Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Insights - The core OTA platform's revenue growth has improved sequentially, with a focus on enhancing marketing efficiency and exploring incremental business opportunities [3][7]. - The company achieved a revenue of 4.377 billion RMB in Q1 2025, representing a year-on-year increase of 13.22%, with core OTA revenue at 3.792 billion RMB, up 18.39% year-on-year [7]. - Adjusted net profit for Q1 2025 was 788 million RMB, reflecting a year-on-year growth of 41.13%, with an adjusted net profit margin of 18.0%, up 3.6 percentage points year-on-year [7]. Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 17.341 billion RMB, 19.794 billion RMB, 22.456 billion RMB, and 25.647 billion RMB respectively, with growth rates of 49.12%, 14.15%, 13.45%, and 14.21% [6][9]. - The adjusted net profit for the same years is forecasted to be 1.974 billion RMB, 2.709 billion RMB, 3.294 billion RMB, and 3.891 billion RMB, with growth rates of 26.66%, 18.88%, 16.17%, and 14.42% respectively [6][9]. - The adjusted EBITDA for 2024, 2025, 2026, and 2027 is expected to be 4.050 billion RMB, 4.667 billion RMB, 5.202 billion RMB, and 5.749 billion RMB, with corresponding EBITDA margins of 23.4%, 23.6%, 23.2%, and 22.4% [6][9]. Business Performance - The core OTA business's revenue growth has accelerated sequentially, with Q1 2025 showing a significant improvement compared to Q4 2024 [7]. - The company has focused on improving profit margins through refined operations, achieving a gross margin of 68.8%, a sales expense ratio of 33.2%, and a management expense ratio of 7.0% [7]. - The operating profit for the core OTA segment was 1.1 billion RMB, up 51.89% year-on-year, with an operating profit margin of 29%, an increase of 6.4 percentage points year-on-year [7].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 3.06 per share, indicating a potential upside of 19% from the current price of HKD 2.57 [5][10]. Core Insights - Weak terminal demand is putting pressure on photovoltaic glass prices, which have declined significantly in recent weeks. The average price for 2.0mm photovoltaic glass fell from HKD 13-13.5 per square meter to below HKD 12, while 3.2mm glass prices dropped from HKD 22-22.5 to below HKD 21. As of early June, inventory days reached 29.72, indicating substantial inventory pressure. The industry's gross margin has hit a record low of approximately -9.47% due to multiple factors including the end of the 430/531 rush, declining demand, and inventory pressure [2][7][8]. - The company plans to increase its nominal capacity to 32,200 tons per day by the end of 2024, with actual production capacity at 23,200 tons per day. However, the planned addition of 4,000 tons in 2025 may be delayed due to current market conditions, which could pressure profitability in 2025. The expectation is for supply-demand improvement and a return to rational pricing in 2025 [3][8]. - The company intends to issue a REIT for its solar power plants, which will help improve cash flow by locking in returns from high-subsidy projects. This REIT model will also mitigate future risks associated with electricity price fluctuations [4][9]. Summary by Sections Financial Performance - Revenue is projected to decline from RMB 24,164 million in FY2023 to RMB 21,921 million in FY2024, before recovering to RMB 22,702 million in FY2025. The net profit attributable to shareholders is expected to drop sharply from RMB 3,843 million in FY2023 to RMB 1,008 million in FY2024, before rebounding to RMB 2,101 million in FY2025 [6][14]. - The basic earnings per share are forecasted to decrease from 43.17 cents in FY2023 to 11.27 cents in FY2024, then increase to 23.15 cents in FY2025. The price-to-earnings ratio at the current price of HKD 2.57 is estimated at 20.9 for FY2024 and 10.2 for FY2025 [6][14]. Market Position - The company is positioned as a leading player in the photovoltaic glass industry, benefiting from supply chain management, economies of scale, and technological advantages. This positions the company to further differentiate its profitability from second and third-tier competitors [7][8].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company has transitioned from a capital investment phase to a harvest phase, with an expected compound annual growth rate (CAGR) of approximately 164% for net profit attributable to the parent company from 2024 to 2027 [7][28] - The company has achieved a significant market penetration, covering 98.9% of counties and 91.2% of townships in China, with a cash conversion cycle of -31 days, indicating strong cash flow [7][10] - The company is focusing on enhancing buyer experience and deepening channel coverage to solidify its competitive edge [12][16] Summary by Sections Financial Performance - Total revenue is projected to grow from 17.9 billion in 2024 to 26.7 billion in 2027, with year-on-year growth rates of 5%, 16%, 13%, and 14% respectively [6] - Net profit attributable to the parent company is expected to increase from 30 million in 2024 to 550 million in 2027, with growth rates of 101%, 395%, 116%, and 71% respectively [6][28] - The gross margin is forecasted to improve from 10.13% in 2024 to 11.82% in 2027 [6] Market Position and Strategy - The company has established itself as the largest digital pharmaceutical trading and service network in China, with a focus on the outpatient pharmaceutical B2B market [16] - The company has a strong user base with 43.3 million monthly active buyers and a high retention rate, indicating strong customer loyalty [10][12] - The company is leveraging its digital capabilities to enhance operational efficiency and customer experience, which is expected to drive future growth [16][28] Business Model and Growth Drivers - The company’s business model is characterized by a fast cash turnover and strong cash flow, with cash and cash equivalents accounting for approximately 52% of total assets [11][34] - The company is expanding its product offerings and exploring new business lines, such as AI applications and health insurance, to diversify revenue streams [11][12] - The company’s strategic partnerships and innovative service offerings are expected to enhance its market competitiveness and profitability [7][10]

Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The takeaway from the report is that the new product development and the competitive landscape in the food delivery sector are driving short-term demand for the tea beverage industry, with the company enhancing its R&D and supply chain capabilities to improve competitiveness [2][3] Summary by Sections Investment Recommendations - The company is expected to generate revenues of 57.04 billion, 61.84 billion, and 66.84 billion RMB for the years 2025-2027, with growth rates of 16%, 8%, and 8% respectively [11] - Adjusted net profits are projected to be 9.45 billion, 10.60 billion, and 11.61 billion RMB for the same period, with growth rates of 47%, 12%, and 10% respectively [12][14] Industry Dynamics - The tea beverage industry is experiencing high demand driven by a price war and new product cycles, with a marginal improvement in industry dynamics since the second half of 2024 [19] - The health trend is leading to a new product cycle, with consumers increasingly favoring healthier options, such as those featuring superfoods like kale [27][28] R&D and Supply Chain Enhancements - The company has strengthened its R&D capabilities, increasing the frequency of new product launches to 5-8 per month, resulting in a higher rate of successful products [37][38] - A comprehensive supply chain network has been established, ensuring timely delivery of fresh ingredients to stores, which enhances product quality and operational efficiency [39] Revenue Recovery and Cost Control - The company is expected to see a revenue recovery in 2025, driven by a low base effect, accelerated new product launches, and the impact of the food delivery competition, which is estimated to boost same-store sales by approximately 8% [40] - The total number of stores is projected to stabilize and increase in the latter half of 2025, with a net addition of 1,100 stores expected [15][40]

Investment Rating - The report maintains a HOLD rating for Jiumaojiu with a target price raised to HK$ 2.99 from the previous HK$ 2.56, indicating an upside potential of 11.4% from the current price of HK$ 2.68 [1][3][14]. Core Insights - The company is experiencing a recovery in same-store sales (SSS), with a decline narrowing in 2Q25E, attributed to initial successes in store format upgrades. The sustainability of this recovery into 2H25E and FY26E is crucial [1][10]. - The management has implemented a store format upgrade focusing on fresh ingredients, which has shown positive results. The upgrades are expected to enhance traffic and sales significantly [10][14]. - The financial forecasts have been revised upwards, with net profit estimates for FY25E, FY26E, and FY27E increased by 9,042%, 33%, and 22% respectively, reflecting lower impairment losses and improved operating margins [14]. Financial Summary - Revenue projections for FY25E are set at RMB 6,140 million, with a slight year-on-year growth of 1.1%. For FY26E and FY27E, revenue is expected to grow to RMB 6,911 million and RMB 7,088 million respectively [2][18]. - Operating profit is forecasted to increase from RMB 327.3 million in FY25E to RMB 532.6 million in FY26E, with net profit expected to rise from RMB 142 million in FY25E to RMB 298 million in FY26E [2][18]. - The report highlights a significant increase in diluted EPS for FY25E to RMB 0.103, reflecting a growth of 9,154.1% compared to the previous year [11][18]. Share Performance - The market capitalization of Jiumaojiu is approximately HK$ 3,897.3 million, with a 52-week high of HK$ 5.54 and a low of HK$ 2.19 [4]. - Recent share performance shows a 1-month increase of 3.9%, but a decline of 31.1% over the past 6 months [6]. Shareholding Structure - The largest shareholder is Mr. Guan Yi Hong, holding 37.4% of the shares, followed by JPMorgan Chase & Co with 7.5% [5]. Valuation Metrics - The report indicates a P/E ratio of 23.9x for FY25E, which is expected to decrease to 11.4x in FY26E and further to 9.5x in FY27E [2][18]. - The projected dividend yield for FY25E is approximately 2.1%, with a payout ratio assumed at 50% of net profit [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The global first L3 level AI car, the Xiaopeng G7, was officially launched on June 11, 2025, with a starting pre-sale price of 235,800 RMB. The G7 will feature three self-developed Turing AI chips, achieving a computing power exceeding 2200 Tops, making it the first L3 level computing vehicle in the industry. The intelligent driving capabilities are expected to lead the market, and with the new vehicle cycle and enhanced marketing strategies, the company's sales are anticipated to accelerate [2][6]. Summary by Sections Company Overview - Xiaopeng G7 is positioned as an AI smart family SUV, with dimensions of 4892mm in length, 1925mm in width, and 1655mm in height, and a wheelbase of 2890mm. The vehicle features a family design style, a trunk capacity of 819 liters, and includes a dry-wet separated front trunk. It is equipped with advanced technology such as a collaboration with Huawei for an AR-HUD and a 9-inch streaming rearview mirror [9]. Sales and Financial Projections - The expected delivery volume for Q2 2025 is between 102,000 to 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Projected revenue for the same period is estimated to be between 17.5 billion to 18.7 billion RMB, reflecting a year-on-year increase of 115.7% to 130.5%. The company is entering a strong new vehicle cycle, with multiple new models expected to launch and enhance sales [9]. Competitive Positioning - The Xiaopeng G7 is expected to compete with models such as Tesla Model Y, Leado L60, and Xiaomi YU7. Its advantages in intelligence, space, and power are anticipated to make it a popular choice in the 250,000 RMB electric SUV segment [9]. Future Outlook - The company is expected to achieve a revenue of 99.1 billion RMB in 2025, with a price-to-sales ratio of 1.4X. The software revenue is projected to significantly improve financial performance, and the company is entering a new vehicle cycle, justifying the "Buy" rating [9].

Investment Rating - The report gives a "Buy" rating for the company [3][20]. Core Views - The company is expected to achieve revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of +45.0%, +49.2%, and +40.2%. The net profit attributable to the parent company is projected to be -959 million, -655 million, and -210 million yuan for the same years, with year-on-year growth rates of +12.6%, +31.7%, and +68.0% [3][20]. Summary by Sections 1. Leading Company in Humanoid Robotics with Broad Application Scenarios - The company is a pioneer in humanoid robotics and occupies a leading market position, focusing on the design, production, commercialization, sales, and marketing of intelligent service robots and solutions [24]. - The company has established partnerships with several well-known enterprises, enhancing its brand influence and providing stable orders and revenue [25]. - The management team is experienced, with a stable structure and rich industry experience [29]. 2. Steady Revenue Growth with Continuous Product Structure Adjustment - The company has shown steady revenue growth, with a CAGR of 15.24% from 2020 to 2024, achieving a revenue of 1.305 billion yuan in 2024, a year-on-year increase of 23.65% [35]. - The revenue structure is shifting, with the share of logistics robots increasing from 2% to 37% from 2020 to 2023, while the share of educational robots has decreased from 83% to 33% [37]. 3. Strong National Policy Support and Broad Market Space for Humanoid Robots - The government has introduced policies to support the development of the humanoid robotics industry, aiming to establish an innovation system by 2025 and a reliable supply chain by 2027 [44][48]. - The humanoid robotics industry is entering a rapid development phase, with many domestic and international manufacturers launching new products [45]. 4. Continuous High-Intensity R&D Investment and Leading Product Technology - The company has maintained high R&D investment, with an average R&D expenditure of 469 million yuan from 2020 to 2024, holding the largest number of effective humanoid robot patents globally [50]. - The company offers a diverse range of products targeting various application scenarios, including industrial, educational, logistics, and consumer markets [56]. 5. Profit Forecast and Valuation - The report anticipates significant revenue growth for the company, with expected revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for 2025, 2026, and 2027, respectively, alongside improving net profit figures [20].

Investment Rating - The report assigns an IPO-specific rating of 6.3 to the company, based on various criteria including operational performance, industry outlook, valuation, and market sentiment [6]. Core Insights - Haitai Foods is recognized as a leading player in the Chinese condiment market, holding the position of the largest condiment company in China and the fifth largest globally, with a diverse product range including soy sauce, oyster sauce, and specialty condiments [1][2]. - The company has demonstrated resilience with projected revenues of 245 billion RMB for 2023, 269 billion RMB for 2024, and 83 billion RMB for Q1 2025, alongside net profits of 56.3 billion RMB, 63.4 billion RMB, and 22 billion RMB respectively, indicating a recovery trend after a challenging 2023 [1]. - The Chinese condiment market is expected to grow from 408.1 billion RMB in 2019 to 498.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.1%, driven by rising disposable incomes and urbanization [2]. Company Overview - Haitai Foods has cultivated a strong brand presence with multiple flagship products and a comprehensive distribution network, covering nearly 100% of prefecture-level cities and about 90% of county-level cities in China [3]. - The company has launched over 1,450 SKUs to meet the diverse needs of restaurants, food processing enterprises, and end consumers, showcasing a well-rounded product matrix [1][3]. - As of March 2025, the company's debt-to-asset ratio stands at 16%, and the return on equity (ROE) for 2024 is projected at 21% [1]. Industry Status and Outlook - The condiment industry in China is characterized by a fragmented competitive landscape, with Haitai Foods holding a market share of 4.8% domestically, leading the sector [2]. - The global condiment market is valued at approximately 21,438 billion RMB, with a growth rate of about 3.2% [2]. - The increasing trend of restaurant chain development and the fast-paced lifestyle of consumers are expected to further boost the demand for diverse condiments in China [2]. Investment Considerations - The report highlights a strong lineup of cornerstone investors for the IPO, including notable firms such as Hillhouse, GIC, and UBS Asset Management, which collectively account for approximately 48.8%-50.66% of the offering [5]. - The IPO price range is set between 35-36.3 HKD, with a post-IPO market capitalization estimated at 9.2-9.5 billion HKD, indicating an attractive valuation compared to the latest A-share prices, which are at a discount of about 20%-23% [5][6].

Investment Rating - The investment rating for the company is "6.3" based on various criteria [6]. Core Insights - Haidilao is a leading player in the Chinese condiment market, holding the position of the largest condiment company in China and the fifth largest globally, with a diverse product range including soy sauce, oyster sauce, and other seasonings [1][2]. - The company has shown a revenue forecast of 245 billion RMB for 2023, 269 billion RMB for 2024, and 83 billion RMB for Q1 2025, with growth rates of -3.3%, 10.4%, and 9% respectively [1]. - The company has a strong market presence with a 4.8% market share in China's condiment market and a 13.2% share in the soy sauce market [2]. Company Overview - Haidilao has developed a comprehensive product matrix with over 1,450 SKUs and has cultivated seven product lines each generating over 1 billion RMB in revenue [1]. - The company has a robust distribution network with 6,707 distributors, covering nearly 100% of prefecture-level cities and about 90% of county-level cities in China [3]. - The company is focused on both domestic and international markets, with plans to expand globally [1]. Industry Status and Outlook - The Chinese condiment market is projected to grow from 408.1 billion RMB in 2019 to 498.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.1% [2]. - The global condiment market is valued at approximately 21,438 billion RMB, with a growth rate of about 3.2% [2]. - The competitive landscape in the condiment industry is fragmented, with Haidilao leading the market in China [2]. Advantages and Opportunities - The company benefits from strong brand recognition and a leading position in the industry, supported by a well-optimized supply chain that enhances production efficiency and reduces costs [3]. - The company's corporate culture emphasizes simplicity, practicality, and openness, which supports long-term sustainable development [3]. Investment Recommendations - The cornerstone investors for the IPO include prominent firms such as Hillhouse, GIC, and UBS Asset Management, accounting for approximately 48.8%-50.66% of the offering [5]. - The IPO price range is set between 35-36.3 HKD, with a post-IPO market capitalization estimated at 9.2-9.5 billion HKD [5]. - The expected net profit for 2025 is around 7 billion RMB, corresponding to a price-to-earnings (PE) ratio of 29-30x, indicating a reasonable valuation compared to the A-share market [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 95, representing a potential upside of 17% from the current price of HKD 81.1 [2][9][10] Core Insights - The report highlights positive updates on IBI363 and IBI343, with IBI363 showing an extended median progression-free survival (mPFS) of 9.3 months in the 3 mg/kg dose group for IO-treated squamous non-small cell lung cancer (sq-NSCLC), enhancing confidence in its development for lung squamous carcinoma [1][7][10] - The company is expected to initiate Phase 3 registration clinical trials for IBI363 in the 3L+ sq-NSCLC setting, with the 3 mg/kg dose likely to be used [7][10] - Financial projections indicate a significant increase in revenue and net profit over the next few years, with expected revenues of RMB 11.7 billion in 2025 and a net profit of RMB 433 million [9][10] Financial Projections - Revenue is projected to grow from RMB 6.2 billion in 2023 to RMB 15.8 billion by 2027, with a compound annual growth rate (CAGR) of 36.2% [9][10] - The adjusted net profit is expected to turn positive in 2025, reaching RMB 1.03 billion by 2025 and RMB 2.66 billion by 2027 [9][10] - The report anticipates peak sales for IBI363 in China to reach approximately RMB 2.5 billion and for IBI343 to reach around RMB 1.5 billion, both on a risk-adjusted basis [10]