Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical [1][14] Core Views - The company reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling RMB 19.89 billion, while net profit decreased by 7.1% to RMB 3.51 billion. However, in the third quarter, revenue grew by 3.4% year-on-year to RMB 6.62 billion, and net profit increased by 27.2% to RMB 964 million, aligning with expectations [4][10] - The gross margin decreased by 4.9 percentage points year-on-year to 65.6%, with the sales contribution from finished drugs dropping from 82.3% in the first three quarters of 2024 to 77.7% in 2025 [4][10] - The company has a robust pipeline with 28 key products in pivotal clinical trials and a significant increase in R&D expenses, which rose by 7.9% year-on-year to RMB 4.19 billion, representing 21.0% of revenue [7][13] Financial Performance - For the first three quarters of 2025, finished drug sales fell by 17.3% year-on-year to RMB 15.45 billion, but third-quarter sales returned to growth at RMB 5.20 billion, up 1.6% year-on-year [5][11] - The oncology product sales saw a significant decline of 56.8% year-on-year to RMB 1.65 billion, now representing 10.7% of total finished drug sales [5][11] - The API segment experienced a 22.3% year-on-year increase in vitamin C revenue to RMB 1.79 billion, while antibiotic API revenue slightly declined by 3.7% due to price drops [5][11] Pipeline Development - The company is advancing multiple trials for SYS6010 (EGFR ADC), which has received Fast Track Designation from the FDA and Breakthrough Therapy Designation from the NMPA, with data readouts expected in 2026 [6][12] - The innovative pipeline includes 28 products in phase II/III trials, nine in phase II, and approximately 40 in phase I, covering both oncology and non-oncology areas [7][13] Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been adjusted down from RMB 0.46 to RMB 0.40, with target prices revised from HK$12.7 to HK$9.7, indicating a potential upside of 31% [14]

Investment Rating - The report maintains a "Buy" rating for MINISO, reflecting confidence in its growth potential and operational efficiency [4][6]. Core Insights - MINISO has demonstrated strong revenue growth, with a 28.2% year-on-year increase in revenue to 5.8 billion RMB in Q3 2025, alongside an adjusted net profit growth of 11.7% to 767 million RMB [1]. - The company is expanding its store network, adding 102 new stores in mainland China, bringing the total to 4,407, while overseas operations also saw a net increase of 117 stores, totaling 3,424 [2]. - The operational efficiency of overseas direct sales has improved, with a profit margin increase, particularly in strategic markets like North America and Europe [2]. Summary by Sections Domestic Operations - In Q3 2025, MINISO's domestic revenue reached 2.91 billion RMB, marking a 19.3% year-on-year increase, with same-store sales showing high single-digit growth [1]. - The company anticipates low double-digit same-store growth in mainland China by October 2025, projecting a full-year same-store growth in the mid-single digits [1]. Overseas Operations - The overseas business generated 2.31 billion RMB in revenue, a 27.7% increase year-on-year, accounting for 44.3% of total revenue [2]. - Same-store sales in overseas markets have shown improvement, particularly in strategic regions, contributing to the overall growth of the company [2]. Financial Performance - The adjusted operating profit for Q3 2025 was 1.02 billion RMB, reflecting a 14.8% year-on-year increase, with an adjusted operating profit margin of 17.6%, down 2.1 percentage points year-on-year [3]. - The gross profit for Q3 2025 was 2.59 billion RMB, with a gross margin of 44.7%, slightly down from the previous year [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 21.3 billion RMB, 25.4 billion RMB, and 29.6 billion RMB respectively, with adjusted net profits expected to be 2.94 billion RMB, 3.48 billion RMB, and 4.08 billion RMB [4][5]. - The report indicates a continuous optimization of various business segments, products, and supply chains, supporting the company's growth trajectory [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 50.06, representing a potential upside of 30.36% from the current stock price of HKD 38.40 [3]. Core Insights - The company's Q3 2025 performance met expectations, with net revenue increasing by 14.0% year-on-year and 1.0% quarter-on-quarter, reaching HKD 12.16 billion, recovering to 95.7% of the same period in 2019 [3]. - The VIP gaming table turnover increased by 46.28% year-on-year and 16.6% quarter-on-quarter, while mass gaming revenue grew by 12.8% year-on-year and 7.4% quarter-on-quarter [3]. - The adjusted EBITDA for the group grew by 13.6% year-on-year but decreased by 6.4% quarter-on-quarter to HKD 3.34 billion, recovering to 81.3% of the same period in 2019 [3]. - The company holds a strong balance sheet with net cash of HKD 34.8 billion, the strongest in the industry [3]. Financial Summary - Total net revenue is projected to grow from HKD 35,683.6 million in 2023 to HKD 55,764.5 million by 2027, reflecting a compound annual growth rate (CAGR) of 8.5% [2][4]. - EBITDA is expected to increase from HKD 9,955.0 million in 2023 to HKD 16,439.8 million in 2027, with an EBITDA margin improving from 27.9% to 29.5% over the same period [2][4]. - Net profit is forecasted to rise from HKD 6,828.0 million in 2023 to HKD 12,317.4 million in 2027, indicating a CAGR of 9.6% [2][4]. - The company plans to maintain a dividend payout, with dividends per share expected to increase from HKD 0.5 in 2023 to HKD 1.6 in 2027, resulting in a dividend yield of 4.3% by 2027 [2][4]. Operational Highlights - The performance of "Galaxy Macau™" and the StarWorld Hotel showed a net revenue increase of 20% and a decrease of 6% year-on-year, respectively, with hotel occupancy rates at 98% and 99% [3]. - The company is progressing with the construction of the fourth phase of "Galaxy Macau™," expected to be completed in 2027, which will introduce several high-end hotel brands and a theater with 5,000 seats [3]. - The company hosted approximately 260 entertainment, sports, arts, and cultural events from January to September 2025, leading to a 41% year-on-year increase in visitor traffic to "Galaxy Macau™" [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [9]. Core Insights - The company has demonstrated significant growth in IP-derived revenue, which has more than doubled, alongside diversified exploration in its performance business [2][9]. - For FY26H1, the company reported a revenue of 4.05 billion RMB, a year-on-year increase of 33%, and a net profit attributable to shareholders of 520 million RMB, reflecting a 54% growth [6][9]. - The adjusted EBITDA for FY26H1 was 550 million RMB, showing a 14% increase after excluding a one-time financial asset impairment reversal from FY25H1 [6][9]. Financial Data and Profit Forecast - The company’s revenue projections for FY2024 to FY2028 are as follows: - FY2024: 5.036 billion RMB (YoY +43%) - FY2025: 6.702 billion RMB (YoY +33%) - FY2026E: 8.510 billion RMB (YoY +27%) - FY2027E: 9.982 billion RMB (YoY +17%) - FY2028E: 11.336 billion RMB (YoY +14%) [8][10]. - Net profit attributable to ordinary shareholders is forecasted to grow significantly, with FY2026E projected at 1.043 billion RMB, a 187% increase from FY2025 [8][10]. - The report highlights an improvement in management efficiency, with a decrease in management expense ratio to 16.5% in FY26H1, down 3.1 percentage points year-on-year [9]. Business Segments Performance - The IP-derived business segment saw a revenue of 1.16 billion RMB in FY26H1, up 105% year-on-year, with a gross profit of 230 million RMB, reflecting a 44% increase [9]. - The performance segment generated 1.34 billion RMB in revenue, a 14.5% increase year-on-year, with a segment profit of 750 million RMB, up 4.7% [9]. - The film segment reported a revenue of 1.06 billion RMB in FY26H1, a decrease of 15% year-on-year, while the series production segment turned profitable with a revenue of 480 million RMB [9].

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology [3][6]. Core Insights - Kuaishou's revenue for Q3 2025 reached 35.6 billion yuan, a year-on-year increase of 14.2%. The revenue from online marketing services, live streaming, and other services was 20.1 billion, 9.6 billion, and 5.9 billion yuan, respectively, with growth rates of 14.0%, 2.5%, and 41.3% [1]. - The company's operating profit for the quarter was 5.3 billion yuan, with an operating profit margin of approximately 14.9%. The non-GAAP net profit attributable to shareholders was 5.0 billion yuan, up 26.3% year-on-year, with a non-GAAP net profit margin of about 14.0% [1]. - E-commerce GMV grew robustly, increasing by 15.2% year-on-year to 385 billion yuan, with a healthy development in the average buyer structure and active user repurchase frequency [1][2]. - The AI models, such as OneRec and G4RL, have become new drivers for advertising revenue growth, contributing approximately 4%-5% to domestic online advertising revenue [2]. Financial Summary - The projected revenues for Kuaishou from 2025 to 2027 are 141.5 billion, 155.0 billion, and 167.0 billion yuan, representing year-on-year growth rates of 11%, 10%, and 8% respectively. Adjusted net profits are expected to be 20.5 billion, 24.8 billion, and 27.8 billion yuan, with growth rates of 16%, 21%, and 12% [3][5]. - The adjusted EPS for the same period is projected to be 4.8, 5.8, and 6.5 yuan, with a net asset return rate of 25.6%, 24.2%, and 21.8% respectively [5][12]. - The target price for Kuaishou is set at 94 HKD based on a 15x P/E ratio for 2026 estimates [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6] Core Insights - The company reported Q3 revenue of 5.8 billion (+28.2% YoY) and adjusted net profit of 770 million (+11.7% YoY), with a net profit margin of 13.2% (-2.0 percentage points) [1][6] - Domestic revenue for the company's brand reached 2.91 billion (+19.3% YoY), while overseas revenue was 2.31 billion (+27.7% YoY). TOPTOY revenue surged to 570 million (+111.4% YoY) [1][6] - The company has a robust "1+3" moat strategy, combining a Chinese supply chain, global IP, global design, and global channels, which supports its domestic expansion and high growth in overseas markets [1][6] Financial Performance - The company expects significant revenue growth, with projected revenues of 13.84 billion, 16.99 billion, 21.21 billion, 25.13 billion, and 29.27 billion for 2023 to 2027, respectively, reflecting growth rates of 39%, 23%, 25%, 18%, and 17% [2][7] - Adjusted net profit is projected to grow from 2.39 billion in 2023 to 4.34 billion in 2027, with corresponding growth rates of 101%, 13%, 10%, 23%, and 18% [2][7] - The company’s earnings per share (EPS) is expected to increase from 1.90 in 2023 to 3.45 in 2027 [2][7] Domestic Market Performance - In Q3, the domestic brand revenue was 2.91 billion, with same-store sales showing high single-digit growth. The company anticipates low double-digit growth in same-store sales for Q4 [1][6] - The company added 102 new stores in Q3, bringing the total to 4,407 stores [1][6] International Market Performance - The overseas brand revenue reached 2.31 billion, with same-store sales showing low single-digit growth. The U.S. market saw revenue growth exceeding 65% [1][6] - The company opened 117 new stores overseas in Q3, with a total of 3,424 stores by the end of the quarter [1][6] TOPTOY Performance - TOPTOY brand revenue reached 570 million in Q3, with a same-store sales growth in the mid-single digits and a net increase of 14 stores, totaling 307 stores [1][6]

Investment Rating - The investment rating for H&H International Holdings is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company reported total revenue of 10.81 billion RMB, reflecting a year-on-year increase of 12.3%. All business segments recorded positive growth, with the adult nutrition and care products segment increasing by 6.0%, the infant nutrition and care products segment by 24.0%, and the pet nutrition and care products segment by 8.2% [2][4][6]. Summary by Relevant Sections Revenue Performance - Total revenue for the first three quarters of 2025 was 10.81 billion RMB, up 12.3% year-on-year. The adult nutrition and care products segment saw a 6.0% increase, while the infant nutrition and care products segment grew by 24.0%. Specifically, infant formula revenue surged by 33.3%, and the decline in infant probiotics and nutritional supplements narrowed to 2.3%. The pet nutrition and care products segment also experienced an 8.2% increase [2][4][6]. Business Segment Analysis - The adult nutrition and care (ANC) segment's revenue increased by 6.0%, with domestic revenue rising by 15.7%. Cross-border e-commerce revenue grew by 23.1%, and Douyin revenue surged by 77.7%. However, Australian revenue declined by 19.4%, primarily due to the company's proactive adjustment of purchasing channels. In contrast, Australian local revenue increased by 8.9%, maintaining market leadership for the Swisse brand. Other regions saw a 19% revenue increase, driven by high growth in nine emerging Asian markets. The infant nutrition and care (BNC) segment's revenue rose by 24.0%, with infant formula revenue increasing by 33.3% (domestic revenue up 35.2%). The market share of the company's premium infant formula brand reached 16.4% in 2025 Q3, with a quarterly increase to 17.3%. The probiotics segment's revenue decline was mitigated by new product promotions and online channel stabilization. The pet nutrition and care (PNC) segment's revenue grew by 8.2%, with North American Zesty Paws revenue up 12.4%, while Solid Gold revenue fell by 18.3% due to channel and product structure adjustments. In China, pet nutrition revenue increased by 8.0%, with high-margin products rising to 33.7% [6]. Financial Position - The company has a strong cash position, with a cash balance of 1.74 billion RMB at the end of Q3 2025, following the early repayment of 150 million RMB equivalent in USD debt. Overall, the performance across multiple business segments is positive, indicating a favorable outlook for H&H as a supplier of nutritional products for all family members. The projected net profits for 2025, 2026, and 2027 are 518 million RMB, 672 million RMB, and 781 million RMB, respectively, corresponding to price-to-earnings ratios of 16, 12, and 11 times [6].

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Insights - The company has demonstrated significant growth in IP revenue, with a more than doubling of income from IP-related businesses, particularly in ToB licensing and a rapidly developing ToC segment [11]. - The company's total revenue for FY26H1 reached 4.05 billion RMB, representing a year-on-year increase of 33%, while net profit attributable to shareholders was 520 million RMB, up 54% [8][11]. - The report highlights a strategic shift in the film investment approach, focusing on lower-risk, high-quality content, while the live performance segment is expanding both domestically and internationally [11]. Financial Data and Profit Forecast - The company’s revenue projections for FY2024 to FY2028 are as follows: - FY2024: 5.036 billion RMB (YoY +43%) - FY2025: 6.702 billion RMB (YoY +33%) - FY2026E: 8.510 billion RMB (YoY +27%) - FY2027E: 9.982 billion RMB (YoY +17%) - FY2028E: 11.336 billion RMB (YoY +14%) [10][12]. - Net profit attributable to ordinary shareholders is forecasted to grow significantly, with estimates of 1.043 billion RMB for FY2026E, reflecting a 187% increase from FY2025 [10][12]. - The report anticipates a steady increase in earnings per share, projected to reach 3.52 RMB in FY2026E [10][12]. Business Segment Performance - The IP derivative business saw a revenue increase of 105% in FY26H1, with a focus on high-quality IPs and expanding retail brand operations [11]. - The live performance segment generated 1.34 billion RMB in revenue for FY26H1, marking a 14.5% increase, despite some pressure on profit margins due to international expansion efforts [11]. - The film segment reported a revenue decline of 15% in FY26H1, prompting a strategic pivot towards lower-budget, high-quality films [11].

Investment Rating - The report assigns an "Outperform" rating with a target price of HKD 195.99, based on a 15x P/E for 2025 [4][14]. Core Insights - The "Same Building and Sharing" concept has established a stable foundation for the franchise network, contributing to the company's leading position in the industry [4][23]. - The company has shown steady revenue growth, with projected revenues of RMB 471.07 billion, RMB 516.85 billion, and RMB 577.06 billion for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 6%, 10%, and 12% [3][11]. - The net profit attributable to the parent company is expected to be RMB 95.65 billion, RMB 106.33 billion, and RMB 119.29 billion for the same years, with year-on-year growth rates of 8%, 11%, and 12% [3][11]. Financial Summary - Total revenue for 2023 is projected at RMB 38,419 million, increasing to RMB 44,281 million in 2024, and further to RMB 47,107 million in 2025, with a growth rate of 8.6% in 2023 and 15.3% in 2024 [3][13]. - Gross profit is expected to rise from RMB 11,663 million in 2023 to RMB 13,717 million in 2024, and then to RMB 13,571 million in 2025 [3]. - The company's P/E ratio is projected to decrease from 14.96 in 2023 to 12.25 in 2025, indicating a potential increase in valuation attractiveness [3][15]. Business Analysis - The company has maintained a leading market share in the express delivery sector, achieving a market share of 14.4% in 2016 and consistently holding the top position since then [4][23]. - The franchise model has been pivotal in the company's growth, allowing for efficient cost management and stable revenue generation [4][23]. - The report highlights the importance of early investment in core assets, which has contributed to the company's operational efficiency and market share growth [4][23]. Industry Overview - The express delivery industry is transitioning into a phase of moderate growth, with projected compound annual growth rates of 23.45% for business volume and 16.03% for revenue from 2017 to 2024 [36]. - The report notes that the industry is expected to reach a milestone of 1 trillion packages, driven by e-commerce growth and improved operational efficiencies [36].

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Insights - In Q3 2025, MINISO's revenue growth exceeded expectations, with a year-on-year increase of 28.2%, reaching 5.797 billion yuan. The adjusted net profit for the same quarter was 767 million yuan, up 11.7% year-on-year [4][5] - For the first three quarters of 2025, MINISO achieved a revenue of 15.190 billion yuan, a year-on-year increase of 23.7%, and an adjusted net profit of 2.045 billion yuan, growing 6.1% year-on-year [5][6] - The company has seen a significant improvement in same-store sales in China, with a high single-digit growth in Q3 2025 and a further acceleration to low double-digit growth in October 2025 [6][10] Financial Performance Summary - In Q3 2025, MINISO's adjusted net profit margin was 13.2%, down 2.0 percentage points year-on-year, while the overall adjusted net profit margin for the first three quarters was 13.5%, down 2.2 percentage points year-on-year [5][9] - The gross margin for the first three quarters of 2025 was 44.4%, a slight increase of 0.3 percentage points year-on-year, while Q3 2025 saw a gross margin of 44.7%, down 0.2 percentage points year-on-year [7][9] - The company reported a healthy operating cash flow of 1.230 billion yuan in Q3 2025, with a ratio of operating cash flow to adjusted net profit of 1.7, indicating strong profitability [9] Business Segment Performance - Domestic operations in China generated 8.024 billion yuan in revenue for the first three quarters of 2025, a 14.1% year-on-year increase, with a net addition of 102 stores in Q3 [6][10] - Internationally, MINISO's overseas revenue reached 5.846 billion yuan, growing 28.7% year-on-year, with same-store sales turning positive in Q3 2025 [6][10] - The TOP TOY segment achieved a remarkable revenue growth of 87.9% year-on-year, reaching 1.317 billion yuan for the first three quarters of 2025 [6] Future Projections - The report forecasts MINISO's revenue for 2025, 2026, and 2027 to be 21.216 billion yuan, 25.799 billion yuan, and 30.633 billion yuan respectively, with net profits projected at 2.400 billion yuan, 3.398 billion yuan, and 4.160 billion yuan [10][12]