Investment Rating - The report maintains an "Outperform" rating for Laopu Gold [2][12] Core Insights - Laopu Gold's revenue is expected to grow by 217% year-on-year in 2025, reaching RMB 26.96 billion, with a projected net profit of RMB 4.63 billion, reflecting a 214% increase [3][12] - The company is focusing on deepening its domestic and overseas offline expansion, with a strategy of "fewer but better, larger and more beautiful" in site selection, enhancing per-store sales efficiency [4][10] - Differentiated original designs are driving product iterations, with new product contributions expected to rise, including exclusive launches targeting diverse consumer groups [5][11] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are RMB 26.96 billion, RMB 36.03 billion, and RMB 43.78 billion, respectively, with year-on-year growth rates of 217%, 33.6%, and 21.5% [6][12] - Attributable net profit forecasts for the same years are RMB 4.63 billion, RMB 6.51 billion, and RMB 8.19 billion, with growth rates of 214.3%, 40.6%, and 25.8% [6][12] Market Position and Strategy - Laopu Gold plans to open approximately 5 new stores in high-end districts and upgrade existing ones, focusing on high-density and strong presence in core cities [4][10] - The company has expanded its international presence with the opening of its first overseas store in Singapore, enhancing brand internationalization [4][10] Product Development - The company has a clear cadence for new product launches, with several unique designs introduced throughout 2025, aimed at appealing to contemporary consumer aesthetics [5][11]

全球资产重塑，盈利拐点确立 非凡领越(0933) ——非凡领越首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | | | | | | | | [当前价格 Table_CurPrice] (港元)： | 0.69 | 本报告导读： 公司全球多品牌矩阵成型。核心品牌 Clarks 盈利拐点显现，重组艰难时期基本结 束。Clarks 新任 CEO Victor 具备高胜率零售管理体系和实战经验。我们认为非凡 领越是国内服装板块中少数拥有百年全球品牌"全球控股权"的企业，其资产属性 显著优于单纯收购"大中华区运营权"的模式。首次覆盖，予以增持评级。 投资要点： | 财务摘要(百万港元) ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is positioned as the leading coal producer in Mongolia, with a strong geographical advantage near the Chinese market. It is diversifying beyond coal into gold and copper, which are expected to contribute significantly to future profits [5][13]. - The gold business, initiated with the BKH gold mine, is projected to generate over $100 million in net profit by 2026, marking a substantial second growth curve for the company [5][6]. - The copper business, through the acquisition of UCC, is seen as a long-term growth opportunity, with plans for feasibility studies on the White Hill copper deposit [5][6]. Summary by Sections Company Overview - The company is the largest private mining enterprise in Mongolia, primarily engaged in coal production and export, with ongoing diversification into gold and copper [13]. - It was the first Mongolian company to list on the international capital market, with significant assets located in the Tavan Tolgoi coalfield [13][15]. Coal Business - The company operates two major coal mines, UHG and BN, with substantial coal reserves of 340 million tons and 272 million tons respectively, primarily producing high-quality hard coking coal [24][25]. - In 2024, the company achieved a peak raw coal production of 16.34 million tons, with a significant increase in sales through competitive bidding [39][41]. - The average selling price of coal is influenced by domestic market trends, with recent prices at $106 and $121 per ton for 2023 and 2024 respectively [44]. Gold Business - The BKH gold mine commenced commercial production in September 2025, with expectations to reach full production of 85,000 ounces by 2027 [5][6]. - The low All-In Sustaining Cost (AISC) of the gold business positions it as a high-margin contributor to the company's overall profitability [5]. Copper Business - The acquisition of a 50.5% stake in UCC provides access to the White Hill copper-gold project, which contains approximately 185,000 tons of copper and 52,000 ounces of gold [5][6]. - The company plans to conduct feasibility studies on the copper deposit to further reduce reliance on coal [5]. Financial Projections - The company forecasts net profits of $0.93 million, $2.63 million, and $3.77 million for the years 2025, 2026, and 2027 respectively, with a PE ratio of less than 7 for 2026 [5][6].

Investment Rating - The report maintains an "Outperform" rating for Laopu Gold [2][12] Core Insights - Laopu Gold's revenue is expected to grow by 217% year-on-year in 2025, reaching RMB 26.96 billion, with a projected net profit of RMB 4.63 billion, also up 214% year-on-year [3][12] - The company is focusing on deepening its domestic and overseas offline expansion, with a strategy of "fewer but better, larger and more beautiful" in ultra-luxury site selection [4][10] - Differentiated original designs are driving product iteration, with new product contributions expected to rise further [5][11] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are RMB 26.96 billion, RMB 36.03 billion, and RMB 43.78 billion, respectively, with year-on-year growth rates of 217%, 33.6%, and 21.5% [6][12] - Attributable net profit forecasts for the same years are RMB 4.63 billion, RMB 6.51 billion, and RMB 8.19 billion, with growth rates of 214.3%, 40.6%, and 25.8% [6][12] Store Expansion and Strategy - Laopu Gold plans to open approximately 5 new stores in top-tier districts and upgrade existing stores during the second half of 2025 [4][10] - The company has opened its first overseas store in Singapore, enhancing its international presence [4][10] Product Development - The company has launched several new product lines targeting diverse consumer groups, including the "Gold Cross" series and the "Goddess of Light" pendant [5][11] - The product iteration strategy focuses on thematic innovation and distinctive craftsmanship to enhance product freshness [5][11]

证券研究报告 老铺黄金 (6181 HK) 港股通 看好老铺春节销售旺季等多重催化 | 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 25 日│中国香港 | | 目标价(港币): | 1,200.00 | 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 惠普 研究员 huipu@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 1 月 23 日) | 788.00 | | --- | --- | | 市值 (港币百万) | 138,994 | | 6 个月平均日成交额 (港币百万) | 978.10 | | 52 周价格范围 (港币) | 353.80-1,108.00 | 股价走势图 (2) 48 98 147 197 Jan-25 May-25 Sep-25 Jan-26 (%) 老铺黄金 恒生指数 资料来源：S&P ...

Investment Rating - The report assigns an "Accumulate" rating to Kuaishou-W with a target price of 104 HKD, based on a valuation of 15x PE for traditional business and 30x PS for Kuaishou's AI video model [2][11]. Core Insights - The report highlights the acceleration of AIGC (AI Generated Content) video commercialization, emphasizing Kuaishou's ability to integrate technology, ecosystem, and monetization to unlock long-term value [1][11]. - Kuaishou's revenue is projected to grow from 142 billion RMB in 2025 to 170 billion RMB by 2027, with adjusted net profit expected to increase from 20.6 billion RMB to 28.1 billion RMB during the same period [5][11]. - The global video streaming revenue is anticipated to reach 214.6 billion USD in 2025, with AI video penetration expected to contribute significantly to the total addressable market (TAM) of approximately 25 billion USD [27][11]. Summary by Sections 1. AIGC Video Generation Technology - AIGC is transitioning from a creative tool to a core productivity driver in the content industry, supported by advancements in deep learning and multimodal models [13][15]. - The demand for efficient content supply in industries like media, e-commerce, and advertising is driving the adoption of AIGC technologies [15][23]. 2. Competitive Landscape - The AIGC video generation market is entering a phase of differentiation among general models, vertical capabilities, and platform ecosystems [34][36]. - Kuaishou's Kling 2.5 Turbo ranks highly in performance and cost-effectiveness compared to competitors, showcasing its advantages in integrated audio-visual generation and understanding of the Chinese context [34][36]. 3. Kuaishou's Value Creation - Kuaishou has established a closed loop of technology, ecosystem, and monetization, with significant revenue growth from its AI video model, which reached an annualized revenue run rate of 240 million USD by December 2025 [11][44]. - The report notes that Kuaishou's AI model has generated over 600 million videos and collaborated with more than 30,000 enterprise users, indicating strong commercial potential [11][44]. 4. Financial Projections and Valuation - Kuaishou's financial forecasts indicate a steady revenue growth trajectory, with adjusted net profit expected to grow at a compound annual growth rate (CAGR) of 16% from 2025 to 2027 [5][11]. - The report suggests a conservative valuation approach, applying a 15x PE for traditional business and a 30x PS for the AI segment, reflecting the company's growth potential in the AIGC space [11][11].

Investment Rating - The investment rating for the company is "Buy" with a current price of 30.44 HKD and a target value of 50.25 HKD [4]. Core Insights - The report anticipates a stabilization in gaming revenue, steady performance in office software, and a rebound in profits for Q4. The company is expected to see a 10% quarter-on-quarter revenue increase in Q4 2025, despite a year-on-year decline of 5% [8][10]. - The gaming segment is projected to experience a year-on-year revenue decline of 32% and a quarter-on-quarter decline of 2% in Q4 2025, with new game "Goose Duck" exceeding expectations [8][10]. - The office software segment is expected to grow by 19% year-on-year in Q4 2025, driven by government projects and the enhancement of WPS 365 as a global AI collaboration platform [8][10]. - The cloud segment is forecasted to grow by 20% year-on-year in Q4 2025, with continued high capital expenditures expected in 2026 [8][10]. Financial Forecasts - Revenue projections for the company are as follows (in million RMB): - 2023A: 8,534 - 2024A: 10,318 - 2025E: 9,730 - 2026E: 11,571 - 2027E: 13,416 - The growth rates are expected to be 11.7% for 2023, 20.9% for 2024, -5.7% for 2025, 18.9% for 2026, and 15.9% for 2027 [3][10]. - The EBITDA is projected to be 1,268 million RMB in 2023, increasing to 3,511 million RMB by 2027 [3][10]. - The net profit attributable to shareholders is expected to rise from 483 million RMB in 2023 to 2,081 million RMB in 2027, with significant growth in 2024 [3][10]. Business Segment Analysis - Gaming revenue is expected to be 3,977 million RMB in 2023, with a decline to 3,768 million RMB in 2025, followed by a recovery to 4,239 million RMB in 2026 [9][10]. - Office revenue is projected to grow from 4,557 million RMB in 2023 to 5,962 million RMB in 2025, and further to 7,332 million RMB in 2026 [9][10]. - The cloud segment is anticipated to generate significant growth, with revenue expected to reach 12,215 million RMB by 2026 [9][10]. Valuation and Investment Recommendation - The report suggests a valuation of 50.25 HKD per share based on a combination of gaming, office, and cloud business valuations, applying a PE ratio of 13x for gaming, 35x for office, and 3x PS for cloud [12][16]. - The overall recommendation remains "Buy" based on the expected performance and growth potential of the company [12].

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 | [Table_Title] 【 广 发 纺 服 | 海 外 】 特 步 国 际 & | | --- | --- | | （01368.HK） | | | 25Q4 | 主品牌稳健，索康尼环比提速 | [Table_Summary] 核心观点： 盈利预测：*本文如无特殊说明，货币单位均为人民币，1HKD=0.90CNY | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 12,743 | 13,577 | 14,416 | 15,516 | 16,868 | | 增长率（ % ） | -1.5% | 6.5% | 6.2% | 7.6% | 8.7% | | EBITDA | 2,120 | 2,379 | 2,343 | 2,571 | 2,813 | | 归母净利润 | 1,030 | 1,238 | 1,362 | 1,514 | 1,668 | | ...

Investment Rating - The report initiates coverage with a "Buy" rating for Baidu Group, indicating a positive outlook for the company's stock performance over the next 12 months [6]. Core Insights - Baidu has launched its new generative AI model, Wenxin 5.0, which boasts 2.4 trillion parameters and has outperformed competitors in over 40 benchmark evaluations [2]. - The company is undergoing a significant transformation towards AI, with its advertising business facing short-term pressures, while its intelligent cloud and autonomous driving sectors show high growth potential [4]. - Baidu's monthly active users for its app have reached 708 million, and approximately 70% of mobile search results now include AI-generated content, enhancing its competitive edge in AI [3]. Financial Projections - Revenue forecasts for Baidu Group from 2025 to 2027 are projected at 133.3 billion, 142.3 billion, and 153.8 billion RMB, reflecting growth rates of 0.13%, 6.76%, and 8.12% respectively [4][5]. - Adjusted net profits for the same period are expected to be 186 billion, 202 billion, and 230 billion RMB, with adjusted EPS projected at 6.78, 7.33, and 8.36 RMB [4][5]. - The current stock price corresponds to adjusted P/E ratios of 22, 20, and 18 for the years 2025, 2026, and 2027 respectively [4]. Business Developments - Baidu's autonomous driving service, "LuoBo Kuaipao," has achieved 3.1 million orders in Q3 2025, marking a year-on-year growth of 212% [3]. - The company has expanded its global footprint, entering markets in Switzerland, Abu Dhabi, and Hong Kong [3]. - Baidu's Kunlun chip, a leading AI chip in China, is set to have a shipment volume of 69,000 units in 2024, enhancing its capabilities in AI cluster construction [2].

[Table_Page] 公司深度研究|房地产Ⅱ 证券研究报告 | 地 | [Table_Title] 【 广 发 | 产 & | 海 | 外 | 】 | 贝 | 壳 | | --- | --- | --- | --- | --- | --- | --- | --- | | -W(02423.HK)/贝壳(BEKE) | | | | | | | | | 系列二 | —洞见贝壳 | | | | | | | 如何看待 26 年市场环境下贝壳的业绩弹性 [Table_Summary] 核心观点： 盈利预测（货币单位如无特别说明均为人民币）： | [Table_Finance] | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | | 77,777 | 93,457 | 94,308 | 95,240 | 104,660 | | 增长率 （ ） | % | 28% | 20% | 1% | 1% | 10% | | EBITDA（百万元） | | 8,023 | 6,622 ...