Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.6 billion RMB for FY25, representing a year-on-year growth of 7.8%. The adjusted net profit was 812 million RMB, with a year-on-year increase of 5.2%, aligning with expectations [4] - The student enrollment for FY25 was 139,000, a slight decrease of 0.6% from FY24. However, the structure of students improved, with the proportion of undergraduate new students increasing by 4 percentage points and the proportion of undergraduate students rising by 1 percentage point [4] - The average tuition fee increased by 8.1% to 16,700 RMB per academic year, while accommodation fees rose by 5.2% to 1,998 RMB per academic year, contributing to the revenue growth [4] - The company's operating costs for FY25 were 1.68 billion RMB, up 9.2% year-on-year, outpacing revenue growth by 1.4 percentage points. Personnel costs increased by 14.7% to 1.08 billion RMB, reflecting the company's commitment to high-quality education [5] - The company anticipates a rebound in profitability as the peak of cost increases has passed, with capital expenditures expected to normalize. The capital expenditure for FY25 decreased to 690 million RMB from a peak of 920 million RMB in FY24 [6] - The company has revised its profit forecasts for FY26 and FY27 to 880 million RMB and 1 billion RMB, respectively, and introduced a new profit forecast of 1.14 billion RMB for FY28. The target price has been raised to 3.38 HKD from 2.99 HKD, maintaining the "Buy" rating [6] Financial Data and Profit Forecast - FY24 revenue is projected at 2.41 billion RMB, with a year-on-year growth rate of 13.81%. FY25 revenue is expected to be 2.6 billion RMB, with a growth rate of 7.78% [7] - Adjusted net profit for FY24 is estimated at 772 million RMB, increasing to 812 million RMB in FY25, with growth rates of 6.12% and 5.22%, respectively [7] - The earnings per share (EPS) for FY25 is projected at 0.49 RMB, with a price-to-earnings (P/E) ratio of 2.07 [7]

执业证书号： S0010525070001 邮箱： zhaoliang@hazq.com 阿里巴巴[Table_StockNameRptType] -SW（9988.HK） 公司点评 FY26Q2 业绩点评：云业务加速增长，即时零售有望迎来 UE 改善 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-12-02 | | | [Table_BaseData] 收盘价（港元） | 154.90 | | 近 12 个月最高/最低（港元） 185.1/76.1 | | | 总股本（百万股） | 19,089 | | 流通股本（百万股） | 19,089 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 29,568 | | 流通市值（亿港元） | 25,568 | [公司价格与恒生综指走势比较 Table_Chart] [Table_Author] 分析师：金荣 -20% 0% 20% 40% 60% 80% 24/05 24/08 24/11 25/02 25/05 阿里巴巴-W 恒生指数 -20% 30% 80% 130% ...

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 02 Dec 2025 环球富盛理财有限公司 中国罕王 China Hanking Holdings (3788.HK) ➢ 邱博士及 Cygnet Gold 少数股东对罕王黄金增资。基于对 Cygnet 金矿项目及罕王黄金未来发展的信心，邱博士及 Cygnet Gold 少数股东拟认购罕王黄金的新发行股份。 2025 年 10 月 27 日，公司附属公司罕王黄金与 Qiu Family 及 Golden Resource（均由邱博士控制）订立认购协议，据此，罕王黄金同意配发及发行，而 Qiu Family 及 Golden Resource 同意以每股 2.62 港元的认购价认购 8,700,000 股罕王黄金股 份（邱博士认购增资），此认购价与公司于 2025 年 9 月 30 日所公布与六名认购人订立的认购协议所载认购价相同。 同日，罕王黄金与 Cygnet Gold 的少数股东 订立认购协议，据此，罕王黄金同意配发及发行，而 Cygnet Gold 的少数 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" [7] Core Insights - The company's gaming business is expected to grow robustly driven by a new product cycle, while the video account advertising business remains highly prosperous, likely becoming a major source of revenue growth [1][2] - In Q3 2025, Tencent's online gaming revenue (excluding social) reached 636 billion yuan, a year-on-year increase of 23%. Domestic market revenue was 428 billion yuan, up 15%, exceeding Bloomberg's consensus estimate of 423 billion yuan, primarily due to the contribution from "Delta Operation" and continued revenue growth from existing games [1] - International market revenue was 208 billion yuan, a 43% year-on-year increase, surpassing Bloomberg's consensus estimate of 181 billion yuan, driven by record highs in daily active users and revenue for "Clash Royale" and growth from "PUBG: MOBILE" [1] - The introduction of a 15% commission agreement between Apple and Tencent regarding WeChat mini-game payments is expected to open up payment opportunities in the long term, despite short-term challenges in commission avoidance methods [3] - The company's marketing services revenue in Q3 2025 was 362 billion yuan, a 20.8% year-on-year increase, driven by improvements in eCPM and expansion of advertising inventory [4] Financial Forecasts - Projected revenues for Tencent from 2025 to 2027 are 748.76 billion yuan, 835.25 billion yuan, and 921.90 billion yuan, with year-on-year growth rates of 13%, 12%, and 10% respectively [5] - Adjusted net profits for the same period are forecasted to be 266.16 billion yuan, 293.21 billion yuan, and 321.51 billion yuan, with growth rates of 20%, 10%, and 10% respectively [5] - The valuation method applied suggests a target price of 794.73 HKD per share for 2026, indicating a potential upside of 30% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$41.40, representing a potential upside of 27% from the current price of HK$32.58 [1][7][10]. Core Insights - The company is expected to achieve profitability in Q4 2025, with significant sales growth anticipated in the following year. The revenue for Q3 2025 was reported at RMB 407 million, with a decline of 10.6% quarter-on-quarter [5][8]. - The EM platform has gained market recognition, and the potential for Robotaxi is substantial, with expectations of increased demand for lidar units [6][10]. - The report projects a significant increase in radar sales, with estimates of 2.3 million units in 2026 and 3.1 million units in 2027, driven by the growth in the robotics sector [7][9]. Financial Summary - Revenue projections for the company are as follows: RMB 2,204 million in 2025, RMB 3,126 million in 2026, and RMB 4,038 million in 2027, reflecting a year-on-year growth of 33.6% in 2025 and 41.8% in 2026 [8][9]. - The adjusted net profit is expected to improve significantly, with estimates of RMB -83 million in 2025, RMB 230 million in 2026, and RMB 533 million in 2027 [9][10]. - The company anticipates a gross margin of 27.3% in 2025, increasing to 30.2% in 2026 and 31.2% in 2027 [9][10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company leverages its long-standing IPs in gaming and embraces AI to enhance efficiency and reduce costs, particularly in the MMORPG sector [2][36]. - The education segment, led by Mynd.ai, is transitioning towards a SaaS model, which is expected to improve profitability as the market for educational hardware enters a replacement cycle [3][55]. - Strategic investments in AI, AR, and the broader entertainment sector are aimed at building a long-term growth ecosystem [4][69]. Summary by Sections 1. Gaming and Application Services - The company has a strong foundation in MMORPGs, with flagship IPs like "Magic Domain," "Conquest," and "Spirit of Heroes" contributing to stable cash flow [36]. - AI integration has led to a 26.7% reduction in R&D costs in the gaming segment, enhancing profitability [51]. - The gaming segment is expected to generate revenues of 2,594 million, 3,160 million, and 3,318 million yuan from 2025 to 2027, with respective year-on-year growth rates of -25%, +7%, and +5% [76]. 2. Education Segment - Mynd.ai, a leader in educational interactive display devices, has a market share of nearly 16% in the global stock of interactive devices as of 2024 [3][56]. - The transition to a SaaS model is underway, with a 8% quarter-on-quarter growth in SaaS subscriptions, particularly for the flagship application "Explain Everything" [63]. - Revenue from the education segment is projected to be 1,685 million, 1,769 million, and 1,946 million yuan from 2025 to 2027, with year-on-year growth rates of -20%, +5%, and +10% [76]. 3. Strategic Investments - The company has made strategic investments in AI, AR, and the entertainment sector to create synergies with its core gaming and education businesses [4][69]. - Investments in companies like Rokid and Shuaiku Network are expected to enhance market competitiveness and provide new channels for user engagement [72][75]. - The collaboration with Zhongke Wenge aims to develop AI applications for various sectors, positioning the company as a leader in AI technology deployment [70].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 5.69, reflecting a 5.0% increase from the previous target price [2][7]. Core Insights - The company achieved a revenue of RMB 16.70 billion for FY9/25, representing a year-on-year growth of 17.0%. The gross profit margin improved to 25.1%, and the adjusted net profit increased by 38.7% to RMB 1.36 billion [3][14]. - The self-operated pharmaceutical business generated revenue of RMB 14.38 billion, growing by 18.6% year-on-year, driven by increases in pharmaceutical and medical device categories. The number of self-operated SKUs expanded significantly [18][14]. - The pharmaceutical e-commerce platform business reported revenue of RMB 1.84 billion, up 7.5% year-on-year, with improvements in operational capabilities and a significant increase in the number of merchants [18][14]. - The healthcare and digital services business generated revenue of RMB 480 million, reflecting an 8.2% year-on-year growth, with a notable increase in contracted healthcare professionals [18][14]. - The company has optimized its supply chain efficiency, with a reduction in fulfillment costs and an overall operating expense ratio of 18.3%, down 0.9 percentage points [15][14]. Financial Forecasts - Revenue forecasts for FY26 and FY27 are set at RMB 34.90 billion and RMB 39.38 billion, respectively, indicating year-on-year growth of 14.1% and 12.8% [16][7]. - Adjusted net profit forecasts for FY26 and FY27 are RMB 2.48 billion and RMB 2.83 billion, representing growth rates of 27.1% and 14.3% [16][7]. - The company's equity value is projected to be HKD 92.08 billion, corresponding to a share price of HKD 5.69 per share based on a DCF valuation [16][7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to enhance its product matrix and transition from a consumer electronics imaging solution provider to a core component supplier for smart hardware [6][15]. - The company is expected to benefit from optical innovation and the wave of automotive intelligence, leading to steady improvements in profitability and market share [15]. Summary by Sections Company Overview - The company is committed to the synergistic development of imaging and fingerprint recognition, focusing on high-end manufacturing upgrades [6][15]. - It aims to grow into a technology enterprise providing integrated machine vision and human vision solutions [15]. Mobile Camera Module Business - The company holds a leading global market share in mobile camera modules, with a focus on enhancing the structure of its products [7][27]. - The market for mobile camera modules is expected to continue its stable growth, driven by increasing smartphone penetration and consumption upgrades [30][32]. - The sales proportion of high-end mobile camera modules (32M pixels and above) reached 53.4% in the first half of 2025 [7][27]. Other Camera Module Business - The IoT and automotive camera markets are expanding rapidly, with the company seeing a 47.9% year-on-year growth in sales for these modules [8][36]. - The global automotive camera module market is projected to reach USD 27.3 billion by 2025, with the company aiming to replicate its mobile camera market position in this sector [8][36]. Fingerprint Recognition Module Business - The market for ultrasonic fingerprint recognition modules is gradually expanding, with significant improvements in sales and product structure leading to increased gross margins [9][46]. - The company reported that its sales of ultrasonic fingerprint recognition modules in the first half of 2025 exceeded the total sales for 2024 [9][48]. Financial Forecast and Investment Recommendation - Revenue projections for the company are estimated at RMB 20.447 billion, RMB 22.854 billion, and RMB 26.331 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 714 million, RMB 909 million, and RMB 1.138 billion [10][12]. - The company's P/E ratios for the same years are expected to be 14.5x, 11.3x, and 9.1x, which are lower than the industry averages [10][12].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [5][10]. Core Insights - The company plans to repurchase up to approximately 104 million shares, which is about 9.7% of its total shares, signaling management's confidence in the company's future and belief that the stock is undervalued [6][7]. - The company has received its first Class III medical device certification for its recombinant type I α1 collagen product, marking its entry into the injectable aesthetic medicine market, which is expected to drive future growth [7]. - Despite recent stock price adjustments due to market conditions and lower-than-expected sales during the Double Eleven shopping festival, the report suggests that the stock has sufficiently adjusted and is poised for recovery [7]. Financial Projections - The company is projected to achieve net profits of RMB 2.43 billion, RMB 2.98 billion, and RMB 3.64 billion for the years 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 17.8%, 22.5%, and 22.2% [9]. - Earnings per share (EPS) are expected to be RMB 2.27, RMB 2.78, and RMB 3.40 for the same years, with corresponding year-over-year growth rates of 8.1%, 22.5%, and 22.2% [9]. - The price-to-earnings (P/E) ratios are projected to decrease from 15x in 2025 to 10x in 2027, indicating a potential increase in value as the company grows [9]. Shareholder Information - The major shareholder is Fan Daidi, holding 55.13% of the shares, which indicates a strong control over the company [1]. - The company's market capitalization is approximately HKD 41.08 billion, with a current share price of HKD 36.58 [1]. Market Performance - The stock has experienced a significant decline, with a 24.4% drop over the past month and a 32.07% drop over the past three months [1]. - The stock price has fluctuated between a high of HKD 82.99 and a low of HKD 35.72 over the past year [1]. Product Portfolio - The company's product mix is heavily weighted towards functional skincare products, which account for 78.6% of total sales, while medical dressings contribute 23.3% and health products account for 0.3% [2].

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (855 HK) with a target price adjusted to HKD 6.52, reflecting a potential upside of 10.1% from the current price of HKD 5.92 [5][8]. Core Insights - Despite a decline in overall revenue and net profit for FY26H1, the core water supply business showed resilience with a revenue increase of 4.5% and a sales volume increase of 5.0% [2][5]. - The company has accelerated its water price adjustments, with 8 projects approved for price increases, surpassing the annual target of 8 to 10 projects [3][5]. - A significant reduction in capital expenditure by 31.8% to HKD 12.4 billion in FY26H1 is expected to support the company's high dividend policy [4][5]. Financial Performance Summary - For FY26H1, total revenue and net profit decreased by 12.9% and 24.4% year-on-year, amounting to HKD 5.18 billion and HKD 570 million respectively [1][5]. - The water supply connection revenue fell by 28.6% to HKD 560 million, primarily due to fluctuations in the mainland real estate market [1][5]. - The wastewater treatment service revenue increased by 14.5% to HKD 360 million, driven by the Huizhou Mobil project contributing revenue since FY25 [2][5]. Revenue and Profit Forecast Adjustments - The forecast for shareholder net profit has been reduced by 10.8%, 14.8%, and 14.8% for FY26, FY27, and FY28 respectively [5][17]. - The target price adjustment reflects these changes, with the new estimates indicating a decrease in revenue projections for FY26 to HKD 9.899 billion, down from previous forecasts [5][17].