Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In November 2025, the company delivered 36,728 new vehicles, representing a year-on-year increase of 18.9% but a month-on-month decrease of 12.6%. Cumulatively, from January to November 2025, the total deliveries reached 392,000 units, up 155.5% year-on-year [2][4]. - The launch of the new X9 extended-range model has led to a rapid increase in deliveries, with November deliveries for the X9 increasing by 161% month-on-month. The model has gained significant popularity, with over 50% of orders coming from northern regions [6]. - The company is expected to deliver between 125,000 and 132,000 vehicles in Q4 2025, which would represent a year-on-year growth of 36.6% to 44.3%. Projected revenue for this period is estimated to be between 21.5 billion and 23 billion HKD, reflecting a year-on-year increase of 33.5% to 42.8% [6]. Summary by Sections Sales Performance - In November 2025, the company delivered 36,728 vehicles, with a year-on-year growth of 18.9% and a month-on-month decline of 12.6%. Total deliveries from January to November reached 392,000 units, marking a 155.5% increase year-on-year [2][4]. New Product Launches - The new X9 extended-range model has been well-received, with November deliveries increasing by 161% month-on-month. The model set a record for daily orders shortly after its launch, indicating strong market demand [6]. Future Outlook - The company anticipates a strong sales cycle driven by new product launches and advancements in AI technology. The expected revenue for 2025 is projected at 76.9 billion HKD, with a price-to-sales ratio of 1.9X, supporting the "Buy" rating [6].

Investment Rating - The report maintains a "Buy" rating for Meituan [9] Core Insights - In Q3 FY2025, Meituan's revenue reached 954.9 billion CNY, which was below Bloomberg's consensus estimate of 974.7 billion CNY, reflecting a year-on-year growth of 2%. The adjusted net loss was 160.1 billion CNY, exceeding the expected loss of 139.6 billion CNY [6][10] - The report highlights that the competitive pressure in the food delivery sector has peaked, and as subsidies narrow, the focus will shift towards user retention and brand recognition, which are crucial for long-term repurchase rather than new customer acquisition [2][10] - The report projects Meituan's overall revenue for 2025-2027 to be 3,640.67 billion CNY, 4,084.78 billion CNY, and 4,551.56 billion CNY, with adjusted net profits of -115.25 billion CNY, 215.34 billion CNY, and 445.67 billion CNY respectively [2][10] Summary by Sections Overall Performance - Core local business revenue was 674 billion CNY, below the consensus estimate of 692 billion CNY, with an operating loss of 141 billion CNY compared to the expected loss of 126 billion CNY. The operating profit margin was -20.9% [10] - New business revenue was 280 billion CNY, slightly below the expected 286 billion CNY, with a year-on-year operating loss increase of 24.5% to 13 billion CNY [10] Food Delivery and Flash Purchase - The core local business saw a significant operating loss of approximately 191 billion CNY in Q3, with the average order value (AOV) for high-priced orders (above 15 CNY) accounting for two-thirds of the gross transaction value (GTV) [10] - The report emphasizes that user stickiness and brand recognition are essential for the platform's capabilities, and future competition will likely focus on operational efficiency and service quality [10] In-store Dining and Travel - The in-store dining and travel segment contributed approximately 180 billion CNY in revenue, with a year-on-year growth of 12%. The operating profit was 51 billion CNY, with a profit margin of 28% [10] New Business Initiatives - Meituan's new business, Keeta, officially launched operations in Brazil, with expectations of manageable investment levels. The report anticipates that Keeta could contribute significantly to Meituan's GTV in the long term [10]

Investment Rating - The report maintains a "Buy" rating for Bosideng with a target price of HKD 6.0 [1][4]. Core Insights - Bosideng's revenue for the first half of FY26 increased by 1.4% year-on-year to RMB 89.28 billion, while net profit rose by 5.3% to RMB 11.89 billion, indicating healthy growth [2][4]. - The brand's down jacket business saw an 8.3% increase in revenue to RMB 65.68 billion, although the gross margin declined by 2.0 percentage points to 59.1% [2][4]. - The OEM business faced challenges, with revenue decreasing by 11.7% to RMB 20.44 billion, but gross margin improved by 0.4 percentage points to 20.5% due to better supply chain management [3][4]. - The women's clothing segment experienced an 18.6% decline in revenue to RMB 2.51 billion, reflecting a tough market environment [3][4]. - The company is focusing on optimizing channel quality and enhancing store operations, with a net increase of 88 down jacket stores to 3,558 [3][4]. Financial Summary - For FY26, the projected earnings per share (EPS) are expected to be RMB 0.35, with a growth forecast of 10.1% for revenue and 11.3% for net profit [4][5]. - The gross margin is expected to stabilize around 57.3% for FY26, with a net profit margin of 13.7% [5][14]. - The company anticipates a steady increase in revenue from RMB 28.51 billion in FY26 to RMB 34.70 billion by FY28, with corresponding net profits rising from RMB 3.91 billion to RMB 4.86 billion [5][14].

Investment Rating - The report initiates coverage with a "Buy" rating for Datang Environment [4]. Core Views - Datang Environment has established itself as a leader in the environmental governance sector, backed by the Datang Group, with a focus on sustainable operations and high dividend capabilities [2][4]. - The company is positioned to benefit from the growing demand for desulfurization and denitrification services, as well as advancements in carbon capture technology [4][41]. Summary by Sections 1. Company Overview - Datang Environment has been deeply involved in environmental governance for over 20 years, with core businesses including environmental facility operation, denitrification catalyst manufacturing, resource recycling, and new energy services. As of mid-2025, the company has a cumulative installed capacity of 47.61 GW for desulfurization and 40.60 GW for denitrification [2][13]. - The company has transitioned to an operational model since 2022, enhancing profitability and cash flow while reducing capital expenditures, which supports a sustainable high dividend capability [2][4]. 2. Industry Dynamics - The thermal power industry is balancing the dual goals of ensuring power supply security and promoting low-carbon transformation. The installed capacity of thermal power is expected to continue growing steadily [3][41]. - The desulfurization and denitrification sectors are experiencing supply and demand growth, driven by stringent environmental policies and the need for upgrades in existing facilities [41][49]. 3. Carbon Capture Utilization and Storage (CCUS) - CCUS technology is essential for achieving carbon neutrality in China, with over 120 CCUS demonstration projects planned or operational by the end of 2024, capable of capturing 6 million tons of CO2 annually [4][41]. - Datang Environment is leading the development of a 20 MWth chemical looping combustion power generation system, which has been recognized as a significant technological advancement in the energy sector [4][41]. 4. Financial Forecast and Investment Recommendations - Revenue projections for Datang Environment are estimated at 5.71 billion CNY, 5.77 billion CNY, and 5.87 billion CNY for 2025, 2026, and 2027, respectively, with corresponding net profits of 569 million CNY, 634 million CNY, and 667 million CNY [4][6]. - The report assigns a target price of 1.48 HKD per share, based on a 7x PE valuation for 2025, leading to a market capitalization estimate of 4.4 billion HKD [4][6].

Group 1 - The company is rated as "Buy" with a target price of HKD 40.94 based on a P/E of 24x for 2026 [3][5] - The company is a leading player in the African hygiene products market, focusing on baby diapers, sanitary napkins, and wet wipes, with a well-established brand portfolio [1][14] - The company has a market share of 20.3% in the African baby diaper market and 15.6% in the sanitary napkin market, ranking first in both categories [2][14] Group 2 - The African hygiene products market is projected to reach USD 3.8 billion by 2024, with significant growth potential due to low penetration rates [2][39] - The market for baby diapers, sanitary napkins, and baby pull-ups in Africa is expected to grow at CAGRs of 7.0%, 10.7%, and 7.6% from 2025 to 2029, respectively [2] - The company has established a localized supply chain, a diverse product brand matrix, and a wide sales network, enhancing its competitive edge [2][3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In November, the company delivered 70,327 vehicles, representing a year-on-year increase of 75.1% and a month-on-month increase of 0.1%. This marks a new historical high for the company [2][4]. - The company is expected to benefit from a strong domestic new car cycle, which will drive continuous sales growth. Additionally, the collaboration with Stellantis will facilitate a light-asset overseas expansion, opening up global sales opportunities [6]. Summary by Sections Sales Performance - The cumulative sales from January to November reached 536,000 vehicles, a year-on-year increase of 113.4%, surpassing the annual target of 500,000 vehicles ahead of schedule [6][7]. Product Launches - The company officially launched the Lafa5 model on November 27, priced between 97,800 to 121,800 CNY, continuing its strategy of offering high value for price [6][7]. Future Outlook - The company is expected to see significant growth in sales and profitability due to a robust new car cycle and an expanding product matrix. The forecasted net profits for 2025, 2026, and 2027 are 630 million, 5.01 billion, and 8.37 billion CNY, respectively, with corresponding P/E ratios of 108.7X, 13.8X, and 8.2X [6][7]. Market Expansion - The company has established over 700 sales and service points across approximately 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific, with a significant presence in Europe [6][7]. Technological Investment - The company has increased its investment in intelligent driving, with a nearly 100% increase in team size and computational resources in the first half of 2025 [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see stable growth in student enrollment, particularly from the Anyang College Yuanyang Campus, Health College, and Jingzhou College, with the new Tianping College campus anticipated to contribute to enrollment and revenue growth after its establishment [5] - The company has a solid financial performance with FY2025 revenue and net profit showing year-on-year growth of 9.8% and 7.4% respectively, indicating a positive trend in its financial health [2][4] - The company is actively expanding its international education partnerships, which is expected to enhance its growth prospects and create synergies between domestic and foreign institutions [5] Financial Summary - For FY2025, the company's revenue, net profit, and adjusted net profit are projected to be CNY 1.791 billion, CNY 0.836 billion, and CNY 0.837 billion respectively, reflecting a year-on-year growth of 9.8%, 7.4%, and 5.9% [2] - The gross margin for FY2025 is 54.2%, with a net margin of 46.7%, showing a decline from the previous year primarily due to increased employee costs [4] - The company maintains a strong cash position with cash and cash equivalents of CNY 0.832 billion, a 5.2% increase year-on-year [4] Enrollment and Tuition Insights - The total number of enrolled students for FY2025 is 110,000, representing a 6.4% increase year-on-year [3] - Tuition fees across various colleges have shown an upward trend, with average tuition fees for different colleges increasing, indicating potential for further revenue growth [3] Future Projections - Revenue forecasts for FY2026, FY2027, and FY2028 are CNY 2.140 billion, CNY 2.404 billion, and CNY 2.631 billion respectively, with corresponding net profit projections of CNY 1.033 billion, CNY 1.172 billion, and CNY 1.290 billion [6][9] - The company is expected to maintain a strong earnings per share (EPS) growth trajectory, with FY2026 EPS projected at CNY 0.86, increasing to CNY 1.07 by FY2028 [6][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 91.15 per share, reflecting a reasonable market capitalization of approximately HKD 877.47 billion [3][6]. Core Insights - The company has shown a robust revenue acceleration with a significant increase in profit margins, achieving a net profit of CNY 7.75 billion in Q3 2025, representing a year-on-year growth of 67.2% [10]. - The adjusted net profit for 2025 is forecasted to be CNY 26.95 billion, slightly down from previous estimates due to varying recovery rates among different customer segments [3][10]. - The company is focusing on integrating AI into its operations, which is expected to enhance matching efficiency and support the expansion into new job categories [10]. Financial Performance Summary - Revenue for 2023 is projected at CNY 5,952 million, with a year-on-year growth of 32%, and is expected to reach CNY 10,390 million by 2027, maintaining a steady growth rate of 12% [5][12]. - The gross margin is expected to remain high at around 84% from 2025 to 2027, while the net profit margin is projected to stabilize around 32% to 34% during the same period [5][12]. - The company has a strong cash position, with cash and cash equivalents expected to grow from CNY 2,473 million in 2023 to CNY 11,235 million by 2027 [12][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 135.66 HKD, based on a reasonable valuation of 829.1 billion HKD [3][12]. Core Insights - The company is experiencing significant competition, leading to a focus on high-value orders and a prolonged period of losses. The report suggests that the worst phase of losses may have passed, but the ongoing competition will likely extend the duration of losses [9][12]. - The company's Q3 performance showed a substantial increase in order volume driven by subsidies, but this has negatively impacted average order value (AOV), resulting in a revenue decline of approximately 12% year-on-year [9]. - The report highlights that the company's market share in high-value orders (AOV above 15 HKD) is over two-thirds, indicating a strategic focus on maintaining this segment despite competitive pressures [9]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 276,745 million HKD - 2024: 337,592 million HKD - 2025: 366,600 million HKD - 2026: 406,302 million HKD - 2027: 462,787 million HKD - The year-on-year growth rates are expected to decline significantly, with 2025 showing only an 8.59% increase [4][16]. - The company is projected to incur losses in the coming years, with net profit estimates for 2025 at -19,633 million HKD and -25,640 million HKD for 2026 [4][16]. Segment Valuation - The report employs a segmented valuation approach, estimating the following for 2026: - Delivery and Flash Purchase: 2,097 billion CNY in revenue, valued at 4,516 billion HKD - In-store and Hotel Travel: 170 billion CNY in after-tax operating profit, valued at 2,437 billion HKD - New Business: 1,216 billion CNY in revenue, valued at 1,338 billion HKD - The total estimated market value for the company is 8,291 billion HKD [11][12].

Investment Rating - The report assigns a rating of "Buy" for the company, with a target price of HKD 3.91, corresponding to a 20x P/E for 2025 [7][11]. Core Insights - The company is expected to maintain high growth in performance due to an increase in the proportion of used car financing, a successful transition to a light asset model driving SaaS business growth, and the application of AI in the automotive industry [3][11]. - The company’s used car financing transactions reached 235,000 in Q3 2025, a year-on-year increase of 22.6%, with financing amounts totaling CNY 21.2 billion, and used car credit growth of 51.3% to CNY 12.1 billion, increasing its share to 56.9% [11]. - The SaaS business facilitated financing of CNY 11.4 billion in Q3 2025, a 102% year-on-year increase, contributing 53.7% to total financing [11]. - The company is expected to see continued improvement in performance in the second half of 2025, with AI products like "X Call" enhancing efficiency in credit applications and customer management [11]. Financial Summary - Total revenue projections for 2025-2027 are CNY 115.99 billion, CNY 129.40 billion, and CNY 144.39 billion, representing year-on-year growth of 17%, 12%, and 12% respectively [11]. - Net profit estimates for the same period are CNY 11.86 billion, CNY 14.59 billion, and CNY 18.16 billion, with growth rates of 46%, 23%, and 24% respectively [11]. - The company’s P/E ratios are projected to be 6.55 for 2024, increasing to 15.36 in 2025, and then decreasing to 10.03 by 2027 [11].