J P M O R G A N Asia Pacific Equity Research 19 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Huaming Equipment - A Key takeaways from JPM Global TMT conference We hosted Huaming Equipment at the 2025 J.P. Morgan Global TMT conference. The ke ...

Flash | 19 Nov 2025 12:36:46 ET │ 12 pages Han's Laser Technology (002008.SZ) What's New from Citi 2025 Industrial Tour | IT Upcycle May Start from 2026 CITI'S TAKE We met with Han's Laser (HL) Board Secretary, Mr. Du Yonggang, on 19 November. In addition to the PCB business upturn driven by stronger demand from AI PCB makers, Mr. Du believes that the next upcycle of the IT business – mainly for Apple (AAPL.O) – could start from 2026 onwards driven by not only iPhone 18 in 2026 but also iPhone's 20th annive ...

Vi e w p o i n t | 23 Nov 2025 16:28:09 ET │ 12 pages China Humanoid Robot What's New from Citi 2025 Industrial Tour: Likely Exponential Production Growth in 2026 See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that ...

November 19, 2025 04:12 PM GMT China International Capital Corp. Ltd. | Asia Pacific Proposed Merger Could Strengthen Wealth Management Franchise and Capital Base Key Takeaways Cinda and Dongxing's smaller size and complementary business mix are opportunities to extract synergy. Combined, the two brokers's total assets were ~Rmb244bn as of September 2025 vs. CICC at Rmb765bn. The two brokers are focused primarily on retail brokerage, with ~35% of revenue from brokerage fees and margin interests and ~50% rev ...

Flash | 13 Nov 2025 10:25:49 ET │ 11 pages China Pacific Insurance (2601.HK) What's New from 2025 Citi China Conference: High Dividend Stocks Well Diversified CITI'S TAKE We hosted CPIC at 2025 Citi China Conference, and we provide our key takeaways as below. 2026E growth driven by both agency and banca channels – Looking ahead to 2026E, mgmt expected to see single digit growth in regular FYP from agency channel, powered by productivity uplift and ticket size increase; meanwhile banca channel is estimated t ...

Flash | 16 Nov 2025 17:28:37 ET │ 10 pages China Tourism Group Duty Free Corp (601888.SS) What's New from Citi 2025 China Conference: Encouraging Sales Trends in Hainan CITI'S TAKE CTG Duty Free attended Citi China Conference in Shanghai on 14 Nov. Some initial encouraging sales trends have been taking shape since the new policy took effect on 1 Nov, with Hainan offshore duty-free sales up 34.86% yoy during 1-7 Nov and Hainan online platform GMV up +40.4% during Double 11. Notably, number of buyers reverted ...

Flash | 13 Nov 2025 12:45:01 ET │ 10 pages JCET Group (600584.SS) What's New from Citi 2025 China Conference: 2026 Looking Bright CITI'S TAKE JCET mgmt. attended Citi's China Conference on Nov 13. Mgmt. is positive on growth segments (computing, automotive) while seeing near-term volatility due to resource adjustment. JCET remains confident on its technology leadership and will sustain investment to stay ahead of competition. Key takeaways from our meeting include: 1) Computing, automotive are key growth dr ...

Flash | 13 Nov 2025 22:20:51 ET │ 11 pages Yunnan Energy New Material (002812.SZ) What's New from Citi 2025 China Conference: Price Hikes Implemented in 4Q CITI'S TAKE We hosted the Citi 2025 China Conference and met with Yunnan Energy on 12th Nov. Ms Yu Xue, Board Secretary, presented at the meetings. The company successfully implemented price increases in Q4, expecting improved unit profit. Targets for next year include further profit growth and steady capacity expansion. The meetings were conducted in Ma ...

Flash | 13 Nov 2025 16:28:56 ET │ 11 pages Century Huatong (002602.SZ) What's New from Citi 2025 China Conference: A Rising China Online Gaming Giant CITI'S TAKE Century Huatong attended Day 3 of Citi's 2025 China Conference (Nov 13), right after recent ST restriction lift on Nov 12. Key takeaways: 1) resilient performance on expanding Century Games portfolio; 2) key success factors of Century Games; 3) incremental profit from Chuanqi IP licensing; 4) +ve flow after restriction lift; 5) possibility on cloud ...

Investment Rating - The report maintains a Buy rating on Shuanghuan Drive with an unchanged target price of Rmb50.0, indicating an expected share price return of 26.7% and a total expected return of 27.4% [7]. Core Insights - Shuanghuan Drive plans to outgrow the market despite concerns over a potential slowdown in China’s NEV demand in 2026. The company aims to increase dollar content per NEV, focus on overseas projects, and strengthen its cost structure [1][2]. - The company expects to achieve double-digit year-on-year growth in NEV gear revenue in 2026, driven by increased shipments of coaxial gears and differentials [1][2]. - Strong growth is anticipated in the intelligent gear and industrial robot businesses, while revenue from ICE, CV, and CM gear is expected to stabilize [1]. Summary by Sections NEV Gear Strategy - Shuanghuan plans to increase dollar content per NEV by selling more coaxial gears (ASP Rmb1,000-1,200/set) and differentials (ASP Rmb100-200/set), with shipments projected at 6.8 million sets of NEV gears and 1 million sets of differentials in 2025 [2]. - The shipment of differentials is expected to double in 2026 [2]. Overseas Projects - NEV gear exports are projected to rise from 400k-500k sets in 2024 to 700k-800k sets in 2025, and further to over 1 million sets in 2026, primarily driven by demand from Stellantis, Hyundai, Volvo, and Renault [3]. - The ASP and gross profit margin of overseas projects are higher than domestic projects due to a greater percentage of PHEV [3]. Intelligent Gear and Other Segments - Revenue from intelligent gear is expected to grow from Rmb860 million-880 million in 2025 to Rmb1.2 billion in 2026, fueled by demand from robot vacuum cleaners and e-bikes [4]. - Revenue from commercial vehicle gear is anticipated to remain stable in 2026, supported by demand from European tier-1 clients and US electric truck manufacturers [5]. - Construction machinery gear revenue is also expected to stabilize in 2026, despite supplying gears to Caterpillar's large engines [5].