Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to increased competition in the API and formulation business, as well as price impacts from centralized procurement [5] - The CDMO business is expected to drive future growth, with a significant increase in ongoing projects and revenue [5] - The company is focusing on stabilizing its formulation business and has completed several key product approvals, which are anticipated to contribute positively to future revenue [5] Financial Performance Summary - For 2023A, the company reported revenue of 11,474 million yuan, with a year-on-year growth rate of 8.81% [2] - The projected revenue for 2025E is 12,815 million yuan, with a growth rate of 6.59% [2] - The net profit for 2023A was 1,055 million yuan, with a year-on-year growth rate of 6.69% [2] - The projected net profit for 2025E is 1,119 million yuan, with a growth rate of 8.55% [2] Business Segment Analysis - The API intermediate segment reported a revenue of 3,603 million yuan in 2025H1, down 23.41% year-on-year [5] - The CDMO segment showed a revenue increase of 20.32% in 2025H1, reaching 1,236 million yuan [5] - The formulation segment generated revenue of 583 million yuan in 2025H1, a decrease of 14.2% year-on-year [5] Future Projections - The company expects revenues of 12,815 million yuan, 14,218 million yuan, and 15,941 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.6%, 11.0%, and 12.1% [5] - The projected net profit for the same years is 1,119 million yuan, 1,270 million yuan, and 1,462 million yuan, with growth rates of 8.55%, 13.50%, and 15.06% respectively [5]

Group 1 - Victoria's Secret (VSCO) is expected to report quarterly earnings of $0.13 per share, reflecting a year-over-year decline of 67.5% [1] - Revenues for the upcoming quarter are anticipated to be $1.41 billion, which is a decrease of 0.8% compared to the same quarter last year [1] - The consensus EPS estimate has been revised 1.8% lower over the last 30 days, indicating a reevaluation by analysts [1] Group 2 - Analysts estimate 'Geographic Net Sales- Direct' to reach $415.58 million, representing a decline of 3.4% from the previous year [4] - The consensus for 'Total stores - Company-Operated' is 793, down from 816 a year ago [4] - The estimated 'Total stores - China Joint Venture' remains unchanged at 70 compared to the previous year [4] Group 3 - Over the past month, Victoria's Secret shares have increased by 3.1%, outperforming the Zacks S&P 500 composite's increase of 2.7% [5] - The company holds a Zacks Rank 3 (Hold), suggesting that its performance is likely to align with the overall market in the near future [5]

Core Insights - Ollie's Bargain Outlet (OLLI) is expected to report quarterly earnings of $0.91 per share, reflecting a 16.7% increase year-over-year, with revenues projected at $662.68 million, a 14.6% increase compared to the previous year [1] - Analysts have revised the consensus EPS estimate upward by 0.2% over the past 30 days, indicating a collective reassessment of projections [2] - The correlation between earnings estimate revisions and short-term stock price performance is well-documented, making these revisions significant for predicting investor behavior [3] Financial Metrics - Analysts estimate 'Comparable store sales change' to be 1.9%, down from 5.8% in the same quarter last year [5] - The 'Number of stores - End of period' is projected to be 609, an increase from 525 reported in the same quarter last year [5] - The estimated 'Number of new stores' is 25, compared to 9 in the same quarter last year [6] - Analysts expect 'Number of stores open at the beginning of period' to be 584, up from 516 in the same quarter last year [6] Market Performance - Ollie's Bargain Outlet shares have decreased by 1.2% over the past month, contrasting with a 2.7% increase in the Zacks S&P 500 composite [6] - With a Zacks Rank of 2 (Buy), OLLI is anticipated to outperform the overall market in the near term [6]

Core Insights - Analysts expect Gap (GAP) to report quarterly earnings of $0.55 per share, reflecting a year-over-year increase of 1.9% [1] - Revenue projections stand at $3.74 billion, indicating a 0.5% increase from the previous year [1] - There has been a 2.2% downward revision in the consensus EPS estimate over the last 30 days, suggesting a reassessment by analysts [1] Revenue and Sales Estimates - Analysts project 'Net Sales- Gap Global- Total' to reach $788.14 million, a 2.9% increase from the prior-year quarter [3] - 'Net Sales- Banana Republic Global- Total' is estimated at $471.65 million, reflecting a 1.5% decrease from the previous year [4] - 'Net Sales- Old Navy Global- Total' is expected to be $2.14 billion, indicating a 1% increase from the year-ago quarter [4] Store Locations and Comparable Sales - The estimated 'Number of Store Locations - Banana Republic - Total' is 408, down from 438 a year ago [5] - 'Number of Store Locations - Old Navy North America' is projected at 1,250, slightly up from 1,248 last year [5] - The consensus for 'Comparable Store Sales - Old Navy - YoY change' is 1.2%, down from 5.0% reported in the same quarter last year [5] Additional Metrics - The 'Number of Store Locations - Company-operated stores' is estimated at 2,492, down from 2,541 a year ago [6] - 'Comparable Store Sales - Gap - YoY change' is expected to be 4.0%, compared to 3.0% reported in the same quarter last year [6] - Analysts forecast 'Square Footage - Total' to reach 29 million square feet, down from 30 million square feet last year [7] Market Performance - Shares of Gap have increased by 3.7% over the past month, compared to a 2.7% increase in the Zacks S&P 500 composite [8] - Gap holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance relative to the overall market [8]

Core Insights - The upcoming earnings report from Elastic (ESTC) is projected to show quarterly earnings of $0.42 per share, reflecting a 20% increase year-over-year, with revenues expected to reach $396.89 million, a 14.2% increase from the previous year [1] Group 1: Earnings Estimates - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating analysts' reassessment of their projections [1] - Prior to earnings announcements, revisions to earnings estimates are crucial as they significantly influence investor actions regarding the stock [2] Group 2: Revenue Projections - The consensus estimate for 'Revenue- Services' is $25.24 million, indicating a 6.7% increase from the year-ago quarter [4] - Analysts expect 'Revenue- Subscription' to reach $371.59 million, reflecting a 14.8% increase year-over-year [4] - The estimate for 'Revenue- Subscription- Elastic Cloud' is projected at $189.97 million, suggesting a 20.8% increase from the previous year [4] - 'Revenue- Subscription- Other subscription' is anticipated to be $181.93 million, indicating a 9.3% increase from the prior-year quarter [5] Group 3: Stock Performance - Over the past month, shares of Elastic have decreased by 10.9%, contrasting with the Zacks S&P 500 composite's increase of 2.7% [5] - Currently, ESTC holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [5]

Core Viewpoint - China Coal's 1H25 results exceeded expectations due to effective cost reduction and expense control despite a decline in net profit and coal prices [1][2]. Financial Performance - A-shares net profit attributable to shareholders fell 21% YoY to Rmb7.71 billion, while recurring attributable net profit also dropped 21% YoY to Rmb7.65 billion [1]. - H-shares attributable net profit decreased 32% YoY to Rmb7.33 billion [1]. - In 2Q25, A-shares net profit attributable to shareholders rose 3.0% YoY but fell 3.0% QoQ to Rmb4.8 billion [1]. Production and Sales - Commercial coal output increased slightly by 1.3% YoY to 67.34 million tonnes, while sales volume decreased by 3.6% YoY to 128.68 million tonnes [1]. - Self-produced coal sales volume rose 1.4% YoY to 67.11 million tonnes [1]. - In 2Q25, commercial coal output and self-produced coal sales volume rose 0.7% YoY and 1.6% YoY to 33.99 million tonnes and 34.43 million tonnes, respectively [1]. Pricing and Costs - The selling price of self-produced coal fell 20% YoY to Rmb470 per tonne in 1H25, with a further decline to Rmb449 per tonne in 2Q25, down 21% YoY and 8.7% QoQ [1]. - The unit sales cost of self-produced coal dropped Rmb32 per tonne YoY to Rmb205 per tonne, with reductions in material, labor, and other costs [2]. Cash Flow and Capital Expenditure - Net operating cash inflow dropped Rmb8,244 million YoY to Rmb7,496 million, while capital expenditure reached Rmb6.972 billion [3]. Future Outlook - There is optimism for earnings recovery in 2H25, with spot coal prices rebounding from a YTD low [3]. - The firm proposed a stable interim dividend of Rmb0.166 per share, reflecting its commitment to rewarding shareholders despite industry pressures [3]. Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been raised by 5% and 13% for A-shares, and 5% and 15% for H-shares, respectively [3]. - A-shares are trading at 9.8x and 9.0x 2025e and 2026e P/E, while H-shares are at 7.6x and 6.8x [3]. - Target prices for A-shares and H-shares have been raised by 8% to Rmb14.00 and 22% to HK$11.00, respectively, indicating potential upside [3].

Group 1 - Wall Street analysts expect Guess (GES) to report quarterly earnings of $0.14 per share, reflecting a year-over-year decline of 66.7% [1] - Revenues for the upcoming quarter are projected to be $757.14 million, which represents a 3.4% increase from the same quarter last year [1] - There have been no revisions in the consensus EPS estimate over the last 30 days, indicating stability in analysts' forecasts [1] Group 2 - Analysts project 'Net revenue- Americas Retail' to reach $184.06 million, indicating a year-over-year change of +1.4% [3] - The estimated 'Net revenue- Americas Wholesale' is $89.66 million, suggesting a year-over-year increase of +6.2% [4] - 'Net revenue- Asia' is forecasted to be $52.98 million, reflecting a decline of -2.5% from the previous year [4] - The consensus for 'Net revenue- Europe' is $400.95 million, indicating a year-over-year increase of +4.6% [4] - The average prediction for 'Net revenue- Licensing' stands at $30.49 million, suggesting a year-over-year change of +4.8% [5] Group 3 - Guess shares have increased by +27.3% over the past month, outperforming the Zacks S&P 500 composite, which saw a +1.1% change [5] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [5]

Core Insights - Snowflake Inc. (SNOW) is expected to report quarterly earnings of $0.26 per share, reflecting a 44.4% increase year-over-year [1] - Analysts forecast revenues of $1.09 billion, indicating a year-over-year growth of 24.9% [1] - The consensus EPS estimate has remained unchanged over the last 30 days, suggesting a reevaluation of initial estimates by analysts [1] Revenue Estimates - Analysts estimate 'Product revenue' to be $1.04 billion, representing a year-over-year increase of 25.4% [4] - 'Professional services and other revenue' is projected to reach $45.82 million, indicating a 15.8% year-over-year change [4] Key Metrics - 'Remaining performance obligations' are estimated at $6.84 billion, up from $5.20 billion reported in the same quarter last year [5] - The estimated 'Total customers' is 11,961, compared to 10,249 a year ago [5] - 'Customers with trailing 12-month product revenue greater than $1 million' are expected to reach 634, up from 510 in the previous year [6] - 'GAAP Product gross profit' is projected to be $744.86 million, compared to $593.67 million reported in the same quarter last year [6] Market Performance - Snowflake shares have decreased by 9.5% in the past month, contrasting with the Zacks S&P 500 composite's increase of 1.1% [6] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [6]

Core Viewpoint - The upcoming earnings report for Williams-Sonoma is anticipated to show a quarterly earnings increase of 2.3% year-over-year, with revenues expected to rise by 1.5% [1] Financial Projections - Quarterly earnings per share are projected at $1.78, reflecting a 2.3% increase from the previous year [1] - Revenue is forecasted to reach $1.81 billion, indicating a 1.5% year-over-year growth [1] Analyst Consensus - There have been no revisions in the consensus EPS estimate over the last 30 days, suggesting stability in analysts' forecasts [1][2] - Analysts predict specific revenue figures for various segments: - Pottery Barn: $732.61 million (+0.9% YoY) [4] - Williams-Sonoma: $244.00 million (+1.7% YoY) [4] - Pottery Barn Kids and Teen: $264.14 million (+2% YoY) [4] - West Elm: $464.29 million (+1.2% YoY) [5] Store Metrics - Total number of stores is expected to be 509, down from 521 year-over-year [5] - Specific store counts are projected as follows: - Pottery Barn: 179 (down from 185) [5] - Pottery Barn Kids: 44 (down from 45) [6] - Rejuvenation: 12 (up from 11) [6] - West Elm: 120 (down from 122) [6] - Williams-Sonoma: 154 (down from 158) [7] Market Performance - Williams-Sonoma shares have increased by 9.2% over the past month, outperforming the S&P 500 composite's 1.1% increase [8] - The company holds a Zacks Rank of 2 (Buy), indicating expectations of continued outperformance in the near future [8]

Group 1 - The core viewpoint of the report is that China Communication Services (00552.HK) achieved a net profit growth of 0.2% year-on-year to 2.13 billion RMB in the first half of the year, which met expectations, while total revenue increased by 3.4% year-on-year to 76.94 billion RMB, exceeding expectations [1] - The gross profit margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects' design and construction [1] - The target price for the stock has been raised to 5.15 HKD, and the earnings forecasts for 2025 to 2027 have been adjusted, with a reiteration of the "Buy" rating [1] Group 2 - As of August 22, 2025, China Communication Services (00552.HK) closed at 4.83 HKD, down 0.62%, with a trading volume of 23.52 million shares and a turnover of 112 million HKD [1] - The stock has received strong buy recommendations from two investment banks in the past 90 days, with an average target price of 5.5 HKD [1] - The company ranks 5th in the telecommunications industry with a market capitalization of 11.622 billion HKD [1] Group 3 - Key performance indicators for China Communication Services compared to the telecommunications industry average are as follows: ROE at 7.87% (industry average -32.69%), revenue at 152.527 billion HKD (industry average 217.662 billion HKD), and net profit margin at 2.87% (industry average 4.24%) [2] - The company has a gross profit margin of 10.25% compared to the industry average of 43.26%, and a debt ratio of 65.53% against the industry average of 49.09% [2]