Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The global nuclear power sector is at a turning point, with long-term demand expected to rise significantly, leading to an upward trend in uranium prices. The average annual new installed capacity from 2025 to 2030 is projected to reach 13 GW, corresponding to a total initial natural uranium demand of approximately 31,200 tons [1][19]. - The company is positioned as a leading player in the uranium industry, backed by China General Nuclear Power Group, and is the only publicly listed pure uranium company in East Asia. It has stakes in four uranium mines in Kazakhstan and has seen strong investment returns due to rising uranium prices [2][4]. - The company's mining production is stable, with a total equity resource of 24,000 tons of uranium and an equity capacity of 1,899 tons. Production is expected to increase from 500 tons in 2025 to 900 tons by 2029, benefiting from low-cost operations [2][3]. - The company has adjusted its sales pricing mechanism, which is expected to enhance performance significantly from 2026 onwards, as the new pricing framework increases the base price from $61.78 to $94.22 per pound of U3O8 [3][4]. Summary by Sections 1. Uranium Industry - The nuclear power sector is experiencing a resurgence driven by global decarbonization efforts, energy security, and advancements in small modular reactor (SMR) technology. This is expected to lead to a compound annual growth rate (CAGR) of 4.2% in global nuclear power capacity from 2024 to 2050 [1][11]. - The supply side is facing a widening gap, with a projected increase of 15,300 tons of uranium from 2025 to 2030, which is significantly lower than the demand [1][30]. 2. Company Overview - The company is the only platform for overseas uranium resource development under China General Nuclear Power Group and has seen substantial profit growth due to rising uranium prices [2][4]. - The company’s mining operations are characterized by low production costs, which provide a competitive advantage in the market [2][3]. 3. Resource Sector - The company’s mining output is stable, with production expected to remain steady in 2025, and potential increases in capacity from 500 tons to 900 tons between 2025 and 2029 [2][3]. 4. Trade Sector - The company has benefited from a new pricing agreement that enhances its revenue potential, with significant increases in the base price for uranium sales expected to drive performance from 2026 [3][4]. - The international trade segment is positioned to improve profit margins as the company locks in favorable pricing while retaining some flexibility to benefit from rising uranium prices [3][4]. 5. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 539 million, 994 million, and 1,209 million Hong Kong dollars from 2025 to 2027, with corresponding earnings per share of 0.07, 0.13, and 0.16 Hong Kong dollars [4][5].

Investment Rating - The report maintains the full-year performance guidance unchanged for Giant Biogene, indicating confidence in the company's ability to recover revenue growth in the latter half of the year [10][11]. Core Insights - The recombinant collagen industry is in its early development stage, lacking unified testing and quality standards, which affects the accuracy of testing results [2][7]. - The company experienced a controllable impact on its online business during the 618 sales period, with sales of its Comfy brand ranking second in Tmall's domestic beauty products [8]. - The offline business remained stable, with strong performance in hospitals and pharmacies, unaffected by recent public opinion events [9]. - The company plans to enhance brand communication and consumer trust through various initiatives, including transparent communication and collaboration with research institutions [12]. - Future online marketing strategies will focus on "people, goods, and places," aiming to improve customer engagement and brand exposure [13]. Summary by Sections Business Update - The company discussed recent public opinion events and their impact on operations during the June 24, 2025, meeting [6]. - The online sales of Comfy were initially affected by a public opinion event but returned to normal levels shortly after [8]. - Offline sales of major medical device products remained strong, supporting stable business development [9]. Financial Performance - The profit margin in the first half of 2025 was not adversely affected by public opinion events, with a positive impact from the increase in offline business proportion [11]. - The company is confident in recovering revenue growth in the third and fourth quarters through refined operations and continuous investment [10]. Future Strategies - The company aims to strengthen brand and consumer communication to enhance trust and loyalty [12]. - Marketing efforts will include differentiated offerings for new and existing customers, leveraging the professionalism of medical devices [13].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 66.37 per share, indicating a potential upside of 21% from the current price of HKD 54.85 [6][39]. Core Insights - In Q1 2025, the company achieved a record revenue of RMB 111.3 billion, a year-on-year increase of 47.4%, and a net profit of RMB 10.7 billion, up 64.5% year-on-year, marking the highest figures for the same period in history [3][9]. - The SU7 series saw a delivery of 75,869 units in Q1 2025, an increase of 8.9% quarter-on-quarter, with cumulative deliveries exceeding 258,000 units by the end of March 2025 [4][11]. - The upcoming SUV model YU7 is expected to be launched on June 26, 2025, which could enhance market interest due to its competitive features and pricing strategy [5][19]. - The company is projected to achieve revenues of RMB 493.23 billion, RMB 600.31 billion, and RMB 715.69 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 37.72 billion, RMB 51.70 billion, and RMB 66.76 billion [6][34]. Summary by Sections Financial Performance - Q1 2025 revenue reached RMB 111.3 billion, a 47.4% increase year-on-year, with the "Mobile × AIoT" segment contributing RMB 92.7 billion, up 22.8% [3][9]. - The adjusted net profit for Q1 2025 was RMB 10.7 billion, reflecting a 64.5% year-on-year growth [3][9]. Automotive Business - The SU7 series is expected to achieve profitability in H2 2025, with a significant reduction in operating losses due to increased delivery volumes [4][18]. - The company plans to expand its automotive sales network, having opened 235 sales centers across 65 cities by March 31, 2025 [15]. Product Launches - The YU7 SUV is anticipated to be launched soon, featuring a long range of 835 km and advanced safety technologies, which may lead to higher sales than market expectations [5][19]. Market Position - The company continues to rank among the top three global smartphone manufacturers, with a market share of 14.1% in Q1 2025, and has seen a significant increase in its market share in mainland China [22][29]. - The average selling price (ASP) of smartphones reached RMB 1,211, marking a historical high with a year-on-year increase of 5.8% [23]. Future Projections - Revenue forecasts for 2025 to 2027 indicate strong growth, with expected increases of 34.8%, 21.7%, and 19.2% respectively, alongside substantial net profit growth [6][34].

Investment Rating - The report maintains an "Outperform" rating for Ascentage Pharma with a target price of HKD 84.60, up from a previous target of HKD 53.10 [2][30]. Core Insights - Lisaftoclax has demonstrated potential to overcome resistance to venetoclax in patients with acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS), showcasing promising efficacy and safety data [7][23]. - The report highlights the significant clinical data presented at the ASCO 2025 meeting, marking the first international study demonstrating a novel Bcl-2 inhibitor overcoming venetoclax resistance [23][26]. - The company is actively progressing in global registration studies for high-risk MDS and first-line AML, enhancing the potential for out-licensing opportunities [26][30]. Financial Summary - The company's market capitalization is HKD 25.19 billion (USD 3.21 billion) with a current share price of HKD 72.30 [2]. - Revenue projections for FY25-27 are RMB 570 million, RMB 2.99 billion, and RMB 2.80 billion, respectively, with net profit estimates of RMB -840 million, RMB 1.25 billion, and RMB 910 million [29][30]. - The gross profit margin is expected to remain high, with estimates of 90.1% in FY25 and 98.1% in FY26 [14]. Clinical Data Highlights - In a study of 28 relapsed/refractory AML patients with prior venetoclax resistance, the overall response rate (ORR) was 31.8%, with 22.8% achieving complete remission [4][17]. - For newly diagnosed AML patients, the ORR was 83.3%, with 33.3% achieving complete remission [18]. - In MDS/CMML patients, the ORR was 80% for treatment-naïve patients and 50% for relapsed/refractory patients, indicating strong efficacy [19][25]. Valuation - The report utilizes a risk-adjusted discounted cash flow (DCF) model, with a WACC of 10.0% and a terminal growth rate of 3.5%, leading to a revised target price of HKD 84.60 per share [30].

Investment Rating - The report does not explicitly state an investment rating for the company [1] Core Insights - Zhou Li Fu, established in 2004, focuses on the lower-tier market and has expanded its presence to high-tier cities, with 4,129 offline stores as of December 31, 2024, ranking fifth among all jewelry brands in China by store count [2][8] - The company's revenue grew from 3.102 billion RMB in 2022 to 5.718 billion RMB in 2024, with a CAGR of 35.8%, significantly outpacing the industry average of 2.7% [2][9] - Zhou Li Fu's net profit increased from 575 million RMB in 2022 to 706 million RMB in 2024, with a CAGR of 10.8% [2][9] - The Chinese jewelry market is projected to reach 728 billion RMB in 2024 and exceed 937 billion RMB by 2029, with a CAGR of 5.2% [2][21] - The company operates a franchise model with 98% of its stores being franchises, allowing for rapid low-cost expansion [2][43] Company Overview - Zhou Li Fu is a large-scale jewelry brand focusing on the lower-tier market, with a significant presence in third-tier and lower cities [8] - The company has a highly concentrated ownership structure, with major shareholders controlling approximately 93.70% of voting rights as of May 25, 2025 [2][18] Market Analysis - The jewelry market in China is steadily growing, with gold jewelry being the dominant segment, expected to reach 5.688 billion RMB in 2024 [21][32] - The market concentration is increasing, with the top five jewelry brands' market share rising from 29.7% in 2019 to 35.9% in 2024 [21][32] Competitive Advantages - Zhou Li Fu's franchise model allows for low-cost expansion and high profitability, with a gross margin of 25.9% in 2024, significantly higher than competitors [2][43] - The company has a stable and efficient supply chain, having transitioned to an outsourcing model since April 2022 [2][43] - Zhou Li Fu has a strong online presence, with online sales growing at a CAGR of 46.1% from 2022 to 2024, and online revenue accounting for 40% of total revenue in 2024 [2][49] Financial Performance - The company's gross margin decreased from 38.7% in 2022 to 25.9% in 2024, primarily due to an increase in product sales revenue [61] - Operating cash flow has steadily increased, indicating sufficient working capital to support business needs [62]

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangsu Ninghu Expressway [5][6][47] Core Views - Jiangsu Ninghu Expressway is the only listed toll road company in Jiangsu Province, with 18 road and bridge projects under direct operation and investment, covering over 910 kilometers of opened road and bridge mileage [5][12] - The company has shown steady growth in revenue and profit, with a projected net profit growth of 12% year-on-year for 2024, primarily driven by toll road operations [5][14] - The company maintains a robust dividend policy, with cash dividends exceeding 2 billion RMB annually since 2015, and is expected to continue this trend [5][22] - The report highlights the company's strong asset quality and location advantages, particularly in the economically vibrant Yangtze River Delta region [5][38] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 15,192 million RMB - 2024: 23,198 million RMB - 2025E: 23,935 million RMB - 2026E: 24,730 million RMB - 2027E: 25,436 million RMB - Year-on-year growth rates for revenue are projected at 14.61% for 2023, 52.70% for 2024, and moderate growth thereafter [2][30] - Net profit forecasts for the same period are: - 2023: 4,413 million RMB - 2024: 4,947 million RMB - 2025E: 5,447 million RMB - 2026E: 5,790 million RMB - 2027E: 6,049 million RMB - Corresponding PE ratios are projected at 11.62 for 2023, decreasing to 8.48 by 2027 [2][30][34] Revenue Structure - The toll road business consistently contributes over 70% of total revenue, with a significant portion of gross profit derived from this segment [5][19] - In 2024, the revenue breakdown is expected to be 77% from toll road operations, 14% from supporting services, and 6% from electricity sales [5][19] Investment Assumptions - The core assumption for revenue growth is based on increasing traffic volumes on the core asset, the Huning Expressway, with expected growth rates of 6% for 2025 and 2026, and 5% for 2027 [7][27] - Operating costs are anticipated to grow at a modest rate of 2% annually, reflecting stable operational conditions [28] Valuation - The report notes that Jiangsu Ninghu Expressway's H shares are trading at a significant discount compared to its A shares, with a PE ratio of 9x for H shares versus 16x for A shares [34] - The dividend yield for H shares is currently at 5.61%, making it an attractive investment option [34]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 100 [2][4]. Core Insights - The upcoming launch of the G7 model is expected to boost sales, with monthly sales projected to reach 40,000 units [5][7]. - The company has shown a significant year-on-year sales increase of 293% from January to May, with May sales alone reaching 33,500 units, a 230% increase [7]. - The company is undergoing a major product cycle from 2025 to 2026, which is anticipated to lead to a rapid expansion in sales and a turnaround to profitability [5][7]. Company Overview - The company operates in the automotive industry, with a current H-share price of HKD 74.35 and a market capitalization of approximately HKD 123.73 billion [3]. - Major shareholder is He Xiaopeng, holding 18.78% of shares [3]. - The company has a total of 1,906.21 million shares issued, with 1,557.50 million H-shares [3]. Financial Projections - Projected net profits for 2025, 2026, and 2027 are expected to be -1.81 billion, 840 million, and 5.83 billion RMB respectively, with corresponding EPS of -0.97, 0.44, and 3.1 RMB [5][9]. - The current P/E ratios for 2026 and 2027 are estimated at 153 and 22 times respectively [5][9]. Product Strategy - The G7 model, set to launch in early July, features self-developed chips and advanced AI capabilities, positioning it competitively against models like the Tesla Model Y [5][7]. - The company is focusing on enhancing its product lineup with several new models scheduled for release, including the P7 and a large range-extended SUV [7].

Investment Rating - The report assigns an "Accumulate" investment rating for the company, with a current stock price of 75.5 HKD [2]. Core Insights - The company, UBTECH, is a leading player in the humanoid robot sector in China, focusing on the commercialization of its products. It is expected to enter small-scale production and delivery this year, aiming for early commercialization [1][6]. - Revenue has shown consistent growth, with a compound annual growth rate (CAGR) of 15.0% from 2020 to 2024, driven primarily by consumer-grade and intelligent logistics robots. However, the company faces short-term profitability pressure due to high R&D and market expansion costs [6][22]. - The company has a comprehensive technology layout in humanoid robots, with six models currently available, including the Walker S series for industrial applications and others for commercial and household services. The industrial sector is a key focus for future applications [6][37]. Summary by Sections Company Overview - UBTECH is the first publicly listed company in China focused on humanoid robots, with products catering to family, commercial, and industrial applications. The company has expanded its product matrix since its establishment in 2012 [11][12]. Financial Performance - Revenue increased from 740 million CNY in 2020 to 1.295 billion CNY in 2024, with a net loss narrowing from 1.234 billion CNY in 2023 to 1.124 billion CNY in 2024. The net profit margin improved from -120.8% to -88.9% due to cost control measures [6][22][28]. Product and Technology Development - The company has developed a full range of humanoid robots, with a focus on the Walker S series for industrial applications. The robots are equipped with advanced perception, control, and execution systems, enhancing their operational capabilities in various environments [6][37][49]. - UBTECH's R&D investment has consistently exceeded 35% of revenue, supporting technological breakthroughs in humanoid robotics. The company holds 2,680 authorized patents, with over 480 overseas patents [29][33]. Market Outlook - The report forecasts revenue growth for the company, estimating revenues of 1.891 billion CNY, 2.662 billion CNY, and 3.621 billion CNY for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 41%, and 36% [6][7][22].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][8]. Core Views - The opening of the first overseas store in Singapore on June 21 is expected to accelerate the brand's international expansion and growth potential [3]. - The company's brand strength is on the rise, with product value highlighted by increasing gold prices, which is expected to enhance terminal sales and operational leverage [12]. - The company is positioned in the high-end market, benefiting from significant brand premium and reputation, with strong growth in both single-store performance and store expansion [12]. Financial Summary - Revenue is projected to grow from 1,264.60 million RMB in 2021 to 31,621.17 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 41.21% from 2021 to 2027 [7]. - Gross profit is expected to increase from 521.00 million RMB in 2021 to 12,998.34 million RMB by 2027, with a significant rise in net profit attributable to the parent company from 113.88 million RMB in 2021 to 6,155.58 million RMB by 2027 [7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 22.75 RMB, 29.43 RMB, and 35.65 RMB respectively [12]. Market Position and Growth Potential - The company has successfully opened stores in Macau and Hong Kong, and the Singapore store is expected to replicate this success, potentially accelerating international store openings [8][12]. - The report anticipates that the company's net profit margins will continue to improve due to operational leverage and product structure optimization [12]. - The target price for the stock is set at 960 HKD, based on a 30x valuation for 2026, indicating a strong growth outlook [12].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is a leading player in the global electric two-wheeler market, with sales increasing from 4.06 million units in 2017 to 13.02 million units in 2024, maintaining the top position for eight consecutive years [2] - The company is expected to benefit from industry consolidation and favorable policies, including the new national standards and trade-in programs, which are anticipated to drive market share growth [4] - The company has optimized its product structure and marketing strategies, focusing on high-value products, which has led to a significant increase in sales and profitability in the first half of 2025 [3] Summary by Sections Company Overview - The company has over 40,000 stores and is expanding its battery and related components production to strengthen its competitive advantage [2] Financial Performance - The company forecasts a net profit of at least 1.6 billion RMB for the first half of 2025, representing a year-on-year increase of over 55% [3] - The revenue for 2025 is projected to be 37.79 billion RMB, with a significant recovery from a decline in 2024 [7] Market Outlook - The domestic market is expected to see high growth due to the trade-in policy, with 6.5 million electric bicycles traded in from January to May 2025 [4] - The company is actively pursuing international expansion, particularly in Southeast Asia, with new product launches and factory openings [4] Profitability and Valuation - The report raises the profit margin assumptions, predicting net profits of 2.99 billion RMB and 3.51 billion RMB for 2025 and 2026, respectively [5] - The target price is adjusted to 19.61 HKD, based on a price-to-earnings ratio of 17.82 for 2025 [5][9]