报告指，百度本季度首次披露AI驱动的新业务收入，合计按年增长50%，占百度核心业务收入39%。另 外，11月25日，百度发布设立技术研发组织相关公告，新设基础模型研发部，负责研发高智能可扩展的 通用人工智能大模型，并新设应用模型研发部，负责业务应用场景需要的专精模型调优和探索，均向百 度CEO李彦宏汇报，公司未来将继续深度挖掘AI相关业务。该行认为这将帮助百度加速AI产品的货币 化进程。 海通国际发表报告，随着AI技术浪潮从探索逐步走向规模化落地，百度作为国内全栈布局的AI领导者 之一，其战略定位与商业化前景值得重点关注，因此对其展开首次覆盖，予其"优于大市"评级，H股目 标价171港元。 ...

海通国际发表报告，首次覆盖微博，考虑到微博用户及时长基本盘已稳固，平台已进入稳态发展阶段， 增速趋于平稳，相较其他可比互联网公司处于低位。基于此给予其低于行业平均的估值倍数，即2026财 年市盈率8倍，H股目标价107港元，评级"跑赢大市"。报告指，微博第三季业绩喜忧参半，总营收4.4亿 美元，按年下降5%，按季下降1%，与10月下旬被下调后市场预期持平。在线广告收入按美元计按年下 降6%，人民币口径按年下降5%；增值服务收入6690万美元，按年增加2%。经调整净利润1.1亿美元， 超预期3%，调整后净利率比市场预期高1个百分点；经调整营业利润率为30%，按季和按年均下滑6个 百分点。 ...

Core Viewpoint - Haotong International initiates coverage on Boss Zhipin (02076) with an "Outperform" rating and a target price of HKD 105, highlighting its unique business model in China's online recruitment sector and the potential of GAI technology to strengthen its leading position [1] Group 1: User Growth and Market Position - The company continues to see growth in new user numbers, with an average monthly active users (MAU) of 63.8 million as of Q3 2025, representing a year-on-year increase of 10% and a quarter-on-quarter increase of 0.3% [1] - The total number of paid enterprise users increased by 13.3% year-on-year and 4.6% quarter-on-quarter, reaching 6.8 million by the end of Q3 2025 [1] - Boss Zhipin's daily active user (DAU) market share reached 43%, which is double that of the second competitor, indicating a strong market position [1] Group 2: Industry Supply and Demand Dynamics - In Q3, the company experienced its first instance in nearly three years where the average daily active users of enterprise clients outpaced that of job seekers, signaling a performance turning point [2] - Revenue from blue-collar business continues to outperform the overall platform, while the white-collar segment sees increased participation from small and medium enterprises [2] - The growth rate of new job postings in the white-collar sector has exceeded that of the same period in 2023, suggesting a positive trend for Q4 [2] Group 3: Operational Efficiency and Profitability - The company has improved operational efficiency, with estimated non-GAAP costs and operating expenses reduced by RMB 152 million in Q3, leading to an operating profit margin of 42% [3] - The company is expected to maintain prudent expense control and efficiency measures, with profit margins in Q4 projected to remain stable compared to Q3, and an overall improvement in profit margins anticipated for 2025 [3] Group 4: AI Business Development - The AI job-seeking assistant has been fully launched, resulting in a significant increase in user interaction rates [4] - The AI communication assistant has been integrated into existing commercial products, enhancing the average two-way conversion rate by 7% [4] - The company is cautiously exploring diversified AI management services and bulk recruitment solutions targeting high-end white-collar, gold-collar, and blue-collar sectors, with initial benefits being realized [4]

智通财经APP获悉，海通国际发布研报称，首次覆盖，给予微博-SW(09898)"优于大市"评级，目标价每 股107港元，主要考虑到微博用户及时长基本盘已稳固，平台已进入稳态发展阶段，增速趋于平稳，相 较其他可比互联网公司处于低位。 微博是中国领先的社交媒体平台，在社交媒体平台中具有独特的地位(庞大的用户群，充足的社交关系 资源，实时的、裂变式的信息传播模式，丰富的营销资源和名人效应),能品效合一营销解决方案效率 高，是企业不可或缺的广告购买渠道。另外，该行认为生成式AI技术在微博内容创作、精准投放及热 点发现等场景的应用，未来将进一步提升平台变现效率。 3Q25业绩喜忧参半 总营收4.4亿美元(同比下降5%/环比下降1%)，与10月下旬被下调后的彭博一致预期持平。在线广告收入 按美元计同比下降6%，人民币口径同比下降5%;增值服务收入6,690万美元，同比增加2%。调整后净利 润1.1亿美元，超预期3%，调整后净利率比彭博一致预期高1个百分点;调整后营业利润率为30%，环比/ 同比均下滑6个百分点。 Q4广告温和复苏，2026年收入可见性目前较低，但不改其营销的独特性 三季度电商、汽车板块表现韧性，游戏、3C ...

海通国际发布研报称，首次覆盖，给予微博-SW(09898)"优于大市"评级，目标价每股107港元，主要考 虑到微博用户及时长基本盘已稳固，平台已进入稳态发展阶段，增速趋于平稳，相较其他可比互联网公 司处于低位。 海通国际主要观点如下： 公司背景 微博是中国领先的社交媒体平台，在社交媒体平台中具有独特的地位(庞大的用户群，充足的社交关系 资源，实时的、裂变式的信息传播模式，丰富的营销资源和名人效应),能品效合一营销解决方案效率 高，是企业不可或缺的广告购买渠道。另外，该行认为生成式AI技术在微博内容创作、精准投放及热 点发现等场景的应用，未来将进一步提升平台变现效率。 三季度电商、汽车板块表现韧性，游戏、3C等板块因预算收缩同比出现下滑趋势，食品饮料、鞋服则 受高基数拖累。四季度受益于"双十一"及电商平台竞争加剧，预计电商广告将为其提供一定支撑;但游 戏、手机、明星代言、美妆等品类同比回暖尚待观察。明年即便有冬奥会、世界杯及电商持续内卷等积 极因素，但汽车国补退坡或拖累增长。该行预测Q4广告收入4.4亿美元(同比下降3%)，2026年全年收入 为17.2亿美元(同比下滑2%)。 社区活跃度在变现低谷中继续夯实 ...

Core Viewpoint - Haitong International initiates coverage on Huazhu Group-S (01179) with an "Outperform" rating and a target price of HKD 41, highlighting its leadership in China's hotel chain market and benefits from increasing chain rate [1] Group 1: Market Position and Growth - Huazhu Group is the leader in the Chinese hotel chain market, benefiting from an increase in the chain rate, with its room nights ranking in the top tier [1] - The company has opened over 2,300 new hotels this year, with a strong focus on mid-to-high-end brands, which have grown by 25% year-on-year, surpassing the overall growth rate of 7% [3] - The management is confident in opening over 2,300 hotels this year and aims for a total of 12,814 hotels by 2025, with a long-term goal of 20,000 hotels by 2030, targeting a 15% market share [3] Group 2: Revenue and Profitability - The company is transitioning to a high-margin, light-asset franchise model, closing low-quality stores, which is expected to enhance profitability [1] - The adjusted EBITDA margin increased by 3.3 percentage points to 36% in Q3, with Legacy-HZ's margin rising to 43%, indicating a positive trend in profitability [5] - The forecast for adjusted EBITDA is RMB 7.94 billion and RMB 9.13 billion for 2025 and 2026, respectively, with expected margin improvements of 5 and 3 percentage points [5] Group 3: Membership and Customer Engagement - Huazhu operates the largest and most resilient membership system in the industry, with over 300 million members and an average of 190 million daily active users on its app [4] - Membership numbers grew by 17.1% year-on-year to 301 million, with member room nights booked increasing by 19.7%, accounting for 74% of total room nights sold [4] - Strengthening membership operations is expected to empower franchisees and enhance future monetization opportunities for the company [4] Group 4: Market Demand and Supply Dynamics - The supply-demand situation in the hotel industry continues to improve, with 396,500 new hotels (15 rooms or more) opened in October, a 7% year-on-year increase [2] - Domestic holiday travel shows a sustained increase in cross-regional movement, with approximately 2.142 billion trips during the first seven days of the National Day holiday in 2025, reflecting a 7% year-on-year growth [2] - The fourth quarter is expected to maintain resilience in leisure tourism, although business travel remains weak, with a projected 0.5% year-on-year increase in single-room revenue for Legacy-HZ [2]

Core Viewpoint - Haitong International initiates coverage on Huazhu Group-S (01179) with an "Outperform" rating and a target price of HKD 41, highlighting the company's leadership in China's hotel chain market and its effective multi-brand strategy [1] Group 1: Market Position and Growth - Huazhu Group benefits from improving supply-demand dynamics, with 396,500 new hotels (15 rooms or more) opened in October, a 7% year-on-year increase [1] - The company maintains a strong position in the market with a significant share of mid-range hotels, which are resilient, and an increasing proportion of mid-to-high-end hotels contributing to overall RevPAR growth [1] - Management is confident in opening over 2,300 hotels this year, with a net addition of 234 hotels expected in Q4, aiming for a total of 12,814 hotels by 2025 and a long-term goal of 20,000 by 2030, targeting a 15% market share [2] Group 2: Membership and Operational Efficiency - Huazhu operates the largest and most resilient membership system in the industry, with over 300 million members and an average of 190 million daily active users on its app [3] - Membership bookings increased by 19.7% year-on-year, accounting for 74% of total room nights sold, indicating strong member engagement and potential for future monetization [3] Group 3: Profitability and Financial Performance - The group's adjusted EBITDA margin improved by 3.3 percentage points to 36% in Q3, with Legacy-HZ's margin reaching 43% [4] - The company expects this upward trend in profitability to continue, forecasting adjusted EBITDA of RMB 7.94 billion and RMB 9.13 billion for 2025 and 2026, respectively, with margins projected to increase by 5 and 3 percentage points year-on-year [4]

Core Viewpoint - Haitong International initiates coverage on New Oriental-S (09901), highlighting the company's leading position across various segments, including K12 and overseas businesses, and the positive impact of generative AI on efficiency and content quality [1] Group 1: Financial Performance - For the first quarter of the fiscal year ending in 2026, the adjusted operating profit margin increased by 1 percentage point year-on-year, primarily driven by Dongfang Zhenxuan [1] - The company is expected to see a further 2 percentage point increase in profit margin for the second quarter of fiscal year 2026, due to a low base from the previous year and a focus on improving existing resources [1] - The adjusted operating profit for the full year is projected to be $650 million, corresponding to a profit margin of 12.1% [1] Group 2: Market Position and Strategy - The company plans to slow down the expansion of teaching centers and enhance the utilization of existing resources while improving overall efficiency [1] - A conservative outlook is adopted for the second half of the fiscal year due to uncertainties in overseas study and competition in the K9 segment, with an expected year-on-year improvement of 0.3 to 0.5 percentage points [1] Group 3: Shareholder Returns - The company has announced a three-year shareholder return plan with a dividend payout ratio of no less than 50% [1] - Based on a net profit of $372 million for the fiscal year 2025 and the current market capitalization, the corresponding return rate is approximately 2.7%, reflecting management's commitment and confidence in sustained profitability [1]

Core Viewpoint - Haitong International initiates coverage on New Oriental with a target price of HKD 49 for its H-shares and an "outperform" rating, highlighting the company's leading position across various segments including K12 and overseas business [1] Group 1: Business Performance - The company’s generative AI applications in automatic courseware generation, digital avatars of teachers, and homework grading are expected to enhance conversion efficiency and content quality, aiding in operational efficiency and business focus [1] - For the first quarter of the fiscal year ending August 2026, the adjusted operating profit margin increased by 1 percentage point year-on-year, primarily driven by Dongfang Zhenxuan [1] Group 2: Future Projections - In the second quarter of fiscal year 2026, the company is expected to further improve its profit margin by an additional 2 percentage points due to a slowdown in the expansion of teaching centers and an increase in utilization rates, alongside a low base from the previous year [1] - For the fiscal year ending May 2026, the adjusted operating profit is projected to be USD 650 million, corresponding to a profit margin of 12.1% [1] - A conservative outlook is anticipated for the second half of the fiscal year due to uncertainties in studying abroad and competition in the K9 segment, with an expected year-on-year improvement of 0.3 to 0.5 percentage points [1]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 SHENZHEN LDROBOT CO., LTD 深圳樂動機器人股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會 （「證監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 閣下閱覽本公告，即代表 閣下知悉、接納並向深圳樂動機器人股份有限公司 （「本公司」）、其聯席保薦人、聯席保薦人兼整體協調人、整體協調人、顧問或包 銷團成員表示同意： 1 (a) 在聯交所網站登載本公告，並不引起本公司、其聯席保薦人、聯席保薦人兼 整體協調人、整體協調人、顧問或包銷團成員在香港或任何其他司法管轄區 必須進行發售或配售活動的責任。本公司最終會否進行發售或配售仍屬未知 之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為誘使認購或購買任何證券，亦 ...