Group 1: Baidu (BIDU US) - The report anticipates that advertising revenue will bottom out in the second half of the year, with a reassessment of the value of cloud services and autonomous driving [1] - Revenue forecasts for Baidu's core business have been adjusted downwards by approximately 2-3% for 2025-27, with operating profit estimates lowered by 5-13% [1] - The target price has been adjusted to $147, reflecting a 23.4% potential upside, based on a sum-of-the-parts (SOTP) valuation approach [1] Group 2: Innovent Biologics (1801 HK) - Innovent Biologics has announced a global strategic collaboration with Takeda Pharmaceutical, involving two late-stage candidates, IBI363 and IBI343, and an early-stage project, IBI3001 [2][3] - The total transaction value could reach up to $11.4 billion, including an upfront payment of $1.2 billion and potential milestone payments of up to $10.2 billion [2][3] - The collaboration is expected to maximize the long-term commercialization prospects of the two products globally, particularly in the gastrointestinal and digestive tract oncology fields [3] Group 3: Kintor Pharmaceutical (6990 HK) - Kintor's ADC product, Sac-TMT, has shown significant improvements in progression-free survival (PFS) and overall survival (OS) in a Phase III study presented at the ESMO 2025 conference [7][8] - The median PFS was reported at 8.3 months compared to 4.2 months for the control group, with a hazard ratio (HR) of 0.49, indicating a statistically significant improvement [7] - The target price has been raised to HKD 549, reflecting a positive outlook based on the recent clinical data [8] Group 4: Pop Mart (9992 HK) - Pop Mart has demonstrated strong sales growth, with Q3 2025 revenue expected to increase by 245-250% year-on-year, accelerating from a 204% increase in the first half of the year [9][10] - The domestic market revenue is projected to grow by 185-190%, while overseas markets are expected to see a remarkable growth rate of 365-370% [9] - The target price has been raised to HKD 401.60, indicating a potential upside of 60.4%, supported by the company's strong growth momentum and upcoming product launches [10]