Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 69.04 HKD [2][9]. Core Insights - The company is experiencing a recovery in its data, indicating stabilization in its performance. The growth momentum is expected to be strong due to new product launches and global expansion efforts [9]. - The company is a leader in the application of synthetic biology in the beauty and medical fields, with a high technical barrier and increasing brand recognition [9]. - Financial projections indicate significant revenue growth, with total revenue expected to reach 6,907 million HKD in 2025, representing a year-on-year growth of 24.7% [5][10]. Financial Summary - Total revenue projections for the company are as follows: - 2024: 5,539 million HKD - 2025: 6,907 million HKD - 2026: 8,495 million HKD - 2027: 10,312 million HKD - Net profit projections are: - 2024: 2,062 million HKD - 2025: 2,502 million HKD - 2026: 3,008 million HKD - 2027: 3,655 million HKD - Earnings per share (EPS) are projected to increase from 2.01 HKD in 2024 to 3.41 HKD in 2027 [5][10][11]. Market Position and Strategy - The company is expanding its production capacity and global footprint, including establishing a regional headquarters in Xiamen and participating in international trade shows [9]. - The core team remains stable, focusing on continuous product development, particularly in functional skincare and medical devices [9]. - Supply chain management is being optimized to enhance cost control and market responsiveness, ensuring stable growth [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The official launch of the Li Auto i6, priced at 249,800 CNY, with a first-sale benefit of 35,000 CNY, allows for immediate delivery [2][6]. - Li Auto's product advantages and brand design are well recognized, with a clear roadmap for future models and continuous optimization of direct sales channels [2][6]. - The "Dual Energy Strategy" is expected to further enhance Li Auto's competitive edge, indicating significant future sales potential [2][6]. Summary by Sections Event Description - The Li Auto i6 was officially launched on September 26, 2025 [4]. Event Commentary - Li Auto's intelligent driving technology remains leading, with continuous iterations expected to benefit from the accelerating penetration rate in the industry [6]. - The company anticipates strong sales growth with the introduction of new models, supported by high single-vehicle prices and scale effects, maintaining good profitability levels [6]. - Projected net profits for 2025-2027 are 3.23 billion, 8.38 billion, and 11.68 billion CNY respectively, with corresponding P/E ratios of 60.7X, 23.4X, and 16.8X for GAAP, and 5.23 billion, 10.38 billion, and 13.68 billion CNY for Non-GAAP [6]. Product and Market Strategy - The Li Auto i6 features a range of specifications, including a pure electric range of 660-720 km and a low energy consumption of 13.6-14.8 kWh/100 km [6]. - The company has established over 3,300 supercharging stations across 267 cities, with plans to reach 4,000 by the end of the year [6]. - Li Auto's product lineup now includes four extended-range electric SUVs and two high-voltage pure electric SUVs, indicating a robust product matrix [6]. Retail and Service Network - As of the end of August 2025, Li Auto has 543 retail centers and 536 service and authorized repair centers across 222 cities, reflecting ongoing optimization of its channel structure [6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][14]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 2.497 billion yuan, down 39.6% year-on-year, and net profit at 575 million yuan, down 23.5% [1][4]. - The company is expected to see growth from the new "Da Zhen" product line in the second half of 2025, which is anticipated to drive revenue recovery [1][2]. - The overall liquor business revenue decreased by 39.58% in the first half of 2025, with sales volume down 35.58% to 9,125 tons [1][2]. Revenue Breakdown - Revenue by brand for the first half of 2025: Zhenjiu at 1.492 billion yuan (down 44.80%), Lidou at 611 million yuan (down 9.40%), Xiangjiao at 277 million yuan (down 38.73%), and Kaikouxiao at 81 million yuan (down 63.91%) [2]. - Gross margins for the brands were: Zhenjiu at 58.3%, Lidou at 66.5%, Xiangjiao at 58.7%, and Kaikouxiao at 41.7% [2]. - The company’s revenue from high-end, mid-range, and low-end products for the first half of 2025 was 575 million yuan, 982 million yuan, and 940 million yuan respectively, with high-end revenue down 47.28% [2]. Channel Performance - Revenue from distributors and direct sales in the first half of 2025 was 2.197 billion yuan and 300 million yuan, respectively, reflecting a decline of 41.78% and 16.57% [3]. - The number of distributor partners increased by 152 to 3,259, while the number of retail stores decreased by 357 to 2,835 [3]. Profitability Metrics - The company’s gross margin improved by 0.28 percentage points to 59.04%, and net profit margin increased by 4.83 percentage points to 23.02% [3]. - The improvement in gross margin is attributed to a higher proportion of Lidou sales and the release of self-owned production capacity, which reduced unit costs [3]. Future Outlook - The company plans to focus on mid-range and high-end products in response to changing demand and aims to expand its presence in banquet scenarios to drive growth [4]. - Revenue forecasts for 2025-2027 have been lowered, with expected revenues of 5.978 billion yuan, 6.590 billion yuan, and 7.141 billion yuan, and net profits of 1.073 billion yuan, 1.294 billion yuan, and 1.700 billion yuan respectively [4].

紫金黄金国际（2259.HK）新股研究报告 紫脉相承，金绽东方 2025 年 09 月 29 日 ➢ 公司是紫金矿业的海外黄金矿山整合而成的全球领先黄金开采公司。公司控 股股东为紫金矿业，实际控制人为上杭县财政局。公司是全球黄金开采行业增速 最快的公司之一。截至 2024 年底，公司的黄金储量以及 2024 年的黄金产量分 别位居全球第九和第十一，2022-2024 年公司归母净利润的复合年增长率为 61.9%。 ➢ 公司共有 7 座控股金矿以及 1 座参股金矿，分布在四大洲八大国家。从资 源禀赋来看，截至 2024 年底，公司合并矿产金权益资源量为 1614 吨，平均品 位为 1.4g/t，公司合并矿产金权益储量为 856 吨，平均品位为 1.4g/t。从产量 来看，2024 年公司合计产量 40.4（包括波哥拉金矿的权益量），权益量为 33.7 吨，2022-2024 年权益产量年化增速 28.2%。2025H1 公司黄金产量为 20.4 吨， 权益产量为 17.5 吨。从产量分布来看，2024 年公司权益产量贡献前三大的矿山 从高到低分别为澳大利亚诺顿金田（权益产量占比 24.6%），苏里南罗斯贝尔（权 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the casual Chinese dining sector, focusing on fusion cuisine, with significant potential for store expansion and operational efficiency improvements [8]. - The casual Chinese dining market is experiencing robust growth, with the company poised to capitalize on this trend through strategic expansion and enhanced service offerings [8]. - The company's revenue and profit forecasts indicate strong growth, with a projected revenue of 48.01 billion yuan in 2025, reflecting a year-on-year growth of 25.09% [8]. Summary by Sections 1. Company Overview - Green Tea Group is a leading casual Chinese dining chain specializing in fusion cuisine, with 465 restaurants across 141 cities as of the end of 2024, generating revenue of 38.38 billion yuan [13]. - The company ranks third in terms of restaurant count and fourth in revenue among casual Chinese dining brands in mainland China [13]. 2. Market Growth - The casual dining market in mainland China is substantial, growing from 39,527 billion yuan in 2020 to 55,718 billion yuan in 2024, with a CAGR of 8.96% [32]. - The market for casual Chinese dining is expected to grow from 3,513 billion yuan in 2020 to 5,347 billion yuan in 2024, with a CAGR of 11.1% [37]. 3. Expansion Strategy - The company plans to open 563 new restaurants from 2025 to 2027, focusing on regional densification and market penetration in lower-tier cities [59]. - The expansion includes 17 new restaurants in tourist areas to enhance brand visibility [60]. 4. Financial Projections - Revenue projections for 2025-2027 are 48.01 billion yuan, 59.67 billion yuan, and 72.53 billion yuan, with corresponding profit forecasts of 5.03 billion yuan, 6.32 billion yuan, and 8.11 billion yuan [8]. - The company is expected to maintain a competitive P/E ratio of 7.67x and 6.11x for 2025 and 2026, respectively, indicating attractive valuation [8]. 5. Competitive Advantages - The company benefits from a unique fusion cuisine offering, competitive pricing, and a distinctive dining environment, which enhances customer appeal [44]. - The average per capita spending at Green Tea is 50-70 yuan, which is lower than competitors, providing a significant value proposition [50].

Investment Rating - The report maintains a "Buy" rating for China Software International [2][6] Core Views - The chairman's recent share purchases demonstrate long-term confidence in the company's prospects [6] - The company is positioned as a full-stack service provider in the Hongmeng ecosystem, contributing to hardware access, software adaptation, and scenario development [6] - The company has a strong foundation in operating system technology, with advancements in IoT and distributed heterogeneous robot operating systems [6] - The self-developed "Hongyun Virtual Machine" enhances compatibility with the Windows ecosystem, supporting the initial promotion of Hongmeng in the PC sector [6] - Recent success in securing new orders for ERP services strengthens the company's penetration in state-owned enterprises [6] - Collaboration with Silicon-based Flow aims to establish a high-performance AI platform, facilitating the deployment of AI solutions across various industries [6] - The company is developing a cloud and computing operation model to create an AI-native digital foundation, leading in the Huawei cloud ecosystem [6] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are estimated at 177.98 billion, 194.64 billion, and 221.43 billion RMB respectively, with corresponding net profits of 6.06 billion, 7.26 billion, and 8.82 billion RMB [3][7] - The company expects a revenue growth rate of 5% in 2025, 9% in 2026, and 14% in 2027, while net profit is projected to grow by 19% in 2025, 20% in 2026, and 21% in 2027 [3][7] - The earnings per share (EPS) is forecasted to be 0.22 RMB in 2025, 0.27 RMB in 2026, and 0.32 RMB in 2027 [3][7]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 40.25 HKD, based on a 26x PS for 2025 [6]. Core Insights - The company, established in 2015, focuses on autoimmune and allergic diseases, with a comprehensive product pipeline covering skin, respiratory, digestive, and rheumatic diseases. The founder has nearly 30 years of experience in biopharmaceutical research [1][14]. - The autoimmune disease drug market in China is projected to reach 363 billion CNY by 2024, with a significant increase in the share of biological agents, expected to rise to 65.6% by 2030 [2][29]. - The company has a robust pipeline of monoclonal antibodies targeting key autoimmune disease pathways, with several products in advanced clinical stages [3][50]. Summary by Sections 1. Company Overview - The company has established a strong presence in the autoimmune and allergic disease sectors, with a focus on innovative therapies and a fully integrated production capability [14][17]. - The company has successfully integrated R&D, production, and sales through strategic partnerships, enhancing its market position [14][25]. 2. Market Potential - The global autoimmune disease drug market is expected to grow from 833.7 billion CNY in 2019 to 1,260.2 billion CNY by 2030, with biological agents gaining a larger market share [29][30]. - The Chinese market for autoimmune disease drugs is also expanding rapidly, with projections indicating a market size of 1,355 billion CNY by 2030 [29][30]. 3. R&D and Product Pipeline - The company has developed a comprehensive R&D platform that includes high-throughput antibody discovery and dual-antibody design capabilities, which significantly shortens development timelines [42][43]. - The company’s lead products include QX001S, the first approved biosimilar of ustekinumab in China, and QX002N, which is in the final stages of clinical trials for ankylosing spondylitis [3][25][50]. 4. Clinical Progress and Collaborations - The company has made significant progress in clinical trials, with multiple products entering critical phases, including QX005N and QX004N, which are advancing in their respective indications [25][50]. - Strategic collaborations with major pharmaceutical companies have been established to enhance the commercialization of key products [5][25]. 5. Financial Performance - In the first half of 2025, the company reported revenues of 206 million CNY, a year-on-year increase of 359.69%, although it recorded a net loss of 30.93 million CNY [1][25].

Investment Rating - The report maintains an "Outperform" rating for SenseTime, with a target price of 2.62 HKD [1][12]. Core Insights - SenseTime's generative AI revenue in H1 2025 increased by 72.7% year-on-year, indicating strong growth potential [1][12]. - The company is expected to achieve revenues of 4.76 billion RMB, 5.94 billion RMB, and 7.45 billion RMB for the years 2025, 2026, and 2027 respectively [1][12]. - The "AI+" policy is anticipated to catalyze the expansion of the company's visual and X business segments [1][12]. Financial Summary - For H1 2025, SenseTime reported a revenue of 2.36 billion RMB, a 35.6% increase year-on-year, with a gross profit margin of 38.5% [13][14]. - The adjusted net loss for H1 2025 was 1.16 billion RMB, which is a 50.0% reduction compared to the previous year [13][14]. - The company completed a placement of 1.67 billion Class B shares at 1.50 HKD per share to support operational and R&D investments [13]. Business Performance - Generative AI accounted for 77% of total revenue in H1 2025, with a revenue contribution of 1.82 billion RMB [14][15]. - The infrastructure side achieved stable operation with 5000 cards and 80% utilization, totaling 25,000 PetaFLOPS of computing power [14]. - Visual AI revenue reached 436 million RMB, with significant upgrades to the "Ark" platform, covering nearly 200 cities and 30,000 parks and buildings [15]. Future Projections - Revenue projections for the generative AI segment are expected to grow from 3.25 billion RMB in 2025 to 5.48 billion RMB by 2027 [9]. - The overall revenue growth rate is projected to be 26.27% in 2025, followed by 24.64% in 2026 and 25.49% in 2027 [9].

Investment Rating - The report maintains an "Outperform" rating for the company [1][15]. Core Insights - The company is on a high-growth trajectory, driven by AI technology and strategic initiatives in AI and stablecoin sectors. Revenue forecasts for 2025-2027 are projected at 6.88 billion, 8.86 billion, and 11.28 billion RMB, with EPS estimates of 0.10, 0.54, and 1.14 RMB respectively. A target price of 86.79 HKD is set, reflecting a 4% increase [1][15]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.63 billion RMB, representing a year-on-year increase of 40.7%. The adjusted net loss narrowed by 71.2% to 0.044 billion RMB. R&D expenses were 0.89 billion RMB, up 5.1% year-on-year, with a research expense ratio of 34.0%, down 11.5% year-on-year [4][16][17]. Business Segmentation - The company's core business, the Prophet AI platform, generated revenue of 2.15 billion RMB in the first half of 2025, a 71.9% increase year-on-year, accounting for 81.8% of total revenue. The SHIFT solutions and AIGS services contributed 0.37 billion RMB and 0.11 billion RMB respectively [4][17]. Strategic Initiatives - The company is deepening its "AI + X" exploration, particularly in AI + energy storage and AI + stablecoin sectors. Collaborations include forming a joint venture to enhance energy station efficiency and developing risk control solutions for stablecoin assets [4][18].

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company is expected to benefit from the AI trend, with its computing and terminal businesses likely to initiate a new growth phase [6] - The company has a solid market position, ranking fourth globally and second domestically in the telecommunications equipment market, with an 11% market share [8] - The company is transitioning towards a "connectivity + computing" model, with significant growth in its enterprise business, particularly in server and storage products [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 124,251 million RMB - 2024: 121,299 million RMB - 2025E: 138,475 million RMB - 2026E: 156,636 million RMB - 2027E: 174,408 million RMB - The expected growth rates for revenue are: - 2024: -2.38% - 2025E: 14.16% - 2026E: 13.11% - 2027E: 11.35% [7] - The projected net profit attributable to the parent company is: - 2023: 9,326 million RMB - 2024: 8,425 million RMB - 2025E: 8,380 million RMB - 2026E: 8,937 million RMB - 2027E: 10,379 million RMB - The expected growth rates for net profit are: - 2024: -9.66% - 2025E: -0.54% - 2026E: 6.65% - 2027E: 16.14% [7] - The company’s earnings per share (EPS) projections are: - 2024: 1.76 RMB - 2025E: 1.75 RMB - 2026E: 1.87 RMB - 2027E: 2.17 RMB [7] Business Segments - The company is focusing on three main business areas: operator networks, government and enterprise business, and consumer products [8] - The operator network business has a stable foundation, with a gross margin of 52.94% in the first half of 2025, serving as a significant cash flow source [8] - The enterprise business has seen a doubling in revenue, driven by increased investment in computing infrastructure by domestic and international clients [8] - The terminal business is expanding with the introduction of AI technology in devices, including the launch of the Nubia Z70 Ultra, the world's first AI phone with embedded DeepSeek-R1 [8] Valuation and Comparables - The projected net profits for 2025-2027 are 83.80 billion RMB, 89.37 billion RMB, and 103.79 billion RMB, respectively [8] - The current price-to-earnings (P/E) ratios are projected to be 17.57, 16.45, and 14.17 for 2025, 2026, and 2027, respectively [8] - Comparable companies' average P/E for 2025 is 45.40 [8]