Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4]. Core Views - The company reported a retail value growth of 17.8% year-on-year for the period from October to December 2025, with a sequential increase of 4.1% compared to the previous quarter, accelerating by 13.7 percentage points [3]. - In the mainland China market, retail value grew by 16.9%, while the retail value in Hong Kong, Macau, and other markets increased by 22.9% [3]. - Same-store sales in mainland China increased by 21.4%, with a sequential acceleration of 13.8 percentage points, while franchise stores saw a 26.3% growth, accelerating by 17.7 percentage points [3]. - The high-margin priced jewelry category saw a retail value increase of 59.6% in mainland China, contributing 40.1% to total retail value, an increase of 10.7 percentage points year-on-year [3]. - The company continues to optimize store efficiency, closing 228 stores during the quarter, ending with a total of 5,813 stores, with expectations of a reduced closure rate moving into the fiscal year 2027 [3][4]. Summary by Relevant Sections Sales Performance - The overall retail value growth of 17.8% indicates strong consumer demand, particularly in high-margin jewelry segments [3]. - The acceleration in same-store sales growth reflects effective strategies in product innovation and channel optimization [4]. Product Structure - The significant growth in high-margin priced jewelry suggests a successful focus on premium product offerings, which is expected to enhance overall profitability [3][4]. Store Strategy - The strategy of closing underperforming stores while focusing on enhancing store efficiency is likely to contribute positively to future performance [3][4]. Financial Projections - The projected net profit for the fiscal years 2026-2028 has been revised upwards to HKD 86.37 billion, 96.46 billion, and 105.59 billion respectively, with corresponding P/E ratios of 15.7, 14.0, and 12.8 times [4].

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating an acceleration in growth compared to the previous quarter [2]. - The proportion of priced jewelry significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a retail share of 40.1% for priced jewelry, which is expected to support margin improvements [2]. - The company is focusing on brand transformation and has introduced new products, including collaborations with Disney, which may enhance consumer engagement and sales [2]. - Chow Tai Fook plans to optimize its domestic channels and expand internationally, with a goal to open new stores in high-end locations by June 2026 [3]. Financial Summary - For FY2025, Chow Tai Fook's revenue was HKD 89.656 billion, with a projected increase to HKD 94.115 billion in FY2026, representing a 5% growth [4]. - The net profit attributable to shareholders for FY2025 was HKD 5.916 billion, expected to rise to HKD 8.760 billion in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. - The company’s gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6]. Operational Metrics - Chow Tai Fook's total number of stores in mainland China was 5,433 at the end of December 2025, with a net closure of 230 stores during the same period [3]. - The company is enhancing store quality and efficiency, with new store designs performing better than traditional stores [3]. - The cash flow from operating activities is projected to significantly increase to HKD 13.431 billion in FY2026 from HKD 299 million in FY2025 [6].

证券研究报告 | 公司深度 | 酒店餐饮 小菜园(00999) 报告日期：2026 年 01 月 21 日 从徽菜烟火到千店网络，凭效率升级驱动规模扩张 ——小菜园深度报告 投资要点 ❑ 全国领先的大众便民中式餐饮连锁企业，稳健扩张驱动增长 小菜园是一家全国领先的大众便民餐饮连锁企业，专注于为消费者提供高品质、 标准化的中式餐饮体验。小菜园凭借 SKU 精简、供应链体系完善、自动化设备 投入及门店面积收缩，正进入效率兑现期，未来全国扩张潜力巨大。2021-2024 年，公司收入由 26.5 亿元增至 52.1 亿元，CAGR 约 25%；毛利率由约 66%提升 至约 68%，净利率由约 9%提升至约 11%，盈利能力和资本回报稳步提升。 ❑ 万亿级市场+行业集中度提升，我国中餐市场增长空间广阔 2024 年中国内地餐饮市场规模约 55,000+亿元，2020-2024 年 CAGR 约 9%。其 中中式/非中式餐饮市场结构明显：增速维度，非中式＞中式，2018-2023 年非中 式/中式餐饮 CAGR 约 7%/4%；规模维度，中式＞非中式，2023 年中式/非中式市 场规模约 40,000+/12,000+ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has received approval for the world's first injectable recombinant collagen and hyaluronic acid composite solution, marking a significant milestone in its product offerings [8] - The company is expected to see a compound annual growth rate (CAGR) in revenue of 49.0% in 2023, followed by 57.2% in 2024, and a more moderate growth of 15.8% and 14.7% in 2026 and 2027 respectively [6][8] - The company has a strong pipeline in the aesthetic medicine sector, with two approved recombinant collagen products, which are anticipated to drive substantial revenue growth [8] Financial Summary - Closing price is HKD 35.40, with a market capitalization of HKD 37.91 billion [6][7] - Projected revenue for 2023 is RMB 3,524.14 million, increasing to RMB 7,428.23 million by 2027 [6] - Projected net profit for 2025-2027 is RMB 19.3 billion, RMB 22.6 billion, and RMB 25.4 billion respectively, with a notable decline of 6.3% in 2025 followed by growth in subsequent years [8] - The company maintains a low debt-to-asset ratio of 18.58% [7]

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 20.90 and a fair value of HKD 22.30 [8]. Core Insights - The company's offline sales in Q4 showed a narrowing decline compared to Q3, indicating improved performance despite ongoing challenges in the retail environment [8]. - The company is focusing on enhancing efficiency and quality by increasing R&D and marketing investments while controlling other expenses to improve profitability [3][8]. - The introduction of innovative retail formats, such as "Dragon Stores" and outdoor stores, aims to expand the target consumer base [3]. Financial Summary - The company's projected revenue for 2023 is CNY 27.598 billion, with a growth rate of 7.0%. This is expected to increase to CNY 33.331 billion by 2027, with a CAGR of approximately 7.7% [4]. - EBITDA is forecasted to decrease from CNY 5.814 billion in 2023 to CNY 5.205 billion in 2025, before rising to CNY 7.262 billion by 2027 [4]. - The net profit attributable to shareholders is expected to decline from CNY 3.187 billion in 2023 to CNY 2.606 billion in 2025, before recovering to CNY 3.131 billion in 2027 [4]. - The earnings per share (EPS) is projected to decrease from CNY 1.21 in 2023 to CNY 1.01 in 2025, with a slight recovery to CNY 1.21 by 2027 [4]. - The company’s return on equity (ROE) is expected to decline from 13.1% in 2023 to 9.5% in 2025, before gradually improving to 10.3% by 2027 [4]. Market Position and Strategy - The company is expected to leverage the upcoming Los Angeles Olympic cycle to enhance brand visibility and performance [8]. - The introduction of the "Honor Gold Standard" product line targets consumers with commuting, business travel, and light sports needs, indicating a strategic shift towards meeting diverse consumer demands [8].

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for Midea Group, with expectations of recovery in 2026 after a challenging 2025 [5]. Core Insights - Midea's dealers have reported continuous increases in factory prices, suggesting a potential rise in the industry average selling price (ASP) [5]. - The historical data on the relationship between volume and price is deemed less relevant, and rising copper prices pose a concern, although the situation in 2026 may differ from previous years [5][7]. - Midea's overseas OEM orders are expected to outperform ODM business, with higher margins and potential for market share growth [8]. - The company is focusing on increasing market share rather than solely on pricing strategies, with limited room for further volume expansion due to the early release of demand from the trade-in policy [6]. Summary by Sections Company Overview - Midea Group, founded in 1968, has evolved into a global technology group encompassing smart home, new energy and industrial technology, smart building technology, robotics, and automation [12]. Revenue Breakdown - Revenue by Product: - Smart Home: 81.0% - New Energy and Industrial Technology: 11.1% - Smart Building Technology: 7.9% [13] - Revenue by Region: - Asia: 66.8% - Americas: 17.3% - Europe: 12.0% - Middle East and Africa: 3.8% [13] Market Performance - As of January 20, 2026, Midea's stock price is 87.1 HKD, with a market capitalization of 86.75 billion USD and a consensus target price of 101.48 HKD [15].

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating a significant improvement in the jewelry consumption atmosphere [2]. - The proportion of priced jewelry has significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a gross margin improvement [2]. - The company plans to enhance its international market expansion, with new stores expected to open in high-end locations by June 2026 [3]. Financial Performance Summary - For FY2025, Chow Tai Fook's revenue was HKD 89,656 million, with a projected increase to HKD 94,115 million in FY2026, representing a 5% growth [4]. - The net profit attributable to the parent company for FY2025 was HKD 5,916 million, expected to rise to HKD 8,760 million in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. Operational Insights - The company closed 230 stores in mainland China during the October to December 2025 period, resulting in a total of 5,433 stores, with a direct franchise ratio of 28.4% to 71.6% [3]. - Chow Tai Fook is focusing on brand transformation and has introduced new products, including collaborations with Disney for themed blind box series [2]. Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are 15.4X, 13.7X, and 12.3X respectively [3]. - The gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6].

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 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [13][14]. Core Insights - The company is the only publicly listed entity within the China Tobacco system, tasked with the mission of "international business expansion and capital market operations" [9][18]. - The company has a unique business model with stable operations and strong profit margins, benefiting from exclusive rights in its operations [10][31]. - The company has significant potential for both organic growth and external acquisitions, with a vast reserve of overseas assets within the China Tobacco system [9][10]. Summary by Sections Business Overview - The company operates as the core platform for overseas capital operations and international business expansion within the China Tobacco system [9][18]. - It is expected to integrate high-quality overseas assets from the China Tobacco system and actively seek external acquisition targets to enhance its growth [9][10]. Financial Performance - From 2016 to 2024, the company's revenue and net profit are projected to grow at CAGRs of 10% and 12%, respectively, indicating a stable upward trend in operations [9][10]. - The company has a light asset model with high return on equity (ROE), primarily relying on inventory and receivables, with fixed assets valued at less than 100 million HKD [10][35]. Tobacco Leaf Business - The company has exclusive rights to import and export tobacco leaves, with a projected CAGR of 11% for its import business from 2018 to 2024 [57]. - The pricing model for imported tobacco leaves is based on a fixed markup, typically around 6% [57]. Cigarette Export Business - The company operates in duty-free shops across two countries (Thailand and Singapore) and has a dual model of self-operated and wholesale sales, covering over 200 duty-free outlets [10][31]. - The long-term growth of the cigarette export business is expected to be driven by an increase in self-operated sales, product category expansion, and growth in taxable channels [10][31]. Global Development - The company is positioned to benefit from the global trend towards new tobacco products, with ongoing efforts to expand its market presence in Southeast Asia, Eastern Europe, and the Middle East [12][31]. - The company has already seen significant growth in its Brazilian operations, with revenue increasing from 315 million HKD in 2021 to 1.05 billion HKD in 2024, reflecting a CAGR of 49.4% [11][12]. New Tobacco Products - The company is actively developing its new tobacco product export business, focusing on heated non-combustible products, with plans to expand into various international markets [12][31]. - The long-term outlook for this segment is positive, contingent on the introduction of competitive new tobacco products by local industrial companies [12][31].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 109.21 [1][10]. Core Views - The report highlights that despite short-term fluctuations, the company remains a leader in the industry. The main brand experienced a slight decline in revenue, while other brands, particularly FILA, showed positive growth. The overall strategy focuses on a multi-brand approach and global expansion, with expectations for continued double-digit growth in overall revenue [6][10]. Summary by Sections Operational Performance - In Q4 2025, the main brand's revenue saw a low single-digit negative growth, while FILA achieved a mid-single-digit positive growth. Other brands experienced a revenue increase of 35-40%. External factors such as a warm winter and the timing of the Spring Festival impacted the main brand's performance [6][7]. - The overall inventory turnover ratio remains healthy, and the company is expected to continue its multi-brand strategy, enhancing product development and sports resource acquisition [6][10]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: RMB 70,826 million - 2025E: RMB 77,953 million (+10.06%) - 2026E: RMB 85,110 million (+9.18%) - 2027E: RMB 92,865 million (+9.11%) [5]. - Net profit attributable to the parent company is forecasted to be: - 2024: RMB 15,596 million - 2025E: RMB 13,021 million (-16.51%) - 2026E: RMB 14,011 million (+7.60%) - 2027E: RMB 15,495 million (+10.59%) [5]. Valuation Metrics - The report adjusts the target price to HKD 109.2, reflecting a 20x PE for 2026E, down from a previous target of HKD 115.24. The adjusted target price corresponds to a PE of 23.2x for 2025E [10]. - Key valuation ratios include: - PE for 2026E: 14.87 - PB for 2026E: 2.52 - Dividend yield for 2026E: 3.46% [5][10].