Investment Rating - The report assigns a "Buy" rating to WuXi AppTec (2268 HK) with a target price of HK$103.18, indicating a potential upside of 41% from the current price of HK$73.10 [1][9][28]. Core Insights - WuXi AppTec is positioned as a leader in the ADC (Antibody-Drug Conjugate) CDMO (Contract Development and Manufacturing Organization) market, benefiting from high technical barriers and a comprehensive end-to-end service model [6][7][28]. - The ADC industry is expected to experience significant growth, with a projected CAGR of 28.4% from 2022 to 2030, driven by increasing demand for innovative therapies and a robust pipeline of over 1,100 ADC candidates [8][26][31]. - The company's revenue and profit are forecasted to grow at a CAGR of 40.1% and 44.4%, respectively, from 2024 to 2027, reflecting strong market demand and operational efficiency [12][27]. Summary by Sections Financial Data - The projected financial performance for WuXi AppTec includes revenues of RMB 6,003 million in 2025, RMB 8,450 million in 2026, and RMB 11,147 million in 2027, with corresponding net profits of RMB 1,630 million, RMB 2,400 million, and RMB 3,219 million [11][12]. - The estimated EPS for 2025, 2026, and 2027 are RMB 1.36, RMB 2.00, and RMB 2.68, respectively [2][11]. Market Position - WuXi AppTec holds a 22.2% share of the global ADC CDMO market and approximately 70% of the domestic market, establishing itself as a global leader [7][27][60]. - The company has a diverse and extensive customer base, serving over 500 clients, including 13 of the top 20 pharmaceutical companies globally [75][76]. Industry Trends - The ADC market is projected to reach USD 66.2 billion by 2030, with a CAGR of 31% from 2024 to 2030, driven by successful commercialization and a growing number of ADC products [25][31]. - The report highlights the increasing reliance on CDMO services due to the high technical barriers and compliance requirements in ADC production, with an outsourcing rate of 70% in the ADC sector [51][54]. Competitive Advantages - WuXi AppTec's competitive edge lies in its integrated CRDMO platform, which covers the entire drug development lifecycle, enhancing operational efficiency and reducing time to market [66][72]. - The company has established a strong technological moat through continuous R&D investment, particularly in its WuXiDARx™ platform, which improves product uniformity and stability [85][86].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company positions itself as a leader in next-generation tumor immunotherapy, leveraging three major technology platforms to establish a high-quality R&D pipeline [3][12]. - The 4-1BB co-stimulation signal market shows significant potential, with the product LBL-024 demonstrating notable competitive advantages [4][25]. - The TCE technology platform has been validated through clinical data, with LBL-034 showing superior efficacy and safety compared to competitors [5][22]. - The company is currently in the new drug development investment phase, with projected revenues of 175 million, 314 million, and 187 million yuan for 2025, 2026, and 2027 respectively, and expected net losses of 200 million, 99 million, and 262 million yuan [5]. Summary by Sections Section 1: Three Platforms Supporting Next-Generation Tumor Immunotherapy - The company aims to address diseases that current therapies, such as PD-1/PD-L1 antibodies, cannot treat, focusing on cutting-edge targets like 4-1BB and PD-L1 dual targets [3][12]. - The R&D team is robust, with extensive experience in new drug development, and has established a pipeline of 14 new drugs, including 6 in clinical stages and 4 with leading global clinical progress [13][22]. Section 2: 4-1BB Co-Stimulation Signal Market Potential - 4-1BB serves as a co-stimulation immune checkpoint molecule, providing a second signal for T-cell activation [25][31]. - LBL-024, a low-affinity 4-1BB dual antibody, has shown excellent efficacy and safety balance in clinical trials, with significant improvements in overall survival compared to existing treatments [4][35]. Section 3: TCE Technology Platform Validation - The TCE platform, particularly the CD3 TCE drug LBL-034, has demonstrated the ability to conditionally activate T-cells in tumor microenvironments, showing advantages in safety and efficacy over similar products [5][22]. - The company has plans for new generation TCE and TCE ADC platforms, with the CD3/MUC16 TCE positioned among the top globally [5][22].

Investment Rating - The report maintains a "Buy" rating for Longyuan Power (916 HK) with a target price of HKD 8.23, based on a valuation of 9 times the projected earnings for 2026 [1][6]. Core Insights - Longyuan Power's net profit for the first three quarters of the year decreased by 19.8% year-on-year to RMB 4.613 billion, primarily due to a high base from the previous year and increased depreciation costs in wind power [1][2]. - The company exceeded its expectations with a subsidy recovery amount of RMB 9.25 billion, an increase of RMB 5.8 billion year-on-year, leading to a 53% rise in operating cash flow to RMB 15.8 billion [1]. - The company aims to maintain its annual new installed capacity target of 5 GW, with a total new installed capacity of 2.27 GW achieved in the first three quarters [1][3]. Summary by Sections Financial Performance - For the first nine months of 2025, revenue increased by 3.7% to RMB 22.221 billion, while net profit fell by 19.8% to RMB 4.613 billion [2]. - Operating expenses rose by 9.7% to RMB 13.960 billion, impacting operating profit, which decreased by 5.2% to RMB 9.089 billion [2]. Operational Data - The total power generation for the first three quarters reached 56.547 billion kWh, with wind and solar generation increasing by 5.3% and 77.9% year-on-year, respectively [1][3]. - The average electricity prices for wind and solar were RMB 0.423 and RMB 0.269 per kWh, reflecting a decline of 4% and 3% year-on-year [1]. Future Outlook - The adjustment of the VAT refund policy for renewable energy is expected to impact profitability, particularly for onshore wind power, starting from November 2025 [1]. - Longyuan Power has initiated internal assessments and project adjustments to mitigate the impact of these policy changes [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 10.0, indicating a potential upside of 36% from the current price of HKD 7.35 [1][4][7]. Core Insights - The company's revenue for the first three quarters of 2025 reached RMB 17.96 billion, a year-on-year increase of 3.1%, while the adjusted net profit attributable to shareholders was RMB 840 million, down 12.8% year-on-year. The performance was in line with expectations [2][4]. - The decline in net profit was primarily due to a decrease in urea prices and systematic maintenance at key production bases, which limited the release of core product capacity and increased production costs [2][3]. - New projects are expected to significantly reduce production costs, leading to a potential surge in profitability as these low-cost capacities are gradually released [4]. Financial Performance Summary - Urea's average selling price for the first three quarters was RMB 1,703 per ton, down 16% year-on-year, with sales volume decreasing by 4% to 2.668 million tons. The gross margin for urea fell by 7 percentage points to 22% [3]. - The company experienced a total production reduction of approximately 269,000 tons across key products, impacting profits by about RMB 230 million [2][3]. - The new phase of the Jiujiang base commenced operations in Q3 2025, utilizing more efficient and environmentally friendly technology, which is expected to lower overall production costs by 10% [4]. Financial Projections - The forecasted sales revenue for FY2025 is RMB 25.44 billion, with a growth rate of 10% [5]. - The projected net profit for FY2025 is RMB 1.09 billion, reflecting a decline of 25% compared to the previous year [5]. - The gross margin is expected to be 16.3% in FY2025, with a net profit margin of 4.3% [5].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a net profit of RMB 15.813 billion for Q3 2025, representing a year-on-year increase of 91.5%, driven by improved underwriting performance and significant investment gains [1]. - The combined operating ratio (COR) for the first three quarters was 96.1%, a decrease of 2.1 percentage points year-on-year, indicating enhanced underwriting profitability [1]. - The total investment income for the first three quarters reached RMB 35.9 billion, a year-on-year increase of 33.0%, with an annualized total investment return of 5.4% [4]. Summary by Sections Underwriting Performance - The company has improved its underwriting management, leading to a decrease in the car insurance COR to 94.8%, down 2.0 percentage points year-on-year, and a 65% increase in underwriting profit to RMB 11.729 billion [2]. - Non-car insurance COR decreased to 98.0%, down 2.5 percentage points year-on-year, with underwriting profit turning positive at RMB 3.136 billion [3]. Investment Performance - The investment performance saw a significant increase, with Q3 2025 investment income reaching RMB 15.041 billion, up 60.2% year-on-year [4]. - The company has increased its allocation to high-quality equity assets, with equity assets accounting for 13.8% of the portfolio as of the first half of 2025 [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been raised to RMB 2.09, RMB 2.32, and RMB 2.52 respectively, reflecting adjustments of +8.1%, +8.4%, and +8.7% [5]. - The target price based on discounted cash flow (DCF) valuation has been increased to HKD 23.20 from HKD 21.00 [5].

Investment Rating - The report maintains a rating of "Buy" for the company [2][11]. Core Insights - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year, driven by improvements in underwriting profit and investment income, with a continued improvement in the Combined Operating Ratio (COR) [3][11]. - The report projects a target price of HKD 22.82 for 2025, based on a price-to-book (P/B) ratio of 1.6 times [11]. Financial Summary - Insurance service revenue is expected to grow from RMB 457,203 million in 2023 to RMB 559,006 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5% [5]. - Net profit is forecasted to rise from RMB 24,585 million in 2023 to RMB 56,609 million in 2027, with a significant increase of 47.9% in 2025 [5]. - The P/E ratio is projected to decrease from 15.64 in 2023 to 6.79 in 2027, indicating improved valuation metrics over time [5]. Underwriting and Investment Performance - The company's insurance premium income for the first three quarters of 2025 increased by 3.5% year-on-year, with motor insurance premiums up by 3.1% and non-motor insurance premiums up by 3.8% [11]. - The COR improved by 2.1 percentage points to 96.1% in the same period, attributed to reduced catastrophe claims and enhanced cost control measures [11]. - The total investment return for the first three quarters of 2025 was 5.4%, an increase of 0.8 percentage points year-on-year, driven by a favorable capital market and optimized asset allocation [11].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) [4] Core Views - Budweiser APAC reported Q3 2025 revenue of $1.555 billion, with a year-on-year decline of 8.4% [1] - Normalized EBITDA for the same period was $438 million, down 6.9% year-on-year, while normalized net profit attributable to shareholders was $204 million, a decrease of 9.3% [1] - The company is focusing on high-end and super high-end segments to leverage competitive advantages despite a weak beer demand in the Chinese market [4] Summary by Sections Overall Performance - Q3 2025 sales volume was 2.2512 million kiloliters, reflecting a year-on-year decline of 8.6% [1] - Revenue per hectoliter increased by 0.1% year-on-year, with a gross margin of 51.4%, showing a slight increase [1] Regional Performance - Western Asia-Pacific region saw revenue and normalized EBITDA decline by 12.0% and 11.9% year-on-year, respectively, with sales volume down 9.9% [2] - The Indian market performed well with double-digit revenue growth, positively impacting EBITDA [2] - Eastern Asia-Pacific region experienced revenue and normalized EBITDA growth of 3.9% and 8.7% year-on-year, respectively, despite a slight decline in sales volume [2] China Market Insights - In Q3 2025, revenue and normalized EBITDA in China fell by 15.1% and 17.9% year-on-year, respectively, with sales volume down 11.4% [3] - The decline was attributed to inventory management and weak on-the-go channel performance [3] - The company is focusing on optimizing channel inventory and enhancing contributions from non-on-the-go channels [3] Financial Forecasts - The report revises down the net profit forecasts for 2025-2027 to $589 million, $682 million, and $733 million, representing reductions of 15%, 7%, and 6% respectively [4] - The current stock price corresponds to a PE ratio of 23x for 2025, 20x for 2026, and 19x for 2027 [4]

Investment Rating - The report maintains a "Buy" rating for China Hongqiao [5] Core Views - The performance of Shandong Hongqiao in Q3 2025 was impressive, with revenue reaching 116.93 billion yuan, a year-on-year increase of 6%, and net profit of 19.37 billion yuan, up 23% year-on-year [1] - The profitability of electrolytic aluminum has rapidly improved, with the average price in Q3 2025 at 20,711 yuan per ton, a 6% increase year-on-year [1] - The company plans to transfer electrolytic aluminum capacity from Shandong to Yunnan, with a total of 44.8 million tons, 24.1 million tons, and 83.1 million tons scheduled for 2025 to 2027 [2] - The company issued 300 million USD of convertible bonds due in 2030, with an initial conversion price of 20.88 HKD per share [2] - The report projects net profits for 2025-2027 to be 24 billion, 25.5 billion, and 27.1 billion yuan respectively, with corresponding P/E ratios of 11.9, 11.2, and 10.5 [3] Financial Summary - Revenue for 2025 is estimated at 163.76 billion yuan, with a growth rate of 4.9% year-on-year [4] - The net profit for 2025 is projected to be 24.03 billion yuan, reflecting a year-on-year growth of 7.4% [4] - The latest diluted EPS for 2025 is expected to be 2.52 yuan per share [4] - The return on equity (ROE) for 2025 is estimated at 18.2% [4] - The company’s total assets are projected to reach 256.68 billion yuan by 2025 [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 14.6 RMB per share over the next six months [3][5]. Core Insights - The company reported a revenue of 4.727 billion RMB for Q3 2025, showing a year-on-year increase of 0.95% and a quarter-on-quarter increase of 142.5% in net profit attributable to shareholders, indicating resilience in performance despite industry downturns [1]. - Cost control measures exceeded expectations, with a gross margin of approximately 15.9% in Q3 2025, benefiting from a decrease in raw material prices and enhanced expense management [1][2]. - The company has proactively reduced production during the industry downturn, currently operating at a capacity of 16,400 tons per day after cold repairs on three photovoltaic glass furnaces [2]. - The establishment of large furnaces and self-supply of silica sand is expected to create long-term cost advantages, with plans for further expansion in Indonesia to meet regional demand [2]. - The report anticipates a potential recovery in the photovoltaic glass market, with expected net profits of 0.676 billion RMB, 1.133 billion RMB, and 1.784 billion RMB for 2025, 2026, and 2027 respectively [3]. Financial Summary - For 2025, the company is projected to have a revenue of 15.72 billion RMB, with a net profit of 0.676 billion RMB, reflecting a significant decline from previous years due to market conditions [4]. - The projected price-to-book ratios for 2025, 2026, and 2027 are 1.21, 1.15, and 1.07 respectively, indicating a gradual improvement in valuation metrics [3][4]. - The company’s total assets are expected to grow from 42.92 billion RMB in 2024 to 62.497 billion RMB by 2027, showcasing a strong asset base for future operations [4][12].

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992.HK) [5][12] Core Views - The company reported a significant revenue growth of 245-250% year-on-year for Q3 2025, with China revenue increasing by 185-190% and overseas revenue by 365-370% [5][10] - The upcoming Q4 is expected to be a strong sales season due to events like Halloween, Black Friday, and Christmas, which will drive demand for gifts and trendy toys [10][11] - The company is expanding its international presence and new product lines, aiming for overseas revenue to exceed 50% of total revenue by 2025 [11][12] Summary by Sections Company Overview - The company is expected to accelerate growth, with Q2 2025 revenue growth estimated at 241% and Q3 2025 at 245-250% [7][10] - In China, Q3 2025 revenue growth is projected at 185-190%, with online sales growing by 300-305% [8][9] International Market Performance - Overseas revenue growth for Q3 2025 is expected to be 365-370%, with a slight deceleration compared to previous quarters [8][9] - Specific regional growth includes Asia-Pacific at 170-175%, the Americas at 1265-1270%, and Europe at 735-740% [9] Future Outlook - The company plans to open 100 stores overseas in 2025, with a focus on the U.S. and European markets [11] - New product categories are being introduced, and the company aims to maintain a streamlined SKU strategy [11] Financial Projections - Revenue growth rates are projected at 172% for 2025, 38% for 2026, and 36% for 2027, with net profit growth rates of 251%, 42%, and 39% respectively [12][15] - Earnings per share (EPS) are expected to be 8.16, 11.59, and 16.16 CNY for 2025, 2026, and 2027 [12][15]