巨子生物（2367.HK）动态跟踪点评 平台优势兑现，双美组合开启医美第二增长曲线 证券研究报告 2026 年 01 月 21 日 公司动态跟踪 | 巨子生物 事件：2026 年 1 月 15 日公司收到中国国家药品监督局颁发的关于"重组 I 型α1 亚型胶原蛋白及透明质酸钠复合溶液"产品的第Ⅲ类医疗器械注册证。 -38% -25% -12% 1% 14% 27% 40% 53% 2025-01 2025-05 2025-09 2026-01 巨子生物 恒生指数 分析师 吴岑 S0800524100002 021-38584327 wucen@research.xbmail.com.cn 于佳琦 S0800525040008 021-38584327 yujiaqi@xbmail.com.cn 公司基于其重组Ⅰ型α1 亚型胶原蛋白技术平台（采用人天然 I 型α1 单链氨 基酸序列 305-1057 位，共 753 个氨基酸，非三螺旋结构），在短期内相继获 批了两款关键的Ⅲ类医疗器械。2025 年 10 月 23 日获批的"重组Ⅰ型α1 亚型胶原蛋白冻干纤维"是国内首个获批的 I 型重组胶原注射剂，形态为需 溶 ...

[Table_scodeMsg1] 港股研究丨公司深度丨中烟香港（06055.HK） [Table_Title] 中烟香港深度： 稀缺的烟草出海巨头，内生外延共构未来 %% %% %% %% research.95579.com [Table_Summary] 公司是中烟体系唯一烟草上市公司平台，承载"国际业务拓展+资本市场运作"使命。1、主业层 面，公司业务具备独家性，经营稳健且利润率稳定性强；2、中烟境外资产储备丰富，公司内生 &外延空间广阔。1）体系内方向：中烟体系在海外有大量优质资产，涵盖烟叶种植、卷烟生产、 品牌合作及销售网络建设等全产业链，初步估计整合空间为公司现有体量翻倍以上；2）体系外 方向：复盘国际烟草龙头，并购整合是持续扩张重要途径，也有望是公司海外拓展的潜在方向。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 SAC：S0490516060001 SAC：S0490520070002 SFC：BUV463 1 丨证券研究报告丨 报告要点 [Table_scodeMsg2] 中烟香港（06055.HK） cjzqdt11111 请阅读最后评级说明和重要声明 2 / 31 % ...

证券研究报告 安踏体育 (2020 HK) 港股通 短期波动不改龙头本色 2026 年 1 月 21 日│中国香港 服装 | 华泰研究 | | | | 公告点评 | 投资评级(维持): | | 买入 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 21 日│中国香港 | | 服装 | 目标价(港币): | | 109.21 | | 安踏体育发布 | | 4Q25 营运表现：4Q25 | 安踏品牌流水同比低单位数负增长， | | 樊俊豪 SAC No. S0570524050001 | fanjunhao@htsc.com | 研究员 | SFC No. BDO986 +(852) 3658 6000 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com +(86) 755 8249 2388 | 杨耀* | 联系人 | | --- | --- | | SAC No. S0570124070059 | yangyao@htsc.com | | | +(86) 75 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is recognized as an excellent international brand operator, with a promising future as it rebounds from a low point. It operates notable brands including Clarks, Bossini, and Testoni, and has established a joint venture to manage the outdoor brand Haglöfs in Greater China. For the first half of 2025, the company reported a revenue of HK$48.1 billion (down 5.7% year-on-year) and a net profit of HK$1.8 billion (up 60.9% year-on-year) [1][4] - Clarks, a 200-year-old global footwear brand, holds a market share of 14.6% in the UK (ranked first) and 1.8% in the US (ranked eighth). The brand's revenue for the first half of 2025 was HK$41.5 billion (down 5.3% year-on-year), accounting for 85.7% of total revenue, with a gross margin of 48.7% (up 0.1 percentage points) [2] - The company is actively expanding its online sales network, with a 9.7% year-on-year increase in online revenue to HK$6.3 billion for the first half of 2025, representing 15.2% of total revenue [3] - The newly appointed co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a 60.9% year-on-year increase in net profit for the first half of 2025 [4] - The company is also focusing on the outdoor segment by enhancing its presence with the high-end outdoor brand Haglöfs, planning to open over 20 stores in Greater China by 2025 [5] - Profit forecasts indicate a positive outlook, with expected net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for 2025, 2026, and 2027 respectively, reflecting significant growth [6] Financial Summary - For the first half of 2025, the company reported a revenue of HK$48.1 billion and a net profit of HK$1.8 billion, with projections for 2025-2027 indicating a recovery and growth trajectory [1][6] - The estimated revenue for 2025 is HK$10,466 million, with a projected net profit of HK$208.2 million, marking a significant turnaround from a loss in 2024 [11]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is recognized as an excellent international brand operator with a promising future, having a diverse portfolio that includes Clarks, Bossini, and Testoni, among others. In the first half of 2025, the company reported a revenue of HK$48.1 billion, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders increased by 60.9% to HK$1.8 billion [1][4] - Clarks, a well-known global footwear brand, holds a market share of 14.6% in the UK and 1.8% in the US. The brand's revenue for the first half of 2025 was HK$41.5 billion, down 5.3% year-on-year, with a gross margin of 48.7% [2] - The new co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a significant increase in net profit in the first half of 2025 [4] Revenue and Profit Forecast - The company is expected to achieve net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for the years 2025, 2026, and 2027, respectively, indicating a recovery and growth trajectory [6] - The projected revenue for 2025 is HK$10.47 billion, with a slight increase expected in subsequent years [11] Online and Offline Expansion - Clarks is actively expanding its online sales network, with a projected online revenue increase of 9.7% to HK$630 million in the first half of 2025, accounting for 15.2% of total revenue [3] - The company plans to open new concept stores globally, including three independent Cloudstepper™ stores in Malaysia and the US by 2025, and a larger Canvas retail concept store in London's Tottenham Court Road [2][3] Strategic Initiatives - The company is enhancing its outdoor brand presence by establishing a joint venture to operate the Haglöfs brand in Greater China, with plans to open over 20 stores by 2025 [5] - The company is also leveraging social media platforms for targeted marketing to boost brand recognition [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][11]. Core Insights - The company, 古茗 (Gu Ming), is positioned in the tea beverage sector with significant growth potential, driven by rapid product innovation and a strong supply chain [3][7]. - The company has implemented a new franchise policy to encourage existing franchisees to open more stores, which is expected to enhance local brand visibility and operational efficiency [6][8]. - The company has a robust research and development team, with approximately 120 members, focusing on product development and supply chain optimization [7]. Financial Performance and Projections - The company is projected to achieve revenues of RMB 134 billion, RMB 163 billion, and RMB 198 billion for the years 2025, 2026, and 2027 respectively, with a net profit of RMB 27.5 billion, RMB 28.4 billion, and RMB 35.4 billion [9][10]. - The expected growth rates for revenue are 101% in 2025, 76% in 2026, and 71% in 2027, while net profit growth is anticipated at 86% in 2025, 3% in 2026, and 24% in 2027 [10][11]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 22 in 2025 to 17 in 2027, indicating potential value appreciation [10][11]. Market Position and Strategy - As of November 2025, the company has 13,117 stores, representing a year-on-year increase of 34%, with significant presence in key provinces [9]. - The company’s strategy of regional clustering for store openings is expected to enhance consumer reach and operational management [8][9]. - The company has established a strong supply chain with direct sourcing and self-operated logistics, ensuring product quality and cost control [7].

浦银国际研究 公司研究 | 消费行业 下调 2026/2027 年盈利预测，短期股价压力不改长期增长逻辑：我 们维持对公司 2025 年的收入与利润预测不变，但基于管理层对 2026 年较弱的利润率指引，我们适度下调了 2026 年净利润预期。尽管安 踏股价短期仍将面临较弱的市场情绪，但我们有信心公司持续的多 品牌全球化的布局将在长期驱动集团销售与利润规模的扩张。维持 "买入"评级。 投资风险：行业需求放缓；安踏收入低于预期；Fila 品牌力下降。 林闻嘉 首席消费分析师 richard_lin@spdbi.com (852) 2808 6433 张嘉 消费分析师 constance_zhang@spdbi.com (852) 2808 6439 2026 年 1 月 21 日 安踏（2020.HK）：负面情绪短期可能持 续，看好多品牌全球化的长期发展趋势 两大主力品牌 4Q25 流水表现"冰火两重天"：安踏品牌 4Q25 零售流 水录得同比低单位数下滑（下滑幅度不到 1%），主要是受到 12 月整 体行业需求疲软以及气温较暖的影响。公司对安踏品牌依然采取较为 审慎的态度，在竞争激烈的促销环境下，4Q25 的 ...

证券研究报告 小菜园 (999 HK) 港股通 强化性价比优势拥抱高质量增长 2026 年 1 月 21 日│中国香港 餐饮 | 华泰研究 | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2026 年 1 月 21 日│中国香港 | 餐饮 | 目标价(港币): | 11.41 | | 2025 年餐饮行业整体表现受到外卖补贴节奏扰动较明显，中低客单价大众 | | 樊俊豪 | 研究员 | | 日常品类在较大幅度补贴下性价比优势显著放大、阶段性需求表现占优。回 | | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | SFC No. BDO986 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 1 月 20 日) | 8.81 | | -- ...

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [6]. Core Views - The company is positioned as a leading diversified copper producer under China Minmetals, aiming to achieve a copper production target of over 1 million tons by 2030 [6][21]. - The Las Bambas copper mine is identified as a "global resource flagship," with the "Heart of Bambas" strategy expected to stabilize its cash flow [6][5]. - The company is set to benefit from the integration of the Khoemacau copper mine and the expansion of the Kinsevere mine, which are anticipated to enhance copper production and profitability [6][5]. Summary by Sections Company Overview - The company operates as the core international mining platform of China Minmetals, focusing on a diversified portfolio of copper and zinc assets, with operations in Australia, South America, Africa, and North America [5][14]. - The company aims to leverage its expertise in both Chinese and international markets to diversify its resources and products [17]. Las Bambas Copper Mine - The Las Bambas mine, with a 62.5% ownership, is among the top ten copper mines globally, with significant copper reserves [5][18]. - The mine has faced community-related issues affecting production, but the implementation of the "Heart of Bambas" strategy is expected to restore stable cash flow [5][6]. Kinsevere Copper Mine - The Kinsevere mine, fully owned by the company, is transitioning from high-grade oxide ore to sulfide ore, with an expansion project expected to extend its operational life until 2035 [5][6]. Khoemacau Copper Mine - The Khoemacau mine, located in Botswana, is a large, long-life copper mine with significant production potential, aiming to increase its output from 50,000 tons to 130,000 tons by 2028/2029 [5][6]. Australian Zinc Mines - The Dugald River and Rosebery mines provide stable cash flow, with the Dugald River being one of the top ten zinc mines globally, expected to see a 401% increase in EBITDA in 2024 [5][6]. Financial Projections - The company forecasts revenues of $4.48 billion in 2024, growing to $7.91 billion by 2027, with net profits projected to rise from $162 million in 2024 to $1.17 billion in 2027 [7].

证券研究报告 | 公司深度 gszqdatemark 2026 01 21 年 月 日 李宁（02331.HK） 聚焦奥运周期，品牌势能回归，关注业绩拐点 2025 年上半年李宁签约奥委会标志着公司进入新一轮的产品和营销周期，本次 深度报告旨在对李宁公司过往发展进行复盘，同时分析 2025-2028 奥运周期下 公司的核心看点： 短期由于消费环境波动，李宁公司基本面表现承压，当前公司处于品牌势能向上 周期，中长期业绩若有改善，或将带动股价上涨。2022 年以来面对消费环境波动， 公司经营情况承压，2025H1 公司营收/归母净利润同比+3.3%/-11%至 148/17 亿 元，2025Q3/Q4 李宁品牌流水分别下降中单位数/下降低单位数。中长期来看倘若 公司后续可以迎来收入或者利润的改善，市场对于公司长期的业绩预期有望得到 修复，从而带动股价上涨。 行业趋势：居民运动鞋服需求韧性强，运动多元化、专业化特征逐步显现。 2020~2024 年居民运动参与度提升，带动运动鞋服需求规模扩张，中长期来看随 着跑步运动参与度的提升，不同跑者的需求也将更加专业，另外有强社交属性的 "圈层运动"（例如户外、羽毛球、网球） ...