Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [1] Core Views - The Q3 performance of Geely Automobile met expectations, with total revenue of 89.19 billion yuan, representing a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%. The net profit attributable to the parent company was 3.82 billion yuan, showing a year-on-year increase of 59.3% and a quarter-on-quarter increase of 5.6% [2] - The company achieved total sales of 761,000 units in Q3, with a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9%. The average selling price (ASP) per vehicle was 117,000 yuan, reflecting a year-on-year decline of 11.2% but a quarter-on-quarter increase of 6.3% [2] - The gross margin for Q3 was 16.6%, showing a year-on-year improvement due to scale effects and product mix enhancement, despite a quarter-on-quarter decline [2] - The company has adjusted its net profit forecast for 2025 to 18.1 billion yuan (previously 15 billion yuan) due to strong sales performance in the first three quarters and the successful launch of new models [2] Summary by Sections Revenue and Profitability - Total revenue for 2023 is projected at 179.204 billion yuan, with a year-on-year growth of 21.11%. For 2024, revenue is expected to reach 240.194 billion yuan, growing by 34.03% [1] - The net profit attributable to the parent company for 2023 is estimated at 5.308 billion yuan, with a year-on-year increase of 0.91%. The forecast for 2024 is 16.632 billion yuan, reflecting a significant growth of 213.32% [1] Earnings Per Share (EPS) and Valuation - The latest diluted EPS for 2023 is projected at 0.52 yuan per share, with a forecast of 1.64 yuan for 2024 and 1.79 yuan for 2025 [1] - The price-to-earnings (P/E) ratio is expected to be 29.84 for 2023, decreasing to 9.52 for 2024 and further to 8.76 for 2025 [1] Financial Metrics - The company’s total assets are projected to reach 325.928 billion yuan by 2025, with a debt-to-asset ratio of 66.04% [9] - The cash flow from operating activities for 2025 is expected to be 29.426 billion yuan, indicating a healthy cash generation capability [9]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of HKD 31.00 to HKD 36.50 per share [5]. Core Insights - The company is a leading Hong Kong jewelry brand that has shown operational efficiency and positive same-store sales growth despite facing challenges from rising gold prices and changing consumer environments. The company achieved a revenue of HKD 133.41 billion in FY2025, with 39.5% from mainland China and 60.5% from Hong Kong, Macau, and overseas markets [1][3]. - The jewelry consumption logic has shifted towards a dual value proposition of "fashion + value preservation," driven by innovative design and craftsmanship, which has enhanced the appeal of gold jewelry. This trend is expected to support margin recovery and drive stock price appreciation [1][3]. - The company is actively developing differentiated products that meet market demands, with a focus on optimizing sales capabilities in domestic stores and expanding overseas [2][3]. Summary by Sections Financial Performance - The company reported a revenue of HKD 133.41 billion for FY2025, a decrease of 12.95% year-on-year, and a net profit of HKD 1.1 billion, down 37.77% year-on-year. Adjusting for gold hedging losses and one-time gains from acquisitions, the decline in profit was narrowed to 6.3% [13][31]. - The forecast for net profit for FY2026 to FY2028 is projected at HKD 15.01 billion, HKD 17.87 billion, and HKD 20.28 billion, representing year-on-year growth rates of 36.48%, 19.08%, and 13.44% respectively [3][4]. Market Trends - The jewelry market is experiencing a shift towards gold products, which are expected to account for 80% of sales by 2024. The demand for gold jewelry is being driven by its perceived value preservation attributes amid rising gold prices [48][53]. - The company plans to open 50 new overseas stores in the coming years, capitalizing on the growing demand from overseas Chinese consumers and the global trend of seeking value-preserving investments [66][68]. Product and Channel Strategy - The company is focusing on product innovation and channel optimization, with a significant portion of revenue coming from self-operated and e-commerce retail, which accounted for 82.7% of total revenue in FY2025 [20][23]. - The introduction of high-margin fixed-price gold products has contributed to margin recovery, with the gross margin for gold and platinum products increasing to 26.35% in FY2025 [31][60]. Competitive Landscape - The jewelry industry is characterized by intense competition, with major players like Chow Tai Fook and Lao Feng Xiang dominating the market. The company holds a market share of 0.7%, ranking tenth among competitors [73].

Investment Rating - The report maintains a "Strong Buy" investment rating for Tencent Music [2][5] Core Insights - The company achieved total revenue of 8.46 billion RMB in Q3 2025, representing a year-on-year growth of 20.6%, with adjusted net profit increasing by 32.6% to 2.41 billion RMB [1][5] - Online music revenue continues to grow steadily, with a 27.2% year-on-year increase to 6.97 billion RMB, driven by subscription and advertising services [5][6] - The company is actively expanding into the fan economy and concert business, enhancing its competitive advantages through collaborations and content diversification [5][6] Financial Performance - Revenue and profit growth are supported by effective cost control, with gross margin improving from 42.6% in Q3 2024 to 43.5% in Q3 2025 [5][6] - The online music subscription revenue reached 4.5 billion RMB, up 17.2% year-on-year, driven by an increase in ARPPU from 10.8 RMB to 11.9 RMB [5][6] - The company expects revenues to reach 32.66 billion RMB, 36.98 billion RMB, and 41.30 billion RMB for the years 2025, 2026, and 2027 respectively, with adjusted net profits projected at 9.60 billion RMB, 10.85 billion RMB, and 12.18 billion RMB [6][8] Market Position and Strategy - Tencent Music holds a strong position in content copyright, with a focus on enhancing user willingness to pay and optimizing membership benefits [5][6] - The company is expanding its concert business, having successfully hosted multiple performances in various cities, attracting over 150,000 attendees [5][6] - The introduction of interactive fan communities and exclusive artist-related benefits is expected to drive further growth in subscription rates and user engagement [5][6]

Investment Rating - The report maintains an "OUTPERFORM" rating for Leapmotor [1][2][20]. Core Insights - Leapmotor has entered a clear margin-improvement cycle, with sustained profitability and enhanced gross margins driven by scale benefits and cost optimization [3][14]. - The company is on track to achieve its annual sales target of 580,000 to 650,000 units, with a revised forecast of 633,000 units for 2025 [4][15]. - Leapmotor's overseas expansion strategy is taking shape, with significant order growth and localization projects planned for 2026 [5][16][17]. - The company has established a comprehensive product matrix with four major series, enhancing its market positioning [6][18][19]. - Revenue forecasts for 2025-2027 have been updated, reflecting a strong model pipeline and expected market share growth [7][20]. Summary by Sections Financial Performance - In Q3 2025, Leapmotor reported revenue of Rmb19.45 billion, a 97% year-on-year increase, with a gross margin of 14.5% [3][14]. - The net profit for Q3 was Rmb150 million, marking a significant improvement from a loss of Rmb690 million in the same period last year [3][14]. - The company had cash reserves of Rmb33.92 billion at the end of Q3, indicating a strong liquidity position [3][14]. Sales and Delivery - Year-to-date deliveries reached 466,000 units through October, with management confident in achieving the full-year target [4][15]. - October saw single-month deliveries surpassing 70,000 units for the first time, reflecting strong demand [3][14]. Overseas Expansion - Leapmotor's overseas orders reached approximately 12,000 in October, with expectations to exceed 15,000 in November [5][16]. - The company aims for overseas sales of 100,000 to 150,000 units by 2026, maintaining a low-margin strategy for market penetration [5][16][17]. Product Development - Leapmotor has completed its ABCD product series, with new models set to launch in the coming months [6][18][19]. - The company is also developing a new category-creating product expected to launch in 2027 or 2028 [6][19]. Valuation - The updated revenue forecast for 2025-2027 is Rmb64.9 billion, Rmb94.6 billion, and Rmb127.6 billion, respectively [7][20]. - A target price of HK$73.51 is assigned based on a 1.0x price-to-sales ratio for 2026 [7][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][12] Core Views - The company is expected to see sustained performance growth driven by its AI projects and cloud transformation, with a focus on enhancing its competitive edge through strategic funding and resource integration [6][7] - The planned share placement aims to introduce diverse shareholders and relocate the company's registered office to Hong Kong, which is anticipated to improve communication with mainland investors and reduce tax burdens [5][7] - The company forecasts a significant increase in net profit from 2025 to 2027, with projected growth rates of 43%, 32%, and 22% respectively, indicating strong financial health and potential for valuation expansion [7][8] Financial Summary and Valuation Metrics - The company reported a revenue of 8,294 million in 2023, with a projected increase to 10,558 million by 2027, reflecting a compound annual growth rate [8] - Net profit is expected to rise from 202 million in 2023 to 892 million by 2027, showcasing a robust growth trajectory [8] - The projected P/E ratios for 2025, 2026, and 2027 are 15.9, 12.0, and 9.8 respectively, indicating an attractive valuation relative to earnings growth [8]

Investment Rating - The report initiates coverage with a "Buy" rating for JD Health, indicating a positive outlook for the company's stock performance in the next 12 months [5]. Core Insights - JD Health's revenue for Q3 2025 reached 17.12 billion RMB, a year-on-year increase of 28.7%, with growth accelerating from 23.7% in Q2 [1][2]. - The company's operating profit surged by 125.3% year-on-year to 1.243 billion RMB, while the Non-IFRS net profit grew by 42.4% to 1.902 billion RMB, reflecting strong profit growth momentum [1][2]. - Strategic partnerships with major pharmaceutical companies like Eli Lilly and Bayer have reinforced JD Health's position as a leading platform for new specialty drugs [2][3]. Revenue and Profitability - Revenue growth is expected to continue, with projections of 71.01 billion RMB in 2025, 82.90 billion RMB in 2026, and 95.48 billion RMB in 2027, reflecting growth rates of 22.1%, 16.7%, and 15.2% respectively [4]. - Adjusted net profit is forecasted to be 6.256 billion RMB in 2025, with a growth rate of 30% [4]. Strategic Developments - JD Health is enhancing its digital healthcare services through collaborations with hospitals to develop AI-driven patient service platforms, aiming to improve patient experience and resource utilization [3]. - The company is expanding its online medical insurance payment services, which now cover nearly 200 million people, significantly increasing from the previous year [1][2]. Financial Metrics - The report provides a detailed financial forecast, including an expected EPS of 1.95 RMB for 2025, with a P/E ratio of 32 [4]. - The company's net profit margin is projected to improve from 10.1% in the first half of 2025 to 11.1% in Q3 2025, indicating enhanced operational efficiency [2].

Investment Rating - The report initiates coverage with a "Buy" rating for JD Group [4][6]. Core Insights - JD Group's Q3 2025 revenue reached 299.1 billion RMB, a year-on-year increase of 14.9%, exceeding Bloomberg consensus expectations [1]. - The company's retail segment achieved revenue of 250.6 billion RMB, growing 11.4% year-on-year, with operating profit rising 27.6% to 14.8 billion RMB [2]. - New business, including food delivery, saw a significant revenue increase of 214% year-on-year, indicating strong growth potential [3]. - JD Logistics reported revenue of 55.1 billion RMB, up 24.1% year-on-year, with a net profit of 2.02 billion RMB [3]. Summary by Sections Financial Performance - Q3 2025 Non-GAAP net profit attributable to ordinary shareholders was 5.8 billion RMB, a decline of 56% year-on-year, with a Non-GAAP net profit margin of 1.9%, down 3.2 percentage points [1]. - The report forecasts revenues for 2025-2027 to be 1,339.9 billion RMB, 1,463.1 billion RMB, and 1,586.5 billion RMB, reflecting growth rates of 15.6%, 9.2%, and 8.4% respectively [4][5]. Business Segments - JD Retail's user base surpassed 700 million, with significant growth in shopping frequency during the "11.11" shopping festival, where the number of ordering users increased by 40% and order volume by nearly 60% [2]. - The logistics segment is expanding internationally, with new services launched in Saudi Arabia and the U.S., enhancing JD's integrated supply chain capabilities [3]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 12 for 2025, 8 for 2026, and 6 for 2027 [4][5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is transforming into a "digital ecosystem operator" by leveraging its resources in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1][2]. - A significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million positions the company strategically in the AI and green energy computing sectors [2]. - The traditional business model is now a growth driver, with a successful debt-to-equity conversion plan reducing the interest-bearing debt ratio from 45% to 7% [2]. - The integration of AI computing services and energy management is expected to enhance operational efficiency and profitability [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be CNY 718 million, CNY 579 million, and CNY 789 million, respectively, with growth rates of +139.13%, -19.41%, and +36.41% [3][4]. - Revenue projections show a significant increase from CNY 801.54 million in 2025 to CNY 6,432.54 million in 2027, reflecting a growth rate of 470.13% [4]. - The company’s earnings per share (EPS) is expected to improve from -CNY 3.32 in 2024 to CNY 0.70 in 2027 [4]. Strategic Development - The company’s "urban ecosystem" strategy aims to convert idle factories and land into high-performance computing centers, aligning with its capabilities in urban development [3]. - The acquisition of high-value B-end resources from major cloud service providers and leading AI companies is anticipated to open new growth avenues [3]. - The dual business model of AI computing services and lifecycle management is validated commercially, enhancing the company's resilience and profitability [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is accelerating its overseas mergers and acquisitions, with a recent agreement to acquire 100% equity of Da Zhong Tang in Singapore, which operates 14 TCM clinics [1][2] - The company is also increasing its share buyback program, indicating strong confidence in future growth [1][3] - The acquisition of Da Zhong Tang will enhance the company's operational network in Singapore, supporting its international expansion strategy [2] - The company is leveraging AI technology to create "AI avatars" of renowned TCM doctors, which is expected to improve service delivery and expand capacity [3] - The company forecasts adjusted net profits of 493 million, 594 million, and 708 million HKD for 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3] Summary by Sections Mergers and Acquisitions - The company is actively pursuing international expansion through acquisitions, with the recent purchase of Da Zhong Tang marking a significant step in its TCM overseas strategy [1][2] AI Development - The company is developing AI models based on extensive clinical data to replicate the diagnostic capabilities of top TCM experts, which is anticipated to enhance healthcare delivery [3] Financial Projections - The company projects substantial revenue growth, with expected revenues of 3,797 million, 4,735 million, and 5,902 million HKD for 2025, 2026, and 2027 respectively, alongside increasing net profits [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a FY26H1 revenue of HKD 8.04 billion, a year-on-year decrease of 3.1%, while the net profit attributable to shareholders was HKD 1.146 billion, reflecting a year-on-year increase of 0.6% [6][2] - The gross margin improved to 40.4%, up 0.9 percentage points year-on-year, and the net margin increased to 14.2%, up 0.5 percentage points year-on-year [6][2] - Domestic sales showed a narrowing revenue decline, with a 6.0% decrease in domestic revenue to HKD 4.67 billion, while the gross margin for domestic sales rose to 41.0% [2][6] - E-commerce sales outperformed offline sales, with e-commerce revenue increasing by 13.6% to HKD 1.14 billion, while offline sales decreased by 12.3% to HKD 3.059 billion [2][6] Summary by Sections Domestic Sales - Domestic revenue decreased by 6.0% to HKD 4.67 billion, with a gross margin of 41.0%, benefiting from lower raw material prices [2] - The company adjusted its store layout, resulting in a net reduction of 327 stores, totaling 7,040 stores by the end of FY26H1 [2] International Sales - International sales showed steady growth, with revenue from North America and Europe increasing by 0.3% and 4.3% respectively [2] - The gross margin for international sales improved to 39.3%, up 1.1 percentage points year-on-year [2] Financial Projections - The company expects net profits for FY26, FY27, and FY28 to be HKD 2.23 billion, HKD 2.40 billion, and HKD 2.58 billion respectively [2] - The dividend payout ratio remains stable at over 50%, with a current dividend yield of 5.19% [2]