Core Viewpoint - UBS reports that Bosideng (03998) has released its financial results for the first half of the fiscal year ending September 2026, with both revenue and profit meeting expectations [1] Group 1: Financial Performance - Bosideng's management indicated that offline retail sales (including direct sales and distributors) achieved double-digit year-on-year growth from October to November [1] - The strategy of assisting franchisees in clearing old inventory has shown positive results, leading to a strong recovery in franchisee confidence [1] Group 2: Market Positioning - UBS believes that the core Bosideng brand focuses on the high-end market and has a clear, differentiated product mix, allowing it to effectively capture various consumer segments [1] Group 3: Price Target and Rating - Based on unchanged profit forecasts and updated risk-free rate assumptions, UBS raised the target price from HKD 5.87 to HKD 6.20, maintaining a "Buy" rating [1]

Core Viewpoint - Goldman Sachs reports that XPeng Motors (09868, XPEV.US) met expectations for Q3 performance, but the revenue guidance for Q4 is expected to fall short due to slowing sales growth and increased market competition, leading to a 10% drop in stock price post-earnings announcement [1] Group 1: Financial Performance - XPeng's Q3 performance aligns with expectations, but Q4 revenue guidance is expected to be lower due to sales growth slowdown and intensified competition [1] - After extending the discounted cash flow (DCF) valuation by one year, XPeng's 12-month target price for US shares increased from $24 to $25, and the target price for Hong Kong shares rose from HKD 94 to HKD 96, maintaining a "Buy" rating [1] Group 2: Future Outlook - Despite short-term sales momentum being relatively mild and limited new model releases, XPeng is expected to outperform peers in seasonal performance in Q1 next year, with the launch of three range-extended electric vehicle models (G6, G7, P7+) [1] - Management's comments on pre-order data for the X9 range-extended electric vehicle suggest that orders for these models may be three times higher than for pure electric vehicles [1] - For the full year next year, XPeng is projected to achieve a 40% revenue growth driven by strong new model development and sustainable income contributions from Volkswagen, with economies of scale and ongoing cost reductions expected to enhance gross margins [1] Group 3: Profitability Adjustments - Following Q3 results, Goldman Sachs revised XPeng's profit forecasts for 2025 to 2027, adjusting expected losses and profits due to higher new business R&D expenses [2] - The forecast for operating capital changes was adjusted upwards, reflecting a decrease in accounts payable days [2]

Core Viewpoint - Yuanyuan Group (00551) shows resilience in its manufacturing business despite seasonal impacts, with a positive outlook for the fourth quarter due to strong order composition and pricing power [1] Group 1: Financial Performance - Yuanyuan Group's third-quarter OEM revenue and net profit were reported at 1.434 billion and 109 million USD, respectively, exceeding UBS's expectations by 62% due to higher-than-expected gross margins [1] - UBS raised Yuanyuan's target price from 16 HKD to 18 HKD, reflecting a 5% to 6% increase in net profit forecasts for 2025 to 2027 based on the DCF method [1] Group 2: Market Conditions - The global consumer market is showing steady development, with better-than-expected back-to-school sales in the US, although new tariff policies and geopolitical tensions continue to create uncertainties [1] - Despite the negative impacts of reciprocal tariffs, the strong order mix has helped maintain average selling prices, partially offsetting the decline in shipment volumes affecting footwear revenue [1]

Core Viewpoint - UBS reports that Yue Yuen Industrial Holdings Limited (00551) experienced a decline in both revenue and net profit for the third quarter, with revenues at $1.957 billion and net profit at $108 million, representing year-on-year decreases of 5% and 27% respectively [1] Financial Performance - Retail business revenue increased by 6% year-on-year to RMB 3.743 billion, but incurred a net loss of RMB 17 million [1] - OEM revenue and net profit were $1.434 billion and $109 million respectively, exceeding UBS's expectations by 62%, primarily due to higher-than-expected gross margins [1] Analyst Rating and Price Target - UBS raised the target price for Yue Yuen from HKD 16 to HKD 18, reflecting a 5% to 6% upward revision in net profit forecasts for 2025 to 2027, attributed to better-than-expected gross margins in the OEM business [1] - The rating for Yue Yuen is maintained as "Buy" [1]

Core Viewpoint - UBS reported that Yue Yuen Industrial Holdings Limited (00551) experienced a decline in both revenue and net profit for the third quarter, with figures of $1.957 billion and $108 million respectively, representing year-on-year decreases of 5% and 27% [1] Financial Performance - Revenue from retail operations increased by 6% year-on-year to RMB 3.743 billion, but the segment reported a net loss of RMB 17 million [1] - OEM revenue and net profit were $1.434 billion and $109 million respectively, exceeding UBS's expectations by 62%, primarily due to higher-than-expected gross margins [1] Analyst Rating and Price Target - UBS raised the target price for Yue Yuen from HKD 16 to HKD 18, reflecting a 5% to 6% upward revision in net profit forecasts for 2025 to 2027, attributed to better-than-expected gross margins in the OEM business; the rating is "Buy" [1]

Core Viewpoint - UBS initiated coverage on Zai Lab (ZLAB.US) with a "Buy" rating and a target price of HKD 33.5 based on discounted cash flow (DCF) analysis, highlighting the company's growth potential and undervalued market position [1] Group 1: Company Performance - Zai Lab's stock rose over 2.8% pre-market, reaching USD 26.05 [1] - The core product VYVGART is expected to continue expanding its indications and increasing sales [1] Group 2: Product Pipeline - Several key candidate drugs are anticipated to receive approval, contributing to future growth [1] - The business development opportunities for ZL-1310 (DLL3ADC) and ZL-1503 (IL-13/IL-31R) are seen as significant growth drivers in the near term [1] Group 3: Market Perception - UBS believes the market has overlooked Zai Lab's short-term growth and business development potential [1]

Core Viewpoint - UBS reports that Zai Lab has evolved from a licensing-based business model into a mature biopharmaceutical company with eight commercialized products and a rich product pipeline in oncology, immunology, neuroscience, and infectious diseases [1] Group 1: Company Development - Zai Lab's core product VYVGART is expected to continue expanding its indications and increasing sales [1] - Several key candidate drugs are anticipated to receive approval, contributing to the company's growth [1] Group 2: Business Development Opportunities - The business development opportunities for ZL-1310 (DLL3ADC) and ZL-1503 (IL-13/IL-31R) are seen as key drivers for near-term growth [1] Group 3: Investment Rating - UBS initiates coverage on Zai Lab with a "Buy" rating, setting a target price of HKD 33.5 based on discounted cash flow (DCF) analysis, implying 1x and 1.6x peak sales on an unadjusted and adjusted basis respectively [1] - The market appears to overlook Zai Lab's short-term growth potential, including VYVGART and new product launches, as well as the business development potential of DLL3ADC and ZL-1503 [1]

Core Viewpoint - UBS has initiated coverage on Zai Lab (09688) with a target price of HKD 33.5, indicating a 1x and 1.6x multiple on peak sales, highlighting the market's oversight of the company's short-term growth potential, including VYVGART and new product launches [1] Group 1: Product Potential - UBS believes VYVGART, a first-in-class FcRn drug, has the potential to become a blockbuster in immunology, with peak sales in China projected to reach USD 1.8 billion [2] - Potential blockbuster candidates in the pipeline include Bemarituzumab for gastric cancer, Povetacicept for autoimmune diseases, VRDN-003 for thyroid eye disease, and KarXT for schizophrenia [2] Group 2: Financial Outlook - UBS anticipates that Zai Lab will achieve profitability through revenue growth and operational efficiency improvements, with guidance for non-GAAP operational breakeven by Q4 2025 and for the full year of 2026 [2] - The company expects improved gross margins due to local manufacturing, reduced selling costs from VYVGART's capacity expansion, and potential global product launches [2] - Zai Lab plans to limit R&D spending growth by prioritizing high-value projects, while maintaining moderate growth in sales, general, and administrative expenses [2]

Core Viewpoint - Cinda Biologics (01801) has announced a global strategic collaboration with Takeda Pharmaceutical, covering several key oncology assets, including the next-generation IO cornerstone therapy IBI363, and has reached licensing agreements for IBI343 and IBI3001 [1] Group 1: Strategic Collaboration - The collaboration includes a total upfront payment of $1.2 billion, which consists of a $100 million equity investment at a price of HKD 112.56 per share [1] - Potential milestone payments could increase the total value of the deal to $11.4 billion, in addition to extra licensing fees [1] Group 2: Future Development Goals - Cinda Biologics aims to develop into a fully integrated biopharmaceutical company with global R&D and commercial capabilities, targeting at least five assets to enter global Phase III multi-regional clinical trials (MRCTs) by 2030 [1] - The company has established a discovery research laboratory in the U.S. and plans to expand its U.S. R&D team to 100-200 people by 2026 [1] Group 3: Financial Position - As of June 2025, Cinda Biologics has a solid financial foundation with a cash balance of $2.1 billion, supporting its global ambitions [1] - The expected investment for the strategic goals is substantial, but if successfully executed, the long-term strategy and commercial prospects are considered very promising [1]

Core Viewpoint - Cinda Biologics (01801) has announced a global strategic collaboration with Takeda Pharmaceutical, covering several key oncology assets, including the next-generation IO cornerstone therapy IBI363, along with licensing agreements for IBI343 and IBI3001 [1] Group 1: Strategic Collaboration - The collaboration includes a total upfront payment of $1.2 billion, which consists of a $100 million equity investment at a price of HKD 112.56 per share [1] - The total value of the deal could reach $11.4 billion, including potential milestone payments and additional licensing fees [1] Group 2: Financial Projections - Cinda Biologics' target price has been raised from HKD 109.48 to HKD 110.62 based on discounted cash flow (DCF) analysis, maintaining a "Buy" rating [1] - The company aims to develop at least five assets to enter global Phase III multi-regional clinical trials (MRCTs) by 2030 [1] Group 3: Research and Development Plans - Cinda Biologics has established a discovery research laboratory in the United States and plans to expand its U.S. R&D team to 100-200 people by 2026 [1] - As of June 2025, the company has a solid financial foundation with a cash balance of $2.1 billion, supporting its global ambitions [1]