Core Viewpoint - The stock of Bruker (00325) has fallen over 60% from its peak of 198 HKD per share on June 9, reaching a new low of 70.05 HKD, indicating significant market concerns about its profitability and product delivery capabilities [1] Financial Performance - Bruker's revenue increased by 28% year-on-year in the first half of the year, but the adjusted net profit only rose by 10%, falling short of market expectations [1] - The company has commercialized 19 IPs in the first half of the year, with a total of 925 SKUs, including 273 new SKUs [1] Market Position and IP Strategy - Bruker's strong IP portfolio is expected to enhance its competitiveness in both domestic and international markets, despite current challenges [1] - The top four IPs contributed 83.1% of the revenue in the first half of the year, a decrease from 92.3% contribution from the top three IPs (Ultraman, Transformers, and Heroes Infinite) in the same period last year [1]

Core Viewpoint - The stock price of DaMai Entertainment (01060) has increased by over 6% during trading, currently up 5.43% at HKD 0.97, with a trading volume of HKD 180 million [1] Group 1: Company Performance - DaMai Entertainment is set to hold a board meeting on November 13 to approve its interim results [1] - The company is expected to benefit from strong IP performance driven by brands like Chiikawa and Sanrio, with recent sales at the Chiikawa flagship store in Shanghai being particularly robust [1] Group 2: Strategic Partnerships - Galaxy Macau has announced a three-year strategic cooperation agreement with DaMai Entertainment and Macau Pass, focusing on hosting diverse cultural events in Macau [1] - The partnership aims to establish a comprehensive collaboration in promotion, marketing, and ticketing systems, extending beyond Macau to explore non-Macau venue projects [1] - The collaboration seeks to develop the Greater Bay Area as a performing arts hub [1]

Core Viewpoint - The company, Guangdong Jintian Animation Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a leader in the Chinese IP play food industry, focusing on the production and sale of IP-themed snacks [1][7]. Group 1: Company Overview - Jintian Animation is recognized as a pioneer in the IP play food sector in China, with a business model that integrates animated elements into traditional snacks, appealing to young children [2][3]. - The company has established five production bases across the country and holds 26 licensed IPs with over 600 active SKUs, including categories like candy, biscuits, and chocolate [1][3]. Group 2: Revenue and IP Dependency - The majority of the company's revenue is derived from key IPs such as Ultraman and My Little Pony, contributing significantly to total income, with projections showing a decrease in reliance from 90% in 2022 to 85.7% in the first half of 2025 [3][5]. - Jintian Animation acknowledges the risks associated with heavy reliance on external IP licenses, as non-exclusive agreements allow competitors to produce similar products, potentially impacting pricing and profitability [5]. Group 3: Market Position and Growth - The IP food market in China is projected to grow from RMB 354 billion in 2024 to RMB 849 billion by 2029, with a compound annual growth rate of 18.5% [7]. - Jintian Animation is positioned as the largest IP play food company and the fourth largest in the overall IP food market in China, holding market shares of 7.6% and 2.5%, respectively [8]. Group 4: Financial Performance - The company has shown consistent revenue growth, with figures of RMB 5.96 billion in 2022, RMB 6.64 billion in 2023, and projected RMB 8.77 billion in 2024, alongside improving gross margins [9]. - Jintian Animation's gross margin is notably higher than that of other snack brands, reaching 34.7% in the first half of 2025, compared to competitors like Three Squirrels and Bestore [9]. Group 5: Future Plans - The proceeds from the IPO will be allocated to enhance product development, brand awareness, sales network expansion, capacity upgrades, and the enrichment of the company's IP portfolio [10].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 6.52 billion RMB in 2024, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 194 million RMB, a decrease of 41.9% primarily due to goodwill impairment in the women's bag business. Excluding this impact, the net profit was 350 million RMB, down 5.1% year-on-year. In Q1 2025, revenue reached 2.252 billion RMB, up 25.4%, with a net profit of 189 million RMB, an increase of 44.4% [1][2][3] - The company is expected to benefit from its young and fashionable brand positioning, leveraging unique craftsmanship and modern design to capture consumer interest. The brand has been recognized as one of China's 500 most valuable brands for 21 consecutive years [3][4] - The report projects an increase in net profit for 2025 and 2026 by 16% and 23% respectively, with a target price set at 11.80 RMB, based on a PE ratio of 21 times for 2025 [4][8] Summary by Sections Financial Performance - In 2024, the company's jewelry brand revenue and operating profit increased by 13.3% and 12.8% respectively, outpacing the 9.8% growth of the gold jewelry market. The self-operated revenue was 3.017 billion RMB, down 7.4%, while franchise revenue was 3.28 billion RMB, up 32.4% [2] - The overall gross margin decreased by 2.4 percentage points in 2024 and increased by 2.0 percentage points in Q1 2025, attributed to a higher proportion of lower-margin gold products. The expense ratio improved, leading to a net margin increase of 1.1 percentage points to 8.4% in Q1 2025 [2][3] Profitability Forecast - The company is expected to achieve a net profit of 503.78 million RMB in 2025, with a year-on-year growth of 160%, and 610.28 million RMB in 2026, with a growth of 21.14% [6] - The report highlights a projected EPS of 0.57 RMB for 2025 and a ROE of 13.32% [6] Valuation - The target price of 11.80 RMB is based on a PE ratio of 21 times for 2025, reflecting the company's strong growth momentum driven by product and brand strength [4][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 6.52 billion RMB in 2024, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 194 million RMB, a decrease of 41.9% primarily due to goodwill impairment in the women's bag business. Excluding this impact, the net profit was 350 million RMB, down 5.1% year-on-year. In Q1 2025, revenue reached 2.252 billion RMB, up 25.4%, with a net profit of 189 million RMB, an increase of 44.4% [1][2][3] Summary by Sections Financial Performance - In 2024, the company's jewelry brand revenue and operating profit increased by 13.3% and 12.8% respectively, outpacing the 9.8% growth of the gold jewelry market. The self-operated revenue was 3.017 billion RMB, down 7.4%, while franchise revenue was 3.28 billion RMB, up 32.4%. The overall gross margin decreased by 2.4 percentage points in 2024 and increased by 2.0 percentage points in Q1 2025, driven by improved expense efficiency [2][3] Brand Positioning - The company targets the young demographic aged 25-40, integrating Eastern culture with modern fashion. Its unique craftsmanship and design align with consumer willingness to pay for quality, especially in a high gold price environment. Collaborations with popular IPs are expected to enhance average transaction values and mitigate gold price volatility risks [3][4] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been raised by 16% and 23% to 500 million RMB and 610 million RMB respectively. The target price is set at 11.80 RMB, based on a 21x PE ratio for 2025, reflecting strong growth momentum due to enhanced product and brand strength [4][8]