Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company demonstrates resilient core operations with a focus on cost reduction and efficiency improvements, despite a decline in revenue and net profit [7] - Capital expenditures continue to decrease, and the company is expected to enhance its free cash flow and dividend capacity [7] Financial Performance Summary - For FY2026, total revenue is projected at HKD 10,026 million, reflecting a year-on-year decline of 13.98% [1] - The net profit attributable to shareholders is estimated at HKD 1,136 million, showing a year-on-year increase of 5.70% [1] - The latest diluted EPS is forecasted to be HKD 0.70, with a P/E ratio of 8.44 [1] Segment Performance - The urban water supply segment reported revenue of HKD 32.71 billion, down 13.1% year-on-year, with segment profit decreasing by 17.4% [7] - The environmental protection segment saw revenue growth of 8.7% year-on-year, with a segment profit increase of 29.7% [7] - The direct drinking water segment experienced a significant revenue decline of 28.3% year-on-year [7] Capital Expenditure and Dividends - Capital expenditures for FY26H1 were HKD 12.43 billion, down 31.8% year-on-year [7] - The total dividend per share remains stable at HKD 0.13, with a dividend yield of 4.8% [7] Earnings Forecast Adjustments - The forecast for net profit attributable to shareholders for FY2026-2028 has been revised down to HKD 11.36 billion, HKD 12.06 billion, and HKD 12.32 billion respectively [7] - Corresponding P/E ratios are projected at 8.4, 7.9, and 7.8 for FY2026, FY2027, and FY2028 [7]

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Insights - The company's Q3 2025 performance was below expectations, with total revenue of 95.5 billion yuan, a year-on-year growth of 2.0%, and an adjusted net profit of -16.01 billion yuan, which was lower than Bloomberg consensus estimates [7] - The core local business turned from profit to loss due to intensified competition, while new business losses improved [7] - The report anticipates that Q3 represented the peak of losses, with expectations for marginal improvement in Q4, although competitive strategies need to be monitored [7] - The company is expected to continue strengthening its supply side, user experience, and membership benefits, maintaining its market share and user engagement advantages [7] - New business losses were better than expected, with strong growth in grocery retail businesses like Xiaoxiang Supermarket and Keeta, which are expanding globally [7] - The adjusted profit forecasts for 2025-2027 have been revised down significantly due to the impact of competition on profits, but the long-term profit recovery and overseas expansion potential remain promising [7] Financial Projections - Total revenue projections for Meituan are as follows: 2023A: 276.75 billion yuan, 2024A: 337.59 billion yuan, 2025E: 364.53 billion yuan, 2026E: 415.41 billion yuan, 2027E: 478.47 billion yuan [1] - The adjusted net profit for 2025E is projected at -21.57 billion yuan, with a recovery to 19.63 billion yuan by 2027E [1] - The latest diluted EPS for 2025E is projected at -3.53 yuan per share, with a recovery to 3.21 yuan per share by 2027E [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is currently facing pressure on sales and performance, particularly with the L series needing revitalization. The anticipated product upgrades in 2026 are seen as crucial for overcoming current challenges [4][7][8]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 27.4 billion yuan, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter, with a net loss of 6.2 billion yuan [4]. - The company delivered 93,000 vehicles in Q3 2025, down 39.0% year-on-year and 16.1% quarter-on-quarter. The automotive sales revenue was 25.9 billion yuan, reflecting a decline of 37.4% year-on-year and 10.4% quarter-on-quarter [7]. - The gross margin for automotive business in Q3 was 15.5%, down 5.4 percentage points year-on-year and 3.9 percentage points quarter-on-quarter. Excluding the impact of the MEGA recall, the gross margin would have been 19.8% [7]. Future Projections - Revenue projections for 2025 to 2027 have been adjusted to 9 billion, 36 billion, and 60 billion yuan respectively, reflecting a significant downward revision from previous estimates [8]. - The company expects Q4 2025 deliveries to be between 100,000 and 110,000 units, with October's deliveries at 32,000 units [7]. Product Strategy - The L series product upgrades are deemed essential for the company to navigate its current difficulties, with expectations for enhancements in features such as high-level autonomous driving capabilities and battery technology [7][8]. - The report highlights that the L9 model, which has been on the market for over three years, requires significant upgrades to improve its competitiveness [7]. Valuation Metrics - The company’s estimated P/E ratio for 2025 is 154.2, indicating a high valuation relative to earnings, while the P/B ratio is projected to be 2.0 [6][12].

证券研究报告 2025 年 12 月 01 日│中国香港 互联网 天立国际控股公布 FY25 业绩：收入 35.89 亿元，yoy+8.1%；净利润 6.48 亿元，yoy+16.5%，符合业绩预告；调整后归母净利润约 6.34 亿元，不及 我们预期的 7.71 亿元。FY25 公司在"质量优先"战略下加强了生源优化和 对优质师资、餐饮后勤、AI 业务的投入，导致短期财务表现略逊预期。FY26 起公司将加强教育质量和短期财务表现的再平衡，推动利润逐渐重回增长。 公司全年派息总额约 2 亿元，派息率维持在 30%左右，股东回报稳健。当 前估值具备较高性价比，维持"买入"评级。 各板块收入稳健增长，升学成果再创新高 FY25 综合教育服务/产品销售/综合后勤服务/管理及特许经营收入分别同比 增长 7%/8%/2.7%/93.9%。公司升学成绩硕果累累，2025 高考成熟校区本 科率达 90%，一本率达 58%；成长期校区本科率达 32%，一本率达 14%； 国际升学、强基竞赛亦取得亮眼成绩。作为第二曲线的托管业务持续发展， 截至 25 年秋季已签约 23 所学校、40 个学段。 "质量优先"导向下招生及利润略逊预 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life [1] Core Views - The company is expected to benefit from its light asset management model, which allows it to enjoy operational benefits without significant capital investment, leading to lower risk and higher profit margins [5][24] - The company's strong bargaining power with merchants is supported by its parent company's stable growth and large-scale quality shopping centers, enhancing its ability to achieve long-term same-store growth [8][9] Financial Performance - The company's revenue is projected to grow from 14,767 million HKD in 2023 to 22,596 million HKD in 2027, with a compound annual growth rate (CAGR) of 8.1% [7] - The net profit attributable to the parent company is expected to increase from 2,929 million HKD in 2023 to 5,572 million HKD in 2027, reflecting a CAGR of 15.3% [7] - The earnings per share (EPS) forecast for 2025 and 2026 is adjusted to 1.73 HKD and 2.12 HKD, respectively, with a new estimate for 2027 at 2.44 HKD [6][12] Market Position and Competitive Advantage - The company operates under a light asset model, which allows it to leverage the parent company's extensive resources without the burden of heavy capital investment, thus maintaining a competitive edge in the market [18][24] - The parent company, China Resources Land, has a significant number of shopping centers, with 92 operational centers and 35 under construction, providing a stable and growing contract base for the company [41][42] - The company's ability to secure prime locations in high-tier cities enhances its market position and operational performance, leading to a strong upward trend in rental income [30][36] Growth Drivers - Key growth drivers include same-store sales growth exceeding expectations, new third-party contracts, and accelerated monetization of membership programs [11] - The company is expected to continue benefiting from the industry’s Matthew effect, where leading players gain more market share and operational advantages [10][36]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][8]. Core Insights - The company's core brand, Bosideng, shows steady growth, with a revenue of 65.7 billion RMB in the first half of the fiscal year 2025/26, representing an 8% year-on-year increase. The main brand generated 57.2 billion RMB, also up 8% year-on-year [6][8]. - The overall revenue for the first half of the fiscal year reached 89.3 billion RMB, a 1.4% increase year-on-year, with a net profit of 11.9 billion RMB, up 5.3% year-on-year, although this was below expectations [6][8]. - The company plans to distribute a cash dividend of 0.063 HKD per share [6]. Financial Performance Summary - The company reported a gross margin of 50.03% for the first half of the fiscal year, an increase of 0.15 percentage points year-on-year, primarily due to the higher proportion of down jacket sales [8]. - The revenue breakdown shows that the down jacket business accounts for 73.6% of total revenue, while OEM management contributes 22.9%, women's wear 2.8%, and diversified clothing 0.7% [4][8]. - The company expects net profits for the fiscal years 2025/26, 2026/27, and 2027/28 to be 39.4 billion RMB, 44 billion RMB, and 48.6 billion RMB, respectively, with year-on-year growth rates of 12%, 11.7%, and 10.4% [8][10]. Stock Performance - The stock price as of November 28, 2025, was 4.96 HKD, with a 12-month high of 5.2 HKD and a low of 3.41 HKD. The market capitalization is approximately 414.99 billion RMB [2][6]. - The price-to-earnings (P/E) ratio is projected to be 13 times for the fiscal year 2025/26, decreasing to 11 times by 2027/28 [10].

Investment Rating - The report maintains a "Buy-A" rating for the company [3][9] Core Views - The brand down jacket segment leads to steady revenue growth, with inventory turnover significantly improving [4][9] - For the first half of FY2025/26, the company achieved revenue of 8.928 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.189 billion yuan, up 5.3% year-on-year [3][4] Revenue Breakdown - The brand down jacket business generated revenue of 6.568 billion yuan, up 8.3% year-on-year, with the Bosideng main brand contributing 5.719 billion yuan, also up 8.3% [4][5] - The OEM processing business saw revenue decline to 2.044 billion yuan, down 11.7% year-on-year [4] - Women's clothing revenue decreased by 18.6% to 251 million yuan, while diversified clothing revenue fell by 45.3% to 64 million yuan [4] Channel Performance - Self-operated channels generated revenue of 2.411 billion yuan, up 6.6%, while wholesale channels achieved 3.701 billion yuan, up 7.9% [5] - The company added 88 retail stores, bringing the total to 3,558, with a net increase of 3 self-operated stores [5] Profitability Metrics - The overall gross margin for FY2025/26 H1 slightly increased by 0.1 percentage points to 50.0%, while the brand down jacket business gross margin decreased by 2.0 percentage points to 59.1% [6][8] - The net profit margin increased by 0.5 percentage points to 13.3% due to various factors including reduced financial expenses and stable goodwill impairment in women's clothing [8] Cash Flow and Inventory Management - The average inventory turnover days decreased by 11 days to 178 days, attributed to a slowdown in raw material procurement and inventory reduction efforts [8] - The net cash flow from operating activities improved significantly to -1.084 billion yuan from -3.483 billion yuan in the previous year [8] Financial Forecast - The company is expected to achieve net profits of 3.931 billion yuan, 4.382 billion yuan, and 4.786 billion yuan for the fiscal years 2026, 2027, and 2028 respectively [9][11] - The projected P/E ratios for 2026, 2027, and 2028 are 13.5, 12.1, and 11.1 times respectively [9][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Views - The company reported FY26H1 results that met expectations, with revenue of 89.28 billion yuan, a year-on-year increase of 1.4%, and a net profit of 11.89 billion yuan, up 5.3% year-on-year. The interim dividend declared is 0.063 HKD per share [7]. - The main brand, Bosideng, showed steady growth with a revenue of 57.19 billion yuan, reflecting an 8.3% year-on-year increase, while the overall brand down jacket business accounted for 73.6% of total revenue [7]. - The report anticipates that the cold winter and extended Spring Festival sales will drive performance in the second half of the fiscal year, supporting high-quality growth in earnings [7]. Summary by Sections Financial Performance - Revenue projections for the company are as follows: 2024A at 23,214 million yuan, 2025A at 25,902 million yuan, 2026E at 28,512 million yuan, 2027E at 31,420 million yuan, and 2028E at 34,626 million yuan, with year-on-year growth rates of 38.39%, 11.58%, 10.08%, 10.20%, and 10.20% respectively [1]. - Net profit forecasts are: 2024A at 3,074 million yuan, 2025A at 3,514 million yuan, 2026E at 3,938 million yuan, 2027E at 4,393 million yuan, and 2028E at 4,897 million yuan, with year-on-year growth rates of 43.74%, 14.31%, 12.06%, 11.57%, and 11.45% respectively [1]. - The latest diluted EPS is projected to be 0.26 yuan for 2024A, increasing to 0.42 yuan by 2028E [1]. Market Position and Strategy - The company is focusing on optimizing its brand, products, and channels to sustain high-quality growth, with a net increase of 88 retail outlets in the down jacket business, bringing the total to 3,558 [7]. - The OEM business saw a decline in revenue due to order front-loading, while the women's clothing segment experienced a strategic contraction, closing inefficient stores and focusing on core categories [7]. Profitability and Efficiency - The gross margin for FY26H1 was 50.0%, a slight increase of 0.1 percentage points year-on-year, attributed to the higher revenue share from the high-margin down jacket business [7]. - The report highlights improvements in inventory turnover days, which decreased by 11 days to 178 days, indicating better inventory management and preparation for peak sales [7].

Investment Rating - The report maintains a "Buy" rating for Meituan [3][13] Core Insights - Meituan reported Q3 2025 revenue of Rmb95.5 billion, a 2.0% year-on-year increase, but below consensus expectations of Rmb97.5 billion. The operating profit was Rmb-19.76 billion, significantly lower than Rmb13.69 billion in the same period last year [8][9] - The report indicates that industry competition has peaked, with core local commerce experiencing significant losses in Q3 but expected sequential improvement in Q4. Core local commerce revenue declined by 2.8% year-on-year to Rmb67.4 billion, with an operating margin of -20.9% [9][10] - Meituan Instashopping achieved strong growth, leading the industry, with a focus on enhancing supply and user engagement. The platform launched "Branded Flagship InstaMart," which saw a 300% sales increase on its first day during the "11.11" shopping event [10][11] - New initiatives showed improved profitability, with revenue from new initiatives rising 15.9% year-on-year to Rmb28.0 billion, although operating losses widened to Rmb1.3 billion. Keeta, a new initiative, achieved profitability in Hong Kong ahead of schedule [11][12] Financial Summary - For 2023, Meituan's revenue is projected at Rmb276.7 billion, with a year-on-year growth rate of 25.8%. Adjusted net profit is expected to be Rmb23.3 billion [6][16] - The adjusted net profit forecast for 2025 has been revised down to Rmb-16.6 billion, reflecting the impact of intensified competition on short-term margins [13][16] - The report anticipates a long-term recovery in profitability, with a projected revenue of Rmb365.98 billion in 2025 and Rmb485.30 billion by 2027 [6][16]

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [5] Core Views - The report indicates that the impact of the fierce competition in the food delivery sector on the company's revenue and profit is expected to gradually diminish. The company achieved a revenue of 95.5 billion yuan, with a year-on-year growth of 2%, primarily affected by intensified competition in its core local business. Adjusted losses reached 16 billion yuan, with a net profit margin of -17%, indicating a shift from profit to loss [1][8] - The company maintains its long-term goal of achieving a high daily order volume of 100 million and believes that as the industry returns to rationality, the profitability of the food delivery business will return to reasonable levels [1][8] Summary by Sections Overview - The report highlights that the competition in the food delivery market has significantly impacted the company's revenue and profit, with a revenue of 95.5 billion yuan for the quarter. Revenue breakdown shows a year-on-year decline of 17% in instant delivery services, a 1% increase in transaction commissions, and a 6% increase in marketing services [1][8] - The gross margin, sales expense ratio, and R&D expense ratio have all weakened, leading to an adjusted loss of 16 billion yuan, with a continued increase in losses quarter-on-quarter [1][8] Core Local Business - The core local business revenue decreased by 3% year-on-year, resulting in an operating loss of 14.1 billion yuan and an operating profit margin of -21.0%, a decline of 42 percentage points year-on-year. The company plans to continue significant investments in membership and promotional budgets in Q4 2025 [2][23] - Instant delivery saw a total order volume growth of 17%, with average losses per order of 2.6 yuan for food delivery and 1.1 yuan for flash purchase. The restaurant delivery order volume grew by approximately 15% [2][24] - The in-store travel and accommodation segment experienced a revenue growth of 13% year-on-year, but the operating profit margin decreased to 29% due to increased advertising costs and subsidies [2][28] New Business - New business revenue grew by 16% year-on-year to 28 billion yuan, with an operating loss of 1.3 billion yuan. The management noted that the user experience in Hong Kong's Keeta turned positive in October, leading to improved user retention and higher average prices [3][30] - The company plans to expand its overseas business by opening three new locations in Gulf countries and piloting in Brazil, although significant losses are expected to increase [3][34] Financial Forecasts - Revenue projections for 2025-2027 are adjusted to 360.5 billion yuan, 427 billion yuan, and 509.2 billion yuan, reflecting a slight decrease in growth expectations. Adjusted net profit forecasts for the same period are -16 billion yuan, 12.4 billion yuan, and 33.2 billion yuan, indicating a significant downward adjustment [3][35] - The report also provides detailed financial metrics, including adjusted EPS and profit margins, indicating a challenging outlook for the core local business due to competitive pressures [4][38]