Investment Rating - The report initiates coverage with a rating of "Buy" for MTR Corporation [2][6] Core Insights - MTR Corporation has established itself as the core operator of Hong Kong's rail transit since its inception in 1975, with a significant focus on local line construction and expansion into international markets [5][16] - The "Rail + Property" development model allows MTR to finance railway projects through land development rights granted by the government, which is expected to drive long-term growth as the Hong Kong real estate market recovers [5][47] - The company has a progressive dividend policy, with expected dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024, maintaining dividends even during losses [5][43] Financial Data and Profit Forecast - Revenue projections for MTR Corporation are as follows: - 2023: HKD 56,982 million - 2024: HKD 60,011 million - 2025E: HKD 57,117 million - 2026E: HKD 55,584 million - 2027E: HKD 58,152 million - Net profit attributable to shareholders is forecasted as: - 2023: HKD 7,784 million - 2024: HKD 15,772 million - 2025E: HKD 16,203 million - 2026E: HKD 20,166 million - 2027E: HKD 10,138 million - The company is expected to maintain a dividend yield of approximately 4.4% from 2025 to 2027 [4][6] Business Model and Operations - MTR Corporation operates under a "Rail + Property" model, which integrates railway operations with property development to fund infrastructure projects [5][47] - The company is actively involved in multiple new railway and station projects to enhance connectivity in densely populated areas of Hong Kong [51][52] - The Hong Kong rail operations are expected to see a recovery in passenger numbers, with total passenger volume projected to reach 1.953 billion in 2024, recovering towards pre-pandemic levels [79] Valuation and Target Price - The estimated enterprise value of MTR Corporation is HKD 2,766 billion, with a 20% discount applied due to diversified operations, leading to a target equity value of HKD 2,213 billion [6] - The target price is set at HKD 35.55 per share, indicating a potential upside of 19% from the current market value [6]

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HKD 77.40 [7][18]. Core Insights - JD Health is expected to continue strong revenue growth in 4Q25, with a projected year-on-year increase of 22.7% to RMB 20.26 billion, driven by the increasing online penetration of pharmaceuticals and the company's competitive advantages in supply chain management [2][15]. - The company is anticipated to achieve a non-IFRS operating profit of RMB 260 million in 4Q25, reflecting a non-IFRS operating profit margin of 1.3%, an improvement of 0.4 percentage points year-on-year [2]. - The report highlights the importance of monitoring the supply iteration of new medical products, the impact of weight-loss drugs entering the medical insurance list, the penetration of AI medical applications, and the expansion of JD Health's O2O business [1]. Revenue and Profit Forecast - JD Health's total revenue for 4Q25 is expected to grow by 22.7% year-on-year to RMB 20.26 billion, with pharmaceuticals projected to see over 30% growth in GMV [2][15]. - For the full year of 2025, revenue is forecasted to increase by 25% to RMB 72.7 billion, with a non-IFRS operating profit of RMB 4.11 billion, corresponding to a non-IFRS operating profit margin of 5.7%, an improvement of 1.2 percentage points year-on-year [2][15]. Offline Business Development - JD Health is set to open over 200 new offline pharmacy stores in the second half of 2025, with 150 stores expected to open in 4Q25, enhancing user reach and brand exposure [3]. - The company's medical insurance payment coverage has expanded to 8 cities, including Shanghai, which is anticipated to drive user penetration and performance growth [3]. New Product Launches and AI Integration - JD Health continues to strengthen partnerships with upstream medical brands, achieving multiple collaborations for new drug launches, thereby enhancing its channel value [4]. - The report notes the positive reception of JD Health's AI doctor, which has achieved a satisfaction rate of 98%, reinforcing its capabilities in internet medical services [4]. Profitability Adjustments - The profit forecasts for 2025-2027 have been raised by 11.6%, 15.6%, and 22.4% respectively, due to improved revenue expectations and the anticipated release of operating leverage [5][15]. - The target valuation for 2026 has been adjusted to a non-IFRS PE of 30.0x, reflecting a premium over comparable companies, driven by JD Health's efficiency in the pharmaceutical market and its advantages in AI medical applications [18].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company delivered a total of 37,508 vehicles in December 2025, representing a year-on-year increase of 2.2% and a month-on-month increase of 2.1% [2][4]. - For the entire year of 2025, the company achieved cumulative deliveries of 429,000 vehicles, marking a significant year-on-year growth of 125.9% [2][4]. - The launch of the new X9 model has been particularly strong, with 5,424 units delivered in December, achieving a month-on-month increase of 68% and a year-on-year increase of 289% [6]. - The company is expected to continue its growth trajectory with new models like the P7+ and G7 set to be released, enhancing its sales cycle [6]. - The overseas market has also shown promising growth, with 45,000 vehicles delivered internationally in 2025, reflecting a year-on-year increase of 96% [6]. - The company anticipates Q4 2025 deliveries to be between 125,000 and 132,000 units, which would represent a year-on-year growth of 36.6% to 44.3% [6]. Summary by Relevant Sections Sales Performance - December 2025 deliveries totaled 37,508 vehicles, with a year-on-year growth of 2.2% and a month-on-month growth of 2.1% [2][4]. - Cumulative deliveries for 2025 reached 429,000 vehicles, up 125.9% year-on-year [2][4]. New Product Launches - The X9 model has seen strong performance, with December deliveries reaching 5,424 units, marking a record for the model [6]. - Upcoming releases of the P7+ and G7 models are expected to further boost sales [6]. International Expansion - The company delivered 45,000 vehicles in international markets in 2025, a 96% increase year-on-year [6]. - The company has established a presence in 60 countries and regions globally, with local production in Malaysia starting in December 2025 [6]. Future Outlook - The company is positioned for significant revenue growth, with projected revenues of approximately 75.1 billion and 112.1 billion for 2025 and 2026, respectively [6]. - The anticipated price-to-sales ratios for 2025 and 2026 are 1.8 and 1.2, respectively, supporting the "Buy" rating [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The transformation and upgrade projects are continuously being realized, highlighting the value of high dividends [5] - The company has a stable dividend policy, with a payout ratio increasing from around 40% (2013-2016) to approximately 50% (2017-2024), with total dividends of 11.8 billion HKD during 2018-2024 [7] - The company is expected to see profit growth from its logistics park transformation projects, with projected net profits of 36.4 billion, 36.5 billion, and 28.0 billion HKD for 2025-2027, corresponding to P/E ratios of 5.8, 5.8, and 7.5 respectively [7] Financial Performance - Revenue projections for the company are as follows: 20,523.8 million HKD in 2023, decreasing to 15,570.6 million HKD in 2024, and then gradually increasing to 17,250.2 million HKD by 2027, with a CAGR of 5.2% from 2026 to 2027 [6] - The net profit attributable to shareholders is forecasted to be 1,901.6 million HKD in 2023, increasing to 3,637.9 million HKD in 2025, before declining to 2,795.9 million HKD in 2027 [6] - The company's earnings per share (EPS) is expected to be 0.80 HKD in 2023, reaching 1.49 HKD in 2025, and then slightly decreasing to 1.14 HKD in 2027 [6] Market Data - The closing price of the company's stock is 8.60 HKD, with a market capitalization of 21,016.13 million HKD [3] - The company's asset-liability ratio stands at 58.62% [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [3][6][18]. Core Insights - The company is expected to see user growth and increased payment rates due to the recent updates in its AI models, particularly the launch of the One series and the Keling 2.6 version, which enhances user engagement and monetization opportunities [2][6][7]. - The financial forecasts have been adjusted, with revenue projections for 2025-2027 slightly lowered, but the adjusted net profit estimates remain stable, reflecting confidence in the company's core business despite macroeconomic pressures [5][6][18]. Financial Data and Profit Forecast - Revenue projections for the years 2023 to 2027 are as follows: - 2023: 113.47 billion RMB - 2024: 126.90 billion RMB - 2025: 142.19 billion RMB - 2026: 155.15 billion RMB - 2027: 169.33 billion RMB - The adjusted net profit estimates are: - 2023: 10.27 billion RMB - 2024: 17.72 billion RMB - 2025: 20.23 billion RMB - 2026: 22.28 billion RMB - 2027: 25.47 billion RMB - The company’s earnings per share (EPS) are projected to grow from 2.38 RMB in 2023 to 5.96 RMB in 2027, with a return on equity (ROE) forecasted to remain strong at around 21% to 29% over the same period [5][18]. Product Development and Market Position - The Keling AI has launched several significant updates, including the Keling O1 model, which supports multi-modal video generation, and the Keling 2.6 version, which features audio-visual synchronization, enhancing user experience and engagement [6][7][12]. - The pricing strategy for Keling's services shows a competitive advantage over rivals like Google Veo3.1 and Sora2, with lower per-second video generation costs, which is expected to attract more users and increase revenue [9][10]. Marketing and E-commerce Impact - The One series models have positively impacted the company's marketing and e-commerce sectors, with the OneRec model improving domestic marketing revenue by approximately 4%-5% and the OneSearch model enhancing product matching and user experience, leading to a 5% increase in search order volume [12][17].

Investment Rating - The report assigns a rating of "5.7" to the company, suggesting it is worth attention [12]. Core Insights - The company is a high-quality cathode copper manufacturer, ranking fifth among Chinese producers and is the only Chinese company in the top five in both the Democratic Republic of Congo (DRC) and Zambia [1]. - The company has experienced rapid sales growth, with total sales increasing from 7,056.7 tons in 2022 to 19,868.9 tons in 2024, representing a compound annual growth rate (CAGR) of +67.8% [2]. - The global cathode copper market is expected to see a supply shortage of approximately 5.8 million tons by 2029, which is likely to drive up copper prices [3]. - The company benefits from a strong business presence in resource-rich regions of Africa, particularly in DRC and Zambia, and has a strategic capacity layout that aligns with China's "going out" strategy [4]. Company Overview - The company produced approximately 16,000 tons of cathode copper in DRC and 5,000 tons in Zambia in 2024, with a market share of 0.9% in DRC and ranking first in Zambia [1]. - The company’s revenue for 2022, 2023, and 2024 was approximately RMB 637.3 million, RMB 675.7 million, and RMB 1,769.8 million, respectively, with a CAGR of +66.7% [2]. - The company has four production facilities, including two copper smelters in Zambia and one in DRC, and is constructing a cobalt processing plant in China [12]. Industry Status and Outlook - The downstream applications for cathode copper include deep processing enterprises, trading companies, and sectors such as new energy and electronics manufacturing [3]. - Global cathode copper production is projected to grow from 21.9 million tons in 2025 to 24.7 million tons by 2029, with a CAGR of 3.0% [3]. - The average copper price in China is expected to rise from RMB 749,000 in 2024 to RMB 775,000 in 2025 [3]. Use of Proceeds - Approximately 80% of the funds raised (or HKD 834.1 million) will be used to expand core business operations, including enhancing the wet metallurgy capacity of the DRC copper smelter and increasing cobalt hydroxide production lines [6]. Cornerstone Investors - Key cornerstone investors include Glencore, Stoneylake Global, North Rock, and others, with total subscriptions amounting to USD 60.255 million, representing 42.50% of the shares offered [7].

Investment Rating - The report assigns a rating of 4.9 for the IPO, indicating a reasonable pricing based on the company's performance, industry outlook, and valuation [11] Core Insights - The company, Hongxing Cold Chain, is a provider of frozen food storage and rental services, with a significant operational base in Hunan Province, China [1] - The company has a strong market position, being the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [3] - The revenue projections for the company show a decline in 2023, followed by growth in 2024 and a slight increase in the first half of 2025, with expected revenues of RMB 2 billion, RMB 2.3 billion, and RMB 1.2 billion respectively [2] Company Overview - Hongxing Cold Chain offers services including sorting, classification, packaging, inventory tracking, and rental of frozen food stores, with a total storage capacity exceeding 1 million cubic meters [1] - The company has served over 700 clients, maintaining a utilization rate of over 88% for its storage services and over 94% for its rental services during the historical performance period [1] Industry Status and Outlook - The frozen food storage service market in China is projected to reach RMB 25.6 billion by 2024, with a compound annual growth rate (CAGR) of 4.2% from 2020 to 2024 [3] - The frozen food store rental service market is expected to grow from RMB 2.2 billion in 2024 to RMB 2.9 billion by 2029, with a CAGR of 6.0% from 2025 to 2029 [3] Advantages and Opportunities - The company can provide a complete cold chain service matrix and possesses an automated technological foundation [4] Weaknesses and Risks - The industry faces intense competition and high levels of homogeneity, which may impact the company's warehouse utilization and rental rates, subsequently affecting performance [5] Fundraising and Use of Proceeds - The company anticipates a net fundraising amount of HKD 250 million, with approximately 57.5% allocated for building a new processing plant and expanding storage facilities [10]

公司概览 豪威集团（以下简称"公司"）作为全球化Fabless半导体设计龙头企业，以CMOS 图像传感器（CIS）为核心产品，根据弗若斯特沙利文数据，2024年按图像传感器 解决方案收入计算，位列全球第三，市场份额达13.7%，在行业内具备显著的品牌 知名度和市场认可度。其业务覆盖智能手机、汽车、医疗、安防及新兴市场（机 器视觉、智能眼镜、端侧AI）等高增长领域，产品矩阵丰富且应用场景广泛，形 成了多元化的收入支撑体系。 公司采用Fabless业务模式，专注于半导体产品设计与销售，通过与全球领先的晶 圆代工、封装测试厂商建立长期战略合作，既规避了重资产运营的资本支出压力， 又能快速获取前沿制造技术，实现对市场需求的灵活响应。同时，公司保留核心 测试环节，内部测试设施与外部协作相结合，既保障了产品质量控制，又强化了 设计迭代能力，尤其适配汽车等对产品可靠性要求极高的市场需求。 公司业绩呈现强劲复苏态势，2024年实现收入257.07亿元，同比增长22.5%，净利 润32.79亿元，同比大幅增长501.2%；2025年上半年收入139.44亿元，净利润20.20 亿元，净利率提升至14.5%。毛利率持续优化，20 ...

Investment Rating - The investment rating for Kuaishou-W (01024) is maintained as "Buy" [2] Core Insights - Kuaishou's AI model, Keling, has seen significant updates, including the launch of the world's first unified multimodal video model, Keling O1, and the audio-visual synchronization model, Keling 2.6, which are expected to drive user growth and payment rates [7][8] - The One series of end-to-end generative models continues to boost the core business, with improvements in marketing and e-commerce driving revenue growth [19] - The company has adjusted its revenue and profit forecasts for 2025-2027, maintaining a "Buy" rating despite macroeconomic pressures [7] Financial Data and Earnings Forecast - Revenue projections for Kuaishou are as follows: - 2023A: 113,470 million RMB - 2024A: 126,898 million RMB - 2025E: 142,185 million RMB - 2026E: 155,153 million RMB - 2027E: 169,326 million RMB - Adjusted net profit forecasts are: - 2023A: 10,271 million RMB - 2024A: 17,716 million RMB - 2025E: 20,228 million RMB - 2026E: 22,284 million RMB - 2027E: 25,470 million RMB - The projected earnings per share (EPS) are: - 2023A: 2.38 RMB - 2024A: 4.12 RMB - 2025E: 4.74 RMB - 2026E: 5.22 RMB - 2027E: 5.96 RMB - The return on equity (ROE) is expected to be 21% in 2027 [6][21] User Growth and Product Development - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax and Midjourney by the end of December 2025 [7] - The Keling 2.6 model offers a pricing advantage over competitors such as Google Veo3.1 and Sora2, with video generation costs being lower [10] - The OneRec model has improved marketing revenue by approximately 4%-5% and enhanced e-commerce order volume by 5% through better product matching [19][13]

Investment Rating - The investment rating for Alibaba is "Buy" [5] Core Insights - Alibaba's cloud business is expected to see a significant improvement in profitability as it scales, with a long-term certainty of margin enhancement [2][39] - The company is currently in a high capital expenditure phase, with Q3 2025 capital expenditures reaching 31.428 billion RMB, a year-on-year increase of 85.12% [2][32] - Despite two consecutive quarters of declining free cash flow, Alibaba maintains a strong cash position with 292.3 billion RMB in net cash and liquid investments [2][34] Summary by Relevant Sections Cloud Business and AI Development - Alibaba's cloud business, while currently lagging behind competitors like AWS and Microsoft in EBITA margin, has the potential for significant margin improvement as it grows [2][37] - The launch of the "Qianwen" AI application has seen rapid user growth, with over 30 million monthly active users within 23 days of its public testing [15][16] - The integration of AI capabilities into Alibaba's ecosystem is expected to enhance user experience and operational efficiency across various platforms [21][23] Financial Forecast and Valuation - Revenue projections for FY2026-2028 are estimated at 1,068.23 billion, 1,177.88 billion, and 1,298.12 billion RMB, with year-on-year growth rates of 7.2%, 10.3%, and 10.2% respectively [3][40] - Adjusted net profit for the same period is forecasted to be 119.85 billion, 160.11 billion, and 213.63 billion RMB, with growth rates of -24.1%, 33.6%, and 33.4% [3][40] - The target price is set at HKD 189.09 per share, based on a 12x PE ratio for FY2027 adjusted net profit and a 7x PS ratio for FY2027 cloud revenue [3][40] Capital Expenditure and Cash Flow - The company is committed to high capital expenditures to ensure competitive supply, with plans to invest 380 billion RMB in cloud and AI infrastructure over the next three years [32] - The recent decline in free cash flow, reported at -21.84 billion RMB for Q3 2025, has raised market concerns, but the company’s cash reserves provide a buffer for new business investments [34][34] Competitive Landscape - The competition in the AI and cloud sectors is intensifying, with Alibaba's Qianwen positioned as a strong contender against other AI applications like Doubao [16][18] - The strategic integration of AI into Alibaba's e-commerce and travel services is expected to redefine user interactions and operational efficiencies [21][26]