Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][8]. Core Insights - The company is a leading brand in the fresh tea beverage sector, driven by product innovation and an efficient supply chain, which supports its high operational efficiency [5][8]. - The fresh beverage market in China is expected to grow significantly, with the market size projected to reach 1,163.4 billion yuan by 2028, increasing its share of the overall beverage market [7][24]. - The company holds a strong competitive position, ranking second in the fresh tea beverage market with a GMV of 19.2 billion yuan and a market share of 9.1% as of the end of 2023 [7][32]. Summary by Sections Market Performance - As of June 4, 2025, the closing price of the company's stock is 29.50 HKD, with a total market capitalization of approximately 70,156.48 million HKD [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2023: 7,675.67 million yuan, 2024: 8,791.36 million yuan, 2025E: 10,967.55 million yuan, 2026E: 12,926.70 million yuan, 2027E: 14,761.33 million yuan, with respective growth rates of 38.07%, 14.54%, 24.75%, 17.86%, and 14.19% [6][56]. - The net profit attributable to the parent company is forecasted to be 1,079.63 million yuan in 2023, increasing to 2,635.01 million yuan by 2027, with growth rates of 194.48%, 36.95%, 30.19%, 18.87%, and 15.17% [6][56]. - The company is expected to maintain a high return on equity (ROE), projected at 185.19% in 2023, declining to 29.65% by 2027 [6][56]. Industry Trends - The fresh beverage market in China is experiencing rapid growth, with the current market size at 517.5 billion yuan, accounting for 36.3% of the beverage market, and expected to grow to 1,163.4 billion yuan by 2028 [7][24]. - The company has a robust product development capability, focusing on fruit tea, milk tea, and coffee, with continuous product innovation [10][47]. - The supply chain efficiency is enhanced by a network of 22 warehouses, with 76% of stores located within 150 kilometers of a warehouse, ensuring timely deliveries [51][53]. Competitive Position - The company is well-positioned in the competitive landscape of the fresh tea beverage market, with a solid ecological foundation and a significant number of stores [7][32]. - The report identifies comparable companies in the same sector, such as Mixue Group and Tehai International, to benchmark the company's valuation [8][56].

证券研究报告 交通运输 | 航运港口 港股|首次覆盖报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | | 日 | 06 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 25.25 | | | | | 一年内最高/最低（港 | | | 25.80/15.70 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | | 68, ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q1 2025 was 32.61 billion yuan, representing a year-over-year increase of 10.9%, with an adjusted net profit of 4.58 billion yuan, up 4.4% year-over-year. The gross margin was 54.6%, a decrease of 0.3 percentage points year-over-year but an increase of 0.5 percentage points quarter-over-quarter [4][5] - The Daily Active Users (DAU) reached a historical high of 408 million, growing 3.6% year-over-year, while Monthly Active Users (MAU) were 712 million, up 2.1% year-over-year. The average daily usage time per user was 133.8 minutes, with total usage time increasing by 5.9% year-over-year [4][5] - The company's e-commerce business saw a Gross Merchandise Volume (GMV) of 332.3 billion yuan in Q1 2025, reflecting a year-over-year growth of 15.4%. The number of active buyers reached 135 million, with significant growth from small and medium-sized businesses [5] - Online marketing revenue was 18 billion yuan, an increase of 8.0% year-over-year, driven mainly by external circulation. The local life sector saw marketing consumption grow over 50% year-over-year [6] - The company launched the 2.0 version of its AI application, which includes multi-modal editing capabilities, enhancing user engagement and marketing efficiency [7] - Revenue projections for 2025-2027 are estimated at 142.21 billion yuan, 154.96 billion yuan, and 168.18 billion yuan respectively, with adjusted net profits expected to be 20.16 billion yuan, 23.66 billion yuan, and 27.28 billion yuan [8][9] Financial Summary - For the fiscal year 2024, total revenue is projected at 126.90 billion yuan, with a year-over-year growth of 12%. The NON-GAAP net profit is expected to be 17.72 billion yuan, reflecting a significant increase of 72% [11] - The company’s gross margin is expected to improve gradually, reaching 57.1% by 2027, while the net profit margin is projected to increase to 14.8% [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported Q1 2025 revenue of 326.1 billion RMB, a year-over-year increase of 10.9%, and an adjusted net profit of 45.8 billion RMB, up 4.4% year-over-year. The gross margin was 54.6%, a decrease of 0.3 percentage points year-over-year but an increase of 0.5 percentage points quarter-over-quarter [4][5] - Daily Active Users (DAU) reached a record high of 408 million, growing 3.6% year-over-year, while Monthly Active Users (MAU) reached 712 million, up 2.1% year-over-year. The average daily usage time per user was 133.8 minutes, with total usage time increasing by 5.9% year-over-year [4][5] - The company's e-commerce segment saw a Gross Merchandise Volume (GMV) of 332.3 billion RMB in Q1 2025, representing a year-over-year growth of 15.4%. The number of active buyers reached 135 million, with significant growth from small and medium-sized businesses [5] - Online marketing revenue was 18 billion RMB, an increase of 8.0% year-over-year, driven primarily by external circulation. The local life sector saw marketing spending grow over 50% year-over-year [6] - The company launched the 2.0 version of its AI tool, which includes multi-modal visual language capabilities, enhancing user engagement and marketing efficiency [7] - Revenue projections for 2025-2027 are 1,422.1 billion RMB, 1,549.6 billion RMB, and 1,681.9 billion RMB, respectively, with adjusted net profits expected to be 201.6 billion RMB, 236.6 billion RMB, and 272.8 billion RMB [8][9] Financial Summary - For 2025, the company expects total revenue of 142.2 billion RMB, a 12% increase from 2024, and a NON-GAAP net profit of 20.2 billion RMB, reflecting a 14% increase [11] - The projected earnings per share (EPS) for 2025 is 4.70 RMB, with a price-to-earnings (P/E) ratio of 10.14 [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 21.89 per share, indicating a potential upside of 55% from the current price of HKD 14.12 [4][7][16]. Core Insights - The company is advancing its CD47xCD20 bispecific antibody, IMM0306, which shows promising results in clinical trials for autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][4]. - The IMM2510, a PD-L1xVEGF bispecific antibody, has demonstrated an objective response rate (ORR) of 23% in previously treated non-small cell lung cancer (NSCLC) patients, with expectations for further data release in late 2025 [10][11]. - The safety and efficacy of the CD47 fusion protein, IMM01, are highlighted, showing an ORR of 69.7% in relapsed/refractory classical Hodgkin lymphoma when combined with PD-1 antibodies [13][14]. Summary by Sections Clinical Development - IMM0306 is currently in Phase Ib trials for autoimmune diseases, with 10 patients enrolled in SLE trials and positive response rates expected to be reported in June [8]. - The company is the first globally to enter clinical trials with a CD47xCD20 bispecific antibody, which has shown an ORR of 88.2% and a complete response (CR) of 52.9% when used with lenalidomide for refractory follicular lymphoma [8]. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at RMB 2.01 billion, RMB 1.22 billion, and RMB 3.12 billion, respectively, with net losses expected to decrease over the same period [4][16]. - The report anticipates a significant increase in revenue, with a year-on-year growth of 18912% in 2024 and 171.1% in 2025 [5][18]. Market Position - The company is positioned as a leader in the development of CD47 fusion proteins, with a competitive landscape that includes only a few other players in the CD47 target research [16]. - The report notes a growing interest in bispecific antibodies within the autoimmune sector, with significant business development (BD) opportunities anticipated due to the scarcity of innovative biological drugs in this field [8][16].

【事件】 根据澳门统计局数据，澳门 2024 年入境旅客共 3492.9 万人次，同比按年 增长 23.8%；2025 年 4 月入境旅客共 309.3 万人次，同比增长 18.9%；2025 年 1-4 月入境游客共 1295.5 万人次，同比增长 12.9%。 汇彩控股（1180.HK） 2025-06-04 星期三 【点评观点】 即时点评 澳门旅游数据持续回暖，博彩行业变化带来新机遇 ➢ 疫情后澳门旅客人数增长显著，幸运博彩收入回暖 根据澳门博彩监察协调局数据，澳门 2024 年幸运博彩毛收入为 2267.8 亿 澳门币，同比按年增长 23.9%；2025 年 5 月幸运博彩毛收入为 211.9 亿澳 门币，同比增长 5%，2025 年 1-5 月累计毛收入为 977.1 亿澳门币，同比增 长 1.7%。 疫情后访澳旅客人数恢复良好，根据澳门统计局数据，2024 年入境澳门旅 客同比增长 23.8%达到 3492.9 万人，2025 年 1-4 月入境澳门旅客人数同比 增长 12.9%。 澳门幸运博彩收入随旅客趋势收入保持恢复态势，根据澳门博彩监察协调 局数据，澳门 2024 幸运博彩毛收入同比增长 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][8] Core Views - The company has signed a three-year long-term uranium sales framework agreement with China General Nuclear Power Corporation, which is expected to enhance performance due to a significant increase in fixed pricing compared to the previous cycle [3][4] - The fixed prices for 2026-2028 are set at $94.22, $98.08, and $102.10 per lb U3O8, representing increases of approximately 42%, 48%, and 55% compared to the fixed price for 2025 [4][6] - The proportion of spot prices in the pricing mechanism has increased from 60% to 70%, which enhances the company's earnings elasticity [4][6] - The new pricing mechanism is expected to result in a net profit forecast increase for 2025-2027 to HKD 630 million, HKD 950 million, and HKD 1.1 billion, respectively [4][8] Summary by Sections Sales Framework Agreement - The company has established a pricing mechanism for uranium procurement from 2026 to 2028, consisting of 30% fixed price and 70% spot price [3][5] - The fixed price for 2026 is set at $94.22 per lb U3O8, increasing annually by a factor of 1.041 [3][5] Market Outlook - The U.S. government's initiatives to boost nuclear energy, including plans for ten large nuclear power plants by 2030, may increase demand for uranium and exacerbate supply shortages [4] - The weakening U.S. dollar and expectations of Federal Reserve interest rate cuts could lead to an upward trend in uranium prices [4] Financial Projections - The company’s net profit forecasts for 2025-2027 have been revised upwards due to the new long-term agreement, with expected profits of HKD 630 million, HKD 950 million, and HKD 1.1 billion [4][8] - The expected sales volumes for 2026-2028 are projected to be 1438 tons, 1617 tons, and 1598 tons of uranium, respectively [6]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][8] Core Views - The company has signed a three-year long-term uranium sales framework agreement with China General Nuclear Power Corporation, which is expected to enhance performance due to a significant increase in fixed pricing compared to the previous cycle [3][4] - The fixed prices for 2026-2028 are set at $94.22, $98.08, and $102.10 per lb U3O8, representing increases of approximately 42%, 48%, and 55% compared to the fixed price for 2025 [4][6] - The proportion of spot prices in the pricing mechanism has increased from 60% to 70%, which enhances the company's earnings elasticity [4][6] - The new pricing agreement is expected to result in a net profit forecast increase for 2025-2027 to HKD 630 million, HKD 950 million, and HKD 1.1 billion, respectively [4][8] Summary by Sections Sales Framework Agreement - The company has established a pricing mechanism for uranium procurement from 2026 to 2028, consisting of 30% fixed price and 70% spot price [3][5] - The fixed price for 2026 is set at $94.22 per lb U3O8, increasing annually by a factor of 1.041 [3][5] Market Outlook - The U.S. government's initiatives to boost nuclear energy, including plans for ten large nuclear power plants by 2030, may increase demand for uranium and exacerbate supply shortages [4] - The weakening U.S. dollar and expectations of Federal Reserve interest rate cuts could further support rising uranium prices [4] Financial Projections - The company’s net profit forecasts for 2025-2027 have been revised upwards due to the new long-term agreement, with expected profits of HKD 630 million, HKD 950 million, and HKD 1.1 billion [4][8] - The expected sales volumes for 2026-2028 are projected to be 1438 tons, 1617 tons, and 1598 tons of uranium, respectively [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a market value of HKD 5.8 billion, which corresponds to a target price of HKD 8.57 [3]. Core Insights - The company has a strong cash flow support from its commercialized product, Selinexor, which has expanded its indications and market presence [2]. - The clinical pipeline includes ATG-022, a differentiated CLDN18.2 ADC, and ATG-037, a CD73 small molecule inhibitor, both showing promising efficacy in treating various cancers [2][3]. - The second-generation TCE platform is expected to enhance safety and efficacy, with the first product, 25H2, submitted for IND [3]. Company Overview - The company focuses on oncology and immunology, with a pipeline that includes one commercialized product and five clinical candidates [8][9]. - Selinexor, the first commercial product, has been approved in multiple Asia-Pacific markets and is expected to see significant revenue growth in 2024 [8][9]. Clinical Pipeline - The company has five clinical-stage assets, including ATG-022 (CLDN18.2 ADC) and ATG-037 (CD73), which are positioned to address unmet medical needs in oncology [11][51]. - ATG-022 has shown efficacy across various CLDN18.2 expression levels in gastric cancer patients, with ongoing clinical trials [34][39]. - ATG-037 is advancing in clinical trials for melanoma and non-small cell lung cancer, demonstrating encouraging safety and efficacy signals [51]. Financial Performance - The company reported a revenue of HKD 92 million in 2024, a 36.7% increase year-on-year, primarily driven by Selinexor's inclusion in the medical insurance directory [23]. - The adjusted annual loss significantly narrowed from HKD 534 million in 2023 to HKD 305 million in 2024, reflecting improved operational efficiency [23]. - Cash reserves at the end of 2024 stood at HKD 900 million, sufficient to support operations for the next three years at the current spending rate [23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the continuous improvement in gross profit margins and expresses optimism regarding the dual resonance of the general robotics and intelligent driving sectors [1] - The company achieved a revenue of 330 million yuan in Q1 2025, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [7] - The report anticipates revenue growth for 2025-2027, projecting revenues of 2.63 billion, 4.20 billion, and 5.25 billion yuan respectively, with an upward adjustment in net profit forecasts for the same period [1][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a net loss of 100 million yuan, with a narrowing loss compared to the previous year [7] - The gross profit margin for Q1 2025 was 23.5%, an increase of 11.2 percentage points year-on-year [7] - The company’s ADAS product revenue was 229 million yuan, down 25.2% year-on-year, with a gross margin of 15.1% [7] Product Development - The company launched new products based on the digital EM platform, enhancing its product line and competitive edge [7] - The general robotics segment saw a revenue increase of 87.0% year-on-year, with a gross margin of 52.1% [7] - The report notes significant orders in the robotics sector, including a major contract for 1.2 million lawn mowing robots [7] Market Position and Strategy - The company is positioned to benefit from the growing penetration of laser radar in vehicles, with a focus on expanding its customer base [7] - The report emphasizes the importance of product integration, highlighting the launch of the Active Camera platform [7] - The company aims to leverage its comprehensive product offerings and customer relationships to capitalize on emerging opportunities in the robotics and intelligent driving markets [7]