Investment Rating - The report maintains an "OUTPERFORM" rating for Innovent Biologics with a target price of HK$90.10, up from a previous target of HK$62.50 [2][10]. Core Insights - Innovent Biologics showcased its strong oncology R&D capabilities at the 2025 ASCO Annual Meeting, with eight studies selected for oral presentation, highlighting the efficacy and safety of IBI363 and IBI343 in various cancer types [3][15][16]. - The data presented for IBI363 in advanced non-small cell lung cancer (NSCLC) and colorectal cancer (CRC) indicates its potential as a backbone therapy for next-generation immuno-oncology treatments, demonstrating robust tumor responses and long-term survival benefits [4][16]. Financial Summary - Revenue projections for Innovent Biologics are set at RMB 11.86 billion for 2025, with a growth rate of 26% compared to the previous year, and expected to reach RMB 18.17 billion by 2027 [10][13]. - The company is projected to turn profitable in 2025, with a net profit of RMB 384 million, and further growth to RMB 1.77 billion by 2027 [10][13]. Clinical Data Highlights - IBI363 monotherapy showed a median progression-free survival (mPFS) of 9.3 months in advanced NSCLC, outperforming standard therapies [5][19]. - In MSS-type colorectal cancer patients, IBI363 demonstrated a median overall survival (mOS) of 16.1 months, significantly longer than the typical 9-10 months seen with current therapies [8][20]. - The efficacy of IBI363 in treating acral and mucosal melanoma was also notable, achieving a confirmed objective response rate (ORR) of 23.3% in a historically difficult-to-treat population [22].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leader in waste incineration, with a significant cash flow turning point expected, leading to potential increases in dividends [6][7]. - The company has a total waste-to-energy capacity of 150,400 tons/day, ranking first in the industry, and is supported by its major shareholder, China Everbright Group, which holds 43.07% of the company [6][21]. - The report anticipates a recovery in profitability due to improved operational income, reduced impairment, and lower financial costs [6][54]. Summary by Sections Company Overview - The company has been focused on environmental protection for over 20 years, with a waste incineration capacity of 150,400 tons/day as of the end of 2024, leading the industry [17][28]. - The company operates in three main segments: Environmental Energy, Green Environmental Protection, and Water Services, with the Environmental Energy segment contributing 87% to the net profit in 2024 [6][24]. Financial Summary and Profit Forecast - The company’s revenue for 2024 is projected at HKD 30,258 million, with a year-on-year decline of 7%, and a net profit of HKD 3,377 million, down 24% year-on-year [5][54]. - The report forecasts net profits for 2025-2027 to be HKD 3,589 million, HKD 3,810 million, and HKD 4,055 million respectively, with a price-to-earnings ratio of 8x leading to a target market value of HKD 28,710 million, indicating a 23% upside potential [5][7]. Operational Improvements - The company has seen a significant reduction in capital expenditures (Capex), from HKD 22.8 billion in 2021 to HKD 5.1 billion in 2024, contributing to a positive free cash flow of HKD 4.416 billion for the first time [6][7]. - The operating cash flow is expected to improve due to accelerated national subsidies, with an adjusted operating cash flow of HKD 9.52 billion anticipated for 2024 [6][7]. Dividend Potential - The company has a current dividend yield of 6.04%, with a historical dividend payout ratio of approximately 31%, expected to increase to 42% in 2024 [6][7]. - The report suggests that with improving profits and cash flow, there is significant potential for future dividend increases [6][7]. Market Perception - The market has not fully recognized the company's potential for profit recovery and dividend increases, primarily due to the complexity of its financial statements [9][10].

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024) [1] Core Insights - Kuaishou's AI product, Keling, has exceeded commercialization expectations, contributing significant incremental revenue and showing potential for long-term performance and valuation flexibility [5] - The company reported a strong user base with DAU and MAU reaching 408 million and 712 million respectively, indicating sustained growth and market leadership [5] - The financial forecasts have been adjusted, with revenue expectations for 2025 and 2026 revised to RMB 143.9 billion and RMB 158.4 billion respectively, alongside adjusted net profit estimates [5] Financial Data and Profit Forecast - Revenue projections for Kuaishou are as follows: - 2023: RMB 113.47 billion - 2024: RMB 126.90 billion - 2025E: RMB 143.86 billion - 2026E: RMB 158.43 billion - 2027E: RMB 173.01 billion - Adjusted net profit estimates are: - 2023: RMB 10.27 billion - 2024: RMB 17.72 billion - 2025E: RMB 20.26 billion - 2026E: RMB 23.88 billion - 2027E: RMB 27.64 billion - The company’s earnings per share (EPS) are projected to grow from RMB 2.38 in 2023 to RMB 6.42 in 2027 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 74.58 HKD per share, based on a 15x PE valuation for 2025 [4][5]. Core Insights - The company has shown significant progress in its commercial operations, particularly with its Kuaishou Keling product, which achieved monthly revenues exceeding 1 billion CNY in April and May [3][8]. - The Keling 2.1 version was launched at the end of May, offering a higher cost-performance ratio, which is expected to drive user growth and increase paid subscriptions [8]. - The company is experiencing a positive cycle of technology iteration, product refinement, user payment, and revenue growth, similar to the trajectory of overseas competitors [8]. Financial Forecasts - The adjusted net profit for the company is projected to be 195 billion CNY in 2025, with expected growth to 246 billion CNY by 2027 [4][9]. - Revenue is forecasted to grow from 113.47 billion CNY in 2023 to 164.14 billion CNY in 2027, reflecting a compound annual growth rate [9][10]. - The gross margin is expected to improve from 50.6% in 2023 to 56.7% in 2027, indicating enhanced operational efficiency [9][11]. Performance Metrics - The company's stock price performance has shown a 20% increase over the past month and an 18.97% increase over the past week [6]. - The company has repurchased shares worth 19 billion HKD since the beginning of 2025, providing a safety net for shareholder returns [8].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 6.1 per share, indicating a potential upside of 20.6% from the current price of HKD 5.06 [5][7][20]. Core Insights - The company is transitioning into a full-stack AI product and service provider, with significant growth expected from its AIGC (Artificial Intelligence Generated Content) business, which is becoming a key driver of revenue [2][9]. - The company is actively participating in the construction of digital currency systems and exploring opportunities in stablecoins and Real World Assets (RWA) tokenization, leveraging its expertise in big data, AI, blockchain, and cloud computing [4][17]. Financial Performance - For 2024, the company is projected to achieve revenue of RMB 16.95 billion, a slight decline of 1.0% year-on-year, with a net profit of RMB 512.9 million, down 28.1% [8][20]. - The second half of 2024 is expected to show a recovery, with a significant increase in revenue from full-stack AI products and services, which is projected to reach RMB 957 million, accounting for 5.6% of total revenue [2][12]. Strategic Developments - The company is deepening its collaboration with Huawei, enhancing its KaihongOS applications and completing over 200 Huawei cloud CTSP projects, which strengthens its cloud integration and domestic substitution strategy [3][13]. - The company is also focusing on international expansion, establishing a presence in the Asia-Pacific and Middle Eastern markets, and successfully executing projects in digital governance and smart cities [14][16]. Future Projections - Revenue forecasts for 2025 to 2027 are RMB 18.22 billion (+6.1%), RMB 20.01 billion (+9.86%), and RMB 22.32 billion (+11.5%), respectively, with net profits expected to grow significantly during this period [5][20]. - The report emphasizes that the company is in a transitional phase, moving from traditional service adjustments to emerging business growth, supported by national policy initiatives [20].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 1.30 per share, indicating a potential upside of 23% from the current price of HKD 1.06 [6][12]. Core Insights - The company plans to list a solar power plant REIT, which will activate existing assets and alleviate cash flow pressure due to delayed subsidies. This move is expected to lower financial leverage and financing costs through equity financing [3][9]. - Recent electricity pricing policies are anticipated to stabilize the revenue from existing projects, while green electricity direct connection initiatives will promote local consumption of renewable energy [4][10]. - The company's financing costs are on a downward trend, with a significant shift from HKD loans to lower-interest RMB loans, expected to further decrease to 3% by 2025. The company has sufficient power station reserves for acquisition [5][11]. Financial Summary - For FY2023, the company reported revenues of RMB 2,281 million, with a projected increase to RMB 2,500 million in FY2025, reflecting a growth rate of 2.4% [7][18]. - The net profit attributable to shareholders is expected to recover from RMB 791 million in FY2024 to RMB 940 million in FY2025, marking an 18.9% increase [7][18]. - The basic earnings per share are projected to be 11.23 cents in FY2025, with a corresponding PE ratio of 8.6 at the current price [7][18].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, targeting a price of HK$269.70 from a current price of HK$214.40 [1]. Core Insights - The company is positioned as a leading player in the ADC industry, with a robust pipeline of 12 self-developed ADC candidates, 7 of which are in clinical development, and aims to become China's equivalent of Daiichi Sankyo [3][8]. - The company has established significant global partnerships, including collaborations with BioNTech and others, with a total transaction value exceeding US$6 billion, enhancing its competitive edge in the ADC market [4][22]. - The management team is highly internationalized and experienced, focusing on unmet clinical needs and demonstrating strong operational efficiency [6][19]. Financial Projections - Revenue projections for FY25-27 are estimated at RMB 9.75 billion, RMB 11.7 billion, and RMB 16.1 billion respectively, with net profits expected to be negative in the initial years but improving towards FY27 [7]. - The company utilizes a risk-adjusted discounted cash flow (DCF) model for valuation, with a WACC of 10.0% and a perpetual growth rate of 3.5% [7]. Pipeline and Development - The company has a diverse ADC pipeline targeting various cancers, including DB-1303 (HER2 ADC) and DB-1311 (B7-H3 ADC), with significant clinical progress and potential market opportunities [8][31]. - DB-1303 is expected to submit a New Drug Application (NDA) to the FDA in 2025, with a peak sales potential of US$2 billion, while DB-1311 is also advancing in clinical trials with promising data [31][32]. Strategic Collaborations - The company has formed strategic alliances with major pharmaceutical companies, enhancing its research capabilities and market reach, including a notable partnership with BioNTech for ADC development [22][26]. - The collaborations are expected to accelerate the development of ADC therapies and maximize their global value [24][26]. Management and Expertise - The management team includes industry veterans with extensive experience in drug development and investment, which supports the company's strategic direction and operational efficiency [19][21]. - The company benefits from a scientific advisory board composed of renowned ADC experts, further strengthening its research and development capabilities [20].

Investment Rating - The report initiates coverage with a "Buy" rating for Alibaba Pictures [4][10]. Core Views - Alibaba Pictures is transitioning to become "Damai Entertainment Holdings Limited," focusing on a "real-life entertainment" strategy, shifting from traditional film to live performances and IP derivatives [7][20]. - The company expects significant revenue growth driven by its live entertainment ticketing and IP derivative businesses, with projections indicating a revenue increase from 5,036 million HKD in FY2024 to 6,702 million HKD in FY2025, representing a 33% year-on-year growth [8][20]. - The report highlights the strong market position of Damai in the ticketing sector, with over 50% market share in the overall ticketing market and over 70% in concert ticketing [9][37]. Summary by Sections 1. Company Overview - Alibaba Pictures is a subsidiary of Alibaba Group, holding a 53.85% stake, and is rebranding to focus on live entertainment and IP derivatives [7][19]. 2. Live Entertainment and Ticketing - Damai is a leading player in the offline ticketing market, with a projected ticket revenue of 57.95 billion CNY in 2024, showing a year-on-year growth of 15.37% [9][30]. - The company has a competitive edge due to its technological capabilities, extensive user base, and strong partnerships with content providers [9][40]. 3. IP Derivatives - The IP derivatives market is experiencing rapid growth, with Alibaba's IP derivative revenue expected to increase significantly, driven by collaborations with major IP brands [9][50]. - The report notes that Alibaba's IP derivative business has seen a 73% year-on-year growth, benefiting from its extensive entertainment and e-commerce ecosystem [9][50]. 4. Financial Analysis and Forecast - The financial forecast indicates a substantial increase in both revenue and net profit, with net profit projected to rise from 285 million HKD in FY2024 to 364 million HKD in FY2025, reflecting a 28% year-on-year growth [8][20]. - The report employs a sum-of-the-parts (SOTP) valuation method, estimating the company's overall valuation at 31.9 billion CNY, corresponding to a target price of 1.17 HKD per share, indicating a potential upside of 22.9% [10][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is a leading one-stop provider of home meal products, focusing on retail stores and aiming to expand its store count significantly by 2025 [9][15]. - The market for home meal products is substantial, with a size of approximately 400 billion yuan, and the company holds a 3% market share, leading the competition [9][60]. - The company has a strong supply chain and is expanding its product offerings beyond hot pot ingredients to include barbecue and Western cuisine [9][28]. - The company plans to open an additional 10,000 stores over the next five years, with a focus on rural markets where competition is limited [9][18]. Summary by Sections 1. Leading One-Stop Home Meal Provider - The company has transitioned to a consumer-focused retail model since 2017, achieving rapid store growth [17]. - It has established a strong brand presence and is recognized for its affordable pricing strategy [15]. 2. Business Model: Vertical Industry in a Large Market - The company operates primarily through a franchise model, with 84% of revenue coming from sales to franchisees [24]. - The market for home meal products is fragmented, with the company being the largest player in a competitive landscape [60]. 3. Future Potential: Revenue Growth and Store Expansion - The company has successfully improved same-store sales and plans to continue expanding its store network [9][18]. - Revenue forecasts for 2025-2027 are projected at 72.83 billion yuan, 83.42 billion yuan, and 94.43 billion yuan, respectively, with corresponding net profits of 3.29 billion yuan, 4.00 billion yuan, and 4.95 billion yuan [1]. 4. Profit Forecast and Investment Recommendations - The report anticipates a recovery in single-store revenue and a positive outlook for store expansion, with a projected PE ratio decreasing from 24 to 16 over the forecast period [1][9].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Views - The company is a leading one-stop provider of home meal products, focusing on retail stores and aiming to expand its store count significantly by 2025 [15][18]. - The market for home meal products is substantial, with a size of approximately 400 billion yuan, and the company holds a 3% market share, leading the industry [9][60]. - The company has a strong supply chain and brand positioning, which enhances its competitive advantage in the fragmented market [9][60]. Summary by Sections 1. Company Overview - The company has transitioned to a consumer-focused retail model since 2017, rapidly expanding its store count to over 10,000 by the end of 2024 [17][18]. - It operates primarily through a franchise model, with a low investment requirement for franchisees, making it an attractive business opportunity [9][24]. 2. Business Model - The company’s business model leverages a large market with significant fragmentation, allowing it to capture a leading position through its extensive store network [58][60]. - The product offerings include a variety of meal solutions, with hot pot ingredients currently dominating the product mix [28][29]. 3. Future Growth Potential - The company plans to open an additional 10,000 stores over the next five years, focusing on rural markets where competition is limited [9][18]. - Single-store revenue recovery is expected to continue, supported by new product launches and marketing strategies [9][18]. 4. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 72.83 billion yuan, 83.42 billion yuan, and 94.43 billion yuan, respectively, with corresponding net profits of 3.29 billion yuan, 4.00 billion yuan, and 4.95 billion yuan [9][18]. - The report anticipates a price-to-earnings ratio of 24, 20, and 16 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation outlook [9][18].