Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of HKD 16.00 [7][8]. Core Insights - The company reported FY25 revenue of HKD 896.6 billion, a decrease of 17.5% year-on-year, while operating profit increased by 9.8% to HKD 147.5 billion, and net profit attributable to shareholders was HKD 59.2 billion, down 9.0% but above expectations due to product structure optimization and rising gold prices [1][2][4]. - Same-store sales in mainland China and Hong Kong/Macau showed a decline of 2.7% and an increase of 1.3% respectively in April-May 2025, indicating a narrowing decline in mainland sales by 10.5 percentage points compared to the previous quarter [1][2]. - The company is focusing on optimizing its product structure, with the retail sales of gold in mainland China accounting for 19.2%, up 12.2 percentage points year-on-year, and the introduction of high-end jewelry series to enhance brand image and profitability [2][3]. Summary by Sections Financial Performance - FY25 revenue was HKD 896.6 billion, down 17.5% year-on-year, while net profit was HKD 59.2 billion, down 9.0% [1][12]. - The gross profit margin improved to 29.5%, an increase of 5.5 percentage points year-on-year, driven by a higher proportion of high-margin products and rising gold prices [2][16]. Store Network and Brand Strategy - The company closed 892 underperforming stores and opened new stores in high-potential areas, ending FY25 with 6,274 stores in mainland China and 149 in Hong Kong/Macau [3]. - New image stores in key cities have shown better sales performance compared to regular stores, with plans to open 20 new image stores in FY26 [3]. Profit Forecast and Valuation - The net profit forecast for FY26 and FY27 has been raised by 22% and 27% to HKD 76.3 billion and HKD 83.6 billion respectively, with an introduction of FY28 profit forecast at HKD 92.3 billion [4][6]. - The target price is set at HKD 16.00 based on a PE ratio of 21 times for FY26, reflecting the company's potential to benefit from increased industry concentration amid heightened competition [4][6].

丨证券研究报告丨 港股研究丨公司点评丨滔搏（6110.HK） [Table_Title] 分红表现超预期，FY2026 毛利弱修复 报告要点 [Table_Summary] 滔搏 FY2025 实现营收 270.1 亿元，同比-6.6%，归母净利润 12.9 亿元，同比-41.9%，业绩符 合预期。其中 H2 实现营收 139.6 亿元，同比-5.4%，归母净利润 4.1 亿元，同比-52.9%。全年 分红~17 亿元，股息率 135%超预期，超 100%比例分红预计主因现金流表现显著优于净利润。 1 滔搏（6110.HK） cjzqdt11111 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title2] 分红表现超预期，FY2026 毛利弱修复 [Table_Summary2] 事件描述 滔搏 FY2025 实现营收 270.1 亿元，同比-6.6%，归母净利润 12.9 亿元，同比-41 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 06 13 年 月 日 周大福（01929.HK） 产品结构优化效果显著，FY2025 经营利润增长 10% 公司 FY2025 营收同比下降 18%，经营利润同比增长 10%，利润 率改善明显。公司披露 FY2025 年报，由于消费环境波动以及金价高 企，公司营收同比下降 17.5%至 896.56 亿港元，与此同时受益于产 品结构优化以及金价上行带来的收益，公司经营利润率同比提升 4pcts 至 16.4%，经营利润同比增长 9.8%至 147.46 亿港元，整体表 现优异，综合考虑黄金借贷公允价值变动的影响后，归母净利润同比 下降 9%至 59.16 亿港元。董事会建议派发末期股息每股 0.32 港元， 全年股息每股共 0.52 港元，2025 财政年度全年派息率约为 87.8%。 邮箱：wangjiawei@gszq.com 相关研究 内地：FY2025 内地营收下降 17%，公司持续优化渠道网络，同时 推动产品力提升。FY2025 中国内地营收同比下降 16.9%至 745.56 亿 港元，其中零售/批发渠道营收同比-16%/-17 ...

证券研究报告 | 公司点评报告 2025 年 06 月 13 日 周大福（01929.HK） FY25 盈利能力提升，4-5 月经营表现持续改善 消费品/轻工纺服 公司发布 FY25 财报及 2025 自然年 4-5 月经营数据：FY25 收入 896.6 亿港元， 同比-17.5%；净利润 59.2 亿港元，同比-9.0%；计划 FY25 年派息 0.52 港元/ 股，派息率 87.8%。受益于金价上涨及产品结构改善，FY25 公司利润率改善。 2025 自然年 4-5 月零售额及同店销售表现继续好转，整体零售值-1.7%，内地 同店-2.7%，港澳同店+1.3%。预计公司 FY2026-FY2028 净利润规模分别为 70.90 亿港币、81.66 亿港币、91.52 亿港币，同比+20%、+15%、+12%，当 前市值对应 FY26PE 为 17X，维持"强烈推荐"评级。 ❑ 公司发布 2025 财年业绩公告。FY25 公司实现收入 896.6 亿港元，同比 -17.5%；净利润 59.2 亿港元，同比-9.0%。公司计划 FY25 全年派息 0.52 港 元/股，派息率 87.8%，维持较高水平。收入 ...

2025 年 6 月 13 日 ——周大福（1929.HK）2025 财年年报点评 要点 公司 FY2025 营收同比减少 17.5%，本公司股东应占溢利同比减少 9.0% 公司公布 2025 财年年报：FY2025 实现营业收入 896.56 亿港元，同比减少 17.5%；实现本公司股东应占溢利59.16亿港元，按固定汇率计算同比减少9.0%。 同时，公司公布 2025 年 4 月 1 日至 5 月 31 日未经审核之主要经营数据：公司 集团零售值同比下降 1.7%，其中：中国内地零售值同比下降 2.9%，中国香港、 中国澳门及其他市场零售值同比增长 6.3%。 公司 FY2025 综合毛利率上升 5.5 个百分点，经营利润率上升 4.0 个百分点 FY2025 公司综合毛利率为 29.5%，同比上升 5.5 个百分点。公司毛利率提升主 要是由于金价提升以及公司一口价产品占比提升。FY2025 公司销售及行政费用 率为 13.9%，同比上升 1.7 个百分点，经营利润率达到 16.4%，同比上升 4.0 个百分点。公司 FY2025 销售及行政费用率的同比上升主要由于营收规模下降导 致的规模效应减弱，FY2 ...

证券研究报告 | 2025年06月13日 OSL 集团（00863.HK） 优于大市 净利润首度转正，外延收购加速全球扩张 核心观点 公司研究·海外公司财报点评 传媒·数字媒体 | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | | --- | --- | | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cnchenyaorong@guosen.com.cn | | | S0980517060002 | S0980523100001 | | 基础数据 | | | 投资评级 | 优于大市(首次) | | 合理估值 | | | 收盘价 | 12.76 港元 | | 总市值/流通市值 | 7992/7992 百万港元 | | 52 周最高价/最低价 | 13.30/4.16 港元 | | 近 3 个月日均成交额 | 18.61 百万港元 | 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 2024 年公司业绩首度转正。1）公司是目前亚洲唯一上市的持牌合规虚拟资 产交易所，提供大宗经纪服务、数字资产托管服务、电子交易平台，并为机 构客户 ...

汽车 2025 年 6 月 12 日 小鹏汽车 (9868 HK) 交银国际研究 消息快报 小鹏 G7 首搭图灵 AI 芯片，算力跃升，瞄准 25 万元级纯电 SUV 市场 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 事件：6 月 11 日，小鹏 G7 正式亮相并开启预售。作为 2025 年小鹏首款全 新车型，小鹏 G7 定位家庭 SUV，软硬件加持下，具备高度智能化。新车 共推出 Max 和 Ultra 两个版本，预售价 23.58 万元（人民币，下同），今 年 3 季度上市交付。 新车型首搭图灵 AI 芯片，具备 L3 级别算力。算力是检验智能辅助驾驶能 力的第一标准，目前，行业主流有效算力在 80-700TOPS 之间。硬件层面 ，小鹏 G7 搭载 3 颗 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Insights - The core OTA platform's revenue growth has improved sequentially, with a focus on enhancing marketing efficiency and exploring incremental business opportunities [3][7]. - The company achieved a revenue of 4.377 billion RMB in Q1 2025, representing a year-on-year increase of 13.22%, with core OTA revenue at 3.792 billion RMB, up 18.39% year-on-year [7]. - Adjusted net profit for Q1 2025 was 788 million RMB, reflecting a year-on-year growth of 41.13%, with an adjusted net profit margin of 18.0%, up 3.6 percentage points year-on-year [7]. Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 17.341 billion RMB, 19.794 billion RMB, 22.456 billion RMB, and 25.647 billion RMB respectively, with growth rates of 49.12%, 14.15%, 13.45%, and 14.21% [6][9]. - The adjusted net profit for the same years is forecasted to be 1.974 billion RMB, 2.709 billion RMB, 3.294 billion RMB, and 3.891 billion RMB, with growth rates of 26.66%, 18.88%, 16.17%, and 14.42% respectively [6][9]. - The adjusted EBITDA for 2024, 2025, 2026, and 2027 is expected to be 4.050 billion RMB, 4.667 billion RMB, 5.202 billion RMB, and 5.749 billion RMB, with corresponding EBITDA margins of 23.4%, 23.6%, 23.2%, and 22.4% [6][9]. Business Performance - The core OTA business's revenue growth has accelerated sequentially, with Q1 2025 showing a significant improvement compared to Q4 2024 [7]. - The company has focused on improving profit margins through refined operations, achieving a gross margin of 68.8%, a sales expense ratio of 33.2%, and a management expense ratio of 7.0% [7]. - The operating profit for the core OTA segment was 1.1 billion RMB, up 51.89% year-on-year, with an operating profit margin of 29%, an increase of 6.4 percentage points year-on-year [7].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 3.06 per share, indicating a potential upside of 19% from the current price of HKD 2.57 [5][10]. Core Insights - Weak terminal demand is putting pressure on photovoltaic glass prices, which have declined significantly in recent weeks. The average price for 2.0mm photovoltaic glass fell from HKD 13-13.5 per square meter to below HKD 12, while 3.2mm glass prices dropped from HKD 22-22.5 to below HKD 21. As of early June, inventory days reached 29.72, indicating substantial inventory pressure. The industry's gross margin has hit a record low of approximately -9.47% due to multiple factors including the end of the 430/531 rush, declining demand, and inventory pressure [2][7][8]. - The company plans to increase its nominal capacity to 32,200 tons per day by the end of 2024, with actual production capacity at 23,200 tons per day. However, the planned addition of 4,000 tons in 2025 may be delayed due to current market conditions, which could pressure profitability in 2025. The expectation is for supply-demand improvement and a return to rational pricing in 2025 [3][8]. - The company intends to issue a REIT for its solar power plants, which will help improve cash flow by locking in returns from high-subsidy projects. This REIT model will also mitigate future risks associated with electricity price fluctuations [4][9]. Summary by Sections Financial Performance - Revenue is projected to decline from RMB 24,164 million in FY2023 to RMB 21,921 million in FY2024, before recovering to RMB 22,702 million in FY2025. The net profit attributable to shareholders is expected to drop sharply from RMB 3,843 million in FY2023 to RMB 1,008 million in FY2024, before rebounding to RMB 2,101 million in FY2025 [6][14]. - The basic earnings per share are forecasted to decrease from 43.17 cents in FY2023 to 11.27 cents in FY2024, then increase to 23.15 cents in FY2025. The price-to-earnings ratio at the current price of HKD 2.57 is estimated at 20.9 for FY2024 and 10.2 for FY2025 [6][14]. Market Position - The company is positioned as a leading player in the photovoltaic glass industry, benefiting from supply chain management, economies of scale, and technological advantages. This positions the company to further differentiate its profitability from second and third-tier competitors [7][8].

运用数字化拥抱医药下沉市场，业绩渐入收获期 [Table_CoverStock] —药师帮(9885.HK)深度报告 [Table_ReportDate] 2025 年 6 月 12 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 S1500523080002 S1500524030003 tangaijin@cindasc.com zhangzhongtao@cindasc.com 证券研究报告 公司研究 [深度报告 Table_ReportType] [Table_StockAndRank] 药师帮(9885.HK) 投资评级 买入 上次评级 [Table_Chart] 资料来源：ifind，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 10.10 | | --- | --- | | 52 周内股价波动区间 | 5.099-11.28 | | (港元) | | | 最近一月涨跌幅(％) | 35% | | 总股本(亿股) | 6.82 | | 流通 H 股比例(％) | 100 | | 总市值(亿港元) | 68. ...