVs) and the ongoing growth in the energy storage sector. The report anticipates a significant increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028 [6][49]. - The company is strengthening its core competitive advantages and aims to establish itself as a leading global battery brand, with a diversified customer base and a growing market share [6][7]. Financial Data and Profit Forecast - The company’s revenue is projected to grow from 27 billion RMB in 2023 to 96.3 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 28.74% [5]. - Net profit attributable to ordinary shareholders is expected to rise from 294 million RMB in 2023 to 3.84 billion RMB in 2027, reflecting a significant recovery and growth trajectory [5]. - The report estimates the company's price-to-earnings (PE) ratios to be 40, 17, and 11 for the years 2025, 2026, and 2027, respectively, with a target PE valuation of 21 for 2026 [7][8]. Strategic Focus and Market Dynamics - The company has strategically focused on both power and energy storage markets, developing a comprehensive product system that includes high-end products for both sectors. The report highlights the successful launch of various advanced technologies and products in 2025 [15][24]. - The report notes a robust growth in the domestic new energy vehicle market, with sales reaching 11.2 million units in the first three quarters of 2025, and a penetration rate of 46% [6][38]. - The energy storage market is also experiencing high demand, with significant increases in bidding and winning capacities for energy storage projects, indicating a favorable market environment [45][49]. Competitive Positioning - The company is enhancing its competitive positioning by diversifying its customer base, reducing reliance on its top five customers from 71% in 2023 to 55% in 2024, and establishing deep strategic partnerships with key clients [6][7]. - The report emphasizes the importance of technological innovation and cost optimization in maintaining competitive advantages, with a focus on high energy density and fast-charging battery technologies [6][24]. Market Outlook - The global demand for new energy vehicles is projected to grow significantly, with total sales expected to increase from 20.94 million units in 2025 to 33.36 million units by 2028, alongside a rise in the penetration rate to 39% [52]. - The report anticipates that the overall demand for lithium batteries, including both power and energy storage, will continue to expand, driven by technological advancements and increasing market acceptance of electric vehicles [49][52].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9][70]. Core Insights - The company, Xiaocaiyuan, is a leading player in the fast-growing casual Chinese dining sector, focusing on providing healthy and affordable meals since its establishment in 2013. It successfully listed on the Hong Kong Stock Exchange at the end of 2024 [5][15]. - The casual dining segment is expected to grow faster than the overall Chinese dining market, with a projected compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, compared to 8.7% for the overall market [5][29]. - Xiaocaiyuan holds the largest market share in the casual dining segment, with a focus on fresh, seasonal dishes and a menu that caters to diverse consumer preferences [5][39]. Summary by Sections Market Performance - As of December 12, 2025, the closing price was HKD 9.59, with a market capitalization of HKD 11,287.43 million [3]. Financial Projections - Revenue is projected to reach RMB 55.57 billion in 2025, with a year-on-year growth rate of 6.66%. Net profit is expected to be RMB 7.49 billion, reflecting a growth rate of 29.02% [7][9][69]. - The company anticipates a significant increase in both dine-in and takeout revenue, with dine-in revenue growth rates of 8.34%, 17.01%, and 14.76% from 2025 to 2027 [10][68]. Business Model and Expansion Potential - Xiaocaiyuan operates a low-density store model, particularly in the Jiangsu province, where its store density is only 3.1 stores per million residents, compared to McDonald's 7.13 stores per million [5][53]. - The company has a short payback period for new stores, averaging 13.8 months, which is significantly lower than the industry average of over 18 months [5][57]. Supply Chain and Digital Capabilities - The company has established a comprehensive supply chain system, including a central kitchen and a fleet of over 200 vehicles for efficient logistics [8][59]. - Xiaocaiyuan is enhancing its digital capabilities to improve operational efficiency, including a member system and business intelligence analytics [8][61]. Talent Management - The company emphasizes internal talent development, with 90.4% of current shareholders having risen from grassroots positions within the company [8][64]. Competitive Positioning - Xiaocaiyuan's pricing strategy positions it as a value leader in the casual dining market, with an average customer spend of RMB 57.1 [5][39].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 9.0, equivalent to HKD 9.9 [3][8]. Core Insights - The company is a leading vocational training institution in China, leveraging its extensive national presence and brand strength to meet the strong demand for skilled labor [8]. - Projected net profits attributable to shareholders for 2025-2027 are RMB 798 million, RMB 1.00 billion, and RMB 1.13 billion, with EPS of RMB 0.36, RMB 0.45, and RMB 0.51 respectively [8]. - The company is expected to experience significant revenue growth, with a 10.2% year-on-year increase in revenue for the first half of 2025 [15]. Financial Summary - For the first half of 2025, the company reported revenue of RMB 2.19 billion, a 10.2% increase year-on-year, and a net profit attributable to shareholders of RMB 403 million, up 48.4% year-on-year [15]. - The gross profit margin improved to 57.3%, reflecting effective cost control and business expansion [15]. - The company’s revenue segments showed overall positive performance, with culinary technology revenue increasing by 11.4% year-on-year and fashion and beauty revenue soaring by 90.2% year-on-year [16]. Segment Performance - Culinary technology revenue reached RMB 1.02 billion, with a gross profit margin of 60.5% [16]. - The fashion and beauty segment saw a remarkable growth of 90.2% year-on-year, with a gross profit margin of 61.4% [16]. - The company operates 234 schools and centers across almost all provinces in mainland China and Hong Kong, indicating a strong national footprint [17].

Investment Rating - The report suggests a cautious subscription for the company Nobikang (2635.HK) [1][3] Core Insights - Nobikang focuses on the industrial application of advanced technologies such as AI and digital twins in sectors like transportation, energy, and urban governance, providing integrated hardware and software solutions based on comprehensive AI industry models [2] - The company has three business lines targeting vertical industries: transportation solutions, energy solutions, and urban governance solutions, with significant revenue generated from its rail transportation and energy solution businesses [2] - China has become the second-largest AI market globally, with spending expected to reach USD 18.1 billion in 2024 and soar to USD 47 billion by 2029, highlighting the country's growing influence in shaping the global AI landscape [2] Summary by Sections IPO Details - The IPO price range is set between HKD 80.0 and HKD 106.0, with a total fundraising amount of approximately HKD 306 million [1] - The total number of shares offered is 3.79 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - For the six months ending June 30, 2025, Nobikang reported revenue of approximately RMB 232 million, a year-on-year increase of about 24.7%, while net profit was approximately RMB 40.08 million, a decrease of about 21.0% [3] - The estimated market capitalization post-IPO is around HKD 3.5 billion, with a price-to-earnings ratio (PE) of approximately 28.0X based on 2024 revenue, indicating a high valuation [3]

Investment Rating - The report suggests a cautious subscription for the company [1] Core Insights - The company ranks 10th in China's digital integrated health services and health insurance market based on revenue for 2024, according to a report by Sullivan [2] - The integrated health services and health insurance market in China is projected to grow from RMB 6,226.1 billion in 2020 to RMB 8,149.4 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%, and is expected to reach RMB 11,804.0 billion by 2029, with a CAGR of 7.7% from 2024 to 2029 [2] - The company provides a comprehensive platform for health services and insurance funding resources, catering to users' overall health needs [2] Financial Performance - The company's revenue from continuing operations for the past years is as follows: RMB 394 million in 2023, RMB 490 million in 2024, RMB 945 million in the first nine months of 2025, and RMB 656 million in the same period [3] - The corresponding net profits were RMB -9.098 million, RMB 97.169 million, RMB 8.99 million, and RMB 86.045 million [3] - The estimated market capitalization post-IPO is approximately HKD 4.7 billion, with the IPO price corresponding to a price-to-earnings (PE) ratio of about 40.0X for 2025, indicating a high valuation [3]

Investment Rating - The report assigns a "Buy" rating to J&T Express with a target price of HKD 12.60, corresponding to a 27x P/E for 2026 [5][10][22]. Core Insights - J&T Express has achieved rapid expansion from Southeast Asia to a global logistics operator covering 13 countries, driven by a highly flexible regional agency model [2][10]. - The company is expected to see significant revenue growth, with projected revenues of USD 12.1 billion in 2025, USD 14.3 billion in 2026, and USD 17.4 billion in 2027, reflecting year-on-year growth rates of 18%, 18%, and 22% respectively [4][20]. - The net profit attributable to the parent company is forecasted to improve significantly, reaching USD 3.82 billion in 2025, USD 5.24 billion in 2026, and USD 8.64 billion in 2027, with year-on-year growth rates of 280%, 37%, and 65% respectively [4][20]. Financial Summary - Total revenue is projected to grow from USD 8.849 billion in 2023 to USD 17.405 billion in 2027, with a compound annual growth rate (CAGR) of approximately 22% [4][20]. - Gross profit is expected to increase from USD 473 million in 2023 to USD 1.923 billion in 2027, indicating a strong improvement in profitability [4]. - The company is anticipated to achieve a positive net profit margin by 2024, with a return on equity (ROE) projected to reach 18.75% by 2027 [4][21]. Business Overview - J&T Express was founded in 2015 and has rapidly become a leading logistics service provider in Southeast Asia, with a market share of 32.8% as of mid-2025 [24][25]. - The company has expanded its operations into China and several emerging markets, including the Middle East and Latin America, establishing a comprehensive logistics network [24][25]. - The strategic acquisitions of logistics companies in China have significantly enhanced J&T's market presence and operational capabilities [25][26]. Market Analysis - The Southeast Asian e-commerce market is experiencing robust growth, which is expected to drive an increase in parcel volumes for J&T Express [15][16]. - In China, the company is focusing on optimizing its revenue structure and improving profitability as the market stabilizes [16][20]. - New market expansions are projected to yield substantial growth, with expected parcel volumes increasing significantly in the coming years [17][20].