Group 1: Kunlun Energy - The company aims for an 8% growth in retail gas volume for 2025, supported by the addition of 8 city gas projects and a 18%/21% increase in industrial/commercial users [3][4] - The core profit for 2024 is expected to grow by 3.5% to 6.36 billion HKD, slightly below expectations due to lower-than-expected LNG/upstream segment profits [3][4] - The target price has been adjusted to 9.02 HKD, reflecting a potential upside of 15.1% based on a 10.5x P/E ratio for 2025 [3][4] Group 2: CIMC Enric - The company anticipates a 4% growth in core profit for 2024 to 1.34 billion HKD, with clean energy revenue increasing by 15% [5] - The hydrogen production project with Ansteel has shown promising results, contributing 26 million HKD in profit during its initial three months of operation [5] - The target price has been revised to 8.12 HKD, indicating a potential upside of 15.8% [5] Group 3: Tencent Holdings - Tencent's evergreen games are projected to contribute 20% of total revenue, with a strong presence in MOBA and shooting genres [12][13] - The company maintains a leading market share of approximately 55% in the domestic market, with overseas growth outpacing the industry average [12][13] - The expected growth in gaming revenue for 2025 is 9%, contributing 30% to total revenue, supported by strong R&D capabilities and a robust game pipeline [12][13] Group 4: Yadea Group - The company expects a revenue of 28.24 billion RMB for 2024, a decrease of 18.8%, with electric scooter and bicycle sales declining by 20.7% and 21.4% respectively [14][15] - Yadea is strategically focusing on mid-to-high-end products, aiming for over 50% of its product mix to be in this category [14][15] - The target price has been raised to 19.84 HKD, reflecting a favorable outlook for the company in the new regulatory environment [14][15] Group 5: Watson Bio - The company achieved its first commercial profit in 2024, with sales revenue expected to exceed 1 billion RMB in 2025, driven by significant contributions from its key products [8][9] - The AI-enabled mRNA technology platform is expected to enhance the company's pipeline, with several projects progressing rapidly [9] - The target price has been adjusted to 65 HKD, reflecting an optimistic long-term revenue outlook [8][9]