Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][3] Core Views - The management's recent share buybacks demonstrate confidence in the company's future and stock price [4][3] - The company's new product series, PUCKY and Starry People, have sold out on official platforms and are trading at significant premiums on secondary markets, indicating strong IP potential [3][5] - The company is expected to see substantial profit growth, with net profits projected to reach 12.02 billion, 17.05 billion, and 20.89 billion for 2025-2027, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% respectively [3][10] Summary by Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, showing a total buyback of 3.47 billion yuan for 1.9 million shares [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on the official website, with hidden versions trading at premiums of 2-3 times and regular versions at 70-200% premiums [5][9] Financial Projections - The company has revised its profit forecasts, expecting net profits of 12.02 billion, 17.05 billion, and 20.89 billion for 2025-2027, with corresponding P/E ratios of 23, 16, and 13 [3][10] - Revenue projections for 2025-2027 are set at 35.62 billion, 51.25 billion, and 63.45 billion, with growth rates of 173.2%, 43.9%, and 23.8% respectively [10][19]

现制饮品国民品牌，高质平价、全球扩张 蜜雪集团(2097) 蜜雪集团首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读： 蜜雪集团是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 20,302 | 24,829 | 33,748 | 38,059 | 42,393 | | (+/-)% | 49.6% | 22.3% | 35.9% | 12.8% | 11.4% | | 毛利润 | 5,999 | 8,060 | ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨安踏体育（02020.HK） [Table_Title] 零售持续承压，后续指引谨慎 报告要点 [Table_Summary] 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比中 单增长，其他品牌零售流水同比增长 35%-40%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 安踏体育（02020.HK） cjzqdt11111 [Table_Title2] 零售持续承压，后续指引谨慎 [Table_Summary2] 事件描述 安踏体育发布 2025Q4 零售数据，安踏品牌零售流水同比低单下滑，FILA 品牌零售流水同比 中单增长，其他品牌零售流水同比增长 35%-40%。 事件评论 丨证券研究报告丨 2026-01-26 港股研究丨公司点评 ...

[Table_ReportType] 公司点评报告 [特Ta步bl国e_际Sto(c1k3A6n8d.RaHnKk)] 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘田田 纺织服饰行业分析师 执业编号：S1500525120001 邮箱：liutiantian@cindasc.com 公司研究 特步主品牌：核心跑步品类表现突出，冠军系列跑鞋销量翻倍，印证了其在 专业跑鞋领域的的产品力与市场认可度。同时，公司积极拓展户外赛道，产 品市场反应积极，有望培育新的增长点。四季度流水持平，但核心品类双位 数增长，结构优化。 索康尼：全年及四季度均录得超过 30%的高速增长，恢复势头强劲。其坚 持"百年跑鞋世家"及"双精英"定位的高端化策略成效显著，在重点马拉 松赛事穿着率跻身国际品牌前列，品牌影响力持续提升。公司计划线下启动 渠道升级并开设更大规模旗舰店，当前平均店效已约 45 万元/月，此举有望 进一步拉升品牌形象与单店产出。 渠道与运营：DTC 转型推进，电商与出海展现活力。公司持续优化渠道结 构与运营模式。DTC 转型稳步推进，2025Q4 已回收约 200 ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Insights - The company has transitioned from being a "smart electric vehicle new force" to a "global AI automotive intelligent technology enterprise," focusing on building an integrated intelligent ecosystem of "automobiles + robots + flying cars" [1][20]. - The introduction of the "dual-energy strategy" and multiple new models is expected to initiate a strong product cycle, with significant sales growth anticipated [2][21]. - The company is shifting from a phase of "technology leadership but profitability under pressure" to a profitability inflection point driven by "mass-market hits + technology output" [1][20]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 758 billion, 1321 billion, and 1663 billion respectively, with year-on-year growth rates of 85.5%, 74.3%, and 25.9% [4][5]. - The company is expected to achieve a net profit of -16.4 billion, 24.0 billion, and 64.8 billion for the same period, indicating a significant recovery in profitability [4][5]. Product Strategy - The company has launched its first range-extended model, the X9 EREV, with a large battery and high energy conversion efficiency, addressing user range anxiety [2][3]. - A total of four new models are expected to be launched in 2026, including two SUVs based on the MONA platform and a full-size six-seat SUV [2][21]. AI Strategy - The company is transitioning to a "physical AI" company, showcasing its commitment to this transformation with the release of the VLA 2.0 model, which significantly enhances reasoning efficiency [3][20]. - The company plans to commercialize its self-developed Robotaxi and has set ambitious goals for its humanoid robot, IRON, to begin mass production by the end of 2026 [3][20]. Organizational Changes - The company has undergone significant organizational restructuring to enhance efficiency and product development capabilities, which is expected to support its transition to a more robust business model [20][46]. Market Position - The company is positioned to leverage its technological advancements and strategic partnerships, particularly with Volkswagen, to enhance its competitive edge in the automotive market [20][21].

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 港股公司报告 索康尼增速亮眼，期待新店型表现 ---特步国际 2025Q4 营运情况点评 事件： [Table_Summary] 公司发布 2025Q4 营运状况。2025Q4，特步主品牌全渠道零售销售同比 基本持平，索康尼全渠道销售同比增长超 30%。 点评： 特步主品牌基本保持稳健。2025Q4 特步主品牌全渠道零售同比基本持 平，环比 Q3 低单位数的增速有所放缓。分渠道看，预计电商渠道维持 双位数增长，线下渠道有所承压；分产品看，预计跑步及户外品类销售 维持双位数增长，生活及休闲等品类产品有所承压。零售指标方面，特 步主品牌渠道存货周转维持在四个半月，健康的库存水平下，零售折扣 得以维持在七至七五折。全年零售销售增长低单位数，在波动的消费环 境下保持稳健。 特步主品牌渠道战略持续升级。特步主品牌门店持续完成至九代店、领 跑店等新形象升级。拓店方面保持稳健，预计 2025 年末门店数量同比基 本持平。2026 年在渠道方面推广聚焦于高线城市优质商圈的金标领跑 店，推动品牌形象升级。此外继续布局精选奥莱店，2025 年末已有 30 ...

MONGOL MINING（00975）深度研究 黑金稳基，黄金启航，积极转型多元化 矿企 2026 年 01 月 26 日 【投资要点】 挖掘价值 投资成长 买入（首次） 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 相对指数表现 -40% -12% 16% 44% 72% 100% 2025/1 2025/7 2026/1 MONGOL MINING 恒生指数 | 基本数据 | | | --- | --- | | 总市值（百万港元） | 13,116.12 | | 流通市值（百万港元） | 13,116.12 | | 52 周最高/最低（港元） 14.17/4.45 | | | 52 周最高/最低（PE） | 22.45/2.48 | | 52 周最高/最低（PB） | 1.54/0.48 | | 52 周涨幅（%） | 184.27 | | 52 周换手率（%） | 74.58 | | 注：数据更新日期截止 2026 年 01 月 23 日 | | 相关研究 公 司 研 究 / 煤 炭 / 证 券 研 究 报 告 煤炭业务：作为公司的压舱石业务，地位稳固，提质增效。公司是 ...

证券研究报告·海外公司深度·消费者主要零售商(HS) 乐舒适（02698.HK） 从中国制造到中国品牌，卫生用品龙头亮剑 非洲出海全球 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 411.37 | 454.39 | 544.97 | 643.78 | 746.10 | | 同比(%) | 28.59 | 10.46 | 19.93 | 18.13 | 15.89 | | 归母净利润（百万美元） | 64.68 | 95.11 | 113.42 | 133.14 | 153.23 | | 同比(%) | 251.71 | 47.05 | 19.25 | 17.38 | 15.09 | | EPS-最新摊薄（美元/股） | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | | P/E（现价&最新摊薄） | 40.84 | 27.77 | 23.29 | 19.84 | 17.24 | [Ta ...

Investment Rating - The report maintains an "Outperform" rating for Laopu Gold [2][12] Core Insights - Laopu Gold's revenue is expected to grow by 217% year-on-year in 2025, reaching RMB 26.96 billion, with a projected net profit of RMB 4.63 billion, reflecting a 214% increase [3][12] - The company is focusing on deepening its domestic and overseas offline expansion, with a strategy of "fewer but better, larger and more beautiful" in site selection, enhancing per-store sales efficiency [4][10] - Differentiated original designs are driving product iterations, with new product contributions expected to rise, including exclusive launches targeting diverse consumer groups [5][11] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are RMB 26.96 billion, RMB 36.03 billion, and RMB 43.78 billion, respectively, with year-on-year growth rates of 217%, 33.6%, and 21.5% [6][12] - Attributable net profit forecasts for the same years are RMB 4.63 billion, RMB 6.51 billion, and RMB 8.19 billion, with growth rates of 214.3%, 40.6%, and 25.8% [6][12] Market Position and Strategy - Laopu Gold plans to open approximately 5 new stores in high-end districts and upgrade existing ones, focusing on high-density and strong presence in core cities [4][10] - The company has expanded its international presence with the opening of its first overseas store in Singapore, enhancing brand internationalization [4][10] Product Development - The company has a clear cadence for new product launches, with several unique designs introduced throughout 2025, aimed at appealing to contemporary consumer aesthetics [5][11]