Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 0.79 [2][6]. Core Insights - The company reported a revenue of RMB 3.96 billion for FY25, representing a year-on-year growth of 6.1%, while net profit decreased by 36.9% to RMB 390 million. Adjusted net profit, excluding certain impairments, increased by 6.5% to RMB 740 million, aligning with expectations [3][4]. - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The average tuition fee increased by 6% to RMB 13,600 per academic year [4][6]. - The company sold eight low-efficiency school assets from FY24 to FY25, aiming to enhance operational efficiency by reducing the number of schools and increasing the proportion of undergraduate students [5][6]. Financial Data and Profit Forecast - For FY25, the company’s revenue is projected at RMB 3.96 billion, with an adjusted net profit of RMB 738 million. The adjusted net profit is expected to grow to RMB 764 million in FY26 and RMB 812 million in FY27 [7][10]. - The gross margin for FY25 is reported at 42.1%, slightly lower than the previous year, but operational efficiency is anticipated to improve moving forward [4][6]. - The company’s student enrollment for FY25 is 291,000, with a stable student structure, where undergraduate students account for 48% and vocational students for 3% [4][5].

S1500523080002 S1500524030003 tangaijin@cindasc.com zhangzhongtao@cindasc.com [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 证券研究报告 公司研究 医药流通龙头行稳致远，"高股息&经营质量优化"或助力估值提升 [Table_CoverStock] —国药控股(1099.HK)公司深度报告 [Table_ReportDate] 2025 年 12 月 5 日 [公司Table_ReportType] 深度报告 [Table_StockAndRank] 国药控股(1099.HK) 投资评级 买入 上次评级 [Table_Chart] 资料来源：ifind，信达证券研发中心 | [Table_BaseData] 公司主要数据 | | | --- | --- | | 收盘价（港元） | 20.46 | | 52 周内股价波动区间 | 16.00-21.66 | | (港元) | | | 最近一月涨跌幅(％) | 5.41% | | 总股本(亿股) | 31.21 | | 流通 H 股比例(％) ...

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 0.73 [3][5] Core Insights - The company has shown impressive market expansion results, with a significant reduction in related party impairment risks [2] - The company is focusing on core city clusters and high-energy markets, with 74% of new projects located in key regions [10] - The company has reduced the annual cap on related party transactions, which helps lower the risk of receivable impairments and strengthens its independence [10] Financial Performance Summary - Revenue projections for 2025 and 2026 have been adjusted to HKD 7,249 million and HKD 7,571 million, respectively, with a forecasted EPS of HKD 0.02 and HKD 0.06 [3][9] - The company reported a net profit of HKD 273 million in 2023, with a projected net profit of HKD 59 million in 2025 and HKD 145 million in 2026 [9][12] - The gross margin is expected to decline from 20.1% in 2023 to 17.5% by 2027 [9][12] Market Expansion and Strategy - The company achieved a record high in third-party bidding, with an annual contract amount of approximately HKD 960 million, a year-on-year increase of 54.6% [10] - The average property management fee for new residential projects reached HKD 2.9 per square meter per month, indicating improved project quality and profitability [10] - The company added nearly 200 new projects in the second half of the year, expanding its service scenarios and customer value boundaries [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of HKD 34.48 billion for the first half of the 2025/26 fiscal year, a decrease of 1.8% year-on-year. The net profit attributable to shareholders was HKD 1.334 billion, down 24.2% year-on-year. Free cash flow reached HKD 2.6 billion, an increase of approximately 17% year-on-year. The interim dividend per share remained unchanged at HKD 0.15 [2][4]. Summary by Sections Revenue and Profitability - The total gas sales volume increased by 1.7%, with natural gas sales revenue at HKD 20.38 billion, up 3.8% year-on-year. However, engineering design and installation revenue decreased by 5.2% to HKD 3.16 billion, and liquefied petroleum gas sales revenue fell by 12.3% to HKD 8.38 billion [7]. - The average procurement price for gas was HKD 2.63 per cubic meter, unchanged year-on-year, while the average gross margin was HKD 0.58 per cubic meter, a slight decrease of HKD 0.01 year-on-year [7]. Customer Pricing and Sales - As of September 2025, the cumulative proportion of residential gas price adjustments reached approximately 74%, with residential gas prices increasing from HKD 2.56 per cubic meter in the 2021/22 fiscal year to HKD 2.87 per cubic meter in the 2025/26 fiscal year [7]. - The average industrial customer gas price was HKD 3.28 per cubic meter, slightly down by HKD 0.02 year-on-year, while the commercial customer gas price was HKD 3.49 per cubic meter, a slight increase of HKD 0.03 year-on-year [7]. Cash Flow and Dividends - The company achieved a free cash flow of HKD 2.6 billion, reflecting a year-on-year increase of approximately 17%. The expected annual dividend per share is maintained at HKD 0.50, resulting in a current dividend yield of approximately 5.84% [7]. - The financing cost has decreased, with the average financing cost dropping from 3.84% in the previous fiscal year to 3.39% [7]. Customer Connections - The company added approximately 676,300 new residential connections in the first half of the fiscal year, a decrease of 25.2% year-on-year. The full-year guidance for new connections remains unchanged at 1 to 1.2 million [7]. - The performance contribution from connection and engineering segments has decreased to 16.0% [7]. Value-Added Services - The value-added services segment generated approximately HKD 1.015 billion in revenue, accounting for 30.0% of total revenue, with a year-on-year increase of 1.3% [7].

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company reported a revenue of 3.96 billion RMB for the fiscal year 2025, representing a year-on-year growth of 6.1%. However, net profit decreased by 36.9% to 390 million RMB. Adjusted net profit, excluding goodwill impairment and convertible bond disposal costs, was 740 million RMB, reflecting a growth of 6.5% [5] - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The number of enrolled students remained stable at 291,000, with a slight increase of 0.1% compared to the previous fiscal year [5][6] - The average tuition fee increased by 6% to 13,600 RMB per academic year. The company effectively controlled cost growth, with main operating costs rising by 6.2% to 2.29 billion RMB, slightly above the revenue growth rate [5][6] Financial Data and Profit Forecast - The company expects adjusted profits for fiscal year 2026 to be 760 million RMB, down from an earlier forecast of 1.27 billion RMB. Adjusted profits for fiscal years 2027 and 2028 are projected to be 810 million RMB and 880 million RMB, respectively [7][8] - The financial data shows a steady increase in revenue and adjusted net profit over the forecast period, with revenue expected to reach 4.55 billion RMB by fiscal year 2028 [8][11]

股价：13.28 港元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.cms.net.cn | | 大股东/持股 | Treasure Sea Limited | | 实际控制人 | 林刚 | | 总股本(百万股) | 2439.53 | | 流通 B/H 股(百万股) | 2439.53 | | 总市值（亿港元） | 324 | 行情走势图 业绩重回上升轨道，潜力大单品迎来收获期 推荐（首次） 医药 2025 年 12 月 4 日 康哲药业(0867.HK) 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 韩盟盟 | 投资咨询资格编号 | | | S1060519060002 | | | hanmengmeng005@pingan.com.cn | | 张梦鸽 | 投资咨询资格编号 | | | S1060525070003 | | | ZHANGMENGGE752@pingan.com.cn | 平安观点： | ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a total sales volume of 310,000 units in November 2025, representing a year-on-year increase of 24.1% and a month-on-month increase of 1.1%. Cumulatively, from January to November 2025, total sales reached 2.788 million units, up 41.8% year-on-year. The new platform is expected to empower Geely to enter a new product era [2][4][7]. - The GEA architecture supports a new vehicle cycle, with positive developments across the Zeekr, Lynk & Co, and Galaxy brands. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability. The company maintains a solid foundation in fuel vehicles, and joint ventures are exploring innovative overseas expansion models. The smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities, indicating significant profitability elasticity in the new vehicle cycle [2][7]. Summary by Sections Sales Performance - In November 2025, Geely's sales were 310,000 units, with a breakdown of 247,000 for the Geely brand, 35,000 for Lynk & Co, and 29,000 for Zeekr. Year-on-year growth rates were 29.4%, 7.3%, and 6.8%, respectively. The Galaxy model saw a remarkable year-on-year increase of 76.3% with sales of 133,000 units [7]. - The export volume in November was 42,000 units, reflecting a year-on-year increase of 22.2% [7]. New Energy Vehicles - In November, new energy vehicle sales reached 188,000 units, marking a year-on-year increase of 53.4% and accounting for 60.5% of total sales, which is an increase of 11.5 percentage points year-on-year [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including 5 new models and several facelifts under the Geely brand. The Zeekr brand will introduce the Zeekr 007 GT and Zeekr 9X, while Lynk & Co will launch the Lynk 900 EM-P [7]. - The company is fully embracing smart technology, with a significant increase in the adoption rate of intelligent driving features across its new and updated models [7]. Financial Outlook - The expected net profit for 2025 is projected to be 17 billion yuan, with a corresponding price-to-earnings ratio of 9.2 times, indicating a strong outlook for profitability [7].

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨理想汽车-W（02015.HK） [Table_Title] 理想汽车三季报点评：MEGA 召回短期影响盈 利，转型具身智能战略打开公司远期空间 报告要点 [Table_Summary] 2025Q3 理想销量 9.3 万辆，同比-39.0%，实现营收 273.6 亿元，同比-36.2%，车辆毛利率达 15.5%，同比-5.4pct。理想汽车产品优势和品牌设计深入人心，后续车型规划清晰，直营渠道 结构持续优化，"双能战略"有望进一步扩大理想汽车的优势，未来销量空间广阔。 分析师及联系人 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 理想汽车-W（02015.HK） cjzqdt11111 [Table_Title 理想汽车三季报点评： 2] MEGA 召回短期影响盈 利，转型具身智能战略打开公司远期空间 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 [Ta ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨理想汽车-W（02015.HK） [Table_Title] 理想汽车点评：11 月销量 3.3 万辆，看好公司 管理及战略转型后带来销量及经营改善 报告要点 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 理想 2025 年 11 月销量 3.3 万辆，同比下降 31.9%，环比增长 4.5%。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 想汽车的优势，未来销量空间广阔。 分析师及联系人 %% %% research.95579.com 1 [Table_scodeMsg2] 理想汽车-W（02015.HK） cjzqdt11111 [Table_Title 理想汽车点评：2] 11 月销量 3.3 万辆，看好公司 管理及战略转型后带来销量及经营改善 [Table_Summary2] 事件描述 理想 202 ...

Investment Rating - The report assigns an "Accumulate" rating for Meituan-W (03690) [2] Core Insights - Meituan is a leading local business platform in China, actively exploring new business increments while facing short-term profit pressure due to increased competition in its core local commerce segment [7][19] - The company is expanding its overseas market presence, which is expected to significantly broaden its Total Addressable Market (TAM) and create structural growth opportunities for future profitability [7][22] - Despite short-term losses, the long-term value of Meituan remains intact due to its established competitive advantages and operational efficiencies [7][30] Summary by Sections Company Overview - Meituan, founded in March 2010, has evolved into a comprehensive platform offering various local services, including food delivery, hotel bookings, and travel services [10] - The revenue structure for 2024 is projected to consist of 74% from core local commerce and 26% from new businesses [13] Q3 2025 Performance Review - In Q3 2025, Meituan reported revenue of 95.5 billion yuan, a year-on-year increase of 2%, but below market expectations [18] - The core local commerce segment generated revenue of 67.4 billion yuan, down 2.8% year-on-year, primarily due to increased subsidies impacting delivery service revenue [19] Competitive Landscape - The report highlights the competitive pressures from rivals like JD and Alibaba, which have intensified the subsidy wars in the food delivery market [24] - Meituan's operational efficiency and established market presence provide a strong defense against these competitive threats [25] International Expansion - Meituan's overseas expansion, particularly through its Keeta brand, has shown promising results in markets like Hong Kong and Saudi Arabia, with plans to further penetrate the Middle East and Latin America [22][29] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 366.2 billion, 417.4 billion, and 468.9 billion yuan, respectively, with expected adjusted net profits of -17.4 billion, 17.1 billion, and 40.3 billion yuan [30][31] - The report emphasizes that while short-term losses are anticipated, the long-term outlook remains positive due to the company's solid market position and competitive advantages [30]