Investment Rating - The report maintains a "Buy" rating for the company, 百济神州 (6160 HK), with a target price raised to HKD 208.80, indicating a potential upside of 25.3% from the current price of HKD 166.70 [1][4][14]. Core Insights - The company is experiencing rapid growth in the U.S. market for its product, Zevulunib, which has become the leading treatment for new patients with chronic lymphocytic leukemia (CLL) [2][7]. - The company expects to achieve positive operating profit by 2025, with projected revenues of USD 4.9-5.3 billion and a gross margin in the range of 80-90% [7][8]. - The financial forecasts for 2025 and 2026 have been adjusted upwards, with revenue estimates increased to USD 5.078 billion and USD 6.208 billion, respectively [8][9]. Financial Overview - Revenue is projected to grow significantly from USD 2.459 billion in 2023 to USD 5.078 billion in 2025, reflecting a year-on-year growth of 73.7% in 2023 and 55.0% in 2024 [3][15]. - The company is expected to achieve a net profit of USD 59 million in 2025, transitioning from a loss of USD 882 million in 2023 [3][15]. - The gross profit margin is expected to remain strong, with estimates of 85.0% in 2025 and 86.0% in 2026 [8][15]. Market Performance - The stock has shown a year-to-date increase of 52.66%, with a 52-week high of HKD 166.70 and a low of HKD 77.00 [6][14]. - The average daily trading volume is reported at 13.65 million shares, indicating strong market interest [6]. Product Pipeline and Future Prospects - The company is advancing its pipeline with significant developments in the treatment of blood cancers and solid tumors, including potential accelerated approvals for new therapies [7][8]. - The global peak sales forecast for Zevulunib has been raised to USD 6.9 billion, reflecting the product's strong market position and growth potential [7][9].

Investment Rating - The report gives a "Buy" rating for Xing Sheng Commercial (06668.HK) [3] Core Views - Xing Sheng Commercial has a strong development certainty in the Greater Bay Area, with a strategic layout of "Bay Area Dual Centers, Twin Stars in One City" [1] - The company is focused on optimizing its business structure, with a significant portion of its projects located in the Greater Bay Area [1][19] - The company has a robust operational strength and brand recognition, with a stable financial position and leading advantages in the market [3] Summary by Sections 1. Company Overview - Xing Sheng Commercial has established a strong presence in the Greater Bay Area, with 33 out of 54 projects located there, accounting for 61.1% of total projects [1][19] - The company has a total contracted area of approximately 2.77 million square meters, with 1.77 million square meters already opened [1][14] 2. Business Model and Revenue Structure - The company operates through three main business models: entrusted management, brand and management output, and whole leasing services [2][39] - As of H1 2024, the revenue from entrusted management services was 210 million RMB, showing a year-on-year growth of 10.5% [2] - The gross profit margins for entrusted management, brand output, and whole leasing services were 57.9%, 75.2%, and 12.7% respectively, maintaining stability compared to the previous year [2] 3. Financial Performance - In 2023, the company reported a revenue of 635 million RMB, a year-on-year increase of 13.0%, with a gross margin of 52.5% [3][5] - The company has consistently paid high dividends, with a dividend per share of 0.12 RMB in 2023, representing a 12.2% increase and a payout ratio of 70% [3][31] 4. Growth Strategy - The company has a flexible strategy that adapts to market conditions, focusing on optimizing project structures and ensuring high-quality profit growth [3][35] - The management team is experienced and has a clear strategic direction, emphasizing the importance of talent development and operational efficiency [29][33] 5. Market Position and Recognition - Xing Sheng Commercial has been recognized as a leading commercial management company in the Greater Bay Area, receiving multiple awards for its operational excellence [26][27] - The company has a strong backing from its parent company, Xinghe Holdings, which provides financial stability and growth potential [12][13]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HK$48.81 based on a 35x PE for 2025 [6][8]. Core Insights - The company is a leading provider of online investment solutions in China, benefiting from a strong correlation with capital market conditions, with a revenue CAGR of 64% from 2019 to 2023 [1][16]. - The online investment decision-making solutions market in China is expected to reach RMB 87.2 billion by 2026, growing at a CAGR of approximately 20.7% from 2021 to 2026 [2][29]. - The company has significant channel advantages and a rich product matrix, leveraging a comprehensive media flow channel strategy [3][43]. Summary by Sections 1. Leading Company in Online Investment Solutions - The company adheres to a "technology + research" dual-driven strategy, focusing on online investment consulting and educational services [1][16]. - The management team has extensive experience in the financial and investment advisory sectors, providing a solid foundation for the company's growth [17][19]. - The company's performance is closely tied to market conditions, with a revenue CAGR of 64% from 2019 to 2023, and a shift from negative to positive net profit [1][24]. 2. Expanding Online Investment Solutions Market - The online investment decision-making solutions market is projected to grow significantly, driven by rising disposable income and increased awareness of personal wealth management [2][29]. - The company ranks first in market share for online high-end investment education services as of 2021 [2][34]. 3. Significant Channel Advantages and Diverse Product Matrix - The company utilizes a variety of media channels, including traditional and social media, to enhance brand exposure and customer acquisition [3][46]. - The product offerings are designed to meet diverse customer needs, with a focus on high-end investment education and financial information services [4][56]. - The company has initiated a product line integration to enhance service offerings, including the introduction of small-scale products to attract new users [4][59]. 4. Financial Forecast and Valuation - The company is expected to see significant profit growth, with projected net profit increases of 37% and 125% for 2024 and 2025, respectively [6][13]. - The financial performance is closely linked to market activity, with a forecasted EPS of 0.58 and 1.31 for 2024 and 2025 [6][13].

2025 年 3 月 2 日 公司研究 关联方境外债重组落地，基础物管稳健增长 事件：关联方境外债重组计划获得超过 95%的债权人投票赞成。 2 月 24 日，世茂服务关联方世茂集团发布公告，其境外债重组计划已获得 2053 名（占出席人数的 98.75%）持有投票计划债权总额约 110 亿美元（占债权总额 的 95.39%）的计划债权人投票赞成，后续世茂集团将寻求高等法院对重组计划 进行批准和裁决。 点评：关联方境外债重组落地，基础物管稳健增长，地产关联业务影响较小。 1) 基础物管稳健增长，增值业务有所调整。2024H1 公司实现营业收入 40.3 亿 元，同比下降 1.6%，毛利 8.1 亿元，同比下降 5.9%，归母净利润 1.8 亿元，同 比增长 18.9%。期内，物业管理/社区增值/非业主增值/城市服务分别实现收入 27.6/5.9/0.8/6.0 亿元，同比分别为+5.7%/-17.3%/-33.2%/-7.9%，基础物管业 务实现稳健增长，社区增值和非业主增值不同程度受到房地产市场和国内经济形 势及消费环境影响，业务开展面临一定挑战；城市服务收入下滑则由于公司主动 退出了部分利润率较低及信用期 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 47.25, representing a potential upside of 48.11% from the current stock price of HKD 31.90 [1]. Core Insights - The company's Q4 2024 performance met expectations, with a year-to-date low double-digit growth forecast. The net revenue for Q4 was HKD 11.29 billion, recovering to 87.1% of the 2019 level, with a year-on-year increase of 9.4% and a quarter-on-quarter increase of 5.9% [2][3]. - The introduction of smart gaming tables and the launch of new products, particularly the Capella Hotel and Resort, are expected to enhance market share. The company has a strong balance sheet with net cash of HKD 27.1 billion, the strongest in the industry [2][3]. Financial Summary - Total net revenue is projected to grow from HKD 35.68 billion in 2023 to HKD 55.18 billion by 2027, reflecting a compound annual growth rate (CAGR) of 10.3% [2][3]. - EBITDA is expected to increase from HKD 9.96 billion in 2023 to HKD 16.89 billion in 2027, with an EBITDA margin improving from 27.9% to 30.6% over the same period [2][3]. - Net profit is forecasted to rise from HKD 6.83 billion in 2023 to HKD 12.62 billion in 2027, with a net profit margin increasing from 19.1% to 22.9% [2][3]. Operational Highlights - The company reported a strong performance in its flagship properties, with net revenues for Galaxy Macau and StarWorld Hotel increasing by 12% and 3% year-on-year, respectively [2]. - The occupancy rates for Galaxy Macau and StarWorld Hotel were reported at 98% and 100%, respectively, indicating robust demand [2]. - The company is advancing its development projects, including the introduction of the Capella Hotel and Resort in mid-2025 and the ongoing construction of the fourth phase of Galaxy Macau, expected to be completed by 2027 [2][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][81]. Core Insights - The company, MAOGEPING, is a leading high-end beauty group in China, being the only domestic company among the top ten high-end beauty groups in the market [2][12]. - The company has demonstrated rapid growth, with a net profit CAGR of 41.4% from 2021 to 2023, outpacing revenue growth, and maintaining a steady increase in net profit margin [2][19]. - The flagship brand MAOGEPING, launched in 2000, is the first high-end beauty brand in China and ranks as the twelfth largest high-end beauty brand by retail sales in 2023 [2][12]. Summary by Sections Company Overview - MAOGEPING has been deeply engaged in the beauty industry for 25 years and has established itself as a leading high-end beauty group in China [2][12]. - The company operates two main brands: MAOGEPING and Zhi Ai Zhong Sheng, targeting different market segments [17][18]. Business Operations - The company has 372 self-operated counters across China, ranking second among domestic beauty brands, and has a strong online presence with significant revenue and repurchase rates exceeding industry averages [3][19]. - The product portfolio includes a diverse range of cosmetics, skincare, and newly developed perfumes, with a focus on innovation and consumer demand [3][67]. Financial Performance - The company’s revenue grew from 15.8 billion yuan in 2021 to 28.9 billion yuan in 2023, with a CAGR of 35.3% [19]. - The projected revenues for 2024, 2025, and 2026 are 39.1 billion yuan, 51.1 billion yuan, and 65.1 billion yuan, respectively, with corresponding year-on-year growth rates of 35.6%, 30.7%, and 27.2% [81][82]. Market Potential - The Chinese beauty market is expanding, with the color cosmetics market size reaching 116.8 billion yuan in 2023, and significant growth potential remains compared to per capita spending in countries like Japan and South Korea [30][31]. - The high-end beauty market in China is projected to grow from 1,942 billion yuan in 2023 to 3,110 billion yuan by 2028, indicating a robust growth trajectory [43][44]. Future Growth Drivers - The brand leverages the IP of its founder, MAO Ge Ping, enhancing brand differentiation and consumer appeal through a unique blend of light and shadow aesthetics with Eastern cultural elements [51][53]. - The company is expanding its product lines, including a new perfume series launched in January 2025, to capture additional market segments [74][75].

中国能源 威廉·冯，CFA (852) 3900 0826 wayne fung@cmbi.com.hk 2025年3月3日 中国民生银行国际 | 全球市场 | 股权研究 | 覆盖终止 联合能源（467 HK） 终止覆盖 鉴于资源分配更加合理，我们终止了对联合能源的覆盖。所有之前的推荐自覆 盖终止之日起不再有效。 请阅读最后一页的分析师认证和重要披露，更多来自彭博社的报告：响应CMBR或http://www.cm bi.com.hk 1 2025年3月3日 披露与免责声明 分析师认证 该研究报告内容（全部或部分）的主要研究员声明，关于本报告中所涵盖的证券或发行人：（1）所表达的所有观点准确反映了其个人对该证券或发行人的看法 ；并且（2）其薪酬的任何部分均未、现在或将来直接或间接与其在本报告中表达的特定观点相关。 此外，分析师确认，分析师及其关联人（根据香港证券及期货事务监察委员会发布的《行为守则》定义）在以下方面没有参与或交易本研究报告涵盖的股票： （1）在报告发布前30个日历日内未曾买卖本报告涵盖的股票；（2）在报告发布后3个营业日内不会买卖本报告涵盖的股票；（3）未担任本报告涵盖的任何香 港上市公司的董事 ...

Wayne FUNG, CFA (852) 3900 0826 waynefung@cmbi.com.hk PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk 1 3 Mar 2025 3 Mar 2025 CMB International Global Markets | Equity Research | Coverage Termination United Energy (467 HK) Termination of Coverage In view of better allocation of resources, we terminate coverage of United Energy. All previous recommendations are no longer valid, as of the date of termination of cove ...

证券研究报告 | 公司动态点评 2025 年 02 月 26 日 阿里巴巴-W（09988.HK） AI 战略持续推进，阿里云视觉生成基座模型万相 2.1 宣布开源 | 财务指标 | FY2023A | FY 2024A | FY 2025E | FY 2026E | FY 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 868,687 | 941,168 | 999,615 | 1,112,571 | 1,197,349 | | 增长率 yoy（%） | 1.83 | 8.34 | 6.21 | 11.30 | 7.62 | | 归母净利润（百万元） | 72,509 | 79,741 | 125,071 | 159,183 | 186,010 | | 增长率 yoy（%） | 17.03 | 9.97 | 56.32 | 27.27 | 16.85 | | ROE（%） | 7.35 | 8.11 | 12.54 | 14.81 | 15.59 | | EPS 最新摊薄（元） | 3.83 | 4.21 | 6.58 | 8.37 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $55 for US shares and HK$43 for Hong Kong shares, indicating a potential upside of +60% and +62% respectively [6][13]. Core Insights - The company's 4Q24 revenue of $108.5 million represents a 65% year-over-year increase and is in line with market expectations. The operating loss was slightly better than expected, primarily impacted by a foreign exchange loss of $23.42 million [2][3]. - For 2025, the company projects total product revenue between $560 million and $590 million, reflecting a year-over-year growth of 40.4% to 45.4%, driven by strong growth in its core product, Eiger, and stable growth in existing products [3][4]. - The report highlights the strong growth of Eiger, which achieved sales of $30 million in 4Q24, a 492% increase year-over-year, and is expected to reach approximately $150 million in sales for 2025 [4][5]. Summary by Sections Financial Performance - In 4Q24, the company reported a net loss of $81.68 million, a 14.4% decrease year-over-year, but a 96% increase quarter-over-quarter. The gross margin for products was 61.5%, stable year-over-year but down 2.6 percentage points quarter-over-quarter [2][3]. - The company’s R&D expenses decreased to $52.25 million, down 36.2% year-over-year and 20.8% quarter-over-quarter, indicating improved cost management [2]. Future Catalysts - The report suggests focusing on the upcoming data updates for DLL3 ADC and potential international expansion. Several drugs are expected to submit NDA in China, with key data updates anticipated in 2Q25 [5][13]. - The company plans to cover 85% of the market potential for Eiger by 2025, up from 65% in 2024, which is expected to further enhance sales growth [4][5]. Market Position - The total market capitalization of the company is approximately $3.716 billion, with a recent average trading volume of $22 million over the past three months [6]. - The stock has a 52-week price range of $13.4 to $36.6, indicating significant volatility and potential for growth [6].