Investment Rating - The investment rating for the company is "Buy" [11] Core Insights - The "second-generation IO+ADC" is expected to become the next trend in cancer treatment, attracting multiple multinational corporations (MNCs) such as Merck, BMS, BioNTech, AstraZeneca, and Pfizer. In this new global competition, the company has distinguished itself with strong innovation capabilities and a rapidly advancing pipeline, having formed a deep partnership with BioNTech, which has also established a strategic collaboration with BMS. This collaboration is expected to maximize the global value of the company's ADC pipeline [3][9]. Summary by Sections Company Overview - The company, established in 2019, focuses on the development of ADC drugs and has built four leading technology platforms: DITAC (Duality Immune Toxin Antibody Conjugate), DIBAC (Duality Innovative Bispecific Antibody Conjugate), DIMAC (Duality Immune Modulating Antibody Conjugate), and DUPAC (Duality Unique Payload Antibody Conjugate). It has developed a competitive ADC pipeline targeting various promising cancer antigens [6][26]. ADC Pipeline and Collaborations - The company has multiple ADC pipelines that have gained recognition and partnerships with well-known pharmaceutical companies. Notably, DB-1303 (HER2 ADC), DB-1311 (B7-H3 ADC), and DB-1305 (TROP2 ADC) have been licensed to BioNTech, while DB-1324 (CDH17 ADC) has been licensed to GlaxoSmithKline, and DB-1312 (B7-H4 ADC) has been licensed to BeiGene [6][29]. Specific Drug Insights - DB-1311 (B7-H3 ADC) shows significant potential across various cancers, with promising efficacy and safety profiles, particularly in prostate cancer, where it is positioned as a global best-in-class candidate. The drug is currently in advanced clinical stages [7][35]. - DB-1303 (HER2 ADC) is advancing in the U.S. and aims to differentiate itself in the uterine cancer market, with potential sales exceeding $5 billion by 2025. It is the only HER2 ADC in advanced clinical stages besides DS-8201 [8][9]. - The company has established a strong foothold in the ADC market, with a focus on global clinical trials and strategic collaborations, positioning itself as a potential international biopharma leader [6][29].

Investment Rating - The investment rating for the company is "Buy" [6][8] Core Insights - The report highlights the company's high visibility in performance and simultaneous growth in volume and price, making it a rare investment opportunity in the consumer goods sector. The valuation is considered attractive, and there is potential for earnings to exceed expectations in 2026 due to continuous innovation in core models [1][4]. Industry Overview - The private jet industry is experiencing steady growth, with high-end models (jets) growing at a faster rate. Post-pandemic, high-net-worth individuals prefer private travel for privacy, and tariff fluctuations have led to a decline in competitors' market share. The supply side continues to introduce competitive new models, driving order growth [2]. Company Analysis - The company is a leading player in the piston private aircraft sector, rapidly increasing its market share through strong product quality and customer service. The safety and customization of products create significant competitive barriers. The launch of the SR series G7+ in 2025 has led to a rapid increase in orders, and a new model is expected in 2026, which could further boost orders and establish a foundation for high earnings growth [3][4]. Key Expectations - The company has a rich pipeline of new products, with expectations for significant order growth following the 2026 product launch. The current long delivery cycle suggests that order growth could exceed expectations, contributing to higher delivery volumes in 2026-2027. The service business is also showing strong growth, with a revenue increase of 24% in the first half of 2025, indicating a potential for higher profitability and earnings contributions [4][6]. Potential Catalysts - Key catalysts for the company include the anticipated market recovery in March 2026 based on transaction volume and market capitalization, the launch of new products in 2026, and quarterly delivery data released by GAMA [5].

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2]. Core Insights - The company is a rare player in the "AI for Science" sector, founded by three MIT physicists in 2015, focusing on drug and material science R&D solutions using quantum physics principles, AI, and robotics. In H1 2025, the company achieved revenue of RMB 517 million, a year-on-year increase of 404%, with a net profit of RMB 83 million [6][10]. - The company signed the largest AI pharmaceutical order in the industry with DoveTree, valued at HKD 47 billion (USD 5.99 billion), which reflects its technological strength and potential for future business development [7]. - The company has made significant progress in drug discovery, with its AI platforms being applied across various fields and partnerships with major pharmaceutical companies like Johnson & Johnson and Pfizer [6][7]. Summary by Sections Company Overview - Latest closing price: HKD 11.35 - Total shares: 4.303 billion - Total market capitalization: HKD 48.8 billion - 52-week high/low: HKD 3.85 / HKD 15.12 - Debt-to-asset ratio: 8.9% - Price-to-earnings ratio: -226.34 [4]. Financial Performance - Revenue forecast for 2025-2027: RMB 787 million, RMB 998 million, RMB 1.465 billion, with growth rates of 195.3%, 26.8%, and 46.7% respectively. The net profit is projected to improve from -RMB 156 million in 2025 to RMB 196 million in 2027 [13][16]. Product Development - The company has developed two innovative topical ingredients for hair growth, Remeanagen™ and AquaKine™, which have received FDA approval and are expected to generate significant revenue in the consumer market [10][11]. - The global market for hair loss treatments is projected to grow from USD 5.04 billion in 2025 to USD 6.15 billion by 2033, indicating strong demand and growth potential [11]. Strategic Partnerships - The company has established a strategic partnership with JinkoSolar to develop a new generation of solar cells using AI and automation, enhancing its capabilities in the chemical raw materials sector [12][14].

证券研究报告 hyzqdatemark 2026 年 01 月 10 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com | | | | 基本数据 | 2026 | 年 | 01 月 | 08 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 10.25 | | | 一年内最高/最低（港 | | | | 10.31/5.31 | | | 元） | | | | | | | 总市值（百万港元） | | | | 20,808.94 | | | 流通市值（百万港元） | | | | 20,808.94 | | | 资产负债率（%） | | | | 56.67 | | | 资料来源：聚源数据 | | | | | | 中集安瑞科(03899.HK) 机械设备 | 专用设备 港股|首次覆盖报告 投资评级： 买入（首次） ——在手 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Viewpoints - The company is positioned as a leading OTA in the lower-tier market, benefiting from the release of pent-up demand and the enhancement of user value, which drives growth [3][11]. - The online travel market is characterized by strong certainty, with a stable competitive landscape allowing major players to release profits comfortably [2][11]. - The company has shown significant revenue growth, with a projected increase in revenue and net profit over the next few years, driven by the release of demand in the lower-tier market and refined operations [3][11]. Summary by Relevant Sections Company Overview - The company, Tongcheng Travel, was formed by the merger of Tongcheng Network and Elong in 2018, leveraging strengths in transportation ticketing and hotel bookings [1][14]. - It has over 250 million annual paying users, primarily in the lower-tier market, and has seen a significant recovery in performance post-pandemic [1][15]. Market Analysis - The domestic tourism market has rebounded, with tourist numbers and revenue recovering to 109% and 111% of 2019 levels, respectively, indicating a strong recovery trajectory [2][38]. - The OTA market is dominated by a few key players, with Ctrip holding over 50% market share and Tongcheng around 15%, suggesting a stable competitive environment [2][11]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 145.6 billion RMB, a year-on-year increase of 11%, with net profit rising by 41% to 22.9 billion RMB [1][24]. - The adjusted profit margin improved from 16.2% in Q1-Q3 2024 to 18.0% in the same period of 2025, reflecting operational efficiency [1][24]. Growth Drivers - The company is focusing on the lower-tier market, where there is significant potential for growth and increased online penetration in travel services [3][11]. - It is expanding its app and multi-channel traffic strategies, leading to a rise in average revenue per user and overall user engagement [3][11]. Financial Projections - Revenue projections for 2025-2027 are 193.0 billion RMB, 220.6 billion RMB, and 251.2 billion RMB, respectively, with net profits expected to reach 28.5 billion RMB, 33.4 billion RMB, and 39.0 billion RMB [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 14.00, corresponding to a PE ratio of 14.6 times FY2026E [1][4]. Core Insights - The company showcased its significant position in the global AI industry during the Lenovo Tech World event, highlighting collaborations with major chip manufacturers like NVIDIA, AMD, Intel, and Qualcomm [1]. - The launch of the Lenovo Qira personal AI superintelligence marks a strategic shift from application-level to system-level AI, enhancing user engagement and creating a differentiated software ecosystem [3]. - The company is expected to benefit from the global upgrade of the AI hardware and software ecosystem, with projected non-HKFRS net profits of USD 1.664 billion, USD 1.854 billion, and USD 2.083 billion for FY26, FY27, and FY28 respectively, reflecting growth rates of 15.5%, 11.4%, and 12.4% [4]. Summary by Sections AI Infrastructure - The company launched a new AI inference server, ThinkSystem SR675i, in collaboration with AMD, optimized for large-scale data center scenarios [2]. - A partnership with NVIDIA was announced to establish an AI cloud super factory, leveraging NVIDIA's accelerated computing platform [2]. Personal AI Development - The Lenovo Qira personal AI superintelligence integrates seamlessly across Lenovo PCs, tablets, and Motorola devices, enhancing user experience with capabilities like context awareness and task switching [3]. Financial Projections - The company forecasts revenues of USD 75.844 billion, USD 83.447 billion, and USD 91.865 billion for FY26, FY27, and FY28, with respective growth rates of 9.8%, 10.0%, and 10.1% [9]. - Non-HKFRS EPS is projected to be USD 0.12, USD 0.14, and USD 0.15 for FY26, FY27, and FY28 [4].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, indicating a positive outlook for the company [2]. Core Insights - Auntea Jenny (Shanghai) Industrial is recognized as a leading fresh beverage company in China, having surpassed 10,000 stores by the end of 2025, making it the third brand in the industry to achieve this milestone [3][7]. - The report emphasizes that the fresh beverage industry is increasingly dominated by leading brands, with strong channel advantages allowing them to rapidly expand and innovate [3]. - The company aims to become a global leader in multi-brand fresh beverage groups, leveraging a light-asset model for rapid expansion [7]. Financial Projections - Revenue projections for the company are as follows: Rmb 3,285 million for Dec-24, Rmb 4,215 million for Dec-25, Rmb 4,918 million for Dec-26, and Rmb 5,632 million for Dec-27, reflecting growth rates of -2%, 28%, 17%, and 15% respectively [2]. - Net profit is expected to grow from Rmb 418 million in Dec-24 to Rmb 707 million in Dec-27, with growth rates of 0%, 28%, 16%, and 14% [2]. - The diluted EPS is projected to increase from Rmb 4.09 in Dec-24 to Rmb 6.72 in Dec-27 [2]. Business Model and Strategy - The company operates under a dual-brand strategy, with Auntea Jenny as the main brand and Tea Waterfall as a supporting brand, focusing on both domestic and international markets [4][16]. - The report highlights the company's successful expansion in northern China, attributed to its management philosophy of mutual benefit and resource sharing, as well as a focus on health-oriented products targeting specific consumer demographics [4][20]. - The company has established a low-barrier franchise model, allowing for rapid store expansion and a diverse franchisee base, which is crucial for sustainable growth [37]. Market Position and Competitive Landscape - Auntea Jenny has shown a strong performance in the fresh beverage market, with a compound annual growth rate (CAGR) of 57% in store numbers from 2020 to 2023, outpacing competitors [8][20]. - The report notes that the company has a significant presence in the northern market, with over half of its stores located in this region, which is a strategic advantage compared to other brands [18][20]. - The competitive landscape is characterized by increasing market concentration, with leading brands expected to gain more market share while regional brands coexist [3][4]. Future Growth Potential - The company plans to open 2,000 to 3,000 new stores in 2026, maintaining a steady expansion pace while focusing on improving growth quality [53]. - The report anticipates that the Tea Waterfall brand will accelerate its expansion, targeting lower-tier cities and leveraging the established supply chain of the main brand [52]. - The overseas expansion strategy is focused on developed markets, with successful store openings in Malaysia, the USA, and South Korea, indicating significant growth potential [52].

Investment Rating - The investment rating for OSL Group is "Buy" (maintained) [1][7] Core Insights - The strategic acquisition of Banxa Holdings Inc. enhances OSL Group's compliance capabilities and global payment infrastructure, positioning the company for significant growth in the B2B sector [4][6] - OSL Group's revenue is projected to grow significantly, with estimates of HKD 514 million in 2025, HKD 873 million in 2026, and HKD 1.172 billion in 2027, reflecting growth rates of 37.12%, 69.91%, and 34.29% respectively [5][6] - The acquisition is expected to improve OSL's payment business revenue substantially, with Banxa's revenue for the first half of 2025 estimated at HKD 53.93 million [6] Financial Projections - Revenue projections for OSL Group are as follows: HKD 375 million for 2024, HKD 514 million for 2025, HKD 873 million for 2026, and HKD 1.172 billion for 2027 [5][7] - The forecasted net profit for OSL Group shows a loss of HKD 75.74 million in 2025, a slight loss of HKD 2.56 million in 2026, and a profit of HKD 194 million in 2027 [5][6] - The Price-to-Sales (P/S) ratio is expected to decrease from 29.90 in 2024 to 9.56 in 2027, indicating improved valuation as revenue grows [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is expected to see new developments in the upcoming Olympic cycle, with the launch of new store formats and product lines aimed at enhancing brand engagement and meeting diverse consumer needs [2][9]. - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 have been slightly adjusted to 0.95, 1.07, and 1.22 RMB respectively, with a target price set at 25.41 HKD based on a 24x valuation for 2025 [3][10]. - The company has shown resilience in a challenging consumer environment, with expectations for slight revenue growth driven by specific product categories and improved operational efficiency [9]. Financial Summary - Revenue projections for the company are as follows: - 2023: 27,598 million RMB - 2024: 28,676 million RMB (growth of 3.9%) - 2025: 29,101 million RMB (growth of 1.5%) - 2026: 30,640 million RMB (growth of 5.3%) - 2027: 32,747 million RMB (growth of 6.9%) [4]. - Operating profit and net profit forecasts indicate a decline in 2025, with operating profit expected to be 3,331 million RMB and net profit at 2,465 million RMB, before recovering in subsequent years [4]. - The company’s gross margin is projected to remain stable, with estimates of 48.8% in 2025 and gradually increasing to 49.2% by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be 18.6 in 2025, decreasing to 14.6 by 2027, indicating a potential improvement in valuation over time [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leading player in the high-end beauty and health management sector, with a well-established "Double Beauty + Double Health" ecosystem that drives growth through both organic and external expansion [8][13]. - The company has demonstrated strong revenue growth, with total revenue projected to increase from 21.45 billion in 2023 to 45.78 billion by 2027, reflecting a compound annual growth rate (CAGR) of 11.3% from 2020 to 2024 [25]. - The net profit attributable to shareholders is expected to rise from 2.16 billion in 2023 to 5.18 billion by 2027, with significant year-on-year growth rates [1][25]. Summary by Relevant Sections Company Overview - The company, established in 1993, has evolved from a lifestyle beauty business to a comprehensive beauty and health management service provider, encompassing traditional beauty, medical beauty, and sub-health assessment services [8][13]. - It has developed four major brands: Meili Tianyuan, Beili Shi, Xiuker, and Yanyuan, and has strengthened its market position through acquisitions of Nai Rui Er and Si Yan Li [13][20]. Financial Analysis - The company's revenue has shown resilience, increasing from 15.03 billion in 2020 to 25.72 billion in 2024, with a notable 28.2% growth in the first half of 2025 [25][28]. - The gross profit margin has improved from 46.57% in 2020 to 49.33% in the first half of 2025, indicating effective cost control and a higher proportion of high-margin services [28][30]. Industry Insights - The beauty and health management market is expected to grow significantly, with the traditional beauty market projected to reach 640.2 billion by 2030, and the light medical beauty market expected to expand to 415.7 billion [40][44]. - The sub-health medical service market is identified as a high-potential area, with a projected market size of 290 billion by 2030, driven by increasing awareness and demand for preventive health services [48][51]. Competitive Advantages - The company's business model leverages strong synergies between its various service lines, enhancing customer conversion rates and operational efficiency [8][13]. - The management team possesses extensive experience in the beauty and health industry, which supports the company's strategic initiatives and operational execution [22][24].