Investment Rating - The report maintains a "Buy" rating for WuXi Biologics (2269 HK) with a target price of HK$54.23, representing a potential upside of 44% from the current price of HK$37.68 [1][10][11]. Core Insights - The company is expected to see revenue and profit growth in 2025, driven by global network expansion and digital transformation initiatives. The growth trend is anticipated to continue into 2026, supported by strong research services, leading platform recognition, and an increase in drug development projects [6][10]. - The number of projects is on the rise, with a total of 945 comprehensive projects expected by 2025, including 74 clinical phase III projects. The company has reported that bispecific antibodies are the fastest-growing and most profitable molecule type, contributing nearly 20% of revenue with over 120% year-on-year growth [7][10]. - The company is enhancing its global footprint, with about half of new projects in 2025 coming from the U.S. Strategic investments are being made in U.S. facilities to bolster production capacity [8][10]. Financial Summary - Revenue projections for 2025E, 2026E, and 2027E are RMB 21,176 million, RMB 25,175 million, and RMB 29,813 million, respectively, reflecting growth rates of 13.4%, 18.9%, and 18.4% [9][15]. - The expected earnings per share (EPS) for 2025E, 2026E, and 2027E are RMB 0.87, RMB 1.03, and RMB 1.20, respectively [2][9]. - The company’s market capitalization is approximately US$5.923 billion, with a current share count of 1,228 million [1][9]. Valuation - The report employs a two-stage DCF valuation method, resulting in a target price of HK$54.23, which corresponds to a P/E ratio of 49x for 2026, slightly above the industry average of 30x [11][12]. - The report highlights a WACC of 7.9% and a perpetual growth rate adjustment to 5%, indicating a positive long-term outlook for the company [11][12].

Investment Rating - The report assigns an investment rating of "Buy" for the company [2]. Core Insights - The company has shown resilience in its revenue growth, with a projected increase in net profit from HKD 8.5 billion in 2025 to HKD 42.0 billion in 2027, reflecting a year-on-year growth of 5%, 49%, and 233% respectively [7]. - The company benefits from a dual-driven development model, focusing on both property development and investment, with a strong presence in both Hong Kong and mainland China [12]. - The company maintains a healthy financial position, with a net debt ratio of 38.4% and a cash-to-short-term debt ratio of 2.5 times as of mid-2025 [7]. Summary by Sections 1. Development and Brand Building - The company has established a high-end brand through significant projects in both Hong Kong and mainland China, with a focus on core first and second-tier cities [12]. - The management team is experienced, and the ownership structure is stable, with Kerry Group Limited holding 60.23% of the shares [15][17]. - Revenue has returned to growth, with a projected total revenue of HKD 19.5 billion in 2024, reflecting a 49% year-on-year increase [20]. 2. Property Development - The company has seen a rebound in contract sales, with a 130% year-on-year increase in sales amounting to HKD 16.2 billion in the first half of 2025 [7][30]. - The flagship project, Jinling Huating, has generated significant sales, contributing approximately HKD 220 billion in total sales [41]. - The company’s sales in mainland China have surged, with a 784% increase in the first half of 2025 compared to the previous year, primarily driven by the success of high-end projects [34]. 3. Investment Properties and Hotels - The company’s investment properties are primarily located in first-tier and core second-tier cities, contributing stable cash flow [55]. - Despite a 5.5% decline in leasing income in the first half of 2025, the company’s investment properties are expected to provide a solid foundation for long-term value [55]. - The valuation of the investment property portfolio has increased by 13.9% year-on-year, reaching HKD 862.9 billion, with commercial properties driving this growth [60].

Investment Rating - The report assigns a positive investment rating to Pop Mart (9992.HK), indicating a favorable outlook for the company's growth and market position [4]. Core Insights - The market perception of Pop Mart is evolving from a "blind box company" to a "global IP full industry chain group," reflecting a significant transformation in its business model and market strategy [4]. - The report addresses key concerns regarding the extension of IP lifecycle, breakthrough in the North American market, and the transition of valuation systems [4]. Summary by Sections Q1: Sustainability of Labubu's Growth - Labubu's strong growth is deemed sustainable due to proactive product rhythm adjustments, supply chain optimization, and the promotion of an IP family strategy, transitioning from a phenomenon to a core IP [5]. - Healthy growth is characterized by a decline in secondary market prices, which is seen as a positive clearing rather than a collapse, laying the foundation for long-term growth [5]. Q2: Capability of Mass Producing "Medium IP" - The company has established an industrialized and replicable IP incubation system, enabling it to mass-produce medium-sized IPs [6]. - The new IP, represented by "Twinkle Twinkle," achieved revenue of 390 million yuan in the first half of 2025, complementing Labubu and ensuring continuous product iteration [6]. Q3: Growth Potential in North America - The North American market presents significant growth potential, driven by strategic store expansion and localized operations [7]. - Pop Mart plans to open approximately 270-550 stores in North America, with a focus on a multi-store network to enhance regional penetration [7]. Q4: Market Penetration in Europe - The European market is rapidly penetrating, with revenue reaching 478 million yuan in the first half of 2025, a year-on-year increase of 729% [8]. - The strategy emphasizes "cultural output" by collaborating with art landmarks and enhancing brand tone through localized marketing [8]. Q5: Progress in New Business Layouts - New business initiatives like POP BAKERY and POPOP are designed to extend consumption scenarios around IP, creating high-frequency consumption opportunities [9]. - POP BAKERY offers themed desserts priced between 39-199 yuan, while POPOP features luxury jewelry priced from 249-2699 yuan, enhancing customer value [9]. Q6: Performance Growth Outlook for 2026 - The company anticipates steady growth in 2026, with total revenue projected to reach 51 billion yuan and adjusted net profit of 18 billion yuan, driven by overseas market expansion and domestic store renewal strategies [10].

Investment Rating - The report assigns an "Outperform" rating for the company [4] Core Insights - The company is a high-quality private coal enterprise transitioning from a single coal producer to a diversified coal producer, with a focus on expanding its product range and geographical reach [1][15] - The main coal mine, Dafenpu, has strong profitability and is a key driver of revenue and cash flow growth [1][32] - The company is expanding its coal business into coking coal with two new mines under construction, which are expected to enhance revenue [2][46] - The company is also diversifying into non-coal mining and other businesses, which are projected to contribute additional revenue streams [3][54] Summary by Sections Company Overview - The company is a private integrated coal enterprise listed in Hong Kong since March 2012, with a high concentration of ownership [1][15] - As of June 30, 2025, the controlling shareholder holds 62.96% of the shares, indicating a strong governance structure [1][15] Coal Business Expansion - The company is transitioning from a single coal type producer to a full-spectrum coal producer, with a projected revenue contribution of approximately 95% from coal business by 2024 [1][32] - Dafenpu coal mine has a production capacity of 6.5 million tons per year and is recognized for its high-quality, low-sulfur coal [1][32] - The company is developing two new coking coal mines, Yong'an and Wei Yi, with expected production capacities of 1.2 million tons and 0.9 million tons respectively [2][46] Financial Performance - The company has shown a steady improvement in financial health, with a significant reduction in debt-to-asset ratio from 68% in 2013 to 24% in 2021 [4][26] - The company has a consistent dividend policy, with a total dividend payout ratio of 56.6% in 2024 [4][26] - Revenue and net profit forecasts for 2025-2027 are projected at 13.1 billion, 17.0 billion, and 20.2 billion yuan respectively, with corresponding PE ratios of 10.6, 8.2, and 6.9 [4][8] Non-Coal Business Development - The company is diversifying into non-coal mining, with a significant project in Sierra Leone expected to generate additional revenue [3][56] - The company is also expanding into agriculture and real estate, with multiple projects underway that are anticipated to enhance overall revenue [59]

证券研究报告 | 2026年02月09日 中国东方教育（00667.HK） 优于大市 模式升级固本培元，职教龙头弄潮服务消费新风口 深耕职教近四十年，多品牌构筑技能培训版图。中国东方教育是国内领先的 职业技能教育集团，旗下布局新东方烹饪、新华电脑、万通汽修等知名品牌。 2019 年在港股上市。公司覆盖烹饪技术、西点西餐、信息及互联网技术、汽 车服务四大成熟专业，并积极布局美业、宠物、康养等新兴专业。 技能培训行业：职教万亿扩容，中职调整寻机。我国职业教育行业处于万亿 扩容黄金期，受政策持续加码与产业需求拉动双轮驱动，2025-2029 年预计 维持 17%复合增速，2029 年市场规模有望突破 2 万亿元。此前中职赛道经历 数年调整，2010-2024 年在高中招生占比从 51%下滑至 34%，但考虑中级技能 人才产业刚需、部分普高适配度较低学生回流，后续普高比有望寻找新平衡。 成熟专业：疫后盈利能力率先修复，收入后提速打开利润增长空间。2024 年以来公司积极调整，关停并转低效校区、推进五省职教产业园建设、升级 课程结构，带动 2025H1 公司经调净利率 19.0%/+5.0pct；预计伴随更多职教 园区 ...

[Table_Title] 研究报告 Research Report 9 Feb 2026 信达生物 Innovent Biologics (1801 HK) 信达生物与礼来达成第七次全球战略合作，合作规模超预期 Innovent and Eli Lilly Forge Their Seventh Global Strategic Collaboration; Deal Size Beats 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie kh.meng@htisec.com john.zy.nie@htisec.com 从引进来，到走出去：这是信达与礼来的第七次合作。这种"中国 PoC+全球开发"的分工，充分发挥了信达在中国 高效的临床能力，降低了信达的海外开发风险，同时凭借礼来的全球网络提升效率。本次合作为信达主导早期研 发并保留大中华区权益，标志着其研发能力获国际认可，是中国创新药企全球化能力提升的关键一步。 战略意义超越单次交易：首付款与里程碑款将强化信达的财务安全垫，销售分成使其长期受益于全球市场增长。 合作聚焦的肿瘤与免疫领域，可与信达现有核心管线，如 IBI363（PD1/IL2）、 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage in the market [4][6]. Core Insights - The company is a leader in the African hygiene products industry, with a projected revenue of $450 million in 2024 and a three-year CAGR of 19%. Net profit is expected to reach $95 million, with a CAGR of 130% [1][4]. - The African hygiene products market is still in its early industrialization stage, presenting significant growth potential. The market for baby diapers, pull-ups, and sanitary pads is estimated to be $3.8 billion in 2024, with a projected growth rate of approximately 8% over the next five years [2][40]. - The company has established competitive barriers through a multi-brand strategy, a robust local supply chain, and a mature sales network, covering over 30 African countries and reaching more than 80% of the local population [3][62]. Summary by Sections Company Overview - The company, established in 2009, has become a leading brand in Africa's hygiene products sector, launching several brands including Softcare, Maya, Veesper, Cuettie, and Clincleer [1][16]. Market Potential - Africa's GDP is expected to grow at around 4%, with a high birth rate of approximately 4% and a low penetration rate of hygiene products (20% for diapers compared to 80% in developed markets) [2][40]. - The market for disposable hygiene products in Africa is projected to grow significantly, with the baby diaper market expected to reach $2.59 billion by 2024, growing at a CAGR of 6.2% [49]. Competitive Advantages - The company has a diverse brand portfolio that covers various market segments, with Softcare being the leading brand in terms of sales volume [3][62]. - The company has developed a comprehensive sales network and local manufacturing capabilities, with eight factories across Africa, making it the largest local manufacturer in the hygiene products sector [3][62]. Financial Analysis - The company’s revenue is projected to grow from $411 million in 2023 to $454 million in 2024, with a net profit increase from $64.68 million to $95.11 million during the same period [5][24]. - The expected earnings per share for 2024 is $0.19, with a price-to-earnings ratio of 2.39 [5][4]. Investment Forecast - Revenue projections for 2025-2027 are estimated at $529 million, $610 million, and $703 million respectively, with corresponding net profits of $115 million, $133 million, and $156 million [4][5].

Investment Rating - The report assigns an "Outperform" rating for the company [4] Core Insights - The company is a high-quality private coal enterprise transitioning from a single coal producer to a diversified coal producer, with a focus on expanding its product range and regional presence [1][15] - The main coal mine, Dafenpu, has strong profitability and is a key driver of revenue and cash flow growth [1][32] - The company is expanding its coal business into coking coal with two new mines under construction, which are expected to enhance revenue [2][46] - The company is also diversifying into non-coal mining, with a significant project in Sierra Leone expected to contribute additional revenue [3][54] - The company has a strong dividend policy, with increasing frequency and rates of dividends reflecting its solid financial performance [4][26] Summary by Sections Company Overview - The company is a private integrated coal enterprise listed in Hong Kong since March 2012, with a high concentration of ownership [1][15] - It operates several coal mines and is expanding into international markets, particularly in South Africa [15][52] Coal Business Expansion - The company is transitioning from a focus on thermal coal to a broader range of coal products, including coking coal, with new mines expected to start production in 2026 [2][46] - The Dafenpu mine has a production capacity of 6.5 million tons per year and is recognized for its high-quality coal [1][32] Financial Performance - The company has shown resilience in its financials, with projected revenues and net profits expected to grow in the coming years despite market fluctuations [4][22] - The company’s dividend payout ratio has increased, with a forecasted dividend yield of 4.8% based on recent share prices [4][26] Non-Coal Ventures - The company is pursuing non-coal mining opportunities, including a titanium project in Sierra Leone, which is expected to generate significant additional profits [3][54] - The project is structured in phases, with the first phase expected to contribute approximately 330 million yuan in gross profit [57] Diversification into Other Businesses - The company is diversifying into agriculture, real estate, and property management, with several projects underway that are expected to enhance overall revenue [59][61] - The real estate segment includes multiple high-quality projects across various cities, contributing to the company's revenue diversification strategy [59][61]

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-09 股票投资评级 买入 |首次覆盖 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 103.70 | | --- | --- | | 总股本/流通股本（亿股） | 4.34 / 3.52 | | 总市值/流通市值（亿港币）449.58 / 365.49 | | | 52 周内最高/最低价 | 136.90 / 85.60 | | 资产负债率(%) | 9.85% | | 市盈率 | -18.1 | | 第一大股东 | 彭军 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 小马智行(2026.HK) 智能驾驶龙头，Robotaxi 商业化初步落地 ⚫ 事件 2026 年 2 月 4 日，公司发布 2025 年业绩预告：2025 年度预期亏 损约 69.0 百万美元至 86.0 百万美元，较 2024 年度的 275.0 百万美 元大幅收窄约 68.7%至 74.9%；亏损收窄主因系报告期内对上市公司 的投资公允价值变动收益增长所致。 ...

证券研究报告：电子 | 公司点评报告 发布时间：2026-02-09 股票投资评级 买入 |首次覆盖 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 103.70 | | --- | --- | | 总股本/流通股本（亿股） | 4.34 / 3.52 | | 总市值/流通市值（亿港币）449.58 / 365.49 | | | 52 周内最高/最低价 | 136.90 / 85.60 | | 资产负债率(%) | 9.85% | | 市盈率 | -18.1 | | 第一大股东 | 彭军 | 研究所 智能驾驶龙头，Robotaxi 商业化初步落地 ⚫ 事件 2026 年 2 月 4 日，公司发布 2025 年业绩预告：2025 年度预期亏 损约 69.0 百万美元至 86.0 百万美元，较 2024 年度的 275.0 百万美 元大幅收窄约 68.7%至 74.9%；亏损收窄主因系报告期内对上市公司 的投资公允价值变动收益增长所致。 ⚫ 投资要点 广州 UE 模型率先转正，Robotaxi 商业化路径初步验证，2026 年 车队规模有望预计达 3000 台。截至 2025 ...