28 August 2025 | 10:47AM CST HG Tech (000988.SZ): Migration to 800G in domestic market to drive growth in 2026-27E; Overseas progress could add more upside; Buy We view HG Tech as a key beneficiary of China domestic AI transceiver growth. We now factor in incrementally stronger 800G shipment to local customers as they start migrating from 400G to 800G in 4Q25~1Q26, per our supply chain checks. With this, we raise EPS by up to 5% in 2026-27E with our 12M TP updated to Rmb71 (from Rmb62). Our estimates do not ...

29 August 2025 | 9:33AM CST Eyebright (688050.SS): Earnings Review: 1H25 results in line, see premiumization trend and share gain in IOLs; Buy Eyebright reported 1H25 results on Aug 27, 2025. 1H25 revenue grew by 14.7% (-1.3% vs. GSe), and net profits were in-line at Rmb213mn (+2.5% yoy, -4.4% vs. GSe). IOL sales grew by 8.2% yoy in 1H25 (including PIOL product per company breakdown) despite industry cataract surgery volume decrease, implying that Eyebright continues to gain share and sees continuing premiu ...

Hualan released its 1H25 results on Aug 27, 2025. Both its revenue (Rmb1,798mn, +9% yoy) and net profit (Rmb516mn, +17% yoy) were largely in-line with GSe (Rmb1,905mn/519mn). By product breakdown, revenue from albumin/IVIG/other plasma products/vaccines reached Rmb696mn/453mn/588mn/57mn, with +8% /-1%/+15%/+93% yoy respectively. The company noted that unit prices for its two key plasma products, albumin and IVIG, both declined by c.5%, though management emphasized that this performance is relatively favorab ...

28 August 2025 | 11:24PM HKT Shenzhen Kstar Science & Tech (002518.SZ) 2Q25 largely in line: Smooth customer expansion (domestic & overseas); guides further improvement in 2H25-26; Maintain Buy n Overseas markets contributed to c.55% of segment sales in 1H25 (+8% yoy per GSe), mainly driven by SEA and Europe. The company is recently cooperating with a UPS (uninterruptible power supply) brand on potential ODM (Original Design Manufacturer) business for this new customer's high-power UPS products (likely for ...

29 August 2025 | 7:04AM CST Haier Smart Home Co. (600690.SS): 2Q25 First Take: Margins and interim dividends positive surprises; Buy Haier Smart Home reported 2Q25 results post market close of Aug 28 where revenue was in-line with our estimates but profits and dividends came as positive surprises. Total revenue/net profit in 1H25 was Rmb156bn/Rmb12bn, growing by +10%/+16% yoy (on LFL basis), and implying +10%/+16% yoy in 2Q (0%/+4% vs. GSe). Operating cash flows also improved, growing by 45% yoy in 2Q25. Me ...

29 August 2025 | 7:03AM CST Gree Electric Appliances Inc. (000651.SZ): 2Q25 First Take: Revenue miss likely on competition pressure Gree reported below-expected 2Q25 results post market close of Aug 28. Total revenue/net profit in 1H25 of Rmb97.6bn/Rmb14.4bn, was -3%/+2% yoy, implying -12%/-10% yoy in 2Q25 (and -20%/-18% vs. GSe). That said, operating cash flow increased to Rmb17.3bn in 2Q25 vs. Rmb8.1bn in 2Q24. Revenue miss likely due to share loss and pricing pressure from competition. Consumer appliance ...

Summary of Zhejiang Dingli Co Ltd. Conference Call Company Overview - **Company**: Zhejiang Dingli Co Ltd. (603338.SS) - **Industry**: Aerial Working Platforms (AWP) Key Points from the Conference Call 1. Sales Performance - **US Sales**: Stable year-over-year (flat yoy) in 1H25 despite US-China tariff escalation in April, with a temporary suspension of shipments for 1-2 months [1][6] - **EU Sales**: Relatively soft in 1H25 due to a high comparison base from the previous year, as shipments were front-loaded ahead of EU anti-dumping rulings [6] - **Emerging Markets**: Robust growth in non-US/Europe markets, with a double-digit percentage increase year-over-year in 1H25, contributing 25% to total sales [6] - **Domestic Sales**: Approximately 30% decline year-over-year in 1H25, primarily due to weak demand from large rental customers, although small-to-medium-sized customers saw a 20% increase in sales [7] 2. Profitability and Margins - **Gross Profit Margin (GPM)**: Declined by 0.8 percentage points year-over-year in 2Q25, attributed to a change in product mix and the impact of higher tariffs [8] 3. Tariff and Pricing Strategy - **Current Tariffs**: Dingli faces a 79% tariff in the US, which includes 24% anti-dumping/subsidy duties and 55% tariffs, approximately 10 percentage points higher than the previous year [10] - **Pricing Strategy**: Management indicated that they do not plan to pass on the additional tariffs this year but may negotiate prices for next year based on tariff clarity [10] 4. Market Outlook - **US Market**: Demand for AWP remains solid, with expectations of flat sales year-over-year in 2025. Current inventory levels are sufficient to support sales until year-end [10] - **EU Market**: Anticipated improvement in sales in 2H25 due to a low comparison base and ramp-up of high-end new products, with expectations for positive full-year growth [10] - **Capacity Expansion**: Plans for overseas capacity expansion are contingent on tariff changes [10] 5. Investment Thesis - **Long-term Potential**: The company is well-positioned in the under-penetrated Chinese AWP market, driven by rising labor costs, a construction worker shortage, and increasing safety awareness [13] - **Product Differentiation**: Focus on higher-ASP boom lifts and electrification technology, which provides a competitive edge [13][14] 6. Risks - **Key Risks**: Include weaker-than-expected global construction activities, intensifying competition in the AWP market, and potential escalations in US-China trade tensions that could lead to unfavorable tariffs [12] 7. Valuation - **Price Target**: The 12-month target price is set at Rmb64.0, reflecting a 10.0X 2026E DACF multiple, which is below the 3-year average due to uncertainties in global trade [11] 8. Financial Projections - **Revenue Growth**: Projected revenues for 2025E are Rmb8,949.4 million, with a core EPS CAGR of approximately 15% from 2025E to 2027E [16] Additional Insights - **Market Share**: Dingli has gained market share in the EU due to favorable anti-dumping duties compared to peers [10] - **Operational Resilience**: The company has demonstrated resilience under high-tariff environments, optimizing the competitive landscape against domestic peers [14]

28 August 2025 | 5:34PM HKT StarPower (603290.SS): SiC/ IGBT on Automotive, Home appliance and PV continues to ramp up; 2Q25 NI beat; Neutral Starpower's 2Q25 net income rose +53% YoY/ +66% QoQ to Rmb172mn, above GSe/ Bloomberg consensus. GM came in slightly lower at 29.2%, vs. 30.4% last quarter, reflecting the ongoing pricing pressures in the automotive markets. In 3Q25, we expect revenues to sustain 41% YoY growth (vs. +40% YoY in 2Q25), and gross margin to come in slightly higher at 30.4% (vs. 29.2% in ...

28 August 2025 | 10:46PM HKT Huaqin Technology (603296.SS): AI servers / Data center business in expansion; 2Q25 in line; Buy (on CL) We remain positive on Huaqin post 2Q25 results, given Huaqin's business expansion from consumer electronics to data centers (AI server, general server, switch), with upside in further China CSPs customers penetration in AI servers, and Switch riding on the leading China CSPs' capex and specification upgrade, along with PCs market share gain and Smartphones rising ODM penetrat ...

28 August 2025 | 8:13PM HKT Anhui Conch Cement (0914.HK) Earnings Review: 1H25 above expectation with solid operations; a better 2026 ahead with potential industry supply work; Maintain Buy | 0914.HK | 12m Price Target: HK$31.00 | Price: HK$23.92 | Upside: 29.6% | | --- | --- | --- | --- | | 600585.SS | 12m Price Target: Rmb32.00 | Price: Rmb24.59 | Upside: 30.1% | Conch reported 1H25A NP of Rmb4.6bn, or EPS of Rmb0.874/sh, up 33% yoy. Excluding one-offs, including provisions related to capacity swaps, recu ...