Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a quarterly revenue of 19.45 billion yuan in Q3 2025, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [7] - The company reported a net profit attributable to equity holders of 150 million yuan in Q3 2025, a significant improvement from a loss of 690 million yuan in Q3 2024 and a profit of 160 million yuan in Q2 2025 [7] - The company’s Q3 sales volume reached 174,000 units, with a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [7] - The average selling price (ASP) for the company was 112,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [7] - The gross margin for Q3 was 14.5%, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 0.9 percentage points [7] - The company’s sales, management, and R&D expense ratios improved to 4.9%, 3.2%, and 6.2% respectively, compared to the previous year [7] - The company has expanded its sales service network to cover 292 cities with 866 sales outlets as of the end of September 2025 [7] - The company exported 17,000 vehicles in Q3 2025, a quarter-on-quarter increase of 36% [7] - The company plans to launch its Lafa5 model overseas in Q2 2026 and is actively pursuing local production capabilities in Malaysia and Europe [7] Financial Projections - The total revenue forecast for the company is projected to reach 65.8 billion yuan in 2025, with a year-on-year growth of 104.58% [1] - The net profit attributable to the parent company is expected to be 693.83 million yuan in 2025, with a significant year-on-year increase of 124.60% [1] - The earnings per share (EPS) is projected to be 0.49 yuan in 2025, with a P/E ratio of 103.14 [1] - The company’s gross margin is expected to improve to 15% in 2025 [8] - The company’s asset-liability ratio is projected to be 77.45% in 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.00 [3][5]. Core Insights - The company is focusing on research and development of large models, AI-native software, and AI intelligence as its core development direction. The management expects cloud services to maintain a revenue growth of 20% annually, while overall core business revenue is projected to grow by 15% annually [3]. - The company has introduced a new software product, "浪潮海岳 inSuite by DELMIAWorks," aimed at the discrete manufacturing industry, which integrates various core business functions for digital transformation [2]. - The company plans to expand its overseas enterprise service market, starting with SaaS services for Southeast Asian companies next year, which is expected to become a second growth curve for the company [3]. Financial Summary - For FY25E, the net profit is projected to be RMB 522 million, representing a year-on-year increase of 35.6%, and for FY26E, it is expected to reach RMB 624 million, a 19.5% increase. The compound annual growth rate (CAGR) for net profit from FY25E to FY27E is estimated at 19.1% [3][4]. - The company’s revenue for FY23 was RMB 8,294 million, with a growth rate of 19.1%. For FY24, revenue is expected to decrease slightly to RMB 8,201 million, followed by a recovery to RMB 8,758 million in FY25 [4][8]. - The diluted earnings per share (EPS) for FY25E is projected at RMB 0.457, increasing to RMB 0.546 in FY26E and RMB 0.648 in FY27E [4][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Insights - The company has shown strong revenue growth in FY26H1, with a total revenue of 4.047 billion RMB, representing a year-over-year increase of 32.7% and a half-year increase of 10.8% [5]. - The company is positioned as a leader in the domestic offline ticketing market, with significant IP licensing capabilities, including partnerships with major brands like Sanrio and Chiikawa [12]. - The report highlights the robust growth potential in the live performance and IP sectors, driven by a stable supply of top-tier artists and successful events [6][12]. Financial Performance Summary - **Revenue and Profitability**: In FY26H1, the company achieved a gross profit margin of 35.7%, with a net profit of 520 million RMB, reflecting a year-over-year increase of 54.3% [5]. - **Segment Performance**: The live performance and technology segment generated 1.339 billion RMB in revenue, up 14.5% year-over-year, while the IP derivatives segment saw a remarkable 105.2% increase in revenue, reaching 1.16 billion RMB [6][7]. - **Cost Management**: The company has effectively reduced both sales and management expenses, leading to improved operational efficiency [10]. Future Projections - The company is projected to achieve revenues of 8.107 billion RMB in FY2026, with a net profit forecast of 996 million RMB, indicating a significant growth trajectory [11][12]. - The expected growth rates for revenue and net profit are 21% and 174% respectively for FY2026, showcasing strong financial health and operational performance [12][13].

Investment Rating - The report maintains an OUTPERFORM rating for Geely Automobile Holdings with a target price of HK$26.60 [2][4][15]. Core Insights - The company is expected to achieve vehicle deliveries of 3.04 million, 3.52 million, and 3.97 million units for 2025, 2026, and 2027 respectively, with NEV penetration rates projected at 57%, 59%, and 66% [4][15]. - The report anticipates a core net profit attributable to shareholders of Rmb16.40 billion, Rmb18.88 billion, and Rmb22.45 billion for 2025, 2026, and 2027, reflecting a growth rate of -1%, 15%, and 19% respectively [4][15]. - The company is expected to fully realize synergies from its consolidation with ZEEKR by 2026, enhancing profitability and operational efficiency [6][18]. Financial Performance - In Q3 2025, Geely reported revenue of Rmb89.19 billion, a 27% year-on-year increase, while cumulative revenue for the first nine months reached Rmb239.48 billion, up 26% year-on-year [5][16]. - The core net profit for Q3 2025 was Rmb3.96 billion, a 19% increase year-on-year, with a total of Rmb10.62 billion for the first nine months, marking a 59% year-on-year growth [6][17]. - The company maintained a strong cash position with Rmb56.22 billion in cash at the end of September 2025, representing a 31% year-on-year increase [5][16]. Market Position and Strategy - Geely is positioned to achieve its 2025 sales target comfortably, with expectations of 3.04 million units sold, while ZEEKR's overseas sales are projected to grow by 50% to 80% [18][19]. - The report highlights that the company retains strategic advantages in NEV rollout, export expansion, and brand-mix upgrading, which are expected to support continued market share gains in a moderately growing industry [19].

Investment Rating - The report initiates coverage with a "Buy" rating for Jacobiopharma-B (1167.HK) [1]. Core Views - Jacobiopharma focuses on innovative drug development targeting difficult-to-drug targets, with a strong pipeline and comprehensive patent strategy to build competitive barriers [6][7]. - The company has established strategic partnerships to enhance drug development and commercialization, particularly with AbbVie and Elysium [6][20]. - The KRAS G12C inhibitor, Goleirase, has been approved for marketing in China, and the company is actively pursuing further clinical trials and partnerships to maximize its market potential [6][39]. Summary by Sections 1. Focus on Difficult-to-Drug Targets - Jacobiopharma aims to develop globally innovative drugs targeting difficult-to-drug cancer targets, with a management team experienced in drug development and international collaboration [13][17]. - The company's revenue primarily comes from licensing agreements, with stable funding supporting long-term development [20][24]. - The company has a solid cash position of 1.34 billion yuan as of June 30, 2025, which supports its future expenditures [20][24]. 2. Coverage of Different KRAS Mutations - KRAS plays a critical role in cell growth and survival signaling, and its mutations are linked to cancer progression [30]. - The KRAS G12C inhibitor, Goleirase, has been approved in China, and the company has formed a strategic partnership with Elysium for its commercialization [36][39]. - The company is also developing a pan-KRAS inhibitor, JAB-23E73, which is expected to provide broader coverage of KRAS mutations and address resistance issues [46]. 3. Key Assumptions and Investment Rating - The report projects revenues of 0.52 billion yuan in 2025, 0.74 billion yuan in 2026, and 1.15 billion yuan in 2027, reflecting the company's growth trajectory [8][12]. - The company is expected to continue advancing its research and development projects while maintaining controlled operating expenses [6][20].

Investment Rating - The report maintains a "Buy" rating for JD Health (06618) [4][10] Core Insights - JD Health's Q3 2025 financial results exceeded expectations, with revenue of 17.12 billion (up 28.7%) and adjusted net profit of 1.90 billion (up 42.4%) [8][9] - The company is expected to benefit from strong growth in drug sales, increased advertising revenue, and enhanced AI capabilities [9][10] - The report projects revenue growth for 2025-2027, with estimates of 70.95 billion, 81.99 billion, and 93.49 billion respectively [6][10] Financial Data and Profit Forecast - Revenue and profit forecasts for JD Health are as follows: - 2023: Revenue 53.53 billion, Net Profit 2.14 billion - 2024: Revenue 58.16 billion, Net Profit 4.16 billion - 2025E: Revenue 70.95 billion, Net Profit 4.74 billion - 2026E: Revenue 81.99 billion, Net Profit 5.66 billion - 2027E: Revenue 93.49 billion, Net Profit 6.76 billion [6][12]

公司深度研究 | 十月稻田 厨房主食中的新消费 十月稻田（09676.HK）首次覆盖报告 所处行业空间较大且持续增长，集中度有望提升。公司所处的厨房主食行业 为万亿以上规模的大行业，且近年来持续增长，公司重点布局的大米、玉米 等品类均为千亿级大行业且增长势头明显。行业中的预包装产品、优质产品 有较好的增长且增长势头显著快于行业整体。当前该行业市场集中度很低， 但预包装产品、优质产品、东北大米产品等的集中度显著高于行业整体，预 计随着上述关键品类的快速增长，行业集中度有望提升，公司作为重要的行 业龙头之一有望显著获益。 产品矩阵丰富，多元化渠道覆盖全国。公司旗舰品牌十月稻田、柴火大院已 在京东等平台复购率高于行业整体，并依托多品牌构建了全面且互补的产品 矩阵，满足不同类别消费者的个性化需求。公司建立多元化、涵盖线上线下 的销售网络，在新渠道保持领先，在线下渠道和经销商建立了深厚的合作关 系。公司通过在核心产区的五大生产基地，结合遍布多区域的区域仓，形成 辐射全国多数区域的供应链能力。 投资建议：我们预测 25-27 年公司营收分别为 69.94 亿元/84.35 亿元/99.39 亿元，同比+22%/+21%/ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 286.9, representing a potential upside of 32.0% from the current price of HKD 217.4 [1][5][15]. Core Insights - The report emphasizes that the company is not solely reliant on the popularity of its Labubu IP, but rather operates as a platform for creating and commercializing multiple IPs. The ability to launch new successful IPs is seen as a key competitive advantage [5]. - Recent sales trends in the U.S. market have shown a recovery, with expectations for continued growth during the holiday season. The report suggests that the recent slowdown in sales was largely due to pre-sales in previous months [5]. - The company has significant growth potential in the North American and European markets, which currently represent a small portion of total revenue. The report highlights the potential for expansion through physical retail stores in these regions [5]. - The current valuation is considered attractive, with a P/E ratio of 15 times the estimated earnings for 2026, indicating high value for investors [5]. Financial Performance and Projections - The company is projected to achieve substantial revenue growth, with estimated revenues of RMB 38,003 million in 2025, reflecting a year-on-year increase of 191.5% [7][10]. - Net profit is expected to reach RMB 12,920 million in 2025, representing a significant increase of 313.4% compared to the previous year [7][10]. - The report outlines a steady improvement in profit margins, with gross profit margins projected to rise to 70.8% by 2025 [10][11]. Market Performance - The company's stock has experienced volatility, but recent data suggests a recovery in market sentiment, with short-selling activity decreasing [5]. - The report notes that the company's sales in the domestic market have shown impressive growth, with online sales increasing by 212% in the first half of 2025 [11]. Regional Revenue Breakdown - In the first half of 2025, the company reported a 440% increase in overseas revenue, with North America showing a staggering growth rate of 1,142% [11]. - The report indicates that the company has only a limited number of retail stores in North America and Europe, suggesting significant room for growth in these markets [5].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a narrowing loss in Q3 2025, with a revenue of 20.38 billion yuan, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%. The net profit attributable to shareholders was -0.38 billion yuan, narrowing by 78.9% year-on-year and 20.3% quarter-on-quarter [3][6] - The company achieved a vehicle delivery volume of 116,000 units in Q3, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%. The automotive business revenue reached 18.05 billion yuan, with a year-on-year increase of 105.3% and a quarter-on-quarter increase of 6.9% [6] - The company is expanding its collaboration with Volkswagen, which has become a strategic partner for the second-generation VLA model, indicating potential growth in revenue from R&D services [6][7] - The launch of the Kunpeng Super Range Extender is expected to open new growth opportunities in the new energy vehicle sector [6][7] - The second-generation VLA model was released, which enhances the company's capabilities in physical AI, with plans to launch three Robotaxi models in 2026 [7] Financial Summary - The company’s projected revenues for 2025 to 2027 are 76.93 billion yuan, 117.47 billion yuan, and 144.84 billion yuan, respectively, with year-on-year growth rates of 88.2%, 52.7%, and 23.3% [5][10] - The net profit is expected to improve from -1.4 billion yuan in 2025 to 4.5 billion yuan in 2027, reflecting a significant turnaround [5][10] - The gross margin for the automotive business is projected to increase from 18.2% in 2025 to 20.5% in 2027, indicating improved profitability [5][10] Delivery and Revenue Guidance - The company has provided a Q4 delivery guidance of 125,000 to 132,000 units, corresponding to a revenue guidance of 21.5 billion to 23 billion yuan [6] - In October, the company delivered 42,013 vehicles, with an expected average monthly delivery of 41,000 to 45,000 units for November and December [6]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a significant revenue increase of 101.8% year-on-year for Q3 2025, reaching 20.38 billion yuan, with automotive business revenue growing by 105.3% [3][4]. - The gross margin for the automotive business improved to 13.1%, driven by a decrease in costs, although it saw a slight decline from the previous quarter due to product updates [4]. - The company is optimistic about future performance, projecting Q4 2025 automotive sales between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3% [5]. Revenue and Profitability - Q3 2025 revenue was 20.38 billion yuan, with automotive revenue at 18.05 billion yuan [3][4]. - The total gross profit for Q3 2025 was 4.1 billion yuan, with a gross margin of 20.1% [4]. - Non-GAAP net profit for Q3 2025 was a loss of 150 million yuan, marking a significant reduction in losses of 90.1% year-on-year [3]. Cost Management - R&D expenses for Q3 2025 were 2.43 billion yuan, up 48.7% year-on-year, reflecting increased costs associated with new product launches [5]. - Selling and administrative expenses were 2.49 billion yuan, a 52.6% increase year-on-year, primarily due to higher sales commissions and marketing costs [5]. Future Outlook - The company forecasts revenues of 78.13 billion yuan in 2025, 110.81 billion yuan in 2026, and 131.64 billion yuan in 2027, with expected net profits turning positive in 2026 [8][9]. - The report highlights the company's strategic focus on intelligent products, including the launch of Robotaxi and the new generation of IRON humanoid robots, which are expected to enhance its market position [7][8].