Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4]. Core Insights - The company achieved significant growth in the first half of 2025, with revenue reaching 1.46 billion RMB, a year-on-year increase of 28.2%, and net profit of 170 million RMB, up 35.5% [1]. - The "internal growth + external acquisition" strategy has proven effective, particularly with the acquisition of the brand Nairui, which contributed 277 million RMB in revenue and improved its net profit margin from 6.5% to 10.4% [3]. - The company reported a gross margin of 49.3%, an increase of 2.3 percentage points year-on-year, and a net profit margin of 11.70%, up 0.62 percentage points [3]. Revenue Breakdown - The revenue from beauty and wellness services was 810 million RMB, a 29.6% increase, accounting for 55.2% of total revenue. Direct store income was 740 million RMB, up 31.0% [2]. - Medical beauty services generated 500 million RMB, a 13.0% increase, representing 34.2% of total revenue [2]. - The revenue from sub-health medical services doubled to 150 million RMB, a 107.8% increase, making up 10.6% of total revenue [2]. Membership Growth - The company reported a 47.8% increase in direct store customer traffic, reaching 920,000 visits, and active membership grew by 46.5% to 120,000 [4]. - Approximately 20% of beauty and wellness service members upgraded to medical beauty or sub-health services, enhancing the penetration of high-value business [4]. Financial Forecast - The company is projected to achieve net profits of 330 million RMB, 380 million RMB, and 430 million RMB for 2025, 2026, and 2027, respectively, with growth rates of 43.9%, 17.0%, and 12.2% [4][5]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 23X for 2025, 20X for 2026, and 18X for 2027 [4][5].

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company reported a revenue of 38.544 billion yuan for the first half of 2025, representing a year-on-year growth of 14.3%, while the net profit attributable to shareholders decreased by 8.9% to 7.031 billion yuan [2][4] - The company plans to distribute an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [2] - The growth in outdoor brands is strong, and the effects of refined operational management are becoming evident [1] Revenue and Profitability - In the first half of 2025, the company's revenue reached 38.544 billion yuan, with a year-on-year increase of 14.3%. Excluding the one-time gain from Amer's listing, the revenue and performance showed good growth [4] - The e-commerce channel revenue grew by 17.6% year-on-year, accounting for 34.8% of total revenue, an increase of 1.0 percentage points [4] - The overall gross profit margin decreased by 0.7 percentage points to 63.4%, primarily due to the lower margin from e-commerce and increased contributions from footwear products [9] Brand Performance - Anta brand revenue increased by 5.4% to 16.95 billion yuan in the first half of 2025, with direct-to-consumer (DTC) model, e-commerce, and traditional wholesale revenues growing by 5.3%, 10.1%, and declining by 10.6% respectively [5] - FILA brand revenue grew by 8.6% to 14.18 billion yuan, but the gross profit margin decreased by 2.2 percentage points to 68.0% due to increased costs from enhancing product functionality [6] - Other brands, including Descente and KOLON Sports, saw a revenue increase of 61.1% to 7.41 billion yuan, with gross profit margin improving by 1.2 percentage points to 73.9% [7] Financial Forecasts - The company is expected to achieve earnings per share (EPS) of 4.97, 5.65, and 6.55 yuan for the years 2025, 2026, and 2027 respectively [11] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.6, 15.5, and 13.4 times respectively [11] - Revenue forecasts for the years 2025 to 2027 are 78.943 billion yuan, 88.275 billion yuan, and 98.821 billion yuan, with year-on-year growth rates of 11.5%, 11.8%, and 11.9% respectively [13]

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 achieved a revenue of RMB 38.54 billion in H1 2025, representing a year-on-year increase of 14.3%. However, the net profit attributable to shareholders decreased by 8.9% to RMB 7.03 billion. Adjusted net profit increased by 7.1% to RMB 6.6 billion, with a comparable net profit growth of 14.5% when excluding the impact of Amer Sports' listing [7][8]. - The company plans to distribute a cash dividend of HKD 1.37 per share [7]. Summary by Sections Company Overview - The company operates in the apparel industry, with a current H-share price of HKD 94.85 and a market capitalization of HKD 211.95 billion. The stock has seen a 12-month high of HKD 104.97 and a low of HKD 67.12 [2]. Recent Ratings - The company has received "Buy" ratings in recent evaluations, with the last rating issued on July 17, 2025, at a closing price of HKD 91.85 [3]. Performance by Brand - Anta brand revenue reached RMB 16.95 billion, up 5.4% year-on-year, while FILA generated RMB 14.18 billion, an 8.6% increase. Other brands, including KOLON and DESCENT, saw a significant revenue increase of 61.1% to RMB 7.41 billion [8]. Product Category Performance - Revenue from footwear products was RMB 16.39 billion, a 12% increase, while apparel revenue was RMB 20.89 billion, up 15.5%. Accessories revenue grew by 24.6% to RMB 1.27 billion [8]. Financial Projections - The company forecasts net profits of RMB 13.25 billion, RMB 14.96 billion, and RMB 16.92 billion for 2025, 2026, and 2027, respectively. The expected earnings per share (EPS) for these years are RMB 4.72, RMB 5.33, and RMB 6.02, with corresponding price-to-earnings (P/E) ratios of 18x, 16x, and 14x [10][12].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 43.70, based on a current price of HKD 29.96 [2][23]. Core Insights - The company is engaging in discussions with Pfizer regarding the Phase III trial design for SSGJ-707, a PD-1/VEGF antibody, which is a significant development in its pipeline [1][4]. - The company reported a revenue of RMB 4.36 billion for the first half of 2025, reflecting a slight decline of 0.8% year-on-year, with various product sales showing mixed performance [3][15]. - The company is advancing multiple bispecific and trispecific antibody candidates, which are expected to enhance its product offerings and market position [5][18][20]. Financial Performance - Revenue projections for 2025-2027 are RMB 18.63 billion, RMB 10.90 billion, and RMB 12.80 billion, with net profit estimates of RMB 8.92 billion, RMB 2.49 billion, and RMB 3.02 billion respectively [9][23]. - The gross profit margin is expected to remain strong, with estimates of 92.5% in 2025 and around 87% in subsequent years [9][13]. - The company has seen a significant increase in R&D expenses, which rose by 15% to RMB 550 million, indicating a commitment to innovation [3][15]. Product Development and Pipeline - The company has several key products in development, including SSGJ-707, which has received a global licensing agreement with Pfizer, and other bispecific antibodies like 705 and 706, which are in various stages of clinical trials [4][18][19]. - SSS59, a trispecific antibody, is the first of its kind to enter clinical trials, showing promising preclinical results [20]. - Upcoming catalysts include NDA submissions for several products and potential data readouts for bispecific and trispecific candidates [22][23].

Investment Rating - The report maintains a "Buy" rating for Alibaba-W (09988.HK) [1] Core Insights - The company's revenue for FY2026Q1 reached RMB 247.65 billion, showing a year-on-year growth of 1.8% and a quarter-on-quarter growth of 4.7%, although it fell short of the consensus estimate of RMB 253.17 billion. Excluding disposed businesses, the same-caliber revenue grew by 10% year-on-year [12][29] - Adjusted net profit for the same quarter was RMB 33.51 billion, down 17.6% year-on-year but up 12.3% quarter-on-quarter, also below the consensus estimate of RMB 38.44 billion [12][29] - The Chinese e-commerce group's revenue grew by 10% year-on-year to RMB 140.07 billion, with customer management revenue reaching RMB 89.25 billion, up 11.4% year-on-year [18][29] - Alibaba Cloud's revenue significantly exceeded expectations, growing by 26% year-on-year to RMB 33.398 billion, driven by increased adoption of AI-related products [21][29] Revenue Performance - The company's revenue for FY2026Q1 was RMB 247.65 billion, with a year-on-year increase of 1.8% and a quarter-on-quarter increase of 4.7% [12] - The Chinese e-commerce group's revenue reached RMB 140.07 billion, reflecting a 10% year-on-year growth [18] - International digital commerce revenue grew by 19% year-on-year to RMB 34.741 billion, primarily driven by strong performance in cross-border business [21] Profitability Analysis - Adjusted EBITA margin for the Chinese e-commerce group was 27%, down 21% year-on-year, mainly due to investments in "Taobao Flash Sale" and user experience [18] - Adjusted net profit for FY2026Q1 was RMB 33.51 billion, down 17.6% year-on-year [12][29] Earnings Forecast and Valuation - The report adjusts the Non-GAAP net profit forecasts for FY2026, FY2027, and FY2028 to RMB 120.96 billion, RMB 173.84 billion, and RMB 222.29 billion, respectively [29] - Corresponding PE ratios (Non-GAAP) for FY2026, FY2027, and FY2028 are projected to be 17, 12, and 9 times [29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has experienced a doubling in new contract signings, with a new order amount of 9.476 billion yuan, representing a year-on-year growth of 98%. The total signed but unfulfilled contracts amount to 10.441 billion yuan, a 27% increase year-on-year, establishing a solid foundation for long-term and stable business growth [2]. - The company has successfully implemented a full-stack data intelligence solution in the smart supply chain scenario, achieving deep penetration of "AI for Process". This includes the development of supply chain algorithms tailored to different industry characteristics and the deployment of AI agents for operations, decision-making, and customer interactions [2][3]. - The company is expanding its hotel data intelligence solutions, having signed strategic cooperation agreements with major hotel chains and successfully digitizing services for over 300 high-end hotel locations [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 18.277 billion yuan, with a projected revenue of 16.657 billion yuan for 2024, followed by an expected increase to 18.376 billion yuan in 2025, 20.681 billion yuan in 2026, and 22.664 billion yuan in 2027 [1]. - The net profit attributable to the parent company is projected to turn positive in 2025, with estimates of 231 million yuan, 442 million yuan, and 511 million yuan for 2025, 2026, and 2027 respectively, following a loss of 1.834 billion yuan in 2023 [1][3]. - The report forecasts an EPS of 0.14 yuan in 2025, increasing to 0.31 yuan by 2027, with a P/E ratio expected to improve from -2.9 in 2023 to 10.6 in 2027 [1][3].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a robust revenue growth of 17.29% year-on-year, achieving a total revenue of 4.108 billion yuan in H1 2025. The net profit attributable to the parent company reached 524 million yuan, reflecting a significant increase of 30.65% [1]. - The gross margin for H1 2025 was 75.52%, a slight decrease of 0.99 percentage points year-on-year, while the net profit margin improved by 1.74 percentage points to 13.52% [1]. - The company effectively managed its expenses, with a sales expense ratio of 56.88%, down by 0.69 percentage points, and a management expense ratio of 3.72%, up by 0.47 percentage points [1]. Revenue Breakdown - The main brand, Han Shu, generated revenue of 3.344 billion yuan in H1 2025, marking a year-on-year growth of 14.3%. The secondary brand, Newpage, saw a remarkable revenue increase of 146.5% to 397 million yuan [2]. - The company launched several new products across various categories, including a high-end anti-aging skincare brand, and is preparing to introduce a well-known IP licensed baby brand [2]. Online Sales Strategy - The company has strengthened its online sales strategy, particularly on the Douyin platform, where the Han Shu brand consistently ranks first in GMV. Online self-operated channels generated 3.421 billion yuan in revenue, a 24.6% increase year-on-year, accounting for 83.3% of total revenue [3]. Profit Forecast - The company is projected to achieve net profits of 1.025 billion yuan, 1.286 billion yuan, and 1.566 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 32, 26, and 21 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 12.3, reflecting a potential upside of 28.1% from the current price of HKD 9.60 [1][3][7]. Core Insights - The company reported a strong revenue growth of 68% year-on-year, reaching RMB 1.57 billion in the first half of 2025, primarily driven by a significant increase in automotive product solutions, which grew by 250% [1][7]. - Despite a decline in gross margin by 13.7 percentage points due to changes in product mix, the overall gross margin remains high at 65.4% [1][7]. - The company continues to invest heavily in R&D, leading to a slight increase in net loss to RMB 5.2 billion in the first half of the year [1][7]. - The management emphasizes the competitive advantage in the accelerating adoption of assisted driving technologies in China [1][7]. Financial Overview - Revenue projections show a steady increase from RMB 1.55 billion in FY23A to RMB 8.73 billion in FY27E, with year-on-year growth rates of 71.3% in FY23A and 53.6% in FY24A [2][11]. - Gross margin is expected to stabilize above 50% in the long term, with specific forecasts of 63.8% for FY25E and 58.1% for FY26E [2][11]. - The net profit is projected to remain negative in the coming years, with estimates of RMB -6.93 billion in FY25E and RMB -1.96 billion in FY26E [2][11]. Market Position - The company holds a market share of 45.8% in basic assisted driving solutions and 32.4% in overall assisted driving solutions, reinforcing its leadership in the Chinese automotive technology market [1][7]. - The product solutions segment is anticipated to be the core growth engine, with revenue expected to reach RMB 2.1 billion this year, driven by a shift towards higher-value products [7]. Shareholder Structure - Major shareholders include SAIC QIJUN I HLDG LTD with 9.3% and GIL TRUST LIMITED with 8.1% [4]. Stock Performance - The stock has shown strong performance with a 31.3% absolute return over the past month and a 26.8% return over the past three months [5].

证券研究报告 商汤-W (20 HK) 港股通 经营质量大幅改善，"1+X"成效显著 公司坚定实施"1+X"战略，成效显著，连续三个半年度实现亏损额同比下 降。25H1 公司销售费用和管理费用同比分别下降 17.3%/18.8%，研发费用 同比增加 12%，主要系模型训练微调所需的算力成本增加所致。经营性现 金流出大幅收窄至 6.40 亿元（24H1 为流出 35.24 亿元），主要得益于应收 账款回收加强及库存管理优化，25H1 公司贸易应收回款 31.59 亿元， yoy+95.5%，销售与交付效率显著提升。截至 25 年 6 月 30 日，公司现金 储备为 131.58 亿元，资金充裕。上半年公司毛利率为 38.5%，yoy- 5.6pct， 主要因客户需求增加导致硬件及 AIDC 相关成本上升。 "差异化算力+融合模型+应用生态"构筑商汤三大竞争优势 1）算力：根据中报，截至 25 年 8 月，公司总算力增长至 25000P，在国产 芯片异构混调上实现约 5000 卡规模月级稳定运行，集群利用率约 80%，异 构训练效率达同构约 95%；2）模型：7 月发布的日日新 6.5 成为国内首个 实现图文交错 ...

Investment Rating - The investment rating for Li Auto has been downgraded to NEUTRAL [2][14]. Core Insights - Li Auto's August sales were under pressure, with 28.5k units sold, down 7.2% month-over-month and 40.7% year-over-year. Cumulative sales from January to August reached 263.2k units, a decline of 8.6% year-over-year. The management emphasized that 2025 is the inaugural year for its pure-electric SUV portfolio, targeting a position within the top five in the premium EV segment [3][11]. - The company launched its first pure-electric SUV, the Li Auto i8, on July 29, and the five-seat i6 is expected to launch and begin deliveries by the end of September. Management aims for stabilized monthly sales of approximately 6k units for the i8 and 9-10k units for the i6, with a combined target of 18-20k units per month for the pure EV portfolio [3][12]. - Near-term sales pressure is attributed to model transitions and the ramp-up of pure electric vehicles, but improvements in deliveries are anticipated in late Q3 and Q4 as new models are released and sales policies are optimized [3][12]. Financial Performance Summary - Revenue forecasts for 2025, 2026, and 2027 have been revised to Rmb130 billion, Rmb168.6 billion, and Rmb203.9 billion, respectively, reflecting cuts of 23%, 25%, and 24%. Net profit attributable to shareholders is projected at Rmb6.4 billion, Rmb9.5 billion, and Rmb12.3 billion for the same years [4][14]. - The gross profit margin is expected to remain stable around 20%, with a projected return on equity (ROE) of 8.3% in 2025, increasing to 12.4% by 2027 [2][9]. Market Strategy and Product Development - Li Auto is focusing on reducing SKU complexity and returning to a single-product strategy reminiscent of the Li ONE and L9 era. The i8 has been streamlined to simplify consumer decision-making and supply chain management [4][13]. - The company is adopting a dual-track approach in autonomous driving chip development, relying on NVIDIA and Horizon solutions in the short term while investing significantly in its in-house M100 chip program for long-term competitiveness [5][13]. Valuation Metrics - The target price for Li Auto is set at HK$99.50, based on a price-to-sales (P/S) ratio of 1.5x for 2025, which corresponds to a price-to-earnings (P/E) ratio of 30.5x for the same year. This represents a 27% downgrade from the previous target price of HK$136.84 [2][14].