Investment Rating - The investment rating for the company is Neutral with a target price of HKD 6.70, indicating a potential downside of 11.4% from the current price of HKD 7.56 [4][17]. Core Insights - The company is expected to experience a decline in profit for the fiscal year 2025 due to the impact of a warm winter, with a focus on the certainty of profit improvement in the following year [2][7]. - The forecast for fiscal year 2025 has been adjusted downwards by approximately 2% to reflect the impact of the warm winter on gas sales volume, with an expected core profit decrease of 6.4% to HKD 3.712 billion [7][8]. - The company anticipates a slight increase in retail gas volume of about 1% year-on-year, which is below the company's guidance of 2% [7][8]. Financial Overview - Revenue is projected to decline from HKD 91,988 million in 2023 to HKD 75,183 million in 2025, reflecting a year-on-year decrease of 7.6% [3][18]. - Net profit is expected to decrease from HKD 4,293 million in 2023 to HKD 3,712 million in 2025, with a year-on-year decline of 6.4% [3][18]. - The earnings per share (EPS) is forecasted to drop from HKD 0.76 in 2023 to HKD 0.68 in 2025, indicating a decrease of 6.4% [3][18]. Operational Insights - The company expects retail gas volume to grow by 2% year-on-year in fiscal year 2026, with a projected gas margin increase to RMB 0.54 per cubic meter [7][10]. - The number of new residential connections is anticipated to decline by approximately 21% to 1.25 million households in fiscal year 2025 [7][9]. - The company maintains a dividend of HKD 0.35 for the final period, with an annual payout of HKD 0.50 [7][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 11.1 times for fiscal year 2025, with an expected price-to-book (P/B) ratio of 0.75 [3][18]. - The company has a dividend yield of 6.6%, which is considered defensive [7][8]. - The target price has been adjusted to HKD 6.70 from the previous HKD 5.92, reflecting a more favorable valuation compared to other gas companies [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that multiple clinical data presentations at ASCO and EHA conferences support the commercialization of the pipeline, particularly focusing on the promising results of core products like Olverembatinib and APG-2575 [7] - The report anticipates rapid revenue growth driven by the sales ramp-up of Olverembatinib and potential payments from Takeda, projecting revenues of RMB 5.19 billion and RMB 3.215 billion for 2025 and 2026 respectively, with an additional forecast of RMB 2.095 billion for 2027 [7] Financial Projections - Total revenue projections for the company are as follows: - 2023A: RMB 225.09 million - 2024A: RMB 980.65 million - 2025E: RMB 519.00 million - 2026E: RMB 3,215.00 million - 2027E: RMB 2,095.00 million - Year-on-year growth rates for total revenue are projected at: - 2024A: 335.68% - 2025E: -47.08% - 2026E: 519.46% - 2027E: -34.84% [1][8] - The net profit projections are as follows: - 2023A: -RMB 925.64 million - 2024A: -RMB 405.43 million - 2025E: -RMB 1,035.92 million - 2026E: RMB 1,092.41 million - 2027E: -RMB 842.34 million - Year-on-year growth rates for net profit are projected at: - 2024A: 56.20% - 2025E: -155.51% - 2026E: 205.45% - 2027E: -177.11% [1][8] Clinical Data Highlights - Olverembatinib's clinical data for Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) showed a complete response (CR) rate of 100% after one treatment cycle, with an overall survival (OS) rate of 100% at 18 months [7] - APG-2575's clinical trial results indicated an overall response rate (ORR) of 31.8% in patients with relapsed/refractory acute myeloid leukemia (AML) who were previously treated with venetoclax [7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][10]. Core Insights - The company achieved a revenue of 25.113 billion RMB in May 2025, reflecting a year-over-year increase of 11.34%. The express logistics segment contributed 19.381 billion RMB, with a year-over-year growth of 13.36% [5]. - The company has seen a significant increase in business volume, with May 2025 showing a volume of 1.477 billion parcels, a year-over-year increase of 31.76% [5]. - The competitive landscape is favorable for the company, as it focuses on high-end express services and has a strong partnership with major e-commerce platforms, enhancing its market position [5][6]. Summary by Sections Company Overview - The company operates in the transportation industry, with a current H-share price of 45.20 HKD and a target price of 55 HKD [1]. - The company has a market capitalization of approximately 164.592 billion RMB [1]. Financial Performance - The company’s net profit is projected to reach 12.133 billion RMB in 2025, with a year-over-year growth of 19% [9]. - Earnings per share (EPS) is expected to be 2.43 RMB in 2025, reflecting a year-over-year increase of 15.29% [9]. Business Segments - The revenue breakdown shows that express and large parcel services account for 70.4% of total revenue, while supply chain and international services contribute 26% [1]. - The company is strategically investing in infrastructure, such as the Ezhou Airport, to enhance its logistics capabilities and attract global partnerships [5][6].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Insights - The company is positioned at a turning point in its operations, with a clear recovery in profitability and a slowdown in capital expenditures [2][4]. - The battery box business is identified as a significant growth driver, with strong momentum expected [2][4]. - Strategic collaboration in the robotics sector is anticipated to create a new growth curve for the company [3]. Summary by Sections Company Overview - The company is a leading global supplier of automotive exterior and structural components, operating in 14 countries with 77 factories and a diverse product line [1]. - It has evolved through three major development phases: initial establishment, lightweight transformation, and innovative development [1][14]. Operational Turning Point - Capital expenditure is projected to decrease, with the ratio of capital expenditure to revenue falling to 8% in 2024, the lowest in a decade [32][46]. - The company expects a recovery in gross margin and return on equity (ROE), with 2024 gross margin at 28.94% and net margin at 10.26% [32][41]. Traditional Business Segments - The traditional business segments, including metal trims, plastic parts, and aluminum components, continue to show stable growth [53]. - Revenue from metal trims is projected at 54.9 billion yuan with a gross margin of 27.8% in 2024 [53]. - The plastic segment is expanding into smart exterior integrated products, with revenue expected to reach 58.7 billion yuan and a gross margin of 25.1% [57]. Key Growth Segment: Battery Boxes - The battery box segment is expected to generate 53.4 billion yuan in revenue in 2024, marking a 51% increase year-on-year [61]. - The European market for new energy vehicles is anticipated to drive significant growth in this segment, with the company positioned as a key supplier [64]. Robotics Business Expansion - The company has formed a strategic partnership with Zhiyuan Robotics, focusing on smart exteriors and integrated solutions, which is expected to contribute to new revenue streams [3]. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are 271 billion yuan, 321 billion yuan, and 380 billion yuan, respectively, with net profits of 27.2 billion yuan, 31.9 billion yuan, and 37.4 billion yuan [4].

Company Overview - The report rates the company as "Buy" for the first time, indicating a positive outlook for investment [5] - The company, Blok, is a leading player in the building block toy sector, with significant growth potential [1] - Founded in 2014, Blok focuses on building block toys, with Ultraman as its core licensed IP, and is expanding its IP product matrix [1][14] Industry Insights - The "Guzi Economy," which encompasses the secondary economy around anime, games, and comics, is experiencing robust growth, providing ample market opportunities [2] - The building block toy market has seen a compound annual growth rate (CAGR) of 20.5%, growing from 13.2 billion RMB in 2019 to 27.8 billion RMB in 2023 [2] Core Competitiveness - Blok's competitive edge lies in its rich IP matrix, significant supply chain scale effects, and excellent channel marketing strategies [3] - The company has a diverse product matrix that caters to a wide age range, with rapid iteration speed and a standardized supply chain [3][17] - Blok's marketing strategy is driven by content, enhancing brand influence through a robust online and offline sales network [3][16] Financial Projections and Investment Recommendations - The company is expected to achieve a net profit of 1.188 billion RMB, 1.913 billion RMB, and 2.663 billion RMB from 2025 to 2027, representing year-on-year growth rates of 396.2%, 61.0%, and 39.3% respectively [4] - Revenue is projected to grow significantly, with estimates of 2.241 billion RMB in 2024 and 4.414 billion RMB in 2025, reflecting a year-on-year growth of 155.6% and 97.0% [4][28]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][17]. Core Views - The company has significant long-term potential for its core products, with innovative research and development outcomes expected to materialize soon [4][8]. - The report highlights the strong competitive landscape for the core product, Teibiao, which is the only approved drug for CIT indications globally, and anticipates continued market share growth [8][11]. - The company is transitioning from a reliance on traditional blockbuster products to a diversified product matrix driven by new product launches and international expansion [12][13]. Financial Overview - Revenue projections for the company show a substantial increase, with expected revenues of RMB 19,236 million in 2025, reflecting a year-on-year growth of 111.2% [7]. - Net profit is projected to reach RMB 8,631 million in 2025, with a significant growth rate of 317.4% [7]. - The company’s market capitalization is approximately HKD 50.58 billion, with a year-to-date stock price increase of 252.8% [6]. Product Insights - Teibiao is expected to achieve sales of RMB 51 billion in 2024, with a compound annual growth rate (CAGR) of 16% since 2020 [11][25]. - The product's market share in the platelet-stimulating drug category is projected to reach 34.3% by 2024, surpassing IL-11 class drugs [11][25]. - The company’s consumer healthcare product, Mandi, is anticipated to reach sales of RMB 13.4 billion in 2024, driven by a growing market for hair loss treatments [12]. Pipeline and Collaborations - The company has a robust pipeline with 30 products under development, including 12 expected to be approved in mainland China between 2025 and 2027 [13]. - A significant licensing agreement with Pfizer for the PD-1/VEGF dual antibody SSGJ-707 is expected to yield up to USD 60.5 billion, showcasing the company's drug development capabilities [13][16]. Valuation and Price Target - The report sets a target price of HKD 27.0, corresponding to a price-to-earnings ratio of 20.7 for 2025, indicating a potential upside of 26% from the current stock price [17].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company has completed the acquisition of Liverpool ChiroChem (LCC), enhancing its capabilities in the field of chiral molecule research and development [2]. - The company operates as a comprehensive platform integrating quantum physics, AI, and robotics, which forms a complete loop of algorithm simulation and experimental validation [2][3]. - The company has established long-term partnerships with 16 of the top 20 global biotechnology and pharmaceutical companies, including Pfizer and Johnson & Johnson [3]. - The company is recognized as a leader in "AI for Science," with significant revenue growth projected, reaching CNY 266.43 million in 2024, a year-on-year increase of 52.75% [4]. Financial Summary - The company’s revenue is expected to grow significantly, with projections of CNY 424.07 million in 2025, CNY 676.38 million in 2026, and CNY 957.43 million in 2027, reflecting growth rates of 59.16%, 59.50%, and 41.55% respectively [5][10]. - The net profit attributable to the parent company is forecasted to improve from a loss of CNY 1,914.38 million in 2023 to a profit of CNY 60.34 million by 2027 [5][10]. - The company’s earnings per share (EPS) is projected to transition from a loss of CNY 3.96 in 2023 to a profit of CNY 0.02 by 2027 [5][10]. Market Data - As of June 18, 2025, the closing price of the stock was HKD 5.95, with a 12-month price range of HKD 3.26 to HKD 15.60 [6]. - The total market capitalization of the company is approximately HKD 23,917.88 million [6].

Investment Rating - The report assigns a "Buy" rating for Yadea Holdings (1585.HK) based on its strong performance and growth potential [1]. Core Views - Yadea Holdings has released a positive profit forecast, expecting a net profit of 1.6 billion yuan for the first half of 2025, representing a year-on-year growth of approximately 55% compared to 1.03 billion yuan in the first half of 2024. This growth is attributed to strong product sales and continuous optimization of the product structure [1][2]. - The company is expected to benefit from the significant results of the national "old-for-new" policy for electric bicycles, with an anticipated 30%+ year-on-year growth in electric two-wheeler sales for the first half of 2025 [2]. - Yadea is actively expanding into the mid-to-high-end market with new product lines such as "Modern" and "Crown Power," which are expected to enhance product structure and improve average selling prices and gross margins [2][3]. - The report forecasts Yadea's net profits for 2025, 2026, and 2027 to be 2.85 billion yuan, 3.37 billion yuan, and 3.84 billion yuan respectively, with corresponding P/E ratios of 12.5X, 10.5X, and 9.3X [3]. Financial Summary - For the fiscal year 2024, Yadea's revenue is projected at 28.236 billion yuan, with a significant increase to 39 billion yuan in 2025, reflecting a growth rate of 38% [5]. - The net profit for 2024 is estimated at 1.272 billion yuan, with a substantial increase to 2.85 billion yuan in 2025, indicating a growth rate of 124% [5][7]. - The report highlights key financial ratios, including a gross margin improvement from 15.19% in 2024 to 17.43% in 2025, and a net profit margin increase from 4.51% to 7.31% over the same period [7].

Investment Rating - The report initiates coverage with a "Buy" rating for Midea Group [2][10][55] Core Views - Midea Group's revenue and net profit are steadily growing, with a projected revenue of CNY 447.46 billion, CNY 478.36 billion, and CNY 506.80 billion for 2025-2027, representing year-on-year growth rates of 9.4%, 6.9%, and 5.9% respectively [9][10][54] - The company is expected to achieve net profits of CNY 42.48 billion, CNY 46.70 billion, and CNY 50.41 billion for the same period, with growth rates of 10.2%, 9.9%, and 7.9% [10][54] - Midea Group's business segments include To C (consumer) and To B (business) operations, with significant growth potential in both areas [9][10][54] Financial Data and Profit Forecast - Revenue for 2023 is projected at CNY 373.71 billion, with a year-on-year growth of 8% [8] - The company anticipates a gross margin of 26.33% in 2023, slightly increasing to 26.82% by 2027 [8] - Return on equity (ROE) is expected to be 20.70% in 2023, declining to 18.84% by 2027 [8] Business Segments Overview To C Segment - The air conditioning sector is expected to see a total shipment of 201 million units in 2024, with a market share of 31.90% [27][29] - Midea's consumer appliances segment, including air conditioners, refrigerators, and washing machines, is projected to maintain steady growth [29] To B Segment - The New Energy and Industrial Technology segment is expected to grow significantly, with revenue projections of CNY 38.65 billion, CNY 43.29 billion, and CNY 47.62 billion for 2025-2027, reflecting growth rates of 15%, 12%, and 10% respectively [49][52] - The Smart Building Technology segment is also anticipated to grow, with revenue projections of CNY 30.75 billion, CNY 32.59 billion, and CNY 34.55 billion for the same period [49][52] Market Position and Competitive Advantage - Midea Group holds a leading position in various product categories, with a significant market share in both domestic and international markets [22][27] - The company has established a comprehensive brand matrix to cater to different market segments, enhancing its competitive edge [17][22] Valuation and Price Target - The report assigns a price-to-earnings (PE) ratio of 16x for 2025, indicating a potential upside of 27% from the current market value [10][55] - Midea Group's valuation is supported by its strong market position and diversified business operations [55]

Investment Rating - The report assigns a "Subscribe" rating to the company with a score of 70 out of 100 [4][14]. Core Insights - The overall transportation market in China is expected to grow from CNY 6.9 trillion in 2022 to CNY 8.0 trillion in 2024, with a further increase to CNY 10.6 trillion by 2029, reflecting a CAGR of 5.4% [3][7]. - The company operates in 136 cities with a total Gross Transaction Value (GTV) of CNY 170 billion in 2024, representing a year-on-year growth of 38.8% and a market share of 5.4% [6][8]. - The company has reduced its reliance on driver subsidies, with the adjusted percentage of driver income and subsidies in total ride service revenue decreasing from 84.2% in 2022 to 79.0% in 2024 [6][9]. Company Overview - The company is a ride-hailing platform incubated by Geely Group, offering two main service lines: Huixuan and Special Car services, utilizing customized vehicles [6][8]. - In 2024, the company's total revenue is projected to reach CNY 146.6 billion, a 37.4% increase year-on-year, with customized vehicle GTV growing by 73.1% to CNY 42.5 billion [8][9]. - The company has a fleet of over 34,000 customized vehicles in 31 cities, with customized vehicle orders accounting for approximately 25.1% of total GTV [6][8]. Financial Performance - The company achieved a gross margin of 8.1% in 2024, recovering from a gross loss margin of 4.4% in 2022, primarily due to optimized vehicle total cost of ownership (TCO) strategies [9]. - The net loss for 2024 is projected at CNY 12.5 billion, with the net loss margin significantly narrowing from 25.8% in 2022 to 8.5% [9]. - Operating cash flow for 2024 is expected to be CNY 2.4 billion, an increase of approximately CNY 1 billion compared to 2023 [9]. Valuation Level - The company's IPO price corresponds to a price-to-sales ratio of 1.4 times for 2024, which is comparable to its peers in the ride-hailing sector [10]. - The report suggests that the company's valuation is reasonable given its large market capitalization and leading industry position [10]. Market Environment - The investment atmosphere in the Hong Kong stock market has improved significantly, with a 27.6% first-day drop rate for new IPOs and an average first-day increase of 11.7% [13]. - The company has secured subscriptions from six cornerstone investors, including major firms, amounting to approximately HKD 950 million, representing about 51.3% of the total share issuance [14].