Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company's core product, SKB264, is positioned as a promising ADC targeting TROP2, with significant clinical trial progress and potential for commercialization [1][14]. - SKB264 has shown superior efficacy in various clinical settings, particularly in NSCLC, outperforming competitors in terms of mPFS [2][24]. - The collaboration with Merck enhances the global development strategy for SKB264, indicating strong commercial potential [1][15]. Summary by Sections Section 1: Collaboration and Clinical Development - The company has partnered with Merck to develop SKB264, which is currently in multiple Phase III clinical trials for various indications, including NSCLC and triple-negative breast cancer [14][15]. - SKB264 is recognized as a candidate with "blockbuster potential" by Merck, reflecting confidence in its market value [16]. Section 2: Efficacy in NSCLC - In the first-line treatment of wild-type NSCLC, SKB264 demonstrated a median progression-free survival (mPFS) of 15.0 months, significantly better than other TROP2 ADCs [2][24]. - In patients with PD-L1 TPS ≥1%, the mPFS reached 17.8 months, showcasing its effectiveness in this subgroup [2][24]. - SKB264 also exhibited promising results in EGFR-mutated NSCLC patients, with a notable reduction in tumor size compared to standard treatments [3][36]. Section 3: Future Potential and Market Position - The report highlights the potential of combining next-generation immunotherapy with ADCs, positioning SKB264 as a key player in this evolving treatment landscape [4][19]. - The competitive landscape for TROP2 ADCs is intensifying, with SKB264 among the leading candidates, necessitating close monitoring of upcoming clinical data [19][21]. Section 4: Financial Projections - Revenue forecasts for the company are optimistic, with projected revenues of 2.084 billion, 2.876 billion, and 4.663 billion CNY for 2025, 2026, and 2027 respectively [5][7]. - The company is expected to achieve profitability by 2027, with a projected net profit of 561 million CNY [5].

百胜中国（09987.HK） 优于大市 同店销售增速重新转正，运营效率持续提升 2025Q2 经营利润同增 14.3%。2025Q2，公司收入 27.87 亿美元/+4.0%；经 营利润 3.04 亿美元/+14.3%，经营利润率 10.9%/+1.0pct；归母净利润 2.15 亿美元/+1.4%，其中归母净利润增速低于经营利润增速，主要系公 司期内投资亏损约 1800 万美元影响（预计主要是美团股价波动影响）， 而去年同期为盈利 800 万美元。EPS 为 0.58 美元，同比+5.5%。 分品牌看，2025Q2 肯德基收入 20.96 亿美元/+4.1%；经营利润 2.92 亿 美元/+10.6%，经营利润率 14.0%/+0.9pct；必胜客收入 5.54 亿美元 /+2.6%；经营利润 4600 万美元/+15.0%，经营利润率 8.3%/+0.9pct。分 渠道看，外卖收入同比高增 22%，环比大幅提速，占比达 45%/+7.0pct。 同店收入同比增速自 2024 年首度回正。2025Q2，系统销售额同增 4%，其 中肯德基/必胜客分别同比 5%/3%；同店销售同比+1%，自 2024 年以来首 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target valuation range of HKD 19.7 to 22.1 [5][47]. Core Insights - The company is the largest global provider of AMR (Autonomous Mobile Robot) solutions, with a market share of 9.0% in the global warehouse fulfillment AMR solutions market [1][9]. - The company expects a significant reduction in losses for the first half of 2025, projecting a net loss of HKD 0.1 to 0.2 billion, a decrease of approximately 90% to 95% year-on-year [1][25]. - The AMR solutions market is anticipated to grow from HKD 39 billion in 2024 to HKD 162 billion by 2029, with a CAGR of approximately 33% [2]. Summary by Sections Company Overview - The company, established in 2015 and headquartered in Beijing, has expanded its operations to over 40 countries, serving around 800 global clients, including major corporations like Walmart and Toyota [1][9]. - The company has developed a comprehensive technology platform, Robot Matrix, and has a strong focus on integrating AI technology with AMR and robotics solutions to enhance user stickiness [3][15]. Financial Performance - The company reported a revenue increase from HKD 7.9 billion in 2021 to HKD 24 billion in 2024, with a CAGR of 44.2% [25]. - The gross margin improved from 10.16% in 2021 to 34.75% in 2024, indicating enhanced profitability [27]. - The company forecasts revenues of approximately HKD 32.5 billion, HKD 43.85 billion, and HKD 56.98 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of HKD 1.06 billion, HKD 3.03 billion, and HKD 5.20 billion [39][40]. Market Trends - The AMR solutions market is expected to see a penetration rate increase from 8% in 2024 to 20.2% by 2029, indicating strong growth potential [2]. - The company has established a new subsidiary focused on humanoid robotics, aiming to leverage its existing technology and market presence to expand into this emerging field [32]. Investment Considerations - The report highlights the company's strong position in the AMR market, ongoing improvements in profitability, and the potential for significant revenue growth driven by market demand and technological advancements [4][47]. - The company has a robust pipeline of innovative solutions tailored to various warehouse operations, enhancing operational efficiency and customer satisfaction [19][20].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The ASC30 pipeline has successfully completed patient enrollment for the Phase IIa trial, with top-line data expected in Q4 2025. This compound has patent protection in the U.S. and globally until 2044 [7] - ASC30 has shown superior efficacy in previous trials, achieving a maximum weight loss of 6.5% over four weeks, outperforming a competitor's product [7] - The company has multiple promising pipelines, including ASC47 and ASC50, which are expected to have strong business development potential [7] - Revenue forecasts for 2025-2027 are projected at 0, 0.4, and 1 billion RMB respectively, with an updated target price of 14.02 RMB [7] Financial Summary - Total revenue for 2023 is projected at 566.9 million RMB, with a significant decline expected in 2024 [1] - The company is expected to incur net losses, with a projected net profit of -300.94 million RMB in 2024 and -454.44 million RMB in 2025 [1] - The price-to-earnings ratio is forecasted to improve from -49.48 in 2023 to -15.76 in 2025 [1][8]

Investment Rating - The report initiates coverage on Saint Bella with a "Buy" rating and a target price of HKD 9.76, corresponding to a 27X PE for 2026E [1][5][7]. Core Insights - Saint Bella is the largest postpartum care and recovery brand group in Asia and China, with 96 centers in 30 cities globally as of June 2025. The company is expected to achieve a revenue and adjusted net profit CAGR of 28% and 94% from 2025 to 2027, respectively [1][19]. - The company is positioned in a growth phase characterized by stable same-store growth and rapid expansion, leveraging its unique high-end service brand and standardized operational capabilities [1][19]. - The report highlights the company's strategy of horizontal global expansion and vertical integration into family care and women's health food sectors, aiming to enhance its full-cycle family care platform [1][3]. Summary by Sections Company Overview - Saint Bella recorded a revenue of RMB 798.67 million in 2024, with a year-on-year growth of 42.64%. The adjusted net profit for the same year is projected at RMB 120.69 million, marking a significant recovery from previous losses [11][19]. Competitive Advantages - The company has established a "brand-scale" positive cycle through a unique high-end service model, innovative supply chain management, and effective customer retention strategies. It holds a 1.2% market share, leading the industry [2][3]. - The operational model includes a light-asset approach with flexible leasing and a proprietary nursing team, enhancing service quality and operational efficiency [2][21]. Growth Strategy - Short to medium-term focus on domestic and international expansion, with a target of 267-316 centers in China. The company plans to utilize its established brand and operational model to penetrate international markets [3][19]. - Long-term vision includes transforming into a comprehensive family health management platform, with new business segments expected to grow at over 30% annually [3][19]. Financial Projections - The report forecasts adjusted net profits of RMB 1.21 billion, RMB 2.05 billion, and RMB 3.06 billion for 2025, 2026, and 2027, respectively, with corresponding adjusted EPS of RMB 0.19, RMB 0.33, and RMB 0.49 [5][11].

Investment Rating - The report maintains a "Strong Buy" investment rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of HKD 515.00, indicating a potential upside of 23% from the current price of HKD 417.0 [2][6]. Core Views - The report highlights the dual resonance of assets and funds driving the valuation of HKEX upwards, with expectations of high profit growth and an upward shift in valuation amid a thriving primary and secondary market in Hong Kong [6][7]. - The anticipated net profits for HKEX from 2025 to 2027 are projected to be HKD 153 billion, HKD 166 billion, and HKD 178 billion, representing year-on-year growth rates of 17%, 9%, and 7% respectively [6][7]. Summary by Sections Company Overview - HKEX is recognized as a global leader in the exchange sector, benefiting from government backing and a unique position as the only exchange platform in Hong Kong, which provides it with significant regional monopoly advantages [6][9]. - The strategic vision of HKEX focuses on connecting China with the world, capital with opportunities, and the present with the future, leveraging its unique resources to enhance its international presence [6][21]. Financial Performance - The financial overview indicates robust performance with a high return on equity (ROE) of 25.1% and a stable profit margin, with net profit margins around 58% and EBITDA margins around 75% [2][36]. - Revenue growth from 2012 to 2024 shows a compound annual growth rate (CAGR) of 10%, with total revenue increasing from HKD 72.1 billion to HKD 223.7 billion [36][41]. Business Model and Competitive Advantages - HKEX operates a light capital business model that ensures high profitability and a strong correlation between performance and trading activity, with trading fees and system usage fees contributing significantly to revenue [6][24]. - The exchange's competitive barriers include its unique government endorsement and the absence of direct competitors in the region, which solidifies its market position [24][25]. Valuation Drivers - The report identifies a dual resonance of asset quality and fund availability as key drivers for HKEX's valuation enhancement, with favorable market conditions and policy support for secondary listings boosting trading activity [6][7]. - The anticipated influx of southbound capital and the low interest rate environment are expected to sustain market liquidity and trading volumes, further supporting HKEX's growth [6][21]. Revenue Structure - The revenue structure is diversified, with significant contributions from trading fees, investment income, and settlement fees, reflecting the exchange's comprehensive service offerings [41][45]. - In 2024, the revenue from the cash segment is projected to be HKD 94.22 billion, with trading and settlement fees being the primary revenue sources [48].

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [1]. Core Insights - The company has significant supply chain and operational advantages, with ample growth potential [2]. - The projected revenue for 2025-2027 is estimated at 112.79 billion, 132.31 billion, and 155.86 billion RMB, with growth rates of 28%, 17%, and 18% respectively [10][15]. - The adjusted net profit for the same period is expected to be 21.63 billion, 25.31 billion, and 29.96 billion RMB, with growth rates of 40%, 17%, and 18% respectively [10][15]. Financial Summary - Total revenue is projected to grow from 7,676 million RMB in 2023 to 15,586 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 38.1% in 2023, followed by 14.5%, 28.3%, 17.3%, and 17.8% in subsequent years [5][10]. - Gross profit is expected to increase from 2,403 million RMB in 2023 to 4,909 million RMB in 2027 [5]. - The adjusted net profit is forecasted to rise from 1,459 million RMB in 2023 to 2,996 million RMB in 2027, with a notable increase of 85% in 2024 [5][10]. Market Position and Strategy - The company is positioned as a leading player in the domestic ready-to-drink tea market, focusing on high-quality, short-shelf-life ingredients [22]. - The business model emphasizes a high-density store network supported by self-built cold chain logistics, allowing for cost-effective delivery of fresh ingredients [10][22]. - The company plans to expand its store count significantly, with projections of opening 2,500, 3,000, and 3,500 new stores from 2025 to 2027, respectively [17]. Valuation - The report assigns a target price of 29.66 HKD based on a projected PE ratio of 30x for 2025, which is above the industry average [20]. - The current market capitalization is approximately 57,790 million HKD [7]. Management and Governance - The management team is experienced, with a strong focus on operational efficiency and franchisee support [29][32]. - The company has a concentrated ownership structure, with the founding team holding over 70% of the shares, ensuring alignment of interests [29][30]. Growth Potential - The ready-to-drink beverage market in China has substantial growth potential, particularly in lower-tier cities, which are expected to be the main source of growth [10][22]. - The company is leveraging digital operations and a robust supply chain to enhance its competitive edge [10][22].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 84.3 HKD from the current price of 74.60 HKD [3]. Core Insights - The company is expected to see stable performance driven by improvements in advertising and user engagement, with a projected DAU of 409 million and MAU of 710 million for Q2 2025, reflecting year-over-year growth of 3.5% and 3.2% respectively [1]. - Revenue forecasts for Q2 2025 include online marketing revenue of 196.9 billion RMB (up 12.4% YoY) and e-commerce GMV of 3,465 billion RMB (up 13.5% YoY) [1]. - The company is enhancing its AI capabilities, with the "可灵" (Keling) AI service expected to continue its high growth trend, contributing to other revenue streams [1]. User Engagement - The report highlights improvements in user engagement metrics, with daily active users (DAU) expected to reach 409 million and average daily usage time of 123.8 minutes [1]. - The launch of new content formats, such as vertical screen anime short dramas, is anticipated to further boost user retention and interaction [1]. Financial Performance - Total revenue for Q2 2025 is projected at 345.3 billion RMB, with an adjusted net profit of 51.1 billion RMB, reflecting a net profit margin of 14.8% [1]. - The gross margin is expected to remain stable at 55.3%, supported by growth in high-margin advertising and e-commerce businesses [1]. Profitability Forecast - The adjusted net profit forecasts for 2025-2027 are slightly revised to 201.5 billion RMB, 241.9 billion RMB, and 277.6 billion RMB respectively, indicating a positive outlook for profitability [1]. - The report notes that the company’s advertising and e-commerce segments are expected to benefit from operational efficiencies and AI enhancements [1]. Valuation Adjustments - The valuation multiples for 2025 have been adjusted to 0.8x PS for live streaming, 2.9x PS for online marketing, and 0.2x PSG for e-commerce, reflecting the potential of the AI segment [1].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The electric two-wheeler industry is entering a high-quality development phase, with the company positioned as a leading player benefiting from policy support and market recovery [7][37]. - The company has demonstrated strong revenue growth, with a projected compound annual growth rate (CAGR) of 20.8% from 2020 to 2024, and a net profit CAGR of 30.5% during the same period [6][18]. - The company is expected to continue expanding its market share and profitability through innovation, product diversification, and strategic channel development [8][41]. Summary by Sections Company Overview - The company is a leading manufacturer in the electric two-wheeler sector, having participated in the formulation of national standards since its inception in 1997 [16]. - The company has established a comprehensive production base across four regions in China, enhancing its manufacturing capabilities [16]. Industry Analysis - The electric two-wheeler industry is projected to recover to stable growth, driven by policies encouraging replacement and new market demands such as instant delivery and shared riding [7][29]. - The industry has seen a compound annual growth rate of 10.6% from 2019 to 2023, with sales reaching 55 million units in 2023 [29]. Financial Performance - The company's revenue increased from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a net profit rising from 40 million yuan to 117 million yuan during the same period [6][18]. - The report forecasts net profits of 184 million yuan, 267 million yuan, and 347 million yuan for 2025, 2026, and 2027, respectively [6][56]. Product and R&D Strategy - The company is focusing on five core systems in R&D, including liquid-cooled motors and smart battery maintenance systems, with R&D investment reaching 231 million yuan in 2024 [8][41]. - A diversified product matrix has been established, covering various market segments from economy to luxury models, with a strategic focus on high-end markets [8][41]. Market Opportunities - The global electric assist bicycle market is expected to grow from 35 billion USD in 2024 to 62 billion USD by 2030, with a CAGR of 10% [8][52]. - The company is actively expanding its presence in overseas markets and has launched a high-end brand, LIVA, to tap into the electric assist bicycle segment [8][53].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company holds a leading position in three major glass business segments, with continuous growth momentum driven by increasing internationalization. The revenue growth rates for the Greater China and overseas markets in H1 2025 are -20% and +16%, respectively. The company is expected to maintain a positive growth outlook despite the float glass market being at a historical low [5][14] - The revenue forecasts for the company from 2025 to 2027 are projected to be 20.7 billion, 20.4 billion, and 20.8 billion yuan, with year-over-year changes of -7.5%, -1.1%, and +1.7%, respectively. The net profit attributable to the parent company is expected to be 3.2 billion, 3.3 billion, and 3.6 billion yuan, with year-over-year changes of -6.3%, +6.1%, and +7.9%, respectively [5][14] Summary by Sections Business Performance - In H1 2025, the company's total revenue was 9.8 billion yuan, a year-over-year decrease of 10% and a quarter-over-quarter decrease of 14%. The net profit attributable to the parent company was 1 billion yuan, down 60% year-over-year but up 18% quarter-over-quarter. The float glass business faced significant pressure due to declining demand [12] - The float glass revenue in H1 2025 was 5.4 billion yuan, down 16% year-over-year and 17% quarter-over-quarter, with a gross margin of 17.8%, a decrease of 10.5 percentage points year-over-year but an increase of 8.3 percentage points quarter-over-quarter. The average market price for 5mm white glass in H1 2025 was 70 yuan per box, down 27 yuan year-over-year and 4 yuan quarter-over-quarter [12] Segment Analysis - The automotive glass segment showed resilience with revenues of 3.3 billion yuan, up 11% year-over-year and 1% quarter-over-quarter. The gross margin improved to 54.5%, an increase of 4.9 percentage points year-over-year [13] - The building glass segment reported revenues of 1.1 billion yuan, down 22% year-over-year and 33% quarter-over-quarter, with a gross margin of 29.7%, which improved by 1.3 percentage points year-over-year [13] Financial Projections - The company is expected to see a gradual recovery in revenue and profit from 2025 to 2027, with a projected EBITDA of 6.68 billion, 6.99 billion, and 7.45 billion yuan for the respective years. The earnings per share (EPS) are forecasted to be 0.72, 0.76, and 0.82 yuan [15]