Investment Rating - The report maintains a "Buy" rating for NIO Inc. (9866 HK) [6][7]. Core Views - The pricing strategy for the new L90 model is aggressive, with the top configuration priced under 300,000 RMB, which is expected to significantly boost sales [1]. - The successful launch of the L90 is anticipated to pave the way for the upcoming L80 model, aiding NIO in reversing its sales trajectory [1]. - The report highlights that despite a 50% rebound from lower price levels, NIO's 2025 price-to-sales ratio remains at 0.85 times, which is lower than peers valued at 1-2 times, indicating potential for further price recovery [1]. Summary by Relevant Sections Pricing Strategy - The L90 model's starting price is set at 265,800 RMB for the Pro version, with Max and Ultra versions priced at 279,800 RMB and 299,800 RMB respectively. The seven-seat variant starts at 271,800 RMB [1]. - The Battery as a Service (BaaS) pricing starts at 179,800 RMB for the Pro version, with Max and Ultra versions priced at 193,800 RMB and 213,800 RMB respectively [1][2]. Product Features - All versions of the L90 come standard with an 85 kWh battery, L2 level intelligent driving assistance, and Orin-X chip [1]. - The Ultra version features dual-motor all-wheel drive, a 0-100 km/h acceleration time of 4.7 seconds, and unique seating configurations for enhanced comfort [2]. Sales Expectations - The report anticipates that monthly sales will exceed the market expectation of 5,000 units due to the favorable pricing and product features [1]. - The management's commitment to aggressive pricing reflects a strategic move to regain market share and improve sales performance [1].

Investment Rating - The report assigns a rating of "Accumulate" to the company, reflecting a downward adjustment in expectations [5]. Core Views - The company experienced significant pressure on revenue and profit in the first half of 2025, with revenue declining by 10.8% year-on-year to 4.35 billion, EBITDA down by 2% to 1.97 billion, and net profit plummeting by 86.8% to 0.035 billion, primarily due to increased depreciation and financial interest expenses [1][2]. - The report highlights the company's strategic shift towards overseas expansion, which has become a new growth driver, with overseas revenue soaring by 719.8% to 0.6 billion, now accounting for approximately 14% of total revenue [3]. - The company is adjusting its performance expectations for 2025-2027, forecasting net profit of 0.53 billion, 0.63 billion, and 0.75 billion respectively, with corresponding PE ratios of 6.4, 5.5, and 4.6 [1]. Revenue and Profit Analysis - The company's revenue from various segments showed mixed results: operating leasing increased by 19.5% to 2.27 billion, while engineering technology and asset management services saw declines of 41.5% to 1.14 billion and 8.2% to 0.95 billion respectively [2]. - The overall gross margin decreased by 10.4 percentage points to 21.6%, primarily due to fluctuations in rental prices affecting the operating leasing segment [2]. Cost and Financial Metrics - The report notes a slight increase in expense ratios, with sales, management, and financial expense ratios at 5.57%, 11.95%, and 9.22% respectively, showing year-on-year increases [4]. - The company reported a net profit margin of 0.8%, down by 4.7 percentage points, while the asset-liability ratio increased slightly to 69% [4]. Strategic Initiatives - The company is actively pursuing overseas market expansion, with plans to enter 3 to 5 new countries in the second half of 2025, and has completed an 80% acquisition of Dongqing Company, enhancing its market position in Malaysia [3].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of HKD 20.71 [4][7]. Core Insights - The report highlights the overseas licensing of UBT251 as a demonstration of the company's R&D capabilities, with an innovative drug pipeline expected to yield results [2][3]. - UBT251 is the first three-target weight loss drug authorized to a multinational corporation (MNC) in China, with significant clinical progress anticipated by 2025 and potential market peaks in both domestic and overseas sales [3][4]. - The company has a robust antibiotic and insulin segment, with a comprehensive supply chain from upstream intermediates to finished products, and is expanding into animal health, which is expected to drive new growth [4][6]. Summary by Sections 1. Company Overview - The company has established itself as a leader in the penicillin industry, with a fully integrated supply chain from intermediates to finished products, and is expanding into new therapeutic areas such as autoimmune diseases and metabolism [13][14]. - Historical performance shows a strong revenue growth trajectory, with a CAGR of 11.55% from 2005 to 2023, although recent performance has been impacted by production adjustments and increased R&D investments [25][29]. 2. UBT251 Development - UBT251 has commenced multiple clinical trials in China, with significant milestones expected in the coming years, including potential market approval by 2028 [3][37]. - The competitive landscape for three-target weight loss drugs is favorable, with UBT251 currently positioned second in clinical progress among domestic competitors [39][40]. 3. Antibiotic and Insulin Segments - The antibiotic market is expected to grow steadily, driven by the rigid demand for penicillin formulations, while the insulin segment has shown resilience with a significant increase in procurement volumes [4][6]. - The company has successfully navigated the challenges posed by antibiotic procurement policies, maintaining a competitive edge in the market [4][6]. 4. Financial Projections - Revenue growth is projected at 0.89% for 2025, with net profits expected to reach approximately CNY 2.86 billion [7][8]. - The report anticipates a peak sales potential of CNY 7.7 billion domestically and USD 6 billion overseas for UBT251, assuming a 50% success rate for market entry [3][4].

2025 年 8 月 1 日 公司研究 销量继续承压，吨价已止跌回升 ——百威亚太（1876.HK）2025 年半年度业绩点评 要点 事件：百威亚太 25Q2 实现营收 16.75 亿美元，内生同比 -3.9%；正常化 EBITDA 为 4.98 亿美元，内生同比-4.5%；归母净利润为 1.75 亿美元，同比-31.1%。 25Q2 东西部地区销量均承压，产品结构优化带来吨价及毛利率提升。 资料来源：Wind，光大证券研究所预测，股价时间为 2025-07-31，USD/HKD=7.8497 增持（维持） 分量价看，1）量：公司 25Q2 实现销量 2388.7 万千升，内生同比-6.2%；2） 价：25Q2 每百升收入同比+2.4%。25Q2 毛利率为 51.8%，内生同比+0.71pcts； 正常化 EBITDA 利润率为 29.7%，内生同比-0.21pcts。 分地区看，1）亚太地区西部：25Q2 收入及正常化 EBITDA 内生同比 -2.7%/+1.4%，销量内生同比-5.6%，每百升收入内生同比+3.0%；其中 25Q2 百威在印度的高端及超高端产品组合销量和收入成双位数增长。2）亚太地区东 ...

Investment Rating - The investment rating for Huaneng International is suggested as a "buy" due to its high dividend yield and strong profit growth potential [1][5]. Core Insights - Huaneng International reported a 23.19% year-on-year increase in net profit for H1 2025, exceeding market expectations, despite a slight revenue decline of 5.7% [2][4]. - The company effectively controlled costs, with fuel costs decreasing by 14.4% year-on-year, contributing to the significant profit growth [3][4]. - The company has accelerated the integration of renewable energy, with a total controllable installed capacity of 153 GW, of which low-carbon clean energy accounts for 39% [5][4]. Summary by Sections Financial Performance - Huaneng International's revenue for H1 2025 was RMB 1120.32 billion, a decrease of 5.7% year-on-year, while net profit reached RMB 95.78 billion, reflecting a 23.19% increase [2][5]. - The earnings per share (EPS) for H1 was RMB 0.52, with a book value per share (BSP) of RMB 4.35 [2]. Cost Management - The total operating costs decreased by 9.8% to RMB 933 billion, with fuel costs down by 14.4% to RMB 583 billion, saving nearly RMB 10 billion [3][4]. - The company managed to reduce coal procurement costs by optimizing the structure of coal purchases and increasing the share of low-cost spot coal [3][4]. Energy Generation - The total electricity generated by Huaneng's domestic power plants was 2056.8 billion kWh, a decrease of 2.4% year-on-year, but there was a 1.4% increase in Q2 [4]. - Renewable energy generation saw significant growth, with wind power generation up 11.4% to 210 billion kWh and solar power generation up 49.3% to 122 billion kWh [4][5]. Renewable Energy Expansion - The company added over 6 GW of renewable energy capacity in H1, with a total controllable installed capacity of 152,992 MW, of which wind and solar accounted for significant portions [5][4]. - The share of low-carbon clean energy in the total installed capacity reached 39.12%, with expectations to complete an additional 10 GW of new energy installations by year-end [5][4].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 605 HKD [6]. Core Insights - The company is expected to achieve a revenue of 1799.3 billion RMB in Q2 2025, representing a year-on-year growth of 11.7% driven by strong growth in value-added services, particularly in gaming and online advertising [1]. - The gross margin is projected to be 55.1%, with a gross profit of 990.8 billion RMB, reflecting a year-on-year increase of 15.4% [1]. - The operating profit is forecasted to reach 587.2 billion RMB, a 15.7% increase year-on-year, while the NON-IFRS net profit is expected to be 627.3 billion RMB, up 9.5% year-on-year [1]. Revenue Forecasts - For Q2 2025, the value-added services revenue is estimated at 885.1 billion RMB, with gaming revenue at 566.8 billion RMB, showing a year-on-year growth of 16.9% [2]. - Domestic gaming revenue is projected to be 402.4 billion RMB, growing at 16.3% year-on-year, supported by popular titles like "Honor of Kings" and "Peacekeeper Elite" [2]. - The overseas gaming revenue is expected to be 164.4 billion RMB, with a year-on-year growth of 18.2% [2]. Advertising and Marketing Services - Advertising revenue for Q2 2025 is anticipated to be 356.5 billion RMB, reflecting a year-on-year increase of 19.3% [3]. - The growth in advertising is attributed to the overall recovery of the macro environment and the contribution of AI technologies to enhance user engagement and optimize ROI for advertisers [3]. - Financial technology and enterprise services revenue is projected at 536.9 billion RMB, with a year-on-year growth of 6.4% [3]. Profitability and Valuation - The report forecasts a continued strong growth in core gaming and advertising revenues, with an upward revision of the NON-IFRS net profit estimates for 2025 to 2,556.8 billion RMB [4]. - The projected NON-IFRS P/E ratios for 2025-2027 are 18, 16, and 15 times, respectively [4]. - The report notes a decrease in the proportion of Tencent held by southbound funds, but anticipates a potential return of these funds due to the company's strong fundamentals and a rich product pipeline [4]. Financial Summary - The expected revenue growth rates for the years 2023 to 2027 are 9.8%, 8.4%, 11.0%, 9.3%, and 9.0% respectively [5]. - The NON-IFRS net profit is projected to grow significantly, with growth rates of 36.4%, 41.2%, 14.8%, 12.8%, and 11.7% from 2023 to 2027 [5].

Investment Rating - The report assigns a "Buy" rating for Wuling Motors with a target price of HKD 0.77, based on a current price of HKD 0.49 [6]. Core Insights - Wuling Motors is focusing on transforming its business model to enhance its presence in the automotive industry, particularly in the new energy vehicle sector, while leveraging its extensive experience in manufacturing and supply chain management [15][20]. - The company has seen a significant increase in net profit, with a 60.19% year-on-year growth in 2024, attributed to adjustments in its commercial vehicle business and an increase in high-margin component products [2][5]. - Wuling Motors aims to cultivate three national-level manufacturing champions in the automotive parts sector by 2025-2027, focusing on high-value products and expanding its international footprint [3][26]. Summary by Sections Company Overview - Wuling Motors Group Holdings Limited specializes in the automotive supply chain, focusing on components, power systems, and commercial vehicle design and development, with components contributing 69% of its main revenue in 2024 [1][15]. Business Transformation and Financial Performance - The company has adjusted its business model for commercial vehicles, leading to a 24.17% decrease in total revenue to HKD 7.949 billion in 2024, while operating costs also fell by 24.96% [2][5]. - Despite revenue declines, the company achieved a net profit of HKD 111 million in 2024, reflecting a 60.19% increase year-on-year, driven by a shift towards higher-margin products [2][5]. Focus on Components and New Energy - Wuling Motors is concentrating on its components business, enhancing product quality and expanding its customer base, including partnerships with major manufacturers like BYD and Great Wall [3][29]. - The company is actively developing new energy products, including electric vehicle engines and control systems, and has established Wuling New Energy as a key player in its strategy [4][22]. Profit Forecast and Valuation - The report forecasts Wuling Motors' total revenue to grow to HKD 88.66 billion by 2025, with a projected compound annual growth rate of 12% from 2025 to 2027 [5][26]. - The expected net profit for the same period is projected to reach HKD 0.80 billion in 2025, reflecting a 58% year-on-year increase [5][26].

Investment Rating - The report downgrades the investment rating of the company to "Accumulate" [1] Core Views - The company's FY25Q4 net revenue reached USD 1.243 billion, a year-on-year increase of 9.4%, while the net profit attributable to shareholders was USD 7.1 million, a decrease of 73.7% [3][4] - The core education business showed steady growth, but the overseas and cultural tourism businesses negatively impacted profits [4][6] - The company expects FY26Q1 net revenue to be between USD 1.464 billion and USD 1.507 billion, representing a year-on-year growth of 2%-5%, indicating a significant slowdown compared to previous guidance [5][7] Summary by Sections Revenue Performance - FY25Q4 net revenue (excluding self-operated products and live e-commerce) was USD 1.0885 billion, up 18.7% year-on-year, exceeding previous guidance [4] - The overseas examination preparation business revenue grew by 14.6%, and the overseas consulting business revenue increased by 8.2% [4] - Domestic examination preparation for adults and university students saw a revenue increase of 17.0% [4] Profitability - FY25Q4 operating profit margin was -0.7%, down from 0.9% in the same period last year, primarily due to a one-time goodwill impairment of USD 60.3 million in the kindergarten business [6] - Non-GAAP operating profit margin for FY25Q4 was 6.6%, an increase of 3.3 percentage points year-on-year [6] Financial Forecasts - The company has revised down its net profit forecasts for FY26 and FY27 to USD 481 million and USD 559 million, respectively, reflecting a 10% and 18% reduction [7][8] - The projected EPS for FY26, FY27, and FY28 are USD 0.29, USD 0.34, and USD 0.38, respectively, with corresponding P/E ratios of 15x, 13x, and 12x [7][8]

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10 [1]. Core Insights - The company reported a total revenue of USD 3.14 billion for H1 2025, showing a year-on-year decline of 7.7% [1]. - Normalized EBITDA for the same period was USD 980 million, reflecting a decrease of 10.6% year-on-year [1]. - The normalized net profit attributable to shareholders was USD 470 million, down 14.1% compared to the previous year [1]. - In Q2 2025, total revenue was USD 1.68 billion, with a year-on-year decline of 4.6% [1]. - The report highlights ongoing inventory reduction and pragmatic adjustments in operations [1]. Financial Performance Summary - For 2024A, total revenue is projected at USD 6.246 billion, with a year-on-year growth rate of -9.0% [2]. - The net profit attributable to shareholders for 2024A is estimated at USD 726 million, reflecting a decline of 14.8% year-on-year [2]. - The earnings per share (EPS) for 2024A is expected to be USD 0.05, with a price-to-earnings (P/E) ratio of 19 [2]. - The company’s total market capitalization is approximately HKD 109.4 billion [3]. Regional Performance Insights - In the Asia Pacific West region, revenue declined by 2.7% year-on-year in Q2 2025, while normalized EBITDA showed a slight increase of 1.4% [6]. - The Asia Pacific East region experienced a revenue drop of 8.4% year-on-year in Q2 2025, primarily due to a high base effect and preemptive price increases [6]. - The report anticipates continued adjustments in Q3, with a potential return to stable growth in Q4 due to low base effects [6]. Future Outlook - The report projects a recovery in growth rates for Q4 2025, driven by ongoing adjustments and inventory management strategies [6]. - The normalized net profit forecasts for 2025, 2026, and 2027 are USD 762 million, USD 823 million, and USD 871 million respectively, corresponding to P/E ratios of 18, 17, and 16 [6].

[Table_Title] 研究报告 Research Report 1 Aug 2025 蔚来 NIO Inc. (9866 HK) [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 乐道 L90 于 7 月 31 日晚正式上市，Pro 版起售价 26.58 万元，顶配版 29.98 万元，BaaS 方案后售价为 17.98 万–21.38 万元。该车基于蔚来 NT3.0 平台打造，提供 6/7 座两种布局，对标理想 i8 与问界 M8 EV，整体定价超市场预期，凭 借价格差优势备受关注。 点评 定价差异化：乐道 L90 在价格设计上做出了明显区隔：一次性购车成本方面，26.58 万的起售价要比竞品低约 7 万 元；长期用车成本方面，则通过 17.98 万–21.38 万的 BaaS 方案，把电池费用分摊到租金，以降低用户购车门槛。相 比理想 i8（32.2 万元起）和问界 M8 EV（拟 35 万元起），L90 既保留了 340 kW 单电机与 5000 N·m ...