Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][11]. Core Viewpoints - The company is the largest real estate transaction and service platform in China, poised to benefit from real estate recovery, with its three wings of business gradually forming a second growth curve [3][11]. - The company has launched a strategic shift from traditional real estate transactions to comprehensive living services, encapsulated in its "One Body, Three Wings" strategy [1][36]. Summary by Relevant Sections Company Overview - The company, originally founded as Beijing Lianjia in 2001, has evolved into the largest real estate transaction and service platform in China, with a significant focus on digital transformation and integration of services [1][20]. - The company has a unique dual-class share structure, with core management holding nearly half of the voting rights, ensuring strategic control [28][29]. Real Estate Brokerage Business - The brokerage business benefits from a strong online and offline integration, with 50,000 active stores and 445,000 active agents by the end of 2024 [1]. - The company has developed a robust mechanism to address issues like fake listings and price discrepancies through its "Building Dictionary" and ACN network, enhancing transaction efficiency [1][10]. Home Decoration and Furnishing Business - The home decoration market is projected to reach approximately 3.9 trillion yuan in 2024, with the company leveraging its brokerage business to drive traffic and enhance service delivery through digitalization [2][10]. - Following the acquisition of Saintu Decoration, the company is in a phase of scaling its operations through a combination of vertical management and internet platform models [2][10]. Rental and Residential Development - The rental business, centered around the "Worry-Free Rental" model, aims for sustainable profitability by improving property turnover rates and reducing vacancy periods [2][10]. - The "Beihome" initiative is being piloted in major cities, with plans for expansion in 2025 [2][10]. Profit Forecast, Valuation, and Rating - The company is expected to see a net profit of 5.77 billion, 6.69 billion, and 7.44 billion yuan from 2025 to 2027, with corresponding P/E ratios of 28, 24, and 22 [3][11]. - The report highlights the stability of the brokerage business and the high growth potential of the home decoration and rental segments as key drivers for future profitability [3][11].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to expected subsidy competition [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][12]. - The company is expected to achieve a net profit of RMB 23.5 billion from the food delivery segment in 2025, with a significant reduction in the previous forecast due to competitive pressures [11][12]. - The adjusted net profit forecast for 2025 is RMB 40.5 billion, with a projected EPS of RMB 6.63 [5][22].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to competitive pressures [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][14]. - The company is expected to achieve adjusted net profits of RMB 40.5 billion in 2025, with a gradual increase in profitability anticipated in subsequent years [5][22].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Insights - The company is positioned as the leading player in the affordable tea beverage market, with a focus on expansion into lower-tier cities and international markets [15] - The company aims to leverage its supply chain efficiencies to enhance profitability and maintain growth momentum [14][39] - The projected revenue and net profit for 2024 are 24.83 billion RMB and 4.44 billion RMB, respectively, reflecting a year-on-year growth of 22.3% and 41.4% [5] Summary by Sections Company Overview - Founded in 1997, the company has grown to become the largest beverage chain globally, with over 46,479 stores expected by the end of 2024 [1][15] - The company has a strong focus on high-cost performance products priced between 2-8 RMB [21] Market Analysis - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [2] - The company holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [2] Growth Drivers - The growth formula is defined as store revenue multiplied by store count and supply chain efficiency [3] - Expected single-store revenue growth is projected at 145.4K, 149.3K, and 152.7K RMB for 2025-2027, with a stable cost-sharing model [3] - The company plans to increase its store count significantly, with net additions of 7,700, 8,855, and 8,930 stores from 2025 to 2027 [3] Financial Projections - Revenue is expected to grow from 20.3 billion RMB in 2023 to 43.1 billion RMB by 2027, with a CAGR of 24.2% [5] - Net profit is projected to increase from 3.14 billion RMB in 2023 to 7.83 billion RMB by 2027, reflecting a CAGR of 24.8% [5] Investment Recommendations - The report suggests a target price of 603.30 - 635.00 HKD, indicating a potential upside of 14.3% to 20.3% from the current price [6] - The company is expected to benefit from valuation premiums typical for high-growth beverage brands [4]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Insights - The company is positioned as the leading player in the affordable tea beverage market, with a focus on expansion into lower-tier cities and international markets [15] - The company aims to leverage its supply chain efficiencies to enhance profitability and maintain growth momentum [14][39] - The projected revenue and net profit for 2024 are 24.83 billion RMB and 4.44 billion RMB, respectively, reflecting a year-on-year growth of 22.3% and 41.4% [5] Summary by Sections Company Overview - Founded in 1997, the company has grown to become the largest beverage chain globally, with over 46,479 stores expected by the end of 2024 [1][15] - The company has a strong focus on high-cost performance products priced between 2-8 RMB [21] Market Analysis - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [2] - The company holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [2] Growth Drivers - The growth formula is defined as store revenue multiplied by store count and supply chain efficiency [3] - Expected single-store revenue growth is projected at 4.8% for 2025, with a steady cost-sharing model [3] - The company plans to increase its store count significantly, with net additions of 7,700 to 8,930 stores from 2025 to 2027 [3] Financial Projections - Revenue is expected to grow from 20.3 billion RMB in 2023 to 43.1 billion RMB by 2027, with a CAGR of 24.2% [5] - Net profit is projected to increase from 3.14 billion RMB in 2023 to 7.83 billion RMB by 2027, reflecting a CAGR of 24.8% [5] Investment Strategy - The company plans to utilize IPO proceeds to expand production capacity, enhance brand IP, and invest in digital transformation [42] - The target price for 2025 is set between 603.30 and 635.00 HKD, indicating a potential upside of 14.3% to 20.3% from the current price [6][39]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported Q1 2025 revenue of RMB 4.43 billion, a year-on-year increase of 18.9%, but net profit decreased by 28.5% year-on-year [7]. - Same-store sales in China showed improvement, with expectations for positive growth in Q2 2025 [8]. - The company is focusing on optimizing store operations and expanding high-efficiency stores to drive revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail sector, with a current H-share price of HKD 34.55 and a market capitalization of RMB 36.35 billion [2]. - Major shareholder is Yang Yun Yun, holding 63.17% of shares [2]. Recent Performance - Q1 2025 revenue from the Miniso brand was RMB 4.09 billion, a 16.5% year-on-year increase, while overseas revenue grew by 30.3% [8]. - TOPTOY's revenue reached RMB 340 million, a 59% increase year-on-year, with a total of 280 stores [8]. Financial Projections - The company expects net profits of RMB 2.49 billion, RMB 3.03 billion, and RMB 3.60 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.99, RMB 2.42, and RMB 2.88 [10]. - The report anticipates a decrease in profit margins due to increased operational costs and investments in new stores [8]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 16x for 2025, 13x for 2026, and 11x for 2027 [10]. - The report highlights that the stock is currently undervalued following a significant price drop, presenting a favorable investment opportunity [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported Q1 2025 revenue of RMB 4.43 billion, a year-on-year increase of 18.9%, while net profit attributable to shareholders was RMB 420 million, a decline of 28.5% [7]. - Same-store sales in China showed improvement, with expectations for positive growth in Q2 2025 [8]. - The company is focusing on optimizing store operations and expanding high-efficiency new stores to drive revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail trade sector, with a current H-share price of HKD 34.55 and a market capitalization of RMB 36.35 billion [2]. Recent Performance - The company’s revenue growth outpaced previous guidance, but profit growth fell short of expectations [7]. - The gross margin improved by 0.8 percentage points to 44.2%, driven by overseas revenue contributions and product mix optimization [8]. Financial Projections - The company expects net profits of RMB 2.49 billion, RMB 3.03 billion, and RMB 3.60 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.99, RMB 2.42, and RMB 2.88 [10]. - The report anticipates a decline in net profit for 2025, followed by growth in subsequent years [10]. Market Position - The company maintains a strong market position with a significant share of its revenue coming from the Miniso brand, which accounted for 92.3% of total revenue [3]. - The expansion of TOPTOY contributed to revenue growth, with a 59% year-on-year increase in Q1 2025 [8]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the forecasted years are 16x for 2025, 13x for 2026, and 11x for 2027, indicating a potentially attractive valuation [10].

Investment Rating - The report maintains a "BUY" rating for Meituan, with a target price of HK$181.6, which reflects a 40.3% upside from the current price of HK$129.4 [2][10]. Core Insights - Meituan's 1Q25 results showed revenue of RMB86.6 billion, an 18% year-over-year increase, and adjusted net profit of RMB10.9 billion, up 46% year-over-year, exceeding both forecasts and consensus estimates [1]. - The company is actively responding to increased competition in the food delivery market by optimizing user subsidies to enhance user stickiness, while also committing to international expansion for long-term growth [1][10]. - Revenue from the core local commerce (CLC) segment reached RMB64.3 billion, up 18% year-over-year, with operating profit of RMB13.5 billion, which was 10% better than consensus estimates [1][8]. Financial Performance Summary - For FY25E, revenue is projected at RMB386.1 billion, with a year-over-year growth of 14.4%, while adjusted net profit is expected to be RMB39.3 billion, reflecting a decline of 10.3% year-over-year [7][9]. - The CLC segment is forecasted to generate revenue of RMB66.7 billion in 2Q25E, indicating a 10% year-over-year growth [1]. - New initiatives generated revenue of RMB22.2 billion in 1Q25, up 19% year-over-year, with an operating loss of RMB2.3 billion, which is an improvement from the previous year [1][8]. Forecast Revisions - The revenue and adjusted net profit forecasts for 2025-2027 have been lowered by 1-2% and 11-21% respectively, due to increased investments in the food delivery business and international expansion [1][9]. - The target price was cut by 9% to HK$181.6, translating into a 25x adjusted PE for 2025E [10][12]. Share Performance - The market capitalization of Meituan is approximately HK$792.6 billion, with a 52-week high of HK$213.40 and a low of HK$102.10 [2][3]. - Over the past month, the stock has seen a 1.4% increase, but a decline of 25.7% over the past three months [4]. Shareholding Structure - Major shareholders include Crown Holdings Asia Limited with 8.1% and BlackRock with 5.3% [3].

Investment Rating - The report maintains an "Outperform" rating for Bilibili-W (09626.HK) [5][3] Core Views - The company's adjusted net profit turned positive, indicating continuous improvement in operational quality. In Q1 2025, Bilibili achieved revenue of 7.003 billion yuan, a year-on-year increase of 24%, with operating profit growing by 58% to 2.539 billion yuan. The net loss narrowed to 0.1 billion yuan, a 99% year-on-year reduction, and adjusted net profit reached 0.362 billion yuan, compared to a loss of 0.456 billion yuan in the same period last year [1][3] - User growth remains strong, with MAU and DAU reaching 368 million and 107 million respectively in Q1 2025, representing year-on-year growth of 8% and 4%. The average user age is now 26 years, reflecting an improving commercialization environment [2][3] - The advertising business performed well, with Q1 revenue of 1.998 billion yuan, a 20% year-on-year increase, driven by significant growth in performance-based advertising. The mobile gaming segment saw a remarkable 76% year-on-year revenue increase to 1.731 billion yuan, largely due to the success of the game "Three Kingdoms: Strategizing the World" [2][3] Summary by Sections Financial Performance - In Q1 2025, Bilibili's revenue was 7.003 billion yuan, up 24% year-on-year, with a significant improvement in operating cash flow to 1.302 billion yuan from 0.638 billion yuan in the previous year [1] - The company expects revenues of 30.161 billion yuan, 33.304 billion yuan, and 36.683 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12%, 10%, and 10% [3][4] User Engagement - Bilibili's MAU and DAU reached 368 million and 107 million in Q1 2025, with daily average usage time increasing to 108 minutes [2][3] - The average age of users has risen to 26 years, indicating a broader demographic appeal and improved monetization potential [2][3] Revenue Streams - The revenue breakdown for Q1 2025 shows that value-added services accounted for 40%, advertising for 28%, and gaming for 25% of total revenue [24] - The value-added services revenue grew by 11% year-on-year, while advertising revenue increased by 20% [2][3] Future Outlook - The report projects that Bilibili will achieve net profits of 0.756 billion yuan, 1.761 billion yuan, and 2.945 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.77, 4.12, and 6.89 yuan [3][4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company is a leader in the AI for Science paradigm revolution, leveraging AI and robotics to reshape chemical research and development [1][13]. - The AI for Science market is projected to grow into a multi-billion dollar industry, with significant potential for the company due to its strong position in the pharmaceutical and materials sectors [2][35]. - The company has established strategic partnerships with major pharmaceutical firms, enhancing its revenue growth prospects [3][13]. Summary by Sections Company Overview - Founded in 2015 by three MIT physicists, the company has become a global leader in AI-driven chemical research, winning the Pfizer blind test competition in 2016 and assisting in the rapid development of COVID-19 treatments [1][13]. - The company has over 500 scientists and technical experts and has raised significant capital from top-tier investors including Tencent, Sequoia, and SoftBank, with cash assets exceeding 6 billion HKD [1][3]. Market Potential - The AI for Science market is expected to reach a size of approximately 1 trillion USD, with China being a fertile ground for the emergence of global leaders in this field [2][35]. - The company is positioned to benefit from the increasing penetration of AI in the pharmaceutical industry, particularly in drug discovery and new materials development [3][35]. Financial Projections - Revenue is projected to grow significantly, with estimates of 422 million RMB in 2025, 684 million RMB in 2026, and 954 million RMB in 2027, reflecting a compound annual growth rate of 58.6% from 2025 to 2026 [4][3]. - The company is expected to achieve profitability by 2027, with a net profit of 76 million RMB [4][3]. Business Model - The company employs a unique business model that combines high-throughput experimentation with AI-driven data analysis, creating a feedback loop that enhances research efficiency [15][18]. - It has developed over 200 AI models for various applications in drug discovery and materials science, significantly improving data collection capabilities [18][1]. Strategic Partnerships - The company has secured collaborations with leading firms in the pharmaceutical and materials sectors, which are expected to drive revenue growth and innovation [3][13]. - Notable partnerships include agreements with major players like Pfizer and GCL-Poly, indicating strong market validation of its technology [1][3].