Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [2][15]. Core Views - The company has shown improvement in table turnover rates and is steadily advancing its multi-brand strategy. The revenue for 3Q25 reached USD 210 million, a year-on-year increase of 7.8%, while net profit attributable to shareholders decreased by 90.4% to USD 3.609 million due to increased foreign exchange losses [3][4][15]. Financial Performance Summary - Revenue projections for 2025-2027 are maintained at USD 856 million, USD 952 million, and USD 1.064 billion, reflecting year-on-year growth rates of 10.0%, 11.2%, and 11.7% respectively [8][15]. - Net profit attributable to shareholders is forecasted to be USD 40 million in 2025, USD 50 million in 2026, and USD 70 million in 2027, with corresponding growth rates of 102.4%, 23.5%, and 25.6% [8][15]. - The gross profit margin is projected to be around 66.3% in 2025, with net profit margins of 5.2%, 5.7%, and 6.4% for 2025, 2026, and 2027 respectively [8][15]. Operational Insights - The company’s restaurant operations generated USD 200 million in revenue for 3Q25, a 5.1% increase year-on-year, driven by network expansion and enhanced brand influence [4][5]. - The takeaway business saw significant growth, with revenue increasing by 69.2% to USD 4.4 million, attributed to product optimization and strategic marketing collaborations [4][5]. - The average table turnover rate improved to 3.9 times per day, reflecting the effectiveness of the company's customer and employee incentive strategies [5][6]. Market Position and Valuation - The target price is set at HKD 18.4, corresponding to a market capitalization of HKD 11.98 billion, based on a price-to-sales (P/S) ratio of 1.8 [2][15]. - The company’s current market capitalization is approximately HKD 9.25 billion, with a share price of HKD 14.22 as of November 27, 2025 [2][15].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][51]. Core Insights - The company is positioned as a leading player in the express delivery industry, with a strong focus on scale and operational efficiency. It has implemented key strategies such as inter-provincial transportation, paid delivery fees, and shareholding reforms to enhance its competitive edge [9][13]. - The company has maintained a robust market share, with a 19.4% market share as of Q3 2025, reflecting a slight increase from 19.2% in H1 2025. The company has achieved a compound annual growth rate (CAGR) of 22.9% in net profit from 2021 to 2024 [9][16]. - The report forecasts significant revenue growth, projecting revenues of 48.87 billion yuan, 55.13 billion yuan, and 61.18 billion yuan for 2025, 2026, and 2027, respectively, alongside net profits of 9.69 billion yuan, 11.11 billion yuan, and 12.23 billion yuan for the same years [51]. Summary by Sections Company Overview - The company is recognized as a leading franchise express delivery service provider, achieving steady growth through strategic initiatives that have allowed it to outperform competitors [10][13]. - Key decisions such as the introduction of inter-provincial transportation and paid delivery fees have been pivotal in establishing the company as a market leader since 2016 [9][13]. Market Position and Performance - The company has a leading market share in the express delivery sector, with a 2025Q3 market share of 19.4%, up from 19.2% in H1 2025. The CAGR for express delivery volume from 2013 to 2024 was 37.0% [9][16]. - The company has demonstrated resilience in revenue growth, achieving a total revenue of 34.59 billion yuan in Q1-Q3 2025, reflecting a year-on-year growth of 10.3% [18]. Financial Projections - The report provides detailed financial forecasts, estimating revenues of 48.87 billion yuan, 55.13 billion yuan, and 61.18 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 9.69 billion yuan, 11.11 billion yuan, and 12.23 billion yuan [51][50]. Competitive Advantages - The company benefits from significant scale effects and a comprehensive cost-reduction strategy, which positions it favorably against competitors. The report highlights the company's ability to maintain a lower per-package cost compared to peers, with a projected cost of 0.60 yuan per package in Q3 2025 [30][45]. - The company's focus on service quality and operational efficiency has allowed it to achieve higher average delivery prices compared to competitors, with an average terminal price of 2.43 yuan in November 2023 [41][44]. Investment Recommendations - The report emphasizes the company's strong management and operational capabilities, projecting continued market share expansion and profitability in the long term. The anticipated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 12.26, 10.69, and 9.71, respectively [51][52].

Investment Rating - The report maintains a NEUTRAL rating for Li Auto with a target price of HK$81.34, reflecting a current price of HK$71.70 [2][6]. Core Insights - The one-off recall has disrupted quarterly earnings, but there is potential for a rapid recovery in Q4. The company reported a revenue of RMB 27.4 billion for Q3 2025, down 36% year-on-year and 10% quarter-on-quarter, with vehicle sales contributing RMB 25.9 billion [3][10]. - Li Auto is focusing on the 2026 facelifted L series as a growth driver, aiming to reclaim its leadership in the extended-range electric vehicle (EREV) segment. The company has started deliveries of the i6/i8 battery electric vehicle (BEV) models, enhancing its market presence [4][11]. - An organizational restructuring has been implemented to enhance decision-making speed and operational resilience, shifting back to a startup-style management approach [5][12]. Financial Summary - Revenue projections for 2025, 2026, and 2027 have been adjusted to RMB 111.6 billion, RMB 122.0 billion, and RMB 136.8 billion, respectively, reflecting a decrease of 14%, 28%, and 33% [6][13]. - The report indicates a non-GAAP net loss of RMB 360 million for Q3 2025, but underlying profitability is expected to return in Q4 2025 [3][10]. - The gross margin for Q3 was reported at 16.3%, with an underlying margin of 20.4% when excluding the recall impact [3][10].

Investment Rating - The investment rating for Alibaba-W (9988.HK) is "Buy" (maintained) [1] Core Views - The report highlights strong growth in cloud business and steady progress in domestic e-commerce commercialization, while also noting ongoing investments in instant retail [9] - The company reported a revenue of 247.8 billion yuan for FY2026Q2, reflecting a year-over-year increase of 5% and a quarter-over-quarter increase of 0.1% [10][11] - The adjusted EBITDA for the same period was 173 billion yuan, down 64% year-over-year [10][11] Summary by Sections Recent Performance - For FY2026Q2, Alibaba achieved a revenue of 247.8 billion yuan, with a net profit of 206 billion yuan, representing a year-over-year decline of 53% [10][11] - The company repurchased 17 million shares for a total of 253 million USD, with a remaining buyback capacity of 19.1 billion USD [10] Business Segments - **E-commerce**: The Chinese e-commerce group reported a revenue of 132.6 billion yuan, up 16% year-over-year, driven by a 10% increase in customer management revenue [12][32] - **Cloud Business**: The cloud segment saw a revenue increase of 34% to 39.8 billion yuan, with external cloud revenue growing by 29% [36] - **International Digital Commerce**: This segment achieved a revenue of 34.8 billion yuan, up 10% year-over-year, primarily due to improved operational efficiency [35] Financial Projections - Revenue projections for FY2026-2028 are set at 1,041.8 billion yuan, 1,160.5 billion yuan, and 1,282.1 billion yuan respectively, with corresponding net profits of 125.1 billion yuan, 149.3 billion yuan, and 184.5 billion yuan [9][37] - The target market capitalization for FY2027 is estimated at 3,345.5 billion yuan, with a target price of 175 yuan per share [9][38]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 39.50, indicating a potential upside of 25.1% from the current price of HKD 31.58 [2][11]. Core Insights - The report highlights the rapid advancement of the overseas development of SSGJ-707, with Pfizer planning to initiate at least seven clinical trials soon, including two global Phase III trials targeting first-line squamous and non-squamous non-small cell lung cancer (NSCLC) and metastatic colorectal cancer [6]. - The company plans to spin off its consumer pharmaceutical business, Mandi International, to focus on its core prescription and innovative drug sectors, which is expected to generate short-term investment returns and support the development of innovative products [6]. - The report expresses increased confidence in the global development potential of SSGJ-707 due to strong clinical data and support from partners, leading to an adjustment in long-term milestone payment forecasts [6]. Financial Overview - Revenue projections for the company are as follows: RMB 7,816 million in 2023, RMB 9,108 million in 2024, and a significant increase to RMB 17,470 million in 2025, followed by a decline to RMB 12,821 million in 2026 and RMB 12,018 million in 2027, reflecting a growth rate of 91.8% in 2025 [5][14]. - Net profit is expected to rise sharply to RMB 8,057 million in 2025, with a corresponding earnings per share (EPS) of RMB 3.34, before declining in subsequent years [5][14]. - The company’s market capitalization is reported at approximately HKD 75.55 billion, with a year-to-date price change of 419.41% [4]. Valuation Model - The discounted cash flow (DCF) model estimates the equity value at approximately RMB 87.35 billion, translating to a per-share value of HKD 39.50, based on a weighted average cost of capital (WACC) of 9.4% [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company reported a revenue of 5.5 billion RMB for Q3 2025, representing a year-over-year increase of 10.4%. The adjusted net profit reached 1.06 billion RMB, up 17% year-over-year, with an adjusted net profit margin of 19.2%, an increase of 1.0 percentage points year-over-year [4][6]. Financial Performance - The core online travel platform achieved a revenue of 4.6 billion RMB in Q3 2025, reflecting a year-over-year growth of 15%, with an operating profit margin of 31.2% [6]. - Revenue from transportation ticketing was 2.2 billion RMB, up 9% year-over-year, driven by user demand insights and enriched value-added services [6]. - Accommodation bookings generated 1.58 billion RMB, also up 15% year-over-year, supported by an increase in high-quality hotel room nights and brand recognition in lower-tier cities [6]. - The vacation business faced a revenue decline of 8% year-over-year, totaling 900 million RMB, primarily due to security issues in Southeast Asia [6]. - The average monthly paying user count reached 47.7 million, a 2.8% increase year-over-year, with a total of 253 million annual paying users, up 8.8% year-over-year [6]. Earnings Forecast and Valuation - The company is projected to benefit from the release of domestic travel demand, increased penetration in lower-tier markets, and international business expansion. Revenue forecasts for 2025-2027 are adjusted to 19.3 billion RMB, 21.9 billion RMB, and 24.5 billion RMB, respectively, with corresponding net profits of 2.9 billion RMB, 3.2 billion RMB, and 3.7 billion RMB [6][8]. - The target market capitalization for 2026 is set at 60.2 billion RMB, with a target price of 28 HKD per share, maintaining the "Buy" rating [7].

Investment Rating - The investment rating for the company is Neutral [2][8]. Core Insights - The company experienced a loss in Q3 due to recall costs and supply chain bottlenecks, limiting short-term recovery, with expectations set for new products in 2026 [2][6]. - The stock price has adjusted approximately 40% from previous highs, reflecting most negative factors, and the recovery will depend on the resolution of supply chain issues and actual sales from new models [6][10]. Financial Overview - Revenue projections for the company are as follows: - 2023: 123,851 million RMB - 2024: 144,460 million RMB - 2025E: 123,190 million RMB - 2026E: 142,706 million RMB - 2027E: 151,853 million RMB - Year-on-year growth rates are projected to be 173.5% for 2023, 16.6% for 2024, -14.7% for 2025, 15.8% for 2026, and 6.4% for 2027 [5][10]. - Net profit estimates are as follows: - 2023: 11,704 million RMB - 2024: 8,032 million RMB - 2025E: 5,264 million RMB - 2026E: 6,056 million RMB - 2027E: 7,094 million RMB [5][12]. Market Performance - The company's stock closed at HKD 71.70 with a target price of HKD 80.84, indicating a potential upside of 12.7% [1][9]. - The market capitalization is approximately 237,697.31 million HKD, with a year-to-date change of -23.68% [4][10].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that the company, Aikang Medical, is a leading player in the domestic artificial joint market, benefiting from domestic centralized procurement and price increases, as well as successful international brand expansion. The orthopedic implant business is expected to maintain rapid growth. The company is also building a smart orthopedic ecosystem, with the K3 robot gradually commercializing, which is anticipated to support the strategic upgrade from a "manufacturer of implants" to a "provider of intelligent surgical solutions" [5][6][8] Summary by Sections 1. Company Overview - Aikang Medical is a leading enterprise in the domestic artificial joint sector, focusing on smart orthopedic surgical solutions. The company has developed a diversified business system covering hip and knee joint implants, as well as spinal and trauma implants [18][20] 2. Domestic Market Dynamics - The company is leveraging centralized procurement to increase market share and profitability. The domestic market is seeing a shift towards the replacement of imported products, with a significant increase in hospital coverage and market share. In the first half of 2025, the surgical volume in high-level hospitals increased by 33% [14][51] 3. International Market Strategy - The company employs a dual-brand strategy to capture international market growth. The "JRI" brand targets the high-end market in Europe, while the "AK" brand focuses on emerging markets, leading to a compound annual growth rate of 20.8% in overseas revenue from 2018 to 2024 [15][55] 4. Smart Solutions and Business Model - Aikang Medical is a pioneer in smart orthopedic solutions, establishing a comprehensive ecosystem for orthopedic surgery. The K3 robot is expected to enhance the company's ability to provide a new business model that integrates consumables, services, and equipment [7][17] 5. Financial Projections - The company is projected to achieve revenues of 1.548 billion yuan, 1.811 billion yuan, and 2.148 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 322 million yuan, 370 million yuan, and 437 million yuan [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is shifting back to a startup management model, focusing on user value and efficiency, while developing a complete AI system for embodied intelligence [3] - Due to structural adjustments in vehicle models, revenue forecasts for 2025-2027 have been revised downwards, with expected revenues of 113.4 billion, 138.1 billion, and 191.2 billion respectively, reflecting year-on-year changes of -22%, +22%, and +39% [4] - The company's AI investments are increasing, leading to a downward revision of net profit forecasts for 2025-2027 to 0.9 billion, 1.6 billion, and 6.4 billion respectively, with year-on-year changes of -90%, +86%, and +302% [4] Financial Projections - Total revenue for 2023 is projected at 123.85 billion, with a year-on-year growth of 173.48% [4] - The diluted EPS for 2025 is expected to be 0.40 yuan, with a P/E ratio of 163.67 [4] - The gross margin for Q3 2025 is reported at 16.3%, with a vehicle sales gross margin of 15.5% [11]

Investment Rating - The report assigns a "Buy" rating for the company, upgraded from a previous "Hold" rating [6]. Core Insights - In Q3 2025, the company reported revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 150 million yuan. The gross margin improved to 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The total vehicle deliveries reached 173,852 units, marking a year-on-year growth of 101.77% [1][6]. - The company has seen a significant increase in R&D investment, with Q3 R&D expenses rising to 1.21 billion yuan, a 55.4% year-on-year increase. In October, the company launched its new flagship D platform, which includes six key technologies [2]. - The company is expanding its global footprint, with a notable increase in overseas terminal orders in October, more than doubling compared to September. As of September 30, 2025, the company established over 700 overseas sales and service outlets across various international markets [2]. Financial Summary - The company forecasts revenues of 64 billion yuan, 102.4 billion yuan, and 131.1 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 99%, 60%, and 28% [2][4]. - The projected net profit for 2025 is 936 million yuan, with a significant growth rate of 133.2% compared to the previous year. The earnings per share (EPS) is expected to be 0.66 yuan [4][6]. - The current price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.02, 0.64, and 0.50, respectively, indicating a favorable valuation outlook [2].