Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's smart revenue increased by 26% year-on-year to 33.398 billion yuan, exceeding Bloomberg consensus expectations by 4.86%. Adjusted EBITA margin was 8.8%, with adjusted EBITA profit of 2.954 billion yuan, also above expectations by 14.18%. Quarterly capital expenditure was 38.629 billion yuan, exceeding expectations by 32.52% [1] - The cloud business is driven by the explosion of AI demand, with AI-related revenue in Alibaba Cloud achieving triple-digit growth over the past eight quarters. As AI penetration deepens across various industries, the demand for cloud services as foundational infrastructure is expected to continue to grow rapidly [1] - The Chinese e-commerce group is in a high investment phase, but the overall investment pace is slowing, leading to improved certainty. E-commerce revenue reached 118.577 billion yuan, a year-on-year increase of 9%, driven mainly by an increase in monetization rates [1][2] Summary by Sections Cloud Business - The cloud business's short-term profit margins are influenced by both upward and downward drivers. In the long term, the upward drivers are expected to outweigh the downward ones, leading to a significant increase in profit margins [1][8] - The company anticipates that the growth rate of its intelligent cloud business will further improve in the next two quarters [1] E-commerce Business - Customer management revenue reached 89.252 billion yuan, growing by 10% year-on-year, primarily driven by an increase in monetization rates. The company is focusing on market share, with GMV growth matching retail sales growth [1] - Instant retail revenue reached 14.784 billion yuan, a year-on-year increase of 12%. The company has made strategic moves in instant retail, including significant subsidies and the integration of its platforms [2][3] Financial Projections - The company adjusted its profit forecasts due to significant investments in instant retail, projecting revenues of 1,070.734 billion yuan, 1,172.096 billion yuan, and 1,285.874 billion yuan for FY2026-2028, with year-on-year growth rates of 7.5%, 9.5%, and 9.7% respectively [10] - The adjusted net profit attributable to ordinary shareholders is projected to be 147.205 billion yuan, 173.274 billion yuan, and 223.998 billion yuan for FY2026-2028, with year-on-year growth rates of -6.8%, 17.7%, and 29.3% respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company achieved record high revenue and profit, driven by significant growth in its sub-healthcare segment [5]. - The company's revenue for H1 2025 reached 1.459 billion RMB, a year-on-year increase of 28.2%, with a net profit of 171 million RMB, up 35.5% year-on-year [5]. - The "internal + external" strategy is expected to continue driving growth, with projected revenues of 3 billion RMB in 2025, 3.4 billion RMB in 2026, and 3.7 billion RMB in 2027 [5]. Financial Performance - The company reported a gross margin of 49.3% for H1 2025, an increase of 2.3 percentage points year-on-year [5]. - The operating cash flow for H1 2025 was 410 million RMB, reflecting an 84.4% increase year-on-year [5]. - As of June 30, 2025, the company had cash and cash equivalents totaling 2 billion RMB, a 27.5% increase year-on-year [5]. Business Segments - The beauty and wellness services segment generated revenue of 807 million RMB in H1 2025, a year-on-year increase of 29.6% [5]. - The medical beauty segment reported revenue of 499 million RMB, up 13.0% year-on-year, driven by increased patient visits [5]. - The sub-healthcare services segment saw remarkable growth, with revenue reaching 154 million RMB, a 107.8% increase year-on-year [5]. Membership Growth - The company experienced a 46.5% year-on-year increase in active members, reaching 120,000 members [5]. - The number of visitors to direct-operated stores exceeded 920,000 in H1 2025, representing a 47.8% increase year-on-year [5]. Future Projections - The company forecasts revenue growth of 18% in 2025, followed by 10% in 2026 and 9% in 2027 [5]. - The projected net profit for 2025 is 300 million RMB, with expected growth rates of 34% in 2025, 15% in 2026, and 15% in 2027 [5].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7]. Core Views - Geely's sales continue to improve, with a projected increase in market share [2]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.49, 1.75, and 2.12 RMB respectively, while maintaining a target price of 22.35 RMB, equivalent to 24.54 HKD [4]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 179,204 million RMB - 2024A: 240,194 million RMB - 2025E: 319,444 million RMB (33.0% YoY growth) - 2026E: 381,363 million RMB (19.4% YoY growth) - 2027E: 442,685 million RMB (16.1% YoY growth) [6]. - **Operating Profit**: - 2023A: 3,806 million RMB - 2024A: 7,644 million RMB (100.8% YoY growth) - 2025E: 14,116 million RMB (84.7% YoY growth) - 2026E: 16,739 million RMB (18.6% YoY growth) - 2027E: 20,314 million RMB (21.4% YoY growth) [6]. - **Net Profit**: - 2023A: 5,308 million RMB - 2024A: 16,632 million RMB (213.3% YoY growth) - 2025E: 15,121 million RMB (-9.1% YoY decline) - 2026E: 17,735 million RMB (17.3% YoY growth) - 2027E: 21,451 million RMB (21.0% YoY growth) [6]. - **Earnings Per Share (EPS)**: - 2023A: 0.53 RMB - 2024A: 1.65 RMB - 2025E: 1.49 RMB - 2026E: 1.75 RMB - 2027E: 2.12 RMB [6]. - **Profitability Ratios**: - Gross Margin: Expected to increase from 15.3% in 2023A to 16.7% in 2027E - Net Margin: Expected to improve from 3.0% in 2023A to 4.8% in 2027E - Return on Equity (ROE): Expected to rise from 6.6% in 2023A to 14.6% in 2027E [6]. Sales Performance Summary - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [11]. - New energy vehicle sales in August were 147,300 units, showing a year-on-year growth of 95.2% [11]. - The company has achieved 63.2% of its annual sales target of 3 million units by the end of August [11]. Product Development and Market Position - The Galaxy brand's sales are on the rise, with significant contributions from new product launches [11]. - The Galaxy A7 and Galaxy M9 are expected to enhance market competitiveness, with pre-sales showing strong demand [11]. - Zeekr 9X has also shown promising pre-sale figures, indicating strong consumer interest in high-end models [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights a stable performance in H1 2025, with a revenue of 38.54 billion, representing a year-on-year increase of 14.3%, while the net profit attributable to the parent company was 7.03 billion, down 8.9% year-on-year, but adjusted for the impact of Amer Sports' listing, it shows a 14.5% increase [4][6] - The company is optimistic about the development of its multi-brand matrix, with strong growth in outdoor brands and a focus on refined store operations [6][9] Financial Performance Summary - In H1 2025, the company's revenue by brand showed a year-on-year increase: Anta brand revenue increased by 5.4% to 16.95 billion, FILA brand revenue increased by 8.6% to 14.18 billion, and other brands saw a significant increase of 61.1% to 7.41 billion [6] - The gross profit margin slightly decreased by 0.7 percentage points to 63.4%, primarily due to a decline in Anta's gross margin by 1.7 percentage points to 54.9% and a decrease in FILA's gross margin by 2.2 percentage points to 68% [6] - The operating profit margin increased by 0.6 percentage points to 26.3%, while the adjusted net profit margin decreased by 1.2 percentage points to 17.1% [6] Store Network and Operational Efficiency - As of H1 2025, the company operated 7,187 Anta stores, 2,722 Anta Kids stores, 2,054 FILA stores, 241 Descente stores, 199 Kolon stores, and 50 MAIAACTIVE stores, indicating a strategic focus on enhancing store efficiency and consumer experience [7] - The average inventory turnover days increased by 22 days to 136 days, while accounts receivable turnover days remained stable at 19 days, and accounts payable turnover days also remained stable at 52 days [6] Future Earnings Forecast - The company is projected to achieve revenues of 79.56 billion, 88.05 billion, and 97.57 billion for 2025, 2026, and 2027 respectively, with growth rates of 12%, 11%, and 11% [9][10] - The net profit attributable to the parent company is expected to be 13.52 billion, 15.34 billion, and 17.05 billion for the same years, with a decrease of 13% in 2025 followed by increases of 13% and 11% in subsequent years [9][10]

Investment Rating - The report assigns a rating of "Buy" for China Everbright Holdings (0165.HK) [7] Core Views - The report highlights that the company is entering a harvest period as it strategically invests in the technology innovation sector while experiencing a decline in funding costs [2] - The company is expected to see significant performance improvements due to the recovery of its fund management scale and the acceleration of IPOs in the capital market [11] Financial Summary - Total revenue is projected to increase from 1,660.87 million HKD in 2023 to 5,850.62 million HKD by 2027, reflecting a growth rate of 1411.61% in 2025 [5] - Net profit is expected to turn positive in 2025, reaching 2,044.37 million HKD, with a year-on-year growth of 207.09% [5] - The company's price-to-earnings (P/E) ratio is forecasted to improve from -4.65 in 2023 to 5.17 in 2027 [5] Investment Highlights - The company is a leader in the private equity industry, with a total estimated market value of 239 billion HKD and a target price of 14.18 HKD per share [11] - The firm has a diversified investment platform that includes private equity, venture capital, and fixed income funds, focusing on strategic emerging industries and technology innovation [16][24] - The management team has extensive experience in the financial industry, which supports the company's operational capabilities [25] Performance Improvement - The company has transitioned from losses to profitability, with a projected net profit of 3.99 million HKD in the first half of 2025, driven by successful investments in technology companies [26][31] - The fund management scale has rebounded, with a significant increase in seed fund ratios, indicating a strong recovery in investment performance [32][34] Strategic Focus - The company is focusing on technology innovation, with all new funds established since 2021 directed towards high-tech sectors [11][12] - The firm is expected to benefit from the increasing number of IPOs and improved market conditions, enhancing its exit channels for investments [50]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 4.1, compared to the current price of HKD 3.21 [3][10]. Core Insights - The company is positioned as a leading community dining retail enterprise in China, transitioning from a hot pot ingredient supermarket to a national community central kitchen [6][15]. - The report highlights the company's core advantages, including a robust supply chain, a strong franchise network, and an adaptive operational mechanism that allows it to capture market trends effectively [7][31]. - The company is expected to achieve double-digit revenue growth in the short term, with a long-term outlook that remains positive due to its supply chain advantages and extensive store network [8][10]. Financial Performance - Projected total revenue for 2024 is HKD 6.47 billion, with a year-on-year growth rate of 6.1%. By 2027, revenue is expected to reach HKD 9.465 billion, with a growth rate of 13.2% [2]. - The net profit attributable to shareholders is forecasted to be HKD 231 million in 2024, increasing to HKD 615 million by 2027, reflecting a significant growth trajectory [2][10]. - The earnings per share (EPS) are projected to grow from HKD 0.08 in 2024 to HKD 0.22 in 2027, indicating a strong profitability outlook [2][10]. Business Model - The company operates a food ingredient vertical retail model, focusing on expanding product categories and increasing repurchase rates as core strategies [6][14]. - The franchise model allows for rapid expansion, with a target of adding 1,000 new stores in 2025, aiming for a total of 20,000 stores in the medium term [8][9]. - The company has a unique positioning in the market, leveraging its supply chain to offer competitive pricing while maintaining quality [31][32]. Future Outlook - Short-term focus includes improving store efficiency and expanding product offerings, while the medium-term goal is to accelerate store openings, particularly in rural markets [8][9]. - Long-term profitability is expected to improve through enhanced supply chain efficiencies and management capabilities, with a projected revenue growth rate of 14% for 2025 and 2026, and 13% for 2027 [10][9]. - The company is also exploring new growth avenues, including international expansion and innovative store formats [8][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 326 million yuan, up 37.5% [2] - The company continues to innovate its product offerings, launching 55 new products and upgrading 9 existing ones in H1 2025, which has positively impacted sales [3] - The company is focusing on improving the quality of its domestic stores while actively expanding its overseas business, with a net increase of 49 domestic stores and 7 overseas stores in H1 2025 [4] - Cost management and supply chain optimization have led to an improvement in the company's cost-to-income ratio, with a gross margin of 32.6%, up 0.9 percentage points year-on-year [5] - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan respectively, with net profits of 872 million, 1.002 billion, and 1.132 billion yuan [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2.5 billion yuan, a 4.3% increase year-on-year, and a net profit of 326 million yuan, a 37.5% increase [2] - The adjusted net profit was 340 million yuan, reflecting a decrease of 13.8%, with an adjusted net profit margin of 13.6%, down 2.9 percentage points [2] Product and Sales Growth - The company launched 55 new products and upgraded 9 existing products in H1 2025, contributing to a 7.8% increase in product sales [3] - The sales from single stores averaged approximately 270,000 yuan, marking a 3.7% increase [3] Store Expansion and Quality Improvement - The company added 49 new domestic stores, bringing the total to 8,444, while also expanding its international presence with 7 new stores, totaling 21 overseas locations [4] Cost Management and Efficiency - The gross margin improved to 32.6%, with a year-on-year increase of 0.9 percentage points, and a sequential increase of 1.9 percentage points [5] - The sales expense ratio, management expense ratio, and R&D expense ratio were reported at 6.0%, 10.3%, and 0.6% respectively, with a notable reduction in the sequential expense ratios [5] Earnings Forecast - The revised earnings forecast for 2025-2027 includes revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan, and net profits of 872 million, 1.002 billion, and 1.132 billion yuan respectively [6]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [4] Core Views - Alibaba's collaboration between Taobao Flash Sale and its main e-commerce platform shows significant synergy, leading to a notable increase in user engagement and transaction volume [2] - The cloud business revenue growth exceeded expectations, driven by advancements in AI applications and the development of new AI chips [3] - The company is expected to achieve substantial revenue growth in the coming years, with projected revenues of 1.06 trillion, 1.18 trillion, and 1.30 trillion yuan for FY2026, FY2027, and FY2028 respectively [8] Financial Summary - For FY2024A, the company is projected to have a revenue of 941.17 billion yuan, with a year-on-year growth rate of 8.34% [9] - The adjusted net profit for FY2024A is estimated at 79.74 billion yuan, reflecting a year-on-year growth of 9.97% [9] - The company plans to maintain a capital expenditure (CAPEX) of 380 billion yuan over the next three years, indicating a strong commitment to investment in growth [3] - The cloud business achieved a revenue of 333.98 billion yuan in FY26Q1, marking a year-on-year increase of 25.80% [3] User Engagement and Market Position - Taobao Flash Sale has reached a peak daily order volume of 120 million, significantly boosting the overall user activity on the Taobao platform [2] - The monthly active users for Flash Sale have grown by 200% since its launch, indicating strong market penetration [2] - The report highlights that Alibaba is uniquely positioned among domestic competitors with a comprehensive layout in chips, cloud computing, large models, and downstream applications [3]

Investment Rating - The report maintains a "Buy" rating for Viva Biotech Holdings (1873.HK) with a target price of HKD 4.0, indicating a potential upside of 41.3% from the current price of HKD 2.83 [1][3]. Core Insights - The company is leveraging AI to enhance drug development and is on the verge of a commercial explosion in its CDMO (Contract Development and Manufacturing Organization) products [1][3]. - Despite a 15.3% year-on-year decline in revenue to RMB 830 million in the first half of 2025, the adjusted net profit increased by 9.1% to RMB 180 million, indicating resilience in profitability [3][6]. - The CRO (Contract Research Organization) business has shown recovery, with a 9.6% increase in revenue to RMB 420 million, supported by a growing client base and a significant contribution from AI-enabled projects [7][8]. Company Operations Review - The CDMO segment's revenue decreased by 31.4% to RMB 410 million due to upgrades for FDA audits and geopolitical supply chain disruptions, but profitability improved with a gross margin of 35.9% [5][18]. - The CRO business has expanded its client base to 1,669, with overseas revenue accounting for 85% of total income, reflecting a 4.9% increase year-on-year [5][8]. - AI-enabled projects now contribute approximately 10% of CRO revenue, showcasing the integration of advanced technology in drug discovery processes [14][18]. Financial Forecast - Revenue projections indicate a gradual recovery, with expected revenues of RMB 1,912 million in 2025, followed by growth to RMB 2,478 million by 2027 [6][23]. - The gross margin is anticipated to improve from 40.0% in 2025 to 43.9% by 2028, reflecting operational efficiencies and enhanced service offerings [6][23]. - The adjusted net profit is forecasted to rise from RMB 356 million in 2025 to RMB 569 million by 2028, indicating strong growth potential [6][23].

Group 1 - Investment Rating: Buy (Maintained) [1] - Target Price: HK$52.00, unchanged from previous target [1] - Current Share Price: HK$44.10 [1] Group 2 - The company reported strong performance in Q2 2025, with revenue growth of 3.9% year-on-year and 18.6% quarter-on-quarter, reaching RMB 437.3 billion [6] - Net profit for Q2 2025 increased by 22.2% year-on-year and 78.1% quarter-on-quarter, totaling RMB 11.1 billion [6] - The overall revenue for the first half of 2025 grew by 2.6% year-on-year to RMB 806.1 billion, while net profit rose by 14.0% to RMB 17.3 billion [6] Group 3 - The company's strategic transformation is yielding results, with the electric vehicle (EV) business growing by 60.6% year-on-year [6] - AI data center business also showed significant growth, with a notable increase in AI server shipments [6] - The consumer electronics segment faced short-term pressure, but operational improvements and product structure optimization are enhancing profit margins [6] Group 4 - Revenue projections for 2025-2027 are RMB 213.2 billion, RMB 241.9 billion, and RMB 274.5 billion respectively [7] - Expected net profit for the same period is RMB 5.4 billion, RMB 7.3 billion, and RMB 9.5 billion respectively [7] - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 2.388, RMB 3.245, and RMB 4.204 respectively [7] Group 5 - The automotive intelligent system revenue is projected to grow significantly, reaching RMB 28.6 billion in 2025 [7] - The gross profit margin is expected to improve from 7.6% in 2025 to 8.5% in 2027 [11] - The company maintains a strong balance sheet with a net gearing ratio of 16.7% for FY25 [7][11]