Group 1: Pinduoduo (PDD US) - 2Q profit exceeded expectations mainly due to interest income and better-than-expected marketing expenses. Advertising revenue grew by 13% year-on-year, in line with expectations, while commission income slowed due to the contraction of full-service business and reduced growth in merchant support programs [1] - Despite maintaining support for merchants and user investments in the second half of the year, the impact of merchant support programs and national subsidies is expected to improve marginally. The overseas business disruptions are also anticipated to be less severe than in 2Q [1] - Based on the better-than-expected 2Q performance, the profit forecast for 2025 has been raised by 4%, and the valuation has been adjusted to 2026, with the target price increased from $135 to $150, corresponding to an 11x P/E ratio for 2026 [1] Group 2: Yadea Group Holdings (1585 HK) - In 1H25, two-wheeler sales returned to normal rhythm, and gross margin reached a record high. Revenue for 1H25 was CNY 19.19 billion, up 33.1% year-on-year, aligning with market expectations [4] - The sales volume of electric bicycles and scooters increased to 8.794 million units, surpassing the same period in 2024. The gross margin improved by 1.6 percentage points to 19.6%, setting a historical high [5] - The new national standard will be implemented on September 1, 2025, marking the start of a new industry cycle. Revenue forecasts for 2025-27 have been raised by 2%-4%, and net profit estimates have been adjusted upward by 1%-2% [5] Group 3: Deqi Pharmaceutical (6996 HK) - CLDN18.2 ADC data further confirms its potential as a best-in-class treatment, with larger sample clinical data showing improved response rates. The drug has received breakthrough therapy designation in mainland China for treating CLDN18.2 positive, HER2 negative gastric cancer [8] - The management maintains a forecast for global peak sales exceeding $5 billion, with ongoing development plans for various indications [8][9] - The target price has been raised to HKD 8.80, reflecting a nearly 30% increase in long-term sales forecasts for ATG022 [9] Group 4: Rongchang Biopharmaceutical (9995 HK) - In 1H25, the company reported a revenue increase of 47.6% to CNY 1.09 billion, with a gross margin improvement of 7.3 percentage points to 84.4%. The loss in 2Q was narrowed compared to previous periods [10] - The management expects product sales to grow by over 30% for the full year, aiming for breakeven in 2026 and profitability in 2027 [10][11] - The target price has been raised to HKD 103, reflecting the strong growth trajectory and potential of core assets [11] Group 5: Sunshine Power (300274 CH) - The company reported 2Q25 revenue and profit of CNY 24.5 billion and CNY 3.91 billion, respectively, with year-on-year growth of 33% and 37%, significantly exceeding market expectations [16] - The improvement in the US tariff situation since May has positively impacted the company's outlook, particularly for energy storage demand [16][17] - The target price has been raised to CNY 119, indicating a potential upside of 16% [17] Group 6: Junda Co., Ltd. (002865 CH) - The company reported a loss of CNY 158 million in 2Q25, slightly exceeding the forecasted median loss, with a gross margin of -2.1% [18] - Recent government initiatives to regulate the photovoltaic industry signal increased certainty in supply-side reforms, which may benefit the company [18] - The target price has been raised to CNY 57.70, reflecting improved market conditions and valuation [18]

AZD0901 4.8 个月@2.2mg/kg（IHC 2+ ≥20%），IBI343 5.5 个月@6mg/kg（IHC 2+ ≥75%）。1.8mg/kg 剂量组安全性亮眼，≥3 级TRAE 发生率不到20%、没有发生眼毒性和ILD，我们将继续关注该剂量的生 存获益结果。 机构：交银国际 研究员：丁政宁/诸葛乐懿 公司CLDN18.2 ADC 最新数据进一步验证其优于潜在竞品的疗效和安全性特征，我们上调其中长期销 售预测、并继续对其BD 出海前景持乐观态度。差异化显著的二代TCE 平台价值被显著低估，重磅产 品/合作机会可期。我们持续看好公司创新平台价值兑现和股价修复的机会，维持买入和重点推荐。 CLDN18.2 ADC 更大样本临床数据进一步验证同类最佳潜质：公司宣布其CLDN18.2 ADC ATG022 已获 中国内地突破性治疗药物认定， 用于3L+CLDN18.2 阳性、HER2 阴性胃癌/胃食管结合部腺癌 （GC/GEJ）的治疗；并同时公布I/II 期CLINCH 研究的最新数据：在CLDN18.2 中高表达（IHC2+ >20%）2.4mg/kg、CLDN18.2 中高表达1.8mg/kg、C ...

| 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 8 月 26 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 6.36 | 港元 | 8.80↑ | +38.3% | | | 德琪医药 (6996 HK) | | | | | | 交银国际研究 财务模型更新 CLDN18.2 ADC 数据再证同类最佳，TCE 平台价值远被低估，上调目标价 公司 CLDN18.2 ADC 最新数据进一步验证其优于潜在竞品的疗效和安全性特 征，我们上调其中长期销售预测、并继续对其 BD 出海前景持乐观态度。差异 化显著的二代 TCE 平台价值被显著低估，重磅产品/合作机会可期。我们持续 看好公司创新平台价值兑现和股价修复的机会，维持买入和重点推荐。 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 -200% 0% 200% 400% 600% 800% 1000% 1200% 1400% 6996 HK 恒生指数 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Glor ...