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Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent Holdings continues to demonstrate high growth, with Q3 2025 revenue reaching 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. The net profit attributable to shareholders was 63.1 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [4] - The company is expected to maintain strong growth driven by the deepening application of AI and the performance of both new and existing games. The projected net profits for 2025-2027 are 226.4 billion yuan, 256.2 billion yuan, and 288.7 billion yuan respectively, with corresponding PE ratios of 23.7, 20.9, and 18.6 times [4][5] Financial Summary and Valuation Metrics - Revenue for 2023 is projected at 609.02 billion yuan, with a year-on-year growth of 9.8%. By 2025, revenue is expected to reach 752.39 billion yuan, reflecting a 14% increase [6] - Net profit for 2023 is estimated at 115.22 billion yuan, with a significant year-on-year growth of 68.4% expected in 2024, leading to a net profit of 194.07 billion yuan [6] - The gross margin is projected to improve to 56.4% by 2025, up from 48.1% in 2023, indicating enhanced profitability [6]

Group 1: Strategy Overview - The report emphasizes a transition towards a bull market, driven by recovering demand for physical assets amidst supply constraints, particularly in the copper market [3][9][12] - Recent disruptions in copper supply, notably from the Grasberg mine, are expected to create price elasticity for future manufacturing demand recovery [9][12] - The report highlights a shift from a focus on financial assets to physical assets, indicating a potential new cycle for resource commodities [4][12] Group 2: Key Companies and Industries - **Engineering Machinery: Hengli Hydraulic (601100.SH)** is positioned for growth due to increased overseas demand and domestic infrastructure projects, with a favorable outlook for its core business [14] - **Non-Banking Financial: Sichuan Shuangma (000935.SZ)** is transitioning to an innovative drug CDMO model, with significant growth potential from its investment projects and pharmaceutical capacity expansion [15][16] - **Food and Beverage: Angel Yeast (600298.SH)** is expected to benefit from overseas expansion and improved domestic demand, with a favorable cost environment [17] - **Transportation: Juneyao Airlines (603885.SH)** is set to gain from industry supply-demand improvements and reduced interest expenses, with positive short-term catalysts from seasonal demand [18] - **Retail: Gu Ming (1364.HK)** is leveraging a unique store expansion strategy in the competitive milk tea market, with significant growth potential in coffee products [19] - **Media and Internet: Tencent Holdings (0700.HK)** is integrating AI across its ecosystem, enhancing its competitive edge and driving growth through high-margin businesses [20][21] - **Electronics: Lante Optics (688127.SH)** is experiencing strong demand in various sectors, with supply constraints on production equipment [22] - **Computing: Hikvision (002415.SZ)** is seeing a recovery in operating quality and profitability, with a focus on AI-driven products [23] - **Pharmaceuticals: Innovent Biologics (9969.HK)** is a leader in hematology and autoimmune therapies, with significant growth potential from its core products [24] - **Defense and Military: Guobo Electronics (688375.SH)** is positioned to benefit from growth in military and satellite internet sectors, with a strong market outlook [25]

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1][3] Core Insights - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 2%. The net profit attributable to shareholders was 55.6 billion yuan, up 17% year-on-year and 16% quarter-on-quarter [3][4] - The company is optimistic about AI-driven growth in gaming and advertising, leading to an upward revision of profit forecasts for 2025-2027. Expected net profits for these years are 226.4 billion, 256.2 billion, and 288.7 billion yuan respectively, with corresponding EPS of 24.7, 27.9, and 31.5 yuan [3][4] - The gross margin improved by 4 percentage points to 57%, driven by high-margin businesses such as domestic gaming and video services [3][4] Financial Summary and Valuation Metrics - Revenue projections for Tencent Holdings are as follows: 609.0 billion yuan in 2023, 660.3 billion yuan in 2024, and 756.4 billion yuan in 2025, reflecting year-on-year growth rates of 9.8%, 8.4%, and 14.6% respectively [5] - The net profit is projected to be 115.2 billion yuan in 2023, 194.1 billion yuan in 2024, and 226.4 billion yuan in 2025, with year-on-year growth rates of -38.8%, 68.4%, and 16.7% respectively [5] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 21.9, 19.3, and 17.2 respectively, indicating a favorable valuation trend [5]