Investment Rating - The report assigns a rating of "Buy" with a target price of HKD 45.00 for Rongchang Biologics (9995 HK) [4][5]. Core Insights - The approval of the new indication for Vidisicimab in treating HER2-positive metastatic breast cancer with liver metastasis is expected to boost product sales significantly [1]. - The company has made progress in clinical trials for new indications, including a Phase III study for Vidisicimab in combination with Toripalimab for advanced or metastatic urothelial carcinoma [2]. - The Q1 2025 financial results exceeded expectations, with revenue increasing by 59.1% year-on-year to RMB 530 million, and a reduction in net loss by 27.2% to RMB 250 million [3]. Financial Projections - Revenue forecasts for 2025 and 2026 have been raised by 3.2% and 4.8%, respectively, while net loss projections have been lowered by 5.2% and 13.5% [4]. - The company anticipates total revenue to reach RMB 1,076 million in 2023, growing to RMB 3,798 million by 2027, reflecting a compound annual growth rate of 40.2% from 2023 to 2024 [11]. - The projected net loss is expected to decrease from RMB 1,511 million in 2023 to a profit of RMB 29 million by 2027 [11]. Stock Information - The current closing price is HKD 39.20, with a market capitalization of HKD 26,972.99 million [5]. - The stock has a 52-week price range of HKD 10.2 to HKD 46.90 [5].

Investment Rating - The investment rating for Alibaba is "Buy" and is maintained [6]. Core Views - The recent financial report highlights several operational strengths, including robust growth in both revenue and profitability from the e-commerce segment, with the Taobao and Tmall Group showing signs of stabilization and improvement. Additionally, the cloud business is accelerating its growth. From a medium to long-term perspective, the company's cash cow e-commerce business has stabilized, and investments in instant retail are expected to drive high-frequency consumer spending. The cloud business is opening a second growth curve, leading to a positive outlook on investment opportunities [2][4][8]. Summary by Relevant Sections Financial Performance - For FY2025, the company reported a revenue increase of 6% year-on-year, while Non-GAAP net profit remained flat. In Q4 FY2025, revenue grew by 7% year-on-year, and Non-GAAP net profit increased by 22% [4][8]. E-commerce Segment - The Taobao and Tmall Group's market share remains solid, with customer management revenue and profitability growth exceeding expectations. In Q4 FY2025, customer management revenue grew by 12% year-on-year, and EBITA increased by 8% year-on-year. The introduction of instant retail is expected to significantly boost traffic and user engagement [8]. International Digital Commerce - The International Digital Commerce Group saw a revenue increase of 22% year-on-year in Q4 FY2025, with a narrowing EBITA loss of 13% year-on-year. The company is expected to maintain a cautious expansion strategy while balancing growth and profitability [8]. Cloud Computing - In Q4 FY2025, the cloud computing segment achieved revenue of 30.127 billion yuan, representing an 18% year-on-year growth. The management noted that AI-related revenues have been growing at triple-digit rates for seven consecutive quarters, indicating strong downstream demand [8]. Capital Expenditure - Capital expenditure for Q4 FY2025 was 24.612 billion yuan, with a year-on-year growth rate of 120.68%. The company has committed to significant capital expenditures, with amounts of 18.372 billion yuan and 45.321 billion yuan signed but not yet recognized as of March 31, 2024, and March 31, 2025, respectively [8]. Profit Forecast - The forecast for Non-GAAP net profit for FY2026-2028 is projected to be 180 billion yuan, 216.6 billion yuan, and 247.6 billion yuan, respectively [8].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][5][13] Core Viewpoints - Anta Sports is focusing on enhancing its product lines, particularly the Kyrie series, while also introducing the PG7 technology aimed at the general public for running shoes [1][2] - The company is expected to benefit from the growing sports and outdoor market, with projected revenues of RMB 78.6 billion, RMB 88.3 billion, and RMB 101.1 billion for the years 2025 to 2027 [4] - The report highlights the innovative features of the PG7 technology, including a G value of 7.8 for shock absorption and a design tailored for East Asian foot shapes, which has led to global sales of over 3 million pairs by March 2025 [2][3] Summary by Sections Product Development - Anta has launched the Kyrie 2, featuring high-quality leather, nitrogen technology insoles, and a lightweight exoskeleton material for enhanced performance [1] - The PG7 technology, designed for the general public, emphasizes shock absorption and comfort, with a price point around RMB 300, making it accessible [2][3] Financial Projections - The report forecasts net profits of RMB 13.5 billion, RMB 15.7 billion, and RMB 17.9 billion for the years 2025 to 2027, with EPS expected to be RMB 4.82, RMB 5.60, and RMB 6.39 respectively [4] - The PE ratios are projected to be 18, 15, and 13 for the same period [4] Market Position - Anta Sports is positioned as a leading player in the non-essential consumer goods sector, particularly in textiles and apparel, benefiting from a robust brand matrix [4][5]

Investment Rating - The report gives a "Buy" rating for the company [7]. Core Views - Great Wall Motors is positioned as the leader in the domestic hard-core off-road vehicle market and is expanding its growth through international markets [4]. - The company has a complete product line for hard-core off-road vehicles, with significant market share and growth potential in both domestic and overseas markets [4][3]. - The financial outlook is positive, with projected net profits increasing significantly over the next few years [4]. Summary by Sections Company Overview - Great Wall Motors is a well-known manufacturer of SUVs and pickups, with a focus on hard-core off-road vehicles and a commitment to independent research and development of core automotive components [19]. Historical Development - From 2011 to 2016, the SUV market in China experienced rapid growth, with Great Wall Motors leading the market through its Haval brand [2][21]. - Between 2017 and 2020, the overall vehicle market saw a decline, impacting the company's performance as competition intensified [2][39]. - Since 2021, the company has seen a recovery in sales, particularly in the hard-core off-road segment and through international expansion [2][52]. Market Analysis - The market share of hard-core off-road vehicles in China remains low compared to developed countries, indicating significant growth potential [3]. - Great Wall Motors holds a dominant position in the domestic hard-core off-road market, with market shares exceeding 50% in recent years [4]. Financial Performance - The company’s revenue is projected to grow from 2023 to 2027, with net profits expected to reach 171.8 billion yuan by 2027 [5][4]. - In 2024, the company achieved a record net profit of 126.92 billion yuan, reflecting a strong recovery and growth trajectory [74]. Product Development - Great Wall Motors has launched several new models under its Tank brand, which have been well-received in the market, contributing to its leadership in the hard-core off-road segment [61]. - The company is also focusing on enhancing its R&D capabilities, particularly in smart driving and electric vehicle technologies [83].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [6] Core Insights - Tencent's Q1 performance was strong, driven by unexpected growth in gaming and advertising, with gaming revenue increasing by 24% and advertising revenue by 20% [1][2] - The overall gross margin reached a new high of 55.8%, contributing to a 22% year-on-year increase in Non-GAAP net profit to 61.33 billion yuan, significantly exceeding Bloomberg's consensus estimate [1][2] - The report highlights the effective application of AI in enhancing advertising services and optimizing user experience in gaming, with a notable capital expenditure increase of 91% year-on-year [3] Summary by Sections Gaming and Social Services - Q1 value-added services revenue reached 92.13 billion yuan, a 17% year-on-year increase, with gaming revenue totaling 59.5 billion yuan, driven by both domestic and international markets [2] - Long-standing games like "Honor of Kings" and "Crossfire Mobile" achieved record highs during the traditional peak season, while the newly launched "Delta Action" has seen a continuous rise in active users [2] Advertising Services - Marketing services revenue grew by 20% year-on-year to 31.85 billion yuan, fueled by strong demand for advertising on platforms like Video Accounts and Mini Programs [2] - The report notes that AI upgrades have significantly improved advertising efficiency and targeting accuracy [3] Financial Technology and Enterprise Services - Financial technology revenue for Q1 was 54.91 billion yuan, reflecting a 5% year-on-year growth, supported by increases in consumer loan and wealth management services [2] - Enterprise services revenue benefited from growth in cloud services and merchant technology service fees, with AI-related income showing rapid growth [2] Financial and Valuation Summary - The report adjusts profit forecasts for Tencent based on its strong Q1 performance and the potential of new technologies, setting a target price of 628.0 HKD, which represents a 20.9% upside from the recent closing price [3]

Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [10]. Core Insights - The company achieved a revenue of 5.09 billion RMB in 2024, representing a year-on-year growth of 53.92%. The social business revenue reached 4.63 billion RMB, growing by 58.1%, while the innovative business revenue was 460 million RMB, up by 21.3% [1][2]. - The operating profit was 729 million RMB, an increase of 32.3%, and the adjusted EBITDA was 963 million RMB, reflecting a growth of 42.8% [1]. - The company expects to record a revenue of approximately 1.5 to 1.57 billion RMB in Q1 2025, which is a year-on-year increase of about 41.5% to 48.1% [2]. Summary by Sections Social Business Performance - The social business continues to show robust growth, with a revenue of 4.63 billion RMB in 2024, up 58.1%. Key products like MICO and YoHo are contributing significantly, while the new product SUGO has seen revenue growth exceeding 200% [3]. - The average monthly active users (MAU) for the social business reached 32.835 million in Q1 2025, a quarter-on-quarter increase of 3.4% [3]. Innovative Business Development - The innovative business, particularly in premium games, has shown significant growth, with total revenue exceeding 705 million RMB, a year-on-year increase of over 80%. The flagship game "Alice's Dream: Merge Games" has also performed well [3]. - The social e-commerce segment has experienced revenue growth exceeding 200% and profit growth over 600% [3]. Profit Forecast - The company is expected to maintain high growth in its social and gaming products, with new products in development. The acquisition of remaining shares in NBT Social Networking is anticipated to further enhance profits in 2025 [5]. - The projected net profits for 2025-2027 are 903 million, 1.12 billion, and 1.38 billion RMB, representing year-on-year growth rates of 88.1%, 23.9%, and 23.3% respectively [5].

Investment Rating - The investment rating for Horizon Robotics (9660.HK) is "Buy" [3]. Core Insights - Horizon Robotics is positioned as a leader in the new generation of automotive intelligent chips and a world-class AI algorithm company, focusing on software-defined principles and exploring new boundaries in intelligent driving [5][14]. - The market for intelligent driving is expected to grow significantly, with the AD (Autonomous Driving) market projected to have a compound annual growth rate (CAGR) of 144.2% from 2019 to 2023, and the overall AD+ADAS market expected to grow at a CAGR of 57.8% during the same period [5][12][37]. - Horizon Robotics has achieved a market share of 28.65% in the full-stage intelligent driving computing solutions market as of the first half of 2024, and is expected to further increase its share in the OEM ADAS and AD markets [5][57]. Summary by Sections Company Overview - Horizon Robotics focuses on intelligent driving chip platforms, full-scene intelligent driving solutions, and supporting toolchains, establishing itself as a comprehensive supplier in the industry [5][14]. - The company has launched several intelligent driving chips, including J2, J3, J5, and J6, and has developed a self-adaptive BPU computing unit that maximizes computational efficiency [14]. Market Growth - The AD+ADAS market is projected to reach a scale of 407 billion yuan by 2030, with a CAGR of 48.8% from 2025 to 2030 [12][37]. - The domestic OEM market share has increased from 19.8% in 2019 to 39.8% in 2023, with expectations to exceed 60% by 2029 [61]. Competitive Position - Horizon Robotics has established a strong customer base, providing stable and reliable intelligent driving solutions to 27 OEMs, covering 42 brands [57][69]. - The company is recognized for its competitive advantages in cost-effectiveness, software capabilities, and customization, which have solidified its position in the industry [11][21]. Financial Projections - Revenue projections for Horizon Robotics are estimated at 36.10 billion yuan in 2025, 56.97 billion yuan in 2026, and 80.53 billion yuan in 2027, with corresponding growth rates of 51%, 58%, and 41% respectively [6]. - The net profit is expected to turn positive by 2027, with a forecasted profit of 668 million yuan [6].

Investment Rating - The report assigns an IPO-specific rating of 6.1, based on various criteria including company operations, industry outlook, valuation, and market sentiment [6][8]. Core Insights - The company, Heng Rui Pharmaceutical, is a leading innovative pharmaceutical enterprise rooted in China, with projected revenues of 27.985 billion RMB (+22.6%) and a net profit of 6.337 billion RMB (+47.3%) for 2024. The gross margin is expected to improve by 1.6 percentage points to 86.2% [1]. - The core growth driver is the revenue from innovative drugs, which is expected to increase from 38.1% of total revenue in 2022 to 46.3% in 2024, supported by key products like PD-L1&TGF-β and HER2ADC [1]. - The global pharmaceutical market is projected to grow from $1,472.3 billion in 2023 to $1,938.7 billion by 2028, with a CAGR of 5.7%. The Chinese pharmaceutical market is expected to grow from 1,618.3 billion RMB in 2023 to 2,342.0 billion RMB by 2028, with a CAGR of 7.7% [2]. - The company has a strong R&D capability, with an investment of 8.2 billion RMB in 2024, representing 29.4% of total revenue, and cumulative R&D investment exceeding 44 billion RMB [3]. - The company has a robust commercialization capability with a sales and marketing team of approximately 9,000, covering over 22,000 hospitals and 200,000 retail pharmacies in China [4]. Company Overview - Heng Rui Pharmaceutical is positioned as a global leader in innovative pharmaceuticals, focusing on unmet medical needs across various therapeutic areas, including oncology, metabolic and cardiovascular diseases, immunology, and neuroscience [3]. - The company has over 110 commercialized drugs, including 19 new molecular entities and four other innovative drugs [3]. - The financial health of the company is strong, with a debt-to-asset ratio of 8% and no interest-bearing debt, allowing for sustainable R&D investments [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's retail business continues to benefit from national subsidies, leading to sustained revenue growth. However, increased investment in the food delivery business is expected to impact profitability [3][21]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, reflecting increases of 3%, 2%, and 1% respectively. Adjusted net profits for the same period are projected to be 452 billion, 521 billion, and 570 billion yuan, with adjustments of -13%, -8%, and -9% respectively [3][21]. Revenue Summary - The company achieved a total revenue of 3,011 billion yuan in the latest quarter, representing a year-on-year increase of 16%. The retail segment contributed 2,638 billion yuan, also up 16% year-on-year. The self-operated business saw a 16% increase, with the electronics category benefiting from subsidies, growing by 17% [10][11]. - The logistics segment generated 470 billion yuan, a 12% increase year-on-year, while new business revenue reached 58 billion yuan, up 18% year-on-year, driven primarily by the rapid growth of the Jingxi business [10][11]. Profit Summary - The company's non-GAAP net profit was 12.8 billion yuan, with a non-GAAP net profit margin of 4.2%. The operating profit margin (OPM) for the retail business was 4.9%, an increase of 0.6 percentage points year-on-year, primarily due to improved gross margins [2][11]. - The logistics business had an OPM of 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel. The new business segment reported an OPM of -23%, reflecting an increase in losses due to higher order volumes [2][11]. AI Application and Shareholder Returns - The company is actively applying AI technology across various retail and supply chain scenarios, including optimizing search recommendation systems and enhancing operational efficiency through automation [3][12]. - Since the beginning of 2025, the company has repurchased approximately 80.7 million shares for a total of about 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's retail business continues to benefit from government subsidies, leading to sustained revenue growth. However, increased investment in the food delivery business is expected to impact profitability [3][21]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, reflecting increases of 3%, 2%, and 1% respectively. Adjusted net profits for the same period are forecasted to be 452 billion, 521 billion, and 570 billion yuan, with adjustments of -13%, -8%, and -9% respectively [3][21]. Revenue Summary - The company achieved a total revenue of 3,011 billion yuan in the latest quarter, representing a year-on-year increase of 16%. The breakdown includes: - Retail revenue of 2,638 billion yuan, also up 16% year-on-year, with self-operated business revenue growing by 16% [10][11]. - Logistics revenue of 470 billion yuan, up 12% year-on-year [10]. - New business revenue of 58 billion yuan, up 18% year-on-year, driven primarily by the rapid growth of the Jingxi business [10][11]. Profit Summary - The company's non-GAAP net profit for the quarter was 128 billion yuan, with a non-GAAP net profit margin of 4.2%. The operating profit margin (OPM) for the retail business was 4.9%, an increase of 0.6 percentage points year-on-year, primarily due to improved gross margins [2][11]. - The logistics business reported an OPM of 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel [2][11]. - The new business segment had an OPM of -23%, a decline of 4 percentage points year-on-year, mainly due to increased losses from the Jingxi business [2][11]. AI Application and Shareholder Returns - The company is actively applying AI technology across various retail and supply chain scenarios, including optimizing search recommendation systems and enhancing operational efficiency [3][12]. - As of 2025, the company has repurchased approximately 80.7 million shares, totaling around 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3][12].