Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 800 HKD, indicating a potential upside of 22% from the current price of 656 HKD [2][4][19]. Core Insights - Tencent's 3Q25 revenue reached 192.9 billion RMB, a year-on-year increase of 15%, exceeding market expectations by 2%. The adjusted net profit was 70.6 billion RMB, up 18% year-on-year, also slightly above market forecasts [1][2]. - The growth in international gaming revenue was robust, increasing by 43% year-on-year to 20.8 billion RMB, driven by Supercell games and new studio acquisitions. Domestic gaming revenue also grew by 15% to 42.8 billion RMB, supported by the successful launch of new games [1][2]. - The advertising revenue for 3Q25 was 35.8 billion RMB, reflecting a 20% year-on-year growth, with stable growth in capital expenditures at 12.9 billion RMB [2]. Financial Performance Summary - For FY25E, the projected revenue is 754.4 billion RMB, with an adjusted net profit forecast of 271.4 billion RMB, representing a growth rate of 27.6% [4][10]. - The gross margin for 3Q25 was reported at 56.4%, a year-on-year increase of 3.3 percentage points, while the adjusted net profit margin reached a new high of 36.6% [1][2]. - The report anticipates continued growth in revenue and profitability, with a projected operating profit of 248.3 billion RMB for FY25E [10].

Investment Rating - The investment rating for the company is "Buy" with a target price of 72.80 HKD, maintaining the current rating [3][6]. Core Insights - The company achieved its first quarterly profit in Q3 2025, driven by platform revenue growth, with total revenue for the first three quarters reaching 44.02 billion RMB, a year-on-year increase of 36.8%. The Q3 revenue was 17.76 billion RMB, up 31.4% year-on-year [1]. - The "XianZhi" platform continued to show strong growth, generating 15.43 billion RMB in Q3 2025, a year-on-year increase of 67.6%, accounting for 86.9% of total revenue [1]. - The number of benchmark customers increased to 103, with a significant rise in average revenue per user (ARPU) to 25.49 million RMB, up 71.4% year-on-year [1]. - Research and development efficiency improved, with R&D expenses of 14.89 billion RMB for the first three quarters, a year-on-year increase of 8.4%, and an R&D expense ratio of 33.8%, down 8.9 percentage points year-on-year [1]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 2024A at 5,261 million RMB, 2025E at 7,181 million RMB, 2026E at 9,579 million RMB, and 2027E at 12,539 million RMB, reflecting growth rates of 25.13%, 36.50%, 33.41%, and 30.89% respectively [8]. - The company is expected to turn profitable with a projected net profit of 58 million RMB in 2025E, increasing to 802 million RMB by 2027E, with corresponding growth rates of 121.76% and 154.35% [8]. - The earnings per share (EPS) is projected to improve from -0.52 RMB in 2024A to 1.54 RMB in 2027E [8].

用户生态持续优化，利润端超预期 哔哩哔哩-W(9626) ——哔哩哔哩 FY25Q3 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 高翩然(分析师) | 0755-80305701 | gaopianran@gtht.com | S0880525040066 | 本报告导读： 用户数量稳健增长，参与度持续提升，毛利率连续 13 个季度环比提升。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 22528 | 26832 | 30,068 | 32,904 | 35,816 | | (+/-)% | 2.9% | 19.1% | 12.1% | 9.4% | 8.8% | | 经调整归母净利润 | -3425 | -22 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is implementing a restricted stock incentive plan to enhance its long-term incentive mechanism, aiming to align the interests of shareholders, the company, and management for sustainable growth [8] - The company has shown strong sales performance during the Double Eleven shopping festival, entering the sales Top 20 list for the first time, with significant growth in popular products [8] - The company is expanding its product range and increasing its SKU speed, which opens up growth opportunities in various market segments [8] - The company has seen a steady increase in repurchase rates, with a total of approximately 13.4 million online and 5.6 million offline registered members, leading to a comprehensive repurchase rate of 26.8%, up 2 percentage points year-on-year [8] - The company is expected to achieve net profits of 1.21 billion, 1.58 billion, and 2.03 billion RMB for the years 2025 to 2027, representing year-on-year growth rates of 38%, 30%, and 28% respectively [8] Financial Summary - The company's revenue is projected to grow from 2,885.96 million RMB in 2023 to 5,153.06 million RMB in 2025, with a compound annual growth rate (CAGR) of 32.65% [7] - The net profit attributable to the parent company is expected to increase from 661.9 million RMB in 2023 to 1,212.7 million RMB in 2025, with a CAGR of 37.7% [7] - The company's return on equity (ROE) is projected to remain strong, with values of 42.8% in 2023 and around 25% in the following years [7]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [6] Core Insights - Tencent Holdings reported Q3 2025 revenue of 192.9 billion yuan, a year-on-year increase of 15.4%, exceeding Bloomberg consensus expectations by 2.15% [1] - Non-IFRS operating profit reached 72.6 billion yuan, surpassing consensus by 0.58%, with an operating margin of 37.6% [1] - Non-IFRS net profit was 70.6 billion yuan, exceeding expectations by 6.84%, with a net profit margin of 36.6%, up 0.8 percentage points year-on-year [1] Summary by Sections Gaming - Q3 2025 gaming revenue was 63.6 billion yuan, a year-on-year increase of 22.8%, exceeding consensus by 5.21% [2] - Domestic gaming revenue was 42.8 billion yuan, up 14.7% year-on-year, surpassing expectations by 1.26% [2] - Overseas gaming revenue reached 20.8 billion yuan, a significant year-on-year increase of 43.4%, exceeding expectations by 14.8% [2] Advertising and Enterprise Services - Marketing services revenue for Q3 2025 was 36.2 billion yuan, a year-on-year increase of 20.8%, exceeding consensus by 1.81% [2] - Financial technology and enterprise services revenue was 58.2 billion yuan, up 9.6% year-on-year, slightly exceeding expectations by 0.07% [2] Capital Expenditure and AI Strategy - Capital expenditure for Q3 2025 was 13 billion yuan, down 24% year-on-year, below expectations by 43.9% [3] - The company is increasing AI R&D investment, with Q3 2025 R&D expenses reaching a historical high [3] - The report highlights a clear long-term AI strategy, focusing on the integration of AI agents with the social ecosystem [3] Profit Forecast, Valuation, and Rating - The report raises the Non-IFRS net profit forecasts for 2025-2027 to 265.8 billion, 298.4 billion, and 335.1 billion yuan, respectively, reflecting increases of 4.0%, 3.5%, and 4.0% from previous estimates [3] - The target price is raised to 741 HKD, with a current price of 656 HKD, indicating a favorable valuation [3]

Investment Rating - The report assigns a "Buy" rating to China Tower Corporation Limited (0788.HK) [9] Core Views - China Tower is positioned as a global leader in communication infrastructure, focusing on a "one body, two wings" strategy that enhances its growth potential [9][11] - The company has shown steady revenue growth and strong cash flow, with a projected increase in net profit from 10,729 million yuan in 2024 to 17,435 million yuan in 2027 [5][15] - The company benefits from a high market share and a diversified business model, with significant contributions from its tower, indoor distribution, smart connection, and energy businesses [11][15] Summary by Sections 1. Company Overview - China Tower was established in July 2014 by three major telecom operators and has since become a key player in the communication infrastructure sector, achieving over 97% market share in China [11][15] - The company has diversified its operations into smart connection and energy sectors, enhancing its service offerings and market reach [11][15] 2. Financial Performance - The company reported a revenue of 97,772 million yuan in 2024, with a growth rate of 4%, and a net profit of 10,729 million yuan, reflecting a 10% increase [5][15] - For the first three quarters of 2025, the company achieved a revenue of 743.19 billion yuan, up 2.6%, and a net profit of 87.08 billion yuan, up 6.8% [15][18] 3. Business Segments - The tower business accounted for approximately 76% of total revenue, while the smart connection and energy businesses contributed 9.5% and 4.6%, respectively [11][15] - The company has established a robust energy business, becoming a leading player in the light electric vehicle battery swap market with over 50% market share [11][15] 4. Market Position and Strategy - China Tower's strategy of resource sharing and infrastructure specialization has led to significant economic and social benefits, with a focus on enhancing operational efficiency [11][33] - The company is well-positioned to capitalize on the growing demand for communication infrastructure driven by urbanization and technological advancements [11][33] 5. Future Outlook - The report forecasts a substantial increase in net profit, projecting 11,629 million yuan in 2025 and 16,097 million yuan in 2026, driven by the completion of depreciation on existing towers [5][15] - The company is expected to maintain a high dividend payout ratio, averaging 60.9% since its listing, reflecting its commitment to returning value to shareholders [9][15]

== 纺织服饰 2025 年 11 月 14 日 (00551) 优质订单驱动均价回升，看好体育赛事提振需求 报告原因: 有业绩公布需要点评 ar (维持) | 市场数据: | 2025 年 11 月 13 日 | | --- | --- | | 收盘价（港币） | 15.14 | | 恒生中国企业指数 | 9599.06 | | 52 周最高/最低 (港币) | 18.40/9.63 | | H 股市值（亿港币） | 242.93 | | 流通 H 股（百万股） | 1.604.56 | | 汇率（港币/人民币） | 0.9114 | 一年内股价与基准指数对比走势: 63% 13% -379 资料来源：Bloomberg 相关研究 《裕元集团(00551) 点评：制造业务量价 齐升,零售业务需求短期承压》 2025/08/13 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 册 分歧 青 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 申 ...

市场数据：2025 年 11 月 13 日 | 收盘价（元）： | 15.140 | | --- | --- | | 年内最高/最低（元）： | 18.400/9.630 | | 流通 A 股/总股本（亿）： | 16.05/16.05 | | 流通 A 股市值（亿）： | 242.93 | | 总市值（亿）： | 242.93 | 来源：最闻，山西证券研究所 2025 年 11 月 14 日 公司研究/公司快报 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 邮箱：sunmeng@sxzq.com 纺织制造 裕元集团（00551.HK） 买入-A(维持) 2025Q3 制造业务营收表现符合预期，盈利能力改善超预期 事件描述 11 月 12 日，公司披露 2025 年三季报，2025 年前三季度，公司实现收入 60.17 亿美 元，同比下降 1.0%，实现归母净利润 2.79 亿美元，同比下降 16.0%。 事件点评 2025Q3 制造业务鞋履产品组合高端化趋势延续，盈利能力环比 ...

彩客新能源（1986.HK）：全球知名的染料/颜料中间体 及电池材料生产商，磷酸铁新机遇来临 Tsaker New Energy Tech (1986.HK): A globally renowned dye/pigment intermediate/battery material manufacturers & New opportunity for iron phosphate is coming 庄怀超 Charles Zhuang 微信：zhuangcharles 电话：(852) 9748 7114 2025年11月14日 概要 2 1. 全球知名的染料及农业化学品中间体/颜料中间体及新材料/电池材料生产商 2. 颜料中间体及新材料板块快速发展，子公司彩客科技（873772）拟于北交所上市 3. 染料及农业化学品中间体受市场影响有所波动 4. 深耕电池材料板块，新机遇来临 全球知名的染料及农业化学品中间体/颜料中间体及新材料/电池材料生产商 公司是全球知名的染料及农业化学品中间体/颜 料中间体及新材料/电池材料生产商。公司经营 历史可追溯至1986年，现拥有2000名员工，公 司总部位于北京，生产 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 16.70 [1][5]. Core Insights - The company reported a total revenue of RMB 55.08 billion for Q3 2025, representing a year-on-year increase of 24.1%. However, the net profit attributable to shareholders decreased by 7.9% to RMB 2.03 billion [1][5]. - The revenue growth was primarily driven by the increase in JD Retail revenue, the addition of JD Delivery services, accelerated overseas market expansion, and growth in external customer business [1][3]. - The company is focusing on enhancing its logistics infrastructure and expanding into international markets, particularly in the Middle East and Asia-Pacific regions [4]. Revenue Breakdown - In Q3 2025, revenue from JD Group reached RMB 21.20 billion, a significant increase of 65.8%, accounting for 38.5% of total revenue, up 9.7 percentage points year-on-year [2]. - External customer revenue was RMB 33.88 billion, growing by 7.2% and representing 61.5% of total revenue [2]. - The integrated supply chain business generated RMB 30.14 billion, a year-on-year increase of 45.8%, reinforcing its core position in the business [2]. Profitability Analysis - The gross margin and Non-IFRS profit margin for Q3 2025 were 9.1% and 3.7%, respectively, both showing a decline of 2.6 and 2.1 percentage points year-on-year [3]. - The decline in profitability is attributed to increased resource investment in new businesses and higher employee compensation costs, which rose by 49.8% to RMB 21.8 billion [3]. Future Outlook - The company maintains its net profit forecast for 2025 at RMB 6.90 billion and Non-IFRS profit at RMB 8.34 billion, while slightly adjusting the forecasts for 2026 and 2027 downwards due to anticipated cost increases [5]. - The long-term outlook remains positive, with expectations of profit margin recovery driven by improved logistics capacity utilization and automation technology applications [3][5].