值得关注的是，据市场媒体报道，普拉达财务总监Andrea Bonini表示，公司仍计划成为一间双重上市的 公司，对在意大利上市的计划仍然有6个月的时间考虑，目前不会作出任何承诺。他认为，目前奢侈品 市场稳定，美国市场情况良好，总体而言很难挑剔美国表现，不过情况可能不会一帆风顺，因为当市场 泡沫助长过度乐观情绪时，公司需要时刻保持警惕。 消息面上，普拉达近期发布2025年三季度业绩，花旗认为，普拉达第二及第三季收入增长放缓至单位 数，当中Prada品牌更自2020年起首次录得负增长；虽然Miu Miu品牌增长步伐仍较同行快，但进一步常 态化。该行认为，集团目前仍须对Miu Miu品牌投入大量广告行销、生产制造、IT基建及零售网络扩张 资源，可能抑制利润率扩张，并维持于2024年的23.6%水平，较历史高位低约350基点。 普拉达(01913)跌超4%，截至发稿，跌3.32%，报46.6港元，成交额2827.46万港元。 ...

智通财经APP获悉，普拉达(01913)跌超4%，截至发稿，跌3.32%，报46.6港元，成交额2827.46万港元。 消息面上，普拉达近期发布2025年三季度业绩，花旗认为，普拉达第二及第三季收入增长放缓至单位 数，当中Prada品牌更自2020年起首次录得负增长；虽然Miu Miu品牌增长步伐仍较同行快，但进一步常 态化。该行认为，集团目前仍须对Miu Miu品牌投入大量广告行销、生产制造、IT基建及零售网络扩张 资源，可能抑制利润率扩张，并维持于2024年的23.6%水平，较历史高位低约350基点。 值得关注的是，据市场媒体报道，普拉达财务总监Andrea Bonini表示，公司仍计划成为一间双重上市的 公司，对在意大利上市的计划仍然有6个月的时间考虑，目前不会作出任何承诺。他认为，目前奢侈品 市场稳定，美国市场情况良好，总体而言很难挑剔美国表现，不过情况可能不会一帆风顺，因为当市场 泡沫助长过度乐观情绪时，公司需要时刻保持警惕。 ...

格隆汇11月14日｜普拉达首席财务官Andrea Bonini表示，公司仍计划成为一间双重上市的公司，对在意 大利上市的计划仍然有6个月的时间考虑，目前不会作出任何承诺。他指出，目前奢侈品市场稳定，美 国市场情况良好，总体而言很难挑剔美国表现，不过情况可能不会一帆风顺，因为当市场泡沫助长过度 乐观情绪时，公司需要时刻保持警惕。 ...

Core Viewpoint - UBS reported that Samsonite (01910) experienced an 8% year-on-year decline in adjusted EBITDA for Q3, amounting to $143 million, which aligns with the bank's expectation of $139 million. The EBITDA margin was 16.3%, slightly above the forecasted 16.1% [1] Financial Performance - Net sales growth significantly slowed, with a year-on-year decline of 1% at constant exchange rates, an improvement from a 6% decline in Q2, partly due to a low base effect [1] - The company is trading at a forecasted P/E ratio of 10.2 times, which is still 1.3 standard deviations below its historical average [1] Management Insights - Management indicated that positive revenue momentum is expected to continue into October, with anticipated improvement in Q4 net sales growth despite a high base effect [1] - Gross margin is expected to remain stable at 59.6%, benefiting from a shift in product mix towards Tumi and direct sales channels, as well as effective measures to mitigate the impact of U.S. tariffs [1] - Management is considering a dual listing next year in response to market conditions [1] Market Expectations - UBS anticipates that the market will react positively to the company's Q4 sales growth outlook and management's confidence in maintaining profitability [1]

Core Viewpoint - UBS reports that Samsonite (01910) experienced an 8% year-on-year decline in adjusted EBITDA for Q3, amounting to $143 million, which aligns with the bank's expectation of $139 million [1]. Financial Performance - The EBITDA margin was recorded at 16.3%, slightly above UBS's forecast of 16.1% [1]. - Net sales growth has significantly slowed, with a year-on-year decline of 1% at constant exchange rates, an improvement from a 6% decline in Q2, partly due to a low base effect [1]. Valuation and Market Position - Samsonite is currently trading at a forecasted price-to-earnings ratio of 10.2 times, which is still 1.3 standard deviations below its historical average [1]. - UBS is reviewing its investment rating and target price for Samsonite, which was previously set at "Neutral" with a target price of HKD 17.4 [1]. Management Outlook - Management indicated that positive revenue momentum is expected to continue into October, with an anticipated improvement in Q4 net sales growth despite a high base effect [1]. - Gross margin is expected to remain stable at 59.6%, benefiting from a shift in product mix towards Tumi and direct sales channels, as well as effective measures to mitigate the impact of U.S. tariffs [1]. - Management is considering a dual listing next year in response to market conditions [1]. - UBS anticipates that the market will react positively to the company's Q4 sales growth outlook and management's confidence in maintaining profitability [1].

据悉，Allergy Therapeutics总部位于英国，是一家专注于过敏免疫疗法的英国生物技术公司。 在英国AIM市场上市的生物医药公司Allergy Therapeutics11月6日称，正着手评估在港交所主板进行双重 主板上市的可能性。若决定推进，公司计划于2026年上半年完成上市。该公司强调，香港交易所上市申 请需经香港交易所、香港证监会的审核批准。 Allergy Therapeutics表示，在香港上市(同时保留AIM上市地位)体现了其拓展亚洲业务版图的愿景，旨 在"成为全球过敏治疗领域的领导者"。在香港交易所上市及相关股权发行"将拓宽公司投资者基础，纳 入香港及内地投资者，契合公司在该地区的增长目标"。双重上市将提升其普通股的交易流动性。 ...

智通财经APP获悉，在英国AIM市场上市的生物医药公司Allergy Therapeutics11月6日称，正着手评估在 港交所主板进行双重主板上市的可能性。若决定推进，公司计划于2026年上半年完成上市。该公司强 调，香港交易所上市申请需经香港交易所、香港证监会的审核批准。 Allergy Therapeutics表示，在香港上市(同时保留AIM上市地位)体现了其拓展亚洲业务版图的愿景，旨 在"成为全球过敏治疗领域的领导者"。在香港交易所上市及相关股权发行"将拓宽公司投资者基础，纳 入香港及内地投资者，契合公司在该地区的增长目标"。双重上市将提升其普通股的交易流动性。 据悉，Allergy Therapeutics总部位于英国，是一家专注于过敏免疫疗法的英国生物技术公司。 ...

Group 1 - The core viewpoint of the article highlights the mixed performance of the stock markets, with U.S. indices declining due to rising corporate layoffs, while Hong Kong stocks showed resilience following gains in mainland markets [3] - Zhejiang Hu-Hang-Yong (00576.HK) reported third-quarter revenue of 14.13 billion RMB, an increase of 8.9%, and a net profit of 4.19 billion RMB, up 1.5%, indicating stable growth despite pressure on toll revenue [3] - The company plans to issue A-shares to absorb and merge with Zhenyang Development (603213.SH), aiming for dual listing in Hong Kong and mainland China, which is expected to attract domestic investors and provide funding for future expansions or acquisitions [3] Group 2 - The dual listing is anticipated to take 12 to 18 months for completion, with the company committing to a minimum dividend of 0.41 RMB per share over the next three years, translating to an attractive yield of 6% [3]

Core Insights - Both Pony.ai and WeRide are set to launch their IPOs on the Hong Kong Stock Exchange on November 6, 2024, marking a significant moment for the autonomous driving industry as they aim for a dual listing in both the US and Hong Kong markets [1][3] - As of October 27, 2024, Pony.ai's stock price was $19.68 per share with a market capitalization of $7.583 billion, while WeRide's stock price was $11.16 per share with a market capitalization of $3.491 billion, indicating a notable disparity in their valuations [1][4] - The autonomous driving sector continues to face challenges in achieving profitability, with both companies experiencing significant net losses despite revenue growth [10][11] Company Developments - Pony.ai and WeRide have a shared history, both having founders with ties to Baidu's autonomous driving initiatives, and they have been in close competition while also reflecting each other's progress [3][8] - Both companies received approval for their Hong Kong IPO applications from the China Securities Regulatory Commission on the same day, showcasing their parallel paths in the market [3] - WeRide's stock debuted at $15.5 per share, while Pony.ai's initial price was $13 per share, with WeRide's stock reaching a peak of $44 per share within a year of its listing [4] Financial Performance - For the first half of 2025, Pony.ai reported revenue of $35.433 million, a 43.3% increase year-over-year, but faced an adjusted net loss of $74.423 million, which expanded by 33% [10] - WeRide's revenue for the same period was approximately $27.865 million, reflecting a 32.8% year-over-year growth, but it reported a significant operational loss of 890 million RMB (approximately $124 million), which also expanded by 27.3% [10] - The trend of increasing revenue without corresponding profitability is common in the autonomous driving industry, as substantial investments in technology and market expansion are required [11] Market Dynamics - The pricing strategies for their IPOs differ, with Pony.ai setting a maximum price of 180 HKD per share and WeRide at 35 HKD per share, which may attract different types of investors [6] - Experts suggest that the success of the IPOs will depend more on the effectiveness of their roadshows and the willingness of institutional investors to buy and hold the stocks, rather than just the share price [6][7] - The competitive landscape indicates that while Pony.ai has a deeper domestic market presence, WeRide has been more proactive in global expansion [8]

Core Insights - Chinese Robotaxi players Pony.AI and WeRide are moving towards the Hong Kong stock market for their IPOs, with both companies completing their filings on October 14 and passing the Hong Kong Stock Exchange hearings shortly after [1][2]. Group 1: Market Context - The decision for both companies to list in Hong Kong is influenced by geopolitical uncertainties affecting Chinese tech companies listed in the U.S., particularly the risk of being classified as "identified issuers" under the HFCAA, which could lead to trading restrictions [3]. - The Hong Kong market offers a more stable capital environment, attracting long-term investors and providing a buffer against geopolitical risks, which is crucial for the capital-intensive nature of the autonomous driving industry [4]. Group 2: Financial Performance - In the first half of 2025, Pony.AI reported total revenue of approximately $35.43 million, a 43.3% increase year-over-year, with significant growth in its Robotaxi business, which surged by 178.8% [6][7]. - WeRide's total revenue for the same period was approximately $27.87 million, reflecting a 32.8% year-over-year increase, with its Robotaxi services growing by 385% [6][7]. Group 3: Business Strategies - Pony.AI's revenue structure shows a heavy reliance on technology licensing and application services, which accounted for 42% of its total revenue, while its Robotaxi services contributed 9.2% [6][7]. - WeRide has a more balanced revenue structure, with its Robotaxi services contributing 31.1% of total revenue, indicating a diversified approach to revenue generation [6][7]. Group 4: Cash Flow and Investment - As of the first half of 2025, Pony.AI's cash flow from operating activities showed a net outflow of $79.57 million, a 34.6% increase year-over-year, indicating significant investments in scaling operations [22][24]. - WeRide's cash flow from operating activities also showed a net outflow of $92.61 million, but its investment activities reflected a more cautious approach with a net outflow of only $3.05 million, down 51.7% year-over-year [22][24]. Group 5: Market Valuation - Despite higher operational losses, Pony.AI's market valuation is approximately $6.3 billion, significantly higher than WeRide's $2.8 billion, highlighting market preferences for companies with aggressive growth strategies [20][24].