证券研究报告 周大福 (1929 HK) 港股通 定价产品表现靓丽推动业绩稳健复苏 2025 年 11 月 26 日│中国香港 零售 | 周大福公布中期业绩（2025 年 4 月至 9 月）：FY26H1 收入 389.9 亿港币， | | --- | | 同比-1.1%，较去年同期的下滑态势显著改善；经营利润 68.2 亿港币，同比 | | 至 +0.7%；经营利润率同比+0.3pct 17.5%，创近 5 年新高；归母净利润 25.3 | | 亿港币，与去年基本持平（同比+0.1%）。集团毛利率维持在 30.5%的历史 | | 较高水平，主要得益于高毛利的定价首饰占比提升及黄金价格上涨。公司宣 | | 布中期每股派息 0.22 港币（同比+10%），对应派息率 85.7%，彰显公司对 | | 未来发展的信心。随着周大福品牌转型成效持续显现，品牌及产品力进一步 | | 提升，我们看好周大福的经营持续向好，维持"买入"评级。 | 定价产品高增叠加计价黄金改善，内地及港澳同店销售增速回正 FY26H1 中国内地/港澳及其他市场 SSSG（同店销售同比增速）分别为 +2.6%/+4.4%，增速同比大幅改善 30. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%. The gross profit reached 1.621 billion yuan, with a gross margin of 36.8% [2][4]. - The company's R&D expenses amounted to 1.468 billion yuan, reflecting an 8.4% increase year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [2][4]. - The enterprise-level Agent expansion has led to significant growth in the company's "Prophet AI" platform, which generated 3.692 billion yuan in revenue, a 70.1% increase year-on-year, accounting for 83.9% of total revenue [2][4]. Summary by Sections Business Performance - In Q3 2025, the company achieved a quarterly revenue of 1.78 billion yuan, a year-on-year increase of 31.4%. The demand for AI applications that deliver tangible business value has surged among enterprise clients, leading to the acquisition of new business opportunities across key industries such as energy, manufacturing, finance, and retail [8]. - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, marking a 71.4% year-on-year growth [8]. Product Development - The "Prophet AI" platform's revenue share continues to rise, with a reported 36.92 billion yuan in revenue for the first three quarters of 2025, up 70.1% year-on-year. The revenue from SHIFT intelligent solutions decreased by 12.5% to 6.02 billion yuan due to increased standardization in existing scene deliveries [8]. - The company has enhanced its core products and expanded downstream applications, launching ModelHub XC and the AI engine system EngineX, which are compatible with various domestic chips [8]. Market Position - The company is positioned as a leader in AI, benefiting from the ongoing penetration of AI across various industries. The potential for digital transformation in Chinese enterprises is significant, with traditional sectors like finance and automotive leading the way, while energy and manufacturing present substantial market opportunities [8]. - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, with projected revenues of 6.937 billion, 9.062 billion, and 11.797 billion yuan for 2025-2027, reflecting a compound annual growth rate of approximately 30% [8].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]

腾讯控股（00700.HK) | 投资评级： 增持 | 主要观点： | | --- | --- | | 2025-11-25 |  财务表现 | | 报告日期： | | 近52周股价走势 | 华通证券国际 | | --- | | 研究部 | | 宏观组 | | SFC: AAK004 | | Email: research@waton.co | 腾讯控股：业绩持续走强，AI投入占比上升 财务表现 业务发展 盈利预测 预计2025年营收为726,283百万元，营业利润220,183百万元，对 应2025-2027年PE为23.29、20.34、18.05倍。 风险提示 作者 | 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 660,257 | 726,283 | 791,648 | 854,980 | | （+/-)% | 8.41 | 10.00 | 9.00 | 8.00 | | 营业利润 | 200,097 | 220,183 | 239,979 | 259,131 | | （+/-)% ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group (09888.HK) with a target price of HKD 147 and USD 151 for BIDU.O [3] Core Insights - Baidu's revenue for Q3 2025 was CNY 31.2 billion, a year-on-year decrease of 7.1%. The core revenue was CNY 24.7 billion, down 7.0%, with online marketing services declining by 18.4% to CNY 15.3 billion, while non-online marketing services grew by 20.4% to CNY 9.3 billion [1] - The AI business is showing significant growth, with total revenue nearing CNY 10 billion. The segments include intelligent cloud infrastructure (CNY 4.2 billion, up 33%), AI applications (CNY 2.6 billion, up 6%), and AI-native marketing services (CNY 2.8 billion, up 262%) [2] - Baidu's autonomous driving service, "Luobo Kuaipao," achieved 3.1 million orders, a 212% increase year-on-year, with 100% of its operational cities in China now offering fully autonomous driving [3] Financial Performance - For 2025, Baidu's projected revenue is CNY 128.3 billion, with a non-GAAP net profit of CNY 19.5 billion. The revenue growth rates are expected to be -3.6% in 2025, followed by a recovery of 7.3% in 2026 and 7.4% in 2027 [5][16] - The non-GAAP operating profit margin is projected to be 9.0% for 2025, with a non-GAAP net profit margin of 15.6% [1] - The report outlines a decline in online marketing services revenue, with expectations of a continued decrease of 12.5% in 2025, while intelligent cloud and other services are expected to grow significantly [16] Business Segments - Baidu's core business is expected to generate CNY 105.6 billion in revenue by 2025, with online marketing services projected to decline while intelligent cloud services are anticipated to grow [16] - The report highlights that approximately 70% of Baidu's search result pages now include AI-generated content, indicating a strong push towards AI integration in its core services [1] Market Position - Baidu's market capitalization is approximately HKD 304 billion, with a total share count of 2.83 billion shares, of which 97.05% are freely tradable [6] - The report emphasizes Baidu's strategic partnerships and global expansion efforts in the autonomous driving sector, including collaborations with international transport operators [3]

财务表现 近52周股价走势 | 华通证券国际 | | --- | | 研究部 | | 宏观组 | | SFC: AAK004 | | Email· research@waton.com | 海天味业（03288.HK) 海天味业：利润增长快于收入，成本控制与国际化推进 | 投资评级： | 持有 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-11-25 |  财务表现 | | | |  业务发展 | 盈利预测 预计2025年营业收入增长8.0%，营业利润增长7.81%。2025-2027 年PE对应为24.66、22.36、21.45倍。 风险提示 作者 | 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 26,901 | 29,053 | 31,087 | 32,952 | | （+/-)% | 10.41 | 8.00 | 7.00 | 6.00 | | 营业利润 | 6,562 | 7,075 | 7,554 | 8,006 | | （+/-)% ...

研究报告 Research Report 25 Nov 2025 石药集团 CSPC Pharmaceutical Group (1093 HK) 9M25 业绩回顾：成药各板块收入环比改善；关注管线对外授权机会 9M25 Results Review: Sales from All Finished Drug Segments Improved Q-Q; Eyes on Out-Licensing Opportunities 评级 优于大市 OUTPERFORM 现价 HK$7.77 目标价 HK$11.34 HTI ESG 3.0-2.5-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$89.53bn / US$11.51bn 日交易额 (3 个月均值) US$174.59mn 发行股票数目 11,522mn 自由流通股 (%) 68% 1 年股价最高最低值 HK$11.48-HK$4.34 注：现价 HK$7.77 为 2025 年 11 月 25 日收盘价 资料来源： Factset 1mth 3mth 12m ...

2025 年 11 月 25 日 公司研究 ——文远知行-W（0800.HK）25Q3 业绩点评报告 要点 事件：公司于 2025 年 11 月 24 日发布截至 2025 年 9 月 30 日 25Q3 业绩。 业绩：1）营业收入大幅增长：25Q3 公司收入 1.71 亿元，同比增长 144%。 各业务板块收入方面，产品营收 0.79 亿元，同比大幅增长 429%，产品收入 增长主要系 robotaxi 和 robobus 销量增长；服务收入 0.92 亿元，同比增长 67%，服务收入增长主要系智能数据和辅助驾驶运营支持服务收入增长。 Robotaxi 相关业务营收 3,530 万元，同比增长 761%。2）盈利能力提升： FY25Q3 公司实现毛利润 0.56 亿元，同比大幅增长 1133.55%，毛利率同比增 长 26.41pct 至 32.93%，主要系去年同期 ADAS 研发成本较高以及计提存货 跌价准备；净亏损 3.07 亿元，同比收窄 70.53%。 L4业务：海外Robotaxi商业化落地提速，车队开启规模化运营。25Q3 Robotaxi相关业务营收3,530万元，同比增长761%。公司已获 ...

需求回暖，带动业绩加速增长 BOSS 直聘-W(2076) BOSS 直聘 2025Q3 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | 本报告导读： 收入业绩均超预期，需求改善驱动明显回暖，营销投放克制情况下依然完成规模增 长目标。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 5,952.03 | 7,355.68 | 8,251.03 | 9,168.45 | 10,088.60 | | (+/-)% | 31.94% | 23.58% | 12.17% | 11.12% | 10.0 ...