25 August 2025 | 1:27AM HKT Centre Testing Intl Group (300012.SZ): 2Q25 inline with accelerating M&A and overseas expansion; Maintain Buy n Life science (which includes food and environment sub-segments): Revenue 1H25 +1% yoy/-3% yoy in 2Q25, normalizing from a high 1H24 base driven by the non-recurring 3rd National Soil Census. Soil-census revenue fell sharply in 1H25 (c.Rmb20mn vs Rmb230–250mn in 1H24), but underlying food and environment (excluding soil-census) continued to grow excluding this impact. Wi ...

August 21, 2025 01:21 PM GMT Futu Holdings Ltd | Asia Pacific Growth Clarity Warrants Higher Multiple | What's Changed | | | | --- | --- | --- | | Futu Holdings Ltd (FUTU.O) | From | To | | Price Target | US$160.00 | US$210.00 | Management have described the company's dedicated and comprehensive crypto strategy, fully built upon Futu's competitive strengths. New data reveals rapid progress though still at an early stage. We feel a higher multiple is warranted with increased clarity on the structural drivers ...

6 August 2025 | 5:52PM HKT China Pet Foods (002891.SZ) Earnings review: own-brand sales target raised for domestic and overseas; Buy 002891.SZ 12m Price Target: Rmb63.00 Price: Rmb58.72 Upside: 7.3% China Pet Foods reported 2Q25 results (first take) with OP lower but sales stayed strong. In the briefing, key highlights include: 1) domestic: sales increased by 35%+ yoy mainly driven by strong Wanpy and Toptrees at 30%+/70% yoy growth in 2Q25. With better than expected momentum, the mgmt raised domestic sales ...

Summary of Futu Holdings Ltd Conference Call Company Overview - **Company**: Futu Holdings Ltd - **Industry**: Financial Services, specifically in brokerage and crypto trading - **Market Cap**: HK$155,698 million - **Stock Rating**: Overweight - **Price Target**: US$160.00, representing a 13% upside from the current price of US$141.67 as of August 1, 2025 [6][20] Key Financial Insights - **2Q25 Profit Forecast**: Expected to rise approximately 14% quarter-over-quarter (QoQ) to HK$2.43 billion, which is a 101% year-over-year (YoY) increase [1][8] - **Client Asset Inflows**: Forecasted at HK$80 billion for 2Q25, with total client assets expected to reach HK$934 billion, reflecting a 61.3% YoY increase and a 12.6% QoQ increase [8][18] - **Full-Year Profit Estimate**: FY25 profit raised by 8% to HK$7.8 billion, slightly conservative compared to buy-side expectations of HK$8 billion [3][8] Market Dynamics - **Stock Correction**: Futu's stock has pulled back 16% since July 23, attributed to higher market beta and concerns over market share loss due to onshore investor tax [4][12] - **Crypto Trading Growth**: Positive traction in crypto offerings, with the average daily trading volume (ADV) of Hashkey, a connected crypto exchange, rising 52% sequentially in 3Q to US$79 million [9][10] Strategic Outlook - **Crypto Business Potential**: The crypto segment is expected to provide meaningful revenue uplift in the medium term, with a projected 18% revenue increase by 2027 from crypto trading and staking [10][20] - **Valuation Upside**: Potential for higher valuation multiples due to the crypto business, with a bull case scenario suggesting a price target of US$208 based on a 43% profit compound annual growth rate (CAGR) from 2025 to 2027 [11][20] Risks and Considerations - **Onshore Tax Concerns**: The collection of onshore residents' overseas income tax is expected to become a norm, but concerns about market share loss are viewed as overdone [12][20] - **Market Uncertainty**: Continued market uncertainty is factored into the 2H25 profit outlook, despite strong client asset growth and interest income resilience [3][8] Additional Insights - **Client Growth**: Anticipated addition of 190,000 new funded accounts in 2Q25, which is strong compared to the past four-quarter average [8][18] - **Trading Volume**: Total trading volume expected to reach HK$3.61 trillion in 2Q25, a 122.9% increase YoY [18] This summary encapsulates the key points from the conference call regarding Futu Holdings Ltd, highlighting its financial performance, market dynamics, strategic outlook, and associated risks.

June 15, 2025 03:05 PM GMT Chagee Holdings Ltd | Asia Pacific China Consumption Trip Takeaways Key Takeaways Near-term trend: Unit GMV in China sequentially improved in May vs. Apr driven by healthy new SKU sales, increasing delivery orders and better seasonality. Food aggregator subsidies have disrupted the company's product pricing in the short term. Chagee is focusing on strengthening its products and branding rather than relying on food aggregator promotions, but needs to monitor the impact to its busin ...

Summary of Anta Sports Conference Call Company Overview - **Company**: Anta Sports Products Ltd - **Industry**: Sportswear - **Market Share**: 23% in 2024 according to Euromonitor [11][17] Key Takeaways 1. **Sales and Inventory Trends**: - 2Q 2025 continued the solid trend from 1Q 2025 with healthy inventory levels (Anta/Fila at approximately 5 months) [1] - Anticipation of deeper discounts in May due to upcoming events on June 18 [1] 2. **2025 Guidance**: - Retail sell-through guidance maintained for Anta/Fila/other brands at high single digits (HSD), mid single digits (MSD), and over 30% respectively [1] - Operating profit margin (OPM) guidance for 2025 remains at 20-25% for Anta, around 25% for Fila, and 25-30% for other brands [1] 3. **Operational Adjustments**: - Normalization of inventory impairment reversal expected to impact 1H OPM (approximately RMB 300 million reversal) [1] - Anticipated normalization of government grants (RMB 732 million in 1H24) and lower interest income due to reduced interest rates [1] 4. **Store Optimization**: - Ongoing optimization of Super Anta with a target of 100 stores by 2025, up from the current 60-70 [1] - Introduction of refreshed product offerings (approximately 90% exclusive products) and thematic displays [1] 5. **Fila Brand Reforms**: - New management leading Fila reforms, including refreshed product offerings and new branding initiatives [1][6] - Expected launch of enhanced professional elements in products by early 2026 [6] 6. **Investment in Maia Active**: - Increased investments in Maia Active focusing on refined product offerings and supply chain enhancements [1] 7. **Acquisition Plans**: - Acquisition of Jack Wolfskin expected to complete in June, focusing on retaining core assets for business transition [1] 8. **Earnings Forecast**: - Earnings for 2025-2027 adjusted upwards by 1-2% [1] - New DCF-based price target for December 2025 set at HK$142, implying a 23x 12-month forward P/E [1][12] Financial Highlights - **Revenue Growth**: Expected revenue growth of 13.6% for FY24, with projections of RMB 70,826 million [10] - **Margins**: Gross margin projected to improve from 62.2% in FY24 to 63.2% in FY27 [10] - **Earnings Per Share (EPS)**: Adjusted EPS expected to decline by 13.5% in FY25 before recovering in subsequent years [10] Risks and Opportunities - **Downside Risks**: - Slower-than-expected performance from Fila [20] - Increased competition and challenges in integrating acquired businesses [20] - Potential downturn in the retail environment and rising raw material costs [20] - **Upside Opportunities**: - Better-than-expected consumer sentiment and Fila performance [21] - Potential synergies from acquired brands and earlier profitability improvements in emerging brands [21] Conclusion Anta Sports is positioned as a leading player in the Chinese sportswear market with a robust multi-brand strategy and significant growth potential. The company is focusing on operational improvements, brand reforms, and strategic acquisitions to enhance its market position and drive future growth.

Investment Rating - The report maintains a BUY rating for the company with a target price of USD 159.87 per ADS, indicating a potential upside of 48% from the closing price of USD 107.71 as of May 28, 2025 [1][8]. Core Insights - The company's 1Q25 revenue reached HKD 4.7 billion, representing an 81% year-over-year increase, while attributable net profit was HKD 2.1 billion, up 107% year-over-year. This growth is attributed to accelerated overseas customer acquisition and increased stock trading turnover in Hong Kong and the US [1]. - The company acquired 260,000 new registered users in 1Q25, achieving one-third of its 2025 target of 800,000. The primary source of new clients was Hong Kong, driven by H-share rebounds and an IPO boom [2]. - The turnover rate for client assets reached a new high of 16.4x, with total client assets amounting to HKD 829.8 billion, reflecting a 60% year-over-year increase [3]. - The company has launched several innovative services, including an AI-driven investment assistant and fractional share trading, enhancing its product competitiveness and supporting overseas customer acquisition [4]. - Earnings forecasts have been revised upwards, projecting attributable net profits of HKD 7.5 billion for 2025, with an EPS of HKD 6.52, reflecting a significant increase from previous estimates [5]. Financial Summary - The company is expected to generate revenues of HKD 18.024 billion in 2025, with a net profit attributable of HKD 7.453 billion, marking a 36.92% increase compared to 2024 [12][17]. - The projected PE ratio for 2025 is 16.17, which is in line with the average of its peers [12][17]. - The company’s market capitalization is approximately USD 14.996 billion, with an average daily trading volume of USD 262.95 million over the past six months [8].