June 11, 2025 02:31 PM GMT Laopu Gold | Asia Pacific China Consumer Trip Takeaway Key Takeaways New product: Multi-color enamel Hulu necklaces (launched on May 30) have high recognizability for Laopu brand and is being well received among core customers. Antique products: Currently accounts for 20% of total sales (average ASP at >Rmb100k vs. jewelry at ~Rmb30k), and aims to achieve higher mix with more new product launches in the future. Price hike timing: Could be after 618 festival, but exact timing unkno ...

Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The takeaway from the report is that the new product development and the competitive landscape in the food delivery sector are driving short-term demand for the tea beverage industry, with the company enhancing its R&D and supply chain capabilities to improve competitiveness [2][3] Summary by Sections Investment Recommendations - The company is expected to generate revenues of 57.04 billion, 61.84 billion, and 66.84 billion RMB for the years 2025-2027, with growth rates of 16%, 8%, and 8% respectively [11] - Adjusted net profits are projected to be 9.45 billion, 10.60 billion, and 11.61 billion RMB for the same period, with growth rates of 47%, 12%, and 10% respectively [12][14] Industry Dynamics - The tea beverage industry is experiencing high demand driven by a price war and new product cycles, with a marginal improvement in industry dynamics since the second half of 2024 [19] - The health trend is leading to a new product cycle, with consumers increasingly favoring healthier options, such as those featuring superfoods like kale [27][28] R&D and Supply Chain Enhancements - The company has strengthened its R&D capabilities, increasing the frequency of new product launches to 5-8 per month, resulting in a higher rate of successful products [37][38] - A comprehensive supply chain network has been established, ensuring timely delivery of fresh ingredients to stores, which enhances product quality and operational efficiency [39] Revenue Recovery and Cost Control - The company is expected to see a revenue recovery in 2025, driven by a low base effect, accelerated new product launches, and the impact of the food delivery competition, which is estimated to boost same-store sales by approximately 8% [40] - The total number of stores is projected to stabilize and increase in the latter half of 2025, with a net addition of 1,100 stores expected [15][40]

12 Jun 2025 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) SSS recovery and store revamp on track We are delighted to see SSS decline to narrow in 2Q25E with some initial success in the store format upgrades. However, while the turnaround is still on track in general and fairly constructive, it is just kind of inline with the market's expectation. What is more important is the sustainability into 2H25E and FY26E and potential beat on top of that. We will monitor this ...

丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 G7 上市点评：油车看马力，智车看算 力，G7 有望成为爆款 报告要点 [Table_Summary] 2025 年 6 月 11 日，全球首款 L3 级算力 AI 汽车小鹏 G7 正式亮相，将推出 G7 Max 和 Ultra 两个版本，预售价 23.58 万元起。小鹏 G7 将首发搭载三颗自研图灵 AI 芯片，车端算力超过 2200Tops，实现行业首个 L3 级算力车型。智驾能力持续领先，新车周期强势开启，叠加渠道 变革和营销体系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现， 叠加软件盈利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title ...

Investment Rating - The report gives a "Buy" rating for the company [3][20]. Core Views - The company is expected to achieve revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of +45.0%, +49.2%, and +40.2%. The net profit attributable to the parent company is projected to be -959 million, -655 million, and -210 million yuan for the same years, with year-on-year growth rates of +12.6%, +31.7%, and +68.0% [3][20]. Summary by Sections 1. Leading Company in Humanoid Robotics with Broad Application Scenarios - The company is a pioneer in humanoid robotics and occupies a leading market position, focusing on the design, production, commercialization, sales, and marketing of intelligent service robots and solutions [24]. - The company has established partnerships with several well-known enterprises, enhancing its brand influence and providing stable orders and revenue [25]. - The management team is experienced, with a stable structure and rich industry experience [29]. 2. Steady Revenue Growth with Continuous Product Structure Adjustment - The company has shown steady revenue growth, with a CAGR of 15.24% from 2020 to 2024, achieving a revenue of 1.305 billion yuan in 2024, a year-on-year increase of 23.65% [35]. - The revenue structure is shifting, with the share of logistics robots increasing from 2% to 37% from 2020 to 2023, while the share of educational robots has decreased from 83% to 33% [37]. 3. Strong National Policy Support and Broad Market Space for Humanoid Robots - The government has introduced policies to support the development of the humanoid robotics industry, aiming to establish an innovation system by 2025 and a reliable supply chain by 2027 [44][48]. - The humanoid robotics industry is entering a rapid development phase, with many domestic and international manufacturers launching new products [45]. 4. Continuous High-Intensity R&D Investment and Leading Product Technology - The company has maintained high R&D investment, with an average R&D expenditure of 469 million yuan from 2020 to 2024, holding the largest number of effective humanoid robot patents globally [50]. - The company offers a diverse range of products targeting various application scenarios, including industrial, educational, logistics, and consumer markets [56]. 5. Profit Forecast and Valuation - The report anticipates significant revenue growth for the company, with expected revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for 2025, 2026, and 2027, respectively, alongside improving net profit figures [20].

Investment Rating - The report assigns an IPO-specific rating of 6.3 to the company, based on various criteria including operational performance, industry outlook, valuation, and market sentiment [6]. Core Insights - Haitai Foods is recognized as a leading player in the Chinese condiment market, holding the position of the largest condiment company in China and the fifth largest globally, with a diverse product range including soy sauce, oyster sauce, and specialty condiments [1][2]. - The company has demonstrated resilience with projected revenues of 245 billion RMB for 2023, 269 billion RMB for 2024, and 83 billion RMB for Q1 2025, alongside net profits of 56.3 billion RMB, 63.4 billion RMB, and 22 billion RMB respectively, indicating a recovery trend after a challenging 2023 [1]. - The Chinese condiment market is expected to grow from 408.1 billion RMB in 2019 to 498.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.1%, driven by rising disposable incomes and urbanization [2]. Company Overview - Haitai Foods has cultivated a strong brand presence with multiple flagship products and a comprehensive distribution network, covering nearly 100% of prefecture-level cities and about 90% of county-level cities in China [3]. - The company has launched over 1,450 SKUs to meet the diverse needs of restaurants, food processing enterprises, and end consumers, showcasing a well-rounded product matrix [1][3]. - As of March 2025, the company's debt-to-asset ratio stands at 16%, and the return on equity (ROE) for 2024 is projected at 21% [1]. Industry Status and Outlook - The condiment industry in China is characterized by a fragmented competitive landscape, with Haitai Foods holding a market share of 4.8% domestically, leading the sector [2]. - The global condiment market is valued at approximately 21,438 billion RMB, with a growth rate of about 3.2% [2]. - The increasing trend of restaurant chain development and the fast-paced lifestyle of consumers are expected to further boost the demand for diverse condiments in China [2]. Investment Considerations - The report highlights a strong lineup of cornerstone investors for the IPO, including notable firms such as Hillhouse, GIC, and UBS Asset Management, which collectively account for approximately 48.8%-50.66% of the offering [5]. - The IPO price range is set between 35-36.3 HKD, with a post-IPO market capitalization estimated at 9.2-9.5 billion HKD, indicating an attractive valuation compared to the latest A-share prices, which are at a discount of about 20%-23% [5][6].

SDICSI 2025 年 6 月 11 日 海天味业 (3288.HK) 海天味业 IPO 点评报告 报告摘要 公司概览 海天味业是中国调味品领军者。据Frost-Sullivan数据，公司是全球第五大、中国 第一大的调味品企业，主要品类包括酱油、蚝油、调味酱、特色调味品及其他。23 全年/24全年/25一季度收入为245/269/83亿人民币，增速为-3.3%/10.4%/9%；净利 润为56.3/63.4/22亿，增速为-9.2%/12.7%/14.7%。23年公司进行渠道优化导致业 绩下滑，24年已经看到比较明显的改善，并且25年一季度增长延续。2025年3月末 公司资产负债率为16%，24年ROE为21%。 手握多个大单品，渠道覆盖全面。公司成功培育了7个10亿级大单系列（金标生抽、 草菇老抽等）、31个亿级以上产品系列。针对餐饮、食品加工企业及终端用户的需 求，公司累计推出超过1,450个SKU，产品矩阵完善。公司有广泛的渠道布局，经销 商数量达到6707家。凭借庞大的规模，公司的生产效率领先行业。公司未来的战略 规划除了深耕国内外，还将探索出海至全球。 行业状况及前景 中国调味品市场增长潜力大。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 95, representing a potential upside of 17% from the current price of HKD 81.1 [2][9][10] Core Insights - The report highlights positive updates on IBI363 and IBI343, with IBI363 showing an extended median progression-free survival (mPFS) of 9.3 months in the 3 mg/kg dose group for IO-treated squamous non-small cell lung cancer (sq-NSCLC), enhancing confidence in its development for lung squamous carcinoma [1][7][10] - The company is expected to initiate Phase 3 registration clinical trials for IBI363 in the 3L+ sq-NSCLC setting, with the 3 mg/kg dose likely to be used [7][10] - Financial projections indicate a significant increase in revenue and net profit over the next few years, with expected revenues of RMB 11.7 billion in 2025 and a net profit of RMB 433 million [9][10] Financial Projections - Revenue is projected to grow from RMB 6.2 billion in 2023 to RMB 15.8 billion by 2027, with a compound annual growth rate (CAGR) of 36.2% [9][10] - The adjusted net profit is expected to turn positive in 2025, reaching RMB 1.03 billion by 2025 and RMB 2.66 billion by 2027 [9][10] - The report anticipates peak sales for IBI363 in China to reach approximately RMB 2.5 billion and for IBI343 to reach around RMB 1.5 billion, both on a risk-adjusted basis [10]

翰森制药(03692):升目标价至33.3港元,重申"买入"评级 瑞银华宝 该行对集团的研发能力及合作项目的收入潜力持正面态度，主要受惠于两项对外授权合作(BD)HS-20094及 HS-10535。该行将翰森制药2025至27年的每股盈利预测分别上调16.2%、17.7%及21.3%，收入预测上调6%至 12%，料阿美乐(Aumolertinib)及BD将会是主要推动力，预期阿美乐今年销售额达60亿元人民币，并于2029年 破顶至80亿元人民币。 瑞银发布研报称，即使翰森制药(28.8,-0.05,-0.17%)(03692)股价年初至今已累升53%，但认为集团股价 仍然被低估，将目标价由24港元升至33.3港元，重申"买入"评级。 ...

摩根丹士利发布研报称，将泡泡玛特(266,7.20,2.78%)(09992)目标价由224港元，调高35%至302港元，投 资评级为"增持"。大摩相信，泡泡玛特的知识财产权多样性和营运能力相结合，将创造持久的增长。虽然其 2025年的增长动能可能已被充份体现，但该行认为其长期规模增长的潜力尚未被充份体现。大摩将泡泡玛特 2025年、2026年和2027年的每股盈利预测分别上调6%、15%和21%，以反映其在北美和欧洲更清晰的增长路径。 泡泡玛特(09992):上调目标价至302港元,评级"增持" 摩根士丹利 ...