证券研究报告 | 2025年07月01日 小米集团-W（01810.HK） 发布小米 YU7 及 AI 眼镜等产品，进一步完善人车家全生态 公司研究·海外公司快评 电子·消费电子 投资评级：优于大市（维持） | 证券分析师： | 胡剑 | 021-60893306 | hujian1@guosen.com.cn | 执证编码：S0980521080001 | | --- | --- | --- | --- | --- | | 证券分析师： | 张伦可 | 0755-81982651 | zhanglunke@guosen.com.cn | 执证编码：S0980521120004 | | 证券分析师： | 唐旭霞 | 0755-81981814 | tangxx@guosen.com.cn | 执证编码：S0980519080002 | | 联系人： | 连欣然 | 010-88005482 | lianxinran@guosen.com.cn | | | 联系人： | 刘子谭 | | liuzitan@guosen.com.cn | | 事项： 6 月 26 日晚，公司召开人车家全生态发布会，正式发布小米 Y ...

Investment Rating - The report assigns an "Outperform" rating for Innovent Biologics, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [24]. Core Insights - The management's vision for 2030 is a significant highlight, aiming to position Innovent Biologics as a world-class biopharmaceutical company, with five product pipelines entering global multi-center Phase III clinical trials and two products planned for overseas launch [2][9]. - The development strategy for IBI363 (PD-1/IL-2α-bias bispecific antibody) is clearly defined, with expectations for proof-of-concept data in first-line indications for colorectal, gastric, and lung cancers by 2026 [3][10]. - The recent approval of Mazdumetor is expected to drive rapid sales growth, with projected revenues of 600 million yuan in 2025 and 1.8 billion yuan in 2026 [5][14]. - The non-oncology business is anticipated to match oncology revenue by 2027, driven by multiple product approvals and market expansions [6][15]. Summary by Sections Management Vision - The management reiterated its goal to become a top-tier biopharmaceutical company by 2030, with significant advancements in product pipelines and market presence [2][9]. Product Development - IBI363's clinical strategy focuses on addressing issues in Phase I, selecting representative tumors for Phase II, and advancing certain indications in Phase III, with a focus on colorectal, gastric, and lung cancers [3][10]. - The management emphasizes the importance of partnerships with firms that have strong oncology pipelines and commercialization capabilities [4][11]. Sales and Marketing Strategy - The marketing strategy for Mazdumetor includes a full-channel approach, targeting both in-hospital and out-of-hospital channels, with a focus on rapid sales expansion [5][14]. Revenue Outlook - The domestic non-oncology business is expected to significantly contribute to revenue growth, with projections of reaching 20 billion yuan by 2027 [6][15]. - The overseas business is projected to see revenue growth from 2027 to 2030, primarily driven by oncology products [6][16].

证券研究报告：社会服务 | 公司点评报告 发布时间：2025-07-01 个股表现 资料来源：聚源，中邮证券研究所 | 最新收盘价（港元） | 127.00 | | --- | --- | | 总股本/流通股本（亿股）1.05 | | | 总市值/流通市值（亿港 | 133.61 | | 元） | | | 52 周内最高/最低价 | 158.40 / 117 | | 资产负债率(%) | 36.1948 | | 市盈率 | 37.6146 | | 第一大股东 | | | 公司 | | 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 股票投资评级 沪上阿姨(2589.HK) 增持|首次覆盖 北方茶饮王者，多品牌齐发力 投资要点 沪上阿姨成立于 2013 年，最初售卖"五谷奶茶"，2019 年主攻鲜 果茶赛道，逐步实现在全国各地的快速扩张。公司是北方排名第一、 中国排名第三的中价现制茶饮店品牌，专注为消费者带来高性价比的 健康现制造饮品。沪上阿姨旗下有"沪上阿姨"、"沪咖"、"茶瀑布" 三大品牌矩阵，截至 2024 年底沪上阿姨全国共有门店 91 ...

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-07-01 股票投资评级 增持|首次覆盖 个股表现 -200% 0% 200% 400% 600% 800% 1000% 1200% 2024-07 2024-09 2024-11 2025-02 2025-04 老铺黄金 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 1,008.00 | | --- | --- | | 总股本/流通股本（亿股）1.73 | | | 总市值/流通市值（亿港 | 1,740.58 | | 元） | | | 52 周内最高/最低价 | 1008/ 239.80 | | 资产负债率(%) | 38.1336 | | 市盈率 | 95.1983 | | 第一大股东 | 北京红乔金季咨询顾问 | | 有限公司 | | 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 老铺黄金 (6181.HK) 古法龙头，再下一城 ⚫ 事件 开店：2025 年 6 月 21 日老铺黄金海外首店在新加坡金沙购物中 心启幕；2025 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 1,200.00 [1][7]. Core Views - The company is experiencing strong growth momentum driven by rapid store expansion both domestically and internationally, particularly in high-end markets [1][2]. - The premium gold jewelry market is expanding, with the company leading the trend through product innovation and high craftsmanship [2]. - The company has successfully opened new stores in key locations, enhancing its brand positioning and targeting high-net-worth customers [3]. - Strong same-store sales growth is observed, with a significant increase in online sales contributing to overall revenue growth [4]. - Profit forecasts have been adjusted upwards due to sustained high demand and successful overseas market entry, with net profit projections for 2025-2027 increased by 40%-43% [5][12]. Summary by Sections Store Expansion and Upgrades - As of the end of 2024, the company has established 36 self-operated stores in 15 major cities, focusing on high-end shopping centers [3]. - Recent openings include stores in Beijing, Shenzhen, and Singapore, with plans for further expansions [3]. Sales Performance - The company reported a same-store revenue growth of over 120.9% in 2024, with a remarkable 170% growth in the first five months of 2025 [4]. - Online sales through platforms like Tmall and JD.com reached HKD 12.8 billion in early 2025, marking a 333% year-on-year increase [4]. Financial Projections - Revenue forecasts for 2025-2027 have been significantly raised, with expected revenues of RMB 23.6 billion, RMB 29.2 billion, and RMB 35.4 billion respectively [10][12]. - The adjusted net profit for 2025 is projected at RMB 4.9 billion, reflecting a 233.6% increase from the previous year [12][17]. Market Positioning - The company is recognized as the leading brand in traditional handcrafted gold jewelry, continuously innovating with products that blend heritage craftsmanship with modern aesthetics [2]. - The brand's positioning in high-end markets is reinforced by its strategic store locations and product offerings [3].

纺织服装 波司登（03998.HK） 买入-A(维持) 来源：最闻，山西证券研究所 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 业绩高质量增长，品牌羽绒服业务彰显经营韧性 公司近一年市场表现 来源：最闻，山西证券研究所 | 年 市场数据：2025 | 6 | 月 日 30 | | | --- | --- | --- | --- | | 收盘价（港元）： | | | 4.640 | | 年内最高/最低（港元）： | | | 5.140/3.460 | | 总股本（亿股）： | | | 115.44/115.44 | | 流通市值（亿港元）： | | | 535.65 | 2025 年 6 月 30 日 公司研究/公司快报 事件描述 6 月 26 日，波司登发布 2024/25 财年年度业绩。报告期内，公司实现营收 259.02 亿元，同比增长 11.6%，实现归母净利润 35.14 亿元，同比增长 14.3%。 公司宣派末期股息每股普通股 22.0 港仙，全年派息率 84.1%。 事件点评 总市值（亿港元 ...

上 市 公 司 2025 年 06 月 30 日 赤子城科技 (09911) ——社交先锋，淘金中东 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 30 日 | | --- | --- | | 收盘价（港币） | 9.83 | | 恒生中国企业指数 | 8678.3 | | 52 周最高/最低（港币） | 11.50/2.50 | | H 股市值（亿港币） | 138.96 | | 流通 H 股（百万股） | 1,412.18 | | 汇率（人民币/港币） | 1.0966 | 一年内股价与基准指数对比走势： -43% 457% 07/02 08/02 09/02 10/02 11/02 12/02 01/02 02/02 03/02 04/02 05/02 06/02 资料来源：Bloomberg HSCEI 赤子城科技 公 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 联系人 赵航 (8621)23297818× zhaohan ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][7][17] Core Views - The company is expected to achieve a net profit of approximately RMB 135.1 billion for the first half of 2025, representing a year-on-year increase of 35% compared to RMB 100.1 billion in the first half of 2024 [7] - The growth in profit is attributed to higher sales prices and increased sales volume of aluminum alloy and alumina products, along with a decrease in coal prices leading to lower electricity costs [7] - The company has a high dividend yield of approximately 11%, with a dividend payout ratio exceeding 60% for the year 2024, indicating strong long-term investment value [7] - The supply-demand dynamics in the aluminum market are favorable, with domestic production capacity nearing its limit and demand from sectors like new energy vehicles expected to grow [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: RMB 133,624 million - 2024: RMB 156,169 million - 2025E: RMB 152,307 million - 2026E: RMB 158,018 million - 2027E: RMB 158,736 million [6][8] - Net profit forecasts are: - 2023: RMB 11,461 million - 2024: RMB 22,372 million - 2025E: RMB 22,419 million - 2026E: RMB 24,585 million - 2027E: RMB 25,293 million [6][8] - The company’s earnings per share (EPS) is projected to be RMB 2.41 for 2025, with a price-to-earnings (PE) ratio of 6.8 [6][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][35] Core Views - The company achieved a revenue growth of 12% and a net profit growth of 14% for the fiscal year 2024/25, despite challenges from rising raw material costs and a warm winter [1][8] - The company maintains a high dividend payout ratio of 84%, supported by strong cash flow [2][3] - The company is focusing on product innovation and channel optimization to drive growth, with new product categories such as sun protection clothing and lightweight down jackets contributing to sales [2][28] Summary by Sections Financial Performance - For the fiscal year ending March 31, 2025, the company reported a revenue of 25.9 billion yuan, up 11.6% year-on-year, and a net profit of 3.51 billion yuan, up 14.3% year-on-year [1][8] - The gross margin decreased by 2.3 percentage points to 57.7%, primarily due to changes in channel and product mix, as well as fluctuations in raw material costs [1][17] - The operating profit margin improved by 0.3 percentage points to 19.2%, aided by a reduction in selling expenses [1][18] Business Segments - Brand down jackets generated a revenue of 21.67 billion yuan, with a growth of 11.0%, while the OEM business saw a significant increase of 26.4% to 3.37 billion yuan [13][14] - The women's clothing segment faced a decline of 20.6%, with revenue dropping to 650 million yuan [13][14] - The diversified clothing segment grew by 2.9% to 210 million yuan [13] Inventory and Cash Flow Management - The inventory increased by 23.6% year-on-year, influenced by raw material stocking, with an average inventory turnover period of 118 days, up by 3 days [2][26] - The company maintains a strong cash flow with a net cash ratio of 1.13, supporting its robust dividend policy [2][3] Growth Strategies - The company is enhancing its product categories and brand appeal through innovation and collaboration, targeting new customer segments [28][32] - Online sales for brand down jackets grew by 9.4%, while offline stores saw a net increase of 100 self-operated stores and 153 franchise stores [2][32] Future Outlook - The company expects net profits for FY2026 to FY2028 to be 3.91 billion, 4.30 billion, and 4.73 billion yuan respectively, reflecting a growth rate of 11.2% and 10% [3][35] - The target price is maintained at 5.1 to 5.5 HKD, corresponding to a PE ratio of 14-15x for FY2026 [3][35]

丨证券研究报告丨 港股研究丨公司点评丨小米集团-W（1810.HK） [Table_Title] Yu7 正式发布，初代 AI 眼镜面向未来 报告要点 [Table_Summary] 6 月 26 日小米集团召开人车家生态大会，发布面向未来的新一代个人智能设备—AI 眼镜，同 时市场期待已久的首款 SUV Yu7 正式发售，家电高端化战略稳步推进，人车家全生态战略迎 来新的里程碑。 分析师及联系人 [Table_Author] 杨洋 高伊楠 张永乾 陈亮 SAC：S0490517070012 SAC：S0490517060001 SAC：S0490524030002 SAC：S0490517070017 SFC：BUW100 SFC：BUW101 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小米集团-W（1810.HK） cjzqdt11111 [Table_Title2] Yu7 正式发布，初代 AI 眼镜面向未来 [Table_Summary2] 事件描述 6 月 26 日小米集团召开人车家生态大会，发布面向未来的新一代个人智能设备 ...