Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage [1]. Core Insights - The company is positioned for growth through a dual engine of self-developed games and the TapTap platform, which serves as a comprehensive game community and distribution platform [1][2]. - The self-developed games have shown strong performance, with titles like "Let's Go Muffin" and "Heart Town" driving revenue growth, while the TapTap platform is expected to expand significantly due to its user base and monetization potential [2][34]. Summary by Sections Company Overview - The company is a global game developer and publisher with a diverse portfolio, including popular titles such as "Let's Go Muffin," "Heart Town," and "Torchlight: Infinite." It ranks 22nd among mobile game publishers in China and is expected to enter the global top 100 by October 2025 [1]. Investment Logic - **Self-Developed Game Capability**: The company has consistently validated its ability to develop successful games, with a strong product matrix and ongoing growth from new releases and international expansions [2][12]. - **TapTap Platform Growth**: The platform benefits from a user-game dual effect, with a zero-revenue-sharing policy attracting quality games and users. The introduction of a PC version and the expansion of the iOS ecosystem are expected to further enhance growth [2][34][39]. Financial Forecasts and Valuation - The company is projected to achieve significant profit growth, with net profits expected to reach 1.7 billion, 2.1 billion, and 2.55 billion CNY in 2025, 2026, and 2027, respectively, reflecting growth rates of 111.2%, 24.3%, and 20.0% [2][46]. - The target price is set at 103.2 HKD, based on a 22x PE ratio for 2026, indicating a strong valuation relative to industry peers [2][50]. Revenue Projections - Total revenue is expected to grow from 3.39 billion CNY in 2023 to 8.84 billion CNY by 2027, with a compound annual growth rate (CAGR) of 31.0% from 2025 to 2027 [46][47]. - Game revenue is projected to increase significantly, driven by successful titles and new game launches, while information service revenue from TapTap is also expected to grow robustly [46][47]. Cost and Margin Expectations - The company anticipates improving gross margins, with overall gross margins projected to rise from 69.4% in 2024 to 76.3% by 2027, driven by a higher proportion of self-developed games [48][49].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a revenue growth of 8.2% year-on-year, reaching 28.36 billion yuan, which is slightly below Bloomberg's expectations by 3% [7] - The adjusted net profit margin reached 33.5%, exceeding Bloomberg's expectations by 0.8% [7] - The company is expected to see adjusted net profit growth of 18.4%, 8.8%, and 8.6% for the years 2025 to 2027, with corresponding PE ratios of 14.9, 13.7, and 12.6 [7] Financial Performance - Revenue projections for the company are as follows: - 2023A: 103.468 billion yuan - 2024A: 105.295 billion yuan - 2025E: 115.426 billion yuan - 2026E: 125.700 billion yuan - 2027E: 134.863 billion yuan - The net profit for the years is projected as: - 2023A: 29.417 billion yuan - 2024A: 29.698 billion yuan - 2025E: 36.339 billion yuan - 2026E: 39.555 billion yuan - 2027E: 43.252 billion yuan [6][7] Business Segments - The self-developed games segment generated revenue of 23.33 billion yuan, reflecting a year-on-year growth of 11.8% [7] - The cloud music segment reported revenue of 1.96 billion yuan, a decrease of 1.8% year-on-year [7] - The Youdao segment achieved revenue of 1.63 billion yuan, with a year-on-year increase of 3.6% [7] Valuation Metrics - The company’s EPS for the upcoming years is projected as follows: - 2023A: 9.05 yuan - 2024A: 9.28 yuan - 2025E: 11.47 yuan - 2026E: 12.49 yuan - 2027E: 13.65 yuan - The P/E ratios are projected to be: - 2023A: 15.54 - 2024A: 14.91 - 2025E: 18.53 - 2026E: 17.03 - 2027E: 15.57 [6][8]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) [1] Core Insights - Lenovo Group's FY25/26 Q2 financial results exceeded expectations, with revenue of $20.452 billion, a year-on-year increase of 14.58%, and an adjusted net profit of $512 million, up 25.18% [6] - The Intelligent Devices Group (IDG) showed strong performance in the PC business, with revenue of $15.107 billion, a year-on-year growth of 11.79%, and PC revenue of approximately $11.1 billion, growing 17.58% [6] - The Infrastructure Solutions Group (ISG) reported revenue of $4.087 billion, a year-on-year increase of 23.65%, with AI server sales experiencing double-digit growth [6] - The gross margin slightly improved to 15.39%, indicating effective management of rising storage costs [6] - The report forecasts revenue for FY25/26 to FY27/28 at $79.485 billion, $91.551 billion, and $105.244 billion, respectively, with net profits projected at $1.672 billion, $2.029 billion, and $2.433 billion [6] Financial Data and Profit Forecast - Revenue projections for FY23/24 to FY27/28 are as follows: - FY23/24: $56.864 billion - FY24/25: $69.077 billion - FY25/26E: $79.485 billion - FY26/27E: $91.551 billion - FY27/28E: $105.244 billion [5] - Net profit projections for the same period are: - FY23/24: $1.011 billion - FY24/25: $1.384 billion - FY25/26E: $1.672 billion - FY26/27E: $2.029 billion - FY27/28E: $2.433 billion [5] - Earnings per share are expected to grow from $0.08 in FY23/24 to $0.20 in FY27/28 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q3 2025 revenue reached 28.36 billion yuan, a year-on-year increase of 8.2%, which was below Bloomberg consensus expectations of 2.96%, primarily due to product launch timing and revenue recognition delays [1] - Deferred revenue surged to 19.47 billion yuan in Q3 2025, a year-on-year increase of 25.3%, significantly exceeding consensus expectations by 41%, indicating strong player willingness to pay during new game launches [1] - The company is focused on long-term investment strategies and shareholder value, with a strong cash flow performance and a cash reserve of 153.2 billion yuan [3] Revenue and Profit Forecast - The company forecasts revenues of 114.5 billion yuan, 123.6 billion yuan, and 132.2 billion yuan for 2025, 2026, and 2027 respectively, with Non-GAAP net profit estimates of 39 billion yuan, 41.4 billion yuan, and 44.5 billion yuan for the same years [4][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The report indicates that despite a decline in the gaming business, the dual-driven trend of WPS BC is becoming increasingly evident, with expectations for revenue recovery following optimizations [5][6] - The company's Q3 2025 revenue was 2.419 billion yuan, a year-on-year decline of 17.0%, with a net profit of 213 million yuan, down 48.5% year-on-year, primarily due to underperformance in the gaming sector and increased marketing expenses [6][7] - WPS revenue reached 1.52 billion yuan, growing 26.1% year-on-year, with significant growth in both personal and enterprise segments, indicating a potential for becoming a key player in the B-end market [6][7] Financial Summary and Valuation Metrics - Revenue projections for 2025 are estimated at 9.909 billion yuan, with a year-on-year change of -4.0% [9] - Net profit for 2025 is forecasted at 1.4 billion yuan, reflecting a year-on-year decrease of 9.8% [9] - The company's gross margin is expected to be 80.9% in 2025, with a net margin of 14.1% [9] - The P/E ratio for 2025 is projected at 28.0 times, with a gradual decrease to 16.1 times by 2027 [9]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on strong performance metrics and growth potential. Core Insights - Miniso reported a revenue of 15.19 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 23.7%. The adjusted net profit for the same period was 2.046 billion yuan, with an adjusted net profit margin of 13.5% [1][2] - The company's same-store sales growth in China reached low double-digit levels in October 2025, indicating a strong recovery and growth trajectory [2] - The TOP TOY segment showed exceptional performance with a revenue increase of 87.9% year-over-year, contributing significantly to overall growth [1][2] Summary by Sections Financial Performance - For Q3 2025, Miniso achieved a revenue of 5.797 billion yuan, a year-over-year increase of 28.2%. Domestic revenue was 2.909 billion yuan (yoy +19.3%), while overseas revenue was 2.312 billion yuan (yoy +27.7%). TOP TOY's Q3 revenue was 575 million yuan (yoy +111.4%) [2] - The adjusted operating profit margin for Q3 was 17.6%, showing a narrowing decline of 2.1 percentage points, indicating improved profitability [3] Store Expansion - As of the end of Q3 2025, Miniso had a total of 8,138 stores globally, with 4,407 in China and 3,424 overseas. The company opened 718 new stores year-over-year, with 75.7% of new openings in overseas markets [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 2.703 billion yuan, 3.438 billion yuan, and 4.232 billion yuan, respectively, with corresponding P/E ratios of 16.4X, 12.9X, and 10.5X [4][6]

Investment Rating - The report maintains a "Buy" rating for King’s Ray Biotechnology, with a target price of HKD 26.21 per share [9][13]. Core Insights - King’s Ray Biotechnology focuses on a "technology-driven" and "global layout" strategy, aiming for long-term revenue growth and clear growth paths across its business segments [2][9]. - The company has set a long-term revenue target of USD 3 billion by 2035, with an operating profit margin exceeding 20% [9]. - The report highlights the company's strategic positioning as a leading global supplier of biopharmaceutical services and products, including antibody drugs and gene & cell therapies [9]. Financial Summary - Total revenue projections for 2023 to 2027 are as follows: USD 840 million in 2023, USD 594 million in 2024, USD 939 million in 2025, USD 825 million in 2026, and USD 961 million in 2027, with growth rates of 34.2%, -29.2%, 58.0%, -12.1%, and 16.4% respectively [4][10]. - Gross profit is expected to increase from USD 410 million in 2023 to USD 441 million in 2027, while net profit is projected to rise significantly from a loss of USD 95 million in 2023 to a profit of USD 155 million in 2027 [4][10]. - The report anticipates a significant increase in net profit in 2024 to USD 2,962 million, followed by a decrease in 2025 and a gradual recovery thereafter [4][10]. Business Strategy - The company aims to solidify its cash flow to support its life sciences, biopharmaceutical CRDMO, and synthetic biology segments, driving profitability growth [9]. - King’s Ray plans to enhance its core competitiveness in antibody protein business and expand into non-outsourced markets, providing innovative instruments and solutions [9]. - The report emphasizes the integration of business capabilities to transform mature services into one-stop solutions, accelerating productization and growth [9].

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved a significant revenue increase of 101.8% year-on-year in Q3 2025, reaching 20.38 billion RMB, driven by higher vehicle deliveries and service income [5][6]. - The gross margin reached a record high of 20.1%, with automotive gross margin at 13.1%, reflecting ongoing cost reductions despite a slight decline due to product upgrades [6][7]. - The company is expanding its sales network with 690 stores across 242 cities and plans to deliver 125,000 to 132,000 vehicles in Q4 2025, indicating a year-on-year growth of 36.6% to 44.3% [7][8]. Financial Performance Summary - Q3 2025 revenue: 20.38 billion RMB, up 101.8% YoY; automotive revenue: 18.05 billion RMB, up 105.3% YoY [5][6]. - Q3 2025 net loss: 380 million RMB, narrowing by 78.9% YoY; Non-GAAP net loss: 150 million RMB, narrowing by 90.1% YoY [5][6]. - R&D expenses in Q3 2025 were 2.43 billion RMB, up 48.7% YoY, reflecting increased investment in product development [6][7]. Future Outlook - The company forecasts Q4 2025 revenue between 21.5 billion and 23 billion RMB, representing a year-on-year growth of 33.5% to 42.8% [7][8]. - Projected revenues for 2025-2027 are 77 billion, 121.5 billion, and 155.6 billion RMB, with expected growth rates of 88%, 58%, and 28% respectively [8][9]. - The company aims to transition into a "physical AI world" and has launched the X9 model with a comprehensive range of 1,602 km, marking the start of a new product cycle [7][8].

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) [1] Core Views - Baidu's Q3 2025 revenue was approximately 31.17 billion yuan, a year-on-year decline of 7% and a quarter-on-quarter decline of 5%. The non-GAAP net profit was 3.77 billion yuan, down 36% year-on-year and 21% quarter-on-quarter, with a gross margin of approximately 41.25% [4][5] - The core business revenue for Baidu was 24.66 billion yuan, also down 7% year-on-year and 6% quarter-on-quarter. The non-GAAP operating profit was 2.23 billion yuan, a significant drop of 67% year-on-year and 49% quarter-on-quarter [4][5] Summary by Sections Recent Performance - Baidu's total revenue for Q3 2025 was approximately 31.17 billion yuan, with core revenue of about 24.66 billion yuan, both reflecting a 7% year-on-year decline. iQIYI's revenue was 6.7 billion yuan, down 8% year-on-year [4][5] - Online marketing revenue decreased by 18% year-on-year, while non-online marketing revenue grew by 21% [5] Online Marketing - The online marketing segment saw revenue of approximately 15.3 billion yuan, down 18% year-on-year. Baidu is advancing AI transformation in its search services, with about 70% of mobile search results pages containing AI-generated content. AI-native marketing services have become a significant growth driver, achieving revenue of 2.8 billion yuan, a year-on-year increase of 262% [5][6] Cloud Services - Baidu is accelerating the development of enterprise AI-native applications, with AI application revenue reaching 2.6 billion yuan, a 6% year-on-year increase. The intelligent cloud infrastructure revenue was 4.2 billion yuan, up 33% year-on-year, and AI high-performance computing facility subscription revenue grew by 128% [6][7] Autonomous Driving - Baidu's autonomous driving business is expanding globally, with over 250,000 weekly orders for fully autonomous operations as of October 2025. The service has been launched in 22 cities, with significant partnerships in Switzerland and Abu Dhabi [6][7] Financial Forecast - The report adjusts Baidu's revenue forecasts for 2025-2027 to 130.2 billion, 136.8 billion, and 145.4 billion yuan, respectively. Non-GAAP net profits are projected at 19.2 billion, 20.1 billion, and 22.7 billion yuan, with corresponding non-GAAP EPS of 6.99, 7.29, and 8.26 yuan. The non-GAAP P/E ratios are expected to be 14.9, 14.3, and 12.6x [7][9]

Investment Rating - The report assigns an "Outperform" rating to Gushengtang, expecting a relative return exceeding 10% over the next 12-18 months [16]. Core Insights - Gushengtang announced the acquisition of 100% equity in Singapore's Da Zhong Tang, which operates 14 TCM clinics, aiming to enhance its market share and expand its business network in Singapore [5][6]. - The acquisition is anticipated to positively impact the company's performance in 2026, leveraging Da Zhong Tang's established brand and operational presence in key commercial areas of Singapore [6][7]. - The company plans to continue its overseas expansion through a combination of mergers and acquisitions, partnerships, and self-established clinics, targeting the addition of 10-20 new stores in Singapore and around 20 clinics in Hong Kong by 2026 [7][8]. Summary by Sections Acquisition Details - Gushengtang's acquisition of Da Zhong Tang will consolidate its financial results into the group's statements, enhancing its operational scale in Singapore [5][6]. Market Expansion Strategy - The company aims to expand its presence in Singapore through a mix of M&A, partnerships, and new clinic establishments, with a goal of generating significant overseas revenue by 2026 [7]. Operational Enhancements - Gushengtang plans to utilize its domestic supply chain for Chinese herbal products to support its overseas clinics, while enhancing internal treatment capabilities through AI technology and expert training [8].