Investment Rating - The investment rating for the company is "Buy" for both US and Hong Kong stocks [7]. Core Views - The company's 1Q25 performance met expectations with revenue of 46.9 billion RMB, reflecting a quarter-on-quarter increase of 4.7% and a year-on-year increase of 12.9%. The net profit attributable to shareholders was 18.0 billion RMB, which was slightly below the previous quarter but showed a significant year-on-year increase of 54.6% [1][4]. - The company is expected to maintain a cautious lending strategy, with a projected moderate growth in loan volume for 2025, supported by high-quality earnings and substantial shareholder returns [1][2]. Summary by Sections Financial Performance - 1Q25 loan volume was 889 billion RMB, showing a slight quarter-on-quarter decrease of 1.1% but a year-on-year increase of 15.8%. The loan balance reached 1,403 billion RMB, with a quarter-on-quarter increase of 2.4% and a year-on-year increase of 5.5% [2]. - The net profit take rate for 1Q25 was 5.2%, down from 5.9% in the previous quarter, indicating a potential impact on short-term profitability [3]. Risk Indicators - The C-M2 ratio increased to 0.60% in 1Q25 from 0.57% in 4Q24, while the first-day overdue rate rose to 5.0%. However, these levels remain healthy compared to historical averages [3]. - The provision coverage ratio improved to 666% from 617% in the previous quarter, indicating strong earnings quality [3]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 have been slightly adjusted to 71 billion RMB, 77 billion RMB, and 82 billion RMB respectively, with target prices maintained at 55.6 USD for US stocks and 220.9 HKD for Hong Kong stocks [4][8].

《2024Q4 全面盈利，游戏、广告或继 续驱动业绩增长—港股公司信息更新 报告》-2025.2.21 《首次实现单季度盈利，游戏、广告 持续驱动盈利提升—港股公司信息更 新报告》-2024.11.15 传媒/数字媒体 哔哩哔哩-W（09626.HK） 2025Q1 游戏收入大增且连续盈利，流量稳步增长 2025 年 05 月 21 日 投资评级：买入（维持） | 日期 | 2025/5/20 | | --- | --- | | 当前股价(港元) | 140.20 | | 一年最高最低(港元) | 238.80/98.900 | | 总市值(亿港元) | 599.02 | | 流通市值(亿港元) | 586.02 | | 总股本(亿股) | 4.27 | | 流通港股(亿股) | 4.18 | | 近 3 个月换手率(%) | 83.72 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-05 2024-09 2025-01 哔哩哔哩-W 恒生指数 相关研究报告 《广告及游戏拉动收入加速增长，单 季度盈利可期—港股公司信息更新报 告》-2024.8.23 方光照（分析师） 田 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The film industry is expected to recover, with significant growth in both the ticketing platform (Damai) and IP derivative businesses. The company reported a FY25 revenue of RMB 6.702 billion, a year-on-year increase of 33%, primarily driven by the rapid growth of Damai and IP derivatives [6]. - The net profit attributable to shareholders for FY25 was RMB 364 million, up 27.7% year-on-year, slightly below expectations due to an investment impairment of RMB 428 million related to Bona Film Group [6]. - Adjusted EBITA for FY25 was RMB 809 million, reflecting a 61% year-on-year increase, slightly exceeding expectations [6]. Summary by Sections Company Overview - The company operates in the media industry, with a current H-share price of HK$ 0.61 as of May 20, 2025, and a market capitalization of RMB 134.44 billion [2]. Business Segments - The revenue breakdown for FY25 shows: - Film technology and investment production and distribution: 40.5% - Damai (ticketing platform): 30.7% - IP derivative business: 21.4% - Series production: 7.5% [3]. Financial Performance - FY25 revenue was RMB 6.702 billion, with a gross profit margin impacted by a decline in film production revenue, which fell by 10% year-on-year to RMB 2.712 billion [8]. - The Damai business saw a remarkable revenue increase of 236% year-on-year, reaching RMB 2.057 billion, driven by the booming live performance market [8]. - The IP derivative business generated RMB 1.433 billion in revenue, a 73% increase year-on-year, supported by a significant rise in retail sales of licensed IP products [8]. Future Projections - The company forecasts net profits for FY2026, FY2027, and FY2028 to be RMB 823 million, RMB 1.008 billion, and RMB 1.205 billion, respectively, with year-on-year growth rates of 126.3%, 22.5%, and 19.6% [10]. - The projected EPS for the same years is RMB 0.03, RMB 0.03, and RMB 0.04, with corresponding P/E ratios of 20, 17, and 14 [10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.9, representing a potential upside of 62.2% from the current price of HKD 13.52 [2][5]. Core Insights - The company is experiencing a resurgence, driven by its innovative drug pipeline, particularly the GLP-1/GIP/GCG tri-receptor agonist UBT251, which has shown promising clinical results and secured a partnership with Novo Nordisk [5][39]. - The company has a strong position in the antibiotic market, with a comprehensive supply chain and a stable market share, despite short-term fluctuations in raw material prices [5][20]. - The insulin segment is expanding, with the company successfully participating in national procurement and increasing its market share through competitive pricing strategies [5][44][47]. Financial Summary - Revenue projections for the fiscal years ending December 31 are as follows: 2023A: CNY 13.74 billion, 2024A: CNY 13.76 billion, 2025E: CNY 14.40 billion, 2026E: CNY 13.00 billion, and 2027E: CNY 13.39 billion, with a notable increase in net profit expected in 2025 [3][5]. - The earnings per share (EPS) is projected to be CNY 1.49 for 2023, decreasing slightly to CNY 1.46 in 2024, and then increasing to CNY 1.68 in 2025 [3][5]. - The company’s price-to-earnings (P/E) ratio is estimated at 8.4 for 2023, decreasing to 7.5 in 2025, indicating a favorable valuation [3][5]. Business Analysis - The company operates across three main segments: intermediates, active pharmaceutical ingredients (APIs), and formulations, with intermediates contributing 19.3% to sales and 67.4% to profits in 2024 [18]. - The antibiotic segment remains a key revenue driver, with a market share of 45% in 6-APA and 14% in penicillin G potassium, solidifying the company's leading position [34]. - The insulin and GLP-1 segments are poised for growth, with the company actively participating in national procurement and expanding its product offerings to meet rising demand [39][48]. R&D and Innovation - The company has over 100 products in the research pipeline, focusing on diabetes, weight management, and other metabolic diseases, supported by a robust R&D infrastructure [12][48]. - The partnership with Novo Nordisk for UBT251 is expected to accelerate clinical development and commercialization, enhancing the company's innovative drug portfolio [5][39]. - The company is also developing GLP-1 biosimilars, positioning itself to capitalize on the growing market for these products as patents expire [51][52].

Investment Rating - The report maintains a "Buy" rating for Tencent Music [4] Core Views - The online music revenue is expected to increase due to the growth in paid users and ARPPU, leading to an overall improvement in profit margins. The forecasted net profit for the years 2025-2027 is 10.41 billion, 10.14 billion, and 11.16 billion RMB respectively, with a target price of 94.86 HKD [2][4] Financial Performance Summary - The company's revenue for 2023 is projected at 27,752 million RMB, with a year-on-year growth of -2.1%. This is expected to rise to 31,453 million RMB in 2025, reflecting a growth of 10.7% [3][9] - Operating profit is forecasted to increase significantly from 4,777 million RMB in 2023 to 9,440 million RMB in 2025, showing a growth rate of 28.5% [3][9] - The net profit attributable to the parent company is expected to grow from 4,920 million RMB in 2023 to 10,411 million RMB in 2025, representing a substantial increase of 56.7% [3][9] - The gross margin is projected to improve from 35.3% in 2023 to 45.6% in 2025, indicating enhanced profitability [3][9] Revenue Breakdown - Online music revenue for Q1 is reported at 58.0 billion RMB, with a year-on-year increase of 15.9%. The forecast for Q2 is 64.3 billion RMB, reflecting an 18.6% growth [7] - Social entertainment revenue for Q1 is 15.5 billion RMB, showing a decline of 11.9% year-on-year, with expectations of continued challenges in Q2 [7] Market Position and Valuation - The target price of 94.86 HKD is based on a P/E ratio of 27 times for 2026, which is aligned with comparable companies in the industry [2][8] - The report highlights a strong performance relative to the Hang Seng Index, with a 1-week absolute performance of 13.51% and a 1-month performance of 30.05% [5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The film industry is expected to recover, with significant growth in the ticketing and IP business segments. The company reported a revenue of RMB 6.702 billion for FY25, a year-on-year increase of 33%, primarily driven by the growth in ticketing and IP derivative products [6]. - The net profit attributable to shareholders for FY25 was RMB 364 million, reflecting a year-on-year increase of 27.7%, slightly below expectations due to investment impairments [6]. - Adjusted EBITA for FY25 was RMB 809 million, representing a year-on-year increase of 61%, slightly exceeding expectations [6]. Summary by Sections Company Overview - The company operates in the media industry, with a current H-share price of HK$ 0.61 as of May 20, 2025, and a market capitalization of RMB 134.44 billion [2]. Revenue Breakdown - The revenue composition includes: - Film technology and investment production and distribution: 40.5% - Ticketing platform (Damai): 30.7% - IP derivative business: 21.4% - Series production: 7.5% [3]. Performance Analysis - The film technology and investment production segment saw a revenue decline of 10% year-on-year, totaling RMB 2.712 billion, with a significant drop in segment performance due to underperforming projects [8]. - The ticketing platform (Damai) experienced a remarkable revenue increase of 236% year-on-year, reaching RMB 2.057 billion, driven by the booming live performance market [8]. - The IP derivative business reported a revenue of RMB 1.433 billion, a year-on-year increase of 73%, attributed to a significant rise in retail sales of licensed IP products [8]. Profit Forecast - The company forecasts net profits for FY2026, FY2027, and FY2028 to be RMB 823 million, RMB 1.008 billion, and RMB 1.205 billion, respectively, with year-on-year growth rates of 126.3%, 22.5%, and 19.6% [10]. - The projected earnings per share (EPS) for the same period are RMB 0.03, RMB 0.03, and RMB 0.04, with corresponding price-to-earnings (P/E) ratios of 20, 17, and 14 [10].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5] Core Views - The report highlights that AI-driven advertising and gaming revenues continue to exceed expectations, with a projected increase in gaming growth rates [1][2] - The forecast for IFRS net profit for 2025-2027 is adjusted to 218.5 billion, 248.4 billion, and 277.8 billion RMB respectively, with non-IFRS net profit projected at 265.3 billion, 298.8 billion, and 334.4 billion RMB [3][10] Financial Performance Summary - For Q1 2025, the company reported revenue of 180 billion RMB, a year-on-year increase of 13% and a quarter-on-quarter increase of 4% [10] - Gross margin for Q1 2025 was 55.8%, up 3.2 percentage points year-on-year [10] - The IFRS net profit for Q1 2025 was 47.8 billion RMB, a year-on-year increase of 12% [10] - The non-IFRS net profit for Q1 2025 was 61.3 billion RMB, reflecting a year-on-year increase of 22% [10] Revenue Breakdown - Q1 2025 value-added services revenue reached 92.1 billion RMB, with gaming revenue at 59.5 billion RMB, showing a year-on-year increase of 24% [10] - The international gaming revenue was 16.6 billion RMB, up 22% year-on-year, while domestic gaming revenue was 42.9 billion RMB, also up 24% year-on-year [10] - Marketing services revenue for Q1 2025 was 31.9 billion RMB, a year-on-year increase of 20% [10] Profitability Metrics - The report projects a gross margin increase to 56.0% in 2025 and 57.0% in 2026 [11] - The net profit margin is expected to stabilize around 29.5% in 2025 and 30.2% in 2026 [11] - Return on equity (ROE) is projected to be 26.1% in 2025 and 26.6% in 2026 [11] Valuation Metrics - The target price for Tencent Holdings is set at 539.10 HKD, with a price-to-earnings (P/E) ratio projected to decrease from 38 in 2023 to 16 in 2027 [3][16] - The price-to-book (P/B) ratio is expected to decline from 5 in 2023 to 3 in 2027 [16]

Investment Rating - The investment rating for the company is "Buy" for both US and Hong Kong stocks [7]. Core Views - The company's 1Q25 performance met expectations with revenue of 46.9 billion RMB, reflecting a quarter-over-quarter increase of 4.7% and a year-over-year increase of 12.9%. The net profit attributable to shareholders was 18.0 billion RMB, which was slightly below the previous quarter but showed a year-over-year increase of 54.6% [1][4]. - The company is expected to maintain a cautious lending strategy, with a projected moderate growth in loan volume for 2025, supported by high-quality earnings and significant shareholder returns [1][2]. Summary by Sections Financial Performance - 1Q25 loan volume was 889 billion RMB, showing a slight quarter-over-quarter decrease of 1.1% but a year-over-year increase of 15.8%. The loan balance reached 1,403 billion RMB, with a quarter-over-quarter increase of 2.4% and a year-over-year increase of 5.5% [2]. - The net profit take rate for 1Q25 was 5.2%, down from 5.9% in the previous quarter, indicating a potential impact on short-term profitability [3]. Risk Indicators - The C-M2 ratio increased to 0.60% in 1Q25 from 0.57% in 4Q24, while the first-day overdue rate rose to 5.0% from 4.8%. Despite these increases, the risk indicators remain at healthy levels, below the average of 0.62% from 1Q21 to 4Q24 [3]. - The provision coverage ratio improved to 666% from 617% in the previous quarter, indicating strong earnings quality [3]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 have been slightly adjusted to 71 billion RMB, 77 billion RMB, and 82 billion RMB respectively, with target prices maintained at 55.6 USD for US stocks and 220.9 HKD for Hong Kong stocks [4][8].

Investment Rating - The report maintains a "Buy" rating for Tencent Music [4] Core Views - The online music revenue is expected to continue increasing due to the growth in paid users and ARPPU, leading to an overall improvement in profit margins. The forecasted net profit for the years 2025 to 2027 is 10.41 billion, 10.14 billion, and 11.16 billion RMB respectively, with a target price set at 94.86 HKD [2][4] Financial Performance Summary - The company's revenue for 2023 is projected at 27.75 billion RMB, with a year-on-year growth of -2.1%. This is expected to rise to 31.45 billion RMB in 2025, reflecting a growth of 10.7% [3][9] - Operating profit is forecasted to increase significantly from 4.78 billion RMB in 2023 to 9.44 billion RMB in 2025, marking a growth of 28.5% [3][9] - The net profit attributable to the parent company is expected to grow from 4.92 billion RMB in 2023 to 10.41 billion RMB in 2025, representing a substantial increase of 56.7% [3][9] - The gross margin is anticipated to improve from 35.3% in 2023 to 45.6% in 2025, while the net margin is expected to rise from 17.7% to 33.1% over the same period [3][9] Revenue Breakdown - Online music revenue for Q1 is reported at 5.8 billion RMB, showing a year-on-year increase of 15.9%. The forecast for Q2 is 6.43 billion RMB, with an expected growth of 18.6% [7] - Social entertainment revenue for Q1 is 1.55 billion RMB, down 11.9% year-on-year, with expectations for Q2 to remain flat [7] Market Position and Valuation - The target price of 94.86 HKD corresponds to a P/E ratio of 27 times for 2026, based on comparable company analysis [2][8] - The report highlights a strong performance relative to the Hang Seng Index, with a 1-week absolute performance of 13.51% and a 1-month performance of 30.05% [5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4]. Core Viewpoints - The company has signed a significant licensing agreement with Pfizer for its drug 707, granting Pfizer global rights (excluding China) for research, production, and commercialization. The upfront payment is $1.25 billion, with potential total payments up to $4.8 billion, including milestone payments and a double-digit percentage of sales [3][4]. - Drug 707 is a PD-1xVEGF dual antibody that has shown promising early clinical data and is currently in advanced clinical trials for various cancers, including non-small cell lung cancer (NSCLC) and colorectal cancer [4][5]. - The company is expected to maintain steady growth, with projected net profits of 2.39 billion, 2.71 billion, and 3.07 billion yuan for 2025-2027, reflecting year-on-year growth rates of 14.1%, 13.7%, and 13.1% respectively [4][9]. Summary by Sections Licensing Agreement - The licensing agreement with Pfizer for drug 707 includes an upfront payment of $1.25 billion and potential milestone payments totaling $4.8 billion, along with a double-digit percentage of sales [3][4]. Clinical Development - Drug 707 is currently in clinical trials for first-line PD-L1 positive NSCLC and other solid tumors, with over 300 patients enrolled in various studies [5][6]. - The drug has received breakthrough therapy designation from the CDE for its first-line PD-L1 positive NSCLC indication, accelerating its development and commercialization [4][9]. Financial Projections - The company forecasts net profits of 2.39 billion, 2.71 billion, and 3.07 billion yuan for 2025-2027, with growth rates of 14.1%, 13.7%, and 13.1% respectively [4][9]. - The company is expected to maintain a robust growth trajectory, supported by its innovative drug pipeline and successful licensing agreements [4][9].