Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical [8][14] Core Views - CSPC Pharmaceutical reported a revenue of RMB 19.89 billion for the first three quarters of 2025, a decrease of 12.3% year-on-year, with a net profit of RMB 3.51 billion, down 7.1% year-on-year. However, the third quarter showed signs of recovery with a revenue increase of 3.4% year-on-year to RMB 6.62 billion and a net profit increase of 27.2% year-on-year to RMB 964 million, aligning with expectations [5][10] - The company's gross margin decreased by 4.9 percentage points year-on-year to 65.6% in the first three quarters of 2025, with the sales contribution from finished drugs dropping from 82.3% to 77.7% [10][11] - The report highlights a significant decline in oncology product sales, which fell by 56.8% year-on-year to RMB 1.65 billion, representing only 10.7% of total finished drug sales [11] - CSPC has made progress in its innovative pipeline, with 28 key products in pivotal clinical trials and an increase in R&D expenses by 7.9% year-on-year to RMB 4.19 billion, reflecting a commitment to innovation [8][13] Financial Summary - For 2025, the company expects a revenue of RMB 26.785 billion, a decrease of 7.67% year-on-year, and a net profit of RMB 4.559 billion, with an EPS forecast adjusted down to RMB 0.40 [9][14] - The report projects a target price adjustment from HKD 12.7 to HKD 9.7, indicating a potential upside of 31% [14]

Investment Rating - The report maintains a "Buy" rating for CSPC Pharmaceutical [1][14] Core Views - The company reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling RMB 19.89 billion, while net profit decreased by 7.1% to RMB 3.51 billion. However, in the third quarter, revenue grew by 3.4% year-on-year to RMB 6.62 billion, and net profit increased by 27.2% to RMB 964 million, aligning with expectations [4][10] - The gross margin decreased by 4.9 percentage points year-on-year to 65.6%, with the sales contribution from finished drugs dropping from 82.3% in the first three quarters of 2024 to 77.7% in 2025 [4][10] - The company has a robust pipeline with 28 key products in pivotal clinical trials and a significant increase in R&D expenses, which rose by 7.9% year-on-year to RMB 4.19 billion, representing 21.0% of revenue [7][13] Financial Performance - For the first three quarters of 2025, finished drug sales fell by 17.3% year-on-year to RMB 15.45 billion, but third-quarter sales returned to growth at RMB 5.20 billion, up 1.6% year-on-year [5][11] - The oncology product sales saw a significant decline of 56.8% year-on-year to RMB 1.65 billion, now representing 10.7% of total finished drug sales [5][11] - The API segment experienced a 22.3% year-on-year increase in vitamin C revenue to RMB 1.79 billion, while antibiotic API revenue slightly declined by 3.7% due to price drops [5][11] Pipeline Development - The company is advancing multiple trials for SYS6010 (EGFR ADC), which has received Fast Track Designation from the FDA and Breakthrough Therapy Designation from the NMPA, with data readouts expected in 2026 [6][12] - The innovative pipeline includes 28 products in phase II/III trials, nine in phase II, and approximately 40 in phase I, covering both oncology and non-oncology areas [7][13] Earnings Forecast - The earnings per share (EPS) forecast for 2025 has been adjusted down from RMB 0.46 to RMB 0.40, with target prices revised from HK$12.7 to HK$9.7, indicating a potential upside of 31% [14]

证券研究报告 | 公司点评 gszqdatemark 2025 11 24 年 月 日 名创优品（09896.HK） 内地同店全年逐季提速，海外运营效率提升 事件：11 月 21 日，公司披露截至 2025 年 9 月 30 日止三个月业绩。3Q25， 公司同店 GMV 实现中个位数增长；实现营收 58.0 亿元/同比+28.2%，经 调整净利润为 7.67 亿元/同比+11.7%；经调经营利润 10.2 亿元/同比 +14.8%，对应经调 OPM 17.6%/同比-2.1pct。 MINISO 国内：3Q25 门店净增 102 家，同店实现高个位数增长。①收 入：3Q25 名创优品品牌内地收入 29.1 亿元/同比+19.3%，内地收入逐季 加速。②开店及同店：3Q25 国内 MINISO 门店净增 102 家至 4407 家， 期内同店 GMV 实现高个位数增长；③展望：25 年 10 月中国内地同店增 长达到低双位数水平，我们预计全年内地有望实现中个位数同店增长。 MINISO 海外：同店持续改善，海外直营业务利润率同比提升。①收入： 3Q25，名创优品品牌海外业务实现收入 23.1 亿元/同比+27. ...

银河娱乐集团（27） 更新报告 王柏俊 852 2532 1915 Patrickwong@firstshanghai.com.hk | 主要数据 | | | --- | --- | | 行业 | 博彩和娱乐 | | 股价 | 38.40 港元 | | 目标价 | 50.06 港元 | | | (30.36%) | | 股票代码 | 27 | | 已发行股本 | 43.75 亿股 | | 市值 | 1680 亿港元 | | 52 周高/低 | 43.90/23.10 港元 | | 每股净现值 | 17.36 港元 | | 主要股东 | 吕耀东家族 (50.62%) | 25 年第三季度业绩符合预期，预期 10 月份和黄金周后均 录得良好的表现 盈利摘要 股价表现 截止1 2月3 1日财政年度 2023实际 2024实际 2025预测 2026预测 2027预测 总净收入 (百万港元) 35,683.6 43,432.0 47,831.9 51,413.6 55,764.5 变动 (%) 211.0% 21.7% 10.1% 7.5% 8.5% EBITDA (百万港元) 9,955.0 12,188.0 13 ...

曲公司 | 市场数据: | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 0.82 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低 (港币) | 1.37/0.40 | | H 股市值（亿港币） | 244.98 | | 流通 H 股 (百万股) | 29,875.86 | | 汇率（港币/人民币） | 0.9106 | (01060) -IP 收入超一倍增长，演出业务多元探索 报告原因:有业绩公布需要点评 (维持) and of the see and the sere and the server the server the 传媒 2025 年 11 月 24 日 大蔓娱乐 一年内股价与基准指数对比走势: 7939 资料来源：Bloomberg 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 申万宏源研究微信服务号 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch ...

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology [3][6]. Core Insights - Kuaishou's revenue for Q3 2025 reached 35.6 billion yuan, a year-on-year increase of 14.2%. The revenue from online marketing services, live streaming, and other services was 20.1 billion, 9.6 billion, and 5.9 billion yuan, respectively, with growth rates of 14.0%, 2.5%, and 41.3% [1]. - The company's operating profit for the quarter was 5.3 billion yuan, with an operating profit margin of approximately 14.9%. The non-GAAP net profit attributable to shareholders was 5.0 billion yuan, up 26.3% year-on-year, with a non-GAAP net profit margin of about 14.0% [1]. - E-commerce GMV grew robustly, increasing by 15.2% year-on-year to 385 billion yuan, with a healthy development in the average buyer structure and active user repurchase frequency [1][2]. - The AI models, such as OneRec and G4RL, have become new drivers for advertising revenue growth, contributing approximately 4%-5% to domestic online advertising revenue [2]. Financial Summary - The projected revenues for Kuaishou from 2025 to 2027 are 141.5 billion, 155.0 billion, and 167.0 billion yuan, representing year-on-year growth rates of 11%, 10%, and 8% respectively. Adjusted net profits are expected to be 20.5 billion, 24.8 billion, and 27.8 billion yuan, with growth rates of 16%, 21%, and 12% [3][5]. - The adjusted EPS for the same period is projected to be 4.8, 5.8, and 6.5 yuan, with a net asset return rate of 25.6%, 24.2%, and 21.8% respectively [5][12]. - The target price for Kuaishou is set at 94 HKD based on a 15x P/E ratio for 2026 estimates [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6] Core Insights - The company reported Q3 revenue of 5.8 billion (+28.2% YoY) and adjusted net profit of 770 million (+11.7% YoY), with a net profit margin of 13.2% (-2.0 percentage points) [1][6] - Domestic revenue for the company's brand reached 2.91 billion (+19.3% YoY), while overseas revenue was 2.31 billion (+27.7% YoY). TOPTOY revenue surged to 570 million (+111.4% YoY) [1][6] - The company has a robust "1+3" moat strategy, combining a Chinese supply chain, global IP, global design, and global channels, which supports its domestic expansion and high growth in overseas markets [1][6] Financial Performance - The company expects significant revenue growth, with projected revenues of 13.84 billion, 16.99 billion, 21.21 billion, 25.13 billion, and 29.27 billion for 2023 to 2027, respectively, reflecting growth rates of 39%, 23%, 25%, 18%, and 17% [2][7] - Adjusted net profit is projected to grow from 2.39 billion in 2023 to 4.34 billion in 2027, with corresponding growth rates of 101%, 13%, 10%, 23%, and 18% [2][7] - The company’s earnings per share (EPS) is expected to increase from 1.90 in 2023 to 3.45 in 2027 [2][7] Domestic Market Performance - In Q3, the domestic brand revenue was 2.91 billion, with same-store sales showing high single-digit growth. The company anticipates low double-digit growth in same-store sales for Q4 [1][6] - The company added 102 new stores in Q3, bringing the total to 4,407 stores [1][6] International Market Performance - The overseas brand revenue reached 2.31 billion, with same-store sales showing low single-digit growth. The U.S. market saw revenue growth exceeding 65% [1][6] - The company opened 117 new stores overseas in Q3, with a total of 3,424 stores by the end of the quarter [1][6] TOPTOY Performance - TOPTOY brand revenue reached 570 million in Q3, with a same-store sales growth in the mid-single digits and a net increase of 14 stores, totaling 307 stores [1][6]

分析师及联系人 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨 H&H 国际控股（01112.HK） [Table_Title] H&H 国际控股 2025 年前三季经营数据点评： 婴配粉修复加速，国内保健品维持良性增长 报告要点 [Table_Summary] 2025 年前三季度，撇除外汇影响，公司总收入 108.1 亿元（同比+12.3%）。所有业务分部收入 均录得正面增长，成人营养及护理用品分部收入同比+6.0%。婴幼儿营养及护理用品分部收入 同比+24.0%，其中婴配粉收入同比+33.3%，婴幼儿益生菌及营养补充品业务收入跌幅收窄至 2.3%。宠物营养及护理用品分部收入同比+8.2%。 请阅读最后评级说明和重要声明 %% %% research.95579.com %% %% 1 [Table_scodeMsg2] H&H 国际控股（01112.HK） cjzqdt11111 [Table_Title H&H 国际控股2] 202 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 0.82 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 1.37/0.40 | | H 股市值（亿港币） | 244.98 | | 流通 H 股（百万股） | 29,875.86 | | 汇率（港币/人民币） | 0.9106 | 传媒 2025 年 11 月 24 日 大麦娱乐 (01060) ——IP 收入超一倍增长，演出业务多元探索 报告原因：有业绩公布需要点评 一年内股价与基准指数对比走势： -7% 93% 193% 293% HSCEI 大麦娱乐 资料来源：Bloomberg 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 研究支持 张淇元 A0230124080001 ...

首次覆盖: 同建共享，行稳致远 中通快递-W(2057) 中通快递首次覆盖报告 [Table_Industry] 运输 海 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 本报告导读： 中通快递的"同建共享"理念为加盟商网络的稳定打下了坚实的基础。稳健的盈利能 力及高效的成本管控水平，将助力公司巩固行业龙头地位。 投资要点： | 财务摘要百万人民币 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 38419 | 44281 | 47107 | 51685 | 57706 | | +/-% | 9% | 15% | 6% | 10% | 12% | | 毛利润 | 11663 | 13717 | 13571 | 14952 | 16692 | | 归母净利润 | 8749 | 8817 | 9565 | 10633 | 11929 | | +/-% | 28% | 1% | 8% | 11% | 12% | | PE | 14.96 | ...