Core Viewpoint - The report from Zhongyin International indicates that Blooko (00325) requires time to demonstrate its ability to deliver stable profits, but its strong IP portfolio is expected to provide high competitiveness in both domestic and international markets. The "Buy" rating is maintained, with the target price adjusted from HKD 174.1 to HKD 132.7, and earnings estimates for fiscal years 2025 to 2027 are reduced by 24%, 20%, and 17% respectively [1] Group 1 - Blooko's revenue for the first half of the year increased by 28% year-on-year, but the adjusted net profit only rose by 10%, falling short of market expectations [1] - The delay in product launches has negatively impacted revenue during the period, along with the company's advance expenditures, which may affect short-term profitability [1] - As the company prepares to launch more products, revenue growth in the second half is expected to accelerate to 70% to 80% year-on-year [1]

Group 1 - The core viewpoint of the report is that CICC maintains a "outperform industry" rating for Blooko (00325) while adjusting the target price down by 29% to HKD 135, which reflects a forecasted adjusted P/E ratio of 39 times and 30 times for the next two years, indicating a 15% upside potential from the current price [1] Group 2 - Blooko's revenue for the first half of the year reached RMB 1.34 billion, representing a year-on-year growth of 27.9%, while the adjusted net profit was RMB 320 million, up 10% year-on-year, but below expectations due to the impact of new product launches and increased promotional spending [1] - CICC has revised down its adjusted net profit forecasts for Blooko for 2025 and 2026 by 27% and 28% to RMB 800 million and RMB 1.05 billion, respectively, considering the impacts of future product launch schedules, IP fluctuations, and promotional expenditures [1]

Group 1 - The core viewpoint is that CICC maintains a "outperforming the industry" rating for Bruker (00325) but has lowered the target price by 29% to HKD 135, indicating a potential upside of 15% based on adjusted earnings forecasts for the next two years [1] - Bruker's revenue for the first half of the year reached RMB 1.34 billion, representing a year-on-year growth of 27.9%, while the adjusted net profit was RMB 320 million, a 10% increase, which was below expectations due to the impact of new product launches and increased promotional spending [1] - CICC has adjusted its forecasts for Bruker's adjusted net profit for 2025 and 2026 down by 27% and 28% to RMB 800 million and RMB 1.05 billion, respectively, considering the impacts of future product launches, IP fluctuations, and promotional investments [1]

Group 1 - The company, Bruker (0325.HK), reported a mid-year revenue of 1.338 billion, representing a year-on-year increase of 27.89% [1] - The company achieved a profit of 297 million, with earnings per share of 1.22, compared to a loss of 258 million in the same period last year [1] - The company did not declare an interim dividend for this period [1]