Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 85.00 [1][10]. Core Insights - The company has received approval for its recombinant type I α1 collagen freeze-dried fiber, marking it as China's first recombinant type I natural sequence collagen facial injection product, primarily used for dermal filling to correct dynamic wrinkles [1][6]. - The product is expected to potentially achieve sales exceeding RMB 1 billion in the medium to long term, with a favorable profit margin [6][10]. - The company is actively tracking its product strategy and market promotion pace, despite short-term stock price fluctuations due to market concerns regarding its cosmetic business performance [6][10]. Financial Projections - Revenue projections for the company are as follows: - 2024: RMB 5,539 million (+57.17%) - 2025E: RMB 7,115 million (+28.45%) - 2026E: RMB 8,777 million (+23.37%) - 2027E: RMB 10,461 million (+19.18%) [5][19]. - Net profit attributable to the parent company is projected to be: - 2024: RMB 2,062 million (+42.06%) - 2025E: RMB 2,600 million (+26.07%) - 2026E: RMB 3,203 million (+23.18%) - 2027E: RMB 3,812 million (+19.03%) [5][19]. Market Position and Competitive Landscape - The company is positioned in a market with few leading players in injectable recombinant collagen, with competitors like Jinjibo focusing on recombinant type III humanized collagen products [7][10]. - The company’s product pipeline includes a recombinant collagen implant product that has been accepted for review, indicating potential for further expansion in the recombinant collagen medical device market [8][10]. Brand Performance - The company's brands, Kefu Mei and Keli Jin, have shown recovery in Q3 2025, with online GMV reaching RMB 615 million and RMB 72 million respectively, reflecting year-on-year growth of 20% and 17% [9][10]. - The company has also expanded its international presence, entering 13 Watsons stores in Singapore with multiple product lines [9][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.31 HKD, based on a 17x PE for FY26 [4][8]. Core Insights - Recent nationwide cooling and an extended sales season are favorable for the company's main product sales, particularly down jackets [7]. - The sales season has been significantly lengthened due to the later date of the Chinese New Year in 2026, which is expected to positively impact FY2026 performance [7]. - Collaboration with renowned international designer Kim Jones is anticipated to enhance the brand's influence and market position [7]. - The company demonstrates resilient growth with a projected revenue CAGR of approximately 17.66% and profit CAGR of 19.73% from FY2021 to FY2025, indicating strong operational resilience amid economic fluctuations [7]. Financial Forecasts - The company’s revenue is projected to grow from 23,214 million HKD in FY24A to 34,920 million HKD in FY28E, reflecting a CAGR of approximately 10.7% [3]. - Net profit attributable to the parent company is expected to increase from 3,074 million HKD in FY24A to 4,890 million HKD in FY28E, with a CAGR of about 11.7% [3]. - Earnings per share are forecasted to rise from 0.27 HKD in FY24A to 0.42 HKD in FY28E [3]. - The company maintains a high dividend payout ratio, averaging around 78% since its listing, which enhances its investment appeal [7].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 58.35, down from a previous target of HKD 71.30, indicating a potential upside of 41.6% from the current price of HKD 41.20 [2][4]. Core Insights - The approval of the first injectable aesthetic product, recombinant type I α1 collagen, marks the beginning of a second growth curve for the company, expanding its product matrix in the aesthetic medicine sector [1][8]. - The Chinese aesthetic injection market is projected to reach RMB 147 billion by 2027, with the collagen injection segment expected to grow to RMB 16.8 billion, highlighting significant growth potential [8]. - The company has a strong channel advantage due to its established network and brand recognition in the aesthetic medicine market, which is expected to drive growth from the new injectable products [8]. Financial Summary - Sales revenue is projected to grow from RMB 3,524 million in FY23A to RMB 8,715 million in FY27E, with a CAGR of approximately 17.7% [3][13]. - Net profit is expected to increase from RMB 1,451.8 million in FY23A to RMB 2,820.5 million in FY27E, reflecting a growth rate of 13.5% [3][13]. - The company’s net debt ratio is projected to increase from (57.2%) in FY23A to (73.4%) in FY27E, indicating a shift towards higher leverage [3][13]. Product Development - The company has two additional injectable collagen products in the approval stage, which are expected to enhance its aesthetic product portfolio and address various anti-aging needs [8][9]. - The newly approved injectable product is designed for facial dermal filling to correct dynamic wrinkles, positioning the company competitively in the market [9]. Market Position - The company has established a comprehensive product matrix that includes injectable products, post-surgery recovery dressings, and functional skincare, allowing it to capture a broader market share [1][8]. - The competitive landscape includes several other approved products, but the company’s strong distribution channels and brand recognition are expected to provide a competitive edge [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 12.299 billion yuan for H1 FY2026, a decrease of 5.8% year-on-year, with a net profit of 789 million yuan, down 9.7% year-on-year. The interim dividend declared is 0.13 yuan per share, with a payout ratio of approximately 102% [2]. - The consumer environment has impacted sales, but channel optimization and overall growth have mitigated some pressure. The main brands (Nike and Adidas) saw revenue declines of 4.8% and 12.2%, respectively [2]. - The company continues to optimize its store strategy, reducing the number of direct stores to 4,688, a net decrease of 332 stores, while increasing same-store sales area by 6.5% year-on-year [2]. - The user base has grown to 89.1 million, with member sales contributing 92.9% of total sales, and repeat members accounting for about 60% of member consumption [2]. - Online sales have seen double-digit growth, effectively offsetting the decline in offline traffic [2]. Financial Performance - The gross margin for H1 was 41.0%, a slight decrease of 0.1 percentage points, supported by retail business contributions and brand support from Nike and Adidas [3]. - The company has maintained stable sales and management expense ratios, reflecting prudent cost control and flexibility from its omnichannel retail strategy [3]. - Inventory turnover days increased to 150 days, up by 2 days year-on-year, indicating a healthy inventory level [3]. Future Outlook - The company expects stable performance for the full year, with guidance for an increase in net profit margin. Focus will remain on omnichannel retail and operational efficiency improvements [3]. - The recovery of Nike's sales in FY26 Q1 exceeded expectations, suggesting potential for a rebound in the main brand's business [3]. - New brand expansions into running and outdoor segments, including brands like nordaTM and Norrøna, are anticipated to inject new growth momentum [3]. - Earnings per share (EPS) forecasts for FY2026 to FY2028 are projected at 0.21, 0.24, and 0.28 yuan, with price-to-earnings (PE) ratios of 14, 12, and 10 times, respectively [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve resilient revenue growth in Q3, with a projected year-on-year revenue increase of 9.8% and an adjusted net profit growth of 14.3% [1][9] - The core OTA business is performing well, with OTA revenue expected to grow by 14.9% year-on-year in Q3, driven by strong growth in accommodation booking and transportation services [2][10] - The acquisition of Wanda Hotel Management has been completed, enhancing the company's supply chain and positioning it among the top 10 hotel management companies in China [3][11] Summary by Sections Revenue and Profitability - Q3 revenue is projected to grow by 9.8% year-on-year, with adjusted net profit expected to increase by 14.3% [1][9] - The OTA business is anticipated to see a 14.9% increase in revenue, with accommodation bookings expected to rise by 14.5% and transportation services by 9.5% [2][10] Business Segments - The OTA segment is expected to benefit from a combination of online market penetration and international business growth, while the vacation segment is under pressure, with a projected revenue decline of 11% due to low outbound travel willingness in Southeast Asia [2][10] - The acquisition of Wanda Hotel Management is expected to positively impact profitability in the hotel management segment, with a focus on high-end brand expansion [3][11] Financial Projections - The company forecasts adjusted net profits of 33.7 billion, 39.3 billion, and 45.3 billion for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 14, 12, and 11 [4][5] - Revenue is expected to reach 11.896 billion in 2023, growing to 24.712 billion by 2027, reflecting a compound annual growth rate [5][16]

Investment Rating - The report maintains a "Buy" rating for Bosideng (03998.HK) [6] Core Views - The company is expected to achieve high-quality growth in the full fiscal year, driven by product innovation and a strong sales performance in the down jacket segment [3][4] - The company has successfully upgraded its product offerings and improved channel management, which is anticipated to enhance sales during the peak season [2][4] Summary by Sections Sales Performance - The sales season for down jackets has begun with recent temperature drops in North China, East China, and South China, leading to increased consumer demand for autumn and winter apparel [1] - The company has launched several innovative product lines, including high-end urban lines and outdoor jackets, which are expected to gain market recognition and drive revenue growth [1] Channel Management - The company has focused on refining its store operations, resulting in a net increase of 100 direct stores and 153 franchise stores by the end of FY2025, totaling 1,236 and 2,234 stores respectively [2] - Online sales are projected to account for over 30% of total sales in FY2025, indicating a significant growth channel for brand building and member marketing [2] Financial Projections - For FY2026, the company anticipates a revenue growth of approximately 10% and a net profit growth rate expected to exceed revenue growth [3] - The report estimates that the company's revenue for FY2026 will reach approximately 28.54 billion RMB, with a net profit of around 3.90 billion RMB [5] Operational Efficiency - The company maintains a low initial order ratio, with less than 40% of orders being first-time orders, allowing for flexible inventory management and quick replenishment [4] - The inventory turnover days increased by 3 days to 118 days, with a year-end inventory value rising by 24% to 39.5 billion RMB, indicating proactive inventory management [4] Investment Outlook - The report projects net profits for FY2026 to FY2028 at 3.90 billion, 4.39 billion, and 4.95 billion RMB respectively, with a corresponding P/E ratio of 13 times for FY2026 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - Recent nationwide temperature drops have boosted sales, particularly for winter apparel, with significant growth in sales of women's down jackets and men's vests during the pre-sale period [8] - The company expects steady growth in performance, maintaining a double-digit growth guidance for the year, with a projected revenue increase of 10% and profit growth exceeding revenue growth [8] - The company has a consistent dividend payout ratio above 80%, with an estimated dividend yield of around 6% for FY26 [8] - The successful debut of the "Master Puff" collection at Paris Fashion Week enhances the company's global brand influence [8] - The appointment of renowned designer Kim Jones is expected to elevate product quality and drive high-end market penetration [8] - The company has established a strong consumer recognition in the down jacket sector and is actively expanding into outdoor and functional apparel markets [8] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 23,214 million RMB - FY2025: 25,902 million RMB - FY2026E: 28,465 million RMB - FY2027E: 31,272 million RMB - FY2028E: 34,210 million RMB - The expected growth rates for revenue are 38% for FY2024, 12% for FY2025, and gradually decreasing to 9% by FY2028 [6] - Net profit forecasts for the same period are: - FY2024: 3,074 million RMB - FY2025: 3,514 million RMB - FY2026E: 3,899 million RMB - FY2027E: 4,340 million RMB - FY2028E: 4,754 million RMB - The projected net profit growth rates are 44% for FY2024, 14% for FY2025, and stabilizing around 10% by FY2028 [6][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve resilient revenue growth in Q3, with a projected year-on-year revenue increase of 9.8% and an adjusted net profit growth of 14.3% [1][9] - The core OTA business is performing well, with OTA revenue expected to grow by 14.9% year-on-year in Q3, driven by strong growth in accommodation booking and transportation services [2][10] - The acquisition of Wanda Hotel Management has been completed, enhancing the company's supply chain and positioning it among the top 10 hotel management companies in China [3][11] Summary by Sections Revenue and Profitability - Q3 revenue is projected to grow by 9.8% year-on-year, with adjusted net profit expected to increase by 14.3% [1][9] - The OTA business is anticipated to see a 14.9% increase in revenue, with accommodation bookings expected to rise by 14.5% and transportation services by 9.5% [2][10] Business Segments - The OTA segment is expected to benefit from a combination of online market penetration and international business growth, while the vacation segment is under pressure, with a projected revenue decline of 11% due to low outbound travel willingness in Southeast Asia [2][10] - The acquisition of Wanda Hotel Management is expected to positively impact profitability, with the company now managing over 2,700 hotels and a significant expansion in high-end hotel offerings [3][11] Financial Projections - The company forecasts adjusted net profits of 33.7 billion, 39.3 billion, and 45.3 billion for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 14, 12, and 11 [4][5] - Revenue is expected to reach 11.896 billion in 2023, growing to 24.712 billion by 2027, reflecting a compound annual growth rate of approximately 12% [5][16]

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Insights - The company has entered a global strategic partnership with Takeda to co-develop three therapies, including IBI363 and IBI343, with a total potential deal value of up to $11.4 billion [5] - IBI363 is a next-generation immune checkpoint inhibitor that has shown promising results in clinical trials for non-small cell lung cancer (NSCLC) and colorectal cancer (CRC) [5] - IBI343 targets CLDN18.2 and is being developed for pancreatic and gastric cancers, with ongoing clinical trials showing encouraging results [5] - The company aims to become a leading global biopharmaceutical enterprise, leveraging its expertise in IO and ADC fields alongside Takeda's commercialization capabilities [5] Financial Projections - The company is expected to achieve revenues of 114.4 billion, 149.7 billion, and 201.1 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of 21.4%, 30.9%, and 34.3% [6][7] - The net profit attributable to the parent company is projected to be 864.68 million, 1,643.79 million, and 2,749.81 million CNY for the same years, reflecting significant growth [7] - The earnings per share (EPS) is expected to improve from -0.06 CNY in 2024 to 1.60 CNY by 2027 [7] Revenue Breakdown - Revenue from the oncology pipeline is projected to grow from 80.3 billion CNY in 2024 to 133.1 billion CNY in 2027, with a stable gross margin of around 85% [9] - Non-oncology pipeline revenues are expected to increase significantly, from 2 billion CNY in 2024 to 60 billion CNY in 2027, with a gross margin of 78% [9] - Licensing income is forecasted to stabilize at around 7 billion CNY annually from 2025 to 2027 [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is positioned as a global leader in the ADC (Antibody-Drug Conjugate) sector, with a strong focus on clinical development and international expansion [1][13]. - The company has established four ADC technology platforms and has nine products in clinical research, with the first product expected to be launched soon [1][20]. - The company has partnered with BioNTech to develop innovative IO+ADC therapies, enhancing its competitive edge in the market [3][26]. Summary by Sections Company Overview - Founded in 2019, the company has rapidly developed its ADC platform and is advancing clinical trials globally [1][13]. - The company has received significant investments from well-known pharmaceutical funds, indicating strong market confidence [14]. Product Pipeline - The core product DB-1303, a HER2 ADC, is expected to be submitted for approval in both China and the U.S. by 2025, targeting breast cancer indications [2][30]. - DB-1311, a B7-H3 ADC, shows promising early clinical data for prostate cancer, with a potential peak sales forecast of 2 billion RMB in China [2][3]. Financial Projections - The company anticipates revenues of 1.95 billion RMB in 2025, with a projected growth rate of 0.5% [4]. - The estimated market value of the company is approximately 426.67 billion RMB based on product valuations [3]. Strategic Partnerships - The company has successfully licensed multiple ADC products to BioNTech, enhancing its global reach and development capabilities [3][26]. - Collaborations with other firms like BeiGene and GSK have also been established, with total transaction values exceeding 6 billion USD [26]. Market Potential - The global ADC market is expanding, with the company’s products positioned to capture significant market share, particularly in the HER2 and B7-H3 segments [30][32].