Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a net increase of 361 stores in Q3 2025, representing a year-on-year growth of 98%, bringing the total number of stores to 10,761 as of September 30, 2025 [2][4]. - Revenue for Q3 2025 is estimated to be between RMB 1.85 billion and RMB 2.05 billion, reflecting a year-on-year growth of approximately 13.6% to 25.8% [2][4]. - Core operating profit is projected to be around RMB 65 million to RMB 75 million, indicating a year-on-year increase of about 44.4% to 66.7% [2][4]. Summary by Sections Store Expansion - The company continues to expand its store network, with a significant increase in new store openings in Q3 2025 compared to the same period in 2024 [6]. - The momentum in store openings is expected to continue into Q4 2025 [6]. Revenue Performance - The revenue growth trend from H1 2025 is expected to persist, with Q3 2025 revenue projected to be around RMB 1.95 billion, which is a year-on-year increase of 19.8% [6]. - The upcoming peak season in Q4 is anticipated to further support revenue growth [6]. Profitability - The core operating profit margin is expected to show a year-on-year improvement, with Q3 2025 margins projected at 3.6%, an increase of 0.8 percentage points compared to the previous year [6]. - The company is expected to maintain this upward trend in profitability into Q4 2025 [6]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is RMB 450 million, RMB 562 million, and RMB 684 million, respectively, with corresponding price-to-earnings ratios of 21, 17, and 14 times based on the current stock price [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company is experiencing increased short-term operational pressure, with a decline in average transaction value across all channels in Q3 2025. However, the e-commerce channel has shown growth [3][7]. - The company is expected to face significant pressure on revenue and gross margin levels, with a need to balance expenses and growth to meet annual targets. The introduction of new products and marketing efforts are aimed at revitalizing brand momentum [7]. Summary by Sections Company Overview - The current stock price is HKD 17.10 as of November 7, 2025 [5]. Operational Performance - In Q3 2025, the overall transaction value declined, with a notable drop in both direct and wholesale channels, while the e-commerce channel saw an increase [3][7]. - Monthly retail performance continues to be under pressure across all product categories [7]. Inventory and Discounts - Inventory levels are expected to rise due to preemptive stocking for events like Double Eleven, but the inventory-to-sales ratio remains manageable. Discounting is anticipated to deepen, particularly in Q4 [7]. Financial Projections - The company is projected to achieve net profits of 2.589 billion, 2.773 billion, and 2.993 billion for the years 2025, 2026, and 2027 respectively, reflecting a year-on-year change of -14%, +7%, and +8% [9]. - The price-to-earnings ratio is expected to be 15.55, 14.52, and 13.45 for the years 2025, 2026, and 2027 respectively [9].

Investment Rating - The investment rating for the company is "Recommended" [2] Core Views - The report highlights that the company has achieved robust financial growth, with a significant increase in revenue and net profit driven by strong demand in the power battery and energy storage sectors, as well as expansion into overseas markets [10][11] - The company is expected to maintain double-digit growth in both revenue and profit over the next few years, with projected revenue of 416.3 billion and net profit of 65.1 billion for 2025 [5][10] Financial Performance - For the first three quarters of 2025, the company reported revenue of 283.07 billion, a year-on-year increase of 9.28%, and a net profit of 49.03 billion, up 36.2% [10][11] - The gross margin improved to 25.31%, and the net margin was 18.47%, indicating effective cost control and operational efficiency [10][11] - The total assets grew to 896.08 billion, a 13.91% increase from the previous year, supported by investments in R&D and capacity expansion [10][12] Business Development - The power battery segment remains the cornerstone of the company's revenue, contributing 73.6% of total revenue with a year-on-year growth of 16.8% [13] - The energy storage battery segment is emerging as a second growth driver, with revenue of 28.4 billion and a gross margin of 25.5% [14] - The battery materials and recycling segment, despite a revenue decline, saw an increase in gross margin to 26.42%, reflecting strategic adjustments in operations [15] Market Analysis - The global power battery industry is entering a new phase characterized by structural stratification and regional rebalancing, with the company adapting its strategies accordingly [16][18] - The company is focusing on localized production and technological differentiation to maintain its competitive edge in the evolving market landscape [18][21] Research and Development - The company is heavily investing in next-generation battery technologies, including solid-state batteries, with a clear path to commercialization [20] - R&D expenses for the first half of 2025 reached 10.095 billion, accounting for 5.64% of revenue, indicating a strong commitment to innovation [20] Future Outlook - The company aims to deepen collaboration across its three main business segments and enhance its global footprint, leveraging its technological advantages and operational efficiencies [21] - The focus will be on optimizing production capacity, maintaining high gross margins, and continuing to invest in R&D to stay ahead in the competitive landscape [21]

Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]

Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company is expected to maintain double-digit revenue growth over the next three years, with profit growth outpacing revenue growth. The projected P/E ratios for 2025, 2026, and 2027 are 24.17, 18.11, and 14.82 respectively, indicating a positive outlook for overall performance [3][12]. Financial Performance - In the first half of 2025, the company reported revenue of 227.25 billion RMB, a 38.2% increase from 164.39 billion RMB in the same period last year. The second quarter revenue reached 116 billion RMB, a 30.5% year-on-year growth, marking a historical high [12][13]. - The net profit for the first half of 2025 was 11.9 billion RMB, reflecting a 134.2% increase year-on-year. Adjusted net profit was 10.8 billion RMB, up 75.4% [12][13]. - The gross margin for the second quarter was 22.7%, an increase of 5.5 percentage points year-on-year, driven by higher-margin businesses and improved production efficiency [13][14]. Business Development - The "Mobile × AIoT" segment generated revenue of 94.7 billion RMB in the second quarter, a 14.8% increase, accounting for 81.6% of total revenue. The IoT and lifestyle products segment saw revenue growth of 44.7% [15][17]. - The smart electric vehicle segment reported revenue of 21.3 billion RMB with a gross margin of 26.4%, indicating simultaneous growth in scale and profitability [18]. - The company’s R&D expenditure in the first half of 2025 was 14.475 billion RMB, a 41.2% increase, focusing on smart vehicle technology and AI model development [23]. Future Development and Summary - The company has successfully implemented its "people, vehicle, home ecosystem" strategy, enhancing user data and service integration across devices. The global layout leverages "China R&D + Global Manufacturing + Regional Delivery" advantages [24].

Investment Rating - The investment rating for Anta Sports is "Buy" and is maintained [6]. Core Views - Anta Sports reported Q3 2025 retail data, showing low single-digit growth for the Anta and FILA brands, while other brands experienced a growth of 45%-50% [2][4]. - The retail performance of Anta is under pressure, with expectations of a decline in terminal discounts, although the inventory-to-sales ratio remains healthy [6]. - FILA's retail performance is relatively weak, with high inventory levels, and it is anticipated that discounts will increase during the upcoming Double Eleven sales to clear stock [6]. - Short-term pressures are expected to continue affecting gross profit margin (GPM) and operating profit margin (OPM), while mid-term growth will rely on store adjustments and international expansion [6]. - The company forecasts net profits for 2025, 2026, and 2027 to be 131 billion, 146 billion, and 161 billion respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 14 [6][8]. Summary by Sections Retail Performance - Anta brand retail shows low single-digit growth, aligning with market trends, while other brands are performing significantly better [2][4]. - FILA brand retail is underperforming with high inventory levels, and adjustments are expected to improve inventory turnover [6]. Financial Forecast - Revenue projections for Anta Sports are 70.83 billion for 2024, 78.63 billion for 2025, 86.40 billion for 2026, and 93.76 billion for 2027, with growth rates of 14%, 11%, 10%, and 9% respectively [8]. - The expected earnings per share (EPS) are 4.25 for 2024, increasing to 5.74 by 2027 [8].

丨证券研究报告丨 [Table_Summary] 公司披露 3 季报：实现收入 151 亿，同比下降 4.5%；净利润 3.3 亿，同比增长 7.3%。测算 25Q3 公司归属净利润 0.24 亿，同期为 1.43 亿；同比下降 83%。 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 [Table_scodeMsg1] 港股研究丨公司点评丨华润建材科技（01313.HK） [Table_Title] 基本面承压，叠加管理费用增加，盈利下滑 报告要点 请阅读最后评级说明和重要声明 %% %% 就公司层面来看：1、公司 2025 年前 3 季度水泥和熟料合计销量 3943 万吨，同比下降 10%，水泥销量降幅大于行业，体现出公司积极维护市场价格体系的自律担当；价格 232 元/吨，同比下降 6 元/吨；2、混凝土销量 1046 万方，同比增长 26%；价格 296 元/方， 同比下降 38 元/方；3、骨料销量 5859 万吨，同比增长 27%；价格 34.7 元/吨，同比下 降约 ...

Investment Rating - The report initiates coverage on Ying Tong Holdings with a "Buy" rating and a target price of HKD 2.86, corresponding to a 14X FY26E PE [1][6][8]. Core Insights - Ying Tong Holdings is a leading high-end perfume brand management company in China, providing distribution and market deployment services for 73 external brands as of FY25. The company is expected to benefit from the recovery in high-end consumption and the increasing penetration of perfumes and fragrances [1][3][20]. - The Chinese perfume market is projected to reach RMB 26.5 billion in 2024, with a CAGR of 15.1% from 2019 to 2024, significantly higher than the global expected growth rate of 3.5% during the same period [2][20]. - The company has established a diverse brand matrix, extending from perfumes to skincare, home fragrances, and personal care, enhancing its market coverage across various consumer segments [3][22]. Summary by Sections Company Overview - Ying Tong Holdings is recognized as the largest non-brand owner perfume group in China, with a market penetration rate of 9.30% as of 2023, ranking third in the market [24][25]. - The company has a stable supply chain, with its top two suppliers, EuroItalia and Yite, accounting for 59.4% of total procurement in FY25, indicating strong long-term partnerships [3][22]. Growth Drivers - The company is expanding its self-operated retail stores and proprietary brands, which are expected to create new revenue and profit growth points. The self-operated brand "Shi Fen Qi He" aims to enhance customer experience through a multi-price product display [4][20]. - Ying Tong is also exploring external acquisitions to diversify its brand matrix and strengthen its market presence, particularly in lower-tier cities [4][23]. Market Dynamics - The report highlights the significant growth potential in the Chinese perfume market, with current penetration rates in the single digits compared to over 20% in the U.S. and 50% in Europe. This indicates substantial room for growth as consumer education progresses [2][20]. - The expansion of fragrance categories into personal care and home cleaning products is expected to further enlarge the market size, with the fragrance personal care market projected to reach RMB 50 billion by 2025 [20]. Financial Projections - The forecast for Ying Tong Holdings' net profit attributable to the parent company for FY26E, FY27E, and FY28E is RMB 261 million, RMB 327 million, and RMB 412 million, respectively, with corresponding EPS of RMB 0.19, RMB 0.24, and RMB 0.30 [6][12].

丨证券研究报告丨 [Table_Title] 25Q3 水泥小幅减亏，新材料提供正贡献 报告要点 [Table_Summary] 公司披露 3 季报：实现收入 1334 亿，同比下降 1%；归属净利润 29.6 亿，同比大幅改善（同 期-6.8 亿）。测算 25Q3 公司归属净利润 16 亿，同期为 13.3 亿；同比增长 20%。 分析师及联系人 [Table_Author] [Table_scodeMsg1] 港股研究丨公司点评丨中国建材（03323.HK） 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 中国建材（03323.HK） cjzqdt11111 [Table_Title2] 25Q3 水泥小幅减亏，新材料提供正贡献 [Table_Summary2] 事件描述 公司披露 3 季报：实现收入 1334 亿，同比下降 1%；归属净利润 29.6 亿，同比大幅改善（同 期-6.8 亿） ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The report highlights the promising advancements in the company's product pipeline, particularly LBL-034 and LBL-024, which are positioned to redefine treatment paradigms in multiple myeloma and other cancers [3][4] - The company has a strong financial position with sufficient cash reserves to support multiple research pipelines, bolstered by recent fundraising efforts [6] - Revenue projections indicate a gradual increase, with expected revenues of 260 million in 2025, 284 million in 2026, and 467 million in 2027, reflecting a growth rate of 64% in 2027 [5][6] Summary by Sections Product Development - LBL-034 has shown a 90.9% overall response rate (ORR) in a specific dosage group for treating relapsed/refractory multiple myeloma, demonstrating "Best-in-class" potential compared to competitors [3] - LBL-024 has effectively addressed liver toxicity issues associated with 4-1BB agonists, with a reported ≥3 grade liver enzyme elevation of only 1.3% across approximately 450 enrolled patients [4] - Initial clinical data for LBL-024 in non-small cell lung cancer (NSCLC) shows an ORR of 50% and a disease control rate (DCR) of 94.4%, indicating significant therapeutic potential [4] Financial Projections - The company is projected to have total revenues of 260 million, 284 million, and 467 million from 2025 to 2027, with year-over-year growth rates of 9% and 64% respectively [5] - The net profit attributable to the parent company is expected to be -416 million, -518 million, and -719 million for the same period, with a declining growth rate [5][6] - The gross margin is anticipated to be 100% in 2025 and 2026, decreasing to 93.68% in 2027 [5] Cash Position - As of the first half of 2025, the company had cash and cash equivalents of 422 million, supplemented by net proceeds of 1.363 billion HKD from its initial public offering [6]