Investment Rating - The report maintains a "Buy" rating for 361 Degrees (1361.HK) with a target price of HKD 7.6 [1][7]. Core Insights - The company reported a revenue of RMB 11.146 billion for 2025, representing a year-on-year growth of 10.6%, and a net profit attributable to shareholders of RMB 1.31 billion, up 14.0% year-on-year, exceeding market expectations [1][2]. - The adult business revenue grew by approximately 9.1% to RMB 8.052 billion, while the children's clothing segment saw a 10.4% increase to RMB 2.582 billion, with children's clothing accounting for 23.2% of total revenue [2]. - E-commerce revenue surged by 25.9% to RMB 3.286 billion, making it a core growth driver with a revenue share of 29.5% [2]. - The gross margin for 2025 was stable at 41.5%, and the company maintained strict cost control, resulting in a net profit margin of 11.7% [2][5]. Revenue and Profit Growth - The company is expected to achieve earnings per share (EPS) of RMB 0.67, 0.73, and 0.78 for 2026, 2027, and 2028 respectively, with a historical valuation reference suggesting a 10x price-to-earnings (PE) ratio for 2026 [1][3]. - The financial forecast indicates a steady revenue growth rate of 9.4% for 2026, 7.7% for 2027, and 6.8% for 2028 [5][13]. Brand Development and Marketing - The company has deepened its brand resources by participating in major sports events, including being an official partner of the Harbin Asian Winter Games and signing a global partnership with FINA [2]. - Various sports events and marketing strategies, such as pop-up stores, are expected to enhance brand visibility and sales conversion [2]. Store Expansion and International Growth - As of December 31, 2025, the company had established 127 super stores globally, exceeding its initial target of 100 for the year [3]. - The international business retail revenue grew by 125.4%, with cross-border e-commerce increasing by approximately 200% [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company has experienced a continuous recovery in gross margin, with a dividend payout ratio increasing to 56%, indicating strong shareholder returns [6] - The company's revenue for 2025 is projected at 136.79 billion RMB, a decrease of 4.3% year-on-year, while the attributable net profit is expected to decline by 24% [6] - The company has a solid financial position, maintaining a green status on the three red lines, with a debt repayment ratio of 1.6 times and a declining financing cost [6] Financial Data and Profit Forecast - Revenue projections for the years 2024 to 2028 are as follows: 142.99 billion RMB (2024), 136.79 billion RMB (2025), 128.20 billion RMB (2026E), 123.69 billion RMB (2027E), and 126.69 billion RMB (2028E) [5][7] - The attributable net profit is forecasted to be 4.27 billion RMB (2024), 3.18 billion RMB (2025), 3.50 billion RMB (2026E), 3.79 billion RMB (2027E), and 4.25 billion RMB (2028E) [5][7] - The company’s gross margin for 2025 is reported at 13.9%, reflecting a year-on-year increase of 0.6 percentage points [6] Sales and Market Position - The company achieved total sales of 122 billion RMB in 2025, a decline of 9% year-on-year, with a land acquisition intensity of 54% [6] - The company’s sales ranking remains stable at 7th place in the industry, with a cash collection ratio of 105% [6] - The company has a land bank with a saleable value of 221.7 billion RMB, indicating a strong future sales potential [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 33.56 billion CNY in 2025, representing a year-on-year growth of 35.2%, with a net profit of 5.89 billion CNY, up 32.7% year-on-year [4] - The rapid growth in revenue is primarily driven by the expansion of the store network, with a total of 59,823 stores globally by the end of 2025, an increase of 13,344 stores from the previous year [5] - The company is focusing on enhancing single-store efficiency and quality over aggressive expansion in 2026, aiming to improve profitability amid increasing competition and market challenges [7] Revenue Performance - The company's revenue growth in 2025 was mainly attributed to the expansion of its store network, with product and equipment sales contributing 32.77 billion CNY, up 35.3% year-on-year, and franchise and related service income at 794 million CNY, up 28.0% [4] - The gross profit margin for 2025 was 31.1%, slightly down by 1.3 percentage points, while the net profit margin was 17.5%, down by 0.3 percentage points year-on-year [6] Store Expansion Strategy - The domestic market saw a strong opening momentum, with 55,356 stores by the end of 2025, an increase of 13,772 stores, focusing on lower-tier cities where stores account for 58.0% of the total [5] - The overseas market experienced a reduction in store count from 4,895 to 4,467, as the company optimized operations in Indonesia and Vietnam while entering new markets like Kazakhstan and the USA [6] Profitability Forecast - The company forecasts net profits of 6.36 billion CNY and 7.24 billion CNY for 2026 and 2027, respectively, with a projected EPS of 16.77 CNY for 2026 [9] - The report highlights the company's industrialization capabilities, which help in reducing production costs and maintaining a competitive edge in the market [9]

Investment Rating - The report maintains a "Buy" rating for WuXi XDC [4][17]. Core Insights - WuXi XDC reported a revenue of RMB 5.94 billion for 2025, representing a year-on-year growth of 46.7%, and a net profit of RMB 1.48 billion, up 38.4% year-on-year. The adjusted net profit reached RMB 1.56 billion, reflecting a 70.0% increase, aligning with expectations. The blended gross margin improved by 5.4 percentage points to 36.0% due to increased capacity utilization and operational efficiency [7][13]. Revenue Growth - Revenue from North America and Europe saw significant increases of 49% and 129% respectively, reaching RMB 3.03 billion and RMB 1.46 billion, which together accounted for 76% of total revenue, up from 66% in 2024. Revenue from pre-IND and post-IND services reached RMB 2.51 billion (+50% YoY) and RMB 3.43 billion (+44% YoY) respectively [8][14]. Market Share and Backlog - The total backlog grew by 50.3% year-on-year to USD 1.5 billion in 2025. The number of cumulative customers increased from 499 in 2024 to 643 in 2025, with approximately 32% of revenue coming from the top 20 global pharmaceutical companies. Market share rose to over 24% in 2025, up from 21.7% in 2024 [9][15]. Capacity Expansion - WuXi XDC is expanding its production capacity through strategic acquisitions and has established facilities in multiple cities in China. The Singapore facility is expected to commence GMP operations in the first half of 2026. The acquisition of BioDlink is anticipated to enhance production capacity and diversify the customer base [10][16]. Financial Projections - The report projects revenues of RMB 8.06 billion for 2026, with a year-on-year growth rate of 35.64%. The adjusted net profit is expected to reach RMB 2.12 billion, reflecting a growth rate of 36.03%. The adjusted EPS forecasts have been raised for 2026 and 2027, with a target price increase from HKD 70.3 to HKD 77.9, indicating a potential upside of 36% [11][17].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has achieved remarkable growth in its annual performance, with sales, revenue, and gross profit growth rates exceeding 190% [7] - The reasons for the significant performance increase include expanding brand influence, continuous product optimization, and an enhanced store network [7] - The company aims to maintain its brand positioning while expanding market potential and pursuing product innovation, with a strategic focus on internationalization and market globalization [7] - The projected net profit for 2026 and 2027 has been revised upwards to 61.8 billion yuan and 79.5 billion yuan, respectively, reflecting year-on-year growth of 27.0% and 28.5% [7] Financial Summary - Revenue is expected to grow from 85.06 billion yuan in 2024 to 273.03 billion yuan in 2025, representing a year-on-year increase of 221.0% [6] - The gross profit is projected to rise from 35.01 billion yuan in 2024 to 102.74 billion yuan in 2025, with a growth rate of 193.4% [7] - The company's return on equity (ROE) is forecasted to be 37.6% in 2024, decreasing to 27.5% by 2028 [6] - The earnings per share (EPS) is expected to increase from 8.33 yuan in 2024 to 54.22 yuan in 2028 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 5.38 billion CNY in 2025, representing a year-on-year growth of 24.8%, with a net profit of 140 million CNY, up 157.1% year-on-year [5] - The company has accelerated its national expansion, with significant growth in non-first-tier cities, generating 3.166 billion CNY in revenue, a 43.4% increase year-on-year, and accounting for 58.8% of total revenue [6] - The company plans to open 350 new stores in 2026, having already opened 140 stores as of March 20, with a focus on both mature and new markets [6][8] - The company’s same-store sales decreased by 1.5% in 2025, but excluding the impact of high-performance stores opened after December 2022, there was positive growth in mature markets [7] - The company’s adjusted net profit margin improved to 3.5% in 2025, up 0.5 percentage points year-on-year, due to enhanced operational efficiency and cost optimization [7][8] Financial Performance and Forecast - The company forecasts net profits of 229 million CNY in 2026 and 323 million CNY in 2027, with an estimated EPS of 1.74 CNY and 2.46 CNY respectively, corresponding to P/E ratios of 32X and 22X [9] - Revenue is projected to grow from 4.314 billion CNY in 2024 to 9.492 billion CNY in 2028, with a compound annual growth rate of approximately 19% [10] - The company’s operating profit is expected to increase from 168 million CNY in 2024 to 691 million CNY in 2028 [11]

上 市 公 司 公 司 研 究 / 公 司 点 评 公用事业 2026 年 03 月 26 日 昆仑能源 (00135) ——工业用气保持高增 新市场打开成长空间 报告原因：有业绩公布需要点评 买入（维持） 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com | 市场数据： | 2026 年 03 月 25 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8582.74 | | 52 周最高/最低（港币） | 8.83/6.80 | | H 股市值（亿港币） | 658.07 | | 流通 H 股（百万股） | 8,658.80 | | 汇率（港币/人民币） | 0.8809 | 一年内股价与基准指数对比走势： -16% -6% 4% 14% HSCEI 昆仑能源 资料来源：Bloomberg 投资要点： 财务数据及盈利预测 | | 2024 | 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the need to wait for a fundamental turning point, with a clearer picture of the AI strategy emerging [6] - The company has adjusted its profit forecasts for 2026 and 2027, maintaining a "Buy" rating despite the downward revisions [8] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2024: 365.9 billion RMB - 2025: 457.3 billion RMB - 2026E: 504.8 billion RMB - 2027E: 593.0 billion RMB - 2028E: 698.0 billion RMB - Year-on-year growth rates are projected at 35% for 2024, 25% for 2025, 10% for 2026, 17% for 2027, and 18% for 2028 [7] - Adjusted net profit forecasts are: - 2024: 27.3 billion RMB - 2025: 39.2 billion RMB - 2026E: 33.4 billion RMB - 2027E: 41.4 billion RMB - 2028E: 51.4 billion RMB - The report indicates a decrease in adjusted net profit for 2026 and 2027 compared to previous estimates [8][11] Business Segments - Smartphone segment: - Revenue for 2025 is projected at 186.4 billion RMB, with a year-on-year decrease of 3% - The average selling price (ASP) is expected to increase by 5% in 2026, reaching 1,185 RMB per unit [8] - IoT segment: - Revenue for 2025 is projected at 123.2 billion RMB, with a year-on-year growth of 18% - The report notes that the slowdown in growth is due to national subsidies and increased competition [8] - Internet services: - Revenue for 2025 is projected at 37.4 billion RMB, with a year-on-year growth of 10% [8] - Electric vehicles: - The company aims to deliver 550,000 vehicles in 2026, with a target of 410,000 deliveries in 2025 [8] Valuation - Based on a sum-of-the-parts (SOTP) valuation, the target valuation for the company is 986.7 billion RMB, indicating a potential upside of 33% from the current market value [15]

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees (1361.HK) [1] Core Insights - The company achieved a revenue of HKD 11.15 billion in 2025, representing a year-on-year growth of 10.6%, and a net profit attributable to shareholders of HKD 1.31 billion, up 14% year-on-year, which is in line with expectations [4] - The company plans to distribute a cash dividend of HKD 0.113 per share, in addition to an interim dividend of HKD 0.204 per share, resulting in a total payout ratio of 45% for the year [4] - The gross profit margin remained stable year-on-year, while the operating profit margin improved by 0.3 percentage points to 15.9%, and the net profit margin also increased by 0.3 percentage points to 11.7% [4] Revenue Performance - The revenue breakdown for 2025 shows that adult footwear, adult apparel, children's footwear, children's apparel, and other categories accounted for 41.5%, 30.7%, 12.7%, 10%, and 5.1% respectively, with year-on-year growth rates of +8%, +10.7%, +28.5%, -7.5%, and +46.5% [5] - E-commerce channels generated revenue of HKD 3.29 billion, accounting for 29.5% of total revenue, with a year-on-year growth of 26%, while offline channel revenue is estimated to have grown by about 5% [5] Retail Network Expansion - By the end of 2025, the company had a total of 6,647 retail outlets, a net decrease of 6.6% from the beginning of the year, with 5,394 in mainland China and 1,253 overseas [5] - The company successfully expanded its new store format, with a total of 127 new super stores opened, including 105 adult stores, 21 children's stores, and 1 store in Cambodia [5] Financial Metrics - The company reported a full-year gross margin of 41.5%, unchanged from the previous year, with specific product margins for adult footwear, adult apparel, children's footwear, and children's apparel at 43%, 42.4%, 41.7%, and 42.2% respectively [6] - The total inventory at the end of 2025 decreased by 2.1% to HKD 2.07 billion, with inventory turnover days increasing by 10 days to 117 days [7] - The net cash flow from operating activities for 2025 was HKD 810 million, a significant increase of 1,067% year-on-year [7] Profitability and Valuation - The report forecasts net profits for 2026 and 2027 at HKD 1.49 billion and HKD 1.67 billion respectively, with corresponding P/E ratios of 7 and 6 times [9] - The company is expected to maintain a healthy growth trajectory, with revenue and cash flow growth projected to remain stable [9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][3]. Core Insights - The company achieved a net profit of RMB 3.39 billion in 2025, representing a year-over-year increase of 23.8%, with total revenue reaching RMB 14.8 billion, up 10.1% year-over-year [8]. - The company is actively expanding its overseas market presence, with overseas revenue growing by 20% year-over-year to RMB 3.3 billion, and has registered in 8 new countries [8]. - The gross margin improved to 60.5%, a 0.5 percentage point increase year-over-year, while the net profit margin rose by 2.6 percentage points to 22.9% [8]. - The company forecasts net profits of RMB 4.1 billion, RMB 4.9 billion, and RMB 5.7 billion for 2026, 2027, and 2028 respectively, with year-over-year growth rates of 22%, 20%, and 16% [8][10]. Financial Summary - The company reported a total revenue of RMB 1,482 million for 2025, with a projected increase to RMB 1,758 million in 2026 [12]. - The earnings per share (EPS) for 2025 is projected at RMB 0.30, with expected growth to RMB 0.37 in 2026 [10]. - The price-to-earnings (P/E) ratio is expected to decrease from 17 in 2025 to 14 in 2026, indicating a potentially undervalued stock [10].