Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1] Core Insights - Lenovo Group's basic business operations are strong, with all main business segments achieving double-digit year-on-year growth in FY2025, and a net profit increase of 37% [6][9] - The company is accelerating the implementation of hybrid artificial intelligence, which is expected to enhance overall performance and market competitiveness [9] Summary by Sections Recent Performance - For FY2025, Lenovo Group reported revenue of approximately $69.077 billion, a year-on-year increase of 21.41%, and a net profit of approximately $1.384 billion, up 37.01% [5][6] - In FY2025Q4, revenue was about $16.984 billion, showing a year-on-year growth of 22.50%, but a quarter-on-quarter decrease of 9.64% [5][6] Business Segments - **Intelligent Devices Group (IDG)**: Achieved revenue of $51 billion in FY2025, a 13% increase, with an operating profit margin of 7.2%, leading the industry [6][7] - **Infrastructure Solutions Group (ISG)**: Revenue reached $15 billion, a significant 63% increase, with the second half of the fiscal year turning profitable [7] - **Solutions and Services Group (SSG)**: Generated revenue of approximately $8.5 billion, a 13% increase, with operating profit reaching a record high of $1.8 billion, up 15% [7] Financial Projections - Revenue forecasts for FY2026 to FY2028 are $76.370 billion, $82.733 billion, and $87.208 billion respectively, with non-HKFRS net profits projected at $1.601 billion, $1.874 billion, and $2.218 billion [9][10] - The report anticipates a gradual improvement in performance as AI functionalities penetrate the PC and mobile markets [9]

Investment Rating - The report maintains a "Buy" rating for Alibaba [3] Core Views - Alibaba's core e-commerce business remains stable and shows positive growth, while its cloud business is entering a high-growth cycle driven by AI demand [7][9] - The company has exceeded expectations in its latest quarterly results, with revenue of 2364.5 billion yuan (+6.6%) and adjusted net profit of 298.5 billion yuan (+22.2%) [7] - The report highlights the company's strategic focus on integrating AI with cloud services and its core e-commerce operations, with a projected revenue growth for FY2026-2028 [9][11] Summary by Sections Financial Performance - For FY4Q25, Alibaba achieved revenue of 2364.5 billion yuan, slightly below Bloomberg consensus of 2379.1 billion yuan, but adjusted net profit of 298.5 billion yuan exceeded expectations [7] - The Taobao and Tmall Group reported revenue of 1013.7 billion yuan (+8.8% YoY) and adjusted EBITA of 417.5 billion yuan (+8.4% YoY) [7] - The Cloud Intelligence Group's revenue reached 301.3 billion yuan (+17.7% YoY), driven by public cloud growth and AI-related revenue [7] Business Segments - Taobao Group's GMV growth is expected to align with the overall e-commerce market, with a stable market share [7] - The Cloud Intelligence Group is positioned to benefit from the AI boom, with significant investments in infrastructure [7] - International digital commerce revenue grew by 22.3% YoY, while the logistics segment faced a temporary decline due to business adjustments [7] Shareholder Returns - In FY25Q4, Alibaba repurchased 51 million shares for a total of 600 million USD, with a total of 11.97 billion shares repurchased in FY25 [8] - The company declared a regular dividend of 0.13 USD per share and a special cash dividend of 0.12 USD, totaling 4.6 billion USD for the fiscal year [8] Valuation and Forecast - The report projects FY2026-2028 revenues of 10642 billion yuan, 11748 billion yuan, and 12725 billion yuan, with adjusted net profits of 1696 billion yuan, 1849 billion yuan, and 1955 billion yuan respectively [9][11] - The estimated market value of the company is 30954 billion yuan, corresponding to a per-share value of 176.86 HKD [9][24]

——贝壳-W（2423.HK）投资价值分析报告 2025 年 5 月 26 日 公司研究 从交易走向居住 要点 贝壳是国内最大的房产交易及服务平台。贝壳前身是 2001 年成立的北京链家， 2008 年链家开始打造行业首个房源数据库"楼盘字典"，2015 年起开启全国化 并购扩张，2018 年贝壳找房平台上线，发展成为全国最大的房产交易及服务平 台。2023 年贝壳发布以房产经纪和家装、惠居、贝好家为核心的"一体三翼" 战略，致力于从传统的房产交易服务平台转型为综合性的居住服务提供商。 房屋租赁与住宅开发：租赁以"省心租"为核心，"贝好家"探索 C2M 住宅开 发新模式。"省心租"摒弃"做二房东吃差价"的以租金差为主要盈利来源的商 业模式，以"微利可持续"为战略导向，通过提升出房效率，快速去化，缩短出 房的实际周期，挣"空置期"的钱。截至 24 年末"省心租"在管房源超 43 万 套，未来有望继续扩容。"贝好家"已在西安、北京、杭州等城市落地，25 年 重点在北京、上海、广州、成都等十余个城市开展业务。 盈利预测、估值与评级：贝壳是国内最大的房产交易及服务平台，有望受益于地 产修复，其他三翼业务渐成第二曲线。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to expected subsidy competition [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][12]. - The company is expected to achieve a net profit of RMB 23.5 billion from the food delivery segment in 2025, with a significant reduction in the previous forecast due to competitive pressures [11][12]. - The adjusted net profit forecast for 2025 is RMB 40.5 billion, with a projected EPS of RMB 6.63 [5][22].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 142.40 [6][7]. Core Insights - The company reported a revenue of RMB 86.6 billion for Q1 2025, representing a year-over-year increase of 18%, which exceeded consensus expectations by 1% [2][3]. - Operating profit for Q1 2025 was RMB 10.6 billion, surpassing expectations by 23%, while adjusted net profit reached RMB 10.9 billion, exceeding expectations by 11% [2][3]. - The management indicated that while short-term subsidy competition in the domestic food delivery market may impact profits, the long-term profitability is expected to return to reasonable levels due to the company's strong operational capabilities and market position [3][4]. Revenue and Profitability Summary - Q1 2025 revenue breakdown includes core local business revenue of RMB 64.3 billion (yoy +18%) and new business revenue of RMB 22.2 billion (yoy +19%) [2]. - The company has seen a 25% year-over-year increase in active merchants for its dine-in services, and the flash purchase segment has expanded its product categories significantly [2][3]. - The company anticipates revenue for 2025 to be RMB 385.9 billion, with adjusted net profit projected at RMB 40.5 billion, reflecting a cautious adjustment due to competitive pressures [4][5]. Valuation and Forecast - The valuation for the company's various segments includes an 8x PE for the food delivery business, 24x PE for the dine-in business, and 40x PE for the flash purchase business, leading to a target price of HKD 142.40 [4][11][14]. - The company is expected to achieve adjusted net profits of RMB 40.5 billion in 2025, with a gradual increase in profitability anticipated in subsequent years [5][22].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Insights - The company is positioned as the leading player in the affordable tea beverage market, with a focus on expansion into lower-tier cities and international markets [15] - The company aims to leverage its supply chain efficiencies to enhance profitability and maintain growth momentum [14][39] - The projected revenue and net profit for 2024 are 24.83 billion RMB and 4.44 billion RMB, respectively, reflecting a year-on-year growth of 22.3% and 41.4% [5] Summary by Sections Company Overview - Founded in 1997, the company has grown to become the largest beverage chain globally, with over 46,479 stores expected by the end of 2024 [1][15] - The company has a strong focus on high-cost performance products priced between 2-8 RMB [21] Market Analysis - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [2] - The company holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [2] Growth Drivers - The growth formula is defined as store revenue multiplied by store count and supply chain efficiency [3] - Expected single-store revenue growth is projected at 145.4K, 149.3K, and 152.7K RMB for 2025-2027, with a stable cost-sharing model [3] - The company plans to increase its store count significantly, with net additions of 7,700, 8,855, and 8,930 stores from 2025 to 2027 [3] Financial Projections - Revenue is expected to grow from 20.3 billion RMB in 2023 to 43.1 billion RMB by 2027, with a CAGR of 24.2% [5] - Net profit is projected to increase from 3.14 billion RMB in 2023 to 7.83 billion RMB by 2027, reflecting a CAGR of 24.8% [5] Investment Recommendations - The report suggests a target price of 603.30 - 635.00 HKD, indicating a potential upside of 14.3% to 20.3% from the current price [6] - The company is expected to benefit from valuation premiums typical for high-growth beverage brands [4]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Insights - The company is positioned as the leading player in the affordable tea beverage market, with a focus on expansion into lower-tier cities and international markets [15] - The company aims to leverage its supply chain efficiencies to enhance profitability and maintain growth momentum [14][39] - The projected revenue and net profit for 2024 are 24.83 billion RMB and 4.44 billion RMB, respectively, reflecting a year-on-year growth of 22.3% and 41.4% [5] Summary by Sections Company Overview - Founded in 1997, the company has grown to become the largest beverage chain globally, with over 46,479 stores expected by the end of 2024 [1][15] - The company has a strong focus on high-cost performance products priced between 2-8 RMB [21] Market Analysis - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [2] - The company holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [2] Growth Drivers - The growth formula is defined as store revenue multiplied by store count and supply chain efficiency [3] - Expected single-store revenue growth is projected at 4.8% for 2025, with a steady cost-sharing model [3] - The company plans to increase its store count significantly, with net additions of 7,700 to 8,930 stores from 2025 to 2027 [3] Financial Projections - Revenue is expected to grow from 20.3 billion RMB in 2023 to 43.1 billion RMB by 2027, with a CAGR of 24.2% [5] - Net profit is projected to increase from 3.14 billion RMB in 2023 to 7.83 billion RMB by 2027, reflecting a CAGR of 24.8% [5] Investment Strategy - The company plans to utilize IPO proceeds to expand production capacity, enhance brand IP, and invest in digital transformation [42] - The target price for 2025 is set between 603.30 and 635.00 HKD, indicating a potential upside of 14.3% to 20.3% from the current price [6][39]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported Q1 2025 revenue of RMB 4.43 billion, a year-on-year increase of 18.9%, but net profit decreased by 28.5% year-on-year [7]. - Same-store sales in China showed improvement, with expectations for positive growth in Q2 2025 [8]. - The company is focusing on optimizing store operations and expanding high-efficiency stores to drive revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail sector, with a current H-share price of HKD 34.55 and a market capitalization of RMB 36.35 billion [2]. - Major shareholder is Yang Yun Yun, holding 63.17% of shares [2]. Recent Performance - Q1 2025 revenue from the Miniso brand was RMB 4.09 billion, a 16.5% year-on-year increase, while overseas revenue grew by 30.3% [8]. - TOPTOY's revenue reached RMB 340 million, a 59% increase year-on-year, with a total of 280 stores [8]. Financial Projections - The company expects net profits of RMB 2.49 billion, RMB 3.03 billion, and RMB 3.60 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.99, RMB 2.42, and RMB 2.88 [10]. - The report anticipates a decrease in profit margins due to increased operational costs and investments in new stores [8]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 16x for 2025, 13x for 2026, and 11x for 2027 [10]. - The report highlights that the stock is currently undervalued following a significant price drop, presenting a favorable investment opportunity [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company reported Q1 2025 revenue of RMB 4.43 billion, a year-on-year increase of 18.9%, while net profit attributable to shareholders was RMB 420 million, a decline of 28.5% [7]. - Same-store sales in China showed improvement, with expectations for positive growth in Q2 2025 [8]. - The company is focusing on optimizing store operations and expanding high-efficiency new stores to drive revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail trade sector, with a current H-share price of HKD 34.55 and a market capitalization of RMB 36.35 billion [2]. Recent Performance - The company’s revenue growth outpaced previous guidance, but profit growth fell short of expectations [7]. - The gross margin improved by 0.8 percentage points to 44.2%, driven by overseas revenue contributions and product mix optimization [8]. Financial Projections - The company expects net profits of RMB 2.49 billion, RMB 3.03 billion, and RMB 3.60 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.99, RMB 2.42, and RMB 2.88 [10]. - The report anticipates a decline in net profit for 2025, followed by growth in subsequent years [10]. Market Position - The company maintains a strong market position with a significant share of its revenue coming from the Miniso brand, which accounted for 92.3% of total revenue [3]. - The expansion of TOPTOY contributed to revenue growth, with a 59% year-on-year increase in Q1 2025 [8]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the forecasted years are 16x for 2025, 13x for 2026, and 11x for 2027, indicating a potentially attractive valuation [10].

Investment Rating - The report maintains a "BUY" rating for Meituan, with a target price of HK$181.6, which reflects a 40.3% upside from the current price of HK$129.4 [2][10]. Core Insights - Meituan's 1Q25 results showed revenue of RMB86.6 billion, an 18% year-over-year increase, and adjusted net profit of RMB10.9 billion, up 46% year-over-year, exceeding both forecasts and consensus estimates [1]. - The company is actively responding to increased competition in the food delivery market by optimizing user subsidies to enhance user stickiness, while also committing to international expansion for long-term growth [1][10]. - Revenue from the core local commerce (CLC) segment reached RMB64.3 billion, up 18% year-over-year, with operating profit of RMB13.5 billion, which was 10% better than consensus estimates [1][8]. Financial Performance Summary - For FY25E, revenue is projected at RMB386.1 billion, with a year-over-year growth of 14.4%, while adjusted net profit is expected to be RMB39.3 billion, reflecting a decline of 10.3% year-over-year [7][9]. - The CLC segment is forecasted to generate revenue of RMB66.7 billion in 2Q25E, indicating a 10% year-over-year growth [1]. - New initiatives generated revenue of RMB22.2 billion in 1Q25, up 19% year-over-year, with an operating loss of RMB2.3 billion, which is an improvement from the previous year [1][8]. Forecast Revisions - The revenue and adjusted net profit forecasts for 2025-2027 have been lowered by 1-2% and 11-21% respectively, due to increased investments in the food delivery business and international expansion [1][9]. - The target price was cut by 9% to HK$181.6, translating into a 25x adjusted PE for 2025E [10][12]. Share Performance - The market capitalization of Meituan is approximately HK$792.6 billion, with a 52-week high of HK$213.40 and a low of HK$102.10 [2][3]. - Over the past month, the stock has seen a 1.4% increase, but a decline of 25.7% over the past three months [4]. Shareholding Structure - Major shareholders include Crown Holdings Asia Limited with 8.1% and BlackRock with 5.3% [3].