Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 57% from the current price of HKD 1.92 [6][7]. Core Insights - The company is strategically embracing AI, which is expected to stabilize and improve its business performance. The focus is on high-quality business development and optimizing revenue sources, leading to a significant improvement in gross margin [7]. - The company reported a revenue of RMB 775 million in the first half of 2025, a decrease of 10.6% year-on-year, primarily due to a strategic reduction in low-margin businesses. However, it achieved an adjusted net profit of RMB 17 million, marking a significant turnaround from a loss of RMB 187 million in the same period of 2024 [7]. - The advertising business is under pressure due to policy adjustments and environmental factors, but there is an expectation for gradual recovery in 2026 as consumer spending improves [7]. Financial Summary - Total revenue for the fiscal year ending December 31, 2023, was RMB 2,227,684 thousand, with a projected decline to RMB 1,339,255 thousand in 2024, followed by a recovery to RMB 1,612,762 thousand in 2025 [4][9]. - The adjusted net profit is expected to improve from a loss of RMB 767,674 thousand in 2023 to a loss of RMB 521,922 thousand in 2025, indicating a trend towards profitability [4][9]. - The gross margin is projected to increase from 67% in 2023 to 71% in 2025, reflecting improved operational efficiency [9][10].

IPO 申购指南 希迪智驾（3881.HK） 建议谨慎申购 2025-12-11 星期四 【招股详情】 | 保荐人 | 中金公司，中信建投国际，平安证券（香港） | | --- | --- | | 上市日期 | 2025 年 12 月 19 日（星期五） | | 招股价格 | 港元/股 263 | | 集资额 | 13.09 亿港元 | | 每手股数 | 股 10 | | 入场费 | 2,656.52 港元 | | 招股日期 | 2025 年 12 月 11 日-2025 年 12 月 16 日 | | 国元证券认购截止日期 | 年 月 日 2025 12 15 | | 招股总数 | 540.798 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 513.758 万股(可予调整及视乎超额配售权的行使情况而定)，约占 95% | | 公开发售 | 27.04 万股(可予调整及视乎超额配售权的行使情况而定)，约占 5% | 【申购建议】 公司是中国商用车智能驾驶产品及解决方案的供货商。公司专注于对用于采 矿及物流的封闭环境自动驾驶卡车、V2X（车路协同）技术及智能感知解决 方案的研发，并提供 ...

Investment Rating - The report suggests a cautious subscription for the company [1] Core Insights - The company focuses on zinc, lead, and copper mining in Tibet, China, ranking fifth in zinc, fourth in lead, and fifth in copper production in 2024 [2] - Domestic demand for zinc, lead, and copper is expected to maintain growth, with zinc demand projected to increase at a compound annual growth rate (CAGR) of 2.2% from 2025 to 2028, and copper demand expected to grow at a CAGR of approximately 2.8% during the same period [3] - The company's total revenue for the years ending December 31 for 2022, 2023, and 2024 was approximately RMB 482.4 million, RMB 546.1 million, and RMB 301.4 million, respectively, with net profits showing fluctuations [5] - The company is expected to benefit from the overall upcycle in the non-ferrous metals industry, with projected earnings per share (EPS) of HKD 0.20 for 2025 based on annualized calculations [6] Summary by Sections Company Overview - The company specializes in the exploration, mining, and production of zinc, lead, and copper in Tibet, with significant mineral reserves [2] Market Demand - Zinc demand in China is driven by infrastructure and galvanizing industries, while lead demand is expected to recover due to the instability of recycled lead supply [3] Financial Performance - The company's gross profit margins have varied, with gross profit for 2022, 2023, and 2024 being approximately RMB 174.6 million, RMB 217.7 million, and RMB 104.5 million, respectively [5] Growth Potential - The company is positioned to see rapid revenue growth due to increasing demand from downstream industries, with a projected PE ratio of approximately 20.47X based on the lower end of the IPO price range [6]

Investment Rating - The report suggests a positive outlook for the company, indicating that the same-store sales decline is expected to reverse by the end of the year [1][4]. Core Insights - The same-store sales decline for the company's brands, particularly for the "Tai Er" brand, has been narrowing, showing signs of improvement due to operational adjustments [2][3]. - The "5.0 Fresh Model" for the "Tai Er" brand is being implemented, with significant changes in menu offerings and service, which are anticipated to enhance customer experience and increase average spending [3]. - The company has already modified 106 "Tai Er" stores to the new model and plans to exceed 200 by the end of 2025, which is expected to contribute to positive same-store sales growth [3]. Summary by Sections Same-Store Sales Performance - In Q3 2025, the same-store average daily sales for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" showed declines of -9.3%, -19.1%, and -14.8% respectively, which is an improvement from Q2's declines of -13.7%, -14.3%, and -18.5% [2]. - The turnover rates for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" were 3.3, 2.4, and 2.5 respectively, showing an increase from Q2 [2]. Operational Adjustments - The new model includes menu enhancements with the introduction of fresh beef and chicken dishes, which are expected to boost customer choices and average spending [3]. - Staffing adjustments have been made to accommodate the new cooking requirements, adding approximately 4-5 new positions in the kitchen [3]. Future Outlook - The report anticipates that the combination of operational changes and a low comparative base from the previous year will likely lead to a positive same-store sales growth by the end of the year [3][4]. - The company is also opening new model stores for "Jiu Mao Jiu" and "Song Hot Pot" in Q4, which will be monitored for further developments [4].

Investment Rating - Initiate with OUTPERFORM rating [1][2] Core Views - MIXUE Group is the largest fresh beverage chain in China and ranks fourth globally in terms of GMV, with a market share of 2.2% [3][7] - The company aims to achieve a "trinity of total cost leadership" through a strong supply chain, brand IP, and store operations [4][28] - The fresh beverage market is experiencing significant growth driven by rising disposable income and consumer demand for higher quality products [12][14] Financial Projections - Revenue is projected to grow from RMB 24.83 billion in 2024 to RMB 42.17 billion in 2027, with a CAGR of 22% [5] - Net profit is expected to increase from RMB 4.45 billion in 2024 to RMB 7.50 billion in 2027, reflecting a CAGR of 40% [5] - The company is valued at a P/E of 25x for 2026, leading to a target price of HK$ 482 [5] Market Position - The fresh beverage market in China is expected to grow from RMB 517.5 billion in 2023 to RMB 1,163.4 billion by 2028, with a CAGR of 17.6% [12][14] - The market share of fresh tea drinks is projected to increase significantly, especially in lower-tier cities [18][23] Competitive Advantages - MIXUE Group has established a comprehensive digital supply chain covering procurement, production, and logistics, allowing for cost advantages [30][37] - The company has a unique brand IP, "Snow King," which enhances brand recognition and consumer loyalty [38] - The franchise model has led to a rapid expansion of stores, with over 48,000 locations in China as of 1H25 [41][43] Expansion Strategy - The company plans to penetrate both domestic and international markets, focusing on lower-tier cities and Southeast Asia [4][49] - MIXUE Group has launched sub-brands like Lucky Coffee and Fresh Beer to diversify its product offerings and revenue streams [49]

Investment Rating - The investment rating for the company is "Buy" with a target price of 13.02 HKD [2][5]. Core Insights - The company is a leader in the mass-market Chinese dining sector, focusing on providing a "delicious and affordable" dining experience. It operates under the main brand "Xiao Cai Yuan" and has expanded to include five brands in total. As of June 2025, the company had 672 "Xiao Cai Yuan" stores, ranking first in market share within the 50-100 RMB price range for mass-market Chinese dining [5][18]. - The company is in a rapid expansion phase, with plans to reach approximately 1,000 stores by the end of 2026. The average payback period for new stores is about 13.8 months, significantly lower than the industry average of 18 months [5][15][43]. - The company has established a comprehensive supply chain system, including centralized procurement, a central kitchen, cold chain logistics, and digital management, which enhances operational efficiency and profitability [5][16][59]. Financial Performance - Total revenue is projected to grow from 4,549 million RMB in 2023 to 8,913 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [4]. - Net profit attributable to the parent company is expected to increase from 532 million RMB in 2023 to 1,111 million RMB in 2027, reflecting a CAGR of about 19.6% [4]. - The return on equity (ROE) is forecasted to rise from 85% in 2023 to 33% in 2027, indicating strong profitability [4]. Business Analysis - The company has adopted a simplified menu strategy, offering 45-50 seasonal dishes that are freshly prepared in-store, ensuring quality and taste. The average customer spending is around 50-70 RMB, with recent adjustments lowering the average to 59 RMB in 2024 [26][31]. - The company has successfully integrated both dine-in and delivery services, with delivery revenue increasing from 15.5% in 2021 to 39.0% in the first half of 2025 [31][36]. Competitive Advantages - The company benefits from a well-established supply chain and standardized operations, which facilitate rapid store expansion and cost efficiency. The operating profit margin (OPM) for stores has shown promising trends, with expectations to exceed 20% [5][46]. - The company has a strong bargaining power due to its centralized procurement strategy, which has reduced the cost of raw materials and consumables from 34.5% in 2021 to 29.5% in the first half of 2025 [64]. Market Context - The mass-market Chinese dining sector is experiencing growth, outperforming the overall consumer market. The industry is adapting to changing consumer preferences, focusing on quality-price ratios and affordability [17][21]. - The company is well-positioned to capitalize on the ongoing urbanization and changes in family structures, which are expected to drive demand for affordable dining options [21][22].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has been included in the Hong Kong Stock Exchange Technology 100 Index, which is expected to improve its liquidity [2] - The company renewed its strategic cooperation agreement with a subsidiary of Tencent for used car services, reflecting confidence in the growth of its used car business [2] - The Q3 operational data showed a robust performance with a year-on-year increase in auto financing transaction volume of 22.6%, surpassing the market growth rate of approximately 11% [3] Summary by Sections Business Update - The company announced its inclusion in the Hong Kong Stock Exchange Technology 100 Index on December 9, which tracks the performance of the largest technology companies listed in Hong Kong [2] - The renewal of the agreement with the subsidiary of Tencent will increase the annual service fee cap from 50 million to 60 million, indicating a growing demand for used car services [2] Q3 Operational Data - In Q3 2025, the company achieved a total auto financing transaction volume of 235,000, with a financing amount of approximately 21.2 billion [3] - The financing amount for used cars reached about 12.1 billion, representing a year-on-year growth of approximately 51.3%, accounting for about 56.9% of the total financing [3] - The financial technology business also saw significant growth, with a financing amount of approximately 11.4 billion, a year-on-year increase of about 102%, making up 53.7% of the total financing [3] Financial Forecast - The company is expected to maintain high growth in its overall performance, with a projected net profit of 1.143 billion for 2025, reflecting a year-on-year increase of 41.2% [3] - The price-to-earnings ratio (P/E) is projected to be 16 times based on the December 10 price of 2.95 HKD [3]

Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (2328) [8] Core Views - The report suggests that short-term personnel changes will not affect the long-term operational stability of the company, with a positive outlook on the clear strategic planning for both auto and non-auto insurance, which is expected to drive continuous improvement in underwriting profitability [3][12] - The report forecasts EPS for 2025-2027 to be 2.14, 2.40, and 2.55 RMB respectively, with a target price of 22.82 HKD for 2025 [12] Financial Summary - **Insurance Service Revenue (Million RMB)**: - 2023A: 457,203 - 2024A: 485,223 (+6%) - 2025E: 507,552 (+5%) - 2026E: 532,082 (+5%) - 2027E: 559,006 (+5%) [6] - **Net Profit (Attributable to Parent) (Million RMB)**: - 2023A: 24,585 - 2024A: 32,173 (+30.9%) - 2025E: 47,582 (+47.9%) - 2026E: 53,294 (+12.0%) - 2027E: 56,609 (+6.2%) [6] - **Price-to-Earnings (PE) Ratio**: - 2023A: 13.97 - 2024A: 10.67 - 2025E: 7.22 - 2026E: 6.44 - 2027E: 6.07 [6] - **Price-to-Book (PB) Ratio**: - 2023A: 1.48 - 2024A: 1.33 - 2025E: 1.19 - 2026E: 1.05 - 2027E: 0.94 [6] Strategic Insights - The company is expected to maintain stable operations in its core business despite recent personnel changes, with the appointment of Zhang Daoming as the interim head, who has 27 years of management experience in the insurance industry [12] - The report highlights a clear strategic plan that is expected to enhance both premium income and profitability in the long term, particularly through the optimization of the auto insurance cost structure and the governance of non-auto insurance [12] - The company is actively responding to national policies to develop overseas business models, focusing on serving "Chinese enterprises" and "Chinese products," with significant progress in underwriting key projects along the Belt and Road Initiative [12]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 109.78, based on a PE valuation of 30 times for 2025 [4]. Core Insights - The company is a leading player in China's beauty and personal care industry, with a multi-brand matrix covering skincare, baby care, and hair care segments. The main brand, Han Shu, has rapidly expanded its presence on platforms like Douyin, achieving significant revenue growth [2][3]. - The company is expected to achieve revenue of CNY 67.93 billion in 2024, representing a year-on-year growth of 62.1%, with a net profit of CNY 7.81 billion, up 69.4% [14]. - The growth strategy is supported by a strong brand operation methodology, focusing on market-driven brand positioning, precise consumer targeting, and innovative marketing strategies [3][39]. Summary by Relevant Sections Company Highlights - The company has a multi-brand strategy with a focus on online sales, achieving nearly 93% online sales in the first half of 2025. The main brand, Han Shu, is projected to generate revenue of CNY 55.91 billion in 2024, a growth of 80.90% year-on-year [2]. - New brands like Yi Ye are experiencing rapid growth, with projected annual growth rates of 498% for 2023/2024 and 146% for the first half of 2025 [2]. Investment Logic - The company is expected to see significant growth in its three main segments: skincare, baby care, and hair care. Han Shu is projected to exceed CNY 10 billion in revenue within three years, while Yi Ye is expected to maintain a compound annual growth rate of over 50% [3]. - The baby care brand Yi Ye is leveraging a unique "medical research co-creation" model, while the hair care segment is expected to produce major brands through clear positioning and effective marketing strategies [3]. Profit Forecast, Valuation, and Rating - The forecasted EPS for 2025, 2026, and 2027 is CNY 2.68, CNY 3.33, and CNY 4.09 respectively, with a projected valuation of 24 times for 2026. The strong growth potential of the multi-brand strategy supports the "Buy" rating [4]. - The company is expected to achieve a return on equity (ROE) of 41.92% in 2025, indicating strong profitability [8].

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (1209 HK) [1][9] Core Views - The shopping center segment has become the absolute profit pillar for the company, showing operational capabilities far exceeding peers. Retail sales from January to September increased by 20-25% year-on-year, compared to a 3.0% increase in social retail sales. During the National Day period, retail sales rose by 25%, significantly outperforming the 10.2% increase in key shopping districts in Shanghai [1][9] - The target price has been raised by 18% to HKD 51.84, based on an increase in the target PE multiple by 5% to 23x and rolling the valuation to 2026 [1][3][9] Financial Summary - Sales revenue (in million RMB) is projected to grow from 14,767 in FY23A to 21,172 in FY27E, with year-on-year growth rates of 22.9%, 15.4%, 6.5%, 8.5%, and 7.5% respectively [2][10] - Net profit (in million RMB) is expected to increase from 2,928.7 in FY23A to 5,169.5 in FY27E, with growth rates of 32.8%, 23.9%, 15.3%, 11.8%, and 10.4% [2][10] - The company maintains a 100% dividend payout ratio, with a projected dividend yield of 4.4%, making it attractive among state-owned enterprises [9][10] Business Segment Performance - The shopping center segment's gross profit contribution reached 56.3% in the first half of FY25, with expectations for revenue and gross profit growth rates of 18% and 27% respectively in FY25, driven by a significant increase in gross margin [9] - The property management segment is focusing on third-party expansion, with a target annual contract amount of approximately RMB 1 billion, having completed nearly RMB 800 million by September [9] Market Position - The company is expected to achieve a profit contribution from the shopping center segment of nearly 60% by FY25, reflecting a 5 percentage point increase [1][9] - The current market capitalization is approximately HKD 97.39 billion, with a free float of 27.7% [4][5]