中国 证券研究 2025 年 6 月 22 日 阳光保险 - H 有潜力成为领先的综合性保险集团，但尚需时日；首 次覆盖，给予"减持"评级 在经济扩张和保险意识增强的推动下，中国保险业长期处于强劲增长轨 道。阳光保险是少数拥有综合牌照（即寿险和产险）的保险集团公司之 一。但是，过去 10 年公司寿险和产险业务的市场份额增长均较为缓慢（ 2024 年的市场份额为 1.9%/2.8%，对比 2014 年为 1.3%/2.8%）。尽管如 此，公司业绩的可见度较高，因为其合同服务边际（CSM）增长前景具 有吸引力，表明保险利润前景稳健。由于综合牌照的独特性，我们认为 公司尚需时日来进行业务规模扩张，对标中国平安、中国太保等其他同 业，建立行业主导地位。我们也看到了一些风险：1）在股市波动的背景 下，盈利的波动性风险较高；2）债券收益率下降带来的偿付能力充足率 负担；3）分销渠道不平衡，不利于风险分散化。首次覆盖，给予"减持 "评级，截至 2025 年 12 月的目标价为 2.1 港元。 风格敞口 首次覆盖 减持 | | 当前排名 | | 历史摘名,百分位(1表示排名第1) | | | | --- | --- | -- ...

Investment Rating - The investment rating for Giant Biogene Holding is "Buy" with a 12-month price target of HK$71, representing an upside of 31.7% from the current price of HK$53.90 [12]. Core Insights - Despite recent uncertainties, Giant Biogene has reiterated its FY25 guidance, expecting sales and net income to grow by 25-28% and 21-24% year-on-year, respectively, with projected figures of RMB6.9-7.1 billion in sales and RMB2.5-2.6 billion in net income [1][3]. - The company is focusing on customer acquisition and retention through enhanced marketing strategies, including increased sample gifts and differentiated product bundles [10]. - Management anticipates a gradual recovery in KOL livestreaming, which has been a significant factor in recent sales pullbacks, and plans to enhance consumer trust through transparency initiatives [1][10]. Summary by Sections Financial Performance - FY25 guidance remains unchanged with sales expected to be between RMB6.9-7.1 billion and net income between RMB2.5-2.6 billion, reflecting a year-on-year growth of 25-28% and 21-24% respectively [1][3]. - The stock is currently trading at 20x 2025E PE based on the company's guidance, which is considered attractive given the expected recovery in the latter half of FY25 [2]. Sales Drivers - The company has reported strong performance in offline sales channels, with 1H25 growth exceeding initial expectations, and minimal impact from recent allegations on overall sales [9][10]. - Specific sales initiatives include increasing sample gifts and providing exclusive benefits to enhance customer loyalty [10]. Market Position and Strategy - Giant Biogene is actively working on improving brand perception through transparency initiatives, public welfare activities, and partnerships with medical institutions [10]. - The approval processes for medical aesthetics (MA) are proceeding smoothly and are not expected to be affected by recent uncertainties [10].

24 June 2025 | 10:37PM HKT China Medical System Holdings (0867.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Highlighted drivers beyond Key Takeaways Highlighted topline growth albeit divestiture of Dermavon: the company emphasized that positive sales growth in 2026 could be achieved after the spin-off of Dermavon, a subsidiary focusing on dermatology diseases. The previous guidance of double-digit sales growth for 2025 remain unchanged as the spin-off is expected to complete by YE25, driven by: ...

17 June 2025 | 10:25PM HKT AIA Group (1299.HK): Key takeaways from Asia Financial Corporate Day Bottom line: We hosted AIA IR at our Asia Financial Corporate Day on Jun 17. Investor questions focused on 1) outlook for share buybacks, 2) impact of recent movements in rates, equity market, and exchange rates, 3) mainland China sales growth and margin outlook, including further footprint expansion in mainland China. Overall, AIA expects limited rates impact and positive translation impact from USD weakness. Th ...

17 June 2025 | 6:23PM HKT Shanghai Pudong Development Bank (600000.SS): Asia Financials Corporate Day Takeaways We hosted Shanghai Pudong Development Bank (SPDB, Not Covered) investor relations team at Asia Financials Corporate Day and summarize the key takeaways as follows: Claire Ouyang +852-2978-6686 | claire.x.ouyang@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have ...

June 19, 2025 03:15 PM GMT Sunny Optical | Asia Pacific Key Takeaways from 2025 Investor Day Key Takeaways Vehicle-related businesses remain the key growth driver while smartphone- related businesses are targeting for margin improvement. 1. Vehicle lens demand is likely to grow from 317 mn units in 2024 to 552 mn units in 2030 ( Exhibit 1 ), implying a 10% CAGR. The company is continually gaining market share. 2. The company expects smart lamp shipment to achieve 55% CAGR in 2025-2030 while AR-HUD shipments ...

19 June 2025 | 11:28PM HKT China Pacific Insurance (2601.HK): Key takeaways from Asia Financial Corporate Day Bottom line: We hosted CPIC's IR team at our Asia Financial Corporate Day on Jun 19. Discussions centered around: 1) recent sales momentum, 2) equity investment strategy, 3) asset and liability management and 4) shareholders' return. Strong sales momentum in 1Q25 has continued into 2Q, with higher contribution from participating products. CPIC noted that both total agent headcount and core agent hea ...

17 June 2025 | 10:16PM HKT New China Life Insurance (1336.HK): Key takeaways from Asia Financial Corporate Day Bottom line: We hosted NCI at our Asia Financial Corporate Day on Jun 17. The discussions centered around: 1) recent sales momentum, especially on participating products sales, and 2) investment allocation and new money yield. Company saw increasing contribution from participating products in 2Q to-date, and is aiming at 30% participating product mix in FY25. As for investment strategy, NCI's equit ...

15 June 2025 | 1:53PM HKT Potential opportunities on other technology platforms: Referring to technology platform-based collaborations between China pharma / biotech and MNCs (see summary in Exhibit 1), the upfront payment of US$110mn for the announced AZ/CSPC collaboration is consistent with the historical range of US$10mn to below US$200mn, while the total deal size of US$5.3bn was the highest since 2023. With the current collaboration announced to date, we see growing recognition from MNCs for CSPC's tec ...

17 June 2025 | 8:13PM HKT Laopu Gold (6181.HK) Buy Raise TP on stronger growth outlook; Expanding Moat/TAM through new products, VIC, ornaments; An eventful quarter ahead; Reiterate Buy 6181.HK 12m Price Target: HK$1,090.00 Price: HK$881.50 Upside: 23.7% We raise Laopu Gold's 12m TP to HKD1,090 to reflect our upwards revision to earnings by 15-26% in 2025-27E due to stronger YTD tracking in both online/offline sales and faster store expansion backed by rising brand awareness and a continued gold price uptre ...