Group 1 - The company Harmony Auto (03836) announced a share subscription agreement with Golden Link Worldwide Limited, involving a subscription amount of $40 million (approximately RMB 285 million) for a 9.9999% stake in iCar Group Limited [1] - Following the transaction, the ownership structure will be 49.5001% held by the company, 40.5000% by EGL, and 9.9999% by the subscriber, with the company controlling 90.0001% of the voting rights [1] - The subscription amount will be used for the general working capital of the target group [1] Group 2 - The subscription is based on the long-term strategic synergy between the subscriber and the company, recognizing the company's strong brand operation capabilities and valuable overseas channels [2] - This subscription is expected to deepen cooperation and accelerate the overseas market expansion of BYD brand electric vehicles, covering sales and after-sales services [2] - It will optimize the company's capital structure, enhance overall competitiveness, and create sustainable long-term value for shareholders [2]

Group 1: Investment and Financing - HuazhiXiao, a domestic cosmetics brand, has completed a Series B financing round exclusively invested by Proya, a leading domestic beauty group [1] - The funds from this financing will be used for global expansion, supply chain integration, and content innovation [1] - HuazhiXiao has only had two rounds of financing since its establishment in 2016, with the previous rounds being a Pre-A round led by Tiantu Investment and an A round in 2021 led by Kunyan Capital [1] Group 2: Market Trends - The domestic cosmetics market has shown signs of recovery in the first half of the year, with retail sales reaching 229.1 billion yuan, a year-on-year increase of 2.9%, significantly improving from the previous year's 1% growth [1] - Only three domestic cosmetics brands have reported formal financing in the first half of this year, indicating a still cautious investment environment in the sector [1] Group 3: Brand Strategy and Market Positioning - HuazhiXiao focuses on integrating two-dimensional culture and youthful aesthetics, targeting a young demographic with its original design cosmetics [3] - The brand has successfully entered international markets, starting with Japan in 2019 and expanding to over ten countries, including the U.S. with a presence in Urban Outfitters in 2024 [4] Group 4: Proya's Strategic Moves - Proya reported a revenue of 5.362 billion yuan in the first half of the year, a year-on-year increase of 7.21%, but with a noticeable decline in growth rate compared to previous years [4] - The company plans to list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance overseas financing capabilities [4] - Proya's chairman has indicated a focus on overseas acquisitions, particularly in the fields of children's products, perfumes, and men's skincare, as a strategy to seek new growth opportunities [4]

高盛发布研报称，蜜雪集团(02097)管理层于中期业绩会议中透露，未来将专注于巩固中国市场领导地 位，并透过进一步开店及海外扩张，增强供应链及系统营运能力，强化消费者对"雪王"IP的认知，以推 动长期可持续增长。该行认为，集团门店网络调整有助改善整体经营表现，目前已见到正面效果，看好 公司正扩张至东盟及其他国家的空白市场，维持"买入"评级，并将2025至2027年盈利预测上调3%、1% 及1%。 ...

智通财经APP获悉，高盛发布研报称，蜜雪集团(02097)管理层于中期业绩会议中透露，未来将专注于巩 固中国市场领导地位，并透过进一步开店及海外扩张，增强供应链及系统营运能力，强化消费者对"雪 王"IP的认知，以推动长期可持续增长。该行认为，集团门店网络调整有助改善整体经营表现，目前已 见到正面效果，看好公司正扩张至东盟及其他国家的空白市场，维持"买入"评级，并将2025至2027年盈 利预测上调3%、1%及1%。 ...

Core Viewpoint - The report indicates that the domestic clothing consumption market is experiencing a sluggish recovery, leading to overall performance pressure on clothing enterprises. The company is focusing on its core clothing business, innovating brand management and retail, and expanding into the sports sector and overseas markets to maintain a stable growth trajectory [1] Financial Performance - The company achieved an operating income of 11.566 billion yuan, representing a year-on-year increase of 1.7% [1] - The net profit attributable to shareholders was 1.580 billion yuan, showing a year-on-year decline of 3.42% [1] - The main business income from the Haianzhijia series was 8.395 billion yuan [1] - The group purchase customization business generated a main business income of 1.343 billion yuan [1] - Other brands contributed a main business income of 1.500 billion yuan [1]

Core Insights - Company reported its first interim results since listing, achieving revenue of approximately 3.15 billion yuan, a year-on-year increase of about 5.2%, and a net profit of approximately 415 million yuan, up 11.9% year-on-year [1] - Online sales significantly contributed to performance, with online channel sales reaching approximately 1.632 billion yuan, a year-on-year growth of about 34%, accounting for 51.81% of total revenue [1] - The company plans to distribute an interim dividend of 0.45 yuan per share [1] Group 1: Online Sales Performance - During the "618" shopping festival, the company's online self-operated sales exceeded 700 million yuan, a year-on-year increase of 36%, maintaining a growth rate above 30% for two consecutive years [2] - The company ranked fourth in the gold category on Tmall, showcasing its core competitiveness in the online gold and jewelry market [2] - The company is exploring lightweight and fashionable product development concepts to adapt to rising gold prices, enhancing product differentiation through IP collaborations and material combinations [2] Group 2: Offline Channel Strategy - The company is focusing on refined operations that pursue single-store efficiency and brand value, optimizing its terminal store layout based on market changes and brand strategy adjustments [3] - As of the reporting period, the company had a total of 3,760 franchise stores and 97 self-operated stores, with nearly 50% of stores located in first and second-tier cities [3] - The average store size has increased to approximately 110 square meters [3] Group 3: Expansion and Market Position - The company plans to expand overseas, particularly in Southeast Asia, with a strategy driven by "national brand dividends + cultural technology" [3] - As of June 26, the company was ranked fifth among Chinese jewelry brands and has seen its stock price double shortly after listing on the Hong Kong Stock Exchange [3] - The company is set to be included in the Hang Seng Composite Index on September 5, 2025, which may lead to its inclusion in the Hong Kong Stock Connect due to meeting various criteria [4]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] Group 1: Financial Projections - The target price for Pop Mart has been raised by 11% to 400 HKD, while the target price-to-earnings ratio has been adjusted from 34.5 times to 33 times due to anticipated growth slowdown starting in 2026 [1] - Net profit forecasts for fiscal years 2025 and 2026 have been increased by 17% and 16% respectively, reflecting higher expectations for revenue and profit margins [2] - Revenue forecasts for 2025 and 2026 have been raised by 7% and 8% respectively, driven by better outlooks for product launches and ongoing expansion in overseas markets [2] Group 2: Market Expansion and Strategy - Pop Mart's revenue in the Americas has increased by 1,142% year-on-year, indicating significant growth potential [1] - The company currently derives 59% of its sales from online channels, suggesting ample opportunity for physical store openings [1] - Macquarie believes that Pop Mart's focus on store quality and productivity will maintain discipline, while opening stores in prime locations will enhance brand awareness among celebrities and opinion leaders [1] - Expansion in Europe and other regions is just beginning, with long-term potential for localization [1] Group 3: Product Development - Pop Mart is investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [1] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through expansion into new scenarios and categories [1]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] - The firm maintains an "outperform" rating but has adjusted the target price upward by 11% to 400 HKD, while lowering the target price-to-earnings ratio from 34.5x to 33x due to anticipated growth slowdown starting in 2026 [1] Group 1 - The company experienced a remarkable 1,142% year-on-year revenue growth in the Americas market, indicating significant upside potential [1] - Currently, 59% of sales are generated online, suggesting ample opportunity for physical store expansion [1] - Macquarie believes that focusing on store quality and productivity will help the company maintain discipline while enhancing brand awareness among celebrities and opinion leaders through strategic store locations [1] Group 2 - Macquarie anticipates that the expansion in Europe and other regions is just beginning, with long-term potential for localization [1] - The company has been investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [2] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through category expansion and new scenarios [2] Group 3 - The firm has raised its net profit forecasts for Pop Mart for the fiscal years 2025 and 2026 by 17% and 16%, respectively, reflecting higher revenue and profit margin expectations [2] - Revenue forecasts have been increased by 7% and 8%, attributed to better prospects from product launches and ongoing overseas store expansions in the second half of 2025 [2] - Gross profit margin forecasts have been adjusted upward by 0.6 percentage points and 0.2 percentage points for the respective fiscal years [2]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by improvements in domestic operations and continued high growth in overseas markets [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 7.9 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 800 million yuan, up 15.7% [1]. - In Q2 2025, revenue reached 4.11 billion yuan, growing by 11.2%, with a net profit of 430 million yuan, reflecting a 15.4% increase [1]. - The company's gross margin improved to 26.1% in H1 2025, up 1.8 percentage points year-on-year, and 26.2% in Q2 2025, up 2.3 percentage points [2]. Business Segmentation - By product category in Q2 2025, revenue from yeast and deep processing products was 2.98 billion yuan (+11.7%), sugar products 230 million yuan (+20.1%), packaging products 99 million yuan (+3.6%), and food raw materials and others 780 million yuan (+9.3%) [1]. - By region in Q2 2025, domestic revenue was 2.31 billion yuan (+4.3%), while international revenue was 1.78 billion yuan (+22.3%) [1]. Market Outlook - The company is the largest YE supplier globally and the second-largest yeast supplier, with total yeast production capacity exceeding 450,000 tons across 16 cities [3]. - Domestic molasses prices are expected to decline, and expansions in Egypt and Russia will enhance overseas cost advantages [3]. - The outlook for continued revenue growth is positive due to improving domestic yeast market demand and successful overseas expansion [3]. Profitability Forecast - EPS is projected to be 1.78 yuan, 2.07 yuan, and 2.39 yuan for 2025-2027, corresponding to dynamic PE ratios of 21x, 18x, and 16x respectively, maintaining a "buy" rating [3].

作者 | 范亮 编辑 | 丁卯 7月15日，泡泡玛特发布了一份表现强劲的业绩预告。 业绩预告指出，泡泡玛特2025年上半年营收增速同比增长不低于200%，净利润（不含未完成统计的金融工具的公允价值变动损益）同比增长可能不低于 350%，按此测算公司上半年营收将超136亿元，净利润超40亿元，走出了公司2020年上市以来的最强业绩。 尽管业绩预告表现亮眼，但这次港股市场却一反常态，泡泡玛特股价并未因此继续上行，反而在预告发布次日下跌4%，并在随后多个交易日出现小幅回 调。 那么，市场为何不买账？公司未来是否还有机会？ 业绩爆发但仍需长期检验 港股与A股在整体的投资风格上有一个较为明显的区别：港股市场主要围绕具体的业绩展开交易，财报/业绩预告的发布往往是一轮行情的起点；而反观A 股，市场则主要围绕预期展开交易，财报/业绩预告的发布往往是一轮行情的终点。 复盘泡泡玛特2024年以来的行情，其股价暴涨的月份往往在财报发布的当月，如2024年3月和8月，2025年3月等，符合业绩—股价的传导趋势。但是，本 次泡泡玛特发布了上市以来的最强业绩，公司股价反而开始回调，颇像A股市场"利好出尽"的风格。 出现这种走势的不外乎两 ...